1 00:00:01,480 --> 00:00:06,040 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on 2 00:00:07,160 --> 00:00:10,320 Speaker 1: the negotiations now and underway to finish up the appropriation. 3 00:00:10,400 --> 00:00:13,880 Speaker 1: Though so there's no government shutdown. Vaccine mandates are much 4 00:00:13,880 --> 00:00:15,720 Speaker 1: easier to do at the big level than at the 5 00:00:15,760 --> 00:00:20,160 Speaker 1: federal level. Bloomberg Sound on Politics, Policy and perspective from 6 00:00:20,280 --> 00:00:23,840 Speaker 1: DC's top name. We've seemed some damage to the credibility 7 00:00:24,000 --> 00:00:27,520 Speaker 1: on how early the US did, predicting that in Alabama, Baco, 8 00:00:27,840 --> 00:00:31,920 Speaker 1: the country has moved from a weariness with COVID to 9 00:00:32,040 --> 00:00:34,960 Speaker 1: a resignation and that somehow we're going to get through it. 10 00:00:35,320 --> 00:00:41,240 Speaker 1: Bloomberg Sound on with Joe Matthew on Bloomberg Radio. Another 11 00:00:41,320 --> 00:00:44,040 Speaker 1: name is fed to the news media, giving us a 12 00:00:44,080 --> 00:00:47,839 Speaker 1: better sense of President Biden's vision for the federal Reserve. 13 00:00:48,760 --> 00:00:51,440 Speaker 1: This new talk of COVID relief for small business on 14 00:00:51,520 --> 00:00:55,840 Speaker 1: Capitol Hill is the variant rips through the workforce in 15 00:00:55,920 --> 00:00:58,520 Speaker 1: Washington now prepares to mark one year since the attack 16 00:00:58,560 --> 00:01:01,880 Speaker 1: on the US capital. Welcome to Wednesday and the Fastest 17 00:01:01,880 --> 00:01:04,480 Speaker 1: Hour in Politics. Will have the latest on FED appointments 18 00:01:04,480 --> 00:01:07,479 Speaker 1: and we'll discuss their chances with Joel Lavorgnia, chief economist 19 00:01:07,840 --> 00:01:11,160 Speaker 1: for the America's at Naticks is former chief economist on 20 00:01:11,240 --> 00:01:14,160 Speaker 1: the National Economic Council. He's a man who has been there. 21 00:01:14,160 --> 00:01:18,399 Speaker 1: And later our conversation with Senator Ben Cardon, Democrat from Maryland, 22 00:01:18,400 --> 00:01:21,080 Speaker 1: now under a state of emergency thanks to oh Maicron. 23 00:01:21,480 --> 00:01:24,160 Speaker 1: Cardon was on the Senate floor when rioters breached the 24 00:01:24,240 --> 00:01:27,440 Speaker 1: capitol a year ago. Tomorrow we'll talk to him about it, 25 00:01:27,640 --> 00:01:30,800 Speaker 1: and we have the signature panel today. Bloomberg Politics contributors 26 00:01:30,840 --> 00:01:34,039 Speaker 1: Jeanie Shenzano and Rick Davis are here for the hour video. 27 00:01:34,080 --> 00:01:37,160 Speaker 1: It was a day FED had a lot to do 28 00:01:37,200 --> 00:01:39,039 Speaker 1: with it, as you just heard from Charlie Pallett, and 29 00:01:39,040 --> 00:01:42,080 Speaker 1: if you listen to Bloomberg Radio, you know the shortlist 30 00:01:42,280 --> 00:01:45,720 Speaker 1: already reports would suggest the White House now is about 31 00:01:45,720 --> 00:01:48,200 Speaker 1: ready to make some announcements to fill the three remaining 32 00:01:48,200 --> 00:01:51,720 Speaker 1: empty seats on the Federal Reserve. Bloomberg Now reporting former 33 00:01:51,720 --> 00:01:54,520 Speaker 1: Fed Governor Sarah bloom Raskin is a leading contender for 34 00:01:54,520 --> 00:01:57,480 Speaker 1: the supervisory role. We already told you this week about 35 00:01:57,480 --> 00:02:00,440 Speaker 1: Philip Jefferson that broke during the broadcast on Monday, would 36 00:02:00,440 --> 00:02:02,760 Speaker 1: be only the fourth black man to be a Fed 37 00:02:02,800 --> 00:02:06,760 Speaker 1: governor in over a hundred years, and now the Washington 38 00:02:06,840 --> 00:02:09,959 Speaker 1: Post is reporting that economist Lisa Cook, let's seeing that 39 00:02:10,080 --> 00:02:12,440 Speaker 1: name on the shortlist, will be named to the remaining seats. 40 00:02:12,480 --> 00:02:17,200 Speaker 1: So that would be the three okay, potentially fulfilling the 41 00:02:17,320 --> 00:02:20,920 Speaker 1: vision that President Biden describes. Gosh, it was before Thanksgiving 42 00:02:21,000 --> 00:02:24,360 Speaker 1: late November when he announced nominations for j. Powell and 43 00:02:24,480 --> 00:02:27,600 Speaker 1: Lal Brainer to their posts. This was Joe Biden on 44 00:02:27,720 --> 00:02:33,440 Speaker 1: that day. Jay and Leo bring continuity, stability to fit. 45 00:02:34,320 --> 00:02:37,880 Speaker 1: My additions will bring new perspectives and new voices. I 46 00:02:37,880 --> 00:02:41,080 Speaker 1: also pledged that my additions will bring new diversity to 47 00:02:41,160 --> 00:02:46,919 Speaker 1: the FED. These three Bloom, Raskin, Jefferson, and Cook would 48 00:02:46,919 --> 00:02:49,680 Speaker 1: make good on that view. And they have been in 49 00:02:49,680 --> 00:02:52,320 Speaker 1: the mix since the start. If you watch the story 50 00:02:52,360 --> 00:02:55,000 Speaker 1: going back, they've been on a lot of shortlists, suggesting 51 00:02:56,000 --> 00:02:58,240 Speaker 1: that lawmakers have had time at leased, their staff have 52 00:02:58,320 --> 00:03:01,000 Speaker 1: had time to consider how confirmation hearings might go. And 53 00:03:01,000 --> 00:03:02,880 Speaker 1: that's where we want to start with. Joe Lavourn, your 54 00:03:02,919 --> 00:03:06,040 Speaker 1: chief economist of the America's at NATICKS as former chief 55 00:03:06,040 --> 00:03:09,440 Speaker 1: economist on the White House National Economic Council. It's great 56 00:03:09,440 --> 00:03:11,640 Speaker 1: to have you back, Joe. We reviewed these three names, 57 00:03:11,680 --> 00:03:13,920 Speaker 1: among others last week when we talked about this, and 58 00:03:13,919 --> 00:03:16,120 Speaker 1: I'd like to pick through them a little bit with 59 00:03:16,160 --> 00:03:18,200 Speaker 1: you here. Sarah blom Raskin is the big one, right, 60 00:03:18,280 --> 00:03:21,799 Speaker 1: that's the nod to Elizabeth Warren. Other progressives want to 61 00:03:21,840 --> 00:03:27,800 Speaker 1: see the FED leaning the climate change. Can she be confirmed? Oh? Well, yes, 62 00:03:27,880 --> 00:03:32,640 Speaker 1: I would say that. I mean, the the Democrats have 63 00:03:32,880 --> 00:03:35,640 Speaker 1: to have the votes if the vice president cast of 64 00:03:35,720 --> 00:03:40,080 Speaker 1: deciding voto. Don't necessarily think it will come to that. Uh, Sarah, 65 00:03:40,200 --> 00:03:42,440 Speaker 1: The fact that she was a FED governor is going 66 00:03:42,480 --> 00:03:45,920 Speaker 1: to help, the fact that she might have going a 67 00:03:45,960 --> 00:03:48,600 Speaker 1: little bit much more to the progressive side will hurt 68 00:03:48,640 --> 00:03:52,720 Speaker 1: perhaps some of the more center center leading senators on 69 00:03:52,760 --> 00:03:54,480 Speaker 1: both sides of the aisle. But but my guess is 70 00:03:54,520 --> 00:03:57,520 Speaker 1: she'll be confirmed. How about the other two names we 71 00:03:57,560 --> 00:04:01,800 Speaker 1: had spoken about Lisa Cook, We we got Jefferson, Uh 72 00:04:02,080 --> 00:04:04,040 Speaker 1: dropped just what was Monday? I guess it was two 73 00:04:04,080 --> 00:04:07,960 Speaker 1: days ago, as Philip Jefferson was reported by Bloomberg to 74 00:04:08,080 --> 00:04:11,000 Speaker 1: be the The third name is is this kind of 75 00:04:11,040 --> 00:04:13,040 Speaker 1: the picture that you had in mind, Joe when when 76 00:04:13,040 --> 00:04:17,200 Speaker 1: the President was talking about this in November? I guess 77 00:04:17,240 --> 00:04:19,440 Speaker 1: sort of. I mean, I'm kind of an optimist and I, 78 00:04:19,720 --> 00:04:22,200 Speaker 1: you know, you do need different voices and views and 79 00:04:22,279 --> 00:04:25,839 Speaker 1: people with different perspectives. I've been arguing, I just would 80 00:04:25,920 --> 00:04:29,919 Speaker 1: like to see the administration pick more people from industry. 81 00:04:30,000 --> 00:04:34,599 Speaker 1: I feel as if we have too many um public 82 00:04:34,680 --> 00:04:37,600 Speaker 1: sector or academissions on the board. This is a criticism 83 00:04:37,640 --> 00:04:40,000 Speaker 1: about the way I leveled I've leveled against the FED 84 00:04:40,040 --> 00:04:42,400 Speaker 1: for for for a long time. This isn't specific to 85 00:04:42,440 --> 00:04:46,080 Speaker 1: the Biden administration understood. I just wish there was more 86 00:04:46,120 --> 00:04:49,520 Speaker 1: private sector experience. I mean, you certainly could find people 87 00:04:49,560 --> 00:04:52,479 Speaker 1: on the private sector that have a similar viewpoint or 88 00:04:52,520 --> 00:04:55,919 Speaker 1: similar thought process to what the administration wants to have happened. 89 00:04:56,360 --> 00:04:58,599 Speaker 1: I will say on the climate change, that to me 90 00:04:58,680 --> 00:05:03,800 Speaker 1: seems like it's really that's less not to the central Bank. UH. 91 00:05:03,880 --> 00:05:05,919 Speaker 1: I was always taught and I still believe this truly 92 00:05:05,960 --> 00:05:08,400 Speaker 1: to be the case, that monetary policy is a very 93 00:05:08,440 --> 00:05:12,680 Speaker 1: blunt tool, and when the said goes past its mandate, 94 00:05:12,720 --> 00:05:16,760 Speaker 1: it really is going to be difficult to UH, to 95 00:05:17,120 --> 00:05:19,320 Speaker 1: affect the change that you want to have happen. You 96 00:05:19,360 --> 00:05:21,560 Speaker 1: lose credibility in the process. So, well, it looks like 97 00:05:21,600 --> 00:05:23,440 Speaker 1: we're going there, Joe, So what does that what does 98 00:05:23,480 --> 00:05:26,200 Speaker 1: that world look like, now that you know UH some 99 00:05:26,320 --> 00:05:29,640 Speaker 1: names here and specifically Sarah Bloom Raskin in the supervisory role, 100 00:05:29,680 --> 00:05:31,960 Speaker 1: what does that mean for banks in the future. Yeah, 101 00:05:32,040 --> 00:05:34,839 Speaker 1: I mean, look that the certainly it's going to be 102 00:05:34,880 --> 00:05:36,919 Speaker 1: a much less of a light touch. It's gonna be 103 00:05:36,920 --> 00:05:40,640 Speaker 1: a more heavy handed regulatory approach. But here's the key thing. 104 00:05:41,400 --> 00:05:44,200 Speaker 1: J Powell has has talked, he's addressed the issue of 105 00:05:44,240 --> 00:05:46,799 Speaker 1: climate and to the extent to said could be involved 106 00:05:47,240 --> 00:05:50,520 Speaker 1: in helping the matter. The said will be Leo Brainer 107 00:05:50,680 --> 00:05:53,480 Speaker 1: had that role works very closely with J and UH 108 00:05:53,839 --> 00:05:56,880 Speaker 1: that they by all accounts, work very well together. So 109 00:05:56,920 --> 00:05:59,400 Speaker 1: I think those are sort of the two key people, 110 00:06:00,080 --> 00:06:02,359 Speaker 1: and UH and Sarah having been there before, knows how 111 00:06:02,440 --> 00:06:05,160 Speaker 1: the institution works. The others will come in and it's 112 00:06:05,160 --> 00:06:06,880 Speaker 1: probably going to be a bit of a learning curve. 113 00:06:06,960 --> 00:06:10,640 Speaker 1: But look, the committee definitely will be more dubbish. But 114 00:06:10,760 --> 00:06:13,000 Speaker 1: until they're there and start voting, it's really hard to 115 00:06:13,040 --> 00:06:14,720 Speaker 1: say what they're gonna do. But my guess is they 116 00:06:14,720 --> 00:06:16,440 Speaker 1: will be more dubbish, meaning they're not going to be 117 00:06:16,480 --> 00:06:19,359 Speaker 1: hawks on interest rates. That's right, Well, that's I guess 118 00:06:19,440 --> 00:06:21,799 Speaker 1: that's the next question here. As we see minutes today 119 00:06:21,839 --> 00:06:25,200 Speaker 1: suggesting that you know, some members of the FED wanted 120 00:06:25,240 --> 00:06:29,000 Speaker 1: to see more hikes sooner. If you step back and 121 00:06:29,040 --> 00:06:30,719 Speaker 1: look at this, I'm if I'm reading you right, you 122 00:06:30,760 --> 00:06:35,200 Speaker 1: think Lisa Cook, Philip Jefferson also are confirmed because Democrats 123 00:06:35,240 --> 00:06:37,400 Speaker 1: will do what they need to do to make this happen. 124 00:06:37,839 --> 00:06:40,479 Speaker 1: If that's the way this panel looks, that's the team 125 00:06:40,520 --> 00:06:43,440 Speaker 1: the president is putting in place here to fight inflation, 126 00:06:43,520 --> 00:06:45,880 Speaker 1: which I keep hearing is the number one issue for 127 00:06:45,960 --> 00:06:48,960 Speaker 1: voters in the midterm election year. So how does that 128 00:06:49,000 --> 00:06:51,520 Speaker 1: come out on the other end? So I have a 129 00:06:51,640 --> 00:06:54,480 Speaker 1: very different non consensus to you. I mean inflation is 130 00:06:54,520 --> 00:06:57,520 Speaker 1: a problem and the price level will stay high, meaning 131 00:06:57,520 --> 00:06:59,720 Speaker 1: inflation is not We're not going to have prices going 132 00:06:59,760 --> 00:07:02,480 Speaker 1: now getive. But what it means is if the economy 133 00:07:02,560 --> 00:07:04,760 Speaker 1: is as soft as I expect it will be this year, 134 00:07:04,800 --> 00:07:06,880 Speaker 1: So the FED c S G D P S four 135 00:07:07,360 --> 00:07:10,280 Speaker 1: my best guesses it's too inflation is not going to 136 00:07:10,320 --> 00:07:12,040 Speaker 1: be a problem. Even that people are gonna be more 137 00:07:12,040 --> 00:07:14,880 Speaker 1: worried about the job market and the lack of income growth, 138 00:07:15,160 --> 00:07:18,680 Speaker 1: Inflation will moderate. And it's that type of backdrop where 139 00:07:18,680 --> 00:07:21,080 Speaker 1: I just don't see the FED being able to be 140 00:07:21,120 --> 00:07:24,080 Speaker 1: aggressive and think that said actually will will not raise 141 00:07:24,200 --> 00:07:26,559 Speaker 1: race this year because of the pay back and growth 142 00:07:26,600 --> 00:07:31,480 Speaker 1: if you will, from what was artificial but strong the 143 00:07:31,560 --> 00:07:34,880 Speaker 1: perception being reality and politics. Then the Federal Reserve gets 144 00:07:34,880 --> 00:07:37,560 Speaker 1: credit for beating inflation? Right? Does that end up being 145 00:07:38,120 --> 00:07:42,000 Speaker 1: a claim that Joe Biden makes late this year. The 146 00:07:42,080 --> 00:07:44,080 Speaker 1: problem with the I mean the FAID. The irony is 147 00:07:44,120 --> 00:07:48,040 Speaker 1: the FED. The power pivot occurred probably right as inflation speaking, 148 00:07:48,120 --> 00:07:49,720 Speaker 1: so I'm not really sure that Fed's going to get 149 00:07:49,760 --> 00:07:52,000 Speaker 1: a lot of credit for it. In the bond market, 150 00:07:52,040 --> 00:07:54,080 Speaker 1: you know, it's just long rates are still very low, 151 00:07:54,560 --> 00:07:57,880 Speaker 1: the yield curve until very recently has been flattening. The dollars. 152 00:07:57,920 --> 00:08:01,480 Speaker 1: Strong gold is week. It really is an inflation credibility 153 00:08:01,520 --> 00:08:03,360 Speaker 1: problem in the market. The market thinks that that is 154 00:08:03,360 --> 00:08:07,320 Speaker 1: going to be too aggressive, and honestly, based on today's minute, 155 00:08:07,520 --> 00:08:10,280 Speaker 1: that goes this route of balance sheet reduction in addition 156 00:08:10,280 --> 00:08:12,880 Speaker 1: to ray hikes, we're gonna have a very tough year 157 00:08:12,920 --> 00:08:17,880 Speaker 1: for risky assets. Joelifornia, you talk about a potential downturn 158 00:08:17,960 --> 00:08:20,160 Speaker 1: or continued weakness at least in the labor market as 159 00:08:20,160 --> 00:08:23,000 Speaker 1: we look into next year. There's talk now on capitol 160 00:08:23,080 --> 00:08:26,080 Speaker 1: Hill about another relief bill. This would be aimed specifically 161 00:08:26,120 --> 00:08:28,760 Speaker 1: at small business and even more specifically at the restaurant 162 00:08:28,800 --> 00:08:31,800 Speaker 1: industry and a lot of instances restaurants that never got 163 00:08:31,840 --> 00:08:35,520 Speaker 1: the funding they were due or promised at least last March. 164 00:08:35,640 --> 00:08:38,439 Speaker 1: Is the time right for that? Can that pass? Capitol Hill? 165 00:08:39,520 --> 00:08:41,439 Speaker 1: I'm not sure. I mean, I think there are issues 166 00:08:41,440 --> 00:08:43,560 Speaker 1: in the past about a certain I think that one 167 00:08:43,600 --> 00:08:45,360 Speaker 1: of the reasons why it didn't pass is there was 168 00:08:45,440 --> 00:08:48,720 Speaker 1: like preferential treatment for certain types of businesses within the 169 00:08:48,760 --> 00:08:51,640 Speaker 1: restaurant space. I mean, look, it seems to me that 170 00:08:52,440 --> 00:08:54,960 Speaker 1: this was really partly about the medicine catching up with 171 00:08:55,000 --> 00:08:58,280 Speaker 1: the virus and hopefully as we maybe soon enter into 172 00:08:58,280 --> 00:09:01,320 Speaker 1: an endemic space from the pandemic phase, that will do 173 00:09:01,400 --> 00:09:03,839 Speaker 1: more than anything in terms of getting the economy more 174 00:09:03,880 --> 00:09:06,880 Speaker 1: operational and getting people less worried about getting sick and 175 00:09:06,920 --> 00:09:08,880 Speaker 1: all the negative things that could come with that. Well, 176 00:09:08,880 --> 00:09:10,920 Speaker 1: you've got a d N and R here. Senator Ben Carton, 177 00:09:10,920 --> 00:09:13,160 Speaker 1: who's going to join us at the bottom of this hour, 178 00:09:13,240 --> 00:09:16,800 Speaker 1: Democrat from Maryland, along with Roger Wick, a Republican from Mississippi, 179 00:09:16,920 --> 00:09:19,520 Speaker 1: or talking about this sixty eight billion dollars if it's 180 00:09:19,559 --> 00:09:22,280 Speaker 1: not that Joe. Is there a move on Capitol Hill, 181 00:09:22,400 --> 00:09:24,880 Speaker 1: especially if build back Better doesn't seem to be going 182 00:09:24,880 --> 00:09:28,319 Speaker 1: anywhere to get some other round a stimulus going to 183 00:09:28,480 --> 00:09:31,960 Speaker 1: workers or two employers. If if oh Macron continues to 184 00:09:32,000 --> 00:09:34,880 Speaker 1: go in this direction, I don't think we need we 185 00:09:34,880 --> 00:09:36,680 Speaker 1: we don't. I don't think we need any more stimulus. 186 00:09:36,760 --> 00:09:38,920 Speaker 1: I didn't think we needed the stimulus lash year, and 187 00:09:38,920 --> 00:09:40,960 Speaker 1: I think the stimulus last year is the reason why 188 00:09:41,000 --> 00:09:44,520 Speaker 1: the the efflation rate went up so much. And the 189 00:09:44,559 --> 00:09:46,840 Speaker 1: fact that we're going to have a pull forward and growth, 190 00:09:46,920 --> 00:09:48,800 Speaker 1: there's going to be a reason why the economy is 191 00:09:48,800 --> 00:09:51,280 Speaker 1: going to be a lot weaker this year. What troubles 192 00:09:51,360 --> 00:09:53,400 Speaker 1: me that's not going to happen is I just don't 193 00:09:53,400 --> 00:09:56,440 Speaker 1: think some of the things administrations doing makes sense, you know, 194 00:09:56,520 --> 00:09:59,560 Speaker 1: looking into you know, price gouging on energy or price 195 00:09:59,640 --> 00:10:02,520 Speaker 1: gouge for locative better term with the neat industry that 196 00:10:02,559 --> 00:10:04,760 Speaker 1: the Wall Street Journal ran a peace on earlier this week, 197 00:10:04,800 --> 00:10:07,760 Speaker 1: I mean their supply distructions, some of which we can't 198 00:10:07,800 --> 00:10:11,080 Speaker 1: deal with. We can't help deal with because it's coming 199 00:10:11,120 --> 00:10:14,679 Speaker 1: from Asia. Places like China have had a zero COVID policy, 200 00:10:14,720 --> 00:10:17,280 Speaker 1: so that's caused some strains in the system, but certainly 201 00:10:17,320 --> 00:10:20,360 Speaker 1: over regulating and blaming business for things that are outside 202 00:10:20,360 --> 00:10:24,000 Speaker 1: their control doesn't help. So I would pursue a much 203 00:10:24,000 --> 00:10:28,240 Speaker 1: more pro growth practical approach to these issues. We talked 204 00:10:28,240 --> 00:10:31,280 Speaker 1: about the attack on big protein. We talked about the 205 00:10:31,320 --> 00:10:34,520 Speaker 1: attack on big protein here on the broadcast earlier. Uh 206 00:10:34,559 --> 00:10:37,840 Speaker 1: this week, Joe, which I say, a tongue firmly planted 207 00:10:37,880 --> 00:10:40,720 Speaker 1: in cheek. But this has become a series of events, 208 00:10:40,760 --> 00:10:42,760 Speaker 1: a series of announcements from this White House trying to 209 00:10:42,760 --> 00:10:45,800 Speaker 1: get the arms around inflation that industry keeps turning back 210 00:10:45,840 --> 00:10:48,600 Speaker 1: to say, no, it's called a labor shortage. It's called COVID. 211 00:10:49,240 --> 00:10:51,400 Speaker 1: You're Joe Lavournia is saying that that's going to work 212 00:10:51,400 --> 00:10:55,040 Speaker 1: itself out toward the end of this year. Well, I mean, look, uh, 213 00:10:55,200 --> 00:10:57,760 Speaker 1: Larry Summers, who you know, I don't agree with everything 214 00:10:57,840 --> 00:11:01,959 Speaker 1: Larry says. By any Larry, even Larry even mentioned that, 215 00:11:02,360 --> 00:11:04,640 Speaker 1: uh recently that you know, using the f PC and 216 00:11:05,200 --> 00:11:09,720 Speaker 1: fight instlation is the same. Joelifornia, the six is Chief 217 00:11:09,720 --> 00:11:12,040 Speaker 1: Economists of the America's Joe. It's great to have you back. 218 00:11:12,480 --> 00:11:14,480 Speaker 1: Always wish we had more time, and we assembled the 219 00:11:14,480 --> 00:11:16,960 Speaker 1: panel next, Rick and Genie with us for the hour 220 00:11:17,360 --> 00:11:20,400 Speaker 1: only on sound On. I'm Joe Matthew. This is Bloomberg. 221 00:11:23,080 --> 00:11:26,920 Speaker 1: You're listening to Bloomberg. You sound on with Joe Matthew 222 00:11:27,240 --> 00:11:31,800 Speaker 1: on Bloomberg Radio. I want to be clear about the 223 00:11:31,840 --> 00:11:34,720 Speaker 1: open seats on the Federal Reserve we were just talking 224 00:11:34,760 --> 00:11:37,679 Speaker 1: about with Joe Lafornia. These have not been announced yet. 225 00:11:38,559 --> 00:11:42,640 Speaker 1: This is sourced reporting from Bloomberg News and some others. 226 00:11:42,679 --> 00:11:46,120 Speaker 1: And well, we're now halfway through the week. Tomorrow is 227 00:11:46,200 --> 00:11:49,200 Speaker 1: January six. I'm assuming we're not getting announcements then, so 228 00:11:49,240 --> 00:11:53,920 Speaker 1: maybe something official on Friday. Maybe we wait another week, 229 00:11:54,040 --> 00:11:55,920 Speaker 1: let's ask Rick and Genie. As we turned to the 230 00:11:55,920 --> 00:12:01,040 Speaker 1: panel Bloomberg Politics contributors Jeanie Chantano and Rick Dave us. Uh, 231 00:12:01,120 --> 00:12:03,760 Speaker 1: we're not going to spend too much time on this today, Jennie, 232 00:12:03,760 --> 00:12:05,760 Speaker 1: and we will eventually get a real announcement. But I 233 00:12:05,800 --> 00:12:08,880 Speaker 1: wonder if Sarah bloom Raskin rounds out the trio here 234 00:12:09,520 --> 00:12:11,920 Speaker 1: that we envisioned when we talked about this last week. 235 00:12:12,040 --> 00:12:14,560 Speaker 1: Is this going to work for the Biden administration and 236 00:12:14,640 --> 00:12:19,000 Speaker 1: it's future fed It really does match and meet what 237 00:12:19,200 --> 00:12:22,760 Speaker 1: the President promised. I mean he talked about the continuity 238 00:12:22,840 --> 00:12:26,240 Speaker 1: with his first two announcements and these three he talked 239 00:12:26,280 --> 00:12:31,080 Speaker 1: about diversity of opinion and perspective, and diversity in terms 240 00:12:31,080 --> 00:12:34,880 Speaker 1: of race and ethnicity and gender. So he is doing 241 00:12:34,920 --> 00:12:38,080 Speaker 1: what he said. I thought the conversation with Joe was 242 00:12:38,120 --> 00:12:42,000 Speaker 1: fascinating because the point he raised about whether the FED 243 00:12:42,240 --> 00:12:46,960 Speaker 1: is going past its mandate on things like potentially climate change. 244 00:12:47,320 --> 00:12:50,400 Speaker 1: I think there and I hope there's a robust conversation 245 00:12:50,440 --> 00:12:54,760 Speaker 1: about that if somebody like Raskin, who is a great nominee, 246 00:12:54,920 --> 00:12:58,440 Speaker 1: but if she's indeed named, if they have a you know, 247 00:12:58,520 --> 00:13:02,960 Speaker 1: a real robust versation about what the mandate of the 248 00:13:02,960 --> 00:13:06,040 Speaker 1: FED should be visa VI something like climate changel well 249 00:13:06,040 --> 00:13:09,440 Speaker 1: that's what confirmation hearings are for. Right right, we see 250 00:13:09,559 --> 00:13:12,600 Speaker 1: uh Shared Brown, the chair of Senate Banking Committees, as 251 00:13:12,600 --> 00:13:15,720 Speaker 1: he expects an announcement next couple of days. He called 252 00:13:15,720 --> 00:13:19,839 Speaker 1: the pick terrific on regulation and on climate change. You're 253 00:13:19,840 --> 00:13:23,120 Speaker 1: assuming all these pass, Rick Davis, Yeah, I think that 254 00:13:23,440 --> 00:13:26,520 Speaker 1: generally speaking, they're gonna They're gonna pass the threshold of 255 00:13:26,600 --> 00:13:29,600 Speaker 1: what the Democrats want. I think you could have some 256 00:13:29,760 --> 00:13:33,760 Speaker 1: issues with Mansion over the climate mandate and what that means. 257 00:13:33,840 --> 00:13:36,920 Speaker 1: And I'm sure he'll elicit as many commitments as he 258 00:13:36,960 --> 00:13:41,680 Speaker 1: can that any discussion about climate doesn't include coal, which 259 00:13:41,880 --> 00:13:45,439 Speaker 1: is crazy. But um yeah, I think that this administration 260 00:13:45,520 --> 00:13:47,480 Speaker 1: has the votes to get it passed as long as 261 00:13:47,480 --> 00:13:50,480 Speaker 1: they don't have any Democrats that flee on them. And 262 00:13:50,520 --> 00:13:53,400 Speaker 1: I can't imagine these are the the people that they're 263 00:13:53,440 --> 00:13:57,080 Speaker 1: gonna have problems with. I suspect an announcement. Rick, You've 264 00:13:57,080 --> 00:13:58,920 Speaker 1: been down this road before. You can't You're not gonna 265 00:13:58,960 --> 00:14:00,720 Speaker 1: do that the six of jan. You worry with everything 266 00:14:00,760 --> 00:14:03,320 Speaker 1: happening tomorrow, and you probably don't want to bury it 267 00:14:03,360 --> 00:14:05,280 Speaker 1: on a Friday. When do we hear about these? Finally, 268 00:14:06,160 --> 00:14:11,760 Speaker 1: I've quit, uh prognosticating on administration appointments. This This was 269 00:14:11,800 --> 00:14:14,240 Speaker 1: supposed to be done two months ago. Uh, and I 270 00:14:14,240 --> 00:14:16,840 Speaker 1: would have looked pretty foolish kicking it week after week 271 00:14:16,880 --> 00:14:19,480 Speaker 1: after weeks. So Joe, I'm not not gonna take debate 272 00:14:19,520 --> 00:14:22,000 Speaker 1: on that one. Does it matter, Gennie, when this is 273 00:14:22,080 --> 00:14:25,600 Speaker 1: made official, Wall Street would kind of like to know, Gosh, 274 00:14:25,640 --> 00:14:28,200 Speaker 1: I hope it's soon. It's it's been a long time coming. 275 00:14:28,200 --> 00:14:30,200 Speaker 1: And as you mentioned, shared Brown said, he said in 276 00:14:30,200 --> 00:14:31,960 Speaker 1: the next couple of days. But to your point, you 277 00:14:32,000 --> 00:14:34,760 Speaker 1: can't do it January six. Really, at least you shouldn't. 278 00:14:35,080 --> 00:14:38,480 Speaker 1: And on Friday, those used to be quiet newsdays. Maybe 279 00:14:38,520 --> 00:14:41,520 Speaker 1: not so much anymore, true enough, but definitely I think 280 00:14:41,520 --> 00:14:44,640 Speaker 1: we should hear something at least by Monday. We'll talk 281 00:14:44,680 --> 00:14:47,200 Speaker 1: about January six a lot more later on this hour, 282 00:14:47,240 --> 00:14:49,800 Speaker 1: and we're gonna be sitting down with so to speak, 283 00:14:50,080 --> 00:14:53,160 Speaker 1: virtually at least Senator Ben Cardon coming up in about 284 00:14:53,200 --> 00:14:55,480 Speaker 1: ten minutes, who will have some thoughts for us on that. 285 00:14:55,560 --> 00:14:58,760 Speaker 1: It's interesting. Ben Cardon happens to be as well chair 286 00:14:58,800 --> 00:15:01,160 Speaker 1: of the Small Business Committee, and he's one of two 287 00:15:01,160 --> 00:15:04,200 Speaker 1: senators who I mentioned putting up this This idea is 288 00:15:04,240 --> 00:15:07,000 Speaker 1: that read on the terminal floating a new COVID relief 289 00:15:07,040 --> 00:15:09,800 Speaker 1: bill for the restaurant industry. It would be billions of dollars. 290 00:15:09,880 --> 00:15:12,480 Speaker 1: Rick Davis, is it good politics? You know? I think 291 00:15:12,480 --> 00:15:16,120 Speaker 1: it's good politics. I mean, I'm not sure it's good policy. Um. 292 00:15:16,240 --> 00:15:21,280 Speaker 1: And obviously what's foremost on everybody's mind right now is 293 00:15:21,320 --> 00:15:25,080 Speaker 1: the current spike in COVID O Macron and and and 294 00:15:25,120 --> 00:15:29,280 Speaker 1: so talking about that and offering government assistance is good politics. 295 00:15:29,360 --> 00:15:32,080 Speaker 1: That the downside is if this does burn through quickly 296 00:15:32,560 --> 00:15:34,760 Speaker 1: and we've got a bill going on, you know, two 297 00:15:34,840 --> 00:15:37,560 Speaker 1: months from now, and people are more worried about inflation 298 00:15:37,560 --> 00:15:40,720 Speaker 1: than they are fighting COVID. Uh, this could actually turn 299 00:15:40,800 --> 00:15:44,160 Speaker 1: out to be a bit of a problem for those guys. Well, 300 00:15:44,160 --> 00:15:46,160 Speaker 1: I ask you that because you've talked about the idea 301 00:15:46,200 --> 00:15:49,080 Speaker 1: of maybe a broader stimulus that could come up uh 302 00:15:49,120 --> 00:15:51,200 Speaker 1: in Congress this year. Is this the type of thing 303 00:15:51,200 --> 00:15:53,320 Speaker 1: you had in mind? Or is this too narrow? Yeah? 304 00:15:53,320 --> 00:15:54,840 Speaker 1: I think it's got to be part of like a 305 00:15:54,880 --> 00:15:58,760 Speaker 1: big omnibus package. It includes you know, federal spending that 306 00:15:58,960 --> 00:16:01,320 Speaker 1: can they get the pro rations done? Probably not, So 307 00:16:01,400 --> 00:16:05,960 Speaker 1: throw it all into one big package, avoid a another 308 00:16:06,440 --> 00:16:09,920 Speaker 1: continuing resolution that just sets into stone another year of 309 00:16:10,000 --> 00:16:13,720 Speaker 1: the Trump administration. Spending priorities can't imagine that's something they 310 00:16:13,720 --> 00:16:16,800 Speaker 1: want and uh and so sure, Yeah, they can target 311 00:16:16,840 --> 00:16:21,359 Speaker 1: certain sectors that are consistently getting hurt and including uh, 312 00:16:21,400 --> 00:16:25,040 Speaker 1: you know, the employment sector, which although numbers are starting 313 00:16:25,040 --> 00:16:26,760 Speaker 1: to look better, there are still a lot of people 314 00:16:26,760 --> 00:16:29,120 Speaker 1: who could use that support. We don't have a price 315 00:16:29,160 --> 00:16:32,920 Speaker 1: tag on it other than tens of billions, genie, but 316 00:16:33,040 --> 00:16:35,720 Speaker 1: could could you build support for something like this now, 317 00:16:35,760 --> 00:16:38,360 Speaker 1: after what we saw with build back better, for instance, 318 00:16:39,600 --> 00:16:42,200 Speaker 1: I think you can build support for it. I do 319 00:16:42,360 --> 00:16:45,480 Speaker 1: think it's something they should be considering, but I also 320 00:16:45,560 --> 00:16:48,320 Speaker 1: think they have to take lessons. For instance, there's still 321 00:16:48,360 --> 00:16:50,840 Speaker 1: a lot of questions out there about where all the 322 00:16:50,920 --> 00:16:53,720 Speaker 1: money that went to the airlines, which most of us 323 00:16:53,760 --> 00:16:57,120 Speaker 1: agree was important, but there's also been questions about how 324 00:16:57,200 --> 00:16:59,840 Speaker 1: it was used and how. For instance, just over the 325 00:17:00,040 --> 00:17:03,760 Speaker 1: last few weeks, there's been so many continuing challenges with 326 00:17:03,840 --> 00:17:07,280 Speaker 1: airlines and questions about how they used that money. Did 327 00:17:07,280 --> 00:17:09,560 Speaker 1: they use it for buyouts? There weren't supposed to be 328 00:17:09,600 --> 00:17:11,959 Speaker 1: that many, So I think they've got to take some 329 00:17:12,080 --> 00:17:16,120 Speaker 1: lessons before they move into this kind of spending again. Yeah, boy, 330 00:17:16,200 --> 00:17:18,600 Speaker 1: I god be with anyone who has tried to navigate 331 00:17:18,600 --> 00:17:22,040 Speaker 1: the commercial airline industry over the last couple of weeks. 332 00:17:22,040 --> 00:17:24,679 Speaker 1: If it wasn't the COVID, it was the weather. And 333 00:17:24,680 --> 00:17:27,520 Speaker 1: that is a whole other issue that we'll be talking 334 00:17:27,560 --> 00:17:30,280 Speaker 1: about here and have been on Bloomberg Radio. Rick and 335 00:17:30,359 --> 00:17:32,640 Speaker 1: Jeanie will have them back in a little bit here 336 00:17:32,680 --> 00:17:34,640 Speaker 1: this hour because we want to turn next to our 337 00:17:34,680 --> 00:17:39,320 Speaker 1: conversation aforementioned with the senior Senator from Maryland, Ben Cardon 338 00:17:39,440 --> 00:17:42,080 Speaker 1: joined us to talk about the prospect of another stimulus, 339 00:17:42,359 --> 00:17:45,160 Speaker 1: whether it's for restaurants or other service companies, how big 340 00:17:45,200 --> 00:17:48,400 Speaker 1: that should be, as well where he was one year 341 00:17:48,440 --> 00:17:51,960 Speaker 1: ago on January six, and how to keep something like 342 00:17:52,040 --> 00:17:55,240 Speaker 1: that from happening all over again. It's next on Sound On. 343 00:17:55,320 --> 00:17:58,240 Speaker 1: We'll check markets and traffic for you too. I'm Joe Matthew. 344 00:17:58,600 --> 00:18:06,240 Speaker 1: This is Bloomberg broadcasting live from our nation's capital, Bloomberg 345 00:18:07,520 --> 00:18:11,719 Speaker 1: to New York, Bloomberg eleven, Frio to Boston, Bloomberg one 346 00:18:11,800 --> 00:18:15,560 Speaker 1: oh six one to San Francisco, Bloomberg nine six to 347 00:18:15,640 --> 00:18:19,320 Speaker 1: the country, Serious x M General one and around the 348 00:18:19,359 --> 00:18:23,400 Speaker 1: globe the Bloomberg Business App. Then Bloomberg Radio dot Com. 349 00:18:23,440 --> 00:18:29,560 Speaker 1: This is Bloomberg Sound On with Joe Matthew. The new 350 00:18:29,640 --> 00:18:33,440 Speaker 1: variant is moving so quickly it's creating a labor shortage 351 00:18:33,840 --> 00:18:35,919 Speaker 1: that a lot of people worried about when we first 352 00:18:36,080 --> 00:18:39,800 Speaker 1: heard of Oh Macron. Even though today's December jobs report 353 00:18:39,840 --> 00:18:43,520 Speaker 1: from a DP was a lot better than expected, Well, 354 00:18:43,600 --> 00:18:46,320 Speaker 1: the data they are already old, and if you run 355 00:18:46,320 --> 00:18:49,159 Speaker 1: a restaurant, a small service company, you still may be 356 00:18:49,320 --> 00:18:51,560 Speaker 1: waiting for the relief money you were do last year, 357 00:18:52,359 --> 00:18:55,400 Speaker 1: something that Senator Ben Cardon is proposing we deal with now. 358 00:18:55,440 --> 00:18:58,280 Speaker 1: We'll talk next with the Democrat from Maryland who chairs 359 00:18:58,320 --> 00:19:01,159 Speaker 1: the Small Business Committee, about that idea and some other issues, 360 00:19:01,160 --> 00:19:04,680 Speaker 1: including the first anniversary of January six. He's up next. 361 00:19:04,800 --> 00:19:07,640 Speaker 1: Senator Ben Cardon certainly got us talking today if you've 362 00:19:07,680 --> 00:19:10,200 Speaker 1: been with us for the hour, and he's going to 363 00:19:10,280 --> 00:19:12,359 Speaker 1: be speaking with us in just a moment. His idea 364 00:19:12,440 --> 00:19:16,800 Speaker 1: to drum up craft another COVID relief bill for restaurants 365 00:19:16,800 --> 00:19:20,320 Speaker 1: and other service businesses that have been feeling the impact 366 00:19:20,359 --> 00:19:23,240 Speaker 1: of covids. Millions of workers go back into quarantine, as 367 00:19:23,240 --> 00:19:25,920 Speaker 1: you know if you've listened closely enough on one of them. 368 00:19:25,960 --> 00:19:28,000 Speaker 1: In my case, I'm lucky enough to keep working, though, 369 00:19:28,040 --> 00:19:32,560 Speaker 1: and that is not always the case with everybody. And 370 00:19:32,640 --> 00:19:34,760 Speaker 1: we'll be joined in a moment by the senior Senator 371 00:19:34,800 --> 00:19:37,240 Speaker 1: from Maryland who chairs the Small Business Committee. That's why 372 00:19:37,240 --> 00:19:41,919 Speaker 1: he's up with this proposal, along with Mississippi Republican Roger Wicker. 373 00:19:41,960 --> 00:19:46,240 Speaker 1: You can read about that as well on the terminal. 374 00:19:47,119 --> 00:19:49,119 Speaker 1: And of course the Senator is going to be calling 375 00:19:49,200 --> 00:19:53,800 Speaker 1: us from an area known as Maryland that is under 376 00:19:53,800 --> 00:19:55,560 Speaker 1: a state of emergency here. We've got a lot of 377 00:19:55,640 --> 00:19:57,960 Speaker 1: questions going on now. I just got the email and 378 00:19:58,040 --> 00:20:01,119 Speaker 1: I'm across the river in Virginia. Just the email at school, 379 00:20:01,440 --> 00:20:04,119 Speaker 1: by the way, canceled again tomorrow. This is the snow 380 00:20:04,200 --> 00:20:09,120 Speaker 1: week in the Capital region. If it's not COVID, as 381 00:20:09,119 --> 00:20:14,040 Speaker 1: I mentioned, it's weather. They finally opened less than twenty 382 00:20:14,080 --> 00:20:17,719 Speaker 1: four hours ago after one of the most epic traffic 383 00:20:17,840 --> 00:20:25,520 Speaker 1: jams in history. The early talks that we're discussing here. 384 00:20:25,520 --> 00:20:28,919 Speaker 1: Sixty eight billion dollars is the reported number on the 385 00:20:28,960 --> 00:20:31,400 Speaker 1: COVID relief bill, but that could change a lot. And 386 00:20:31,520 --> 00:20:34,920 Speaker 1: you know that if you've seen the recent gyrations with 387 00:20:35,320 --> 00:20:38,040 Speaker 1: spending bills on Capitol Hill, it would be aimed at 388 00:20:38,800 --> 00:20:41,200 Speaker 1: the service sector. As mentioned in a lot of that money, 389 00:20:41,520 --> 00:20:44,440 Speaker 1: a good chunk twenty to thirty billion dollars worth would 390 00:20:44,440 --> 00:20:49,840 Speaker 1: be previously allocated funding that would be looked at. The 391 00:20:49,840 --> 00:20:52,960 Speaker 1: other top story that we're following today, of course, is 392 00:20:53,000 --> 00:20:55,440 Speaker 1: the Federal Reserve. That's where we began the hour with 393 00:20:55,760 --> 00:20:59,399 Speaker 1: Joe Lavorna Sarah Bloom Raskin, the leading contender now to 394 00:20:59,440 --> 00:21:03,400 Speaker 1: be President Biden's pick for the top regulatory post at 395 00:21:03,400 --> 00:21:06,360 Speaker 1: the FED. The supervisory position, the one that Senator Elizabeth 396 00:21:06,359 --> 00:21:08,719 Speaker 1: Warren has been talking a lot about. We heard from 397 00:21:08,760 --> 00:21:12,280 Speaker 1: Senator Sheldon white House, along with Ben Carton, who will 398 00:21:12,440 --> 00:21:14,560 Speaker 1: be with us at some point here. White House has 399 00:21:14,600 --> 00:21:18,440 Speaker 1: been very active on the climate issue and speaking from 400 00:21:18,480 --> 00:21:21,240 Speaker 1: the committee that matters, the Banking Committee, says Bloom. Raskin's 401 00:21:21,280 --> 00:21:24,840 Speaker 1: nomination as the fed's vice chair for supervision would be 402 00:21:24,960 --> 00:21:31,680 Speaker 1: quote good news, quote Sheldon white House, the progressive kind 403 00:21:31,680 --> 00:21:35,119 Speaker 1: of reflecting what a lot of other progressives in the Senate, 404 00:21:35,160 --> 00:21:38,399 Speaker 1: including Elizabeth Warren, may well be thinking right now. The 405 00:21:38,400 --> 00:21:42,520 Speaker 1: Press secretary at the White House, Jensaki, not commenting on 406 00:21:42,600 --> 00:21:47,719 Speaker 1: the FED nominations again, making us wonder when these are 407 00:21:47,760 --> 00:21:52,399 Speaker 1: going to come out. Tomorrow is January six. We're gonna 408 00:21:52,400 --> 00:21:54,640 Speaker 1: talk more about that as well. I'd like to think 409 00:21:54,640 --> 00:21:57,000 Speaker 1: with Senator Carton, who is going to be with us 410 00:21:57,000 --> 00:21:59,280 Speaker 1: a good five minutes ago here. I guess that's not happening. 411 00:21:59,280 --> 00:22:02,480 Speaker 1: But we can still speak with Rick and Genie about this, 412 00:22:02,480 --> 00:22:04,240 Speaker 1: because I've been kind of holding out of this one 413 00:22:05,359 --> 00:22:08,240 Speaker 1: knowing that we would still be spending some time talking 414 00:22:08,280 --> 00:22:10,400 Speaker 1: about it tomorrow as well. But we've got we've got 415 00:22:10,400 --> 00:22:12,359 Speaker 1: a TikTok on the way things are going to go 416 00:22:13,600 --> 00:22:16,040 Speaker 1: from the White House tomorrow and from the leaders on 417 00:22:16,119 --> 00:22:19,119 Speaker 1: Capitol Hill. It's it's the thing that's not happening that 418 00:22:19,200 --> 00:22:23,920 Speaker 1: was making news today. Bring Rick Davis and Jeannie Chanzano 419 00:22:24,000 --> 00:22:28,440 Speaker 1: back in on the conversation. Our panel are Bloomberg Politics contributors. 420 00:22:28,520 --> 00:22:31,439 Speaker 1: Ricky probably heard that Donald Trump is not going to 421 00:22:31,480 --> 00:22:35,240 Speaker 1: be holding his news briefing or rally or whatever he 422 00:22:35,280 --> 00:22:38,040 Speaker 1: had going to compete with this prayer visual that was 423 00:22:38,080 --> 00:22:40,800 Speaker 1: going to be happening. Uh and will be happening on 424 00:22:40,840 --> 00:22:44,280 Speaker 1: Capitol Hill tomorrow. Uh. Did somebody get to him? Did 425 00:22:44,280 --> 00:22:46,360 Speaker 1: he think there wouldn't be enough news coverage? We heard 426 00:22:46,359 --> 00:22:49,520 Speaker 1: a lot of reporters were lining up to cover this thing. Yeah, 427 00:22:49,600 --> 00:22:54,159 Speaker 1: it sounds like cooler heads did prevail upon the former president. Um. 428 00:22:54,440 --> 00:22:59,560 Speaker 1: There were reports of some pretty significant lobbying campaigns by 429 00:22:59,640 --> 00:23:03,520 Speaker 1: his tomits and family members. Uh and uh and and 430 00:23:03,560 --> 00:23:08,119 Speaker 1: I think rationally speaking, Uh, you know, they finally I 431 00:23:08,160 --> 00:23:11,119 Speaker 1: think got through to him and he realized that this 432 00:23:11,280 --> 00:23:13,879 Speaker 1: was going to probably cause more harm to his image 433 00:23:13,920 --> 00:23:17,320 Speaker 1: and enhance it. Uh and um and they called it off. 434 00:23:17,480 --> 00:23:20,359 Speaker 1: So we'll see what he actually does. Um. I can't 435 00:23:20,359 --> 00:23:23,879 Speaker 1: imagine he will be silent um, So what form that 436 00:23:23,960 --> 00:23:26,560 Speaker 1: comes in is going to be a surprise for tomorrow. 437 00:23:26,600 --> 00:23:29,200 Speaker 1: But it's no shock to anybody that Donald Trump would 438 00:23:29,240 --> 00:23:32,280 Speaker 1: probably try to surprise us on January six, I guess 439 00:23:32,280 --> 00:23:34,879 Speaker 1: that's true. But to see him canceled this event at 440 00:23:34,880 --> 00:23:38,159 Speaker 1: marl Largo marl Lago, Genie, were you surprised by that? 441 00:23:38,200 --> 00:23:41,760 Speaker 1: Who got to him? I was surprised, and I think 442 00:23:41,800 --> 00:23:45,399 Speaker 1: it was a huge relief for Republicans in Congress, many 443 00:23:45,440 --> 00:23:49,000 Speaker 1: of whom we're planning on leaving Washington, d C. Quite 444 00:23:49,040 --> 00:23:52,080 Speaker 1: frankly to avoid all the questions that the media were 445 00:23:52,119 --> 00:23:54,800 Speaker 1: sure to ask in the wake of that. So it 446 00:23:55,000 --> 00:23:58,840 Speaker 1: sounds like people close to former President Trump were able 447 00:23:58,880 --> 00:24:01,040 Speaker 1: to tell him and make the case. What we heard 448 00:24:01,520 --> 00:24:03,679 Speaker 1: is that he would be playing into the hands of 449 00:24:03,720 --> 00:24:06,080 Speaker 1: the media. And so now what we're hearing is he's 450 00:24:06,080 --> 00:24:08,680 Speaker 1: going to say whatever he was going to say tomorrow, 451 00:24:08,720 --> 00:24:10,439 Speaker 1: He's going to say it in a speech to a 452 00:24:10,480 --> 00:24:13,680 Speaker 1: few weeks in Arizona. Well, so much for the split 453 00:24:13,720 --> 00:24:16,840 Speaker 1: screen coverage idea. That was what we were bracing for, 454 00:24:16,880 --> 00:24:19,199 Speaker 1: at least for some cable outlets tomorrow in terms of 455 00:24:20,080 --> 00:24:23,239 Speaker 1: what the President is going to be saying and kind 456 00:24:23,280 --> 00:24:26,000 Speaker 1: of what the posture is for democrats. I think you 457 00:24:26,040 --> 00:24:27,639 Speaker 1: made the point Rick yesterday, there are going to be 458 00:24:27,680 --> 00:24:29,680 Speaker 1: many Republicans in town. You're not going to see a 459 00:24:29,720 --> 00:24:33,679 Speaker 1: lot of Republicans on on screen, Uh, particularly because of 460 00:24:33,680 --> 00:24:37,879 Speaker 1: the the funeral tomorrow, the Isaacson funeral. But uh, I 461 00:24:37,920 --> 00:24:42,280 Speaker 1: wonder what the job is for President Biden. Jensaki says 462 00:24:42,440 --> 00:24:44,879 Speaker 1: he's going to be reminding us of a lot of 463 00:24:44,920 --> 00:24:48,480 Speaker 1: the ideas and feelings we had a year ago. Yeah. 464 00:24:48,520 --> 00:24:51,119 Speaker 1: I think he's you know, got a great opportunity to 465 00:24:51,160 --> 00:24:54,600 Speaker 1: go big, um, talk about the importance of you know, 466 00:24:54,720 --> 00:24:59,720 Speaker 1: our institutions and our democracy. UM, celebrate the better angels 467 00:24:59,720 --> 00:25:02,880 Speaker 1: and p people. Uh, talk about the successes. I can't 468 00:25:02,880 --> 00:25:06,160 Speaker 1: imagine this is a moment where uh he wants to 469 00:25:06,240 --> 00:25:09,320 Speaker 1: try to exacerbate the riff that already exists in our 470 00:25:09,359 --> 00:25:14,160 Speaker 1: country over um uh the elections of and talk about 471 00:25:14,200 --> 00:25:17,639 Speaker 1: the future. Uh. It is a moment that he cannot 472 00:25:17,720 --> 00:25:19,920 Speaker 1: talk It doesn't have to talk about inflation, he doesn't 473 00:25:19,920 --> 00:25:23,280 Speaker 1: have to talk about COVID uh that has dogged him 474 00:25:23,320 --> 00:25:25,760 Speaker 1: for the last few months. And uh, this is this 475 00:25:25,840 --> 00:25:28,640 Speaker 1: is a great moment to to go big and try 476 00:25:28,680 --> 00:25:32,400 Speaker 1: to show that he can be encompassing of a country 477 00:25:32,440 --> 00:25:36,520 Speaker 1: that looks for guidance on the health of its democracy. 478 00:25:37,280 --> 00:25:39,480 Speaker 1: If done right, it could be a memorable speech. It 479 00:25:39,520 --> 00:25:43,280 Speaker 1: could be one of those defining moments. It can be, 480 00:25:43,359 --> 00:25:45,719 Speaker 1: and I think the President is going to try to 481 00:25:45,760 --> 00:25:49,960 Speaker 1: walk a line between maintaining his call for that he's 482 00:25:50,000 --> 00:25:53,359 Speaker 1: had since the campaign for unity in a you know, 483 00:25:53,760 --> 00:25:56,840 Speaker 1: really partisan time, and also laying the blame at the 484 00:25:56,880 --> 00:25:59,400 Speaker 1: feet of the former president and how close we came 485 00:25:59,640 --> 00:26:03,280 Speaker 1: to using a democratic institution. We'll be talking about it 486 00:26:03,320 --> 00:26:06,840 Speaker 1: a lot tomorrow, uh, and certainly more with Rick and Genie. 487 00:26:06,880 --> 00:26:09,919 Speaker 1: If you stay with us on Bloomberg Sound On, maybe 488 00:26:09,920 --> 00:26:12,880 Speaker 1: we'll even talk to Senator Carton. Stay here, I'm Joe 489 00:26:12,920 --> 00:26:16,719 Speaker 1: Matthew will check traffic and markets next. This is Bloomberg. 490 00:26:19,800 --> 00:26:23,600 Speaker 1: You're listening to Bloomberg you sound on with Joe Matthew 491 00:26:23,960 --> 00:26:28,280 Speaker 1: on Bloomberg Radio. Thanks for being with us on the 492 00:26:28,320 --> 00:26:31,720 Speaker 1: fastest hour in politics. As we reassemble the panel, joined 493 00:26:31,760 --> 00:26:35,200 Speaker 1: of course today by Rick and Genie, Bloomberg Politics contributors 494 00:26:35,560 --> 00:26:39,240 Speaker 1: Genie Shan Davis, Genie Chanzano, and Rick Davis. That's more 495 00:26:39,280 --> 00:26:42,320 Speaker 1: like it, as we heard today from the Minority leader 496 00:26:42,720 --> 00:26:45,399 Speaker 1: in the US Senate bringing us back to a conversation 497 00:26:45,440 --> 00:26:47,399 Speaker 1: that will have been kind of an ongoing one about 498 00:26:47,440 --> 00:26:51,040 Speaker 1: the future of the filibuster. This was something that we 499 00:26:51,040 --> 00:26:53,480 Speaker 1: were looking forward to talking with Ben Carton about here, 500 00:26:53,520 --> 00:26:57,439 Speaker 1: because well, we're back to this idea of a voting 501 00:26:57,560 --> 00:27:00,920 Speaker 1: rights bill, and there is news apparently Democrats held the 502 00:27:01,080 --> 00:27:04,200 Speaker 1: Zoom meeting on this. There was a zoom call among 503 00:27:04,240 --> 00:27:07,840 Speaker 1: Democrats in the Senate to talk about possible ways forward. 504 00:27:08,440 --> 00:27:11,120 Speaker 1: And Mitch McConnell has not missed a turn on this. 505 00:27:11,480 --> 00:27:13,639 Speaker 1: Every time he walks by a microphone, he weighs in 506 00:27:13,680 --> 00:27:17,200 Speaker 1: on it. This is McConnell speaking earlier today on the floor. 507 00:27:17,520 --> 00:27:20,320 Speaker 1: It is beyond distasteful for some of our college to 508 00:27:20,440 --> 00:27:25,080 Speaker 1: ham testively invoked the January six anniversary to advance these aims. 509 00:27:25,520 --> 00:27:28,080 Speaker 1: Washington Democrats have been trying to see his control over 510 00:27:28,119 --> 00:27:36,720 Speaker 1: elections for years, suggesting that connecting this to January six tomorrow, well, 511 00:27:36,760 --> 00:27:40,400 Speaker 1: as he said, is distasteful and certainly not good politics. 512 00:27:40,400 --> 00:27:43,679 Speaker 1: Through the eyes of the Minority leader, maybe that's because 513 00:27:43,800 --> 00:27:48,360 Speaker 1: he sees something coming. These two stories collide here. Rick 514 00:27:48,440 --> 00:27:50,880 Speaker 1: Davis in a somewhat unfortunate way, and I don't want 515 00:27:50,880 --> 00:27:53,080 Speaker 1: to force the two together. But this is the conversation 516 00:27:53,640 --> 00:27:58,399 Speaker 1: on Capitol Hill. Does January six, does this remembrance tomorrow 517 00:27:58,520 --> 00:28:02,200 Speaker 1: is reliving some of these uh memories that we have 518 00:28:02,960 --> 00:28:05,240 Speaker 1: that we had in hearing the calls you know, for 519 00:28:06,240 --> 00:28:11,800 Speaker 1: uh desertifying the election. Does that create any urgency underneath 520 00:28:11,800 --> 00:28:14,200 Speaker 1: this issue to get a voting rights bill on the floor? 521 00:28:14,440 --> 00:28:17,560 Speaker 1: You know, I don't think it creates any pressure to 522 00:28:17,640 --> 00:28:22,160 Speaker 1: take a vote. Obviously, UH Majority Leader Schumer has all 523 00:28:22,240 --> 00:28:25,480 Speaker 1: the ability that he needs to call that up, So 524 00:28:25,840 --> 00:28:29,159 Speaker 1: UH it's not like it's going to add any extra 525 00:28:29,240 --> 00:28:35,440 Speaker 1: votes to the h column of having like Republicans willing 526 00:28:35,480 --> 00:28:37,560 Speaker 1: to vote for the Voting Rights Act. I did think 527 00:28:37,600 --> 00:28:39,680 Speaker 1: what got lost in some of this was something that 528 00:28:39,800 --> 00:28:43,920 Speaker 1: is germane to January six specifically, and that was McConnell's 529 00:28:43,920 --> 00:28:47,880 Speaker 1: signal yesterday that he was open to reforming the Electoral 530 00:28:47,960 --> 00:28:50,960 Speaker 1: count Act, the act that actually governs the counting of 531 00:28:51,000 --> 00:28:55,480 Speaker 1: the ballots that was disrupted during the siege and attack 532 00:28:55,560 --> 00:28:58,840 Speaker 1: on the Capitol on January six. And that's something I 533 00:28:58,880 --> 00:29:01,680 Speaker 1: think that could be a one off, a bipartisan outcome 534 00:29:02,360 --> 00:29:06,080 Speaker 1: to this, is that we clean up the legislation that 535 00:29:06,160 --> 00:29:09,040 Speaker 1: actually enables that act, and tighten it up so that 536 00:29:09,120 --> 00:29:12,640 Speaker 1: there's no more mischief with Congress, you know, uh playing 537 00:29:13,040 --> 00:29:16,640 Speaker 1: uh games with which states they're going to certify in 538 00:29:16,680 --> 00:29:19,840 Speaker 1: which they're not. Yes. Right. So I I think there's 539 00:29:19,840 --> 00:29:23,120 Speaker 1: an upside to some of this, but uh, not necessarily 540 00:29:23,720 --> 00:29:26,800 Speaker 1: adding any fuel to the effort to pass the Voting 541 00:29:26,880 --> 00:29:30,360 Speaker 1: Rights Act. Does that needle move at all? Tomorrow, Genie, 542 00:29:30,400 --> 00:29:32,520 Speaker 1: There's gonna be a lot of coverage. It's going to 543 00:29:32,600 --> 00:29:35,000 Speaker 1: be impossible to miss. We're gonna be hearing from the President, 544 00:29:35,040 --> 00:29:38,880 Speaker 1: the leadership at least in the Democratic Party on Capitol Hill. 545 00:29:38,920 --> 00:29:41,400 Speaker 1: It's gonna be front burner. People are going to be 546 00:29:41,480 --> 00:29:43,920 Speaker 1: caught off guard by the way they feel in many cases, 547 00:29:43,960 --> 00:29:46,440 Speaker 1: I think, with things they see and hear, and I 548 00:29:46,480 --> 00:29:50,320 Speaker 1: just wonder how that impacts the story. I do think 549 00:29:50,360 --> 00:29:53,320 Speaker 1: it's going to be an emotional day for everybody. And 550 00:29:53,640 --> 00:29:57,240 Speaker 1: you know, I do think that the Democrats are right 551 00:29:57,360 --> 00:30:01,680 Speaker 1: to raise the issue of voting right reform. I mean, 552 00:30:02,040 --> 00:30:06,800 Speaker 1: since January six, we have seen states move in the 553 00:30:06,840 --> 00:30:12,080 Speaker 1: opposite direction, and that's problematic. So we do have to 554 00:30:12,160 --> 00:30:16,520 Speaker 1: figure out how to ensure in a democracy that everyone 555 00:30:16,720 --> 00:30:19,800 Speaker 1: has a right to vote, and that right to vote 556 00:30:19,960 --> 00:30:24,920 Speaker 1: is transparent, it's counted, it matters. So all of those 557 00:30:24,920 --> 00:30:27,560 Speaker 1: things are important, and I think tomorrow is just gonna 558 00:30:27,640 --> 00:30:30,640 Speaker 1: underscore it. The challenge for Democrats is how do you 559 00:30:30,720 --> 00:30:34,360 Speaker 1: get it over the finish line? And without a filibuster, 560 00:30:34,560 --> 00:30:37,920 Speaker 1: reform or taking a step like Rick is talking about 561 00:30:38,000 --> 00:30:43,160 Speaker 1: a potential more modest bill that can draw some Republican support, 562 00:30:43,440 --> 00:30:45,960 Speaker 1: There's very little they're going to be able to do, 563 00:30:46,520 --> 00:30:49,200 Speaker 1: and that I think is a problem for all of us. 564 00:30:49,640 --> 00:30:51,680 Speaker 1: I want to hear from Jen Saki, the White House 565 00:30:51,720 --> 00:30:54,320 Speaker 1: Press Secretary, not weighing in on voting rights, but on 566 00:30:54,400 --> 00:30:57,680 Speaker 1: January six, when asked what the President plans to say 567 00:30:57,920 --> 00:31:00,880 Speaker 1: when he speaks to the nation tomorrow, here's Saki from 568 00:31:00,920 --> 00:31:03,360 Speaker 1: the briefing room earlier today, just as you heard him 569 00:31:03,360 --> 00:31:05,760 Speaker 1: say on January six of last year, I would expect 570 00:31:05,800 --> 00:31:08,600 Speaker 1: the President Biden will lay out the significance of what 571 00:31:08,720 --> 00:31:12,120 Speaker 1: happened at the Capitol and the singular responsibility President Trump 572 00:31:12,160 --> 00:31:15,479 Speaker 1: has for the coos and carnage that we saw. So 573 00:31:15,600 --> 00:31:18,120 Speaker 1: they're gonna be calling out already. Are Donald Trump here 574 00:31:18,120 --> 00:31:21,240 Speaker 1: by name? Rick? And uh, you know we're we're talking 575 00:31:21,240 --> 00:31:25,080 Speaker 1: about how this could potentially impact the conversation around voting rights. 576 00:31:25,120 --> 00:31:27,640 Speaker 1: It's also going to anger a lot of people, just 577 00:31:27,720 --> 00:31:30,640 Speaker 1: about half the country who think this election was stolen. 578 00:31:31,360 --> 00:31:33,040 Speaker 1: How much of a risk is that for Joe Biden. 579 00:31:33,520 --> 00:31:36,640 Speaker 1: You know, you gotta pick your friends in Washington, and 580 00:31:36,760 --> 00:31:39,320 Speaker 1: Donald Trump is not one of his friends. And so 581 00:31:39,800 --> 00:31:44,400 Speaker 1: they're making a clear decision that that if they're gonna 582 00:31:44,640 --> 00:31:47,920 Speaker 1: go after him as a result of the when your 583 00:31:47,960 --> 00:31:51,400 Speaker 1: anniversary of the attack on the Capitol, then then they're 584 00:31:51,440 --> 00:31:55,440 Speaker 1: gonna stoke the flames of the people who, um, for 585 00:31:55,480 --> 00:32:00,080 Speaker 1: whatever reason, believe that Donald Trump had some reason to 586 00:32:00,080 --> 00:32:04,160 Speaker 1: to declare the elections fraudulent. Um, it's it's it's a 587 00:32:04,240 --> 00:32:07,640 Speaker 1: dwindling supply. I mean, when you look at the number, uh, 588 00:32:08,040 --> 00:32:10,360 Speaker 1: coming out of the polling firms these days, the number 589 00:32:10,360 --> 00:32:13,800 Speaker 1: of people who actually believe in the electoral fraud, it's substantial. 590 00:32:13,920 --> 00:32:16,120 Speaker 1: I mean, it's it's it's it's just a little bit 591 00:32:16,120 --> 00:32:19,120 Speaker 1: over a third, but that's all. That's way down from 592 00:32:19,200 --> 00:32:22,400 Speaker 1: when Donald Trump left office. So, UM, I do think 593 00:32:22,440 --> 00:32:24,480 Speaker 1: these are one of these things that, UM, you've got 594 00:32:24,480 --> 00:32:26,680 Speaker 1: to make a calculated decisions whether you want to stoke 595 00:32:26,760 --> 00:32:29,520 Speaker 1: it up or whether you want to beyond it. I 596 00:32:29,560 --> 00:32:32,320 Speaker 1: would certainly my own advice to the White House would 597 00:32:32,320 --> 00:32:35,080 Speaker 1: be moved beyond it, right. I mean, it's highly unlikely 598 00:32:35,120 --> 00:32:36,680 Speaker 1: in my view that Donald Trump is going to be 599 00:32:36,680 --> 00:32:39,960 Speaker 1: on a ballot next time around. And uh, but I 600 00:32:39,960 --> 00:32:42,040 Speaker 1: guess they're making the calculation. They want to do everything 601 00:32:42,040 --> 00:32:43,800 Speaker 1: they can to force him not to run, and maybe 602 00:32:43,880 --> 00:32:45,800 Speaker 1: this is the way they do it. In the statement 603 00:32:46,080 --> 00:32:48,520 Speaker 1: by Donald J. Trump, as I read in my email, 604 00:32:48,880 --> 00:32:51,320 Speaker 1: because you're not gonna see it on Twitter, Genie, he writes, 605 00:32:51,400 --> 00:32:54,080 Speaker 1: in light of the total bias and dishonesty of the 606 00:32:54,160 --> 00:32:59,880 Speaker 1: January six unselect committee of Democrats, two failed Republicans, and 607 00:33:00,120 --> 00:33:03,680 Speaker 1: fake news media, I am canceling the January six press 608 00:33:03,720 --> 00:33:06,400 Speaker 1: conference at marral Lago on Thursday. Instead will discuss many 609 00:33:06,400 --> 00:33:11,160 Speaker 1: of those important topics at my rally on Saturday. If 610 00:33:11,200 --> 00:33:14,720 Speaker 1: he's shrinking in the face of criticism or whatever, you know, 611 00:33:14,800 --> 00:33:17,000 Speaker 1: prompted him to cancel this, Genie, why not just let 612 00:33:17,080 --> 00:33:19,960 Speaker 1: him go? Why why make Donald Trump a centerpiece in 613 00:33:19,960 --> 00:33:25,120 Speaker 1: the speech tomorrow? Well? Because Donald Trump is in part, largely, 614 00:33:25,160 --> 00:33:29,080 Speaker 1: in part responsible for what happened. The evidence is more 615 00:33:29,120 --> 00:33:33,840 Speaker 1: and more clear every day. And besides that, these elections 616 00:33:33,880 --> 00:33:35,760 Speaker 1: in the mid term is going to be one in 617 00:33:35,800 --> 00:33:41,000 Speaker 1: the moderate middle with independence and moderates, and most people 618 00:33:41,440 --> 00:33:46,640 Speaker 1: in that position understand that Donald Trump did play a 619 00:33:46,760 --> 00:33:49,440 Speaker 1: role in this. And so I don't think Biden has 620 00:33:49,520 --> 00:33:53,080 Speaker 1: to avoid laying the responsibility on the president, not on 621 00:33:53,240 --> 00:33:57,080 Speaker 1: his supporters, but on the former president. And I think 622 00:33:57,120 --> 00:33:59,320 Speaker 1: we're going to hear Joe Biden say that. And also, 623 00:33:59,480 --> 00:34:03,200 Speaker 1: just from a political standpoint, the thing Democrats want more 624 00:34:03,240 --> 00:34:08,040 Speaker 1: than anything in is Donald Trump on every ballot. They 625 00:34:08,120 --> 00:34:11,120 Speaker 1: want to run against him because that's one way in 626 00:34:11,160 --> 00:34:13,920 Speaker 1: which they won't lose as big as it looks like 627 00:34:13,960 --> 00:34:16,600 Speaker 1: they may lose in the House and in the Senate. 628 00:34:16,840 --> 00:34:19,120 Speaker 1: So they want him around and they're going to keep 629 00:34:19,160 --> 00:34:21,319 Speaker 1: him in the news as much as they can for 630 00:34:21,360 --> 00:34:24,880 Speaker 1: that reason. And Republicans fleeing Washington and not want to talking, 631 00:34:25,040 --> 00:34:28,160 Speaker 1: not wanting to talk about this is more evidence of 632 00:34:28,200 --> 00:34:30,880 Speaker 1: that they know how damaging this is to their party. 633 00:34:31,200 --> 00:34:34,040 Speaker 1: Rick Trump goes on in the statement, it's a long statement, actually, 634 00:34:34,040 --> 00:34:36,440 Speaker 1: if you kind of need some time, goes on to 635 00:34:36,480 --> 00:34:40,080 Speaker 1: call out Nancy Pelosi and the Capital Sergeant at Arms 636 00:34:40,080 --> 00:34:44,799 Speaker 1: for what he describes as denying requests for the d 637 00:34:44,920 --> 00:34:48,080 Speaker 1: C National Guard or military to be present at the Capitol. 638 00:34:48,800 --> 00:34:51,719 Speaker 1: Setting the record straight. It seems to me could be 639 00:34:51,760 --> 00:34:54,399 Speaker 1: the most important mission here actually getting the facts out 640 00:34:54,440 --> 00:34:57,000 Speaker 1: on what happened. Yeah, and that's why we have the 641 00:34:57,080 --> 00:35:02,480 Speaker 1: January six Commission. Um. You know, they are relatively unimpeachable 642 00:35:02,600 --> 00:35:05,080 Speaker 1: source of what will be the fact pattern as to 643 00:35:05,160 --> 00:35:08,279 Speaker 1: what happened that day and who who bears the responsibility 644 00:35:08,360 --> 00:35:13,359 Speaker 1: for each individual act. I mean, we've heard extensively even 645 00:35:13,440 --> 00:35:17,239 Speaker 1: this week from people inside the Trump White House on 646 00:35:17,680 --> 00:35:20,320 Speaker 1: all these strategies and plans they had to thwart the election. 647 00:35:20,360 --> 00:35:22,480 Speaker 1: I mean, it's not even like there's any debate as 648 00:35:22,520 --> 00:35:26,000 Speaker 1: to what happened anymore. It's like who gets who gets blamed, 649 00:35:26,040 --> 00:35:28,920 Speaker 1: and who gets credit for some of these crazy acts. 650 00:35:29,040 --> 00:35:32,080 Speaker 1: And so I just I just think that that's why 651 00:35:32,120 --> 00:35:35,360 Speaker 1: you create these commissions. You let them draw the attention 652 00:35:35,400 --> 00:35:39,480 Speaker 1: to it. They have the the capacity to subpoena and learn. 653 00:35:39,640 --> 00:35:41,839 Speaker 1: We're not going to know what they know until the end. 654 00:35:42,360 --> 00:35:46,120 Speaker 1: Uh and uh, and so stirring that pot only creates 655 00:35:46,120 --> 00:35:50,840 Speaker 1: more pressure on that commission to keep dissing, uh, you know, uh, 656 00:35:51,000 --> 00:35:54,759 Speaker 1: putting out information that the press is satisfied that they're 657 00:35:54,760 --> 00:35:57,279 Speaker 1: hearing the story too. So I just I don't know. 658 00:35:57,320 --> 00:35:59,120 Speaker 1: I mean, I think there's so many challenges in the 659 00:35:59,120 --> 00:36:03,439 Speaker 1: country right now opening up the wound of January six, uh, 660 00:36:03,440 --> 00:36:07,600 Speaker 1: and not using the opportunity to really, um flaunt the 661 00:36:07,640 --> 00:36:11,000 Speaker 1: fact that we are today a healthy democracy. Um. There 662 00:36:11,080 --> 00:36:16,359 Speaker 1: aren't active efforts to thwart our our institutions today, our 663 00:36:16,560 --> 00:36:20,080 Speaker 1: law enforcement and even some of the industries, the tech 664 00:36:20,120 --> 00:36:23,880 Speaker 1: industries are working better with the government to try and 665 00:36:24,280 --> 00:36:27,279 Speaker 1: go after this kind of hate and so um, you know, 666 00:36:27,680 --> 00:36:31,120 Speaker 1: I just think returning to that trough just uh is 667 00:36:31,160 --> 00:36:34,920 Speaker 1: not progressive. Well there you have it from Rick Davis. Genie, 668 00:36:34,920 --> 00:36:38,920 Speaker 1: the former president, calls it the Democrats Great cover Up Committee, 669 00:36:39,480 --> 00:36:43,560 Speaker 1: and he says the media is complicit. What can Nancy 670 00:36:43,560 --> 00:36:46,760 Speaker 1: Pelosi do? What can members of this committee do, Bennie Thompson, 671 00:36:47,120 --> 00:36:51,480 Speaker 1: Liz Cheney to maintain credibility as they release their findings, 672 00:36:52,840 --> 00:36:56,319 Speaker 1: they have to tell the facts, but they also have 673 00:36:56,480 --> 00:37:00,080 Speaker 1: to tell the story in a compelling way. It's a 674 00:37:00,160 --> 00:37:04,640 Speaker 1: difficult story for any American and anyone to hear, particularly 675 00:37:04,719 --> 00:37:07,239 Speaker 1: at this time. I obviously we won't hear it, you know, 676 00:37:07,400 --> 00:37:10,840 Speaker 1: until probably November and full but they've got to base 677 00:37:11,000 --> 00:37:13,439 Speaker 1: their findings on the facts, and they've got to put 678 00:37:13,440 --> 00:37:16,719 Speaker 1: it in a way that is compelling to people to 679 00:37:16,920 --> 00:37:20,360 Speaker 1: listen to it, you know, not just for this moment, 680 00:37:20,440 --> 00:37:24,040 Speaker 1: in this time, but as we go forward in American history. 681 00:37:24,160 --> 00:37:27,200 Speaker 1: That's one of the ideas floated was prime time hearing, 682 00:37:27,239 --> 00:37:30,920 Speaker 1: is Gennie good idea. I think that is an idea 683 00:37:31,000 --> 00:37:34,120 Speaker 1: worth considering, and I think that's something that they may 684 00:37:34,200 --> 00:37:39,440 Speaker 1: do going forward, the Select Committee. Competing with American idol Ricky, Genie, 685 00:37:39,440 --> 00:37:42,520 Speaker 1: thanks as always, a great conversation is always with our panel, 686 00:37:42,760 --> 00:37:45,719 Speaker 1: Genie Chanceino and Rick Davis here on Bloomberg Sound On. 687 00:37:46,040 --> 00:37:48,840 Speaker 1: My guess is we're not ready for tomorrow. Seeing the video, 688 00:37:48,920 --> 00:37:51,840 Speaker 1: hearing the sounds, we'll catch a lot of US soft guard. 689 00:37:52,080 --> 00:37:54,080 Speaker 1: I'm Joe Matthew. This is Bloomberg