1 00:00:01,600 --> 00:00:06,160 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on 2 00:00:07,280 --> 00:00:10,639 Speaker 1: the negotiations now underway to finish up the appropriation. Though 3 00:00:10,720 --> 00:00:14,360 Speaker 1: so there's no government shutdown. Saxine mandates aren't much easier 4 00:00:14,360 --> 00:00:16,480 Speaker 1: to do at the big level than at the federal level. 5 00:00:16,560 --> 00:00:21,560 Speaker 1: Bloomberg Sound on Politics, Policy and Perspective from DC's top name. 6 00:00:21,920 --> 00:00:25,079 Speaker 1: We've seen some damage to the credibility on how hoorly 7 00:00:25,239 --> 00:00:28,960 Speaker 1: the US did predicting that Alaban takeover the country has 8 00:00:29,040 --> 00:00:33,360 Speaker 1: moved from a weariness with COVID to a resignation, and 9 00:00:33,400 --> 00:00:36,640 Speaker 1: that somehow we're going to get through it. Bloomberg Sound 10 00:00:36,680 --> 00:00:41,880 Speaker 1: On with Joe Matthew on Bloomberg Radio. The new year 11 00:00:42,000 --> 00:00:45,080 Speaker 1: dawns in the nation's capital, complete with a fresh layer 12 00:00:45,159 --> 00:00:48,760 Speaker 1: of snow and a pile of challenges we ended last 13 00:00:48,800 --> 00:00:52,280 Speaker 1: year with they have not melted away. It's the fastest 14 00:00:52,280 --> 00:00:55,760 Speaker 1: hour in politics. Welcome as we attempt to tackle those 15 00:00:55,840 --> 00:00:59,200 Speaker 1: challenges right now, Starting with the big one, COVID and 16 00:00:59,320 --> 00:01:02,320 Speaker 1: it's companion in inflation. The White House trying to manage 17 00:01:02,360 --> 00:01:05,720 Speaker 1: both at the start here of two We're gonna talk 18 00:01:05,720 --> 00:01:09,120 Speaker 1: about them ahead with White House Economic Advisor Heather Bouche. 19 00:01:09,319 --> 00:01:12,360 Speaker 1: Later will be joined by Greg Valier, chief policy strategist 20 00:01:12,760 --> 00:01:15,880 Speaker 1: at a g F Investments, on the risks facing President 21 00:01:15,880 --> 00:01:19,319 Speaker 1: Biden's economic agenda in the new year, and the panel. 22 00:01:19,400 --> 00:01:22,280 Speaker 1: We couldn't start twenty two without the signature panel. Bloomberg 23 00:01:22,280 --> 00:01:26,120 Speaker 1: Politics contributors Jeanie Shenzano and Rick Davis, both with us 24 00:01:26,160 --> 00:01:29,679 Speaker 1: here readings from snowy Washington up to a foot They say, 25 00:01:29,680 --> 00:01:32,960 Speaker 1: in some areas, not quite that much around where I am, 26 00:01:32,959 --> 00:01:35,400 Speaker 1: but it's not too often we get a real one 27 00:01:35,480 --> 00:01:37,600 Speaker 1: light today in d C. And I'm joining you today, 28 00:01:37,640 --> 00:01:40,760 Speaker 1: in fact, from across the Potomac River in an undisclosed 29 00:01:40,760 --> 00:01:45,080 Speaker 1: location where I, like millions of Americans, I'm living in quarantine. 30 00:01:46,440 --> 00:01:49,640 Speaker 1: I'm fully vaccinated and boosted. Got COVID anyway, And by 31 00:01:49,680 --> 00:01:52,680 Speaker 1: that I mean thank god, I'm fully vaccinated and boosted 32 00:01:52,960 --> 00:01:56,680 Speaker 1: because I got COVID anyway. And chances are you know 33 00:01:57,640 --> 00:02:03,280 Speaker 1: someone doing the same thing, or maybe yourself. O. Macron 34 00:02:03,400 --> 00:02:05,600 Speaker 1: is mainstream and we're all lined up for tests like 35 00:02:05,680 --> 00:02:08,200 Speaker 1: we were almost two years ago. Now. It's been really 36 00:02:08,200 --> 00:02:10,680 Speaker 1: bizarre to watch it all happen, and it's a story 37 00:02:10,720 --> 00:02:13,639 Speaker 1: that touches everything right from our economy to our politics. 38 00:02:14,000 --> 00:02:16,320 Speaker 1: It's the backdrop for everything the White House is trying 39 00:02:16,320 --> 00:02:19,640 Speaker 1: to do to manage inflation, as COVID puts stress on 40 00:02:19,720 --> 00:02:23,920 Speaker 1: the labor force, which put stress on employers and supply chains. 41 00:02:24,440 --> 00:02:26,600 Speaker 1: Just ask the airlines how it went over the weekend. 42 00:02:27,880 --> 00:02:30,880 Speaker 1: And with Washington closed for snow today, President Biden still 43 00:02:30,880 --> 00:02:34,600 Speaker 1: held an event, a mostly virtual event, about controlling prices. 44 00:02:34,600 --> 00:02:37,880 Speaker 1: In this case, food price is even more specifically prices 45 00:02:38,040 --> 00:02:41,000 Speaker 1: for meat. The President says, it comes down to the 46 00:02:41,040 --> 00:02:46,280 Speaker 1: big four meat companies. Think Tyson's JBS, we'll call them. 47 00:02:46,320 --> 00:02:51,040 Speaker 1: For the sake of this broadcast, Big protein. Four big 48 00:02:51,080 --> 00:02:55,639 Speaker 1: corporation control more than half the markets and beef, pork, 49 00:02:55,840 --> 00:03:00,680 Speaker 1: and poultry. These middlemen that they buy from farmers and 50 00:03:00,800 --> 00:03:04,880 Speaker 1: ranchers and sell the processors they assure me and sell 51 00:03:04,919 --> 00:03:09,160 Speaker 1: the process. Assume you sell the process product to grocery stores. 52 00:03:09,360 --> 00:03:12,520 Speaker 1: That's the that's the way it works. Without meaningful competition, 53 00:03:12,639 --> 00:03:16,080 Speaker 1: farmers and ranchers don't get to choose who they sell to. 54 00:03:16,639 --> 00:03:19,640 Speaker 1: Or put another way, our farmers and ranchers have to 55 00:03:19,680 --> 00:03:24,359 Speaker 1: pay whatever these four big companies say they have to pay. 56 00:03:24,639 --> 00:03:27,760 Speaker 1: These White House says, these four big companies in fact 57 00:03:27,760 --> 00:03:32,000 Speaker 1: control eight of US beef processing capacity. Think about that 58 00:03:32,400 --> 00:03:36,120 Speaker 1: next time you order a ribbi and the administration is 59 00:03:36,160 --> 00:03:38,680 Speaker 1: offering a billion dollars in aid to smaller, independent meat 60 00:03:38,720 --> 00:03:41,240 Speaker 1: and poultry producers. This is just the latest move, of course, 61 00:03:41,280 --> 00:03:43,280 Speaker 1: and we've talked about a lot of them by this 62 00:03:43,360 --> 00:03:45,840 Speaker 1: White House in recent months to manage rising prices in 63 00:03:45,840 --> 00:03:48,160 Speaker 1: the middle of a pandemic. And that is where we 64 00:03:48,200 --> 00:03:52,200 Speaker 1: begin with Heather Bouchet, member of the Council of Economic Advisors. 65 00:03:52,200 --> 00:03:56,000 Speaker 1: When a President Biden's most important, most near i should 66 00:03:56,000 --> 00:03:58,440 Speaker 1: say economic advisors. Heather, it's great to have you back. 67 00:03:59,080 --> 00:04:01,280 Speaker 1: I have to start rought on this now as I'm 68 00:04:01,320 --> 00:04:05,160 Speaker 1: sitting here, you know, talking to you from home, because 69 00:04:05,200 --> 00:04:07,520 Speaker 1: I'm lucky enough to have the resources to do so. 70 00:04:08,760 --> 00:04:13,200 Speaker 1: I'm just struck by the constant interruptions and curves in 71 00:04:13,240 --> 00:04:15,240 Speaker 1: the road that COVID is bringing. And I just wonder 72 00:04:15,320 --> 00:04:18,200 Speaker 1: for someone like you, whose job is forecasting, helping to 73 00:04:18,279 --> 00:04:21,280 Speaker 1: understand where we're going and advising the president if it's 74 00:04:21,320 --> 00:04:23,279 Speaker 1: if it's even possible to do your job when the 75 00:04:23,279 --> 00:04:28,200 Speaker 1: baseline keeps moving, well, it's certainly has been hard. And 76 00:04:28,360 --> 00:04:30,279 Speaker 1: let me just start jo by saying I'm so sorry 77 00:04:30,279 --> 00:04:32,120 Speaker 1: that you're sick, and I hope you get better soon. 78 00:04:32,480 --> 00:04:37,120 Speaker 1: I'm doing great, I'm vaccinated well good and and and 79 00:04:37,240 --> 00:04:40,360 Speaker 1: that's going to be my segue. You know, we've known 80 00:04:40,760 --> 00:04:44,000 Speaker 1: since the beginning of this pandemic that the most important 81 00:04:44,000 --> 00:04:46,160 Speaker 1: thing was to contain it. And one of the best 82 00:04:46,160 --> 00:04:48,560 Speaker 1: tools we have in our tool kit is the vaccine. 83 00:04:49,160 --> 00:04:51,800 Speaker 1: And now we know that there's breakthrough cases and you know, 84 00:04:51,839 --> 00:04:54,240 Speaker 1: all the things that have happened. But you know, as 85 00:04:54,240 --> 00:04:57,880 Speaker 1: we're trying to understand what the economic implications are, the 86 00:04:57,920 --> 00:05:00,839 Speaker 1: most important thing is really tracking what's happening to the 87 00:05:00,920 --> 00:05:03,440 Speaker 1: virus and how people are responding and whether or not 88 00:05:03,520 --> 00:05:05,960 Speaker 1: they're getting the vaccine like you did, like I did, 89 00:05:05,960 --> 00:05:09,000 Speaker 1: like millions of other people did, because that's how we're 90 00:05:09,040 --> 00:05:12,640 Speaker 1: going to get the economy back on track. Well, let's 91 00:05:12,680 --> 00:05:15,920 Speaker 1: talk about that with regard to the workforce. We saw 92 00:05:15,960 --> 00:05:18,480 Speaker 1: the airlines and it's kind of like the front line. 93 00:05:18,520 --> 00:05:20,360 Speaker 1: They have no choice but to react in the moment 94 00:05:20,360 --> 00:05:23,039 Speaker 1: because flights have to to take off in land. But 95 00:05:23,200 --> 00:05:25,400 Speaker 1: other industries are going through this in ways that we 96 00:05:25,440 --> 00:05:27,720 Speaker 1: don't see in such an immediate fashion. Right, How is 97 00:05:27,760 --> 00:05:31,359 Speaker 1: it possible to keep growth going when a variant like 98 00:05:31,440 --> 00:05:35,600 Speaker 1: this can cause such immediate interruptions where companies are reversing 99 00:05:35,839 --> 00:05:40,800 Speaker 1: their work at home policies and now rethinking their vaccine mandates. Well, 100 00:05:40,839 --> 00:05:43,520 Speaker 1: I mean, here's the thing for starters. We are not 101 00:05:43,600 --> 00:05:46,200 Speaker 1: in the same place we were when the pandemic started 102 00:05:46,279 --> 00:05:48,600 Speaker 1: or even you know last year. We have a lot 103 00:05:48,720 --> 00:05:51,719 Speaker 1: more tools at our disposal and folks that are vaccinated, 104 00:05:52,040 --> 00:05:54,720 Speaker 1: you know, they're getting sick, but they're getting better quickly. 105 00:05:55,200 --> 00:05:56,880 Speaker 1: So you know, the important thing is that people have 106 00:05:56,960 --> 00:05:58,960 Speaker 1: that time away from work, um, and then they can 107 00:05:59,000 --> 00:06:01,160 Speaker 1: go back. And so we don't think that this disruption 108 00:06:01,279 --> 00:06:03,800 Speaker 1: is going to be like what it was before. But 109 00:06:03,880 --> 00:06:06,720 Speaker 1: we also have again a lot of tools in our toolbox. 110 00:06:07,000 --> 00:06:09,360 Speaker 1: You know, there's still money from the American Rescue Plan 111 00:06:09,640 --> 00:06:13,359 Speaker 1: flowing through the economy. Um, there is another tranche of 112 00:06:13,480 --> 00:06:16,279 Speaker 1: aid to the States that's still left to be done. 113 00:06:16,320 --> 00:06:19,720 Speaker 1: There is still support out there across the country in 114 00:06:19,839 --> 00:06:22,920 Speaker 1: a in a variety of ways, and that's really important. 115 00:06:23,000 --> 00:06:26,360 Speaker 1: We knew when the American Rescue Plan was put into 116 00:06:26,400 --> 00:06:29,800 Speaker 1: place in March that we didn't exactly know what the 117 00:06:30,240 --> 00:06:32,680 Speaker 1: what this what this pandemic was going to look like. 118 00:06:32,760 --> 00:06:35,520 Speaker 1: And that's why that that amount needed to be so 119 00:06:35,600 --> 00:06:38,760 Speaker 1: big UM so that we had all of those resources. 120 00:06:38,839 --> 00:06:42,240 Speaker 1: So all of that makes me optimistic that we'll be 121 00:06:42,279 --> 00:06:45,359 Speaker 1: able to get through this UM and that businesses. You know, 122 00:06:45,440 --> 00:06:49,080 Speaker 1: they do know how to have UM workers go to telecommunity. 123 00:06:49,120 --> 00:06:51,520 Speaker 1: They do know how to adapt quickly. Now because we've 124 00:06:51,560 --> 00:06:53,560 Speaker 1: all been around this, you know a few times. At 125 00:06:53,560 --> 00:06:57,240 Speaker 1: this point. This billion dollars in aid to the independent 126 00:06:57,320 --> 00:07:00,720 Speaker 1: meat producers is from the American Rescue Plan, right, This 127 00:07:00,760 --> 00:07:03,279 Speaker 1: is from that that chunk of money that you carved 128 00:07:03,320 --> 00:07:07,880 Speaker 1: out last year. And you know, this is one of 129 00:07:07,920 --> 00:07:10,320 Speaker 1: the things that you know, the President when he was 130 00:07:10,400 --> 00:07:14,560 Speaker 1: on the campaign, was already talking about that. One of 131 00:07:14,560 --> 00:07:19,800 Speaker 1: the things that COVID really uncovered was how fragile many 132 00:07:19,840 --> 00:07:22,320 Speaker 1: of our nation's supply chains were. The things that are 133 00:07:22,400 --> 00:07:26,040 Speaker 1: really important that people be able to to get so 134 00:07:26,080 --> 00:07:27,920 Speaker 1: in the beginning of the pandemic, it was all that 135 00:07:28,000 --> 00:07:31,240 Speaker 1: protective gear. As we've gone through the pandemic, we've seen 136 00:07:31,320 --> 00:07:34,280 Speaker 1: different issues bubble up. And you know, today the President 137 00:07:34,320 --> 00:07:37,160 Speaker 1: was talking about the challenges in the meat sector, what 138 00:07:37,280 --> 00:07:39,800 Speaker 1: that supply chain looks like, and how because it is 139 00:07:39,840 --> 00:07:44,320 Speaker 1: so concentrated, that creates weaknesses and fragilities. So we need 140 00:07:44,360 --> 00:07:46,800 Speaker 1: to open that up, and the billion dollars is to 141 00:07:47,360 --> 00:07:51,960 Speaker 1: open up new capacity um to expand processing capacity for 142 00:07:52,080 --> 00:07:55,080 Speaker 1: meat and poultry, to bring in smaller producers so that 143 00:07:55,640 --> 00:07:58,280 Speaker 1: if you know, one producer has a fire, has a 144 00:07:58,280 --> 00:08:02,440 Speaker 1: COVID outbreak, there's other producers that that people can turn 145 00:08:02,520 --> 00:08:04,440 Speaker 1: to to get there to get their put meat on 146 00:08:04,480 --> 00:08:09,000 Speaker 1: the table. And you see that increasing uh, increasing capacity 147 00:08:09,080 --> 00:08:11,760 Speaker 1: for jobs as well. As the President said today, I 148 00:08:11,840 --> 00:08:13,920 Speaker 1: want to ask you though about reaction from the industry 149 00:08:13,920 --> 00:08:16,480 Speaker 1: because you and I were just talking about the labor 150 00:08:16,520 --> 00:08:18,960 Speaker 1: shortage and it seems like all roads kind of bring 151 00:08:19,080 --> 00:08:21,880 Speaker 1: us back to that. And it was from the North 152 00:08:21,920 --> 00:08:26,640 Speaker 1: American Meat Institute. Julianna Potts is president and CEO of 153 00:08:26,640 --> 00:08:29,280 Speaker 1: that group, and said, the administration wants the American people 154 00:08:29,320 --> 00:08:32,280 Speaker 1: to believe the meat and poultry industry is unique and 155 00:08:32,320 --> 00:08:36,160 Speaker 1: not experiencing the same problems causing inflation across the economy, 156 00:08:36,480 --> 00:08:41,320 Speaker 1: like she lists increase input costs, increased energy costs, labor shortages, 157 00:08:41,760 --> 00:08:45,880 Speaker 1: and transportation challenges. So by isolating the meat industry here, 158 00:08:45,880 --> 00:08:48,920 Speaker 1: the meat processing industry, are you able to do more 159 00:08:49,040 --> 00:08:52,760 Speaker 1: specifically in this case than you could just broadly as 160 00:08:52,800 --> 00:08:57,520 Speaker 1: as Julianna Potts puts out what every industry is going through. Well, 161 00:08:57,600 --> 00:09:00,079 Speaker 1: let me see two things to that. First off, this 162 00:09:00,160 --> 00:09:02,920 Speaker 1: back during the summer that the President announced a whole 163 00:09:02,960 --> 00:09:06,640 Speaker 1: of government approach to market structure and competition more broadly. So, 164 00:09:06,840 --> 00:09:09,120 Speaker 1: meat industry is not the only factor of the economy 165 00:09:09,160 --> 00:09:12,760 Speaker 1: that we're focusing on making sure that markets work. Um, 166 00:09:12,800 --> 00:09:14,360 Speaker 1: it just is the one we're it's the one we're 167 00:09:14,360 --> 00:09:17,520 Speaker 1: focusing on today because it's so important to American families. 168 00:09:17,720 --> 00:09:20,840 Speaker 1: The second, you know, of that billion dollars um that's 169 00:09:20,840 --> 00:09:24,560 Speaker 1: available through the American Rescue Plan that that um, you 170 00:09:24,600 --> 00:09:27,280 Speaker 1: know the President talked about today, there's a hundred million 171 00:09:27,280 --> 00:09:31,280 Speaker 1: dollars um that will be available to help deal with 172 00:09:31,320 --> 00:09:34,559 Speaker 1: training issues. This has been an issue for the meat 173 00:09:35,160 --> 00:09:38,560 Speaker 1: processing industry. It's a it's an industry and that's in 174 00:09:38,679 --> 00:09:42,600 Speaker 1: rural parts of the country where there hasn't been enough 175 00:09:42,640 --> 00:09:46,400 Speaker 1: investment in that labor supply and making sure there's people 176 00:09:46,440 --> 00:09:48,800 Speaker 1: with the skills and the capacity to do those jobs 177 00:09:49,040 --> 00:09:50,920 Speaker 1: and that those are good jobs that are safe and 178 00:09:51,200 --> 00:09:54,360 Speaker 1: all the things that we've learned about during the pandemic. UM. 179 00:09:54,440 --> 00:09:57,079 Speaker 1: So there's money in there to to help build up 180 00:09:57,120 --> 00:09:59,920 Speaker 1: that pipeline of workers as well. I guess in a 181 00:10:00,000 --> 00:10:02,040 Speaker 1: the way of asking it, the Heather Bouche is when 182 00:10:02,080 --> 00:10:05,040 Speaker 1: you're when you consider the the overwhelming forces, the existential 183 00:10:05,040 --> 00:10:08,120 Speaker 1: forces of our economy right now, NAMILY, COVID and labor 184 00:10:08,160 --> 00:10:11,040 Speaker 1: shortages as we're talking about in this in this case, 185 00:10:11,400 --> 00:10:15,600 Speaker 1: how does a program like this overcome such overwhelming forces? 186 00:10:15,880 --> 00:10:20,000 Speaker 1: Is a billion dollars enough to do it? Well? Time 187 00:10:20,000 --> 00:10:23,760 Speaker 1: will tell. It's certainly an important step forward, UM, But 188 00:10:23,840 --> 00:10:26,800 Speaker 1: you know other really important pieces of the puzzle. UM. 189 00:10:26,800 --> 00:10:29,120 Speaker 1: It's not just about the money, but it's about making 190 00:10:29,120 --> 00:10:31,200 Speaker 1: sure that we enforce the laws on the books, that 191 00:10:31,320 --> 00:10:35,520 Speaker 1: we make sure that we are enforcing UM our rules 192 00:10:35,559 --> 00:10:38,719 Speaker 1: around competitive markets in a way that is fair and 193 00:10:38,760 --> 00:10:42,040 Speaker 1: creates room for actual competition, because that's what propels our 194 00:10:42,080 --> 00:10:45,120 Speaker 1: economy forward. So this is just one of the steps 195 00:10:45,120 --> 00:10:47,960 Speaker 1: that the President announced today, UM, just to make sure 196 00:10:48,000 --> 00:10:51,440 Speaker 1: that markets work is enterprised. Lastly, Heather, what's your view 197 00:10:51,480 --> 00:10:53,880 Speaker 1: and is it evolving on inflation for the new year? 198 00:10:53,880 --> 00:10:56,760 Speaker 1: Here we are we made it into two. Are you 199 00:10:56,800 --> 00:10:59,680 Speaker 1: and I having this conversation six months twelve months down 200 00:10:59,679 --> 00:11:01,920 Speaker 1: the road or is it impossible for you to to 201 00:11:01,920 --> 00:11:06,880 Speaker 1: to put that find a point on it. Well, you know, forecasters, 202 00:11:06,920 --> 00:11:09,760 Speaker 1: including the Futt Reserve, the Congression on Budget Office and 203 00:11:09,800 --> 00:11:15,000 Speaker 1: folks are believe the inflation will start to um come 204 00:11:15,040 --> 00:11:18,360 Speaker 1: down as we get these supply chain challenges under control, 205 00:11:18,480 --> 00:11:21,760 Speaker 1: as we get the virus under control UM and I 206 00:11:21,840 --> 00:11:26,440 Speaker 1: remain optimistic. But let's also remember one was a really 207 00:11:26,480 --> 00:11:30,000 Speaker 1: incredible year in terms of so many economic metrics. Who 208 00:11:30,040 --> 00:11:33,480 Speaker 1: brought the unemployment rate down to four We got people 209 00:11:33,559 --> 00:11:35,600 Speaker 1: and you know, we covered the day to hear of Bloomberg. 210 00:11:35,640 --> 00:11:38,520 Speaker 1: I'm just deeply curious to see how long this path 211 00:11:38,840 --> 00:11:41,360 Speaker 1: will be. And Heather, I always wish I had more 212 00:11:41,400 --> 00:11:43,480 Speaker 1: time with you. Heather Bouchet, member of the Council of 213 00:11:43,480 --> 00:11:46,600 Speaker 1: Economic Advisors at the White House. Thanks for getting us 214 00:11:46,600 --> 00:11:50,439 Speaker 1: started for two onto the panel, Rick and Jeanie, this 215 00:11:50,640 --> 00:11:56,520 Speaker 1: is Bloomberg. You're listening to Bloomberg. You sound on with 216 00:11:56,600 --> 00:12:02,240 Speaker 1: Joe Matthew on Bloomberg Radio. The headline on the terminal 217 00:12:02,320 --> 00:12:06,239 Speaker 1: Biden launches plan to fight meat packer giants on inflation. 218 00:12:07,240 --> 00:12:10,120 Speaker 1: There are just some things you don't think you're ever 219 00:12:10,120 --> 00:12:13,240 Speaker 1: gonna say on the air until it happens. But that 220 00:12:13,400 --> 00:12:15,640 Speaker 1: was the mission today at the White House, as discussed 221 00:12:15,640 --> 00:12:18,440 Speaker 1: with Heather Bouchet. To start the program, Welcome to Sound On. 222 00:12:19,120 --> 00:12:22,280 Speaker 1: Do you're the president talk about the ground beef today? 223 00:12:24,080 --> 00:12:25,960 Speaker 1: Could you tell me how much it costs for a 224 00:12:26,000 --> 00:12:28,360 Speaker 1: pound of ground round? I mean right now, without looking 225 00:12:29,880 --> 00:12:31,880 Speaker 1: you know, I wanted to play the prices right theme here. 226 00:12:32,000 --> 00:12:36,240 Speaker 1: Listen to President Biden in his event today on competition 227 00:12:36,320 --> 00:12:40,000 Speaker 1: in the meat industry. I was sitting in my kitchen 228 00:12:40,080 --> 00:12:43,440 Speaker 1: yesterday and there's a sunroom off the kitchen, and my 229 00:12:43,520 --> 00:12:46,000 Speaker 1: wife was there with her sister and a good friend 230 00:12:46,080 --> 00:12:48,880 Speaker 1: named Mary Anne, and she was saying, do you realize 231 00:12:48,920 --> 00:12:54,360 Speaker 1: it's over five dollars for a pound of hamburger? Well, 232 00:12:54,400 --> 00:12:56,680 Speaker 1: this is partly you know, the pound of beef today 233 00:12:56,760 --> 00:12:59,760 Speaker 1: cost five bucks compared to less than four bucks before 234 00:12:59,760 --> 00:13:10,760 Speaker 1: the endemic. Now is he talking? There's that prime? When 235 00:13:10,840 --> 00:13:14,520 Speaker 1: was the debate with George Bush Sr. With the gallon 236 00:13:14,559 --> 00:13:16,920 Speaker 1: of milk? I mean they had that, They had that 237 00:13:16,960 --> 00:13:22,040 Speaker 1: set up. Today, let's assemble the panel. Bloomberg Politics contributors 238 00:13:22,120 --> 00:13:25,360 Speaker 1: Jeannie Chanzano and Rick Davis with us. Happy New Year 239 00:13:25,400 --> 00:13:28,720 Speaker 1: to both of us. You remember that, right, the gallant 240 00:13:28,720 --> 00:13:33,240 Speaker 1: of milk. This is the kind of stuff you send 241 00:13:33,280 --> 00:13:37,200 Speaker 1: your guy out with because it's gonna come up. Yeah, 242 00:13:37,200 --> 00:13:39,960 Speaker 1: you gotta have the general grocery tab in the in 243 00:13:40,000 --> 00:13:42,960 Speaker 1: the briefing points, how did he do with the milk 244 00:13:43,280 --> 00:13:47,240 Speaker 1: pound of beef? Right? How did he do? Geennie? Did 245 00:13:47,240 --> 00:13:49,439 Speaker 1: he come across as a genuine American? These are these 246 00:13:49,440 --> 00:13:52,439 Speaker 1: are the these are the moments that make the news. 247 00:13:53,800 --> 00:13:56,520 Speaker 1: He did he was able to say how much that 248 00:13:56,600 --> 00:13:59,559 Speaker 1: ground beef was. He didn't have, like Rick Davis, their 249 00:13:59,679 --> 00:14:02,120 Speaker 1: quest ending I'm on the costs of other things which 250 00:14:02,160 --> 00:14:04,520 Speaker 1: may have thrown him. But I think he did a 251 00:14:04,520 --> 00:14:07,080 Speaker 1: pretty good job. And Joe, I am very happy to 252 00:14:07,160 --> 00:14:10,720 Speaker 1: hear that you are okay and staying quarantined and healthy 253 00:14:10,760 --> 00:14:14,520 Speaker 1: under the circumstances. Well, thank you. I'm we're only using 254 00:14:14,559 --> 00:14:16,959 Speaker 1: the best ground beef while we're at home again. It's 255 00:14:17,000 --> 00:14:18,520 Speaker 1: kind of a throwback, you know, when we got this 256 00:14:18,600 --> 00:14:21,760 Speaker 1: nice little snowstorm. So, uh, you know, I'm doing fine, 257 00:14:21,760 --> 00:14:23,760 Speaker 1: and thank you for for saying that. I just wonder 258 00:14:23,800 --> 00:14:26,800 Speaker 1: what you both think of this sort of first salvo 259 00:14:26,920 --> 00:14:29,080 Speaker 1: of the new year. Could have done anything right. We 260 00:14:29,120 --> 00:14:33,040 Speaker 1: had the phone call with Zelenski last night. Uh, We've 261 00:14:33,040 --> 00:14:34,760 Speaker 1: had a lot of things going on with COVID. It 262 00:14:34,760 --> 00:14:37,640 Speaker 1: could have been a COVID event. But but meat prices, 263 00:14:38,400 --> 00:14:41,400 Speaker 1: Rick Davis, is this truly, you know, the epitome of 264 00:14:41,400 --> 00:14:45,080 Speaker 1: of the kitchen table conversation. You know, I guess it's 265 00:14:45,120 --> 00:14:47,560 Speaker 1: he's trying to be at the kitchen table. Um. I 266 00:14:47,600 --> 00:14:51,400 Speaker 1: guess they're having hamburger for dinner. That yeah, and uh, 267 00:14:51,480 --> 00:14:53,760 Speaker 1: and yet I think it misses the whole point. I mean, 268 00:14:53,920 --> 00:14:57,320 Speaker 1: the biggest contributor to inflation is energy prices. He's got 269 00:14:57,360 --> 00:15:00,920 Speaker 1: a lot of cities right now on of the deep freeze, 270 00:15:00,920 --> 00:15:03,360 Speaker 1: and those prices are only going up natural gas and 271 00:15:03,400 --> 00:15:07,600 Speaker 1: other uh, you know, energy opportunities and and and yet 272 00:15:07,600 --> 00:15:10,520 Speaker 1: he's silent on that. So I get it. You know, 273 00:15:10,600 --> 00:15:13,000 Speaker 1: he wants to sort of connect with uh, you know, 274 00:15:13,080 --> 00:15:16,280 Speaker 1: the blue collar middle America. That's his his stick as president. 275 00:15:16,360 --> 00:15:18,360 Speaker 1: But like, I think he's missing a big picture. And 276 00:15:18,400 --> 00:15:22,040 Speaker 1: if he thinks he's going to tackle national inflation at 277 00:15:22,040 --> 00:15:24,520 Speaker 1: the rate it's at with a billion dollar subsidy to 278 00:15:24,560 --> 00:15:27,800 Speaker 1: hamburger producers, I don't get it. That was the point 279 00:15:27,800 --> 00:15:30,720 Speaker 1: of this though, right Genie, was to to to create 280 00:15:30,760 --> 00:15:32,800 Speaker 1: a venue in which the president could say, I feel 281 00:15:32,840 --> 00:15:37,960 Speaker 1: your pain. Show is his working class credentials, that's right, 282 00:15:38,000 --> 00:15:41,000 Speaker 1: and also to tackle what everybody agrees is going to 283 00:15:41,080 --> 00:15:45,040 Speaker 1: be the key issue of the this year, which is inflation. 284 00:15:45,200 --> 00:15:48,120 Speaker 1: That's what Republicans have said they will be talking about, 285 00:15:48,360 --> 00:15:50,400 Speaker 1: and the White House is going to talk about it 286 00:15:50,440 --> 00:15:53,280 Speaker 1: as well. And you know, I think the President did 287 00:15:53,280 --> 00:15:55,960 Speaker 1: a good job today talking about this, and I think 288 00:15:56,160 --> 00:15:59,360 Speaker 1: he can also talk about how it impacts other areas. 289 00:15:59,440 --> 00:16:02,200 Speaker 1: So as Rick talks about energy, he can do more 290 00:16:02,240 --> 00:16:05,680 Speaker 1: than one thing to you know, today was a meat day, 291 00:16:05,720 --> 00:16:08,880 Speaker 1: but we will see the White House tackling this as 292 00:16:08,920 --> 00:16:12,240 Speaker 1: we go forward, and right they should, you know, let's 293 00:16:12,280 --> 00:16:14,520 Speaker 1: not forget. And I thought your interview with Heather Busche 294 00:16:14,760 --> 00:16:18,520 Speaker 1: was really important when she said the pandemic has uncovered 295 00:16:18,560 --> 00:16:22,400 Speaker 1: how fragile these supply chains are, and meat sector is 296 00:16:22,440 --> 00:16:25,040 Speaker 1: one example, but there have been others as well. She 297 00:16:25,080 --> 00:16:28,040 Speaker 1: mentioned protective gear. So the White House needs to keep 298 00:16:28,160 --> 00:16:31,440 Speaker 1: hitting on this to show people that it is addressing it, 299 00:16:31,440 --> 00:16:34,000 Speaker 1: it's doing what it can, and it is also feeling 300 00:16:34,000 --> 00:16:36,120 Speaker 1: people's pain at the same time. Is it a good 301 00:16:36,200 --> 00:16:38,600 Speaker 1: day for politics like that? To the President pull pull 302 00:16:38,680 --> 00:16:40,960 Speaker 1: that off? And Rick, you know that side of Joe Biden. 303 00:16:41,000 --> 00:16:42,720 Speaker 1: You you worked around him in the Senate for a 304 00:16:42,720 --> 00:16:45,560 Speaker 1: lot of years. This is supposed to be his forte right, 305 00:16:45,640 --> 00:16:48,600 Speaker 1: talking about God, did you hear what Madeleine said last weekend? 306 00:16:48,600 --> 00:16:51,840 Speaker 1: The price of beef? This is this is politics, And 307 00:16:51,880 --> 00:16:54,240 Speaker 1: I realized they're trying to solve a problem. Billion dollars 308 00:16:54,280 --> 00:16:56,360 Speaker 1: is a lot of money, but this is politics at 309 00:16:56,400 --> 00:16:59,800 Speaker 1: the same time. Yeah, I think he leads off, you know, 310 00:17:01,400 --> 00:17:06,800 Speaker 1: an election year with a basically a political event today. Um, 311 00:17:06,840 --> 00:17:09,120 Speaker 1: this is not going to have any big impact on 312 00:17:09,480 --> 00:17:12,879 Speaker 1: anybody's kitchen table. Um, he's not going to affect the 313 00:17:12,920 --> 00:17:17,320 Speaker 1: five dollar pound uh price by throwing the subsidy at 314 00:17:18,000 --> 00:17:22,200 Speaker 1: at people. But he was able to be empathetic, right, 315 00:17:22,320 --> 00:17:26,280 Speaker 1: This is his thing. He's he's the empathetic president. He 316 00:17:26,359 --> 00:17:30,119 Speaker 1: wants to connect with voters who are having these conversations. 317 00:17:30,400 --> 00:17:32,640 Speaker 1: Probably not very many of them woke up today thinking 318 00:17:32,720 --> 00:17:34,840 Speaker 1: the president was going to talk him about hamburger meat. 319 00:17:35,280 --> 00:17:38,000 Speaker 1: But um, but you know, I I get where they're 320 00:17:38,040 --> 00:17:40,040 Speaker 1: coming from. I just I don't see it as a 321 00:17:40,600 --> 00:17:43,639 Speaker 1: table center. Why why wouldn't he lay out his agenda 322 00:17:43,720 --> 00:17:46,639 Speaker 1: for two you know, and the things he's going to 323 00:17:46,720 --> 00:17:49,439 Speaker 1: try and accomplish, rather than and hitting the meat circuit. 324 00:17:49,680 --> 00:17:51,520 Speaker 1: All interesting question. By the way, what either of you 325 00:17:51,560 --> 00:17:54,520 Speaker 1: have known the price of a pound of ground meat 326 00:17:54,560 --> 00:17:58,199 Speaker 1: if you can be honest, Rick, well, I don't. I 327 00:17:58,280 --> 00:18:01,240 Speaker 1: like the lean ground and that's a lot more. You 328 00:18:01,240 --> 00:18:04,080 Speaker 1: went for the ninety five pound to ninety five any 329 00:18:04,119 --> 00:18:07,600 Speaker 1: what do you would you have reached for five dollars? Jennie, Yeah, 330 00:18:07,640 --> 00:18:09,520 Speaker 1: I would have gone about five dollars. I don't have 331 00:18:09,720 --> 00:18:12,520 Speaker 1: expensive taste as Rick Davia. All Right, you guys, you 332 00:18:12,520 --> 00:18:15,159 Speaker 1: guys are more plugged in than I. We'll see if 333 00:18:15,200 --> 00:18:18,359 Speaker 1: Gregg Valiere is buying the prime beef. He's gonna come 334 00:18:18,440 --> 00:18:22,320 Speaker 1: up with us next after we checked markets in traffic 335 00:18:22,400 --> 00:18:25,560 Speaker 1: for you, Gregg fill Year on the president's economic agenda? 336 00:18:25,640 --> 00:18:27,879 Speaker 1: What's left of it in the new Year. I'm Joe Matthew. 337 00:18:28,000 --> 00:18:34,080 Speaker 1: This is Bloomberg broadcasting live from our nation's capital, Bloomberg 338 00:18:35,359 --> 00:18:39,600 Speaker 1: to New York, Bloomberg eleven Frio to Boston, Bloomberg one 339 00:18:39,640 --> 00:18:43,399 Speaker 1: oh six one to San Francisco, Bloomberg nine sixty to 340 00:18:43,480 --> 00:18:47,560 Speaker 1: the country, Serious XM Channel one nine and around the globe, 341 00:18:47,600 --> 00:18:51,480 Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This 342 00:18:51,880 --> 00:18:56,879 Speaker 1: is Bloomberg Sound On with Joe Matthew so much to 343 00:18:56,920 --> 00:18:59,600 Speaker 1: talk about meat prices here on the broadcast today. Maybe 344 00:18:59,640 --> 00:19:03,160 Speaker 1: we work on a steakhouse sponsor in the new year. 345 00:19:04,000 --> 00:19:06,359 Speaker 1: Just throwing the hints out to those who need to 346 00:19:06,440 --> 00:19:10,200 Speaker 1: hear them. Welcome to the prime beef of politics. Bloomberg 347 00:19:10,280 --> 00:19:12,520 Speaker 1: Sound On carries us into the new year with the 348 00:19:12,600 --> 00:19:16,080 Speaker 1: view ahead from Greg Valier, chief policy strategist at a 349 00:19:16,240 --> 00:19:18,600 Speaker 1: g F Investments. He's here in just a moment, Philip 350 00:19:18,680 --> 00:19:22,960 Speaker 1: Jefferson the name you're gonna be hearing about tonight, tomorrow 351 00:19:23,160 --> 00:19:26,160 Speaker 1: and beyond. I bet Greg Valier used to go out 352 00:19:26,200 --> 00:19:28,880 Speaker 1: to the good DC steakhouses back when you could still 353 00:19:28,920 --> 00:19:33,399 Speaker 1: take someone out to lunch here in the nation's capital. He, 354 00:19:33,520 --> 00:19:37,440 Speaker 1: of course, his chief policy strategist now at a g 355 00:19:37,640 --> 00:19:41,080 Speaker 1: F Investments. Greg, Welcome back, Happy new Year. It's great 356 00:19:41,119 --> 00:19:43,359 Speaker 1: to have you with us on Bloomberg Radio. They you 357 00:19:43,400 --> 00:19:45,400 Speaker 1: can't do expense accounts the way you used to write 358 00:19:45,400 --> 00:19:48,439 Speaker 1: because of soft money and all that stuff. Times have changed, 359 00:19:48,520 --> 00:19:55,520 Speaker 1: my friend. Time. Okay, were you with Charlie Palmer. Guy. 360 00:19:55,560 --> 00:20:01,280 Speaker 1: There's a restaurant called, uh the Steak. There's a there's 361 00:20:01,320 --> 00:20:03,639 Speaker 1: one called of Steak. There's a pom, there a whole budget. 362 00:20:03,720 --> 00:20:07,760 Speaker 1: But they're they're they're kind of passe. I think, all right, well, 363 00:20:07,760 --> 00:20:09,639 Speaker 1: you're of course leaning into the future with us, and 364 00:20:09,680 --> 00:20:11,320 Speaker 1: that's why you're here. That's what we wanted to talk 365 00:20:11,359 --> 00:20:13,639 Speaker 1: to you about. Greg. I have a lot of questions 366 00:20:13,800 --> 00:20:17,399 Speaker 1: for you about the future of the economic agenda and 367 00:20:17,400 --> 00:20:19,600 Speaker 1: and the risks of inflation going into this year. But 368 00:20:19,680 --> 00:20:22,160 Speaker 1: Charlie Pella just dropped one in our laps here. Philip 369 00:20:22,200 --> 00:20:26,040 Speaker 1: Jefferson said to be uh, not just on the shortlist, 370 00:20:26,080 --> 00:20:28,439 Speaker 1: but but to be named to the Federal Reserve. We 371 00:20:28,480 --> 00:20:31,359 Speaker 1: have three open seats here, and I know it's something 372 00:20:31,400 --> 00:20:33,280 Speaker 1: that people in the markets have been really waiting for 373 00:20:34,040 --> 00:20:36,040 Speaker 1: quite a bit of time for this White House to 374 00:20:36,040 --> 00:20:39,520 Speaker 1: come out with here. Do you have high hopes for 375 00:20:39,720 --> 00:20:42,280 Speaker 1: sort of the Biden vision of the FED, a more 376 00:20:42,320 --> 00:20:44,679 Speaker 1: diverse looking central bank? Is that going to happen in 377 00:20:44,720 --> 00:20:46,760 Speaker 1: the next couple of days. Yeah. I think there will 378 00:20:46,800 --> 00:20:49,639 Speaker 1: be more people of color, there might be a gay person, 379 00:20:49,760 --> 00:20:53,960 Speaker 1: there may be u ethnic groups represented. I think that's 380 00:20:54,000 --> 00:20:57,280 Speaker 1: a big objective. It certainly is a big objective of 381 00:20:57,359 --> 00:21:00,679 Speaker 1: people like Elizabeth Warren and Bernie Sanders. But when it 382 00:21:00,760 --> 00:21:03,840 Speaker 1: comes to the policies, I think it's going to be 383 00:21:03,840 --> 00:21:06,440 Speaker 1: pretty monolithic. I think you're going to get people who 384 00:21:06,920 --> 00:21:11,560 Speaker 1: are on singing from the same choir book. And does 385 00:21:11,600 --> 00:21:15,240 Speaker 1: that mean from from the more liberal book or from 386 00:21:15,240 --> 00:21:17,760 Speaker 1: the hawkish book on fighting inflation? The President's got a 387 00:21:17,760 --> 00:21:20,800 Speaker 1: few different crowds to please here. Yeah, I think more 388 00:21:21,359 --> 00:21:24,879 Speaker 1: dovish on inflation. I think that the SET is going 389 00:21:24,920 --> 00:21:26,720 Speaker 1: to have to do some work. We all know that 390 00:21:26,760 --> 00:21:30,320 Speaker 1: they'll probably raise rates twice, not sure about three times. 391 00:21:30,320 --> 00:21:33,760 Speaker 1: We'll see if the variant calms down. But I think 392 00:21:33,800 --> 00:21:35,919 Speaker 1: the set note they know they have to be a 393 00:21:35,920 --> 00:21:39,800 Speaker 1: little bit more aggressive if there's a surprise on monetary policy. 394 00:21:39,840 --> 00:21:42,239 Speaker 1: I think they might be a little less aggressive than 395 00:21:42,520 --> 00:21:45,040 Speaker 1: people are thinking right now. So yeah, I just wonder 396 00:21:45,080 --> 00:21:47,240 Speaker 1: what the confirmations are going to be like. And now 397 00:21:47,280 --> 00:21:49,040 Speaker 1: that we have a name here, I wonder what what 398 00:21:49,119 --> 00:21:52,440 Speaker 1: a confirmation hearing for Philip Jefferson would look like. Here 399 00:21:52,480 --> 00:21:55,879 Speaker 1: the vice president for academic Affairs, dean of faculty, and 400 00:21:55,960 --> 00:22:00,159 Speaker 1: economics professor at Davidson College in North Carolina. This is, 401 00:22:00,280 --> 00:22:03,400 Speaker 1: you know, a serious academic they'd be talking with, very 402 00:22:03,440 --> 00:22:06,800 Speaker 1: well qualified from all initial appearances. I would think he 403 00:22:06,840 --> 00:22:09,920 Speaker 1: would win confirmation, and I think the other two would 404 00:22:09,960 --> 00:22:14,600 Speaker 1: probably win confirmation as well. The interesting thing here is 405 00:22:14,680 --> 00:22:18,560 Speaker 1: the confirmation hearings for Jerome Powell, and I think several 406 00:22:18,640 --> 00:22:22,600 Speaker 1: Progressives headed by Elizabeth Lawn, will vote against him. That's 407 00:22:22,640 --> 00:22:24,480 Speaker 1: going to be a big opportunity for a lot of 408 00:22:24,480 --> 00:22:27,680 Speaker 1: grandstanding for a lot of people. I'm sure, Greg, as 409 00:22:27,680 --> 00:22:30,800 Speaker 1: we try to put the pieces back together here on 410 00:22:30,800 --> 00:22:34,280 Speaker 1: on build back better, I'm not even sure what the 411 00:22:34,400 --> 00:22:36,119 Speaker 1: question is right now, because I know you're not in 412 00:22:36,160 --> 00:22:38,359 Speaker 1: the president's head or Joe Mansion's head. But when you 413 00:22:38,440 --> 00:22:41,159 Speaker 1: just when you step back, Greg Valier, and look at 414 00:22:41,160 --> 00:22:45,960 Speaker 1: the start of this year with COVID just ripping through communities, 415 00:22:46,480 --> 00:22:49,920 Speaker 1: uh so many major corporations going back to work from home. 416 00:22:50,640 --> 00:22:53,400 Speaker 1: You see Broadway plays coming down, You see a lot 417 00:22:53,440 --> 00:22:55,760 Speaker 1: of flights, thousands of them being canceled. And I just 418 00:22:55,840 --> 00:22:59,320 Speaker 1: wonder what kind of support this economy is going to 419 00:22:59,440 --> 00:23:02,600 Speaker 1: have for the Biden agenda going into the new year. 420 00:23:02,640 --> 00:23:05,760 Speaker 1: Are you worried about a major slowdown? Not really, No, 421 00:23:05,920 --> 00:23:09,440 Speaker 1: And the market certainly weren't today. The market all, as 422 00:23:09,440 --> 00:23:11,720 Speaker 1: you know, they did very well. Two things, I'd say 423 00:23:11,760 --> 00:23:14,120 Speaker 1: number one we just mentioned. I think the said might 424 00:23:14,119 --> 00:23:17,720 Speaker 1: be a little more devish than people are said over 425 00:23:17,720 --> 00:23:20,240 Speaker 1: the last few weeks. Secondly, there may have to be 426 00:23:20,320 --> 00:23:24,280 Speaker 1: more on fiscal policy, There may have to be more assistance. 427 00:23:24,760 --> 00:23:28,159 Speaker 1: I think it is would be insanity if the Democrats 428 00:23:28,200 --> 00:23:31,359 Speaker 1: don't do something on build back better. It's not going 429 00:23:31,400 --> 00:23:33,920 Speaker 1: to be two trillion. It's going to get a haircut. 430 00:23:34,280 --> 00:23:37,159 Speaker 1: But I do think that even Joe Manson is willing 431 00:23:37,200 --> 00:23:39,359 Speaker 1: to cut a deal. And you know, all during the 432 00:23:39,400 --> 00:23:41,200 Speaker 1: fall I said I didn't think there'd be a deal, 433 00:23:41,240 --> 00:23:44,320 Speaker 1: and I was vindicated. Now I'm saying I think there 434 00:23:44,359 --> 00:23:47,560 Speaker 1: will be something by spring. Well, maybe it's more of 435 00:23:47,600 --> 00:23:49,639 Speaker 1: what you said though. Is this more stimulus, is this 436 00:23:50,280 --> 00:23:53,320 Speaker 1: American Rescue the sequel? Or is this something more like 437 00:23:54,320 --> 00:23:58,080 Speaker 1: pre K education, child tax credit and so forth. Yeah, 438 00:23:58,119 --> 00:24:01,160 Speaker 1: the latter, I think Joe, I think, you know, Mansion 439 00:24:01,240 --> 00:24:04,919 Speaker 1: likes the idea of pre k assistance and some improved 440 00:24:05,240 --> 00:24:10,600 Speaker 1: Obamacare provisions. He probably will get a big, big cut 441 00:24:10,720 --> 00:24:13,960 Speaker 1: in the child tax credit. Maybe it'll be means tested, 442 00:24:14,119 --> 00:24:17,400 Speaker 1: maybe it'll be it'll cost a lot less, but there's 443 00:24:17,400 --> 00:24:20,040 Speaker 1: still a deal there. I'm convinced that both he and 444 00:24:20,119 --> 00:24:23,119 Speaker 1: Kirsten Cinema are willing to do something. It's not going 445 00:24:23,160 --> 00:24:26,199 Speaker 1: to be what Elizabeth Warren wants, but it will be something. 446 00:24:26,359 --> 00:24:28,240 Speaker 1: It sounds like you can see across the valley a 447 00:24:28,240 --> 00:24:30,199 Speaker 1: little bit here. Then you get a fed that cools 448 00:24:30,200 --> 00:24:32,440 Speaker 1: it because of what's happening with the variant and and 449 00:24:32,720 --> 00:24:36,600 Speaker 1: labor shortages that are rippling through the economy. Here. You 450 00:24:36,680 --> 00:24:39,560 Speaker 1: combine that with a little bit of stimulus, and where 451 00:24:39,600 --> 00:24:42,360 Speaker 1: are we six months into the year. I think we're 452 00:24:42,400 --> 00:24:45,400 Speaker 1: still at a good place with GDP close to three 453 00:24:45,520 --> 00:24:48,479 Speaker 1: three and a half percent. I think the labor market 454 00:24:48,520 --> 00:24:50,439 Speaker 1: is going to be red hot. I think that that 455 00:24:50,520 --> 00:24:54,560 Speaker 1: would be largely a positive. The negative, obviously is inflation. 456 00:24:54,600 --> 00:24:57,000 Speaker 1: But we all know that, the markets all know that, 457 00:24:57,520 --> 00:25:00,359 Speaker 1: and I think as we get into mid year, some 458 00:25:00,480 --> 00:25:04,399 Speaker 1: of the bottlenecks from the supply standpoint may begin to ease, 459 00:25:05,160 --> 00:25:07,880 Speaker 1: some of the inflation pressure may begin to ease. So 460 00:25:08,440 --> 00:25:12,679 Speaker 1: I'm pretty optimistic about I know, you wear two hats. 461 00:25:12,680 --> 00:25:15,199 Speaker 1: One is as an economist and the other one is 462 00:25:15,320 --> 00:25:18,119 Speaker 1: as a as a political expert. Here what does that 463 00:25:18,160 --> 00:25:21,000 Speaker 1: mean for Joe Biden then and Democrats in the second 464 00:25:21,040 --> 00:25:23,000 Speaker 1: half of the year. Let's say they thread the needle 465 00:25:23,040 --> 00:25:26,000 Speaker 1: on inflation. Greg Everything, you just say, you just said 466 00:25:26,080 --> 00:25:29,120 Speaker 1: ends up happening. Does this end up being not so 467 00:25:29,200 --> 00:25:32,879 Speaker 1: bad a mid term cycle for this party? No, I 468 00:25:32,920 --> 00:25:36,920 Speaker 1: don't think so. I think that yeah, history would show 469 00:25:37,000 --> 00:25:40,360 Speaker 1: that a first term president in his first mid term 470 00:25:40,440 --> 00:25:44,040 Speaker 1: election always loses a lot of seats. When I look 471 00:25:44,080 --> 00:25:47,560 Speaker 1: at this House, where the Republicans only need a net 472 00:25:47,560 --> 00:25:50,480 Speaker 1: gain of five, I think they will gain fifty or twenty, 473 00:25:50,560 --> 00:25:53,199 Speaker 1: not thirty. Some people were talking thirty. But I do 474 00:25:53,280 --> 00:25:55,679 Speaker 1: think the House flips and there's a chance that the 475 00:25:55,720 --> 00:25:58,320 Speaker 1: Senate could as well. Thanks for helping us set the 476 00:25:58,320 --> 00:26:00,399 Speaker 1: table on the new year. It's great always to speak 477 00:26:00,400 --> 00:26:04,480 Speaker 1: with Greg Valier. Thank you, Greg, a g F Investments 478 00:26:04,800 --> 00:26:07,520 Speaker 1: chief US policy strategist with us on sound On, will 479 00:26:07,560 --> 00:26:10,440 Speaker 1: reassemble the panel next see how Rick and Jennie feel 480 00:26:10,480 --> 00:26:17,520 Speaker 1: as we approached January six. This is Bloomberg. You're listening 481 00:26:17,600 --> 00:26:22,320 Speaker 1: to Bloomberg you sound on with Joe Matthew on Bloomberg Radio. 482 00:26:24,000 --> 00:26:27,439 Speaker 1: So record highs to start the new year on wall streets, 483 00:26:27,480 --> 00:26:31,200 Speaker 1: along with rising prices at home, and as you heard 484 00:26:31,200 --> 00:26:34,800 Speaker 1: earlier this hour on Bloomberg Radio, the White House keeping 485 00:26:34,800 --> 00:26:37,920 Speaker 1: an eye on the Federal Reserve. Likely to nominate Philip 486 00:26:38,040 --> 00:26:41,600 Speaker 1: Jefferson for FED seat, as I read on the terminal, 487 00:26:41,680 --> 00:26:45,040 Speaker 1: now likely to nominate economist Philip Jefferson for a seat 488 00:26:45,480 --> 00:26:47,600 Speaker 1: on the Board of Governors, according to people familiar with 489 00:26:47,640 --> 00:26:49,840 Speaker 1: the matter and appointment, that would make him just the 490 00:26:49,920 --> 00:26:52,040 Speaker 1: fourth black man to hold a position in the Central 491 00:26:52,080 --> 00:26:54,240 Speaker 1: Banks more than hundred year history. This is one of 492 00:26:54,359 --> 00:26:58,160 Speaker 1: three we are waiting for, and we'll see. Maybe it 493 00:26:58,160 --> 00:27:00,840 Speaker 1: comes out as a trio. Maybe there's a big rollout, 494 00:27:00,880 --> 00:27:04,359 Speaker 1: Maybe this is staggered. There's been a lot of questioning 495 00:27:04,400 --> 00:27:07,119 Speaker 1: and on this program, is recently last week about what 496 00:27:07,320 --> 00:27:10,439 Speaker 1: might be taking so long. We reassemble the panel now. 497 00:27:10,560 --> 00:27:13,840 Speaker 1: Rick and Jeannie are no strangers to this conversation. Bloomberg 498 00:27:13,880 --> 00:27:18,160 Speaker 1: Politics contributors Jeanie Chantano, Rick Davis with this for the hour. Rick, 499 00:27:18,240 --> 00:27:20,240 Speaker 1: we talked last week about some of the names on 500 00:27:20,280 --> 00:27:23,040 Speaker 1: the shortlist or some of the just the nuances that 501 00:27:23,119 --> 00:27:25,280 Speaker 1: might come with some of these appointments, and then of 502 00:27:25,320 --> 00:27:28,960 Speaker 1: course the confirmations themselves. Does a name like Philip Jefferson, 503 00:27:29,080 --> 00:27:32,840 Speaker 1: well regarded economist, academic, sort of meet that standard you 504 00:27:32,880 --> 00:27:36,280 Speaker 1: see if someone clearing the bar for confirmation, for sure, 505 00:27:36,720 --> 00:27:39,600 Speaker 1: he's a well thought of guy. He's got a deep 506 00:27:39,640 --> 00:27:42,960 Speaker 1: background in the economy. Um, this is what you look 507 00:27:43,040 --> 00:27:47,040 Speaker 1: for in a in a pick from this administration. And 508 00:27:47,520 --> 00:27:51,439 Speaker 1: we talked extensively about the need to add diversity to 509 00:27:51,560 --> 00:27:55,800 Speaker 1: the Board of Governors. And if confirmed, uh, Phil Jefferson 510 00:27:55,800 --> 00:27:59,440 Speaker 1: will be only the fourth African American to be on 511 00:27:59,640 --> 00:28:02,080 Speaker 1: the Board of Governors of the Fellow Reserves, so in 512 00:28:02,160 --> 00:28:05,560 Speaker 1: a hundred years. So this is this is the important pick. 513 00:28:06,080 --> 00:28:07,800 Speaker 1: I'm a little surprised I didn't roll out the other 514 00:28:07,800 --> 00:28:10,479 Speaker 1: two at the same time. I guess they're taking them 515 00:28:10,520 --> 00:28:13,240 Speaker 1: as they get them, but um, same although we're getting 516 00:28:13,240 --> 00:28:15,000 Speaker 1: this from sources, so there could be a more concerned 517 00:28:15,119 --> 00:28:17,359 Speaker 1: rollout right by the communications team. We'll see if maybe 518 00:28:17,720 --> 00:28:20,480 Speaker 1: that's something that that comes with the new week and 519 00:28:20,520 --> 00:28:23,480 Speaker 1: the new year. Genie. This is the idea though. This 520 00:28:23,560 --> 00:28:26,200 Speaker 1: is where maybe not so much Elizabeth Warren, who was 521 00:28:26,320 --> 00:28:28,800 Speaker 1: very specific and strong feelings about this, but progressives in 522 00:28:28,840 --> 00:28:32,240 Speaker 1: general wanted to see the president moving this more diverse direction, 523 00:28:32,600 --> 00:28:35,480 Speaker 1: a more uh, not just diverse backgrounds, but but more 524 00:28:35,520 --> 00:28:40,920 Speaker 1: diversity in ideas. That's right, and he's a very strong candidate, 525 00:28:41,040 --> 00:28:44,000 Speaker 1: and I am curious to see if they fill out 526 00:28:44,040 --> 00:28:46,400 Speaker 1: this roll out with the other two. But I think 527 00:28:46,440 --> 00:28:50,160 Speaker 1: what people like Elizabeth Warren and the progressives and even 528 00:28:50,200 --> 00:28:53,160 Speaker 1: some moderate Democrats are going to be looking for is, 529 00:28:53,200 --> 00:28:56,240 Speaker 1: as you mentioned, not just diversity in terms of gender 530 00:28:56,280 --> 00:28:59,840 Speaker 1: and race and sexual orientation, which is all critically important, 531 00:29:00,280 --> 00:29:04,240 Speaker 1: but also diversity in terms of their approach. And so 532 00:29:04,320 --> 00:29:07,640 Speaker 1: we know Elizabeth Warren has talked a lot about how 533 00:29:07,760 --> 00:29:12,000 Speaker 1: she would like to prioritize tough bank regulation, right. They've 534 00:29:12,040 --> 00:29:16,240 Speaker 1: talked about addressing climate change risks to the financial system, 535 00:29:16,280 --> 00:29:18,840 Speaker 1: and I think those are the things that we're watching 536 00:29:18,880 --> 00:29:21,959 Speaker 1: for to see if this trio of candidates, when they 537 00:29:22,000 --> 00:29:25,760 Speaker 1: all are finally named, address or meet any of those 538 00:29:25,800 --> 00:29:28,840 Speaker 1: sort of demands from the progressive left, or if the 539 00:29:28,880 --> 00:29:32,280 Speaker 1: Biden administration chooses not to go in that direction. I 540 00:29:32,320 --> 00:29:35,480 Speaker 1: think that's still the big question here. Well, it's a 541 00:29:35,480 --> 00:29:37,280 Speaker 1: big story for us, of course at Bloomberg, in one 542 00:29:37,280 --> 00:29:39,960 Speaker 1: that we'll talk about as we learn more. I just 543 00:29:40,000 --> 00:29:41,600 Speaker 1: wanted to make sure that you both had a chance 544 00:29:41,640 --> 00:29:43,720 Speaker 1: to weigh in, and since we were discussing this last 545 00:29:43,720 --> 00:29:47,280 Speaker 1: week as we approached January six, this is something else 546 00:29:47,320 --> 00:29:49,880 Speaker 1: I need to ask you guys about, because it's going 547 00:29:49,920 --> 00:29:51,680 Speaker 1: to sneak up on us here it's only a couple 548 00:29:51,720 --> 00:29:53,920 Speaker 1: of days away to think that it's been a year 549 00:29:54,440 --> 00:29:58,400 Speaker 1: since the Capital riot. Uh. We heard from Liz Cheney 550 00:29:58,560 --> 00:30:01,280 Speaker 1: over the weekend. It was one the Sunday shows, ABC's 551 00:30:01,360 --> 00:30:04,120 Speaker 1: This Week. Liz Cheney, of course, one of only two 552 00:30:04,160 --> 00:30:08,760 Speaker 1: Republicans on the Select Committee, and spoke to uh some 553 00:30:08,840 --> 00:30:12,480 Speaker 1: of the testimony they've heard and some of the documents 554 00:30:12,480 --> 00:30:15,920 Speaker 1: they've read talking about what was happening inside the White 555 00:30:15,960 --> 00:30:20,560 Speaker 1: House while the Capital was burning. Here's Liz Cheney on ABC. 556 00:30:21,080 --> 00:30:23,720 Speaker 1: We know now about what the former president was doing 557 00:30:24,360 --> 00:30:27,760 Speaker 1: on the sixth while the attack was underway. The committee 558 00:30:27,760 --> 00:30:32,000 Speaker 1: has firsthand testimony that President Trump was sitting in the 559 00:30:32,040 --> 00:30:35,360 Speaker 1: dining room next to the Oval office, watching on television 560 00:30:35,760 --> 00:30:40,400 Speaker 1: as the capital was assaulted, as the violence occurred. Um, 561 00:30:40,440 --> 00:30:43,320 Speaker 1: we know that that is clearly a supreme dereliction of duty. 562 00:30:44,160 --> 00:30:47,720 Speaker 1: Pretty remarkable stuff, just just the the image of the president, 563 00:30:47,840 --> 00:30:51,680 Speaker 1: you know, watching TV in the dining room. Presumably snacks 564 00:30:51,680 --> 00:30:55,240 Speaker 1: are out here, uh, Rick Davis. I I also am 565 00:30:55,320 --> 00:30:58,480 Speaker 1: drawn to the headline, uh, that a lot of us 566 00:30:58,520 --> 00:31:02,280 Speaker 1: saw this morning at Politico. At time of Capital Prayer 567 00:31:02,320 --> 00:31:06,000 Speaker 1: service on January six, Trump will deliver remarks doubling down 568 00:31:06,000 --> 00:31:09,160 Speaker 1: on the big lie. Kind of the ultimate split screen 569 00:31:09,200 --> 00:31:13,280 Speaker 1: affair here that we're going to actually be witnessing on 570 00:31:13,280 --> 00:31:15,360 Speaker 1: on the anniversary. Now. I don't know if any cable 571 00:31:15,400 --> 00:31:19,080 Speaker 1: news carries Donald Trump, but it's pretty hard to argue 572 00:31:19,200 --> 00:31:24,080 Speaker 1: with some of the polling data that we've seen from 573 00:31:24,160 --> 00:31:28,280 Speaker 1: Quinnipiac and others who uh not only want Donald Trump 574 00:31:28,320 --> 00:31:30,920 Speaker 1: to run again, but but do believe that this election 575 00:31:31,000 --> 00:31:34,120 Speaker 1: was stolen. When you hear Liz Cheney talking like that, 576 00:31:34,160 --> 00:31:37,760 Speaker 1: what does it tell you about what else we might learn? Rick, Well, 577 00:31:37,800 --> 00:31:40,760 Speaker 1: you would think that there would be details about um 578 00:31:40,800 --> 00:31:43,960 Speaker 1: any comments he made with the chief of staff or 579 00:31:44,000 --> 00:31:47,520 Speaker 1: members of his family who did try and lobby him 580 00:31:47,600 --> 00:31:51,800 Speaker 1: to take action against the writers at the at the Capitol. 581 00:31:52,240 --> 00:31:54,160 Speaker 1: So that would be interesting to sort of get a 582 00:31:54,200 --> 00:31:57,080 Speaker 1: sense as to what reaction they got when they presented 583 00:31:57,840 --> 00:32:02,080 Speaker 1: this idea of calling Um publicly to have these people 584 00:32:02,120 --> 00:32:05,200 Speaker 1: stand down. Uh. If he rejects that, then I think 585 00:32:05,280 --> 00:32:09,520 Speaker 1: it's another uh chink in his armor that is going 586 00:32:09,560 --> 00:32:11,920 Speaker 1: to hurt him a long term. But you you raise 587 00:32:12,000 --> 00:32:15,000 Speaker 1: an important point about the polling. I mean, we we 588 00:32:15,040 --> 00:32:17,680 Speaker 1: are now seeing consecutive polls showing about a third of 589 00:32:17,720 --> 00:32:23,640 Speaker 1: the the voting population. Uh. Talking about how it's justified 590 00:32:24,320 --> 00:32:28,480 Speaker 1: to have violence in certain circumstances against your government, that 591 00:32:28,600 --> 00:32:33,000 Speaker 1: the democracies and crisis. Um. So I think this is 592 00:32:33,040 --> 00:32:36,120 Speaker 1: the kind of thing. And liszt Cheney comments, go right 593 00:32:36,160 --> 00:32:38,840 Speaker 1: at it, that we have to have this dialogue with 594 00:32:38,920 --> 00:32:42,280 Speaker 1: the American public to ensure that, um, we get it 595 00:32:42,360 --> 00:32:45,680 Speaker 1: right this time going forward. That was the CBS News 596 00:32:45,760 --> 00:32:48,800 Speaker 1: poll again, as Rick mentioned, one in three Americans say 597 00:32:48,880 --> 00:32:52,880 Speaker 1: violence against the government can be justified. Uh. And and 598 00:32:52,880 --> 00:32:57,440 Speaker 1: in the Monmouth University poll. Uh. That that kind of 599 00:32:57,480 --> 00:33:01,200 Speaker 1: blows me away. Rick that that three orders of Republicans 600 00:33:01,400 --> 00:33:03,840 Speaker 1: still believe that Joe Biden won the presidency due to 601 00:33:03,920 --> 00:33:07,040 Speaker 1: voter fraud. Should I believe that number or you skeptical 602 00:33:07,080 --> 00:33:10,280 Speaker 1: of that? I'm skeptical of it. I think leadership matters. 603 00:33:10,320 --> 00:33:13,360 Speaker 1: I think that when Republicans are told by their leaders 604 00:33:13,520 --> 00:33:16,360 Speaker 1: that there was fraud, um, they're going to be deferential 605 00:33:16,400 --> 00:33:20,080 Speaker 1: to some degree. Uh and and and so it's really 606 00:33:20,120 --> 00:33:24,040 Speaker 1: incumbent upon the leaders of the Repulican Party to say otherwise. Um, 607 00:33:24,360 --> 00:33:27,600 Speaker 1: silence is consent. And if people like Minch McConnell and 608 00:33:27,640 --> 00:33:31,080 Speaker 1: other leaders in the Republican party don't correct the record. Uh, 609 00:33:31,120 --> 00:33:34,040 Speaker 1: then then you shouldn't be shocked to see these kinds 610 00:33:34,040 --> 00:33:39,000 Speaker 1: of poll numbers Democrats. Composure will be important surrounding these uh, 611 00:33:39,040 --> 00:33:42,720 Speaker 1: these events on the anniversary here, Genie, and this commission 612 00:33:42,720 --> 00:33:45,120 Speaker 1: says it's about to go public. It'll be the public 613 00:33:45,160 --> 00:33:49,440 Speaker 1: phase of the of the prosecution, if you will. What 614 00:33:49,520 --> 00:33:53,240 Speaker 1: are we about to learn? Well, this is a committee 615 00:33:53,320 --> 00:33:56,160 Speaker 1: really racing against the clock here and there they have 616 00:33:56,320 --> 00:33:59,560 Speaker 1: told us they're trying to address the big question, which 617 00:33:59,600 --> 00:34:03,160 Speaker 1: is where their former president Trump launched a coup against 618 00:34:03,440 --> 00:34:07,600 Speaker 1: both the United States Congress and in an attempt to 619 00:34:07,840 --> 00:34:11,200 Speaker 1: change votes in key states including Georgia and Michigan, Wisconsin 620 00:34:11,239 --> 00:34:16,840 Speaker 1: another and I apologized for interrupting. Do you believe that 621 00:34:16,920 --> 00:34:19,480 Speaker 1: it will have any impact? I mean? Or does everyone 622 00:34:19,560 --> 00:34:21,520 Speaker 1: kind of learn what they already thought going into this? 623 00:34:22,680 --> 00:34:24,839 Speaker 1: Part of this depends on what the committee puts out. 624 00:34:24,840 --> 00:34:27,560 Speaker 1: They've got to put out a broad picture in a 625 00:34:27,600 --> 00:34:30,560 Speaker 1: timely manner of what they have learned. And then, of course, 626 00:34:30,600 --> 00:34:33,120 Speaker 1: if they have evidence of a coup attempt, what does 627 00:34:33,160 --> 00:34:36,759 Speaker 1: that mean? Does the Justice Department pursue that legally? I 628 00:34:36,840 --> 00:34:39,919 Speaker 1: don't think they will, But you know what this all 629 00:34:40,000 --> 00:34:42,239 Speaker 1: means is the big question, and the committee's got to 630 00:34:42,280 --> 00:34:45,040 Speaker 1: try very hard. They're smart people on the committee. They've 631 00:34:45,080 --> 00:34:47,640 Speaker 1: got to try very hard not to be painted or 632 00:34:48,040 --> 00:34:51,400 Speaker 1: picture themselves as in a partisan witch hunt, which is 633 00:34:51,440 --> 00:34:54,719 Speaker 1: how the right wing of the Republican Party would like 634 00:34:54,800 --> 00:34:57,960 Speaker 1: to paint them. So it's a very tough, uphill battle 635 00:34:58,040 --> 00:35:01,040 Speaker 1: for this committee. In a very short period of time, 636 00:35:01,040 --> 00:35:04,240 Speaker 1: we understand will get an interim report sometimes spring summer, 637 00:35:04,440 --> 00:35:07,719 Speaker 1: and a final report just before the November election. And 638 00:35:07,760 --> 00:35:09,919 Speaker 1: the timing on that, of course, is going to make 639 00:35:10,000 --> 00:35:13,319 Speaker 1: many people feel this is partisan. It does make you 640 00:35:13,360 --> 00:35:15,560 Speaker 1: wonder what kind of a role that Donald Trump will 641 00:35:15,600 --> 00:35:18,320 Speaker 1: be playing in the mid term elections. That same column, 642 00:35:18,840 --> 00:35:23,279 Speaker 1: UH in Political quoted a number of mainstream Republicans, Rick 643 00:35:23,320 --> 00:35:27,239 Speaker 1: who who said that Donald Trump is more influential now 644 00:35:27,239 --> 00:35:30,560 Speaker 1: in the Republican Party than maybe he ever was. Uh 645 00:35:30,640 --> 00:35:34,279 Speaker 1: as a Republican strategist or do you believe that's true? Yeah, 646 00:35:34,360 --> 00:35:37,680 Speaker 1: to some degree, He's stayed in the game. He's tried 647 00:35:37,719 --> 00:35:41,080 Speaker 1: to use his stature as a former president and the 648 00:35:41,160 --> 00:35:44,960 Speaker 1: leader of the Republican Party to raise money. He's raised 649 00:35:45,000 --> 00:35:48,719 Speaker 1: an amassed a small fortune and campaign funds over a 650 00:35:48,800 --> 00:35:52,080 Speaker 1: hundred million dollars and uh, and and and those are 651 00:35:52,120 --> 00:35:55,560 Speaker 1: the kinds of things that can can create a lot 652 00:35:55,600 --> 00:35:58,840 Speaker 1: of power within a political party. And he's picking winners 653 00:35:58,880 --> 00:36:02,279 Speaker 1: and losers in primary is, which typically never happens with 654 00:36:02,360 --> 00:36:06,680 Speaker 1: a former president. So he's breaking all the different um, 655 00:36:06,719 --> 00:36:09,960 Speaker 1: I would say, standards that exist out there. Um. But 656 00:36:10,040 --> 00:36:12,879 Speaker 1: he's doing it to his own benefit. I'm not sure 657 00:36:12,880 --> 00:36:15,640 Speaker 1: he's helping the party, not sure these candidates will succeed, 658 00:36:15,760 --> 00:36:19,759 Speaker 1: but he's definitely exerting his influence. Ralph Reid was one 659 00:36:19,760 --> 00:36:21,839 Speaker 1: of them. Genie said, you could make the argument Trump 660 00:36:21,920 --> 00:36:24,600 Speaker 1: is in a stronger position within the party today than 661 00:36:24,680 --> 00:36:29,160 Speaker 1: perhaps he ever has been. Is that strengthened or potentially 662 00:36:29,440 --> 00:36:33,480 Speaker 1: weaken called into question on the anniversary this week? I 663 00:36:33,520 --> 00:36:36,040 Speaker 1: think it's going to be called into question. I think 664 00:36:36,040 --> 00:36:39,919 Speaker 1: an awful lot depends is basically how the the what 665 00:36:40,600 --> 00:36:44,480 Speaker 1: by his base? Oh, but by his base, you know, 666 00:36:44,640 --> 00:36:47,120 Speaker 1: I mean, I think it does depend an awful lot 667 00:36:47,160 --> 00:36:49,799 Speaker 1: on what we see on Capitol Hilden also what we 668 00:36:49,880 --> 00:36:53,239 Speaker 1: hear Trump say. But you know, I do think what 669 00:36:53,320 --> 00:36:56,000 Speaker 1: matters most in terms of Donald Prump is what happens 670 00:36:56,040 --> 00:36:59,600 Speaker 1: quite frankly, in two he's trying to prop up a 671 00:36:59,600 --> 00:37:02,120 Speaker 1: good umber of Secretary of States and even Board of 672 00:37:02,200 --> 00:37:05,360 Speaker 1: Elections people in these states to overturn elections if he 673 00:37:05,440 --> 00:37:08,760 Speaker 1: runs well. I'm deeply curious to see how this plays 674 00:37:08,800 --> 00:37:11,080 Speaker 1: on TV. Will it be a split screen or will 675 00:37:11,120 --> 00:37:14,920 Speaker 1: it be like Donald Trump isn't actually talking. We'll find 676 00:37:14,960 --> 00:37:17,480 Speaker 1: out together, and we'll cover it here on the fastest 677 00:37:17,480 --> 00:37:20,000 Speaker 1: hour in politics. Great to be back. I'm Joe Matthew. 678 00:37:20,120 --> 00:37:21,120 Speaker 1: This is Bloomberg