1 00:00:00,320 --> 00:00:03,000 Speaker 1: Live from our nation's camera. This budget thing is going 2 00:00:03,040 --> 00:00:05,480 Speaker 1: to do nothing. Space Forces. I still think it's interesting 3 00:00:05,519 --> 00:00:08,840 Speaker 1: President Trump not playing his cards yet. Headlines Policy and 4 00:00:09,000 --> 00:00:14,920 Speaker 1: politics colliding Floomberg Sound On, the Insiders, the influencers, the insides. 5 00:00:15,040 --> 00:00:17,319 Speaker 1: I would rather see a congressional solution. It's part of 6 00:00:17,320 --> 00:00:20,480 Speaker 1: my DNA. The Senate map in looks a lot different 7 00:00:20,480 --> 00:00:23,280 Speaker 1: than it looked in. You really have a divide within 8 00:00:23,480 --> 00:00:26,040 Speaker 1: Team Trump. The president has to do exactly what people 9 00:00:26,079 --> 00:00:27,840 Speaker 1: send him here to do, which is to get it done. 10 00:00:28,200 --> 00:00:32,760 Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg 11 00:00:33,960 --> 00:00:36,440 Speaker 1: and one oh five point seven f m h D two. 12 00:00:36,840 --> 00:00:42,520 Speaker 1: The Democratic field narrows and new poles spells significant potential 13 00:00:42,560 --> 00:00:45,839 Speaker 1: trouble for President Trump's re election efforts. But what does 14 00:00:45,840 --> 00:00:48,560 Speaker 1: it mean for the front runner, former Vice President Joe 15 00:00:48,600 --> 00:00:52,839 Speaker 1: Biden and the underlying current of fears of the potential 16 00:00:52,880 --> 00:00:56,640 Speaker 1: economic slowdown and potentially even a session We have an 17 00:00:56,640 --> 00:00:59,480 Speaker 1: all star panel. Matt Mawers is here, former Senior White 18 00:00:59,480 --> 00:01:02,120 Speaker 1: House Advisor for the State Department and president of Matt 19 00:01:02,160 --> 00:01:06,480 Speaker 1: Mauer's LLLC. As is Roger Fisk, a Democratic strategist, a 20 00:01:06,560 --> 00:01:10,480 Speaker 1: long time Obama aid and principle of New Day strategy. 21 00:01:10,720 --> 00:01:13,160 Speaker 1: We're also going to check in with Andy Potter. He 22 00:01:13,200 --> 00:01:16,720 Speaker 1: wrote a column in The Washington Post titled quote, Elizabeth 23 00:01:16,720 --> 00:01:22,400 Speaker 1: Warren is the real economic threats? Well, I would assume 24 00:01:22,440 --> 00:01:24,640 Speaker 1: President Trump would like that. We'll check in with that 25 00:01:24,760 --> 00:01:27,560 Speaker 1: as well. Plus all the latest political policy headlines were 26 00:01:27,600 --> 00:01:30,480 Speaker 1: crunching the numbers on the polls that have come out. 27 00:01:30,640 --> 00:01:37,840 Speaker 1: The latest poll for the Democratic presidential campaign, a Quinnipiac 28 00:01:38,000 --> 00:01:43,240 Speaker 1: University survey, found that former Vice President Joe Biden leads 29 00:01:43,280 --> 00:01:48,520 Speaker 1: the pack with support among Democratic and Democratic leaning voters. 30 00:01:48,840 --> 00:01:52,680 Speaker 1: Biden is followed by Senator Elizabeth Warren at, Bernie Sanders 31 00:01:52,680 --> 00:01:57,480 Speaker 1: at and Kamala Harris at seven percent. Pete Buddha Jedge, 32 00:01:57,480 --> 00:01:59,760 Speaker 1: the mayor of South Bend, He got five percent, and 33 00:02:00,040 --> 00:02:04,840 Speaker 1: Yang Andrew Yang received three percent. No other candidates broke 34 00:02:05,160 --> 00:02:08,560 Speaker 1: out of that. What's interesting about this poll is that 35 00:02:08,680 --> 00:02:15,400 Speaker 1: all of those candidates Biden, Warren, Sanders, Harris, and Buddha 36 00:02:15,440 --> 00:02:18,960 Speaker 1: Gedge beat uh President Trump in a in a Trump 37 00:02:19,240 --> 00:02:24,760 Speaker 1: Democratic nominee matchup by by by heft margin. So that's 38 00:02:24,760 --> 00:02:26,880 Speaker 1: my first question to the panel. Matt Moers is here, 39 00:02:26,919 --> 00:02:29,280 Speaker 1: former Senior White House advisor for the State Department and 40 00:02:29,320 --> 00:02:32,239 Speaker 1: president of Matt Moers ll l C. He served in 41 00:02:32,280 --> 00:02:35,440 Speaker 1: the State's Department in the Trump administration. And Roger Fisk, 42 00:02:35,480 --> 00:02:39,080 Speaker 1: he's a Democratic strategist, long time, long time Obama A 43 00:02:39,480 --> 00:02:42,880 Speaker 1: and principle of New Day Strategy. Roger, you and I 44 00:02:42,880 --> 00:02:45,720 Speaker 1: have talked about this offline before, but one of the 45 00:02:45,960 --> 00:02:49,480 Speaker 1: arguments that I hear from Biden world is that he 46 00:02:49,520 --> 00:02:53,919 Speaker 1: would be most poised to beat President Trump in a matchup. 47 00:02:54,080 --> 00:02:56,320 Speaker 1: When you look at these polls, that suggests that there 48 00:02:56,320 --> 00:02:58,919 Speaker 1: are other candidates who could beat Trump one on one 49 00:02:58,960 --> 00:03:04,320 Speaker 1: in a matchup. Does that pose trouble for Biden? First off, 50 00:03:04,320 --> 00:03:07,600 Speaker 1: thanks so much for having me Um. I've never bought 51 00:03:07,840 --> 00:03:12,560 Speaker 1: electability arguments. Uh, not for a long time because, for example, 52 00:03:12,600 --> 00:03:16,680 Speaker 1: my first presidential campaign UM was John Kerry, and at 53 00:03:16,680 --> 00:03:19,480 Speaker 1: this point in the polls he was polling I think 54 00:03:19,480 --> 00:03:22,760 Speaker 1: at two or three percent actually below Al Sharpton. So 55 00:03:23,240 --> 00:03:26,280 Speaker 1: what we think of and what we project onto these 56 00:03:26,320 --> 00:03:29,800 Speaker 1: situations and what actually happens, you know, fifteen months from 57 00:03:29,840 --> 00:03:32,320 Speaker 1: now or whatever are two two very very different things. 58 00:03:32,360 --> 00:03:34,240 Speaker 1: And then, as we all know, once it's down to 59 00:03:34,440 --> 00:03:37,920 Speaker 1: one individual against the current occupant, then you're going to 60 00:03:38,000 --> 00:03:40,520 Speaker 1: have that fire hose of vitriol that he's already got 61 00:03:40,640 --> 00:03:44,080 Speaker 1: trained and ready to roll. So I don't think that 62 00:03:44,160 --> 00:03:47,400 Speaker 1: anyone should be taking any comfort from these polls that 63 00:03:47,520 --> 00:03:49,800 Speaker 1: say four and five different people are going to beat 64 00:03:49,880 --> 00:03:53,720 Speaker 1: him next year. Interesting. Interesting, Matt Maurs, I was digging 65 00:03:53,760 --> 00:03:57,400 Speaker 1: deeper into the Quinnipiac poll and and this potentially could 66 00:03:57,440 --> 00:04:00,720 Speaker 1: pose trouble for President Trump and the sense that it 67 00:04:00,840 --> 00:04:03,680 Speaker 1: says that for the first time since President Donald Trump 68 00:04:03,720 --> 00:04:08,160 Speaker 1: was elected, more Americans say that the economy is getting 69 00:04:08,320 --> 00:04:14,280 Speaker 1: worse rather than getting better. Seven percent say the economy 70 00:04:14,400 --> 00:04:19,400 Speaker 1: is declining, compared with thirty one who continued to see improvement, 71 00:04:20,200 --> 00:04:23,280 Speaker 1: and only about say that the economy is staying the same. 72 00:04:23,520 --> 00:04:26,279 Speaker 1: The President has has consistent and as top surrogates have 73 00:04:26,320 --> 00:04:30,719 Speaker 1: consistently consistently said that the economy is strong, the economy 74 00:04:30,720 --> 00:04:34,120 Speaker 1: fundamentals are doing well. But it's it's it's looking like 75 00:04:34,200 --> 00:04:36,040 Speaker 1: some of the messaging that has made its way out 76 00:04:36,080 --> 00:04:39,000 Speaker 1: to voters tells a different story. Well, look, I think 77 00:04:39,160 --> 00:04:42,400 Speaker 1: you've had many in the media actually focusing on the 78 00:04:42,400 --> 00:04:44,680 Speaker 1: economy the past two weeks as the stock market has 79 00:04:45,160 --> 00:04:47,160 Speaker 1: kind of been a little volatile, but we saw it actually, 80 00:04:47,600 --> 00:04:49,440 Speaker 1: but you know, we saw go back up today over 81 00:04:49,480 --> 00:04:52,480 Speaker 1: two d points. You know, I think if the market stabilizes, 82 00:04:52,520 --> 00:04:55,080 Speaker 1: as I would imagine it will, I think you're going 83 00:04:55,120 --> 00:04:57,560 Speaker 1: to see a lot of confidence in the economy. Not 84 00:04:57,600 --> 00:05:00,440 Speaker 1: to mention the fact that unemployment still near rector lows, 85 00:05:00,960 --> 00:05:04,080 Speaker 1: wages are actually on their way up, manufacturing jobs are 86 00:05:04,120 --> 00:05:06,480 Speaker 1: being increased. So I think if you look at the 87 00:05:06,520 --> 00:05:09,760 Speaker 1: true fundamentals of the economy, they're in a strong place. 88 00:05:09,960 --> 00:05:12,360 Speaker 1: I'll also just you know, quickly comment with Roger said, 89 00:05:12,360 --> 00:05:14,760 Speaker 1: I think you're exactly right. This is one poll that's 90 00:05:14,760 --> 00:05:17,440 Speaker 1: a national poll, as a snapshot in time or a 91 00:05:17,480 --> 00:05:20,600 Speaker 1: long way before the election, and ultimately, whether it's the 92 00:05:20,640 --> 00:05:23,560 Speaker 1: primary polling or the electoral College, this is the side 93 00:05:23,600 --> 00:05:27,279 Speaker 1: state by state. I I guess we're here to to 94 00:05:27,279 --> 00:05:30,240 Speaker 1: to differ with one another, So allow me to do that. Um, 95 00:05:30,400 --> 00:05:32,160 Speaker 1: there is there and then, and I'm sure there will 96 00:05:32,200 --> 00:05:34,279 Speaker 1: be plenty of things we agree on. Four point five 97 00:05:34,279 --> 00:05:37,240 Speaker 1: million jobs were created in the last twenty months of 98 00:05:37,360 --> 00:05:40,520 Speaker 1: the Obama administration. Four point one million jobs were created 99 00:05:40,560 --> 00:05:43,600 Speaker 1: in the first twenty months of the Trump administration. And 100 00:05:43,640 --> 00:05:47,160 Speaker 1: I say that not as a as a partisan swing. 101 00:05:47,360 --> 00:05:49,560 Speaker 1: What what I my larger point with that is is 102 00:05:49,600 --> 00:05:52,520 Speaker 1: that what is happening with the numbers and to what 103 00:05:52,680 --> 00:05:56,359 Speaker 1: extent and to more importantly, when that actually manifests in 104 00:05:56,440 --> 00:06:00,240 Speaker 1: people's perceptions of their day to day life. Uh, are 105 00:06:00,279 --> 00:06:03,120 Speaker 1: two very very different things. For example, in the Obama administration, 106 00:06:03,160 --> 00:06:07,080 Speaker 1: we doubled our exports. We doubled our exports in five 107 00:06:07,240 --> 00:06:10,320 Speaker 1: five and a half years, but how to drive that 108 00:06:10,480 --> 00:06:16,880 Speaker 1: home as a political message was very very difficult our exports, Right, 109 00:06:17,040 --> 00:06:21,279 Speaker 1: So the time between when the good economic news comes 110 00:06:21,320 --> 00:06:23,159 Speaker 1: into that hose and when it comes out of the 111 00:06:23,160 --> 00:06:25,600 Speaker 1: other end of the hose and is actually like manifesting 112 00:06:25,600 --> 00:06:29,560 Speaker 1: in people's lives is somewhat unknowable. Uh. And then the 113 00:06:29,560 --> 00:06:31,640 Speaker 1: other thing is it's like, I think there's some sleeper 114 00:06:31,720 --> 00:06:33,640 Speaker 1: narratives out there that these folks are going to have 115 00:06:33,680 --> 00:06:37,200 Speaker 1: some trouble with. Two. You're starting to see the disenchantment 116 00:06:37,320 --> 00:06:40,640 Speaker 1: in what should be some of his strongest parts. Our 117 00:06:40,760 --> 00:06:44,400 Speaker 1: coal production went down by fifteen gigawatts in the last 118 00:06:44,400 --> 00:06:47,520 Speaker 1: two years of the Obama administration. It has been reduced 119 00:06:47,520 --> 00:06:49,680 Speaker 1: by twenty gigawatts in the first two years of the 120 00:06:49,680 --> 00:06:55,880 Speaker 1: Trump administration. He chose Cole nostalgic, iconic, you know, old school, 121 00:06:56,200 --> 00:07:00,000 Speaker 1: and it's actually suffering even more under him, uh, partially 122 00:07:00,120 --> 00:07:01,960 Speaker 1: due to some of these trade wards and things like that. 123 00:07:02,200 --> 00:07:04,719 Speaker 1: So a lot I and I hear Matt on some 124 00:07:04,760 --> 00:07:08,240 Speaker 1: of the economic numbers. We Obama brought unemployment from ten 125 00:07:08,240 --> 00:07:10,520 Speaker 1: down to five, and then the current occupant of the 126 00:07:10,520 --> 00:07:13,720 Speaker 1: herculean task of bringing it from five to four. But 127 00:07:14,400 --> 00:07:17,080 Speaker 1: when you dig into some of this, UH, and you 128 00:07:17,120 --> 00:07:19,880 Speaker 1: get past just kind of the talking points, I think 129 00:07:19,880 --> 00:07:24,040 Speaker 1: there's some very troubling play tetonics UH at play underneath 130 00:07:24,080 --> 00:07:26,160 Speaker 1: all that, and it'll be interesting how they play out 131 00:07:26,160 --> 00:07:27,680 Speaker 1: of the next year or so and even over the 132 00:07:27,720 --> 00:07:31,239 Speaker 1: next few weeks. September twelve is that next Democratic presidential debate. 133 00:07:31,280 --> 00:07:33,720 Speaker 1: It will be in Texas and the qualific The d 134 00:07:33,840 --> 00:07:36,720 Speaker 1: n C is formally going to announce tomorrow tomorrow who 135 00:07:36,760 --> 00:07:39,960 Speaker 1: qualifies for the third Democratic presidential Debate. I want to 136 00:07:39,960 --> 00:07:43,040 Speaker 1: play just a bite from earlier today from former Vice 137 00:07:43,080 --> 00:07:47,120 Speaker 1: President Joe Biden. He spoke earlier today in Spartanburg, South Carolina, 138 00:07:47,200 --> 00:07:49,360 Speaker 1: about the issue of electability. Take a listen to the 139 00:07:49,360 --> 00:07:52,400 Speaker 1: former Vice president. I think we're gonna see his all 140 00:07:52,480 --> 00:07:56,320 Speaker 1: his worst instincts come out both internationally and nationally if 141 00:07:56,320 --> 00:08:00,320 Speaker 1: the economy does, in fact continue to slide. I think 142 00:08:00,320 --> 00:08:03,679 Speaker 1: you're going to see more tax on immigrants, the flame 143 00:08:03,800 --> 00:08:06,800 Speaker 1: racial division to tear the nation of part and we 144 00:08:07,040 --> 00:08:11,440 Speaker 1: so we can't just campaign to beat Donald Trump. That 145 00:08:11,520 --> 00:08:15,640 Speaker 1: was former Vice President Joe Biden speaking earlier today in Spartanburg, 146 00:08:15,800 --> 00:08:18,600 Speaker 1: South Carolina, commenting about the issue of electability as well 147 00:08:18,640 --> 00:08:23,000 Speaker 1: as the issue of how an economy in decline might 148 00:08:23,400 --> 00:08:27,160 Speaker 1: impact the race. And again that third That third Democratic 149 00:08:27,200 --> 00:08:30,360 Speaker 1: presidential debate will be on September twelve. It will be 150 00:08:30,480 --> 00:08:34,280 Speaker 1: hosted by ABC News and Univision UH And according to 151 00:08:34,360 --> 00:08:36,960 Speaker 1: five thirty eight, here the ten candidates who have qualified 152 00:08:36,960 --> 00:08:39,680 Speaker 1: so far. These will be formally announced tomorrow. But the 153 00:08:39,720 --> 00:08:42,720 Speaker 1: ten candidates who have qualified so far Biden, Buddha, Judge, 154 00:08:42,720 --> 00:08:47,959 Speaker 1: Harris Sanders, Warren Booker, Ovorc Klobachar Castro, and Andrew Yang. 155 00:08:48,280 --> 00:08:50,440 Speaker 1: All right, coming up, we're gonna have more policy and politics. 156 00:08:50,559 --> 00:08:52,000 Speaker 1: I do want to We're also going to dive in 157 00:08:52,559 --> 00:08:56,559 Speaker 1: to this interview that Selea Mosen had which Treasury Secretary 158 00:08:56,640 --> 00:09:00,160 Speaker 1: Stephen Manustion Redhead crossing the Bloomberg terminal manution said, is 159 00:09:00,400 --> 00:09:05,080 Speaker 1: ultra long bonds under quote very serious consideration end quote. 160 00:09:05,440 --> 00:09:09,000 Speaker 1: The Secretary Monution discussing long term debt in the Bloomberg interview. 161 00:09:09,160 --> 00:09:12,959 Speaker 1: Yield on thirty year treasuries hit record low on Wednesday again, 162 00:09:13,000 --> 00:09:17,240 Speaker 1: Treasury Secretary Stephen Manution says, issuing ultra long US bonds 163 00:09:17,320 --> 00:09:20,760 Speaker 1: is quote under very serious consideration end quote. In the 164 00:09:20,760 --> 00:09:24,000 Speaker 1: Trump administration, possibly setting up a move that will mark 165 00:09:24,080 --> 00:09:29,280 Speaker 1: a historic revamp of the sixteen trillion dollar treasuries market. 166 00:09:29,320 --> 00:09:32,280 Speaker 1: Matt Mauer stays he's a former senior White House advisor 167 00:09:32,400 --> 00:09:35,520 Speaker 1: for the Trump State Department and president of Matt Mauer's LLLC. 168 00:09:36,040 --> 00:09:40,080 Speaker 1: Roger Fisk, democratic strategist, longtime Obama aid and principle of 169 00:09:40,160 --> 00:09:43,160 Speaker 1: New Day Strategy. You can download the Bloomberg Sound On 170 00:09:43,200 --> 00:09:46,360 Speaker 1: podcast on Apple iTunes, at Bloomberg dot com, or by 171 00:09:46,400 --> 00:09:48,880 Speaker 1: downloading the Bloomberg Business app. You can also find me 172 00:09:48,960 --> 00:09:52,280 Speaker 1: on Radio dot com, I Heart Radio, and Spotify. I'm 173 00:09:52,360 --> 00:09:56,120 Speaker 1: Kevin Cirelli, Chief Washington correspondent from Bloomberg Television and Bloomberg Radio. 174 00:09:56,440 --> 00:10:02,040 Speaker 1: You are listening to Bloomberg The is Bloomberg's Sound On 175 00:10:02,320 --> 00:10:06,360 Speaker 1: with Kevin Surley on Bloomberg one and one oh five 176 00:10:06,400 --> 00:10:10,880 Speaker 1: point seven f m h D two, Baltimore. I'm Kevin Sirelli, 177 00:10:11,320 --> 00:10:16,200 Speaker 1: Chief Washington Correspondent, Bloomberg Television, Bloomberg Radio, and we're joined 178 00:10:16,240 --> 00:10:19,199 Speaker 1: on the line by Andy Puts. He is the former 179 00:10:19,480 --> 00:10:24,920 Speaker 1: chief executive of c K E. Restaurants, which of course 180 00:10:25,000 --> 00:10:27,720 Speaker 1: is the parent company of Hardy's and Carl's Jr. He's 181 00:10:27,760 --> 00:10:30,800 Speaker 1: also the author of the new book The Capitalist come Back, 182 00:10:31,520 --> 00:10:34,080 Speaker 1: and of course had previously been nominated to lead the 183 00:10:34,160 --> 00:10:38,480 Speaker 1: Department of Labor in the Trump administration. He's out with 184 00:10:38,520 --> 00:10:43,359 Speaker 1: a column today and the Washington Post titled headlined Elizabeth 185 00:10:43,400 --> 00:10:49,160 Speaker 1: Warren is the real economic threat Andy why ken Well, 186 00:10:49,320 --> 00:10:51,440 Speaker 1: the you know, the title gets picked by the paper 187 00:10:51,520 --> 00:10:56,000 Speaker 1: my opposition article. The proposition in the article was that 188 00:10:56,160 --> 00:11:01,400 Speaker 1: she's making an argument that we're a recession is eminent, 189 00:11:01,400 --> 00:11:05,599 Speaker 1: We're gonna have another financial crash because wages are stagnant, 190 00:11:05,679 --> 00:11:10,200 Speaker 1: costs have gone up, and household debts increased. And unfortunately, 191 00:11:10,320 --> 00:11:12,640 Speaker 1: most of the arguments she makes applied to Night in 192 00:11:12,679 --> 00:11:16,000 Speaker 1: two thousand and sixteen, they certainly certainly don't apply today. 193 00:11:16,120 --> 00:11:21,320 Speaker 1: Wages are growing at an accelerated pace, Inflation is under 194 00:11:21,360 --> 00:11:23,960 Speaker 1: control probably under where the FED would like to see 195 00:11:24,000 --> 00:11:28,120 Speaker 1: it be. And UM and household debt, well, household debt 196 00:11:28,160 --> 00:11:30,439 Speaker 1: is increased. Some of it's a good sign. I mean, 197 00:11:30,480 --> 00:11:33,920 Speaker 1: people are buying new cars, applications for credit cards have 198 00:11:33,960 --> 00:11:37,080 Speaker 1: gone down, bankruptcy have gone down. So we're seeing the 199 00:11:37,120 --> 00:11:42,080 Speaker 1: results of very positive economic programs such as reduced taxes, 200 00:11:42,120 --> 00:11:46,240 Speaker 1: reduced regulation, and focus on domestic energy. It's creating jobs. 201 00:11:46,320 --> 00:11:49,760 Speaker 1: The jobs creating competition for employees, that's driving up wages. 202 00:11:49,800 --> 00:11:52,760 Speaker 1: Consumers are spending, and the economy continues to grow. So 203 00:11:53,280 --> 00:11:55,760 Speaker 1: I think the biggest threat would be if we elected 204 00:11:55,800 --> 00:11:59,800 Speaker 1: somebody like Elizabeth Warren or Bernie Sanders and they implemented 205 00:11:59,840 --> 00:12:02,600 Speaker 1: some of these economic policies they're talking about, which they 206 00:12:02,600 --> 00:12:05,200 Speaker 1: don't even argue would generate economic growth. They they're just 207 00:12:05,240 --> 00:12:07,920 Speaker 1: trying to redistribute wealth. So I think she is a 208 00:12:07,960 --> 00:12:10,640 Speaker 1: big threat. Andy posts on the line. He's the former 209 00:12:10,760 --> 00:12:14,600 Speaker 1: CEO of c K Eve Restaurants. Uh. He's a Cleveland, 210 00:12:14,640 --> 00:12:19,360 Speaker 1: Ohio native of Republican He was previously nominated to the 211 00:12:19,559 --> 00:12:22,000 Speaker 1: two to be Labor Secretary. I want to ask you, though, 212 00:12:22,000 --> 00:12:24,080 Speaker 1: because so much of what we talked about on this 213 00:12:24,120 --> 00:12:26,880 Speaker 1: program as well as on Bloomberg Television. Andy, as you 214 00:12:26,920 --> 00:12:30,720 Speaker 1: know is you can't look at these economic issues in 215 00:12:30,760 --> 00:12:33,360 Speaker 1: a vacuum. It's not just US policies. It's not just 216 00:12:33,720 --> 00:12:36,120 Speaker 1: what's happening in the United States. But in many cases 217 00:12:36,160 --> 00:12:39,199 Speaker 1: it's it's out of the control of whomever is occupying 218 00:12:39,200 --> 00:12:41,840 Speaker 1: the White House. When you look at at the UK, 219 00:12:42,040 --> 00:12:45,199 Speaker 1: for example, when you look at German Chancellor Angela Merkel 220 00:12:45,320 --> 00:12:48,880 Speaker 1: on her way out, the situation in Italy as well 221 00:12:48,920 --> 00:12:52,680 Speaker 1: as in France, I mean, these are very different economic landscapes. 222 00:12:53,080 --> 00:12:57,199 Speaker 1: Do you have any apprehension about the impact that Europe 223 00:12:57,240 --> 00:13:01,480 Speaker 1: could play on the US economy? Sure? And I think 224 00:13:01,520 --> 00:13:05,680 Speaker 1: the situation with the global economy is actually slowing growth 225 00:13:05,760 --> 00:13:07,840 Speaker 1: in the United States. I think we'd be having three 226 00:13:07,920 --> 00:13:11,480 Speaker 1: or four percent growth if the economy worldwide wasn't so slow. 227 00:13:11,480 --> 00:13:12,960 Speaker 1: As a matter of fact, then we probably get up 228 00:13:12,960 --> 00:13:17,200 Speaker 1: to three percent growth if if Congress would approve the 229 00:13:17,320 --> 00:13:19,800 Speaker 1: U s m c A trade agreement. But yes, it 230 00:13:20,320 --> 00:13:22,240 Speaker 1: affects it, but it's not going to drive us into 231 00:13:22,240 --> 00:13:24,760 Speaker 1: negative territory. A lot of the discussion has been about 232 00:13:25,320 --> 00:13:28,800 Speaker 1: the country going into recession. We've you know, GDP, even 233 00:13:28,840 --> 00:13:31,480 Speaker 1: with all the problems in the world economy, g d 234 00:13:31,600 --> 00:13:34,800 Speaker 1: P is still very positive. Uh, and they're you know 235 00:13:34,840 --> 00:13:37,760 Speaker 1: the I just checked the g d g DP now 236 00:13:37,880 --> 00:13:41,200 Speaker 1: from the Atlanta Fed, and they're projecting two point three 237 00:13:41,240 --> 00:13:43,800 Speaker 1: percent GDP growth as of a couple of days ago. 238 00:13:44,600 --> 00:13:47,199 Speaker 1: That's about a half a percent up from the day 239 00:13:47,280 --> 00:13:49,760 Speaker 1: that the yield yield curve inverted. They were they were 240 00:13:49,760 --> 00:13:53,960 Speaker 1: projecting about one. So I mean that the numbers domestically 241 00:13:54,000 --> 00:13:57,680 Speaker 1: look good. Consumer spending looks good. I'm sure you saw 242 00:13:57,800 --> 00:14:02,280 Speaker 1: that the numbers on confidence and summer confidence out of 243 00:14:02,280 --> 00:14:05,160 Speaker 1: the Conference Board last week, they found the highest level 244 00:14:05,200 --> 00:14:09,160 Speaker 1: since November of two thousand respect to American's assessment of 245 00:14:09,200 --> 00:14:11,920 Speaker 1: current economic conditions. That these people are going to spend. 246 00:14:12,160 --> 00:14:14,480 Speaker 1: People have more money, they have more jobs, they're taking 247 00:14:14,480 --> 00:14:16,920 Speaker 1: home more of it because of the tax cuts. And 248 00:14:17,000 --> 00:14:19,520 Speaker 1: as long as they span that sixty percent of GDP 249 00:14:19,640 --> 00:14:23,200 Speaker 1: growth last year, it'll be interesting. It'll be interesting to 250 00:14:23,400 --> 00:14:28,640 Speaker 1: see just how partisan line plays on economic confidence as 251 00:14:28,680 --> 00:14:30,760 Speaker 1: you crunch even the numbers more. I do want to 252 00:14:30,760 --> 00:14:33,080 Speaker 1: just note there's a red headline crossing the Bloomberg terminal. 253 00:14:33,160 --> 00:14:35,960 Speaker 1: Now feel free away and if you'd like Secretary Monution 254 00:14:36,040 --> 00:14:40,520 Speaker 1: telling Bloomberg's Salaha Mosen that ultra long bonds are under 255 00:14:40,600 --> 00:14:44,920 Speaker 1: quote very serious consideration. Treasury Secretary Stephen Monution said, issuing 256 00:14:45,000 --> 00:14:49,040 Speaker 1: ultra long US bonds is quote under very serious consideration 257 00:14:49,160 --> 00:14:52,280 Speaker 1: end quote in the Trump administration, possibly setting up a 258 00:14:52,280 --> 00:14:55,840 Speaker 1: move that would mark a historic revamp of the sixteen 259 00:14:55,920 --> 00:15:01,360 Speaker 1: trillion dollar treasuries market. According to secret Terry Munition, he said, quote, 260 00:15:01,520 --> 00:15:03,880 Speaker 1: if the conditions are right, then I would anticipate we 261 00:15:03,920 --> 00:15:06,920 Speaker 1: will take advantage of the long term borrowing and execute 262 00:15:06,960 --> 00:15:09,640 Speaker 1: on that end quote. Do you have any comment on that? Yeah, 263 00:15:09,680 --> 00:15:11,840 Speaker 1: I think that'd be wonderful. I mean, interest rates, Look, 264 00:15:11,880 --> 00:15:13,520 Speaker 1: they are going to get much lower on these long 265 00:15:13,640 --> 00:15:16,800 Speaker 1: term bonds. You've got Germany, for example, a week go, 266 00:15:16,960 --> 00:15:20,800 Speaker 1: issuing almost a billion dollars worth of negative interest rate bonds. 267 00:15:21,080 --> 00:15:23,520 Speaker 1: You're really not going to get a much better market 268 00:15:23,560 --> 00:15:27,120 Speaker 1: in which a government entity can sell bonds. We are 269 00:15:27,560 --> 00:15:29,880 Speaker 1: the strongest economy in the world at the moment. We 270 00:15:29,880 --> 00:15:32,800 Speaker 1: should do very well selling our bonds. And if we 271 00:15:32,840 --> 00:15:34,800 Speaker 1: can look at we've got this debt, we might as 272 00:15:34,760 --> 00:15:36,640 Speaker 1: well try and get the interest payments as low as 273 00:15:36,640 --> 00:15:39,720 Speaker 1: we possibly can, so there's money left for other things. 274 00:15:39,760 --> 00:15:42,240 Speaker 1: And these long term bonds. You know, they're they're they're 275 00:15:42,240 --> 00:15:45,200 Speaker 1: a good solution. I think we should refinance as much 276 00:15:45,200 --> 00:15:47,600 Speaker 1: of our debt as we possibly can at the lowest 277 00:15:47,640 --> 00:15:50,240 Speaker 1: interest rates we can possibly get, Just like I would 278 00:15:50,240 --> 00:15:53,120 Speaker 1: do myself, I think the country should do the same thing, 279 00:15:53,320 --> 00:15:55,240 Speaker 1: all right, Andy Puzzler. He's the author of the new 280 00:15:55,280 --> 00:15:58,440 Speaker 1: book The Capitalist Comeback. Final question, I hate to put 281 00:15:58,440 --> 00:16:01,480 Speaker 1: you on the spot, Andy, what's the better burger Hardy's 282 00:16:01,520 --> 00:16:04,720 Speaker 1: or Carl's Jr? Wait? Are they're the same? They're char boiled. 283 00:16:05,360 --> 00:16:08,280 Speaker 1: I have my favorites at both brands. I've always been 284 00:16:08,320 --> 00:16:11,000 Speaker 1: a big fan of the six dollar burger. Uh. And 285 00:16:11,040 --> 00:16:14,720 Speaker 1: I love the just a regular cheese burger at at 286 00:16:14,760 --> 00:16:18,000 Speaker 1: Hardy's and the famous star in Western bacon cheeseburger at 287 00:16:18,000 --> 00:16:21,280 Speaker 1: carl So there, but they're they're there. It's angus beef 288 00:16:21,360 --> 00:16:23,320 Speaker 1: that's cooked on the char broiler. It'll taste like you 289 00:16:23,400 --> 00:16:26,280 Speaker 1: made it on your grill. Go for it, all right? Well, 290 00:16:26,280 --> 00:16:28,200 Speaker 1: how about we go we talked tariffs while we while 291 00:16:28,240 --> 00:16:30,000 Speaker 1: we have like a taste test of the burgers. Andy 292 00:16:30,040 --> 00:16:32,600 Speaker 1: puzz Er. Everybody he's out with that collar. In the 293 00:16:32,640 --> 00:16:36,920 Speaker 1: Washington Post titled Elizabeth Warren is the real economic threat 294 00:16:36,960 --> 00:16:40,160 Speaker 1: coming up. Matt Mawers isn't eating burgers, and neither is 295 00:16:40,280 --> 00:16:43,840 Speaker 1: Roger Fisk, but we will be talking more political policy. 296 00:16:43,920 --> 00:16:45,680 Speaker 1: You can down and headlines of the day. You can 297 00:16:45,680 --> 00:16:49,160 Speaker 1: download Bloomberg sound On podcast on Appolazians and Bloomberg dot com, 298 00:16:49,320 --> 00:16:51,480 Speaker 1: or by downloading the Bloomberg Business app. You can also 299 00:16:51,480 --> 00:16:54,560 Speaker 1: find us on Radio dot com, I Heart Radio, and Spotify. 300 00:16:54,640 --> 00:17:01,080 Speaker 1: I'm Kevin Cirelli. You're listening to Bloomberg. This is Bloomberg's 301 00:17:01,160 --> 00:17:05,800 Speaker 1: Sound On with Kevin Shirley on Bloomberge and one oh 302 00:17:05,840 --> 00:17:08,960 Speaker 1: five point seven f m h D two, Baltimore. I'm 303 00:17:09,040 --> 00:17:12,720 Speaker 1: Kevin Cirelli, Chief Washington correspondent from Bloomberg Television and Bloomberg Radio. 304 00:17:12,800 --> 00:17:15,159 Speaker 1: That song is the best song, author the best album. 305 00:17:15,240 --> 00:17:19,720 Speaker 1: You two's all that you can't leave behind. I'm where 306 00:17:19,720 --> 00:17:22,120 Speaker 1: I'm joined by two political all stars, Matt Mauer's former 307 00:17:22,160 --> 00:17:24,080 Speaker 1: Senior White House Advisor for the State for the Trump 308 00:17:24,119 --> 00:17:27,880 Speaker 1: States Department and president of Matt Mauer's LLLC, and Roger Fisk, 309 00:17:27,960 --> 00:17:32,640 Speaker 1: democratic strategist, longtime Obama aid and principle of New Day Strategy. Gentlemen, 310 00:17:32,680 --> 00:17:37,200 Speaker 1: thank you for being here this Federal Reserve politicking has 311 00:17:37,240 --> 00:17:42,119 Speaker 1: reached new fever pitch this week, and now a Republican 312 00:17:42,160 --> 00:17:46,879 Speaker 1: senator is seeking a hearing on the Fed's independence after 313 00:17:47,000 --> 00:17:52,600 Speaker 1: a Bloomberg opinion editorial. Senator Tom Tillis of North Carolina 314 00:17:52,720 --> 00:17:56,560 Speaker 1: said Wednesday that he was quote very disappointed end quote 315 00:17:56,880 --> 00:18:00,639 Speaker 1: that New York Fed President Bill Dudley appeared to be 316 00:18:00,720 --> 00:18:04,439 Speaker 1: quote lobbying the Fed to use its authority as a 317 00:18:04,480 --> 00:18:09,399 Speaker 1: political weapon against President Trump end quote that, according to 318 00:18:09,840 --> 00:18:14,000 Speaker 1: an emailed statement obtained by my colleague Rich Miller on 319 00:18:14,040 --> 00:18:16,600 Speaker 1: the Bloomberg terminal, quote, the President is standing up for 320 00:18:16,680 --> 00:18:19,960 Speaker 1: America against China after thirty years of our country and 321 00:18:20,119 --> 00:18:22,600 Speaker 1: our workers being ripped off, and there is now an 322 00:18:22,600 --> 00:18:25,280 Speaker 1: effort to get the Fed to try to sabotage the 323 00:18:25,320 --> 00:18:30,080 Speaker 1: President's efforts. That's according to Tillis. Remember that Dudley on 324 00:18:30,160 --> 00:18:33,560 Speaker 1: Tuesday wrote in a Bloomberg opinion piece that the Central 325 00:18:33,600 --> 00:18:38,159 Speaker 1: Bank resist interest rate cuts that would help Trump's re 326 00:18:38,320 --> 00:18:42,800 Speaker 1: election prospects. That's true, a lot a lot of criticism, 327 00:18:43,280 --> 00:18:47,280 Speaker 1: even from folks who are critics of President Trump. But 328 00:18:47,320 --> 00:18:50,520 Speaker 1: in the economic world, in the Wall streets chattering class, 329 00:18:51,160 --> 00:18:54,440 Speaker 1: they were uncomfortable that that the that that a former FED, 330 00:18:54,680 --> 00:18:56,920 Speaker 1: that that Bill Dudley would be arguing that the central bank, 331 00:18:56,960 --> 00:18:59,920 Speaker 1: the FED, the independent central Bank, would be somehow try 332 00:19:00,000 --> 00:19:03,439 Speaker 1: trying to respond to the President's tweets by uh not 333 00:19:03,560 --> 00:19:07,919 Speaker 1: thinking about the economy, but more thinking about the politics 334 00:19:07,920 --> 00:19:09,720 Speaker 1: of it. I want a quote for Dudley before I 335 00:19:09,760 --> 00:19:13,040 Speaker 1: opened it up to the panel. Quote Trump's reelection arguably 336 00:19:13,080 --> 00:19:16,640 Speaker 1: presents a threat to the US and the global economy. 337 00:19:16,800 --> 00:19:18,880 Speaker 1: End quote. That's from Dudley. He headed the New York 338 00:19:18,920 --> 00:19:21,520 Speaker 1: FED from two thousand nine to two and eighteen. Obviously, 339 00:19:21,840 --> 00:19:24,679 Speaker 1: the New York Fed is one of the perhaps without 340 00:19:24,760 --> 00:19:28,359 Speaker 1: question the most powerful, uh federal reserve in the in 341 00:19:28,400 --> 00:19:33,679 Speaker 1: the country. Uh. That helps make up the larger central Bank. Roger. 342 00:19:33,800 --> 00:19:36,919 Speaker 1: Is it appropriate for Bill Dudley to be opining in 343 00:19:37,040 --> 00:19:42,520 Speaker 1: such a matter, Sure of course it is if it's 344 00:19:42,520 --> 00:19:45,000 Speaker 1: in the context of an op ed or something. It's 345 00:19:45,040 --> 00:19:47,760 Speaker 1: not like he's Tommy Corker in trying to actually lobby 346 00:19:47,960 --> 00:19:50,920 Speaker 1: Supreme Court justices directly. If you remember that story from 347 00:19:50,920 --> 00:19:54,160 Speaker 1: the forties, he's out there exercising his First Amendment rights. 348 00:19:54,320 --> 00:19:58,000 Speaker 1: It's very interesting that Senator Tillis can have this appetite 349 00:19:58,040 --> 00:20:01,320 Speaker 1: for this kind of scrutiny and completely look past the 350 00:20:01,359 --> 00:20:05,640 Speaker 1: president's politicization of the FED, where he is literally lamb 351 00:20:05,680 --> 00:20:09,560 Speaker 1: bat lamb basting and a point of his own, similar 352 00:20:09,600 --> 00:20:11,520 Speaker 1: to all the various members of the Cabinet that he's 353 00:20:11,560 --> 00:20:13,520 Speaker 1: chewed up and spit out over the last two and 354 00:20:13,560 --> 00:20:18,000 Speaker 1: a half years. Um, and the president is what said 355 00:20:18,000 --> 00:20:20,520 Speaker 1: in motion this And I honestly think Tillis is just 356 00:20:20,600 --> 00:20:23,000 Speaker 1: probably doing a solid for the White House. Now, before 357 00:20:23,000 --> 00:20:24,520 Speaker 1: I let you respond, I just want to read a 358 00:20:24,520 --> 00:20:26,879 Speaker 1: headline that crossed from the New York Times. Senator Kirston 359 00:20:26,920 --> 00:20:30,199 Speaker 1: gilla Brand has dropped out of the race after failing 360 00:20:30,200 --> 00:20:32,159 Speaker 1: to qualify for the next debate. She ran as a 361 00:20:32,240 --> 00:20:35,520 Speaker 1: champion of women's causes, but Creston jilla Brand is out, 362 00:20:35,600 --> 00:20:37,400 Speaker 1: let's stick with the Central Bank and coming up we'll 363 00:20:37,400 --> 00:20:40,399 Speaker 1: talk more politics. But jilla Brand out of race. Go 364 00:20:40,400 --> 00:20:42,960 Speaker 1: ahead that yeah, Look, I mean I think if Deudley 365 00:20:43,000 --> 00:20:45,200 Speaker 1: really wants to express his opinion should be run for office, 366 00:20:45,440 --> 00:20:47,320 Speaker 1: right then he has a right to. But maybe he 367 00:20:47,440 --> 00:20:50,159 Speaker 1: is actually yeah, that's just you know, it's kind of 368 00:20:50,160 --> 00:20:52,320 Speaker 1: what smells like to me. Look, the fact is every 369 00:20:52,320 --> 00:20:54,560 Speaker 1: president's going back to Andrew Jackson, his fight with the 370 00:20:54,600 --> 00:20:57,240 Speaker 1: initial Central Bank have been fighting with uh, you know, 371 00:20:57,280 --> 00:21:00,159 Speaker 1: the Federal Reserve. They've all got their opinions. It's to 372 00:21:00,359 --> 00:21:04,359 Speaker 1: those at the Bank to maintain their neutrality though, and 373 00:21:04,400 --> 00:21:05,879 Speaker 1: sure that they're doing what's in the best interests of 374 00:21:05,880 --> 00:21:09,560 Speaker 1: the American economy, not what some former appointee wants to 375 00:21:09,600 --> 00:21:11,760 Speaker 1: get a few minutes on air has an opinion for 376 00:21:12,160 --> 00:21:15,399 Speaker 1: in a column. But see what I find interesting about 377 00:21:15,400 --> 00:21:17,600 Speaker 1: this broader debate, And I think if we don't, we 378 00:21:17,600 --> 00:21:19,240 Speaker 1: don't know the answer to the question right now. But 379 00:21:19,280 --> 00:21:21,440 Speaker 1: the question that I have in my mind after having 380 00:21:21,520 --> 00:21:25,120 Speaker 1: covered the fights for the FED, which have definitely intensified 381 00:21:25,160 --> 00:21:27,480 Speaker 1: at least in the past decade, I think back to 382 00:21:27,560 --> 00:21:30,880 Speaker 1: Janet Yellen versus Larry Summers during the Obama White House 383 00:21:30,920 --> 00:21:33,280 Speaker 1: that Senator Elizabeth Warren that a freshman member on the 384 00:21:33,280 --> 00:21:37,920 Speaker 1: Senate Banking Committee was instrumental and dismantling Larry summers bid 385 00:21:38,080 --> 00:21:40,800 Speaker 1: to be chairman of the Bank. That was incredibly political 386 00:21:40,880 --> 00:21:45,600 Speaker 1: didn't play out, necessarily dominating headlines and the mainstream pressment 387 00:21:45,640 --> 00:21:48,400 Speaker 1: in the financial press, it was a huge story. Then 388 00:21:48,440 --> 00:21:51,720 Speaker 1: you look at what happened with Janet Yellen, and then 389 00:21:51,800 --> 00:21:55,560 Speaker 1: obviously with the arrival of and the ascent of FED 390 00:21:55,680 --> 00:21:59,200 Speaker 1: Chair J. Powell having to walk this narrow tight rope 391 00:21:59,240 --> 00:22:03,680 Speaker 1: as the President has brought an onslaught of criticism against him, 392 00:22:03,680 --> 00:22:08,119 Speaker 1: coupled with the nominees, even the trial balloons of folks 393 00:22:08,160 --> 00:22:10,960 Speaker 1: to be named to the Fedboard. Of course, I'm thinking 394 00:22:11,080 --> 00:22:17,480 Speaker 1: of of a host of different economists. Um, there it 395 00:22:17,600 --> 00:22:20,560 Speaker 1: is boom. So we've gotten a Carl's Jr. Reference today 396 00:22:20,640 --> 00:22:23,040 Speaker 1: and a Harmcaine reference. And it's a good day for 397 00:22:23,080 --> 00:22:28,320 Speaker 1: fast food every day is on Kevin Show Back on 398 00:22:28,359 --> 00:22:32,640 Speaker 1: topic ken. But does the President have a point Roger 399 00:22:32,720 --> 00:22:37,560 Speaker 1: Fist in raising the criticism forget stylistically how he's doing it, 400 00:22:37,840 --> 00:22:40,919 Speaker 1: that global counterparts can react with more agility than the 401 00:22:41,000 --> 00:22:43,760 Speaker 1: US can, whether it's Europe or China with their own 402 00:22:43,800 --> 00:22:46,439 Speaker 1: central banking systems, and that the President would like to 403 00:22:46,440 --> 00:22:48,399 Speaker 1: see the US Central Bank be able to react on 404 00:22:48,440 --> 00:22:52,560 Speaker 1: the global economy with more agility. He would have a 405 00:22:52,640 --> 00:22:55,040 Speaker 1: point if that was not made in such a personal 406 00:22:55,119 --> 00:22:59,119 Speaker 1: punitive way. I mean, he I honestly think this fits. 407 00:22:59,200 --> 00:23:01,800 Speaker 1: This is just one data point in a pattern that fits. 408 00:23:02,040 --> 00:23:06,120 Speaker 1: He doesn't see separations of powers, He doesn't see that 409 00:23:06,480 --> 00:23:12,640 Speaker 1: certain agencies have sovereign missions that are separate from executive control. 410 00:23:12,880 --> 00:23:15,199 Speaker 1: He just thinks the government is a toolbox that he 411 00:23:15,200 --> 00:23:17,120 Speaker 1: should be able to He should be able to open 412 00:23:17,240 --> 00:23:20,240 Speaker 1: up and do whatever he wants with order the military 413 00:23:20,240 --> 00:23:22,280 Speaker 1: to build the wall, on and on. He don't want 414 00:23:22,280 --> 00:23:24,600 Speaker 1: to talk about any I think he's lookable to ask 415 00:23:24,680 --> 00:23:27,160 Speaker 1: questions where questions have been asked for too long. We've 416 00:23:27,160 --> 00:23:30,920 Speaker 1: been in American society pretending that certain areas of government 417 00:23:31,560 --> 00:23:33,720 Speaker 1: or third rails. When he's actually willing to ask questions 418 00:23:33,760 --> 00:23:36,359 Speaker 1: I need to be asked. I think it's right, you know, 419 00:23:36,520 --> 00:23:39,360 Speaker 1: when even for looking at lifetime appointments or tenure appointments, 420 00:23:39,359 --> 00:23:41,679 Speaker 1: that we actually question policies in place over there. I mean, 421 00:23:41,680 --> 00:23:44,119 Speaker 1: there's by the way, because ultimately the presidents trying to 422 00:23:44,080 --> 00:23:46,480 Speaker 1: deliver on what's best for the American people, which is 423 00:23:46,520 --> 00:23:48,679 Speaker 1: a good, strong American economy, So it's right for them 424 00:23:48,680 --> 00:23:50,800 Speaker 1: to ask those questions. I think it's you know, it's 425 00:23:50,840 --> 00:23:53,840 Speaker 1: antidemocratic in some ways to say that our elected leaders 426 00:23:53,840 --> 00:23:56,280 Speaker 1: should not be asking these questions. I I would love, 427 00:23:56,480 --> 00:24:00,159 Speaker 1: I would honestly love for his actions and statements to 428 00:24:00,160 --> 00:24:02,240 Speaker 1: be as principled as you're trying to portray them, and 429 00:24:02,280 --> 00:24:05,000 Speaker 1: I respect what you're trying to do. What you guys 430 00:24:05,040 --> 00:24:06,960 Speaker 1: always end up being put in the position of doing 431 00:24:07,040 --> 00:24:10,200 Speaker 1: is he goes off the rails and says bizarre, erratic stuff, 432 00:24:10,640 --> 00:24:15,040 Speaker 1: and then someone has to someone has at least I'm 433 00:24:15,040 --> 00:24:17,160 Speaker 1: willing to say that he says bizarre erratic stuff. I'm 434 00:24:17,160 --> 00:24:19,520 Speaker 1: not part of some where where I'm going to say 435 00:24:19,520 --> 00:24:24,119 Speaker 1: that that that dear leader is completely Time and time again, 436 00:24:24,240 --> 00:24:26,280 Speaker 1: you guys have to end up being these kind of 437 00:24:26,359 --> 00:24:29,560 Speaker 1: intellectual zambonies that have to come along behind this guy 438 00:24:29,840 --> 00:24:32,160 Speaker 1: and then try to fit it into some logical pattern 439 00:24:32,160 --> 00:24:35,040 Speaker 1: as if it's principled, when it's really just erratic in 440 00:24:35,119 --> 00:24:37,560 Speaker 1: and of the moment, him saying and doing and thinking 441 00:24:37,800 --> 00:24:40,840 Speaker 1: whatever the hell he wants, untethered from any of these 442 00:24:40,880 --> 00:24:43,600 Speaker 1: lovely principles that you're enunciating. Right now, I'm gonna let 443 00:24:43,600 --> 00:24:45,880 Speaker 1: you respond to the intellectuals amboni that I'm gonna get 444 00:24:45,880 --> 00:24:47,960 Speaker 1: it back on track now. I think. Look, I was 445 00:24:48,000 --> 00:24:50,040 Speaker 1: on the campaign trail in twenty sixteen. I think the 446 00:24:50,080 --> 00:24:51,840 Speaker 1: reason the president is so popular and people like me 447 00:24:51,880 --> 00:24:54,040 Speaker 1: support him is because there are a lot of places 448 00:24:54,040 --> 00:24:55,879 Speaker 1: in this country that have been forgotten, a lot of 449 00:24:55,960 --> 00:24:58,200 Speaker 1: questions of institutions haven't been asked, and he was willing 450 00:24:58,200 --> 00:25:01,879 Speaker 1: to do it. What is wait, what is an intellectual zamboni? 451 00:25:02,600 --> 00:25:04,320 Speaker 1: This is so time and time again. I was up 452 00:25:04,320 --> 00:25:07,760 Speaker 1: against someone from that atrocious Dobson Institute or whatever those 453 00:25:07,800 --> 00:25:10,560 Speaker 1: people in Colorado are, and she was saying, no, he's 454 00:25:10,680 --> 00:25:13,480 Speaker 1: what he's doing is actually flexing the powers given to 455 00:25:13,520 --> 00:25:16,199 Speaker 1: the presidency under Article blah blah blah. I'm like that 456 00:25:16,240 --> 00:25:18,399 Speaker 1: has as much to do with who Donald Trump is 457 00:25:18,440 --> 00:25:23,360 Speaker 1: and what he's doing as a passage in the UH 458 00:25:23,440 --> 00:25:27,040 Speaker 1: some Hindu sanscripts script somewhere. It has nothing to do 459 00:25:27,119 --> 00:25:29,440 Speaker 1: with how he operates, how he thinks, and what he does. 460 00:25:29,560 --> 00:25:31,720 Speaker 1: But when you say zamboni, do you actually mean the 461 00:25:31,800 --> 00:25:34,480 Speaker 1: thing at the ice rink? Well, you can go with zamboni. 462 00:25:34,600 --> 00:25:37,880 Speaker 1: You could actually go with Pooper Scooper, like the trying 463 00:25:37,880 --> 00:25:42,359 Speaker 1: to be funny but actually just an intellectual zamboni that 464 00:25:42,400 --> 00:25:45,760 Speaker 1: comes out and cleans the ice between quarters right, so 465 00:25:45,920 --> 00:25:48,600 Speaker 1: over and over there, bizarre statements, and then and then 466 00:25:48,840 --> 00:25:52,959 Speaker 1: and then, time and time again, his Republican supporters, We're 467 00:25:52,960 --> 00:25:55,200 Speaker 1: gonna get it back on track. New York Times reporting 468 00:25:55,440 --> 00:25:57,840 Speaker 1: that the Senator Kirsten Jilla Brand has dropped out of 469 00:25:57,880 --> 00:26:01,680 Speaker 1: the race again. Jilli End is out, reporting first by 470 00:26:01,720 --> 00:26:04,200 Speaker 1: The New York Times. Senator Hereson Gillibrand has dropped out 471 00:26:04,640 --> 00:26:08,159 Speaker 1: of the Democratic race after failing to qualify for the 472 00:26:08,200 --> 00:26:11,600 Speaker 1: third debate. Download the Bloomberg Sound On podcast on Apple iTunes, 473 00:26:11,720 --> 00:26:14,320 Speaker 1: have Bloomberg dot Com, or by downloading the Bloomberg Business app. 474 00:26:14,359 --> 00:26:16,320 Speaker 1: You can also find me on Radio dot com, I 475 00:26:16,480 --> 00:26:20,240 Speaker 1: Heart Radio and Spotify. The Feds politicized, folks like it 476 00:26:20,320 --> 00:26:23,960 Speaker 1: or not, The Fed is politicized. I'm Kevin CURRELLI, Chief 477 00:26:23,960 --> 00:26:27,240 Speaker 1: Washington correspondent for Bloomberg Television and Bloomberg Radio, and you're 478 00:26:27,240 --> 00:26:33,359 Speaker 1: listening to Bloomberg. This is Bloomberg Sound On with Kevin 479 00:26:33,359 --> 00:26:37,400 Speaker 1: Surreley on Bloomberg one and one oh five point seven 480 00:26:37,480 --> 00:26:42,280 Speaker 1: f m h D two Baltimore, Really, Chief Washington correspondent 481 00:26:42,320 --> 00:26:46,199 Speaker 1: for Bloomberg Television and Bloomberg Radio, navigating through the final 482 00:26:46,280 --> 00:26:51,200 Speaker 1: days folks of August Recess, the final days of August Recess. 483 00:26:51,280 --> 00:26:54,919 Speaker 1: But they'll be back, and they've got a busy, busy agenda. 484 00:26:55,560 --> 00:26:57,560 Speaker 1: This is truthfully become one of my favorite parts of 485 00:26:57,560 --> 00:27:00,760 Speaker 1: the program. It's called What's on your radar? Where we 486 00:27:00,880 --> 00:27:04,280 Speaker 1: asked our panelists about what's on their radar? What are 487 00:27:04,359 --> 00:27:07,000 Speaker 1: stories that are going on that you think are under reported, 488 00:27:07,040 --> 00:27:11,240 Speaker 1: undercovered or didn't haven't gotten enough airtime or inc in 489 00:27:11,640 --> 00:27:15,520 Speaker 1: uh in in the in the political press internationally as 490 00:27:15,560 --> 00:27:18,520 Speaker 1: well as it relates to Washington, d C. And we 491 00:27:18,640 --> 00:27:23,840 Speaker 1: got to interesting folks intellectual zambonies for lack. I don't know, 492 00:27:23,880 --> 00:27:26,520 Speaker 1: and I still don't know. Roger Fist, democratic strategist. If 493 00:27:26,520 --> 00:27:29,600 Speaker 1: that's an insult or a compliment, but it's intellectual, it's 494 00:27:29,640 --> 00:27:31,879 Speaker 1: depending on the context, depending on the context. Got it. 495 00:27:32,040 --> 00:27:35,240 Speaker 1: Roger Fisk is here, democratic strategiest, longtime Obama aid and 496 00:27:35,280 --> 00:27:38,680 Speaker 1: principle of New Day Strategy. Matt Mauer's former senior White 497 00:27:38,720 --> 00:27:41,360 Speaker 1: House advisor for the State Department and president of Matt 498 00:27:41,440 --> 00:27:44,040 Speaker 1: Mauer's l l C. Matt, what's on your radar? So 499 00:27:44,119 --> 00:27:47,320 Speaker 1: it is reported today that the Trump administration is potentially 500 00:27:48,080 --> 00:27:50,600 Speaker 1: ready to make outreach actually the Hoodie rebels and Yemen 501 00:27:51,040 --> 00:27:53,320 Speaker 1: uh in an attempt to bring to close one of 502 00:27:53,320 --> 00:27:56,600 Speaker 1: the long standing and one of the worst humanitarian crisis 503 00:27:56,640 --> 00:27:58,760 Speaker 1: is in the world right now. Um, if they can 504 00:27:58,800 --> 00:28:00,760 Speaker 1: bring about peace there, I mean, I think you know, 505 00:28:01,040 --> 00:28:05,159 Speaker 1: the President shown actually really regarded diplomacy as as a 506 00:28:05,280 --> 00:28:07,919 Speaker 1: forward action of the administration when it comes to foreign policy. 507 00:28:07,960 --> 00:28:11,639 Speaker 1: You see there, you've begun to see outreach potentially behind 508 00:28:11,640 --> 00:28:14,600 Speaker 1: the scenes to the Maduro regime. Also in Venezuela. I think, 509 00:28:14,640 --> 00:28:17,600 Speaker 1: you know, the Trump administrations try used diplomacy um to 510 00:28:17,680 --> 00:28:19,600 Speaker 1: bring peace to a lot of issues right now, and 511 00:28:19,640 --> 00:28:22,639 Speaker 1: you're seeing that again potentially in Yemen. I'm curious to 512 00:28:22,760 --> 00:28:30,760 Speaker 1: see how that Yemen development impacts the broader regional strategic 513 00:28:31,080 --> 00:28:35,320 Speaker 1: approach uh and and especially in the context of when 514 00:28:35,320 --> 00:28:37,399 Speaker 1: we get the Krishner well what you know, and also 515 00:28:37,440 --> 00:28:39,920 Speaker 1: what happens, how does that play into the relationship with 516 00:28:39,920 --> 00:28:41,880 Speaker 1: the Iran UM. You know, you had a lot of 517 00:28:41,960 --> 00:28:44,280 Speaker 1: talk the past week about whether the president was willing 518 00:28:44,320 --> 00:28:47,440 Speaker 1: to meet with the leadership of Iran. He expressed an 519 00:28:47,440 --> 00:28:49,600 Speaker 1: openness to do so. You worked at the State Department. 520 00:28:49,600 --> 00:28:52,160 Speaker 1: Should he should he? Should he meet with Ruani? I 521 00:28:52,160 --> 00:28:53,960 Speaker 1: think I think he's shown a willingness to meet with 522 00:28:54,000 --> 00:28:56,280 Speaker 1: anyone right if it means that we're gonna be able 523 00:28:56,280 --> 00:28:58,360 Speaker 1: to move closer to peace, bring good relations. I mean, 524 00:28:58,360 --> 00:29:00,200 Speaker 1: who would have thought at the beginning of the Trump 525 00:29:00,200 --> 00:29:02,560 Speaker 1: administration that he would be talking one on one with 526 00:29:02,600 --> 00:29:04,800 Speaker 1: Kim Jong Yon. Yeah, but I mean it hasn't. Well 527 00:29:05,080 --> 00:29:07,120 Speaker 1: let's let's stick with the Verwani for a second, though, 528 00:29:07,160 --> 00:29:10,560 Speaker 1: because do you think French President Manuel mccron, whom kind 529 00:29:10,560 --> 00:29:13,080 Speaker 1: of raised this circulated this issue, do you think he 530 00:29:13,160 --> 00:29:15,200 Speaker 1: should have done it? I mean, did he catch the 531 00:29:15,280 --> 00:29:17,840 Speaker 1: US off guard? Because a lot of Republicans in your 532 00:29:17,880 --> 00:29:21,400 Speaker 1: circles Matt Hours were critical of mccron, including the former 533 00:29:21,480 --> 00:29:24,160 Speaker 1: UN Ambassador Nicky Haley, for even floating that idea. Yeah, 534 00:29:24,200 --> 00:29:26,800 Speaker 1: I I don't think he should have brought up on 535 00:29:26,840 --> 00:29:29,720 Speaker 1: a whim right. When conversations like that happened between two leaders, 536 00:29:29,760 --> 00:29:33,120 Speaker 1: it usually is something that's a thought out foreign policy process. 537 00:29:33,120 --> 00:29:35,760 Speaker 1: It's usually worked at a working level. First. Um, So 538 00:29:35,800 --> 00:29:38,560 Speaker 1: I don't appreciate the way he did it, But look, 539 00:29:38,800 --> 00:29:41,520 Speaker 1: I think the president President Trump is always looking to 540 00:29:41,560 --> 00:29:43,640 Speaker 1: be outside the box and the way he approaches these 541 00:29:43,680 --> 00:29:46,040 Speaker 1: issues in foreign policy. And so if this is something 542 00:29:46,080 --> 00:29:48,840 Speaker 1: that folks didn't think was possible, I think the President's 543 00:29:48,880 --> 00:29:51,720 Speaker 1: open open to uh potentially meeting with him. I could 544 00:29:51,720 --> 00:29:55,560 Speaker 1: starve foreign policy all day. It's actually, truthfully, I find 545 00:29:55,840 --> 00:29:58,800 Speaker 1: one of the more relevant topics and under reported topics 546 00:29:58,800 --> 00:30:02,760 Speaker 1: in our currents political climate, and the UN General Assembly 547 00:30:02,760 --> 00:30:06,120 Speaker 1: meeting next month sure to be a potential for that 548 00:30:06,200 --> 00:30:11,600 Speaker 1: meeting between President Trump and maybe maybe Rod's ruwani um 549 00:30:11,640 --> 00:30:13,440 Speaker 1: and what the President's message will be at the U 550 00:30:13,520 --> 00:30:16,160 Speaker 1: N that's going to be interesting as well. Roger Fist, 551 00:30:16,200 --> 00:30:19,600 Speaker 1: Democratic strategist, what's on your radar? We were chatting earlier 552 00:30:19,640 --> 00:30:25,480 Speaker 1: about the uh disconnect between economic numbers and people's perception 553 00:30:25,640 --> 00:30:29,360 Speaker 1: of the economy, and I stumbled on a stat recently 554 00:30:29,360 --> 00:30:32,240 Speaker 1: in this transcends administration. So I'm not putting this at 555 00:30:32,760 --> 00:30:35,240 Speaker 1: the doorstep of the current occupant, but we are a 556 00:30:35,240 --> 00:30:38,160 Speaker 1: couple of months away of having more payday lenders in 557 00:30:38,160 --> 00:30:42,200 Speaker 1: this country than McDonald's and Starbucks combined. That trend has 558 00:30:42,240 --> 00:30:44,320 Speaker 1: been in place for quite a long time, So I 559 00:30:44,360 --> 00:30:47,040 Speaker 1: want to be clear that this isn't a partisan thing, 560 00:30:47,520 --> 00:30:50,640 Speaker 1: and I actually think that there's a great appetite for 561 00:30:50,720 --> 00:30:54,000 Speaker 1: a new set of measurements or indexes, and frankly, Bloomberg 562 00:30:54,040 --> 00:31:00,200 Speaker 1: would be the ideal genesis thereof that try to capture uh, 563 00:31:00,240 --> 00:31:03,400 Speaker 1: you know, Main Street and and try to come up 564 00:31:03,400 --> 00:31:05,840 Speaker 1: with some numbers in some ways of measuring these things 565 00:31:05,920 --> 00:31:08,840 Speaker 1: because we sit here and we and we throw around 566 00:31:08,920 --> 00:31:11,400 Speaker 1: job numbers and things like that, and I think we 567 00:31:11,440 --> 00:31:14,640 Speaker 1: can all agree that there's that there's a significant disconnect 568 00:31:14,680 --> 00:31:17,320 Speaker 1: between where the numbers are, where the stock market is, 569 00:31:17,360 --> 00:31:22,080 Speaker 1: and where you know, Dayton, Ohio is, or Eugene, Oregon 570 00:31:22,160 --> 00:31:25,080 Speaker 1: or anything else. So I stumbled on that recently, and 571 00:31:25,080 --> 00:31:26,880 Speaker 1: that to me told me that it's time for a 572 00:31:27,560 --> 00:31:31,240 Speaker 1: century set of tools to really measure what the economy 573 00:31:31,320 --> 00:31:33,720 Speaker 1: is like for people. And maybe you could talk to 574 00:31:33,800 --> 00:31:35,880 Speaker 1: some of your very bright colleagues about that well. And 575 00:31:35,960 --> 00:31:38,440 Speaker 1: even when I talk to to folks at the Department 576 00:31:38,440 --> 00:31:40,959 Speaker 1: of Labor in terms of when we look at jobs numbers, 577 00:31:41,000 --> 00:31:44,400 Speaker 1: for example, and it's this broader this to your point, Roger, 578 00:31:44,440 --> 00:31:48,480 Speaker 1: this broader issue of how we compute economic data and 579 00:31:48,520 --> 00:31:52,760 Speaker 1: economic indicators. We don't even there's an argument I'm not 580 00:31:53,160 --> 00:31:56,520 Speaker 1: based upon my reporting. I've interviewed people on both sides 581 00:31:56,520 --> 00:31:59,840 Speaker 1: who would argue that, uh, the way we even tracked 582 00:32:00,040 --> 00:32:03,560 Speaker 1: the growth of the Internet and internet businesses and their 583 00:32:03,600 --> 00:32:08,240 Speaker 1: impacts and uh second jobs and whatnot and how businesses 584 00:32:08,560 --> 00:32:11,840 Speaker 1: employ with internet jobs is so it's not even outdated. 585 00:32:11,880 --> 00:32:14,160 Speaker 1: It's never been invented, right, And you'd think in this 586 00:32:14,240 --> 00:32:16,360 Speaker 1: day and age of big data and analytics, right, that 587 00:32:16,400 --> 00:32:18,760 Speaker 1: we could come up with something that really captures this 588 00:32:18,800 --> 00:32:22,080 Speaker 1: in a real world, real time kind of context, rather 589 00:32:22,120 --> 00:32:24,960 Speaker 1: than we're still basically using twentie century tools to measure 590 00:32:25,000 --> 00:32:27,640 Speaker 1: this stuff and not even measuring the real jobs of 591 00:32:27,720 --> 00:32:29,800 Speaker 1: like what what people even I mean people who are 592 00:32:29,920 --> 00:32:32,520 Speaker 1: Uber drivers, for example, is that even factored into jobs numbers? 593 00:32:32,520 --> 00:32:34,479 Speaker 1: And I didn't get to this earlier, but it's it 594 00:32:34,480 --> 00:32:37,560 Speaker 1: illustrates the point that you're making that more US homebuyers 595 00:32:37,560 --> 00:32:40,760 Speaker 1: say they expect a recession next year. More than thirty 596 00:32:40,800 --> 00:32:44,000 Speaker 1: six of seven and fifty five acted buyers surveyed this 597 00:32:44,040 --> 00:32:46,920 Speaker 1: month said that they expect the next recession to begin 598 00:32:47,000 --> 00:32:50,800 Speaker 1: next year. That's according to a survey reached released earlier 599 00:32:50,840 --> 00:32:54,320 Speaker 1: today by real ittor dot com. That's up from in March. 600 00:32:54,360 --> 00:32:56,800 Speaker 1: So if your people, folks who are buying homes, uh 601 00:32:56,840 --> 00:33:01,040 Speaker 1: they are seeing uh did they have fears of ever session? 602 00:33:01,080 --> 00:33:03,720 Speaker 1: Here's what's on my my radar. It's off of It's 603 00:33:03,760 --> 00:33:05,760 Speaker 1: the second red headline to cross from Salamos and a 604 00:33:05,800 --> 00:33:09,280 Speaker 1: Bloomberg's interview at Treasury Secretary Stephen manusition. You can find 605 00:33:09,280 --> 00:33:14,320 Speaker 1: that cross platform on every Bloomberg app platform, website, but 606 00:33:14,520 --> 00:33:18,400 Speaker 1: Treasury Secretary manution reiterating that the US does not intend 607 00:33:18,440 --> 00:33:23,280 Speaker 1: to intervene on the dollar for now. Treasury Secretary Stephen 608 00:33:23,320 --> 00:33:26,360 Speaker 1: Manusian said that the Trump administration does not intend to 609 00:33:26,400 --> 00:33:29,440 Speaker 1: intervene in the dollar market right now, but signaled he 610 00:33:29,480 --> 00:33:32,760 Speaker 1: would prefer any future move to be coordinated with the 611 00:33:32,760 --> 00:33:38,200 Speaker 1: Federal Reserve and global allies. So, I mean, for all 612 00:33:38,240 --> 00:33:40,719 Speaker 1: of this criticism, wait until and Culture tweets, and then 613 00:33:40,800 --> 00:33:43,000 Speaker 1: he'll he'll be completely downe with it. For all of 614 00:33:43,080 --> 00:33:47,160 Speaker 1: this criticism that the administration is lodged against the central Bank, 615 00:33:47,160 --> 00:33:50,240 Speaker 1: they're still holding off right now on intervening in the 616 00:33:50,320 --> 00:33:53,440 Speaker 1: dollar market. Of course, we all remember that this would 617 00:33:53,440 --> 00:33:55,800 Speaker 1: be an aggressive red line too if they were to 618 00:33:55,840 --> 00:33:59,760 Speaker 1: do this, an aggressive red line on China. Uh and 619 00:34:00,320 --> 00:34:02,440 Speaker 1: earlier this month? Was it this month? There was a 620 00:34:02,440 --> 00:34:05,400 Speaker 1: lot of being that all blends together when the administration 621 00:34:05,480 --> 00:34:09,320 Speaker 1: labeled China currency manipulator. What we learned in the financial 622 00:34:09,400 --> 00:34:12,279 Speaker 1: during yes, during the show last time You're here, what 623 00:34:12,360 --> 00:34:14,239 Speaker 1: we learned though, is that that really didn't I don't 624 00:34:14,239 --> 00:34:16,160 Speaker 1: want to say he didn't do anything, but that the 625 00:34:16,320 --> 00:34:21,640 Speaker 1: real gauntlet the real policy gauntlet would be engaging in 626 00:34:21,680 --> 00:34:23,680 Speaker 1: the dollar market. All right, that's it's on my radar, 627 00:34:23,960 --> 00:34:27,200 Speaker 1: great radar. Matt Maher's former senior White House advisor for 628 00:34:27,239 --> 00:34:30,640 Speaker 1: the Trump Administration State Department and president of Matt Mauer's LLLC. 629 00:34:31,239 --> 00:34:35,400 Speaker 1: Roger Fisk, democratic strategist, longtime Obama aid and principle of 630 00:34:35,400 --> 00:34:38,000 Speaker 1: New Day Strategy, Thank you both for being here. You 631 00:34:38,000 --> 00:34:41,040 Speaker 1: can download the Bloomberg Sound on podcast on Apple, it tunes, 632 00:34:41,040 --> 00:34:44,239 Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business app. 633 00:34:44,320 --> 00:34:46,239 Speaker 1: You can also find me on radio dot com, I 634 00:34:46,360 --> 00:34:50,000 Speaker 1: Heart Radio, and Spotify. I'm Kevin CURRELLI, Chief Washington correspondent 635 00:34:50,000 --> 00:34:54,040 Speaker 1: from Bloomberg Television of Bloomberg Radio. Thank you, thank you, 636 00:34:54,480 --> 00:34:56,320 Speaker 1: Thank you for listening. You're listening to Bloomberg