1 00:00:01,920 --> 00:00:06,200 Speaker 1: Live from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,120 --> 00:00:09,039 Speaker 1: We're on a timeline for two things for sure, and 3 00:00:09,119 --> 00:00:12,799 Speaker 1: that is the debtlan and also but ustrompably been seduced 4 00:00:12,800 --> 00:00:15,720 Speaker 1: by the notion that we can get off fossil fuels 5 00:00:15,800 --> 00:00:19,599 Speaker 1: much quicker than it can happen. Floomberg Sound On, Politics, 6 00:00:19,720 --> 00:00:24,759 Speaker 1: Policy and perspective from DC's top names fighting was knowledgeable 7 00:00:24,880 --> 00:00:27,920 Speaker 1: about the issues around affordable housing. Has anybody up there 8 00:00:28,240 --> 00:00:33,199 Speaker 1: been around excess government spending always causes inflation? Inflation purchased 9 00:00:33,200 --> 00:00:37,160 Speaker 1: the chorus families in this country. Bloomberg Sound On with 10 00:00:37,280 --> 00:00:42,559 Speaker 1: Joe Matthew on Bloomberg Radio. President is back in the 11 00:00:42,600 --> 00:00:45,839 Speaker 1: bubble after swinging through New Jersey today to make the 12 00:00:45,880 --> 00:00:50,760 Speaker 1: case for infrastructure and the economic agenda, and the oddsmakers 13 00:00:50,840 --> 00:00:53,400 Speaker 1: are back at it on whether Democrats can find a 14 00:00:53,440 --> 00:00:56,600 Speaker 1: deal on all this before President Biden heads to Europe 15 00:00:56,600 --> 00:00:59,720 Speaker 1: this weekend. We'll dig into the debate ahead with Congressman 16 00:00:59,760 --> 00:01:03,280 Speaker 1: Al Green, Democrat from Houston, Texas, serves on the House 17 00:01:03,320 --> 00:01:06,360 Speaker 1: Financial Services Committee. It's a big day for Facebook, as 18 00:01:06,360 --> 00:01:08,760 Speaker 1: you've been hearing on Bloomberg Radio, not only with earnings 19 00:01:08,760 --> 00:01:11,600 Speaker 1: after the bell, but also another round of testimony from 20 00:01:11,600 --> 00:01:14,679 Speaker 1: whistleblower Francis Hogan, this time in the UK. With more 21 00:01:14,760 --> 00:01:20,520 Speaker 1: internal documents emerging, some that contradict Facebook's public stand on competition. 22 00:01:20,520 --> 00:01:23,440 Speaker 1: Will get into that with Bill Bear, former Assistant Attorney 23 00:01:23,480 --> 00:01:26,600 Speaker 1: General for antitrust in the Obama administration, will sort it 24 00:01:26,640 --> 00:01:30,840 Speaker 1: all out with the panel. Bloomberg Politics contributors Jeanie Chanzano 25 00:01:30,880 --> 00:01:32,800 Speaker 1: and Rick Davis are with us for the hour. The 26 00:01:32,840 --> 00:01:36,200 Speaker 1: long and winding Roads to Infrastructure and the rest of 27 00:01:36,240 --> 00:01:40,160 Speaker 1: President Biden's economic agenda wound its way through New Jersey 28 00:01:40,200 --> 00:01:44,080 Speaker 1: today before the rains, where President Biden made several stops. 29 00:01:44,080 --> 00:01:45,959 Speaker 1: In fact, it's how his plans, including one at the 30 00:01:46,040 --> 00:01:51,480 Speaker 1: Portal Bridge, the busiest train bridge in the Western Hemisphere. 31 00:01:51,520 --> 00:01:55,040 Speaker 1: You've probably gone over it. Swing Bridge opens about a 32 00:01:55,080 --> 00:01:57,560 Speaker 1: hundred times a year. The things over a century old 33 00:01:57,880 --> 00:02:01,200 Speaker 1: and is known for not working. Something goes wrong. They 34 00:02:01,200 --> 00:02:04,120 Speaker 1: say about fift of the time workers have to use 35 00:02:04,120 --> 00:02:09,160 Speaker 1: sledge hammers to close it. Sounding familiar, right, Here's President 36 00:02:09,200 --> 00:02:12,480 Speaker 1: Biden speaking at the bridge. The port of Bridge was built, 37 00:02:13,040 --> 00:02:15,480 Speaker 1: it was state of the art, and it really was. 38 00:02:16,240 --> 00:02:21,160 Speaker 1: But ten years ago. Today it's been called something different, 39 00:02:21,520 --> 00:02:24,920 Speaker 1: a choke point, a bottleneck an acully sail in the 40 00:02:24,960 --> 00:02:30,200 Speaker 1: Northeast Corridor hundred and ten years ago. So the infrastructure 41 00:02:30,200 --> 00:02:33,080 Speaker 1: plan that's waiting in the House includes thirty billion dollars 42 00:02:33,080 --> 00:02:35,320 Speaker 1: in funding for the Northeast Quarter that would include the 43 00:02:35,360 --> 00:02:38,280 Speaker 1: old portal bridge. As you likely know by now, that 44 00:02:38,400 --> 00:02:41,919 Speaker 1: cannot pass with at least an agreement on the Biden 45 00:02:42,000 --> 00:02:48,200 Speaker 1: reconciliation plan, Speaker Nancy Pelosi telling CNN they're almost there. 46 00:02:48,600 --> 00:02:53,000 Speaker 1: Here is the bill agreed to and written. We just 47 00:02:53,160 --> 00:02:56,840 Speaker 1: have some of the last decisions to be made. Of course, 48 00:02:56,960 --> 00:03:01,200 Speaker 1: we've heard that line before. The end percent left is 49 00:03:01,240 --> 00:03:05,160 Speaker 1: clearly the hard part right as moderates and progressives debate 50 00:03:05,160 --> 00:03:07,600 Speaker 1: everything from an expansion of Medicare to the duration of 51 00:03:07,639 --> 00:03:10,440 Speaker 1: the child tax credit, of of course how to pay 52 00:03:10,480 --> 00:03:12,640 Speaker 1: for it all. And joining us to talk about those issues, 53 00:03:13,280 --> 00:03:17,000 Speaker 1: among others, is Congressman Al Green, Democrat from Texas. Houston, Texas, 54 00:03:17,000 --> 00:03:20,079 Speaker 1: serves on the House Financial Services Committee. Congressman, I know 55 00:03:20,080 --> 00:03:22,120 Speaker 1: you're getting ready for a big baseball game, but welcome 56 00:03:22,120 --> 00:03:24,480 Speaker 1: back to Bloomberg Radio. We're glad to have you, and 57 00:03:24,520 --> 00:03:27,800 Speaker 1: I remember very clearly when you joined us on Bloomberg 58 00:03:27,840 --> 00:03:30,520 Speaker 1: following the blackouts earlier this year in your state, the 59 00:03:30,560 --> 00:03:33,480 Speaker 1: trouble with the grid, and I just wonder how close 60 00:03:33,520 --> 00:03:36,600 Speaker 1: are Democrats defining agreement on reconciliation so you can get 61 00:03:36,640 --> 00:03:40,320 Speaker 1: infrastructure money to help the power grid. Well, thank you 62 00:03:40,360 --> 00:03:43,160 Speaker 1: for having me on, and I greatly appreciate your comment 63 00:03:43,200 --> 00:03:47,240 Speaker 1: about the World Series. Yes, we are ready, and his 64 00:03:47,280 --> 00:03:49,840 Speaker 1: head care of business probably a lot faster than the 65 00:03:49,880 --> 00:03:53,800 Speaker 1: Democrats have with reference to the reconstruction. Well, Jesus wouldn't 66 00:03:53,800 --> 00:03:58,440 Speaker 1: take a lot. Thank you. You're you're probably right, but 67 00:03:58,520 --> 00:04:01,600 Speaker 1: you know, this is what democracy looks like. This is 68 00:04:01,640 --> 00:04:04,920 Speaker 1: this is what it's all about. And democracy is about 69 00:04:04,960 --> 00:04:08,400 Speaker 1: give and take. It's about some disappointments from time to time. 70 00:04:08,480 --> 00:04:14,280 Speaker 1: But the end we will pass infrastructure and reconciliation. That's 71 00:04:14,400 --> 00:04:16,480 Speaker 1: what our goal is and we'll get there. May not 72 00:04:16,760 --> 00:04:19,440 Speaker 1: be what we wanted, all of what we wanted, but 73 00:04:19,520 --> 00:04:23,280 Speaker 1: it will be something significant that's important. Two big things 74 00:04:23,320 --> 00:04:26,400 Speaker 1: happen this weekend. Congressman President Biden is going abroad. He's 75 00:04:26,440 --> 00:04:28,520 Speaker 1: on his way to the G twenty and and the 76 00:04:28,640 --> 00:04:31,640 Speaker 1: U N Climate Summit. And it's hard for me to 77 00:04:31,680 --> 00:04:33,960 Speaker 1: really understand what it is he wants to take away 78 00:04:33,960 --> 00:04:38,080 Speaker 1: beyond a broad agreement on on reconciliation, but also surface 79 00:04:38,080 --> 00:04:42,520 Speaker 1: transportation funding runs out October thirty one. That's the real one. 80 00:04:42,920 --> 00:04:44,880 Speaker 1: If you want to talk deadlines here, do you think 81 00:04:44,880 --> 00:04:47,919 Speaker 1: you can get this infrastructure deal done by then or 82 00:04:47,960 --> 00:04:50,800 Speaker 1: is it going to be another cr to fund transportation 83 00:04:50,839 --> 00:04:55,360 Speaker 1: in its place? Well, CRS always an option for us. 84 00:04:55,480 --> 00:04:57,720 Speaker 1: I would prefer that we not use it, and yes, 85 00:04:57,760 --> 00:05:01,200 Speaker 1: I think we can. Um speak. The Pelosi has been 86 00:05:01,320 --> 00:05:06,400 Speaker 1: very positive lately and she's optimistic. Mr Harrier is planning 87 00:05:06,400 --> 00:05:09,680 Speaker 1: for a vote. These are some positive signals and I 88 00:05:09,839 --> 00:05:12,240 Speaker 1: take it that we can get it done. But if 89 00:05:12,279 --> 00:05:14,960 Speaker 1: we do not get it done within that timeline, we 90 00:05:15,000 --> 00:05:17,000 Speaker 1: can still get it done. The asset test is whether 91 00:05:17,080 --> 00:05:18,919 Speaker 1: we'll get it done, not because it we'll get it 92 00:05:18,920 --> 00:05:23,039 Speaker 1: done today tomorrow, Okay? Understood? Is Leir Hoyer looking for 93 00:05:23,080 --> 00:05:27,159 Speaker 1: something on Wednesday? As I've seen reported, That's what I 94 00:05:27,240 --> 00:05:31,599 Speaker 1: have understood the case to be. But you know Wednesday 95 00:05:31,839 --> 00:05:36,240 Speaker 1: will come, but the final word will be that we 96 00:05:36,279 --> 00:05:38,599 Speaker 1: will get it done. Something will be done. We're not 97 00:05:38,600 --> 00:05:40,640 Speaker 1: going to leave this much on the table. We can't. 98 00:05:41,160 --> 00:05:43,760 Speaker 1: What are you looking to send Joe Biden away with? 99 00:05:43,800 --> 00:05:45,760 Speaker 1: It's like you're packing up as lunch. You're putting it 100 00:05:45,760 --> 00:05:48,359 Speaker 1: in the bag. He's heading off to the airport. What 101 00:05:48,440 --> 00:05:51,000 Speaker 1: does he need to show other world leaders that the 102 00:05:51,120 --> 00:05:54,680 Speaker 1: US is capable of accomplishing. I think it would be 103 00:05:54,720 --> 00:05:57,360 Speaker 1: great if we can show the world that we're still 104 00:05:57,400 --> 00:06:01,159 Speaker 1: committed to dealing with the existential threat of climate change. 105 00:06:01,800 --> 00:06:05,839 Speaker 1: I don't want to see us uh leave that behind. Uh. 106 00:06:05,960 --> 00:06:09,560 Speaker 1: This is something that impacts us globally, as you know Kilimanjaro, 107 00:06:09,880 --> 00:06:12,840 Speaker 1: the ice caps of melting there. Uh. This is something 108 00:06:12,880 --> 00:06:15,800 Speaker 1: that the President, I think, is committed to, and I 109 00:06:15,839 --> 00:06:17,880 Speaker 1: think he'd like to take that with him, something to 110 00:06:17,920 --> 00:06:20,159 Speaker 1: say to the world we're committed to it. I know 111 00:06:20,240 --> 00:06:23,400 Speaker 1: the objections from some members of the Senate, namely Senator 112 00:06:23,480 --> 00:06:27,440 Speaker 1: Joe Mansion, are keeping the Clean Power Grid Acts, I 113 00:06:27,440 --> 00:06:30,480 Speaker 1: guess out of a final version that would incentivize utilities 114 00:06:30,800 --> 00:06:34,400 Speaker 1: to use green energy and even penalize those that did not. 115 00:06:34,800 --> 00:06:36,520 Speaker 1: How do you replace that? I know you're looking at 116 00:06:36,520 --> 00:06:38,760 Speaker 1: a menu of options, Congressmen, to come up with something 117 00:06:38,760 --> 00:06:41,000 Speaker 1: else that mitigates the effects of climate change. Or is 118 00:06:41,040 --> 00:06:45,360 Speaker 1: it already in the biff? Is it in the other bill? Well, 119 00:06:45,400 --> 00:06:49,160 Speaker 1: I think that we should first do this, and I'm 120 00:06:49,160 --> 00:06:50,919 Speaker 1: sorry I started to take you back so far. But 121 00:06:51,080 --> 00:06:53,880 Speaker 1: first I think we should find out what Mr Mansion 122 00:06:53,960 --> 00:06:57,600 Speaker 1: wants rather than about what he doesn't want. Because if 123 00:06:57,640 --> 00:06:59,680 Speaker 1: I tell you what I want and ask you to 124 00:06:59,720 --> 00:07:02,480 Speaker 1: agree to it, to disagree, well then you can downsize 125 00:07:02,480 --> 00:07:04,640 Speaker 1: what I want. But let's find out what he wants. 126 00:07:04,839 --> 00:07:07,200 Speaker 1: Maybe he wants something for the people in his state 127 00:07:07,400 --> 00:07:09,840 Speaker 1: who are having to make a transition from cold to 128 00:07:10,040 --> 00:07:13,320 Speaker 1: some other form of energy in terms of their work product. 129 00:07:13,720 --> 00:07:15,520 Speaker 1: Let's find out what he wants, and then let's try 130 00:07:15,520 --> 00:07:18,120 Speaker 1: to satiate his desires. This is a give and take business. 131 00:07:18,280 --> 00:07:20,280 Speaker 1: It's not all about taking. So we've got to take 132 00:07:20,320 --> 00:07:24,640 Speaker 1: care of Mr Mansion. Well, okay, so maybe I should 133 00:07:24,680 --> 00:07:26,920 Speaker 1: ask you differently, what do you need when you look 134 00:07:26,920 --> 00:07:28,840 Speaker 1: at the power grid in Texas, When you look at 135 00:07:28,840 --> 00:07:33,080 Speaker 1: the coastline in Texas, and and and the the issues 136 00:07:33,120 --> 00:07:35,840 Speaker 1: that we're dealing with in terms of climate costing companies 137 00:07:36,800 --> 00:07:39,200 Speaker 1: a greater load when it comes to doing business. How 138 00:07:39,200 --> 00:07:41,320 Speaker 1: do you take care of that? With the legislation that 139 00:07:41,360 --> 00:07:46,280 Speaker 1: you're negotiating right now, Texas, in my opinion, has to 140 00:07:46,360 --> 00:07:49,680 Speaker 1: become a part of the the the grid that the 141 00:07:49,760 --> 00:07:52,480 Speaker 1: United States has. We have three grids in this country, 142 00:07:52,760 --> 00:07:56,160 Speaker 1: and Texas needs to become a part of the national grid. 143 00:07:57,160 --> 00:07:59,480 Speaker 1: I think that it can be done. I think that 144 00:07:59,600 --> 00:08:03,200 Speaker 1: within what we are planning, hopefully that would be money 145 00:08:03,280 --> 00:08:07,040 Speaker 1: is made available to states to get grants so that 146 00:08:07,120 --> 00:08:10,280 Speaker 1: they can upgrade some of their equipment. But Texas also 147 00:08:10,400 --> 00:08:13,320 Speaker 1: has a rainy day fund that we have not tapped into. 148 00:08:13,600 --> 00:08:16,000 Speaker 1: And I think that this is a rainy day in 149 00:08:16,040 --> 00:08:18,360 Speaker 1: the sense that it's needed. The funds and needed. So 150 00:08:18,640 --> 00:08:20,280 Speaker 1: Texas is going to have to come up with its 151 00:08:20,320 --> 00:08:22,560 Speaker 1: fair share. But I think we can match some of that, 152 00:08:23,240 --> 00:08:24,840 Speaker 1: so you'd be able to pay for some of that 153 00:08:24,920 --> 00:08:27,880 Speaker 1: yourself and then hope for something in reconciliation to close 154 00:08:27,920 --> 00:08:31,080 Speaker 1: the deal. I would hope so, I would hope so, 155 00:08:31,120 --> 00:08:33,080 Speaker 1: but I would say this, I won't let that stop 156 00:08:33,160 --> 00:08:38,240 Speaker 1: us from having a reconciliation. Conciliation packs passed. Congressman, you've 157 00:08:38,280 --> 00:08:42,680 Speaker 1: been kind of hovering between these moderate and progressive factions, 158 00:08:42,679 --> 00:08:44,360 Speaker 1: and you can you can correct me if you don't 159 00:08:44,360 --> 00:08:46,760 Speaker 1: like the way I frame that in terms of where 160 00:08:46,800 --> 00:08:49,640 Speaker 1: you're caucusing and what your priorities are. And we hear 161 00:08:49,679 --> 00:08:53,240 Speaker 1: so much about in fighting in the Democratic Party when 162 00:08:53,240 --> 00:08:56,800 Speaker 1: you try to bridge Uh, both of these groups here 163 00:08:56,840 --> 00:09:00,400 Speaker 1: and look at what's necessary. Do you have a price 164 00:09:00,480 --> 00:09:03,600 Speaker 1: tag in mind? You have a sense of where reconciliation 165 00:09:03,640 --> 00:09:08,680 Speaker 1: will land. I don't have a sense of where it 166 00:09:08,720 --> 00:09:11,679 Speaker 1: will end. But I'm going to speculate if I may, 167 00:09:11,679 --> 00:09:13,760 Speaker 1: and tell you that you know, we love when you 168 00:09:13,800 --> 00:09:17,960 Speaker 1: do that. Yes, okay, you can always point the figure 169 00:09:18,040 --> 00:09:20,920 Speaker 1: up later. I think I think it will come in 170 00:09:22,400 --> 00:09:27,080 Speaker 1: a little under the two trillion mark. Um. I think that, Uh, 171 00:09:27,200 --> 00:09:30,480 Speaker 1: that will mean that some things may be downsized. UM. 172 00:09:30,480 --> 00:09:33,199 Speaker 1: My hope is that we don't get into the elimination 173 00:09:33,240 --> 00:09:35,160 Speaker 1: of things that are important. For example, I served with 174 00:09:35,160 --> 00:09:38,200 Speaker 1: the audible magazine waters on financial services, and she wants 175 00:09:38,200 --> 00:09:41,760 Speaker 1: to put ninety billion dollars into vouchers so that we 176 00:09:41,800 --> 00:09:44,560 Speaker 1: can help people who are homeless. If you traverse the 177 00:09:44,559 --> 00:09:47,360 Speaker 1: cities in this country, the major cities especially, you see 178 00:09:47,480 --> 00:09:52,200 Speaker 1: people sleeping under bridges along highways. Uh, this is unacceptable 179 00:09:52,200 --> 00:09:55,160 Speaker 1: in the richest country in the world. If an infrastructure 180 00:09:55,200 --> 00:09:59,000 Speaker 1: such as an overpass can become a home, then a 181 00:09:59,120 --> 00:10:02,360 Speaker 1: home can become and infrastructure for people so that they 182 00:10:02,400 --> 00:10:05,120 Speaker 1: don't have to sleep on the overpasses. So I'm very 183 00:10:05,160 --> 00:10:07,880 Speaker 1: much for making sure we take care of people who 184 00:10:07,920 --> 00:10:10,800 Speaker 1: are sleeping under bridges. And finally, she also wants to 185 00:10:10,840 --> 00:10:14,320 Speaker 1: do something about the aging infrastructure in public housing. It's 186 00:10:14,400 --> 00:10:17,200 Speaker 1: time for us to repair those things. These are the 187 00:10:17,200 --> 00:10:19,640 Speaker 1: people who don't have the lobbyists. They don't get to 188 00:10:19,679 --> 00:10:23,199 Speaker 1: talk on the radio to a person with your statue 189 00:10:23,600 --> 00:10:27,320 Speaker 1: because they're not into this line of work. But they 190 00:10:27,360 --> 00:10:29,840 Speaker 1: asked me to speak for them, and I want to 191 00:10:29,840 --> 00:10:32,480 Speaker 1: make sure that they are taken care of. We can 192 00:10:32,480 --> 00:10:34,360 Speaker 1: take care of those who live in the suites, but 193 00:10:34,440 --> 00:10:36,120 Speaker 1: we also have to take care of those who live 194 00:10:36,120 --> 00:10:38,520 Speaker 1: in the streets. First thing I see, Congressman, when I 195 00:10:38,520 --> 00:10:41,839 Speaker 1: walk out the door at work in downtown Washington, d C. 196 00:10:42,120 --> 00:10:44,320 Speaker 1: Is an encampment. There are tents, I don't have to 197 00:10:44,320 --> 00:10:47,680 Speaker 1: tell you all over the nation's capital, and that's being 198 00:10:47,720 --> 00:10:49,720 Speaker 1: seen in a lot of cities around the country. So 199 00:10:49,800 --> 00:10:53,640 Speaker 1: that that would be an effort to to put roofs 200 00:10:53,679 --> 00:10:55,560 Speaker 1: over the heads of these people. How come more people 201 00:10:55,600 --> 00:10:57,160 Speaker 1: aren't talking about it? Where would that end up in 202 00:10:57,160 --> 00:11:00,520 Speaker 1: the reconciliation bill? Then that would be the copponent you're 203 00:11:00,520 --> 00:11:03,760 Speaker 1: describing this is this is the housing component of it, 204 00:11:04,320 --> 00:11:07,240 Speaker 1: And I agree with you. We see it and we 205 00:11:07,320 --> 00:11:10,760 Speaker 1: have to ask ourselves if home is where the heart is. 206 00:11:11,400 --> 00:11:14,080 Speaker 1: That's a cliche, of course, where is the heart of 207 00:11:14,120 --> 00:11:17,960 Speaker 1: the homeless. It's on the bridge, is on a park bench. 208 00:11:18,360 --> 00:11:21,280 Speaker 1: We must do something to help persons who are living 209 00:11:21,320 --> 00:11:24,719 Speaker 1: in the streets of life. Those who among the well off, 210 00:11:24,800 --> 00:11:27,839 Speaker 1: well hills, and well to do, they will farewell. It's 211 00:11:27,880 --> 00:11:30,640 Speaker 1: the least, the last, and the lost that some of 212 00:11:30,760 --> 00:11:33,840 Speaker 1: us have to focus our attention off. Congressman Greenland, it 213 00:11:33,880 --> 00:11:36,040 Speaker 1: sounds like you're not You're not missed. It's not a 214 00:11:36,080 --> 00:11:38,320 Speaker 1: loss if this does not pass this week. Is that fair? 215 00:11:39,080 --> 00:11:42,720 Speaker 1: That is a very fair statement, because I stand on 216 00:11:42,840 --> 00:11:46,040 Speaker 1: this ground of it will be done. May not be 217 00:11:46,160 --> 00:11:49,720 Speaker 1: when I wanted, but it will get It will be done, 218 00:11:49,760 --> 00:11:53,360 Speaker 1: says Congressman Al Green, Democrat from Texas. Good luck in 219 00:11:53,400 --> 00:11:56,360 Speaker 1: that ball game tomorrow, Congressman. Coming up next, we assemble 220 00:11:56,440 --> 00:11:58,560 Speaker 1: the panel. Genie and Rick are with us for the 221 00:11:58,600 --> 00:12:01,040 Speaker 1: full hour to play the odds on a deal. I'm 222 00:12:01,120 --> 00:12:10,439 Speaker 1: Joe Matthew. This is Bloomberg. You're listening to Bloomberg. You 223 00:12:10,559 --> 00:12:16,679 Speaker 1: sound on with Joe Matthew on Bloomberg Radio. Still I 224 00:12:16,679 --> 00:12:19,200 Speaker 1: haven't heard what they had for breakfast at the Biden's 225 00:12:19,280 --> 00:12:23,240 Speaker 1: on Sunday morning with did they go continental? Just the 226 00:12:23,280 --> 00:12:26,880 Speaker 1: baked goods are full on bacon and eggs, and did 227 00:12:26,920 --> 00:12:32,000 Speaker 1: the conversation change anything? As Senate Majority Leader Chuck Schumer 228 00:12:32,080 --> 00:12:36,679 Speaker 1: and Senator Joe Manchon, the most famous politician in Washington, 229 00:12:36,800 --> 00:12:39,200 Speaker 1: joined the boss for a serious talk to sit down 230 00:12:39,200 --> 00:12:43,480 Speaker 1: over breakfast, today, White House Deputy Press Secretary Karine John 231 00:12:43,520 --> 00:12:48,960 Speaker 1: Pierre would only say, quote, there was progress, So let's 232 00:12:49,000 --> 00:12:52,319 Speaker 1: get to the panel. Bloomberg Politics contributors Jeanie Chanzano and 233 00:12:52,400 --> 00:12:56,000 Speaker 1: Rick Davis with us with the threat of heavy duty 234 00:12:56,040 --> 00:12:58,200 Speaker 1: weather from here in the nation's capital all the way 235 00:12:58,240 --> 00:13:01,320 Speaker 1: up to New York and New Jersey. So don't drive 236 00:13:01,360 --> 00:13:03,920 Speaker 1: into that stuff if you can help it. Genie, I 237 00:13:04,000 --> 00:13:05,559 Speaker 1: am not going to ask you if they're going to 238 00:13:05,640 --> 00:13:08,240 Speaker 1: find a deal this week. I just I can't. I can't. 239 00:13:08,280 --> 00:13:10,920 Speaker 1: I can't do this for another week. I will ask you, though, 240 00:13:11,720 --> 00:13:15,280 Speaker 1: after the Joe's had breakfast. What does President by need 241 00:13:15,360 --> 00:13:18,560 Speaker 1: on climate before he goes to the U N summit, 242 00:13:18,640 --> 00:13:23,480 Speaker 1: before he faces other world leaders this weekend in Europe? 243 00:13:24,160 --> 00:13:26,400 Speaker 1: What does he actually want to have in his pocket 244 00:13:26,400 --> 00:13:28,120 Speaker 1: to say, hey, you know what, look what we just 245 00:13:28,200 --> 00:13:32,840 Speaker 1: came up with it's not the entire reconciliation deal, right, No, 246 00:13:33,440 --> 00:13:36,520 Speaker 1: And thank you for not asking me what my prediction is. 247 00:13:37,240 --> 00:13:39,439 Speaker 1: It's been. All I have to say is your interview 248 00:13:39,440 --> 00:13:42,040 Speaker 1: with Congressman Green made me feel positive. He said it 249 00:13:42,080 --> 00:13:44,200 Speaker 1: will be done. The President is saying today, with the 250 00:13:44,200 --> 00:13:46,840 Speaker 1: grace of God, it will be done. So I'm feeling 251 00:13:46,880 --> 00:13:49,880 Speaker 1: a bit positive, Joe. But you know, I think what 252 00:13:49,920 --> 00:13:52,760 Speaker 1: the President wants, quite frankly, is a you know, I 253 00:13:52,800 --> 00:13:56,360 Speaker 1: can imagine they get to a reconciliation vote obviously this week, 254 00:13:56,400 --> 00:13:58,680 Speaker 1: but if he gets a framework of a deal there 255 00:13:59,000 --> 00:14:01,400 Speaker 1: and they can pass us potentially as you were talking 256 00:14:01,440 --> 00:14:05,320 Speaker 1: about Nancy Pelosi said there there if they could maybe 257 00:14:05,360 --> 00:14:09,480 Speaker 1: pass the bipartisan infrastructure so he has something to bring 258 00:14:09,559 --> 00:14:11,760 Speaker 1: over with him. I mean, quite frankly, what I think 259 00:14:11,920 --> 00:14:13,840 Speaker 1: he needs to show the world, or he wants to 260 00:14:13,840 --> 00:14:16,960 Speaker 1: show the world, is that his agenda, his program is 261 00:14:17,000 --> 00:14:20,520 Speaker 1: moving forward, particularly on climate change, and that there's more 262 00:14:20,600 --> 00:14:23,640 Speaker 1: to come. Um. You know, he's had a really really 263 00:14:23,680 --> 00:14:26,240 Speaker 1: tough time for the last several weeks and his poll 264 00:14:26,320 --> 00:14:29,120 Speaker 1: numbers show that. So he's going to be going to Rome, 265 00:14:29,160 --> 00:14:30,840 Speaker 1: He'll be meeting with the Pope he'll be going to 266 00:14:30,880 --> 00:14:33,720 Speaker 1: the G twenty, he'll you know, be doing the Glasgow 267 00:14:34,080 --> 00:14:36,480 Speaker 1: Important summit. But I think he wants to show that 268 00:14:36,480 --> 00:14:38,560 Speaker 1: the US can be a leader. But in order to 269 00:14:38,640 --> 00:14:40,680 Speaker 1: do that, you've got to show that the US government 270 00:14:40,760 --> 00:14:42,920 Speaker 1: can move forward. So you know, if he could get 271 00:14:42,960 --> 00:14:45,440 Speaker 1: the BIFF moving forward and it's sort of a framework 272 00:14:45,480 --> 00:14:48,200 Speaker 1: from reconciliation, he would be on the way. We'll getting 273 00:14:48,200 --> 00:14:50,880 Speaker 1: around Senator Joe Manchin on this one. Rick is is 274 00:14:50,880 --> 00:14:52,560 Speaker 1: an issue. I know he's in a house boat. He 275 00:14:52,600 --> 00:14:55,040 Speaker 1: could live anywhere if this turns into water world and 276 00:14:55,600 --> 00:14:58,080 Speaker 1: you know, the polar caps melt. But I see the 277 00:14:58,080 --> 00:15:01,360 Speaker 1: headline in the New York Time Mansion pushes for more 278 00:15:01,400 --> 00:15:04,480 Speaker 1: climate cuts from the budget bill as Biden looks to 279 00:15:04,560 --> 00:15:08,000 Speaker 1: Glasgow Summit, having already succeeded in stripping the bill of 280 00:15:08,000 --> 00:15:11,000 Speaker 1: its most powerful climate change provision. So do you know, 281 00:15:11,080 --> 00:15:13,000 Speaker 1: and you might not Rick, but what in the world 282 00:15:13,000 --> 00:15:16,040 Speaker 1: could Joe Biden have in his suitcase when he goes 283 00:15:16,080 --> 00:15:17,880 Speaker 1: to Europe this week that would actually make a difference 284 00:15:17,920 --> 00:15:20,720 Speaker 1: on climate? Yeah, well, I'll take a stab at what's 285 00:15:20,760 --> 00:15:22,480 Speaker 1: going to happen. I think they're actually gonna pass the 286 00:15:22,560 --> 00:15:24,880 Speaker 1: reconciliation bill and sign it in a law before he 287 00:15:24,880 --> 00:15:27,120 Speaker 1: gets on the plane. I think that's what they're trying 288 00:15:27,120 --> 00:15:30,120 Speaker 1: to move towards. We heard from Congressman Green, and why 289 00:15:30,120 --> 00:15:32,960 Speaker 1: are you feeling that way? Lawyer's planning a vote on Wednesday. 290 00:15:33,640 --> 00:15:36,240 Speaker 1: As long as the Progressives are in uh, and there's 291 00:15:36,280 --> 00:15:40,360 Speaker 1: an understanding on reconciliation, which is where they should have been, 292 00:15:40,680 --> 00:15:43,360 Speaker 1: you know, eight weeks ago. Uh, then then they're gonna 293 00:15:43,400 --> 00:15:45,160 Speaker 1: vote for it. They've got the votes for it. They 294 00:15:45,160 --> 00:15:49,000 Speaker 1: can pass it anytime they want. UH. And infrastructure, infrastructure, 295 00:15:49,000 --> 00:15:51,480 Speaker 1: But you said reconciliation as well, right, No, I don't. 296 00:15:51,480 --> 00:15:54,960 Speaker 1: I think they'll get an understanding on reconciliation broad parameters 297 00:15:55,000 --> 00:15:57,520 Speaker 1: as they've been talking about. But but there are billions 298 00:15:57,520 --> 00:16:01,360 Speaker 1: of dollars in this reconciliation bill on everything from clean 299 00:16:01,440 --> 00:16:05,600 Speaker 1: energy to nuclear, to carbon capture to hydrogen. And he 300 00:16:05,640 --> 00:16:08,560 Speaker 1: wants to at least demonstrate that that that our country 301 00:16:08,600 --> 00:16:12,200 Speaker 1: has committed to spending tens, if not hundreds of billions 302 00:16:12,200 --> 00:16:15,000 Speaker 1: of dollars, you know, on trying to meet certain thresholds 303 00:16:15,000 --> 00:16:18,880 Speaker 1: by of climate and and and I think that will 304 00:16:18,920 --> 00:16:20,920 Speaker 1: give him a strong hand. He'll have a victory under 305 00:16:20,920 --> 00:16:23,280 Speaker 1: his belt when he gets on the plane. Now, I 306 00:16:23,320 --> 00:16:27,080 Speaker 1: think that he'll talk largely about the quote agreement that 307 00:16:27,280 --> 00:16:31,880 Speaker 1: he'll have against the policies are also in reconciliation, because 308 00:16:31,880 --> 00:16:34,080 Speaker 1: at that point in time, we'll all be sitting here 309 00:16:34,120 --> 00:16:36,840 Speaker 1: talking on Friday about the fact that, oh Democrats are 310 00:16:36,840 --> 00:16:39,960 Speaker 1: just timing a reconciliation vote now. So the stars are 311 00:16:40,000 --> 00:16:43,280 Speaker 1: aligning for him. And I think the fact that, uh, 312 00:16:43,520 --> 00:16:46,840 Speaker 1: they had this meeting of the mines in Delaware, you know, 313 00:16:46,920 --> 00:16:50,640 Speaker 1: the Joe's Breakfast, and I think that probably Crow was 314 00:16:50,720 --> 00:16:53,880 Speaker 1: also served at that breakfast, and uh, and so I 315 00:16:53,920 --> 00:16:56,760 Speaker 1: think that that you actually see the makings of a 316 00:16:56,880 --> 00:16:59,320 Speaker 1: logical conclusion to all this. I'm wondering if you were 317 00:16:59,360 --> 00:17:01,400 Speaker 1: at that breaks I feel like Rick knows something we 318 00:17:01,440 --> 00:17:04,840 Speaker 1: don't Genie here, but you know there are climate provisions. 319 00:17:04,920 --> 00:17:08,280 Speaker 1: I hate to keep reminding everybody of this in the 320 00:17:08,320 --> 00:17:12,600 Speaker 1: infrastructure bill. Couldn't Joe Biden, under Rick's scenario that he 321 00:17:12,720 --> 00:17:17,280 Speaker 1: just outlined, show up at copes and say, you know something, 322 00:17:17,840 --> 00:17:20,560 Speaker 1: we got a new law that's gonna have everyone driving 323 00:17:20,640 --> 00:17:22,919 Speaker 1: e vs. We're gonna have evs going all over the 324 00:17:22,920 --> 00:17:26,159 Speaker 1: place and help move beyond the internal combustion engine. Is 325 00:17:26,160 --> 00:17:28,919 Speaker 1: that not a start, Genie, It's absolutely a start. And 326 00:17:28,960 --> 00:17:31,760 Speaker 1: I think that is what the White House is expecting, 327 00:17:31,760 --> 00:17:34,240 Speaker 1: it hoping, and the leaders in Congress on the Democratic 328 00:17:34,280 --> 00:17:37,760 Speaker 1: side are hoping that they have a framework for reconciliation. 329 00:17:38,040 --> 00:17:41,119 Speaker 1: They get a vote on the bipartisans infrastructure and he 330 00:17:41,280 --> 00:17:44,719 Speaker 1: can go and ritely claim a victory. And let's not 331 00:17:44,800 --> 00:17:48,800 Speaker 1: forget this is a big victory if we think about it. 332 00:17:48,840 --> 00:17:51,160 Speaker 1: If it is the Biff at you know about one 333 00:17:51,200 --> 00:17:54,200 Speaker 1: point two and the American Rescue Plan at one point nine, 334 00:17:54,520 --> 00:17:57,320 Speaker 1: that is a big amount of money. You add on 335 00:17:57,400 --> 00:18:01,199 Speaker 1: to that a framework for reconciliation, say it's point you 336 00:18:01,240 --> 00:18:03,840 Speaker 1: know one point eight somewhere around there. We're talking four 337 00:18:03,880 --> 00:18:08,000 Speaker 1: to five trillion dollars in spending in this year. This 338 00:18:08,119 --> 00:18:12,440 Speaker 1: is a transformative bill and he could certainly pull massive 339 00:18:12,440 --> 00:18:15,000 Speaker 1: pieces out of that to sell and to talk about. 340 00:18:15,240 --> 00:18:18,320 Speaker 1: So I think that that is what the President is hoping. 341 00:18:18,400 --> 00:18:21,119 Speaker 1: And I think what I'm watching for at this point 342 00:18:21,440 --> 00:18:23,560 Speaker 1: is do we see some pull off on these progressives? 343 00:18:23,560 --> 00:18:26,399 Speaker 1: Do they do they get upset at the lack of 344 00:18:26,520 --> 00:18:29,440 Speaker 1: climate focus even though there is a lot there, Boy, 345 00:18:29,480 --> 00:18:32,000 Speaker 1: there is a lot here, And I still want to 346 00:18:32,000 --> 00:18:34,000 Speaker 1: know what they ate if you know, how did they 347 00:18:34,040 --> 00:18:36,239 Speaker 1: prepare the crow Rick and Genie will be with us 348 00:18:36,280 --> 00:18:38,040 Speaker 1: for the rest of the hour. Coming up, we turned 349 00:18:38,040 --> 00:18:40,680 Speaker 1: to Facebook. Charlie Pellett is gonna have the latest on earnings. 350 00:18:41,000 --> 00:18:44,000 Speaker 1: We're going to look ahead to the argument for antitrust. 351 00:18:44,560 --> 00:18:51,000 Speaker 1: Stay with us. I'm Joe Matthew. This is Bloomberg broadcasting 352 00:18:51,040 --> 00:18:56,400 Speaker 1: live from our nation's capital. Bloomberg to New York, Bloomberg eleven, 353 00:18:56,480 --> 00:19:02,639 Speaker 1: Frio to Boston, Bloomberg one to in Francisco, Bloomberg to 354 00:19:02,720 --> 00:19:06,399 Speaker 1: the Country, Serious x M General one and around the 355 00:19:06,440 --> 00:19:10,480 Speaker 1: globe of Bloomberg business app. Then Bloomberg Radio dot com. 356 00:19:10,520 --> 00:19:16,520 Speaker 1: This is Bloomberg snd on with Joe Matthew. The headline 357 00:19:16,520 --> 00:19:20,440 Speaker 1: on the terminal the Facebook papers, social network shaken by 358 00:19:20,520 --> 00:19:25,320 Speaker 1: content user woe. The whole new pile of internal documents 359 00:19:25,359 --> 00:19:29,720 Speaker 1: given to the SEC by the Facebook whistle blower, Francis Howgan, 360 00:19:29,800 --> 00:19:33,080 Speaker 1: and then provided to Congress. Well you know what happens. 361 00:19:33,119 --> 00:19:37,880 Speaker 1: Then they've been obtained by a consorttion of seventeen news organizations. 362 00:19:37,920 --> 00:19:40,920 Speaker 1: You better believe they include Bloomberg. Some of them could 363 00:19:40,960 --> 00:19:43,160 Speaker 1: add to the anti trust war against the company. Will 364 00:19:43,160 --> 00:19:46,240 Speaker 1: talk about it with former Assistant Attorney General for Anti 365 00:19:46,320 --> 00:19:49,159 Speaker 1: trust Bill Bear. It was another day of testimony for 366 00:19:49,160 --> 00:19:53,120 Speaker 1: Francis Howgan, answering questions, this time in Parliament UK, very 367 00:19:53,160 --> 00:19:57,200 Speaker 1: similar to the questions she recently answered on Capitol Hill. 368 00:19:57,960 --> 00:20:00,360 Speaker 1: During my time at Facebook, first working on the lead 369 00:20:00,359 --> 00:20:04,560 Speaker 1: product manager for civic misinformation and later on counter espionage, 370 00:20:05,240 --> 00:20:09,200 Speaker 1: I saw Facebook repeatedly encounter conflicts between its own profits 371 00:20:09,200 --> 00:20:14,080 Speaker 1: and our safety. Facebook consistently resolved these conflicts in favor 372 00:20:14,119 --> 00:20:17,560 Speaker 1: of its own profits. The result has been more division, 373 00:20:18,040 --> 00:20:22,840 Speaker 1: more harm, more lies, more threats, and more combat. That 374 00:20:23,000 --> 00:20:26,879 Speaker 1: was Hagan three weeks ago in a US Senate hearing, 375 00:20:28,040 --> 00:20:30,000 Speaker 1: and the story is deepened. Have you read through this 376 00:20:30,040 --> 00:20:34,160 Speaker 1: stuff on the terminal massive cash of internal documents showing 377 00:20:34,200 --> 00:20:37,560 Speaker 1: employees were concerned about the spread of hate speech leading 378 00:20:37,600 --> 00:20:40,879 Speaker 1: up to January six, never mind in general. And they 379 00:20:40,920 --> 00:20:45,119 Speaker 1: were contradicting in these internal communications, looking at emails, chats, 380 00:20:45,200 --> 00:20:48,960 Speaker 1: contradicting the company's public statements about competition. So we are 381 00:20:49,000 --> 00:20:53,560 Speaker 1: asking will all of this strengthen the antitrust move on Facebook? 382 00:20:53,600 --> 00:20:56,000 Speaker 1: We've already talked about it long before we ever heard 383 00:20:56,640 --> 00:20:59,960 Speaker 1: Francis Howgan with lawmakers on both sides of the aisle 384 00:21:00,080 --> 00:21:02,440 Speaker 1: taking aim at the social network. And we talked about 385 00:21:02,480 --> 00:21:05,960 Speaker 1: it with Bill Bear, former Assistant Attorney General for Anti 386 00:21:05,960 --> 00:21:08,679 Speaker 1: trust and the Obama administration. He's now visiting Fellow in 387 00:21:08,760 --> 00:21:12,360 Speaker 1: Government Studies at the Brookings Institution. Bill, I'm glad you're 388 00:21:12,359 --> 00:21:14,320 Speaker 1: with us. Thank you for joining us. What is your 389 00:21:14,320 --> 00:21:16,280 Speaker 1: take on the greater question here? Does this make it 390 00:21:16,320 --> 00:21:19,800 Speaker 1: more likely that Facebook has broken up or faces more 391 00:21:19,920 --> 00:21:22,720 Speaker 1: strict regulations, or or is all of that inevitable? In 392 00:21:22,720 --> 00:21:27,119 Speaker 1: your view? Joe, this hurts you know, it risks hurting 393 00:21:27,160 --> 00:21:32,040 Speaker 1: their defense to the FTC charges a monopolization. At the 394 00:21:32,119 --> 00:21:35,119 Speaker 1: end of the day, credibility matters. It reminds me of 395 00:21:35,119 --> 00:21:38,280 Speaker 1: that great Marx Brothers line, who are you gonna believe 396 00:21:38,359 --> 00:21:44,320 Speaker 1: me or your own two lives? The Facebook public utterances 397 00:21:45,480 --> 00:21:49,359 Speaker 1: are not matching what these documents revealed they were saying 398 00:21:49,560 --> 00:21:54,800 Speaker 1: in private. That hurts um. Think about company witnesses who 399 00:21:54,800 --> 00:21:58,320 Speaker 1: may be testifying in the FTC trial down the road. 400 00:21:58,480 --> 00:22:01,240 Speaker 1: You know, if if have said one thing in public 401 00:22:01,280 --> 00:22:04,320 Speaker 1: and those private, that affects how the judge is going 402 00:22:04,359 --> 00:22:06,479 Speaker 1: to view what they have to say about whether they 403 00:22:06,480 --> 00:22:10,400 Speaker 1: have market power or not. So if you're making this case. Bill, 404 00:22:11,160 --> 00:22:14,560 Speaker 1: You're just gathering right now, you're gathering documents. You're building 405 00:22:14,600 --> 00:22:16,679 Speaker 1: this case to be greater than it was before this 406 00:22:16,760 --> 00:22:21,760 Speaker 1: all begin correct, And you know this. This does help 407 00:22:21,800 --> 00:22:25,199 Speaker 1: the government, no doubt about it. They've got good lawyers, 408 00:22:25,600 --> 00:22:27,720 Speaker 1: they've got good lobbyists. I don't need to tell you that. 409 00:22:27,880 --> 00:22:31,160 Speaker 1: As they note that hate speech represents well under one 410 00:22:31,200 --> 00:22:34,679 Speaker 1: percent of overall content on the platform and is declining, 411 00:22:35,520 --> 00:22:39,560 Speaker 1: will that matter? Well, you know, the the FTC case 412 00:22:39,760 --> 00:22:43,840 Speaker 1: is going to be less about the quality of the speech, uh, 413 00:22:43,840 --> 00:22:49,159 Speaker 1: and more about whether Facebook has market power monopoly power. 414 00:22:49,320 --> 00:22:52,840 Speaker 1: And while Facebook says people are free to move to 415 00:22:52,920 --> 00:22:56,480 Speaker 1: another platform, the fact of the matter is you're not 416 00:22:56,520 --> 00:23:00,160 Speaker 1: going to move to another platform if, in fact, your 417 00:23:00,200 --> 00:23:04,719 Speaker 1: friends and family are all on Facebook or all on Instagram. Right, 418 00:23:04,920 --> 00:23:07,000 Speaker 1: if you move, you're not gonna be able to talk 419 00:23:07,000 --> 00:23:09,680 Speaker 1: to anybody, it's because they're all still on Facebook. Your 420 00:23:09,720 --> 00:23:12,480 Speaker 1: move only makes sense if everybody else moves. They call 421 00:23:12,560 --> 00:23:18,320 Speaker 1: that network effects. And and right now, Bloomberg has a network. Right, 422 00:23:18,320 --> 00:23:24,200 Speaker 1: excuse Facebook has a network. Facebook, We have a different network, yes, 423 00:23:24,520 --> 00:23:26,959 Speaker 1: but a good one, yes, we like to think. So 424 00:23:27,400 --> 00:23:29,480 Speaker 1: I guess the question I'm ax asking is you know 425 00:23:30,000 --> 00:23:32,600 Speaker 1: these are all human beings working in the FTC bill, 426 00:23:32,640 --> 00:23:36,200 Speaker 1: you know, plenty of them or certainly their their their breed. 427 00:23:36,960 --> 00:23:41,320 Speaker 1: And I wonder if this storyline forget lawmakers. I think 428 00:23:41,320 --> 00:23:43,280 Speaker 1: I know where lawmakers are on this. But does this 429 00:23:43,280 --> 00:23:47,399 Speaker 1: storyline when it comes to the agency create more of 430 00:23:47,440 --> 00:23:49,920 Speaker 1: an urgency to do something about it, even if they're 431 00:23:49,920 --> 00:23:53,960 Speaker 1: not going after the speech aspect? Does this reinforce that 432 00:23:54,080 --> 00:23:59,600 Speaker 1: sort of personal drive to regulate this company as a monopoly. Well, 433 00:23:59,680 --> 00:24:02,760 Speaker 1: I think it does reinforced, as you say, both on 434 00:24:02,800 --> 00:24:06,399 Speaker 1: the Hill and that at the Federal Trade Commission, in 435 00:24:06,440 --> 00:24:14,879 Speaker 1: this sense that this company is both powerful uh and 436 00:24:14,600 --> 00:24:19,119 Speaker 1: and lacking in some degree of credibility, and that uh, 437 00:24:19,280 --> 00:24:23,760 Speaker 1: you know, it reinforces I think what the FTC said 438 00:24:23,760 --> 00:24:27,600 Speaker 1: when it brought its initial complaints later amended uh in 439 00:24:27,680 --> 00:24:32,280 Speaker 1: response to UH to the discord judge, But um, I 440 00:24:32,320 --> 00:24:36,800 Speaker 1: think for the most part, those professionals at the FTC 441 00:24:36,960 --> 00:24:40,560 Speaker 1: and it any trust of vision, their professionals, they focus 442 00:24:40,600 --> 00:24:42,159 Speaker 1: on what they can prove and how they're going to 443 00:24:42,280 --> 00:24:49,040 Speaker 1: prove it. UH. So I don't I don't think this 444 00:24:49,119 --> 00:24:54,280 Speaker 1: is anything but a reinforcement of view that Facebook hasn't 445 00:24:54,960 --> 00:24:59,040 Speaker 1: been quite truthful of the government, or with the lark 446 00:24:59,119 --> 00:25:01,640 Speaker 1: poet or with the This time we'll have a little 447 00:25:01,640 --> 00:25:03,399 Speaker 1: trouble with your line bill, so hopefully it'll hang in 448 00:25:03,400 --> 00:25:06,560 Speaker 1: another minute. I'm just curious what you see as a 449 00:25:07,200 --> 00:25:09,879 Speaker 1: potential outcome here. Are we talking about breaking up the 450 00:25:09,880 --> 00:25:12,960 Speaker 1: company or creating rules of the road for this company? 451 00:25:13,400 --> 00:25:15,439 Speaker 1: It's too early to tell, you know, Facebook has been 452 00:25:15,480 --> 00:25:19,600 Speaker 1: talking about creating rules of the road as an alternative 453 00:25:19,600 --> 00:25:22,640 Speaker 1: path to a breakup. Um, you know, we're gonna ask 454 00:25:22,680 --> 00:25:24,399 Speaker 1: you what the evidence is. I think at the end 455 00:25:24,400 --> 00:25:27,480 Speaker 1: of the day, it is hard to separate outlines of 456 00:25:27,560 --> 00:25:31,600 Speaker 1: commerce that have been integrated, especially in a in a 457 00:25:31,680 --> 00:25:35,040 Speaker 1: high tech platform, So we're gonna have to see where 458 00:25:35,080 --> 00:25:37,720 Speaker 1: that all goes. But at the end of the day, 459 00:25:37,920 --> 00:25:42,320 Speaker 1: I think this does give impetus uh for some sort 460 00:25:42,400 --> 00:25:48,360 Speaker 1: of some form of increased regulation over over Facebook. How 461 00:25:48,359 --> 00:25:50,440 Speaker 1: long does the case like this take in your view, 462 00:25:50,760 --> 00:25:54,320 Speaker 1: well longer than it should And um, this case is 463 00:25:54,359 --> 00:25:58,400 Speaker 1: not set for trial until two thousand and thirteen at 464 00:25:58,400 --> 00:26:01,920 Speaker 1: the earliest, and they'll be appeals to harbor it comes out. 465 00:26:02,359 --> 00:26:04,120 Speaker 1: So we're a long the way away, which is one 466 00:26:04,119 --> 00:26:08,199 Speaker 1: of the reason why lawmakers are thinking of legislating in 467 00:26:08,240 --> 00:26:10,919 Speaker 1: an effort to get more control over this environment than 468 00:26:10,920 --> 00:26:15,199 Speaker 1: they have today. We will not hold our breath, but 469 00:26:15,240 --> 00:26:17,240 Speaker 1: I like the idea of talking to Bill bar again. 470 00:26:17,359 --> 00:26:19,560 Speaker 1: Thank you Bill for being with us. It's great talking 471 00:26:19,560 --> 00:26:22,719 Speaker 1: with an expert who knows what they're talking about. He's 472 00:26:22,760 --> 00:26:25,360 Speaker 1: the former Assistant Attorney General for anti trust. That's why 473 00:26:25,359 --> 00:26:27,879 Speaker 1: he was with us, of course with the Brookings Institution, 474 00:26:28,200 --> 00:26:29,879 Speaker 1: and I want to play this against the panel. We 475 00:26:29,920 --> 00:26:32,879 Speaker 1: will reassemble Rick and Jennie get their take on the 476 00:26:32,960 --> 00:26:35,199 Speaker 1: latest from Facebook, and we'll look ahead with the Virginia 477 00:26:35,240 --> 00:26:37,440 Speaker 1: governor's race. My god, it's just about a week off. 478 00:26:37,720 --> 00:26:44,080 Speaker 1: This is Bloomberg. You're listening to Bloomberg. You sound on 479 00:26:44,560 --> 00:26:50,840 Speaker 1: with Joe Matthew on Bloomberg Radio. As investors obsess over 480 00:26:50,920 --> 00:26:54,560 Speaker 1: Facebook's quarterly finances this evening, as you were just hearing 481 00:26:54,560 --> 00:26:57,919 Speaker 1: from Charlie, we are focused on the anti trust effort 482 00:26:57,960 --> 00:27:00,399 Speaker 1: against the company, a lawsuit by the ft See, and 483 00:27:00,600 --> 00:27:05,840 Speaker 1: a charge on Capitol Hill. Frankly bipartisan, although they're motivated 484 00:27:05,880 --> 00:27:09,720 Speaker 1: by different reasons to regulate the social media company. And 485 00:27:09,720 --> 00:27:11,840 Speaker 1: we reassemble the panel to get the take from Rick 486 00:27:11,880 --> 00:27:16,679 Speaker 1: and Genie Bloomberg Politics contributors Genie Chanzano and Rick Davis. 487 00:27:16,680 --> 00:27:19,320 Speaker 1: We've gone through this before, Genie, certainly after the initial 488 00:27:19,320 --> 00:27:22,120 Speaker 1: Francis how can testimony. But there it seems every time 489 00:27:22,160 --> 00:27:24,160 Speaker 1: you turn around, there's another pile of documents and we're 490 00:27:24,160 --> 00:27:27,359 Speaker 1: looking at more now that, as we discussed with Bill Bear, 491 00:27:27,920 --> 00:27:31,520 Speaker 1: shine a damaging light depending on who you ask on 492 00:27:31,520 --> 00:27:34,520 Speaker 1: on the company, contradicting when it comes to competition, what 493 00:27:34,640 --> 00:27:39,120 Speaker 1: the company is saying publicly, what Zuckerberg is saying to Congress, 494 00:27:39,119 --> 00:27:43,560 Speaker 1: there's a different feel inside Facebook. Does that motivate lawmakers 495 00:27:43,560 --> 00:27:47,199 Speaker 1: and regulators to get something done? It does? And I 496 00:27:47,240 --> 00:27:49,600 Speaker 1: think what's so stunning to all of us as we 497 00:27:49,680 --> 00:27:53,560 Speaker 1: start to sift through this material is not only were 498 00:27:53,600 --> 00:27:56,760 Speaker 1: these calls coming from inside the house, but these data 499 00:27:56,840 --> 00:28:01,240 Speaker 1: scientists who were doing this research were owing the executives 500 00:28:01,280 --> 00:28:05,120 Speaker 1: the extent of the challenges they were facing, the problems. 501 00:28:05,160 --> 00:28:09,040 Speaker 1: This was really good research, This is hard data, and 502 00:28:09,119 --> 00:28:12,040 Speaker 1: yet they didn't, to your point, act on it. And 503 00:28:12,119 --> 00:28:15,639 Speaker 1: worse yet, they continued to suppress it and to speak 504 00:28:15,720 --> 00:28:19,320 Speaker 1: with a another face publicly. And as you were just 505 00:28:19,359 --> 00:28:22,760 Speaker 1: talking about credibility matters and this is going to matter 506 00:28:22,800 --> 00:28:26,119 Speaker 1: to regulators, It's going to matter to legislators, and it 507 00:28:26,240 --> 00:28:30,600 Speaker 1: may even at some point matter to users and their consumers. 508 00:28:30,800 --> 00:28:32,760 Speaker 1: And that is a big problem for Facebook. You know, 509 00:28:32,800 --> 00:28:35,040 Speaker 1: I do a lot of research on political risk. This 510 00:28:35,119 --> 00:28:38,360 Speaker 1: is an internal political risk. They did this to themselves, 511 00:28:38,640 --> 00:28:40,760 Speaker 1: which is the stunning part of this to me. I 512 00:28:40,760 --> 00:28:44,800 Speaker 1: want to hear from Mark Zuckerberg congressional testimony April of 513 00:28:46,000 --> 00:28:48,719 Speaker 1: Here's what he said. I think that it is inevitable 514 00:28:48,720 --> 00:28:51,080 Speaker 1: that there will need to be some regulation. So my 515 00:28:51,160 --> 00:28:53,520 Speaker 1: position is not that there should be no regulation, But 516 00:28:53,720 --> 00:28:55,520 Speaker 1: I also think that you have to be careful about 517 00:28:55,520 --> 00:28:57,920 Speaker 1: what regulation you put in place for a lot of 518 00:28:57,960 --> 00:28:59,680 Speaker 1: the reasons that you're saying. I think a lot of 519 00:28:59,680 --> 00:29:03,120 Speaker 1: times regulation by definition puts in place of rules that 520 00:29:03,280 --> 00:29:06,080 Speaker 1: a company that is larger, that has resources like ours, 521 00:29:06,480 --> 00:29:10,400 Speaker 1: can easily comply with, but that might be more difficult 522 00:29:10,440 --> 00:29:13,920 Speaker 1: for a smaller startup. This is the interesting part here, Rick, 523 00:29:14,080 --> 00:29:18,120 Speaker 1: they're actually asking for it. Typically it doesn't matter who 524 00:29:18,240 --> 00:29:22,480 Speaker 1: who's testifying, Zuckerberg or executives on down the chain, they're 525 00:29:22,520 --> 00:29:28,160 Speaker 1: asking to be regulated. Does that also motivate lawmakers and 526 00:29:28,200 --> 00:29:30,600 Speaker 1: regulators or give them pause to say Hey, gosh, these 527 00:29:30,640 --> 00:29:33,240 Speaker 1: guys are are are are playing a fair game? No, 528 00:29:33,440 --> 00:29:35,880 Speaker 1: I think they see it as a smoke screen. You know, 529 00:29:35,960 --> 00:29:38,560 Speaker 1: the same point he just made about how bigger companies 530 00:29:38,600 --> 00:29:41,640 Speaker 1: can actually deal with regulation better, bigger companies can actually 531 00:29:41,640 --> 00:29:45,520 Speaker 1: avoid regulations can And that's exactly what's happened here. You know, 532 00:29:45,600 --> 00:29:50,040 Speaker 1: their field A lobbyists headed by Joe Kaplan, former Bush 533 00:29:50,160 --> 00:29:53,000 Speaker 1: chief of staff, who heads their public policy globally, has 534 00:29:53,040 --> 00:29:57,120 Speaker 1: done an unbelievable job of fending off congressional attacks. And 535 00:29:57,160 --> 00:30:01,520 Speaker 1: I think this is one area though, where the Republicans 536 00:30:01,520 --> 00:30:05,200 Speaker 1: and Democrats are converging, right, and that is around teen 537 00:30:05,240 --> 00:30:09,920 Speaker 1: mental health and the kind of manipulation of data and 538 00:30:10,200 --> 00:30:13,120 Speaker 1: um and and and the kind of policies that have 539 00:30:13,200 --> 00:30:16,720 Speaker 1: been going on inside of Facebook and many others. I 540 00:30:16,760 --> 00:30:20,720 Speaker 1: mean House Republicans UH put out a letter just this 541 00:30:20,760 --> 00:30:25,240 Speaker 1: week to Snapchat and TikTok and YouTube saying what research 542 00:30:25,280 --> 00:30:28,320 Speaker 1: do you have that we haven't seen on teen mental health? 543 00:30:28,640 --> 00:30:30,280 Speaker 1: So this is going to be a trend that I 544 00:30:30,280 --> 00:30:33,640 Speaker 1: think both Republicans and Democrats are like, will embrace and 545 00:30:33,680 --> 00:30:37,040 Speaker 1: it could be the one common area on tech regulation 546 00:30:37,120 --> 00:30:39,720 Speaker 1: that will get going. And my guess is this is 547 00:30:39,760 --> 00:30:43,760 Speaker 1: not what Zuckerberg had in mind. Well, yeah, Gennie, it's 548 00:30:43,760 --> 00:30:45,440 Speaker 1: not that we don't know the problem. I think we're 549 00:30:45,440 --> 00:30:47,880 Speaker 1: getting a pretty good sense of what the problems are. 550 00:30:47,880 --> 00:30:49,840 Speaker 1: And anybody like me with a teenager in your house, 551 00:30:49,880 --> 00:30:52,120 Speaker 1: well you could have asked me this some time ago. 552 00:30:52,240 --> 00:30:56,360 Speaker 1: But fine, we know the problems. Holgan today in the UK, 553 00:30:56,560 --> 00:31:01,400 Speaker 1: testifying before Parliament, said that the company lacks incentive to 554 00:31:01,560 --> 00:31:05,440 Speaker 1: fix the problems. Is that the real story here, That 555 00:31:05,600 --> 00:31:08,160 Speaker 1: is a huge part of this story, And she said 556 00:31:08,160 --> 00:31:12,200 Speaker 1: when she testified before Congress, the fact is that they 557 00:31:12,240 --> 00:31:16,320 Speaker 1: put profits over safety time and time again. And you know, 558 00:31:16,480 --> 00:31:19,160 Speaker 1: the money, the amount of money, you know, Zuckerberg calling 559 00:31:19,200 --> 00:31:22,280 Speaker 1: for regulation, the amount of money that they have invested. 560 00:31:22,480 --> 00:31:25,720 Speaker 1: Another fascinating part of this story is that so much 561 00:31:25,760 --> 00:31:29,520 Speaker 1: of that over of their budget on that is focused 562 00:31:29,520 --> 00:31:32,280 Speaker 1: on the United States. That leaves you know, about fift 563 00:31:33,000 --> 00:31:35,320 Speaker 1: to the rest of the world. So you know, they 564 00:31:35,400 --> 00:31:38,160 Speaker 1: are going to have to be not just incentivized, but 565 00:31:38,240 --> 00:31:40,040 Speaker 1: there is going to have to be regulation in the 566 00:31:40,120 --> 00:31:43,760 Speaker 1: US and elsewhere. And the challenge and I couldn't agree 567 00:31:43,800 --> 00:31:46,600 Speaker 1: with Rick Moore on this is that you know, he says, 568 00:31:46,600 --> 00:31:48,760 Speaker 1: on the one hand, he wants regulation. This would be 569 00:31:48,800 --> 00:31:51,200 Speaker 1: Mark Zuckerberg, not Rick. And yet on the other hand, 570 00:31:51,520 --> 00:31:54,320 Speaker 1: he he, you know that they're going to try to 571 00:31:54,440 --> 00:31:57,520 Speaker 1: craft that regulation or to help legislators crafted in a 572 00:31:57,560 --> 00:32:00,080 Speaker 1: way that that it works for them. I think what 573 00:32:00,120 --> 00:32:02,400 Speaker 1: we're looking at our laws to protect children. I think 574 00:32:02,480 --> 00:32:05,360 Speaker 1: that we're looking at algorithm protections. And then the big 575 00:32:05,440 --> 00:32:07,320 Speaker 1: question do we see a break up or do we 576 00:32:07,360 --> 00:32:09,800 Speaker 1: see this rules of the road. But as you were 577 00:32:09,840 --> 00:32:11,880 Speaker 1: just talking to Bill bart that's or Bill Barrett, that's 578 00:32:11,880 --> 00:32:14,320 Speaker 1: going to take, you know, several years till we come 579 00:32:14,360 --> 00:32:17,240 Speaker 1: to that point. What does this mean for section to 580 00:32:17,560 --> 00:32:19,640 Speaker 1: thirty Rick is? Does it go away? Are we gonna 581 00:32:19,680 --> 00:32:22,000 Speaker 1: keep talking about it? Oh? I think we're gonna keep 582 00:32:22,040 --> 00:32:24,400 Speaker 1: talking about it. But it is going to get under assault. 583 00:32:24,440 --> 00:32:27,040 Speaker 1: I mean, you know, the folks at the FTC are 584 00:32:27,120 --> 00:32:30,680 Speaker 1: already knee deep into you know, pulling apart the different 585 00:32:30,680 --> 00:32:35,000 Speaker 1: pieces of privacy, hate speech, monopoly, power notice and consent 586 00:32:35,720 --> 00:32:38,800 Speaker 1: uh discrimination. I mean, there are so many issues and 587 00:32:38,840 --> 00:32:40,719 Speaker 1: I think two thirty is right at the core of it. 588 00:32:40,920 --> 00:32:43,600 Speaker 1: There's no question Congress is going to crack that open. 589 00:32:43,800 --> 00:32:47,040 Speaker 1: Whether they have the skill set, you know, the technical 590 00:32:47,080 --> 00:32:50,400 Speaker 1: experts to be able to navigate through this area is 591 00:32:50,440 --> 00:32:53,320 Speaker 1: going to be a challenge for Congress. But uh, it'll 592 00:32:53,360 --> 00:32:55,640 Speaker 1: be interesting to see who acts first. Does the FTC 593 00:32:56,440 --> 00:32:59,040 Speaker 1: actually draw first blood, or as Congress going to actually 594 00:32:59,040 --> 00:33:02,120 Speaker 1: have a chance to get something done before that. Great 595 00:33:02,240 --> 00:33:06,400 Speaker 1: questions and I'm deeply curious to see how this turns out. 596 00:33:06,440 --> 00:33:08,360 Speaker 1: I want to ask you both before we're done about 597 00:33:08,400 --> 00:33:12,960 Speaker 1: the Virginia governor's race. Imagine tomorrow, week from tomorrow, we're 598 00:33:12,960 --> 00:33:17,960 Speaker 1: talking about an election here. Uh, Terry McAuliffe, the Democrat, 599 00:33:18,040 --> 00:33:20,640 Speaker 1: the former governor who's who's running to do this all 600 00:33:20,680 --> 00:33:23,800 Speaker 1: over again against Glenn Young in the Republican brought out 601 00:33:23,800 --> 00:33:26,680 Speaker 1: the big guns. He brought out President Barack Obama, the 602 00:33:26,680 --> 00:33:30,480 Speaker 1: former president, with a big address on the on the 603 00:33:30,520 --> 00:33:35,920 Speaker 1: stump here Virginia Commonwealth University. His comments about the culture 604 00:33:35,920 --> 00:33:39,800 Speaker 1: wars have everyone in a froth. Here's the former president. 605 00:33:40,160 --> 00:33:45,480 Speaker 1: We don't have time to be wasting on these phony, 606 00:33:45,680 --> 00:33:50,040 Speaker 1: trumped up culture wars, this fake outrage that the right 607 00:33:50,040 --> 00:33:53,400 Speaker 1: wing media's pedals to juice their ratings, and the fact 608 00:33:53,400 --> 00:33:55,560 Speaker 1: that he's wanted to go along with it instead of 609 00:33:55,600 --> 00:33:59,440 Speaker 1: talking about serious problems that actually affect serious people. That's 610 00:33:59,440 --> 00:34:03,200 Speaker 1: a shape. That's not what this election is about. That's 611 00:34:03,200 --> 00:34:07,040 Speaker 1: not what you need Virginia. This has been making quite 612 00:34:07,040 --> 00:34:08,759 Speaker 1: a bit of fodder, and I'm sure you guys have 613 00:34:08,880 --> 00:34:13,440 Speaker 1: seen it, particularly among conservative media, calling out Barack Obama 614 00:34:13,520 --> 00:34:16,640 Speaker 1: for being tone deaf. And if you haven't been following this, 615 00:34:17,640 --> 00:34:20,280 Speaker 1: he's referring to a big blow up in Loudon County 616 00:34:20,560 --> 00:34:24,360 Speaker 1: in northern Virginia where the parents are calling for the 617 00:34:24,480 --> 00:34:28,480 Speaker 1: resignation of the Loudon County superintendent in the wake of 618 00:34:28,520 --> 00:34:31,480 Speaker 1: allegations that the school districts covered up a couple of 619 00:34:31,680 --> 00:34:34,560 Speaker 1: alleged sexual assaults. I won't go too deep into this. 620 00:34:34,600 --> 00:34:37,040 Speaker 1: It has to do with bathroom access, but the president's 621 00:34:37,080 --> 00:34:42,120 Speaker 1: referring to arguments about lgbt Q, critical race theory, even 622 00:34:42,239 --> 00:34:47,680 Speaker 1: masking in schools. Genie schools have become a battleground for 623 00:34:47,680 --> 00:34:51,920 Speaker 1: for the culture wars here for political social discourse. Is 624 00:34:51,960 --> 00:34:54,960 Speaker 1: that going to help decide this race? It could, It 625 00:34:55,040 --> 00:34:57,839 Speaker 1: could have a huge impact because of course, what what 626 00:34:57,920 --> 00:34:59,960 Speaker 1: Glenn young Can needs to do is he needs to 627 00:35:00,000 --> 00:35:02,400 Speaker 1: to pull back at least some of these suburbs to 628 00:35:02,520 --> 00:35:04,920 Speaker 1: his side. You know, many of them in Virginia and 629 00:35:04,920 --> 00:35:07,600 Speaker 1: elsewhere around the country. Given over a loss to the 630 00:35:07,600 --> 00:35:10,440 Speaker 1: Democrats in the last few election cycles. He needs to 631 00:35:10,480 --> 00:35:13,879 Speaker 1: pull them back and this issue is one that is 632 00:35:14,080 --> 00:35:17,759 Speaker 1: potentially going to allow him to do that and maybe 633 00:35:18,000 --> 00:35:21,319 Speaker 1: also play in the mid terms across the country. So 634 00:35:21,480 --> 00:35:23,520 Speaker 1: you know, I know that, you know, I would not 635 00:35:23,600 --> 00:35:26,760 Speaker 1: accuse President Obama of being toned deaf by any stretch 636 00:35:26,760 --> 00:35:29,800 Speaker 1: of the imagination. But I do think that this issue 637 00:35:30,040 --> 00:35:33,400 Speaker 1: is a critical one, and Glenn Yuncan has grasped onto it. 638 00:35:33,440 --> 00:35:36,759 Speaker 1: This whole issue of parental choice is something, particularly in 639 00:35:36,760 --> 00:35:40,440 Speaker 1: the context of the pandemic and the vaccination, lgbt Q 640 00:35:40,719 --> 00:35:42,960 Speaker 1: rights and so on and so forth, has become a 641 00:35:43,160 --> 00:35:46,160 Speaker 1: really really hot issue politically at the state and local level. 642 00:35:46,360 --> 00:35:48,080 Speaker 1: Let's make it adds out of it at this point, 643 00:35:48,680 --> 00:35:51,800 Speaker 1: Rick Davis, But how would how would you advise Glenn 644 00:35:51,880 --> 00:35:54,920 Speaker 1: Youngcan just continue to fly above it? You know, Well, 645 00:35:54,960 --> 00:35:56,799 Speaker 1: I don't think he's flying above it. I mean, he's 646 00:35:56,840 --> 00:35:59,839 Speaker 1: made this kind of a centerpiece of his election. I mean, 647 00:35:59,840 --> 00:36:02,400 Speaker 1: he owns the education issue and he took it away 648 00:36:02,400 --> 00:36:06,320 Speaker 1: from Terry mccauliffe. So right now, I think that's actually 649 00:36:06,760 --> 00:36:11,120 Speaker 1: advantage Glenn Yuncan. I haven't don't seen him doing interviews though, 650 00:36:11,360 --> 00:36:14,080 Speaker 1: or like it. Maybe it's out there in the ads 651 00:36:14,120 --> 00:36:17,040 Speaker 1: and so forth. But how how is he just he 652 00:36:17,120 --> 00:36:19,239 Speaker 1: doesn't want to own it personally, He doesn't want to 653 00:36:19,280 --> 00:36:21,560 Speaker 1: be caught in this in a sound bite talking about it. 654 00:36:21,560 --> 00:36:23,319 Speaker 1: How do you how do you slice that? You know? 655 00:36:23,400 --> 00:36:26,080 Speaker 1: I think that there is a huge effort that they 656 00:36:26,120 --> 00:36:29,000 Speaker 1: have in their campaign to try and avoid being tagged 657 00:36:29,040 --> 00:36:31,040 Speaker 1: by it as a Trump guy, because they do know 658 00:36:31,120 --> 00:36:33,120 Speaker 1: Trump is a drag. Right. If you look at the 659 00:36:33,280 --> 00:36:37,480 Speaker 1: state numbers, Biden actually is still significantly more popular than Trump. 660 00:36:37,520 --> 00:36:40,799 Speaker 1: We talk a lot about Biden's dropping popularity. I think 661 00:36:40,800 --> 00:36:42,600 Speaker 1: at the last pole I saw a signal pole, he 662 00:36:42,680 --> 00:36:47,040 Speaker 1: was at uh favorable, but Trump was at forty one percent. 663 00:36:47,480 --> 00:36:50,120 Speaker 1: And so you know, Youncan looks at this and says, wow, 664 00:36:50,160 --> 00:36:52,319 Speaker 1: I gotta stay out of this Trump stuff. And I 665 00:36:52,400 --> 00:36:55,520 Speaker 1: can't talk to a reporter without having them asked me 666 00:36:55,560 --> 00:36:58,000 Speaker 1: about Donald Trump. So I just don't talk to reporters. 667 00:36:58,040 --> 00:37:01,040 Speaker 1: I mean, that is a device that Nie campaigns, none 668 00:37:01,040 --> 00:37:06,359 Speaker 1: that I've ever managed successfully. If I only knew you 669 00:37:06,520 --> 00:37:08,640 Speaker 1: the way I do now. Back in two thousand and eight, 670 00:37:08,719 --> 00:37:12,960 Speaker 1: the phone calls Rick, so many phone calls. So but Genie. 671 00:37:13,000 --> 00:37:15,919 Speaker 1: In this case, I'll throw another layer on this. Everyone says, 672 00:37:15,960 --> 00:37:18,880 Speaker 1: Joe Biden's got to get something done before the election. 673 00:37:18,920 --> 00:37:22,000 Speaker 1: Does that even matter in Virginia? I think it does. 674 00:37:22,000 --> 00:37:24,520 Speaker 1: It would certainly help. And we are telling Glenn Younkin 675 00:37:24,600 --> 00:37:27,279 Speaker 1: to talk to you, Joe Matthew, so you know Rick 676 00:37:27,400 --> 00:37:28,880 Speaker 1: is here. He can talk to the both of you. 677 00:37:29,239 --> 00:37:33,040 Speaker 1: That's right. I'm gonna bring in Rick for cover. Genie Chanzano, 678 00:37:33,160 --> 00:37:36,320 Speaker 1: Rick Davis, our classic panel and both of our Bloomberg 679 00:37:36,320 --> 00:37:38,920 Speaker 1: Politics contributors. Yeah again, we're gonna be talking about an 680 00:37:38,960 --> 00:37:40,840 Speaker 1: election in a week. This is our bread and butter. 681 00:37:41,480 --> 00:37:43,320 Speaker 1: So stay with us. We'll meet you back here tomorrow. 682 00:37:43,360 --> 00:37:45,360 Speaker 1: I'm Joe Matthew. This is Bloomberg