Speaker 1: Now from our nation's capital. This is Bloomberg Sound On,
Speaker 1: where is it written so that says America can be
Speaker 1: the leading manufacturing the world of dude? Where is that written?
Speaker 1: While we did lose fifty people from the labor force,
Speaker 1: they certainly don't want to see the unemployment them to
Speaker 1: go up. I'd like to see people working. Bloomberg Sound
Speaker 1: On Politics, Policy and Perspective from DC's top name. I
Speaker 1: think we all know guys like this. You know, guys
Speaker 1: that think they know better than everyone about everything. Is
Speaker 1: Joe Biden, the legitimately elected President of the United States.
Speaker 1: Joe Biden's absolutely the president. I mean, my gosh, have
Speaker 1: you seen the gas practice? Like Bloomberg Sound On with
Speaker 1: Joe Matthew on Bloomberg Radio, Unemployment falls back to the
Speaker 1: lowest in five decades, and no one seems to feel
Speaker 1: good about it. Welcome to the fastest hour in politics,
Speaker 1: as President Biden celebrates the job's numbers even as Wall
Speaker 1: Street tumbles on worries about higher interest rates the possible
Speaker 1: recept action. We're gonna spend time this Friday with the
Speaker 1: stalwart Bloomberg's Joe Wisenthal, co host of The Odd Lots
Speaker 1: podcast is with us in just a moment. Later, the
Speaker 1: Senate debate in Arizona shows another election denier, softening some edges.
Speaker 1: We'll talk with Bloomberg Politics reporter Ryan teak Beck with
Speaker 1: about politics on the mid term trail. As Liz Cheney
Speaker 1: calls out Republicans in Arizona. We'll get into that with
Speaker 1: our signature panel. Rick Davis is back today, Genie Chanzano,
Speaker 1: Bloomberg Politics contributors for the Hour. Welcome to Friday and
Speaker 1: the threshold of the weekend. As we return to Washington
Speaker 1: today on Sound On with this job's day with stronger
Speaker 1: than expected numbers that you've been hearing about all day
Speaker 1: on Bloomberg seeing through the eyes of the fete, of course,
Speaker 1: and against the backdrop of inflation. But President Biden speaking today,
Speaker 1: he was not going there when he spoke to supporters
Speaker 1: at Evolvo power train plant in Maryland. Here he is.
Speaker 1: Our economy created two sixty three thousand jobs last month,
Speaker 1: as ten million jobs since I've come into office. That's
Speaker 1: the fastest job growth at any point of any president
Speaker 1: in all American history, historic progress. The unemployment rate remains
Speaker 1: at historic low three point five unemployment that includes the
Speaker 1: lowest unemployment among Hispanic Americans ever in the history of
Speaker 1: this country, the second lowest employment of black teenagers ever.
Speaker 1: He shows up, thinks he's got a great story to tell.
Speaker 1: Market does not agree. Labor Secretary Marty Walsh was on
Speaker 1: Blueberg this morning talking about it. Also, you know, happy
Speaker 1: to see more hiring, but quick to acknowledge the elephant
Speaker 1: in the room here he is we need to continue
Speaker 1: to bring down the flash every pressures that people have.
Speaker 1: Certainly what OPAC made a decision on this week to
Speaker 1: do was not helpful to us. The President was disappointed,
Speaker 1: were disappointed his administration. But we need to continue to
Speaker 1: bring down those pressures. And so here we are lessan
Speaker 1: five weeks from the mid terms. Now it's about four
Speaker 1: weeks away. Gossip, interest rate hikes that have hurt the
Speaker 1: markets have not put a dent in the job market.
Speaker 1: And so they've got to be sitting around on the
Speaker 1: White House with the Economic Advisor, UH, the economic advisors,
Speaker 1: the whole economic team, saying what what are we gonna
Speaker 1: do now? This story is not going to change between
Speaker 1: now and voting right, Get another FED meeting, get another
Speaker 1: jobs report. One of the more provocative takes that I
Speaker 1: saw today on Twitter came from our very own Joe
Speaker 1: Wise and full, who I love talking to about this
Speaker 1: stuff because he's just got a very different view, and
Speaker 1: in a more provocative one on things scrolling through my
Speaker 1: How you doing, Joe, It's well, it's my great pleasure,
Speaker 1: thank you. Here we go, yield bugs getting yield workers
Speaker 1: getting jobs, elite seeing their portfolios with her. And yet
Speaker 1: the z H crowd remains apoplectic, almost, like Joe writes,
Speaker 1: almost like the whole thing is an affinity scheme to
Speaker 1: play on the political biases of the investor class as
Speaker 1: opposed to a coherent economic world view. You've got over
Speaker 1: six d likes. The comments are a riot. I just wonder,
Speaker 1: you know, But this is what Joe Biden is thinking, right,
Speaker 1: It's like the old Saturday Night Live skin. I can't
Speaker 1: believe I'm losing to this guy. He's telling this crazy
Speaker 1: job story that seems to get better every month in
Speaker 1: a vacuum. But my goodness. You know, inflation is dogging
Speaker 1: some of the least privileged people in the country. Yes,
Speaker 1: you know. Look, clearly, inflation is a very is a
Speaker 1: problem for consumers, particularly those who have you know, limited
Speaker 1: incomes and a lot of people are seeing their money
Speaker 1: get very stretched, seeing a decline in their standard of living.
Speaker 1: On the other hand, if you just look at what's
Speaker 1: happened in the US this year, we've seen rates go up,
Speaker 1: which is something people were asking for for years during
Speaker 1: dessert era, it's like, oh, savers can't get any money.
Speaker 1: We've seen job growth remain robust, which has been a
Speaker 1: real surprise, and nominal wage of growth has still been impressive,
Speaker 1: but just a month after month we see the unemployment
Speaker 1: rate going back down. And we've seen asset holders who
Speaker 1: did fantastically well for the ten years after the Great
Speaker 1: Financial Crisis, if you had real estate, if you had
Speaker 1: tech stocks, if you had bonds, if you had normal stocks,
Speaker 1: they've had a pretty well, you know, a dismal year.
Speaker 1: So there's a story you could tell, and I think
Speaker 1: it's legitimate where you say, like, look, this is like, uh,
Speaker 1: we are seeing a major inequality compression in two If
Speaker 1: you're thinking of like, well, what would compressing inequality, which
Speaker 1: people have been talking about for years look like what?
Speaker 1: It would not look that different, would it. It It would
Speaker 1: look like robust wage growth, rock solid or sorry, robust
Speaker 1: job growth rock solid job growth and a compression in
Speaker 1: asset valuations, and that's what we're seeing this year. And
Speaker 1: so I do find it interesting. You know, look like
Speaker 1: my my, my tweet was a big tongue in cheek
Speaker 1: and trying to be provocative, but I do think it's
Speaker 1: interesting that in some sense what we've seen in the
Speaker 1: economy in two is what a lot of people have
Speaker 1: been frankly asking for for a long time. Well, you
Speaker 1: know when Joe Biden talks about, yeah, the from the
Speaker 1: bottom out than the from the middle after remember the
Speaker 1: whole thing as opposed to trickle down, Isn't that kind
Speaker 1: of what he's trying to say? And you know, my goodness,
Speaker 1: you're not putting that on a bumper sticker that we're
Speaker 1: going to restructure the economy for something more stable the
Speaker 1: years from now. Yeah, vote for vote for Joe Biden,
Speaker 1: the president who brought three point five percent unemployment, you know,
Speaker 1: six point eight percent inflation and decline of the S ANDP. No,
Speaker 1: It's like it's not a great slogan. And inflation is
Speaker 1: you know, obviously a very salient topic. Gas prices specifically,
Speaker 1: assailant rent prices specifically are sailant but on the other hand, look,
Speaker 1: you know, we have seen this historic pace of job
Speaker 1: creation that is real. It is also real that it's
Speaker 1: surprised many people. The upside. A lot of the jobs
Speaker 1: that we've seen, we're just you know, of course, like uh,
Speaker 1: erasing the losses that we experienced during the pandemic. But
Speaker 1: at this point, the strength of the job market continues
Speaker 1: to surprise economists to the upside, both in terms of
Speaker 1: the falling unemployment rate, the durability of job gains, and
Speaker 1: of course you know, just yeah, and the durability of
Speaker 1: job games. So from a sort of like if you
Speaker 1: don't have any money in the market and you're sort
Speaker 1: of the main source of wealth is your job, which
Speaker 1: for many people that's the case, you could make the
Speaker 1: argument this is a this is a very pro worker economy.
Speaker 1: You know, when you think about interest rates getting back
Speaker 1: to you know, you can buy a CD or something
Speaker 1: for like four or five percent. Uh. You know, I
Speaker 1: think about my parents looking at their at their you know,
Speaker 1: they're trying to live through retirement on a fixed income,
Speaker 1: and and you can look at that from both ways,
Speaker 1: do you when you when you sort of think about
Speaker 1: the real scary stuff, you know, the stuff that can
Speaker 1: go wrong with this economy, and you think about the
Speaker 1: number of boomers retiring now who were watching this evaporate
Speaker 1: while they're trying to figure out how to make ends meet.
Speaker 1: How do you reconcile that with people who actually can
Speaker 1: make you know, a pretty risk free return now suddenly
Speaker 1: on fixed income. Yeah, it's really tricky. And what I think, Uh,
Speaker 1: you know, it's sort of interesting to think if you
Speaker 1: think back to like the stock market boom of one
Speaker 1: in particular, I suspect there are probably a lot of
Speaker 1: people I don't know the exact numbers who left the
Speaker 1: workforce because it's like they hit their mark, whether it's
Speaker 1: the value of their homes, the value of their stocks.
Speaker 1: You might have a valuable home right now, but the
Speaker 1: housing market is kind of frozen. So mortgage trades are
Speaker 1: at seven. It's a it's not a great time to
Speaker 1: buy a house. It's also not a great time to
Speaker 1: sell a house. Not a lot of forced sellers. So
Speaker 1: the expectation is that will keep inventories tight and that
Speaker 1: will keep a bid under home prices. But you know,
Speaker 1: you could have nominally a lot of housing wealth in
Speaker 1: a very difficult time unlocking it and then you see
Speaker 1: the value of the stock market decline. Is it's tricky.
Speaker 1: There's a lot of tricky things right now that is
Speaker 1: very tough for retirees. The labor shortage or the difficulty
Speaker 1: in hiring is also a tricky time for retireas. And
Speaker 1: this could be a long term story in the U. S. Economy.
Speaker 1: The fact that you know, if you are retired and
Speaker 1: as you get older you need more help with more
Speaker 1: and more things. You know, you need human labor. Set
Speaker 1: it aside of the price setting, aside whether you have
Speaker 1: money in your bank account to hire someone. You need someone.
Speaker 1: People need help and they get older, and the shape
Speaker 1: of the sort of demographic period is going to make
Speaker 1: a tricky So I think there are gonna be some
Speaker 1: like real stresses long term even after or hopefully assume this.
Speaker 1: You know, this period of high inflation gets gets um
Speaker 1: gets addressed. So Joe Wisenthal, when when President Biden looked
Speaker 1: across the resolute desk this morning and looked Bryan Deese
Speaker 1: in the eyes, whirst they knew what this number was.
Speaker 1: I'm assuming before eight thirty h Brian Diese gets it
Speaker 1: a day or two early. Here, I don't know about
Speaker 1: Joe Biden. Did they say, okay, you know what, there
Speaker 1: goes your soft landing? Well? Is that? I mean that
Speaker 1: was that the realization? So so it's a it's a
Speaker 1: good question. But the way I see it is, as
Speaker 1: long as the labor market is strong, we can't rule
Speaker 1: out the prospect of a soft landing. Yes, it will
Speaker 1: mean that there's no imminent FED pivot. Right. Okay, so
Speaker 1: we saw short term rates in the US jump again
Speaker 1: further today because yeah, there's if you're hoping that the
Speaker 1: FED was about to pivot, they're not going to. But
Speaker 1: I don't think that the idea of a soft landing
Speaker 1: could be ruled out until we really start seeing the
Speaker 1: unemployment rate shoot up. And right now it's going in
Speaker 1: the right, It's it's going in a good direction. And
Speaker 1: I think that look from the Biden White House perspective,
Speaker 1: I suspect still just from a politics standpoint, more jobs
Speaker 1: are still better than uh sure, fewer jobs. But swell
Speaker 1: picking up this canon in the background, right like, oh
Speaker 1: my god, this is really gonna They're gonna really do
Speaker 1: something serious. Yeah, but you know, and that's for real,
Speaker 1: But you know they've already to be clear, they've this
Speaker 1: has been like one of the fastest pace of hiking
Speaker 1: cycles already in history. So they have done something very
Speaker 1: serious already. And what we're starting to see, and of
Speaker 1: course the story of the last two weeks is there's
Speaker 1: the economic story and there's the financial story. We see
Speaker 1: this extreme tightening and financial conditions, you know, as they say,
Speaker 1: like things are starting to break a little bit, most
Speaker 1: notably with the guilt market in the UK, and that
Speaker 1: the entire financial system is kind of on tenter hooks here,
Speaker 1: and so there are reasons for the FED to not
Speaker 1: necessarily pivot, but to start thinking like, okay, like how
Speaker 1: far do we want to push this before we start
Speaker 1: causing real trouble. And the financial system is you know,
Speaker 1: the financial markets are not great by many measures. They're
Speaker 1: going down, spreads are widening, liquidity is bad. We saw
Speaker 1: what happened with guilt, so you know, there may be
Speaker 1: forces on the horizon that cause some FED officials to
Speaker 1: want to temper the aggressiveness of the rate hikes from here.
Speaker 1: A lot to think about here, and I just always
Speaker 1: love talking through with Joe Wisen. You can find by
Speaker 1: the way, the full Guilt Market episode of Joe's podcast
Speaker 1: Odd Lots. I gotta get a beer with you sometime
Speaker 1: when I'm up there. Thank you again as always for
Speaker 1: the insights Joe wisen Fall on the Fastest Hour in Politics.
Speaker 1: What do we do now? Is we assemble the panel?
Speaker 1: Rick Davis is back with us and Jennie Schanzano of
Speaker 1: Bloomberg Politics contributors on, Joe Matthew and Washington. This is Bloomberg.
Speaker 1: You're listening to Bloomberg. Sound On with Joe Matthew on
Speaker 1: Bloomberg Radio, the Fastest Hour in Politics with an eye
Speaker 1: on inflation and the job markets. Just to start the
Speaker 1: conversation here, we'll have the panel with us in just
Speaker 1: a second. As the job market, of course shows not
Speaker 1: just tightness across the board, but further tightness as drillers
Speaker 1: struggle to find enough workers to meet output targets this year.
Speaker 1: So think about this. Of course, inflation, being driven by
Speaker 1: rising energy prices, has created the need for more production,
Speaker 1: but the job market is too tight to get the
Speaker 1: work done. The number of workers employed in US oil
Speaker 1: and gas jobs total a hundred thirty three thousand, eight
Speaker 1: hundred last month, down almost five from this year's peak.
Speaker 1: Just in July. So when you consider the impact that
Speaker 1: this is having on elements of our economy, it's far
Speaker 1: more complicated as usual than the headline numbers. Rick Davis
Speaker 1: is back with us today, joined of course, with Jeanie
Speaker 1: Schanzano to make our signature panel on sound on Bloomberg
Speaker 1: Politics contributors. Rick, it's great to have you here. This
Speaker 1: story is not getting any easier for the White House. Uh,
Speaker 1: it's just incredible, you know that that the president cannot
Speaker 1: sell one of the strongest job markets in history because
Speaker 1: of everything that it's basically causing. Yeah, Joe, I mean,
Speaker 1: this is a real quandary for the White House and
Speaker 1: the messaging team. Uh. They want to go out and
Speaker 1: claim victory around jobs, but jobs isn't one of the
Speaker 1: core elements of not getting inflation in check, and inflation
Speaker 1: is what voters I think are feeling to pinch around
Speaker 1: and and certainly it seems to indicate, uh, they're holding
Speaker 1: him responsible for that. So he's got great news coming
Speaker 1: in on the jobs front, but it's I don't think
Speaker 1: it's even penetrating when you look at the survey data
Speaker 1: around what people say the number one issue is, and
Speaker 1: that's in placent. Listen to the language the message, Genie
Speaker 1: that he used today. Hager's town, Maryland, is where we
Speaker 1: found the president again. He was at a power train plant,
Speaker 1: Evolvo plant, uh, talking to workers. There are some supporters there,
Speaker 1: but they had workers collected. Here's how he tried to
Speaker 1: sort of thread the needle on this. Listen. Now, the
Speaker 1: pace of job goes as cooling while still powering our
Speaker 1: recovery forward. Wage growth for workers remained solid, down from
Speaker 1: historic high pace months ago, but still growing for workers
Speaker 1: who deserve rays. And this is the progress we need
Speaker 1: to see in the short term and transition to a
Speaker 1: more stable growth that continues to deliver for workers and
Speaker 1: families while bringing inflation down. In the long term, the
Speaker 1: economy build on a firmer foundation, a transition two more
Speaker 1: stable growth. We've been hearing that line more and more,
Speaker 1: Genie from the President, from Brian Deese, his economic advisors.
Speaker 1: I'd don't really know what that means, but when people
Speaker 1: want more money and greater opportunities, you know, is that
Speaker 1: the message they want to hear? You know? I was
Speaker 1: thinking when the President got these numbers, he must have
Speaker 1: felt just so frustrated, Like what a maddening situation to
Speaker 1: have these historic labor numbers and the historic job growth,
Speaker 1: and yet to have a public that is so anxious.
Speaker 1: People are not feeling it. Many people feel, despite what
Speaker 1: it common to say, that we are actually in a recession,
Speaker 1: with most of commist say we're not. So I think
Speaker 1: the President and the team are trying to make the
Speaker 1: case that we are moving in the right direction. It's
Speaker 1: going to take time, and I think that that is
Speaker 1: the right message to send. But of course time is
Speaker 1: not on their side. You know, as the Fed raises
Speaker 1: interest rates, it takes what six to nine months for
Speaker 1: that lag to actually have an impact. They are on
Speaker 1: the right course, and yet it's not going to be
Speaker 1: in time enough to help the midterms. And the piece
Speaker 1: of really frustrating news for the president has to be
Speaker 1: people like Larry Summer's coming and saying we're going to
Speaker 1: actually be in a recession in eighteen months, because that's
Speaker 1: right before the presidential election. So the timing here is
Speaker 1: not good for the Biden administration all around. And I
Speaker 1: feel like, you know, the show Stranger Things, an upside
Speaker 1: down world. He can't even celebrate his labor growth and
Speaker 1: jobs historic Johns right, I bet that's exactly how he feels.
Speaker 1: Not to mention the geopolitics happening at the same time here,
Speaker 1: uh rick, the the Opeque decision to cut by two
Speaker 1: million barrels. It's remarkable to hear the Labor Secretary bring
Speaker 1: that up Marty Walsh today and his sort of analysis
Speaker 1: of the overall pictures is, you know, yeah, this is great,
Speaker 1: but we gotta get this. We gotta get inflation down,
Speaker 1: and OPEC just made it a lot more difficult. None
Speaker 1: of this can be fixed between now in the mid terms.
Speaker 1: We have to acknowledge that. Yeah, I mean, you know,
Speaker 1: you're thirty two days away from the mid terms. Uh,
Speaker 1: you can release all the strategic petroleum you want. Your
Speaker 1: impact on the price of gas is gonna be a
Speaker 1: negligible and the narrative is not great. Right. People remember
Speaker 1: way too well a month ago having surging gasoline prices.
Speaker 1: All they gotta hear is that OPEC plus is um
Speaker 1: reduced output and they're going to be expecting the brace
Speaker 1: and every day morning news today in Arizona where I am, um,
Speaker 1: you know, the price of gasoline has gone up, so
Speaker 1: they're gonna hear it every day on the on the
Speaker 1: news and and they're gonna feel it. It's a pump
Speaker 1: so uh at the end of the day, UH this
Speaker 1: this administration, Democrats have been challenged by economic news going
Speaker 1: to this cycle, and it doesn't look like they're going
Speaker 1: to get any relief going in the next dirty days.
Speaker 1: So then the question becomes, Gennie, is is row you know,
Speaker 1: the issue of abortion rights combined with some of the
Speaker 1: other sweeteners like student loan debt, like uh pardoning people
Speaker 1: convicted of marijuana possession, do those add up to be
Speaker 1: uh any kind of competition for for the big issue
Speaker 1: of inflation. As we look at the pools, the answer
Speaker 1: is clearly no. I mean jobs, the economy, inflation, those
Speaker 1: are the big issues on people's minds, and unfortunately for Democrats,
Speaker 1: followed by crime in many cases. But Dobbs still does
Speaker 1: play big. And you know what else plays big, Donald
Speaker 1: Trump election denial and extremism. And I think these numbers
Speaker 1: are an indication that we might hear the President be
Speaker 1: even louder on those scores as we as Rick said,
Speaker 1: in the next thirty thirty two days, they pushed towards
Speaker 1: this midterm to get their base out to vote, even
Speaker 1: as another prominent election denier softens the edge on that story.
Speaker 1: We're gonna bring you to right where Rick Davis is Arizona,
Speaker 1: the big Senate debate and a fascinating conversation with Liz Cheney,
Speaker 1: who has a warning for Republicans in Arizona. That's next.
Speaker 1: This is Bloomberg. I got a breaker here from the
Speaker 1: New York Times on the campaign trail, and it brings
Speaker 1: us back to Georgia. This is the story that just
Speaker 1: keeps telling. As I read at the New York Times,
Speaker 1: a woman who has said herschel Walker, of course, the
Speaker 1: Republican Senate nominee and Georgia paid for her abortion. This
Speaker 1: has been a big story, scandal, whatever you want to
Speaker 1: call it, over the past couple of the days. This
Speaker 1: woman told The New York Times that he urged her
Speaker 1: to terminate a second pregnancy two years later, they ended
Speaker 1: their relationship after she refused. We're gonna have more on
Speaker 1: this coming up with the panel a little bit later
Speaker 1: on this hour, but I just want to give you
Speaker 1: a sense of what's happening as we speak. This following
Speaker 1: the big throw down in Arizona, the debate last night
Speaker 1: Senator Mark Kelly and Republican Blake Masters going at it
Speaker 1: and what will likely be I'm assuming it's one and
Speaker 1: done here the first and only debate in a race.
Speaker 1: Again that may help to determine the balance of power
Speaker 1: in the U. S. Senate. Of course, it's Arizona An
Speaker 1: immigration loomed large. This is an area where Mark Kelly
Speaker 1: kind of broke away from the Biden administration and even
Speaker 1: his own party. Listen to Mark Kelly in the debate.
Speaker 1: You know, when I got to UH Washington, d C.
Speaker 1: One of the first things I realized was the Democrats
Speaker 1: don't understand this issue, and Republicans just want to talk
Speaker 1: about it and complain about it and actually not do
Speaker 1: anything about it. They just want to politicize that. We
Speaker 1: heard this tonight from my opponent, Blake Masters. You know,
Speaker 1: he thinks he knows better than everyone about everything when
Speaker 1: it comes to border security. I mean, I've been focused
Speaker 1: on this and on immigration. Yes, we need comprehensive reform
Speaker 1: the key word there. But interesting Democrats don't know what
Speaker 1: to do with this issue, he says. Then again, Republicans
Speaker 1: only want to talk about it. Here's the response from
Speaker 1: Blake Masters. If this is the result of Senator Kelly
Speaker 1: being focused on the border. My gosh, he's the most
Speaker 1: ineffective and worst senator of all time. The borders wide open,
Speaker 1: people are walking through by the hundreds of thousands. You know,
Speaker 1: if the Mexican drug cartels, if these terrorists, narcos, if
Speaker 1: they could vote in the selection, every single one of
Speaker 1: them would vote for Senator Kelly because they get what
Speaker 1: they want from him. Let's bring in Ryan take Back
Speaker 1: with Bloomberg News national politics reporter who's been tracking, uh,
Speaker 1: the races, of course, the debates, but also the evolving
Speaker 1: language in some of them. Ryan, it's great to have you.
Speaker 1: I really appreciate your being with us here on a Friday.
Speaker 1: This felt a bit like a draw in Arizona. Is
Speaker 1: that how you see it? Yeah? And in this race, um,
Speaker 1: a draw is going to favor the Democrat. There's still
Speaker 1: a lot of compentitive races in Arizona right now. I
Speaker 1: don't think that we really know which way the governor's
Speaker 1: race is going to go. Secretary of State place there
Speaker 1: is still up for grabs. But I think that in
Speaker 1: the in the Senate race, Kelly seems to have really
Speaker 1: gotten the upper hand. And I don't think that this
Speaker 1: debate changed that. I don't think that it was you know,
Speaker 1: a you know, amazing performance by him, but he did
Speaker 1: what he needed to do and Masters just wasn't able
Speaker 1: to kind of break through. I'd like to ask you
Speaker 1: about a little bit more about Blake Masters. Uh. You know,
Speaker 1: at first he was asked about whether he had scrubbed
Speaker 1: or what acknowledged that he had scrubbed his website of
Speaker 1: of of what we're seen as some extreme views on
Speaker 1: abortion with no exceptions. He said that's not true and
Speaker 1: tried to qualify his stand on this. Then of course
Speaker 1: came the whole idea. And he is a noted election
Speaker 1: denier and certainly endorsed by Donald Trump. But when he
Speaker 1: was asked about it, we saw we heard similar language
Speaker 1: to what we heard from Don Baldock in in uh
Speaker 1: in New Hampshire, who really took a turn away from
Speaker 1: saying that the election was stolen. And last week on
Speaker 1: the broadcast here on sound on Jeff Deal or just
Speaker 1: a couple of days ago, Jeff Deal, the Republican running
Speaker 1: for governor in Massachusetts, framed the so called rigging very
Speaker 1: similarly to the way Blake Masters did. But let's start
Speaker 1: with the way this, this went down in the debate.
Speaker 1: Here's Masters again, is Joe Biden the legitimately elected president
Speaker 1: of the United States. Joe Biden's absolutely the president. I mean,
Speaker 1: my gosh, have you seen the gas prices lately. I'm
Speaker 1: not trying to trick you. He's duly sworn and certified.
Speaker 1: He's the legitimate president. He's in the White House, and
Speaker 1: unfortunately for all of us. Okay, so what did happen
Speaker 1: then if somebody was thumbing the scale. Here's Blake Masters
Speaker 1: with a with a little bit more of that answer.
Speaker 1: I think it's a problem that the FBI forced Facebook.
Speaker 1: They pressured Facebook and other big tech companies to censor
Speaker 1: true information about Hunter Biden's crimes in the weeks before
Speaker 1: the election, and so millions of Americans didn't get to
Speaker 1: read about that. They didn't get to read about Hunter
Speaker 1: Biden and his corrupt business dealings with China and the
Speaker 1: Ukraine business dealings which credibly implicated Joe Biden. And then
Speaker 1: the media lied to us about it. They said, oh,
Speaker 1: that was Russian disinformation. No, it wasn't. It was true.
Speaker 1: And so when the media is lying to people helping
Speaker 1: big tech and apparently federal law enforcement censor information about
Speaker 1: presidential candidates. I think people start to worry about the
Speaker 1: integrity of their life actions the media, big tech, and
Speaker 1: federal law enforcement. Ryan, This is exactly what we heard
Speaker 1: just a couple of days ago from Jeff Deal. As
Speaker 1: I mentioned, is that the new answer is it code
Speaker 1: or is just that this is the only way an
Speaker 1: election denier is going to back out of this? Yeah,
Speaker 1: I mean to be very clear here, Blake Masters isn't
Speaker 1: just an election denier. He spent his campaign money to
Speaker 1: run an add in the primary that begins with him
Speaker 1: looking directly at the camera and saying, I think Donald
Speaker 1: Trump won in so so of all of the election
Speaker 1: that I am that I've been talking and I've been
Speaker 1: tracking more than the um you know they are. There
Speaker 1: are lots of different ways that they have said that
Speaker 1: where they have come tried to sort of said, well,
Speaker 1: you know, I have some questions. That is really high
Speaker 1: up there because it isn't just something he said. I mean,
Speaker 1: he keap money to say it when he wrote us
Speaker 1: script out and we proved that. So it's really hard
Speaker 1: for him to bear in a way from that. Now
Speaker 1: we've seen with John Buldock, you know, he did reverse
Speaker 1: himself after the primary. In the primary, he said, you know,
Speaker 1: I stand by a letter that I signed that that
Speaker 1: the election was stolen. Then immediately after winning the nomination
Speaker 1: he said, I've actually changed my mind. And then recently
Speaker 1: he went back again and said, actually now he doesn't
Speaker 1: know if the election was stolen or not. And it
Speaker 1: is a very very hard sort of not untie, once
Speaker 1: you have tied it. And I just think that Masters
Speaker 1: is kind of talking himself in circles, and it's it's
Speaker 1: kind of necessary to point out that what he said
Speaker 1: there is not accurate. That the FBI did not order
Speaker 1: a big tech to do anything. Uh. What happened was
Speaker 1: that there was a story and the social media company
Speaker 1: kind of on their own decided to not amplify it. Uh.
Speaker 1: And I and you can doubt that PC issue. Well,
Speaker 1: we're going to be hearing it again, then again and
Speaker 1: again based on what we have already heard the last
Speaker 1: couple of weeks. But this is this is an interesting trend.
Speaker 1: We're gonna reassemble the panel and get their take on
Speaker 1: this byan take back with great conversation. Have a great weekend, Ryan,
Speaker 1: and stay with us on sound on This is Bloomberg.
Speaker 1: You're listening to Bloomberg. You sound on with Joe Matthew
Speaker 1: on Bloomberg Radio. Donald Trump said, just as recently as Wednesday,
Speaker 1: there's two days ago in a speech in Miami, that
Speaker 1: the election was stolen in that he was the winner
Speaker 1: in and and easily won this. So how does that
Speaker 1: square with what we're hearing from Blake Masters, Don Baldock,
Speaker 1: Jeff Deal and what will that mean for their relationships?
Speaker 1: He endorsed them and now they're not so sure. Well, actually,
Speaker 1: you heard from Blake Masters. He made it clear he
Speaker 1: thinks that Joe Biden is the legitimate presidents. Let's reassemble
Speaker 1: the panel. Rick Davis G. D. Schanzano with us. Rick
Speaker 1: actually is in Arizona where the debate took place and
Speaker 1: was part of a really interesting event, fascinating conversation with
Speaker 1: Liz Cheney. Rick actually put the whole thing together. It
Speaker 1: took place at the McCain Institute at a s U
Speaker 1: and Rick moderated this conversation that was newsmaking. Liz Cheney
Speaker 1: was urging voters specifically in Arizona to reject Republican candidates
Speaker 1: who were election deniers, not only for governor Senate but
Speaker 1: also secretary of State. And she had a message as well.
Speaker 1: I thought was fascinating for Glenn Yuncan, who went out
Speaker 1: there to uh to stump for the election, denying Republican nominee.
Speaker 1: Here's Liz Cheney. I don't know that I have ever
Speaker 1: voted for a Democrat, UM, but if I lived in
Speaker 1: Arizona now, I absolutely would and for governor and for
Speaker 1: secretary of state UM. And I think, you know, we
Speaker 1: cannot be in a position where we elect people who
Speaker 1: will not fundamentally uphold the sanctity of elections. And I
Speaker 1: think that that's got a you know, more important than
Speaker 1: anything else. That's pretty incredible to hear from anybody with
Speaker 1: the last name Cheney, Rick that if I lived in
Speaker 1: Arizona or in a state in a similar place, it's
Speaker 1: not just Arizona. Looking at election denying secretaries of state
Speaker 1: potentially being in office, she says she would vote democratic.
Speaker 1: Did that surprise you? Uh? It didn't surprise me. Uh,
Speaker 1: you know, following Liz Cheney's career. But more different than
Speaker 1: not vert, that's different from not voting, uh. And that
Speaker 1: is a significant departure from her family tradition. Uh. She's
Speaker 1: got a rich family history of dedication to the principles
Speaker 1: of the Republican Party in her own career, but it's
Speaker 1: pretty obvious that when she looks at candidates who basically say, uh,
Speaker 1: in their campaigns that they will refuse to honor an
Speaker 1: election that they don't win, then I mean, it's what
Speaker 1: else can you say? Uh? These are not people who
Speaker 1: have agreed to play by the rules of democracy, and
Speaker 1: we are a rules based country, and they decided to
Speaker 1: go a different way. And I I think it's honorable
Speaker 1: on her part. It was obviously a career changing decision
Speaker 1: by her to get involved with the January six Commission.
Speaker 1: But you know, she makes the point that the um
Speaker 1: the president is unraveling our republic and that the fragility
Speaker 1: of American democracy should be taken seriously. And she's a
Speaker 1: very good spokesperson for that very important topic. Yeah. I mean,
Speaker 1: look the results of her primary we're brutal, but she
Speaker 1: has been an incredibly effective communicator when it comes to
Speaker 1: this issue. Listen to Donald Trump genie from Wednesday Miami,
Speaker 1: as I mentioned it was the Hispanic Leadership Conference, as
Speaker 1: he talks about what he thought was an unbeatable position
Speaker 1: going into the election of and he says it in
Speaker 1: a way that only Donald Trump could he. I remember
Speaker 1: a very famous polster, very well known, John McLaughlin, came
Speaker 1: to my office just prior to the play coming in.
Speaker 1: He said, Sir, if George Washington and Abraham Lincoln came
Speaker 1: alive from the dead and they formed a president vice
Speaker 1: president team, you would beat them by that's how good
Speaker 1: our numbers were. He says this with a straight faced genie.
Speaker 1: I'm assuming he doesn't really have the research to back
Speaker 1: that up, but this is how headstrong he is. It is,
Speaker 1: and it's how humble he is, gentlemen, humble man. Yes,
Speaker 1: I could just hear four score and seven years ago
Speaker 1: ringing out in my head as we listened to his
Speaker 1: his waffs and waynes and you know, um, you know,
Speaker 1: I I've never I can't imagine we'd see numbers of
Speaker 1: that kind. We do know he still has a lot
Speaker 1: of support in the Republican Party, that's for sure. And
Speaker 1: I think, you know, this brings it back to what
Speaker 1: you and Rick were just talking about in congratulations to
Speaker 1: Rick on another really important McCain Institute event, I mean,
Speaker 1: really a newsworthy event, and what I was struck by
Speaker 1: at the event when Liz Cheney was asked how she
Speaker 1: defines I believe she was asked how she defines her
Speaker 1: patriotism or what the meaning of patriotism is. She said,
Speaker 1: putting country above political party, and putting your own political
Speaker 1: interests in political future and career above your party and politics. So, um,
Speaker 1: you know, or put the reverse way. I can't say
Speaker 1: it the way she said, um, but you know, that's
Speaker 1: where we are at this point, and she's very much
Speaker 1: in the minority as we look at her warnings about
Speaker 1: what's going on in Arizona at the state level, and
Speaker 1: then a Brookings report out the other day saying four
Speaker 1: hundred and thirty five election deniers are on the ballot
Speaker 1: and about close to sixty percent of them have a
Speaker 1: real shot of winning at this point, Rick, what was
Speaker 1: your take on the Arizona Senate debate. We spent some
Speaker 1: time on it a bit earlier this hour. Uh Senator
Speaker 1: Kelly uh Mark Kelly was considered in it to be
Speaker 1: in a very vulnerable position. How has he strengthened his
Speaker 1: hand over the last couple of weeks, You know, I don't,
Speaker 1: I don't know if he's strengthened his hand. Um, any
Speaker 1: candidate who's incumbent and going into a month before the
Speaker 1: election and has a pulling of about anything over is
Speaker 1: is a good is in good shape. Right. Um, the
Speaker 1: election has closed, there's no question, as the Republicans have
Speaker 1: sort of consolidated around Masters, who they did not know
Speaker 1: very well when he won the nomination. Um, you know,
Speaker 1: it's it's tightened up, but that's just primarily because the
Speaker 1: Repulican Party has surrounded their nominee. Um whether or not
Speaker 1: he can get any crossover independent votes, which independent votes
Speaker 1: in Arizona are everything right there, the largest identifiable group,
Speaker 1: bigger than Republicans and Democrats. So I would say advantage,
Speaker 1: you know, like what Ryan Beck was said earlier, advantage Kelly.
Speaker 1: You know, you've got to take it away from him.
Speaker 1: It's his election to win right now. And uh, and
Speaker 1: I don't think anything happened in that debate that otherwise
Speaker 1: would have done it. Look, I mean, the issue set
Speaker 1: doesn't break well for him right The border is a
Speaker 1: major issue and the Blood administration has has screwed it up.
Speaker 1: So insomuch as he's kind of running away from that. Um,
Speaker 1: you see Masters running away from Donald Trump. I think
Speaker 1: that's a foot race that I'd have to say Kelly's
Speaker 1: got a more likely chance of winning, fascinating the real
Speaker 1: clear average. By the way, the poll of pulls Kelly
Speaker 1: up for point one. Uh. We've got a January six
Speaker 1: committee hearing next week. This was rescheduled. Uh, and that's
Speaker 1: going to be taking place on Thursday, by the way.
Speaker 1: But I just I do wonder as we discussed this
Speaker 1: idea of election denying, Uh, what you thought about both
Speaker 1: of you? Which you thought about Liz Cheney name checking
Speaker 1: Glenn Youngcan who many believe to be the future of
Speaker 1: the Republican Party and could in fact be your presidential candidate.
Speaker 1: He's been traveling the country helping Republicans raise money. Uh,
Speaker 1: and you know he has PAULA Page was on the list.
Speaker 1: Carry Lake was on the list, which got Liz Cheney's
Speaker 1: attention in Arizona. Uh, Genie, is he mortgaging his reputation
Speaker 1: by sharing stages with candidates like this? You know that's
Speaker 1: the case that Liz Cheney is trying to make that
Speaker 1: you can't have it both ways. You can't both try
Speaker 1: to run as a moderate as he has and to
Speaker 1: present yourself as a as a leader of the major
Speaker 1: political party in the country, you know, one of the
Speaker 1: major ones, and at the same time be courting funding
Speaker 1: and electioneering on behalf of election deniers. And I think,
Speaker 1: you know, at this point it's not a message unfortunately
Speaker 1: for Liz Cheney that's resonating in the party. But I
Speaker 1: think she is betting on the fact that as time
Speaker 1: goes by, the message will resonate. And you mentioned January
Speaker 1: six hearing. Um, you know, I think this is you know,
Speaker 1: likely going to be the last public hearing we have,
Speaker 1: and I think we're going to here an awful lot
Speaker 1: in that vein as we as they make this case
Speaker 1: over and over again before the election, we probably won't
Speaker 1: hear from them again after. Is it unwise for Glenn
Speaker 1: Youngcan to be cavorting with the carry lakes of the world. Rick, Yeah,
Speaker 1: I just don't see what's in it for him. He
Speaker 1: very definitely negotiated his way from having to do anything
Speaker 1: related to Donald Trump in his primary and general election
Speaker 1: in Virginia. Uh. Everyone looked at that and said, Wow,
Speaker 1: this could be the model. We could actually get a
Speaker 1: Republican elected without having to cow tow to Donald Trump.
Speaker 1: And I wouldn't call him a moderate Genie. I mean,
Speaker 1: he's a conservative Republican in a conservative state. But he
Speaker 1: does mortgage some of that appeal by going around and
Speaker 1: giving some of that positive impact that he's carrying with
Speaker 1: him to candidates like Carry Lake, who who has has
Speaker 1: tried to now do a backflip to very similar to Masters,
Speaker 1: who's running in this and a race to convince people
Speaker 1: in Arizona say oh no, no, I didn't need any
Speaker 1: of that stuff I had to say in the primary.
Speaker 1: Um So, so look, we used to run to the
Speaker 1: right to win the primary and come back to the
Speaker 1: center of politics to win a general. Now we run
Speaker 1: to Jnald Trump in the primary and then try to
Speaker 1: run away from him as fast as we can in
Speaker 1: the in the general. So it's a big spin. I
Speaker 1: promised to ask you both. We only have a minute left.
Speaker 1: I we don't have to get obviously too far into this.
Speaker 1: Did herschel Walker just make his life more difficult? Is
Speaker 1: this story? Uh? In the New York Times? Genie change
Speaker 1: what was already a mess. It makes the mess a
Speaker 1: whole heck of a lot worse. And I think it's
Speaker 1: going to keep getting worse. And you know, uh, the
Speaker 1: fact that he simply does not have a response to this,
Speaker 1: and the stories drip drip keep coming out, And I
Speaker 1: would just tell Breck I call Young n a moderate
Speaker 1: because in the Republican Party today he's pretty much it. Huh.
Speaker 1: Well listen, And it was really more his lack of
Speaker 1: relationship with Donald Trump writer appearances. But Rick, would you
Speaker 1: put herschel Walker on Sunday Morning television this weekend? I
Speaker 1: think I'd try to put him in a hotel room
Speaker 1: and lock him up. I signed with Lieutenant Governor. You
Speaker 1: pick a candidate like this, you better expect a rough ride.
Speaker 1: Wow the next couple of days and you're gonna be
Speaker 1: something on that story. I'm glad we could all be
Speaker 1: together to usher in the weekend. Rick and Genie, thank
Speaker 1: you so much. We'll be back with another edition of
Speaker 1: Bloomberg Sound on Monday, the Fastest Hour in Politics. If
Speaker 1: you showed up late, subscribe to the podcast. You'll see
Speaker 1: what I mean. Have a great weekend. I'm Joe Matthew.
Speaker 1: This is Bloomberg