WEBVTT - House GOP Sets Up Senate Clash on TSA Funding

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Bloomberg

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<v Speaker 5>The two chambers of Congress at an impasse over how

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<v Speaker 5>to fund the Department of Homeland Security. That's after a

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<v Speaker 5>series two late night votes, no clear solution. Both the

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<v Speaker 5>House and the Senate are now on easter recess.

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<v Speaker 2>President Trump signed a memo to PAYTSA workers who have

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<v Speaker 2>worked without pay for weeks now, of course, leading to

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<v Speaker 2>those sprawling lines that you've seen at US air Force Airports.

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<v Speaker 2>Joining us now from Washington, we have Bloomberg News Congression

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<v Speaker 2>reporter Eric Wilson. Eric, I appreciate you getting up. I

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<v Speaker 2>saw you sending notes very late last night. We did

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<v Speaker 2>offer to send you coffee but you told us shockingly

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<v Speaker 2>and very impressively that you've never used door dash or

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<v Speaker 2>uber eats.

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<v Speaker 6>I wanted to focus on that before.

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<v Speaker 2>We get to Congress because it's so lovely one night.

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<v Speaker 7>As you can see behind me, I print books, you know,

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<v Speaker 7>so we make our own breakfast.

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<v Speaker 8>All right.

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<v Speaker 7>I do appreciate the offera guys.

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<v Speaker 9>All right, we're very grateful.

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<v Speaker 2>Nonetheless, can you walk us through where everything is at?

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<v Speaker 2>You know, the Senate passed a version of this with

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<v Speaker 2>an ice carve out. It went to the House and

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<v Speaker 2>then it went nowhere. The House has done something that's

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<v Speaker 2>doa in the Senate. Just please update us on what's

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<v Speaker 2>going on into the use chambers.

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<v Speaker 7>It's an extraordinary breach between House and Senate Republicans, you know.

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<v Speaker 7>John Thune crafted this bill middle of the night, basically

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<v Speaker 7>funding the full Department of Homeland Security for the rest

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<v Speaker 7>of the physical year till October, except for border patrol

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<v Speaker 7>and ice immigration enforcement activities. That passed unanimously on a

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<v Speaker 7>voice vote. As soon as to the House, it was

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<v Speaker 7>promptly rejected by the House Freedom Caucus and Speaker of

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<v Speaker 7>Mike Johnson, who's always, you know, trying to shore up

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<v Speaker 7>support with different parts of his conference went along with

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<v Speaker 7>that Freedom Caucus demand to reject the Senate bill. Instead,

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<v Speaker 7>they passed an eight week continuing resolution for the whole department,

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<v Speaker 7>but that again funds ICE without any new reforms that

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<v Speaker 7>Democrats have demanded, and Chuck Schumer said that's da, So

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<v Speaker 7>the standoff continues. Importantly, Trump has signed this memo paying

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<v Speaker 7>TSA agents as soon as Monday, so that should alleviate

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<v Speaker 7>the lines. But it's important to point out there are

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<v Speaker 7>other members of the Department, whether your secret Service worker,

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<v Speaker 7>you know, human trafficking, people in the Secretary's office, you know,

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<v Speaker 7>people who are doing communications. You know, there are a

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<v Speaker 7>lot of people who are not going to get paid,

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<v Speaker 7>continue to not get paid. It's it's going to become

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<v Speaker 7>a difficult thing. This is over forty days now, you know,

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<v Speaker 7>and they're going to be held hostage. I don't see

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<v Speaker 7>the Senate and House coming back during this two week recess.

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<v Speaker 7>I don't really see a solution anytime soon. The main

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<v Speaker 7>thing they're going to try to do is budget reconciliation

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<v Speaker 7>bill and a massive package of the Trump tax bill,

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<v Speaker 7>where they did put some immigration enforcement money, but they

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<v Speaker 7>need all Republicans to unite. Everyone wants to throw their

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<v Speaker 7>things in. I talked to a member of the New

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<v Speaker 7>York delegation who wants the salt deduction of all things

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<v Speaker 7>extended again. So this is going to become a massive

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<v Speaker 7>food fight and these workers are going to be held hostage.

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<v Speaker 7>Now that President could try an extraordinary measure to try

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<v Speaker 7>to potentially illegally pay those other DHS workers from this

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<v Speaker 7>fund for border security. But you know, I don't see

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<v Speaker 7>a solution anytime soon that's really permanent.

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<v Speaker 5>You bring up the President, and I want to play

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<v Speaker 5>a little bit of sound here of the President in

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<v Speaker 5>Miami last night speaking of that FII conference, addressing what's

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<v Speaker 5>transpired here and also his relationship with the leadership in

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<v Speaker 5>the Congress.

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<v Speaker 10>To take a listen.

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<v Speaker 8>I understand John Tune, and I understand Mike Johnson. They

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<v Speaker 8>want to be sure that people aren't coming into our

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<v Speaker 8>country like they have for the last four years.

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<v Speaker 11>I don't want to say they've ruined it. They made

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<v Speaker 11>my job a lot harder.

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<v Speaker 5>They made my job a lot harder. The President, they're

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<v Speaker 5>on the tarmac traveling to that conference. I'm Eric Watson.

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<v Speaker 5>Talk a bit about the presence engagement not with this

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<v Speaker 5>memo finding a way to pay these TSA workers, but

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<v Speaker 5>with this issue more broadly, and what that says about

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<v Speaker 5>even more broadly than that, the way that he's been

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<v Speaker 5>interacting with this Congress and with congressional leadership.

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<v Speaker 7>It was an extraordinary comment because it almost like Trump

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<v Speaker 7>was playing peacemaker between feuding House and Senate Republican leaders,

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<v Speaker 7>which I'm sure a role that he would enjoy. He

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<v Speaker 7>is still questing after that Nobel Peace Prize AfterAll, you know,

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<v Speaker 7>but he's trying to, I think, in that case, smooth

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<v Speaker 7>over differences. It's extraordinary that that, you know, Speaker doesn't

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<v Speaker 7>called what Fune did a joke ridiculousness. We asked him

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<v Speaker 7>about it, he tried to sort of sidestep in and

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<v Speaker 7>say that that was Chuck Schumer who really engineered this.

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<v Speaker 7>But we're trying to see what kind of long term

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<v Speaker 7>consequences of this rift will be. Can they do this

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<v Speaker 7>new tax and spending bill? Are they able to unite

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<v Speaker 7>in a midterm message? Certainly the tension between the two

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<v Speaker 7>chambers is extraordinary, you know. But the immigration issue was

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<v Speaker 7>historically one of Trump's strong suits. I think the American

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<v Speaker 7>public generally want stronger borders. But then what happened in

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<v Speaker 7>Minnesota with the ICE enforcement, the sort of chaos and

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<v Speaker 7>the practices sort of weakened his popularity on that gave

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<v Speaker 7>Democrats and opening to demand these changes.

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<v Speaker 12>That was very interesting.

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<v Speaker 7>Last night there was a small press conference barely attended

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<v Speaker 7>by media of Brian Fitzpatrick and Tom Swasey, two members

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<v Speaker 7>of the Problem Solvers Caucus, and they have a very

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<v Speaker 7>intriguing idea to sort of pass some of these reforms.

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<v Speaker 7>You know, a Congress that's more open to conference would

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<v Speaker 7>probably embrace something like that, but such a long shot.

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<v Speaker 7>They're even talking about a discharge petition, a really long

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<v Speaker 7>shot petition to try to get this done. But Congress

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<v Speaker 7>is nowhere near grappling with this. But I think if

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<v Speaker 7>the public were to be consulted, they would want to

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<v Speaker 7>see some kind of changes to ICE behavior, maybe not

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<v Speaker 7>having masked agents, you know, being able to go willy

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<v Speaker 7>nearly into people's homes.

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<v Speaker 5>Eric Watson, thank you very much again, appreciate you joining

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<v Speaker 5>us here on the Saturday morning earlier.

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<v Speaker 2>We want to bring in Jill Degenevitch. She's a TSA

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<v Speaker 2>worker in Las Vegas and the Nevada union representative Jill.

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<v Speaker 2>First of all, I just want to check.

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<v Speaker 11>In on you.

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<v Speaker 2>How are you doing. I know you've got kids. I

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<v Speaker 2>know I can't imagine how tough this has been. Missing

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<v Speaker 2>a paycheck. Just bring us up to date about how

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<v Speaker 2>you're doing and what your frustrations are.

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<v Speaker 13>Well, yeah, definitely, very very frustrated. We are incredibly thankful

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<v Speaker 13>that Trump did put out the executive order that we

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<v Speaker 13>supposedly start to be paid on Monday. We're supposed to

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<v Speaker 13>get our back pay, only nothing continuing on. So it's

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<v Speaker 13>while we are thankful and we're grateful that we will

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<v Speaker 13>supposedly be getting that, it's really just a temporary band

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<v Speaker 13>aid because we're not going to be paid from here

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<v Speaker 13>on out. It's just our back pay, so essentially we're

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<v Speaker 13>just resetting the clock.

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<v Speaker 5>What has the conversation been like among you and your

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<v Speaker 5>colleagues as all of this is unfolded. We've seen the

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<v Speaker 5>numbers of those who have left, decided to quit, or

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<v Speaker 5>haven't gone to work because they have been getting paychecks.

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<v Speaker 5>What have you been talking about with your colleagues about

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<v Speaker 5>how this has gone and what it says just about

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<v Speaker 5>the the state of the government, the state of the agency.

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<v Speaker 13>It's frustrating because this is the third ten that this

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<v Speaker 13>has happened in five months, and because it keeps happening,

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<v Speaker 13>We're just wondering what that means for the future of

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<v Speaker 13>our agency. You know, privatization has been thrown out there

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<v Speaker 13>a lot, it's been being talked about a lot more,

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<v Speaker 13>and the fact that they're so easily able to shut

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<v Speaker 13>us down, we are frankly just worried about our jobs

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<v Speaker 13>in the future.

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<v Speaker 2>Is there any concern about this impacting the safety of

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<v Speaker 2>the flying public. I know that the workers who are

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<v Speaker 2>on the job are doing their absolute best, but you know,

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<v Speaker 2>about forty percent of workers have called and stick across

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<v Speaker 2>the country. According to the AP, there's about five hundred

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<v Speaker 2>TSA workers who reportedly have quit due to lack of

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<v Speaker 2>payment and frustration. At some point, is this going to

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<v Speaker 2>start impacting safety or are we there already?

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<v Speaker 8>No?

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<v Speaker 10>I don't think.

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<v Speaker 13>Safety is going to be affected because we still do

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<v Speaker 13>have our very dedicated officers that are on the job

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<v Speaker 13>serving the public. However, those lines will continue to go

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<v Speaker 13>up the more that we lose officers and the more

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<v Speaker 13>that people called out, so it'll just take a lot

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<v Speaker 13>longer and people will end up missing their flights more

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<v Speaker 13>because of it.

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<v Speaker 5>Jill, what's it been like having ICE agents deployed in

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<v Speaker 5>the airports? I think when that was first and Nounce,

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<v Speaker 5>something that we were talking about on the show is

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<v Speaker 5>what would that look like? Would they be doing some

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<v Speaker 5>of the work that you and your colleagues do. Are

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<v Speaker 5>they working alongside you or with you? Just on a

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<v Speaker 5>very granular level. What has it been like having them

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<v Speaker 5>in the airports.

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<v Speaker 13>Well, we haven't actually had them deployed in Las Vegas

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<v Speaker 13>because our lines haven't been that long. However, because they

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<v Speaker 13>aren't trained to do our jobs, I don't know how

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<v Speaker 13>much help they would actually be. Essentially, they would be

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<v Speaker 13>delegated to roles serving out into queue, moving traffic, pushing

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<v Speaker 13>it around, helping passengers divest items from their bags. Essentially,

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<v Speaker 13>I don't know how helpful that would be to us,

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<v Speaker 13>because again, they aren't trained to do our jobs like

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<v Speaker 13>we are, so they aren't properly able to help passengers

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<v Speaker 13>divest items from their bags, thus leading to more bag

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<v Speaker 13>checks on our end while we are actually screening those

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<v Speaker 13>that luggage.

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<v Speaker 2>And that's kind of what we're seeing for audio listeners

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<v Speaker 2>is ICE agents they are on the airport, but even

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<v Speaker 2>in the video we're watching right now, they're mostly ushering

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<v Speaker 2>traffic through those I don't know what they're called, those

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<v Speaker 2>like dizzy world style rope lines that we all have

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<v Speaker 2>to go through so much of our lives. I someone

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<v Speaker 2>to ask you, I don't tell us how long you've

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<v Speaker 2>been with TSA, And look, it's a tough job. People

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<v Speaker 2>at airports are cranky. I always try to be nice.

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<v Speaker 10>Not everyone tries.

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<v Speaker 2>Sure I can be nice, just not to you. I

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<v Speaker 2>love my TSA agents that am nice to you.

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<v Speaker 10>But it's a tough job.

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<v Speaker 2>It takes skill, and it takes patience, and it has

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<v Speaker 2>to be stressful. And I would imagine adding this kind

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<v Speaker 2>of stress and uncertainty to a job that people probably

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<v Speaker 2>went to looking for security and sustainability in their lives

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<v Speaker 2>has to undercut the desire to do this job and

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<v Speaker 2>for recruitment. Do you have any concerns long term about

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<v Speaker 2>people wanting to be or stay TSA agents?

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<v Speaker 13>Definitely. I have been with TSA for almost three years now,

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<v Speaker 13>and so this is my first real experience going through this.

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<v Speaker 13>It is just like we are living in a twilight

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<v Speaker 13>zone right now. It is crazy to me that this

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<v Speaker 13>is happening. I did not expect that this would happen

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<v Speaker 13>when I initially signed on to federal service three years ago.

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<v Speaker 13>I believe that this would be a nice, safe, secure

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<v Speaker 13>career job for me. I thought it was a great

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<v Speaker 13>opportunity with recruitment. I believe that people will be coming

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<v Speaker 13>in and they will be cognizant of the fact that, yes,

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<v Speaker 13>this is an agency that can be shut down very easily,

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<v Speaker 13>and so I don't know that we would get the

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<v Speaker 13>highest quality of people that we normally would have because

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<v Speaker 13>of that.

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<v Speaker 12>Jill, I want to ask you where all this is headed.

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<v Speaker 5>You brought up the specter of privatization a moment ago,

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<v Speaker 5>and I've noticed, I'm sure you have editorials and newspapers

0:10:29.960 --> 0:10:33.040
<v Speaker 5>articles being written about how at some airports that do

0:10:33.080 --> 0:10:35.800
<v Speaker 5>have private security, there haven't been these lines. There's an

0:10:35.800 --> 0:10:37.680
<v Speaker 5>effort here to make it seem like that might be

0:10:37.720 --> 0:10:41.079
<v Speaker 5>the solution going forward. I'm very curious sort of how

0:10:41.120 --> 0:10:43.760
<v Speaker 5>worried that makes you, and you, being a representative of

0:10:43.800 --> 0:10:45.800
<v Speaker 5>your union, sort of what you're doing to make the

0:10:45.840 --> 0:10:47.240
<v Speaker 5>case that that should not be the route that this

0:10:47.280 --> 0:10:48.040
<v Speaker 5>country goes.

0:10:47.880 --> 0:10:52.520
<v Speaker 13>Down with privatization. That is going to be a for

0:10:52.679 --> 0:10:56.000
<v Speaker 13>profit model. I don't believe that aviation security should ever

0:10:56.040 --> 0:10:59.440
<v Speaker 13>be a pro for profit model. The beauty of it

0:10:59.520 --> 0:11:02.200
<v Speaker 13>being a federal program is that you're not there to

0:11:02.280 --> 0:11:05.439
<v Speaker 13>make money. You're there to screen passengers and share the

0:11:05.520 --> 0:11:08.440
<v Speaker 13>highest levels of security. That is my biggest fear with

0:11:08.520 --> 0:11:11.920
<v Speaker 13>going private, that these private screening companies would come in

0:11:12.120 --> 0:11:14.480
<v Speaker 13>and they would cut costs wherever they can, whether that

0:11:14.559 --> 0:11:16.960
<v Speaker 13>be with training, whether that be with background checks, whether

0:11:17.000 --> 0:11:21.679
<v Speaker 13>that would be with hiring and implementing new equipment and programs.

0:11:22.040 --> 0:11:24.160
<v Speaker 13>So that is my biggest concern with that is that

0:11:24.200 --> 0:11:26.880
<v Speaker 13>they would be here to make money rather than to

0:11:27.000 --> 0:11:29.320
<v Speaker 13>actually do the job that we're here to put forth,

0:11:29.720 --> 0:11:32.640
<v Speaker 13>which is to screen passengers and luggage and keep America safe.

0:11:32.760 --> 0:11:35.040
<v Speaker 2>All right, Jesse Janovitch, thank you so much for joining us,

0:11:35.040 --> 0:11:36.520
<v Speaker 2>and I promise I will be very nice if I

0:11:36.679 --> 0:11:37.360
<v Speaker 2>see you in Vegas.

0:11:37.400 --> 0:11:38.120
<v Speaker 6>We really appreciate it.

0:11:38.120 --> 0:11:40.920
<v Speaker 5>Well, it's funny the lines haven't been that long at

0:11:40.920 --> 0:11:42.360
<v Speaker 5>some Emerorks they have at others in New York, and

0:11:42.400 --> 0:11:43.880
<v Speaker 5>there's like four four and a half hours, and just

0:11:43.920 --> 0:11:46.160
<v Speaker 5>getting a grip on that throughout all of this, and

0:11:46.200 --> 0:11:47.120
<v Speaker 5>it's unpredictable too.

0:11:47.120 --> 0:11:49.120
<v Speaker 2>I think people are also getting to the airport's earlier,

0:11:49.160 --> 0:11:51.120
<v Speaker 2>which you know they have usual peak times, they may

0:11:51.160 --> 0:11:53.719
<v Speaker 2>not be used to because people are panicking. So is

0:11:53.760 --> 0:11:55.480
<v Speaker 2>I my friend just want the JFCN. It was ninety

0:11:55.480 --> 0:11:57.800
<v Speaker 2>minutes minutes, great but not terrible. It's workable.

0:12:00.080 --> 0:12:03.000
<v Speaker 3>Stay with us for more on Bloomberg this weekend. Right

0:12:03.040 --> 0:12:03.560
<v Speaker 3>after this.

0:12:15.080 --> 0:12:17.040
<v Speaker 2>All right, a little while ago, we spoke to Senators

0:12:17.080 --> 0:12:20.240
<v Speaker 2>Todd Young, a Republican from Indiana, and Alyssa Slotkin, a

0:12:20.320 --> 0:12:23.400
<v Speaker 2>Democrat from Michigan. That was just hours before the Senate

0:12:23.440 --> 0:12:26.280
<v Speaker 2>passed a DHS funding package, which, as we just mentioned,

0:12:26.320 --> 0:12:29.760
<v Speaker 2>the House rejected a new funding package, of course, is

0:12:29.800 --> 0:12:30.920
<v Speaker 2>now stalled on the hip.

0:12:31.960 --> 0:12:34.520
<v Speaker 5>We're focused so much on funding for the Department of

0:12:34.559 --> 0:12:37.000
<v Speaker 5>Homeland Security and know that there's a standoff there between

0:12:37.000 --> 0:12:38.800
<v Speaker 5>these two parties. Let me start with you first, sent

0:12:38.880 --> 0:12:41.439
<v Speaker 5>or Young, Where are we in this process? How much

0:12:41.440 --> 0:12:43.560
<v Speaker 5>closer are we to any kind of resolution to this

0:12:43.640 --> 0:12:45.559
<v Speaker 5>partial shutdown that stretched on longer than a month?

0:12:46.400 --> 0:12:49.880
<v Speaker 14>Well, I know I speak in a broadly bipartisan way.

0:12:50.440 --> 0:12:53.160
<v Speaker 14>I know Centator Slotkin agrees with me. Where we are

0:12:53.360 --> 0:12:56.000
<v Speaker 14>is exhausted with this issue. We want to come to

0:12:56.120 --> 0:12:59.319
<v Speaker 14>terms in a bipartisan way. We want to fund TSA

0:13:00.040 --> 0:13:03.400
<v Speaker 14>on our homeland to be more secure and listen, there

0:13:03.400 --> 0:13:07.640
<v Speaker 14>have been some principal disagreements about ICE and how they

0:13:07.640 --> 0:13:11.200
<v Speaker 14>are to operate, and other important public policy issues that

0:13:11.240 --> 0:13:13.600
<v Speaker 14>have been in play, But I think we're all getting

0:13:13.679 --> 0:13:17.440
<v Speaker 14>much closer to a meeting of minds on these issues.

0:13:17.480 --> 0:13:18.280
<v Speaker 11>That's my sense.

0:13:18.760 --> 0:13:23.000
<v Speaker 14>Our leaders are now talking somewhat sometimes through intermediaries, and

0:13:23.200 --> 0:13:25.360
<v Speaker 14>I think there's a sense of urgency that I feel

0:13:25.360 --> 0:13:28.480
<v Speaker 14>here in the halls of Congress to finally get this

0:13:28.600 --> 0:13:30.360
<v Speaker 14>result for the American people, your.

0:13:30.200 --> 0:13:33.280
<v Speaker 15>Sense, as well as sentator slackin Yeah, I mean, I think, look,

0:13:33.320 --> 0:13:35.800
<v Speaker 15>we're about to We're supposed to be going on two

0:13:35.800 --> 0:13:39.120
<v Speaker 15>weeks of you know, home leave, and I don't think

0:13:39.200 --> 0:13:41.200
<v Speaker 15>anyone feels that we should be leaving, at least I

0:13:41.200 --> 0:13:42.800
<v Speaker 15>don't until we figure this out.

0:13:42.880 --> 0:13:43.040
<v Speaker 11>Right.

0:13:43.040 --> 0:13:45.080
<v Speaker 16>We also are the ones who travel through the airports

0:13:45.120 --> 0:13:48.520
<v Speaker 16>twice a week and have to face the TSA officers

0:13:48.559 --> 0:13:50.920
<v Speaker 16>who are keeping us safe while also not being paid.

0:13:51.000 --> 0:13:53.400
<v Speaker 16>So I think it's coming to a head as it should.

0:13:54.360 --> 0:13:56.480
<v Speaker 16>And I think, look, you know, personally, I think we're

0:13:56.520 --> 0:13:59.840
<v Speaker 16>having a big cultural conversation on the roll of ICE

0:14:00.040 --> 0:14:02.960
<v Speaker 16>and law enforcement in our streets. But the missions of

0:14:02.960 --> 0:14:06.000
<v Speaker 16>all the other parts of homeland security. As a former

0:14:06.040 --> 0:14:09.640
<v Speaker 16>CIA officer, I worked alongside those offices my entire career.

0:14:09.800 --> 0:14:12.160
<v Speaker 16>I would fund them today, So I think there's actually

0:14:12.200 --> 0:14:14.520
<v Speaker 16>a lot of overlap. We just need people to kind

0:14:14.520 --> 0:14:17.760
<v Speaker 16>of buckle down, sit down, shut out the news media,

0:14:17.840 --> 0:14:20.280
<v Speaker 16>no offense, and just get it done so we can

0:14:20.760 --> 0:14:22.480
<v Speaker 16>go on with our lives. And then I think there's

0:14:22.480 --> 0:14:25.240
<v Speaker 16>a bigger question about like we're the only country I

0:14:25.280 --> 0:14:27.960
<v Speaker 16>know in the world that just constantly lives in these

0:14:27.960 --> 0:14:32.040
<v Speaker 16>government shutdowns and allows people who are protecting us to

0:14:32.080 --> 0:14:35.400
<v Speaker 16>be kind of at the mercy of these political conversations.

0:14:35.440 --> 0:14:38.360
<v Speaker 16>I would be personally in full support of just not

0:14:38.640 --> 0:14:41.680
<v Speaker 16>having this happen three times in a calendar year for

0:14:41.760 --> 0:14:45.600
<v Speaker 16>these folks. So I think there's bigger reforms that we need,

0:14:45.640 --> 0:14:47.680
<v Speaker 16>but at this point, just get or done. We all

0:14:47.720 --> 0:14:49.320
<v Speaker 16>know what we need to do, and just sit in

0:14:49.320 --> 0:14:50.880
<v Speaker 16>a room until you get it done.

0:14:51.080 --> 0:14:53.440
<v Speaker 2>It does seem like dejevu all over again is happening

0:14:53.600 --> 0:14:55.680
<v Speaker 2>again and again and again much sooner than it used to.

0:14:56.520 --> 0:14:59.440
<v Speaker 2>At the risk of causing a rift in this lovely

0:14:59.680 --> 0:15:02.320
<v Speaker 2>bi partisan tableau we have going on, I do want

0:15:02.360 --> 0:15:05.120
<v Speaker 2>to ask both of you some questions about what's going

0:15:05.160 --> 0:15:06.920
<v Speaker 2>on in Iran. Sana Sloka, and I'm starting with you

0:15:07.400 --> 0:15:10.320
<v Speaker 2>four weeks and do you feel like the administration has

0:15:10.320 --> 0:15:11.760
<v Speaker 2>a clear strategy in Iran?

0:15:13.120 --> 0:15:15.600
<v Speaker 16>Well, look, I mean I serve three tours in Iraq

0:15:15.640 --> 0:15:19.800
<v Speaker 16>alongside the military as a CIA officer, and you know,

0:15:19.840 --> 0:15:22.360
<v Speaker 16>I know it is harder to get in to get

0:15:22.400 --> 0:15:23.880
<v Speaker 16>out of a war that it is to get into

0:15:23.880 --> 0:15:26.520
<v Speaker 16>a war. On the Armed Services Committee, so they've been

0:15:26.560 --> 0:15:30.200
<v Speaker 16>briefing us. You know, I think it was hard to

0:15:30.360 --> 0:15:32.720
<v Speaker 16>understand what the clear objectives are. So it's hard to

0:15:32.800 --> 0:15:35.800
<v Speaker 16>understand exactly how we're doing. I have no love lost

0:15:35.880 --> 0:15:38.360
<v Speaker 16>for the Iranian government. I watch them and the Iranian

0:15:38.360 --> 0:15:42.000
<v Speaker 16>back militias kill friends of mine in Iraq. But until

0:15:42.040 --> 0:15:44.120
<v Speaker 16>and unless we can have ships move through the state

0:15:44.120 --> 0:15:46.800
<v Speaker 16>of Hormuz, until and unless you know, the average person

0:15:46.800 --> 0:15:50.120
<v Speaker 16>in Michigan is actually not paying for this war through

0:15:50.160 --> 0:15:53.160
<v Speaker 16>the pump, I think it's hard to say it's resolved.

0:15:53.760 --> 0:15:54.560
<v Speaker 9>And I you know, I.

0:15:56.320 --> 0:15:59.800
<v Speaker 16>Hope that we're figuring out quickly at the White House

0:16:00.000 --> 0:16:02.760
<v Speaker 16>exactly how we're going to bring this to resolution. But

0:16:03.320 --> 0:16:05.280
<v Speaker 16>right now, I think it's too soon to tell whether

0:16:05.360 --> 0:16:07.960
<v Speaker 16>we're we can call ourselves winning, and certainly until the

0:16:08.000 --> 0:16:09.080
<v Speaker 16>straits are open, we're not.

0:16:09.600 --> 0:16:11.680
<v Speaker 2>Senator Young, same question to you, and do you have

0:16:11.720 --> 0:16:14.440
<v Speaker 2>any idea what those two marine expeditionary units and the

0:16:14.440 --> 0:16:16.840
<v Speaker 2>eighty second Airborne are planning to do once they arrive

0:16:16.880 --> 0:16:18.880
<v Speaker 2>in the least Is that clear to you?

0:16:18.960 --> 0:16:21.480
<v Speaker 11>No, I don't have great clarity on that.

0:16:21.480 --> 0:16:24.360
<v Speaker 14>That's an operational matter, and I do believe that Congress

0:16:24.400 --> 0:16:28.880
<v Speaker 14>has an important oversight role to play on such questions.

0:16:28.960 --> 0:16:32.440
<v Speaker 14>I think that's the prerogative the Armed Services Committee and

0:16:32.480 --> 0:16:36.440
<v Speaker 14>the Foreign Relations Committee, and I've indicated very publicly in

0:16:36.480 --> 0:16:38.280
<v Speaker 14>the past that I think we needed to hold more

0:16:38.280 --> 0:16:42.400
<v Speaker 14>hearings where possible, more public hearings before we get into

0:16:42.440 --> 0:16:45.960
<v Speaker 14>major engagements. But that said, I know that President is

0:16:46.040 --> 0:16:51.240
<v Speaker 14>determined to degrade any nuclear weapons development capabilities of the

0:16:51.280 --> 0:16:54.920
<v Speaker 14>Islamic Republic of Iran. I know that he's determined to

0:16:54.960 --> 0:16:59.160
<v Speaker 14>make sure that the Iranian proxies of this largest state

0:16:59.200 --> 0:17:00.680
<v Speaker 14>sponsor of TAOR in the.

0:17:00.560 --> 0:17:02.440
<v Speaker 11>World are degraded as well.

0:17:02.760 --> 0:17:05.560
<v Speaker 14>We're making some good progress on that, and then the

0:17:05.560 --> 0:17:10.880
<v Speaker 14>missile capabilities of this terroristic regime are also being degraded.

0:17:10.960 --> 0:17:13.520
<v Speaker 14>So on all those fronts. We've made some positive progress.

0:17:14.280 --> 0:17:18.440
<v Speaker 14>I think so many of us, the American people, back

0:17:18.840 --> 0:17:23.159
<v Speaker 14>my Hoosier constituents and all across the country, want us

0:17:23.200 --> 0:17:27.280
<v Speaker 14>to bring this to as quick of a close as possible.

0:17:26.800 --> 0:17:27.320
<v Speaker 11>If we can.

0:17:27.960 --> 0:17:31.080
<v Speaker 14>If we can indicate that across those three measures that

0:17:31.119 --> 0:17:34.240
<v Speaker 14>I laid out, we've made some real progress and come

0:17:34.320 --> 0:17:38.639
<v Speaker 14>up with a negotiated diplomatic solution to open up the

0:17:38.640 --> 0:17:42.800
<v Speaker 14>Strait of Hormuz on an ongoing basis, then I think

0:17:43.280 --> 0:17:47.520
<v Speaker 14>the President can rightly declare a victory, and the American

0:17:47.560 --> 0:17:50.879
<v Speaker 14>people can resume their economic activity and ways of life,

0:17:50.960 --> 0:17:53.879
<v Speaker 14>and our men and women in uniform who are performing

0:17:53.920 --> 0:17:58.239
<v Speaker 14>so nobly and heroically can be safe and secure and

0:17:58.280 --> 0:17:59.320
<v Speaker 14>proud of their mission.

0:18:00.200 --> 0:18:01.879
<v Speaker 5>For each of you, just about that two hundred billion

0:18:01.920 --> 0:18:04.680
<v Speaker 5>dollar supplemental that's being floated by it by the Pentagon.

0:18:05.640 --> 0:18:07.600
<v Speaker 5>Is it something you support? What would it take for

0:18:07.640 --> 0:18:09.520
<v Speaker 5>you to support it? I'll start with you, Senator Slockin.

0:18:10.760 --> 0:18:11.000
<v Speaker 11>Yeah.

0:18:11.040 --> 0:18:12.960
<v Speaker 16>I mean, look, we've seen it floated. We haven't seen

0:18:12.960 --> 0:18:15.320
<v Speaker 16>anything in black and white. And something I always commit

0:18:15.359 --> 0:18:18.240
<v Speaker 16>to my constituents in Michigan is I read everything. I'm

0:18:18.240 --> 0:18:22.080
<v Speaker 16>going to look at everything objectively, but I will say,

0:18:22.160 --> 0:18:23.920
<v Speaker 16>you know, at the height of the wars in Iraq,

0:18:23.960 --> 0:18:27.160
<v Speaker 16>in Afghanistan, when we had hundreds of thousands of troop deployed,

0:18:27.560 --> 0:18:29.800
<v Speaker 16>things worn't going well in places like a rock. The

0:18:29.800 --> 0:18:32.600
<v Speaker 16>biggest supplemental we ever approved through this body was one

0:18:32.640 --> 0:18:35.440
<v Speaker 16>hundred million, and the ass here is two hundred million.

0:18:35.560 --> 0:18:37.280
<v Speaker 16>So I'm going to open up the hood and look

0:18:37.320 --> 0:18:40.000
<v Speaker 16>at anything that comes that is that size. And I'm

0:18:40.040 --> 0:18:43.080
<v Speaker 16>skeptical that after getting an extra one hundred and fifty

0:18:43.119 --> 0:18:45.920
<v Speaker 16>billion this past summer, on top of a nearly one

0:18:46.000 --> 0:18:49.000
<v Speaker 16>trillion dollar Pentagon budget that they got just last year,

0:18:49.760 --> 0:18:52.080
<v Speaker 16>I'm skeptical that I'm going to be like, you know,

0:18:52.200 --> 0:18:55.720
<v Speaker 16>just rubber stamping anything like that. So, you know, and

0:18:55.760 --> 0:18:58.360
<v Speaker 16>I think the American people are concerned about spending that

0:18:58.480 --> 0:19:02.960
<v Speaker 16>kind of money. I will always read everything that's my obligation,

0:19:03.000 --> 0:19:04.399
<v Speaker 16>and we haven't seen anything formally.

0:19:04.560 --> 0:19:05.160
<v Speaker 12>Senator Young, how.

0:19:05.119 --> 0:19:08.520
<v Speaker 11>About you, Well, we need to be skeptical.

0:19:08.560 --> 0:19:13.520
<v Speaker 14>That's our jobs to scrutinize individual line items of spending

0:19:13.600 --> 0:19:17.240
<v Speaker 14>requests rather than just giving the green light, especially when

0:19:17.520 --> 0:19:20.080
<v Speaker 14>a check to the tune of two hundred billion dollars

0:19:20.160 --> 0:19:23.199
<v Speaker 14>is requested. But I will say the armaments that we

0:19:23.280 --> 0:19:27.040
<v Speaker 14>have been expending to carry out these operations have been

0:19:27.200 --> 0:19:31.520
<v Speaker 14>incredibly expensive, and as we adapt to this new age

0:19:31.560 --> 0:19:34.159
<v Speaker 14>of warfare and have to invest in other types of

0:19:34.240 --> 0:19:40.119
<v Speaker 14>armaments while replenishing these older school armaments, that can become

0:19:40.240 --> 0:19:43.639
<v Speaker 14>very expensive as we sort of make that transition. So

0:19:44.920 --> 0:19:50.280
<v Speaker 14>I enter this exercise of looking through the requested supplemental

0:19:50.359 --> 0:19:56.479
<v Speaker 14>package objectively, and I want to support carrying out that

0:19:56.560 --> 0:19:59.359
<v Speaker 14>deterrence mission so we don't have to fight in any

0:19:59.400 --> 0:20:01.879
<v Speaker 14>more wars, which is the most expensive thing for the

0:20:01.880 --> 0:20:06.880
<v Speaker 14>American people. I want to make sure we have everything

0:20:07.040 --> 0:20:10.160
<v Speaker 14>possible needed to avoid any future conflict.

0:20:10.480 --> 0:20:12.200
<v Speaker 2>Senators, thank you so much. I understand you have a

0:20:12.280 --> 0:20:14.120
<v Speaker 2>vote and you have to run, but I really appreciate

0:20:14.119 --> 0:20:16.520
<v Speaker 2>you both taking the time and good luck with the legislation.

0:20:17.200 --> 0:20:18.239
<v Speaker 11>Thanks so much, thank you.

0:20:18.680 --> 0:20:19.720
<v Speaker 9>I mean that was nice to have.

0:20:19.800 --> 0:20:21.760
<v Speaker 2>I can't remember the last time two senators.

0:20:21.480 --> 0:20:22.760
<v Speaker 12>In cool blood partisan unity.

0:20:22.880 --> 0:20:24.320
<v Speaker 6>Yeah exactly, you're on the show.

0:20:24.359 --> 0:20:26.680
<v Speaker 5>Appreciate that, Senators Young and Slocke and joining us there

0:20:26.680 --> 0:20:28.000
<v Speaker 5>to talk about the state of play. Yes, with that

0:20:28.080 --> 0:20:31.720
<v Speaker 5>DHS funding, but with the request forthcoming request here for

0:20:31.760 --> 0:20:34.800
<v Speaker 5>two unredrellion dollars in supplemental funding for the war in Iran.

0:20:36.840 --> 0:20:39.400
<v Speaker 2>Stay with us for more on Bloomberg this weekend. Right

0:20:39.440 --> 0:20:54.120
<v Speaker 2>after this. The war in Iran, as we've been talking

0:20:54.119 --> 0:20:57.120
<v Speaker 2>about all morning and really all week, is rattling the markets.

0:20:57.160 --> 0:20:58.879
<v Speaker 2>The S and P five hundred has fallen more than

0:20:59.000 --> 0:21:01.240
<v Speaker 2>seven percent in the last five weeks, and the Nasdaq

0:21:01.359 --> 0:21:05.440
<v Speaker 2>is in correction territory. But news that SpaceX is targeting

0:21:05.480 --> 0:21:09.159
<v Speaker 2>a potential blockbuster of an IPO seventy five billion dollars,

0:21:09.160 --> 0:21:12.080
<v Speaker 2>potentially the largest one ever, could inject a little bit

0:21:12.080 --> 0:21:13.800
<v Speaker 2>of enthusiasm into the market.

0:21:13.960 --> 0:21:15.440
<v Speaker 5>Jota is said to break all of this down. Is

0:21:15.480 --> 0:21:17.960
<v Speaker 5>Bayle Lipschialt, senior reporter here at Bloomberg News. Bailey, great

0:21:18.000 --> 0:21:19.960
<v Speaker 5>to have you with us. We want to talk about

0:21:20.000 --> 0:21:22.760
<v Speaker 5>this IPO. We're waiting for SpaceX to file this perspectives,

0:21:22.760 --> 0:21:26.000
<v Speaker 5>which could happen any day now. Before we get there, though,

0:21:26.000 --> 0:21:27.280
<v Speaker 5>I want to get your perspective on what we saw

0:21:27.320 --> 0:21:28.879
<v Speaker 5>over the course of the last week. This has been

0:21:28.920 --> 0:21:31.000
<v Speaker 5>a market that has been I don't want to say

0:21:31.000 --> 0:21:32.960
<v Speaker 5>complace it as this war is unfolded, but it does

0:21:32.960 --> 0:21:35.840
<v Speaker 5>seem like there were doubts sown among investors here at

0:21:35.840 --> 0:21:38.360
<v Speaker 5>the end of the week and it was a nasty Friday,

0:21:38.440 --> 0:21:39.160
<v Speaker 5>to say the least.

0:21:39.920 --> 0:21:42.240
<v Speaker 17>No, it was a nasty Friday. And David, you know

0:21:42.280 --> 0:21:44.480
<v Speaker 17>this as well as anyone. If you are an investor,

0:21:44.560 --> 0:21:46.520
<v Speaker 17>one thing you hate is uncertainty and the other thing

0:21:46.600 --> 0:21:49.760
<v Speaker 17>is being long stocks or risk assets over a weekend

0:21:49.800 --> 0:21:52.679
<v Speaker 17>where pretty much it's anyone's guest what the next thirty

0:21:52.720 --> 0:21:55.120
<v Speaker 17>six hours will look like. And so when you really

0:21:55.160 --> 0:21:56.879
<v Speaker 17>look at the price action that we saw on Friday

0:21:56.920 --> 0:22:00.040
<v Speaker 17>in particular, it did seem like people either were adding

0:22:00.119 --> 0:22:02.639
<v Speaker 17>up on bearish hedges or really dumping anything that was

0:22:02.680 --> 0:22:05.879
<v Speaker 17>particularly risky, just given we don't know what the weekend

0:22:05.920 --> 0:22:08.040
<v Speaker 17>will bring and when it really when you lay that

0:22:08.119 --> 0:22:12.119
<v Speaker 17>across the entire month that was March, we've had a

0:22:12.160 --> 0:22:15.159
<v Speaker 17>lot of volatility. To your point, you talk to bullish investors, well,

0:22:15.200 --> 0:22:17.960
<v Speaker 17>hey we're only down five six seven percent depending on

0:22:18.000 --> 0:22:20.160
<v Speaker 17>the index that you look at. That's not that bad

0:22:20.200 --> 0:22:24.000
<v Speaker 17>all things considered. In every potential headline that a resolution

0:22:24.119 --> 0:22:26.800
<v Speaker 17>is on the horizon typically brings at least a knee

0:22:26.880 --> 0:22:29.320
<v Speaker 17>jerk reaction. But when I talk to folks on Wall Street,

0:22:29.359 --> 0:22:34.240
<v Speaker 17>there still is this resounding hope that the problems will

0:22:34.280 --> 0:22:36.840
<v Speaker 17>be addressed and the war will be ended sooner than

0:22:36.920 --> 0:22:39.479
<v Speaker 17>later and then business can get back to usual. There

0:22:39.520 --> 0:22:42.119
<v Speaker 17>aren't many people thinking about what happens if this drags

0:22:42.160 --> 0:22:43.960
<v Speaker 17>on for another four or five weeks.

0:22:44.400 --> 0:22:47.680
<v Speaker 2>So with all that in the backdrop, why do this now?

0:22:47.760 --> 0:22:49.919
<v Speaker 2>Why does SpaceX want to do this now? And is

0:22:49.920 --> 0:22:52.200
<v Speaker 2>this a FATA complete? Are they definitely doing it soon

0:22:52.400 --> 0:22:54.480
<v Speaker 2>or might they wait? Given all this volatility.

0:22:55.320 --> 0:22:57.440
<v Speaker 17>So the thing with IPOs or they can be long

0:22:57.560 --> 0:23:01.560
<v Speaker 17>drawn out processes. With SpaceX, every detail is closely watched.

0:23:01.560 --> 0:23:04.320
<v Speaker 17>So what we're waiting for is a confidential filing which

0:23:04.359 --> 0:23:08.320
<v Speaker 17>would formally kick off the potential IPO path. The big

0:23:08.359 --> 0:23:10.520
<v Speaker 17>thing to keep in mind is that SpaceX has kind

0:23:10.520 --> 0:23:13.040
<v Speaker 17>of been vocal, at least through various media reports that

0:23:13.080 --> 0:23:15.280
<v Speaker 17>they want to go public in June, and if you

0:23:15.280 --> 0:23:17.320
<v Speaker 17>think back to two and a half months ago, the

0:23:17.359 --> 0:23:20.119
<v Speaker 17>market backdrop was quite different. So when you look at

0:23:20.119 --> 0:23:23.320
<v Speaker 17>the timeframe for SpaceX to go public, we could be

0:23:23.359 --> 0:23:25.719
<v Speaker 17>in a very different market by the time it actually

0:23:25.760 --> 0:23:28.560
<v Speaker 17>gets kind of on the launch pad and potentially goes

0:23:28.600 --> 0:23:32.320
<v Speaker 17>public versus where we are now where submitting this document

0:23:32.320 --> 0:23:34.879
<v Speaker 17>to the SEC just makes it easier to market the

0:23:34.960 --> 0:23:38.680
<v Speaker 17>deal more formally to investors as opposed to setting any

0:23:38.680 --> 0:23:41.200
<v Speaker 17>time of a shot clock, if you will.

0:23:41.320 --> 0:23:43.320
<v Speaker 2>When I have logistics questions for you, guys have covered

0:23:43.320 --> 0:23:45.760
<v Speaker 2>IPOs before, which I have not on this level. Do

0:23:45.840 --> 0:23:48.440
<v Speaker 2>you have to like constantly is it like a DOJ filing?

0:23:48.480 --> 0:23:50.600
<v Speaker 2>Do you have to constantly refresh the page waiting for

0:23:50.680 --> 0:23:52.560
<v Speaker 2>that to pop up? Or do you know that they've

0:23:52.600 --> 0:23:54.320
<v Speaker 2>posted it and like you know you can go get it.

0:23:55.080 --> 0:23:58.080
<v Speaker 17>So with the Jobs Act, they opened up confidential filing,

0:23:58.119 --> 0:24:00.960
<v Speaker 17>so technically they could submit and know one knows. So

0:24:01.040 --> 0:24:03.280
<v Speaker 17>this could be something that they announced via press release.

0:24:03.359 --> 0:24:06.000
<v Speaker 17>This could be something that US and competitors find from

0:24:06.000 --> 0:24:08.679
<v Speaker 17>our sourcing and report out. Or we were joking with

0:24:08.720 --> 0:24:11.119
<v Speaker 17>a few bankers in theory, we are understanding this is

0:24:11.160 --> 0:24:12.919
<v Speaker 17>not the case. In theory, they could have submitted this

0:24:12.960 --> 0:24:15.080
<v Speaker 17>a month ago and we're able to keep it tight

0:24:15.160 --> 0:24:16.560
<v Speaker 17>lift and no one actually knows.

0:24:16.600 --> 0:24:19.800
<v Speaker 10>Like this is the one aspect of that filing.

0:24:19.800 --> 0:24:22.359
<v Speaker 17>And the big thing is you file the submission, you

0:24:22.400 --> 0:24:24.879
<v Speaker 17>submit the filing confidentially, then you wait a month to

0:24:24.920 --> 0:24:27.000
<v Speaker 17>go back and forth with the SEC from there. And

0:24:27.040 --> 0:24:29.880
<v Speaker 17>that's kind of why this March timeframe was so critical

0:24:30.160 --> 0:24:33.160
<v Speaker 17>for Elon to potentially meet his goal of going public

0:24:33.240 --> 0:24:34.960
<v Speaker 17>by his birthday, which is the end of June.

0:24:35.400 --> 0:24:37.280
<v Speaker 5>I got to give you props for using the IPO

0:24:37.359 --> 0:24:39.640
<v Speaker 5>on the launchpad hun there.

0:24:39.520 --> 0:24:40.960
<v Speaker 12>Which I'm sure was delivered Bailey.

0:24:42.400 --> 0:24:44.200
<v Speaker 5>I want to ask you about what this company is

0:24:44.280 --> 0:24:45.679
<v Speaker 5>kind of picking up off of that. I think there

0:24:45.680 --> 0:24:47.440
<v Speaker 5>are a lot of people who think of SpaceX as

0:24:47.480 --> 0:24:50.399
<v Speaker 5>a company that makes and shoots off rockets into space.

0:24:51.000 --> 0:24:53.199
<v Speaker 5>It has grown to such more than that over the

0:24:53.240 --> 0:24:55.840
<v Speaker 5>last many years. This is a company that now owns Xai,

0:24:55.880 --> 0:25:00.000
<v Speaker 5>which is Elon Musk's AI company, which is hemorrhaging money.

0:25:00.080 --> 0:25:02.320
<v Speaker 5>I still like build up and build new data centers.

0:25:02.760 --> 0:25:04.440
<v Speaker 5>Starlink of course has been bringing money in.

0:25:04.520 --> 0:25:05.160
<v Speaker 12>It owns that too.

0:25:05.200 --> 0:25:07.800
<v Speaker 5>And then what was formerly known as Twitter x is

0:25:07.840 --> 0:25:09.640
<v Speaker 5>now part of XAI, so part of this whole.

0:25:09.400 --> 0:25:10.359
<v Speaker 12>Conglomerate as well.

0:25:10.480 --> 0:25:12.960
<v Speaker 5>How does that complicate the way that investors are looking

0:25:13.000 --> 0:25:15.879
<v Speaker 5>at this company as an investment the fact that it

0:25:15.920 --> 0:25:18.240
<v Speaker 5>really is this very multifaceted conglomerate.

0:25:19.040 --> 0:25:21.439
<v Speaker 17>To your point, when you think back to February, before

0:25:21.480 --> 0:25:25.960
<v Speaker 17>the merger of parent company XAI, which owns x and SpaceX,

0:25:26.119 --> 0:25:28.840
<v Speaker 17>SpaceX was arguably one of the cleanest stories in the

0:25:28.840 --> 0:25:32.560
<v Speaker 17>private market, it was essentially a space monopoly that owns

0:25:32.640 --> 0:25:36.399
<v Speaker 17>launch getting rockets and satellites into space, and to your point,

0:25:36.640 --> 0:25:40.680
<v Speaker 17>owning Starlink, which is the dominant player in potentially getting

0:25:41.000 --> 0:25:44.880
<v Speaker 17>or actually actively getting direct to consumer, direct to cell

0:25:44.880 --> 0:25:48.080
<v Speaker 17>phone and other devices internet connection.

0:25:48.480 --> 0:25:50.040
<v Speaker 10>Now with this merger, when I talk.

0:25:50.000 --> 0:25:54.560
<v Speaker 17>To investors, the pitch still is heavily predicated on the

0:25:55.119 --> 0:25:58.480
<v Speaker 17>kind of old school SpaceX company, with Xai being a

0:25:58.480 --> 0:26:00.000
<v Speaker 17>part of that. The one thing to keep in mind

0:26:00.240 --> 0:26:01.919
<v Speaker 17>is if you talked to many people, and if you

0:26:02.000 --> 0:26:04.000
<v Speaker 17>pulled I would say the smartest people on Wall Street

0:26:04.000 --> 0:26:05.680
<v Speaker 17>and asked, well, what is Tesla?

0:26:05.920 --> 0:26:08.320
<v Speaker 10>Is it a car company? Is it a robot company?

0:26:08.440 --> 0:26:11.520
<v Speaker 17>Is it something that's going to be partnering with SpaceX

0:26:11.560 --> 0:26:15.080
<v Speaker 17>for tarafab. It's just the entire Elon ecosystem that Elon

0:26:15.200 --> 0:26:18.320
<v Speaker 17>premium that these companies are very complex and there are

0:26:18.320 --> 0:26:20.919
<v Speaker 17>a lot of areas to look at that can justify

0:26:21.040 --> 0:26:22.000
<v Speaker 17>higher valuations.

0:26:22.119 --> 0:26:24.160
<v Speaker 5>I'm glad you bring up Tesla, and I think about

0:26:24.280 --> 0:26:27.240
<v Speaker 5>the history of that company and how Elon Musk really

0:26:27.320 --> 0:26:30.439
<v Speaker 5>valued the true believers among those investors who stood with him,

0:26:30.520 --> 0:26:32.560
<v Speaker 5>even as Tesla wasn't able to make as many cars

0:26:32.560 --> 0:26:35.400
<v Speaker 5>as it said it would as deadlines got pushed and

0:26:35.520 --> 0:26:39.000
<v Speaker 5>Elon Musk has a real affection for the retail investor.

0:26:39.760 --> 0:26:43.160
<v Speaker 5>I'm curious how SpaceX is going to benefit or serve

0:26:43.200 --> 0:26:45.080
<v Speaker 5>those investors going forward. Do we have any sense of

0:26:45.119 --> 0:26:47.120
<v Speaker 5>sort of how they will be able to take advantage

0:26:47.160 --> 0:26:48.840
<v Speaker 5>of this IPO when in fact it happens.

0:26:49.359 --> 0:26:52.640
<v Speaker 17>So we've put out reporting that they could allocate about

0:26:52.680 --> 0:26:56.040
<v Speaker 17>thirty to thirty five percent of the IPO for retail investors.

0:26:56.440 --> 0:26:58.280
<v Speaker 17>One thing to keep in mind, if the company does

0:26:58.400 --> 0:27:01.080
<v Speaker 17>raise its targeted seventy five billion dollars, it's about twenty

0:27:01.119 --> 0:27:03.680
<v Speaker 17>two and a half billion dollars for retail, which would

0:27:03.720 --> 0:27:07.080
<v Speaker 17>be the third largest IPO in the history of IPOs.

0:27:07.240 --> 0:27:09.680
<v Speaker 17>So that's an insane amount of money to just comprehend

0:27:09.680 --> 0:27:11.920
<v Speaker 17>that could be allocated to retail. And to your point,

0:27:12.240 --> 0:27:15.280
<v Speaker 17>the boardroom and these bankers are discussing the best way

0:27:15.320 --> 0:27:17.919
<v Speaker 17>to allocate shares to the true believers, people who have

0:27:17.960 --> 0:27:20.360
<v Speaker 17>held Tesla for a long time. Maybe people who own

0:27:20.480 --> 0:27:23.280
<v Speaker 17>Tesla cars will be able to get better access at

0:27:23.280 --> 0:27:25.080
<v Speaker 17>the IPO. At the end of the day, when we

0:27:25.119 --> 0:27:28.240
<v Speaker 17>talk to bankers, finding seventy five billion dollars of demand.

0:27:28.800 --> 0:27:31.680
<v Speaker 17>There's enough capital out there, but being able to execute

0:27:31.680 --> 0:27:35.199
<v Speaker 17>the IPO in a way that delivers for both the

0:27:35.200 --> 0:27:37.399
<v Speaker 17>company and investors is going to be closely watched.

0:27:37.600 --> 0:27:39.800
<v Speaker 2>Bailey, We've got about thirty seconds left. But how much

0:27:39.880 --> 0:27:42.560
<v Speaker 2>of this is trying to get ahead of Anthropic and

0:27:42.560 --> 0:27:45.439
<v Speaker 2>what does this mean for open Ai? Open Ai, excuse me,

0:27:45.480 --> 0:27:46.160
<v Speaker 2>and Anthropic.

0:27:46.800 --> 0:27:49.080
<v Speaker 17>Yeah, it's a bit of a race, and SpaceX clearly

0:27:49.160 --> 0:27:51.320
<v Speaker 17>is set the best timeline or the quickest timeline to

0:27:51.600 --> 0:27:54.919
<v Speaker 17>circle that June target. We reported that Anthropic could go

0:27:54.960 --> 0:27:58.119
<v Speaker 17>as soon as October, and open Ai, from our understanding,

0:27:58.200 --> 0:28:00.639
<v Speaker 17>is kind of neck and neck potentially with trying to

0:28:00.640 --> 0:28:03.359
<v Speaker 17>line up those prospects to go public. So when we

0:28:03.400 --> 0:28:05.960
<v Speaker 17>think about twenty twenty six as a whole, we could

0:28:06.000 --> 0:28:08.760
<v Speaker 17>see all three of these companies, or if the volatility continues,

0:28:09.720 --> 0:28:11.560
<v Speaker 17>we could see one or two drag on into twenty

0:28:11.560 --> 0:28:12.080
<v Speaker 17>twenty seven.

0:28:12.240 --> 0:28:15.119
<v Speaker 2>All right, Bailey, Lifchell's Bloomberg News senior reporter, thank you

0:28:15.119 --> 0:28:17.639
<v Speaker 2>for breaking that all down. And you'll have to what's

0:28:17.640 --> 0:28:19.520
<v Speaker 2>app me when that ip filing happens.

0:28:19.600 --> 0:28:20.399
<v Speaker 10>Yeah, I'm very curious.

0:28:20.400 --> 0:28:22.280
<v Speaker 6>I was talking to our college Ed Ludlow about this.

0:28:22.320 --> 0:28:24.359
<v Speaker 5>Who covers space, the business of space, and this is

0:28:24.359 --> 0:28:25.879
<v Speaker 5>such an interesting moment for that as well. This is

0:28:25.880 --> 0:28:28.359
<v Speaker 5>a really hot part technology generally, so this will be

0:28:28.400 --> 0:28:32.119
<v Speaker 5>a real litmus and sort of investor enthusiasm for space related.

0:28:32.040 --> 0:28:33.919
<v Speaker 9>Companies and for the man in charge of the company.

0:28:34.080 --> 0:28:35.639
<v Speaker 12>There you go for Elon Musk as well.

0:28:35.640 --> 0:28:37.240
<v Speaker 5>We'll see how much of the company ends up owning

0:28:37.280 --> 0:28:39.640
<v Speaker 5>as a result of this IPO.

0:28:40.000 --> 0:28:43.080
<v Speaker 4>Stay with us for more on Bloomberg this weekend.

0:28:43.480 --> 0:28:57.240
<v Speaker 6>Right after this, well, it's time for.

0:28:57.200 --> 0:28:59.320
<v Speaker 5>My favorite part of the show, that is Pointed the

0:28:59.320 --> 0:29:01.719
<v Speaker 5>news quiz for takers right here on Bliberg this weekend.

0:29:02.200 --> 0:29:04.320
<v Speaker 2>We've narrowed down the larger quiz that you can play

0:29:04.320 --> 0:29:07.320
<v Speaker 2>online to three categories, and Lisa is going to test

0:29:07.320 --> 0:29:11.360
<v Speaker 2>our knowledge and I'm sorry who is currently leading.

0:29:12.760 --> 0:29:13.720
<v Speaker 12>It is still anyone's game.

0:29:13.800 --> 0:29:15.920
<v Speaker 2>I'm very nervous about this though. I did overhear them

0:29:15.960 --> 0:29:17.440
<v Speaker 2>saying how hard the quiz was this week.

0:29:17.560 --> 0:29:19.800
<v Speaker 9>So it's gonna be your week. This is going to

0:29:19.840 --> 0:29:21.360
<v Speaker 9>be a good one, guys. Okay, So for.

0:29:21.320 --> 0:29:22.640
<v Speaker 4>Those of you at home who are like, what are

0:29:22.720 --> 0:29:23.640
<v Speaker 4>you talking about?

0:29:23.720 --> 0:29:24.160
<v Speaker 9>Pointed?

0:29:24.320 --> 0:29:27.000
<v Speaker 4>Okay, So here's exactly how it works. In front of

0:29:27.080 --> 0:29:30.360
<v Speaker 4>David and Christina. They each have thirty chips. Okay, so

0:29:30.400 --> 0:29:32.720
<v Speaker 4>they've split it up and they have three categories, and

0:29:32.760 --> 0:29:35.959
<v Speaker 4>they're going to place their bets depending on how they feel,

0:29:36.000 --> 0:29:38.120
<v Speaker 4>how confident they feel about each category.

0:29:39.200 --> 0:29:43.320
<v Speaker 9>Audience audience the sound effect she does. Okay, so we've

0:29:43.320 --> 0:29:44.080
<v Speaker 9>got everyone covered.

0:29:44.280 --> 0:29:45.000
<v Speaker 12>You're not intimidating.

0:29:45.200 --> 0:29:46.120
<v Speaker 9>Are you ready for the category?

0:29:46.800 --> 0:29:46.920
<v Speaker 12>Yes?

0:29:47.200 --> 0:29:49.000
<v Speaker 9>Yes, please ready, David. Okay.

0:29:49.040 --> 0:29:54.720
<v Speaker 4>The first category is ammunition ammunition, the second category is trade,

0:29:55.080 --> 0:29:56.800
<v Speaker 4>and the third category.

0:29:56.400 --> 0:29:57.959
<v Speaker 12>Is hoarding boarding hoarding.

0:29:58.720 --> 0:30:00.120
<v Speaker 9>So it's quite a category.

0:30:00.520 --> 0:30:03.160
<v Speaker 4>So place your bets depending on how confident you feel.

0:30:03.320 --> 0:30:04.960
<v Speaker 4>Where are you going as first ammunition?

0:30:05.080 --> 0:30:09.440
<v Speaker 5>Are you gonna I'm going to go none on ammunition? Okay,

0:30:09.640 --> 0:30:12.840
<v Speaker 5>I'm going to go double on twenty on trade, and

0:30:12.920 --> 0:30:16.959
<v Speaker 5>then according I'm I have no expertise, but I'm interested.

0:30:17.480 --> 0:30:19.320
<v Speaker 2>I'm going to slid across the board because I don't

0:30:19.320 --> 0:30:21.520
<v Speaker 2>feel overly confident in this category. So I'm doing ten,

0:30:21.560 --> 0:30:21.959
<v Speaker 2>ten and ten.

0:30:22.160 --> 0:30:24.280
<v Speaker 9>Excellent. All right, you're ready for your first question. It

0:30:24.400 --> 0:30:26.800
<v Speaker 9>is a very evil I'm excited.

0:30:27.280 --> 0:30:29.520
<v Speaker 4>Do you think this is this is the I only

0:30:29.560 --> 0:30:32.959
<v Speaker 4>got one of them, so all right, okay, here we go.

0:30:33.320 --> 0:30:38.760
<v Speaker 4>Ammunition arms manufacturer ZVS was once a Cold War casualty,

0:30:38.800 --> 0:30:44.520
<v Speaker 4>but is being revitalized in which European nation. Which European

0:30:44.840 --> 0:30:48.480
<v Speaker 4>nation is its starting to get back into it and

0:30:48.520 --> 0:30:52.160
<v Speaker 4>see a surge. It's actually the world's biggest car producer

0:30:52.200 --> 0:30:53.640
<v Speaker 4>per capital I just.

0:30:53.560 --> 0:30:56.920
<v Speaker 12>Got that wrong then that it was very good?

0:30:56.960 --> 0:30:59.280
<v Speaker 9>Okay, all right, change that.

0:30:59.440 --> 0:31:01.280
<v Speaker 4>Yeah, I gave you a little hell all right, now

0:31:01.320 --> 0:31:03.360
<v Speaker 4>I have no idea of it.

0:31:03.680 --> 0:31:09.680
<v Speaker 12>Okay, you ready? Three Germany No.

0:31:12.000 --> 0:31:15.720
<v Speaker 9>Is correct. That's what threw me.

0:31:16.360 --> 0:31:19.200
<v Speaker 2>I had because I read something about the arms manufacturer,

0:31:19.240 --> 0:31:20.800
<v Speaker 2>but I had cars.

0:31:21.000 --> 0:31:23.240
<v Speaker 4>Cars, the world's biggest car producer per capita.

0:31:23.640 --> 0:31:29.040
<v Speaker 9>Slovaki. Yes see, I confuse you there, David, But.

0:31:28.960 --> 0:31:30.360
<v Speaker 2>What is the Slovakian cars?

0:31:30.400 --> 0:31:31.200
<v Speaker 9>I mean it's not a Yugo.

0:31:31.280 --> 0:31:32.280
<v Speaker 2>They don't make those anymore.

0:31:32.760 --> 0:31:35.040
<v Speaker 4>But actually they have been ramping up their ammunition output

0:31:35.120 --> 0:31:39.640
<v Speaker 4>some thirty thousand before NATO started ramping with the Ukraine

0:31:39.680 --> 0:31:42.880
<v Speaker 4>Russia war full screen full invasion in twenty twenty two.

0:31:43.000 --> 0:31:44.800
<v Speaker 2>So you bet yeah, it's one of those places they're

0:31:44.800 --> 0:31:46.040
<v Speaker 2>getting those big shells.

0:31:46.040 --> 0:31:48.560
<v Speaker 9>Correct, Yeah, you bet ten. So you keep your tent, David,

0:31:49.920 --> 0:31:53.800
<v Speaker 9>you bet nothing. You know, all right, I'm going to

0:31:53.840 --> 0:31:56.720
<v Speaker 9>get to trade trade. So that got me nothing. All right,

0:31:56.760 --> 0:31:58.200
<v Speaker 9>here we go play along at home.

0:31:58.480 --> 0:32:01.880
<v Speaker 4>Due to national security concern the FCC is banning imports

0:32:01.920 --> 0:32:05.400
<v Speaker 4>of foreign based, foreign produced models of which product?

0:32:05.720 --> 0:32:07.400
<v Speaker 9>Do you know this one? Because my brothers and nerds

0:32:07.520 --> 0:32:10.160
<v Speaker 9>also talking a lot about Yeah, so.

0:32:10.080 --> 0:32:11.680
<v Speaker 5>You though I didn't read up on this, I just

0:32:11.760 --> 0:32:14.920
<v Speaker 5>know from Christina's talking about it sometimes.

0:32:14.960 --> 0:32:18.280
<v Speaker 4>Sometimes he listens to Christine only occasionally.

0:32:19.520 --> 0:32:20.840
<v Speaker 9>Let's go, okay, flipp it.

0:32:20.920 --> 0:32:21.200
<v Speaker 2>What do you go?

0:32:21.400 --> 0:32:21.560
<v Speaker 12>Right?

0:32:21.840 --> 0:32:24.480
<v Speaker 9>Routers, routers, wireless routers. Correct.

0:32:24.480 --> 0:32:25.400
<v Speaker 6>Do you both get it?

0:32:25.480 --> 0:32:27.760
<v Speaker 9>You both get it. Cyber attacks.

0:32:27.800 --> 0:32:29.840
<v Speaker 4>There's been a lot to talk about them for cyber attacks.

0:32:29.920 --> 0:32:31.640
<v Speaker 9>Yes, all right, so you each have.

0:32:31.640 --> 0:32:34.400
<v Speaker 12>Okay, so before we move on, I mean you've talked

0:32:34.400 --> 0:32:35.040
<v Speaker 12>about it a lot.

0:32:35.120 --> 0:32:37.280
<v Speaker 2>No, No, I mean my brother's concern is there are

0:32:37.320 --> 0:32:40.280
<v Speaker 2>really no domestically manufactured wireless routers at the moment of

0:32:40.360 --> 0:32:42.480
<v Speaker 2>that next generation. They're all made overseas, so it is

0:32:42.520 --> 0:32:44.680
<v Speaker 2>going to be a problem, like if we can't upgrade them,

0:32:44.680 --> 0:32:45.160
<v Speaker 2>we can't get.

0:32:45.040 --> 0:32:45.600
<v Speaker 10>Them from anywhere.

0:32:45.720 --> 0:32:46.800
<v Speaker 9>But that's the issue.

0:32:46.920 --> 0:32:49.920
<v Speaker 4>Well, there is one company, Netgear they might investors might

0:32:49.960 --> 0:32:51.680
<v Speaker 4>you know think because they moved them much of their

0:32:51.680 --> 0:32:54.200
<v Speaker 4>are supply chain outside of China, so that might be one.

0:32:54.720 --> 0:32:59.200
<v Speaker 4>Here we go, the more you know and shooting star

0:32:59.360 --> 0:33:04.560
<v Speaker 4>moving on to hoarding. Okay, which household staple hoarded during

0:33:04.600 --> 0:33:08.000
<v Speaker 4>the nineteen seventy three oil shock? Did Japan just worn

0:33:08.080 --> 0:33:09.760
<v Speaker 4>shoppers not to.

0:33:09.760 --> 0:33:15.400
<v Speaker 9>Buy in bulk? Is it hard staple? I wonder?

0:33:15.680 --> 0:33:16.160
<v Speaker 12>I don't know.

0:33:19.160 --> 0:33:20.560
<v Speaker 9>It's a good thought.

0:33:20.560 --> 0:33:23.959
<v Speaker 4>This music is very it's like soothing.

0:33:24.040 --> 0:33:27.200
<v Speaker 9>That's very soothing. What are you you're writing? You're writing

0:33:27.240 --> 0:33:30.040
<v Speaker 9>too much? Okay, Okay, I wrote flipp What did you write.

0:33:29.800 --> 0:33:31.760
<v Speaker 12>Toilet paper aka bathroom tissue?

0:33:32.320 --> 0:33:32.720
<v Speaker 8>Toilet?

0:33:36.680 --> 0:33:37.400
<v Speaker 12>I think a tie?

0:33:37.720 --> 0:33:39.800
<v Speaker 9>Oh you know what that means?

0:33:39.800 --> 0:33:41.200
<v Speaker 10>If we're question?

0:33:41.280 --> 0:33:45.400
<v Speaker 9>Yes, I was so close. Okay, you know we have

0:33:45.480 --> 0:33:46.320
<v Speaker 9>to take it to the bonus.

0:33:46.320 --> 0:33:50.680
<v Speaker 4>Okay, the bonus is gaming gaming. Okay, it's not look okay, no, no, no, no,

0:33:50.680 --> 0:33:54.120
<v Speaker 4>I think you got this, Christine other games. Fortnight's parent

0:33:54.160 --> 0:33:58.640
<v Speaker 4>company cutting one thousand jobs due to spending concerns. What

0:33:58.880 --> 0:34:01.000
<v Speaker 4>is the name of the company? So, what is the

0:34:01.080 --> 0:34:03.320
<v Speaker 4>name of Fortnite's parent company?

0:34:03.440 --> 0:34:04.280
<v Speaker 9>Do know this?

0:34:05.240 --> 0:34:07.880
<v Speaker 12>It's gonna be a real time What if wait?

0:34:07.920 --> 0:34:09.400
<v Speaker 9>What if you both get right? Then we have a

0:34:09.520 --> 0:34:11.800
<v Speaker 9>tie again? Then do we have another breaker?

0:34:11.880 --> 0:34:12.560
<v Speaker 13>We'll just leave.

0:34:12.680 --> 0:34:15.680
<v Speaker 9>We'll just leave the day. All right, okay, flip it.

0:34:15.719 --> 0:34:16.239
<v Speaker 9>What do you got?

0:34:16.320 --> 0:34:18.760
<v Speaker 6>Epic epic epic games?

0:34:18.760 --> 0:34:21.080
<v Speaker 4>The CEO said, they're spending a lot of money more

0:34:21.120 --> 0:34:21.720
<v Speaker 4>than we're making.

0:34:21.800 --> 0:34:22.960
<v Speaker 12>That's the base.

0:34:23.320 --> 0:34:25.799
<v Speaker 9>We end in a tie. All right, that wasn't as

0:34:25.800 --> 0:34:28.000
<v Speaker 9>bad as I thought. You guys said, well, thank you

0:34:28.040 --> 0:34:28.319
<v Speaker 9>so much.

0:34:28.520 --> 0:34:31.120
<v Speaker 2>Can be friends, Lisa, thank you to our production team

0:34:31.160 --> 0:34:31.600
<v Speaker 2>as well.

0:34:33.239 --> 0:34:34.879
<v Speaker 12>And you can always can find the rest of the game.

0:34:35.000 --> 0:34:36.400
<v Speaker 9>Yes, yes, yes, you two can do it.

0:34:36.480 --> 0:34:39.640
<v Speaker 4>Bloomberg dot Com slash pointed, play at home, at home.

0:34:39.680 --> 0:34:41.879
<v Speaker 9>Hey, they give you some some options you have.

0:34:41.840 --> 0:34:43.640
<v Speaker 2>That's a multiple choice at home, and you don't have

0:34:43.719 --> 0:34:45.320
<v Speaker 2>to you don't have to write them on a whiteboard.

0:34:45.480 --> 0:34:48.080
<v Speaker 9>Always play at home and you'll have just as much

0:34:48.080 --> 0:34:48.440
<v Speaker 9>fun as you.

0:34:48.840 --> 0:34:51.480
<v Speaker 5>Don't get my commentary, but maybe that's for the best.

0:34:53.960 --> 0:34:56.880
<v Speaker 2>Thanks for joining us on today's Bloomberg This Weekend podcast.

0:34:57.040 --> 0:34:59.279
<v Speaker 2>Don't forget to tune in live for the show every

0:34:59.280 --> 0:35:01.960
<v Speaker 2>Saturday and Sunday mornings, starting at seven am Eastern.

0:35:02.040 --> 0:35:05.040
<v Speaker 3>We're on Bloomberg Television Radio and the Bloomberg Business App,

0:35:05.160 --> 0:35:09.279
<v Speaker 3>bringing you unique takes and in depth interviews on news, politics, lifestyle,

0:35:09.400 --> 0:35:09.960
<v Speaker 3>and culture.