1 00:00:01,400 --> 00:00:06,000 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on 2 00:00:07,080 --> 00:00:08,960 Speaker 1: Plutin just made it very clear that he wants to 3 00:00:09,000 --> 00:00:12,520 Speaker 1: reunite thesol unions from the views not efectly constraints. There's 4 00:00:12,560 --> 00:00:16,160 Speaker 1: no such thing as risk free sanctions, but I'll risk 5 00:00:16,280 --> 00:00:19,040 Speaker 1: poler and test rise in the face of an actual 6 00:00:19,160 --> 00:00:23,760 Speaker 1: land for gis Floomberg Sound on Politics, Policy and Perspective 7 00:00:23,920 --> 00:00:27,639 Speaker 1: from DC's top name. There's pacis of the economy is 8 00:00:27,720 --> 00:00:31,920 Speaker 1: not super robust Pennsylvania has. There's a structurally deficient bridge. 9 00:00:32,000 --> 00:00:34,280 Speaker 1: The need has been pronounced for a while, and Joe 10 00:00:34,320 --> 00:00:38,000 Speaker 1: Biden got it done. Bloomberg Sound On with Joe Matthew 11 00:00:38,400 --> 00:00:44,160 Speaker 1: on Bloomberg Radio, who says bipartisanship is dead. The House 12 00:00:44,240 --> 00:00:47,200 Speaker 1: just passed billions to get your mail delivered on time 13 00:00:47,760 --> 00:00:51,440 Speaker 1: by a more than three to one margin. Can Congress 14 00:00:51,479 --> 00:00:53,920 Speaker 1: come together on anything else? We'll talk to the Republican 15 00:00:54,000 --> 00:00:57,880 Speaker 1: sponsor of the post office bill, Congressman James Comer of Kentucky, 16 00:00:57,920 --> 00:01:00,880 Speaker 1: as we look for other possible areas of agreement as well, 17 00:01:00,920 --> 00:01:03,760 Speaker 1: maybe even say a budget in the next few weeks. 18 00:01:03,960 --> 00:01:07,680 Speaker 1: We have the signature panel in place. Bloomberg Politics contributors 19 00:01:07,720 --> 00:01:11,040 Speaker 1: Jeanie Schanzano and Rick Davis are here on the Fastest 20 00:01:11,080 --> 00:01:14,240 Speaker 1: Hour in Politics, and later a special conversation with Bloomberg's 21 00:01:14,280 --> 00:01:17,760 Speaker 1: Emily Chang and Disney CEO Bob Chapeck that you will 22 00:01:17,760 --> 00:01:20,399 Speaker 1: only hear here on Bloomberg. First, let's start with an 23 00:01:20,440 --> 00:01:22,759 Speaker 1: update on the markets and say hi to Charlie. Tell 24 00:01:22,840 --> 00:01:25,759 Speaker 1: hello there, Joe Matthew lots going on this our Disney 25 00:01:25,840 --> 00:01:28,480 Speaker 1: the big business story. It's out with first quarter sales 26 00:01:28,520 --> 00:01:31,840 Speaker 1: and earnings that handily beat analysts forecast, boosted by its 27 00:01:31,920 --> 00:01:36,760 Speaker 1: namesake theme Parks. Subscribers to the flagship streaming service Disney 28 00:01:36,760 --> 00:01:40,840 Speaker 1: Plus jumped to one twenty nine point eight million Disney 29 00:01:40,840 --> 00:01:43,800 Speaker 1: shares after ours up now by seven point three percent. 30 00:01:44,080 --> 00:01:46,559 Speaker 1: As Joe mentioned, will be speaking with Disney CEO Bob 31 00:01:46,600 --> 00:01:50,440 Speaker 1: Chpeck at about five five Wall Street time. Uber out 32 00:01:50,480 --> 00:01:52,920 Speaker 1: with revenue in the fourth quarter that beat analysts estimates 33 00:01:52,920 --> 00:01:55,760 Speaker 1: as it recorded the most active users in its history. 34 00:01:56,240 --> 00:01:59,320 Speaker 1: Uber after ours up by five Big news out of 35 00:01:59,360 --> 00:02:02,000 Speaker 1: Boston today, the Federal Reserve Bank of Boston says it's 36 00:02:02,240 --> 00:02:05,680 Speaker 1: next president will be Susan Collins, an economist at the 37 00:02:05,720 --> 00:02:08,760 Speaker 1: University of Michigan who will become the first black woman 38 00:02:08,960 --> 00:02:11,880 Speaker 1: to lead one of the US Central Banks twelve districts. 39 00:02:11,919 --> 00:02:14,440 Speaker 1: She earned a doctorate in economics at M I T. 40 00:02:14,880 --> 00:02:17,919 Speaker 1: She replaces Eric rosen Gren, who stepped down last year. 41 00:02:18,280 --> 00:02:22,040 Speaker 1: Stocks higher SMP. Extending yesterday's broad based rally, we had 42 00:02:22,080 --> 00:02:24,840 Speaker 1: the SMP up today by sixty five points, up one 43 00:02:24,840 --> 00:02:26,800 Speaker 1: and a half percent to now up three oh five, 44 00:02:26,919 --> 00:02:29,960 Speaker 1: up nine tenths now stack up two ninety five, up 45 00:02:29,960 --> 00:02:33,560 Speaker 1: two point one percent, tenure yield one point nine four percent, 46 00:02:33,680 --> 00:02:37,000 Speaker 1: spot gold right now eighteen thirty three downs. West Texas 47 00:02:37,040 --> 00:02:39,959 Speaker 1: Innovative crewed up three tenths of one percent, eighty nine 48 00:02:40,080 --> 00:02:43,480 Speaker 1: sixty six barrel. I'm Charlie Plato. Matthew is a bloombird 49 00:02:43,520 --> 00:02:45,880 Speaker 1: business flash right, Charlie. We thank you a lot to 50 00:02:45,880 --> 00:02:48,640 Speaker 1: talk about as always after hours with Charlie Pellett, and 51 00:02:48,680 --> 00:02:51,600 Speaker 1: he will be back with more in about fifteen minutes now. 52 00:02:51,600 --> 00:02:54,080 Speaker 1: This will likely be the most underreported I'm gonna stick 53 00:02:54,080 --> 00:02:59,360 Speaker 1: my neck out underreported political accomplishment of the year. He states. 54 00:02:59,360 --> 00:03:03,200 Speaker 1: In February, ry the vote in the US House today 55 00:03:03,240 --> 00:03:07,000 Speaker 1: three forty two to ninety two, not to rename a 56 00:03:07,080 --> 00:03:12,600 Speaker 1: post office, but to reform. The US Post Office fifty 57 00:03:12,600 --> 00:03:15,720 Speaker 1: seven billion dollar overhaul releaves tens of billions of dollars 58 00:03:15,760 --> 00:03:18,400 Speaker 1: in liabilities and helps to get your mail delivered on time. 59 00:03:19,720 --> 00:03:24,120 Speaker 1: No wonder. I guess it's popular with both Republicans and Democrats, 60 00:03:24,120 --> 00:03:25,480 Speaker 1: and it looks like it's going to be a pretty 61 00:03:25,480 --> 00:03:28,160 Speaker 1: easy win in the Senate where it's now heading. Let's 62 00:03:28,200 --> 00:03:30,320 Speaker 1: talk about it and extend the conversation to some other 63 00:03:30,360 --> 00:03:35,520 Speaker 1: issues with Congressman James Comber, Republican from Kentucky. Congressman, welcome. 64 00:03:35,560 --> 00:03:38,920 Speaker 1: You were last with us in December when the terrible 65 00:03:38,920 --> 00:03:42,480 Speaker 1: string of tornadoes came through your state. It was a 66 00:03:42,600 --> 00:03:44,760 Speaker 1: terrible time, and I know that a lot of this persists. 67 00:03:44,800 --> 00:03:47,440 Speaker 1: You lost a lot. And before we get into politics, 68 00:03:47,480 --> 00:03:49,840 Speaker 1: I wonder how how the people of your district are 69 00:03:49,880 --> 00:03:53,280 Speaker 1: doing well. Thank you for having me on again. They're 70 00:03:53,400 --> 00:03:56,360 Speaker 1: doing as well as can be expected. I think the 71 00:03:56,400 --> 00:03:59,240 Speaker 1: realization set in pretty early on that a lot of 72 00:03:59,240 --> 00:04:02,640 Speaker 1: the people were are insured. Uh, they weren't aware of 73 00:04:02,680 --> 00:04:05,800 Speaker 1: the massive inflation costs of the building material right now. 74 00:04:06,200 --> 00:04:10,200 Speaker 1: But people are trying to rebuild, and I think the 75 00:04:10,240 --> 00:04:13,680 Speaker 1: overwhelming majority of people want to rebuild exactly where their 76 00:04:13,720 --> 00:04:16,200 Speaker 1: homes were destroyed to begin with, so it's gonna be 77 00:04:16,240 --> 00:04:18,160 Speaker 1: a long recovery. But I think the people of West 78 00:04:18,240 --> 00:04:21,039 Speaker 1: Kentucky you're doing very well. Well. I'm happy to hear it. 79 00:04:21,040 --> 00:04:23,360 Speaker 1: How long will it take for towns like Mayfield where 80 00:04:23,360 --> 00:04:26,839 Speaker 1: the damage was so widespread to rebuilt, is this year's congressman. 81 00:04:27,000 --> 00:04:29,920 Speaker 1: It's gonna take years, unfortunately. I mean you're talking about 82 00:04:30,000 --> 00:04:33,599 Speaker 1: two towns, Mayfield and Dawson Springs, were probably fifty and 83 00:04:33,640 --> 00:04:39,360 Speaker 1: seventy of their property tax space was wiped off the map. So, uh, 84 00:04:39,600 --> 00:04:41,240 Speaker 1: it's gonna be a while. And a lot of those 85 00:04:41,240 --> 00:04:43,920 Speaker 1: businesses now, the businesses are a little different than the homes. 86 00:04:43,920 --> 00:04:46,600 Speaker 1: They may not rebuild in the same places. They may 87 00:04:46,640 --> 00:04:50,400 Speaker 1: not rebuild period. That business is harder, harder thing to replace. 88 00:04:50,520 --> 00:04:52,799 Speaker 1: So it's uh, you know, it's gonna be a while 89 00:04:52,880 --> 00:04:55,520 Speaker 1: unfortunately for the for the towns. What's the hardest thing 90 00:04:55,520 --> 00:04:59,760 Speaker 1: to get lumber right now? For rebuilding everything, roofing, shingles, 91 00:05:00,040 --> 00:05:05,159 Speaker 1: number nails, screws, there's a shortage of everything, and people 92 00:05:05,160 --> 00:05:08,360 Speaker 1: that actually build the homes, the labor shortage, I mean, 93 00:05:08,400 --> 00:05:13,640 Speaker 1: it's uh, seamen anything. I don't think a lot of 94 00:05:13,680 --> 00:05:19,080 Speaker 1: people outside of the construction industry realize, Uh, the shortages 95 00:05:19,080 --> 00:05:20,719 Speaker 1: that are out there. I don't know their supply side, 96 00:05:20,760 --> 00:05:24,960 Speaker 1: supply chain shortages or just production shortages. I have no idea, 97 00:05:25,040 --> 00:05:27,760 Speaker 1: but it's it's very difficult to get the building materials 98 00:05:27,760 --> 00:05:32,240 Speaker 1: they need. Endless housing demand of course in this country. Uh, Congressman, 99 00:05:32,240 --> 00:05:34,479 Speaker 1: are you getting the support you need from the federal government? 100 00:05:35,360 --> 00:05:38,440 Speaker 1: So far, the federal government has done everything that it 101 00:05:38,520 --> 00:05:40,760 Speaker 1: said it would. Uh. We you know, I flew on 102 00:05:40,800 --> 00:05:44,280 Speaker 1: their first one with President Biden there, I was there 103 00:05:44,360 --> 00:05:47,320 Speaker 1: the next morning. Biden was there a few days later. 104 00:05:47,400 --> 00:05:51,800 Speaker 1: And thus far, fem has done everything that they promised 105 00:05:51,839 --> 00:05:53,800 Speaker 1: they would do. But we've got a long way to go, 106 00:05:53,880 --> 00:05:56,719 Speaker 1: and I'll knock on the wood. But right now I 107 00:05:56,760 --> 00:06:00,760 Speaker 1: think the response from the federal and stay government has 108 00:06:00,839 --> 00:06:04,800 Speaker 1: been uh, very good. It's wonderful to hear. Uh. And 109 00:06:04,920 --> 00:06:06,800 Speaker 1: you know, we're not going to forget this story. We'd 110 00:06:06,839 --> 00:06:08,520 Speaker 1: like to stay in touch with you throughout the year 111 00:06:08,560 --> 00:06:12,160 Speaker 1: and hear how things are going. As you must, Congressman, 112 00:06:12,200 --> 00:06:14,480 Speaker 1: be pleased with the vote on your legislation to reform 113 00:06:14,520 --> 00:06:16,839 Speaker 1: the post office. You probably heard me mention you co 114 00:06:16,920 --> 00:06:20,880 Speaker 1: sponsored it with Representative Carol and Maloney, a rare bipartisan 115 00:06:20,880 --> 00:06:25,080 Speaker 1: win that I understand followed months of negotiations. The Oversight 116 00:06:25,080 --> 00:06:29,320 Speaker 1: Committee you serve on Postmaster General and the unions. Cats 117 00:06:29,320 --> 00:06:31,919 Speaker 1: and dogs living together. Congressman, what's the lesson here for 118 00:06:31,960 --> 00:06:35,760 Speaker 1: a divided Congress. Well, the lesson is it can be done. 119 00:06:36,680 --> 00:06:38,640 Speaker 1: There has to be a will to do it. Now 120 00:06:38,680 --> 00:06:41,560 Speaker 1: they're you know, they're still going to be Republicans that 121 00:06:41,600 --> 00:06:43,720 Speaker 1: are gonna vote no on everything. I don't know if 122 00:06:43,760 --> 00:06:46,080 Speaker 1: some of them even read the bill. I mean, this 123 00:06:46,160 --> 00:06:48,640 Speaker 1: was at the end of the day. Everybody has a 124 00:06:48,640 --> 00:06:50,840 Speaker 1: horror story with the post office, but at the end 125 00:06:50,880 --> 00:06:53,880 Speaker 1: of the day, everybody needs the post office. And in 126 00:06:54,200 --> 00:06:59,720 Speaker 1: most Republican districts are like mine, they have significant amounts 127 00:06:59,760 --> 00:07:05,839 Speaker 1: of rural areas, and the rural areas are really more 128 00:07:05,880 --> 00:07:08,120 Speaker 1: dependent on the post Office. In the urban areas. I 129 00:07:08,160 --> 00:07:12,880 Speaker 1: say that because you've got private companies that that serves 130 00:07:13,400 --> 00:07:15,680 Speaker 1: a lot of the male needs and in some of 131 00:07:15,680 --> 00:07:17,920 Speaker 1: the bigger cities, but in the rural areas that the 132 00:07:17,920 --> 00:07:19,840 Speaker 1: post office is all you got if you order something 133 00:07:19,840 --> 00:07:23,680 Speaker 1: from Amazon or ups or fed X. In a lot 134 00:07:23,720 --> 00:07:27,320 Speaker 1: of rural communities like the ones I represent, they deliver 135 00:07:27,400 --> 00:07:29,440 Speaker 1: it to the local post office, and then the post 136 00:07:29,520 --> 00:07:32,000 Speaker 1: office actually takes it to your house the post office 137 00:07:32,000 --> 00:07:35,160 Speaker 1: of delivery package that's Amazon or UPS or fed X. 138 00:07:35,240 --> 00:07:39,000 Speaker 1: So that you know, for anyone to say they there 139 00:07:39,240 --> 00:07:43,640 Speaker 1: support privatizing the postal service, that's that's not even a 140 00:07:43,760 --> 00:07:49,160 Speaker 1: viable option because office that it's not for rural America. 141 00:07:49,240 --> 00:07:53,520 Speaker 1: So we we worked not just with Louis de joy 142 00:07:53,560 --> 00:07:55,280 Speaker 1: who I think has done a good job. I think 143 00:07:55,320 --> 00:07:59,520 Speaker 1: that he was, uh, you know, the victim of a 144 00:07:59,520 --> 00:08:02,960 Speaker 1: lot of the politization. I think he was a victim 145 00:08:03,040 --> 00:08:08,560 Speaker 1: of a lot of unnecessary criticism from people that criticized 146 00:08:08,600 --> 00:08:11,800 Speaker 1: his reforms. But he was criticize we should know, congressmen 147 00:08:11,840 --> 00:08:14,800 Speaker 1: for our listeners. He this legislation actually came from his 148 00:08:14,880 --> 00:08:17,800 Speaker 1: initial set of proposals to reform the post office. Right, 149 00:08:18,880 --> 00:08:20,800 Speaker 1: and did he write this bill or did you write 150 00:08:20,800 --> 00:08:25,000 Speaker 1: it with him? He had a he wrote a bill 151 00:08:25,120 --> 00:08:28,640 Speaker 1: and we took it as an outline and and made 152 00:08:28,680 --> 00:08:31,440 Speaker 1: some changes because there are a lot of stakeholders. You've 153 00:08:31,480 --> 00:08:34,320 Speaker 1: got the unions. But now to Lewis de Joye credit. 154 00:08:34,800 --> 00:08:37,800 Speaker 1: You know, he's criticized for being a big Republican donor. 155 00:08:37,840 --> 00:08:40,200 Speaker 1: I think he worked with the unions on this bill. 156 00:08:40,240 --> 00:08:43,719 Speaker 1: And there are four big unions postal unions like the 157 00:08:43,800 --> 00:08:47,000 Speaker 1: rural letter carriers or letter carriers, the You know that 158 00:08:47,040 --> 00:08:53,199 Speaker 1: there's four big male unions and they all overwhelmingly supported 159 00:08:53,400 --> 00:08:56,840 Speaker 1: this bill. Uh. They are also a lot of private 160 00:08:57,200 --> 00:09:00,839 Speaker 1: stakeholders in in the post office. You've got big logistics 161 00:09:00,880 --> 00:09:04,800 Speaker 1: companies like for example, Pitney Bows. You've got big companies 162 00:09:04,840 --> 00:09:08,160 Speaker 1: like International Paper who make all the envelopes and packages 163 00:09:08,280 --> 00:09:11,760 Speaker 1: for for the postal service. You've got a lot of 164 00:09:11,800 --> 00:09:17,520 Speaker 1: catalog companies, companies like Hallmark in Missouri Hallmarkers. By bringing 165 00:09:17,559 --> 00:09:20,319 Speaker 1: all these parties together, how does this help people get 166 00:09:20,360 --> 00:09:24,720 Speaker 1: their mail delivered on time more often. Well, the first 167 00:09:24,720 --> 00:09:27,600 Speaker 1: thing we have to do is stop the hemorrhaging of cash. 168 00:09:28,280 --> 00:09:31,440 Speaker 1: And the post office can hunt continue to lose billions 169 00:09:31,480 --> 00:09:34,319 Speaker 1: of dollars every quarter, which is what what it was doing. 170 00:09:34,760 --> 00:09:38,480 Speaker 1: So this made some reforms that codified some reforms UH 171 00:09:38,600 --> 00:09:44,840 Speaker 1: for performance. It's invests in modern modernization of equipment. Right now, 172 00:09:45,760 --> 00:09:48,120 Speaker 1: we all know the growth in the mail is in 173 00:09:48,320 --> 00:09:53,640 Speaker 1: package so a lot of the packages are sorted by 174 00:09:53,720 --> 00:09:57,240 Speaker 1: hand at the post office, and this bill will provide 175 00:09:57,280 --> 00:10:03,840 Speaker 1: funding to buy pack sorting machines. If you'll remember, Postmaster 176 00:10:03,960 --> 00:10:09,160 Speaker 1: DeJoy removed a lot of mail sorting machines at the time. Yes, yeah, 177 00:10:10,400 --> 00:10:14,240 Speaker 1: capacity and what he was doing, but he was he 178 00:10:14,360 --> 00:10:17,560 Speaker 1: was trying to utilize. If you have three male sorting 179 00:10:17,559 --> 00:10:21,160 Speaker 1: machines that are operating at capacity each, you can get 180 00:10:21,240 --> 00:10:23,000 Speaker 1: rid of two of them and you still got one 181 00:10:23,040 --> 00:10:27,640 Speaker 1: that's operated sixty capacity. So he and he's shut down 182 00:10:27,760 --> 00:10:32,840 Speaker 1: some mail sorting facilities and that was really more controversial machines. 183 00:10:33,559 --> 00:10:37,280 Speaker 1: But what he's gonna do with those facilities that are 184 00:10:37,720 --> 00:10:39,720 Speaker 1: that are owned by the government, like, for example, there's 185 00:10:39,720 --> 00:10:42,760 Speaker 1: one in Paduka, Kentucky, in my district that's owned by 186 00:10:42,800 --> 00:10:46,800 Speaker 1: the federal government. There are some mail sorting machines in Indiana, 187 00:10:47,200 --> 00:10:51,280 Speaker 1: I'm sorry, some mail sorting facilities buildings in Indiana of 188 00:10:51,320 --> 00:10:53,960 Speaker 1: their own by private companies that he felt like the 189 00:10:54,040 --> 00:10:55,960 Speaker 1: government didn't get a good deal on the least. When 190 00:10:55,960 --> 00:10:58,319 Speaker 1: the leash runs out, he's not going to take anymore. 191 00:10:58,480 --> 00:11:01,880 Speaker 1: But the ones that the government already owned that he 192 00:11:02,040 --> 00:11:05,719 Speaker 1: moved the mail sorting machines out, he's gonna put package 193 00:11:05,760 --> 00:11:08,800 Speaker 1: sorting machines in. Then they're gonna be package sorting facilities. 194 00:11:08,800 --> 00:11:11,679 Speaker 1: So this is where your fifty seven billion dollars is 195 00:11:11,720 --> 00:11:14,880 Speaker 1: going to So Congressman, we're getting down to the granular here. 196 00:11:14,920 --> 00:11:17,440 Speaker 1: You're walking around the house with a win in your pocket. 197 00:11:17,920 --> 00:11:20,920 Speaker 1: You guys have a great story to tell. Representatives Comber 198 00:11:21,000 --> 00:11:25,199 Speaker 1: and Maloney and the Postmaster General and the unions. How 199 00:11:25,200 --> 00:11:27,280 Speaker 1: do you how do you extend this to say, the 200 00:11:27,320 --> 00:11:30,160 Speaker 1: budget process that's going on right now, where the the 201 00:11:30,200 --> 00:11:32,760 Speaker 1: America Competes Bill, where you could sit down in a 202 00:11:32,880 --> 00:11:35,960 Speaker 1: room with people you don't necessarily agree with and generate 203 00:11:36,000 --> 00:11:39,840 Speaker 1: a product that that everyone at least walks away happy with. Well, 204 00:11:39,880 --> 00:11:43,360 Speaker 1: I feel like we were pretty transparent with how we 205 00:11:43,520 --> 00:11:46,880 Speaker 1: negotiated this bill, and I think when you look at 206 00:11:46,880 --> 00:11:51,080 Speaker 1: how the budgets are plastered together in Congress, there's no 207 00:11:51,120 --> 00:11:54,480 Speaker 1: transparency there. We had a mark up in committee, We 208 00:11:54,559 --> 00:11:59,840 Speaker 1: talked about the bill in committee. Uh, there were endless 209 00:12:00,080 --> 00:12:04,000 Speaker 1: meetings and negotiations with stakeholders and and different people that 210 00:12:04,080 --> 00:12:07,320 Speaker 1: had questions, And the bill was out there for for 211 00:12:07,480 --> 00:12:09,640 Speaker 1: months and months and months for the world to see. 212 00:12:09,720 --> 00:12:12,640 Speaker 1: So people if they got a call from someone concerned 213 00:12:12,640 --> 00:12:16,719 Speaker 1: about a particular part of the bill, they could they 214 00:12:16,800 --> 00:12:19,320 Speaker 1: We had time to answer the questions. The budgets are 215 00:12:19,360 --> 00:12:24,800 Speaker 1: negotiated in closed rooms, smoke filled rooms. There's no transparency, 216 00:12:24,840 --> 00:12:28,720 Speaker 1: there's no debate, and and that's what's wrong with Congress. 217 00:12:28,960 --> 00:12:31,600 Speaker 1: I think the postal Reform bill is a model of 218 00:12:32,160 --> 00:12:34,160 Speaker 1: how it can be and how it should be, and 219 00:12:34,200 --> 00:12:36,480 Speaker 1: how it used to be. But what's going on now 220 00:12:36,640 --> 00:12:40,720 Speaker 1: is transparency? Is your answer though having hearings, having public comments, 221 00:12:40,760 --> 00:12:45,120 Speaker 1: and maybe a little time to read the bill. Congressman. Absolutely, absolutely, 222 00:12:45,160 --> 00:12:47,400 Speaker 1: and that's what's wrong with so many bills. Every Dancy 223 00:12:47,400 --> 00:12:49,560 Speaker 1: Pelosi band smoking up there. Though I don't know where 224 00:12:49,559 --> 00:12:52,959 Speaker 1: these smoke filled rooms are. I want to see this firsthand. Congressman. 225 00:12:53,040 --> 00:12:57,800 Speaker 1: I appreciate your time, and congrats on scoring some money 226 00:12:57,800 --> 00:13:01,520 Speaker 1: for our post office. Congressman James coma Republican from Kentucky, 227 00:13:01,520 --> 00:13:03,920 Speaker 1: and I'm happy to hear that the recovery is at 228 00:13:03,960 --> 00:13:07,440 Speaker 1: least underway, not to suggest that it is anywhere near 229 00:13:07,600 --> 00:13:11,000 Speaker 1: being done after a very difficult December in that part 230 00:13:11,000 --> 00:13:13,440 Speaker 1: of the country. Thanks for joining us on the fastest 231 00:13:13,480 --> 00:13:16,720 Speaker 1: hour in politics. I'm Joe Matthew the Panels. Next, this 232 00:13:16,880 --> 00:13:23,719 Speaker 1: is Bloomberg. You're listening to Bloomberg Sound On with Joe 233 00:13:23,800 --> 00:13:30,520 Speaker 1: Matthew on Bloomberg radio. Remember the old post office motto, 234 00:13:31,080 --> 00:13:34,320 Speaker 1: neither snow nor rain, nor keat nor gloom of night 235 00:13:34,520 --> 00:13:39,040 Speaker 1: stays these couriers from the swift completion of their appointed rounds. 236 00:13:39,440 --> 00:13:43,120 Speaker 1: I just learned today that that's carved in granite over 237 00:13:43,200 --> 00:13:45,240 Speaker 1: the entrance of the New York City Post Office on 238 00:13:45,280 --> 00:13:48,800 Speaker 1: eighth Avenue, and that it was taken from book eight 239 00:13:48,880 --> 00:13:53,520 Speaker 1: of the Persian Wars by Herodotus. But who knew that? Today? 240 00:13:53,600 --> 00:13:56,360 Speaker 1: Was I the only one? I will say, even with 241 00:13:56,440 --> 00:14:00,440 Speaker 1: the cutbacks, my postal carriers, you know, speaking personally, my 242 00:14:00,520 --> 00:14:03,240 Speaker 1: postal carriers from DC to Boston and back again have 243 00:14:03,440 --> 00:14:05,880 Speaker 1: somehow always gotten the job done. I don't know if 244 00:14:05,920 --> 00:14:08,480 Speaker 1: I'm just lucky, but as you were hearing in our 245 00:14:08,520 --> 00:14:11,400 Speaker 1: conversation with Congressman James Comber, the agency is getting some 246 00:14:11,440 --> 00:14:17,000 Speaker 1: badly needed investments fifty seven billion dollars. Yes, it's time 247 00:14:17,040 --> 00:14:21,600 Speaker 1: to take the post office seriously again. It's unfair to 248 00:14:21,640 --> 00:14:23,200 Speaker 1: ask a woman to be the wife of the mailman. 249 00:14:24,360 --> 00:14:26,600 Speaker 1: Watch him get up every morning. He's strapping on that 250 00:14:26,640 --> 00:14:29,800 Speaker 1: old mail bag, throwing out and hitting those mean streets, 251 00:14:30,120 --> 00:14:34,440 Speaker 1: never knowing whether he's coming back or not. Right somewhere 252 00:14:34,440 --> 00:14:36,160 Speaker 1: out there is a beagle with your name on her. 253 00:14:37,760 --> 00:14:40,840 Speaker 1: With apologies to Cliff Claven, we assemble the sound on panel. 254 00:14:40,880 --> 00:14:44,000 Speaker 1: He was on my mind all day. Bloomberg Politics contributors 255 00:14:44,040 --> 00:14:47,920 Speaker 1: Jeannie Chanzano and Rick Davis Genie Democrats. As the Congressman 256 00:14:47,920 --> 00:14:50,280 Speaker 1: brought it up. I've been highly critical of Postmaster General 257 00:14:50,400 --> 00:14:52,200 Speaker 1: Lewis de Joy. He was a big Trump downer. He 258 00:14:52,280 --> 00:14:54,680 Speaker 1: was accused of making it more difficult for people to 259 00:14:54,760 --> 00:14:58,080 Speaker 1: vote by mail. Uh, this legislation was part of his plan. 260 00:14:58,200 --> 00:15:00,960 Speaker 1: He is still in that job. Is this his redemption? 261 00:15:01,720 --> 00:15:05,120 Speaker 1: It is Cheers Joe Matthew. I love hearing from Cliff. 262 00:15:05,200 --> 00:15:08,760 Speaker 1: Thank you. Um you know, I thought it was fascinating 263 00:15:08,800 --> 00:15:11,440 Speaker 1: to listen to Representative Comer because to me it was 264 00:15:11,480 --> 00:15:14,040 Speaker 1: almost a master class. I'm gonna play for my students 265 00:15:14,080 --> 00:15:17,160 Speaker 1: and how legislation is done. And Louis de Joy is 266 00:15:17,200 --> 00:15:19,520 Speaker 1: one of the people who got this going. When when 267 00:15:19,560 --> 00:15:22,160 Speaker 1: you look at the legislation, one thing that strikes you is, 268 00:15:22,480 --> 00:15:24,680 Speaker 1: you know this has been since what two thousand and 269 00:15:24,720 --> 00:15:27,480 Speaker 1: six we've seen a bill addressing these problems with the 270 00:15:27,520 --> 00:15:31,320 Speaker 1: post Office. It saves fifty billion dollars over ten years, 271 00:15:31,600 --> 00:15:34,320 Speaker 1: and more importantly, it has the support of two hundred 272 00:15:34,400 --> 00:15:38,040 Speaker 1: organizations and all the unions involved. That is an enormous 273 00:15:38,120 --> 00:15:42,040 Speaker 1: feat and it's bipartisan, as as you mentioned at the top. 274 00:15:42,360 --> 00:15:45,160 Speaker 1: So to their credit, they got this done. And you know, 275 00:15:45,240 --> 00:15:47,680 Speaker 1: another thing he reminded me of as we're listening to 276 00:15:48,080 --> 00:15:51,000 Speaker 1: the conversation is that we talk a lot about, you know, 277 00:15:51,360 --> 00:15:54,600 Speaker 1: you know, the lack of bipartisanship and the differences between 278 00:15:55,080 --> 00:15:58,120 Speaker 1: Republicans and Democrats. But he talked about the fact that 279 00:15:58,360 --> 00:16:02,040 Speaker 1: the division is almost He's off in geographic right. Rural 280 00:16:02,040 --> 00:16:05,120 Speaker 1: areas have things in common, so upstate New York here 281 00:16:05,160 --> 00:16:08,240 Speaker 1: near where I am, versus you know, other places in 282 00:16:08,360 --> 00:16:11,080 Speaker 1: the Ork are very very different. So you bring those 283 00:16:11,120 --> 00:16:14,040 Speaker 1: people together, they can cross over that partisan line. I 284 00:16:14,080 --> 00:16:17,000 Speaker 1: was thinking of you, Rick, as the Congressman was describing 285 00:16:17,040 --> 00:16:21,000 Speaker 1: transparency actually holding hearings, I could hear you saying regular order. 286 00:16:21,680 --> 00:16:25,160 Speaker 1: Uh is that as simple as as as this story is, 287 00:16:25,280 --> 00:16:29,040 Speaker 1: or or is this about something more unique, because well, 288 00:16:29,080 --> 00:16:31,280 Speaker 1: the Post Office touches everyone. This is not, you know, 289 00:16:31,280 --> 00:16:33,360 Speaker 1: a pie in the sky policy. This is something that's 290 00:16:33,360 --> 00:16:35,840 Speaker 1: got to get done. Well. First of all, kudos to 291 00:16:36,160 --> 00:16:39,120 Speaker 1: Congressman Comber and the people who supported this bill because 292 00:16:39,240 --> 00:16:41,000 Speaker 1: crossing the aisle is never an easy thing to do, 293 00:16:41,080 --> 00:16:43,120 Speaker 1: regardless of what the rules of the road are. So 294 00:16:43,280 --> 00:16:45,840 Speaker 1: that's number one. Number two is that is why there's 295 00:16:45,880 --> 00:16:48,640 Speaker 1: regular order. That is why you have committee hearings so 296 00:16:48,680 --> 00:16:50,840 Speaker 1: that you can figure out where the common ground is, 297 00:16:50,880 --> 00:16:52,920 Speaker 1: so that you can identify the problems in the bill. 298 00:16:53,280 --> 00:16:55,200 Speaker 1: And that is why you have people who come to 299 00:16:55,240 --> 00:16:57,840 Speaker 1: those committees to testify who are part of the you know, 300 00:16:57,880 --> 00:17:02,000 Speaker 1: sort of uh owners of the legislation once it gets implemented, 301 00:17:02,040 --> 00:17:04,360 Speaker 1: so that they can give you their comments, because it's 302 00:17:04,440 --> 00:17:06,600 Speaker 1: rare that that that people actually get to come to 303 00:17:06,640 --> 00:17:09,320 Speaker 1: Congress and tell them what's gonna happen. So, I mean, 304 00:17:09,440 --> 00:17:11,560 Speaker 1: that's why it's designed the way it is. That's why 305 00:17:11,640 --> 00:17:13,639 Speaker 1: they call it regular order, because this is the way 306 00:17:13,680 --> 00:17:16,360 Speaker 1: it's supposed to be done every day. But he points out, 307 00:17:16,400 --> 00:17:19,280 Speaker 1: and I think it's important that everybody understand, that's not 308 00:17:19,400 --> 00:17:22,280 Speaker 1: how the majority of the legislation gets done in Congress anymore, 309 00:17:22,600 --> 00:17:26,679 Speaker 1: which is why you have these bipartisan screaming matches, because 310 00:17:26,720 --> 00:17:29,320 Speaker 1: they don't know even what's in the bill until it's 311 00:17:29,480 --> 00:17:31,760 Speaker 1: being then until the Congress people are being asked to 312 00:17:31,840 --> 00:17:34,480 Speaker 1: vote on it, and that's not fair for anybody. Well, 313 00:17:34,520 --> 00:17:37,440 Speaker 1: there's a lesson to be learned here, obviously, Uh, Genie. 314 00:17:37,560 --> 00:17:40,080 Speaker 1: You know, when you're talking about Democrats and Republicans who 315 00:17:40,400 --> 00:17:43,439 Speaker 1: supposedly can't stand each other and can't work together, we 316 00:17:43,520 --> 00:17:46,919 Speaker 1: obviously have an exception here. Uh. And it's something that 317 00:17:46,960 --> 00:17:49,760 Speaker 1: actually impacts people's lives. But I am assuming, tell me 318 00:17:49,800 --> 00:17:52,520 Speaker 1: I'm wrong. This gets no publicity. You know, we're talking 319 00:17:52,560 --> 00:17:55,080 Speaker 1: about it here on this program. But this isn't build 320 00:17:55,080 --> 00:17:58,600 Speaker 1: back better. It's not trillions of dollars on infrastructure, and 321 00:17:58,600 --> 00:18:01,359 Speaker 1: and it's not terribly controversial, that's right. And you know, 322 00:18:01,480 --> 00:18:04,960 Speaker 1: to your point, you don't have screaming matches, you know, uh, 323 00:18:05,000 --> 00:18:06,320 Speaker 1: you know, those are the things that are going to 324 00:18:06,400 --> 00:18:08,840 Speaker 1: get covered, and so it won't get a lot of coverage. 325 00:18:09,000 --> 00:18:11,720 Speaker 1: And there are lessons to be learned, but it's difficult 326 00:18:11,720 --> 00:18:15,000 Speaker 1: to apply those lessons to something as big as the budget, 327 00:18:15,040 --> 00:18:18,119 Speaker 1: because of course postal reform is much more narrow as 328 00:18:18,200 --> 00:18:20,960 Speaker 1: big as it is than the budget. And in that case, 329 00:18:21,359 --> 00:18:24,040 Speaker 1: they will not, to Rick's point, go to regular order. 330 00:18:24,080 --> 00:18:26,959 Speaker 1: And that's why we're unfortunately going to see another continuing 331 00:18:27,000 --> 00:18:30,680 Speaker 1: resolution as funding expires on the eight Team to be clear, 332 00:18:30,760 --> 00:18:34,240 Speaker 1: this was a compromise. Genie Progressives wanted more. They wanted 333 00:18:34,240 --> 00:18:38,359 Speaker 1: protections for instance for mail in voting. So there, you know, 334 00:18:38,880 --> 00:18:41,320 Speaker 1: all the parties involved did not get what they want. 335 00:18:41,920 --> 00:18:45,480 Speaker 1: Is that is that the lesson here? It is the lesson. 336 00:18:45,560 --> 00:18:48,080 Speaker 1: But again I think you know they did. You did 337 00:18:48,119 --> 00:18:51,600 Speaker 1: see people compromise, you know, on this, but the compromises 338 00:18:51,640 --> 00:18:54,720 Speaker 1: were not as dramatic as they will be for the budget. 339 00:18:54,720 --> 00:18:56,960 Speaker 1: I mean, we have to be clear on that. Those 340 00:18:57,000 --> 00:19:01,600 Speaker 1: are big differences domestic policy versus funding for national security 341 00:19:01,720 --> 00:19:04,879 Speaker 1: and trying to bridge a gap that's about ten points 342 00:19:04,920 --> 00:19:07,360 Speaker 1: at this point. Yeah, does to Joy keep his job? Rick? 343 00:19:07,480 --> 00:19:10,520 Speaker 1: Or should he? Yeah? I think there's gotta be a 344 00:19:10,520 --> 00:19:13,160 Speaker 1: reason to put him out. And these are terms, right, 345 00:19:13,200 --> 00:19:14,800 Speaker 1: and that's why they set them up the way they do, 346 00:19:14,840 --> 00:19:19,280 Speaker 1: so they actually aren't predicated on partisan differences. But I 347 00:19:19,280 --> 00:19:21,640 Speaker 1: would say, you know, just a comment about the process. 348 00:19:21,960 --> 00:19:25,160 Speaker 1: You know, people fight hard these committees. It gets angry, 349 00:19:25,240 --> 00:19:28,560 Speaker 1: they're protecting themselves, but what comes out is usually the 350 00:19:29,240 --> 00:19:31,720 Speaker 1: wisdom of Congress and that's what you're looking for. I 351 00:19:31,760 --> 00:19:33,600 Speaker 1: love it, Rick and Jenior with us for the hour 352 00:19:33,640 --> 00:19:37,040 Speaker 1: our signature panel with fallout from the r n C 353 00:19:37,280 --> 00:19:40,080 Speaker 1: centering Liz Cheney and Adam Kinsinger. We're going to focus 354 00:19:40,119 --> 00:19:42,639 Speaker 1: on that next that's playing differently in different corners of 355 00:19:42,640 --> 00:19:50,199 Speaker 1: the capital. This is Bloomberg broadcasting live from our nation's capital, 356 00:19:50,280 --> 00:19:56,159 Speaker 1: Bloomberg to New York, Bloomberg eleven Frio to Boston, Bloomberg 357 00:19:56,240 --> 00:19:59,840 Speaker 1: one oh six one to San Francisco, Bloomberg nine sixty 358 00:20:00,160 --> 00:20:03,439 Speaker 1: to the Country, Serious x M General one Monte and 359 00:20:03,480 --> 00:20:06,840 Speaker 1: around the globe, the Bloomberg Business app and Bloomberg Radio 360 00:20:07,000 --> 00:20:11,680 Speaker 1: dot Com. This is Bloomberg Sound On with Joe Matthew. 361 00:20:13,960 --> 00:20:17,040 Speaker 1: Republicans in Washington do not all agree on the r 362 00:20:17,160 --> 00:20:20,479 Speaker 1: n c s decision to cens your representatives, Liz Cheney 363 00:20:20,520 --> 00:20:23,960 Speaker 1: and Adam Kinzinger, if you can get an answer on 364 00:20:24,040 --> 00:20:27,800 Speaker 1: that or the whole matter of January six and how 365 00:20:27,840 --> 00:20:30,320 Speaker 1: that should be described, will reassemble the panel next to 366 00:20:30,359 --> 00:20:34,080 Speaker 1: consider the fallouts to the resolution. Rick Davis and Jennie 367 00:20:34,160 --> 00:20:36,440 Speaker 1: Chanzano or Upneck. You know, sometimes it does not take 368 00:20:36,480 --> 00:20:40,040 Speaker 1: a lot to make news here in Washington. Mitch McConnell 369 00:20:40,080 --> 00:20:44,000 Speaker 1: made headlines yesterday by basically repeating what he already said 370 00:20:44,000 --> 00:20:48,360 Speaker 1: about January six, but following the r n c's labeling 371 00:20:48,400 --> 00:20:52,160 Speaker 1: of the insurrection as legitimate political discourse. His words take 372 00:20:52,200 --> 00:20:54,240 Speaker 1: on new meaning. Let's let him finish what he's saying, 373 00:20:54,280 --> 00:20:56,399 Speaker 1: Senate Minority Leader here when he was asked about it 374 00:20:57,320 --> 00:21:00,600 Speaker 1: was a violent insurruption for the purpose of trying to 375 00:21:00,640 --> 00:21:06,120 Speaker 1: prevent the peaceful transfer of power after a legitimately certified 376 00:21:06,560 --> 00:21:11,919 Speaker 1: election from one administration to the next. That's what it was. 377 00:21:13,200 --> 00:21:15,960 Speaker 1: McConnell also made clear he did not approve of the 378 00:21:16,119 --> 00:21:20,680 Speaker 1: r n C censuring representatives Adam Kinzinger and Liz Cheney said, 379 00:21:20,720 --> 00:21:22,560 Speaker 1: it's not what the r NC is therefore to be 380 00:21:22,600 --> 00:21:25,359 Speaker 1: picking winners and losers now on the other side of 381 00:21:25,400 --> 00:21:28,440 Speaker 1: the Capitol, and by the way, that generated its own stories, yesterday, 382 00:21:30,280 --> 00:21:32,359 Speaker 1: things were a little bit less definitive on the House 383 00:21:32,359 --> 00:21:36,119 Speaker 1: side and a lot faster. Have you seen this video 384 00:21:36,880 --> 00:21:41,240 Speaker 1: of Kevin McCarthy running down the hall. ABC's congressional correspondent 385 00:21:41,359 --> 00:21:44,520 Speaker 1: Rachel Scott tried to ask the Minority Leader of the 386 00:21:44,520 --> 00:21:46,720 Speaker 1: House this very same thing about the r n C 387 00:21:46,920 --> 00:21:51,320 Speaker 1: resolution describing against January six as legitimate political discourse. Here's 388 00:21:51,359 --> 00:22:01,439 Speaker 1: how it went. Whoa, whoa. If you didn't hear what 389 00:22:01,480 --> 00:22:04,359 Speaker 1: he said, make an appointment in my office. It's not 390 00:22:04,400 --> 00:22:06,800 Speaker 1: good to ask questions in the hallway. And he's moving. 391 00:22:07,240 --> 00:22:16,480 Speaker 1: So listen to this all over again. All right, yeah, 392 00:22:16,640 --> 00:22:26,440 Speaker 1: keep going though. Next cut, come up, here's Kevin McCarthy. 393 00:22:26,560 --> 00:22:32,760 Speaker 1: He's gone, He's gone. There wasn't so much what he said. 394 00:22:33,880 --> 00:22:36,800 Speaker 1: I'll be it unusual to suggest an appointment, since he 395 00:22:36,840 --> 00:22:41,000 Speaker 1: regularly answers questions in the hallway. But no, it was 396 00:22:41,040 --> 00:22:44,680 Speaker 1: the speed the gentleman from California showed with the form 397 00:22:44,720 --> 00:22:47,199 Speaker 1: of an athlete. There is no way I could have 398 00:22:47,240 --> 00:22:51,640 Speaker 1: caught up with him. It's been watched three million times 399 00:22:51,720 --> 00:22:55,679 Speaker 1: on Twitter alone, and Rachel Scott's tweet with the video 400 00:22:55,760 --> 00:23:04,439 Speaker 1: has been liked thirty seven thousand times. Clearly inspiring. It 401 00:23:04,480 --> 00:23:06,240 Speaker 1: makes you want to get out there and run to 402 00:23:06,359 --> 00:23:08,879 Speaker 1: work and back, especially on a beautiful day like this 403 00:23:08,960 --> 00:23:11,720 Speaker 1: in the nation's capital. And so we reassemble the panel. Now, 404 00:23:12,720 --> 00:23:15,880 Speaker 1: Rick and Genie are with us this hour. Bloomberg Politics 405 00:23:15,920 --> 00:23:20,679 Speaker 1: contributors Genie Chanzano and Rick Davis Shariot's a fire in 406 00:23:20,760 --> 00:23:23,800 Speaker 1: my mind as I watched this video. Genie, UM, I'm 407 00:23:23,800 --> 00:23:27,080 Speaker 1: not sure if this works. Sometimes you pretend you don't 408 00:23:27,119 --> 00:23:31,639 Speaker 1: hear a reporter sometimes you run down the hall. But 409 00:23:31,760 --> 00:23:34,159 Speaker 1: what does it tell us about the different responses we 410 00:23:34,240 --> 00:23:37,679 Speaker 1: got from the two Republican leaders. Genie SHENZENA, Oh, I 411 00:23:37,760 --> 00:23:39,960 Speaker 1: just love that music. You know, I'm listening to him 412 00:23:40,000 --> 00:23:41,879 Speaker 1: talk so fast. It was like onto my son listens 413 00:23:41,920 --> 00:23:44,520 Speaker 1: to podcasts on two time speed. They said slow it 414 00:23:44,560 --> 00:23:47,479 Speaker 1: down here three times. I can't hear it. Um, you know. 415 00:23:47,720 --> 00:23:49,760 Speaker 1: I think it speaks to the fact. Number one, Mitch 416 00:23:49,840 --> 00:23:53,560 Speaker 1: McConnell doesn't really care quite frankly, what Donald Trump thinks. 417 00:23:53,600 --> 00:23:56,840 Speaker 1: He considers Donald Trump the reason he is not majority 418 00:23:56,920 --> 00:24:00,640 Speaker 1: leader right now. Number one and number two Evan McCarthy, 419 00:24:00,640 --> 00:24:03,359 Speaker 1: on the other hand, wants to be speaker and feels 420 00:24:03,400 --> 00:24:06,119 Speaker 1: like Donald Trump is going to be in his way 421 00:24:06,200 --> 00:24:08,440 Speaker 1: if he doesn't go down to Marrow, Laga and Lago 422 00:24:08,520 --> 00:24:11,120 Speaker 1: and do what he did after January six, So they 423 00:24:11,160 --> 00:24:14,320 Speaker 1: have a huge gap there. And of course Mitch McConnell 424 00:24:14,359 --> 00:24:18,120 Speaker 1: also feels like if Donald Trump keeps talking about he's 425 00:24:18,160 --> 00:24:20,080 Speaker 1: not gonna win the seats he needs to win to 426 00:24:20,119 --> 00:24:23,080 Speaker 1: become majority leader, so he won't be a majority leader again. 427 00:24:23,200 --> 00:24:26,400 Speaker 1: So the incentive structure there is is I think the 428 00:24:26,520 --> 00:24:29,520 Speaker 1: number one explanation on top of the fact. To your point, 429 00:24:29,520 --> 00:24:32,719 Speaker 1: miss McConnell's telling the truth about you know, repeating what 430 00:24:32,760 --> 00:24:35,479 Speaker 1: he said before. It's not that hard to do. And 431 00:24:35,520 --> 00:24:38,160 Speaker 1: of course Kevin McCarthy has flipped on what he said 432 00:24:38,200 --> 00:24:40,600 Speaker 1: right after January six. Jennie just said a lot, Rick, 433 00:24:40,640 --> 00:24:43,040 Speaker 1: What do you make of the different responses here? Is 434 00:24:43,040 --> 00:24:45,800 Speaker 1: it just is it the two men in the way 435 00:24:45,800 --> 00:24:49,680 Speaker 1: they differ, or their motivations as politicians? Yeah, it's it's 436 00:24:49,680 --> 00:24:52,560 Speaker 1: It's kind of the old line inconvenient truth, right, and 437 00:24:52,560 --> 00:24:54,600 Speaker 1: those are willing to embrace it and those are willing 438 00:24:54,640 --> 00:24:58,720 Speaker 1: not because, as as Jennie says, nobody really wants to 439 00:24:58,760 --> 00:25:01,760 Speaker 1: be talking about this to begin But look, Mitch McConnell 440 00:25:01,760 --> 00:25:04,800 Speaker 1: actually puts himself on the side of history and it 441 00:25:04,960 --> 00:25:08,440 Speaker 1: is the number one thing that I think voters would 442 00:25:08,480 --> 00:25:10,960 Speaker 1: back him up on. I mean, there are only a 443 00:25:11,080 --> 00:25:15,399 Speaker 1: small fraction maybe unless c ann pul I saw people 444 00:25:15,440 --> 00:25:18,600 Speaker 1: said that the will of Congress should be overturned. Seventy 445 00:25:18,600 --> 00:25:22,320 Speaker 1: five of our country says when you get election results, 446 00:25:22,400 --> 00:25:25,680 Speaker 1: you should you should have the will of Congress accept them. 447 00:25:25,720 --> 00:25:31,359 Speaker 1: So like, this is a binary decision that politicians are making, 448 00:25:31,680 --> 00:25:34,119 Speaker 1: and I'd rather be on the seventy percent than the 449 00:25:34,160 --> 00:25:37,320 Speaker 1: Trump every day of the week. Well, there's also the 450 00:25:37,359 --> 00:25:41,399 Speaker 1: long term here, right, Mitch McConnell, uh seems to think here, Genie, 451 00:25:41,400 --> 00:25:43,119 Speaker 1: that at some point it's going to be clear in 452 00:25:43,160 --> 00:25:44,879 Speaker 1: history books what went on, and he wants to be 453 00:25:45,000 --> 00:25:47,520 Speaker 1: on the right side of history. Does Does Kevin McCarthy 454 00:25:47,560 --> 00:25:50,400 Speaker 1: not think about it that way? That's right. I think 455 00:25:50,440 --> 00:25:53,160 Speaker 1: Mitch McConnell is long held that we as he said, 456 00:25:53,200 --> 00:25:55,840 Speaker 1: we were all there, we all saw what happened. You 457 00:25:55,920 --> 00:25:58,639 Speaker 1: can't go back on that. And I think Kevin McCarthy 458 00:25:58,720 --> 00:26:01,399 Speaker 1: is thinking short term. He wants to be speaker, He 459 00:26:01,480 --> 00:26:03,919 Speaker 1: thinks he's got a shot, and he is concerned that 460 00:26:03,920 --> 00:26:05,960 Speaker 1: Trump is in his way. And I thought it was 461 00:26:06,040 --> 00:26:10,280 Speaker 1: fascinating this statement that Donald Trump released about saying Kevin sorry, 462 00:26:10,320 --> 00:26:14,119 Speaker 1: Mitch McConnell doesn't speak for the Republican Party, which sets 463 00:26:14,200 --> 00:26:16,960 Speaker 1: up this sort of battle between who does. And I 464 00:26:17,320 --> 00:26:20,680 Speaker 1: agree with Rick. The problem is in the primaries, it's 465 00:26:20,720 --> 00:26:23,320 Speaker 1: a small percentage of the more extremists that get out 466 00:26:23,359 --> 00:26:26,119 Speaker 1: there that can speak to who the candidates will be, 467 00:26:26,200 --> 00:26:28,719 Speaker 1: and that's a problem for Republicans. Well, I don't know 468 00:26:28,720 --> 00:26:32,320 Speaker 1: how Kevin McCarthy continues to manage this. I guess you know, 469 00:26:32,400 --> 00:26:34,880 Speaker 1: he's sort of waiting for the January six Select Committee 470 00:26:34,880 --> 00:26:37,680 Speaker 1: to resolve. Rick, tell me if I'm wrong, But how 471 00:26:37,680 --> 00:26:39,520 Speaker 1: long can you keep running down the halls like that 472 00:26:39,560 --> 00:26:41,639 Speaker 1: without actually sitting for an interview? Well, I mean he 473 00:26:41,680 --> 00:26:44,520 Speaker 1: hasn't done a network interview since January of last year 474 00:26:44,600 --> 00:26:46,600 Speaker 1: or so. I mean there's a lot of running. I 475 00:26:46,640 --> 00:26:48,440 Speaker 1: think the Olympic Committee is going to be like trying 476 00:26:48,480 --> 00:26:51,919 Speaker 1: to sign him up because that guy's got speed. But like, 477 00:26:52,440 --> 00:26:54,280 Speaker 1: and he wears sneakers with his suit, and there's something 478 00:26:54,359 --> 00:26:56,520 Speaker 1: to that. There's something to that. I mean, it's an 479 00:26:56,520 --> 00:26:59,760 Speaker 1: occupational hazard for him. Uh And and those questions aren't 480 00:26:59,760 --> 00:27:02,720 Speaker 1: gonna get any less, you know, fervent from the media. 481 00:27:02,760 --> 00:27:05,480 Speaker 1: They now realize that they're under his skin. And this 482 00:27:05,560 --> 00:27:08,320 Speaker 1: is the one thing reporters like most of all. Uh, 483 00:27:08,359 --> 00:27:11,520 Speaker 1: in contrast to people like John mccanney, used to slow 484 00:27:11,600 --> 00:27:13,760 Speaker 1: down so that maybe you could catch up doing That's 485 00:27:14,240 --> 00:27:16,680 Speaker 1: what a great day that was for him? Yeah, I 486 00:27:16,760 --> 00:27:19,320 Speaker 1: bet you love that. What does it mean though for 487 00:27:19,400 --> 00:27:21,960 Speaker 1: him as as a future leader? Rick, there's you know, 488 00:27:21,960 --> 00:27:24,760 Speaker 1: a decision needs to be made here as well about 489 00:27:24,760 --> 00:27:27,480 Speaker 1: whether you protect your own. Mitch McConnell doesn't want the 490 00:27:27,600 --> 00:27:30,240 Speaker 1: r n C telling him what his members should or 491 00:27:30,280 --> 00:27:33,600 Speaker 1: shouldn't be doing. Wouldn't that be an attractive quality when 492 00:27:33,600 --> 00:27:36,080 Speaker 1: you're trying to become leader that he's going to have 493 00:27:36,160 --> 00:27:39,400 Speaker 1: to stand for that election if Republicans take the House. Yeah, 494 00:27:39,440 --> 00:27:41,720 Speaker 1: anytime you're talking about the r n C in an 495 00:27:41,720 --> 00:27:44,639 Speaker 1: election year, there's something wrong, right, because the RNC is 496 00:27:44,640 --> 00:27:46,560 Speaker 1: supposed to be invisible. They're supposed to be the boots 497 00:27:46,560 --> 00:27:48,879 Speaker 1: on the ground and do anything. They're not actually supposed 498 00:27:48,920 --> 00:27:51,840 Speaker 1: to be the issue in polling. And now there's gonna 499 00:27:51,880 --> 00:27:54,119 Speaker 1: be a lot of those issues, uh, you know coming 500 00:27:54,200 --> 00:27:56,480 Speaker 1: up in the in the candidates, you know, town halls 501 00:27:56,520 --> 00:27:58,399 Speaker 1: and things. Oh do you agree with the RNC and 502 00:27:58,400 --> 00:28:01,400 Speaker 1: what they've done here? But at the end of the day, 503 00:28:01,440 --> 00:28:03,119 Speaker 1: I mean, the one thing I would tweak on what 504 00:28:03,200 --> 00:28:04,920 Speaker 1: Genie was saying about, you know, you gotta watch out 505 00:28:04,920 --> 00:28:08,600 Speaker 1: for these activists. If activists decided who the primary winners 506 00:28:08,600 --> 00:28:10,399 Speaker 1: were going to be in all these states, John McCaine, 507 00:28:10,400 --> 00:28:12,200 Speaker 1: for instance, would have never been elected to the United 508 00:28:12,240 --> 00:28:14,640 Speaker 1: States Senate. Activists hated him there. But there's a much 509 00:28:14,720 --> 00:28:18,000 Speaker 1: broader group of people and part of what this controversy 510 00:28:18,080 --> 00:28:20,320 Speaker 1: is doing is it's kind of waken them up, saying, hey, 511 00:28:20,600 --> 00:28:22,200 Speaker 1: you got to get in the game. If you want 512 00:28:22,240 --> 00:28:24,679 Speaker 1: to keep your congressman, or if you want to have 513 00:28:25,000 --> 00:28:28,240 Speaker 1: somebody who's more mainstream, you better show up in these primaries. 514 00:28:28,320 --> 00:28:30,840 Speaker 1: And so I think all this attention the RNC has 515 00:28:30,920 --> 00:28:35,200 Speaker 1: given this issue may actually result in that backfiring against 516 00:28:35,240 --> 00:28:38,120 Speaker 1: these activists who are running into so many districts right now. 517 00:28:38,360 --> 00:28:40,000 Speaker 1: I think I asked you both a couple of days 518 00:28:40,000 --> 00:28:42,120 Speaker 1: ago how you felt about it. Is this helping Liz 519 00:28:42,200 --> 00:28:45,880 Speaker 1: Jeney's chances to be re elected? Genie? You know, I 520 00:28:45,920 --> 00:28:49,360 Speaker 1: think it potentially could. Um. I think it's still going 521 00:28:49,400 --> 00:28:52,120 Speaker 1: to be up to the people in the primary, and 522 00:28:52,560 --> 00:28:55,600 Speaker 1: you know, it may, to Rick's point, get people who 523 00:28:55,640 --> 00:28:59,280 Speaker 1: otherwise would not haven't be having incentive Republicans, say moderate 524 00:28:59,320 --> 00:29:02,200 Speaker 1: Republicans and Wyoming to get out and to vote in 525 00:29:02,240 --> 00:29:05,040 Speaker 1: the primary, and that will help her enormous amount. She 526 00:29:05,200 --> 00:29:08,280 Speaker 1: also has got some big wigs coming in to fundraise 527 00:29:08,360 --> 00:29:10,320 Speaker 1: for her, not that she needs them that much. So 528 00:29:10,480 --> 00:29:14,320 Speaker 1: I do think it's going to you know, I guess 529 00:29:14,320 --> 00:29:16,680 Speaker 1: my bottom line is with with Liz Cheney, I don't 530 00:29:16,720 --> 00:29:19,480 Speaker 1: feel like she needs much help in this. She is 531 00:29:19,520 --> 00:29:22,120 Speaker 1: a formidable force. And I think she has taken this 532 00:29:22,200 --> 00:29:24,920 Speaker 1: on because she feels like when loser draws, she's on 533 00:29:24,960 --> 00:29:27,240 Speaker 1: the right side of history. What you thought on that, 534 00:29:27,360 --> 00:29:30,240 Speaker 1: Rick Davis, Liz Cheney for re election. Yeah, and look, 535 00:29:30,280 --> 00:29:31,760 Speaker 1: I mean, she's in the fight of her life. It's 536 00:29:31,800 --> 00:29:34,800 Speaker 1: gonna be hard. It doesn't help that the RNC, you know, 537 00:29:34,960 --> 00:29:37,880 Speaker 1: is saying, oh, well, we'll support a primary opponent against you. 538 00:29:39,000 --> 00:29:41,800 Speaker 1: That just keeps getting stacked against her. I think her 539 00:29:42,000 --> 00:29:46,000 Speaker 1: entire future is predicated on how successful her participation is 540 00:29:46,120 --> 00:29:48,560 Speaker 1: on this January six commission. At this stage, I mean, 541 00:29:48,880 --> 00:29:51,480 Speaker 1: the reality is that's the future. We don't know what 542 00:29:51,600 --> 00:29:53,520 Speaker 1: that's gonna look like by the end of the summer, 543 00:29:53,720 --> 00:29:56,360 Speaker 1: and that will influence the outcome of her primary, I 544 00:29:56,400 --> 00:29:59,520 Speaker 1: think significantly. As we spend time with Rick and Jeanie 545 00:29:59,600 --> 00:30:01,640 Speaker 1: here on Boomberg Sound On, I will let you know 546 00:30:01,680 --> 00:30:03,920 Speaker 1: that we're about three minutes away from an important interview 547 00:30:03,960 --> 00:30:06,800 Speaker 1: with the CEO of Disney, Bob Japeck, and I'm gonna 548 00:30:06,800 --> 00:30:08,400 Speaker 1: be curious to hear what he has to say and 549 00:30:08,520 --> 00:30:11,000 Speaker 1: and talk with you guys about it, because the news 550 00:30:11,000 --> 00:30:14,720 Speaker 1: from the theme Parks is is huge. You know when 551 00:30:14,720 --> 00:30:19,240 Speaker 1: we start talking about mask mandates vaccine or mask another 552 00:30:19,240 --> 00:30:22,080 Speaker 1: one today New York State Kathy Hokel. This is getting 553 00:30:22,120 --> 00:30:25,040 Speaker 1: to be interesting. People are starting to get back to 554 00:30:25,240 --> 00:30:27,040 Speaker 1: their lives. And we'll have a little bit more color 555 00:30:27,080 --> 00:30:29,520 Speaker 1: on that coming up from Bob Jpeck, who's going to 556 00:30:29,600 --> 00:30:33,440 Speaker 1: be speaking with Emily Chang. Tomorrow. Is the big inflation report. 557 00:30:33,480 --> 00:30:35,160 Speaker 1: We've been hearing a heck of a lot about it 558 00:30:35,200 --> 00:30:39,920 Speaker 1: this week. Uh, interesting for this White House, Geniu because 559 00:30:39,960 --> 00:30:43,560 Speaker 1: this could cut either way as as we consider the 560 00:30:43,600 --> 00:30:47,560 Speaker 1: inflation coming out of the consumer Price Index tomorrow, it 561 00:30:47,600 --> 00:30:49,840 Speaker 1: could and of course that they they have had some 562 00:30:49,920 --> 00:30:53,280 Speaker 1: good news on the jobs numbers GDP in the last 563 00:30:53,400 --> 00:30:55,440 Speaker 1: few days, a few weeks, so they want they want 564 00:30:55,480 --> 00:30:58,000 Speaker 1: to keep that up. Yeah, So see how if they're 565 00:30:58,040 --> 00:31:00,880 Speaker 1: able to continue that streak. There's interesting they haven't been 566 00:31:00,880 --> 00:31:03,240 Speaker 1: out ahead of it like they were potentially bad news 567 00:31:03,240 --> 00:31:05,960 Speaker 1: on jobs, right. I wonder if if if that's going 568 00:31:06,040 --> 00:31:08,640 Speaker 1: to be interpreted the same way. Yeah, And it's a 569 00:31:08,680 --> 00:31:10,880 Speaker 1: good question. You know, I was wondering and I was 570 00:31:10,920 --> 00:31:12,840 Speaker 1: trying to peek and see are we getting you know, 571 00:31:12,920 --> 00:31:14,960 Speaker 1: them sort of saying this could be bad news. We 572 00:31:15,000 --> 00:31:17,960 Speaker 1: haven't heard much of that, and so maybe that's I 573 00:31:17,960 --> 00:31:20,760 Speaker 1: don't know how to play that one, Joe. That's interesting. 574 00:31:20,920 --> 00:31:22,720 Speaker 1: I mean to see the Rick Davis, the way they 575 00:31:22,760 --> 00:31:24,680 Speaker 1: got out ahead of the job's report thinking that it 576 00:31:24,760 --> 00:31:28,560 Speaker 1: might be bad. Uh, there are there's every expectation that 577 00:31:28,680 --> 00:31:33,400 Speaker 1: this will show inflation justifying continued fed tightening. Tomorrow, the 578 00:31:33,440 --> 00:31:36,240 Speaker 1: markets are going to be obsessing over this is this? 579 00:31:36,360 --> 00:31:38,080 Speaker 1: Is it? Because it's not as as much of a 580 00:31:38,120 --> 00:31:41,120 Speaker 1: household conversation as a job report. Yeah, I think inflation 581 00:31:41,200 --> 00:31:43,240 Speaker 1: is their kryptonite, right. They don't even want to get 582 00:31:43,240 --> 00:31:45,280 Speaker 1: near that stuff, so you just don't talk about it. 583 00:31:45,400 --> 00:31:47,680 Speaker 1: And so don't talk about it, let it, let it sit, 584 00:31:47,760 --> 00:31:50,440 Speaker 1: don't draw attention to it. It's gonna every time you 585 00:31:50,480 --> 00:31:52,640 Speaker 1: talk about inflation in this administration is going to be 586 00:31:52,680 --> 00:31:54,600 Speaker 1: a bad day. And so it's gonna be a bad 587 00:31:54,680 --> 00:31:57,959 Speaker 1: day no matter what. What do you think, Jeanie, Then 588 00:31:58,160 --> 00:31:59,880 Speaker 1: is it more about getting c e o s to 589 00:32:00,040 --> 00:32:02,800 Speaker 1: White House to talk about supply chains or just too 590 00:32:02,880 --> 00:32:06,040 Speaker 1: Rick's point just move on? Well, well, yeah, and getting 591 00:32:06,080 --> 00:32:09,640 Speaker 1: CEOs to the White House and also talking about jobs, jobs, jobs. 592 00:32:09,680 --> 00:32:12,000 Speaker 1: They've had been been good in terms of the creation 593 00:32:12,040 --> 00:32:14,719 Speaker 1: of jobs, particular sectors they want to talk about. So 594 00:32:15,000 --> 00:32:17,680 Speaker 1: they really all are all focused on, you know, let's 595 00:32:17,800 --> 00:32:21,320 Speaker 1: let's talk about, to James Carvel's point, what we did right, 596 00:32:21,720 --> 00:32:23,840 Speaker 1: and let's sort of leave aside the things that are 597 00:32:23,840 --> 00:32:25,920 Speaker 1: troubling us, and inflation is the big one. Well, and 598 00:32:25,960 --> 00:32:27,720 Speaker 1: he's kind of cabinet that's good at that. You're gonna 599 00:32:27,760 --> 00:32:30,520 Speaker 1: see the Brian Das interviews, right, You're gonna see Gina Romando, 600 00:32:30,600 --> 00:32:33,880 Speaker 1: who was on Bloomberg today talking about supply chains, computer chips. 601 00:32:33,960 --> 00:32:37,200 Speaker 1: Maybe the President will make some remarks. Uh. They've certainly 602 00:32:37,240 --> 00:32:39,720 Speaker 1: been buttoned up on the communications front when it comes 603 00:32:39,760 --> 00:32:43,240 Speaker 1: to to this, you know, ever since the old transitory line. 604 00:32:43,560 --> 00:32:45,920 Speaker 1: Rick and Jennie stay with us here on Bloomberg Sound On. 605 00:32:46,040 --> 00:32:48,520 Speaker 1: Thanks for being with us on Bloomberg Radio. I'm Joe 606 00:32:48,600 --> 00:32:52,160 Speaker 1: Matthew in Washington. We now join Emily Chang for her 607 00:32:52,200 --> 00:32:57,560 Speaker 1: conversation with Disney CEO Bob Chpeck. This is Bloomberg. Welcome 608 00:32:57,600 --> 00:33:00,520 Speaker 1: to our global television and radio audiences. I'm here with 609 00:33:00,560 --> 00:33:02,880 Speaker 1: Disney CEO Bob Chpeck on the heels of the company's 610 00:33:02,920 --> 00:33:05,640 Speaker 1: first quarter earnings. We're going to talk about everything from 611 00:33:05,640 --> 00:33:08,480 Speaker 1: the streaming wars, to theme parks, the ongoing pandemic, and 612 00:33:08,520 --> 00:33:12,560 Speaker 1: even the metaverse. Bob, thank you so much for joining us. 613 00:33:12,920 --> 00:33:15,200 Speaker 1: I want to start with this month, marking two years 614 00:33:15,760 --> 00:33:19,160 Speaker 1: with you as CEO. Bob Iger has officially ridden away 615 00:33:19,160 --> 00:33:20,920 Speaker 1: from the Happiest place on Earth, and I want to 616 00:33:20,920 --> 00:33:23,000 Speaker 1: know how you're feeling. Do you feel like your strategy 617 00:33:23,440 --> 00:33:27,800 Speaker 1: is clicking and that things are working well. I think, 618 00:33:27,920 --> 00:33:31,240 Speaker 1: as evidenced by our most recent quarter, everything's falling into place. 619 00:33:31,800 --> 00:33:34,440 Speaker 1: You know, we're filled with optimism here at Disney. We're 620 00:33:34,480 --> 00:33:37,160 Speaker 1: at the point where we're just at the start of 621 00:33:37,200 --> 00:33:39,640 Speaker 1: the last year of our first one hundred and the 622 00:33:39,680 --> 00:33:42,040 Speaker 1: inflection point for the start of the next one hundred. 623 00:33:42,320 --> 00:33:44,080 Speaker 1: And I think if you look at our parks business, 624 00:33:44,560 --> 00:33:48,120 Speaker 1: you look at our media business, all fueled by the 625 00:33:48,160 --> 00:33:53,080 Speaker 1: great content that our internal storytellers get to tell, we're 626 00:33:53,120 --> 00:33:55,120 Speaker 1: full of optimism. We think that we've got a lot 627 00:33:55,160 --> 00:33:58,000 Speaker 1: of energy and momentum. We've got a vision for the future, 628 00:33:58,480 --> 00:34:02,400 Speaker 1: a vision where we're going to appealed directly to our audience, UH, 629 00:34:02,480 --> 00:34:06,520 Speaker 1: using technology and great storytelling, and UH, we really think 630 00:34:06,520 --> 00:34:08,520 Speaker 1: that it's going to be a more exciting next one 631 00:34:08,960 --> 00:34:12,759 Speaker 1: years than even our stellar first one years. Give us 632 00:34:12,760 --> 00:34:15,720 Speaker 1: some color on what's driving the burst in subscriber growth 633 00:34:15,880 --> 00:34:22,879 Speaker 1: at Disney Plus compared to the slowdown last quarter. Well, 634 00:34:22,920 --> 00:34:25,359 Speaker 1: you know, we had said for a long time that 635 00:34:25,520 --> 00:34:27,440 Speaker 1: it's not going to be a linear growth quarter to 636 00:34:27,560 --> 00:34:29,800 Speaker 1: quarter on Disney Plus, that there were going to be 637 00:34:29,840 --> 00:34:32,520 Speaker 1: some quarters a little higher, some quarters a little lower. 638 00:34:32,680 --> 00:34:35,360 Speaker 1: And it's really almost directly a function of what the 639 00:34:35,400 --> 00:34:39,160 Speaker 1: new content is that's flowing into the service. And obviously 640 00:34:39,280 --> 00:34:43,200 Speaker 1: that content was impeded, uh and made a little choppy 641 00:34:43,920 --> 00:34:46,000 Speaker 1: even more by the fact that you know, we had 642 00:34:46,040 --> 00:34:50,160 Speaker 1: COVID and it interrupted our production cycles. But as we 643 00:34:50,239 --> 00:34:52,920 Speaker 1: stated last earnings and the earnings as well, is that 644 00:34:53,040 --> 00:34:55,200 Speaker 1: that flow becomes a little more steady, a little bit 645 00:34:55,239 --> 00:34:58,400 Speaker 1: more predictable, a little bit more optimal during the second 646 00:34:58,440 --> 00:35:02,919 Speaker 1: half of this year, and we expect that, uh, we're 647 00:35:02,920 --> 00:35:05,200 Speaker 1: going to actually add more substance second half of the 648 00:35:05,280 --> 00:35:07,640 Speaker 1: year than the first half of the year. So we're 649 00:35:07,760 --> 00:35:11,120 Speaker 1: very encouraged by that. Again, it will still be choppier 650 00:35:11,120 --> 00:35:15,120 Speaker 1: than a perfect linear line, but uh, you know, when 651 00:35:15,120 --> 00:35:18,839 Speaker 1: you have great storytelling and great brands like we do, uh, 652 00:35:18,880 --> 00:35:20,920 Speaker 1: it's it's gonna draw a lot of people across the globe. 653 00:35:20,920 --> 00:35:23,319 Speaker 1: So we're excited about that. Now, you said it was 654 00:35:23,360 --> 00:35:25,960 Speaker 1: hard to get people to the theater for family movies, 655 00:35:26,000 --> 00:35:28,279 Speaker 1: and I wonder when you see that changing and what 656 00:35:28,320 --> 00:35:34,880 Speaker 1: that means for the next few family titles. Well, we're 657 00:35:35,000 --> 00:35:38,080 Speaker 1: very carefully watching the return to theaters. And obviously when 658 00:35:38,080 --> 00:35:40,399 Speaker 1: you have something like Spider Man that comes out into 659 00:35:40,440 --> 00:35:44,440 Speaker 1: the marketplace and it does you know, Gangbusters numbers were 660 00:35:44,520 --> 00:35:46,719 Speaker 1: very encouraged about that, you know, so let's call it 661 00:35:46,760 --> 00:35:51,399 Speaker 1: the eighteen to thirty four uh target uh demo. That 662 00:35:51,480 --> 00:35:54,200 Speaker 1: seems too if you've got the right movie, big blockbuster, 663 00:35:54,360 --> 00:35:58,200 Speaker 1: great film based on a franchise, that's back. We are 664 00:35:58,200 --> 00:36:00,239 Speaker 1: a little more concerned though about the family film homes 665 00:36:00,280 --> 00:36:02,480 Speaker 1: and some of the films that appeal to the over 666 00:36:02,560 --> 00:36:06,319 Speaker 1: thirty five audience. But we're very very lucky in that 667 00:36:06,560 --> 00:36:09,800 Speaker 1: um uh, we have the ability to take our films 668 00:36:09,840 --> 00:36:14,239 Speaker 1: to all the audiences on Disney Plus, and we're encouraged. 669 00:36:14,280 --> 00:36:17,759 Speaker 1: We hope that the Family Alliance comes back to theaters, 670 00:36:17,760 --> 00:36:20,239 Speaker 1: but we believe that even with a title like Concanto, 671 00:36:20,600 --> 00:36:23,440 Speaker 1: which as you know, has proved to the world that 672 00:36:23,480 --> 00:36:27,279 Speaker 1: we can build a Disney franchise on on on the 673 00:36:27,360 --> 00:36:32,240 Speaker 1: back of Disney Plus because our merchandise licensed merchandise spiked 674 00:36:32,400 --> 00:36:34,239 Speaker 1: as soon as it came out on Disney Plus. The 675 00:36:34,320 --> 00:36:36,440 Speaker 1: music went from I think it was a hundred nine 676 00:36:36,960 --> 00:36:40,200 Speaker 1: on the top two hundred in Billboard to number one 677 00:36:40,440 --> 00:36:42,560 Speaker 1: for multiple weeks in a row. We can build a 678 00:36:42,560 --> 00:36:45,279 Speaker 1: franchise on Disney Plus. So we'd love for theatrical to 679 00:36:45,360 --> 00:36:48,120 Speaker 1: come back for family movies. Uh, we hope it does. 680 00:36:48,560 --> 00:36:51,440 Speaker 1: But if it doesn't, we we know that we're very 681 00:36:51,480 --> 00:36:54,120 Speaker 1: secure in being able to use our own platform, Disney 682 00:36:54,120 --> 00:36:56,960 Speaker 1: Plus to help do that. We're here with our Bloomberg 683 00:36:56,960 --> 00:37:00,200 Speaker 1: television and radio audiences with Disney CEO Bob Chapa. I 684 00:37:00,200 --> 00:37:02,960 Speaker 1: want to talk about parks more in more detail. You 685 00:37:03,040 --> 00:37:06,360 Speaker 1: hit some all time records with revenue there, but attendance 686 00:37:06,560 --> 00:37:09,640 Speaker 1: is still you know, lower or in line depending on 687 00:37:09,680 --> 00:37:13,439 Speaker 1: the park that you're talking about. What's the outlook ahead 688 00:37:13,480 --> 00:37:17,560 Speaker 1: as oh Macron Wings. Are you preparing for new variants? 689 00:37:17,600 --> 00:37:21,239 Speaker 1: Do you see hitting new records in attendance or is 690 00:37:21,239 --> 00:37:25,960 Speaker 1: it all about revenue? Well, we're we're preparing for anything. 691 00:37:26,040 --> 00:37:29,160 Speaker 1: I think if the last two years have taught us anything, 692 00:37:29,520 --> 00:37:32,680 Speaker 1: it's to remain flexible. But if we have a focus 693 00:37:32,800 --> 00:37:35,799 Speaker 1: on our guest, we believe that it's going to UH 694 00:37:35,880 --> 00:37:38,239 Speaker 1: turn out just just fine. I think one of the 695 00:37:38,280 --> 00:37:42,399 Speaker 1: reasons why we've had such a recovery in demand and 696 00:37:42,520 --> 00:37:45,320 Speaker 1: attendance at our parks is a function of the fact 697 00:37:45,360 --> 00:37:49,160 Speaker 1: that consumers are guests are fans trust us. Not only 698 00:37:49,200 --> 00:37:52,240 Speaker 1: do do we deliver great experiences and tell great stories, 699 00:37:52,480 --> 00:37:55,040 Speaker 1: but they trust us. And we're going to move very 700 00:37:55,040 --> 00:37:58,960 Speaker 1: slowly when it comes to attendance increases because we feel 701 00:37:59,000 --> 00:38:01,920 Speaker 1: that we want to be very, very responsible. And some 702 00:38:02,000 --> 00:38:04,359 Speaker 1: of the reasons why we don't have max capacity right 703 00:38:04,360 --> 00:38:07,360 Speaker 1: now is that we still haven't turned on all of 704 00:38:07,400 --> 00:38:10,239 Speaker 1: the live entertainment that we've got at the parks. Was 705 00:38:10,320 --> 00:38:12,719 Speaker 1: as as you know, is a really big component of 706 00:38:12,760 --> 00:38:15,680 Speaker 1: a great Disney experience. But we're moving slow on that 707 00:38:15,719 --> 00:38:18,760 Speaker 1: because we want to make sure that as you densify people, 708 00:38:19,120 --> 00:38:21,440 Speaker 1: that our guests feel very comfortable, and we do surveys 709 00:38:21,520 --> 00:38:23,920 Speaker 1: all the time in terms of what our guests feel 710 00:38:24,239 --> 00:38:27,040 Speaker 1: is the appropriate density, and so we're metering that. But 711 00:38:27,120 --> 00:38:29,960 Speaker 1: I must say that the operating performance of parks UH 712 00:38:30,080 --> 00:38:33,560 Speaker 1: using that approach has been extraordinarily, extraordinarily great. As you know, 713 00:38:33,560 --> 00:38:37,200 Speaker 1: in our domestic parks, we had a record uh quarter 714 00:38:37,640 --> 00:38:41,120 Speaker 1: this this past quarter. Uh. We're very very excited about 715 00:38:41,120 --> 00:38:44,680 Speaker 1: that because even without being able to, you know, maximize 716 00:38:45,000 --> 00:38:48,520 Speaker 1: the density inside the park, because of everything I mentioned, 717 00:38:49,040 --> 00:38:52,359 Speaker 1: we're getting great performance and and so that I think 718 00:38:52,360 --> 00:38:55,440 Speaker 1: that says it Allso no matter what set of circumstances 719 00:38:55,520 --> 00:38:58,920 Speaker 1: or situations, you know, the world throws at us at 720 00:38:58,960 --> 00:39:03,600 Speaker 1: Disney because of our hundred unbelievable cast members, they find 721 00:39:03,600 --> 00:39:06,279 Speaker 1: a way to make our guests have magical memories at 722 00:39:06,360 --> 00:39:09,920 Speaker 1: last a lifetime. Now Disney is leaning into the metaverse, 723 00:39:09,920 --> 00:39:12,200 Speaker 1: and I'm wondering, if you can give us more details 724 00:39:12,239 --> 00:39:15,759 Speaker 1: on your vision, how could Disney offer products that fit 725 00:39:15,800 --> 00:39:18,960 Speaker 1: into this. Is it about lucasfilm? Is it about industrial 726 00:39:19,080 --> 00:39:23,719 Speaker 1: light and magic? For example? Paint the picture? It it's 727 00:39:23,760 --> 00:39:26,799 Speaker 1: a It's about all those things if you step back 728 00:39:26,840 --> 00:39:28,839 Speaker 1: from it, regardless of where you want to call it. 729 00:39:29,320 --> 00:39:31,440 Speaker 1: We believe that there's a world where we can add 730 00:39:31,480 --> 00:39:33,840 Speaker 1: a third dimension of storytelling. I call it sort of 731 00:39:33,880 --> 00:39:37,080 Speaker 1: a third three dimensional campus, so that we can take 732 00:39:37,120 --> 00:39:39,680 Speaker 1: the folks that make our great television shows and make 733 00:39:39,719 --> 00:39:42,319 Speaker 1: the great music and make the great movies and the 734 00:39:42,360 --> 00:39:46,879 Speaker 1: great theme park attractions, and what happens if you enable them, 735 00:39:47,280 --> 00:39:50,680 Speaker 1: You give them the degrees of freedom to paint on 736 00:39:50,719 --> 00:39:54,799 Speaker 1: that third dimension and don't necessarily constrain it with you know, 737 00:39:54,880 --> 00:39:59,200 Speaker 1: typical definitions about what's a book, what's what's a recording, 738 00:39:59,680 --> 00:40:03,440 Speaker 1: what's movie, And you'll let them kind of explore and 739 00:40:03,600 --> 00:40:07,279 Speaker 1: use both the physical worlds that Disney is uniquely postured 740 00:40:07,600 --> 00:40:10,239 Speaker 1: to create in our theme parks, but also take the 741 00:40:10,320 --> 00:40:13,400 Speaker 1: media and the digital and the virtual pieces, which we 742 00:40:13,440 --> 00:40:15,520 Speaker 1: also have shown that we can do, and use Disney 743 00:40:15,600 --> 00:40:18,520 Speaker 1: Plus as an opportunity to bring those two things together 744 00:40:18,800 --> 00:40:21,520 Speaker 1: so we can tell stories in that third dimension. I 745 00:40:21,520 --> 00:40:23,719 Speaker 1: think it's a great opportunity for us. I think it's 746 00:40:23,760 --> 00:40:26,800 Speaker 1: the next great horizon for Disney. I think it's the 747 00:40:26,840 --> 00:40:30,440 Speaker 1: next great horizon and entertainment. And I don't think anybody's 748 00:40:30,640 --> 00:40:33,120 Speaker 1: as situated as well as the Walt Disney Company is 749 00:40:33,320 --> 00:40:36,239 Speaker 1: to have our creative geniuses work on that, to tell 750 00:40:36,280 --> 00:40:38,359 Speaker 1: the kind of stories that guests will expect in this 751 00:40:38,400 --> 00:40:42,640 Speaker 1: new modern world. You said you're investing heavily in international 752 00:40:43,000 --> 00:40:45,440 Speaker 1: local content. Give us some such specifics. What does that 753 00:40:45,480 --> 00:40:48,719 Speaker 1: mean for markets like China and India, especially in light 754 00:40:48,760 --> 00:40:52,719 Speaker 1: of Netflix's recent hit Squid Game. What's going to drive 755 00:40:52,800 --> 00:40:57,239 Speaker 1: growth in some of these other markets well? And in 756 00:40:57,280 --> 00:40:59,280 Speaker 1: many of the markets, obviously, you know, we've got global 757 00:40:59,320 --> 00:41:02,799 Speaker 1: titles that have world worldwide appeal, whether it's you know, 758 00:41:02,920 --> 00:41:06,680 Speaker 1: Lucas or Star Wars or Marvel or Disney. But in 759 00:41:06,719 --> 00:41:09,360 Speaker 1: addition to that, we we've found out in our brief 760 00:41:09,400 --> 00:41:13,440 Speaker 1: two year uh A journey on Director Consumer that the 761 00:41:13,520 --> 00:41:16,960 Speaker 1: localized content in some of these territories is extraordinarily important, 762 00:41:17,239 --> 00:41:20,879 Speaker 1: and we announced that we were doubling our content uh 763 00:41:21,000 --> 00:41:24,440 Speaker 1: slate internationally and as a result, we're finding that that 764 00:41:24,480 --> 00:41:27,440 Speaker 1: now can be a very major driver. It's not just 765 00:41:27,560 --> 00:41:30,919 Speaker 1: our great global franchises, those certainly are a big piece 766 00:41:30,920 --> 00:41:33,640 Speaker 1: of it in some markets, it's sports, but really those 767 00:41:33,680 --> 00:41:37,680 Speaker 1: localized productions. And we just had an organizational change here 768 00:41:37,719 --> 00:41:39,680 Speaker 1: at Disney that's really going to combindate so that we 769 00:41:39,680 --> 00:41:42,840 Speaker 1: can shepherd some of those developments and keep a closer 770 00:41:42,840 --> 00:41:44,960 Speaker 1: eye on them. But that is really going to be 771 00:41:45,000 --> 00:41:49,120 Speaker 1: a major driver for us in those uh local territories, 772 00:41:49,360 --> 00:41:51,759 Speaker 1: and we're hoping that we've got the ability to have 773 00:41:51,800 --> 00:41:54,760 Speaker 1: some of those actually flow backwards and become big global 774 00:41:54,800 --> 00:41:57,640 Speaker 1: franchises as well. So we're we're all in on local 775 00:41:57,680 --> 00:42:00,720 Speaker 1: productions and we've got the experts to do it inside 776 00:42:00,760 --> 00:42:04,080 Speaker 1: each market. Okay, I got thirty seconds Bob Any update 777 00:42:04,120 --> 00:42:09,160 Speaker 1: on a sports betting partner for ESPN. Well, as you know, 778 00:42:09,280 --> 00:42:12,200 Speaker 1: we believe that that that aspect of the business is 779 00:42:12,239 --> 00:42:15,919 Speaker 1: increasingly important for the younger audience who wants to lean 780 00:42:16,000 --> 00:42:19,320 Speaker 1: forward and engage in sports, not just sit back passively, 781 00:42:19,520 --> 00:42:22,200 Speaker 1: and we want to enable that. We're bullish about the 782 00:42:22,200 --> 00:42:26,360 Speaker 1: future of sports at Disney and whether it's the metaverse 783 00:42:26,440 --> 00:42:29,440 Speaker 1: or whether it's sports uh betting, We're we're all in. 784 00:42:30,800 --> 00:42:33,680 Speaker 1: Bob j Peck, CEO of Disney from the lot, thanks 785 00:42:33,719 --> 00:42:36,200 Speaker 1: so much for joining us. I'm gonna toss now back 786 00:42:36,280 --> 00:42:40,880 Speaker 1: to all of our global outlets, Joe, Matthew and Washington. 787 00:42:40,880 --> 00:42:44,080 Speaker 1: This is Bloomberg sound On. As we listened to Disney 788 00:42:44,120 --> 00:42:47,360 Speaker 1: CEO Bob Japec after the earnings report, Rick Davis and 789 00:42:47,400 --> 00:42:49,560 Speaker 1: Jennie Shenzano is still with us in our remaining moments 790 00:42:49,600 --> 00:42:52,080 Speaker 1: this hour. Pretty interesting to hear Bob Speck talk about 791 00:42:52,080 --> 00:42:53,600 Speaker 1: the theme parks that that's kind of what I was 792 00:42:53,640 --> 00:42:58,000 Speaker 1: listening for that division parks, experiences and consumer products generated 793 00:42:58,400 --> 00:43:02,720 Speaker 1: seventy two billion dollars in Avenue. Is that even right? Uh, Genie? 794 00:43:02,719 --> 00:43:05,160 Speaker 1: Does that mean that mask mandates work or that people 795 00:43:05,160 --> 00:43:07,920 Speaker 1: are just getting on with their lives? I think both. 796 00:43:08,000 --> 00:43:10,880 Speaker 1: I think people want to get back to their lives, 797 00:43:11,120 --> 00:43:13,880 Speaker 1: you know, which which sort of goes along with these 798 00:43:13,920 --> 00:43:17,960 Speaker 1: six Democratic governors this week alone saying people are ready 799 00:43:18,000 --> 00:43:20,240 Speaker 1: to move on, We're going to curb these mass mandates. 800 00:43:20,239 --> 00:43:22,280 Speaker 1: And I think we're hearing some of that in Emily's 801 00:43:22,320 --> 00:43:25,840 Speaker 1: interview with Bob J. Peck. We heard from New York today. 802 00:43:26,200 --> 00:43:28,280 Speaker 1: Uh Rick, if this has been you know, a series 803 00:43:28,360 --> 00:43:30,760 Speaker 1: of Democratic lead states that have been kind of getting 804 00:43:30,800 --> 00:43:34,319 Speaker 1: on the the bandwagon if I should use that term 805 00:43:34,400 --> 00:43:37,560 Speaker 1: to get rid of the mask mandates and leave it 806 00:43:37,600 --> 00:43:40,560 Speaker 1: to to local jurisdictions. Is that going to be a 807 00:43:40,640 --> 00:43:43,920 Speaker 1: nationwide model in about five minutes. Well, I think the 808 00:43:43,920 --> 00:43:46,680 Speaker 1: bandwagon they're getting on is the Republican governors have already 809 00:43:46,719 --> 00:43:49,560 Speaker 1: done it, So yeah, it's nationwide. I mean, I think 810 00:43:49,560 --> 00:43:52,960 Speaker 1: everybody has sort of had it with COVID restrictions, and 811 00:43:53,120 --> 00:43:54,960 Speaker 1: the good news is that's coming at a time when 812 00:43:55,000 --> 00:43:57,719 Speaker 1: hopefully these these COVID numbers are coming down. But I 813 00:43:57,719 --> 00:44:01,120 Speaker 1: think the Disney test, you know, we're parked, attendance is doubled, 814 00:44:01,800 --> 00:44:03,759 Speaker 1: is a good test. I mean, people going out and 815 00:44:03,760 --> 00:44:07,040 Speaker 1: they're they're they're taking the risks, but they're managing those 816 00:44:07,120 --> 00:44:10,680 Speaker 1: risks by by being careful. So I think I think 817 00:44:10,719 --> 00:44:14,239 Speaker 1: the return to some level of normalcy is something everybody, 818 00:44:14,320 --> 00:44:18,520 Speaker 1: regardless of your party, is looking forward to. And uh 819 00:44:18,560 --> 00:44:20,719 Speaker 1: and it sounds like governments are now starting to take 820 00:44:20,760 --> 00:44:26,000 Speaker 1: that seriously and hopefully it'll depoliticize what is otherwise a 821 00:44:26,040 --> 00:44:28,080 Speaker 1: public health crisis. And that's a good thing for all 822 00:44:28,120 --> 00:44:30,360 Speaker 1: of US seven point two billion. By the way, for 823 00:44:30,400 --> 00:44:32,480 Speaker 1: that division, I thought for some reason that seemed like 824 00:44:32,480 --> 00:44:34,360 Speaker 1: a little bit too much money. But I wonder what 825 00:44:34,440 --> 00:44:36,640 Speaker 1: it means for business is genie going forward? I mean, 826 00:44:36,680 --> 00:44:39,000 Speaker 1: if we're seeing this kind of growth already now, is 827 00:44:39,000 --> 00:44:41,200 Speaker 1: the reopening story real by the end of this year? 828 00:44:41,640 --> 00:44:44,560 Speaker 1: It seems like it. And I thought Bob was really 829 00:44:44,640 --> 00:44:46,840 Speaker 1: clear on the fact that they are still focused and 830 00:44:46,880 --> 00:44:48,880 Speaker 1: I've learned a lot of the last two years on 831 00:44:49,080 --> 00:44:51,880 Speaker 1: managing risk, and so this is what we are all 832 00:44:51,920 --> 00:44:54,080 Speaker 1: going to have to do going forward. God forbid, there 833 00:44:54,120 --> 00:44:56,600 Speaker 1: is another outbreak. Outbreak But do you know, to your 834 00:44:56,600 --> 00:44:59,280 Speaker 1: conversation with Rick just a moment ago, the White House 835 00:44:59,280 --> 00:45:02,359 Speaker 1: team is not on board with some of these Democratic weaveners. Yeah. 836 00:45:02,400 --> 00:45:05,080 Speaker 1: When does that happen? Well, that's a question. The CDC 837 00:45:05,320 --> 00:45:07,480 Speaker 1: is still coming out today and saying that this is 838 00:45:07,520 --> 00:45:10,560 Speaker 1: going too fast. They don't recommend taking off these masks. 839 00:45:10,840 --> 00:45:14,040 Speaker 1: So the confusion and the tension between the White House 840 00:45:14,120 --> 00:45:17,040 Speaker 1: on some of this and these governors democratic and Republican 841 00:45:17,120 --> 00:45:20,239 Speaker 1: and public opinion polls, very very real, and I think 842 00:45:20,239 --> 00:45:22,920 Speaker 1: it's going to create some confusion in terms of what 843 00:45:23,000 --> 00:45:26,440 Speaker 1: people are doing. Rochelle Wilenski says, they're they're taking another 844 00:45:26,480 --> 00:45:28,239 Speaker 1: look at this, Rick, do you suspect the c d 845 00:45:28,360 --> 00:45:31,200 Speaker 1: C pops up with new guidance imminently? You know, I 846 00:45:31,200 --> 00:45:33,200 Speaker 1: think this is a risk for them, right, I mean, 847 00:45:33,280 --> 00:45:35,839 Speaker 1: like they keep changing guidance throughout this. I know it's 848 00:45:35,840 --> 00:45:38,719 Speaker 1: a moving target, but it is undermined some of their credibility. 849 00:45:38,760 --> 00:45:41,400 Speaker 1: And the more change they make, the less credibility they have. 850 00:45:41,560 --> 00:45:44,080 Speaker 1: I mean it's a real, you know, buying that they 851 00:45:44,120 --> 00:45:46,680 Speaker 1: find themselves in. And uh so we'll see where they 852 00:45:46,719 --> 00:45:49,160 Speaker 1: go from here. But I think more and more fewer 853 00:45:49,800 --> 00:45:52,839 Speaker 1: ordinary Americans are actually paying attention to them, and that's 854 00:45:52,920 --> 00:45:55,319 Speaker 1: and that's dangerous. That's the problem, Genie, Right, you don't 855 00:45:55,320 --> 00:45:57,440 Speaker 1: want to have to change story back again, But that's right, 856 00:45:57,480 --> 00:45:59,760 Speaker 1: and they've had they've been there, they've done that before. 857 00:45:59,760 --> 00:46:01,479 Speaker 1: They don't want to do it again. But of course 858 00:46:01,560 --> 00:46:03,760 Speaker 1: now you have at a position where we are hearing 859 00:46:03,920 --> 00:46:08,040 Speaker 1: as citizens conflicting messages from various levels of government. That 860 00:46:08,239 --> 00:46:11,640 Speaker 1: is very problematic and it creates this tension between science 861 00:46:11,680 --> 00:46:15,440 Speaker 1: and politics. Jennie Shenzano and Rick Davis, our signature panel. 862 00:46:15,480 --> 00:46:17,960 Speaker 1: Thanks to both of you for the insights. As always 863 00:46:18,840 --> 00:46:21,399 Speaker 1: here on Bloomberg Sound On, we'll take another swing at 864 00:46:21,440 --> 00:46:23,920 Speaker 1: things tomorrow and see what the news is at this time. 865 00:46:24,719 --> 00:46:27,719 Speaker 1: February is Black History Month. Every day this month we're 866 00:46:27,719 --> 00:46:31,520 Speaker 1: celebrating significant moments in US black history, and it's our 867 00:46:31,680 --> 00:46:34,279 Speaker 1: chance to do that now. Our installment from February nine 868 00:46:34,320 --> 00:46:39,120 Speaker 1: Fierce Bloomberg's Rnita Young on This Day in Black History 869 00:46:37,760 --> 00:46:42,799 Speaker 1: in Bernard Harris Jr. Becomes the first African American astronaut 870 00:46:42,880 --> 00:46:46,200 Speaker 1: to take the spacewalk as playload commander on Space Shuttle 871 00:46:46,239 --> 00:46:50,200 Speaker 1: Discovery STS sixty three. Harris served on the first flight 872 00:46:50,239 --> 00:46:53,680 Speaker 1: of the joint Russian American space program. Along with C. 873 00:46:53,880 --> 00:46:57,200 Speaker 1: Michael Full, the two men tested modifications to their space 874 00:46:57,200 --> 00:47:00,279 Speaker 1: suits so they could keep spacewalkers warmer in the dream 875 00:47:00,400 --> 00:47:04,080 Speaker 1: cold of space, and while at NASA, Harris did clinical 876 00:47:04,120 --> 00:47:08,400 Speaker 1: investigations of space adaptation. He also developed in flight medical 877 00:47:08,440 --> 00:47:12,800 Speaker 1: devices to extend astronauts stays in space. Throughout his career, 878 00:47:12,840 --> 00:47:15,920 Speaker 1: Harris has logged more than four hundred thirty eight hours 879 00:47:15,920 --> 00:47:19,400 Speaker 1: and traveled over seven point two million miles in space. 880 00:47:19,920 --> 00:47:23,160 Speaker 1: He's now the CEO of the National Math and Science Initiative. 881 00:47:23,760 --> 00:47:27,560 Speaker 1: That's today in Black History. I'm Renita Young, Bloomberg Radio 882 00:47:28,360 --> 00:47:30,799 Speaker 1: rened to thank you. I'm Joe, Matthew and Washington. Thanks 883 00:47:30,840 --> 00:47:34,919 Speaker 1: for spending the fastest hour in politics with us here 884 00:47:34,960 --> 00:47:37,200 Speaker 1: on sound On. We'll see you back here tomorrow. This 885 00:47:37,440 --> 00:47:38,040 Speaker 1: is Bloomberg