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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jay Lee.

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Speaker 1: We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course, on the Bloomberg Chris Ruskin,

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Speaker 1: let's bring in right now. The politeness is, you don't

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Speaker 1: eat your lunch until the speaker's done speaking strange and

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Speaker 1: everyone else lunch. Everyone is starving, everyone wants to leave

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Speaker 1: at that point. Iple I've never understood that. I've got

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Speaker 1: to admit I don't enjoy it because everybody else does

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Speaker 1: start eating lunch. And whilst whoever it is, whether it's

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Speaker 1: the chairman or the vice chat does speak to the

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Speaker 1: Economic club in New York or you. Here is the cutlery,

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Speaker 1: the folks and knives hitting the plates for you because

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Speaker 1: we're are your polite above the organist. Can you get

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Speaker 1: to Mr Ruby, How are you doing? I'm trying. I'm

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Speaker 1: doing okay, Chris. What are you looking for from the

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Speaker 1: vice chairman likes it today? Well, he's you know, it's

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Speaker 1: kind of the Fed versus the markets. At this point,

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Speaker 1: FED funds futures pretty much are discounting one and a

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Speaker 1: half rate cuts by the December meeting. Eurodollar futures are

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Speaker 1: looking for like three rate cuts by the end of

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Speaker 1: next year. Come on the markets, twelve. The market totally disagrees,

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Speaker 1: the market. The market knows all. Yeah, I think clad Chris,

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Speaker 1: I think the problem. Well, the FED messaging on this

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Speaker 1: has been kind of messy, right, And they're gonna ask

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Speaker 1: Clarada about this, because don't forget he's the guy who

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Speaker 1: came out earlier this year and said, uh, talked about

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Speaker 1: the risk risk management style rate cuts in the nineties.

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Speaker 1: Where to me, those weren't risk risk management style just

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Speaker 1: in case rate cuts. They were done because we had

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Speaker 1: a near miss with a recession in Claire is going

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Speaker 1: to talk as he talked in his conversation with me,

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Speaker 1: and as he spoke in his conversation to Michael McKee.

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Speaker 1: Full disclosure, folks, McKee had a smarter interview. He talks

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Speaker 1: about solid economy defined solid well at the moment, what

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Speaker 1: we're creating upwards of two thousand jobs per month. We

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Speaker 1: got a three point six percent low unemployment rate. We

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Speaker 1: had three point two percent g d P. You know,

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Speaker 1: that's kind of rear view mirror stuff. But everything looks okay.

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Speaker 1: I mean, look at consumer confidence. We used to think

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Speaker 1: in the old days of FED would just open the

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Speaker 1: newspaper and say what is a consumer think? And then

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Speaker 1: vote accordingly the FED and consumer the consumers reckoning of

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Speaker 1: where current conditions are. It's the best sense to thousand

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Speaker 1: pimp Cooke column for rate cuts. Did that come up

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Speaker 1: in there? You know? Annuals Swarry, You're not something they're

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Speaker 1: looking for immediately, not something that came up yesterday, not

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Speaker 1: something they're looking for right now in the nit Chris,

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Speaker 1: What I think is interesting about consumer confidences, I don't

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Speaker 1: see it in the hard data. It's not translating into

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Speaker 1: improved economic activity at the consumer level. No, not not yet.

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Speaker 1: But we gotta wait and see retails sales. One of

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Speaker 1: the problems I guess is h car and light truck sales.

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Speaker 1: I keep going back and forth or like seventeen point

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Speaker 1: four than they're sixteen and a half. We pretty much

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Speaker 1: know for this cycle the consumer is not going to

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Speaker 1: go out and buy a lot more cars. Uh, it's

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Speaker 1: gonna stick somewhere around seventeen million annual rate. But no,

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Speaker 1: I think you could look forward to retail sales picking

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Speaker 1: up in the next couple of reports. Retail sounds can

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Speaker 1: pick up in the next couple of reports. It might

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Speaker 1: have been it was a right. There's a lot of

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Speaker 1: seasonal summertime purchases. Maybe those were delayed, but you know,

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Speaker 1: over the course of the summer, I think that consumer

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Speaker 1: has money. One more question, if we could you do

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Speaker 1: you are the best? It fed chat linked into full

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Speaker 1: faith and credit charts. What is this three month ten

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Speaker 1: year difference in yield that spread everybody's talking about it

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Speaker 1: is inversion? Like it wasn't the last twelve out of

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Speaker 1: the fourteen recessions or whatever? What does three months tend

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Speaker 1: mean to Chris Ruky? Yeah, I mean the crazy thing

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Speaker 1: about the curve is that the two year tenure is

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Speaker 1: not inverted, and most cycles two year ten years inverts

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Speaker 1: then at the last minute the three month so it's

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Speaker 1: flips that I don't know the markets are miss priced,

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Speaker 1: but that the three month tenure year. Listen to you,

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Speaker 1: you see like such an economist inverted. It inverted last

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Speaker 1: Thursday on the market a m. I thanks market for

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Speaker 1: the plug there, thank you, Mr Rupkey. Anyway, the curve

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Speaker 1: inverted last Thursday, and and that means it means recessions.

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Speaker 1: So that's what we're working off. It's gonna take ten

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Speaker 1: ye year olds have to come up to like three

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Speaker 1: point three seven. The curve's not got Chris gonna stay

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Speaker 1: in verdicts. Thank you so much, greatly, I'm kidding, thank

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Speaker 1: you so much. A really good briefing before Vice Chairman

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Speaker 1: clearitis speak. Take a listen to what Scott Marther of

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Speaker 1: PIMCO had to say about credit risk and probably the

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Speaker 1: riskiest credit market that we've ever had. And you know

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Speaker 1: it's true when you look at both the size of it,

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Speaker 1: the duration of it, and the quality aspects of it.

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Speaker 1: So there's a big vulnerability there as well as probably

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Speaker 1: the least liquid uh you know, bond market in terms

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Speaker 1: of credit markets that we've had in a long period

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Speaker 1: of time. Joe Lemington joining us now Limberg Intelligence, Director

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Speaker 1: of Credit Research, Joe, probably the riskiest corporate credit market

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Speaker 1: we've ever had. This was a catalyst for so much

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Speaker 1: conversation yesterday after Scott said this, let's get your thoughts

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Speaker 1: and then we'll start to explore a little bit further.

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Speaker 1: Your reaction, well, I think you did a great job.

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Speaker 1: John is is always the first place to start. But

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Speaker 1: I think, but I think beyond that, you know, you

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Speaker 1: are at a very interesting point in time because you

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Speaker 1: have spreads that are still quite tight. Uh. You have

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Speaker 1: a very mixed data that's out there and very bifurcated feelings.

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Speaker 1: For example, if you look internally at b I, you

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Speaker 1: have people like Ira Jersey and Carl Rickadana saying the

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Speaker 1: second half is gonna be very strong, uh, and that

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Speaker 1: yields should be going up, which if you're a PM

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Speaker 1: you'd be playing that on the short end or maybe

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Speaker 1: through high yield, but that there are other people that

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Speaker 1: think that you're headed into a recession, and if that's

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Speaker 1: the case, then you have quite a different place to

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Speaker 1: be putting your money. What I thought was really interesting,

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Speaker 1: speaking of Scott in a little bit more detail, was

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Speaker 1: this comparison between now and potentially going into the mid

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Speaker 1: two thousands, that kind of historic parallel, not because we're

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Speaker 1: about to go into recession in the here and now,

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Speaker 1: but because maybe we're about to go through that period

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Speaker 1: where the excess is build, the mistakes are made. Joe,

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Speaker 1: what do you think about that? Does that idea resonate

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Speaker 1: with you at all? Yeah? Well, as a guy that

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Speaker 1: follows Tesla and I know we often talk about the

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Speaker 1: five three percent bond that's now around nine. Um. Yeah, no,

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Speaker 1: I mean I do think mistakes are being me. I

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Speaker 1: guess you're looking at we Works as another example of

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Speaker 1: that coming to the market yesterday, and you kind of

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Speaker 1: scratch your head with these pre cash flow pre even businesses.

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Speaker 1: We don't have time in the day. We need a

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Speaker 1: long we need a long show for that one day

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Speaker 1: I I spent. Folks. It's common belief that John and

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Speaker 1: I party the moment that you know, the month of

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Speaker 1: music comes up at ten am, But actually we're working

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Speaker 1: through the day. And Bloomberg Intelligence written up in zero

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Speaker 1: Hedge had a tour de force on community based adjusted

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Speaker 1: But uh, help me with the WE Work bond offering

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Speaker 1: your interpretation of it led by our real estate people. Sure, yeah, no,

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Speaker 1: Jeff Langenbaum. Um, and uh, what I would say is that, uh,

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Speaker 1: it's a great job of marketing. Much I think in

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Speaker 1: the in the way a lot of these were not marketing.

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Speaker 1: Should somebody step in? Should some institutional guys in a

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Speaker 1: car and Topeka right now? Should he's stepping in? By

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Speaker 1: we Work paper, what's a coupon. I think they're still

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Speaker 1: determining what give me, give me, give me a touch

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Speaker 1: there six percent maybe maybe. But I think with all

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Speaker 1: of these credits, whether it's an Uber or a Tesla

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Speaker 1: or we Works, I think you have to look at

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Speaker 1: it and say, do companies that don't generate cash flow

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Speaker 1: and we know that they're not going to for several years,

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Speaker 1: can they support any sort of debt? And I think

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Speaker 1: the answer is no. So I can't see why a

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Speaker 1: PM wouldn't want to get involved with any of those situations.

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Speaker 1: Which is healthier credit market? Now start to jump into

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Speaker 1: you bring up Testa, and I think Tesla. The growth

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Speaker 1: story of Tesla was captured by the equity a couple

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Speaker 1: of years back. It was reflected in the debt, and

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Speaker 1: that was a big problem for a lot of people.

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Speaker 1: Several years later, now it was two summers ago, it

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Speaker 1: was August when Note came to market. A couple of

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Speaker 1: years later, can you sit here and say definitively that

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Speaker 1: this is a healthier credit market, but we are no

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Speaker 1: longer doing those silly things where we reflect the growth

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Speaker 1: story that should be captured by equity, but it's also

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Speaker 1: captured in the debt. Market. No, I don't. I don't

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Speaker 1: think we can join. I mean, in the case of Tesla,

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Speaker 1: I think we can say that more clearly today than

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Speaker 1: it was two years ago when we were ranting on that.

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Speaker 1: But if you look at we work, it's the same

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Speaker 1: basic story right where people are looking at at hypothetical

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Speaker 1: market valuations of the company and saying, well, it deserves

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Speaker 1: to trade at a certain place when we know that

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Speaker 1: it's going to be multiple years before it gets anywhere

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Speaker 1: close to generating any sort of cash for though Joel levingson,

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Speaker 1: Joel thinks you have to come back when you figure

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Speaker 1: out the community adjusted even I still don't understand that.

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Speaker 1: I still don't understand that. And every time I guess

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Speaker 1: mentioned I think people are judging intelligence and what they

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Speaker 1: Joel and the others and Mr lang Voon, what he

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Speaker 1: did yesterday and we worked was just a tourtive force.

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Speaker 1: It was just brilliant in the change. Joel Levinson back

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Speaker 1: Intelligence of Credit Research. Meredith Sumter joins us right now,

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Speaker 1: and this is important. She writes brilliant notes for your

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Speaker 1: age group. And this was some of our guests, not

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Speaker 1: all of our guests is not only expert on China,

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Speaker 1: but understands not the King's English, but maybe President she's

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Speaker 1: uh Mandarin. I was chastised this morning by one of

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Speaker 1: our listeners in Mayfair because I said Chinese language instead

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Speaker 1: of Mandarin as well. So I've been practicing, Meredith, Joe

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Speaker 1: is weak. Neon is year? Did I get that right? Neon?

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Speaker 1: Am I doing? Okay? Close? You know what do you want?

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Speaker 1: We're sumker, good luck, Meredith. Meredith. The President is scheduled

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Speaker 1: to speak here this morning, is on his way to Colorado,

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Speaker 1: to the United States Air Force Academy in Colorado Springs.

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Speaker 1: And how do they interpret in the Chinese language the

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Speaker 1: Trump bluster, the Trump discourse, how does that translate into Mandarin? Well, actually,

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Speaker 1: originally before I would say this latest escalation in tariffs,

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Speaker 1: and also that the move to place halfway on the

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Speaker 1: entity list, which really is a game changer for Beijing,

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Speaker 1: I would say that the Trump was actually somewhat popular

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Speaker 1: with the Chinese people. Um they see him as ta

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Speaker 1: fund is standing up for US interests. But it's also

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Speaker 1: safe to say that that the U. S. President has

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Speaker 1: now crossed a line with the Chinese. And as we

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Speaker 1: are speaking earlier, Tom, we are watching very closely a

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Speaker 1: lessening of moderation on the Chinese side and an uptick

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Speaker 1: in nationalism that is not just in propaganda, but you're

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Speaker 1: also beginning to see a sense from the Chinese people

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Speaker 1: on wave wall and other sort of social media channels

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Speaker 1: that they're beginning to feel like they're being bullied and

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Speaker 1: they're not listening to the viable concerns on the U

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Speaker 1: S side that this economic relationship between the two the

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Speaker 1: world's too largest economies, needs to be rebalanced and rejiggered

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Speaker 1: for the twenty one century. A lot of people trying

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Speaker 1: to understand what that means for economic activity within the country. Meredith,

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Speaker 1: and whether there could be a boycott of US products

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Speaker 1: and services. What's your read of that situation at the moment.

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Speaker 1: I think there's certainly an increasing risk of that, and

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Speaker 1: and really I think watching what happens with Huawei is

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Speaker 1: the key here. It's really that the focal point that

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Speaker 1: the Chinese are are using to to gauge US intent

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Speaker 1: towards China. So if Huawei is essentially brought to its

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Speaker 1: knees in a way that it will no longer be

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Speaker 1: a successful global Chinese telecommunications company, you can expect that

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Speaker 1: Beijing itself will find ways to reciprocate, but even more interestingly,

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Speaker 1: watch what the public does, because the risk here not

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Speaker 1: only for the US, but also for Beijing, UH is

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Speaker 1: that if sentiment becomes nationalists to the point where Beijing

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Speaker 1: can no longer control that, then it goes from Beijing

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Speaker 1: being able to finally dial up or dial down escalation

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Speaker 1: with the US according to its plan, to Beijing no

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Speaker 1: longer being in full control of how its own people,

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Speaker 1: how the Chinese people are responding, so that the risks

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Speaker 1: to UM high profile US companies in China, I would say,

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Speaker 1: is certainly on the rise. How close do you think

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Speaker 1: we are? So that's hipping point Meredith, Well, so the

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Speaker 1: with Huawei, the US issued a ninety day temporary general license,

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Speaker 1: but already we're beginning to see strains on that company

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Speaker 1: with um other it's global trading partners, it's global um

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Speaker 1: UM business partners are beginning to to step away from

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Speaker 1: that company. Uh. So what to watch now between now

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Speaker 1: and say the G twenty, crucially is whether or not

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Speaker 1: there is any back channel that is opened or even

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Speaker 1: a front channel between Trump and She to do something

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Speaker 1: about Huawei, to to come to a deal with Huawei,

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Speaker 1: and absent that, we're unlikely to see a productive or

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Speaker 1: constructive conversation. Happened at the G twenty uh in Osaka

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Speaker 1: at the end of June. That's the last best chance

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Speaker 1: for both sides to avert and onward escalation from here.

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Speaker 1: What is a calculus right now between the leader of

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Speaker 1: China and his communist party. I'm going to use the

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Speaker 1: word pollet burro as an amateur, but what is the

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Speaker 1: dynamic you see among the leadership of China. I know

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Speaker 1: there's a huge mystery their meredith, but is there something new? Surprise? Really?

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Speaker 1: Huawei was the nuclear option. They expected that there would

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Speaker 1: be onward pressure from from President Trump, and I would

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Speaker 1: say that that the way that the US government has

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Speaker 1: come out against Huawei by placing the company on its

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Speaker 1: entity list in addition to the executive order, has really

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Speaker 1: caught Beijing unaware, and it took them several days to

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Speaker 1: sort of collect their thoughts and first and foremost gauge

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Speaker 1: what has to be done to save that company and

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Speaker 1: then what is politically feasible for Shijianping to do. So

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Speaker 1: what we're hearing is that Chinese are basically telling Washington

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Speaker 1: we're not interested in talking at all about trade or

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Speaker 1: about economic relations with you until the White issue is resolved.

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Speaker 1: And to my knowledge, there is at this point no

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Speaker 1: meeting between Trump and She officially scheduled for g twenty,

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Speaker 1: and no active communication channel between the two on a

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Speaker 1: way forward with either Huawei or with the broadest or

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Speaker 1: economic relationship. Is what you're discussing priced in the markets.

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Speaker 1: I know that's not your razor group question, but do

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Speaker 1: you perceive that the Western zeitgeist is up to speed

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Speaker 1: with your razor groups? Caution No, No, And I think

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Speaker 1: systematically we've seen markets sort of under bake the risk

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Speaker 1: that we see moving forward in this relationship. Meredith has

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Speaker 1: been really interested to see how financial markets respond, how

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Speaker 1: investors react to commentary and state media. I think to

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Speaker 1: a certain degree, and you can define to what extent

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Speaker 1: the perception of shin a stounce in this tride dispute

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Speaker 1: is being shaped almost exclusively at the moment by commentary

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Speaker 1: and state media. Do you think that gives us an

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Speaker 1: accurate picture of what is actually happening. That's a fascinating

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Speaker 1: question here, um, and I would say that that broadly accurate, probably,

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Speaker 1: But key here is that uh in the past, Beijing

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Speaker 1: would use its state media to focus this messaging on

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Speaker 1: its domestic population, and they used a separate channel to

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Speaker 1: message to the global audience. But now that you have

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Speaker 1: so many of us, non non Chinese who are paying

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Speaker 1: attention to to um state propaganda and state media, we

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Speaker 1: are reading messages that Beijing might be intending for domestic audience,

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Speaker 1: not a global audience. And there's a key difference there.

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Speaker 1: Meredith helped me here. This is really important. I'm taking

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Speaker 1: uh introductory Chinese with Anthony from Sparta, and here's my

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Speaker 1: first sentence. Meredith, help me with the pronunciation woe en fongloa,

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Speaker 1: which is I took a day off yesterday? Like whoa

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Speaker 1: is I right? Well? Yeah? Whoa close up? Yes? Whoa

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Speaker 1: war Tom? You and I were gonna work on tones together,

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Speaker 1: some great dumplings. Well, I did this at a bar

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Speaker 1: in Shanghai with cash flow, and I flunked. Every time

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Speaker 1: when you reach Chinese, it sounds like a speaking French.

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Speaker 1: Really well, I was in the French quarter when we

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Speaker 1: did shots. Every time I miss pronounced something, We're gonna

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Speaker 1: let you run, whoa shoot eat Angia, I took a

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Speaker 1: day off yesterday? What a great first sentence for learning

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Speaker 1: Chicks the fund getting slammed down by she is so good.

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Speaker 1: I can't say enough on the briefing notes from you

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Speaker 1: raise your group on China. They've been just brilliant. This

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Speaker 1: is a joy, and this is odd. As you know,

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Speaker 1: there are four thousand, seven hundred people running for president

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Speaker 1: of the Democratic Party, and it is good to have

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Speaker 1: someone dark in the door who's a little bit different

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Speaker 1: as all of you know, whatever your political persuasion. Uh,

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Speaker 1: there is a small matter that Democrats have to take

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Speaker 1: territory and votes where the Republicans live. The Cook Report

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Speaker 1: puts Montana at a our plus eleven wal to wald

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Speaker 1: Trump Heights from Bozeman to Grizzly Park, whatever it's called

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Speaker 1: up there in the northern border. The governor of Montana

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Speaker 1: joins us now, Stephen Bullock, who is a really interesting

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Speaker 1: guy because it's so out of touch here you are

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Speaker 1: in your state of the state a few years ago.

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Speaker 1: We need each other if we are going to make progress.

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Speaker 1: You don't have a chance. How are you How are

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Speaker 1: you gonna run for president? How are you going to

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Speaker 1: gain traction within this this vast Democratic party in a

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Speaker 1: polarized time? How do you get the message across you know?

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Speaker 1: And Tom first, thanks for having me, Tom and Paul.

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Speaker 1: But it is a polarized time. Look, I'm the only

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Speaker 1: one in this field that actually one in a Trump state.

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Speaker 1: In two thousand sixteen, Uh, Donald Trump took Montana by

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Speaker 1: twenty one points. I won by four of my voters

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Speaker 1: voted for Donald Trump. If we don't win back some

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Speaker 1: of the places that we lost in two thousand sixteen,

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Speaker 1: this guy is gonna be president. But I've also my

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Speaker 1: legislature six Republican and we've been able to do everything

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Speaker 1: from have a fair tax system to investing in education

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Speaker 1: and getting healthcare for a hundred thousand Montana's to Medicaid expansion.

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Speaker 1: And if we don't actually, you know, the whole goal

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Speaker 1: of this isn't just a win, it's actually a governed

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Speaker 1: Montana State University. They're the only place in Montana where

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Speaker 1: there are socialists. We know that. I mean it's to

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Speaker 1: the left of the they of course, is like COMI

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Speaker 1: three oh two. Okay, Well, how do you respond to

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Speaker 1: the democratic socialists that won't listen to southwest Pennsylvania or

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Speaker 1: from Montana across the entire state, And you respond to it. Yeah. Look, look,

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Speaker 1: I am capitalist, but I think the capitalist system doesn't

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Speaker 1: always work right now when tax laws are being written,

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Speaker 1: when a Senator literally says, we have to do this

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Speaker 1: to make our donors happy, or we can't even talk

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Speaker 1: about climate change anymore because the outside influence of dollars.

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Speaker 1: We have to fix some things, but that doesn't mean

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Speaker 1: necessarily abandoning what our country has always been founded on. Well, Governoren,

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Speaker 1: what we saw certainly in the congressional elections on the

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Speaker 1: Democratic side that we took the House but very much

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Speaker 1: moved to the left for the Democrats. Do you think

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Speaker 1: a centrist all Bill Clinton ken win a the primary

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Speaker 1: and be the general election? Sharon, Look, I'm in many

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Speaker 1: ways when comes to healthcare and getting actually things done.

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Speaker 1: When it comes to getting dark money out of our elections,

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Speaker 1: I'd say I'm more progressive than anybody else, or as

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Speaker 1: progressive as anybody else in the field. When it comes

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Speaker 1: to actual accomplishments. I'm also you know, as a governor,

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Speaker 1: I've had to balance a budget. So there are some

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Speaker 1: conservative elements where I'll look at a tax cut and say, well,

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Speaker 1: are we really putting this on our kids and grandkids?

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Speaker 1: Or I'll look at plants and say, well, how are

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Speaker 1: we going to pay for it? I think what most

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Speaker 1: folks want, any Democrats want, is somebody that can win

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Speaker 1: and then start getting things done. And the values of

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Speaker 1: everybody ought to have access to healthcare, education, ought to

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Speaker 1: be affordable. Those same values are I think what both

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Speaker 1: unites the Democratic Party but is transcends beyond that. How

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Speaker 1: did you get Trump votes in Montana? You don't look Republican,

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Speaker 1: You don't you don't walk republican, your entourage is not Republican.

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Speaker 1: How did you get What did you do in the diner?

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Speaker 1: You know, Fox News goes out to the diner and

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Speaker 1: doesn't touchy feeling thing. What did you do to the

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Speaker 1: diner two hundred miles west of Bozeman to get that

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Speaker 1: Trump vote? And first of all, I actually show up

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Speaker 1: at the diner and not You know, we're getting to

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Speaker 1: the point where I don't have the luxury of just

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Speaker 1: going to pockets of blue in Montana expecting folks to win.

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Speaker 1: I listen, I try to understand where they are now.

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Speaker 1: Folks don't agree with me on every issue, But if

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Speaker 1: I can turn around and say healthcare is important for

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Speaker 1: a community, because if we lose that rural hospital, that

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Speaker 1: town's gone, then they'll get over this issue of Obamacare.

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Speaker 1: Does policy work? I mean, I mean uh. Paul Sweeney

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Speaker 1: mentions President Clinton the ultimate policy want up all time,

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Speaker 1: and yet he'd always go back to the visceral to

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Speaker 1: get things done. Our Democratic candidates now over policying versus

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Speaker 1: talking to the emotion and the residents that we heard

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Speaker 1: from President Obama and President Trump. Well, I think that

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Speaker 1: the emotion and the values everyone and that's demo crats

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Speaker 1: are Republicans want to save community, They want to roof

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Speaker 1: over their head. They don't want to have economic anxiety,

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Speaker 1: you know, they want a decent job, the one good

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Speaker 1: public schools, clean air, clean water, the belief you can

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Speaker 1: do better for your kids and grandkids than yourself. And

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Speaker 1: I think that transcends both the Democratic Party, but it

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Speaker 1: also transcends a lot of voters that ought to be

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Speaker 1: with us along the way. If they're really voting their

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Speaker 1: economic or their healthcare or their educational interests. So covernor

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Speaker 1: I know this is is the beginning of a long process.

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Speaker 1: Few and for the other twenty some odd candidates for

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Speaker 1: the Democratic primary, how do you get how do you

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Speaker 1: stand out and particularly against you know, someone has a

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Speaker 1: better name recognition, whether it be at Joe Biden or

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Speaker 1: Bernie Sounders, it's Bloomberg Radio. That's what's going to change

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Speaker 1: to their all for me, Paul. Now that that and

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Speaker 1: look it is still even a feel the thirty seven

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Speaker 1: or hundred and twelve or twenty three. You know, the

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Speaker 1: early States are going to sort out things. So I

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Speaker 1: think that in those early states, me showing up making

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Speaker 1: those connections along the way. Let's go back four years ago.

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Speaker 1: Scott Walker was polling number one, Jeb Bush was polling

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Speaker 1: number two. So there's a lot of time to make

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Speaker 1: the case of that we need to not only bring

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Speaker 1: out our base, but also bring some of these voters back.

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Speaker 1: We need to get to the point where we can

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Speaker 1: actually get things done, and we gotta get washing DC

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Speaker 1: working for us. Which state matters for you? The early States?

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Speaker 1: Which one is really the one you're focused on? Russ?

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Speaker 1: Is this I ask a rude question. Not not not

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Speaker 1: at all. And I'm only two weeks in because my

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Speaker 1: legislature was still going on and had to get my

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Speaker 1: job done. But I had like a real job through

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Speaker 1: the rest of them. Are you behind myself? That's I

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Speaker 1: make a joke about it. But do you feel like

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Speaker 1: you're behind in the campaigning? That's sick? Where are Yeah? Yeah,

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Speaker 1: in some respects because people are already saying all the

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Speaker 1: pollings here and the numbers are here. But I did

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Speaker 1: have you know, if I had jumped in two months ago,

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Speaker 1: when my legislature was still going on, I wouldn't been

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Speaker 1: able to freeze college tuition. I wouldn't have been able

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Speaker 1: to get foreign money out of our elections. Well be

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Speaker 1: frozen college tuition. I've frozen college tuition six of my years.

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Speaker 1: We have the fourth lowest tuition fees in the nation.

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Speaker 1: That's not by starving our universities. That's by putting additional

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Speaker 1: state dollars into the system. And the way can you

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Speaker 1: like talk to the other four institutions. Paul and I

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Speaker 1: are dealing with your get what's the pixie does he has?

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Speaker 1: State of Colorado just wrote a big check to the university. Yeah,

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Speaker 1: and and part of that when I was pitching in

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Speaker 1: that legislature, I said, you increase college tuition. That's a

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Speaker 1: tax on about forty Montana's right, folks that actually need that.

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Speaker 1: So but I don't think it's too late a couple

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Speaker 1: of weeks in I've made number of trips to Iowa.

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Speaker 1: I was in New Hampshire before announced, long before us

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Speaker 1: in South Carolina. So that's where I'll start. Who's your

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Speaker 1: running mate? I mean, let's cut to the chase, un mate,

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Speaker 1: you get out front of it a little early for that, Tom,

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Speaker 1: but look, I want somebody Tuesday compliment my skills and values,

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Speaker 1: have a different life experience, and step in if anything

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Speaker 1: ever happened. I mean, there's a lot of good folks

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Speaker 1: in the field, but I think it's a little early

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Speaker 1: to figure out one. So I like to wrap up

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Speaker 1: her interviews well, like, what did we learn in this interview?

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Speaker 1: Steve Bullock frozen tuition? Okay, thank you, Governor of the

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Speaker 1: state of Montana. We'll be hearing much more, I'm sure

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Speaker 1: about Governor Bullock here in the coming days. Thanks for

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Speaker 1: listening to the Bloomberg Surveillance podcast. Subscribe and listen to

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Speaker 1: interviews on Apple Podcasts, SoundCloud, or whichever podcast platform you prefer.

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Speaker 1: I'm on Twitter at Tom Keane before the podcast, you

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Speaker 1: can always catch us worldwide. I'm Bloomberg Radio