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Speaker 1: Now from our nation's capital. This is Bloomberg sound On.

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Speaker 1: When it comes to Russia's warreams, Russia is failing, training

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Speaker 1: is succeeded. It has already lost a lot of military capability.

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Speaker 1: One of their most acute needs is for artillery. Bloomberg

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Speaker 1: sound on Politics, Policy and perspective from DC's top names.

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Speaker 1: I will work every single day to make sure that

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Speaker 1: Stacy Arams is never your governor or your next president.

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Speaker 1: I'm proud to have President Trump's endorsement. We will get this,

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Speaker 1: we will win. He's a fearless, magnified a Bloomberg sound

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Speaker 1: on with Joe Matthew on Bloomberg Radio. They're back in

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Speaker 1: the bubble. Lawmakers returning to town, just in time for

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Speaker 1: Elon Musk to take over Twitter. You can't write it

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Speaker 1: better than this. Welcome to the fastest hour in politics.

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Speaker 1: As the White House gives its first reaction to the

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Speaker 1: Twitter story, invoking section to thirty and facing a long

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Speaker 1: to do list as lawmakers return and a closing window

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Speaker 1: of opportunity on Capitol Hill. We'll talk about it all

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Speaker 1: with Greg Valier, chief policy strategist at a g F Investments.

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Speaker 1: The State Department says Ukraine has been even harder on

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Speaker 1: the Russian military than first reported. Imagine we'll discuss it

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Speaker 1: later with Brett Ruin of the Global Situation Room. After

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Speaker 1: a weekend that saw the Secretaries of State and Defense

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Speaker 1: on the ground in Kiev, our signature panel is in place.

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Speaker 1: Bloomberg Politics contributors Jeanie Chanzano and Rick Davis are with

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Speaker 1: us for the hour, and the Twitter story is resonating

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Speaker 1: here in Washington as well, where there's, of course for months,

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Speaker 1: been an active conversation for years, really about everything from

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Speaker 1: anti trust to censorship, to the mental well being of

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Speaker 1: our children. Now you add the big takeover by Elon Musk,

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Speaker 1: it's top of mind, and you know it's gonna come

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Speaker 1: up in the White House briefing. It did today. Here's

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Speaker 1: how Press Secretary Jensaki delivered the administration's response. I'm not

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Speaker 1: going to comment on a specific transaction. What I can

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Speaker 1: tell you as a John all matter no matter who

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Speaker 1: owns or runs Twitter. The President has long been concerned

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Speaker 1: about the power of large social media platforms, what they have,

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Speaker 1: that power they have over our everyday lives. Has long

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Speaker 1: argued that tech platforms must be held accountable for the

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Speaker 1: harms they cause. He has been a strong supporter of

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Speaker 1: fundamental reforms to achieve that goal, including reforms to Section

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Speaker 1: to thirty, enacting antitrust reforms, requiring more transparency and more.

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Speaker 1: And he's encouraged that there's bipartisan interest in Congress. Remembering

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Speaker 1: this White House has had a strained relationship with Elon

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Speaker 1: Musk right after choosing not to invite him to any

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Speaker 1: number of events about electric cars. They've had a lot

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Speaker 1: of them, featuring Ford, featuring GM and others. Some have

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Speaker 1: said it's because Tesla doesn't use union labor, although the

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Speaker 1: White House has never said that. And of course we

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Speaker 1: saw a picture of you know, Marty Walsh, weare and

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Speaker 1: Cowboy Boots hanging out there at the Big Plant, Texas

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Speaker 1: with Elon Musk. Still a loaded response from the White House,

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Speaker 1: though help be referring to the harms language that and

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Speaker 1: sak he just used the harms that tech platforms cause,

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Speaker 1: referring presumably to social media, even invoking Section to thirty

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Speaker 1: may as well go right for it, grabbed the the

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Speaker 1: third rail, and the deal is technically not even done.

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Speaker 1: We have questions for Greg Valier, as always, whose note

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Speaker 1: this morning was strikingly optimistic, and we're gonna get into

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Speaker 1: that in a minutic Greg, welcome back. Are you more

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Speaker 1: or less likely to use Twitter once it's owned by

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Speaker 1: Elon Musk? Probably about the same. I mean this, this

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Speaker 1: will divide Washington, Joe, no question. On the left, there's

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Speaker 1: a feeling that he could enable hate, hate emails, hate tweets.

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Speaker 1: And on the right, I think there's a feeling that

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Speaker 1: censorship could be an issue as it was with Donald Trump.

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Speaker 1: So anything that involves Donald Trump and Musk and both parties,

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Speaker 1: you know, is going to be controversial. Well. Absolutely. By

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Speaker 1: the way, Trump said today on Fox that he's not

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Speaker 1: going back to Twitter anyway, even if he's invited, which

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Speaker 1: I thought was kind of fortunately. You know, he's got

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Speaker 1: his own what is it truth social or something like that. Yeah,

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Speaker 1: you know, he he can say that show. But if

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Speaker 1: he had a chance to go back, you don't buy it.

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Speaker 1: He'd be crazy not to go back. And the amount

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Speaker 1: of publicity he generate would be just too great. If

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Speaker 1: he's going to run in it would be a big plus.

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Speaker 1: How about invoking Section to thirty and antitrust, Both of

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Speaker 1: these have been kind of hanging out there. Uh, they

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Speaker 1: dragged the CEOs of these companies to Washington to testify.

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Speaker 1: Nobody has really pulled the trigger despite a lot of legislation,

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Speaker 1: UH that's been filed. Is this type of headline, Uh,

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Speaker 1: maybe push lawmakers into this direction. To your point, it's

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Speaker 1: a bipartisan desire to do something. It's just that Democrats

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Speaker 1: and Republicans want to do it for different reasons exactly.

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Speaker 1: So I think that it's not out of the question

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Speaker 1: that you'll have the antitrust edition at the Justice Department

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Speaker 1: or maybe the Federal Trade Commission at least look into this,

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Speaker 1: have hearings, gather evidence. But since it's going to be

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Speaker 1: a p avidly held company, and since I don't see

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Speaker 1: any true anti trust competition on pricing things like that,

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Speaker 1: it'll be a tough case to make. But you know,

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Speaker 1: with a deal this big, Washington will look at it. Right.

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Speaker 1: Valier didn't know when he woke up this morning he

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Speaker 1: was going to be a Twitter analysts on an international broadcast.

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Speaker 1: But you know, I had to get your two cents

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Speaker 1: on this after we heard from Senator Elizabeth Warren on

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Speaker 1: Sunday Morning TV. At least two shows is that a

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Speaker 1: half Ginsburg. By the way, I asked somebody that this morning,

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Speaker 1: and they had no idea what I was talking about,

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Speaker 1: which is why I realized that I am getting too old.

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Speaker 1: But uh, just yeah, not a full Ginsburg. That's all

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Speaker 1: five shows. Now, I'd love to hear what Senator Warren

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Speaker 1: said and then get your response to this, Greg, because

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Speaker 1: this is kind of a call to action two hundred

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Speaker 1: days out from the mid terms. Here's Elizabeth Warren. We've

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Speaker 1: got nearly two hundred days left between now and the election,

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Speaker 1: and there are families who are trying to make the

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Speaker 1: decision at the check outline which groceries to send back

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Speaker 1: because they and afford them. There are millions of people

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Speaker 1: across this country who are saying they are not ready

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Speaker 1: for student loan payments to be turned back on they

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Speaker 1: simply can't afford them. There are millions of people across

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Speaker 1: this country who say that prices at the pump, prices

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Speaker 1: at to try to buy a pound of hamburger, have

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Speaker 1: all gone up and they need help. So she got

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Speaker 1: all the greatest hits prices at the pump, the price

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Speaker 1: of hamburger, um. But this was a two hundred day warning.

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Speaker 1: I guess we can say from from the progressive point

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Speaker 1: of view, still banging the drum on inflation though, Greg,

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Speaker 1: just like Republicans are. Yeah, you've got to look at

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Speaker 1: the progressive agenda and you've got to conclude, to be fair,

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Speaker 1: that most of it has failed. Defund the police, minimum tax,

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Speaker 1: Medicare for all. There are all these very expensive initiatives

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Speaker 1: that haven't made it. And I think Joe Biden's attachment

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Speaker 1: to progressive UH last year was a negative for him.

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Speaker 1: He it precluded him from getting more done well. And

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Speaker 1: of course he hasn't been speaking that language himself. And

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Speaker 1: it's interesting to see the Senator UH from Massachusetts weighing

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Speaker 1: here knowing that there could be some difficult results coming

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Speaker 1: in November. Greg. She she weighed in on that as well,

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Speaker 1: but also allowed for the possibility of Democrats to maintain control.

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Speaker 1: That's that's not in your crystal ball, is it? No?

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Speaker 1: But I would say this show. I think this was

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Speaker 1: a shot from Elizabeth Warren to Bernie Sanders, basically saying,

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Speaker 1: don't even think about running at the age of three

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Speaker 1: or eighty four. I think Warren feels this could be

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Speaker 1: her turn, and I think she that was a not

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Speaker 1: too subtle shot at Bernie imagine Warren Trump, Greg Valier,

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Speaker 1: you'd show up for that. Indeed every day I felt

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Speaker 1: like Tom Keane this morning when I read your note

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Speaker 1: to clients. Check this out, the poetry from Greg amid

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Speaker 1: The dew Woman Gloom over geopolitics and inflation. We begin

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Speaker 1: this week with a contrarian look at reasons for optimism.

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Speaker 1: I love the way you started things off here, Greg.

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Speaker 1: I think if Tom were with me, he would ask,

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Speaker 1: he would ask, what is there possibly to be optimistic

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Speaker 1: about right now? You wrote that with the Dow still

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Speaker 1: freshly down, about a thousand points, of war going overseas,

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Speaker 1: and god knows what else. Well, thank you, there's there

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Speaker 1: are things that are not all that negative. You've got.

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Speaker 1: I think the chance to Russia could bog down. British

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Speaker 1: intelligence is predicting that you had a really strong sign

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Speaker 1: of NATO unity with Macrone winning by seventeen points. You've

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Speaker 1: also got I think at the said the fact that

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Speaker 1: they do want to fight inflation. That's a good thing.

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Speaker 1: I think maybe we're getting close to that being in

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Speaker 1: the markets, and I'm not convinced the rates are going

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Speaker 1: to go up by quite so much because of China.

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Speaker 1: I think that could be a retardant to economic growth.

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Speaker 1: In one final thing, Joe, the budget deficits, it has plunged.

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Speaker 1: No one's talking about this when the budget deficit has

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Speaker 1: fallen dramatically, still another piece of good news. And since

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Speaker 1: nobody cares about the deficit one way or the other,

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Speaker 1: apparently Joe Biden gets no credit for that, right of course,

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Speaker 1: not all right, then, revenue growth is when you point

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Speaker 1: out here, uh you you mentioned the Fed as well.

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Speaker 1: There's been a big conversation about whether the Fed can

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Speaker 1: achieve a soft landing or whether we're talking about a recession,

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Speaker 1: if even a quick one next year, maybe it's even

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Speaker 1: just one month of of of negative growth. What does

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Speaker 1: your forecast tell us about that? Well, obviously you have

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Speaker 1: to stick with a consensus that the next two or

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Speaker 1: three f O m C policy meetings you'll get fifty

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Speaker 1: basis points increase. But I would argue by the fall,

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Speaker 1: if the economy is starting to slow, if inflation doesn't

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Speaker 1: look quite as hot, we go to twenty five basis

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Speaker 1: point rate hikes for the last two or three meetings

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Speaker 1: of the year. I don't think the Fed will overdo it.

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Speaker 1: They know the markets are worried that the FED could

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Speaker 1: kick into a recession. I don't think the Fed will

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Speaker 1: do it. So at that point, you know, we're coming

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Speaker 1: off the summer. You like to think that COVID rates

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Speaker 1: are pretty low. You just mentioned we just avoided a recession. Uh,

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Speaker 1: Inflation is coming down a little bit, looks like it peaked.

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Speaker 1: Does that start to turn the conversation politically as well?

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Speaker 1: Or is it just too late for that? Probably too late.

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Speaker 1: I maybe if the move on inflation to downward is

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Speaker 1: clear by mid to late summer, it could help Joe Biden,

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Speaker 1: you know, the gas pump and grocery stores. But once

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Speaker 1: that attitude gets solidified, it's hard to change. And there

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Speaker 1: is a belief among American voters that runaway spending has

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Speaker 1: exacerbated inflation. And I would argue if you look at

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Speaker 1: spending and revenues, it's a totally different story. It's a

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Speaker 1: much more positive story. So in our remaining thirty seconds here,

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Speaker 1: does a does a mini build back better happened between

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Speaker 1: now and November? Maybe a couple of things, maybe something

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Speaker 1: on the environment, like pre kindergarten for kids. Uh, But

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Speaker 1: it certainly isn't going to be anything great. In fact,

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Speaker 1: Democrats wish they had taken Mansion's offer of one point

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Speaker 1: five trillion. That would be nirvana. If it seems like

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Speaker 1: a lot of money now, doesn't it. Greg Valier with US,

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Speaker 1: the chief US policy strategist at a g F Investments,

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Speaker 1: always a fascinating and in this case, optimistic conversation. How

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Speaker 1: about that now for a Monday. We'll assemble the panel

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Speaker 1: next that will make you smile to Rick and Janie

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Speaker 1: are on the way on sound on. This is Bloomberg.

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Speaker 1: You're listening to Bloomberg. You sound on with Joe Matthew

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Speaker 1: on Bloomberg Radio. You could do a quick news search

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Speaker 1: for Twitter, as I just did on the terminal. The

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Speaker 1: top headline, at least at the moment, Twitter deal is

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Speaker 1: said to include reverse termination fee. These are the kind

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Speaker 1: of things you have to remember as we talk about

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Speaker 1: these war old changing stories like Elon Musk buying Twitter.

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Speaker 1: It includes a provision, as I read, that the billionaires

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Speaker 1: required to pay the company a fee if you were

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Speaker 1: to walk away or the deal falls apart. According to

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Speaker 1: people familiar with the matter, Twitter's advisors negotiated for the

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Speaker 1: so called reverse breakup fee. The people said, so you know,

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Speaker 1: it's not a done deal well late, you know when

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Speaker 1: it is. As we assemble the panel with Bloomberg Politics

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Speaker 1: contributors Jeannie Chanzano and Rick Davis emerging from their beautiful

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Speaker 1: spring weekend. It's great to have both of you guys here, Genie.

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Speaker 1: The White House response was clearly thought out, and I'd

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Speaker 1: like to go back through it for a minute with you.

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Speaker 1: This is Jen Saki, as we played for you a

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Speaker 1: couple of minutes ago. Uh. Not gonna comment on this transaction,

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Speaker 1: she says, and then proceeds to, you know, give you

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Speaker 1: this list of of pretty interesting indications about where we

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Speaker 1: might be going. That the president has long been concerned

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Speaker 1: about the power of large social media platforms. He says,

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Speaker 1: he's long argued tech platforms must be held accountable for

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Speaker 1: the harms they cause, and then later refers to reforms

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Speaker 1: to sections to thirty and anti trust reform. What are

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Speaker 1: we in for this year? You know that is the

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Speaker 1: not comment comment that we got from Jenasaki, and you know,

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Speaker 1: to me, it had strong echoes of the speech we

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Speaker 1: heard from Barack Obama at Stanford the other day. I mean,

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Speaker 1: Barack Obama came out very publicly and said that he

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Speaker 1: charged that online distance disinformation, It exemplifies humanities worse impulses,

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Speaker 1: I think was his his his line, and disinformation he

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Speaker 1: said puts democracy at risk. And you juxtapose that with

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Speaker 1: what Elon Musk is saying, free speech the bedrock of

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Speaker 1: a functioning democracy, absolutely in Twitter being the digital town square.

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Speaker 1: How do you come together with those two points? And

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Speaker 1: I think we're hearing echoes of Barack Obama's view all

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Speaker 1: across the Democrats, all across the left, and certainly in

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Speaker 1: the Obama administer ration. And I would not be surprised

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Speaker 1: if we see a headlong movement if if if Democrats

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Speaker 1: are able into a more you know, sort of a discussion,

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Speaker 1: if you will, if they ei they're not going to

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Speaker 1: have Congress, probably, but if they are allowed to lead

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Speaker 1: any of that towards more regulation or at least some

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Speaker 1: regulation in that space hasn't been. Republicans, though, have been

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Speaker 1: crying about Section two thirty for for quite a lot longer. Rick,

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Speaker 1: Were you surprised to hear this come from the administration?

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Speaker 1: And if they try to change this for different reasons,

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Speaker 1: I wonder if that's if that's workable. Yeah, it's hard

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Speaker 1: to tell what they would be willing to do or

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Speaker 1: not do, especially assuming that the must deal goes through.

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Speaker 1: And you're right, Republicans have been screaming about Section two

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Speaker 1: thirty because they really think that the social media platforms

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Speaker 1: have carved out their own censorship and they have been

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Speaker 1: diminishing the conservative voices across these platforms. And so, uh,

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Speaker 1: if you believe what Elon Musk is telling us today, UH,

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Speaker 1: he's basically gonna let everybody to have have their say

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Speaker 1: and try to do less uh quotes censorship on his own.

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Speaker 1: Which Uh, it's very hard to decide how this is

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Speaker 1: all going to play out. And uh and and yet

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Speaker 1: I do think the administration showed their hand by throwing

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Speaker 1: out a very tough statement pre deal on on Elon

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Speaker 1: Musk's transaction with Twitter, you've put together your share of deals, Rick?

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Speaker 1: Was that was that response that I mentioned to have

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Speaker 1: the fee built in a reverse termination feed just because

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Speaker 1: they're dealing with a vol little personality. No, I mean

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Speaker 1: it's not too unusual with major public markets deals, especially

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Speaker 1: those that might be on a go private basis. And

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Speaker 1: and and because it is going to hurt the company

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Speaker 1: if this deal doesn't go through, uh, and so the

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Speaker 1: company needs some way to recapture. Uh that that kind

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Speaker 1: of impact if it does happen, so I break up

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Speaker 1: fees like that or not unusual. Probably this one is

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Speaker 1: gonna be in the historical size because of the size

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Speaker 1: of the transaction, but otherwise business as usual on Wall Street.

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Speaker 1: What's more likely as we kind of look down the

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Speaker 1: next couple of months or even years under this Biden administration, genie,

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Speaker 1: is it antitrust or or is it managing Section to thirty?

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Speaker 1: Managing the liabilities or the protection from liabilities for these companies?

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Speaker 1: You know, I think they should pursue Section to thirty. Myself.

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Speaker 1: I'm not sure that they will do that, but I

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Speaker 1: think that would be the wiser of the two moves.

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Speaker 1: They may go full throttle on both fronts, but again,

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Speaker 1: you know, they are going to need bipartisan support to

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Speaker 1: do any and this gulf between Democrats and Republicans on

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Speaker 1: this issue is very fascinating, and we have every reason

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Speaker 1: to believe that Elon Musk believes what conservatives have been saying,

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Speaker 1: which that social media has been de emphasizing their voices

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Speaker 1: and emphasizing liberal voices. He's made he made it clear

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Speaker 1: that he wants to create a balance there and allow

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Speaker 1: everybody to speak freely. Um, so you know, whether conservatives

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Speaker 1: in fact are still as gung ho on regulation as

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Speaker 1: they have been in the past is going to be

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Speaker 1: a big question. I think going forward, Rick, what kind

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Speaker 1: of a lobbying people are asking you, who's going to

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Speaker 1: be the CEO? What kind of a lobbying operation a

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Speaker 1: Washington operation will Elon Musk need to have here if

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Speaker 1: this goes through, Well, we pretty much know he's not

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Speaker 1: going to have the current CEO, who he called a

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Speaker 1: Joseph Stalin type figure at one point in time. So

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Speaker 1: my guess is that deal is not gonna get done

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Speaker 1: for him. But uh, look, I think that uh they're

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Speaker 1: they're already huge lobbying campaigns in Washington, both around Section

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Speaker 1: to thirty and an impact on you know, teens, and

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Speaker 1: and there's just a laundry list of issues that affect

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Speaker 1: a big tech and of course how does the new

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Speaker 1: Twitter get along with other big text like Amazon and

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Speaker 1: Apple and knows that are already in the hot hot

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Speaker 1: seat in Congress. Fascinating be a help wanted sign, I

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Speaker 1: I suspect on the legislative Liaison office at Twitter. But

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Speaker 1: we'll see as we spend time with Rick and Jeanie

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Speaker 1: on a Monday, and we'll bring in Brett Bruin next

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Speaker 1: this week earned the geopolitics, there is more than Elon

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Speaker 1: happening today as we cast our view to Ukraine on

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Speaker 1: the fastest hour in politics. This is Bloomberg. So, as

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Speaker 1: I mentioned, UH, some pretty high powered officials when we

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Speaker 1: when we consider the idea, well, we might send a

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Speaker 1: US official to Ukraine. We weren't thinking the Secretary of

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Speaker 1: Defense or State for that matter, but both showed up

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Speaker 1: together on Sunday, generating some pretty remarkable headlines, the first

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Speaker 1: of them from Anthony Blincoln of State saying that diplomats

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Speaker 1: are going to be on their way back. US diplomats

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Speaker 1: will come back from Poland and head back into Ukraine, UH,

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Speaker 1: starting in the coming days. Serious part of our commitment

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Speaker 1: going forward involves a number of things that I was

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Speaker 1: able to share with President Silonski yesterday, including the return

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Speaker 1: of American diplomats to Ukraine starting next week. Starting next week,

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Speaker 1: I guess they'll start in Leviv and then eventually work

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Speaker 1: their way into other parts of the country. Imagine a

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Speaker 1: situation with the U. S Embassy reopening in Kiev. The

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Speaker 1: Secretary of Defense, as I mentioned, was also there Lloyd

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Speaker 1: Austin helping to generate this headline on the terminal USC

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Speaker 1: is major depletion of Russian forces. I love this, uh

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Speaker 1: angle on the story here. Not only are they showing up,

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Speaker 1: you know, in a show of solidarity, but letting us know. Uh.

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Speaker 1: And this is, by the way, a State Department official

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Speaker 1: who brief reporters on condition of anonymity, Russia now facing

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Speaker 1: a significant depletion of its hardware and its forces in Ukraine,

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Speaker 1: both hardware and human. As the war drags on, in

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Speaker 1: Russian production lines confront shortages of components and parts. Listened

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Speaker 1: to Secretary of Defense Austin not only on the fact

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Speaker 1: that we're you know, we're not gonna pretty hard or

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Speaker 1: Ukraine is using our hardware, but the idea from here

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Speaker 1: is to keep them down here, Secretary Austin, you want

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Speaker 1: to see Russia weakened to the degree that it can't

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Speaker 1: do the kind of things that it has done in

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Speaker 1: invading Ukraine. It has already lost a lot of military

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Speaker 1: capability and a lot of a lot of its troops,

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Speaker 1: quite frankly, and we want to see them not have

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Speaker 1: the capability to very quickly reproduce that capability. Let's bringing

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Speaker 1: Brett Ruin of the Global Situation Room, President and former

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Speaker 1: Director of Global Engagement at the White House. It's great

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Speaker 1: to have you back, Brett. Thanks for being here. Is

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Speaker 1: this a turning point for Ukraine and that more people

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Speaker 1: are talking about not just holding off Russia or maybe

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Speaker 1: Kiev will still be standing, but in fact winning this war. Well,

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Speaker 1: you heard that yesterday from State Deparming spokesperson Ned Price,

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Speaker 1: who suggested that Russia is losing. And that was an

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Speaker 1: important change in what we were hearing out of Washington,

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Speaker 1: which you know previously had, if you will, been pretty

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Speaker 1: circumspect when it came to the Ukrainians prospects. But there

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Speaker 1: was a level of confidence that was exuded both by

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Speaker 1: Secretaries Austin as well as Lincoln and echoed here in Washington.

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Speaker 1: So I think they are clearly seeing on the battlefield

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Speaker 1: that things have taken a turn for the worst. Or

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Speaker 1: the Russian military, we know that they cannot get supplies

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Speaker 1: to fix tanks, to replace hardware that's sitting down the

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Speaker 1: side of the road somewhere north of Kiev. Where where

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Speaker 1: does Russia go now in terms of reinforcing if there's

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Speaker 1: some major onslaught as we keep hearing to the east,

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Speaker 1: regrouping and shaping. Where are they getting the hardware from. Well,

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Speaker 1: you know, a lot of the listeners here at Bloomberg

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Speaker 1: Radio will be familiar with supply chain challenges, and this

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Speaker 1: is perhaps one of the biggest supply chain challenges because

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Speaker 1: they're cut off from most manufacturers, they're cut off from

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Speaker 1: getting access to financing, and so this is a real

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Speaker 1: quagmire for the Kremlin and one that I'm not certain

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Speaker 1: they had figured a way out of when this conflict began.

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Speaker 1: So for Putin it is going to be extraordinarily difficult,

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Speaker 1: and I think what we're likely to see are one

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Speaker 1: what is already being witnessed on the battlefield in the

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Speaker 1: last few days, which is just throwing everything in the

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Speaker 1: kitchen sink, no matter how inaccurate, is just really for

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Speaker 1: a show of force. But ultimately I think they're going

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Speaker 1: to have to scale back their ambition to the east

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Speaker 1: and south as we're hearing, or something smaller than that.

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Speaker 1: I think, even something smaller than that, I don't know

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Speaker 1: that just based on some of the reports that we're

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Speaker 1: getting in the last few days. You know, British Intelligence

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Speaker 1: has been doing these daily public updates that the Russians

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Speaker 1: are advancing much. They're certainly firing an awful lot, but

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Speaker 1: we're seeing cases where the Ukrainians have been able to

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Speaker 1: counter attack where the Russians are losing grounds. So I

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Speaker 1: think the Russians are going to struggle to hold on

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Speaker 1: to territory because it is not just this notion. And

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Speaker 1: we heard the last few days of you know, this

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Speaker 1: land grab strategy that Putin have. The problem being you've

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Speaker 1: got to not only grab it, you've got to hold

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Speaker 1: onto it. And the Russians have been proven they can

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Speaker 1: do that. Well, they certainly haven't. And a lot of

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Speaker 1: folks are wondering if you know there's going to be

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Speaker 1: at some point an off ramp to the negotiating table

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Speaker 1: here or is that simply not in Vladimir Putin's nature breath? Well,

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Speaker 1: he is projecting, and we heard from the f T

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Speaker 1: just in the last couple of days that Putin is

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Speaker 1: saying I'm done with diplomacy and we're gonna settle this

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Speaker 1: thing on the battlefield. But you've got to take Putin's

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Speaker 1: comments with a big bag of salt, because he often

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Speaker 1: says one thing and means or does another thing. This

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Speaker 1: is one of those cases, and ultimately I think Putin

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Speaker 1: is going to be forced into a position where he

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Speaker 1: is going to have to find some sort of settlement

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Speaker 1: otherwise he risks. And we've seen cases where Russia itself

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Speaker 1: oil tanks on the Russian side of the border are

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Speaker 1: getting attacked. That's going going to really put Putin in

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Speaker 1: a difficult spot. Well, it sure is, uh and hopefully

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Speaker 1: keep the US out of a different spot. It was

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Speaker 1: only a couple of weeks ago we were starting to

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Speaker 1: talk about a much more meaningful conversation with Chris Coons,

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Speaker 1: for instance, is saying, you know, maybe it's time to

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Speaker 1: start putting troops back on the table. It does feel

430
00:24:16,840 --> 00:24:18,920
Speaker 1: to me, Brett, like things have really kind of turned

431
00:24:18,920 --> 00:24:21,960
Speaker 1: in the last you know, four or five days. Well,

432
00:24:22,320 --> 00:24:26,919
Speaker 1: I would caution only that obviously there remains the nuclear option,

433
00:24:27,000 --> 00:24:29,560
Speaker 1: and that's when we've got to work to avoid to

434
00:24:29,840 --> 00:24:33,240
Speaker 1: make clear to Putin how costly it would be for him.

435
00:24:33,560 --> 00:24:37,480
Speaker 1: But secondly, let's forget that Russia is going to be

436
00:24:37,760 --> 00:24:40,359
Speaker 1: asymmetric in how they respond. We've got to be on

437
00:24:40,440 --> 00:24:42,919
Speaker 1: the lookout for other kinds of attacks. Brett Brewin always

438
00:24:42,920 --> 00:24:46,280
Speaker 1: a great conversation the Global Situation Room, President veteran of

439
00:24:46,320 --> 00:24:49,320
Speaker 1: the Obama White House, where he was Director of Global Engagements.

440
00:24:49,600 --> 00:24:53,760
Speaker 1: The panel next, this is Bloomberg. You're listening to Bloomberg.

441
00:24:53,840 --> 00:25:00,040
Speaker 1: You sound on with Joe Matthew on Bloomberg Radio. The

442
00:25:00,200 --> 00:25:05,200
Speaker 1: judge made the decision verbally during a status conference Monday.

443
00:25:05,480 --> 00:25:08,919
Speaker 1: I read in the story from Bloomberg Government, we've got

444
00:25:09,000 --> 00:25:12,720
Speaker 1: a breaker here, We've got a screamer. The Biden administration

445
00:25:12,880 --> 00:25:18,320
Speaker 1: must hold off on plans to end Title forty two.

446
00:25:18,520 --> 00:25:21,320
Speaker 1: This just broke on the terminal. Biden's move to end

447
00:25:21,400 --> 00:25:25,520
Speaker 1: border expulsions faces set back in court. I should say so,

448
00:25:26,560 --> 00:25:29,400
Speaker 1: U s District Court for the Western District of Louisiana

449
00:25:30,040 --> 00:25:34,080
Speaker 1: granting a request from a multi state coalition to temporarily

450
00:25:34,400 --> 00:25:38,080
Speaker 1: preserve Title forty two. Again, this is not an immigration policy,

451
00:25:38,760 --> 00:25:41,800
Speaker 1: but it affects the border. It's a COVID pandemic policy

452
00:25:41,880 --> 00:25:46,639
Speaker 1: that they got in effect during the Trump administration to

453
00:25:46,800 --> 00:25:52,560
Speaker 1: keep the country safe from COVID. And here we are

454
00:25:52,600 --> 00:25:57,919
Speaker 1: still arguing about this in April of two. Let's reassemble

455
00:25:58,000 --> 00:26:00,840
Speaker 1: the panel. Rick and Jennie are with us Blomberg Politics

456
00:26:00,880 --> 00:26:03,480
Speaker 1: contributors are signature panel better be here for a day

457
00:26:03,560 --> 00:26:06,200
Speaker 1: like this. We didn't know this was coming, although maybe

458
00:26:06,240 --> 00:26:08,160
Speaker 1: we knew it was coming at some point to think

459
00:26:08,240 --> 00:26:10,960
Speaker 1: that the courts would step in here, Rick Davis, is

460
00:26:11,000 --> 00:26:14,320
Speaker 1: that what the administration was hoping for? You know? It

461
00:26:14,440 --> 00:26:17,639
Speaker 1: just sounds like more confusion for the administration. So, uh,

462
00:26:17,800 --> 00:26:22,040
Speaker 1: you know, it's it's it's they've really bungled their immigration policy.

463
00:26:22,119 --> 00:26:24,640
Speaker 1: They went out after the remain in Mexico policy early.

464
00:26:24,720 --> 00:26:27,840
Speaker 1: Now this Title forty two has been lifted. Uh and

465
00:26:28,200 --> 00:26:31,440
Speaker 1: uh and and it just seems like they haven't really

466
00:26:31,520 --> 00:26:33,760
Speaker 1: focused on what the impact is at the state level.

467
00:26:33,800 --> 00:26:36,639
Speaker 1: They didn't consult states that are impacted by the border,

468
00:26:37,280 --> 00:26:39,639
Speaker 1: and and now the whole thing seems to be adding

469
00:26:39,680 --> 00:26:42,720
Speaker 1: a lot of confusion. Frankly, very reminiscent of the current

470
00:26:42,800 --> 00:26:44,960
Speaker 1: COVID policy, where it just doesn't seem to be a

471
00:26:45,000 --> 00:26:47,840
Speaker 1: strategy in play. Here. Well, here we go again, Jeannie,

472
00:26:48,040 --> 00:26:49,840
Speaker 1: Does this at least give the White House cover? You know,

473
00:26:49,880 --> 00:26:52,200
Speaker 1: I'm saying this in a sort of counterintuitive sense, but

474
00:26:52,480 --> 00:26:55,200
Speaker 1: it was unclear what they were going to do when

475
00:26:55,280 --> 00:26:57,760
Speaker 1: this lifted at the end of May. Elizabeth Warren yesterday

476
00:26:57,800 --> 00:27:00,480
Speaker 1: morning suggested that the White House was coming up with

477
00:27:00,560 --> 00:27:06,320
Speaker 1: contingency plans. They just bought themselves some time to that. Yeah,

478
00:27:06,600 --> 00:27:08,800
Speaker 1: the judge brought them sometime to that extent. It is

479
00:27:08,840 --> 00:27:12,040
Speaker 1: a gift for the Biden administration. But what we understand

480
00:27:12,359 --> 00:27:15,159
Speaker 1: is that they the White House was fully prepared to

481
00:27:15,320 --> 00:27:18,720
Speaker 1: try to defend the removal of this title forty two.

482
00:27:19,200 --> 00:27:22,119
Speaker 1: As Rick mentioned, this is something that has been really

483
00:27:22,240 --> 00:27:26,080
Speaker 1: troubling for particularly Democrats on border states, but not just

484
00:27:26,280 --> 00:27:29,119
Speaker 1: on border states. You look at the mess that Maggie

485
00:27:29,200 --> 00:27:31,880
Speaker 1: hasn't got in going to the border, and she got

486
00:27:31,960 --> 00:27:34,240
Speaker 1: hit from people both on the left and the right

487
00:27:34,359 --> 00:27:37,240
Speaker 1: for that visit. So it is a fraud issue for

488
00:27:37,440 --> 00:27:41,760
Speaker 1: Democrats running this election cycle, as it is every election cycle.

489
00:27:42,280 --> 00:27:44,160
Speaker 1: And you know, I think one of the things that's

490
00:27:44,240 --> 00:27:47,800
Speaker 1: gotten the Biden administration tripped up here quite frankly, is

491
00:27:47,880 --> 00:27:51,280
Speaker 1: they keep it saying this is a matter of public health,

492
00:27:51,400 --> 00:27:54,520
Speaker 1: not politics. It is a matter of public health, but

493
00:27:54,640 --> 00:27:57,879
Speaker 1: it's also politics, and what's tripping them up is you

494
00:27:58,040 --> 00:28:01,240
Speaker 1: can't divorce the two. And what's happened now is we

495
00:28:01,320 --> 00:28:05,800
Speaker 1: have moved into an era where we have judges, unelected judges,

496
00:28:05,920 --> 00:28:09,440
Speaker 1: courts deciding public policy that's not the way it should be.

497
00:28:09,960 --> 00:28:13,040
Speaker 1: It should be Congress, it should be the administration. They

498
00:28:13,160 --> 00:28:16,399
Speaker 1: must stop claiming this is something for the CDC. This

499
00:28:16,560 --> 00:28:19,440
Speaker 1: is a political decision and should be treated that way. Rick,

500
00:28:19,480 --> 00:28:20,920
Speaker 1: I know this is not a new story for you.

501
00:28:21,400 --> 00:28:26,159
Speaker 1: Of John McCain obviously sought a bipartisan deal struck one

502
00:28:26,200 --> 00:28:31,199
Speaker 1: on on comprehensive immigration reform. If this kind of thing

503
00:28:31,320 --> 00:28:34,359
Speaker 1: is not the catalyst for a bigger conversation, uh, is

504
00:28:34,400 --> 00:28:36,680
Speaker 1: it ever going to happen? Yeah. I think it's a

505
00:28:36,720 --> 00:28:39,680
Speaker 1: really good point, Joe, because all these things, taken in

506
00:28:39,760 --> 00:28:42,560
Speaker 1: a vacuum, uh, don't really make any sense to the

507
00:28:42,600 --> 00:28:45,160
Speaker 1: American voters. I mean, and and it certainly sends the

508
00:28:45,240 --> 00:28:47,520
Speaker 1: run signals to the border. I mean, there's an argument

509
00:28:48,120 --> 00:28:51,080
Speaker 1: that the Biden administration entered into this process to say

510
00:28:51,120 --> 00:28:53,920
Speaker 1: come one, come all, and they now have a massive

511
00:28:53,960 --> 00:28:57,000
Speaker 1: border crisis that seems to be going unattended. Now they're

512
00:28:57,000 --> 00:29:00,880
Speaker 1: getting locked into a legal battle, is leaving them even

513
00:29:00,960 --> 00:29:04,760
Speaker 1: fewer options. So maybe step back and Uh, certainly, I

514
00:29:04,800 --> 00:29:07,240
Speaker 1: don't think anything's going to happen in this election year

515
00:29:07,920 --> 00:29:11,280
Speaker 1: with all the heated debate on immigration. But maybe after

516
00:29:11,400 --> 00:29:16,040
Speaker 1: that at the end of a one term policy initiative,

517
00:29:16,160 --> 00:29:18,800
Speaker 1: they could maybe try to get something passed on immigration form,

518
00:29:19,040 --> 00:29:22,040
Speaker 1: which is desperately needed. We need jobs to be filled,

519
00:29:22,160 --> 00:29:24,680
Speaker 1: we need order security, and all those things have to

520
00:29:24,760 --> 00:29:28,160
Speaker 1: work together. Maybe after the mid terms. Of grown up conversation,

521
00:29:28,280 --> 00:29:30,960
Speaker 1: Jennie or am I just being cute? Um? You know?

522
00:29:31,120 --> 00:29:33,720
Speaker 1: I I wish it were so, But as you look back,

523
00:29:33,880 --> 00:29:36,840
Speaker 1: this issue goes back. Let's just you know, think about

524
00:29:36,920 --> 00:29:40,440
Speaker 1: George W. Bush was elected to address this issue. He

525
00:29:40,560 --> 00:29:43,600
Speaker 1: wasn't able to do so. Barack Obama is so frustrated

526
00:29:43,880 --> 00:29:46,640
Speaker 1: he took the pen and issued in an executive order

527
00:29:46,680 --> 00:29:50,160
Speaker 1: in Dhaka. This has been going on for decades. Donald

528
00:29:50,200 --> 00:29:53,440
Speaker 1: Trump ran on fixing this issue, left it unaddressed, and

529
00:29:53,960 --> 00:29:56,320
Speaker 1: I would love to think that after the mid term

530
00:29:56,400 --> 00:29:58,800
Speaker 1: it would be addressed. But can you imagine if Republicans

531
00:29:58,880 --> 00:30:01,560
Speaker 1: control Congress US and in bide in the White House,

532
00:30:01,600 --> 00:30:03,520
Speaker 1: that they're going to get any deal on something as

533
00:30:03,600 --> 00:30:06,360
Speaker 1: front as immigration. I wish I could say yes, but

534
00:30:06,440 --> 00:30:09,440
Speaker 1: I am not optimistic. Well, so let's talk reality just

535
00:30:09,520 --> 00:30:11,920
Speaker 1: for a moment before we move on. Rick Davis, what

536
00:30:11,960 --> 00:30:13,760
Speaker 1: do you advise the president to do here? I mean,

537
00:30:13,840 --> 00:30:17,080
Speaker 1: can we buy a couple of months, UM and and

538
00:30:17,360 --> 00:30:20,360
Speaker 1: and maybe hammer out at least a policy to replace

539
00:30:21,040 --> 00:30:23,720
Speaker 1: Title forty two. Get you past the mid terms so

540
00:30:23,880 --> 00:30:26,360
Speaker 1: you can have a bigger conversation. Well, on a recent

541
00:30:26,400 --> 00:30:30,959
Speaker 1: conference call, officials from the Department of Homeland Security UH

542
00:30:31,160 --> 00:30:34,000
Speaker 1: indicated that they were going to ramp up the remain

543
00:30:34,080 --> 00:30:37,400
Speaker 1: in Mexico policy to offset some of the impact on

544
00:30:37,520 --> 00:30:40,920
Speaker 1: Title forty two. And we remember a very controversial policy

545
00:30:40,960 --> 00:30:44,640
Speaker 1: of the Trump administration where we kept people in Mexico

546
00:30:44,760 --> 00:30:49,400
Speaker 1: while their asylum UH cases were processed. And they can

547
00:30:49,600 --> 00:30:53,080
Speaker 1: use that law UH to be able to try and

548
00:30:53,680 --> 00:30:56,520
Speaker 1: stop some of the flow that would result from the

549
00:30:56,680 --> 00:31:00,840
Speaker 1: lifting of the Title forty two. So that the DH Department,

550
00:31:01,160 --> 00:31:03,720
Speaker 1: they get it, they understand they can't handle that flow

551
00:31:03,760 --> 00:31:06,280
Speaker 1: of immigration, and so they're trying to use what rules

552
00:31:06,360 --> 00:31:09,440
Speaker 1: they have available to this. But but that it's going

553
00:31:09,520 --> 00:31:11,880
Speaker 1: to be very hard for the Biden administration to resist

554
00:31:11,920 --> 00:31:16,040
Speaker 1: the call from immigration activists who helped elect him UH

555
00:31:16,160 --> 00:31:20,040
Speaker 1: to to drop those those policies. Also, boy, this is

556
00:31:20,960 --> 00:31:23,840
Speaker 1: this is a little foreshadowing for what we're gonna be

557
00:31:23,880 --> 00:31:27,120
Speaker 1: spending time talking about long past. Some of the current

558
00:31:27,200 --> 00:31:30,080
Speaker 1: issues here UH and have been of course for years.

559
00:31:30,800 --> 00:31:33,080
Speaker 1: I don't know if you were watching what was happening

560
00:31:33,240 --> 00:31:37,520
Speaker 1: in Delaware over the weekend, not Wilmington's but Delaware, Ohio,

561
00:31:39,000 --> 00:31:42,560
Speaker 1: where where Donald Trump held the latest big old rally

562
00:31:42,600 --> 00:31:46,000
Speaker 1: to the Delaware County Fairgrounds. You've probably held campaign events

563
00:31:46,040 --> 00:31:50,000
Speaker 1: therek Uh. And this of course was to hammer home

564
00:31:50,200 --> 00:31:53,120
Speaker 1: and and really kind of announce formally the endorsement of

565
00:31:53,200 --> 00:31:58,200
Speaker 1: Jade Vance in the Republican Senate primary. Uh that the

566
00:31:58,320 --> 00:32:00,840
Speaker 1: president former president spent a lot of time on a

567
00:32:00,920 --> 00:32:03,160
Speaker 1: lot of issues. I think j d Vance may have

568
00:32:03,200 --> 00:32:06,160
Speaker 1: gotten the least amount of time, certainly compared to issues

569
00:32:06,240 --> 00:32:09,600
Speaker 1: like water pressure, for instance. But listen to Donald Trump

570
00:32:09,680 --> 00:32:14,760
Speaker 1: here rolling out the candidate in Delaware, Ohio. I have

571
00:32:14,960 --> 00:32:16,400
Speaker 1: to do what I have to do. We have to

572
00:32:16,440 --> 00:32:19,560
Speaker 1: pick somebody that could win. And this guy is. He's tough,

573
00:32:19,640 --> 00:32:24,240
Speaker 1: he's smart, he's a former marine. He's a Yale educated lawyer,

574
00:32:24,280 --> 00:32:26,280
Speaker 1: a great student. You know, went to Yale, got a

575
00:32:26,400 --> 00:32:30,520
Speaker 1: law degree. He's a great student. He's a fearless magnify

576
00:32:30,680 --> 00:32:33,440
Speaker 1: that I thought he sounded like he was from Boston

577
00:32:33,520 --> 00:32:36,000
Speaker 1: there for a minute, Jennie Um. We've talked a lot

578
00:32:36,040 --> 00:32:40,200
Speaker 1: about the endorsements and the amount of capital he's putting

579
00:32:40,240 --> 00:32:43,280
Speaker 1: on the line here. Is this a game changer in Ohio?

580
00:32:44,960 --> 00:32:47,200
Speaker 1: It's not a game changer yet. I'm gonna try to

581
00:32:47,440 --> 00:32:50,800
Speaker 1: try to keep that in my mind. Magnafy. Yeah, I

582
00:32:50,880 --> 00:32:53,160
Speaker 1: can't say do the Boston accent so well, even though

583
00:32:53,160 --> 00:32:55,840
Speaker 1: I lived there. Um, but you know, it's not a

584
00:32:55,920 --> 00:32:58,720
Speaker 1: game changer yet. But but I certainly think it could

585
00:32:58,760 --> 00:33:03,640
Speaker 1: have an impact. We've seen Trump so far have minimal impact.

586
00:33:03,800 --> 00:33:06,160
Speaker 1: But again it's early. I think we'll know in about

587
00:33:06,280 --> 00:33:09,480
Speaker 1: six weeks. And of course, to your point, he spent

588
00:33:09,640 --> 00:33:12,680
Speaker 1: much of that night talking about water and water pressure

589
00:33:12,840 --> 00:33:15,320
Speaker 1: and you know, dishwashers and his need to wash his

590
00:33:15,480 --> 00:33:17,880
Speaker 1: air and flush toilets, and you know it was you

591
00:33:17,960 --> 00:33:21,120
Speaker 1: know that J. D Vance got, you know, minimal amount

592
00:33:21,120 --> 00:33:24,160
Speaker 1: of tension compared to water pressure. It's we're going to

593
00:33:24,240 --> 00:33:26,640
Speaker 1: prove that to you in a second, Rick, What what

594
00:33:26,760 --> 00:33:29,800
Speaker 1: does this gift do for J. D. Vance? Well, it's

595
00:33:29,800 --> 00:33:33,560
Speaker 1: already elevated him from sort of you know, uh challenger

596
00:33:33,680 --> 00:33:37,040
Speaker 1: to uh the front runner in this race. And and

597
00:33:37,200 --> 00:33:39,320
Speaker 1: it's actually not taken but a couple of weeks to

598
00:33:39,360 --> 00:33:42,640
Speaker 1: do so. So uh, it's pretty extraordinary in the sense

599
00:33:42,760 --> 00:33:47,160
Speaker 1: of improving j d Vance's chances to win this primary,

600
00:33:47,880 --> 00:33:51,120
Speaker 1: whether it actually bears out that way or not. Jennie's right,

601
00:33:51,160 --> 00:33:54,160
Speaker 1: well know him just a few weeks uh when this

602
00:33:54,280 --> 00:33:57,560
Speaker 1: primary is held. But uh then the real campaign begins,

603
00:33:57,760 --> 00:33:59,920
Speaker 1: and the question is is j d vance really ready

604
00:34:00,360 --> 00:34:03,400
Speaker 1: for prime time in Ohio? And um, you know that's

605
00:34:04,160 --> 00:34:06,040
Speaker 1: it's not gonna do Donald Trump any good in the

606
00:34:06,160 --> 00:34:08,719
Speaker 1: short run to win in some of these primaries, if if,

607
00:34:08,880 --> 00:34:10,880
Speaker 1: if his candids didn't get beat in the general election.

608
00:34:10,960 --> 00:34:13,279
Speaker 1: And so I think that the jury is gonna be

609
00:34:13,280 --> 00:34:15,200
Speaker 1: out for a while on this one. Welcome to the

610
00:34:15,400 --> 00:34:19,359
Speaker 1: NFL j D Evance. You heard Donald Trump there say

611
00:34:20,400 --> 00:34:22,640
Speaker 1: I did what I had to do. I had to

612
00:34:23,080 --> 00:34:25,320
Speaker 1: pick the guy I thought could win. He went on

613
00:34:25,440 --> 00:34:28,319
Speaker 1: to say, quote he's a guy that said some bad

614
00:34:28,640 --> 00:34:32,000
Speaker 1: s about me, But you know what every one of

615
00:34:32,040 --> 00:34:36,600
Speaker 1: the others did also unquote at the genies point. And

616
00:34:36,680 --> 00:34:39,240
Speaker 1: it's my fault. I brought it up first. Water pressure

617
00:34:39,320 --> 00:34:42,600
Speaker 1: loomed large at this event. I'm gonna let this wash

618
00:34:42,719 --> 00:34:46,400
Speaker 1: over you before we say goodbye today with more from Ohio.

619
00:34:46,560 --> 00:34:50,279
Speaker 1: Here's Donald Trump. So you're sitting there washing you high,

620
00:34:50,360 --> 00:34:53,399
Speaker 1: n jol Come on, water come out, baby, I want

621
00:34:53,400 --> 00:34:56,120
Speaker 1: to wash, but I got rid of it. Same thing

622
00:34:56,239 --> 00:34:59,600
Speaker 1: with showers. I'd go into a shower and I'd go

623
00:34:59,680 --> 00:35:01,880
Speaker 1: to a hotel that was new, and I said, I

624
00:35:01,960 --> 00:35:04,960
Speaker 1: can't say in these places, why the water just drips

625
00:35:05,000 --> 00:35:06,920
Speaker 1: out a little bit slowly. I want to take good

626
00:35:06,960 --> 00:35:09,960
Speaker 1: care of my hair. I don't want that. No, it's sure.

627
00:35:11,320 --> 00:35:13,000
Speaker 1: I mean I put the soap in. It takes you

628
00:35:13,120 --> 00:35:15,800
Speaker 1: twenty minutes after water come out to get the damn

629
00:35:15,880 --> 00:35:18,520
Speaker 1: so bad. Yeah, it's like sixty all over again. But

630
00:35:20,360 --> 00:35:22,320
Speaker 1: and I won't talk about the third element of a

631
00:35:22,400 --> 00:35:24,680
Speaker 1: bathroom because every time I do, the fake news only

632
00:35:24,760 --> 00:35:27,280
Speaker 1: talks about that. But you know what I'm talking about

633
00:35:27,880 --> 00:35:32,600
Speaker 1: one time, two times, five times, ten times. Okay, you

634
00:35:32,760 --> 00:35:36,520
Speaker 1: can't make it up, but it just never is less interesting.

635
00:35:36,640 --> 00:35:38,719
Speaker 1: He did. By the way, you remember the rules that

636
00:35:38,800 --> 00:35:44,719
Speaker 1: he introduced to exempt dishwashers, washing machines, dryers from efficiency regulations.

637
00:35:44,920 --> 00:35:49,239
Speaker 1: I can't speak to the other one. Thank god. It's

638
00:35:49,320 --> 00:35:51,400
Speaker 1: only Monday. Hey, I'll see you early if you're up

639
00:35:51,480 --> 00:35:54,200
Speaker 1: on surveillance and back here on sound on tomorrow. I'm

640
00:35:54,280 --> 00:35:56,000
Speaker 1: Joe Matthew. This is Bloomberg