WEBVTT - Surveillance: Unrest in Washington 0:00:09.840 --> 0:00:13.800 Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Daily 0:00:13.960 --> 0:00:17.560 we bring you insight from the best in economics, finance, investment, 0:00:18.000 --> 0:00:23.480 and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 0:00:23.600 --> 0:00:27.240 Bloomberg dot Com, and of course, on the Bloomberg. What 0:00:27.360 --> 0:00:30.440 you need to know is Andrew Card uh provided public 0:00:30.520 --> 0:00:34.960 service to the nation across numerous presidencies, including as a 0:00:35.000 --> 0:00:39.160 young kid out of Massachusetts wandering into the Reagan White House. 0:00:39.159 --> 0:00:42.640 And we're thrilled at Andy card could join us this morning. Andy, 0:00:42.680 --> 0:00:45.040 what was your first day like under the purview of 0:00:45.040 --> 0:00:49.840 President Reagan? Oh, it was tremendous excitement. I remember first 0:00:49.840 --> 0:00:53.080 of all, Uh, everybody was chipper. They had a wonderful 0:00:53.120 --> 0:00:56.240 attitude and there were there was It was a very 0:00:56.280 --> 0:01:01.320 positive experience from day one because we welcomed you. There 0:01:01.360 --> 0:01:05.639 was a celebration of our great democracy. And Uh. Ronald 0:01:05.680 --> 0:01:09.440 Reagan was a great communicator, not only with the public, 0:01:09.720 --> 0:01:12.240 he was a great communicated with his staff. So he 0:01:12.319 --> 0:01:14.320 made you feel as if you were very much part 0:01:14.319 --> 0:01:17.319 of the game, and he encouraged you to be candid 0:01:17.400 --> 0:01:20.280 with him and not to take his word as if 0:01:20.319 --> 0:01:23.800 it was gospel. With what you observed yesterday. Is it 0:01:23.880 --> 0:01:28.760 the reaffirmation of a republican Reaganism or did the Reagan 0:01:28.880 --> 0:01:34.199 era die yesterday in this unrest. Well, yesterday was a 0:01:34.319 --> 0:01:37.000 very sad day for our democracy. It was I was 0:01:37.040 --> 0:01:40.400 in tears, and it troubles me because I'm also the 0:01:40.480 --> 0:01:43.639 chairman of the National Endowment for Democracy, which Ronald Reagan 0:01:43.720 --> 0:01:48.080 founded almost thirty five years ago, and it was amazing 0:01:48.520 --> 0:01:51.520 for me to be part of the effort of creating 0:01:51.520 --> 0:01:53.600 a climate with democracy was going to be spread all 0:01:53.640 --> 0:01:55.920 around the world. And we were a shiny example. We 0:01:56.000 --> 0:01:59.400 were a city on the hill. And today we attarnished. 0:01:59.480 --> 0:02:02.400 Our democracy is tarnished, and the world is looking at 0:02:02.480 --> 0:02:05.680 us and say this is not right. Maybe democracy isn't 0:02:05.720 --> 0:02:07.680 the right way to go. Well, it is the right 0:02:07.680 --> 0:02:09.920 way to go. And we've got to get everybody in America, 0:02:09.960 --> 0:02:13.040 I don't care whether you're left or right, up or down, 0:02:13.520 --> 0:02:17.200 get involved and help polish our democracy. Let's restore confidence 0:02:17.200 --> 0:02:20.320 in our institutions of democracy and polished them so that 0:02:20.440 --> 0:02:22.600 the world will recognize it's the right way to go. 0:02:22.919 --> 0:02:27.600 We don't want autocracies or cleptocracies or communism. We want 0:02:27.680 --> 0:02:30.560 the people to have to say that was reaffirmed last 0:02:30.639 --> 0:02:32.520 night the speeches on the floor of the House and 0:02:32.520 --> 0:02:35.840 the Senate after the dust kind of settled and people 0:02:35.880 --> 0:02:39.320 the Congress got back to doing its constitutional business or 0:02:39.360 --> 0:02:43.440 remarkable speeches. They were saying polishized democracy. The people spoke, 0:02:43.680 --> 0:02:45.520 we have a new president. He's going to take the 0:02:45.520 --> 0:02:47.919 oath of office, and we know that as a fact. 0:02:48.240 --> 0:02:50.959 It's not a fraud, it's a fact. Andy, who is 0:02:51.000 --> 0:02:55.240 the leader of the Republican Party today? Well, first of all, 0:02:55.480 --> 0:02:59.600 Donald Trump stole the Republican Party, so yes, he used 0:02:59.639 --> 0:03:01.880 in a view used it. Um. I don't know who 0:03:01.880 --> 0:03:04.760 the leader of our party was is today. I do 0:03:05.000 --> 0:03:07.080 look at the kind of the former leaders of the 0:03:07.120 --> 0:03:10.240 party speaking up to say, do a little soul searching 0:03:10.320 --> 0:03:12.320 and take a look at what's been happening and see 0:03:12.320 --> 0:03:14.840 where you want to go. But I think it started 0:03:14.840 --> 0:03:18.720 with the speeches and the Senate last night, uh, where 0:03:18.760 --> 0:03:23.639 many senators kind of acknowledged the angst of America at 0:03:23.639 --> 0:03:26.480 the same time they said what happened yesterday was not 0:03:26.639 --> 0:03:28.920 good for our democracy. Were much better than that, and 0:03:29.000 --> 0:03:31.160 we can do it. So I think the party is 0:03:31.400 --> 0:03:34.080 it's gonna be. It's gonna be struggling right now. We're 0:03:34.120 --> 0:03:37.200 gonna have to struggle. But I look at outstanding governors 0:03:37.240 --> 0:03:41.280 like Charlie Baker and Chris Sunu this steady. They've done 0:03:41.280 --> 0:03:43.400 a great job even in the midst of the pandemic. 0:03:43.480 --> 0:03:46.880 And Charlie Baker is in a democratic state, Massachusetts, and 0:03:46.920 --> 0:03:49.560 he's doing a remarkable job of leading. And I think 0:03:49.600 --> 0:03:52.760 those people, those leaders helped give definition to the what 0:03:52.840 --> 0:03:55.520 it means to be a Republican. I'm a proud Republican. 0:03:55.600 --> 0:03:58.480 I was not a Trump Republican. Okay, you're a proud Republican. 0:03:58.680 --> 0:04:01.320 With the soul searching that you're talking about, what will 0:04:01.400 --> 0:04:06.080 people find what is the current soul of the Republican Party? Well, 0:04:06.080 --> 0:04:08.840 first of all, I hope that it's a respect for institutions, 0:04:09.360 --> 0:04:12.120 respect for democracy. You know, when I got involved in politics, 0:04:12.120 --> 0:04:15.920 the rug of American politics had more rugged than fringe. 0:04:16.000 --> 0:04:18.760 Today it has more fringe than rug. You really can't 0:04:18.800 --> 0:04:21.240 govern unless you find your way to stand on the 0:04:21.320 --> 0:04:23.600 rug and invite people to be part of a solution. 0:04:24.080 --> 0:04:26.080 And I think that's what we have to look for. 0:04:26.240 --> 0:04:29.359 Which about meeters today are looking to be part of 0:04:29.360 --> 0:04:33.200 a solution, not part of a problem. And that's that's right. 0:04:33.240 --> 0:04:35.440 We have to I think we can find it, Andrew 0:04:35.480 --> 0:04:39.400 card I think of the images across centuries of photographs. 0:04:39.440 --> 0:04:42.440 I think, say, of Queen Mary and the young Queen 0:04:42.480 --> 0:04:46.960 Elizabeth and the George's sixth funeral. You are part of 0:04:46.960 --> 0:04:49.800 one of the most famous photos in history, that of 0:04:49.880 --> 0:04:53.919 your whisper in the ear of President Bush on September eleven. 0:04:54.440 --> 0:04:56.920 If you were to whisper into the ear of President 0:04:56.960 --> 0:05:05.720 Trump this morning, what would you say? The humble acknowledge reality, 0:05:07.000 --> 0:05:12.160 celebrate our constitution and our great democracy, and celebrate how 0:05:12.160 --> 0:05:14.680 many votes you got. Even though you didn't win. You 0:05:14.800 --> 0:05:17.280 got the second most number of votes of anybody who 0:05:17.320 --> 0:05:21.080 ever ran for president. Unfortunately for you, Joe Biden got 0:05:21.120 --> 0:05:25.040 even more votes, but he had. Our democracy showed up 0:05:25.279 --> 0:05:29.080 in unbelievable numbers on election Day in two thousand twenty, 0:05:29.400 --> 0:05:32.480 and we should be celebrating that a record number of 0:05:32.520 --> 0:05:35.960 people showed the vote. And and yes, Donald Trump did 0:05:36.000 --> 0:05:39.400 not win, he lost, but he got a remarkable number 0:05:39.400 --> 0:05:42.680 of votes, and Joe Biden got even more votes, and 0:05:42.720 --> 0:05:45.719 that turned into an electrical college victory that made the difference. 0:05:45.839 --> 0:05:49.440 Andy Kurt, your comment on The Gentleman from Belmont, Mass 0:05:49.520 --> 0:05:53.600 Governor Romney's speech yesterday on the Senate floor. I tell 0:05:53.640 --> 0:05:56.479 you I've always been a fan of Mitt Romney. I 0:05:56.520 --> 0:06:01.960 thought he has been a real steady person who celebrates 0:06:01.960 --> 0:06:04.400 our democracy and invites speed to be part of the solution. 0:06:04.640 --> 0:06:07.599 I was very proud of Rodney yesterday. One final question, 0:06:07.720 --> 0:06:10.960 very quickly unfortunately, Mr card where's the common ground that 0:06:11.000 --> 0:06:14.840 you have with Howard Dean of the Democrats? Look at 0:06:15.080 --> 0:06:17.919 I've known Governor Dean for a long time, all the 0:06:17.920 --> 0:06:20.159 way back when he first became governor of Vermont, and 0:06:20.160 --> 0:06:22.279 I have great respect for him. You know, he and 0:06:22.320 --> 0:06:25.479 I have a lot of reason to disagree on policy, 0:06:25.800 --> 0:06:28.359 but we both celebrate the great country we live in. 0:06:28.400 --> 0:06:30.600 And I actually like Howard Dean and get along well 0:06:30.680 --> 0:06:33.440 with him. But I do remember talking to him literally 0:06:33.520 --> 0:06:36.000 the day that he became the governor of New Hampshire. 0:06:36.320 --> 0:06:40.080 I'm the governor of Vermont, and and UH followed with 0:06:40.160 --> 0:06:43.719 great interest when he was running for president. And remember 0:06:44.400 --> 0:06:47.279 he was a rocket out of the launch pad, but 0:06:47.440 --> 0:06:50.920 he was Andy Carr, thank you so much for joining us. 0:06:50.920 --> 0:06:54.080 A former chief of staff for President or thrilled to 0:06:54.120 --> 0:06:59.919 have him in to give republican perspective and the store 0:07:00.360 --> 0:07:04.120 twenty four hours. And to get perspective, it is important 0:07:04.120 --> 0:07:07.560 to speak to all. There is justice, There is a 0:07:07.640 --> 0:07:10.880 Supreme Court, the House, we had any number of legislative 0:07:10.920 --> 0:07:14.840 types today, and the executive branch. And then there is 0:07:14.840 --> 0:07:17.600 the Pentagon. James de Vitas, a serve nation as an 0:07:17.600 --> 0:07:20.840 admiral with NATO, were thrilled that he could join us 0:07:21.480 --> 0:07:25.920 this morning. Admirals Sdrvidas. There was in the misty memory 0:07:26.120 --> 0:07:28.880 a president who wanted a Fourth of July parade with 0:07:29.000 --> 0:07:32.240 tanks in the street off of the French parade of 0:07:32.280 --> 0:07:35.640 Macroft and others. I've actually witnessed the Friends Parade at 0:07:35.680 --> 0:07:41.440 Something to Behold yesterday. Selected Americans were looking for tanks 0:07:41.440 --> 0:07:45.480 in the street to defend the capital. Explain the Pentagon's 0:07:45.680 --> 0:07:49.840 relationship with the various police forces of our nation's capital. 0:07:51.080 --> 0:07:54.440 Let's start with the fact that the capitol is defended 0:07:54.440 --> 0:07:58.880 by the Capitol Police, which report to the federal government. 0:07:59.160 --> 0:08:02.320 And then within the District of Columbia, of course you 0:08:02.400 --> 0:08:06.720 have the d C Metropolitan Police and the deep back 0:08:06.800 --> 0:08:09.240 up tom as I'm sure you know, is the d 0:08:09.400 --> 0:08:14.560 C National Guard. So there's sort of three layers UH 0:08:14.840 --> 0:08:19.200 policing and security that should have been far better aware 0:08:19.240 --> 0:08:22.680 than they were. What you saw yesterday was a massive failure, 0:08:23.560 --> 0:08:27.760 I would say, at a nine eleven level, at a 0:08:27.920 --> 0:08:32.000 nine eleven level, and there's a Hollywood movies of helicopters 0:08:32.160 --> 0:08:35.720 overhead and somebody that looks a lot like handsome James 0:08:35.760 --> 0:08:40.720 Travitez comes to the rescue. Yesterday wasn't Hollywood. What was 0:08:40.760 --> 0:08:46.760 the optionality that the Pentagon had? They were waiting for 0:08:46.960 --> 0:08:50.760 direction from the Commander in chief because of the unique 0:08:50.800 --> 0:08:54.800 status of the District of Columbia not a state. Normally, 0:08:55.080 --> 0:08:59.000 a state governor could call his or her UH state 0:08:59.080 --> 0:09:04.840 Guard to quell a riot, and that's what we had. Unfortunately, 0:09:05.040 --> 0:09:07.000 it had to come from the Commander in Chief, who 0:09:07.040 --> 0:09:11.080 dithered all day. By all accounts, ultimately it was the 0:09:11.200 --> 0:09:14.040 Vice President of the United States who ordered the acting 0:09:14.480 --> 0:09:18.160 Secretary of Defense to deploy the d C Guard. So 0:09:18.400 --> 0:09:22.600 President Trump was clearly not only inciting the riot but 0:09:22.720 --> 0:09:27.000 then missing an action and trying to resolve it. Admiral 0:09:27.559 --> 0:09:30.839 with your global experience, how do you think our foes 0:09:30.880 --> 0:09:35.079 around the world, those that would, you know, not wish 0:09:35.160 --> 0:09:42.000 us well? How did they view yesterday, high fives, Beijing, Moscow, tyrant, 0:09:42.280 --> 0:09:48.480 pun Yang, caracous, greatest day in recent dictator history watching 0:09:48.559 --> 0:09:51.760 this unfold, and I'll give you two specifics to be 0:09:51.840 --> 0:09:57.400 aware of. Uh Russia will be leveraging this for intelligence 0:09:57.440 --> 0:10:01.080 gathering inside the United States, and they will seek to 0:10:01.240 --> 0:10:05.920 prolong this agony by getting into the social networks, getting 0:10:05.920 --> 0:10:08.680 into our cyber nets, as we saw them do just 0:10:09.160 --> 0:10:13.839 recently in the fire Eye hack China. I think, unfortunately, 0:10:13.960 --> 0:10:18.080 may miscalculate and decide this might be a good time 0:10:18.120 --> 0:10:21.400 to do something pretty dramatic in Asia. Could that be 0:10:22.240 --> 0:10:25.000 leaning in very hard on Taiwan. Could it be further 0:10:25.120 --> 0:10:28.480 crackdowns in Hong Kong? They just rounded up yet another 0:10:28.600 --> 0:10:32.880 round of the protesters in Hong Kong. Makes it pretty 0:10:32.920 --> 0:10:36.480 difficult for us as we turn to our allies, partners, 0:10:36.480 --> 0:10:40.679 and friends to generate a team that can stand in 0:10:40.720 --> 0:10:43.480 the face of this. When we can't even defend our 0:10:43.520 --> 0:10:48.240 own capital. It's a disgraceful day for the United States. So, Admiral, 0:10:48.520 --> 0:10:52.680 the average serviceman or woman serving on the high seas 0:10:52.840 --> 0:10:55.719 or some far flung army post, how do you think 0:10:55.760 --> 0:10:58.960 they're processing what they saw yesterday? Many of them are 0:10:59.040 --> 0:11:02.280 just you know, kind of waking up and seeing the images. Well, 0:11:02.320 --> 0:11:05.559 let's face one fundamental fact about those in the armed forces, 0:11:05.600 --> 0:11:09.840 their volunteers, who swear an oath to the Constitution of 0:11:09.880 --> 0:11:13.360 the United States to support and defend that constitution. What 0:11:13.480 --> 0:11:17.560 they saw yesterday was a blatant attempt by tens of 0:11:17.720 --> 0:11:23.040 thousands of rioters incited by the President, to interrupt that 0:11:23.200 --> 0:11:27.360 constitutional process. It's very significant that this occurred not just 0:11:27.559 --> 0:11:30.720 on any given Tuesday, but on the days which were 0:11:30.840 --> 0:11:37.200 certifying the democratic results of the entirely legitimate election. So 0:11:37.480 --> 0:11:41.280 I think the average serviceman and woman is shaking their 0:11:41.320 --> 0:11:44.600 head at disbelief at this threat to the constitution. I 0:11:44.720 --> 0:11:47.400 know they are, in fact. And one final questioned an 0:11:47.440 --> 0:11:51.640 updated on your thoughts is uh, the domination of General 0:11:51.800 --> 0:11:55.559 Lloyd Austin moves forward to be Defense Secretary. Some controversy there. 0:11:55.559 --> 0:11:58.920 You've written about it. Give us an update. Um, he 0:11:59.040 --> 0:12:02.880 will be confirmed. We ought to, as a general proposition, 0:12:03.000 --> 0:12:06.680 look for individuals to lead the Department of Defense who 0:12:06.679 --> 0:12:09.000 have been out of uniform for a long time. But 0:12:09.120 --> 0:12:12.080 General Austin brings a great deal of experience in the 0:12:12.080 --> 0:12:15.719 Middle East. I know him personally, extremely well. He's a 0:12:15.800 --> 0:12:19.640 rock solid professional. He will be confirmed. Um, we need 0:12:19.679 --> 0:12:22.360 to get the new team in place across the board 0:12:22.720 --> 0:12:25.560 as quickly as possible. The next thirteen days are going 0:12:25.600 --> 0:12:28.880 to be dangerous for this country until we do. James Trevitus, 0:12:28.920 --> 0:12:31.120 thank you so much to Emeralds Trevinus of course, with 0:12:31.800 --> 0:12:34.120 among others of Carlisle group. I can't say enough about 0:12:34.120 --> 0:12:36.120 his books. Maybe it's a good time, after what we 0:12:36.160 --> 0:12:40.400 saw yesterday to look at his leader's bookshop bookshelf. Further, 0:12:40.559 --> 0:12:44.800 it was a wonderful, wonderful, wonderful set of about fifty 0:12:44.840 --> 0:12:52.120 books from people like General Austin as well. The divise 0:12:52.240 --> 0:12:55.080 between a good senator from Texas and the gentleman from 0:12:55.080 --> 0:12:58.679 New York State, Cruz and Schumer going at it yesterday. 0:12:59.160 --> 0:13:02.280 I'm sure many view on radio and TV observe so 0:13:02.360 --> 0:13:05.800 much of this moment just extraordinary, the back and forth 0:13:05.840 --> 0:13:09.400 and of course off camera, some real emotions. Someone used 0:13:09.440 --> 0:13:13.520 to the emotion of politics is Kathy Hocle. She's from Buffalo, 0:13:13.679 --> 0:13:16.560 New York. She is the Lieutenant Governor of New York 0:13:16.559 --> 0:13:20.120 and joins us from a lockdown New York City as well. 0:13:20.559 --> 0:13:23.800 Governor Hocle, we have not touched the pandemic since about 0:13:23.880 --> 0:13:28.800 three pm yesterday afternoon. How locked down is your New 0:13:28.880 --> 0:13:33.720 York City right now? Well, basically, I would say the 0:13:33.760 --> 0:13:36.800 restaurants are still not open. We have I had outdoor 0:13:36.840 --> 0:13:38.959 dining last fight, had a hammoger on a street next 0:13:39.000 --> 0:13:41.120 to a heater, so that is available to people who 0:13:41.120 --> 0:13:44.520 are hungry. Not ideal, but it's in recognition that we're 0:13:44.559 --> 0:13:47.320 doing everything we can to keep the infection right down. 0:13:47.320 --> 0:13:50.079 If you just see your neighboring states were surrounded by 0:13:50.120 --> 0:13:52.480 states with the numbers of the go up. You clearly 0:13:52.600 --> 0:13:54.880 can't go to a Broadway play. You're not going to 0:13:54.720 --> 0:13:56.800 go to any man yet. But I didn't get the 0:13:56.840 --> 0:13:59.720 sense of lockdown because people are still working here still, 0:13:59.760 --> 0:14:02.760 you know, still a live city. So I think lockdown 0:14:02.840 --> 0:14:05.120 over the states where we are right now, Lieutenant Governor, 0:14:05.200 --> 0:14:10.360 we cannot ignore Washington. Matthew Pottinger resigning your midnight from 0:14:10.400 --> 0:14:13.920 the Trump White House, and moments ago se NBC mentioning 0:14:13.960 --> 0:14:19.000 that Mr Mulvaney will resign from a Trump administration. You 0:14:19.040 --> 0:14:23.160 are in the executive branch. When you d people an 0:14:23.160 --> 0:14:29.120 executive branch, Lieutenant Governor, how do you move forward? You 0:14:29.280 --> 0:14:32.040 just hold on. You have people around you, hopefully put 0:14:32.080 --> 0:14:35.000 the interest of this country first and do everything they 0:14:35.040 --> 0:14:40.000 can to personally contain Donald Trump until sanity reigns once 0:14:40.000 --> 0:14:42.440 again in this country and Joe Biden takes his zot 0:14:42.520 --> 0:14:45.360 of office on January Secies. We have to get to 0:14:45.400 --> 0:14:48.320 that date. It seems like an eternity from now, but 0:14:48.440 --> 0:14:50.440 if we can just get the people around him who 0:14:50.520 --> 0:14:53.560 understand that the verity of what he's done, inciting people 0:14:53.560 --> 0:14:57.560 to riot and leading an insurruction, they have to understand 0:14:57.600 --> 0:15:00.360 that there are consequences in our country. We have a 0:15:00.400 --> 0:15:03.160 constitution that must be adhered to. So I am an 0:15:03.160 --> 0:15:05.520 executive branch. This will never happen in the state of 0:15:05.560 --> 0:15:09.000 New York because we would never elect someone who has 0:15:09.240 --> 0:15:12.240 is destructive of our democracy as someone like Donald Trump. 0:15:12.240 --> 0:15:14.760 But that's what happened. He lost the election. I think 0:15:14.800 --> 0:15:17.040 that's the message around the world. He did not win, 0:15:17.640 --> 0:15:19.400 and in just a few short weeks we're going to 0:15:19.480 --> 0:15:23.400 have Democrats who have who put the constitution first, apparently 0:15:23.440 --> 0:15:26.800 over what Republicans are doing running the Senate, running the House, 0:15:26.800 --> 0:15:29.320 and now running the White House. So well have era 0:15:29.440 --> 0:15:32.600 that's going to allow us to sweep clean all the 0:15:32.680 --> 0:15:34.920 vestiges of Donald Trump and what he has done to 0:15:34.960 --> 0:15:38.400 our nation. Katthew, how much will a Senator Schumer led 0:15:38.640 --> 0:15:41.560 Senate help in the New York State budget? The New 0:15:41.640 --> 0:15:47.320 York State prospects going forward? Unbelievably, It's going to be great, Lisa, 0:15:47.440 --> 0:15:49.640 And what we talked about, you and I had this conversation. 0:15:50.040 --> 0:15:52.480 It's like twentieth visit on your on your show, and 0:15:52.520 --> 0:15:54.320 we talked about what's it going to take for New 0:15:54.400 --> 0:15:56.520 York to be able to come back. We have a 0:15:56.800 --> 0:15:59.520 fifteen billion dollar hole. We need that from the federal 0:15:59.560 --> 0:16:02.920 government and Senator Schumer, who knows New York State better 0:16:02.920 --> 0:16:05.960 than anybody. He goes all sixty two counties just like 0:16:06.000 --> 0:16:08.080 I do. He knows what this state need that he'll 0:16:08.120 --> 0:16:10.680 be in a position of power. Now. It's not just 0:16:10.880 --> 0:16:12.840 wishing we could get this done, it is being able 0:16:12.880 --> 0:16:16.600 to deliver with President Joe Biden, who also understands you 0:16:16.640 --> 0:16:19.200 can't starve the state and local governments when you're trying 0:16:19.200 --> 0:16:23.000 to get a vaccine in the arms of three million people, 0:16:23.040 --> 0:16:26.280 not once, but twice. So we need more resources to 0:16:26.400 --> 0:16:29.560 offset our our losses, our financial hits that we took 0:16:29.800 --> 0:16:31.880 in order for us to be able to fund programs 0:16:31.920 --> 0:16:34.840 like the vaccinine vaccine rollout, which is going to stave 0:16:34.960 --> 0:16:37.200 this country, and we get that into people's arms sooner, 0:16:37.560 --> 0:16:39.680 the sooner we come back, the sooner we can sooner 0:16:39.680 --> 0:16:41.760 we can supercharge our econmy So it's going to be 0:16:41.880 --> 0:16:44.360 very good having him that position. So, Cathy, where are 0:16:44.400 --> 0:16:47.000 we in terms of the vaccination schedule? When will you 0:16:47.080 --> 0:16:51.440 and I be able to go and get inoculated? At 0:16:51.520 --> 0:16:53.320 least I'm gonna assume that you are under the age 0:16:53.320 --> 0:16:55.200 of seventy five, so you'll not be in one A. 0:16:55.280 --> 0:17:02.800 You're not in one bould you know I would disabuse 0:17:02.880 --> 0:17:06.280 you of your notion, Kathy, carryad Tom you will be 0:17:06.320 --> 0:17:11.320 in the same categories I am. I'm not being a 0:17:11.359 --> 0:17:18.399 very good politician. You're killing it. Republican in New York, Please, 0:17:19.440 --> 0:17:22.640 we have one A people, the frontline health scare work 0:17:22.720 --> 0:17:25.320 is still being vaccinated in our hospitals. We've tripled the 0:17:25.400 --> 0:17:27.520 number of vaccines that have gone out just in the 0:17:27.600 --> 0:17:30.200 last week. So it all is a function of supply, 0:17:30.960 --> 0:17:35.520 so we get more vaccines where government right now, Kathy, 0:17:35.520 --> 0:17:38.080 I'm gonna cut you, Kathy, I'm gonna cut you off. 0:17:38.119 --> 0:17:41.440 This is so important. Peter Hotez of Baylor College of 0:17:41.520 --> 0:17:45.000 Medicine says, we need to open up Yankee Stadium, and 0:17:45.040 --> 0:17:48.200 the only way we can do that is money. Money, money. 0:17:48.480 --> 0:17:53.239 You Republicans, Democrats in every state don't have it. What 0:17:53.320 --> 0:17:55.359 do you need from the federal government to do a 0:17:55.520 --> 0:18:01.280 Hotez Yankee Stadium vaccination program? Oh, we we will do that. 0:18:01.320 --> 0:18:03.080 We're going to open up the Javits Center I we 0:18:03.080 --> 0:18:07.080 can do. We already have plans for this time. We 0:18:07.119 --> 0:18:11.560 have thirties six hundred and seventy two locations identified. We 0:18:11.680 --> 0:18:14.920 simply have to get to our first category of healthcare 0:18:14.960 --> 0:18:18.280 workers done in a priority. Are they go first when 0:18:18.280 --> 0:18:22.000 it comes time for mass vaccinations. There is no limit 0:18:22.080 --> 0:18:23.800 to the locations We're going to do this. It will 0:18:23.840 --> 0:18:27.919 be massive locations. What funding you need from the Biden administration? 0:18:28.000 --> 0:18:31.800 Come on, you've got democratic president right now. You need 0:18:31.880 --> 0:18:36.240 one billion to get this done. To get that done, 0:18:36.280 --> 0:18:38.320 but also to offset the loss and revenues so we 0:18:38.400 --> 0:18:40.359 can continue to fund these workers. We don't want to 0:18:40.400 --> 0:18:44.560 have cutbacks or police, law enforcement healthcare workers, which is 0:18:44.600 --> 0:18:48.800 what we're facing in our budget. In March, Lieutenant Governor Okay, 0:18:48.800 --> 0:18:53.679 this this has been an incredibly important conversation. None of 0:18:53.720 --> 0:18:59.399 it matters Bills cults first time since Can your Bills 0:18:59.480 --> 0:19:03.240 keep it on? Of course they can. The momentum is 0:19:03.320 --> 0:19:05.840 with us. You saw the energy and guess what we're 0:19:05.840 --> 0:19:08.720 going to actually have fans in the stand. We've accomplished 0:19:08.720 --> 0:19:12.880 being impossible this year, an amazing season, lifting the spirits 0:19:12.880 --> 0:19:15.200 of people, not just in Buffalo but all over the state. 0:19:15.240 --> 0:19:17.440 And I'm going to say this is America's due team. 0:19:17.480 --> 0:19:20.040 So America will be rooting for the Buffalo Bills this 0:19:20.119 --> 0:19:23.879 weekend as we have our first first playoff game at 0:19:23.920 --> 0:19:26.760 home in twenty five years. So I'm really energized by this. 0:19:26.800 --> 0:19:29.280 It's going to be a great game, Governor, no doubt. 0:19:29.320 --> 0:19:33.359 In the seventh row fifty yard line as well. Cathy Yako, 0:19:33.480 --> 0:19:38.360 thank you so much, greatly appreciate that. Uh this one 0:19:40.280 --> 0:19:43.480 the Russell two thousand, John from Capri emails in and says, 0:19:43.520 --> 0:19:49.399 talk about Penn National Gaming, Caesar's entertainment plug, power Sun Run. 0:19:49.680 --> 0:19:53.760 How about Darling Ingredients up twenty percent per year, A 0:19:53.920 --> 0:19:58.120 moonshot coming off of March for Darling Ingredients of Irvine 0:19:58.160 --> 0:20:02.320 Tech or Irving, Texas ten thousand employees. Good morning, Mr Stewart, 0:20:02.440 --> 0:20:08.080 Randall Stewart and and Darling Ingredients. They collect animal processing 0:20:08.200 --> 0:20:12.600 by products and used restaurant cookie oil. That's the moon 0:20:12.680 --> 0:20:15.200 shot of the Russell two thousand. That's the moon shot. 0:20:15.240 --> 0:20:16.879 Had not heard about it. You just sent it to me. 0:20:16.920 --> 0:20:19.160 Look at it. This has got a ten billion dollar 0:20:19.440 --> 0:20:22.639 market cap, Tom So this is this has been around, 0:20:22.680 --> 0:20:28.520 it's it's sizeable, and they're in the animal processing byproduct business. 0:20:28.520 --> 0:20:32.560 Tello meat, bone meal, all the good things John Gallab 0:20:32.640 --> 0:20:34.920 uses every day. John Gallab with credit sweez. This is 0:20:34.920 --> 0:20:38.280 an important conversation because of his view to two thousand 0:20:38.359 --> 0:20:40.680 twenty one, John, before we get to tech, in your 0:20:40.760 --> 0:20:43.760 view on the bigger market, how do you adapt and 0:20:43.800 --> 0:20:48.919 adjust to a small cap surge? You know, we we 0:20:49.000 --> 0:20:52.240 just did a note on this. In the consumer space, 0:20:52.400 --> 0:20:56.880 the small caps are a much better plays on reopening. 0:20:57.160 --> 0:20:59.919 And if you look at UM, you know, you know, 0:21:00.119 --> 0:21:04.320 like for consumer discretionary UM, the big cap you know, 0:21:04.400 --> 0:21:07.960 Internet retailers are are you know, very different than those 0:21:08.600 --> 0:21:11.760 mall retailers and restaurants and hotels that make up the 0:21:11.800 --> 0:21:15.040 small cap universe. And that's just one example on where 0:21:15.240 --> 0:21:18.320 I think there's real solid fundamentals here in the near term. 0:21:18.480 --> 0:21:20.800 I've got to get to your call. John, it's literally 0:21:20.840 --> 0:21:23.480 an outlier. I believe you told us the last time 0:21:23.520 --> 0:21:27.919 you visited stay with tech. Is that true? It was? 0:21:27.960 --> 0:21:31.720 And you know, we we just um today tom um 0:21:32.480 --> 0:21:35.520 up our number for the broad market. But we also 0:21:35.840 --> 0:21:38.560 took what we call tech plus that all that broadly 0:21:38.600 --> 0:21:42.800 defined tech basket from overweight to neutral. And I did that. 0:21:42.920 --> 0:21:46.280 I did that with such pain because I'm such a 0:21:46.320 --> 0:21:49.680 believer that over the long run you want to ride 0:21:49.680 --> 0:21:52.720 this trade hard reopening. I think they're gonna be a 0:21:52.760 --> 0:21:54.399 source of capital and this is what we love. Folks 0:21:54.400 --> 0:21:57.040 have Bloomberg surveillance, real news from a major house, John 0:21:57.040 --> 0:22:01.400 Galbin Credit Suite. With that shift, do you mean, particularly 0:22:01.400 --> 0:22:05.320 if it's a taxable event, do you cash it in 0:22:06.040 --> 0:22:09.520 or do you just reallocate new funds away from whatever 0:22:09.560 --> 0:22:15.000 your tech disbelief is. You know, most of our clients 0:22:15.200 --> 0:22:18.560 are running tax except um money, so they're not worrying 0:22:18.560 --> 0:22:22.240 about pension plan or endowment. If you're an individual, the 0:22:22.840 --> 0:22:24.639 if I believe that you're gonna want to be in 0:22:24.680 --> 0:22:26.320 tech for the next two or three years, you don't 0:22:26.320 --> 0:22:28.439 want to pay a lot of taxes to make that 0:22:28.480 --> 0:22:32.120 switch in your portfolio. However, if you have new funds 0:22:32.119 --> 0:22:36.560 today allocative to things that are more cyclical, um, that's 0:22:36.560 --> 0:22:38.199 the time you get paid over the new ye like 0:22:38.240 --> 0:22:41.680 the Boston Red Sox. So Jonathan. So if if I'm 0:22:41.960 --> 0:22:43.760 maybe taking a little off the table in tech or 0:22:43.760 --> 0:22:47.640 reallocating some capital, am I jumping both feet into that 0:22:47.840 --> 0:22:53.359 cyclical reopening trade? Well maybe maybe maybe let me like 0:22:53.480 --> 0:22:56.000 kind of twist your question a little bit. Where do 0:22:56.040 --> 0:22:59.879 you play the reopening trade most effectively? And I don't 0:23:00.000 --> 0:23:01.639 think it's the suff It's not in the stuff that 0:23:01.680 --> 0:23:03.920 I just upgraded. That the areas that think they're gonna 0:23:03.920 --> 0:23:06.280 be a big win are actually gonna be in healthcare 0:23:06.400 --> 0:23:10.080 and financials. And let me explain quickly why for each um, 0:23:10.160 --> 0:23:12.000 a lot of us have not been to the dentist 0:23:12.200 --> 0:23:15.200 or to a doctor. And when we go back out there, Um, 0:23:15.240 --> 0:23:18.359 you don't think about a healthcare company as being cyclical, 0:23:19.119 --> 0:23:21.760 but there's gonna be companies that process your your blood 0:23:21.800 --> 0:23:24.560 tests and and you know, or people who have held 0:23:24.600 --> 0:23:27.800 up putting braces on their kids. All those kinds of 0:23:27.840 --> 0:23:31.680 things get a big cyclical reopening jump. Even though they're 0:23:31.680 --> 0:23:35.240 not really cyclical companies. The banks. If you have interest 0:23:35.280 --> 0:23:37.320 rates move up a little like they did today, if 0:23:37.359 --> 0:23:40.399