1 00:00:00,880 --> 00:00:04,360 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 2 00:00:04,400 --> 00:00:06,479 Speaker 1: Live weekdays at one Eastern. 3 00:00:06,160 --> 00:00:09,360 Speaker 2: On Bloomberg dot com, the iHeartRadio app and the Bloomberg 4 00:00:09,400 --> 00:00:12,800 Speaker 2: Business App, or listen on demand wherever you get your podcasts. 5 00:00:14,160 --> 00:00:16,920 Speaker 3: And you thought there was a deal that was the 6 00:00:16,960 --> 00:00:20,040 Speaker 3: point of a protracted debate over a tiny slice of 7 00:00:20,079 --> 00:00:23,079 Speaker 3: the federal budget to avoid a default a few weeks ago, 8 00:00:23,160 --> 00:00:26,119 Speaker 3: right the debt ceiling deal. We talked about it every 9 00:00:26,200 --> 00:00:30,200 Speaker 3: day for weeks, and they brought it right down to 10 00:00:30,280 --> 00:00:33,800 Speaker 3: the wire. Even Wall Street started to worry, only to 11 00:00:33,880 --> 00:00:37,159 Speaker 3: now relitigate the whole thing. At least that's what it 12 00:00:37,200 --> 00:00:40,800 Speaker 3: feels like. As you heard earlier this hour, members of 13 00:00:40,840 --> 00:00:43,680 Speaker 3: the conservative House Freedom Caucus are fed up over what 14 00:00:43,720 --> 00:00:49,320 Speaker 3: they see as Republicans fellow Republicans renagging on spending limits. 15 00:00:50,040 --> 00:00:55,200 Speaker 3: Many are predicting a government shutdown, And as we head 16 00:00:55,280 --> 00:00:57,880 Speaker 3: up to the August recess here with some hope of 17 00:00:57,880 --> 00:01:00,840 Speaker 3: getting a couple of things done the next three days, 18 00:01:02,120 --> 00:01:06,200 Speaker 3: people are asking, what was that all for? Why all 19 00:01:06,240 --> 00:01:09,880 Speaker 3: the pain leading up to this? I'm guessing Wiley Nichola 20 00:01:09,959 --> 00:01:13,600 Speaker 3: is asking that same question. The congressman from North Carolina's 21 00:01:13,600 --> 00:01:17,840 Speaker 3: thirteenth Congressional District Democrat in the US House is with 22 00:01:17,920 --> 00:01:19,800 Speaker 3: us right now, Congressman nicol I want to welcome you 23 00:01:19,840 --> 00:01:22,479 Speaker 3: to Bloomberg Radio. Thank you for being with us. What's 24 00:01:22,520 --> 00:01:25,520 Speaker 3: your view on this re litigating the debt ceiling deal? 25 00:01:25,560 --> 00:01:26,440 Speaker 3: Did you see it coming? 26 00:01:28,280 --> 00:01:30,720 Speaker 4: Joe? It's good to be with you. You know, we 27 00:01:31,120 --> 00:01:34,920 Speaker 4: had a deal on the bipartisan budget deal, and I 28 00:01:34,959 --> 00:01:38,119 Speaker 4: think that's where we're going to get when we get 29 00:01:38,160 --> 00:01:42,319 Speaker 4: back here in September. So I'm eternally optimistic that, you know, 30 00:01:42,600 --> 00:01:45,160 Speaker 4: we'll be able to get a good deal done because 31 00:01:45,200 --> 00:01:51,480 Speaker 4: we need to for the American economy, and I'm very 32 00:01:51,520 --> 00:01:54,720 Speaker 4: hopeful we'll get there. But often, you know, we continue 33 00:01:54,760 --> 00:01:58,360 Speaker 4: to see the tail wagon the dog with the Republican Caucus, 34 00:01:58,560 --> 00:02:01,200 Speaker 4: and I think you're seeing that to play out a 35 00:02:01,240 --> 00:02:02,120 Speaker 4: little bit more today. 36 00:02:02,560 --> 00:02:04,880 Speaker 3: Well, I'll tell you what your colleagues like Bob Good 37 00:02:04,880 --> 00:02:08,120 Speaker 3: and Andy Biggs seem pretty convincing earlier today when they 38 00:02:08,120 --> 00:02:10,760 Speaker 3: held a news conference saying do not fear a shutdown, 39 00:02:11,600 --> 00:02:13,799 Speaker 3: suggesting that that is the leverage that it might take, 40 00:02:13,840 --> 00:02:17,560 Speaker 3: that that's exactly why they were sent to Washington. Do 41 00:02:17,639 --> 00:02:19,239 Speaker 3: you have the numbers to override them. 42 00:02:20,280 --> 00:02:22,960 Speaker 4: Yeah, I just I think fundamentally, you know, you're going 43 00:02:23,040 --> 00:02:25,519 Speaker 4: to have people on the far left the far right 44 00:02:25,520 --> 00:02:27,320 Speaker 4: who are going to make a lot of noise, But 45 00:02:27,480 --> 00:02:29,799 Speaker 4: to get anything done in this Congress, it's going to 46 00:02:29,840 --> 00:02:32,880 Speaker 4: have to be done in a bipartisan way. Republicans have 47 00:02:32,919 --> 00:02:35,720 Speaker 4: a very narrow, very narrow majority in the House, Democrats 48 00:02:35,720 --> 00:02:38,320 Speaker 4: have a very narrow majority in the Senate, and we've 49 00:02:38,320 --> 00:02:40,679 Speaker 4: got the White House, so you know, we need to 50 00:02:40,720 --> 00:02:44,360 Speaker 4: work together. And you know, I'm one of these Democrats 51 00:02:44,480 --> 00:02:47,520 Speaker 4: right in the center, remember the blue Dog Democrats, the 52 00:02:47,600 --> 00:02:49,880 Speaker 4: problem Solver's Caucus. These are the groups in the center 53 00:02:50,639 --> 00:02:54,720 Speaker 4: working to reach across the island get things done. And 54 00:02:54,760 --> 00:02:56,960 Speaker 4: that's what we saw with the bipartisan budget deal. Was 55 00:02:56,960 --> 00:02:59,080 Speaker 4: it one of the rare bills that started in the 56 00:02:59,120 --> 00:03:01,520 Speaker 4: center and were its way out to the left and right. 57 00:03:02,000 --> 00:03:04,359 Speaker 4: And and that's ultimately what you know, we're going to 58 00:03:04,440 --> 00:03:09,320 Speaker 4: see come in as a budget and I'm I'm still 59 00:03:09,400 --> 00:03:12,079 Speaker 4: very optimistic that that's that's the direction we're. 60 00:03:11,919 --> 00:03:12,240 Speaker 1: Going to go. 61 00:03:12,520 --> 00:03:15,680 Speaker 3: Well, that would be sweet music to the speaker. I 62 00:03:15,720 --> 00:03:18,400 Speaker 3: don't know if you have much back and forth with 63 00:03:18,520 --> 00:03:21,519 Speaker 3: Kevin McCarthy, Congressman, but do you think that we'll avoid 64 00:03:21,520 --> 00:03:22,079 Speaker 3: a shut down. 65 00:03:23,400 --> 00:03:27,519 Speaker 4: I hope so. I hope so, because you know, we 66 00:03:27,520 --> 00:03:29,800 Speaker 4: we had what you know was was a good, a 67 00:03:29,840 --> 00:03:33,720 Speaker 4: good and very fair deal for for all parties, and 68 00:03:34,840 --> 00:03:37,400 Speaker 4: you know, the American people sent us here to get 69 00:03:37,400 --> 00:03:40,440 Speaker 4: things done. That's my focus. 70 00:03:40,160 --> 00:03:43,480 Speaker 3: Is it's important that you sit on the Financial Services Committee. 71 00:03:43,680 --> 00:03:45,800 Speaker 3: It's important to our audience. Congressman. I want to ask 72 00:03:45,840 --> 00:03:47,400 Speaker 3: you about what's going to happen this week as you 73 00:03:47,440 --> 00:03:51,040 Speaker 3: address a couple of important pieces of legislation, one unstable 74 00:03:51,080 --> 00:03:54,320 Speaker 3: coin and the other more broadly dealing with the the 75 00:03:54,440 --> 00:03:58,840 Speaker 3: cryptosphere that Wall Street is super focused on, but Washington 76 00:03:58,880 --> 00:04:00,840 Speaker 3: can't seem to get its arms around. Are you going 77 00:04:00,880 --> 00:04:02,200 Speaker 3: to make progress on Thursday? 78 00:04:03,040 --> 00:04:05,240 Speaker 4: I hope so. What you know, I'm in my first 79 00:04:05,280 --> 00:04:07,600 Speaker 4: term in Congress, and one of the things that I've 80 00:04:07,720 --> 00:04:11,320 Speaker 4: learned is Washington is really good at doing nothing. And 81 00:04:11,520 --> 00:04:15,400 Speaker 4: in this case, we need we need action. And you know, 82 00:04:15,440 --> 00:04:18,200 Speaker 4: you've got two bills that we're working on right now 83 00:04:18,240 --> 00:04:20,520 Speaker 4: in the House Safe Services Committee and have an important 84 00:04:21,120 --> 00:04:24,680 Speaker 4: committee vote on them this week. The stable coin bill 85 00:04:24,839 --> 00:04:27,520 Speaker 4: is one that I think is in a really good place, 86 00:04:28,000 --> 00:04:30,240 Speaker 4: and I'm supportive of that. I think we're going to 87 00:04:30,320 --> 00:04:33,680 Speaker 4: get bipartisan legislation there. The Market Structure Bill, which is 88 00:04:33,680 --> 00:04:36,400 Speaker 4: that the crypto bill you talked about, is also moving 89 00:04:36,440 --> 00:04:38,920 Speaker 4: in the right direction, you know, and I think we're 90 00:04:38,920 --> 00:04:43,279 Speaker 4: seeing a very good bipartisan group behind efforts to improve 91 00:04:43,320 --> 00:04:46,120 Speaker 4: that bill too. But I think the message for the 92 00:04:46,160 --> 00:04:49,680 Speaker 4: folks listening is is just with the crypto, with crypto, 93 00:04:49,760 --> 00:04:51,919 Speaker 4: with stable coin. You know, whether you love this stuff 94 00:04:52,000 --> 00:04:54,719 Speaker 4: or you hate it, you should want regulation. That's what 95 00:04:54,720 --> 00:04:57,000 Speaker 4: we're trying to do is have rules of the road 96 00:04:57,080 --> 00:05:00,000 Speaker 4: to get beyond the status quo that doesn't protect consumers. 97 00:05:00,600 --> 00:05:02,640 Speaker 3: I know a lot of players in the crypto industry 98 00:05:02,680 --> 00:05:05,200 Speaker 3: are actually asking for that, in some cases begging to 99 00:05:05,240 --> 00:05:07,440 Speaker 3: be regulated so they know what the rules of the 100 00:05:07,520 --> 00:05:10,920 Speaker 3: road are. What are you hearing from Maxine Waters from 101 00:05:11,520 --> 00:05:14,680 Speaker 3: your fellow Democrats on the panel, Because there was a 102 00:05:14,720 --> 00:05:18,200 Speaker 3: bit of a breakdown, it seems with Chair Patrick McHenry 103 00:05:18,240 --> 00:05:20,159 Speaker 3: over that stable coin bill. It seemed like there was 104 00:05:20,160 --> 00:05:21,120 Speaker 3: a deal and then there wasn't. 105 00:05:22,320 --> 00:05:25,880 Speaker 4: You know. I think the staff is feverishly working behind 106 00:05:25,920 --> 00:05:28,280 Speaker 4: the scenes to try to come together, and I think 107 00:05:28,320 --> 00:05:31,040 Speaker 4: they're really close. So I don't want to speak for 108 00:05:31,839 --> 00:05:35,000 Speaker 4: Chair McHenry or ranking them for Maxine Waters. But I 109 00:05:35,040 --> 00:05:38,880 Speaker 4: think the stable coin issue is one that the issues 110 00:05:38,880 --> 00:05:42,520 Speaker 4: aren't aren't very big that are separating them. So I'm 111 00:05:42,520 --> 00:05:47,080 Speaker 4: hoping that that you know, there will be a bigger 112 00:05:47,080 --> 00:05:51,279 Speaker 4: bipartisan you know, consensus on it. But you know, the 113 00:05:51,320 --> 00:05:52,760 Speaker 4: way the bill is right now, I like it. 114 00:05:53,160 --> 00:05:55,640 Speaker 3: Tell me more about this market structure legislation. Do you 115 00:05:55,680 --> 00:05:57,960 Speaker 3: support it in its current form here? Do you have 116 00:05:58,000 --> 00:06:00,920 Speaker 3: worries about any of the language? 117 00:06:01,080 --> 00:06:04,280 Speaker 4: You know? I think the place I start is we have, 118 00:06:04,640 --> 00:06:08,560 Speaker 4: you know, our chair Patrick Henry's and french Hill is 119 00:06:08,600 --> 00:06:12,599 Speaker 4: the subcommittee chair, have been working behind the scenes, you know, 120 00:06:12,680 --> 00:06:17,200 Speaker 4: to address Democrats concerns. So the concerns I had about 121 00:06:17,400 --> 00:06:21,320 Speaker 4: self tustody, language, and the bill you knows is moving 122 00:06:21,320 --> 00:06:25,480 Speaker 4: in the right direction, and you know, you know, I'm 123 00:06:25,520 --> 00:06:28,400 Speaker 4: optimistic that we'll be able to reach an agreement because 124 00:06:28,760 --> 00:06:31,000 Speaker 4: you know, the place that we start is we want 125 00:06:31,040 --> 00:06:33,960 Speaker 4: to prevent another FTX, and I think that that the 126 00:06:34,000 --> 00:06:37,679 Speaker 4: bill does that and it puts the guardrails in place 127 00:06:37,800 --> 00:06:41,760 Speaker 4: that matter. My staff just told me too that one 128 00:06:41,760 --> 00:06:44,920 Speaker 4: of one of our concerns was that the CFTC, which 129 00:06:45,200 --> 00:06:49,240 Speaker 4: would be an increasingly more important player, is going to 130 00:06:49,320 --> 00:06:51,880 Speaker 4: have the funding as part of this effort. You know, 131 00:06:51,920 --> 00:06:54,720 Speaker 4: that was one of my concerns that the CFTC wouldn't 132 00:06:54,720 --> 00:06:58,600 Speaker 4: be funded to administer, you know, the rules that we're 133 00:06:58,600 --> 00:07:01,520 Speaker 4: setting and put in place. That part is getting worked out. 134 00:07:01,560 --> 00:07:04,200 Speaker 4: So I'm very optimistic that you know, this could be 135 00:07:04,200 --> 00:07:07,159 Speaker 4: one of the bigger biparties and accomplishments in this Congress. 136 00:07:07,400 --> 00:07:10,440 Speaker 3: Well, that's a big, pretty big deal. Congressman. Your your 137 00:07:10,440 --> 00:07:14,960 Speaker 3: optimism is noted here because it seems like it's been 138 00:07:15,000 --> 00:07:17,280 Speaker 3: nowhere land so far for Crypto and Washington. 139 00:07:18,880 --> 00:07:22,000 Speaker 4: No. Absolutely, and I think for folks who may not 140 00:07:22,160 --> 00:07:25,640 Speaker 4: understand the issue too. You know, we're really talking about 141 00:07:25,680 --> 00:07:29,200 Speaker 4: the dominance of the digital dollar, you know, in the 142 00:07:29,240 --> 00:07:31,760 Speaker 4: next ten years, the next twenty years, you know, and 143 00:07:32,120 --> 00:07:35,120 Speaker 4: we do so well for our economy because we're the 144 00:07:35,120 --> 00:07:39,000 Speaker 4: global reserve currency. When we do sanctions, they matter because 145 00:07:39,040 --> 00:07:42,400 Speaker 4: of that. So doing these bills, putting these rules in 146 00:07:42,440 --> 00:07:45,800 Speaker 4: the road of the road and regulations in place help 147 00:07:45,880 --> 00:07:50,680 Speaker 4: us you know, stay you know, competitive and eliting, you know, 148 00:07:50,800 --> 00:07:54,440 Speaker 4: innovator for for you know, the digital dollar, which is 149 00:07:54,480 --> 00:07:56,200 Speaker 4: going to be even more important every year. 150 00:07:56,960 --> 00:08:00,160 Speaker 3: Yeah, you know, it's interesting. We've been asking whether know 151 00:08:00,240 --> 00:08:02,520 Speaker 3: is it is it a security or a currency, whether 152 00:08:02,520 --> 00:08:04,320 Speaker 3: it's a bitcoin or ether, And now it's starting to 153 00:08:04,360 --> 00:08:07,520 Speaker 3: seem like there is no easy answer to that. It 154 00:08:07,560 --> 00:08:10,040 Speaker 3: depends on the coin and it depends on the transaction. 155 00:08:10,160 --> 00:08:10,640 Speaker 3: Is that right? 156 00:08:11,760 --> 00:08:15,160 Speaker 4: It's you know, and we just saw a US District 157 00:08:15,200 --> 00:08:18,840 Speaker 4: court case of the Ripple case, you know, come out, 158 00:08:18,960 --> 00:08:22,120 Speaker 4: and that showed that there's some real disagreement, which just 159 00:08:22,200 --> 00:08:26,360 Speaker 4: underscores the need for regulation. And you know, Gary Gensler 160 00:08:26,400 --> 00:08:29,600 Speaker 4: and the SEC's regulation by enforcement just you know, is 161 00:08:30,000 --> 00:08:33,959 Speaker 4: creating a lot of uncertainty. And you know, Congress has 162 00:08:34,000 --> 00:08:36,679 Speaker 4: a job. We can step in and provide those rules 163 00:08:36,679 --> 00:08:40,640 Speaker 4: in the road, so you know, the companies here in 164 00:08:40,679 --> 00:08:44,760 Speaker 4: the US understand where they stand. And you know, my constituents, 165 00:08:44,880 --> 00:08:48,199 Speaker 4: you know, aren't going for some product overseas where if 166 00:08:48,200 --> 00:08:51,280 Speaker 4: there's a problem, they just get screwed. So I think 167 00:08:51,320 --> 00:08:53,520 Speaker 4: that's that's the place I look at it is how 168 00:08:53,520 --> 00:08:57,920 Speaker 4: can we protect our consumers and help you know, keep 169 00:08:58,120 --> 00:08:59,800 Speaker 4: those these industries in the US. 170 00:09:00,160 --> 00:09:03,760 Speaker 3: Yeah, we're spending time with Congressman Wiley Nickel, Democrat from 171 00:09:04,000 --> 00:09:05,960 Speaker 3: North Carolina. I've got to ask you in our remaining 172 00:09:05,960 --> 00:09:09,240 Speaker 3: moment here and make you aware, Congressman, that before you 173 00:09:09,320 --> 00:09:10,760 Speaker 3: joined us today and I didn't know this was going 174 00:09:10,840 --> 00:09:14,000 Speaker 3: to happen. What was this? The eighteenth of July is 175 00:09:14,080 --> 00:09:17,160 Speaker 3: just about a week ago. We paid tribute to your 176 00:09:17,240 --> 00:09:21,679 Speaker 3: tribute to the Grateful Dead. Here, thank you, Madam speaker. 177 00:09:22,040 --> 00:09:24,600 Speaker 5: I rise today to celebrate and pay tribute to the 178 00:09:24,600 --> 00:09:25,280 Speaker 5: Grateful Dead. 179 00:09:25,440 --> 00:09:25,880 Speaker 3: That's it. 180 00:09:26,000 --> 00:09:28,880 Speaker 5: Last night the Dead and Company closed out their final 181 00:09:28,920 --> 00:09:32,240 Speaker 5: act in San Francisco, And while this marks the end 182 00:09:32,240 --> 00:09:35,240 Speaker 5: of an era, it also gives us an opportunity to 183 00:09:35,280 --> 00:09:39,360 Speaker 5: reflect on the immense impact they've had on generations of fans. 184 00:09:39,480 --> 00:09:42,080 Speaker 3: Now, Congressman, I just have to note that not only 185 00:09:42,080 --> 00:09:44,640 Speaker 3: were we entertained by it, we loved it. You had 186 00:09:44,640 --> 00:09:48,160 Speaker 3: the skull up there on the easel, you quoted Jerry Garcia, 187 00:09:48,920 --> 00:09:51,960 Speaker 3: and I just wonder, knowing how many Republicans loved the 188 00:09:51,960 --> 00:09:54,480 Speaker 3: Grateful Dead, did that help you get across the aisle 189 00:09:54,480 --> 00:09:56,520 Speaker 3: a little bit this week? Yeah? 190 00:09:56,600 --> 00:09:59,559 Speaker 4: No, absolutely. And I've had so many of my Democrat 191 00:09:59,600 --> 00:10:02,600 Speaker 4: and republic Can colleagues come up and tell me how 192 00:10:02,840 --> 00:10:05,680 Speaker 4: you know about their experiences in a concert or the 193 00:10:05,720 --> 00:10:08,360 Speaker 4: great times they've had, and that's it's It's one of 194 00:10:08,400 --> 00:10:11,559 Speaker 4: the few really unifying things. You know over the last 195 00:10:11,720 --> 00:10:14,560 Speaker 4: you know, several decades that people go to the shows. 196 00:10:14,800 --> 00:10:17,040 Speaker 3: You didn't go to San Francisco though. I kind of 197 00:10:17,040 --> 00:10:18,959 Speaker 3: felt bad for you. They should have given you a 198 00:10:19,000 --> 00:10:21,720 Speaker 3: front row seat based on what you were about to do. 199 00:10:21,720 --> 00:10:23,720 Speaker 4: You know, but you can. You can watch the shows 200 00:10:23,720 --> 00:10:27,840 Speaker 4: on these I bet you have. 201 00:10:27,920 --> 00:10:29,559 Speaker 3: If you're a real deadhead, you have an answer to this. 202 00:10:29,600 --> 00:10:30,640 Speaker 3: How many shows have you been to? 203 00:10:32,160 --> 00:10:33,640 Speaker 4: You know, I've been to half a dozen. 204 00:10:33,880 --> 00:10:35,400 Speaker 3: Okay, I have not. 205 00:10:35,480 --> 00:10:36,880 Speaker 4: I'm not a touring kind of fan. 206 00:10:37,160 --> 00:10:38,360 Speaker 3: I never went on the road. I get it. 207 00:10:39,040 --> 00:10:41,760 Speaker 4: I agree. And you know one thing too. I got 208 00:10:41,760 --> 00:10:46,480 Speaker 4: to ask Jerome Pool about this in our fan and 209 00:10:46,520 --> 00:10:49,120 Speaker 4: he said he's a fan, so that was another tie 210 00:10:49,120 --> 00:10:50,800 Speaker 4: in for financial services. 211 00:10:51,080 --> 00:10:53,760 Speaker 3: That's fantastic. Wiley Nicol, thank you for coming to see us. 212 00:10:53,840 --> 00:10:55,600 Speaker 3: Maybe you can do something for Jeff Beck when you 213 00:10:55,600 --> 00:10:57,160 Speaker 3: get a minute on the floor of the house. He's 214 00:10:57,200 --> 00:10:58,760 Speaker 3: a democratic North Carolina. 215 00:10:59,760 --> 00:11:03,200 Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch the 216 00:11:03,240 --> 00:11:07,120 Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the 217 00:11:07,160 --> 00:11:10,520 Speaker 1: tune in alf, Bloomberg dot Com, and the Bloomberg Business app. 218 00:11:10,640 --> 00:11:13,480 Speaker 1: You can also listen live on Amazon Alexa from our 219 00:11:13,520 --> 00:11:18,000 Speaker 1: flagship New York station. Just say Alexa, play Bloomberg eleven thirty. 220 00:11:19,360 --> 00:11:22,880 Speaker 3: The talk today again is about a possible government shutdown, 221 00:11:22,920 --> 00:11:26,560 Speaker 3: but different than you might think. Not politicians running away 222 00:11:26,559 --> 00:11:31,120 Speaker 3: from it, not yelling at reporters for attempting to bring 223 00:11:31,120 --> 00:11:34,520 Speaker 3: it up, but embracing it. Bob Good, the gentleman from Virginia, 224 00:11:34,679 --> 00:11:36,520 Speaker 3: part of the House Freedom Caucus. 225 00:11:36,200 --> 00:11:38,960 Speaker 6: We should not fear a government shut down. Most of 226 00:11:39,000 --> 00:11:40,960 Speaker 6: what we do up here is bad anyway. Most of 227 00:11:40,960 --> 00:11:43,160 Speaker 6: what we do up here hurts the American people when 228 00:11:43,160 --> 00:11:45,400 Speaker 6: we do stuff to the American people while promising to 229 00:11:45,440 --> 00:11:50,040 Speaker 6: do things for the American people. Essential operations continue, most 230 00:11:50,280 --> 00:11:52,480 Speaker 6: eighty five percent is mister Big has just given me 231 00:11:52,520 --> 00:11:55,520 Speaker 6: that number continues. Mostly American people won't even miss if 232 00:11:55,520 --> 00:11:57,160 Speaker 6: the government is shut down temporarily. 233 00:11:57,240 --> 00:11:59,760 Speaker 3: Most of what we do is bad anyway. He says. 234 00:12:00,280 --> 00:12:02,079 Speaker 3: This is part of a news briefing, if I can 235 00:12:02,080 --> 00:12:05,280 Speaker 3: call it that. Earlier they held it outdoors outside the 236 00:12:05,400 --> 00:12:09,920 Speaker 3: US House. Members of the Freedom Caucus, including the aforementioned 237 00:12:10,320 --> 00:12:13,960 Speaker 3: Representative Andy Biggs, with the idea of a shutdown. 238 00:12:14,040 --> 00:12:16,200 Speaker 7: I don't believe that you're looking at a government shutdown. 239 00:12:16,240 --> 00:12:18,960 Speaker 7: I think what you'd be looking at is as I 240 00:12:18,960 --> 00:12:22,800 Speaker 7: think Bob represented Good and represent Rosendale and others have mentioned. 241 00:12:23,080 --> 00:12:27,520 Speaker 7: You'll see some aspects some of the twelve appropriations bills 242 00:12:27,520 --> 00:12:29,679 Speaker 7: come out and what we call a minibus, and then 243 00:12:29,720 --> 00:12:32,880 Speaker 7: you'll see a short term continuing resolution to continue spending. 244 00:12:32,920 --> 00:12:37,920 Speaker 7: I am not worried about a government shutdown at this point. 245 00:12:37,880 --> 00:12:40,720 Speaker 3: Just a shutdown. Who's worried about a shutdown? All we 246 00:12:40,800 --> 00:12:44,080 Speaker 3: do here is bad stuff anyway. Now, don't make us 247 00:12:44,120 --> 00:12:47,600 Speaker 3: explain the difference between a minibus and an omnibus, because 248 00:12:47,640 --> 00:12:49,920 Speaker 3: I can tell you Megan Scully will take you downtown 249 00:12:49,960 --> 00:12:52,360 Speaker 3: on that. And she's with us right now. She runs 250 00:12:52,400 --> 00:12:55,559 Speaker 3: the whole team that covers Congress here in the Bloomberg 251 00:12:55,679 --> 00:12:57,840 Speaker 3: newsroom in Washington. Megan, it's great to see you. 252 00:12:58,000 --> 00:12:58,240 Speaker 8: Thanks. 253 00:12:58,760 --> 00:13:02,840 Speaker 3: We're talking about the final three rows of the budget debate. 254 00:13:02,960 --> 00:13:05,600 Speaker 3: Even though we've got this big August recess right in 255 00:13:05,600 --> 00:13:06,800 Speaker 3: the middle of it. They're trying to get a lot 256 00:13:06,800 --> 00:13:08,520 Speaker 3: of stuff done here this week before they get on 257 00:13:08,559 --> 00:13:12,280 Speaker 3: a plane and go home. We talked yesterday about the 258 00:13:12,320 --> 00:13:16,520 Speaker 3: agriculture bill, this military construction bill in the House. The 259 00:13:16,559 --> 00:13:19,560 Speaker 3: Senate's working on defense spending. Does anything actually get done. 260 00:13:19,880 --> 00:13:23,440 Speaker 9: This week, we'll see a lot of this hinges on 261 00:13:23,679 --> 00:13:27,239 Speaker 9: exactly what the folks that you just had, Yeah, the tape. 262 00:13:27,000 --> 00:13:29,080 Speaker 3: So they're going to do their best to slow this down. 263 00:13:28,920 --> 00:13:33,480 Speaker 9: Right, they quite possibly may. It's going to be all 264 00:13:33,720 --> 00:13:37,199 Speaker 9: sort of hinging on the vote on the rule. Essentially 265 00:13:37,200 --> 00:13:41,360 Speaker 9: the parameters for debate on these spending bills. Democrats in 266 00:13:41,440 --> 00:13:45,560 Speaker 9: the minority party always vote against the rule, So McCarthy 267 00:13:45,640 --> 00:13:48,040 Speaker 9: is really going to rely on most of his party. Remember, 268 00:13:48,120 --> 00:13:51,240 Speaker 9: his majority is very small to support the rule, which 269 00:13:51,240 --> 00:13:54,160 Speaker 9: then allows them to move on to the bill. If 270 00:13:54,480 --> 00:13:57,440 Speaker 9: the Freedom Caucus members or other members in the party 271 00:13:57,440 --> 00:14:01,319 Speaker 9: aren't happy with McCarthy or the bill or the amendments 272 00:14:01,360 --> 00:14:04,560 Speaker 9: that were allowed on the floor, they can essentially ground 273 00:14:04,600 --> 00:14:08,400 Speaker 9: it all to a halt, which very well might happen. 274 00:14:08,840 --> 00:14:11,360 Speaker 9: What was interesting to me today is you sort of 275 00:14:11,400 --> 00:14:13,959 Speaker 9: had the same people who were saying a debt default 276 00:14:13,960 --> 00:14:16,880 Speaker 9: wouldn't be that bad saying a government shutdown wouldn't be 277 00:14:16,920 --> 00:14:20,680 Speaker 9: that bad. True, Thankfully we didn't find out what happened 278 00:14:20,680 --> 00:14:21,840 Speaker 9: after debt default, and. 279 00:14:21,880 --> 00:14:24,720 Speaker 3: We should remind our listeners right that a shutdown is 280 00:14:25,000 --> 00:14:28,000 Speaker 3: that's not a default. They're not even in the same league. No, 281 00:14:28,280 --> 00:14:31,080 Speaker 3: but as we think about what's about to happen, it's 282 00:14:31,080 --> 00:14:32,920 Speaker 3: a pretty good example of what took place in that 283 00:14:32,960 --> 00:14:34,880 Speaker 3: debt ceiling debate. Do you give us a sense of 284 00:14:34,920 --> 00:14:37,360 Speaker 3: how this budget debate could go down? Right, because we're 285 00:14:37,960 --> 00:14:40,520 Speaker 3: we're dealing with members of the Freedom Colo, because they're 286 00:14:40,520 --> 00:14:43,320 Speaker 3: calling out their own fellow Republicans in the House and 287 00:14:43,360 --> 00:14:46,520 Speaker 3: the Senate, not even Democrats. They can talk about Joe 288 00:14:46,520 --> 00:14:48,480 Speaker 3: Biden all day long, but this is this is a 289 00:14:48,520 --> 00:14:50,760 Speaker 3: war inside the Republican Party. 290 00:14:50,800 --> 00:14:53,160 Speaker 9: It feels like, now, yeah, we've seen this play out 291 00:14:53,200 --> 00:14:57,400 Speaker 9: all year, dating back to January when Speaker McCarthy really 292 00:14:57,440 --> 00:15:00,880 Speaker 9: had to fight through what was it fourteen fifteen rounds 293 00:15:01,280 --> 00:15:04,720 Speaker 9: to become Speaker, and it's just been a bumpy road 294 00:15:05,040 --> 00:15:10,240 Speaker 9: ever since. Through the default negotiations. A lot of these 295 00:15:10,320 --> 00:15:14,520 Speaker 9: Freedom Caucus folks aren't happy with McCarthy in the aftermath 296 00:15:14,520 --> 00:15:14,760 Speaker 9: of that. 297 00:15:14,800 --> 00:15:15,400 Speaker 3: They feel like the. 298 00:15:15,360 --> 00:15:18,280 Speaker 9: Deal didn't go far enough, or they feel like there's 299 00:15:18,320 --> 00:15:20,920 Speaker 9: been effort to roll back some of the spending constraints 300 00:15:21,000 --> 00:15:24,320 Speaker 9: that were agreed to by the Speaker and by President Biden. 301 00:15:25,160 --> 00:15:27,600 Speaker 9: So we're seeing all this come to fruition right now, 302 00:15:27,640 --> 00:15:32,120 Speaker 9: but it's not just spending. It is also social issues. 303 00:15:32,440 --> 00:15:39,360 Speaker 9: We have abortion amendments on the mill content really slow things. Yeah, yeah, 304 00:15:39,480 --> 00:15:42,400 Speaker 9: And you look at something like the Military VA the 305 00:15:42,440 --> 00:15:45,880 Speaker 9: Military Construction VA spending bill that is usually the bill 306 00:15:45,960 --> 00:15:50,000 Speaker 9: that gets through with the least objections, and when you 307 00:15:50,040 --> 00:15:53,520 Speaker 9: look at the amendment lineup for possible debate on the floor, 308 00:15:53,560 --> 00:15:57,920 Speaker 9: you're looking at, you know, banning abortion funded through the 309 00:15:58,000 --> 00:16:02,640 Speaker 9: VA under any circumstances. There's another amendment from Lauren Bobert 310 00:16:02,720 --> 00:16:09,240 Speaker 9: that would ban masks in non surgical areas of VA facilities. 311 00:16:10,080 --> 00:16:13,520 Speaker 9: So not a mask mandate, a mask bant it. So 312 00:16:13,600 --> 00:16:18,080 Speaker 9: this is really like just becoming, you know, fertile ground 313 00:16:18,160 --> 00:16:19,840 Speaker 9: for the cultural None of it has. 314 00:16:19,760 --> 00:16:21,560 Speaker 3: A chance in the Senate, right, which is yeah, we're 315 00:16:21,560 --> 00:16:25,680 Speaker 3: talking about a shutdown here. The sense of being betrayed 316 00:16:25,880 --> 00:16:29,040 Speaker 3: by the speaker seems to be coming back in these 317 00:16:29,080 --> 00:16:32,680 Speaker 3: conversations that we hear in the Freedom Caucus, despite the 318 00:16:32,720 --> 00:16:34,640 Speaker 3: fact that he's been giving them quite a bit of leeway, 319 00:16:34,680 --> 00:16:37,080 Speaker 3: it seems like in this debate, certainly with the way 320 00:16:37,080 --> 00:16:41,320 Speaker 3: they handled the National Defense spending bill. Listen again to 321 00:16:41,480 --> 00:16:45,120 Speaker 3: Bob Good Again, Republican from Virginia, speaking earlier today at 322 00:16:45,160 --> 00:16:45,520 Speaker 3: that event. 323 00:16:45,640 --> 00:16:47,800 Speaker 6: It was said by leadership at that time that we 324 00:16:47,920 --> 00:16:52,280 Speaker 6: will use the appropriations process, that the FRA was the ceiling, 325 00:16:52,400 --> 00:16:54,800 Speaker 6: not the floor, but we would go back to pre 326 00:16:54,920 --> 00:16:57,760 Speaker 6: COVID level spending for non defensive scretion aera, and we're 327 00:16:57,840 --> 00:17:01,720 Speaker 6: calling on Republicans to do that very thing. Sadly, unfortune 328 00:17:01,720 --> 00:17:04,160 Speaker 6: there are some Republicans in the House who don't want 329 00:17:04,160 --> 00:17:07,840 Speaker 6: to cut spending. Worse yet, many Republicans in the Senate 330 00:17:07,880 --> 00:17:09,320 Speaker 6: want to actually increase spending. 331 00:17:09,400 --> 00:17:12,960 Speaker 3: So this is Republican on Republican violence here. Megan Scully, 332 00:17:13,000 --> 00:17:14,439 Speaker 3: I don't know where he is going with that, but 333 00:17:14,480 --> 00:17:18,320 Speaker 3: you know, we were told those first words. It was 334 00:17:18,359 --> 00:17:20,959 Speaker 3: said by Luis, We're said by leadership. What does that 335 00:17:21,000 --> 00:17:23,080 Speaker 3: mean about Kevin McCarthy's standing right now? 336 00:17:23,480 --> 00:17:27,120 Speaker 9: Well, they've never been particularly sold on him as speaker, 337 00:17:28,080 --> 00:17:30,720 Speaker 9: and I think as time goes on it's less and 338 00:17:30,800 --> 00:17:33,600 Speaker 9: less so. But McCarthy's really in a tough place as 339 00:17:33,640 --> 00:17:36,840 Speaker 9: he's been throughout the speakership. But he needs to he 340 00:17:36,880 --> 00:17:40,879 Speaker 9: needs to keep these Freedom Caucus members in line. But 341 00:17:40,960 --> 00:17:43,439 Speaker 9: he also can't put moderates in his party. You know, 342 00:17:43,560 --> 00:17:48,639 Speaker 9: Hudson Valley Republicans, Republicans in Southern California who won in 343 00:17:48,680 --> 00:17:51,240 Speaker 9: twenty twenty two and are who are fighting already fighting 344 00:17:51,280 --> 00:17:55,480 Speaker 9: for their political lives heading into twenty four. He risks 345 00:17:55,520 --> 00:17:59,439 Speaker 9: putting them in danger by having them take votes on 346 00:17:59,520 --> 00:18:04,080 Speaker 9: abortion and and another you know, on this mask ban, 347 00:18:04,200 --> 00:18:08,439 Speaker 9: on other culture war topics. And what we saw with 348 00:18:08,480 --> 00:18:11,359 Speaker 9: the Defense Bill last week or two weeks ago was 349 00:18:11,560 --> 00:18:15,000 Speaker 9: some of these Republicans, some of these pragmatic Republicans saying 350 00:18:15,720 --> 00:18:19,080 Speaker 9: kind of just banking on the Senate ultimately scrubbing that 351 00:18:19,240 --> 00:18:23,800 Speaker 9: out of the bill. But if they continue having to 352 00:18:23,840 --> 00:18:26,960 Speaker 9: take these votes, then they're going to have a voting 353 00:18:27,000 --> 00:18:30,720 Speaker 9: record a mass on abortion, on other issues that don't 354 00:18:30,760 --> 00:18:34,160 Speaker 9: fly in their districts the way they might fly in 355 00:18:34,240 --> 00:18:35,320 Speaker 9: Andy Biggs's district. 356 00:18:35,320 --> 00:18:38,760 Speaker 3: That's right, absolutely, before you run. Does everyone get out 357 00:18:38,800 --> 00:18:40,600 Speaker 3: of town Thursday? Do you think they're stay in overtime? 358 00:18:42,560 --> 00:18:45,480 Speaker 9: You place some odds on My money's on Friday Friday 359 00:18:45,560 --> 00:18:46,240 Speaker 9: the office pool. 360 00:18:46,280 --> 00:18:48,320 Speaker 3: All right, yeah, Megan, it's great to talk to you. 361 00:18:48,320 --> 00:18:52,440 Speaker 3: All right, Megan Scully, Bloomberg News Congress team Leader. It's 362 00:18:52,440 --> 00:18:54,840 Speaker 3: an important title around here. I'm Joe, Matthew and Washington 363 00:18:54,880 --> 00:18:57,159 Speaker 3: As we assemble our panel for their take on this 364 00:18:57,240 --> 00:19:00,000 Speaker 3: And if you hadn't heard me mentioned already, Congressman Wiley, 365 00:19:00,359 --> 00:19:02,440 Speaker 3: Democrat from North Carolina is going to be with us 366 00:19:02,680 --> 00:19:04,320 Speaker 3: in about ten minutes to get a better sense of 367 00:19:04,359 --> 00:19:06,600 Speaker 3: what's happening inside the House. Right now, it's Rick Davis 368 00:19:06,600 --> 00:19:10,639 Speaker 3: and Jeanie Shanzino Bloombery Politics contributors. Rick, what do you 369 00:19:10,680 --> 00:19:12,560 Speaker 3: think of the noise coming out of the Freedom Caucus? 370 00:19:12,640 --> 00:19:14,199 Speaker 3: Is it just the same that we've been hearing now 371 00:19:14,359 --> 00:19:17,000 Speaker 3: or don't fear a shutdown? Is getting your attention? 372 00:19:17,560 --> 00:19:20,720 Speaker 10: Yeah, Look, it's pretty much what we've been hearing. It 373 00:19:20,920 --> 00:19:24,680 Speaker 10: just never really subsided since the debt negotiations. They've rolled 374 00:19:24,760 --> 00:19:28,399 Speaker 10: right into the budget negotiations. The only power they have 375 00:19:28,600 --> 00:19:31,280 Speaker 10: is the weakness in the Republican numbers. You know, for 376 00:19:31,520 --> 00:19:36,240 Speaker 10: Republicans bail on any kind of vote and Kevin McCarthy 377 00:19:36,240 --> 00:19:38,399 Speaker 10: can't get anything passed. And the Democrats are just sitting 378 00:19:38,480 --> 00:19:41,760 Speaker 10: back laughing because, you know, for the first time in 379 00:19:41,800 --> 00:19:44,199 Speaker 10: a long time they've seen, you know, sort of Republicans 380 00:19:44,240 --> 00:19:47,399 Speaker 10: attacking Republicans, forcing them to take votes that are going 381 00:19:47,440 --> 00:19:50,400 Speaker 10: to cause a problem for them in re elections. It's 382 00:19:50,440 --> 00:19:54,159 Speaker 10: just a real good elixir for Republicans to lose the 383 00:19:54,200 --> 00:19:55,240 Speaker 10: House in the next election. 384 00:19:55,560 --> 00:19:59,760 Speaker 3: Boy, how about that? Does it make it seem more likely, Genie, 385 00:19:59,760 --> 00:20:02,080 Speaker 3: that the are girding for a budget war here or 386 00:20:02,080 --> 00:20:04,240 Speaker 3: are the numbers so small that it doesn't matter. 387 00:20:04,880 --> 00:20:07,000 Speaker 11: You know, I think they're girding for a war. And 388 00:20:07,320 --> 00:20:11,239 Speaker 11: it is Republican on Republican violence. And this is, you know, 389 00:20:11,480 --> 00:20:14,520 Speaker 11: the stunning part of this. This all goes back to 390 00:20:15,040 --> 00:20:18,760 Speaker 11: that January agreement McCarthy made. You know, he's not going 391 00:20:18,840 --> 00:20:21,600 Speaker 11: to shield his members. He can't at this point from 392 00:20:21,640 --> 00:20:24,080 Speaker 11: these tough votes. They're going to take them, and then 393 00:20:24,240 --> 00:20:26,879 Speaker 11: they really do risk losing the House, which is the 394 00:20:26,960 --> 00:20:29,960 Speaker 11: stunning part of this. And so many of these votes 395 00:20:30,000 --> 00:20:33,359 Speaker 11: that Megan just talked about, from the abortion ban on 396 00:20:33,440 --> 00:20:36,960 Speaker 11: a bill like the NDAA that should just pass without 397 00:20:37,000 --> 00:20:41,360 Speaker 11: any conversation or notice at all, are being steiny by 398 00:20:41,440 --> 00:20:46,040 Speaker 11: things like a mask ban, which is absolutely stunning. And 399 00:20:46,080 --> 00:20:48,240 Speaker 11: here we go. I think we're going to have a shutdown, 400 00:20:48,320 --> 00:20:50,760 Speaker 11: and I think that it's going to lead us into 401 00:20:50,760 --> 00:20:53,080 Speaker 11: September all the way to December, and it's going to 402 00:20:53,160 --> 00:20:54,720 Speaker 11: hurt Republicans in the next election. 403 00:20:55,040 --> 00:20:57,960 Speaker 3: You know, we're hearing from upset Republicans in the House 404 00:20:58,040 --> 00:21:00,760 Speaker 3: right now, Rick, when are Republicans going to start making 405 00:21:00,800 --> 00:21:03,040 Speaker 3: more noise in the Senate. I'm thinking Lindsey Graham and 406 00:21:03,080 --> 00:21:06,480 Speaker 3: others who were very angry about what they saw as 407 00:21:06,520 --> 00:21:08,640 Speaker 3: a lack of defense spending as part of that debt 408 00:21:08,680 --> 00:21:10,680 Speaker 3: ceiling deal, Because if we're blowing this whole thing up, 409 00:21:10,680 --> 00:21:12,199 Speaker 3: that's the first thing that they're going to go for. 410 00:21:12,320 --> 00:21:15,520 Speaker 10: Right, Well, I think that that'll be a conference issue, right. 411 00:21:15,560 --> 00:21:18,159 Speaker 10: I mean, the Republicans and the Democrats are working together 412 00:21:18,240 --> 00:21:21,760 Speaker 10: to get the appro you know, the NDAA moved by 413 00:21:21,840 --> 00:21:24,200 Speaker 10: Thursday night, and they will get out Thursday night, I think. 414 00:21:24,320 --> 00:21:26,800 Speaker 10: I mean, I think Schumer and the Republicans are working 415 00:21:26,800 --> 00:21:29,800 Speaker 10: well together as they always have been, on a bipartisan 416 00:21:29,840 --> 00:21:34,000 Speaker 10: basis to move our National Defense Authorization Act. The reality 417 00:21:34,720 --> 00:21:37,560 Speaker 10: is they're going to be able to lift the ceiling 418 00:21:37,640 --> 00:21:42,240 Speaker 10: through a supplemental on defense spending and additional funds for Ukraine, 419 00:21:42,400 --> 00:21:45,359 Speaker 10: which is going to put the fight at conference level 420 00:21:45,720 --> 00:21:48,760 Speaker 10: when the House does something quite the opposite. And so 421 00:21:49,480 --> 00:21:54,600 Speaker 10: neither leader, either Schumer or McCarthy, want to take votes 422 00:21:54,640 --> 00:21:58,480 Speaker 10: that make support for Ukraine look weaker, and so that's 423 00:21:58,520 --> 00:22:00,399 Speaker 10: going to be one of the hardest thing they have 424 00:22:00,440 --> 00:22:03,080 Speaker 10: to do to navigate this funding cycle. 425 00:22:03,160 --> 00:22:05,159 Speaker 3: But to your point, it'll be done behind closed doors. 426 00:22:05,800 --> 00:22:07,680 Speaker 10: Yeah, I mean, they will come out with some kind 427 00:22:07,720 --> 00:22:11,240 Speaker 10: of a universal NDAA that you know, matches up the 428 00:22:11,240 --> 00:22:15,080 Speaker 10: House version with the Senate version in September, and that 429 00:22:15,119 --> 00:22:17,600 Speaker 10: shouldn't actually be any different than the process that have 430 00:22:17,640 --> 00:22:21,560 Speaker 10: worked before. It's when the House gets this package of 431 00:22:21,560 --> 00:22:24,879 Speaker 10: supplemental funding from the Senate, which was part, as you said, 432 00:22:24,880 --> 00:22:27,159 Speaker 10: of the Lindsey Graham deal with Schumer to move the 433 00:22:27,200 --> 00:22:30,400 Speaker 10: debt ceiling together and by the way, and fully supported 434 00:22:30,400 --> 00:22:34,520 Speaker 10: by many Democrats, you know. I know Chris Coons is 435 00:22:34,560 --> 00:22:36,720 Speaker 10: one of the big proponents of this, and you know 436 00:22:36,800 --> 00:22:40,320 Speaker 10: he's a committee chair for Foreign Ops. So the reality 437 00:22:40,480 --> 00:22:43,119 Speaker 10: is that the Senate sort of has their act together 438 00:22:43,280 --> 00:22:45,679 Speaker 10: and they're not making a political fight, certainly out of 439 00:22:45,760 --> 00:22:49,320 Speaker 10: Ukraine or the defense spending. But I'm sure they're going 440 00:22:49,359 --> 00:22:52,720 Speaker 10: to have to deal in the end with kind of 441 00:22:52,720 --> 00:22:54,080 Speaker 10: a runaway House leadership. 442 00:22:54,200 --> 00:22:58,680 Speaker 3: Well, that's a consistent storyline, your genie, since the beginning 443 00:22:58,720 --> 00:23:02,520 Speaker 3: of this Congress, in this speakership. Does does Kevin McCarthy 444 00:23:02,600 --> 00:23:04,720 Speaker 3: know that he has to let the government shut down 445 00:23:04,960 --> 00:23:06,040 Speaker 3: to make everybody happy? 446 00:23:06,600 --> 00:23:06,760 Speaker 1: You know? 447 00:23:07,040 --> 00:23:09,760 Speaker 11: I think he is very cognizant of the position he's in. 448 00:23:10,240 --> 00:23:12,640 Speaker 11: I know, you know, that's why I think we hear 449 00:23:12,720 --> 00:23:16,160 Speaker 11: him saying some pretty inflammatory things to appease the right 450 00:23:16,280 --> 00:23:18,920 Speaker 11: and other realms and sort of take their eye off 451 00:23:18,960 --> 00:23:22,439 Speaker 11: of this. He knows the situation he's dealing with because 452 00:23:22,480 --> 00:23:25,040 Speaker 11: his job is on the line. And you know, just 453 00:23:25,119 --> 00:23:28,840 Speaker 11: back to what Bob Goods said, government shutdowns do hurt. 454 00:23:29,000 --> 00:23:31,359 Speaker 11: And this is I think, you know, a core of this. 455 00:23:31,359 --> 00:23:33,760 Speaker 11: This is a group of people who see no role 456 00:23:33,800 --> 00:23:37,240 Speaker 11: for the government. Whatsoever government does, bad, government does nothing 457 00:23:37,359 --> 00:23:40,000 Speaker 11: is pretty much their mantra. But the reality is the 458 00:23:40,080 --> 00:23:43,679 Speaker 11: last government shut down, eight hundred thousand people were not paid. 459 00:23:44,080 --> 00:23:47,879 Speaker 11: National parks, food stamp payments and others weren't made. So 460 00:23:48,040 --> 00:23:50,760 Speaker 11: there is an impact. It's certainly not as dramatic as 461 00:23:50,800 --> 00:23:53,880 Speaker 11: it would have been had we defaulted, certainly, but there 462 00:23:53,960 --> 00:23:56,800 Speaker 11: is an impact. And government does have an important role. 463 00:23:57,080 --> 00:23:59,159 Speaker 11: And that's what the Republicans are going to have to 464 00:23:59,160 --> 00:24:02,280 Speaker 11: wrap their head around. Government does play a role, and 465 00:24:02,359 --> 00:24:04,439 Speaker 11: these folks seem to not see it as something that 466 00:24:04,480 --> 00:24:06,600 Speaker 11: we need, but we absolutely do need it. 467 00:24:06,800 --> 00:24:10,119 Speaker 3: I know, there's the conventional wisdom on Kevin McCarthy Rick Davis. 468 00:24:10,160 --> 00:24:14,520 Speaker 3: But is he at the whim of his Conservative Republican 469 00:24:14,600 --> 00:24:17,760 Speaker 3: caucus or is he playing three dimensional chess with the 470 00:24:17,800 --> 00:24:18,680 Speaker 3: Freedom Caucus. 471 00:24:19,080 --> 00:24:22,560 Speaker 10: You know, it's a little three dimensional chess. I mean, 472 00:24:22,600 --> 00:24:25,600 Speaker 10: he is had to do that during the debt crisis, 473 00:24:25,640 --> 00:24:28,840 Speaker 10: where he had to leverage a couple of votes out 474 00:24:28,880 --> 00:24:31,320 Speaker 10: of the Freedom Caucus in order to get that passed 475 00:24:31,400 --> 00:24:34,880 Speaker 10: and rely on a few Democratic votes in the process. 476 00:24:36,040 --> 00:24:40,280 Speaker 10: There's no question that Genie's right that government shutdowns. 477 00:24:39,720 --> 00:24:40,359 Speaker 3: Are no good. 478 00:24:40,400 --> 00:24:43,359 Speaker 10: I lived through one, you know, during a presidential campaign 479 00:24:43,680 --> 00:24:46,600 Speaker 10: that the party in power really paid a price politically 480 00:24:46,640 --> 00:24:49,920 Speaker 10: for I mean, in addition to the economic impact that 481 00:24:50,440 --> 00:24:54,359 Speaker 10: people have to withstand. It's a political no no. I mean, 482 00:24:54,400 --> 00:24:56,640 Speaker 10: you know, no party wants to be the party that 483 00:24:56,680 --> 00:24:59,359 Speaker 10: the government you know, shuts down, except for maybe the 484 00:24:59,359 --> 00:25:03,840 Speaker 10: Freedom Caucus. So yeah, the speakers really got to figure 485 00:25:03,840 --> 00:25:05,600 Speaker 10: out a way to thread the needle on this one, 486 00:25:05,800 --> 00:25:08,200 Speaker 10: and they're making it harder and harder on him. But 487 00:25:08,240 --> 00:25:11,000 Speaker 10: the fact is that the Freedom Caucus attacking other Freedom 488 00:25:11,000 --> 00:25:13,120 Speaker 10: Caucus members actually makes it easier for him. 489 00:25:13,240 --> 00:25:15,520 Speaker 3: Yeah, just as Margie Taylor Green, I guess right, that's 490 00:25:15,840 --> 00:25:19,240 Speaker 3: Kevin McCarthy's great ally Jeanie. Yes, that's right. 491 00:25:19,280 --> 00:25:20,560 Speaker 11: And you know, I think what we're going to see 492 00:25:20,560 --> 00:25:23,480 Speaker 11: out of Kevin McCarthy is more attempts to distract them 493 00:25:23,600 --> 00:25:26,520 Speaker 11: and by talking about culture issues and those kinds of 494 00:25:26,560 --> 00:25:28,879 Speaker 11: things that they can get behind. So watch for that 495 00:25:29,000 --> 00:25:29,800 Speaker 11: to keep happening. 496 00:25:30,080 --> 00:25:32,119 Speaker 3: My god, it's going to be quite the fall. This 497 00:25:32,240 --> 00:25:35,720 Speaker 3: better be may make this August recess count because you're 498 00:25:35,760 --> 00:25:38,359 Speaker 3: going to need the energy after Labor Day. 499 00:25:39,280 --> 00:25:42,760 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 500 00:25:42,800 --> 00:25:44,880 Speaker 1: live weekdays at one Eastern. 501 00:25:44,520 --> 00:25:47,720 Speaker 2: On Bloomberg dot Com, the iHeartRadio app, and the Bloomberg 502 00:25:47,800 --> 00:25:48,800 Speaker 2: Business App, or. 503 00:25:48,720 --> 00:25:51,200 Speaker 1: Listen on demand wherever you get your podcasts. 504 00:25:52,400 --> 00:25:55,680 Speaker 3: Hearing the word impeachment a lot more often in the 505 00:25:55,760 --> 00:26:01,280 Speaker 3: Republican Ledhouse of Representatives, and I'm not talking about Alejandro Majorcis, 506 00:26:01,800 --> 00:26:05,840 Speaker 3: although they want to impeach him too, but the refrain 507 00:26:06,000 --> 00:26:09,040 Speaker 3: lately has been about impeaching Joe Biden. You've heard about 508 00:26:09,080 --> 00:26:13,080 Speaker 3: it from the Lauren Boberts, the Marjorie Taylor Greens, and 509 00:26:13,119 --> 00:26:15,200 Speaker 3: it reached a new level here in the last twenty 510 00:26:15,240 --> 00:26:18,080 Speaker 3: four hours as the Speaker of the House. Kevin McCarthy 511 00:26:18,160 --> 00:26:20,960 Speaker 3: also went there in an interview on Fox Now. 512 00:26:21,000 --> 00:26:24,680 Speaker 12: You're sitting in our position today. We would know none 513 00:26:24,720 --> 00:26:27,480 Speaker 12: of this if Republicans had not taken the majority. We've 514 00:26:27,520 --> 00:26:31,960 Speaker 12: only followed where the information has taken us. But it's 515 00:26:32,480 --> 00:26:37,119 Speaker 12: rising to the level of impeachment inquiry, which provides Congress 516 00:26:37,400 --> 00:26:40,760 Speaker 12: the strongest power to get the rest of the knowledge 517 00:26:40,800 --> 00:26:45,399 Speaker 12: and information needed because this president has also used something 518 00:26:45,440 --> 00:26:49,160 Speaker 12: we have not seen since Richard Nixon used the weaponization 519 00:26:49,600 --> 00:26:53,520 Speaker 12: of government to benefit his family and deny Congress the 520 00:26:53,600 --> 00:26:54,600 Speaker 12: ability to have the. 521 00:26:54,600 --> 00:26:58,359 Speaker 3: Oversight there is if you're the weaponization of government. The 522 00:26:58,400 --> 00:27:01,800 Speaker 3: speaker reacting there to a number of developments. You've heard 523 00:27:01,800 --> 00:27:04,480 Speaker 3: of the whistleblower cases. We've talked about some of them here, 524 00:27:05,000 --> 00:27:08,640 Speaker 3: but probes into Hunter Biden's business dealings with China, with Ukraine, 525 00:27:08,680 --> 00:27:16,640 Speaker 3: with other countries lawmakers alleging also potentially benefited the president himself. 526 00:27:17,480 --> 00:27:22,360 Speaker 3: Andy Biggs, the House Freedom Caucus talking about this earlier 527 00:27:22,560 --> 00:27:26,360 Speaker 3: at that same briefing having to do with government spending 528 00:27:26,400 --> 00:27:28,520 Speaker 3: in a possible shutdown, he was asked about. 529 00:27:28,400 --> 00:27:31,840 Speaker 7: With the evidence that we've adduced in the Oversight Committee 530 00:27:31,960 --> 00:27:36,200 Speaker 7: and Judiciary Committee with regard to the Biden, what I 531 00:27:36,200 --> 00:27:38,520 Speaker 7: would call a crime syndicate. I don't know what else 532 00:27:38,560 --> 00:27:41,680 Speaker 7: you can call it. The corruption that's there, that would 533 00:27:41,720 --> 00:27:46,080 Speaker 7: certainly be a very interesting and perhaps even necessary step. 534 00:27:46,600 --> 00:27:50,359 Speaker 7: I would say we probably should before we talk about impeachment, 535 00:27:50,440 --> 00:27:53,640 Speaker 7: move on to an impeachment inquiry to actually get more 536 00:27:53,720 --> 00:27:57,000 Speaker 7: teeth into our investigations. 537 00:27:57,080 --> 00:28:00,000 Speaker 3: So maybe we are inching closer to an impeachment inquiry. 538 00:28:00,080 --> 00:28:02,439 Speaker 3: Let's reassemble the panel for their take on this. Jeanie 539 00:28:02,440 --> 00:28:06,920 Speaker 3: Shanzano and Rick Davis are, of course Bloomberg Politics contributors. Rick, 540 00:28:06,960 --> 00:28:08,840 Speaker 3: when you hear it come from the speaker, that sort 541 00:28:08,840 --> 00:28:10,919 Speaker 3: of gets the attention. It's one thing to hear it 542 00:28:10,960 --> 00:28:13,679 Speaker 3: from the Freedom Caucus. Kevin McCarthy's different. Was that just 543 00:28:13,720 --> 00:28:16,480 Speaker 3: a sort of trope for Fox News? Or are we 544 00:28:16,520 --> 00:28:19,359 Speaker 3: actually moving closer to this happening? Yeah? I think you're right, Joe. 545 00:28:19,400 --> 00:28:20,399 Speaker 3: I think we're moving closer. 546 00:28:20,440 --> 00:28:23,640 Speaker 10: It wasn't just a throwout. He is the speaker been 547 00:28:23,680 --> 00:28:27,480 Speaker 10: avoiding talking about the Biden impeachment, and a lot of 548 00:28:27,480 --> 00:28:31,119 Speaker 10: people who I've talked to feel like he's still in 549 00:28:31,320 --> 00:28:37,200 Speaker 10: very much the doghouse with Donald Trump, because he indicated 550 00:28:37,320 --> 00:28:39,560 Speaker 10: a while back that he didn't think Donald Trump was 551 00:28:39,600 --> 00:28:42,840 Speaker 10: necessarily the strongest candidate to run against Joe Biden, and 552 00:28:42,880 --> 00:28:44,760 Speaker 10: he's been paying for it ever since. And this is 553 00:28:44,760 --> 00:28:47,840 Speaker 10: one of those things that I think people are advising 554 00:28:47,920 --> 00:28:50,479 Speaker 10: him that while go out there and go after Biden 555 00:28:50,560 --> 00:28:54,400 Speaker 10: on impeachment, because that'll make Donald Trump happy and sort 556 00:28:54,440 --> 00:28:57,400 Speaker 10: of level the playing field. So I think it's generated 557 00:28:57,440 --> 00:29:01,000 Speaker 10: as much by politics as it is by these inquiries, 558 00:29:01,520 --> 00:29:04,640 Speaker 10: you know, with the iris whistleblowers and people like that. 559 00:29:05,040 --> 00:29:08,880 Speaker 3: Is it just par for the course now, Genie, just 560 00:29:08,920 --> 00:29:10,280 Speaker 3: every president gets impeached? 561 00:29:10,960 --> 00:29:13,440 Speaker 11: Well, you know, I see this a different way, you know, 562 00:29:13,600 --> 00:29:15,800 Speaker 11: I see this as you know, they say a robber 563 00:29:15,840 --> 00:29:17,920 Speaker 11: goes into a house, they bring a piece of steak 564 00:29:17,960 --> 00:29:20,640 Speaker 11: and throw it to distract the dogs. In this case, 565 00:29:20,680 --> 00:29:23,680 Speaker 11: the dogs are the Freedom Caucus. And I say that 566 00:29:23,840 --> 00:29:27,560 Speaker 11: because McCarthy has done this before. Let's not forget his 567 00:29:27,720 --> 00:29:32,520 Speaker 11: whole call about holding the FBI director in contempt. Just 568 00:29:32,600 --> 00:29:36,760 Speaker 11: looking this up May thirtieth, what was happening right around 569 00:29:36,800 --> 00:29:39,400 Speaker 11: that time, the vote on the debt ceiling that they 570 00:29:39,440 --> 00:29:43,000 Speaker 11: didn't like. What's happening now the appropriations bill. So he 571 00:29:43,080 --> 00:29:45,800 Speaker 11: keeps throwing out this red beat to distract them, and 572 00:29:45,880 --> 00:29:47,840 Speaker 11: he tries to move forward with what he needs to 573 00:29:47,840 --> 00:29:49,840 Speaker 11: get done. I don't think it's going to work all 574 00:29:49,880 --> 00:29:52,120 Speaker 11: the time, but so far he has been successful. 575 00:29:53,400 --> 00:29:55,840 Speaker 3: Well, I don't know your thought on this, Rick, it does. 576 00:29:56,480 --> 00:29:58,800 Speaker 3: This was the concern during the Trump administration that the 577 00:29:58,840 --> 00:30:01,960 Speaker 3: idea of impeachment would be watered down by multiple impeachments 578 00:30:02,320 --> 00:30:05,840 Speaker 3: and those that were had among along party lines. What 579 00:30:05,880 --> 00:30:06,320 Speaker 3: do you think. 580 00:30:07,000 --> 00:30:09,720 Speaker 10: Yeah, Look, I think this is a very big concern. 581 00:30:09,800 --> 00:30:12,360 Speaker 10: I mean, you know, we've had three impeachments in twenty 582 00:30:12,360 --> 00:30:15,520 Speaker 10: five years and only one in the previous two hundred. 583 00:30:15,920 --> 00:30:19,000 Speaker 10: So it is a trend, There's no question about it. 584 00:30:19,080 --> 00:30:21,760 Speaker 10: And and I think we have lost sight over the 585 00:30:21,760 --> 00:30:26,560 Speaker 10: fact that this should be something that is only done 586 00:30:26,640 --> 00:30:31,080 Speaker 10: in the worst conditions. And this is not, from what 587 00:30:31,160 --> 00:30:34,680 Speaker 10: anybody can tell right now, clear that this is one 588 00:30:34,680 --> 00:30:39,000 Speaker 10: of those items. The reality, though, is it is intensely political, 589 00:30:39,040 --> 00:30:42,880 Speaker 10: as you say, and the Speaker is bowed to that 590 00:30:42,960 --> 00:30:46,440 Speaker 10: politics over and over again, both because he has a 591 00:30:46,520 --> 00:30:49,800 Speaker 10: very narrow margin in the Congress, but that he is 592 00:30:49,880 --> 00:30:53,200 Speaker 10: haunted by the right flank of his party, the Freedom 593 00:30:53,240 --> 00:30:55,440 Speaker 10: Caucus team. And so whether it's a trade off or 594 00:30:55,480 --> 00:30:56,280 Speaker 10: something else. 595 00:30:56,400 --> 00:30:56,920 Speaker 3: I don't know. 596 00:30:57,280 --> 00:31:01,440 Speaker 10: The same can go for abrogating these impeachments that Donald 597 00:31:01,440 --> 00:31:04,360 Speaker 10: Trump have on the record. Marjorie Taylor Green was on 598 00:31:04,400 --> 00:31:06,920 Speaker 10: the floor today talking about how we need to wipe 599 00:31:06,920 --> 00:31:10,120 Speaker 10: those off the slate. So now we're into this error 600 00:31:10,160 --> 00:31:14,480 Speaker 10: where we're impeaching and then unimpeaching, and I think it's just, 601 00:31:14,840 --> 00:31:17,760 Speaker 10: frankly a complaint and total waste of taxpayer's time and money. 602 00:31:17,920 --> 00:31:22,240 Speaker 3: Yeah, that the expungement, that's going to be an interesting process. Here. 603 00:31:22,280 --> 00:31:24,000 Speaker 3: We've got breaking news that I want to ask you 604 00:31:24,080 --> 00:31:27,000 Speaker 3: both about an urgent from the Associated Press on the 605 00:31:27,080 --> 00:31:30,840 Speaker 3: terminal of federal judge blocking a rule that allows immigration 606 00:31:30,960 --> 00:31:35,400 Speaker 3: authorities to deny asylum to migrants who arrive at our 607 00:31:35,440 --> 00:31:39,000 Speaker 3: southern border without first applying online or seeking protection in 608 00:31:39,040 --> 00:31:41,960 Speaker 3: a country they passed through. That's the requirement the judge 609 00:31:42,000 --> 00:31:44,480 Speaker 3: delaying the ruling from taking effect though immediately, to give 610 00:31:44,480 --> 00:31:48,480 Speaker 3: the administration time to appeal. Things just got more complicated here, Genie, 611 00:31:48,480 --> 00:31:49,520 Speaker 3: what's the White House going to do? 612 00:31:50,160 --> 00:31:52,760 Speaker 11: They did? I mean, this was critical to the White House. 613 00:31:53,200 --> 00:31:56,280 Speaker 11: They have been successful in decreasing the numbers of people 614 00:31:56,320 --> 00:32:00,520 Speaker 11: seeking asylum, although some people attribute that to a annual 615 00:32:00,760 --> 00:32:03,840 Speaker 11: decrease because of the weather, but they really wanted to 616 00:32:03,840 --> 00:32:07,440 Speaker 11: have this mechanism in place so that they could control 617 00:32:07,520 --> 00:32:10,280 Speaker 11: those numbers, and now the judge has decided that that 618 00:32:10,480 --> 00:32:12,840 Speaker 11: is going to be delayed, and it's going to have 619 00:32:12,880 --> 00:32:15,360 Speaker 11: an impact on the White House as they seek to 620 00:32:15,360 --> 00:32:19,000 Speaker 11: address this issue. It hasn't become a major issue yet 621 00:32:19,040 --> 00:32:21,520 Speaker 11: on the campaign trail, but it has been in the 622 00:32:21,600 --> 00:32:24,960 Speaker 11: last several elections, and I suspect it will continue to 623 00:32:25,040 --> 00:32:27,720 Speaker 11: be raised, particularly amongst those border state folks. 624 00:32:28,000 --> 00:32:31,080 Speaker 3: This is a peculiar timing here, Rick, because the narrative 625 00:32:31,200 --> 00:32:35,400 Speaker 3: was turning to hey, maybe this is actually starting to work. 626 00:32:35,520 --> 00:32:37,360 Speaker 3: Certainly not as bad as people thought. What does the 627 00:32:37,440 --> 00:32:38,600 Speaker 3: ruling mean? Yeah? 628 00:32:38,640 --> 00:32:41,440 Speaker 10: I think that the ruling is one more hit against 629 00:32:41,440 --> 00:32:45,840 Speaker 10: the Biden administration's patchwork quilt of efforts to try and 630 00:32:46,160 --> 00:32:47,120 Speaker 10: patch up. 631 00:32:47,320 --> 00:32:49,240 Speaker 3: The immigration program. 632 00:32:49,280 --> 00:32:52,800 Speaker 10: I mean, you know, sure, he put down a comprehensive 633 00:32:52,800 --> 00:32:56,440 Speaker 10: immigration plan when he was early elected to presidency and 634 00:32:56,520 --> 00:32:59,840 Speaker 10: has done nothing to promote it and no effort what's 635 00:33:00,000 --> 00:33:03,800 Speaker 10: whoever to pass it in Congress. So's he's living now 636 00:33:03,960 --> 00:33:09,320 Speaker 10: the nightmare of these judicial reform, these judicial acts that 637 00:33:09,360 --> 00:33:13,440 Speaker 10: are peeling away every time he tries to put a 638 00:33:13,480 --> 00:33:14,640 Speaker 10: band aid on the problem. 639 00:33:15,040 --> 00:33:16,680 Speaker 3: Read more about it on the terminal. It just broke 640 00:33:16,720 --> 00:33:19,840 Speaker 3: a moment ago. Instant analysis here from Rick Davis and 641 00:33:19,920 --> 00:33:23,840 Speaker 3: Jeanie Shanzino. As you'll only hear on sound on the 642 00:33:23,880 --> 00:33:26,360 Speaker 3: fastest show in politics. We'll bring it to the White 643 00:33:26,360 --> 00:33:28,960 Speaker 3: House next. I'm Joe Matthew. This is Bloomberg. 644 00:33:30,680 --> 00:33:34,040 Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch the 645 00:33:34,080 --> 00:33:37,960 Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the 646 00:33:38,000 --> 00:33:41,360 Speaker 1: tune in app, Bloomberg dot Com, and the Bloomberg Business App. 647 00:33:41,480 --> 00:33:44,320 Speaker 1: You can also listen live on Amazon Alexa from our 648 00:33:44,360 --> 00:33:48,080 Speaker 1: flagship New York station, Just say Alexa, Play Bloomberg. 649 00:33:48,120 --> 00:33:54,760 Speaker 3: Eleven thirty, President Biden established a national monument for Emmett 650 00:33:54,760 --> 00:33:59,200 Speaker 3: till Holding, a defense honored the black teenager brutally lynched 651 00:33:59,800 --> 00:34:04,200 Speaker 3: in nineteen fifty five, helping to galvanize the civil rights movement. 652 00:34:05,160 --> 00:34:08,200 Speaker 3: The President criticized in his remarks what he said were 653 00:34:08,200 --> 00:34:11,600 Speaker 3: efforts to restrict the teaching of American history well a 654 00:34:11,680 --> 00:34:16,360 Speaker 3: shot at Florida's controversial educational curriculum. Didn't name names, didn't 655 00:34:16,360 --> 00:34:18,360 Speaker 3: mention Rondo Santis, but it was clear what he was 656 00:34:18,400 --> 00:34:18,919 Speaker 3: talking about. 657 00:34:19,000 --> 00:34:22,080 Speaker 8: At a time when there are those who seek to 658 00:34:22,200 --> 00:34:23,400 Speaker 8: ban books. 659 00:34:24,640 --> 00:34:25,320 Speaker 4: Very history. 660 00:34:26,960 --> 00:34:29,600 Speaker 8: We're making it clear, crystal crystal clear. 661 00:34:38,640 --> 00:34:38,799 Speaker 6: Well. 662 00:34:38,920 --> 00:34:45,200 Speaker 8: Darkness and nihilism can hide much. They erase nothing. They 663 00:34:45,280 --> 00:34:49,200 Speaker 8: can hide, but they erase nothing. We can't just choose 664 00:34:49,200 --> 00:34:52,520 Speaker 8: to learn what we want to know. We have to 665 00:34:52,560 --> 00:34:56,160 Speaker 8: learn what we should know. We should know about our country. 666 00:34:56,760 --> 00:34:59,480 Speaker 8: We should know everything, the good, the bad, the truth, 667 00:35:00,320 --> 00:35:04,279 Speaker 8: who we are as a nation. That's what great nations do, 668 00:35:05,000 --> 00:35:07,839 Speaker 8: and we are a great nation. That's what they do 669 00:35:08,360 --> 00:35:13,120 Speaker 8: for only with truth comes healing, justice, repair, and another 670 00:35:13,200 --> 00:35:14,359 Speaker 8: step forward. 671 00:35:14,120 --> 00:35:17,480 Speaker 3: Another step forward. According to President Biden, we reassembled the 672 00:35:17,520 --> 00:35:20,200 Speaker 3: panel for some final thoughts on this Genie Shanzeno and 673 00:35:20,320 --> 00:35:23,759 Speaker 3: Rick Davis an important moment, Jeanie for the presidents not 674 00:35:23,800 --> 00:35:28,000 Speaker 3: only on our history, but actually make current politics relevant 675 00:35:28,000 --> 00:35:28,520 Speaker 3: to the case. 676 00:35:28,880 --> 00:35:31,360 Speaker 11: That's right, the President and Vice President both echoing what 677 00:35:32,000 --> 00:35:34,959 Speaker 11: we all know, which is that reconciliation begins with telling 678 00:35:35,040 --> 00:35:38,040 Speaker 11: the truth. And he wanted to celebrate Emmettl's mother, but 679 00:35:38,120 --> 00:35:40,839 Speaker 11: also the Black press who did such an amazing job 680 00:35:40,920 --> 00:35:44,440 Speaker 11: telling this story and how it really changed things for 681 00:35:44,520 --> 00:35:46,719 Speaker 11: the civil rights movement and it's going to continue to 682 00:35:46,760 --> 00:35:48,279 Speaker 11: help us in our present day. 683 00:35:48,560 --> 00:35:50,080 Speaker 3: Did he use the occasion properly. 684 00:35:50,239 --> 00:35:54,360 Speaker 10: Rick, Yeah, I think it was a solemn occasion and 685 00:35:54,560 --> 00:35:56,880 Speaker 10: one I think that maybe they added a little bit 686 00:35:56,880 --> 00:35:59,360 Speaker 10: too much politics too. I mean, this is a teaching moment, 687 00:35:59,440 --> 00:36:02,759 Speaker 10: is he discribed, and yet you don't want to sort of, 688 00:36:03,080 --> 00:36:05,200 Speaker 10: you know, take the edge off of that by you know, 689 00:36:05,239 --> 00:36:07,440 Speaker 10: turning it into a political message. 690 00:36:07,800 --> 00:36:10,120 Speaker 3: There we are today in Washington with Rick Davis and 691 00:36:10,160 --> 00:36:13,000 Speaker 3: Genie Shanzo. Many thanks a great panel and a great discussion. 692 00:36:15,440 --> 00:36:17,759 Speaker 3: Thanks for listening to the Sound On podcast. Make sure 693 00:36:17,800 --> 00:36:20,640 Speaker 3: to subscribe if you haven't already, at Apple, Spotify, and 694 00:36:20,719 --> 00:36:23,239 Speaker 3: anywhere else you get your podcasts, and you can find 695 00:36:23,320 --> 00:36:26,040 Speaker 3: us live every weekday from Washington, d C. At one 696 00:36:26,080 --> 00:36:31,640 Speaker 3: pm Eastern Time at Bloomberg dot com.