WEBVTT - Surveillance Special: A Divided Congress 0:00:00.080 --> 0:00:13.800 Yeah, Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jailey. 0:00:13.960 --> 0:00:17.560 We bring you insight from the best in economics, finance, investment, 0:00:18.000 --> 0:00:23.480 and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 0:00:23.600 --> 0:00:34.360 Bloomberg dot Com, and of course on the Bloomberg Right Now. 0:00:34.560 --> 0:00:38.320 Emily Eakins joins us with the Cato Institute. Emily, you 0:00:38.360 --> 0:00:42.479 are one of the important now analysts rather in the nation. 0:00:43.320 --> 0:00:46.160 On our millennials, I know we don't know the micro 0:00:46.280 --> 0:00:49.640 detail of the election yet, but that the millennials show 0:00:49.760 --> 0:00:54.040 up and what do they mean to the results? Well, yes, 0:00:54.120 --> 0:00:57.840 I mean evidence suggests early on that millennials were more 0:00:57.960 --> 0:01:00.200 energized to vote, but I think they're more reflecting did 0:01:00.360 --> 0:01:05.080 overall of how many Democratic constituents felt going into this election, 0:01:05.120 --> 0:01:08.880 that they viewed this as a referendum very specifically on 0:01:09.120 --> 0:01:13.080 President Trump. But is it enough? I mean, Dan Balls 0:01:13.120 --> 0:01:16.959 just published in the Washington Post talking about that red 0:01:16.959 --> 0:01:19.880 wall that hit the blue wave. I mean, do the 0:01:19.920 --> 0:01:25.479 millennials have enough up to with the marginal help liberals 0:01:25.560 --> 0:01:29.319 in two years? I think that it could during the 0:01:29.400 --> 0:01:31.800 presidential year, but as we know, you know, mid terms 0:01:31.840 --> 0:01:35.240 are a little bit tougher because of turnout. However, what 0:01:35.280 --> 0:01:37.880 we have seen is that it looks like we're still 0:01:37.959 --> 0:01:40.680 counting votes, but more people have voted, or as about 0:01:40.680 --> 0:01:43.680 as many people voted in this election as in a 0:01:43.760 --> 0:01:46.679 presidential election, which is quite astounding. So we still have 0:01:46.800 --> 0:01:48.640 to wait to see how that shakes out in terms 0:01:48.640 --> 0:01:53.240 of millennials, but their turnout was higher, um than what 0:01:53.320 --> 0:01:55.840 would be expecting in typical midterm elections. Many just in 0:01:55.920 --> 0:01:58.040 terms of the key issues that really attracted votes as 0:01:58.080 --> 0:01:59.920 to vote for a specific party, was pretty clear for 0:02:00.040 --> 0:02:01.560 lot of people in the last twenty four hours that 0:02:01.600 --> 0:02:04.280 immigration meant a lot to those that voted Republican and 0:02:04.360 --> 0:02:06.480 health care ment a lot to those that voted Democrat. 0:02:06.760 --> 0:02:12.720 What mattered to the independence So for independence, obviously both mattered, 0:02:12.760 --> 0:02:15.840 but perhaps two different reasons for independence. Health Care matter 0:02:15.919 --> 0:02:17.560 quite a bit, but it had a lot to do 0:02:17.639 --> 0:02:20.320 with costs and premiums going up, and so it kind 0:02:20.320 --> 0:02:23.440 of depended on how the candidates framed the issue in 0:02:23.480 --> 0:02:27.560 their in their specific districts. I think on immigration, though, 0:02:27.639 --> 0:02:29.640 I think a lot of independence feel like the Trump 0:02:29.680 --> 0:02:33.040 administration went too far, especially what we saw with the 0:02:33.080 --> 0:02:36.359 family separations of supporter would you explain, and this is 0:02:36.400 --> 0:02:39.640 from the Cato till I understand that if we have 0:02:39.720 --> 0:02:43.519 a vector of growing debt a vector of growing deficit 0:02:43.600 --> 0:02:49.440 to GDP, when does the growthiness certitude drift away from 0:02:49.440 --> 0:02:55.480 the Trump administration? Sorry, I couldn't understand. Well, they believe 0:02:55.520 --> 0:02:58.079 in a growth. Mr Cudlow believes in growth at our 0:02:58.120 --> 0:03:02.000 costs and if we grow, fix our deficits or you know, 0:03:02.040 --> 0:03:05.919 the deficits will grow. Kato pushes against that to be polite. 0:03:06.400 --> 0:03:11.480 When does that dialogue end? Well, just to be clear, 0:03:11.880 --> 0:03:14.160 I'm a polster at the Cato Institute, so I'm not 0:03:14.200 --> 0:03:16.720 taking positions one way or another, but I can tell 0:03:16.760 --> 0:03:20.600 you what the data does. And then, Um, Republicans really 0:03:20.600 --> 0:03:22.920 are the only ones that are caring about the budget deficit, 0:03:23.000 --> 0:03:25.960 as evidenced by what we see, um, what people tell 0:03:26.080 --> 0:03:28.239 us in the polls. Obviously Democrats are talking about it 0:03:28.280 --> 0:03:30.960 at the national elite level, but it's really only rank 0:03:31.040 --> 0:03:32.920 and file Republicans that seem to care about it. But 0:03:32.960 --> 0:03:37.760 even they have elevated other concerns above that. UM. And 0:03:37.880 --> 0:03:41.080 so I think that's only really when Democrats are in 0:03:41.200 --> 0:03:43.800 office that we hear a lot of Republicans complaining about 0:03:43.800 --> 0:03:46.280 the budget deficits um and yes, I think that the 0:03:46.440 --> 0:03:49.080 kind of the reason or the justification they will give 0:03:49.160 --> 0:03:51.360 if they'll say, well, economic growth will get it out 0:03:51.360 --> 0:03:54.560 of it. And it is we we are saying, um, 0:03:54.600 --> 0:03:58.680 a pretty good economy of during Trump's tenure. But that 0:03:58.720 --> 0:04:00.720 doesn't necessarily mean that's enough to get us out of 0:04:00.720 --> 0:04:03.360 the budget. Emily, thank you so much, Emily Egans with 0:04:03.440 --> 0:04:06.280 his Cato Institute where she just pulling and thinks about 0:04:06.320 --> 0:04:22.600 broader issues right now from the shores of the Mummie River, 0:04:22.680 --> 0:04:25.920 Fort Wayne, Indiana, Mark lauder h joins us right now 0:04:26.080 --> 0:04:28.960 his service to Mike Pence over the years and with 0:04:29.080 --> 0:04:34.880 lauder communications right now in Indiana, Mark lauder an incumbent Democrat, 0:04:35.000 --> 0:04:39.560 went down in flames. Does that signal a different Republican Party, 0:04:39.880 --> 0:04:45.200 a new nuanced Republican Party. I wouldn't view it as 0:04:45.279 --> 0:04:48.240 much of that. I think this is really a correction 0:04:48.520 --> 0:04:52.479 from a very flaw to cannidate that was nominated in 0:04:52.600 --> 0:04:57.359 two thou and twelve that really just imploded there in 0:04:57.400 --> 0:05:00.919 the last months before the election inve which opened the 0:05:00.960 --> 0:05:03.839 door for a for a Democrat to take that seat. 0:05:03.960 --> 0:05:07.840 And I think this was Indiana basically showing a traditional 0:05:08.000 --> 0:05:11.960 deep red state status uh and restoring them with a 0:05:12.120 --> 0:05:16.200 with a Republican senator. And yet Democrats across the contentious 0:05:16.320 --> 0:05:18.360 what I'm gonna call it for our global audience, the 0:05:18.480 --> 0:05:22.240 eastern Midwest, the Great Lake States. Uh, there seemed to 0:05:22.279 --> 0:05:25.520 be a Democrat tinge there. What does that signal moving 0:05:25.560 --> 0:05:30.000 forward to two thousand twenty, Well, it's it's always going 0:05:30.040 --> 0:05:32.080 to be a challenge. And while there were a lot 0:05:32.160 --> 0:05:37.680 of great victories for Republicans on on Tuesday, UH, the 0:05:37.720 --> 0:05:41.880 governor's races in uh in in Wisconsin, the one in 0:05:41.920 --> 0:05:46.640 Michigan was really never really close. So that was you know, 0:05:46.680 --> 0:05:49.680 that was something obviously we would hope for. But you know, 0:05:49.720 --> 0:05:52.800 we also got a very good, strong Republican governor elected 0:05:52.920 --> 0:05:56.320 in Ohio, which was a very close thing and uh 0:05:56.320 --> 0:06:00.520 and close a number of positives. I'm one of the 0:06:00.560 --> 0:06:02.880 ball state guy. Let me rip up the script here. 0:06:02.920 --> 0:06:06.200 What did you learn from the state of Ohio? Florida 0:06:06.320 --> 0:06:10.240 and Ohio really matter? What did Mark Lauder take away 0:06:10.279 --> 0:06:16.240 from Ohio first and foremost that candidates matter? Uh. So 0:06:16.279 --> 0:06:20.120 we had very strong candidates in both Florida and Ohio 0:06:20.560 --> 0:06:22.960 in the governor's races. In the Senate race, obviously, with 0:06:23.000 --> 0:06:27.240 Governor Scott uh defeating Senator Brown in Ohio was never 0:06:27.360 --> 0:06:31.040 really a possibility. It would have taken a red wave 0:06:31.560 --> 0:06:34.760 to to capture to capture that seat. So I'm not 0:06:34.839 --> 0:06:37.120 sure we learned a lot more we had. You know, 0:06:37.160 --> 0:06:40.600 there were some very good house pick or a households 0:06:40.640 --> 0:06:44.680 in Uh in Ohio. So it's all gonna come down 0:06:44.839 --> 0:06:47.839 a lot of times local issues. And these these elections, 0:06:47.920 --> 0:06:51.080 especially at the House of Representatives level, are still hyperlocal, 0:06:51.640 --> 0:06:53.280 and so you need to have great candidates who are 0:06:53.360 --> 0:06:57.080 raising money, knocking on doors, doing those basic things. And 0:06:57.320 --> 0:07:00.120 in this case, we saw that many Democrats outrage is 0:07:00.160 --> 0:07:05.080 the Republican at the house district level, raw Republicans on 0:07:05.160 --> 0:07:08.400 a state level and on the national level, Uh completely 0:07:08.440 --> 0:07:12.920 swamps Democrat fundraising organization. But that's kind of translate translate 0:07:12.920 --> 0:07:15.480 down to those those house districts. Not let's talk about 0:07:16.680 --> 0:07:20.800 have you identified what a Republican president is running against 0:07:20.840 --> 0:07:24.280 the ideas that is coming out of this Democratic Party 0:07:24.480 --> 0:07:27.560 that the Republican President Donald Trump will be running against. 0:07:27.560 --> 0:07:30.760 In I've struggled to get a coherent sort of idea 0:07:30.800 --> 0:07:33.960 of what the Democratic Party stands for right now and 0:07:34.040 --> 0:07:36.400 through the campaigning of the last few months, have you 0:07:36.480 --> 0:07:40.080 got a good idea? I don't think so, other than 0:07:40.200 --> 0:07:43.200 the other than resistance, which is really the only message 0:07:43.240 --> 0:07:46.480 they have put forward is is resistant. It will be 0:07:46.520 --> 0:07:48.520 interesting to see and this is and this is a 0:07:48.680 --> 0:07:54.040 very important moment because campaigning is one thing. Governing is 0:07:54.080 --> 0:07:58.480 something completely else. And do the Democrats with their new 0:07:58.560 --> 0:08:02.480 majority in the House of our Presentatives know how to govern? 0:08:02.600 --> 0:08:05.200 Which means you're going to have to produce budgets, You're 0:08:05.240 --> 0:08:08.680 going to have to produce the basic legislation and come 0:08:08.720 --> 0:08:11.800 into an agreement. With an expanding majority in the United 0:08:11.880 --> 0:08:15.200 States Senate and a Republican in the White House. Will 0:08:15.280 --> 0:08:18.720 they be able to to do those things? If they won't, 0:08:19.160 --> 0:08:21.200 this could be quickly reversed in two years in a 0:08:21.280 --> 0:08:26.320 presidential election here because there majority is not that great. 0:08:27.160 --> 0:08:29.160 This has been great, Thank you so much. Mark Lauder 0:08:29.240 --> 0:08:31.840 with us from a lot of communications, has work for 0:08:31.920 --> 0:08:44.640 Republicans in Indiana. There now joining us, and we've heard 0:08:44.720 --> 0:08:49.480 from discourse from Republicans someone certainly affiliated with the Democratic Party. 0:08:49.520 --> 0:08:53.320 Democratic Party Laurence Somers joins us, the former Secretary of Treasury, 0:08:53.640 --> 0:08:58.080 and also, of course the former president Harvard University, Larry Somers. 0:08:58.160 --> 0:08:59.839 I guess we're all going to go back to our 0:09:00.040 --> 0:09:03.160 general economics as we dash through grid luck. I think 0:09:03.200 --> 0:09:06.199 of your uncle Paul Samison, the Nobel Laureate, and his 0:09:06.360 --> 0:09:11.160 classic text of what does Lauren Summers think of gridlock? 0:09:11.520 --> 0:09:16.400 What actually gets done in Washington? Look, we just saw 0:09:16.440 --> 0:09:20.960 a frustration election. People can't agree on it everything, but 0:09:21.040 --> 0:09:24.680 for some things they can't agree on it. We need 0:09:24.679 --> 0:09:29.839 to focus on combating the people be so frustrated. That 0:09:29.960 --> 0:09:34.000 starts for raising the minimum wage, for adjusting for inflation 0:09:34.480 --> 0:09:37.679 that it's been in a very long time. That means 0:09:37.760 --> 0:09:41.480 putting back to protections in Obamacare so you can get 0:09:41.480 --> 0:09:44.480 health concerned when you need it, which is when uh 0:09:44.559 --> 0:09:49.160 you're sick. That means confronting the kind of excesses of 0:09:49.760 --> 0:09:53.600 business power. Frankly, that we see, why should it cost 0:09:53.720 --> 0:09:55.760 three times as much to get it in haler from 0:09:55.760 --> 0:09:58.800 your kids in the United States as it does in 0:09:59.280 --> 0:10:02.640 uh can Okay, let's look, Larry, this is critical. Let's 0:10:02.640 --> 0:10:06.840 go These are issues everybody could be able to agree on. 0:10:07.400 --> 0:10:09.400 And what we need to do is stop having wars 0:10:09.559 --> 0:10:11.800 and move forward. Okay, but Larry, this goes right to 0:10:11.840 --> 0:10:15.160 the point Charles Meyers mentioned this earlier this morning, was signum, 0:10:15.160 --> 0:10:16.760 which is one of the two things we can do 0:10:16.840 --> 0:10:21.520 in this gridlock as infrastructure and also pharmaceutical pricing. Do 0:10:21.600 --> 0:10:24.400 you actually believe in then the gridlock, that we can 0:10:24.480 --> 0:10:28.000 get a reduction in drug prices? As you allude to 0:10:28.040 --> 0:10:34.079 the inhalers. Look, I'm not sure what what Congress will 0:10:34.120 --> 0:10:37.840 succeed in passing. I'm sure what the country needs to do, 0:10:37.920 --> 0:10:40.600 and I'm sure what the vast majority of its uh 0:10:42.240 --> 0:10:47.720 UH would support that. I'm sure what responsible officials would 0:10:48.320 --> 0:10:54.920 find constructive ways to UH to compromise on prognosticated prognosticating 0:10:54.960 --> 0:10:59.079 Washington UH politics. I'll leave to somebody else the economy 0:10:59.160 --> 0:11:01.880 part enough, Larry, do you really think that the Democratic 0:11:01.920 --> 0:11:06.480 Party can become the party of fiscal responsibility? I think 0:11:06.520 --> 0:11:09.120 the priority. Look, we've in the long run, their issues 0:11:09.120 --> 0:11:11.840 around the budget deficits that we've got to confront. But 0:11:12.080 --> 0:11:14.440 if we're gonna move our economy forward, if we're gonna 0:11:14.440 --> 0:11:18.040 move our country forward, if we're gonna come together again, 0:11:18.880 --> 0:11:22.640 fiscal responsibility for the long run is not the priority 0:11:22.800 --> 0:11:28.199 right now. Serving the interests of a frustrated, angry electorate 0:11:28.640 --> 0:11:32.400 that whose interests have not been followed for the last 0:11:32.440 --> 0:11:38.600 two years. Is what the priority has has got has 0:11:38.640 --> 0:11:41.199 got to be When I hear people come on these 0:11:41.200 --> 0:11:45.920 financials those and talk about how their agenda is to 0:11:46.840 --> 0:11:50.160 have the FED raised interest rates faster because they think 0:11:50.200 --> 0:11:54.520 somehow too many people are being employed um and to 0:11:54.559 --> 0:11:57.440 cut and to do what they think is courageous, which 0:11:57.480 --> 0:11:59.960 is to cut the Social Security benefits that people earn 0:12:00.160 --> 0:12:03.520 forty dollars a year. And they don't talk about the 0:12:03.520 --> 0:12:06.000 price of inhailers. They don't talk about what it's like 0:12:06.120 --> 0:12:09.400 to live on seven dollars and thirty five cent UH 0:12:09.559 --> 0:12:12.000 minimum ways, because they don't talk about the fact that 0:12:12.040 --> 0:12:15.160 every corporation can contribute as much money as it wants, 0:12:15.200 --> 0:12:19.120 but no employer will. But thousands of employers won't give 0:12:19.160 --> 0:12:23.600 their workers the day off to go and vote, and 0:12:23.720 --> 0:12:26.120 states across the country go out of their way to 0:12:26.280 --> 0:12:29.000 make it as hard as possible for people in minority 0:12:29.040 --> 0:12:33.960 groups to register, and they're not complaining about that. I 0:12:34.040 --> 0:12:38.200 have to say that it's hard to focus on their 0:12:38.920 --> 0:12:44.160 abstract long run financial UH concerns when they are oblivious 0:12:44.200 --> 0:12:48.199 to the concrete UH concerns that are hurting the lives 0:12:48.280 --> 0:12:50.880 of UH tens of things and people who work for 0:12:50.920 --> 0:12:53.000 their companies. So larry a couple of points you've made down. 0:12:53.040 --> 0:12:54.320 I want to pick up on the point on the 0:12:54.320 --> 0:12:56.760 Federal Reserve to some degree, do you agree with the 0:12:56.760 --> 0:12:58.920 President of the United States then that the Federal Reserve 0:12:59.000 --> 0:13:02.199 needs to stop hiking into US writes I think the 0:13:02.320 --> 0:13:05.720 FED needs to be careful and needs to be careful 0:13:05.800 --> 0:13:09.560 and prudent as uh the day as the data comes in, 0:13:09.800 --> 0:13:13.720 and very much aware that monetary polishing operates with a lag, 0:13:14.160 --> 0:13:16.439 and so there's a riff that you're tightening, you're tighten, 0:13:16.559 --> 0:13:21.200 you don't remember the lag, and you uh tip the 0:13:21.240 --> 0:13:24.560 economy into recession. I think that I think that the 0:13:24.640 --> 0:13:29.000 kind of FED bashing in which the President has engaged 0:13:29.679 --> 0:13:34.000 is really unfitting of his office, and he's likely to 0:13:34.000 --> 0:13:37.080 be counterproductive because it means that if the third word 0:13:37.080 --> 0:13:40.360 of decide wanted to slow down our tightening, they have 0:13:40.440 --> 0:13:42.720 to reckon with the possibility that they look like they've 0:13:42.720 --> 0:13:45.120 been We may see that at eleven thirty today with 0:13:45.160 --> 0:13:48.199 a press conference. Lawrence Summers of Harvard, of course, the 0:13:48.240 --> 0:13:50.480 former Secretary of Treasure at the United States with US 0:13:50.480 --> 0:13:54.959 this morning, Larry, you are identified with secular stagnation. We 0:13:55.080 --> 0:13:59.079 got X number of quarters of growth. Every single guest 0:13:59.120 --> 0:14:01.839 John Farren Ice speak with believes we will see a 0:14:01.960 --> 0:14:05.880 vector south in g d P in economic growth. Are 0:14:05.920 --> 0:14:10.320 we gonna enjoy summer's secular stagnation here with a lesser 0:14:10.559 --> 0:14:15.840 growth and a high inflation Off of those deficits, I 0:14:15.840 --> 0:14:19.920 think growth is likely to slow. I'm not worried about 0:14:19.920 --> 0:14:24.360 inflation reaching UH dangerous levels in placient has been below 0:14:24.400 --> 0:14:27.760 the two percent target for a decade down. It may 0:14:27.880 --> 0:14:30.800 creep a little bit above the two percent PLACER target. 0:14:31.080 --> 0:14:34.200 I don't think that's a serious problem. I think the 0:14:34.240 --> 0:14:37.520 serious problems are around the things i've been UH talking 0:14:37.600 --> 0:14:41.800 about the lives of citizens who are so obviously frustrated 0:14:42.480 --> 0:14:45.600 with what's happening in our country at averaging UH to 0:14:45.680 --> 0:14:48.200 be frustrated. And I think we've got to focus on 0:14:48.840 --> 0:14:52.920 maintaining the momentum of growth. But if we can address 0:14:52.960 --> 0:14:56.880 some of the issues I've talked about, like UH the 0:14:57.760 --> 0:15:04.840 minimum ways, like making necessary investments in our country's infrastructure 0:15:04.880 --> 0:15:09.680 which enables us UH to compete, we can raise the 0:15:09.720 --> 0:15:12.960 country's long run growth, right, But I don't think sugar high, 0:15:13.200 --> 0:15:16.760 sugar high approach, who's based on corporate tax cuts, the 0:15:16.840 --> 0:15:20.200 companies that have plenty of cash is gonna do a 0:15:20.280 --> 0:15:23.000 lot to push the economy forwards. Secretary Summers, thank you 0:15:23.080 --> 0:15:38.320 so much. Laurence Summers with the course from Harvard University 0:15:41.160 --> 0:15:44.120 joining us. Now we we we've been really trying to 0:15:44.160 --> 0:15:48.640 get guests with a different twist and particularly operational guests 0:15:49.240 --> 0:15:52.120 of how you get elected. We've done that on the 0:15:52.200 --> 0:15:55.320 red side and the blue side. Now Robbie Mook joins us. 0:15:55.320 --> 0:15:58.200 Of course you CINO and CNN, but far more Robbie 0:15:58.200 --> 0:16:02.480 Mook working with Secretary Clinton in her two thousand sixteen campaign. 0:16:02.760 --> 0:16:07.440 What was the campaign tactical execution, Robbie that you saw 0:16:07.600 --> 0:16:12.720 last night? What paid off? That's a great question and 0:16:12.880 --> 0:16:16.360 and thanks for having me um. I think, well, I 0:16:16.400 --> 0:16:21.120 think Democrats stuff except in unexpected places in South Carolina, Oklahoma. 0:16:21.480 --> 0:16:26.400 And what the candidates did there was run local races. Uh. 0:16:26.440 --> 0:16:29.280 They spoke to their constituents as someone from the community. 0:16:29.560 --> 0:16:32.840 They didn't allow interest groups in d C to push 0:16:32.880 --> 0:16:37.360 them or shove them in some cases into particular policy positions, 0:16:37.480 --> 0:16:41.760 and they ran advertising on kitchen table issues like healthcare 0:16:41.920 --> 0:16:45.960 and job creation and education. Um, I think there were 0:16:46.000 --> 0:16:48.200 there were. There were kind of two different campaigns going on. 0:16:48.200 --> 0:16:51.280 One was on cable television and the other was in 0:16:51.320 --> 0:16:53.520 these districts and and it was much more kitchen table. 0:16:53.720 --> 0:16:56.200 One of the management things you have with the egos 0:16:56.200 --> 0:16:58.440 you have to deal with is once they get elected, 0:16:58.480 --> 0:17:00.800 you've got to calm them down and hold their hand, 0:17:00.880 --> 0:17:03.720 or maybe they jison you out the door. How do 0:17:03.800 --> 0:17:07.399 the Democrats move forward? Do you counsel grace or should 0:17:07.400 --> 0:17:10.159 they move forward in the House with a certain fire. 0:17:12.160 --> 0:17:15.600 That's a great question. Democrats need to focus on delivering 0:17:15.640 --> 0:17:18.320 results for the people who elected them. And if you 0:17:18.359 --> 0:17:20.680 look at the kind of candidates we elected, people out 0:17:20.720 --> 0:17:25.520 of law enforcement, out of the military. Um. Their their pragmatic, 0:17:25.560 --> 0:17:28.720 practical people. And so I think there's actually going to 0:17:28.760 --> 0:17:31.040 be in a really good way internal in the caucus 0:17:31.040 --> 0:17:32.960 to get things. Okay, let me cut to the chase. 0:17:33.040 --> 0:17:36.760 That's very nice of you to say, what is Maxine 0:17:36.840 --> 0:17:38.680 Water is going to do as chairman of the House 0:17:38.720 --> 0:17:42.600 Financial Services Committee? I mean, are we in for endless committees? 0:17:42.960 --> 0:17:45.160 In the back and forth? You know, it's almost like Brexit, 0:17:45.240 --> 0:17:47.800 just the back and forth every day of the president 0:17:47.920 --> 0:17:51.640 and his infirmities, or are we actually going to get 0:17:51.680 --> 0:17:56.920 government done that advances your Democratic party? Well, I think 0:17:56.960 --> 0:17:59.359 Democrats want to get things done. There's h if you 0:17:59.520 --> 0:18:02.919 if you was into Nancy Pelosi last night, Um, she 0:18:02.960 --> 0:18:06.040 didn't talk about investigation. She talked about, you know, improving 0:18:06.040 --> 0:18:09.919 healthcare and infrastructure bill, which I think there's there's broad 0:18:09.920 --> 0:18:14.000 based support for across the country. Um. And so I 0:18:14.040 --> 0:18:15.760 think there's all the chance in the world that that 0:18:15.840 --> 0:18:18.159 stuff can happen. That the real question is as the 0:18:18.200 --> 0:18:20.679 president going to be an honest broker and and for 0:18:20.720 --> 0:18:23.000 example on immigration, you know, he cut a deal with 0:18:23.040 --> 0:18:25.639 Democrats last year and then walked away from them at 0:18:25.640 --> 0:18:28.679 the last minute. He's just not a reliable, trustworthy broker. 0:18:28.720 --> 0:18:31.479 That's that's been his reputation all of his life. And 0:18:31.520 --> 0:18:33.440 so I think a lot of this falls on him 0:18:33.800 --> 0:18:36.080 to decide if he's gonna if he's going to be 0:18:36.160 --> 0:18:38.720 an honest negotiator and follow through on his promises and 0:18:38.720 --> 0:18:42.119 frankly put political capital behind something other than himself. I mean, 0:18:42.160 --> 0:18:46.919 he just hasn't shown the ability to to expend political 0:18:46.960 --> 0:18:49.360 capital to move something through he just wants to win 0:18:49.400 --> 0:18:51.520 the news cycle every day. Rob Let's ask a question 0:18:51.560 --> 0:18:53.880 that falls on the Democratic Party. I want to ask 0:18:53.920 --> 0:18:57.040 you who President Donald Trump will run against. That would 0:18:57.040 --> 0:19:00.160 be ridiculous. I want to ask you what President Donald 0:19:00.160 --> 0:19:03.159 Trump he's going to be running against. What is the 0:19:03.240 --> 0:19:06.680 idea that the Democratic Party wants to communicate to the 0:19:06.760 --> 0:19:11.480 electorate the President Donald Trump will be running against. Yeah, 0:19:11.520 --> 0:19:14.919 it is incumbent on our nominee to prove two things. 0:19:15.080 --> 0:19:17.800 First of all, that Donald Trump has not been honest, 0:19:18.240 --> 0:19:20.320 that he gave people a raw deal. He said he'd 0:19:20.359 --> 0:19:22.520 do one thing and he's done another, and he's hurt 0:19:22.920 --> 0:19:26.479 everyday people in their lives. Um, their wages haven't gone up. 0:19:26.560 --> 0:19:29.959 The tax code got rigged against them. Uh, you know, 0:19:30.080 --> 0:19:32.760 he was it was really good for himself, but not 0:19:32.800 --> 0:19:35.120 good for them. And then secondly, we need to prove 0:19:35.160 --> 0:19:36.639 the case that we can do a better job. We 0:19:36.680 --> 0:19:39.480 can create more jobs through you know, through something I 0:19:39.480 --> 0:19:43.399 can infrastructure, we can we can improve Obamacare so that 0:19:43.440 --> 0:19:47.680 healthcare markets stabilize and it's more affordable for families. Those 0:19:47.720 --> 0:19:49.520 are the things we have to prove, and I think 0:19:49.760 --> 0:19:52.280 the President is going to do everything in his power 0:19:52.560 --> 0:19:56.000 to try to make the debate in our primary about identity, 0:19:56.080 --> 0:19:58.200 politics and a whole bunch of other issues we can't 0:19:58.240 --> 0:20:00.560 fall from. On the economy, I find it very difficult 0:20:00.560 --> 0:20:02.240 to see how the Democrats are going to come up 0:20:02.240 --> 0:20:04.600 with an idea that really goes against what he's done. 0:20:04.600 --> 0:20:08.560 Wage growth is up, g d P is up, confidence 0:20:08.640 --> 0:20:10.720 levels just look at the soft data from the business 0:20:10.760 --> 0:20:14.239 community sky high. What is the argument that comes from 0:20:14.240 --> 0:20:19.719 the Democratic Party. Wages are distinctly not up. People are 0:20:19.760 --> 0:20:22.280 taking home less pay every single year that goes by, 0:20:23.440 --> 0:20:29.080 and the latest payrolls report, right, but that's not growing us. 0:20:29.160 --> 0:20:32.840 It's not growing at the same pace as inflation. And 0:20:34.320 --> 0:20:38.000 the President the president right for this year, but if 0:20:38.000 --> 0:20:39.800 you look at the past thirty years, it has not 0:20:39.880 --> 0:20:43.400 been growing fast enough. And the president past attacks bill 0:20:43.840 --> 0:20:49.480 that gave away billions of dollars um to corporations and 0:20:49.480 --> 0:20:52.720 to the richest individuals. We have not seen that invested 0:20:52.760 --> 0:20:56.200 back into companies. It's being used for buy backs. And 0:20:56.600 --> 0:21:00.280 our children are being saddled with mountains of debts. So 0:21:00.359 --> 0:21:03.600 I think there's a lot at stake here. Very differently. 0:21:03.720 --> 0:21:05.920 We gotta each your backer, Robbie, thank you so much. 0:21:05.960 --> 0:21:10.520 Greatly appreciated uh with his perspective on the mechanics, working 0:21:10.520 --> 0:21:12.119 with Terry mccaull if for a few years ago, and 0:21:12.160 --> 0:21:14.960 the governor at Race in Virginia of course of Secretary 0:21:14.960 --> 0:21:32.639 Clinton two years ago. It is good within all of 0:21:32.640 --> 0:21:36.440 our political views today, our economics, finance, investment, David Wilson's 0:21:36.880 --> 0:21:40.919 good stock report. To talk to somebody that actually lived, 0:21:42.840 --> 0:21:46.439 he is forever. The Senator from Mississippi, Trent Lott joins 0:21:46.520 --> 0:21:49.320 us this morning, a senator, A lot wonderful to have 0:21:49.359 --> 0:21:55.280 you with us. And within that is where one side 0:21:55.280 --> 0:21:57.399 of the House has to get used to the other 0:21:57.440 --> 0:22:00.800 side of the House as well. How well senators in 0:22:01.160 --> 0:22:05.240 the how are Republicans in the Senate adapt and adjust 0:22:05.320 --> 0:22:08.240 to a Democrat House. Well, first, Tom and Tim is 0:22:08.240 --> 0:22:10.440 good to be with you again. And this is quite 0:22:10.440 --> 0:22:13.119 an interesting morning. I was invested in the business report. 0:22:13.200 --> 0:22:16.000 But you know, there's been two similar situations that I 0:22:16.040 --> 0:22:18.960 lived through in the eighties when Reagan was president, he 0:22:19.080 --> 0:22:21.919 always had a Democratic House and only part of the 0:22:21.920 --> 0:22:25.600 time of Republican Senate. And yet working with Tip O'Neill, 0:22:25.720 --> 0:22:28.960 working across the with people like Bob Michael and Bob 0:22:29.000 --> 0:22:31.399 Dole or the Senate, but they got things done. And 0:22:31.440 --> 0:22:34.680 in the nineties when Clinton was president, we had both 0:22:34.720 --> 0:22:37.239 the House and the Senate. New Gingrich and I were 0:22:37.320 --> 0:22:40.920 leading the two bodies and we worked together. Clinton talked 0:22:40.920 --> 0:22:44.080 to us. We we did welfare reform, we balanced a budget, 0:22:44.119 --> 0:22:48.240 we passed safe drinking water, and we passed telecommunication form. 0:22:48.240 --> 0:22:51.360 A lot of things can be done in a divided government, 0:22:51.480 --> 0:22:57.199 but it takes communication, It takes chemistry, takes a vision, 0:22:57.280 --> 0:23:00.359 but most of all, it takes leadership. Does your Ablican 0:23:00.440 --> 0:23:04.480 president have the communication and chemistry to do that? Beginning 0:23:04.520 --> 0:23:07.640 with the press conference at eleven thirty this morning, Well, uh, 0:23:07.840 --> 0:23:11.360 he's gonna have to adjust to the circumstances that he faces. 0:23:11.720 --> 0:23:14.359 He does have, thank goodness of the Republican Senate, but 0:23:14.400 --> 0:23:16.199 he's gonna have to deal with Anti Pelosi in a 0:23:16.240 --> 0:23:20.000 Democratic House, um, you know, and try to figure out 0:23:20.040 --> 0:23:21.840 how we can get things done. There's some things the 0:23:21.840 --> 0:23:24.560 Senate can do on their own. But if he would 0:23:24.600 --> 0:23:28.159 reach out to uh, Chuck Schumer in the Senate and 0:23:28.240 --> 0:23:31.240 Anti Pelosi and Mitch McConnell, say, can we get together 0:23:31.240 --> 0:23:34.680 on infrastructure? This is something I think he cares about. Uh, 0:23:34.840 --> 0:23:37.359 does anybody deny that in America we need to invest 0:23:37.400 --> 0:23:41.400 more in Lane's planes, trains, ports, harbor, water and sewer. Well, 0:23:41.440 --> 0:23:45.520 absolutely not. It's not partisan. So they need to think 0:23:45.560 --> 0:23:47.720 a little bit about can we get something done for 0:23:47.760 --> 0:23:50.560 our country in the lame duck session and next year? 0:23:50.600 --> 0:23:54.159 Now after that, all bets are all pim Trent What 0:23:54.280 --> 0:23:57.720 it sounds like he was running for office there, Well, 0:23:58.080 --> 0:24:01.000 you never thought about it, but I couldn't afford to 0:24:01.000 --> 0:24:03.639 give up my livelihood and I didn't want to divorce 0:24:03.680 --> 0:24:06.640 after fifty four years. At the same way, some retired, 0:24:07.920 --> 0:24:10.040 Well you got to know when to retire. By the way, 0:24:10.080 --> 0:24:12.200 some of our colleagues need to think about that. Let 0:24:12.200 --> 0:24:14.640 me bring in pen Fox p. Well, let's follow up 0:24:14.680 --> 0:24:18.120 on that. What who are the key relationship builders in 0:24:18.160 --> 0:24:22.040 the Senate? And you just mentioned retirement. Should there be 0:24:22.440 --> 0:24:25.919 an age limit? Owner? Oh no, no, no, you know 0:24:26.040 --> 0:24:30.680