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Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us

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Speaker 1: live weekdays at one Eastern.

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Speaker 2: On Bloomberg dot com, the iHeartRadio app, and the Bloomberg

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Speaker 2: Business app, or listen on demand wherever you get your podcasts.

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Speaker 3: It's like when you see the ripples in the puddle

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Speaker 3: when the t rex is approaching. You could hear the footsteps.

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Speaker 3: Maybe that's pushing in a little far, but those footsteps

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Speaker 3: would be House Democrats or Republicans. Rather be careful here

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Speaker 3: approaching with a plan to address the debt ceiling and

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Speaker 3: spending for next year. Joining us with the latest Bloomberg governments.

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Speaker 3: Emily Wilkins, who covers the leadership on Capitol Hill, is

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Speaker 3: this going to happen today, Emily, we finally get the

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Speaker 3: plan that the Biden administration is asking for.

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Speaker 4: We have heard that today is going to be the

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Speaker 4: day that Republicans release the plan. Of course, they actually

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Speaker 4: do still need to pass it, which they're expecting to

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Speaker 4: do next week, of course, assuming that they actually have

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Speaker 4: the votes to do so. I spoke with the number

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Speaker 4: of members yesterday. Really across the spectrum, everyone from it's

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Speaker 4: like Nancy Mace to you hardline conservatives like Matt Gates

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Speaker 4: who are like, hey, you know, we feel like we're

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Speaker 4: going in a right direction, but we need to see

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Speaker 4: the details. That's where the debate is going to be.

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Speaker 4: Exactly what are we going to see on work requirements?

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Speaker 4: Are we going to see various tax credits that Democrats

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Speaker 4: put into place get rolled back? All of these are

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Speaker 4: questions that are still up in the air right now

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Speaker 4: and could wind up impacting who actually votes for this bill.

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Speaker 3: There are questions about whether Speaker McCarthy will have two

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Speaker 3: hundred and eighteen votes for whatever this plan includes. Emily,

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Speaker 3: is that an actual question in the House today?

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Speaker 4: It is?

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Speaker 5: It is very much a question.

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Speaker 4: There's a lot of optimism from McCarthy and his allies,

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Speaker 4: but so many members have just said, look, we need

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Speaker 4: to see the details of this, and today is the

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Speaker 4: day that we are expecting those details to come out,

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Speaker 4: and then to see what else is going on with

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Speaker 4: what else is going to happen. I mean, really the

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Speaker 4: biggest concerns that I've heard at this point. I've heard

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Speaker 4: a number of hardline Freedom Caucus members who are like, look,

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Speaker 4: this is our opening bid. We know that whatever we

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Speaker 4: put out, we're not going to get everything so let's

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Speaker 4: put out as much as we possibly can. Let's ask

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Speaker 4: for all the rollbacks that we want, Let's ask for

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Speaker 4: all the changes that we want to see. Let's promote

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Speaker 4: our own legislation on drilling and permitting and energy and

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Speaker 4: all this other stuff. And so it'll be interesting to

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Speaker 4: see kind of McCarthy how he tries to walk that line,

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Speaker 4: because make no mistake, Joe, it is McCarthy's office that

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Speaker 4: is the one behind writing this bill. They might have

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Speaker 4: gotten a lot of feedback from members, but they are

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Speaker 4: absolutely the ones steering the process at this point.

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Speaker 3: The Freedom Caucus yesterday, Emily, and we've been talking about

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Speaker 3: this for about twenty four hours now, suggesting that the IRA,

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Speaker 3: the Inflation Reduction Act, must be revoked as part of

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Speaker 3: any deal that they will sign into. That's obviously a

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Speaker 3: non starter for the Biden administration. They're advertising the IRA

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Speaker 3: across the country right now. Is this is this a

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Speaker 3: deal killer or just part of the part of the

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Speaker 3: debate that we're going to experience the next several weeks.

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Speaker 4: I mean, it is part of that whole. If you

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Speaker 4: want to negotiate with someone, make sure that you're asking

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Speaker 4: for more than you're willing to s it's part of

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Speaker 4: the tactic that they have. Of course, the trick with

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Speaker 4: the IRA is that you get into tax credits and

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Speaker 4: that gets into revenue, and that gets into the wonky

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Speaker 4: wonky process of Congress that could ultimately make getting a

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Speaker 4: bill like this through a little bit more difficult. And

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Speaker 4: that's not really what McCarthy wants right now. What he

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Speaker 4: wants is to sit down with Biden. That's why he's

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Speaker 4: putting this plan together because he wants to get to

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Speaker 4: a sit down with Biden. He doesn't actually, no one

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Speaker 4: actually believes that what Republicans are going to put forward

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Speaker 4: is what's actually going to eventually move through, if anything

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Speaker 4: moves through, And so the idea, you know, that's kind

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Speaker 4: of how the Freedom Caucus is operating. But there are

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Speaker 4: the wonky procedures of Congress to consider here when you

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Speaker 4: start getting into bills that deal with revenue.

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Speaker 3: Well, you know, we love walking out. Emily, thanks for

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Speaker 3: checking in with us, joining us live from Capitol Hill.

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Speaker 3: Emily Wilkins, Bloomberg, Congressional reporter. As we add another voice

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Speaker 3: from the other chamber, we should say we turned to

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Speaker 3: the senator from Tennessee. Now that would be Republican Marshall

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Speaker 3: Blackburn and Senator thank you for coming back to talk

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Speaker 3: to us on Bloomberg Radio. It's great to have you.

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Speaker 3: Are you confident today that we will avoid a default?

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Speaker 6: I think what you're going to see is something very

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Speaker 6: similar to the agreement the Budget Control Act in twenty eleven,

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Speaker 6: where there were across the board spending cuts in order

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Speaker 6: for there to be a lift in the debt ceiling.

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Speaker 6: But this time around where I think the difference will

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Speaker 6: be as there will be a mechanism that will prohibit

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Speaker 6: those cuts from being rescinded or waved in the outgoing years.

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Speaker 3: Okay, so the debate that will follow here is it's

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Speaker 3: eventually going to include the Senate. Are you comfortable with

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Speaker 3: the House leading the charge at this point? When do

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Speaker 3: Senate leaders, including Mitch McConnell or maybe yourself, Senator Blackburn,

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Speaker 3: get involved.

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Speaker 6: We're not going to be involved in this until the

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Speaker 6: House passes something. I wish my former House colleagues, I

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Speaker 6: wish them well if they work on this, and once

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Speaker 6: they pass something, then they will send it our direction

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Speaker 6: and we will be able to vote yay or nail it.

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Speaker 3: Yeah, you're confident will avoid a default. Will it also

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Speaker 3: come with a spending plan for the next fiscal year.

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Speaker 6: I think it will come with the spending plan. And

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Speaker 6: as I said, those cuts across the board, cuts that

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Speaker 6: we did in twenty eleven are something that served us well,

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Speaker 6: being able to have a way to restrain spending. Look

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Speaker 6: at what has happened to inflation with this out of

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Speaker 6: control spending, and how this has affected our nation's economy,

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Speaker 6: how it has affected families that are hard working. You

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Speaker 6: see the price of gas and groceries and clothing and

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Speaker 6: the escalation rate in those. Food costs themselves are up

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Speaker 6: about twenty percent. You have home heating costs of about

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Speaker 6: thirty eight percent. Fuel costs are back on the rise again.

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Speaker 6: So people are saying, look, we need help with the

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Speaker 6: monthly budget. Something's got to be done about the inflation.

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Speaker 6: As we all know, one of the main drivers of

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Speaker 6: that inflation has been this push of government spending. So

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Speaker 6: putting spending restraint in place, this is something that I

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Speaker 6: think the House is going to do, and I know

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Speaker 6: that they're going to have a very aggressive package that

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Speaker 6: they pass and send.

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Speaker 7: To the Senate.

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Speaker 3: I want to ask you about TikTok. Senator That's what

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Speaker 3: we were talking about last time you joined US, and

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Speaker 3: I know that you've made an effort here to try

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Speaker 3: to not only remove TikTok from government devices, but you'd

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Speaker 3: like to see it banned overall. We're reporting that US

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Speaker 3: tech companies are pushing to narrow the scope of some

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Speaker 3: of the legislation that could ban TikTok here in the US.

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Speaker 3: Are you concerned that the Warner Foon restrict Act might

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Speaker 3: be narrowed to a point where it's not effective enough.

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Speaker 3: Should it be more along with the lines of the

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Speaker 3: Mark or Rubio bill that actually targets the company specifically.

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Speaker 6: It appears that Rubio bill is the one that is

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Speaker 6: that is gaining momentum, and Rubyo and King have worked

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Speaker 6: on this together. I think that's the one that seems

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Speaker 6: to be gaining momentum. It is more narrowly tailored and

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Speaker 6: goes to the heart of the problem with TikTok or

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Speaker 6: any foreign entity that is going to be trying to

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Speaker 6: spy on American citizens.

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Speaker 3: So how is this going to end? Because it's starting

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Speaker 3: to feel like there might be no band, there might

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Speaker 3: be no appetite for legislation like this, Senator.

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Speaker 6: There are so many moms that I talk to every

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Speaker 6: single day that want to see the Kids Online Stafety

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Speaker 6: Act pass. They want to see legislation that would give

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Speaker 6: consumer online privacy and put in place standards, and they

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Speaker 6: definitely want to see something that is going to restrict

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Speaker 6: and put some transparency and accountability on TikTok.

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Speaker 3: We're spending time with Senator Marshall Blackburn, Republican from Tennessee

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Speaker 3: here on Bloomberg Radio, like to ask you about something

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Speaker 3: that's happening on the other side of the aisle that

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Speaker 3: you took a stand on here, Senator, and that's calls

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Speaker 3: for Senator Dianne Feinstein, the Democrat from California, to step

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Speaker 3: down from her role on the Judiciary Committee, and some

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Speaker 3: in factor asking her to resign. I believe Rocanna, the

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Speaker 3: congressman from the state of California, has gone that far

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Speaker 3: because she's been out of town for a while being

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Speaker 3: treated for should her health issues bring us to the

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Speaker 3: point of having this conversation. You've wighed in to suggest

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Speaker 3: that this might not be happening if she were a man.

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Speaker 6: Well, it has never happened to a man. There are

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Speaker 6: times in the Senate's past when you have had a

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Speaker 6: male member who has had health issues, and there was

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Speaker 6: no push to have him resign or to have him

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Speaker 6: replaced on committees. So it leads you to ask, is

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Speaker 6: this sexism? Is it agism? Why is this that the

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Speaker 6: Democrats so turning on Diane Feinstein? And you see specifically

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Speaker 6: that what they're trying to do is push judges onto

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Speaker 6: the federal bench. They're having a difficult time getting those

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Speaker 6: judges through because there is even opposition on the Democrat

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Speaker 6: side to some of these nominees. So what they're trying

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Speaker 6: to do is put someone on a committee who would

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Speaker 6: rubber stamp this, and it's very disrespectful of Senator Feinstein

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Speaker 6: and her service to San Francisco, to the state of California,

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Speaker 6: and to the nation.

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Speaker 3: Is your concern the Democratic attempt then to usher through

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Speaker 3: these judicial nominations or is it sexism in Congress?

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Speaker 6: I'm very concerned about what they're doing to Senator Feinstein

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Speaker 6: and trying to move her aside. And she has indicated

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Speaker 6: that she's coming back, that she is recovering, and we

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Speaker 6: know that they are trying to push her aside because

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Speaker 6: they want the activist, leftist judges on the federal bench

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Speaker 6: and to them that is the priority.

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Speaker 3: Are you close to the Senator? Have you talked to

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Speaker 3: her during this time.

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Speaker 6: I have not spoken with her during this time of

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Speaker 6: the illness, but I've always enjoyed my conversations with her,

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Speaker 6: and I just think the way they are handling this

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Speaker 6: is very disrespectful of heir. She and I do not

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Speaker 6: agree on a lot of issues.

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Speaker 3: I wouldn't think that are some.

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Speaker 6: Things that we do agree on, but I have had

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Speaker 6: very pleasant conversations and interactions with her.

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Speaker 3: Well. I ask you that, of course, because a lot

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Speaker 3: of folks see you as a bit of a pioneer

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Speaker 3: going through Congress into the Senate, from the House to

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Speaker 3: the Senate, And I wonder if this is something that

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Speaker 3: you felt yourself, if you've experienced or still do to

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Speaker 3: this day.

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Speaker 6: You're always going to have individuals that will will try

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Speaker 6: to discount you when you're a woman who is a

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Speaker 6: trail blazer. But I've always encouraged people to look at

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Speaker 6: me and listen to me and work with me because

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Speaker 6: of my position on an issue, because of my caring

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Speaker 6: and my background and the information that I bring in,

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Speaker 6: because I'm the most well qualified person to speak on

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Speaker 6: an issue.

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Speaker 3: Senator Blackburn. I love to ask you about your endorsement

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Speaker 3: of Donald Trump. A lot of folks writing about that

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Speaker 3: because Governor Ronda Santis is in Washington, d C. Held

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Speaker 3: a fundraiser here last night, and it seemed that Donald

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Speaker 3: Trump got more endorsements out of that meeting than the

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Speaker 3: governor of Florida did. What pushed you in that direction?

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Speaker 3: While the field is still being assembled.

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Speaker 6: President Trump was in Nashville over the weekend for the

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Speaker 6: RNC meeting. We had the opportunity to visit, and I

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Speaker 6: will tell you this. You can talk to any number

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Speaker 6: of tennessee and so they will tell you that under

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Speaker 6: President Trump they were better off. Our economy was booming,

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Speaker 6: Employment was at record lows, income were rising. People had

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Speaker 6: a little bit of money left at the end of

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Speaker 6: the month rather than having too much month left at

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Speaker 6: the end of their money. We were restructuring federal agencies.

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Speaker 6: Our allies knew that they were our allies, Our enemies

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Speaker 6: knew to fear us. And there was no question where

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Speaker 6: the United States of America stood when it came to

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Speaker 6: dealing with our allies and our adversaries. I will be

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Speaker 6: very pleased to see President Donald Trump back in the

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Speaker 6: White House.

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Speaker 3: I only have a minute left, Senator, but you're not

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Speaker 3: concerned about any of the legal challenges he's facing as

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Speaker 3: we wait to hear from Fulton County, Georgia and the

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Speaker 3: Special Council here in Washington.

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Speaker 6: You know, we look at this indictment that has come

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Speaker 6: out of New York and I talked to so many

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Speaker 6: people who have pointed to the fact that Alvin Bragg

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Speaker 6: has tried to weaponize the rule of law in his office.

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Speaker 6: He campaigned that he was going to go after Donald Trump,

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Speaker 6: and that was a part of his campaign pledge, and

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Speaker 6: he has moved forward on that indictment for those reasons.

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Speaker 3: I'd love to hear more from you when those other

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Speaker 3: cases resolve. Senator Marshall Blackburn, Republican from Tennessee. We thank

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Speaker 3: you for coming to talk to us. As always here

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Speaker 3: on Bloomberg, I'm Jill Matthew in Washington. The fastest show

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Speaker 3: in politics is off the ground and we'll assemble our

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Speaker 3: panel coming up next day with us. This is Bloomberg.

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Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch the

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Speaker 1: program live weekdays at one eastern on Bloomberg Radio. The

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Speaker 1: tune in app Bloomberg dot Com and the Bloomberg Business app.

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

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Speaker 3: And so the Trump endorsements keep flying in. We just

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Speaker 3: heard from one Senator Marshall Blackburn, along with her her colleague,

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Speaker 3: the gentleman from Tennessee, Bill Haggerty. They just went all

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Speaker 3: in the Tennessee delegation endorsing Donald Trump, even as Ronda

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Speaker 3: Santis spends time here in Washington trying to connect the

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Speaker 3: dots in a potential campaign, raise some money, get some endorsements.

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Speaker 3: Let's assemble the panel. We have a lot to pick

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Speaker 3: through here. Following our conversation with the Senator, Jeanie Shanzano

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Speaker 3: is whether it's Bloomberg Politics contributor and Democratic analyst, along

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Speaker 3: with Republican strategist Lisa Camusa Miller, former Republican National Committee

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Speaker 3: Comms director, partner now with Reset Public Affairs. Lisa, I'll

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Speaker 3: start with you as you watch this unfold in your

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Speaker 3: own party's nominating process. Here this is a visit by

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Speaker 3: Ronda de Santis seemed to land with a little bit

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Speaker 3: of a thud. Donald Trump got more endorsements yesterday than

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Speaker 3: he did.

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Speaker 5: Yeah, and it doesn't seem to me like it's going

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Speaker 5: to stop anytime soon, Joe. I mean, really, I think

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Speaker 5: the one thing that I'm starting to notice amongst these

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Speaker 5: endorsements is really there's nothing to be lost, right, I mean,

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Speaker 5: you can endorse early, you can be with the front

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Speaker 5: runner right from the start. It's probably an insurance policy

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Speaker 5: for a lot of these candidates because they won't have

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Speaker 5: Donald Trump coming after them either too.

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Speaker 8: Right.

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Speaker 5: The other thing though, with DeSantis, and really for a

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Speaker 5: lot of these other candidates as well, is that they

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Speaker 5: really are going to have to figure out how it

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Speaker 5: is they are going to engage with Trump or really

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Speaker 5: sort of figure out their strategy to surpass Trump. And

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Speaker 5: that has definitely not even emerged at this point when.

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Speaker 3: You make of this contest here, Genie, is it possible

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Speaker 3: Ron de Santis chooses not to run?

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Speaker 9: You know, anything is possible. It looks like he still

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Speaker 9: is gearing up to run. But you know, I was

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Speaker 9: struck by what we hear that Greg Stuby has been saying,

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Speaker 9: which is that for you know, as close as he

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Speaker 9: should be with Ron de Santis sharing a home state

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Speaker 9: and all that. Ron De Santis has once again proven

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Speaker 9: not to be the retail politician, even as it pertains

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Speaker 9: to elected officials in his own state. You know, the

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Speaker 9: one thing that struck me. The man's in the hospital,

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Speaker 9: he says. The first person to call him Donald Trump.

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Speaker 9: And these personal relationships, as we know from Barack Obama,

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Speaker 9: they matter. And Donald Trump, you know, like him or

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Speaker 9: hate him, he is very, very good at that and

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Speaker 9: it is coming home to roost. And also, of course

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Speaker 9: from your interview, which was really interesting to hear, Senator Blackburn,

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Speaker 9: because that's what we were hearing.

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Speaker 10: It was the.

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Speaker 9: Endorsement by the Tennessee delegation that led the Trump team

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Speaker 9: to decide, hey, we're going to go after Florida as well.

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Speaker 9: And the timing couldn't have been better for Donald Trump

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Speaker 9: and quite frankly worse for Ron De Santis.

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Speaker 3: You know who did endorse Ronda Santis and didn't even

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Speaker 3: wait for him to announce his campaign was Congressman Chip Roy,

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Speaker 3: the Republican from Texas, talking this morning on Fox as

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Speaker 3: to why Lisa give this a listen.

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Speaker 11: I think it's time to have someone who's not a

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Speaker 11: baby boomer, somebody who can serve for two terms that

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Speaker 11: we know we can get behind to root out all

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Speaker 11: the corruption in this town and beat the swamp that

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Speaker 11: President Trump so ably started.

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Speaker 3: Okay, so is it age? That's essentially what he's saying, Right,

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Speaker 3: he's younger, you could serve two terms. Keep going with this, Lisa,

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Speaker 3: what do you think?

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Speaker 10: I mean?

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Speaker 5: I think that that is a theme that we're hearing

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Speaker 5: over and over again. Right. Nikki Haley came out and

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Speaker 5: said the same thing, right, So this definitely is. It's

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Speaker 5: a talking point, and it's one that folks are listening to.

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Speaker 5: I also think that there is a general sentiment amongst

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Speaker 5: electeds that we need to get past the drama and

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Speaker 5: all of the extra that comes with Trump. And if

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Speaker 5: we can figure out a way to get around that obstacle,

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Speaker 5: which is a huge one, Joe, and it's not going

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Speaker 5: to be easy to move through, it would give a

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Speaker 5: glide path for a lot of folks like mister Roy

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Speaker 5: and some of the others to really be able to

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Speaker 5: start talking about policies and issues again, which I really

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Speaker 5: do think that they hope to get to. I'm with Genie,

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Speaker 5: though I'm not so sure about Ronda Santis. It just

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Speaker 5: feels to me like he came out hot, things were exciting,

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Speaker 5: people wanted him there, and now it feels like the

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Speaker 5: momentum has really subsided a lot.

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Speaker 3: Could be a pretty major fail after all the time

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Speaker 3: and all the attention that we've given a potential candidacy, Lisa,

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Speaker 3: how much does Rhonda Santis' war with Disney and now

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Speaker 3: joining the whole bud light boycott calling it righteous impact

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Speaker 3: people's decisions on this Some would suggest that this is

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Speaker 3: anti conservative behavior.

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Speaker 5: Yeah, I mean, Chris Christy said it well. I mean

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Speaker 5: I thought he really sort of hit the nail on

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Speaker 5: the head. I also think though, that this is a

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Speaker 5: really weird fight for Ronda Santis to pick. Disney still

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Speaker 5: is one of the largest employers in the entire state

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Speaker 5: of Florida. It really it brings in a tremendous amount

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Speaker 5: of support and boost to the economy every single day

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Speaker 5: of the year. So if Verron de Santa's to take

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Speaker 5: on Disney like that, to me, it just it strikes

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Speaker 5: me as tone deaf, It strikes me as anti conservative values.

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Speaker 5: It's just another I don't know. It to me, definitely

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Speaker 5: feels like it's another handicap on his tally.

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Speaker 3: Sheet, Well, you know what company they are going after.

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Speaker 3: And this is bipartisan, Genie, We've talked about it. It's TikTok.

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Speaker 3: I asked Senator Blackburn about this because a lot of

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Speaker 3: folks are wondering if anything is going to happen. That

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Speaker 3: Warner Thune Bill, the restrict act that got big time

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Speaker 3: publicity when they rolled it out, still doesn't apparently have

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Speaker 3: the votes or I'm assuming it would go to the floor.

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Speaker 3: Does any of this see the light of day, Genie.

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Speaker 9: I do think it's possible. I think anything pertaining to China,

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Speaker 9: that's the one area where I think we may see

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Speaker 9: some movement this Congress. But I thought, you know, Senator

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Speaker 9: Blackburn made news because I don't know that I had

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Speaker 9: heard anybody else say that the Rubio bill was gaining momentum,

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Speaker 9: and she clearly told you that because it is more

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Speaker 9: narrowly focused than the Warner thuon. So I think if

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Speaker 9: that turns out to be the case, that is some

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Speaker 9: breaking news. And I do think there is bipartisan support

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Speaker 9: for movement on TikTok. The one thing I did like

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Speaker 9: about the Warner Thune Bill was allowed the government to

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Speaker 9: regulate beyond TikTok. I've always found the focus on one organization,

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Speaker 9: one social media outlet to be problematic from a regulatory

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Speaker 9: legislative standpoint, But if they have the momentum, I could

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Speaker 9: see that moving through.

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Speaker 3: What do you think, Lisa? Things have been awfully quiet lately,

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Speaker 3: and the last time we spoke with Senator Warner he

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Speaker 3: was still counting votes.

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Speaker 4: I think.

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Speaker 5: I mean, I absolutely agree with Cheney about China. China

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Speaker 5: is that one It's that one beacon that everybody's sort

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Speaker 5: of honed in on and focused in on, and so

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Speaker 5: I think that that alone does definitely sort of give

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Speaker 5: more of a likelihood that this bill could get forward.

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Speaker 5: You know, Look, I think that there's also some reluctance.

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Speaker 5: That's a lot of American people, what is it, one

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Speaker 5: point five billion American and maybe I'm getting that number wrong,

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Speaker 5: but it's a lot of Americans fifty enjoying.

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Speaker 3: Absolutely, No, I'm not.

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Speaker 5: But my kids are all over it, Joe, and they

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Speaker 5: love it and they're talking, you know, but they're not

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Speaker 5: They don't see it as an existential threat. But if

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Speaker 5: you're a politician and you're thinking about the ways that

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Speaker 5: you're getting your messaging across a lot of them are

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Speaker 5: using TikTok and those kinds of platforms to meet the

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Speaker 5: voters where they are, and so that I think is

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Speaker 5: a greater obstacle than the idea of getting the bill passed.

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Speaker 5: That they're seeing this as something that might be very

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Speaker 5: unpopular and could really cause them a disadvantage on election day.

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Speaker 3: Spending time with our panel Lisa Camuso Miller and Genie Shenzin,

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Speaker 3: and I've got to ask you both about the Fox

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Speaker 3: News settlement. This is of course from Dominion, Genie. I'm

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Speaker 3: trying to figure out who benefits here. I know Dominion

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Speaker 3: got a lot of money, but Fox News doesn't have

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Speaker 3: to apologize or tell its viewers that it did anything wrong.

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Speaker 3: Is this a wash?

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Speaker 9: You know, I do think it. Fox News is gonna

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Speaker 9: come out Okay, what is it? Twenty percent of their

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Speaker 9: cash on hand to half of their annual profits. It's

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Speaker 9: a huge number, don't get me wrong. But we've already

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Speaker 9: heard that they their stocks will probably go up at

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Speaker 9: the end of the day. They should have probably, in

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Speaker 9: my mind, settled earlier, but it's easier for us to

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Speaker 9: say sitting on the outside, if only to save their anchors,

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Speaker 9: their executives, the embarrassment of all those releases, so, you know,

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Speaker 9: in a way it is a wash. But I think

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Speaker 9: we have to be cautious because of course there's still

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Speaker 9: lawsuits ahead. We have shareholder lawsuits that potentially may go forward,

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Speaker 9: we have the Smartmatic lawsuit, so a lot to keep coming.

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Speaker 9: But to your point, they had a sort of very

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Speaker 9: sort of cursory acknowledgment of you know, it's almost hard

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Speaker 9: to read as an admittance of you know, wrongdoing. They

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Speaker 9: didn't have to go on air and issue these apologies.

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Speaker 9: And of course, as we were just talking about the

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Speaker 9: person likely to win the Republican nomination, at least at

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Speaker 9: this point, he is firmly in the camp of the

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Speaker 9: election was stolen and nothing is going to stop him

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Speaker 9: from saying it. So I think we're going to see

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Speaker 9: them plow ahead, and I think they'll be okay.

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Speaker 3: We're going to talk ahead with Georgia's Secretary of State

438
00:23:25,760 --> 00:23:28,520
Speaker 3: Rad Raffensberger, who of course has been at the center

439
00:23:28,560 --> 00:23:31,560
Speaker 3: of all this. Following the perfect phone call, is anyone

440
00:23:31,600 --> 00:23:34,159
Speaker 3: going to know Lisa at least in that sphere does

441
00:23:34,640 --> 00:23:36,560
Speaker 3: the tree fall in the woods on Fox News?

442
00:23:38,560 --> 00:23:41,080
Speaker 5: You know, I think The great disadvantage here, Joe is

443
00:23:41,080 --> 00:23:43,359
Speaker 5: that this is the greatest case of media malpractice in

444
00:23:43,400 --> 00:23:45,960
Speaker 5: the history of this country. And it doesn't I don't

445
00:23:45,960 --> 00:23:48,800
Speaker 5: think it's going to take anything off the shine on

446
00:23:48,920 --> 00:23:51,680
Speaker 5: Fox News for their audience. I mean, they do everything

447
00:23:51,760 --> 00:23:54,920
Speaker 5: every day, all day long to pander to the audience

448
00:23:54,960 --> 00:23:57,159
Speaker 5: and deliver them what they want to hear. And so

449
00:23:57,600 --> 00:23:59,879
Speaker 5: the only thing that I'm waiting for is how it

450
00:23:59,920 --> 00:24:02,600
Speaker 5: is is they will, if they at all, talk about

451
00:24:02,640 --> 00:24:05,000
Speaker 5: it on the air, how it is they spin the

452
00:24:05,040 --> 00:24:06,879
Speaker 5: fact that they decided to settle out of court with

453
00:24:06,920 --> 00:24:11,640
Speaker 5: something that clearly the excuse me, the Republican nominee, as

454
00:24:11,640 --> 00:24:14,920
Speaker 5: you mentioned, is not necessarily in agreement with the way

455
00:24:14,960 --> 00:24:15,720
Speaker 5: this has gone down.

456
00:24:16,040 --> 00:24:16,320
Speaker 1: Yeah.

457
00:24:16,440 --> 00:24:18,119
Speaker 3: Boy, We've got a lot to learn on this one here.

458
00:24:18,160 --> 00:24:21,240
Speaker 3: Jeanie Shanzo and Lisa Camussa Miller weighing in on a

459
00:24:21,280 --> 00:24:23,520
Speaker 3: variety of topics today, and we appreciate it as ever.

460
00:24:23,560 --> 00:24:27,359
Speaker 3: Bloomberg Politics contributor Genie Shanza. Lisa is former Republican National

461
00:24:27,359 --> 00:24:31,760
Speaker 3: Committee Comms Director RNC and now partner with Reset Public Affairs.

462
00:24:31,760 --> 00:24:34,240
Speaker 3: As I mentioned, coming up will be joined by the

463
00:24:34,240 --> 00:24:38,600
Speaker 3: Secretary of State from Georgia, Brad Raffensberger, who sees this

464
00:24:38,680 --> 00:24:41,760
Speaker 3: settlement as a bit of vindication. As you might imagine,

465
00:24:42,480 --> 00:24:46,000
Speaker 3: you're listening to the Bloomberg Sound on podcast Catch us

466
00:24:46,040 --> 00:24:48,040
Speaker 3: Live weekdays at one Eastern.

467
00:24:47,760 --> 00:24:50,960
Speaker 2: On Bloomberg dot com, the iHeartRadio app and the Bloomberg

468
00:24:51,000 --> 00:24:54,400
Speaker 2: Business App, or listening on demand wherever you get your podcasts.

469
00:24:55,560 --> 00:24:58,560
Speaker 3: Fox News is not done with its legal challenges another

470
00:24:58,640 --> 00:25:01,920
Speaker 3: massive one looming or another massive case two point seven

471
00:25:01,960 --> 00:25:07,040
Speaker 3: billion dollar lawsuit by voting technology company smart Matic. But

472
00:25:07,160 --> 00:25:10,439
Speaker 3: the Dominion voting system case is settled. You've heard this

473
00:25:10,480 --> 00:25:14,960
Speaker 3: on Bloomberg by now massive agreement that Dominion attorney Justin

474
00:25:15,080 --> 00:25:18,320
Speaker 3: Nelson cheered after it was announced late yesterday.

475
00:25:18,320 --> 00:25:23,359
Speaker 12: Today's settlement of seven hundred eighty seven million, five hundred

476
00:25:23,440 --> 00:25:32,520
Speaker 12: thousand dollars represents vindication and accountability. Lies have consequences. The

477
00:25:32,680 --> 00:25:36,160
Speaker 12: truth does not know red or blue.

478
00:25:36,600 --> 00:25:41,359
Speaker 3: A lot of good lines there. But of course Fox News,

479
00:25:41,600 --> 00:25:44,160
Speaker 3: in this case, paying a lot of money seven hundred

480
00:25:44,160 --> 00:25:47,120
Speaker 3: and eighty seven million dollars, do not have to apologize

481
00:25:47,160 --> 00:25:50,080
Speaker 3: to not have its personalities take the stand. And we

482
00:25:50,119 --> 00:25:52,400
Speaker 3: wanted to get the reaction of George's Secretary of State

483
00:25:52,440 --> 00:25:54,600
Speaker 3: Brad Rafensberger, who was of course caught in the middle

484
00:25:54,640 --> 00:25:57,920
Speaker 3: of the storm that we once called stop the steal

485
00:25:58,040 --> 00:26:03,200
Speaker 3: or someone did this now, mister secretary, welcome back to Bloomberg.

486
00:26:04,200 --> 00:26:04,600
Speaker 2: Thank you.

487
00:26:05,840 --> 00:26:08,320
Speaker 3: The dominion news is something. Is this settlement good news?

488
00:26:09,000 --> 00:26:11,320
Speaker 8: It's good news. It's vindication for the state of Georgia.

489
00:26:11,359 --> 00:26:15,399
Speaker 8: The people at Georgia also for a dominion, but that's

490
00:26:15,480 --> 00:26:17,560
Speaker 8: you know, their deal. My deal was making sure we

491
00:26:17,600 --> 00:26:20,120
Speaker 8: had fair an honest elections and explaining that to voters,

492
00:26:20,119 --> 00:26:23,080
Speaker 8: and we were vindicated. It's taken two and a half

493
00:26:23,160 --> 00:26:25,800
Speaker 8: years to finally get this to trial, but when it did,

494
00:26:26,400 --> 00:26:29,159
Speaker 8: there was a lot of bindings a fact prior to

495
00:26:29,760 --> 00:26:32,600
Speaker 8: the settlement that have shown that what was put out

496
00:26:32,640 --> 00:26:38,680
Speaker 8: there by Fox News was misinformation. Disinformation was never supported.

497
00:26:38,240 --> 00:26:38,800
Speaker 13: By the facts.

498
00:26:38,840 --> 00:26:42,639
Speaker 8: So the facts are that the machines actually recorded the votes,

499
00:26:42,840 --> 00:26:45,720
Speaker 8: and Georgia we did a one hand recount cut versus

500
00:26:45,720 --> 00:26:49,280
Speaker 8: of the same results. So for us, we had our

501
00:26:49,920 --> 00:26:52,359
Speaker 8: quote day in court and we were vindicated.

502
00:26:53,000 --> 00:26:55,000
Speaker 3: We'll ask you that because after everything you went through

503
00:26:55,000 --> 00:26:58,240
Speaker 3: in Georgia, Fox News will not have to apologize or

504
00:26:58,280 --> 00:27:01,640
Speaker 3: explain to its viewers what happened, So how will they know.

505
00:27:03,480 --> 00:27:07,159
Speaker 8: Well, the challenge, I guess is, you know, it's a

506
00:27:07,200 --> 00:27:10,320
Speaker 8: settlement and so it you move on. But what I

507
00:27:10,359 --> 00:27:13,879
Speaker 8: would hope is that people wise, people are out there,

508
00:27:14,200 --> 00:27:17,160
Speaker 8: you know, looking at other sources, reading newspapers, and it'll

509
00:27:17,240 --> 00:27:21,119
Speaker 8: be out there because, as I'll speak as a Republican

510
00:27:21,280 --> 00:27:23,880
Speaker 8: and picking off my secretary of State have if our

511
00:27:23,960 --> 00:27:27,960
Speaker 8: party doesn't accept the brutal truth. You know, in good

512
00:27:27,960 --> 00:27:30,240
Speaker 8: to Great, it's a great business book, but you have

513
00:27:30,320 --> 00:27:32,439
Speaker 8: to accept the brutal truth of this is what happened

514
00:27:32,440 --> 00:27:34,760
Speaker 8: in twenty twenty, and then we can figure out what's

515
00:27:34,800 --> 00:27:37,359
Speaker 8: the new direction forward, what does that look like, and

516
00:27:37,359 --> 00:27:39,840
Speaker 8: what are the policy How do you make sure that

517
00:27:39,880 --> 00:27:42,600
Speaker 8: you have a broad based message, a broad based coalition,

518
00:27:43,080 --> 00:27:45,160
Speaker 8: you know, that's you know, focusing on the middle class

519
00:27:45,160 --> 00:27:47,160
Speaker 8: because they're the ones right now that are being hurt

520
00:27:47,480 --> 00:27:51,280
Speaker 8: so you know, severely by inflation and all the other issues.

521
00:27:51,000 --> 00:27:51,320
Speaker 1: That we have.

522
00:27:52,280 --> 00:27:55,040
Speaker 8: But the facts are the facts. And I've been traveling

523
00:27:55,040 --> 00:27:57,920
Speaker 8: throughout Georgia for the last two years talking to Georgians

524
00:27:57,960 --> 00:27:59,960
Speaker 8: base to base. I think that's what we need is

525
00:28:00,119 --> 00:28:03,440
Speaker 8: or politicians have the spine to stand up and just confront,

526
00:28:03,760 --> 00:28:06,640
Speaker 8: you know, the lies and the deceit and the misinformation

527
00:28:06,800 --> 00:28:10,879
Speaker 8: and say here's exactly what happened, and in fact grieve,

528
00:28:11,200 --> 00:28:14,119
Speaker 8: you know, with their fellow Republicans as we move forward

529
00:28:14,119 --> 00:28:17,040
Speaker 8: on this process, because that'll be healthy for our party.

530
00:28:17,440 --> 00:28:19,840
Speaker 8: But my job as Secretary of State, I'll put that

531
00:28:19,880 --> 00:28:21,960
Speaker 8: hat on is I'm going to make sure and continue

532
00:28:21,960 --> 00:28:24,440
Speaker 8: to make sure we have bear nonese elections for everyone.

533
00:28:25,040 --> 00:28:27,200
Speaker 8: And so if you lose an election in Georgia, quit

534
00:28:27,240 --> 00:28:29,760
Speaker 8: winding about it, get yourself a better consultant, come back

535
00:28:29,800 --> 00:28:32,840
Speaker 8: out the next time, or you know, change your message,

536
00:28:33,200 --> 00:28:36,040
Speaker 8: change your approach. But I think what people are looking

537
00:28:36,080 --> 00:28:39,840
Speaker 8: for in America and in Georgia is someone that has integrity,

538
00:28:39,840 --> 00:28:43,160
Speaker 8: that has character, honesty, the ability to engage in you know,

539
00:28:43,240 --> 00:28:46,880
Speaker 8: civil conversations and to quote Reagan, have a touch of kindness.

540
00:28:48,000 --> 00:28:50,840
Speaker 3: Well, how do you repair or rebuild trust? And this

541
00:28:50,920 --> 00:28:54,160
Speaker 3: is more about dominion than I suspect your own self,

542
00:28:54,200 --> 00:28:57,320
Speaker 3: because to your point, you're traveling Georgia, you're interfacing with people.

543
00:28:57,960 --> 00:28:59,800
Speaker 3: But when the man who will likely be the Republican,

544
00:29:00,040 --> 00:29:02,120
Speaker 3: when he continues to say the election was stolen, his

545
00:29:02,120 --> 00:29:04,160
Speaker 3: supporters are going to want to believe that. Fox News

546
00:29:04,240 --> 00:29:06,880
Speaker 3: viewers may not even hear about the settlement. How do

547
00:29:06,920 --> 00:29:08,480
Speaker 3: you rebuild trust in that environment.

548
00:29:10,000 --> 00:29:13,160
Speaker 8: You rebuild trust with the truth, you rebuild trust with character.

549
00:29:13,880 --> 00:29:18,000
Speaker 8: Those are really there. That's the values that our parents

550
00:29:18,080 --> 00:29:21,080
Speaker 8: raises by. Those are the values that our grandparents are forefathers.

551
00:29:21,480 --> 00:29:25,360
Speaker 8: Those are the foundational values of all great societies and

552
00:29:25,440 --> 00:29:28,200
Speaker 8: all great countries, and America was founded on those great

553
00:29:28,200 --> 00:29:35,040
Speaker 8: foundation foundational values of integrity, character, basic decency, honesty, a

554
00:29:35,160 --> 00:29:38,400
Speaker 8: civil discourse. I know that our founders would something, as

555
00:29:38,960 --> 00:29:41,440
Speaker 8: you know. I know that Jefferson and Adams got into

556
00:29:41,480 --> 00:29:43,360
Speaker 8: it a lot. But at the end of the day,

557
00:29:43,360 --> 00:29:45,920
Speaker 8: you never doubted the character of those two gentlemen, and

558
00:29:45,960 --> 00:29:48,680
Speaker 8: you never doubted the character of Lincoln or or in

559
00:29:48,720 --> 00:29:51,400
Speaker 8: Eisenhower or a Racant. And so when character is a

560
00:29:51,480 --> 00:29:54,680
Speaker 8: king was king again, then that's when we'll start winning

561
00:29:54,680 --> 00:29:58,040
Speaker 8: elections again as Republicans. But until that time, we're going

562
00:29:58,120 --> 00:30:00,960
Speaker 8: to be, you know, a lonely, voiced out olderness wondering

563
00:30:01,000 --> 00:30:01,800
Speaker 8: what happened to us?

564
00:30:02,000 --> 00:30:05,000
Speaker 3: Wow, all one hundred and fifty nine counties in Georgia,

565
00:30:05,080 --> 00:30:09,160
Speaker 3: mister Secretary, I understand use equipment made by dominion, which

566
00:30:09,200 --> 00:30:11,960
Speaker 3: is being challenged in at least one lawsuit this. In

567
00:30:12,000 --> 00:30:15,040
Speaker 3: this case, the Coalition for Good Governance is suing. You

568
00:30:15,160 --> 00:30:19,040
Speaker 3: chose to replace some machines. I read some reporting on

569
00:30:19,120 --> 00:30:21,280
Speaker 3: in Coffee County. What was behind that move?

570
00:30:22,040 --> 00:30:26,480
Speaker 8: Well, that was because the the it was corrupted by

571
00:30:27,360 --> 00:30:31,440
Speaker 8: election official and county election director. That you know, stuff

572
00:30:31,720 --> 00:30:35,640
Speaker 8: that was a violation of state law. And that's really

573
00:30:35,640 --> 00:30:38,280
Speaker 8: big right now being investigated by our state election board.

574
00:30:38,320 --> 00:30:40,400
Speaker 8: So there's a deep dive into that. And so we

575
00:30:40,440 --> 00:30:43,480
Speaker 8: wanted to replace the machines. We don't believe that anything happened,

576
00:30:43,520 --> 00:30:46,600
Speaker 8: but if anything did happen, we wanted to pull those machines,

577
00:30:46,720 --> 00:30:49,640
Speaker 8: get them off, you know, take them out of the field,

578
00:30:50,320 --> 00:30:52,760
Speaker 8: and bring and put it brand new machines so no

579
00:30:52,800 --> 00:30:55,680
Speaker 8: one could question what the results would be in Coffee County.

580
00:30:55,960 --> 00:30:58,440
Speaker 8: But like I said, that's an ongoing investigation. The state

581
00:30:58,440 --> 00:31:02,120
Speaker 8: Election Board has that and they will be prosecuted to

582
00:31:02,160 --> 00:31:03,400
Speaker 8: the fullest extent of the law.

583
00:31:03,520 --> 00:31:07,280
Speaker 3: Well, do you have any plans to replace any others? Don't.

584
00:31:07,400 --> 00:31:09,560
Speaker 8: It's not happened anywhere else. I think that was just

585
00:31:10,480 --> 00:31:13,240
Speaker 8: it was really people. I just couldn't believe the results

586
00:31:13,520 --> 00:31:15,160
Speaker 8: and it had to have been something, and they just

587
00:31:15,240 --> 00:31:18,680
Speaker 8: kind of leaned into those lies. And the truth is

588
00:31:18,800 --> 00:31:22,200
Speaker 8: the machines accurately recorded the results. Because what happened in

589
00:31:22,200 --> 00:31:25,160
Speaker 8: Georgia in twenty twenty is that twenty four thousand Georgians

590
00:31:25,400 --> 00:31:27,800
Speaker 8: skipped the presidential race. They didn't vote for anyone. They

591
00:31:27,800 --> 00:31:29,320
Speaker 8: looked at the guy on the left, the guy on

592
00:31:29,360 --> 00:31:30,680
Speaker 8: the right, the guy down the middle, and said, no,

593
00:31:30,720 --> 00:31:32,800
Speaker 8: I can't vote for either one of those, and then

594
00:31:32,840 --> 00:31:34,720
Speaker 8: they have to voted down a bout and other races.

595
00:31:34,760 --> 00:31:38,120
Speaker 8: And that's why you saw our Republican congressman collectively got

596
00:31:38,120 --> 00:31:40,880
Speaker 8: thirty three thousand more votes in President Trump. Our state

597
00:31:40,920 --> 00:31:44,120
Speaker 8: reps and our state senators typically got about six five

598
00:31:44,120 --> 00:31:47,120
Speaker 8: to six percent higher VOAT totals than President Trump did.

599
00:31:47,360 --> 00:31:50,239
Speaker 8: That's why the gentleman ended up coming up short. But

600
00:31:50,640 --> 00:31:53,280
Speaker 8: it is what it is, and like I said, sometimes

601
00:31:53,280 --> 00:31:54,920
Speaker 8: you just got to accept your loss. I don't know

602
00:31:54,960 --> 00:31:57,160
Speaker 8: if you ever played sports in high school, but we

603
00:31:57,200 --> 00:31:59,600
Speaker 8: didn't win all of our football games or basketball games.

604
00:31:59,680 --> 00:32:02,720
Speaker 8: But you know, we just figured we'd had to go

605
00:32:02,760 --> 00:32:04,800
Speaker 8: back to the practice field and we'd work on it,

606
00:32:04,840 --> 00:32:07,160
Speaker 8: work on it, and work hard on one in the

607
00:32:07,200 --> 00:32:10,840
Speaker 8: next one. And so that's what really in politics. If

608
00:32:10,880 --> 00:32:13,240
Speaker 8: you don't have a message that resonates with fifty plus one.

609
00:32:13,600 --> 00:32:16,240
Speaker 8: You can't expect to win elections, and so you got

610
00:32:16,280 --> 00:32:18,920
Speaker 8: to win them honest, you know. And that's how you know.

611
00:32:18,960 --> 00:32:21,160
Speaker 8: We're going to make sure that if you win in Georgia,

612
00:32:21,360 --> 00:32:22,959
Speaker 8: you have won that fair and square.

613
00:32:23,200 --> 00:32:25,640
Speaker 3: Got to win them, honest. Georgia Secretary of State Brad

614
00:32:25,680 --> 00:32:29,160
Speaker 3: Raffensberger back with us on Bloomberg Sound On. Mister Secretary,

615
00:32:29,160 --> 00:32:30,840
Speaker 3: thank you for coming back to see us.

616
00:32:30,840 --> 00:32:30,920
Speaker 1: Well.

617
00:32:31,000 --> 00:32:34,080
Speaker 3: Of course, keep you posted on the Smartmatic lawsuits and

618
00:32:34,200 --> 00:32:39,000
Speaker 3: Dominion's remaining challenges against some other individuals tied to this case,

619
00:32:39,040 --> 00:32:42,560
Speaker 3: like Rudy Giuliani. We're not done with these. Next.

620
00:32:43,960 --> 00:32:47,320
Speaker 1: You're listening to the Bloomberg Sound On podcast. Catch the

621
00:32:47,360 --> 00:32:51,240
Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the

622
00:32:51,320 --> 00:32:54,640
Speaker 1: tune in app, Bloomberg dot Com, and the Bloomberg Business App.

623
00:32:54,760 --> 00:32:57,640
Speaker 1: You can also listen live on Amazon Alexa from our

624
00:32:57,680 --> 00:33:02,160
Speaker 1: flagship New York station. Just say to play Bloomberg eleven thirty.

625
00:33:03,280 --> 00:33:05,960
Speaker 3: I'm Jill Matthew in Washington along with Kaylie Lines. This

626
00:33:06,040 --> 00:33:09,920
Speaker 3: is Bloomberg Sound On with an Ion, Capitol Hill Today

627
00:33:09,960 --> 00:33:13,320
Speaker 3: and Crypto. And you know that well that's not going

628
00:33:13,360 --> 00:33:16,280
Speaker 3: anywhere quick, right, Kayley just got back from this hearing.

629
00:33:16,320 --> 00:33:19,640
Speaker 3: Now this is house financial services. Yeah, and we're not

630
00:33:19,720 --> 00:33:22,440
Speaker 3: talking bitcoin or ether or any of the stuff that

631
00:33:22,600 --> 00:33:25,840
Speaker 3: this is stable coin, yes, which, and I think we

632
00:33:25,920 --> 00:33:29,400
Speaker 3: have a fairly sophisticated audience here. You can explain, if

633
00:33:29,480 --> 00:33:33,320
Speaker 3: you can, in a few sentences or less, this is

634
00:33:33,360 --> 00:33:35,040
Speaker 3: supposed to be the easy part. That's like the non

635
00:33:35,040 --> 00:33:36,600
Speaker 3: controversial part of crypto, isn't it.

636
00:33:36,680 --> 00:33:39,360
Speaker 14: Well, that's this whole thing. What I hear so much

637
00:33:39,440 --> 00:33:42,200
Speaker 14: on the industry side, and even from lawmakers themselves, is

638
00:33:42,200 --> 00:33:45,000
Speaker 14: that stable coins are supposed to be the low hanging fruit, right,

639
00:33:45,080 --> 00:33:47,320
Speaker 14: if we're going to do anything on the legislative front

640
00:33:47,520 --> 00:33:49,560
Speaker 14: when it comes to crypto, it seems like stable coin

641
00:33:49,640 --> 00:33:53,440
Speaker 14: is stable coin regulation is really stop one. There is

642
00:33:53,480 --> 00:33:57,360
Speaker 14: a massive question, though, especially after this hearing, how easy

643
00:33:57,400 --> 00:33:59,840
Speaker 14: in reality that really is going to be able to accomplish.

644
00:34:00,160 --> 00:34:02,680
Speaker 14: When we're talking stable coins here, we're talking about a

645
00:34:02,720 --> 00:34:05,080
Speaker 14: digital asset that is supposed to be pegged one for

646
00:34:05,200 --> 00:34:09,160
Speaker 14: one to the US dollars ocasionally a dollar current, and

647
00:34:09,520 --> 00:34:11,920
Speaker 14: primarily the ones that we concern ourselves here in this

648
00:34:12,080 --> 00:34:16,520
Speaker 14: discussion with Congress is asset backed stable coins. There was

649
00:34:16,640 --> 00:34:20,960
Speaker 14: legislation on this already drafted last fall between then chair

650
00:34:21,120 --> 00:34:24,279
Speaker 14: woman of the House Financial Services Committee, Maxine Waters and

651
00:34:24,840 --> 00:34:27,680
Speaker 14: the current chair of the committee, now under Republican control,

652
00:34:27,719 --> 00:34:30,840
Speaker 14: Patrick McHenry, that dealt with this didn't really get anywhere

653
00:34:31,280 --> 00:34:34,320
Speaker 14: in the last congressional session. It was then reposted to

654
00:34:34,400 --> 00:34:38,480
Speaker 14: be discussed at this hearing to mixed reaction.

655
00:34:38,960 --> 00:34:42,439
Speaker 3: Sure, now this is the Subcommittee on Digital Assets, he said,

656
00:34:42,480 --> 00:34:44,759
Speaker 3: right now by french Hill, his french Hill, who seemed

657
00:34:44,800 --> 00:34:46,400
Speaker 3: to be gush. He had, he walked in, He had

658
00:34:46,440 --> 00:34:47,680
Speaker 3: this bill. This ought to be easy.

659
00:34:47,760 --> 00:34:50,080
Speaker 15: Last year, members from both sides of the OWL reviewed

660
00:34:50,120 --> 00:34:54,400
Speaker 15: the proposal, provided feedback, and worked to reach a compromise.

661
00:34:55,000 --> 00:34:57,920
Speaker 15: But the clock ran out on those efforts due to

662
00:34:58,000 --> 00:35:02,640
Speaker 15: the fall elections. That bill is an infant. It's a baby.

663
00:35:02,760 --> 00:35:05,720
Speaker 15: It's not necessarily a beautiful baby, but it's our baby,

664
00:35:05,719 --> 00:35:08,880
Speaker 15: and it's named Maxine McHenry. What and so it's here

665
00:35:08,880 --> 00:35:12,120
Speaker 15: today for both sides of the OWL to review and

666
00:35:12,280 --> 00:35:13,359
Speaker 15: consider and to hear from.

667
00:35:13,360 --> 00:35:16,120
Speaker 3: Our panels could conjure any number of mental images here,

668
00:35:16,200 --> 00:35:20,520
Speaker 3: but that baby named in part for Maxine Waters, the

669
00:35:20,600 --> 00:35:23,000
Speaker 3: ranking member has lost.

670
00:35:22,840 --> 00:35:27,560
Speaker 14: A parent it sounds like, yeah, the parent being Maxine Waters.

671
00:35:27,719 --> 00:35:33,000
Speaker 13: The posted bill in no way recommends the final work

672
00:35:33,200 --> 00:35:36,839
Speaker 13: on stable coins by negotiations between the two of us.

673
00:35:37,320 --> 00:35:40,680
Speaker 13: The bill has been posted, the chair wanted to post

674
00:35:40,760 --> 00:35:44,680
Speaker 13: the bill. It does not represent any final product of

675
00:35:44,800 --> 00:35:48,440
Speaker 13: any kind. And so I think we're starting from scratch.

676
00:35:48,560 --> 00:35:51,000
Speaker 13: Oh whoa to deal with stable coins.

677
00:35:50,880 --> 00:35:55,960
Speaker 3: Starting from scratch? Maybe Chairman french Hill expected that, but

678
00:35:56,080 --> 00:35:57,120
Speaker 3: I'm thinking he didn't.

679
00:35:57,480 --> 00:36:00,520
Speaker 14: Yeah, well, especially because she went on to say regard

680
00:36:00,600 --> 00:36:04,319
Speaker 14: the bill that has been posted. Altogether, she's saying disregard

681
00:36:04,640 --> 00:36:07,400
Speaker 14: at the same time that Congressman Hill is saying, please

682
00:36:07,440 --> 00:36:07,800
Speaker 14: regard it.

683
00:36:07,920 --> 00:36:09,880
Speaker 5: We want to discuss it. That's what this hearing is for.

684
00:36:10,320 --> 00:36:13,480
Speaker 3: Patrick McHenry did speak as well. Congressman mckenry of course

685
00:36:13,560 --> 00:36:17,279
Speaker 3: cheers the Broader Financial Services Committee, and he's got his

686
00:36:17,440 --> 00:36:20,640
Speaker 3: name on it. He likes it. So you start asking why, well,

687
00:36:20,680 --> 00:36:24,600
Speaker 3: what's the problem here? In Steven Lynch, the Congressman from Massachusetts,

688
00:36:24,640 --> 00:36:26,800
Speaker 3: a Democrat, who of course is going to agree with

689
00:36:26,880 --> 00:36:28,319
Speaker 3: Maxine Waters, got into it a little bit.

690
00:36:28,360 --> 00:36:31,360
Speaker 7: Stable Coins are really used for payments, but are instead

691
00:36:31,560 --> 00:36:35,920
Speaker 7: used to facilitate speculative cryptocurrency trading.

692
00:36:36,040 --> 00:36:36,759
Speaker 3: And investments.

693
00:36:37,400 --> 00:36:41,480
Speaker 7: Stable Coins also contain structural fragilities that make them make

694
00:36:41,560 --> 00:36:46,240
Speaker 7: them vulnerable to runs and pose risks to monetary policy,

695
00:36:46,640 --> 00:36:50,120
Speaker 7: national security, financial stability, and fair competition.

696
00:36:50,560 --> 00:36:52,239
Speaker 3: I didn't know any of that. I thought that this

697
00:36:52,520 --> 00:36:54,120
Speaker 3: was the safe bet. I think a lot of people

698
00:36:54,200 --> 00:36:56,520
Speaker 3: considered stable coin, like you said, the low hanging fruit

699
00:36:56,600 --> 00:37:00,360
Speaker 3: to regulate because it was not terribly controversial. Listened to

700
00:37:00,440 --> 00:37:04,279
Speaker 3: Congressman Lynch and some other Democrats on that panel. It's

701
00:37:04,360 --> 00:37:07,800
Speaker 3: no different than any other crypto, whether you call it

702
00:37:07,840 --> 00:37:10,880
Speaker 3: a currency or commodity or security.

703
00:37:11,280 --> 00:37:11,440
Speaker 2: Yeah.

704
00:37:11,520 --> 00:37:12,520
Speaker 5: Well, that's the thing.

705
00:37:12,680 --> 00:37:14,680
Speaker 14: So much of this has to do with definitions, and

706
00:37:14,760 --> 00:37:16,719
Speaker 14: it was actually raised in the hearing today that you

707
00:37:16,800 --> 00:37:19,799
Speaker 14: need to define what a stable coin actually is because

708
00:37:19,840 --> 00:37:22,399
Speaker 14: there are a few of different types, one of them

709
00:37:22,520 --> 00:37:25,400
Speaker 14: being one that has now collapsed. Tera Luna was the

710
00:37:25,480 --> 00:37:28,320
Speaker 14: pairing terror USD. It was an algorithmic stable coin, so

711
00:37:28,400 --> 00:37:31,400
Speaker 14: it basically used that to maintain that one for one

712
00:37:31,400 --> 00:37:34,560
Speaker 14: peg against the dollar, and that ultimately didn't work. Asset

713
00:37:34,680 --> 00:37:37,680
Speaker 14: backstable coins are different. Those in theory are a bit

714
00:37:37,719 --> 00:37:40,759
Speaker 14: more stable because you do have the reserves to back

715
00:37:40,840 --> 00:37:43,200
Speaker 14: it up, at least in theory, but obviously still so

716
00:37:43,280 --> 00:37:46,399
Speaker 14: many questions hanging around this space show.

717
00:37:46,520 --> 00:37:51,080
Speaker 3: You saw Dante Disparte testify, while it did see so

718
00:37:51,440 --> 00:37:55,400
Speaker 3: of circle head of global policy there with us. Now, Dante,

719
00:37:55,480 --> 00:37:58,520
Speaker 3: thanks for joining us. What are we missing here in

720
00:37:58,719 --> 00:38:01,799
Speaker 3: terms of the way we should be looking at stable coin?

721
00:38:02,239 --> 00:38:05,040
Speaker 3: Who's right in the lawmakers we heard from?

722
00:38:05,960 --> 00:38:09,680
Speaker 16: Well, I don't know if the distance is as wide

723
00:38:09,880 --> 00:38:12,200
Speaker 16: or as far apart as it is being described. And

724
00:38:12,280 --> 00:38:15,000
Speaker 16: I know that obviously that was a poignant opening act

725
00:38:15,719 --> 00:38:19,080
Speaker 16: in today's hearing, But I do think today's hearing, frankly,

726
00:38:19,280 --> 00:38:21,319
Speaker 16: was one of the most constructive, if not the most

727
00:38:21,400 --> 00:38:24,760
Speaker 16: constructive and bipartisan I've participated in. And I've been uploading

728
00:38:24,800 --> 00:38:28,120
Speaker 16: dollars onto the internet since twenty nineteen, and I've seen

729
00:38:28,320 --> 00:38:32,160
Speaker 16: pretty hard contested hearings on this topic on broader digital

730
00:38:32,200 --> 00:38:35,440
Speaker 16: assets topics, and today's hearing I think reveals issues much

731
00:38:35,520 --> 00:38:38,840
Speaker 16: deeper than the technology we're talking about. And to me,

732
00:38:39,000 --> 00:38:41,840
Speaker 16: the main agenda item on today's hearing was actually states'

733
00:38:41,920 --> 00:38:46,239
Speaker 16: rights and the boundaries of federal preemption, evidenced by the

734
00:38:46,320 --> 00:38:52,040
Speaker 16: presence of Superintendent Adrian Harris of New York DFS, and Frankly,

735
00:38:52,120 --> 00:38:54,640
Speaker 16: much of the conversation was exactly what those boundaries were.

736
00:38:55,480 --> 00:38:58,120
Speaker 14: Yeah, and we heard from Congressman Richie trus talking about that.

737
00:38:58,239 --> 00:39:00,920
Speaker 14: He essentially said he wasn't going to support any legislation

738
00:39:01,080 --> 00:39:04,279
Speaker 14: that preempted states rights and instead just you know, put

739
00:39:04,600 --> 00:39:07,560
Speaker 14: everything federal in charge. It's interesting to me, though, Dante,

740
00:39:07,640 --> 00:39:10,719
Speaker 14: that you don't feel like there is that much disagreement there,

741
00:39:10,800 --> 00:39:15,400
Speaker 14: because when Congressman Waters is calling for starting over, starting

742
00:39:15,480 --> 00:39:18,000
Speaker 14: from scratch, that to me suggests that you know, no

743
00:39:18,160 --> 00:39:20,799
Speaker 14: part of that is really finding favor with her right now.

744
00:39:20,960 --> 00:39:23,440
Speaker 14: So if it's a matter of picking and choosing parts

745
00:39:23,520 --> 00:39:25,720
Speaker 14: of the existing bill, what do you think is working

746
00:39:25,760 --> 00:39:28,040
Speaker 14: and what do you think we're likely to see revisions

747
00:39:28,040 --> 00:39:28,600
Speaker 14: and tweaks two?

748
00:39:29,400 --> 00:39:29,560
Speaker 3: Right?

749
00:39:29,680 --> 00:39:32,440
Speaker 16: Well, I mean, I think, for one, there is clarity

750
00:39:32,719 --> 00:39:36,479
Speaker 16: you could argue in the entirety of the conversation today

751
00:39:36,520 --> 00:39:39,920
Speaker 16: around the idea that a payment stable coin structured in

752
00:39:39,960 --> 00:39:43,759
Speaker 16: the way Circle for example, has operated USDC is through

753
00:39:43,800 --> 00:39:46,279
Speaker 16: and through a payments in banking innovation and not a

754
00:39:46,320 --> 00:39:49,640
Speaker 16: commodity or a security. I think that that alone is

755
00:39:49,800 --> 00:39:52,279
Speaker 16: taking the United States in a direction of clarity on

756
00:39:52,360 --> 00:39:54,320
Speaker 16: what to do with payment stable coins in the country.

757
00:39:54,440 --> 00:39:57,239
Speaker 16: So I don't think you saw any division whatsoever there.

758
00:39:57,800 --> 00:39:59,880
Speaker 16: I also think you saw across both sides of the

759
00:40:00,480 --> 00:40:03,120
Speaker 16: and in much of the conversation today, very very clearly

760
00:40:03,239 --> 00:40:07,320
Speaker 16: articulated cases around the utility value, around the defense of

761
00:40:07,400 --> 00:40:09,560
Speaker 16: the dollar and its role around the world as an

762
00:40:09,600 --> 00:40:12,480
Speaker 16: international currency, and the opportunity for the dollar to remain

763
00:40:12,520 --> 00:40:15,239
Speaker 16: a currency of reference on the Internet. I think these

764
00:40:15,320 --> 00:40:20,080
Speaker 16: types of maybe uniting issues were the bigger topics in

765
00:40:20,160 --> 00:40:22,960
Speaker 16: my mind than the sort of fintech constitutional crisis we

766
00:40:23,040 --> 00:40:25,400
Speaker 16: have seen in what to do with digital assets, what

767
00:40:25,480 --> 00:40:27,520
Speaker 16: to do with fintech, and what to do with banking

768
00:40:27,640 --> 00:40:31,200
Speaker 16: preemption between the states and the federal government. I think

769
00:40:31,239 --> 00:40:34,200
Speaker 16: all of those frankler own goals. The bigger long range

770
00:40:34,239 --> 00:40:37,440
Speaker 16: issue is the void in the United States of federal

771
00:40:37,560 --> 00:40:41,040
Speaker 16: chartering of payment systems, innovations, and companies, and then what

772
00:40:41,120 --> 00:40:44,720
Speaker 16: those boundaries will be for continuous innovation under state oversight.

773
00:40:45,440 --> 00:40:47,560
Speaker 3: Dotte, how much of this has to do with D's

774
00:40:47,680 --> 00:40:51,680
Speaker 3: and rs Based on what you saw firsthand today, Republicans

775
00:40:51,719 --> 00:40:54,000
Speaker 3: and Democrats don't seem to agree when it comes to

776
00:40:54,080 --> 00:40:57,719
Speaker 3: crypto in general. How does that inform a more esoteric

777
00:40:57,840 --> 00:40:59,880
Speaker 3: conversation like the one had this morning.

778
00:41:00,400 --> 00:41:03,080
Speaker 16: Well, you know, to be fair and candidly, I do

779
00:41:03,200 --> 00:41:06,440
Speaker 16: think you know the term of art. As we saw

780
00:41:06,520 --> 00:41:10,360
Speaker 16: in today's hearing, the jargon isn't particularly helpful. You know, Crypto,

781
00:41:10,600 --> 00:41:13,400
Speaker 16: just like banking, is not monolithic. They're good actors and

782
00:41:13,480 --> 00:41:16,040
Speaker 16: bad in any sector of the economy. And there will

783
00:41:16,080 --> 00:41:19,640
Speaker 16: always be you know, risks wherever money is involved, irrespective

784
00:41:19,680 --> 00:41:23,000
Speaker 16: of its form factor, analog, paper money, metal money, or

785
00:41:23,080 --> 00:41:28,879
Speaker 16: digital money will always attract controversy. But again, I don't

786
00:41:28,920 --> 00:41:30,880
Speaker 16: think the gap is nearly as wide as it might

787
00:41:30,960 --> 00:41:35,000
Speaker 16: be described. And I do think the process that under

788
00:41:35,480 --> 00:41:37,520
Speaker 16: the prior leadership and under the current leadership in the

789
00:41:37,520 --> 00:41:41,000
Speaker 16: House Financial Services Committee, the process they have followed is

790
00:41:41,080 --> 00:41:43,640
Speaker 16: to be responsive to what the President's Working Group on

791
00:41:43,719 --> 00:41:47,320
Speaker 16: Financial Market has called for, because we're facing this circuitous

792
00:41:47,400 --> 00:41:51,239
Speaker 16: problem of regulators want more authorities and regulation, industry wants

793
00:41:51,280 --> 00:41:54,480
Speaker 16: more clarity. The country needs legal clarity and protection, and

794
00:41:54,600 --> 00:41:56,800
Speaker 16: yet we're sort of staring at an issue that is

795
00:41:56,880 --> 00:41:59,480
Speaker 16: in my mind, relatively straightforward and simple to resolve.

796
00:42:00,080 --> 00:42:02,680
Speaker 14: Yeah, and of course it ultimately all comes down to Congress,

797
00:42:02,800 --> 00:42:05,880
Speaker 14: and we had several lawmakers today saying that that ultimately

798
00:42:05,960 --> 00:42:08,480
Speaker 14: this is our responsibility. We need to get something done,

799
00:42:08,520 --> 00:42:11,959
Speaker 14: it's irresponsible not to do so. Largely what is brought

800
00:42:12,000 --> 00:42:15,200
Speaker 14: up is because of the risk of everything going offshore

801
00:42:15,440 --> 00:42:19,640
Speaker 14: in the US falling behind. Can you just kind of

802
00:42:19,760 --> 00:42:22,279
Speaker 14: expound on that, Dante, As we talk about the US

803
00:42:22,360 --> 00:42:25,400
Speaker 14: trying to get this going, we're already coming up from

804
00:42:25,440 --> 00:42:27,759
Speaker 14: the back right well, you.

805
00:42:27,800 --> 00:42:31,120
Speaker 16: Know, so that's an interesting point, and obviously this quest

806
00:42:31,320 --> 00:42:33,920
Speaker 16: for American competitiveness. You know, I was one of the

807
00:42:33,960 --> 00:42:36,719
Speaker 16: first people to celebrate the White House Executive Order on

808
00:42:36,800 --> 00:42:39,719
Speaker 16: Digital Assets, which was the first time we had a

809
00:42:39,760 --> 00:42:42,640
Speaker 16: whole of government approach to reviewing crypto and digital assets

810
00:42:42,680 --> 00:42:45,920
Speaker 16: more broadly as a way of encouraging responsible innovation in

811
00:42:45,920 --> 00:42:49,840
Speaker 16: the United States. Later, the President's sort of economic report

812
00:42:50,000 --> 00:42:53,880
Speaker 16: effectively cast the entire sector and much of the technology

813
00:42:54,239 --> 00:42:57,520
Speaker 16: as having no intrinsic value. And I think that's the problem.

814
00:42:57,719 --> 00:43:00,759
Speaker 16: The problem. It would be equivalent to stop the development

815
00:43:00,840 --> 00:43:03,360
Speaker 16: of the Internet at the dial up phase because it

816
00:43:03,480 --> 00:43:06,000
Speaker 16: was the world wide weight, or because the dark web

817
00:43:06,160 --> 00:43:09,359
Speaker 16: was a place where nefarious activity took place. Here too,

818
00:43:09,560 --> 00:43:12,560
Speaker 16: with crypto and digital assets more broadly and blockchain based

819
00:43:12,600 --> 00:43:15,880
Speaker 16: financial services, we're in the very early days still, but

820
00:43:16,080 --> 00:43:18,600
Speaker 16: the green shoots of all the utility value were clear

821
00:43:18,640 --> 00:43:21,520
Speaker 16: as day, and the dollar is the reference currency. That

822
00:43:21,640 --> 00:43:24,120
Speaker 16: was I think a prevalent point among all the witnesses

823
00:43:24,680 --> 00:43:26,799
Speaker 16: is that the dollar is the reference currency of these

824
00:43:26,880 --> 00:43:30,200
Speaker 16: native nascent markets. But for that to remain the case

825
00:43:30,280 --> 00:43:32,400
Speaker 16: for the next five and ten years, the United States

826
00:43:32,480 --> 00:43:35,719
Speaker 16: actually does need to legislate. There's no pathway to a

827
00:43:35,800 --> 00:43:38,520
Speaker 16: billion users on the edges of being well regulated. And

828
00:43:38,600 --> 00:43:42,400
Speaker 16: there you see many countries around the world, Europe, Asia,

829
00:43:42,640 --> 00:43:45,520
Speaker 16: many many regions of the world were starting to leap

830
00:43:45,560 --> 00:43:48,800
Speaker 16: ahead with whole of government, whole of economy clarity for

831
00:43:48,920 --> 00:43:50,800
Speaker 16: digital assets, not just stable coins.

832
00:43:51,200 --> 00:43:54,719
Speaker 3: Dante our colleagues at Bloomberg Intelligence ran a survey on

833
00:43:54,840 --> 00:43:59,760
Speaker 3: this survey of buyside, sell side economists and corporate clients.

834
00:44:00,480 --> 00:44:03,080
Speaker 3: It happened at the end of March on the most

835
00:44:03,239 --> 00:44:08,680
Speaker 3: likely scenario here moving forward, and the odds were interesting.

836
00:44:09,040 --> 00:44:13,200
Speaker 3: When we start considering a path forward for crypto regulation,

837
00:44:13,320 --> 00:44:15,600
Speaker 3: there was a lot of uncertainty. And I'm wondering, just

838
00:44:15,719 --> 00:44:18,680
Speaker 3: in general, if you see action in this Congress or not.

839
00:44:19,719 --> 00:44:23,000
Speaker 16: Well, my sincere hope is that again what may have

840
00:44:23,160 --> 00:44:27,160
Speaker 16: been perceived as a partisan divide or distance between the

841
00:44:27,239 --> 00:44:31,600
Speaker 16: ranking member and the chairman of the committee, it actually

842
00:44:32,239 --> 00:44:34,279
Speaker 16: isn't as big a gap as it may seem, and

843
00:44:34,400 --> 00:44:38,120
Speaker 16: that at a minimum, as goes the stable coined legislative agenda,

844
00:44:38,200 --> 00:44:39,920
Speaker 16: in so many ways, so goes the rest of the

845
00:44:39,960 --> 00:44:43,080
Speaker 16: digital asset and fintech agenda. The interesting thing is a

846
00:44:43,160 --> 00:44:47,759
Speaker 16: company like Circle has more common cause with American payments innovators,

847
00:44:47,920 --> 00:44:50,240
Speaker 16: be it PayPal and other major firms in the space.

848
00:44:50,800 --> 00:44:53,280
Speaker 16: And if we abandon the ability to innovate with novel

849
00:44:53,320 --> 00:44:56,360
Speaker 16: technologies and finance and banking, I think we're foregoing a

850
00:44:56,520 --> 00:44:59,600
Speaker 16: whole course of leadership, not only for the dollar, but

851
00:44:59,640 --> 00:45:02,200
Speaker 16: the role the US economy around the world. For the

852
00:45:02,320 --> 00:45:04,960
Speaker 16: dollar to be an export product, it rides on rails,

853
00:45:05,120 --> 00:45:07,480
Speaker 16: and in so many ways those rails are the byproduct

854
00:45:07,520 --> 00:45:12,719
Speaker 16: of innovation and novel technologies. And so I've remain optimistic

855
00:45:13,120 --> 00:45:15,200
Speaker 16: that we can get this done and I'm hopeful we

856
00:45:15,239 --> 00:45:18,000
Speaker 16: could do it. You know, before, as mckenry said himself,

857
00:45:18,080 --> 00:45:19,680
Speaker 16: before it gets hot in Washington.

858
00:45:19,400 --> 00:45:19,600
Speaker 5: D C.

859
00:45:21,280 --> 00:45:22,480
Speaker 3: Saying something yeah.

860
00:45:22,760 --> 00:45:26,080
Speaker 14: And of course where this all comes back, as we

861
00:45:26,160 --> 00:45:28,839
Speaker 14: were talking about at the beginning to a draft bill

862
00:45:28,920 --> 00:45:30,719
Speaker 14: from before it was hot, when it was fall and

863
00:45:30,960 --> 00:45:34,800
Speaker 14: the old Congress was still the one that was in session,

864
00:45:34,880 --> 00:45:37,400
Speaker 14: and as Maxine Waters herself said in the hearing, a

865
00:45:37,480 --> 00:45:40,560
Speaker 14: lot has changed in the interim. Of course, the collapse

866
00:45:40,600 --> 00:45:43,200
Speaker 14: of FTX, also the bank failures the likes of SVB,

867
00:45:43,280 --> 00:45:47,080
Speaker 14: which we know affected Circle because you had reserves parked there.

868
00:45:47,160 --> 00:45:49,279
Speaker 14: There was a lot of question about what was going

869
00:45:49,360 --> 00:45:51,000
Speaker 14: to happen. At least for a brief period of time,

870
00:45:51,080 --> 00:45:55,080
Speaker 14: actually saw a Circle USDC break that dollar peg. Briefly,

871
00:45:55,680 --> 00:45:59,920
Speaker 14: how do you think these episodes have affected the wider conversation?

872
00:46:00,120 --> 00:46:01,400
Speaker 14: Maybe changed the tone?

873
00:46:02,200 --> 00:46:05,560
Speaker 16: Well, if anything, America regulates through crisis right. The last

874
00:46:05,560 --> 00:46:08,560
Speaker 16: time we had comprehensive banking and financial services reforms it

875
00:46:08,680 --> 00:46:11,360
Speaker 16: was after two thousand and eight, and it took the

876
00:46:11,480 --> 00:46:13,799
Speaker 16: collapse of Wall Street to give birth to the Dodd

877
00:46:13,880 --> 00:46:17,560
Speaker 16: Frank comprehensive sort of banking reforms, I do think twenty

878
00:46:17,640 --> 00:46:21,040
Speaker 16: twenty two and the large losses the crypto industry visited

879
00:46:21,120 --> 00:46:24,800
Speaker 16: upon itself in most cases through financial alchemy like Terra Luna,

880
00:46:25,440 --> 00:46:27,480
Speaker 16: or through outright fraud as we may have seen with

881
00:46:27,600 --> 00:46:30,560
Speaker 16: the cases of FTX. The technology didn't fail in any

882
00:46:30,600 --> 00:46:34,200
Speaker 16: of those cases. What failed, frankly, was the inability to

883
00:46:34,239 --> 00:46:37,600
Speaker 16: get clear licensing and regulatory guidelines, and many of the

884
00:46:37,719 --> 00:46:42,399
Speaker 16: actors were succumbed to greed and misdeeds and risks of opportunity.

885
00:46:43,440 --> 00:46:47,200
Speaker 16: But by all measures, companies regulated inside the United States

886
00:46:47,520 --> 00:46:51,359
Speaker 16: operators that were duly licensed. As Superintendent Harris pointed out

887
00:46:51,360 --> 00:46:54,040
Speaker 16: today in her testimony, none of them faltered, none of

888
00:46:54,080 --> 00:46:56,480
Speaker 16: them failed. If anything, we were somewhat indexed to the

889
00:46:56,600 --> 00:47:00,480
Speaker 16: risks in the sector. But nonetheless we forge ahead continue

890
00:47:00,480 --> 00:47:02,880
Speaker 16: to build real world value with these innovations.

891
00:47:03,239 --> 00:47:07,080
Speaker 3: He's fresh off his testimony on Capitol Hill. Dante Disparte

892
00:47:07,239 --> 00:47:10,279
Speaker 3: many thanks for being with us at Circle, where he

893
00:47:10,440 --> 00:47:14,680
Speaker 3: is the head of Global policy and chief strategy officer.

894
00:47:14,920 --> 00:47:16,879
Speaker 3: Thanks for bringing him our way here, Kaylee, and thanks

895
00:47:16,920 --> 00:47:19,919
Speaker 3: for your reporting on what was a pretty esoteric hearing,

896
00:47:20,000 --> 00:47:21,200
Speaker 3: something you're only going to talk about on.

897
00:47:21,200 --> 00:47:24,120
Speaker 5: Bloomberg, right, Yeah, that's right, But it was spicy.

898
00:47:24,239 --> 00:47:26,000
Speaker 14: It was actually it was quite fun.

899
00:47:26,080 --> 00:47:27,680
Speaker 3: We could always find something to disagree on.

900
00:47:27,840 --> 00:47:28,360
Speaker 13: You kidding me.

901
00:47:28,680 --> 00:47:31,120
Speaker 3: I'm Joe Matthew with Kaylee Lines straight ahead. We're joined

902
00:47:31,120 --> 00:47:35,640
Speaker 3: by Nancy Cook on the endorsement Battle. This is Bloomberg.

903
00:47:36,960 --> 00:47:40,440
Speaker 1: You're listening to the Bloomberg Sound on podcast catch us

904
00:47:40,520 --> 00:47:43,640
Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the

905
00:47:43,760 --> 00:47:46,840
Speaker 1: iHeartRadio app and the Bloomberg Business app, or listen on

906
00:47:46,920 --> 00:47:48,839
Speaker 1: demand wherever you get your podcast.

907
00:47:50,040 --> 00:47:52,759
Speaker 3: So, what happens if you come to Washington, hold a fundraiser,

908
00:47:52,840 --> 00:47:55,080
Speaker 3: ask for endorsements and they all go to the other guy?

909
00:47:55,719 --> 00:47:58,840
Speaker 3: Kind of what happened last night Governor Ron de Santis

910
00:47:59,400 --> 00:48:01,759
Speaker 3: in Washington, d C. At the big event at the

911
00:48:01,840 --> 00:48:05,920
Speaker 3: Heritage Foundation, and he got a couple of endorsements out

912
00:48:05,960 --> 00:48:08,080
Speaker 3: of it. He raised some money, but he also lost

913
00:48:08,120 --> 00:48:11,960
Speaker 3: about half the delegation, it seemed, And a lot of

914
00:48:12,000 --> 00:48:14,480
Speaker 3: people are wondering how this is all going to come

915
00:48:14,560 --> 00:48:17,200
Speaker 3: together here. For mister Desantish has been the headliness a lot, right.

916
00:48:17,239 --> 00:48:19,560
Speaker 3: He's gonna build a prison near Disney, not really says

917
00:48:19,560 --> 00:48:22,320
Speaker 3: he's thinking about it. And he even kind of latched

918
00:48:22,360 --> 00:48:26,359
Speaker 3: onto the bud light boycott. He did this thing called

919
00:48:26,400 --> 00:48:29,080
Speaker 3: the Benny Show. Did you see this yesterday? They're actually

920
00:48:29,120 --> 00:48:32,239
Speaker 3: you sit in a car for the interview. You gonna

921
00:48:32,239 --> 00:48:34,560
Speaker 3: do this in a car? I guess this is sort

922
00:48:34,600 --> 00:48:38,239
Speaker 3: of trending now, Yeah, and called it righteous when he

923
00:48:38,360 --> 00:48:39,920
Speaker 3: was asked about the bud light boycott.

924
00:48:40,320 --> 00:48:42,920
Speaker 17: That's like them rubbing our faces in it. And it's

925
00:48:43,000 --> 00:48:45,800
Speaker 17: like these companies that do this, if they never have

926
00:48:46,000 --> 00:48:47,960
Speaker 17: any response, they're just gonna.

927
00:48:47,719 --> 00:48:48,360
Speaker 1: Keep doing it.

928
00:48:48,719 --> 00:48:51,600
Speaker 17: So if we can put hip hop like yeah, they're

929
00:48:51,680 --> 00:48:54,279
Speaker 17: basically and I mean it's such a fraud with what

930
00:48:54,360 --> 00:48:56,400
Speaker 17: they're doing with that, Like yeah, they're doing that, but

931
00:48:56,480 --> 00:48:57,520
Speaker 17: I'm just gonna keep drinking it.

932
00:48:57,600 --> 00:48:59,520
Speaker 16: Anyways, Well then they're just gonna keep doing it.

933
00:48:59,719 --> 00:49:03,200
Speaker 17: So I think we have power as consumers that they

934
00:49:03,520 --> 00:49:07,600
Speaker 17: voice her and not on every company, because sometimes conservative

935
00:49:07,840 --> 00:49:10,520
Speaker 17: consumers aren't going to make a dent in some companies.

936
00:49:11,080 --> 00:49:14,160
Speaker 17: This one is one. If you don't have conservative beer drinkers,

937
00:49:14,560 --> 00:49:16,759
Speaker 17: you're gonna feel that. And so, you know, I think

938
00:49:16,800 --> 00:49:19,279
Speaker 17: it's a righteous I think it's a righteous thing.

939
00:49:19,320 --> 00:49:23,919
Speaker 3: A righteous thing. Doubled down on that blood light boycott today,

940
00:49:23,960 --> 00:49:25,480
Speaker 3: even though I thought Don Junior said the whole thing

941
00:49:25,560 --> 00:49:29,279
Speaker 3: was over. I'm getting confused. Yeah, Nancy Cook is with us,

942
00:49:29,360 --> 00:49:32,000
Speaker 3: you know, with a great story. Rich GOP donors seek

943
00:49:32,080 --> 00:49:36,480
Speaker 3: next champion in Vain after dropping Trump. It's great to

944
00:49:36,520 --> 00:49:38,319
Speaker 3: see you in the studio. Thanks for joining us. Oh,

945
00:49:38,400 --> 00:49:40,719
Speaker 3: thanks for having getting into that fundraiser last night. I

946
00:49:40,760 --> 00:49:42,759
Speaker 3: thought like the media wasn't allowed near that thing.

947
00:49:42,880 --> 00:49:45,200
Speaker 10: No, no, no, I didn't get in. And basically what

948
00:49:45,280 --> 00:49:46,920
Speaker 10: I've done is I spent the last week and a

949
00:49:46,920 --> 00:49:50,120
Speaker 10: half really talking to donors because DeSantis has been slipping

950
00:49:50,200 --> 00:49:53,279
Speaker 10: in the pools. I've been hearing from donors that they

951
00:49:53,320 --> 00:49:55,720
Speaker 10: were really unhappy with the way that he flip flopped

952
00:49:55,760 --> 00:49:58,959
Speaker 10: on his position towards the war in Ukraine. People felt

953
00:49:59,040 --> 00:50:01,800
Speaker 10: like his the way he attacking Trump was very clumsy,

954
00:50:02,160 --> 00:50:03,719
Speaker 10: and so I was sort of curious just to take

955
00:50:03,760 --> 00:50:05,480
Speaker 10: the pulse of donors and say, like, where are you

956
00:50:05,560 --> 00:50:07,880
Speaker 10: guys at, you know, at this point? And what I

957
00:50:07,960 --> 00:50:10,960
Speaker 10: heard from people is that they are really reluctant to

958
00:50:11,040 --> 00:50:13,560
Speaker 10: support Disantas at this point. It doesn't mean that like

959
00:50:13,719 --> 00:50:16,640
Speaker 10: they're swearing him off forever, but for the next few months,

960
00:50:16,719 --> 00:50:19,560
Speaker 10: people are holding their money back. They don't want to

961
00:50:19,600 --> 00:50:22,960
Speaker 10: donate to him until really they can see him perform more,

962
00:50:23,200 --> 00:50:25,279
Speaker 10: they can see him rise to the level on the

963
00:50:25,360 --> 00:50:28,640
Speaker 10: national stage, and they're waiting for the Republican primary debate

964
00:50:28,719 --> 00:50:30,640
Speaker 10: in August before they really make a decision.

965
00:50:30,800 --> 00:50:32,560
Speaker 14: Well, I was going to say, also, he needs to

966
00:50:32,680 --> 00:50:36,200
Speaker 14: declare that he's actually running. We all are talking about

967
00:50:36,239 --> 00:50:39,759
Speaker 14: him as a presumptive candidate for the Republican nomination. He's

968
00:50:39,840 --> 00:50:41,600
Speaker 14: not yet, so I guess that just makes it even

969
00:50:42,040 --> 00:50:44,320
Speaker 14: easier for donors to say, you know what, we're just

970
00:50:44,400 --> 00:50:45,399
Speaker 14: going to sit back for now.

971
00:50:46,080 --> 00:50:48,600
Speaker 10: He's not running. But you know, I was in New

972
00:50:48,600 --> 00:50:50,040
Speaker 10: Hampshire with him last Friday.

973
00:50:50,280 --> 00:50:50,800
Speaker 14: He's acting.

974
00:50:51,200 --> 00:50:54,239
Speaker 10: Yeah, he was in Ohio this week you know, in

975
00:50:54,400 --> 00:50:57,920
Speaker 10: DC twice, in South Carolina today, in Utah this weekend.

976
00:50:58,320 --> 00:51:01,520
Speaker 10: I mean, his team continues to insist that, you know,

977
00:51:01,640 --> 00:51:03,680
Speaker 10: he hasn't decided yet whether or not he's going to

978
00:51:03,760 --> 00:51:07,239
Speaker 10: run for president, but really they have a methodical plan

979
00:51:07,360 --> 00:51:09,440
Speaker 10: in place and they're following it. They don't want to

980
00:51:09,520 --> 00:51:13,239
Speaker 10: declare a run for president until after the state legislative

981
00:51:13,280 --> 00:51:16,400
Speaker 10: session ends in Florida in May, so we're expecting him

982
00:51:16,440 --> 00:51:19,120
Speaker 10: to declare in May or June. In the meantime, though,

983
00:51:19,239 --> 00:51:22,279
Speaker 10: the Trump campaign is basically going to try to pummel him,

984
00:51:22,520 --> 00:51:24,520
Speaker 10: and they're doing a good job so far with putting

985
00:51:24,600 --> 00:51:28,799
Speaker 10: fingers yeah, before before before DeSantis can even declare.

986
00:51:29,640 --> 00:51:31,799
Speaker 3: You still see it happening. Our panel, by the way,

987
00:51:31,880 --> 00:51:35,360
Speaker 3: last hour, Jeanie Shanzano and Lisa Kamuso Miller say they've

988
00:51:35,400 --> 00:51:38,120
Speaker 3: been waiting for it, and they're wondering if maybe it

989
00:51:38,200 --> 00:51:41,040
Speaker 3: doesn't happen. Many have suggested it's his only shot. You

990
00:51:41,080 --> 00:51:43,160
Speaker 3: don't wait four more years on this one, Nancy. Is

991
00:51:43,239 --> 00:51:44,840
Speaker 3: that the way we should be looking at this.

992
00:51:45,080 --> 00:51:47,160
Speaker 10: I mean, I saw a bunch of his people in

993
00:51:47,200 --> 00:51:49,919
Speaker 10: New Hampshire on Friday. I feel like he is still

994
00:51:49,960 --> 00:51:53,040
Speaker 10: intent on running and still planning to run, and is

995
00:51:53,120 --> 00:51:55,239
Speaker 10: really like building out, you know, he's built out the

996
00:51:55,320 --> 00:51:58,200
Speaker 10: campaign infrastructure. They have a super pack in place, like

997
00:51:58,640 --> 00:52:01,360
Speaker 10: I think that they are still one hundred percent planning

998
00:52:01,400 --> 00:52:04,200
Speaker 10: on running. I just think it's going to be maybe

999
00:52:04,320 --> 00:52:06,080
Speaker 10: much more of a slog than they thought it was

1000
00:52:06,160 --> 00:52:06,480
Speaker 10: going to be.

1001
00:52:06,600 --> 00:52:06,839
Speaker 1: Wow.

1002
00:52:07,320 --> 00:52:09,560
Speaker 14: Well, And it's interesting because we've had a lot of

1003
00:52:09,640 --> 00:52:12,960
Speaker 14: conversations around how primary politics are very different than general

1004
00:52:13,040 --> 00:52:15,080
Speaker 14: election politics, and even if you were to get to

1005
00:52:15,120 --> 00:52:17,560
Speaker 14: the general election, the message likely would change then when

1006
00:52:17,560 --> 00:52:20,719
Speaker 14: you're duking it out trying to out conservative someone like

1007
00:52:20,800 --> 00:52:23,080
Speaker 14: Donald Trump. I wonder, though, if you start to see

1008
00:52:23,080 --> 00:52:26,080
Speaker 14: that messaging change even earlier, perhaps if this isn't going

1009
00:52:26,200 --> 00:52:28,439
Speaker 14: his way, he's not getting the donors pulled in, he's

1010
00:52:28,719 --> 00:52:29,800
Speaker 14: languishing in the polls.

1011
00:52:30,360 --> 00:52:32,520
Speaker 10: That and also just when I was up in New Hampshire.

1012
00:52:32,560 --> 00:52:34,520
Speaker 10: I talked with a bunch of voters, and you know,

1013
00:52:35,040 --> 00:52:37,640
Speaker 10: I think people are still getting to know Dissantis just

1014
00:52:37,719 --> 00:52:40,000
Speaker 10: on a voter level. They don't really know that much

1015
00:52:40,000 --> 00:52:42,600
Speaker 10: about him. They know he's the Florida governor. You know,

1016
00:52:42,719 --> 00:52:45,759
Speaker 10: they really they were curious to hear from him at

1017
00:52:45,800 --> 00:52:48,200
Speaker 10: this Republican dinner I was at Friday. But you know,

1018
00:52:48,280 --> 00:52:50,399
Speaker 10: he still has to sell himself in all of these

1019
00:52:50,480 --> 00:52:54,719
Speaker 10: early voting states like Iowa, New Hampshire, South Carolina, Nevada,

1020
00:52:55,080 --> 00:52:56,880
Speaker 10: and he has to go to those places. And I

1021
00:52:56,960 --> 00:52:58,600
Speaker 10: think that's also going to be a challenge for him

1022
00:52:58,640 --> 00:53:01,600
Speaker 10: because he has much more comfortable in situations like press

1023
00:53:01,640 --> 00:53:04,880
Speaker 10: conferences and speeches than he is in sort of meetium

1024
00:53:04,920 --> 00:53:09,040
Speaker 10: voters where they are diners, you know, the airport wherever.

1025
00:53:09,440 --> 00:53:12,040
Speaker 3: Yeah, we spoke earlier in the show with Senator Marshall Blackburn,

1026
00:53:12,080 --> 00:53:14,560
Speaker 3: who is all in on Trump. She's endorsed him, along

1027
00:53:14,600 --> 00:53:17,440
Speaker 3: with Bill Haggerty, also the other senator from Tennessee and

1028
00:53:17,520 --> 00:53:20,360
Speaker 3: half their delegation. Much was made about the fact that

1029
00:53:20,440 --> 00:53:25,839
Speaker 3: Greg Stuby, the Republican congressman from Florida, went Trump said, Hey,

1030
00:53:25,920 --> 00:53:28,640
Speaker 3: I never got a phone call from Ronda Santis. But

1031
00:53:28,800 --> 00:53:31,719
Speaker 3: one guy actually who kind of broke ranks early to

1032
00:53:31,920 --> 00:53:37,080
Speaker 3: endorse DeSantis was Congressman Chip Roy of Tennessee, and he

1033
00:53:37,360 --> 00:53:40,320
Speaker 3: spoke this morning on Fox as to why.

1034
00:53:40,320 --> 00:53:42,040
Speaker 11: I think it's time to have someone who's not a

1035
00:53:42,080 --> 00:53:44,960
Speaker 11: baby boomer, somebody who can serve for two terms that

1036
00:53:45,040 --> 00:53:46,600
Speaker 11: we know we can get behind, to root out all

1037
00:53:46,640 --> 00:53:49,279
Speaker 11: the corruption in this town and beat the swamp that

1038
00:53:49,880 --> 00:53:52,680
Speaker 11: President Trump so ably started when he came in in

1039
00:53:53,040 --> 00:53:53,840
Speaker 11: twenty sixteen.

1040
00:53:54,080 --> 00:53:57,400
Speaker 3: So is age the thing that folks are going to

1041
00:53:57,480 --> 00:54:00,759
Speaker 3: fall back on for this Well, look young, at least

1042
00:54:00,800 --> 00:54:02,840
Speaker 3: he can do two terms. I'm going to go with

1043
00:54:02,880 --> 00:54:04,400
Speaker 3: the Santas. Have you heard that in other circle?

1044
00:54:04,600 --> 00:54:06,719
Speaker 10: I think that that is one argument for DeSantis. But

1045
00:54:06,840 --> 00:54:09,040
Speaker 10: honestly I heard that a little bit more in January

1046
00:54:09,080 --> 00:54:12,319
Speaker 10: and February. Increasingly, like the people I talked to are

1047
00:54:12,560 --> 00:54:14,960
Speaker 10: just either voters who are waiting to see on DeSantis

1048
00:54:15,200 --> 00:54:18,400
Speaker 10: or Republican operatives and donors who are just really getting

1049
00:54:18,440 --> 00:54:21,880
Speaker 10: concerned about his candidacy. And you have to remember Trump's

1050
00:54:21,920 --> 00:54:25,400
Speaker 10: the indictment. Trump's indictment really gave him so much political

1051
00:54:25,480 --> 00:54:29,319
Speaker 10: momentum in terms of fundraising, you know, so many Republicans

1052
00:54:29,360 --> 00:54:32,960
Speaker 10: across the board view that indictment as very politically motivated

1053
00:54:33,040 --> 00:54:36,640
Speaker 10: and unfair, and that has really served to unite primary

1054
00:54:36,719 --> 00:54:37,560
Speaker 10: voters behind him.

1055
00:54:38,040 --> 00:54:40,480
Speaker 14: Yeah, and as you alluded, to raise millions and millions

1056
00:54:40,520 --> 00:54:43,480
Speaker 14: of dollars, So to come back to the donor's point, specifically,

1057
00:54:43,680 --> 00:54:46,200
Speaker 14: just because they aren't ready to back to Santis, does

1058
00:54:46,239 --> 00:54:49,880
Speaker 14: that necessarily mean they're looking at alternatives or are they

1059
00:54:50,000 --> 00:54:52,239
Speaker 14: just not doing it all? What was the tone of

1060
00:54:52,320 --> 00:54:53,440
Speaker 14: your conversations with them.

1061
00:54:53,600 --> 00:54:56,200
Speaker 10: That's a great question. So I think that the donor

1062
00:54:56,280 --> 00:54:59,160
Speaker 10: class definitely does not at large does not want to

1063
00:54:59,160 --> 00:55:01,759
Speaker 10: see Trump running. I think if he does become the

1064
00:55:01,840 --> 00:55:04,800
Speaker 10: Republican nominee, some of them will support him. But you

1065
00:55:04,920 --> 00:55:07,960
Speaker 10: have to remember in twenty sixteen, Trump's rise was not

1066
00:55:08,160 --> 00:55:10,279
Speaker 10: fueled by major donors. I mean, there were a few

1067
00:55:10,320 --> 00:55:13,760
Speaker 10: who supported him, like Steve Schwartzman of Blackstone, but most

1068
00:55:13,920 --> 00:55:17,080
Speaker 10: of Trump's money has come from small dollar donors. Do

1069
00:55:17,080 --> 00:55:19,879
Speaker 10: you know somebody's grandma in Ohio giving him twenty five

1070
00:55:19,960 --> 00:55:22,560
Speaker 10: dollars or you know somebody giving him fifty dollars, And

1071
00:55:22,640 --> 00:55:25,920
Speaker 10: so that has always been Trump's money path, and so

1072
00:55:26,080 --> 00:55:29,360
Speaker 10: he doesn't really need all the Wall Street guys to back.

1073
00:55:29,320 --> 00:55:31,279
Speaker 3: Him, Wasn't it also part of the sort of the

1074
00:55:31,360 --> 00:55:34,040
Speaker 3: hallmark of the Trump campaign was we don't spend a

1075
00:55:34,120 --> 00:55:35,880
Speaker 3: lot of money here. You've got a you know, a

1076
00:55:36,000 --> 00:55:38,200
Speaker 3: multi billionaire. I won't try to put a number on it.

1077
00:55:38,800 --> 00:55:41,400
Speaker 3: Who was you know, one of the cheapest campaigners out there,

1078
00:55:41,400 --> 00:55:43,360
Speaker 3: because he's the king of free media. A guy like

1079
00:55:43,480 --> 00:55:47,160
Speaker 3: Ronda Santis actually probably needs more money than Trump.

1080
00:55:47,000 --> 00:55:49,960
Speaker 10: Right, yeah, one hundred percent. And Trump the team around

1081
00:55:50,040 --> 00:55:53,640
Speaker 10: him this time, I would say, is very small, but

1082
00:55:53,719 --> 00:55:57,160
Speaker 10: they're very experienced. It's a really experienced, tight knit team

1083
00:55:58,000 --> 00:56:00,520
Speaker 10: that has a lot of experience in these early states.

1084
00:56:00,560 --> 00:56:03,040
Speaker 10: And so I think compared to some of Trump's previous

1085
00:56:03,120 --> 00:56:06,239
Speaker 10: staffers or campaign circles, this is a team that is

1086
00:56:07,040 --> 00:56:07,880
Speaker 10: pretty experienced.

1087
00:56:09,320 --> 00:56:11,080
Speaker 14: I just want to come back to something Joe you

1088
00:56:11,160 --> 00:56:14,680
Speaker 14: mentioned earlier about the war DeSantis seems to have ongoing

1089
00:56:14,840 --> 00:56:18,360
Speaker 14: with Disney for example. Obviously we talk a lot about it,

1090
00:56:18,440 --> 00:56:20,239
Speaker 14: it gets a lot of headlines, but I do wonder

1091
00:56:20,360 --> 00:56:24,960
Speaker 14: how that kind of pursuit really plays with donors and

1092
00:56:25,080 --> 00:56:27,000
Speaker 14: voter right.

1093
00:56:27,120 --> 00:56:29,040
Speaker 10: It's a huge turnoff. I mean I talked with a

1094
00:56:29,080 --> 00:56:31,319
Speaker 10: bunch of Wall Street people for this story and people

1095
00:56:31,400 --> 00:56:34,520
Speaker 10: were like, we like DeSantis's record in Florida. We like

1096
00:56:34,600 --> 00:56:36,799
Speaker 10: the state of the Florida economy. We think he's been

1097
00:56:36,920 --> 00:56:40,680
Speaker 10: a good executive of a big, diverse state. However, we

1098
00:56:40,880 --> 00:56:43,040
Speaker 10: do not like the six week abortion band that he

1099
00:56:43,280 --> 00:56:45,160
Speaker 10: just signed. We think that goes too far. We do

1100
00:56:45,320 --> 00:56:47,600
Speaker 10: not like the fights with Disney, and we do not

1101
00:56:47,800 --> 00:56:48,600
Speaker 10: like the book banning.

1102
00:56:48,680 --> 00:56:49,160
Speaker 2: Do you know what I mean?

1103
00:56:49,200 --> 00:56:51,320
Speaker 10: All of the sort of focus on what type of

1104
00:56:51,400 --> 00:56:54,479
Speaker 10: curriculums teachers are going to teach in school. They feel

1105
00:56:54,560 --> 00:56:56,759
Speaker 10: like that's not where they want the Republican Party to go,

1106
00:56:57,120 --> 00:56:59,520
Speaker 10: and that's they're not interested in those culture wars. And

1107
00:56:59,640 --> 00:57:02,840
Speaker 10: that's all disconnect because, like Republican primary voters, not the

1108
00:57:02,840 --> 00:57:05,239
Speaker 10: abortion stuff necessarily, but all those other things play well

1109
00:57:05,280 --> 00:57:07,959
Speaker 10: with them, but it's not playing well with the money

1110
00:57:08,040 --> 00:57:08,720
Speaker 10: donor class.

1111
00:57:09,160 --> 00:57:11,760
Speaker 3: This is great reporting. Find the column on the terminal

1112
00:57:11,840 --> 00:57:15,560
Speaker 3: Rich GOP donors seek next champion in Vain after dropping Trump.

1113
00:57:15,840 --> 00:57:17,640
Speaker 3: I'm gonna start a Nancy Cook fan club.

1114
00:57:18,040 --> 00:57:20,400
Speaker 10: I'll join, I think, sign me up, come anytime. I

1115
00:57:20,560 --> 00:57:21,120
Speaker 10: love talking to you.

1116
00:57:21,600 --> 00:57:23,680
Speaker 3: You're reporting and we love spending time with you. Nancy.

1117
00:57:23,760 --> 00:57:29,480
Speaker 3: Thanks for the great work. Thanks for listening to the

1118
00:57:29,560 --> 00:57:32,440
Speaker 3: sound on Podcast. Make sure to subscribe if you haven't already,

1119
00:57:32,560 --> 00:57:35,400
Speaker 3: at Apple, Spotify, and anywhere else you get your podcasts,

1120
00:57:35,800 --> 00:57:38,480
Speaker 3: and you can find us live every weekday from Washington,

1121
00:57:38,560 --> 00:57:41,680
Speaker 3: DC at one pm Eastern Time at Bloomberg dot com