WEBVTT - Trump Fires Back Against 34 Felony Charges 0:00:02.600 --> 0:00:06.040 From the Bloomberg Interacted Berger Studios. This is Bloomberg day 0:00:06.040 --> 0:00:10.039 Break for Wednesday, April fifth. Coming up today, Donald Trump 0:00:10.039 --> 0:00:13.480 pleads not guilty to thirty four felonies and fires back. 0:00:13.600 --> 0:00:16.239 In a primetime speech, a top Fed official makes the 0:00:16.320 --> 0:00:20.360 case for rates above five percent for longer and ubs 0:00:20.440 --> 0:00:24.400 addresses challenges and the timeline for integrating with credit Sueee. 0:00:24.640 --> 0:00:28.440 Wisconsin voters delivered a shake up to the state Supreme Court. Blush. 0:00:28.560 --> 0:00:32.080 Ukraine's president speaks to US governors on the Russian invasion. 0:00:32.320 --> 0:00:35.760 I'm Michael barn Or Ahead, I'm John stashtawon sports on 0:00:35.920 --> 0:00:38.400 the long night for the Mets in Milwaukee. The Yankees 0:00:38.440 --> 0:00:40.960 lost to the Phillies, the Nets lost, the Devils won. 0:00:43.640 --> 0:00:47.080 That's all straight Ahead on Bloomberg day Break, the business 0:00:47.080 --> 0:00:50.120 news you need disturn your day, and just one fifteen 0:00:50.159 --> 0:00:54.600 minute podcast each pointing on Apples, Spotify, the Bloomberg Business 0:00:54.600 --> 0:01:00.960 Appen everywhere you get your podcasts. Good morning, I'm Nathan 0:01:01.000 --> 0:01:03.960 Hager and I'm Karon Moscow. Here are the stories we're 0:01:03.960 --> 0:01:07.360 following today. We begin this morning with the latest developments 0:01:07.400 --> 0:01:11.240 on the arraignment of former President Donald Trump. Bloomberg's John 0:01:11.240 --> 0:01:14.080 Tucker begins our team coverage this morning in New York. 0:01:14.080 --> 0:01:17.200 Good morning, John Nathan. Donald Trump became the first former 0:01:17.240 --> 0:01:20.360 president to be criminally charged after leaving the White House 0:01:20.680 --> 0:01:23.520 after being fingerprinted. Trump sat at the defense table with 0:01:23.600 --> 0:01:26.520 his hands clashed in front of him, and spoke briefly 0:01:26.560 --> 0:01:30.720 several times, including when he loudly proclaimed not guilty. He 0:01:30.800 --> 0:01:34.480 faces thirty four felony accounts of falsifying business records related 0:01:34.480 --> 0:01:37.039 to a hush money payment made in the final days 0:01:37.280 --> 0:01:40.679 of the twenty sixteen election. The charges brought against Trump 0:01:40.680 --> 0:01:44.720 by Manhattan da Alvin Bragg. This case today is one 0:01:44.800 --> 0:01:48.880 with allegations, like so many of our white collar cases, 0:01:49.600 --> 0:01:54.160 allegations as someone live again and again to protect their 0:01:54.200 --> 0:01:57.560 interests and evade the laws to which we are all 0:01:57.840 --> 0:02:01.600 held accountable. The thirty four accounts are usually misdemeanors under 0:02:01.640 --> 0:02:04.320 New York law, but Bragg charged them as class E 0:02:04.560 --> 0:02:07.720 felonies because he says they were committed to violate state 0:02:07.760 --> 0:02:11.880 and federal election law. State Supreme Court Justice Juan Merchant 0:02:11.880 --> 0:02:14.400 told Trump he's expected to appear in court and if 0:02:14.480 --> 0:02:17.519 a dozen a trial could proceed without him. Live in 0:02:17.600 --> 0:02:20.640 New York. I'm John Tucker Bloomberg Daybreak. All right, John, thanks, 0:02:20.639 --> 0:02:23.760 So the former president is firing back against the charges. 0:02:23.840 --> 0:02:27.560 Trump is denouncing the indictment as politically motivated. Let me 0:02:27.560 --> 0:02:30.320 get the details Live at the Bloomberg Steve Rappaport, Steve, 0:02:30.360 --> 0:02:33.120 good morning, Good morning, Karen and Nathan. After a subdued 0:02:33.120 --> 0:02:35.680 appearance in court, the former president was back in his 0:02:35.760 --> 0:02:38.840 element last night. They can't beat us at the ballot box, 0:02:39.080 --> 0:02:42.840 so they try and beat us through the law. Trump 0:02:42.840 --> 0:02:45.840 telling supporters at Maralago the case about against him was 0:02:45.919 --> 0:02:50.160 never about justice. This is a persecution, not an investigation. 0:02:50.320 --> 0:02:53.639 Trump also slammed prosecutor Alvin Bragg as a local failed 0:02:53.680 --> 0:02:56.400 district attorney, and said Bragg is the real criminal for 0:02:56.480 --> 0:02:59.240 leaking grand jury information. Live in New York, I'm Steve 0:02:59.320 --> 0:03:02.960 Rappaportoomberg Daybreak. Okay, Steve, thanks well. The case against Trump 0:03:03.000 --> 0:03:06.160 could pose a challenge for Manhattan's district attorney. That's according 0:03:06.160 --> 0:03:09.760 to former prosecutor and judge Joshua Castenberg, who's now a 0:03:09.760 --> 0:03:12.680 professor at the University of New Mexico Law School. He 0:03:12.720 --> 0:03:16.000 says hush money payments are not typically a crime if 0:03:16.000 --> 0:03:19.200 you're running for office. It's not necessarily a crime either. 0:03:19.560 --> 0:03:23.160 But if you're using campaign money or you're filtering campaign 0:03:23.240 --> 0:03:26.919 money to pay off someone and you're trying to show 0:03:27.000 --> 0:03:31.079 that it's a legitimate campaign expense, there is no legitimate 0:03:31.120 --> 0:03:34.920 campaign expense related to money, and so therefore it's a crime. 0:03:35.320 --> 0:03:38.640 University of New Mexico law professor Joshua Castenburg spoke with 0:03:38.680 --> 0:03:42.320 our Carol Mass and Madison Mills on Bloomberg BusinessWeek. Catch 0:03:42.360 --> 0:03:45.160 the show weekdays at three pm Eastern on Bloomberg Radio, 0:03:45.440 --> 0:03:48.960 or stream it live on Bloomberg Originals and YouTube. Well 0:03:49.000 --> 0:03:52.200 politics are also front and center in Chicago this morning, 0:03:52.280 --> 0:03:55.400 Nathan Voters in the Windy City have elected Brandon Johnson 0:03:55.440 --> 0:03:58.320 as their next mayor. Johnson is a progressive who wants 0:03:58.320 --> 0:04:01.640 to raise taxes on major corporations to boost the city's revenue. 0:04:02.080 --> 0:04:07.080 Today the dream is alive, and so today we celebrate 0:04:07.400 --> 0:04:11.640 the revival and the resurrection of the City of Chicago 0:04:12.080 --> 0:04:15.040 and Brandon Johnson beat Cook County Commissioner Paul Vallis in 0:04:15.080 --> 0:04:17.799 a runoff, and Johnson claimed fifty one point four percent 0:04:17.839 --> 0:04:19.680 of the vote to win the race. Turning to the 0:04:19.720 --> 0:04:22.760 markets this morning, Karen Overnight Trading has focused on hawkish 0:04:22.800 --> 0:04:26.000 comments from New Zealand and Australia's central banks, while back 0:04:26.040 --> 0:04:28.440 here in the US we're also getting hawkish central bank 0:04:28.480 --> 0:04:32.400 retoric from Cleveland Fed President Loretta Mester. She says interest 0:04:32.480 --> 0:04:35.480 rates should rise above five percent this year and stay 0:04:35.480 --> 0:04:39.440 there for some time. I plan to remain diligent in 0:04:40.120 --> 0:04:43.640 setting monetary policy, to return the economy to price stability 0:04:43.640 --> 0:04:47.640 in a timely way, and to be judicious in balancing 0:04:47.680 --> 0:04:51.799 the risks so as to minimize the pain of that journey. 0:04:52.040 --> 0:04:55.120 Cleveland FED President Loretta Mester says the central banks peak 0:04:55.200 --> 0:04:57.640 rate will depend on how fast in fleation eas is 0:04:58.360 --> 0:05:01.560 well in Europe. Today, Nathan Swiss banking remains in focus. 0:05:01.640 --> 0:05:05.240 Credit Suis held its final shareholder meeting yesterday and today 0:05:05.440 --> 0:05:09.200 UBS is holding its annual gathering. Bloomberg's Metis Cranny is 0:05:09.240 --> 0:05:11.520 there and brings us details from the event. It's a 0:05:11.560 --> 0:05:13.919 very different tone to what you heard from Kredit suisis. 0:05:14.240 --> 0:05:17.120 That was a language of contrition, a language of regret 0:05:17.240 --> 0:05:22.039 and a deep explanation. Today, I think caliher the chairman 0:05:22.440 --> 0:05:25.440 x Morganstani, is going to be all about setting a 0:05:25.520 --> 0:05:28.120 tone for the Swiss nation. We are a bank for you. 0:05:28.720 --> 0:05:31.040 Is about convincing this nation that this is the right 0:05:31.120 --> 0:05:34.200 and only dal because it is the only deal in time. 0:05:34.520 --> 0:05:38.000 And Bloomberg's metis cranny. Reporting from Baso, where UBS chairman 0:05:38.120 --> 0:05:41.839 Colm Kelleher says the integration of Credit Suisse will likely 0:05:41.880 --> 0:05:44.599 take three to four years. Banks around the world remain 0:05:44.680 --> 0:05:47.120 in focus, Karen, And it turns out the biggest short 0:05:47.160 --> 0:05:49.880 in the banking industry comes in the relatively tame financial 0:05:49.920 --> 0:05:53.479 center of Canada. Short sellers have up to their bearish 0:05:53.520 --> 0:05:56.760 bets against Toronto Dominion Bank. They now have roughly three 0:05:56.839 --> 0:06:00.360 point seven billion dollars on the line. Analyst point to 0:06:00.400 --> 0:06:03.719 worries about TD's exposure to Canada's housing slowdown and the 0:06:03.760 --> 0:06:07.359 banks steak in Charles Schwab TD shares, they're down about 0:06:07.400 --> 0:06:14.960 twelve percent over the past two months. It's fifty two 0:06:15.000 --> 0:06:17.440 degrees in New York. Cloudy this morning, some fog over 0:06:17.520 --> 0:06:19.760 Long Island. Chance for a shower today on our wayniers 0:06:19.760 --> 0:06:23.120 sixty degrees, more showers tonight, Early lows in the low fifties. 0:06:23.200 --> 0:06:25.320 Time now to look at some of the other stories 0:06:25.320 --> 0:06:27.479 making news in New York and around the world. With 0:06:27.520 --> 0:06:31.560 Bloomberg's Michael Barr, Good morning, Michael, Good morning, Nathan. Wisconsin 0:06:31.680 --> 0:06:34.320 voters delivered a shake up to the state Supreme Court. 0:06:34.760 --> 0:06:39.279 Liberal judge Jennet Proto Saywitz defeated Republican Daniel Kelly fifty 0:06:39.320 --> 0:06:42.839 five point five percent forty five point five. Her win 0:06:42.960 --> 0:06:46.960 will rebalance the court that had leaned conservative Proto Sawitz's 0:06:47.000 --> 0:06:49.840 election comes as the court may face decisions on access 0:06:49.880 --> 0:06:54.120 to abortion, legislative maps, and more. Speaking to supporters at 0:06:54.160 --> 0:06:57.479 her Milwaukee headquarters, pro To Saywitz said the state wanted 0:06:57.600 --> 0:07:00.440 change in its highest court. They were ready to put 0:07:00.480 --> 0:07:05.040 aside the partisanship and put aside the extremism, and to 0:07:05.200 --> 0:07:09.760 have an impartial court in a court that makes decisions 0:07:10.320 --> 0:07:15.240 based on the law, not on a political agenda. Kelly 0:07:15.320 --> 0:07:18.080 spoke to supporters after his defeat, accusing his opponent of 0:07:18.160 --> 0:07:21.240 running a dirty campaign. We've had this laid out plainly 0:07:21.320 --> 0:07:23.920 for us. We could have the rule of law or 0:07:24.000 --> 0:07:27.080 the rule of Janet, and the people of Wisconsin have 0:07:27.280 --> 0:07:30.320 chosen the rule of Janets. Kelly went on to say 0:07:30.360 --> 0:07:32.520 he did not have a worthy opponent to concede to 0:07:33.280 --> 0:07:36.440 Ukrainian President of Voladimir's Lenski addressed a group of US 0:07:36.520 --> 0:07:39.240 governors in a video call from kievs stressing the amount 0:07:39.280 --> 0:07:41.880 of work it will take to help Ukraine recover from 0:07:41.960 --> 0:07:46.160 Russia's invasion. Lensky said he believed the US would stand 0:07:46.280 --> 0:07:50.240 with Ukraine and help with reconstruction. He also invited governors 0:07:50.240 --> 0:07:54.320 who haven't yet visited his country. I invite you who 0:07:54.440 --> 0:07:57.679 have not yet been to Ukraine to visit our country 0:07:57.960 --> 0:08:02.400 and to see that protecting our home, our people, is 0:08:02.520 --> 0:08:07.000 protecting our common dream about freedom and dignity for every 0:08:07.360 --> 0:08:11.480 human being, President Zalinski. Finally, they picked a hectic time 0:08:11.560 --> 0:08:14.960 to get married. Happy couples in Manhattan who made plans 0:08:15.040 --> 0:08:17.960 to tie the not yesterday'd likely had no idea what 0:08:18.160 --> 0:08:21.920 else would be happening. Very close brides and grooms in 0:08:22.040 --> 0:08:25.200 downtown Manhattan who headed to the courthouse were there at 0:08:25.240 --> 0:08:28.520 the same time as the arrangement of former President Trump. 0:08:29.120 --> 0:08:33.480 Outside the courthouse, Jericha Gara was in a white wedding 0:08:33.559 --> 0:08:37.800 gown with two friends. Harley didn't know that on my 0:08:37.920 --> 0:08:40.240 wedding date that Trump was actually going to be here 0:08:40.559 --> 0:08:43.800 until last week, and I'm like, also, I'm going to 0:08:43.840 --> 0:08:47.160 have a crop for myself down Dad o her courthouse 0:08:47.200 --> 0:08:50.400 step wedding video will be full of police and demonstrators. 0:08:50.840 --> 0:08:53.040 Global News twenty four hours a day, powered by more 0:08:53.120 --> 0:08:55.600 than twenty seven hundred jouralists, analysts, and over one hundred 0:08:55.640 --> 0:08:58.160 twenty countries. I'm Michael Barr. This is Bloomberg. Say you 0:08:58.240 --> 0:09:01.320 what you never forget your anniversary at that though, Thank you, Michael. 0:09:05.880 --> 0:09:08.320 Time for the Bloomberg Sports update of Morney Johns Sesshawer. 0:09:08.400 --> 0:09:10.400 Gad morning the eighthand a little improvement for the Mats. 0:09:10.480 --> 0:09:13.120 They lost Monday in Milwaukee ten to nothing, and last 0:09:13.200 --> 0:09:15.640 night it was nine to nothing. And that's what Max 0:09:15.679 --> 0:09:17.880 Scherzer starting. He gave up three home runs in a row, 0:09:17.960 --> 0:09:20.520 only the second time that's happened in Scherzer's career. It 0:09:20.679 --> 0:09:23.400 came sixth inning and and inning later the Brewers Brian 0:09:23.480 --> 0:09:26.720 Anderson and Garrett Mitchell, who had both homberdof Scherzer, went 0:09:26.800 --> 0:09:29.559 back to back against Met reliever Brooks Raley. Meanwhile, the 0:09:29.600 --> 0:09:32.320 Mets haven't scored in the last twenty innings day game. 0:09:32.400 --> 0:09:35.120 Today there's also one at the stadium that'll be Garrett 0:09:35.160 --> 0:09:37.760 cole versus Aaron Noel. Last night, Phillies got their first 0:09:37.800 --> 0:09:40.319 one of the season four to one. Yanks had only 0:09:40.400 --> 0:09:42.800 four hits, one was a dj Lemayhew homer. They got 0:09:42.880 --> 0:09:44.280 the time run to the plate in the bottom of 0:09:44.280 --> 0:09:47.600 the night, but Josh Donaldson popped up at Barkley's Nets 0:09:47.679 --> 0:09:49.880 lost to Minnesota one oh seven one h two, and 0:09:49.960 --> 0:09:52.319 when Miami won its game, they heat moved only a 0:09:52.400 --> 0:09:55.760 game behind Brooklyn in the race to finish sixth. Avoid 0:09:55.840 --> 0:09:58.439 the play and the Sixers beat the Celtics, Joel m 0:09:58.480 --> 0:10:01.679 Being scored fifty two. Explay tonight at Indiana Rangers host 0:10:01.720 --> 0:10:04.120 Tampa Bay. The Devils in Newark got a hat trick 0:10:04.200 --> 0:10:07.040 from Dawson Mercer, first of his career. They beat Pittsburgh 0:10:07.120 --> 0:10:10.840 five to one. Carolina also won, so the Hurricane still 0:10:10.920 --> 0:10:14.120 three points ahead in the division. The Master's Tea's off 0:10:14.160 --> 0:10:17.439 tomorrow and Rory McElroy says that for one weekend anyway, 0:10:17.520 --> 0:10:20.760 there's peace and harmony between the PGA guys and the 0:10:20.880 --> 0:10:23.439 ones that broke away to join the Live tour. This 0:10:23.600 --> 0:10:26.120 week in this tournament is way bigger than any of that, 0:10:26.320 --> 0:10:29.000 I feel, and it's just create that all the best 0:10:29.040 --> 0:10:31.600 players in the world are together again for the first 0:10:31.640 --> 0:10:34.840 time and what seems to be quite a while. Doddie Scheffler, 0:10:34.920 --> 0:10:38.080 the defendee champ Tiger Woods. He's off tomorrow morning, twenty 0:10:38.200 --> 0:10:42.360 six years after his first master's victory. John Stashatward Bloomberg 0:10:42.400 --> 0:10:47.559 Sports live from coast to coast, from New York to 0:10:47.679 --> 0:10:52.400 San Francisco, Boston to Washington, d C. Nationwide on Sirius Xam, 0:10:52.480 --> 0:10:56.079 the Bloomberg Business app and Bloomberg dot Com. This is 0:10:56.200 --> 0:11:00.760 Bloomberg Daybreak. Good morning. I'm Nathan Hagar. Donald Trump is 0:11:00.840 --> 0:11:04.760 now the first former US president to formally face criminal charges, 0:11:04.880 --> 0:11:08.800 and he is now using the thirty four count felony 0:11:08.920 --> 0:11:13.320 indictment of falsifying business records to re energize at twenty 0:11:13.440 --> 0:11:16.880 twenty four bid to return to the White House. Former 0:11:16.960 --> 0:11:20.760 President addressed his supporters at Marlago after entering his not 0:11:20.920 --> 0:11:24.160 guilty plea. The only crime that I've committed is to 0:11:24.520 --> 0:11:28.760 fearlessly defend our nation from those who seek to destroy it. 0:11:29.320 --> 0:11:32.320 That was former President Donald Trump at marl Lago last 0:11:32.440 --> 0:11:36.360 night following his appearance in Manhattan Court. And for more. 0:11:36.800 --> 0:11:39.199 We are pleased to be joined once again this morning 0:11:39.280 --> 0:11:42.120 for a roundtable discussion with Terry Haynes, the founder of 0:11:42.200 --> 0:11:46.280 Pangaea Policy and Greg Valier, chief US policy strategist at 0:11:46.320 --> 0:11:49.400 AGF Investments. Gentlemen, it is great to get your time 0:11:49.520 --> 0:11:51.959 once again this morning. Greg, I will start with you 0:11:52.200 --> 0:11:56.319 your reaction to the criminal case against the former president 0:11:56.400 --> 0:12:01.320 and its potential impact on this twenty twenty four race. Well, 0:12:01.400 --> 0:12:03.880 good morning, Nathan. I think, first and foremost, as we 0:12:04.040 --> 0:12:07.760 all suspected, it's a weak case. I recommend the lead 0:12:07.880 --> 0:12:11.400 editorial this morning in the Wall Street Journal. It talks 0:12:11.440 --> 0:12:14.920 about how just how weak the case is. The other 0:12:15.000 --> 0:12:18.280 big takeaway has to be Trump's surge in the polls 0:12:18.360 --> 0:12:21.360 of Republicans. I don't think he's going to do very 0:12:21.440 --> 0:12:25.280 well in the general election, but among Republicans he's made 0:12:25.320 --> 0:12:29.840 a lot of progress. Terry, you've talked before about how 0:12:30.080 --> 0:12:33.360 you've considered this case weak as well, even before we 0:12:33.559 --> 0:12:37.960 got the charges unsealed. Now that we have seen them 0:12:38.160 --> 0:12:40.880 and gotten the indictment and the statement of facts from 0:12:41.080 --> 0:12:43.599 da Alvin Bragg, is that still your contention that this 0:12:43.720 --> 0:12:47.920 case is weak? Very much so, Nathan, and good morning. 0:12:49.559 --> 0:12:52.079 My im mediate reaction when I read the indictment and 0:12:52.160 --> 0:12:56.960 the attached statement of fact was that it's really politicized 0:12:57.440 --> 0:13:01.080 spaghetti sort of spaghetti justice. Really, you throw a bunch 0:13:01.120 --> 0:13:03.520 of stuff up on the wall, and you see what sticks. 0:13:03.640 --> 0:13:07.280 You throw thirty four charges up, hoping to get at 0:13:07.360 --> 0:13:10.400 least one for either a conviction or some sort of plea, 0:13:11.040 --> 0:13:13.800 which I have very much doubt that mister Bragg gets. 0:13:15.160 --> 0:13:21.839 You know it is it's it's a little crazy to 0:13:21.920 --> 0:13:25.079 go after a case like this, not only that it 0:13:25.240 --> 0:13:29.720 makes the other potential prosecutions on the more important issues 0:13:29.800 --> 0:13:33.120 on the documents and on January sixth, that much more difficult. 0:13:33.440 --> 0:13:36.079 I was pleased to see that the Bloomberg editorial page 0:13:36.600 --> 0:13:39.760 agree with my contention there too. The reason for that 0:13:40.000 --> 0:13:41.920 is there will now be a higher standard in those 0:13:42.000 --> 0:13:45.839 prosecutions so that they're not also vulnerable to criticism of 0:13:45.920 --> 0:13:48.920 politicized prosecutions. They're going to have to really have an 0:13:48.960 --> 0:13:55.520 overwhelming evidentury layout in order to beat back the charges 0:13:55.679 --> 0:14:00.320 that anything in those two areas is politicized. We did, 0:14:00.360 --> 0:14:03.920 of course, here from the District Attorney in Manhattan, Alvin Bragg. 0:14:04.640 --> 0:14:08.599 He was addressing some of the questions about whether he 0:14:08.720 --> 0:14:11.880 would have brought this case if it were anyone other 0:14:12.080 --> 0:14:15.839 than former President Donald Trump. That's something that the former 0:14:15.920 --> 0:14:19.800 president's lawyers have been arguing as well. Here's what Alvin 0:14:19.880 --> 0:14:23.120 Bragg had to say an answer to that, thirty four 0:14:23.200 --> 0:14:29.240 false statements made to cover up other crimes. These are 0:14:29.280 --> 0:14:33.720 felony crimes in New York State, no matter who you are. 0:14:34.840 --> 0:14:39.960 Greg Valieri's making the case that the former president falsified 0:14:40.000 --> 0:14:44.920 these business records to boost his twenty sixteen campaign in 0:14:45.000 --> 0:14:48.760 an illegal matter. What about that, Well, he may have 0:14:49.120 --> 0:14:51.480 and I think Bragg may have a good case if 0:14:51.720 --> 0:14:56.160 he is seeking some kind of punishment for misdemeanors when 0:14:56.240 --> 0:14:58.320 it comes to felonies, though I just don't see it. 0:14:58.560 --> 0:15:01.080 I don't see the case being made by Brag on 0:15:01.480 --> 0:15:04.040 that front. Again, The Law Street Journalist Morning has a 0:15:04.080 --> 0:15:07.320 good piece on this, and I think that, yeah, a 0:15:07.440 --> 0:15:10.760 lot of what Trump did is it was illegal, but 0:15:10.920 --> 0:15:13.640 it didn't rise to the standard of a felony. And 0:15:13.760 --> 0:15:16.320 it's a case as well that's led to jail time 0:15:16.680 --> 0:15:21.720 for the former president's one time lawyer, Michael Cohen Terry Haynes. 0:15:22.080 --> 0:15:26.640 As for that, what's the possibility that we could see 0:15:26.720 --> 0:15:30.680 this case move forward a judge to bring it to 0:15:30.840 --> 0:15:35.720 trial and potentially put the president in some legal jeopardy 0:15:35.800 --> 0:15:41.280 here heading very close to next year's November election. Well, 0:15:41.320 --> 0:15:46.400 that's entirely possible. Sure, you know, there's everyone notes there 0:15:46.440 --> 0:15:48.720 won't even be another hearing in this matter until the 0:15:49.000 --> 0:15:53.040 December of this year. So whatever else you've got unless 0:15:53.080 --> 0:15:58.800 the judge outright dismisses the charges, and you know there's 0:15:58.880 --> 0:16:02.800 more than a trailer risk of that. You know, that's 0:16:02.840 --> 0:16:06.520 not inconceivable at all. Uh, you know this thing will 0:16:06.600 --> 0:16:09.640 end up going to trial sometime during the primary season. 0:16:10.000 --> 0:16:12.400 You know that. Frankly, it helps I think helps make 0:16:12.480 --> 0:16:19.200 my contention that Trump fatigue and the increasing Republican desire, 0:16:19.440 --> 0:16:23.680 Republican voter desire to want to have a candidate that 0:16:23.880 --> 0:16:28.720 pushes Trump policies but doesn't have Trump baggage. Uh, you know, 0:16:28.840 --> 0:16:34.240 probably intensifies to some degree. Is that how this play? Yeah, sure, 0:16:34.280 --> 0:16:37.200 go right ahead. Yeah, let me just make this point. 0:16:37.760 --> 0:16:41.720 I think that there is a wildcard, and that wildcard 0:16:41.840 --> 0:16:44.800 is that Trump says something really outrageous, which he's been 0:16:44.880 --> 0:16:47.640 known to do. It could wind up getting him in 0:16:47.720 --> 0:16:50.680 trouble with the judge. It could wind up with him 0:16:50.720 --> 0:16:54.280 getting slapped with some kind of censure. I don't I 0:16:54.320 --> 0:16:57.040 don't rule that out at all. That's the wild card. 0:16:57.720 --> 0:17:00.360 Of course, we all know about the three upcoming cases 0:17:00.400 --> 0:17:03.920 that probably will lead to indictments. But I think Trump's 0:17:03.920 --> 0:17:07.199 own lawyers are advising him right now to keep your 0:17:07.280 --> 0:17:11.320 rhetoric cool, don't overdo it rhetorically because that could get 0:17:11.400 --> 0:17:13.600 us in more trouble. Well, I got to ask you, Greg, 0:17:13.720 --> 0:17:16.080 did that wildcard get opened up last night with the 0:17:16.119 --> 0:17:19.119 speech that a former president Trump gave. He really did 0:17:19.280 --> 0:17:23.040 go after the DA Alvin Bragg. He's called the judge 0:17:23.080 --> 0:17:27.639 in this case a Trump hater. Yeah, any Trump has 0:17:27.640 --> 0:17:31.280 gone after their families, and I mean it's typical Trump overreach. 0:17:31.359 --> 0:17:34.600 That's Donald Trump's style. But he's been admonished by the 0:17:34.720 --> 0:17:37.560 judge to cease on that, and it's going to be 0:17:37.640 --> 0:17:41.600 difficult to discipline him. Yeah, to say the very least. 0:17:41.640 --> 0:17:43.920 I'm sure we're speaking with Greg valier Or, chief US 0:17:44.000 --> 0:17:48.119 policy strategist at AGF Investments and Terry Haynes, the founder 0:17:48.160 --> 0:17:50.720 of Pangaea Policy. I got to get your take as well, Terry, 0:17:50.800 --> 0:17:53.760 on what we heard last night from the former president 0:17:54.520 --> 0:17:59.360 vigorously going after the judge and the DA and defending 0:17:59.640 --> 0:18:02.080 not just himself saying the only crime he's committed is 0:18:02.520 --> 0:18:05.680 fearlessly defending the nation from those who try to destroy it. 0:18:06.359 --> 0:18:08.399 The kind of language we've heard from the president in 0:18:08.480 --> 0:18:11.920 the past. Did that language go too far or is 0:18:12.000 --> 0:18:16.639 he raining it in? I think I don't think he 0:18:16.760 --> 0:18:19.920 rained it in necessarily. But you know, what he's doing 0:18:20.680 --> 0:18:23.200 is making the direct what I think of as the 0:18:23.320 --> 0:18:27.959 context case to supporters and other potentials and those who 0:18:28.080 --> 0:18:33.119 might potentially support him, you know, in the broader Trump context. 0:18:33.359 --> 0:18:37.360 And this overlaps to some extent with what the Republicans 0:18:37.440 --> 0:18:42.159 think generally, particularly those who are Tump supporters, is you know, 0:18:42.280 --> 0:18:46.159 you've got a politicized prosecution in New York City, which is, 0:18:46.760 --> 0:18:49.520 to them the supposed source of mean, much of the 0:18:49.560 --> 0:18:53.040 country problem, much of the country's problems makes the case 0:18:53.359 --> 0:18:58.200 for Trump as well as other Republican candidates. But the 0:18:58.359 --> 0:19:02.959 context is for them is look bigger national scandals go unpunished. 0:19:03.320 --> 0:19:07.560 You know, where's the where's the payback for you know, Trump, Russia, 0:19:07.720 --> 0:19:12.240 US law enforcement media scandals. Uh, you know, the crazy 0:19:12.359 --> 0:19:14.960 way that we had to deal with the three years 0:19:15.000 --> 0:19:20.040 of COVID, Where's the where's the payback? On Biden family issues? 0:19:21.200 --> 0:19:24.879 On inflation on out of control fiscal spending. The you know, 0:19:25.000 --> 0:19:30.880 the that context to Republican voters, uh makes the makes 0:19:30.920 --> 0:19:35.600 the Trump indictment in this context look particularly laughable. It's like, Okay, 0:19:35.680 --> 0:19:39.000 you're going to go after that guy, you know, in 0:19:39.080 --> 0:19:43.399 some cases our guy, uh for this for relatively small things, 0:19:43.520 --> 0:19:47.840 things that most presidential candidates end up doing. This idea 0:19:47.920 --> 0:19:53.040 that uh, presidential candidates uh cover up less than flattery 0:19:53.080 --> 0:19:56.680 information you know, didn't start with Trump, of course, but 0:19:56.920 --> 0:19:58.680 you know, all this bigger stuff we're just going to 0:19:58.720 --> 0:20:03.080 sweep under the rug. That energizes Republican voters. It sounds 0:20:03.119 --> 0:20:05.359 like it energizes as well a lot of what's happening 0:20:05.440 --> 0:20:10.199 already on Capitol Hill with the House Republicans opening up 0:20:10.280 --> 0:20:15.320 investigations into the weaponization of government and putting in all 0:20:15.359 --> 0:20:20.720 these oversight hearings as well. Greg what's the congressional response 0:20:21.000 --> 0:20:25.160 to what's happening with the former president? I'd make two 0:20:25.240 --> 0:20:27.720 points quickly. Number One, I think Mitch McConnell has not 0:20:27.840 --> 0:20:30.440 been happy by what's happened in the last week or so. 0:20:30.600 --> 0:20:34.200 It's deflected attention away from some very serious issues where 0:20:34.280 --> 0:20:37.560 the Republicans should do well. Second point I'd make is 0:20:37.600 --> 0:20:41.600 that obscured last night was a vote in Wisconsin that 0:20:41.920 --> 0:20:44.600 for the Supreme Court in the state. The left wing 0:20:44.680 --> 0:20:49.080 candidate one she made her campaign largely about abortion. So 0:20:49.280 --> 0:20:52.000 while Trump made be a great irritant to a lot 0:20:52.080 --> 0:20:56.240 of Democrats, abortion I think will continue to be a 0:20:56.440 --> 0:21:01.919 big election issue, and it's an issue that energizes Democratic 0:21:02.040 --> 0:21:04.639 voters as well. But in the meantime, of course, when 0:21:04.720 --> 0:21:08.320 it comes to the former president and the legal issues 0:21:08.400 --> 0:21:12.760 that he's facing, Democrats have, i think it's safe to say, 0:21:12.800 --> 0:21:15.359 sort of sat on their hands about this. How do 0:21:15.440 --> 0:21:18.879 you see Democrats Terry continuing to play this as this 0:21:19.119 --> 0:21:22.440 case moves forward against the former president and as he 0:21:22.720 --> 0:21:25.800 continues to face some of these other investigations that you 0:21:25.880 --> 0:21:30.560 said earlier face a higher bar for being seen as 0:21:30.640 --> 0:21:34.200 above board. Well, I think the White House won't say 0:21:34.320 --> 0:21:37.080 much about it, nor should they. They ought to be 0:21:37.240 --> 0:21:39.280 very much where they are, which is, you know, letting 0:21:39.280 --> 0:21:42.119 the legal process play out. It doesn't be who have 0:21:42.160 --> 0:21:45.120 the president to get involved in a state court case 0:21:46.160 --> 0:21:51.119 against the former president or pretty much anybody else. You know, 0:21:51.240 --> 0:21:57.480 Democrats will professional democrats, national democrats, a lot of Democratic 0:21:57.560 --> 0:22:01.399 voters will feel vindicated. They'll feel like, you know, the 0:22:02.160 --> 0:22:05.280 the uh, their nemesis has been gotten here to some 0:22:05.480 --> 0:22:08.359 extent and you know, as being wrapped up, uh you know, 0:22:08.480 --> 0:22:13.440 Gulliver style uh uh in the end. Uh you know, 0:22:13.720 --> 0:22:18.919 I think, uh that's a problematic for them though. Uh. 0:22:19.400 --> 0:22:23.160 You know, they they've now just given the New York 0:22:23.320 --> 0:22:27.479 have given Republican voters on the other side a lot 0:22:27.560 --> 0:22:30.479 of new energy across the board, as I say earlier, 0:22:31.000 --> 0:22:34.880 and that's going to even out to some extent the uh, 0:22:35.160 --> 0:22:39.040 you know, the victories of Supreme Court justices and in 0:22:39.200 --> 0:22:43.080 Wisconsin and progressives in Chicago and all the rest. Uh. 0:22:43.359 --> 0:22:46.320 You know, by comparison, you know, you've got a situation 0:22:46.400 --> 0:22:49.600 in the state legislatures where there is a where you've 0:22:49.640 --> 0:22:51.760 got a trifecta where you've got the governors in the 0:22:51.840 --> 0:22:56.160 state legislature all aligned Republicans do that in twenty two states, 0:22:56.240 --> 0:22:59.640 the Democrats seventeen. Uh. So, you know, either of those 0:22:59.680 --> 0:23:02.760 of the juries, by comparison, is not particularly large in 0:23:02.880 --> 0:23:06.160 the kind of the national mosaic compared to what's going 0:23:06.200 --> 0:23:09.359 on right now with Trump. Now, you've certainly seen the 0:23:09.440 --> 0:23:13.720 former president energized by this and his most fervent supporters 0:23:14.080 --> 0:23:16.920 are behind him as well. But Greg, do you see 0:23:17.080 --> 0:23:21.000 that energy continuing to build if this case continues to 0:23:21.119 --> 0:23:23.879 drag on through the legal system, and what could that 0:23:24.000 --> 0:23:28.040 mean for some of the former president's potential primary rivals. 0:23:29.400 --> 0:23:31.800 That's a good point, Nathan. I think there's a real 0:23:31.960 --> 0:23:35.200 risk that the whole country will get Trump fatigue. I 0:23:35.320 --> 0:23:37.480 got it already, and I think a lot of people 0:23:37.640 --> 0:23:40.760 in our business, and we were all involved in the 0:23:40.880 --> 0:23:45.200 investment world. I think that for my clients, this story 0:23:45.320 --> 0:23:48.000 is not even on the top ten on the radar screen. 0:23:48.040 --> 0:23:50.840 There were so many other big issues. Jenny Yellen this 0:23:50.960 --> 0:23:53.520 week is going to talk about how we'll spend eighty 0:23:53.640 --> 0:23:56.600 billion dollars on the irs, that we still have the 0:23:56.680 --> 0:23:59.080 death ceiling to deal with him has been no progress. 0:23:59.400 --> 0:24:02.920 So there are big Washington issues, But I think, especially 0:24:03.040 --> 0:24:05.920 for the markets, we all may get a little fatigued 0:24:06.040 --> 0:24:10.480 on Donald Trump. Does that fatigue play into what you're 0:24:10.520 --> 0:24:13.320 hearing from your clients as well, Terry, Is that a 0:24:13.480 --> 0:24:16.159 concern for people you're talking to that some of the 0:24:16.240 --> 0:24:19.480