1 00:00:01,600 --> 00:00:06,360 Speaker 1: Now from our nation's capital. This is Bloomberg sewned on. 2 00:00:07,480 --> 00:00:09,480 Speaker 1: We want the world to know that President Pusha trying 3 00:00:09,520 --> 00:00:13,120 Speaker 1: to gas light that they don't. Russia has more forces 4 00:00:13,200 --> 00:00:16,919 Speaker 1: on the border of Ukraine than the entire United States 5 00:00:16,960 --> 00:00:20,960 Speaker 1: military has in Europe. Bloomberg Sound on Politics, Policy and 6 00:00:21,079 --> 00:00:25,439 Speaker 1: Perspective from DC's top names. The amount of job opening 7 00:00:25,680 --> 00:00:29,200 Speaker 1: is that an historic high unemployment raise back down under 8 00:00:29,280 --> 00:00:32,880 Speaker 1: four percent, A great opportunity on a five partisan budget. 9 00:00:32,920 --> 00:00:36,920 Speaker 1: We're about nine of the way there, Bloomberg sewned on 10 00:00:37,240 --> 00:00:42,519 Speaker 1: with Joe Matthew on Bloomberg Radio. This is not the 11 00:00:42,600 --> 00:00:46,400 Speaker 1: day we expected in Washington. Welcome to the fastest hour 12 00:00:46,520 --> 00:00:50,960 Speaker 1: in politics, driven today by two breaking stories, as Russia 13 00:00:51,000 --> 00:00:53,880 Speaker 1: claims to pull back forces along the Ukrainian border. And 14 00:00:53,960 --> 00:00:56,600 Speaker 1: while you're in Washington, Republicans pulled a plug on a 15 00:00:56,640 --> 00:01:00,400 Speaker 1: scheduled vote for President Biden's nominees to the Federal Reserve. 16 00:01:00,480 --> 00:01:04,760 Speaker 1: We will discuss both with Senator Bill Haggerty, Republican from Tennessee, 17 00:01:04,800 --> 00:01:08,600 Speaker 1: former ambassador to Japan, he serves on both Foreign Relations 18 00:01:08,640 --> 00:01:10,800 Speaker 1: and the Banking Committees, and with us in just a 19 00:01:10,840 --> 00:01:14,720 Speaker 1: moment later, our conversation with William Courtney, senior fellow at 20 00:01:14,800 --> 00:01:19,480 Speaker 1: Rand Corporation, former Ambassador to Kazakhstan on a predictable twenty 21 00:01:19,520 --> 00:01:22,800 Speaker 1: four hours in the Russia Ukraine standoff. Our panel today, 22 00:01:22,800 --> 00:01:27,240 Speaker 1: Bloomberg Politics contributor and Democratic analysts Genie Chanzano, along with 23 00:01:27,360 --> 00:01:31,839 Speaker 1: John Siddeldy's geo political strategist at Trilogy Advisors. We thought 24 00:01:31,840 --> 00:01:34,480 Speaker 1: we'd be reporting the vote tally right now from the 25 00:01:34,520 --> 00:01:38,000 Speaker 1: Senate Banking Committee. But as you've been hearing on Bloomberg, 26 00:01:38,080 --> 00:01:40,880 Speaker 1: votes on President Biden's five nominees to the Federal Reserve 27 00:01:40,959 --> 00:01:44,200 Speaker 1: never happened. After Republicans on the panel refused to show 28 00:01:44,280 --> 00:01:47,680 Speaker 1: up in opposition of Sarah bloom Raskin, who the President, 29 00:01:47,720 --> 00:01:50,920 Speaker 1: of course nominated for vice chair of Supervision. That star 30 00:01:51,000 --> 00:01:54,440 Speaker 1: of Democrats of a quorum no vote. Banking Committee Chair 31 00:01:54,520 --> 00:01:57,520 Speaker 1: Shared Brown was not happy, but instead of showing up 32 00:01:57,560 --> 00:02:01,000 Speaker 1: to work to do their jobs, pupkins have walked out 33 00:02:01,000 --> 00:02:03,840 Speaker 1: on the American people. We're joined now on sound On 34 00:02:03,920 --> 00:02:07,080 Speaker 1: by a Republican member on that committee, Senator Bill Haggerty 35 00:02:07,080 --> 00:02:11,280 Speaker 1: of Tennessee. Welcome back to Bloomberg Radio. It's great to 36 00:02:11,280 --> 00:02:13,320 Speaker 1: be back with Joe. Thank you very much. Well it's 37 00:02:13,360 --> 00:02:16,000 Speaker 1: been quite a day your your chairman on the Banking Committee, 38 00:02:16,160 --> 00:02:19,800 Speaker 1: Senator Shared Brown says Republicans were hiding instead of voting. 39 00:02:20,720 --> 00:02:24,280 Speaker 1: Why not just stay in the hearing and vote no. Well, 40 00:02:24,280 --> 00:02:27,680 Speaker 1: we have a nominee that's not ready to be voted 41 00:02:27,680 --> 00:02:30,280 Speaker 1: on at this point in time, and that's holding up 42 00:02:30,320 --> 00:02:34,160 Speaker 1: the process for everyone else. Uh. Chairman Brown knows this. Uh, 43 00:02:34,200 --> 00:02:36,119 Speaker 1: he wanted to put it through anyway. But we've got 44 00:02:36,120 --> 00:02:39,760 Speaker 1: a nominee named Sarah Bloom Raskin who has got some 45 00:02:39,919 --> 00:02:43,400 Speaker 1: very serious charges against her regarding the typical Washington d 46 00:02:43,440 --> 00:02:46,040 Speaker 1: C revolving door game that gets played here time and 47 00:02:46,080 --> 00:02:49,240 Speaker 1: time again. The charges are very serious. We've asked for 48 00:02:49,280 --> 00:02:53,080 Speaker 1: clarification on it. Rather than do that, UM, Chairman Brown's 49 00:02:53,080 --> 00:02:56,440 Speaker 1: trying to force this, uh to basically ram it through, 50 00:02:57,000 --> 00:02:58,520 Speaker 1: and I think we're going to have to wait and 51 00:02:58,560 --> 00:03:02,120 Speaker 1: actually get the questions answered that we've asked before we 52 00:03:02,160 --> 00:03:05,280 Speaker 1: agree to move on her. It's unfortunate that he's held 53 00:03:05,320 --> 00:03:07,799 Speaker 1: the other nominees hostage because we are ready to vote 54 00:03:07,840 --> 00:03:10,560 Speaker 1: on them. Well, it's interesting that Chairman says he met 55 00:03:10,600 --> 00:03:13,160 Speaker 1: with the ranking member with the with the Republican leader 56 00:03:13,160 --> 00:03:15,960 Speaker 1: Pat Toomey to review answers. He says they were complete. 57 00:03:16,520 --> 00:03:19,520 Speaker 1: The White House says, she's answered everything and provided answers 58 00:03:19,520 --> 00:03:22,600 Speaker 1: to your questions. So just to go a step deeper, Senator, 59 00:03:22,639 --> 00:03:26,600 Speaker 1: help us understand what what question or questions has Sarah 60 00:03:26,600 --> 00:03:31,520 Speaker 1: Bloom Raskin not answered? Well, here's the here's the situation. Uh. 61 00:03:31,760 --> 00:03:34,920 Speaker 1: You probably know that Sarah Bloom Raskin served in the 62 00:03:34,920 --> 00:03:38,640 Speaker 1: Obama administration as Deputy Secretary of Treasury. While she was there, 63 00:03:38,680 --> 00:03:40,920 Speaker 1: she signed an ethics pledge to prevent this sort of 64 00:03:40,960 --> 00:03:44,360 Speaker 1: revolving door lobbying. And just four months after she left 65 00:03:44,400 --> 00:03:46,920 Speaker 1: the Treasury, she joined the board of a company called 66 00:03:47,080 --> 00:03:49,480 Speaker 1: Reserve Trust. Yes, and we have, by the way, talked 67 00:03:49,520 --> 00:03:51,400 Speaker 1: about that quite a bit on this program. So we're 68 00:03:51,640 --> 00:03:54,360 Speaker 1: pretty plugged in here with the idea of the Federal 69 00:03:54,400 --> 00:03:58,280 Speaker 1: Reserve master account. But is there missing information? Has she 70 00:03:58,360 --> 00:04:01,880 Speaker 1: refused to answer questions about Yes, She's refused on a 71 00:04:01,960 --> 00:04:06,080 Speaker 1: number of occasions to answer questions. And I think that 72 00:04:06,560 --> 00:04:09,080 Speaker 1: these are questions that are that are very severe. I mean, 73 00:04:09,120 --> 00:04:12,760 Speaker 1: it's a revolving door situation where the company is denied 74 00:04:13,200 --> 00:04:15,360 Speaker 1: the master account before she comes on the board and 75 00:04:15,400 --> 00:04:17,960 Speaker 1: after she places a call to the Federal Reserve Bank 76 00:04:18,000 --> 00:04:21,120 Speaker 1: there in Kansas City after becoming a board member. Suddenly 77 00:04:21,120 --> 00:04:24,400 Speaker 1: low and behold, Uh, the account is granted. No other 78 00:04:24,440 --> 00:04:27,240 Speaker 1: company situated like this is had one since none before, 79 00:04:27,880 --> 00:04:30,840 Speaker 1: a very unique situation that netted her nearly one point 80 00:04:30,880 --> 00:04:33,159 Speaker 1: five million dollars at the end of the day. The 81 00:04:33,240 --> 00:04:35,640 Speaker 1: Reserve Trust founder did vouch for her. As you know, 82 00:04:35,720 --> 00:04:39,280 Speaker 1: the Kansas City Fed said discussions with directors on issues 83 00:04:39,320 --> 00:04:43,400 Speaker 1: like this are not unusual. Even John Tester said he 84 00:04:43,480 --> 00:04:46,000 Speaker 1: was satisfied with what he was able to read after 85 00:04:46,120 --> 00:04:50,279 Speaker 1: looking into this matter. I guess I'll ask you again, 86 00:04:50,400 --> 00:04:54,640 Speaker 1: is this, Senator, Is this a problem of ideology or transparency? 87 00:04:54,800 --> 00:04:57,520 Speaker 1: Is this a missing answer on a piece of paper 88 00:04:57,839 --> 00:05:00,560 Speaker 1: or or an answer that you disagree with? Well, they're 89 00:05:00,760 --> 00:05:04,000 Speaker 1: more than thirty five questions where her answers provided were blanket. 90 00:05:04,040 --> 00:05:06,880 Speaker 1: I do not recall or I'm not aware in response 91 00:05:06,920 --> 00:05:08,880 Speaker 1: to questions on this. So we have not gotten to 92 00:05:08,920 --> 00:05:11,040 Speaker 1: the bottom of this, and we need more information, and 93 00:05:11,120 --> 00:05:13,400 Speaker 1: until we do, I'm not prepared to vote on her. Okay, 94 00:05:13,440 --> 00:05:16,880 Speaker 1: if if she answered those questions that you just mentioned, 95 00:05:17,680 --> 00:05:20,120 Speaker 1: whether or not you agreed with the the answers, would 96 00:05:20,160 --> 00:05:22,640 Speaker 1: you vote to confirm if the if the if the 97 00:05:22,680 --> 00:05:26,640 Speaker 1: sheet was complete, Sir, it depends on what the answers are. 98 00:05:28,680 --> 00:05:30,920 Speaker 1: How would you vote to confirm on the other four nominees? 99 00:05:30,960 --> 00:05:33,080 Speaker 1: Would you vote to confirm them? Today? As you mentioned, 100 00:05:33,080 --> 00:05:35,720 Speaker 1: if Democrats set aside the Rasking nomination allows you to 101 00:05:35,760 --> 00:05:38,080 Speaker 1: move forward with the rest. Yes, I actually put out 102 00:05:38,080 --> 00:05:42,800 Speaker 1: a release today UM that that I would vote for, uh, 103 00:05:43,000 --> 00:05:45,480 Speaker 1: several of the other nominees that are that are in question. 104 00:05:45,600 --> 00:05:49,840 Speaker 1: I think that, you know, Chairman Powell, Advice Chairman Brainerd, 105 00:05:50,080 --> 00:05:52,680 Speaker 1: I'm prepared to vote for as well, also Philip Jefferson. 106 00:05:53,360 --> 00:05:55,200 Speaker 1: So Lisa Cook is not going to make the cut 107 00:05:55,240 --> 00:05:58,200 Speaker 1: for you, not for me. She's a very qualified person 108 00:05:58,200 --> 00:06:00,640 Speaker 1: in her field, but it doesn't seem relevant what I'm 109 00:06:00,640 --> 00:06:04,400 Speaker 1: looking for, uh in terms of the Federal Reserve governor. 110 00:06:04,680 --> 00:06:07,279 Speaker 1: Does that have to do with monetary policy or philosophy? 111 00:06:07,279 --> 00:06:10,839 Speaker 1: Beyond that, Senator Well, I think her training is mostly 112 00:06:10,839 --> 00:06:12,760 Speaker 1: in the area of social science if you look at it, 113 00:06:13,279 --> 00:06:15,560 Speaker 1: and what we do need to people that are familiar 114 00:06:15,560 --> 00:06:19,560 Speaker 1: with monetary policy and well versed in that arena, UM, 115 00:06:19,600 --> 00:06:22,440 Speaker 1: But we are not looking for people that are, you know, 116 00:06:22,760 --> 00:06:26,200 Speaker 1: talking about social science and social engineering and I certainly 117 00:06:26,240 --> 00:06:27,800 Speaker 1: don't want to see that type of work of the FED. 118 00:06:27,880 --> 00:06:30,120 Speaker 1: The FED has a narrow mandate, as you know, it's 119 00:06:30,240 --> 00:06:33,240 Speaker 1: price stability, it's full employment. And there's been so much 120 00:06:33,279 --> 00:06:36,720 Speaker 1: talk with several of these nominees about using the massive 121 00:06:36,760 --> 00:06:38,520 Speaker 1: powers of the FED. I mean, these are very blunt 122 00:06:38,560 --> 00:06:42,320 Speaker 1: instrument tools and using them to accomplish policy objectives. That's 123 00:06:42,360 --> 00:06:45,000 Speaker 1: the realm of the Congress. These are things that should 124 00:06:45,000 --> 00:06:50,520 Speaker 1: be legislated, not given to independent unelected you know, federal 125 00:06:50,600 --> 00:06:52,800 Speaker 1: federal governors who have very very long terms. It's a 126 00:06:52,839 --> 00:06:56,599 Speaker 1: great concern. Bringing more diverse voices to the Federal Reserve 127 00:06:56,680 --> 00:06:59,400 Speaker 1: was something that President Biden had promised. Is that an 128 00:06:59,400 --> 00:07:02,440 Speaker 1: idea in prince able that you support in principle. I 129 00:07:02,480 --> 00:07:05,040 Speaker 1: have no objection to that at all. But what I 130 00:07:05,080 --> 00:07:07,839 Speaker 1: don't want to see is basically an abdication of the 131 00:07:07,839 --> 00:07:10,760 Speaker 1: Federal reserves mandate and to have used the Federal Reserve 132 00:07:10,840 --> 00:07:13,280 Speaker 1: to contort it and also make clear in the in 133 00:07:13,320 --> 00:07:15,720 Speaker 1: the in the heeries, I don't want to see the 134 00:07:15,800 --> 00:07:18,480 Speaker 1: leadership of federals are abdicated as well. You saw what 135 00:07:18,520 --> 00:07:21,480 Speaker 1: happened at the f d i C. I've asked several 136 00:07:21,480 --> 00:07:25,200 Speaker 1: of the nominees if they would support that type of behavior, 137 00:07:25,240 --> 00:07:28,240 Speaker 1: meaning essentially a kudata that took place at the f D. 138 00:07:28,320 --> 00:07:29,960 Speaker 1: I c I don't think that's going to happen here. 139 00:07:30,200 --> 00:07:34,960 Speaker 1: I'm confident in my discussions with with Chairman Powell, with 140 00:07:35,240 --> 00:07:37,280 Speaker 1: Vice Chairman Brainer that that would not happen. Do you 141 00:07:37,280 --> 00:07:38,920 Speaker 1: have a sense then, when we might get a vote 142 00:07:38,920 --> 00:07:42,640 Speaker 1: on these nominees, Senator, or are you waiting for Democrats 143 00:07:43,040 --> 00:07:45,680 Speaker 1: for the chair Brown to make the next move. It 144 00:07:45,720 --> 00:07:49,160 Speaker 1: could be as early as tomorrow. If Jairman Brown would 145 00:07:49,160 --> 00:07:51,840 Speaker 1: just remove Cereblom rask And from the list, we're ready 146 00:07:51,840 --> 00:07:53,640 Speaker 1: to go. That's that's your demand. Is there a chance 147 00:07:53,680 --> 00:07:58,040 Speaker 1: Democrats could change the Senate's rules and confirm or anyway? Um. 148 00:07:58,080 --> 00:07:59,760 Speaker 1: I don't know the answer to that. I don't know 149 00:07:59,800 --> 00:08:01,480 Speaker 1: what the appetite is for that type of thing. We 150 00:08:01,520 --> 00:08:03,560 Speaker 1: saw what happened last time when the Democrats tried to 151 00:08:03,600 --> 00:08:05,840 Speaker 1: change the Senate rules with filibuster did not work, and 152 00:08:05,880 --> 00:08:08,080 Speaker 1: I think it turned out very poorly for them. I'd 153 00:08:08,120 --> 00:08:10,280 Speaker 1: like to ask you about the standoff with Russia, Senator. 154 00:08:10,320 --> 00:08:12,880 Speaker 1: As a member of the Foreign Relations Committee, do you 155 00:08:12,880 --> 00:08:15,560 Speaker 1: believe what you're hearing from Vladimir Putin today, is Russia 156 00:08:15,600 --> 00:08:20,160 Speaker 1: de escalating? Well, then the number of troops moved still 157 00:08:20,360 --> 00:08:24,040 Speaker 1: as small relative to the total. Uh. Certainly, I think 158 00:08:24,080 --> 00:08:26,640 Speaker 1: we would all like to see a de escalation. But uh, 159 00:08:27,080 --> 00:08:29,480 Speaker 1: I think the jury is still out on what Ladimir 160 00:08:29,520 --> 00:08:31,440 Speaker 1: Putin is doing, and only Vladimir Putin seems to know 161 00:08:31,520 --> 00:08:33,880 Speaker 1: what he's doing. Yeah, so how do you know? Give 162 00:08:33,960 --> 00:08:35,840 Speaker 1: us a sense of how do you verify a pullback? 163 00:08:35,880 --> 00:08:38,959 Speaker 1: What would satisfy you? Is it numbers of troops? Is 164 00:08:39,000 --> 00:08:43,640 Speaker 1: it more more of a verbal commitment from from Vladimir Putin? Well, 165 00:08:43,679 --> 00:08:45,360 Speaker 1: it would be troop counts, it would be a it 166 00:08:45,360 --> 00:08:47,960 Speaker 1: would be a reduction in cyber attacks. There are many 167 00:08:48,040 --> 00:08:50,720 Speaker 1: things that are underway right now that need to be 168 00:08:50,760 --> 00:08:52,920 Speaker 1: addressed and need to be moved in a different direction. 169 00:08:53,400 --> 00:08:56,160 Speaker 1: President Biden said just a short time ago as he 170 00:08:56,440 --> 00:08:59,960 Speaker 1: addressed the American people, quote, an invasion remains distinctly pop 171 00:09:00,000 --> 00:09:03,120 Speaker 1: sable unquote. Do you agree with that? I think President 172 00:09:03,120 --> 00:09:06,520 Speaker 1: Biden is getting the latest intel possible right now in 173 00:09:06,520 --> 00:09:08,719 Speaker 1: the situation, so I have no reason to quarrel with 174 00:09:08,800 --> 00:09:12,160 Speaker 1: him on that possibility. So this remains a very dangerous situation. 175 00:09:13,040 --> 00:09:15,400 Speaker 1: I agree with you. Joe, I think you're right. We 176 00:09:15,480 --> 00:09:19,680 Speaker 1: saw the German chancellor meeting yesterday in Moscow. Uh, what 177 00:09:19,840 --> 00:09:23,040 Speaker 1: happens next? What is this administration? What does this White 178 00:09:23,080 --> 00:09:26,640 Speaker 1: House need to do to give Vladimir Putin an off 179 00:09:26,720 --> 00:09:30,520 Speaker 1: ramp if it's not a military option we're looking at, well, 180 00:09:30,880 --> 00:09:33,840 Speaker 1: there are several opportunities here for the White House to 181 00:09:33,840 --> 00:09:36,559 Speaker 1: actually show strength and resolve. One thing I'd like to 182 00:09:36,600 --> 00:09:39,320 Speaker 1: see the White House too, is actually step up our 183 00:09:39,400 --> 00:09:42,960 Speaker 1: own energy independence. If you think about what happened after 184 00:09:42,960 --> 00:09:45,600 Speaker 1: the Briden administration came into office. They killed the Keystone 185 00:09:45,679 --> 00:09:49,360 Speaker 1: XEL pipeline, They stopped, you know, drilling on federal lands. 186 00:09:49,360 --> 00:09:51,760 Speaker 1: The things that they've done have had the impact of 187 00:09:51,880 --> 00:09:55,560 Speaker 1: dramatically increasing the price of energy worldwide. Russia's the number 188 00:09:55,559 --> 00:09:57,080 Speaker 1: two producer of energy in the world. This has been 189 00:09:57,120 --> 00:10:00,200 Speaker 1: a windfall of Ladimir Putin. If America would get back 190 00:10:00,200 --> 00:10:03,120 Speaker 1: in business within all of the above strategy and not 191 00:10:03,320 --> 00:10:05,360 Speaker 1: wage war on the oil and gas industry, I think 192 00:10:05,440 --> 00:10:09,000 Speaker 1: that would have a significant economic impact around the world 193 00:10:09,000 --> 00:10:11,160 Speaker 1: in terms of lowering global prices. I think it would 194 00:10:11,160 --> 00:10:13,199 Speaker 1: have a significant impact on lad Mcputin to in terms 195 00:10:13,240 --> 00:10:16,040 Speaker 1: of reducing the leverage that he has not only over 196 00:10:16,480 --> 00:10:18,880 Speaker 1: his neighbors, but the rest of the world. He disappointed 197 00:10:18,960 --> 00:10:22,320 Speaker 1: that there apparently will not be a sanctions bill coming 198 00:10:22,400 --> 00:10:25,800 Speaker 1: out of the U. S. Senate. We're hearing reports uh 199 00:10:25,880 --> 00:10:31,480 Speaker 1: now that Chairman Menendez is looking for a non binding resolution, uh, 200 00:10:31,520 --> 00:10:34,360 Speaker 1: that that that's the way that the Upper Chamber makes 201 00:10:34,400 --> 00:10:37,439 Speaker 1: its mark on this. I think there's been a great 202 00:10:37,440 --> 00:10:41,000 Speaker 1: deal of discussion between Chairman Menendez and Ranking Member rish 203 00:10:41,080 --> 00:10:43,760 Speaker 1: on this. I know there's a lot of frustration right now, 204 00:10:43,760 --> 00:10:46,480 Speaker 1: and the main point of contention has to do with 205 00:10:46,520 --> 00:10:49,439 Speaker 1: the timing of the imposition sections. And you know what 206 00:10:49,600 --> 00:10:51,640 Speaker 1: I would what I would have liked to have seen 207 00:10:52,600 --> 00:10:55,360 Speaker 1: would have been the early imposition of sanction, just to 208 00:10:55,400 --> 00:10:58,880 Speaker 1: actually go beyond words. I think lad mcputin's heard enough 209 00:10:58,920 --> 00:11:02,960 Speaker 1: tough talk. I think demonstrating American resolve would have been 210 00:11:02,960 --> 00:11:06,880 Speaker 1: possible by implementing sanctions earlier. The most obvious is the 211 00:11:06,880 --> 00:11:09,400 Speaker 1: nord scream too. It's been sitting right there yet the 212 00:11:09,440 --> 00:11:13,080 Speaker 1: Biden administration has waived it. We we put that sanction, 213 00:11:13,120 --> 00:11:17,160 Speaker 1: that's a congressionally mandated sanction on Russia. We have handed 214 00:11:17,280 --> 00:11:21,960 Speaker 1: Vladimir Putin a massively useful geopolitical weapon with nord Stream too, 215 00:11:22,360 --> 00:11:24,840 Speaker 1: and that this comes down to screaming. Senator, it's got 216 00:11:24,840 --> 00:11:27,200 Speaker 1: to be incredibly frustrating for you. I mean, the Chairman 217 00:11:27,200 --> 00:11:29,520 Speaker 1: Menendez said just two weeks ago, you were on the 218 00:11:29,640 --> 00:11:33,560 Speaker 1: one yard line. What happened. I haven't been involved in 219 00:11:33,600 --> 00:11:37,719 Speaker 1: the negotiations directly between Senator Rishan and Senator Menendez. I 220 00:11:37,800 --> 00:11:39,640 Speaker 1: have a great deal respect for both of them, and 221 00:11:39,679 --> 00:11:42,199 Speaker 1: I think both of them have our nation's best interest 222 00:11:42,240 --> 00:11:44,800 Speaker 1: at heart, and they don't want to see the situation 223 00:11:44,880 --> 00:11:47,560 Speaker 1: escalating any further. But obviously they have a philosophical difference 224 00:11:47,559 --> 00:11:49,840 Speaker 1: on this. It sounds like you'd you'd be in favor 225 00:11:49,880 --> 00:11:54,680 Speaker 1: of the Treasury just going ahead and and and imposing sanctions. Now, well, 226 00:11:54,960 --> 00:11:56,960 Speaker 1: here's what I'm in favor of at this point, and 227 00:11:56,960 --> 00:11:59,880 Speaker 1: that is President Biden following through on what he said 228 00:12:00,320 --> 00:12:03,000 Speaker 1: if VLADIMR. Putin does act, and it sounds like that 229 00:12:03,080 --> 00:12:07,360 Speaker 1: possibility is imminent that he's going to impose extremely tight sanctions. 230 00:12:07,400 --> 00:12:09,600 Speaker 1: I don't want to see another situation where a red 231 00:12:09,640 --> 00:12:11,679 Speaker 1: line is drawn and then we back away from it. 232 00:12:12,120 --> 00:12:15,240 Speaker 1: Senator Bill Haggerty, Republican from Tennessee, it's great to have 233 00:12:15,320 --> 00:12:17,600 Speaker 1: you back on sound on. Thanks for your insights today 234 00:12:17,640 --> 00:12:20,560 Speaker 1: on Bloomberg. It's always good to be with you. Coming up, 235 00:12:20,600 --> 00:12:24,160 Speaker 1: we assemble our panel with Bloomberg Politics contributor Democratic analyst 236 00:12:24,200 --> 00:12:28,319 Speaker 1: Jennie Shenzano today along with John siddelitast GEO political strategist 237 00:12:28,920 --> 00:12:31,480 Speaker 1: at Trilogy Advisors. We've got a lot to talk about 238 00:12:32,000 --> 00:12:34,719 Speaker 1: on the fastest hour in politics. Thanks for being with us. 239 00:12:35,080 --> 00:12:37,959 Speaker 1: We'll check traffic and markets on the way. I'm Joe Matthew. 240 00:12:38,120 --> 00:12:43,560 Speaker 1: This is Bloomberg. This is Bloomberg. So long with Joe 241 00:12:43,600 --> 00:12:49,840 Speaker 1: Matthew on Bloomberg Radio headline. On the Terminal, republic installed 242 00:12:49,920 --> 00:12:53,480 Speaker 1: Fed nominee votes over Raskin opposition. If you just heard 243 00:12:53,480 --> 00:12:57,240 Speaker 1: our conversation with Senator Bill Haggerty of the Banking Committee, 244 00:12:57,240 --> 00:13:00,600 Speaker 1: you know why GOP senators deny quorum on Banking Panel. 245 00:13:00,640 --> 00:13:03,560 Speaker 1: I read on the terminal. Also, of course, considering Powell, 246 00:13:03,600 --> 00:13:07,839 Speaker 1: Brainard Cook, Jefferson, nobody clears today as Republicans on the 247 00:13:07,880 --> 00:13:12,200 Speaker 1: committee block votes on the five picks. Not happy about 248 00:13:12,200 --> 00:13:17,160 Speaker 1: this idea of Sarah bloom Raskin being vice chair for supervision. 249 00:13:17,160 --> 00:13:19,440 Speaker 1: But as we heard from Senator Haggerty, he wasn't a 250 00:13:19,440 --> 00:13:24,679 Speaker 1: fan of Lisa Cook either. So we've got a lot 251 00:13:24,720 --> 00:13:26,559 Speaker 1: to talk about with the panel here, and we're gonna 252 00:13:26,760 --> 00:13:29,120 Speaker 1: sort of go through our two main themes over the 253 00:13:29,120 --> 00:13:31,360 Speaker 1: course of the hour with some smart minds. We also 254 00:13:31,400 --> 00:13:33,720 Speaker 1: have the matter of Russia and Ukraine to deal with, 255 00:13:33,760 --> 00:13:37,120 Speaker 1: as we discussed with the Senator as well, So we 256 00:13:37,160 --> 00:13:40,520 Speaker 1: assembled the panel. Bloomberg Politics contributor and Democratic analyst Jennie 257 00:13:40,559 --> 00:13:43,560 Speaker 1: Shenzano was here along with John Said, Aliti's geo political 258 00:13:43,600 --> 00:13:47,880 Speaker 1: strategist at Trilogy Advisors, with us for the hour here 259 00:13:48,280 --> 00:13:51,040 Speaker 1: on Bloomberg Sound On a consultant to the State Department. 260 00:13:51,040 --> 00:13:53,280 Speaker 1: Great to have on this day of days. Genie, I'll 261 00:13:53,280 --> 00:13:56,200 Speaker 1: start with you on the FED. This is not what 262 00:13:56,280 --> 00:13:59,120 Speaker 1: we expected. Who says Washington has always scripted? This is 263 00:13:59,160 --> 00:14:02,200 Speaker 1: an interesting manu by Republicans. How does it end though? 264 00:14:02,880 --> 00:14:05,719 Speaker 1: Do we still end up with the same nominees being confirmed? 265 00:14:06,320 --> 00:14:08,040 Speaker 1: You know, I don't think we know yet. And when 266 00:14:08,120 --> 00:14:10,720 Speaker 1: we talked yesterday, we said this could be tight and 267 00:14:10,760 --> 00:14:12,640 Speaker 1: it could be tense, and I think it went well 268 00:14:12,679 --> 00:14:16,520 Speaker 1: beyond what we what we imagine. Yeah, a boycott that 269 00:14:16,600 --> 00:14:19,040 Speaker 1: sort of nobody saw it coming, but I thought what 270 00:14:19,160 --> 00:14:22,800 Speaker 1: was fascinating listening to your discussion with the Senator was 271 00:14:22,880 --> 00:14:28,360 Speaker 1: while the Republicans are boycotting over this potential relationship she 272 00:14:28,440 --> 00:14:32,280 Speaker 1: may have had with this company, and we've talked about that. 273 00:14:32,880 --> 00:14:35,520 Speaker 1: You know, the fact is there's no evidence to back 274 00:14:35,600 --> 00:14:38,320 Speaker 1: up any sort of special treatment that she would have 275 00:14:38,400 --> 00:14:41,080 Speaker 1: given to them. But the reality seems to me, and 276 00:14:41,120 --> 00:14:43,480 Speaker 1: you heard it in that interview you had with him, 277 00:14:43,560 --> 00:14:47,400 Speaker 1: that their real concern is the fact that she may 278 00:14:47,480 --> 00:14:50,440 Speaker 1: go well beyond the beds mandate, and she was trying 279 00:14:50,480 --> 00:14:53,400 Speaker 1: to tamp that down during the hearing. They said she 280 00:14:53,440 --> 00:14:56,400 Speaker 1: didn't do it successfully. That seems to be the sticking 281 00:14:56,440 --> 00:14:59,720 Speaker 1: point here. They don't want the FED mandate increase the 282 00:14:59,720 --> 00:15:02,240 Speaker 1: way I think she will, so she's making policy from 283 00:15:02,280 --> 00:15:04,960 Speaker 1: the Fed and they're using this to slow things down. 284 00:15:05,200 --> 00:15:10,040 Speaker 1: This is also why she agreed to an expanded ethics agreement, John. 285 00:15:10,520 --> 00:15:13,560 Speaker 1: When you hear of the chairman shared Brown say we 286 00:15:13,600 --> 00:15:16,840 Speaker 1: will get her confirmed. We are not separating her vote 287 00:15:17,240 --> 00:15:20,000 Speaker 1: from the other FED picks. What do you see happening 288 00:15:20,040 --> 00:15:21,520 Speaker 1: over the next couple of days. Is this is going 289 00:15:21,600 --> 00:15:24,160 Speaker 1: to be a standoff now or or do Raskin really 290 00:15:24,200 --> 00:15:29,200 Speaker 1: need to provide more information, whether it's a standoff or 291 00:15:29,200 --> 00:15:33,640 Speaker 1: a showdown between the Congress and the White House. It 292 00:15:33,680 --> 00:15:36,480 Speaker 1: remains to be seen. I think Jeanie is absolutely right. 293 00:15:36,560 --> 00:15:38,160 Speaker 1: We we just don't know how this is going to 294 00:15:38,200 --> 00:15:41,080 Speaker 1: play out in the days ahead. But my sense is 295 00:15:41,160 --> 00:15:46,000 Speaker 1: that the Republicans have targeted uh Miss Raskin and they 296 00:15:46,040 --> 00:15:48,480 Speaker 1: are not going to relent on this. And I think 297 00:15:48,520 --> 00:15:50,840 Speaker 1: a large part of this is, as the senator mentioned, 298 00:15:51,360 --> 00:15:55,920 Speaker 1: you know, issues about the proper functionality of the confirmation 299 00:15:56,000 --> 00:16:00,360 Speaker 1: process and the references to thirty six questions which she answered, 300 00:16:00,440 --> 00:16:02,960 Speaker 1: I do not recall or I was unaware. So there's 301 00:16:02,960 --> 00:16:05,960 Speaker 1: a sense of evasiveness on the part of Republicans regarding 302 00:16:05,960 --> 00:16:10,440 Speaker 1: Miss raskins responses, and also obviously the fintech firm assistance 303 00:16:10,480 --> 00:16:12,360 Speaker 1: and have that played out. But I think there's a 304 00:16:12,440 --> 00:16:16,080 Speaker 1: larger ideological issue that's playing out here also, job and 305 00:16:16,160 --> 00:16:20,040 Speaker 1: that's the issue of her potentially single minded focus on 306 00:16:20,160 --> 00:16:23,920 Speaker 1: climate policies, and the Republicans have been talking about the 307 00:16:23,960 --> 00:16:27,440 Speaker 1: need for neutral regulators, especially if she's going to become 308 00:16:27,480 --> 00:16:32,200 Speaker 1: the vice chair with significant unilateral power to target Wall 309 00:16:32,240 --> 00:16:35,360 Speaker 1: Street and to target what she might consider to be 310 00:16:35,520 --> 00:16:39,040 Speaker 1: disfavored industries. So I think there's very great concern that 311 00:16:39,120 --> 00:16:42,280 Speaker 1: the oil and gas industries of the United States would 312 00:16:42,280 --> 00:16:46,280 Speaker 1: be unfairly targeted by someone with an ideological bias as 313 00:16:46,280 --> 00:16:50,080 Speaker 1: opposed to a neutral perspective on proper Wall Street regulation. 314 00:16:50,320 --> 00:16:52,560 Speaker 1: Republicans have certainly said that she has done her best 315 00:16:52,560 --> 00:16:55,640 Speaker 1: to to to ease their concerns about it. But Genie, 316 00:16:55,680 --> 00:16:59,120 Speaker 1: we've seen other nominations obviously go bust before we saw 317 00:16:59,120 --> 00:17:03,840 Speaker 1: the Omarova or recently uh that that was a withdrawal. 318 00:17:04,000 --> 00:17:06,720 Speaker 1: Is that what Republicans are trying to force here? You know, 319 00:17:06,760 --> 00:17:08,320 Speaker 1: if you're not going to break them up, you're gonna 320 00:17:08,320 --> 00:17:10,400 Speaker 1: have to change one of these names. Is the downside 321 00:17:10,400 --> 00:17:13,800 Speaker 1: of doing five at once? Yeah? And I think you know, 322 00:17:14,040 --> 00:17:17,080 Speaker 1: because the Democrats are trying to do five at once, 323 00:17:17,160 --> 00:17:19,399 Speaker 1: it suggests that they've known all along this was going 324 00:17:19,480 --> 00:17:22,240 Speaker 1: to be a problem because the other four, by almost 325 00:17:22,280 --> 00:17:25,800 Speaker 1: every count at least the three seemed to get through 326 00:17:26,240 --> 00:17:29,399 Speaker 1: fairly easily. It's cook a little bit less clearly. And 327 00:17:29,400 --> 00:17:32,159 Speaker 1: then certainly Raskin, So I think Democrats have known that 328 00:17:32,240 --> 00:17:34,719 Speaker 1: for a long time. And let's not forget you know, 329 00:17:35,160 --> 00:17:37,280 Speaker 1: if you know, and this is a big if, if 330 00:17:37,359 --> 00:17:40,720 Speaker 1: the if the Republicans rather stayed away, and they tried 331 00:17:40,760 --> 00:17:44,600 Speaker 1: to put Powell's nomination up with Elizabeth Warren. He would 332 00:17:44,640 --> 00:17:46,920 Speaker 1: not get what he needs to go through either. So 333 00:17:47,240 --> 00:17:50,560 Speaker 1: you know, this creates enormous complications for even people who 334 00:17:50,600 --> 00:17:53,280 Speaker 1: are widely supported. You are right, Jennie. Senator Mark Warner 335 00:17:53,320 --> 00:17:56,000 Speaker 1: is the one who said this. Last evening, we played 336 00:17:56,040 --> 00:17:58,560 Speaker 1: sound of him describing the need to do this as 337 00:17:58,600 --> 00:18:02,840 Speaker 1: a package essentially. But John, that was because of expected 338 00:18:02,840 --> 00:18:05,320 Speaker 1: trouble on the floor when it went to the full Senate. 339 00:18:05,520 --> 00:18:09,040 Speaker 1: Not in the committee. Was leadership here caught off guarded 340 00:18:09,080 --> 00:18:11,880 Speaker 1: pat to me pull a fast one on shared Brown. 341 00:18:13,480 --> 00:18:16,360 Speaker 1: I don't know exactly what kind of communications the senators 342 00:18:16,359 --> 00:18:19,800 Speaker 1: have had on this. My own senses that they've been 343 00:18:19,840 --> 00:18:23,000 Speaker 1: hinting at very very strong reluctance to see miss Raskin 344 00:18:23,119 --> 00:18:26,840 Speaker 1: go through under current conditions. The Republicans are obviously very 345 00:18:26,920 --> 00:18:31,560 Speaker 1: unhappy with both the prospect of her being on the 346 00:18:31,600 --> 00:18:34,280 Speaker 1: Fed Reserve but also the way in which she has 347 00:18:34,320 --> 00:18:37,879 Speaker 1: handled this confirmation process. But let me add one more thing, 348 00:18:37,960 --> 00:18:41,080 Speaker 1: Joe here, if even if she were to be approved 349 00:18:41,080 --> 00:18:44,960 Speaker 1: out of committee, there's no guarantee that the Democrats will 350 00:18:45,000 --> 00:18:47,439 Speaker 1: hold fast as a block and go for a tiebreaker 351 00:18:48,480 --> 00:18:51,320 Speaker 1: the vice president. There may be one or two Republicans 352 00:18:51,400 --> 00:18:54,640 Speaker 1: that may decide to approve her nomination, but it's very 353 00:18:54,680 --> 00:18:57,439 Speaker 1: difficult to see how Senator Joe Mansion and again, you know, 354 00:18:57,480 --> 00:18:59,960 Speaker 1: we've come back to Mansion and the fact that Joe 355 00:19:00,040 --> 00:19:02,720 Speaker 1: Biden is in the teams in terms of popularity and 356 00:19:02,800 --> 00:19:05,000 Speaker 1: west is an enormous amount of us sway here on 357 00:19:05,040 --> 00:19:08,080 Speaker 1: the floor, just like Committee, John, Thank you. We'll be 358 00:19:08,119 --> 00:19:12,440 Speaker 1: back with John and Genie. Up next, Russia Ukraine on 359 00:19:12,600 --> 00:19:18,639 Speaker 1: Sound On. This is Bloomberg broadcasting live from our nation's capital, 360 00:19:18,680 --> 00:19:24,600 Speaker 1: Bloomberg to New York, Bloomberg eleven Frio to Boston, Bloomberg 361 00:19:24,680 --> 00:19:28,320 Speaker 1: one oh six one to San Francisco, Bloomberg nine sixty 362 00:19:28,520 --> 00:19:31,840 Speaker 1: to the country, Serious x M General one nine and 363 00:19:31,920 --> 00:19:35,280 Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio 364 00:19:35,440 --> 00:19:40,160 Speaker 1: dot Com. This is Bloomberg Sound On with Joe Matthew. 365 00:19:42,080 --> 00:19:46,520 Speaker 1: We have some simple questions about the Russia Ukraine standoff today, 366 00:19:46,560 --> 00:19:49,240 Speaker 1: like should we believe what we're hearing? Claims of a 367 00:19:49,320 --> 00:19:51,840 Speaker 1: Russian pullback made the markets feel pretty good this morning, 368 00:19:51,840 --> 00:19:54,560 Speaker 1: but there are many skeptics and for good reason. We'll 369 00:19:54,560 --> 00:19:58,600 Speaker 1: discuss next steps ahead with Ambassador William Courtney at junct 370 00:19:58,640 --> 00:20:01,359 Speaker 1: senior fellow at the RAND Corps Operation and former Special 371 00:20:01,359 --> 00:20:05,040 Speaker 1: Assistant to the President for Russia, Ukraine and Eurasia. Busy 372 00:20:05,119 --> 00:20:07,200 Speaker 1: day at the White House, I guess they all are lately, 373 00:20:07,440 --> 00:20:09,320 Speaker 1: but we did get an update on the schedule about 374 00:20:09,320 --> 00:20:12,480 Speaker 1: halfway through the day that the President would be addressing 375 00:20:12,480 --> 00:20:16,200 Speaker 1: the nation on what's going on with Russia Ukraine, generating 376 00:20:16,240 --> 00:20:18,720 Speaker 1: the story you see on the terminal. Biden says threat 377 00:20:18,720 --> 00:20:22,440 Speaker 1: to Ukraine remains awaits Russia pullback. He spoke from the 378 00:20:22,480 --> 00:20:26,200 Speaker 1: East Room, indeed said it remains possible Russia will invade 379 00:20:26,280 --> 00:20:28,520 Speaker 1: Ukraine because its troops remain in what he called a 380 00:20:28,560 --> 00:20:32,399 Speaker 1: threatening position. He said, though the US has not verified 381 00:20:32,480 --> 00:20:36,560 Speaker 1: Moscow's claims that it has withdrawn some forces. That was 382 00:20:36,600 --> 00:20:39,000 Speaker 1: the headline we began the day within the pre market, 383 00:20:40,080 --> 00:20:43,439 Speaker 1: interpreted of course as good news, and the President, you know, 384 00:20:43,560 --> 00:20:46,880 Speaker 1: stuck with the optimistic tone as well on diplomacy. Here 385 00:20:46,880 --> 00:20:50,440 Speaker 1: he is today, President Putin and I agreed that our 386 00:20:50,480 --> 00:20:53,760 Speaker 1: team should continue to engage towards this end along with 387 00:20:53,760 --> 00:20:58,439 Speaker 1: our European allies and partners. Yesterday, the Russian government public 388 00:20:58,520 --> 00:21:02,760 Speaker 1: propose to continue the diplomacy. I agree we should give 389 00:21:02,800 --> 00:21:07,919 Speaker 1: the diplomacy every chance to succeed. He also said he 390 00:21:07,960 --> 00:21:11,160 Speaker 1: agreed with a declaration that diplomacy is still possible, vowing 391 00:21:11,160 --> 00:21:15,680 Speaker 1: that he will not sacrifice basic principles. Countries, including Ukraine, 392 00:21:16,400 --> 00:21:19,000 Speaker 1: have the right to keep their own borders. We get 393 00:21:19,000 --> 00:21:22,000 Speaker 1: into it now with Ambassador William Courtney, adjunct Senior Fellow 394 00:21:22,040 --> 00:21:25,280 Speaker 1: at the Rand Corporation, a conversation I've been looking forward to. 395 00:21:25,320 --> 00:21:30,480 Speaker 1: He served as Ambassador to Kazakhstan from ninety four, Georgia 396 00:21:30,560 --> 00:21:33,680 Speaker 1: from ninety seven, appointed by President Bill Clinton to service 397 00:21:33,720 --> 00:21:37,840 Speaker 1: Special Assistant to the President for Russia, Ukraine and Eurasia. 398 00:21:38,359 --> 00:21:40,800 Speaker 1: So just the person that we are looking forward to 399 00:21:40,840 --> 00:21:43,080 Speaker 1: talking with, Ambassador, Thank you for being with us. Are 400 00:21:43,119 --> 00:21:46,080 Speaker 1: you buying that the new tone and this talk of 401 00:21:46,400 --> 00:21:51,240 Speaker 1: pullback withdrawal from Vladimir Putin? Joe is still too soon 402 00:21:51,320 --> 00:21:55,240 Speaker 1: to tell. Being able to observe actual movements on the 403 00:21:55,280 --> 00:21:59,159 Speaker 1: ground sometimes takes a little time. All of the all 404 00:21:59,280 --> 00:22:02,040 Speaker 1: the sensors at the US and others in the West 405 00:22:02,080 --> 00:22:06,359 Speaker 1: Half will be focused on that. It is possible that 406 00:22:06,720 --> 00:22:10,240 Speaker 1: the Russians have decided to pull back in some sense. 407 00:22:10,520 --> 00:22:13,439 Speaker 1: The criminal has taken Russia out on a limb, somewhat 408 00:22:13,480 --> 00:22:16,560 Speaker 1: akin to what Nikita Krushchov did in nineteen sixty two 409 00:22:16,560 --> 00:22:19,199 Speaker 1: in the Cuban missile Christ And when you go so 410 00:22:19,320 --> 00:22:21,679 Speaker 1: far out on a limb, there's not much scope for 411 00:22:21,720 --> 00:22:24,800 Speaker 1: the plumbacy. You have to make a decision to retreat 412 00:22:25,400 --> 00:22:28,879 Speaker 1: or to go in Moscow is at that point right now. 413 00:22:29,600 --> 00:22:31,520 Speaker 1: So this is still the inflection point. You don't think 414 00:22:31,560 --> 00:22:34,800 Speaker 1: necessarily this has gone one way or the other. And 415 00:22:35,000 --> 00:22:36,800 Speaker 1: I guess my question for you is how do you 416 00:22:36,880 --> 00:22:40,240 Speaker 1: quantify withdrawal? What does it look like? Is it the 417 00:22:40,320 --> 00:22:42,560 Speaker 1: number of units, the number of troops that are moving, 418 00:22:42,800 --> 00:22:46,240 Speaker 1: or is there more to it? So we maybe at 419 00:22:46,240 --> 00:22:49,440 Speaker 1: an inflection point or the cremin they already have decided 420 00:22:49,520 --> 00:22:53,040 Speaker 1: and we just can't yet observe understand visible signals of that. 421 00:22:54,080 --> 00:22:57,000 Speaker 1: So it would be a matter of troops moving away. 422 00:22:57,560 --> 00:23:00,359 Speaker 1: Some of the troops that are partially with all as 423 00:23:00,359 --> 00:23:03,359 Speaker 1: Plutins had today are going not too far away to 424 00:23:03,440 --> 00:23:06,760 Speaker 1: the home basis. If we see troops from the far 425 00:23:06,800 --> 00:23:09,399 Speaker 1: east of Russia or the central part of Russia going on, 426 00:23:09,760 --> 00:23:14,800 Speaker 1: that may be a better sign. What did Germany's chancellor 427 00:23:14,920 --> 00:23:17,040 Speaker 1: say to Vladimir Putin today. I know you were not 428 00:23:17,119 --> 00:23:20,800 Speaker 1: in the room, but what seemed to happen that changed 429 00:23:20,840 --> 00:23:26,160 Speaker 1: the tone of this conversation. It's not clear that what 430 00:23:26,240 --> 00:23:29,879 Speaker 1: he said would have changed the tone, although certainly he 431 00:23:29,880 --> 00:23:33,120 Speaker 1: would have probably given Prutin some bad news on ocean 432 00:23:33,200 --> 00:23:36,800 Speaker 1: to pipeline and other issues. Germinly the most important European 433 00:23:36,840 --> 00:23:41,240 Speaker 1: economic partner for Russia, so they careful attention. But I 434 00:23:41,280 --> 00:23:45,520 Speaker 1: think the fact that the NATO, the United States, Ukraine 435 00:23:45,680 --> 00:23:50,480 Speaker 1: have stood fast throughout this have made no concessions whatsoever, 436 00:23:51,240 --> 00:23:53,959 Speaker 1: we're seeing the coming down to think harder about his choices. 437 00:23:55,160 --> 00:23:57,280 Speaker 1: I know this has been asked a couple of times recently, 438 00:23:57,320 --> 00:24:00,679 Speaker 1: and I get different answers. Has Vladimir prutency seated in 439 00:24:00,920 --> 00:24:03,440 Speaker 1: unifying native as he made the alliance stronger than it 440 00:24:03,440 --> 00:24:06,760 Speaker 1: would have been otherwise. Yes, well, he's definitely done that. 441 00:24:06,840 --> 00:24:10,400 Speaker 1: He's increased the threat and he's also caused the Europeans 442 00:24:10,480 --> 00:24:12,400 Speaker 1: to think a lot harder about how much they want 443 00:24:12,400 --> 00:24:15,320 Speaker 1: to depend on Russian gas in the future. US l 444 00:24:15,400 --> 00:24:19,119 Speaker 1: n G tankers are steaming over there and larger numbers 445 00:24:19,320 --> 00:24:21,640 Speaker 1: Europeans might get a little bit more used to US 446 00:24:21,800 --> 00:24:24,560 Speaker 1: L N g and by less gas for Russia. Well, 447 00:24:24,560 --> 00:24:26,720 Speaker 1: it does help when you have the Biden administration looking 448 00:24:26,760 --> 00:24:28,639 Speaker 1: for new sources of gas for you, right, don't you 449 00:24:28,680 --> 00:24:31,119 Speaker 1: suspect something has lined up in just in case when 450 00:24:31,119 --> 00:24:34,320 Speaker 1: you see the Qataris in the Oval Office, Well that 451 00:24:34,320 --> 00:24:38,800 Speaker 1: that's quite possible. But this, this for Russia, this episode 452 00:24:38,960 --> 00:24:41,080 Speaker 1: is not cost us. They could lose this long term 453 00:24:41,119 --> 00:24:46,760 Speaker 1: market share in Europe because of these geopolitical antics. Well 454 00:24:46,760 --> 00:24:49,639 Speaker 1: it's an interesting idea because the narrative seems to be 455 00:24:49,640 --> 00:24:52,400 Speaker 1: while Putin already won because he's got everyone's attention, He's 456 00:24:52,400 --> 00:24:56,040 Speaker 1: got world leaders shuttling around the world chasing after him, 457 00:24:56,040 --> 00:25:00,160 Speaker 1: trying to prevent war. But but Ambassador, your suggest see 458 00:25:00,160 --> 00:25:03,680 Speaker 1: that Vladimir Putin may have already lost. I think he's 459 00:25:03,760 --> 00:25:07,200 Speaker 1: lost already. Um, what we saw today with peasant Biden, 460 00:25:07,400 --> 00:25:10,920 Speaker 1: peasant Biden sounded very much like President Reagan and how 461 00:25:10,960 --> 00:25:15,240 Speaker 1: he handled this issue. Europe as completely unified on heavy 462 00:25:15,280 --> 00:25:18,919 Speaker 1: sanctions that would be applied. The Ukrainians have made no 463 00:25:19,000 --> 00:25:23,399 Speaker 1: concessions whatsoever, and now Putin has faced the prospect of 464 00:25:23,440 --> 00:25:26,560 Speaker 1: a war which would devastate the Russian economy. Lower living 465 00:25:26,600 --> 00:25:29,160 Speaker 1: standards could bring in solvace in to some of its 466 00:25:29,200 --> 00:25:34,320 Speaker 1: major banks or retreat, and the retreat option, while has 467 00:25:34,400 --> 00:25:36,600 Speaker 1: some costs. In the kid Kusha office tossed out of 468 00:25:36,680 --> 00:25:40,280 Speaker 1: office in part because he retreated in Cuban missile crisis. 469 00:25:40,600 --> 00:25:44,280 Speaker 1: Putin may think of maybe that's not so bad. You 470 00:25:44,320 --> 00:25:48,399 Speaker 1: were ambassador to Kazakhstan. Should any former Soviet state be 471 00:25:48,480 --> 00:25:52,600 Speaker 1: nervous right now about Vladimir Putin's intentions? All of the 472 00:25:52,640 --> 00:25:57,119 Speaker 1: former Soviet states are nervous about the criminal intention about 473 00:25:57,280 --> 00:26:03,760 Speaker 1: Ukraine and Georgia have been subject of most of the cremins. Uh, 474 00:26:03,880 --> 00:26:07,760 Speaker 1: let's say attention that has been unwelcome. Kistan has had 475 00:26:07,800 --> 00:26:10,800 Speaker 1: a qualpity relationship with Russia all the way through and 476 00:26:10,960 --> 00:26:15,560 Speaker 1: that contructed a continue what's the off ramp then tonight 477 00:26:15,600 --> 00:26:21,080 Speaker 1: for Vladimir Putin, ambassador treat for the promiser to speak 478 00:26:21,119 --> 00:26:24,119 Speaker 1: off and we're not going to be negotiating anything major 479 00:26:24,119 --> 00:26:27,119 Speaker 1: in the next couple of days around. They have to 480 00:26:27,160 --> 00:26:30,560 Speaker 1: make a decision to retreat or not. And that's that's 481 00:26:30,560 --> 00:26:33,520 Speaker 1: the trist Do you have it from someone who has 482 00:26:33,600 --> 00:26:38,240 Speaker 1: been there? Ambassador William Courtney of Rand Corporation, former Ambassador 483 00:26:38,240 --> 00:26:41,399 Speaker 1: to Kazakhstan, with us with great insights this evening on 484 00:26:41,440 --> 00:26:47,080 Speaker 1: Bloomberg Sound On, we'll reassemble the panel and extend this conversation. 485 00:26:47,640 --> 00:26:50,400 Speaker 1: Jeanie Schanzano is with us tonight along with John sin 486 00:26:50,480 --> 00:26:54,919 Speaker 1: elitist geo political strategist at Trilogy Advisors, advisor to the 487 00:26:54,960 --> 00:26:58,240 Speaker 1: State Department and advisor tonight to this program the fastest 488 00:26:58,280 --> 00:27:01,080 Speaker 1: hour in politics. Will check Mark gets in traffic next. 489 00:27:01,720 --> 00:27:09,320 Speaker 1: Joe Matthew, This is Bloomberg. This is Bloomberg. So long 490 00:27:09,800 --> 00:27:15,199 Speaker 1: with Joe Matthew on Bloomberg Radio. It was in the 491 00:27:15,200 --> 00:27:18,760 Speaker 1: news conference with the Chancellor of Germany Olaf Sheltz, that 492 00:27:18,880 --> 00:27:21,880 Speaker 1: Vladimir Putin made the news got everybody feeling so good 493 00:27:21,920 --> 00:27:24,680 Speaker 1: about themselves. Quote. We want to resolve this issue now, 494 00:27:24,800 --> 00:27:28,280 Speaker 1: right now or in the near future through negotiations peaceful 495 00:27:28,320 --> 00:27:34,080 Speaker 1: means unquote kum bay yah. This following three hours of 496 00:27:34,119 --> 00:27:39,000 Speaker 1: talks with Mr Schultz, and of course only the latest 497 00:27:39,000 --> 00:27:41,119 Speaker 1: as I read on the terminal in an intense series 498 00:27:41,119 --> 00:27:44,840 Speaker 1: of efforts by Western leaders to ease confrontation amid warnings 499 00:27:44,920 --> 00:27:49,280 Speaker 1: Russia preparing to invade its neighbor. I mean you think 500 00:27:49,359 --> 00:27:52,200 Speaker 1: Vladimir Putin's getting tired of all the company. We're running 501 00:27:52,200 --> 00:27:56,959 Speaker 1: out of really long tables, but we still don't have 502 00:27:57,000 --> 00:28:01,920 Speaker 1: an ability to verify withdraw all. And I wonder how 503 00:28:01,920 --> 00:28:06,160 Speaker 1: our panel feels about it. Bloomberg Politics contributor Democratic analyst 504 00:28:06,119 --> 00:28:08,720 Speaker 1: Genie Schanzano is here and spending this hour with John 505 00:28:08,720 --> 00:28:13,920 Speaker 1: sidalitist geo political strategist at Trilogy Advisors. Let's get started 506 00:28:14,000 --> 00:28:16,280 Speaker 1: on this, John, when you heard this news this morning, 507 00:28:16,840 --> 00:28:18,639 Speaker 1: did you roll your eyes or did you think it 508 00:28:18,680 --> 00:28:22,280 Speaker 1: was a turning point. I don't think it was a 509 00:28:22,280 --> 00:28:25,200 Speaker 1: turning point at all. And I'm trying very hard here, Joe, 510 00:28:25,280 --> 00:28:27,600 Speaker 1: to just keep my eyes focused on the long term 511 00:28:27,640 --> 00:28:30,840 Speaker 1: perspective over here. And I think we do ourselves immense 512 00:28:30,920 --> 00:28:34,480 Speaker 1: danger by looking at this on a day to day basis. 513 00:28:34,960 --> 00:28:38,800 Speaker 1: I don't actually believe that Vladimir Putin has ever intended 514 00:28:39,120 --> 00:28:43,160 Speaker 1: to overrun the entire country of Ukraine. The forces actually 515 00:28:43,200 --> 00:28:46,560 Speaker 1: are insufficient. He probably only has one quarter of what's 516 00:28:46,640 --> 00:28:50,040 Speaker 1: required for an actual invasion of Ukraine, according to the 517 00:28:50,040 --> 00:28:53,080 Speaker 1: military strategist that I'm speaking with. But what is happening 518 00:28:53,080 --> 00:28:56,960 Speaker 1: here is a very effective campaign of bluff, blackmail, and 519 00:28:57,040 --> 00:29:01,880 Speaker 1: intimidation to force Ukraine to relate to Putin's political demands 520 00:29:02,520 --> 00:29:07,720 Speaker 1: of never joining NATO, becoming essentially a finland iized neutral 521 00:29:07,760 --> 00:29:12,240 Speaker 1: country between Russia and Western Europe, and to ensure political 522 00:29:12,280 --> 00:29:17,160 Speaker 1: autonomy for the ethnic Russian speaking population of southeastern Ukraine. 523 00:29:17,640 --> 00:29:20,200 Speaker 1: And that's what he's focused on, and so far, I 524 00:29:20,280 --> 00:29:23,640 Speaker 1: think he's done a very very effective job of galvanizing 525 00:29:23,720 --> 00:29:27,880 Speaker 1: Washington and Europe to deal with him on his terms. 526 00:29:28,200 --> 00:29:31,640 Speaker 1: And contrary to what the ambassador said, I think Putin 527 00:29:31,720 --> 00:29:34,920 Speaker 1: is going to win considerably when this whole process is 528 00:29:34,920 --> 00:29:37,960 Speaker 1: played out because of what he already has or what 529 00:29:38,080 --> 00:29:41,960 Speaker 1: he has yet to accomplish. Well, he has yet to 530 00:29:42,000 --> 00:29:46,840 Speaker 1: accomplish the formal autonomy for the Russian enclaves inside of Ukraine, 531 00:29:46,880 --> 00:29:49,360 Speaker 1: the ones that are controlled by the separatists. You see 532 00:29:49,400 --> 00:29:52,920 Speaker 1: him gaining to achieve quote unquote piece they're going to 533 00:29:53,000 --> 00:29:55,320 Speaker 1: have to come to terms with. For instance, the MINS 534 00:29:55,440 --> 00:30:00,160 Speaker 1: two Agreements, which the Ukrainian government agreed to in is 535 00:30:00,200 --> 00:30:05,600 Speaker 1: not implemented, and that specifically calls for decentralization, political autonomy 536 00:30:05,600 --> 00:30:09,600 Speaker 1: and special elections for the ethnic Russian majority populations in 537 00:30:09,680 --> 00:30:14,520 Speaker 1: southeastern Ukraine. So effectively, Kiev will lose political control over 538 00:30:14,560 --> 00:30:20,320 Speaker 1: those parts of the country and NATO. He establishes a 539 00:30:20,360 --> 00:30:24,120 Speaker 1: massive land buffer between Western Russia and the NATO Alliance. 540 00:30:24,480 --> 00:30:26,800 Speaker 1: All right, Jeanie, where are you on this? The market 541 00:30:26,880 --> 00:30:30,760 Speaker 1: seem to feel pretty smart this morning. Numbers turned higher. 542 00:30:30,880 --> 00:30:33,560 Speaker 1: People said, yes, this thing is finally cool and off. 543 00:30:33,640 --> 00:30:36,640 Speaker 1: Maybe this is a turning point. People put money behind 544 00:30:36,640 --> 00:30:39,600 Speaker 1: those bets. Were they wrong? You know, I don't think 545 00:30:39,640 --> 00:30:43,960 Speaker 1: we know. And that's the reality. We've seen troops move, 546 00:30:44,200 --> 00:30:47,200 Speaker 1: but that doesn't mean they are retreating. And what we 547 00:30:47,280 --> 00:30:51,840 Speaker 1: also saw today were significant cyber attacks in the Ukraine 548 00:30:52,360 --> 00:30:55,360 Speaker 1: on their Ministry of Defense, on their central banks, on 549 00:30:55,520 --> 00:30:59,280 Speaker 1: their armed forces. And so those are what we heard 550 00:30:59,360 --> 00:31:02,600 Speaker 1: from many spurts were going to be either a precursor 551 00:31:02,640 --> 00:31:05,960 Speaker 1: to some kind of incursion, whether major or minor to 552 00:31:06,080 --> 00:31:09,520 Speaker 1: John's point, or it could be not even done by Russia, 553 00:31:09,520 --> 00:31:11,840 Speaker 1: it could be done by separatists as a way to 554 00:31:11,920 --> 00:31:15,200 Speaker 1: give Russia cover to maneuver in Ukraine. So there's a 555 00:31:15,240 --> 00:31:17,240 Speaker 1: whole host of things happening, and I don't think we 556 00:31:17,280 --> 00:31:20,320 Speaker 1: can assume that, you know, we are at a point where, 557 00:31:20,360 --> 00:31:23,800 Speaker 1: you know, Vladimir Putin is my you know, stress of 558 00:31:23,800 --> 00:31:27,360 Speaker 1: the imagination retreating. And I was fascinated by the ambassador 559 00:31:27,400 --> 00:31:31,520 Speaker 1: saying he's left now only with retreat. Because if that's 560 00:31:31,560 --> 00:31:35,000 Speaker 1: the case, there is an enormous danger in foreign policy 561 00:31:35,040 --> 00:31:38,240 Speaker 1: when you get into humiliation. We were supposed to be 562 00:31:38,240 --> 00:31:40,960 Speaker 1: providing some kind of off ramp if we have left 563 00:31:41,000 --> 00:31:43,000 Speaker 1: him with that, which I'm not sure we have. But 564 00:31:43,040 --> 00:31:46,320 Speaker 1: if that's it, the humiliation is danger in and of itself. 565 00:31:46,520 --> 00:31:49,160 Speaker 1: Humiliation or painted into a corner. Either way, John, it 566 00:31:49,240 --> 00:31:51,440 Speaker 1: is dangerous. What should the US do if if we 567 00:31:51,520 --> 00:31:54,160 Speaker 1: do get the sense of Vladimir Putin is overreached, he 568 00:31:54,200 --> 00:31:56,600 Speaker 1: wants to start pulling back, he wants to save face. 569 00:31:57,040 --> 00:32:01,840 Speaker 1: Is it possible? First, I don't know that pulling back 570 00:32:02,040 --> 00:32:05,160 Speaker 1: is a retreat. We tend to forget here, Joe, that 571 00:32:05,560 --> 00:32:09,160 Speaker 1: one month before this massive build up of forces, Russia 572 00:32:09,240 --> 00:32:13,560 Speaker 1: had two hundred thousand troops massed across the border from 573 00:32:13,680 --> 00:32:17,520 Speaker 1: Ukraine and Belarus for what are the annual zappad z 574 00:32:17,760 --> 00:32:20,840 Speaker 1: A P A D military exercises, And there wasn't a 575 00:32:20,880 --> 00:32:24,240 Speaker 1: peep out of Washington or our media about a force 576 00:32:24,320 --> 00:32:27,120 Speaker 1: that was six larger than the one that's currently massed 577 00:32:27,120 --> 00:32:31,080 Speaker 1: around Ukraine. So I don't think Vladimir Putin has to 578 00:32:31,120 --> 00:32:34,000 Speaker 1: call it a retreat or face any type of humiliation. 579 00:32:34,320 --> 00:32:37,320 Speaker 1: He can send back those forces whenever he chooses to, 580 00:32:37,920 --> 00:32:40,719 Speaker 1: on land and at sea. And let's not forget he 581 00:32:40,760 --> 00:32:44,600 Speaker 1: can choke off the Ukrainian economy anytime, simply by the 582 00:32:44,640 --> 00:32:47,600 Speaker 1: deployment of the Russian Navy in the black seat. That's true. 583 00:32:47,640 --> 00:32:50,760 Speaker 1: Not to mention these cyber attacks, John, at at what 584 00:32:50,880 --> 00:32:53,840 Speaker 1: point do we consider that an act of war? If 585 00:32:53,840 --> 00:32:57,320 Speaker 1: he's turning the lights off and destroying the economy in 586 00:32:57,440 --> 00:33:01,840 Speaker 1: Ukraine through cyber how is it any different. Well, that's 587 00:33:01,880 --> 00:33:05,440 Speaker 1: the most difficult part about cyber warfare. You can conduct 588 00:33:05,440 --> 00:33:09,040 Speaker 1: a number of activities with minimal fingerprints, and I don't 589 00:33:09,040 --> 00:33:11,440 Speaker 1: think that that Putin is going to want to have 590 00:33:11,480 --> 00:33:14,160 Speaker 1: any fingerprints on any of this. But everyone will know 591 00:33:14,320 --> 00:33:17,840 Speaker 1: that this is essentially Moscow directed one way the other end. 592 00:33:17,840 --> 00:33:21,160 Speaker 1: As Genie just mentioned, this hybrid war has already begun, 593 00:33:21,680 --> 00:33:24,360 Speaker 1: and I think it's going to continue with potential attacks 594 00:33:24,400 --> 00:33:29,800 Speaker 1: on power plants, mobile communications, transportation systems. The goal here 595 00:33:29,880 --> 00:33:34,920 Speaker 1: is to destabilize and demoralized Ukrainian society and psychologically exhaust 596 00:33:34,960 --> 00:33:38,640 Speaker 1: the military and the government and have them go back 597 00:33:38,640 --> 00:33:41,440 Speaker 1: to NATO and have them relent on demands that Ukraine 598 00:33:41,480 --> 00:33:45,200 Speaker 1: can meet coming from Putin. Does that scenario, Genie, that's 599 00:33:45,240 --> 00:33:50,120 Speaker 1: a that's a scary thought. Does that demoralized NATO coming 600 00:33:50,160 --> 00:33:52,160 Speaker 1: from this point of unity here? I don't know how 601 00:33:52,200 --> 00:33:55,880 Speaker 1: long it takes two to accomplish what John is talking about, 602 00:33:55,920 --> 00:33:59,440 Speaker 1: but there there is the potential for exhaustion. There is 603 00:33:59,480 --> 00:34:02,280 Speaker 1: an unless I forget. This is what the Ukrainians themselves 604 00:34:02,280 --> 00:34:05,040 Speaker 1: have been saying. They were afraid of this, this hybrid 605 00:34:05,160 --> 00:34:09,279 Speaker 1: cy cyber warfare where the incursions would be first high 606 00:34:09,400 --> 00:34:12,000 Speaker 1: first cyber, then they would be minor incursions back and 607 00:34:12,040 --> 00:34:14,920 Speaker 1: forth across the border. And that's what people are afraid 608 00:34:14,960 --> 00:34:17,239 Speaker 1: in the Ukraine. We may be seeing the beginnings of 609 00:34:17,600 --> 00:34:20,240 Speaker 1: We've been focused here in the US to a large 610 00:34:20,239 --> 00:34:23,640 Speaker 1: extent on a massive incursion in a takeover, which is 611 00:34:23,640 --> 00:34:25,879 Speaker 1: not what the Ukrainians have been saying that they were 612 00:34:25,880 --> 00:34:28,319 Speaker 1: worried about. And of course they've been at this with 613 00:34:28,400 --> 00:34:31,279 Speaker 1: Russia for many, many years now, so for them this 614 00:34:31,360 --> 00:34:33,840 Speaker 1: is the middle of something, not just the beginning. And 615 00:34:33,880 --> 00:34:38,080 Speaker 1: to your point, how long does NATO stay together, particularly 616 00:34:38,239 --> 00:34:40,759 Speaker 1: you look at Germany and Schultz there today and the 617 00:34:40,840 --> 00:34:45,320 Speaker 1: issue of oil, which is a huge challenge for Germany, 618 00:34:45,800 --> 00:34:48,400 Speaker 1: This is for sure, John, How long can Vladimir Putin 619 00:34:48,480 --> 00:34:52,120 Speaker 1: keep forces where they are or or continue increasing them 620 00:34:52,239 --> 00:34:55,720 Speaker 1: before it begins to cast I mean, obviously in terms 621 00:34:55,719 --> 00:34:59,400 Speaker 1: of logistics and supply lines to maintain forces that are 622 00:34:59,440 --> 00:35:02,319 Speaker 1: off bay, there is a cost. But keep in mind that, 623 00:35:03,239 --> 00:35:05,640 Speaker 1: especially with the increase in the price of oil and 624 00:35:05,680 --> 00:35:07,760 Speaker 1: gas over the last year to year and a half, 625 00:35:08,160 --> 00:35:12,080 Speaker 1: Russia's a soppign wealth reserves have gone up astronomic about 626 00:35:12,120 --> 00:35:15,360 Speaker 1: six billion dollars today that he has in reserve. So 627 00:35:15,480 --> 00:35:18,200 Speaker 1: I'm not even sure that sanctions will be very harmful 628 00:35:18,280 --> 00:35:20,399 Speaker 1: to the Russia. I want to ask you about sanctions. 629 00:35:20,600 --> 00:35:23,640 Speaker 1: This actually came up today and it just kind of amazing, 630 00:35:23,680 --> 00:35:27,280 Speaker 1: And I we mentioned it quickly with with Senator Haggerty 631 00:35:27,400 --> 00:35:29,960 Speaker 1: because it's his Foreign Relations Committee that saw this happen. 632 00:35:30,360 --> 00:35:33,839 Speaker 1: Two weeks ago, Chairman Bob Menendez said they were at 633 00:35:33,880 --> 00:35:37,359 Speaker 1: the one yard line. He appeared on national television with 634 00:35:37,400 --> 00:35:39,719 Speaker 1: the ranking member just to say they were close to 635 00:35:39,760 --> 00:35:45,160 Speaker 1: a breakthrough. It's fallen apart. Now it's a non binding resolution. John, 636 00:35:45,200 --> 00:35:48,080 Speaker 1: What kind of a statement is that about the politics 637 00:35:48,120 --> 00:35:53,600 Speaker 1: in the Upper Chamber. Well, it's one that demonstrates a 638 00:35:53,719 --> 00:35:57,520 Speaker 1: lack of success and a lack of integrity in working 639 00:35:57,560 --> 00:36:00,400 Speaker 1: together across party lines amid the White US in a 640 00:36:00,440 --> 00:36:04,800 Speaker 1: coherent manner. And this really should have been prepared from 641 00:36:04,800 --> 00:36:08,280 Speaker 1: from quite a while ago. As Jennie mentioned, this Ukraine 642 00:36:08,320 --> 00:36:11,279 Speaker 1: war goes back to and the idea that we've been 643 00:36:11,360 --> 00:36:14,960 Speaker 1: unprepared for this type of an attempt by Vladimir Putin 644 00:36:15,200 --> 00:36:18,799 Speaker 1: to use military and hybrid cyber warfare in order to 645 00:36:18,840 --> 00:36:23,600 Speaker 1: secure his political objectives really I think damages Washington's stature 646 00:36:23,640 --> 00:36:26,080 Speaker 1: on the world stage. We should have known something along 647 00:36:26,120 --> 00:36:28,360 Speaker 1: these lanes was coming, just as we know that China 648 00:36:28,520 --> 00:36:32,440 Speaker 1: is preparing to one day potentially invade Taiwan, and the 649 00:36:32,480 --> 00:36:34,640 Speaker 1: idea that we don't have a game plan ready for that, 650 00:36:35,040 --> 00:36:38,480 Speaker 1: I think equal failure on the part of Washington right now, 651 00:36:38,640 --> 00:36:41,520 Speaker 1: our last minute here, Jeannie. The fact that this sanctions 652 00:36:41,560 --> 00:36:44,200 Speaker 1: bill fell apart in the Senate? Should should Joe Biden? 653 00:36:44,200 --> 00:36:47,920 Speaker 1: Should the President be uh much more detailed and specific 654 00:36:48,160 --> 00:36:52,080 Speaker 1: about the sanctions the Treasury itself could be about to impose. 655 00:36:53,080 --> 00:36:56,360 Speaker 1: He should? And you know it is part and parcel 656 00:36:56,440 --> 00:36:58,319 Speaker 1: of what we've seen out of the Senate. You know, 657 00:36:58,480 --> 00:37:01,800 Speaker 1: the one yard line, very very quickly LinkedIn's into a 658 00:37:01,880 --> 00:37:04,880 Speaker 1: hundred yards and that's where we are now. And so 659 00:37:05,000 --> 00:37:08,799 Speaker 1: the presidents before Biden and Biden have to realize they 660 00:37:08,920 --> 00:37:11,719 Speaker 1: cannot just turn to Congress. He's going to have to 661 00:37:11,800 --> 00:37:14,080 Speaker 1: take as decisive action as he can out of the 662 00:37:14,120 --> 00:37:17,719 Speaker 1: executive branch. And that means being detailed on what he 663 00:37:17,760 --> 00:37:20,240 Speaker 1: can do and what the Treasury can do whether Congress 664 00:37:20,280 --> 00:37:23,560 Speaker 1: acts or not, because in all likelihood with they may 665 00:37:23,600 --> 00:37:27,280 Speaker 1: not act. Great conversation with Jennie Shenzano as always along 666 00:37:27,280 --> 00:37:30,040 Speaker 1: with John said Elita's today. Thank you to both of 667 00:37:30,080 --> 00:37:32,520 Speaker 1: you for the insights. February is Black History Month, and 668 00:37:32,560 --> 00:37:35,200 Speaker 1: we want to hear from Ranita before we get into 669 00:37:35,239 --> 00:37:36,920 Speaker 1: news at the top of the hour every day this 670 00:37:36,960 --> 00:37:40,600 Speaker 1: month celebrating significant moments in US black history. Here's Bloomberg's 671 00:37:40,719 --> 00:37:45,040 Speaker 1: Nidia on this day in Black History. In nine, conductor 672 00:37:45,080 --> 00:37:48,359 Speaker 1: Henry J. Lewis becomes the first African American to lead 673 00:37:48,360 --> 00:37:52,400 Speaker 1: a major symphony orchestra. He became conductor and musical director 674 00:37:52,400 --> 00:37:55,440 Speaker 1: of the New Jersey Symphony Orchestra, which is a nationally 675 00:37:55,480 --> 00:37:59,160 Speaker 1: recognized orchestra. From an early age, Lewis had a love 676 00:37:59,239 --> 00:38:02,440 Speaker 1: for music and Phinnie orchestra. At sixteen years old, he 677 00:38:02,600 --> 00:38:05,760 Speaker 1: joined the Los Angeles Philharmonic and became the first black 678 00:38:05,800 --> 00:38:10,319 Speaker 1: instrumentalist in a major symphony orchestra. Later on, in nine nine, 679 00:38:10,440 --> 00:38:14,440 Speaker 1: Lewis would become the principal conductor of the Netherlands Radio Symphony, 680 00:38:14,480 --> 00:38:18,359 Speaker 1: a Dutch radio orchestra. That's today in black history. I'm 681 00:38:18,360 --> 00:38:22,080 Speaker 1: Renita Young Bloomberg Radio another installment, and so will we. 682 00:38:22,280 --> 00:38:25,280 Speaker 1: I'm the fastest hour in politics. I'm Joe Matthew. This 683 00:38:25,400 --> 00:38:26,120 Speaker 1: is Bloomberg