1 00:00:01,920 --> 00:00:06,440 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,240 --> 00:00:10,080 Speaker 1: When all the volts are talied. I am confident we 3 00:00:10,160 --> 00:00:14,520 Speaker 1: will win. We can see the path ahead, we can 4 00:00:14,560 --> 00:00:17,760 Speaker 1: see victory ahead. Nothing has changed on how we see 5 00:00:17,800 --> 00:00:21,960 Speaker 1: the stark market. Bloomberg Sound On Politics, Policy and Perspective 6 00:00:22,120 --> 00:00:25,560 Speaker 1: from DC's top name. Sorry, this is monistration. Just it 7 00:00:25,600 --> 00:00:28,480 Speaker 1: doesn't seem to get a lot done. You may be asking, 8 00:00:28,560 --> 00:00:31,960 Speaker 1: what's peloton. This party is united and it's poised to 9 00:00:32,040 --> 00:00:34,560 Speaker 1: take back the Senate and to say if this country 10 00:00:35,560 --> 00:00:42,159 Speaker 1: Sloomberg Sound On with Joe Matthew on Bloomberg Radio clicking. 11 00:00:42,240 --> 00:00:46,080 Speaker 1: Senate primary in Pennsylvania still up in the air, but 12 00:00:46,200 --> 00:00:49,159 Speaker 1: the youngest member of Congress is packing his bags and 13 00:00:49,280 --> 00:00:52,560 Speaker 1: will be soon. Welcome to the fastest hour in politics. 14 00:00:52,600 --> 00:00:55,280 Speaker 1: On this day after, we'll have the latest from Pennsylvania 15 00:00:55,360 --> 00:00:58,040 Speaker 1: and the four other states that hit the polls with 16 00:00:58,120 --> 00:01:00,400 Speaker 1: the Trump brand on the line in more and two 17 00:01:00,440 --> 00:01:02,960 Speaker 1: dozen races this week. We'll talk about it in a 18 00:01:03,000 --> 00:01:07,240 Speaker 1: moment with Lincoln Mitchell, writer and political analyst at Columbia University. 19 00:01:07,280 --> 00:01:11,240 Speaker 1: Analysis ahead from our panel Bloomberg Politics contributors Genie Chantano 20 00:01:11,640 --> 00:01:14,480 Speaker 1: and Rick Davis in for the hour and later you 21 00:01:14,560 --> 00:01:18,360 Speaker 1: may have added summer blackouts to your list of problems, 22 00:01:18,880 --> 00:01:21,319 Speaker 1: and it's partly because of climate change, not why you 23 00:01:21,360 --> 00:01:23,600 Speaker 1: think though a Bloomberg story you need to hear about 24 00:01:23,600 --> 00:01:27,440 Speaker 1: from our own Noreene Malick in New York. Today's destruction 25 00:01:27,640 --> 00:01:30,360 Speaker 1: in the markets made its way to the White House 26 00:01:30,600 --> 00:01:33,160 Speaker 1: by way of the press briefing today. Press Secretary Korean 27 00:01:33,240 --> 00:01:35,440 Speaker 1: John Pierre. I've got to get used to saying that 28 00:01:36,520 --> 00:01:40,040 Speaker 1: Bloomberg's justin sink in the briefing room, he asked the question. 29 00:01:40,040 --> 00:01:42,600 Speaker 1: The White House prefers not to answer. Listen to this. 30 00:01:42,800 --> 00:01:44,320 Speaker 1: We're now gotting into a point whereas some of the 31 00:01:44,480 --> 00:01:48,960 Speaker 1: games that um have defined the president's tenure are being raised, 32 00:01:48,960 --> 00:01:51,560 Speaker 1: and so is there a new level of a warm 33 00:01:51,560 --> 00:01:53,240 Speaker 1: within the White House of problems? Well, as you know 34 00:01:53,320 --> 00:01:55,480 Speaker 1: when we say this all the time, Josh, you know, 35 00:01:55,520 --> 00:01:58,440 Speaker 1: it's just a uh the fetch chair. You know, the 36 00:01:58,480 --> 00:02:01,000 Speaker 1: Federal Reserve is independent. We leave them to make their 37 00:02:01,080 --> 00:02:03,520 Speaker 1: own policy decisions. We do not get involved in that. 38 00:02:03,640 --> 00:02:06,680 Speaker 1: And nothing has changed on how we see the start market. 39 00:02:07,200 --> 00:02:09,240 Speaker 1: We do not. That's not something that we keep an 40 00:02:09,240 --> 00:02:11,320 Speaker 1: eye on every day. So I don't I'm not going 41 00:02:11,360 --> 00:02:13,519 Speaker 1: to comment about that from here, I'm not going to 42 00:02:13,680 --> 00:02:16,760 Speaker 1: comment on on what I thought was a very well 43 00:02:16,800 --> 00:02:20,240 Speaker 1: framed question by Justin Sink referring to the gains that 44 00:02:21,960 --> 00:02:24,480 Speaker 1: have been a hallmark of this administration, helped to define 45 00:02:24,520 --> 00:02:26,840 Speaker 1: the early days of the Biden White House. The rebound 46 00:02:26,840 --> 00:02:29,160 Speaker 1: in the stock market, just like the job market. It's 47 00:02:29,200 --> 00:02:31,480 Speaker 1: one of the good stories the administration could tell, even 48 00:02:31,480 --> 00:02:34,120 Speaker 1: though it wasn't or I guess is not telling it. Now, 49 00:02:34,760 --> 00:02:36,560 Speaker 1: let's dig into this a bit deeper before we turn 50 00:02:36,600 --> 00:02:39,600 Speaker 1: to primary NiFe. Bloomberg Markets reporter Abigail Doolittle is with 51 00:02:39,720 --> 00:02:42,519 Speaker 1: us a special treat here on Sound On, Abigail, Thanks 52 00:02:42,560 --> 00:02:44,600 Speaker 1: for joining us. People keep trying to call the bottom 53 00:02:44,600 --> 00:02:47,280 Speaker 1: in this market. Is that going to be possible though, 54 00:02:47,280 --> 00:02:49,760 Speaker 1: as long as inflation remains such a big story. Tough 55 00:02:49,800 --> 00:02:51,480 Speaker 1: business to do and great to be here with you, 56 00:02:51,639 --> 00:02:54,680 Speaker 1: Joe Uh. You know, it's clearly a difficult year and 57 00:02:54,720 --> 00:02:57,200 Speaker 1: it's an interesting point that you're making there around the 58 00:02:57,240 --> 00:03:00,440 Speaker 1: White House, and also the connection with inflation. Guess today, 59 00:03:00,440 --> 00:03:03,680 Speaker 1: of course stocks plunging, as Charlie was outlining, and it 60 00:03:03,720 --> 00:03:06,480 Speaker 1: has everything to do with one of investors worst fears 61 00:03:06,480 --> 00:03:11,280 Speaker 1: coming true and that is that the soaring inflation picture 62 00:03:11,320 --> 00:03:14,840 Speaker 1: finally hitting the corporate profit outlook. Yesterday it was Walmart 63 00:03:15,160 --> 00:03:19,639 Speaker 1: today target tumbling more than the worst day since that's 64 00:03:19,639 --> 00:03:22,399 Speaker 1: an important point because that was panicked selling back then. 65 00:03:22,720 --> 00:03:24,960 Speaker 1: That's the kind of selling we had today as investors 66 00:03:24,960 --> 00:03:27,440 Speaker 1: are somehow caught off guard by the fact that the 67 00:03:27,480 --> 00:03:31,399 Speaker 1: company can't manage soaring inflation. Trying to call a bear 68 00:03:31,480 --> 00:03:33,760 Speaker 1: market in this sort of environment, or excuse me, a 69 00:03:33,800 --> 00:03:36,200 Speaker 1: bottom in this sort of environment, I think that that's 70 00:03:36,200 --> 00:03:39,560 Speaker 1: probably a fool's game, especially when you after the bell 71 00:03:39,840 --> 00:03:42,680 Speaker 1: have a company like Cisco bringing down guidance in a 72 00:03:42,680 --> 00:03:45,400 Speaker 1: big way that reminds me of two thousand seven and 73 00:03:45,600 --> 00:03:47,560 Speaker 1: ahead of the brutal selling in two thousand and eight. 74 00:03:47,600 --> 00:03:50,480 Speaker 1: So a lot of moving pieces here, which also probably 75 00:03:50,520 --> 00:03:53,320 Speaker 1: means we're not bouncing back a thousand points tomorrow, right, 76 00:03:53,600 --> 00:03:56,280 Speaker 1: Probably not now. I that said, I do think that 77 00:03:56,320 --> 00:03:59,440 Speaker 1: there is the case the possibility for some sort of 78 00:03:59,440 --> 00:04:02,080 Speaker 1: a bear mark get rally, but not in a straight 79 00:04:02,080 --> 00:04:04,320 Speaker 1: line up, because we are still above last week's low, 80 00:04:04,360 --> 00:04:08,400 Speaker 1: which suggests that the buyers, the dip buyers, could come back, 81 00:04:08,760 --> 00:04:13,120 Speaker 1: but in a very uneven, unpredictable way. The bigger picture though, 82 00:04:13,160 --> 00:04:16,080 Speaker 1: and especially when you bring in the fundamental macros of 83 00:04:16,120 --> 00:04:20,880 Speaker 1: the macro of UH. The SMP being a forecasting tool 84 00:04:21,000 --> 00:04:23,440 Speaker 1: six months out, what is it telling us, Probably a 85 00:04:23,480 --> 00:04:26,839 Speaker 1: recession at some point, plus the yield curve inverting back 86 00:04:26,839 --> 00:04:29,200 Speaker 1: in the beginning of April our recession. So if we 87 00:04:29,279 --> 00:04:31,800 Speaker 1: have some sort of reprieve, and if you recall back 88 00:04:31,839 --> 00:04:35,919 Speaker 1: into other periods, difficult periods two thousand, two thousand three, 89 00:04:35,920 --> 00:04:38,200 Speaker 1: that was a rolling bear market where there was lots 90 00:04:38,200 --> 00:04:40,000 Speaker 1: of rallies in there. Two thousand and eight there were 91 00:04:40,000 --> 00:04:42,280 Speaker 1: a couple of very nice rallies. So again we might 92 00:04:42,279 --> 00:04:45,440 Speaker 1: get a reprieve, but the pictures not so nice. Maybe 93 00:04:45,440 --> 00:04:48,360 Speaker 1: you don't read into it too far. Abigail Doolittle, thank you. 94 00:04:48,560 --> 00:04:52,080 Speaker 1: This stock market route is happening just as the primary 95 00:04:52,080 --> 00:04:54,520 Speaker 1: season gets underway in Earnest. Last night was the biggest 96 00:04:54,520 --> 00:04:57,480 Speaker 1: one we've had yet, the biggest race on the map 97 00:04:57,560 --> 00:05:01,560 Speaker 1: last night the Republican Senate primary, and Pennsylvania remains undecided. 98 00:05:01,640 --> 00:05:04,120 Speaker 1: Right now, it's almost twenty four hours later. Here's out 99 00:05:04,200 --> 00:05:07,599 Speaker 1: sounded last night with Dr Oz and David McCormick. Unfortunately 100 00:05:07,600 --> 00:05:10,920 Speaker 1: we're not gonna have resolution tonight, but we can see 101 00:05:10,960 --> 00:05:14,200 Speaker 1: the path ahead, we can see victory ahead, and that's 102 00:05:14,240 --> 00:05:18,120 Speaker 1: all because of you, So thank you Pennsylvania. When all 103 00:05:18,160 --> 00:05:22,360 Speaker 1: the votes are tallied, I am confident we will win. Yeah. 104 00:05:22,400 --> 00:05:25,479 Speaker 1: How about that? That was Dr Oz right there, trying 105 00:05:25,520 --> 00:05:29,440 Speaker 1: to be definitive without knowing he of course endorsed by 106 00:05:29,480 --> 00:05:32,720 Speaker 1: Donald Trump. Up by about two tenths of a percent 107 00:05:32,760 --> 00:05:35,320 Speaker 1: now leading McCormick by fewer than two thousand votes. That's 108 00:05:35,760 --> 00:05:38,080 Speaker 1: where things stand. And don't hold your breath for this 109 00:05:38,120 --> 00:05:41,120 Speaker 1: to be called. It's not gonna happen during the program. 110 00:05:41,160 --> 00:05:44,000 Speaker 1: Here there are a hundred thousand mail in ballots I 111 00:05:44,040 --> 00:05:47,920 Speaker 1: read that have to be processed and counted and Pennsylvania 112 00:05:47,960 --> 00:05:50,800 Speaker 1: loss as elections officials can't start doing that till election days, 113 00:05:50,839 --> 00:05:53,600 Speaker 1: so they're just getting into this now. As we get 114 00:05:53,640 --> 00:05:55,560 Speaker 1: into this race. And a few others from last night 115 00:05:55,600 --> 00:06:00,360 Speaker 1: with Lincoln Mitchell, author and political scientists from Columbia Universe City, 116 00:06:00,400 --> 00:06:03,880 Speaker 1: Adjunct Associate Research Scholar in the Arnold Saltzman Institute of 117 00:06:03,920 --> 00:06:07,400 Speaker 1: War and Peace Studies at Columbia to get the business 118 00:06:07,480 --> 00:06:09,920 Speaker 1: card right, Lincoln, thanks for joining us. Uh. Some were 119 00:06:09,920 --> 00:06:13,240 Speaker 1: surprised by David McCormick strength in the primary. Uh, would 120 00:06:13,320 --> 00:06:17,359 Speaker 1: Dr Oz have been a contender without Donald Trump. He 121 00:06:17,400 --> 00:06:19,680 Speaker 1: would have been a contender, but he wouldn't be neck 122 00:06:19,760 --> 00:06:23,520 Speaker 1: and neck with with Dave McCormick without Donald Trump. And 123 00:06:23,520 --> 00:06:26,880 Speaker 1: and the reason for that is that there were two 124 00:06:27,000 --> 00:06:30,600 Speaker 1: very trumpy candidates in the race for that primary. In 125 00:06:30,640 --> 00:06:33,920 Speaker 1: some respects a moment. Oz was not the most trumpy candidate. 126 00:06:33,960 --> 00:06:38,159 Speaker 1: That was Kathy Barnett. But Trump's endorsement of Oz, I 127 00:06:38,160 --> 00:06:40,880 Speaker 1: think took votes from Barnett and gave him to Oz. 128 00:06:40,960 --> 00:06:42,880 Speaker 1: And that is the margin if he wins this thing, 129 00:06:42,960 --> 00:06:46,520 Speaker 1: that will be the difference. Why did uh Barnett not 130 00:06:46,680 --> 00:06:49,080 Speaker 1: impressed last evening that the whole story leading into the 131 00:06:49,120 --> 00:06:53,200 Speaker 1: primary was this surging out of nowhere candidate with little 132 00:06:53,200 --> 00:06:57,599 Speaker 1: money but kind of fizzles on voting day. Well, yes 133 00:06:57,640 --> 00:06:59,560 Speaker 1: and no, Right, So she got almost a quarter of 134 00:06:59,600 --> 00:07:03,440 Speaker 1: the vote in a race where is gonna no Kennedy's 135 00:07:03,440 --> 00:07:06,839 Speaker 1: gonna gett most likely, So she was kind of in 136 00:07:06,880 --> 00:07:10,040 Speaker 1: the thick of it. And you know, campaigns, the media 137 00:07:10,160 --> 00:07:12,960 Speaker 1: coverage of campaigns tends to be about momentum and you 138 00:07:12,960 --> 00:07:15,960 Speaker 1: know who's saying what, But a lot of campaigns are operational. 139 00:07:16,200 --> 00:07:18,400 Speaker 1: Who has the most money, who can really kind of 140 00:07:18,400 --> 00:07:21,280 Speaker 1: get the campaign trains running. And that's below the radar stuff. 141 00:07:21,440 --> 00:07:23,800 Speaker 1: But I suspect that Barnett did not do a strongly 142 00:07:23,800 --> 00:07:26,080 Speaker 1: there as she would have liked. Donald Trump is urging 143 00:07:27,480 --> 00:07:29,520 Speaker 1: I can't keep the calling of Dr Oz the rest 144 00:07:29,560 --> 00:07:32,160 Speaker 1: of the year. Can't memit Oz not to wise? Doctor Oz? 145 00:07:32,720 --> 00:07:36,600 Speaker 1: Trump posted on Truth Social doctors should declare victory. It 146 00:07:36,680 --> 00:07:39,520 Speaker 1: makes it much harder for them to cheat. He wrote, 147 00:07:39,520 --> 00:07:44,760 Speaker 1: with the ballots that they quote just happened to find. Uh, 148 00:07:44,920 --> 00:07:47,480 Speaker 1: are you surprised Dr Oz has not done this? In fact, 149 00:07:47,520 --> 00:07:51,160 Speaker 1: declare victory? Well, first of all, congratulations for looking at 150 00:07:51,160 --> 00:07:54,680 Speaker 1: truth and Social I didn't I lifted it from That 151 00:07:54,760 --> 00:07:56,920 Speaker 1: might make you like the eleventh person outside the Trump 152 00:07:56,920 --> 00:08:01,880 Speaker 1: family to do that. From from his strategic perspective, it's 153 00:08:01,920 --> 00:08:05,760 Speaker 1: never you know this, this line that Trump keeps saying 154 00:08:05,800 --> 00:08:07,960 Speaker 1: that every time he loses or someone he doesn't he 155 00:08:08,000 --> 00:08:10,880 Speaker 1: likes loses, that the election was stolen is a lie 156 00:08:11,040 --> 00:08:14,600 Speaker 1: and it's very damaging to democracy. And if that seems 157 00:08:14,600 --> 00:08:16,240 Speaker 1: to be what Donald Trump wants to do, so from 158 00:08:16,280 --> 00:08:19,680 Speaker 1: that perspective, sure, why not. From a more strategic perspective, 159 00:08:19,760 --> 00:08:22,720 Speaker 1: it's not a bad idea to declare victory, because then 160 00:08:22,760 --> 00:08:26,320 Speaker 1: if the race is close, you know, if the race 161 00:08:26,480 --> 00:08:28,760 Speaker 1: is close, if there are questions, and sometimes there are 162 00:08:28,840 --> 00:08:31,880 Speaker 1: not because someone is cheating or not because some secretary 163 00:08:31,920 --> 00:08:34,840 Speaker 1: of state is doing shenanigans, but because there are questions, 164 00:08:34,840 --> 00:08:37,040 Speaker 1: you know, was this ballot spoiled or not, you have 165 00:08:37,160 --> 00:08:40,040 Speaker 1: kind of a strategic advantage. But realistically, it doesn't matter 166 00:08:40,080 --> 00:08:44,120 Speaker 1: what oz says until all of the ballots are counted, 167 00:08:44,160 --> 00:08:46,040 Speaker 1: and we're gonna have to count the ballots. And we 168 00:08:46,080 --> 00:08:51,719 Speaker 1: went through this in Pennsylvania in November, when, as many expected, 169 00:08:52,480 --> 00:08:55,880 Speaker 1: the absence votes pushed Biden over the top there, so Pennsylvania, 170 00:08:56,120 --> 00:08:59,839 Speaker 1: you know, we know what Trump feels about Pennsylvania. Here 171 00:08:59,880 --> 00:09:03,600 Speaker 1: we go again. Would oz or pose a stronger challenge 172 00:09:03,720 --> 00:09:07,240 Speaker 1: to John Fetterman or is it the same race? My 173 00:09:07,400 --> 00:09:10,560 Speaker 1: sense is that this is the same race. And I 174 00:09:10,600 --> 00:09:14,200 Speaker 1: say that for two reasons. One, the only thing we 175 00:09:14,240 --> 00:09:16,880 Speaker 1: know for sure about electability is that we don't know 176 00:09:16,960 --> 00:09:21,720 Speaker 1: anything about electability. So anytime some pundit like me says 177 00:09:21,800 --> 00:09:24,440 Speaker 1: this one's electable, this one's not, we're just guessing. We 178 00:09:24,480 --> 00:09:26,880 Speaker 1: don't know what we're saying. And you know, Donald Trump 179 00:09:27,080 --> 00:09:30,319 Speaker 1: in January. In mid it was actuallymatic that Donald Trump 180 00:09:30,320 --> 00:09:32,920 Speaker 1: could never get elected president. In mid two thousand seven, 181 00:09:32,960 --> 00:09:35,160 Speaker 1: it was actually matic that Barack Obama could never get 182 00:09:35,160 --> 00:09:38,600 Speaker 1: elected president. So my sense is that this is going 183 00:09:38,640 --> 00:09:41,160 Speaker 1: to be a very close race. Pennsylvania is always a 184 00:09:41,200 --> 00:09:43,760 Speaker 1: close state. All of the kind of macro big picture 185 00:09:43,840 --> 00:09:47,360 Speaker 1: trends say that this is going to be a Republican 186 00:09:47,440 --> 00:09:49,280 Speaker 1: year of Pennsylvania may not be an exception to that. 187 00:09:49,360 --> 00:09:52,319 Speaker 1: On the other hand, the Democrats have nominated on unusual 188 00:09:52,440 --> 00:09:54,880 Speaker 1: intrigue in candidate who may be able to pull some 189 00:09:55,000 --> 00:09:57,559 Speaker 1: of those voters, particularly some of those younger male voters, 190 00:09:57,720 --> 00:10:00,800 Speaker 1: away from Trump or the Republican Party back to Federman 191 00:10:00,840 --> 00:10:03,160 Speaker 1: of the Democratic part With a drive to legalize marijuana, 192 00:10:03,200 --> 00:10:06,280 Speaker 1: they say, may bring in voters who wouldn't otherwise vote 193 00:10:06,320 --> 00:10:09,959 Speaker 1: Lincoln exactly, and it sends a message that he's not 194 00:10:10,080 --> 00:10:13,480 Speaker 1: this kind of stagy old each of broccoli Democrat and 195 00:10:13,480 --> 00:10:18,720 Speaker 1: and and there's one other There's that's my point, right, 196 00:10:19,000 --> 00:10:20,760 Speaker 1: one other one other point I would make is that 197 00:10:20,840 --> 00:10:22,720 Speaker 1: for all of this talk about how this is going 198 00:10:22,800 --> 00:10:25,319 Speaker 1: to be such a Republican year, and don't forget there 199 00:10:25,360 --> 00:10:28,720 Speaker 1: was a competitive more or less Republican primary for governor 200 00:10:28,800 --> 00:10:31,199 Speaker 1: in Pennsylvania. We haven't talked about that much, but there's 201 00:10:31,240 --> 00:10:34,720 Speaker 1: a story there. There was not a competitive primary for Democrat. 202 00:10:34,800 --> 00:10:37,560 Speaker 1: Jos Shapiro ran on a post and and only a 203 00:10:37,640 --> 00:10:41,200 Speaker 1: hundred thousand more Republican voters came out. So there's more, 204 00:10:41,760 --> 00:10:44,640 Speaker 1: perhaps more Democratic strength in Pennsylvania than it seems at 205 00:10:44,640 --> 00:10:46,520 Speaker 1: first cut rate. I want to get into that race 206 00:10:46,640 --> 00:10:49,200 Speaker 1: with you, because Trump did have a win UH in 207 00:10:49,240 --> 00:10:54,080 Speaker 1: the Republican cobinatorial race. Doug Mastriano got the nod UH 208 00:10:54,240 --> 00:10:58,800 Speaker 1: described in almost every major news UH organization as a 209 00:10:59,640 --> 00:11:03,720 Speaker 1: election and denier. He's the election denier who today prompted 210 00:11:03,720 --> 00:11:06,079 Speaker 1: the Cook Political Report to turn the race from toss 211 00:11:06,160 --> 00:11:09,080 Speaker 1: up to lean Democrat. Here, by the way, if we 212 00:11:09,120 --> 00:11:13,319 Speaker 1: can hear from the nominee, here's Mastriano on stage last night. 213 00:11:13,600 --> 00:11:16,160 Speaker 1: They'd like to call people who stand on the constitution 214 00:11:16,280 --> 00:11:19,160 Speaker 1: far right and extreme. I repudiate that that is crap 215 00:11:19,679 --> 00:11:23,680 Speaker 1: okay uh. Lincoln the state Democratic Party actually sent out 216 00:11:23,760 --> 00:11:27,880 Speaker 1: mailer's supporting Mastriano. This part of the story is great. 217 00:11:27,920 --> 00:11:31,880 Speaker 1: His Democratic opponent, who you mentioned, Joshapiro, spent over eight 218 00:11:31,920 --> 00:11:35,400 Speaker 1: hundred thousand dollars on ads calling Mastriano too conservative and 219 00:11:35,520 --> 00:11:39,520 Speaker 1: quote one of Trump's strongest supporters unquote, and it actually 220 00:11:39,760 --> 00:11:41,920 Speaker 1: mean they looked like attack ads, but they boosted his 221 00:11:42,000 --> 00:11:45,000 Speaker 1: standing among conservatives. UM. Right, And that is that the 222 00:11:45,040 --> 00:11:46,960 Speaker 1: kind of confidence that I mean, is that appropriate for 223 00:11:47,000 --> 00:11:51,360 Speaker 1: Democrats to be that confident? The short answer that is no, Uh. 224 00:11:51,440 --> 00:11:53,360 Speaker 1: The longer answer that is that those statements are in 225 00:11:53,440 --> 00:11:56,280 Speaker 1: fact empirically true about Mastriano, And we shouldn't. You know, 226 00:11:56,360 --> 00:11:59,560 Speaker 1: Jos Shapiro is not is an actual real person here, 227 00:11:59,800 --> 00:12:02,160 Speaker 1: and he's a very good candidate. He's sharp, he's smart, 228 00:12:02,360 --> 00:12:03,920 Speaker 1: he's a good looking guy. So I think he's the 229 00:12:04,000 --> 00:12:06,680 Speaker 1: right guy for the Democrats uh to be nominating, and 230 00:12:06,679 --> 00:12:09,400 Speaker 1: he has a real shot at winning. UM. But again, 231 00:12:09,840 --> 00:12:14,839 Speaker 1: you know, the Mastrianto can win. The Republican Party nominee 232 00:12:14,840 --> 00:12:17,480 Speaker 1: in Pennsylvania this year is going to have a real 233 00:12:17,520 --> 00:12:19,959 Speaker 1: shot for governor no matter who it is, and the 234 00:12:20,120 --> 00:12:23,880 Speaker 1: damage it would do not just to Pennsylvania, but imagine 235 00:12:23,920 --> 00:12:27,439 Speaker 1: the election if instead of Governor Wolf, who was a 236 00:12:27,480 --> 00:12:31,959 Speaker 1: Democrat in office in Pennsylvania, there is a Republican governor 237 00:12:32,000 --> 00:12:34,160 Speaker 1: to go along with a very likely be a Republican 238 00:12:34,160 --> 00:12:38,520 Speaker 1: majority of the Pennsylvania state lection point, a Republican slate 239 00:12:38,559 --> 00:12:41,640 Speaker 1: of electors could overturn the will of the voters. So 240 00:12:41,679 --> 00:12:44,520 Speaker 1: we are really getting into I know it's a it's overstated, 241 00:12:44,720 --> 00:12:51,600 Speaker 1: but really uncharted territory as we approach. One big loss 242 00:12:51,640 --> 00:12:54,240 Speaker 1: came in North Carolina. Madison Cawthorne. I have to ask 243 00:12:54,280 --> 00:12:56,560 Speaker 1: you about before you go, the youngest member of Congress. 244 00:12:57,480 --> 00:13:00,640 Speaker 1: He lost the state Senator Chuck Edwards. Can we even 245 00:13:00,720 --> 00:13:03,040 Speaker 1: judge this as a Trump loss? I mean, with with 246 00:13:03,080 --> 00:13:05,760 Speaker 1: all the trouble that Cawthorne made for himself, he sort 247 00:13:05,800 --> 00:13:09,240 Speaker 1: of created his own reality, He created his own reality. 248 00:13:09,240 --> 00:13:11,160 Speaker 1: But look, Donald Trump has been creating his own reality 249 00:13:11,200 --> 00:13:14,240 Speaker 1: for decades, and and part of Donald Trump's reality was 250 00:13:14,240 --> 00:13:16,679 Speaker 1: that Madison Cawthorne should get reelected, and he went and 251 00:13:16,760 --> 00:13:19,360 Speaker 1: endorsed him. So I think this is a defeat for Trump. 252 00:13:19,400 --> 00:13:22,200 Speaker 1: I don't know that it means anything. Congressman ed Edwards, 253 00:13:22,200 --> 00:13:24,200 Speaker 1: who is likely going to win that that that general 254 00:13:24,240 --> 00:13:27,400 Speaker 1: election to go to Washington, is going to vote and 255 00:13:27,400 --> 00:13:30,440 Speaker 1: and present and have the same impact on legislation and 256 00:13:30,520 --> 00:13:35,080 Speaker 1: policy as Madison Cawthorne will. He will probably have a 257 00:13:35,120 --> 00:13:38,080 Speaker 1: better control over his personal life I suspect that wouldn't 258 00:13:38,120 --> 00:13:41,120 Speaker 1: take a lot. Uh, No, would not. Lincoln. I'm glad 259 00:13:41,120 --> 00:13:43,000 Speaker 1: you came to talk to us today. Great insights from 260 00:13:43,000 --> 00:13:46,040 Speaker 1: Lincoln Mitchell Columbia University with us on the fastest hour 261 00:13:46,120 --> 00:13:50,520 Speaker 1: in politics. Come back often Lincoln, over the course of 262 00:13:50,600 --> 00:13:53,280 Speaker 1: his campaign cycle. We've got wild stories to talk about. 263 00:13:53,320 --> 00:13:56,680 Speaker 1: We're really just getting into this now, if you can imagine. 264 00:13:57,040 --> 00:13:58,760 Speaker 1: I'm not sure if he can say last night was 265 00:13:58,800 --> 00:14:02,319 Speaker 1: anything but a win for Donald Trump when you think 266 00:14:02,360 --> 00:14:05,920 Speaker 1: about it, even the losers in some cases were Trumpier 267 00:14:05,960 --> 00:14:09,520 Speaker 1: than the winners in the races he chose to endorse. 268 00:14:10,440 --> 00:14:14,240 Speaker 1: Let's assemble the panel here. Great to hear Jeannie Chanzano 269 00:14:14,320 --> 00:14:16,599 Speaker 1: and Rick Davis back together, and certainly a lot to 270 00:14:16,640 --> 00:14:19,880 Speaker 1: talk about after last evening. Isn't that the truth, Jennie, 271 00:14:19,920 --> 00:14:22,560 Speaker 1: We're not only talking about Trump all day and I'm 272 00:14:22,600 --> 00:14:26,120 Speaker 1: part of this. I'm lighting the fires again apparently in 273 00:14:26,920 --> 00:14:30,600 Speaker 1: two But when you look at the contest, particularly this 274 00:14:31,160 --> 00:14:33,640 Speaker 1: Senate race in Pennsylvania, they were all trying to get 275 00:14:33,680 --> 00:14:37,640 Speaker 1: closer to Trump, no matter which candidate he picked. Yeah, 276 00:14:37,880 --> 00:14:41,600 Speaker 1: and you know, even if a McCormick wins over oz 277 00:14:41,600 --> 00:14:44,760 Speaker 1: Oz Endorsed by Trump and McCormick not. You know, McCormick 278 00:14:44,800 --> 00:14:48,280 Speaker 1: has famously, you know, shied away from saying basic things 279 00:14:48,360 --> 00:14:51,520 Speaker 1: like President Biden was the is the duly elected president. 280 00:14:51,520 --> 00:14:55,240 Speaker 1: I mean, that's how far to the MAGA portion of 281 00:14:55,280 --> 00:14:58,680 Speaker 1: the party all three of these candidates are, and McCormick 282 00:14:58,720 --> 00:15:01,520 Speaker 1: being the least of the three. So that's where we are. 283 00:15:01,640 --> 00:15:03,880 Speaker 1: And you know, you were just talking about this with 284 00:15:04,000 --> 00:15:07,560 Speaker 1: Lincoln Trump out today saying that Dr Oz should just 285 00:15:07,720 --> 00:15:11,320 Speaker 1: do what he did in and just say I won 286 00:15:11,840 --> 00:15:13,880 Speaker 1: the I have the votes right now I want. And 287 00:15:13,960 --> 00:15:16,720 Speaker 1: of course, what's going to happen if McCormick pulls this through, 288 00:15:16,800 --> 00:15:20,720 Speaker 1: which on mail ballots he very likely could. Trump is 289 00:15:20,760 --> 00:15:23,080 Speaker 1: going to claim that the election was once again stolen. 290 00:15:23,120 --> 00:15:25,800 Speaker 1: So to your point, this is all about Trump and 291 00:15:25,840 --> 00:15:29,000 Speaker 1: the candidates are supporting that. I've been looking forward to, uh, 292 00:15:29,120 --> 00:15:32,360 Speaker 1: to your top line on the evening as a whole here, 293 00:15:32,440 --> 00:15:35,520 Speaker 1: Rick is, and I do feel like Pennsylvania is sort 294 00:15:35,520 --> 00:15:39,560 Speaker 1: of the focal point, uh, certainly that we have taken, 295 00:15:39,640 --> 00:15:41,400 Speaker 1: although there were a number of other races around the 296 00:15:41,440 --> 00:15:43,600 Speaker 1: country that speak to what happened. But you know, the 297 00:15:43,920 --> 00:15:47,920 Speaker 1: Republican contests coast to coast were resonating Trump. When you 298 00:15:47,960 --> 00:15:49,520 Speaker 1: look at some of the folks who wont and in 299 00:15:49,520 --> 00:15:52,760 Speaker 1: this case an undecided race between two Trump supporting candidates 300 00:15:53,000 --> 00:15:55,720 Speaker 1: in Pennsylvania, what do you feel you know, look, I 301 00:15:55,760 --> 00:15:58,920 Speaker 1: think you know, Donald Trump has the energy in the party. 302 00:15:58,960 --> 00:16:02,640 Speaker 1: He doesn't have every ingle Republican the party that backs him, 303 00:16:02,680 --> 00:16:05,880 Speaker 1: but he has the activists. And the activists really turned 304 00:16:05,880 --> 00:16:07,440 Speaker 1: out in this election. I mean, this was one of 305 00:16:07,480 --> 00:16:12,160 Speaker 1: the highest uh GOP turnouts in a primary in two decades. 306 00:16:12,240 --> 00:16:14,840 Speaker 1: I mean that's actually saying something. We keep talking about 307 00:16:15,280 --> 00:16:18,080 Speaker 1: what the numbers are, but this was a really good 308 00:16:18,120 --> 00:16:22,000 Speaker 1: turnout for Republicans. The story here is that that whatever 309 00:16:22,040 --> 00:16:24,840 Speaker 1: got him excited, and we think it's probably Donald Trump's 310 00:16:24,640 --> 00:16:29,240 Speaker 1: involvement in this campaign. Uh As everyone has said, each 311 00:16:29,320 --> 00:16:32,360 Speaker 1: one of these three candidates running for the Senate and 312 00:16:32,480 --> 00:16:36,960 Speaker 1: the guy who won the governor's nomination, we're all Trump apostles, 313 00:16:37,160 --> 00:16:39,160 Speaker 1: and so you got to give him some of that 314 00:16:39,240 --> 00:16:41,360 Speaker 1: do and and he's turning people out. Not only was 315 00:16:41,440 --> 00:16:46,400 Speaker 1: the election in two or twenty, you know, the highest 316 00:16:46,400 --> 00:16:48,120 Speaker 1: turnout in a hundred years, but now we see it 317 00:16:48,160 --> 00:16:53,080 Speaker 1: replicated here. The really bad news, uh is is that 318 00:16:53,120 --> 00:16:56,240 Speaker 1: the Democratic Party seems to lack that energy, lack that 319 00:16:56,280 --> 00:17:00,320 Speaker 1: turnout capability. Um, you know, we know the intensities from 320 00:17:00,320 --> 00:17:03,520 Speaker 1: the surveys we've read. And so while we're all talking 321 00:17:03,560 --> 00:17:06,399 Speaker 1: about Donald Trump and his impact on the Republican Party, 322 00:17:06,960 --> 00:17:09,600 Speaker 1: the Democrats are wishing they had somebody who could actually 323 00:17:09,680 --> 00:17:13,280 Speaker 1: generate that kind of excitement. Well, sure, you read on 324 00:17:13,359 --> 00:17:16,200 Speaker 1: the Senate primary, Rick, is this something that you think 325 00:17:16,800 --> 00:17:19,680 Speaker 1: doctor memit Oz can pull out? You know, look, I 326 00:17:19,720 --> 00:17:23,280 Speaker 1: mean most of the energy on the early ballots, you know, 327 00:17:23,359 --> 00:17:27,000 Speaker 1: the absentee or the mailing ballots were McCormick. He's winning 328 00:17:27,040 --> 00:17:31,399 Speaker 1: those slightly above Oz. But Oz one election day, so 329 00:17:31,400 --> 00:17:34,080 Speaker 1: you gotta assume Oz's numbers are in and and that 330 00:17:34,200 --> 00:17:36,479 Speaker 1: he's gonna sort of lose dribs by drabs. I mean, 331 00:17:36,520 --> 00:17:40,560 Speaker 1: in just the preparatory time of this, this this program, Um, 332 00:17:40,680 --> 00:17:43,919 Speaker 1: McCormick picked up two hundred votes, I mean, like you know, 333 00:17:44,040 --> 00:17:48,120 Speaker 1: and there's only seventeen hundreds of you know, dividing them. So, uh, 334 00:17:48,160 --> 00:17:50,720 Speaker 1: if you do play the long game, you see, Uh, 335 00:17:50,880 --> 00:17:53,240 Speaker 1: could he could he make up that seventeen hundred? I 336 00:17:53,320 --> 00:17:57,240 Speaker 1: think the answer is sure And within a half it's 337 00:17:57,240 --> 00:17:59,959 Speaker 1: a half percent. This this this prompts a recount, right, 338 00:18:00,040 --> 00:18:02,400 Speaker 1: this wouldn't be a runoff, but a recount, and then 339 00:18:02,400 --> 00:18:05,720 Speaker 1: the fund begins. Genie, if we got to that point, oh, 340 00:18:05,800 --> 00:18:07,480 Speaker 1: I think we're going to get there, and let's not 341 00:18:07,560 --> 00:18:09,679 Speaker 1: forget we We not only may see a recount, we 342 00:18:09,720 --> 00:18:13,200 Speaker 1: could see candidates filing lawsuits. That's where I'm going. Yeah, 343 00:18:13,320 --> 00:18:16,040 Speaker 1: this thing could extend and extend out one thing. I 344 00:18:16,080 --> 00:18:18,280 Speaker 1: think Rick is right to talk about turnout, but I 345 00:18:18,320 --> 00:18:21,240 Speaker 1: do want to say Democratic turnout in several of these 346 00:18:21,240 --> 00:18:25,359 Speaker 1: states outpaced eighteen and a lot of people are asking why. 347 00:18:25,760 --> 00:18:28,520 Speaker 1: Some people suggesting it may be abortion. I'm not sure. 348 00:18:28,760 --> 00:18:32,560 Speaker 1: But when you look at Fetterman, he won every single county, 349 00:18:32,720 --> 00:18:36,960 Speaker 1: you know, not a typical Democratic candidate. Certain commamb his 350 00:18:37,080 --> 00:18:41,200 Speaker 1: opponent was the Biden candidate, if you will, lost big time. 351 00:18:41,560 --> 00:18:45,240 Speaker 1: So Democrats may have a candidate there who they could 352 00:18:45,320 --> 00:18:48,200 Speaker 1: use across the country as sort of somebody who could 353 00:18:48,200 --> 00:18:52,560 Speaker 1: break through what's otherwise a really good Republican year. They're hoping, Rick, 354 00:18:52,640 --> 00:18:55,080 Speaker 1: do you put dr Oz in a hoodie and in 355 00:18:55,160 --> 00:18:57,080 Speaker 1: shorts and get him out there if that's the race? 356 00:18:57,320 --> 00:19:00,800 Speaker 1: I hope not. How do you bet John Federman? You know, 357 00:19:00,920 --> 00:19:02,560 Speaker 1: look I mean, I think that first of all, it's 358 00:19:02,600 --> 00:19:06,720 Speaker 1: gonna be um advantage Republicans, right, I mean, there's there's 359 00:19:06,720 --> 00:19:09,600 Speaker 1: just noes disputing the anxiety that voters have towards the 360 00:19:09,600 --> 00:19:13,040 Speaker 1: current administration. Uh, Biden's going to be on the ballot 361 00:19:13,040 --> 00:19:15,840 Speaker 1: along with Fetterman, whether he likes it or not. And 362 00:19:15,840 --> 00:19:20,320 Speaker 1: in and in that regard, UH, you're probably advantage oz 363 00:19:20,440 --> 00:19:23,320 Speaker 1: or whoever the Republican nominee is. Uh. Then they've got 364 00:19:23,359 --> 00:19:25,680 Speaker 1: to run a good campaign. And there's no question Federman 365 00:19:25,800 --> 00:19:28,400 Speaker 1: is a talented Paul who has done an enormous job, 366 00:19:29,200 --> 00:19:32,120 Speaker 1: who is hopefully kind of get out of the hospital 367 00:19:32,160 --> 00:19:34,840 Speaker 1: and campaign hard. Because we want to see the Rockham 368 00:19:34,840 --> 00:19:37,520 Speaker 1: Stockham campaign that Pennsylvania is known for. It's gonna be 369 00:19:37,560 --> 00:19:42,040 Speaker 1: a riot. How about Doug Mastriano, what do you make 370 00:19:42,040 --> 00:19:45,120 Speaker 1: of the the idea that Democrats helped to get him 371 00:19:45,160 --> 00:19:47,640 Speaker 1: elected thinking that if he would be easier to knock down. 372 00:19:47,760 --> 00:19:51,880 Speaker 1: Is that a fool's aaron? Well, I would say that's 373 00:19:51,880 --> 00:19:54,920 Speaker 1: a dangerous aaron, because, Um, the only thing worse than 374 00:19:54,960 --> 00:19:57,600 Speaker 1: them actually getting him the nomination is him being in 375 00:19:57,680 --> 00:20:01,040 Speaker 1: position to be the governor and and and so who's 376 00:20:01,040 --> 00:20:03,960 Speaker 1: going to be held to blame for that at that stage. Um, 377 00:20:03,960 --> 00:20:06,120 Speaker 1: trying to be too cute by half in politics usually 378 00:20:06,160 --> 00:20:09,000 Speaker 1: doesn't work out well. Uh And again, I mean, like 379 00:20:09,400 --> 00:20:13,280 Speaker 1: everyone's talking today about what an oddball this guy Mastriano is, 380 00:20:13,400 --> 00:20:17,800 Speaker 1: and you know he's you know, really stunk up by 381 00:20:17,880 --> 00:20:20,720 Speaker 1: the January six activity and that kind of thing. But 382 00:20:21,000 --> 00:20:23,639 Speaker 1: this could be such a Republican year that people like 383 00:20:23,800 --> 00:20:26,480 Speaker 1: him even get elected. And that's saying something about the 384 00:20:26,520 --> 00:20:29,719 Speaker 1: strength of the Republican cycle, but it also is a 385 00:20:29,760 --> 00:20:32,480 Speaker 1: warning that be careful who you you put into the 386 00:20:32,520 --> 00:20:37,280 Speaker 1: nominee spy. You could have Democrats having put thousands, hundreds 387 00:20:37,280 --> 00:20:39,919 Speaker 1: of thousands of dollars into adds that that that supposedly 388 00:20:39,960 --> 00:20:43,520 Speaker 1: helped Mastrianna get elected to make more ads in a 389 00:20:43,640 --> 00:20:48,000 Speaker 1: general with images of him in Washington on January six, 390 00:20:48,400 --> 00:20:50,240 Speaker 1: and help him to win the whole thing with the 391 00:20:50,320 --> 00:20:53,600 Speaker 1: same strategy. Yeah, and here's a guy with a very 392 00:20:53,720 --> 00:20:56,719 Speaker 1: radical message. You know, he wanted to he was fighting 393 00:20:56,720 --> 00:21:00,360 Speaker 1: to overturn the election in he's somebody who is at 394 00:21:00,400 --> 00:21:02,800 Speaker 1: the rally on January six. He wants to appoint a 395 00:21:02,840 --> 00:21:05,760 Speaker 1: secretary of State that will throw out the voter rolls. 396 00:21:06,000 --> 00:21:09,879 Speaker 1: It's very dangerous territory. Democrats have to be careful. You know. 397 00:21:10,000 --> 00:21:12,639 Speaker 1: This is not to compare Mastriano to Ronald Reagan or 398 00:21:12,680 --> 00:21:15,640 Speaker 1: Hillary Clinton, but you know they did the same thing 399 00:21:15,720 --> 00:21:18,760 Speaker 1: in some of these races where they got you know, 400 00:21:19,080 --> 00:21:22,000 Speaker 1: overboard on sort of. You know, even when Ronald Reagan 401 00:21:22,040 --> 00:21:24,480 Speaker 1: was running for governor way back when, in terms of 402 00:21:24,520 --> 00:21:27,280 Speaker 1: saying this guy can never win, let's push him forward. 403 00:21:27,359 --> 00:21:30,640 Speaker 1: And what did he do? He won? So that's dangerous territory. 404 00:21:30,840 --> 00:21:33,199 Speaker 1: But Joe, if you if we have Fetterman on, we 405 00:21:33,280 --> 00:21:36,399 Speaker 1: can all wear hoodies and shorts, including Rick Davis. So 406 00:21:36,720 --> 00:21:39,440 Speaker 1: that's right, even at a presidential event. Hey, Rick, you're 407 00:21:39,440 --> 00:21:41,960 Speaker 1: not gonna have Madison Cawthorne to kick around anymore. Huh. 408 00:21:42,160 --> 00:21:44,000 Speaker 1: All I can say after that last comment is it's 409 00:21:44,000 --> 00:21:45,680 Speaker 1: a good thing we're on radio and no one'll ever 410 00:21:45,760 --> 00:21:48,160 Speaker 1: know if I'm wearing a hoodie or not. Um. Yeah, 411 00:21:48,200 --> 00:21:51,480 Speaker 1: Madison author, he's history toast. Put a fork in him. 412 00:21:51,560 --> 00:21:56,960 Speaker 1: He's done. Turn the page. We're all back together, Rick, Genie, 413 00:21:57,040 --> 00:22:00,960 Speaker 1: Joe back in the nation's capital following a lovely visit 414 00:22:01,000 --> 00:22:03,560 Speaker 1: to the hub of the universe. Wasn't that fun? In Boston? 415 00:22:04,000 --> 00:22:07,360 Speaker 1: Coming up next, they're talking blackouts because we needed more 416 00:22:07,440 --> 00:22:10,840 Speaker 1: to worry about this summer. It's a climate change story. 417 00:22:10,880 --> 00:22:15,120 Speaker 1: We'll have it next. This is Bloomberg broadcasting live from 418 00:22:15,160 --> 00:22:20,280 Speaker 1: our nation's capital, Bloomberg to New York, Bloomberg eleven Frio 419 00:22:20,640 --> 00:22:24,159 Speaker 1: to Boston, Bloomberg one oh six one to San Francisco, 420 00:22:24,280 --> 00:22:28,320 Speaker 1: Bloomberg nine sixty to the country Serious x M General 421 00:22:28,359 --> 00:22:31,720 Speaker 1: one nine and around the globe the Bloomberg Business app 422 00:22:31,760 --> 00:22:36,080 Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Sound On 423 00:22:36,600 --> 00:22:41,520 Speaker 1: with Joe Matthew. The headline, I'm a terminal vast swath 424 00:22:41,720 --> 00:22:47,200 Speaker 1: of US at risk of summer blackouts rates because high 425 00:22:47,280 --> 00:22:50,000 Speaker 1: gas prices and a war in Ukraine were not enough. 426 00:22:50,040 --> 00:22:53,960 Speaker 1: We'll talk about it next with Bloomberg's Noreene Malick. If 427 00:22:53,960 --> 00:22:57,640 Speaker 1: you think about where the national consciousness might be come 428 00:22:57,720 --> 00:23:02,200 Speaker 1: the depths of summer gas prices, maybe a new highs 429 00:23:02,400 --> 00:23:06,040 Speaker 1: recent highs, possible food shortages because of everything going on 430 00:23:06,280 --> 00:23:10,040 Speaker 1: in the war. Can't get baby formula. The government now 431 00:23:10,119 --> 00:23:12,879 Speaker 1: warning of possible political violence tied to the Roe v. 432 00:23:13,040 --> 00:23:16,679 Speaker 1: Wade decision. But let's call that a worst case scenario 433 00:23:17,440 --> 00:23:20,960 Speaker 1: for everyone for this administration, certainly until I read this 434 00:23:21,040 --> 00:23:23,359 Speaker 1: story on the terminal. Today we could add another layer. 435 00:23:24,240 --> 00:23:26,760 Speaker 1: A vast swath of North America from the Great Lakes 436 00:23:26,760 --> 00:23:28,960 Speaker 1: to the West Coast at risk of blackouts this summer 437 00:23:28,960 --> 00:23:32,720 Speaker 1: as heat, drought shuttered power plants and supply chain woes 438 00:23:33,320 --> 00:23:37,960 Speaker 1: strain the electric grid. This is real, and we get 439 00:23:38,000 --> 00:23:41,560 Speaker 1: to talk about it with Bloomberg's Noreen Malick. Noreen, I 440 00:23:41,640 --> 00:23:44,720 Speaker 1: was really taken. Thank you for coming into bring this 441 00:23:44,840 --> 00:23:47,720 Speaker 1: important story to us, Taken by the cause. As you write, 442 00:23:47,720 --> 00:23:50,440 Speaker 1: climate changes partly to blame. And it's not what people 443 00:23:50,520 --> 00:23:53,040 Speaker 1: might think, uh, as much as the fact that it 444 00:23:53,320 --> 00:23:58,320 Speaker 1: it's it's limiting supplies of hydro electric power. Are powers evaporating, 445 00:23:58,359 --> 00:24:02,479 Speaker 1: isn't it? Yes? At these the US grids are facing 446 00:24:02,560 --> 00:24:06,520 Speaker 1: multiple stress factors right now. You know, for years we've 447 00:24:06,680 --> 00:24:09,080 Speaker 1: been seeing on and off, like in California and the 448 00:24:09,160 --> 00:24:13,960 Speaker 1: West where drought conditions, really dry conditions are reducing the 449 00:24:14,000 --> 00:24:17,520 Speaker 1: amount of hydro power. So that lower snowpack in the 450 00:24:17,560 --> 00:24:21,760 Speaker 1: mountains and just lower rain overfall means that there's sorry 451 00:24:21,840 --> 00:24:24,800 Speaker 1: over the winter and in spring means that there's less 452 00:24:24,800 --> 00:24:27,919 Speaker 1: water that's going into reservoirs to run these hydro plants. 453 00:24:27,920 --> 00:24:31,160 Speaker 1: So that's been UM an issue for years, and it's 454 00:24:31,880 --> 00:24:36,560 Speaker 1: now being exacerbated by even more extreme weather conditions, so 455 00:24:36,640 --> 00:24:41,479 Speaker 1: more severe droughts UM which can also um make the 456 00:24:41,520 --> 00:24:44,880 Speaker 1: heat and summer more intense. And then on top of that, 457 00:24:45,160 --> 00:24:48,800 Speaker 1: the grids are facing um you know, like we're trying 458 00:24:48,800 --> 00:24:53,040 Speaker 1: to like protect against climate change by pursuing this fast 459 00:24:53,160 --> 00:24:57,639 Speaker 1: energy transition and by you know, adding more solar and wind, 460 00:24:58,160 --> 00:25:00,960 Speaker 1: and but that's also adding a lot of stress to 461 00:25:01,080 --> 00:25:04,440 Speaker 1: the grid because wind and solar, you know, they're going 462 00:25:04,480 --> 00:25:07,680 Speaker 1: to supply power when their sunshine and when the wind 463 00:25:07,760 --> 00:25:11,359 Speaker 1: is blowing, and so it's intermittent and part of and 464 00:25:11,960 --> 00:25:16,800 Speaker 1: you don't have enough backup power to um smooth out 465 00:25:16,840 --> 00:25:20,520 Speaker 1: the variations, the fluctuations, especially at in the evening, like 466 00:25:20,560 --> 00:25:23,800 Speaker 1: when the sun sets. You have such a massive drop 467 00:25:23,880 --> 00:25:28,920 Speaker 1: in solar generation in California and increasingly in Texas that 468 00:25:29,000 --> 00:25:33,720 Speaker 1: you need to quickly bring on within like that ages 469 00:25:33,760 --> 00:25:37,200 Speaker 1: the equipment. You write that electricity supplies will be especially 470 00:25:37,240 --> 00:25:41,040 Speaker 1: tighten the Midwest. How come so the stress in the 471 00:25:41,080 --> 00:25:43,560 Speaker 1: Midwest has been growing for a while. There's a lot 472 00:25:43,560 --> 00:25:46,159 Speaker 1: of coal plants they're shutting down. You know, it's a 473 00:25:46,160 --> 00:25:49,119 Speaker 1: trend across the country But what was really stunning is 474 00:25:49,520 --> 00:25:52,920 Speaker 1: several weeks ago, you know, the Mid Continent into Independent 475 00:25:52,960 --> 00:25:55,920 Speaker 1: System Operator or miceo UM. They run the grid from 476 00:25:55,920 --> 00:25:58,800 Speaker 1: the Midwest to the Gulf Coast. They ran an auction 477 00:25:58,840 --> 00:26:02,359 Speaker 1: to like secure supply lie for this summer um and 478 00:26:02,680 --> 00:26:05,360 Speaker 1: they suddenly didn't have five giga watts. More than five 479 00:26:05,359 --> 00:26:08,960 Speaker 1: giga watts show up and at least three giga watts 480 00:26:09,119 --> 00:26:11,439 Speaker 1: is coals and and the rest is natural gas. And 481 00:26:11,440 --> 00:26:15,120 Speaker 1: they're shutting down faster than expected even a year earlier. 482 00:26:15,520 --> 00:26:19,240 Speaker 1: So they also have a transition there are seeing demand 483 00:26:19,520 --> 00:26:24,199 Speaker 1: um rebound faster post pandemic, and then they also just 484 00:26:24,280 --> 00:26:27,040 Speaker 1: suddenly have a lot of supply missing. Well, this is 485 00:26:27,080 --> 00:26:29,080 Speaker 1: a heck of a story. I hope that everyone gets 486 00:26:29,080 --> 00:26:31,520 Speaker 1: a chance to read it. Norine, thank you for giving 487 00:26:31,560 --> 00:26:33,639 Speaker 1: us a little bit of a chance to understand this. 488 00:26:34,280 --> 00:26:37,000 Speaker 1: As we are now also at risk of summer blackouts. 489 00:26:37,040 --> 00:26:40,440 Speaker 1: Let's bring the panel back as promised, Rick and janr here. Rick, 490 00:26:40,480 --> 00:26:42,840 Speaker 1: this is the kind of thing that the president, you know, 491 00:26:42,920 --> 00:26:45,320 Speaker 1: I suppose is going to take the blame for. No 492 00:26:45,359 --> 00:26:47,720 Speaker 1: matter what the administration does at this point, it's going 493 00:26:47,760 --> 00:26:50,440 Speaker 1: to reflect once again on energy policy. People are gonna 494 00:26:50,440 --> 00:26:52,480 Speaker 1: say it's the same guy who is causing me to 495 00:26:52,480 --> 00:26:55,320 Speaker 1: pay almost five dollars a gallon for gas. Yeah, the 496 00:26:55,400 --> 00:26:58,240 Speaker 1: gas is going to be a drain to uh to 497 00:26:58,440 --> 00:27:00,840 Speaker 1: his ability to communicate with vote is because they're gonna 498 00:27:00,840 --> 00:27:04,840 Speaker 1: be so angry. Uh. I heard today that the Fed's 499 00:27:04,960 --> 00:27:08,120 Speaker 1: misery index. I haven't heard that since Jimmy Carter was president, 500 00:27:08,640 --> 00:27:11,320 Speaker 1: Uh is the highest now since it was in the 501 00:27:11,400 --> 00:27:14,639 Speaker 1: nineteen eighties, Jimmy Carter and and I think those are 502 00:27:14,640 --> 00:27:16,320 Speaker 1: the kinds of things we're gonna hear more and more of. 503 00:27:16,400 --> 00:27:18,480 Speaker 1: I mean, misery is spelled in a lot of different 504 00:27:18,520 --> 00:27:23,040 Speaker 1: ways economically, but um, for voters, Uh, they're already experiencing it. 505 00:27:23,119 --> 00:27:25,520 Speaker 1: And when you then start stacking that onto Okay, what 506 00:27:25,520 --> 00:27:27,200 Speaker 1: does he talking about. Well, he can say that he 507 00:27:27,280 --> 00:27:30,560 Speaker 1: got this trallion dollar infrastructure bill passed and we're gonna 508 00:27:30,600 --> 00:27:33,399 Speaker 1: be building a billgraded grid and that kind of thing. 509 00:27:33,440 --> 00:27:36,040 Speaker 1: And and you know, uh, someday he may get a 510 00:27:36,200 --> 00:27:38,680 Speaker 1: plaque on a tower somewhere that says, Hey, this is 511 00:27:38,680 --> 00:27:40,960 Speaker 1: the president who built this grid. But that's not gonna 512 00:27:41,000 --> 00:27:44,560 Speaker 1: help in this November and maybe not November either, It's 513 00:27:44,600 --> 00:27:48,360 Speaker 1: just not in time. Uh. Genie I don't know. Uh, 514 00:27:48,480 --> 00:27:50,840 Speaker 1: I don't know on this one. How does the White 515 00:27:50,840 --> 00:27:53,040 Speaker 1: House get ahead of this problem when the lights start 516 00:27:53,119 --> 00:27:56,680 Speaker 1: going out? Uh, that's not good obviously, as we'd we'd 517 00:27:56,720 --> 00:27:59,359 Speaker 1: be you know, within three or four months of the 518 00:27:59,400 --> 00:28:02,320 Speaker 1: mid terms. Yeah. While I'm listening to this, I'm thinking, 519 00:28:02,320 --> 00:28:04,840 Speaker 1: you know, you're taking a population that's just got through 520 00:28:04,960 --> 00:28:09,640 Speaker 1: a one year pandemic. You're attaching onto that this great 521 00:28:09,720 --> 00:28:13,760 Speaker 1: uncertainty in the markets, inflation, enormous gas prices, people out 522 00:28:13,760 --> 00:28:16,600 Speaker 1: in California paying seven eight dollars a gallon, and you 523 00:28:16,720 --> 00:28:20,080 Speaker 1: stack on that rolling if hopefully if they're blackouts, they're 524 00:28:20,119 --> 00:28:22,720 Speaker 1: just rolling, but they may be more blackouts. And it's 525 00:28:23,000 --> 00:28:26,960 Speaker 1: very very difficult politically for the Democrats to do anything. 526 00:28:27,240 --> 00:28:30,639 Speaker 1: And you know this is why this new generic uh, 527 00:28:30,680 --> 00:28:33,440 Speaker 1: this new generic pole that just came out, Battleground Pole, 528 00:28:33,520 --> 00:28:38,320 Speaker 1: shows Republicans beating Democrats by eight points as we go 529 00:28:38,480 --> 00:28:41,280 Speaker 1: into the mid term, and it could get worse. So 530 00:28:41,400 --> 00:28:44,960 Speaker 1: this could be a tsunami in terms of Republicans taking 531 00:28:44,960 --> 00:28:49,760 Speaker 1: over Congress, unless, of course, Mitch McConnell's worst nightmare. They 532 00:28:49,840 --> 00:28:53,160 Speaker 1: nominate candidates who can't win a general election, and that's 533 00:28:53,160 --> 00:28:55,160 Speaker 1: where Democrats feel a little bit of hope as they 534 00:28:55,160 --> 00:28:57,120 Speaker 1: look at somebody like Mastriano. But as we were just 535 00:28:57,160 --> 00:29:00,320 Speaker 1: talking about, you know, he could, to Rick's point, win 536 00:29:00,400 --> 00:29:02,960 Speaker 1: in an environment like this, so very precarious for the 537 00:29:02,960 --> 00:29:05,840 Speaker 1: White House to try to address these things and very 538 00:29:06,000 --> 00:29:09,200 Speaker 1: few tools at their disposal to do so. You mentioned that, 539 00:29:09,680 --> 00:29:12,080 Speaker 1: Rick earlier, I was talking to somebody. You start talking 540 00:29:12,080 --> 00:29:15,120 Speaker 1: about blackouts. They say, boy, that's kind of like ninety eight. 541 00:29:15,120 --> 00:29:17,960 Speaker 1: What else is going on around that song? Well, how 542 00:29:17,960 --> 00:29:21,000 Speaker 1: about those long lines. I don't expect you to remember this, 543 00:29:21,080 --> 00:29:23,720 Speaker 1: but I actually had a car then, and uh, and 544 00:29:23,760 --> 00:29:25,480 Speaker 1: you had to sit in the line to get gas. 545 00:29:25,480 --> 00:29:27,600 Speaker 1: I mean, it's one thing to pay six bucks a 546 00:29:27,680 --> 00:29:30,160 Speaker 1: gallon where we might be headed this summer, but it's 547 00:29:30,200 --> 00:29:32,200 Speaker 1: another thing to have to wait an hour or so 548 00:29:32,400 --> 00:29:34,560 Speaker 1: to get that gas. And I don't know how much 549 00:29:34,600 --> 00:29:36,960 Speaker 1: patience is left in this electric I was in the 550 00:29:36,960 --> 00:29:39,080 Speaker 1: back seat of my parents car. That was back when 551 00:29:39,080 --> 00:29:42,360 Speaker 1: they could lock the back doors with the double locks 552 00:29:42,720 --> 00:29:47,200 Speaker 1: and before the windows though only went halfway down. Rick 553 00:29:47,240 --> 00:29:48,720 Speaker 1: and Genie with us for the rest of the hour 554 00:29:48,760 --> 00:29:51,680 Speaker 1: our political panel on sound on, We're gonna check the 555 00:29:51,720 --> 00:29:55,080 Speaker 1: markets again for you. We'll check traffic to help you 556 00:29:55,120 --> 00:29:58,200 Speaker 1: get home as well. I'm Joe Matthew. This is Bloomberg 557 00:29:59,480 --> 00:30:04,960 Speaker 1: This he's Bloomberg Son on with Joe Matthew on Bloomberg Radio. 558 00:30:07,320 --> 00:30:10,040 Speaker 1: You know they like to say Washington is Hollywood for 559 00:30:10,200 --> 00:30:14,360 Speaker 1: ugly people, and who could claim them. But the staffers 560 00:30:14,400 --> 00:30:17,760 Speaker 1: on Capitol Hill are about to get in really good shape. 561 00:30:17,880 --> 00:30:21,920 Speaker 1: As we learned from the Republican leadership in our House 562 00:30:21,960 --> 00:30:25,200 Speaker 1: of Representatives, Democrats are having the something called the House 563 00:30:25,400 --> 00:30:31,120 Speaker 1: Center for well Being make Peloton corporate wellness benefits available 564 00:30:31,880 --> 00:30:36,240 Speaker 1: two staffers. This includes members of the Capitol Police. The 565 00:30:36,240 --> 00:30:40,160 Speaker 1: Peloton All Access and Peloton app as I read in 566 00:30:40,200 --> 00:30:43,840 Speaker 1: the Hill, do not require a bike, but do include 567 00:30:43,880 --> 00:30:48,320 Speaker 1: thousands of on demand classes. And Kevin McCarthy was worked 568 00:30:48,360 --> 00:30:51,080 Speaker 1: up about this today even when after the company itself, 569 00:30:51,120 --> 00:30:54,520 Speaker 1: here's the Minority leader on the floor. You may be asking, 570 00:30:54,560 --> 00:30:59,280 Speaker 1: what's Peloton. It's a bike that costs about two thousand dollars. 571 00:31:00,160 --> 00:31:04,280 Speaker 1: Not only that, each month you pay a monthly subscription 572 00:31:04,400 --> 00:31:07,920 Speaker 1: fee to ride your two thousand dollar bike. And best 573 00:31:07,920 --> 00:31:11,520 Speaker 1: of all, it's stationary and they charge you about three 574 00:31:11,560 --> 00:31:14,480 Speaker 1: hundred dollars to set it up. So it's a two 575 00:31:14,520 --> 00:31:18,120 Speaker 1: thousand dollar bike that you pay to use and pay 576 00:31:18,200 --> 00:31:21,840 Speaker 1: to set up, that doesn't go anywhere. What's a business 577 00:31:21,920 --> 00:31:27,400 Speaker 1: like that, That's a multibillion dollar business publicly traded. Actually, 578 00:31:27,480 --> 00:31:31,840 Speaker 1: do you get a sense that he has one at home? Uh? 579 00:31:32,400 --> 00:31:37,600 Speaker 1: Speaker Pelosi's office referred inquiries to the House Administration Committee, 580 00:31:39,440 --> 00:31:43,920 Speaker 1: which referred reporters to the Chief Administrative Officer. But that's 581 00:31:43,920 --> 00:31:47,080 Speaker 1: not all. Was the peloton. That's not all that had 582 00:31:47,160 --> 00:31:51,600 Speaker 1: Kevin McCarthy upset today as a sign outside the Food 583 00:31:51,640 --> 00:31:54,880 Speaker 1: Service Administration in the House the Rayburn House office building, 584 00:31:54,880 --> 00:31:59,640 Speaker 1: to be more exact, advertised six pack and more with 585 00:31:59,760 --> 00:32:07,720 Speaker 1: dre inks on demand at drinks dot House dot gov. Beer, wine, liquor, juice, soda, 586 00:32:07,800 --> 00:32:10,400 Speaker 1: more can be ordered for pickup or delivery to your 587 00:32:10,440 --> 00:32:16,880 Speaker 1: office with valid identification. The idea here is that taxpayer 588 00:32:16,920 --> 00:32:22,320 Speaker 1: money is underwriting a liquor store, or, as we call 589 00:32:22,400 --> 00:32:27,200 Speaker 1: it in Boston, a packy in the House of Representatives. 590 00:32:28,440 --> 00:32:32,880 Speaker 1: The vendor SIDEXO, which operates the House cafeterias, now offering 591 00:32:32,960 --> 00:32:38,400 Speaker 1: same day orders for alcohol online. As we reassemble the panel, 592 00:32:38,480 --> 00:32:42,640 Speaker 1: Rick Davis, Genie Chanzano, Bloomberg Politics contributors, but you wish 593 00:32:42,680 --> 00:32:45,840 Speaker 1: you had that when you were working on the hill, Rick, Well, 594 00:32:46,000 --> 00:32:49,160 Speaker 1: I'm not saying we didn't have something like that. Well, 595 00:32:49,200 --> 00:32:51,080 Speaker 1: the thing is, you know everyone knows. Look, if you 596 00:32:51,160 --> 00:32:54,200 Speaker 1: ever spend time on Capitol Hill, you know staffers frequently 597 00:32:54,240 --> 00:32:56,520 Speaker 1: go out at night when there are meetings or the 598 00:32:56,600 --> 00:32:58,960 Speaker 1: offices working late to get food, and there's usually a 599 00:32:59,000 --> 00:33:01,400 Speaker 1: box of wine and beer something coming back in as well. 600 00:33:01,680 --> 00:33:05,120 Speaker 1: The idea, though, is that Sadexo, which is funded in 601 00:33:05,200 --> 00:33:08,160 Speaker 1: part by taxpayer money, that this is kind of offensive. 602 00:33:08,440 --> 00:33:11,600 Speaker 1: Is that going too far? Well, I think you could 603 00:33:11,680 --> 00:33:15,360 Speaker 1: actually rack this up to being medicinal, not celebratory. Okay, 604 00:33:15,520 --> 00:33:17,600 Speaker 1: So I mean I think those people working on Capitol 605 00:33:17,680 --> 00:33:20,400 Speaker 1: Hill need this for their own well being. Speaking of 606 00:33:20,480 --> 00:33:23,520 Speaker 1: well being, and I would argue that a good bottle 607 00:33:23,520 --> 00:33:25,640 Speaker 1: of Jack Daniels will make you feel a lot better 608 00:33:25,680 --> 00:33:30,560 Speaker 1: than a Peloton bicycle and Rix in damn good shape. 609 00:33:30,560 --> 00:33:32,640 Speaker 1: I should add, you need Do you think Kevin McCarthy 610 00:33:32,680 --> 00:33:35,640 Speaker 1: is a Peloton at home? Joe? You got me at 611 00:33:35,680 --> 00:33:38,400 Speaker 1: Packy Because of course I learned a long time ago 612 00:33:38,480 --> 00:33:41,640 Speaker 1: nobody outside of like Connecticut and Massachusetts refers to the 613 00:33:41,760 --> 00:33:45,440 Speaker 1: package stories. Yeah, that's what we said. Back in the day. Um, 614 00:33:45,680 --> 00:33:48,760 Speaker 1: you know, I have to say, you know, to deny 615 00:33:48,960 --> 00:33:52,520 Speaker 1: anybody who has the fortitude to work on Capitol Hill 616 00:33:52,840 --> 00:33:57,120 Speaker 1: access to something to increase their mental and physical well 617 00:33:57,200 --> 00:34:00,760 Speaker 1: being seems to be a bridge too far. And of course, 618 00:34:00,840 --> 00:34:04,600 Speaker 1: you know, Zoe Lofgren and Nancy Pelosi said this was rejected. 619 00:34:04,640 --> 00:34:06,760 Speaker 1: It was access in terms of Peloton to the app 620 00:34:06,800 --> 00:34:08,520 Speaker 1: I mean, you can go on and on, but the 621 00:34:08,560 --> 00:34:13,000 Speaker 1: reality is, this is Kevin McCarthy trying to focus on 622 00:34:13,120 --> 00:34:16,839 Speaker 1: something other than the craziness going on in his own 623 00:34:16,880 --> 00:34:20,800 Speaker 1: caucus and trying to you know, appoint the American public 624 00:34:20,840 --> 00:34:23,919 Speaker 1: to you know, crazy spending by the Democrats which did 625 00:34:23,960 --> 00:34:27,719 Speaker 1: not actually happen. Unbelievable. Uh. As far as the Pelotons 626 00:34:27,800 --> 00:34:30,520 Speaker 1: go here, Rick, you may, you may prefer a bottle 627 00:34:30,560 --> 00:34:34,560 Speaker 1: of bourbon, but you could say that this is actually 628 00:34:34,600 --> 00:34:37,279 Speaker 1: appropriate as they compete for talent. I mean a lot 629 00:34:37,280 --> 00:34:39,600 Speaker 1: of companies are doing this kind of stuff to retain 630 00:34:39,800 --> 00:34:43,640 Speaker 1: or to attract or retain employees. Uh sure, Uh. And 631 00:34:43,640 --> 00:34:46,279 Speaker 1: and there are all kinds of wonderful perks that goes 632 00:34:46,320 --> 00:34:49,439 Speaker 1: along with working on Capitol Hill. Uh. You know, those 633 00:34:49,520 --> 00:34:52,200 Speaker 1: eighteen to twenty two hour days. Uh, you know, they're 634 00:34:52,280 --> 00:34:57,120 Speaker 1: they're extremely attracted to people who have insomnia. And uh so, look, 635 00:34:57,160 --> 00:34:59,680 Speaker 1: I think I think you've never had a problem recruiting 636 00:35:00,080 --> 00:35:02,160 Speaker 1: Capitol Hill. I mean, it is the seat of government. 637 00:35:02,239 --> 00:35:05,200 Speaker 1: It is where the action is. Uh and any young 638 00:35:05,280 --> 00:35:07,719 Speaker 1: politico wants to spend a little bit of time up there. 639 00:35:07,760 --> 00:35:11,560 Speaker 1: So hopefully the reason people want to gravitate to serving 640 00:35:11,600 --> 00:35:15,279 Speaker 1: their country isn't because they can ride a stationary bicycle. Yeah, 641 00:35:15,560 --> 00:35:18,320 Speaker 1: fair enough. I want to ask you both about Elon 642 00:35:18,400 --> 00:35:22,799 Speaker 1: Musk while you're here. As he tweets today that he 643 00:35:22,960 --> 00:35:26,200 Speaker 1: is now going to be voting Republicans, says he will 644 00:35:26,280 --> 00:35:32,759 Speaker 1: vote Republican, slamming Democrats as a party of division and hate. Now, 645 00:35:32,800 --> 00:35:36,839 Speaker 1: this follows comments that he made last evening that I'd 646 00:35:36,880 --> 00:35:40,520 Speaker 1: like you both to hear comments about the Biden administration 647 00:35:40,680 --> 00:35:45,360 Speaker 1: versus the Trump administration, and as he's kind of criticizing 648 00:35:45,440 --> 00:35:49,040 Speaker 1: Joe Biden here he well, I guess a backhanded complimented 649 00:35:49,080 --> 00:35:51,000 Speaker 1: Donald Trump. Doesn't know what he said. I mean, this 650 00:35:51,000 --> 00:35:53,960 Speaker 1: is administration just it doesn't seem to get a lot done, 651 00:35:54,400 --> 00:35:58,759 Speaker 1: like and you know, um whatever, like the Trump administration, 652 00:35:59,480 --> 00:36:02,600 Speaker 1: leaving Trump aside. A lot of people in the administration 653 00:36:02,640 --> 00:36:06,320 Speaker 1: who were effective at getting things done so uh but 654 00:36:06,440 --> 00:36:09,840 Speaker 1: this this administration seems just just to not have like 655 00:36:09,920 --> 00:36:13,400 Speaker 1: the drive to just get done. Okay, now, of course 656 00:36:13,480 --> 00:36:19,800 Speaker 1: you have to leap the CEO of SpaceX Tesla maybe 657 00:36:19,840 --> 00:36:24,160 Speaker 1: soon Twitter. But this kind of conversation, uh, Genie is 658 00:36:24,200 --> 00:36:28,440 Speaker 1: actually what people end up talking about at the dinner table, 659 00:36:28,480 --> 00:36:30,800 Speaker 1: I guess, as well as anything else when Elon Musk 660 00:36:30,920 --> 00:36:34,160 Speaker 1: talks now politically, he does seem to be impacting the 661 00:36:34,200 --> 00:36:38,879 Speaker 1: political conversation. Uh. And this is an interesting development here 662 00:36:38,920 --> 00:36:43,200 Speaker 1: that he's going to vote Republican all the time as 663 00:36:43,200 --> 00:36:47,799 Speaker 1: he's trying to buy Twitter supposedly and getting people worked 664 00:36:47,880 --> 00:36:51,080 Speaker 1: up about freedom of speech. How does this end? Well, 665 00:36:51,120 --> 00:36:54,920 Speaker 1: you know it's interesting. You've got Jeff Bezos over the weekend, 666 00:36:55,080 --> 00:36:58,720 Speaker 1: you know, attacking the di Biden administration. You have Elon 667 00:36:58,840 --> 00:37:01,719 Speaker 1: Musk um saying he's to vote Republican taking them on. 668 00:37:02,200 --> 00:37:04,880 Speaker 1: And you know, one thing that Democrats can say is 669 00:37:04,920 --> 00:37:07,960 Speaker 1: the billionaires seem to have a lot of problems with 670 00:37:08,000 --> 00:37:10,000 Speaker 1: what's coming out of the White House, and in this 671 00:37:10,120 --> 00:37:14,040 Speaker 1: environment that may not be such a bad message. Um. 672 00:37:14,120 --> 00:37:16,520 Speaker 1: You know what happens with Elon Musk in terms of 673 00:37:16,560 --> 00:37:19,480 Speaker 1: Twitter is anybody's guests right now. But as we look 674 00:37:19,520 --> 00:37:21,680 Speaker 1: at what happened in Buffalo, and we look at the 675 00:37:21,719 --> 00:37:26,279 Speaker 1: live streaming not on Twitter um that occurred in that context, 676 00:37:26,600 --> 00:37:30,440 Speaker 1: all of his talk about absolute freedom of speech really 677 00:37:30,520 --> 00:37:33,520 Speaker 1: raises a number of questions. So as he talks about 678 00:37:33,640 --> 00:37:36,680 Speaker 1: the Biden administration not getting things done, he has a point. 679 00:37:36,680 --> 00:37:39,320 Speaker 1: There have been things not done, and of course Congress 680 00:37:39,320 --> 00:37:41,560 Speaker 1: owns a lot of that, half of them those people 681 00:37:41,560 --> 00:37:44,720 Speaker 1: being Republicans. But there's also a question of what Elon 682 00:37:44,800 --> 00:37:47,440 Speaker 1: Musk would do if he bought Twitter in terms of 683 00:37:47,480 --> 00:37:50,560 Speaker 1: things like the speech that came out of Buffalo. So 684 00:37:50,800 --> 00:37:53,280 Speaker 1: his you know, there's a lot of questions for Elon Musk, 685 00:37:53,320 --> 00:37:55,919 Speaker 1: and the talk of you know, this being a democratic 686 00:37:56,000 --> 00:37:59,280 Speaker 1: issue in a split Congress is something he also should 687 00:37:59,320 --> 00:38:01,960 Speaker 1: answer for. In the past, I've got the tweet here, 688 00:38:02,040 --> 00:38:04,560 Speaker 1: Rick the whole thing. In the past, I voted Democrat 689 00:38:04,600 --> 00:38:09,480 Speaker 1: because they were, in parentheses, mostly the Kindness party. But 690 00:38:09,560 --> 00:38:11,520 Speaker 1: he says they've become the party of division and hate, 691 00:38:11,560 --> 00:38:13,800 Speaker 1: so I can no longer support them and will vote Republican. 692 00:38:13,840 --> 00:38:16,480 Speaker 1: Now watch their dirty tricks campaign against me unfold. With 693 00:38:16,480 --> 00:38:20,240 Speaker 1: a little popcorn emoji is his voice in the political 694 00:38:20,440 --> 00:38:24,600 Speaker 1: discourse important in this midterm cycle? Sure, Joe, I think 695 00:38:24,600 --> 00:38:26,720 Speaker 1: you touched upon it. I mean there are a group 696 00:38:26,760 --> 00:38:31,120 Speaker 1: of American voters who want to and and spend time, uh, 697 00:38:31,320 --> 00:38:33,719 Speaker 1: both with the products that he makes. You know, Tesla 698 00:38:34,040 --> 00:38:38,640 Speaker 1: solar panels uh uh, you know the benefits of the 699 00:38:39,800 --> 00:38:44,680 Speaker 1: satellite business and or you know, uh, telecommunications and and 700 00:38:44,680 --> 00:38:48,480 Speaker 1: and potentially UM and potentially Twitter and so you know, 701 00:38:48,520 --> 00:38:53,120 Speaker 1: if there's a demographic that's forty and under gamers, technology people, 702 00:38:53,239 --> 00:38:56,000 Speaker 1: folks who like to travel. I mean, like, the guy 703 00:38:56,080 --> 00:38:58,759 Speaker 1: hits it hard and so I'm sure, look he's got 704 00:38:58,760 --> 00:39:02,160 Speaker 1: what I forget, how many million Twitter followers. That is 705 00:39:02,200 --> 00:39:05,120 Speaker 1: no small thing. And so when he does speak, there 706 00:39:05,160 --> 00:39:06,880 Speaker 1: are a lot of people who react to that. And 707 00:39:06,920 --> 00:39:10,439 Speaker 1: if I were the administration, you know, I'd find out 708 00:39:10,440 --> 00:39:13,319 Speaker 1: who was responsible for coordinating with him, because it's either 709 00:39:13,680 --> 00:39:16,000 Speaker 1: the Department Offense or the Department of Energy here. So 710 00:39:16,120 --> 00:39:18,480 Speaker 1: somebody was talking to a guy who has a lot 711 00:39:18,560 --> 00:39:20,680 Speaker 1: of exposure to the federal government and say, what can 712 00:39:20,719 --> 00:39:23,600 Speaker 1: we do to try and get this dialogue change because 713 00:39:23,640 --> 00:39:26,600 Speaker 1: this is not productive for this administration. Well, Marty Walsh 714 00:39:26,640 --> 00:39:28,120 Speaker 1: was down at one of his plants. I think the 715 00:39:28,160 --> 00:39:31,720 Speaker 1: Texas plant. We're wearing cowboy boots a couple of months ago, Genie. 716 00:39:31,719 --> 00:39:34,920 Speaker 1: But Elon Musk was never invited to any of the 717 00:39:35,360 --> 00:39:38,960 Speaker 1: electric car events, the many e V events that the 718 00:39:39,000 --> 00:39:43,040 Speaker 1: White House had parking Gms and Fords on the south lawn. 719 00:39:43,080 --> 00:39:45,200 Speaker 1: Would it have made a difference if they had acknowledged 720 00:39:45,520 --> 00:39:48,560 Speaker 1: his his place in the universe at that point. I 721 00:39:48,600 --> 00:39:51,240 Speaker 1: think it may have. It's hard to tell with Elon Musk, 722 00:39:51,280 --> 00:39:54,200 Speaker 1: but I think it may have, and he does deserve respect, 723 00:39:54,239 --> 00:39:57,040 Speaker 1: and it is a big blunder if it wasn't blunder, 724 00:39:57,040 --> 00:39:58,880 Speaker 1: which I'm not sure it was on the part of 725 00:39:58,880 --> 00:40:00,840 Speaker 1: the White House, which made to be the start of 726 00:40:00,880 --> 00:40:03,319 Speaker 1: some of his frustration. But again, if you look at 727 00:40:03,360 --> 00:40:06,160 Speaker 1: what he's talking about, the administration doesn't get things done. 728 00:40:06,480 --> 00:40:10,400 Speaker 1: Getting things done in Washington requires Congress. Congress is controlled 729 00:40:10,440 --> 00:40:15,080 Speaker 1: half by Republicans. So let's just ask him what could 730 00:40:15,120 --> 00:40:18,480 Speaker 1: the Republicans have done differently? I mean, you know, we 731 00:40:18,560 --> 00:40:21,440 Speaker 1: have a split Congress that is where action has to occur, 732 00:40:21,560 --> 00:40:24,560 Speaker 1: and both parties bear responsibility. So I have a bit 733 00:40:24,600 --> 00:40:27,360 Speaker 1: of a problem with the focus only on the Democrats 734 00:40:27,360 --> 00:40:28,960 Speaker 1: in this case. Well, he did say though, that you 735 00:40:29,000 --> 00:40:32,160 Speaker 1: know the Trump administration got there, save the president got 736 00:40:32,200 --> 00:40:34,719 Speaker 1: things done? Is he is he suggesting Joe Biden needs 737 00:40:34,719 --> 00:40:38,480 Speaker 1: a better staff? Rick, I think that at this point 738 00:40:38,680 --> 00:40:41,680 Speaker 1: where Joe Biden is, I think starting to chop heads 739 00:40:41,719 --> 00:40:43,759 Speaker 1: and get a new staff is exactly what it is 740 00:40:43,960 --> 00:40:47,239 Speaker 1: UH called for. Just wait till to get through November, right, 741 00:40:47,400 --> 00:40:49,319 Speaker 1: Rick and Genie lead you back here tomorrow on the 742 00:40:49,360 --> 00:40:52,600 Speaker 1: fastest hour in politics. It's great to have everyone back 743 00:40:52,600 --> 00:40:54,840 Speaker 1: together again in a lot of good topics that we 744 00:40:54,880 --> 00:40:57,880 Speaker 1: had to explore tonight. If you showed up late, subscribe 745 00:40:57,880 --> 00:41:01,080 Speaker 1: to the podcast wherever you get your guests. This is 746 00:41:01,080 --> 00:41:01,600 Speaker 1: Bloomberg