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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at

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Speaker 1: noon and five pm Eastern on Apple Coarckley and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 2: Welcome to the Friday edition here on Bloomberg Radio on

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Speaker 2: the satellite radio channel one twenty one.

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Speaker 3: We see you on YouTube? Do you see us?

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Speaker 2: Search Bloomberg Business News Live. Having survived the voter rama,

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Speaker 2: we'll talk about this. Yes, Senators, we're working at four

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Speaker 2: forty five in the morning. Were you not that often?

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Speaker 2: Make up for it after spending so many hours outside

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Speaker 2: of the nation's capital. We actually got a vote. Something

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Speaker 2: actually happened in Washington. Actual news. As we stand by

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Speaker 2: to hear from Donald Trump. Well he's talking right now

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Speaker 2: now in the White House. When they play it back,

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Speaker 2: we'll have it for you. Addressing the governor's working session,

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Speaker 2: generating a boatload of headlines. As you just heard from

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Speaker 2: Charlie Pellett, twenty five percent auto Tariff's unlocking energy for

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Speaker 2: AI will get there.

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Speaker 3: He's got lunch today with j d Vance I'm gonna

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Speaker 3: swear in.

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Speaker 2: How Howard Lutnik as the Secretary of Commerce a little

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Speaker 2: bit later on, and then we'll do the EO dance.

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Speaker 2: I heard Carol Master talking earlier, says Bloomberg. Business Week

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Speaker 2: is now the EO show. I see you too, Carol.

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Speaker 3: But of course we'll bring this to you as it

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Speaker 3: all happens.

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Speaker 2: See pac taking a place just a little bit down

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Speaker 2: the Potomac River byron Donald's and Press Secretary Caroline leve

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Speaker 2: at the headliners. Christy Nome's going to be there as well,

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Speaker 2: the featured official at tonight's Ronald Reagan dinner. So the

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Speaker 2: voter rama, imagine four forty five am, what do we have?

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Speaker 2: Everybody but Ran Paul on board at least for Republicans.

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Speaker 2: Fifty two forty eight, three hundred and forty billion dollar budget.

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Speaker 2: There's your framework. They got it done. What Lindsey Graham

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Speaker 2: was talking about as a plan B yesterday, Yeah, it happened.

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Speaker 2: But before you get real excited, I want you to

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Speaker 2: take a look at what Terry Haynes is saying about

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Speaker 2: this whole thing. This week's good news, bad news on

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Speaker 2: the tax cuts bill, on net markets positive, But here's

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Speaker 2: the problem. Terry says, you're gonna have to wait a

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Speaker 2: long time, remembering, of course, the government's gonna run out

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Speaker 2: of money in the middle of March. Terry Haynes says

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Speaker 2: markets will not see a final tax cut bill action

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Speaker 2: until the second half the calendar year, probably not the

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Speaker 2: fourth quarter. Same basic timetable as twenty seventeen.

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Speaker 3: So what does that mean? Markets think.

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Speaker 2: Things as negative like tariffs will front run by months

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Speaker 2: the positive parts of the.

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Speaker 3: Trump economic agenda. So what's Wall Street going to look

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Speaker 3: like by then?

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Speaker 2: Terry Haynes joins us right now, the founder of Pangea

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Speaker 2: Policy on Bloomberg TV and radio. Every now and then,

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Speaker 2: I got a crack at Terry. It's great to have

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Speaker 2: you back, sir, Happy Friday. That doesn't sound good to

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Speaker 2: me when you market's negative. If we're waiting around to

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Speaker 2: the fourth quarter to get this tax and spend bill done,

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Speaker 2: what will Wall Street do in the meantime?

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Speaker 4: They will use one of the great press words. Now,

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Speaker 4: they'll fret. They'll fret a lot, and you know, meanwhile,

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Speaker 4: other things will happen and they might be good or

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Speaker 4: they might be bad. Earnings might be good, geopolitical risk

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Speaker 4: might be bad whatever you know it's but it is

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Speaker 4: a It's another testament to the difference between political time

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Speaker 4: and markets time. You know, some of your colleagues have

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Speaker 4: been opining and speculating and seriously, I mean they're they're

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Speaker 4: reflecting markets by saying so wondering what you know, like

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Speaker 4: where the tax bill is. And you know, the president

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Speaker 4: was inaugurated one month and one day ago and Congress

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Speaker 4: has been around for two weeks longer than that. This

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Speaker 4: takes a while, as you well know, and the audience

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Speaker 4: well knows, because there's lots of hoops to jump through,

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Speaker 4: and including figuring out what the budget is, figuring out

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Speaker 4: what the deficit is, and that's really the starting gun.

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Speaker 4: Once they do that, then they could get into the

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Speaker 4: specifics on the tax bill, and that takes probably the

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Speaker 4: second half of the year, just like twenty seventeen.

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Speaker 3: Yep, how about that.

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Speaker 2: History is our guide here, at least to some extent.

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Speaker 2: This is a different political environment that we're in now.

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Speaker 2: There's a much thinner majority for Republicans in the House.

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Speaker 2: It could be one member at that point. I guess

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Speaker 2: we'll have to wait and see how that goes. When

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Speaker 2: at least to phonic heads to the un But I

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Speaker 2: just big picture, Terriet, where's your head around this whole thing.

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Speaker 2: We've got the House set to vote on something next week,

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Speaker 2: and it seeks to cut Medicaid spending to help pay

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Speaker 2: for the tax cuts. And we're already hearing a lot

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Speaker 2: of outcry about this. Republican members have been home for

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Speaker 2: the week. They're holding town halls, They're hearing concerns about

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Speaker 2: Doge in some cases going over the line Medicaid. What

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Speaker 2: are you going to do with my entitlements here? And

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Speaker 2: it's going to make this a knockdown, drag out. I

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Speaker 2: guess that's why you see it lasting all year. But

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Speaker 2: who's going to win this fight between the Senate and

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Speaker 2: the House.

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Speaker 3: I don't know yet.

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Speaker 4: Frankly, you know, I thought Senator Graham was quite right

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Speaker 4: to say everybody needs a Plan B, and you know,

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Speaker 4: be may well turn into Plan A. There's no guarantee that,

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Speaker 4: given the margins that you just ran down, that the

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Speaker 4: House will end up having the votes for much of anything.

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Speaker 4: I mean, we you know, we're not even to the point.

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Speaker 4: This is how preliminary it is. We're not even to

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Speaker 4: the point where the Committee of juror the Committeees of Jurisdiction,

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Speaker 4: Energy and Commerce in ways and means even get to

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Speaker 4: start talking about exactly what sort of health efficiencies or

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Speaker 4: cuts or anything else they might make. But they've got

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Speaker 4: to make a lot of them. Their task to make

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Speaker 4: a lot of them. So that is going to be

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Speaker 4: a knockdown drag out through the spring. And then on

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Speaker 4: top of that, I think what shakes markets further in

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Speaker 4: Washington confidence over the next few weeks is you're going

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Speaker 4: to have a State of the Union address that'll be

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Speaker 4: you know, a barn Burner triumphalist. Going forward, you'll have

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Speaker 4: a likely i think, government shutdown. You've got debt ceiling

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Speaker 4: looming out there the late spring, early summer. There's not

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Speaker 4: going to be a lot of confidence in the next

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Speaker 4: few weeks in markets that Washington or Trump specifically have

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Speaker 4: got the goods to actually execute. Now. I think they

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Speaker 4: do want the task cut ultimately, but they're going to

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Speaker 4: have to go through a trough first.

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Speaker 3: Boy, you just said a lot.

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Speaker 2: By the way, this is exactly what Sarah Chamberlin mentioned

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Speaker 2: last evening on Balance of Power Republican Main Street Partnership. Yeah,

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Speaker 2: shutdown looking like it may actually happen this time. But

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Speaker 2: we've got a House resolution Terry that we're told is

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Speaker 2: going to be on the floor next week. It includes

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Speaker 2: instructions for the House Energy and Commerce Committee to find

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Speaker 2: eight hundred and eighty billion dollars in cuts. That's why

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Speaker 2: we're talking about Medicaid and potentially some of the other entitlements.

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Speaker 2: Can that pass literally actually goes to the floor next week.

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Speaker 4: Well, the budget resolution is on is on a knife

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Speaker 4: edge right now. I think the budget resolution passes. What

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Speaker 4: you just talked about in terms of Medicaid and all

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Speaker 4: those kinds of other sorts of things is implied in

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Speaker 4: the amount of savings that they're asked to do. But

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Speaker 4: nobody's telling them they have to find that amount. Nobody's

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Speaker 4: telling Energy and Commerce they have to find that amount

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Speaker 4: of savings in medicaid. So, you know, somebody, somebody can

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Speaker 4: vote on this thing. Feel covered. But when Energy and

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Speaker 4: Commerce comes back in a few weeks and says here's

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Speaker 4: how we're going to do this, that's really where the

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Speaker 4: rubber meets the road, and you know, frankly, where I

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Speaker 4: think some revolt happens. You know, the phrase it keeps

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Speaker 4: going around is from uh is from Aaron Sorkin's a

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Speaker 4: few good men. Where where the colonel is? It keeps

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Speaker 4: getting asked by the processutor, by the defense. You know,

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Speaker 4: you said Santiago was not to be touched, you know,

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Speaker 4: and yet uh you said Medicaid was not to be touched.

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Speaker 4: And yet here we are, you know, yet worse siority

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Speaker 4: before it gets better.

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Speaker 2: I think Terry Haynes, did you order the code read?

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Speaker 2: I want you to walk me into the House Chamber

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Speaker 2: the night Donald Trump addresses a joint session of Congress.

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Speaker 2: We'll call it State of the Union for the fun

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Speaker 2: of it. It's basically the same deal. Decorum.

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Speaker 3: Is this going to be a.

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Speaker 2: A call in response like Joe Biden had going with

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Speaker 2: the Republican cons What's Donald Trump walking into that night?

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Speaker 3: It's going to be another circus, isn't it?

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Speaker 5: Oh?

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Speaker 4: You know, I thought I thought Patrick McHenry on your

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Speaker 4: on your program yesterday had it exactly right. It's going

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Speaker 4: to be an awful lot like the UK Parliament's PMQ's

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Speaker 4: uh and you know I won't belabor it, but uh

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Speaker 4: McHenry is uh spot is a keen observer spot on

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Speaker 4: about that. Yeah, there's gonna be a lot of yelling

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Speaker 4: and screaming one way or the other, and there's gonna

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Speaker 4: be a lot of people screaming, you lie, except it's

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Speaker 4: going to be the other party this time.

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Speaker 3: Boy, where's Chris Congressman Wilson? Now?

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Speaker 2: All right, well, Terry, the president's going to be speaking

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Speaker 2: in a moment here. He's talking about twenty five percent

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Speaker 2: auto tariffs in our remaining thirty seconds.

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Speaker 3: Do those ever see implementation?

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Speaker 4: Yeah? I think eventually some of them do. I don't

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Speaker 4: think thirty seconds or excuse me, thirty percent necessarily, but there

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Speaker 4: will be a need to keep the pressure on, and

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Speaker 4: we should always remember tariffs to this administration or a

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Speaker 4: tool in service of a broader economic policy. Reset.

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Speaker 2: He's not only a friend of the program, but a

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Speaker 2: friend of the entire network. There's only one Terry Haynes,

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Speaker 2: the founder of Pangaea Policy. Terry, it's good to see you.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

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Speaker 1: us live weekdays at noon and five pm Eastern on Apple,

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Speaker 1: Cocklay and Android Auto with the Bloomberg Business App. You

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Speaker 1: can also listen live on Amazon Alexa from our flagship

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Speaker 1: New York station, Just Say Alexa played Bloomberg eleven.

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Speaker 2: Thirty headlines are flying out of the White House right

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Speaker 2: now as Donald Trump speaks to Republican governors who are

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Speaker 2: in town. Republican Governors Association Winter meetings underway. He was

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Speaker 2: the headliner speaking to the group last evening, but this

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Speaker 2: has been a romp. They've been going for almost an

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Speaker 2: hour here right, My god, it has been an hour

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Speaker 2: actually since he walked into the State dining room, commenting

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Speaker 2: on a number of issues, including auto tariffs. If you're

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Speaker 2: looking at the terminal, he says, yeah, twenty five percent

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Speaker 2: tariffs on foreign cars to start April second. Probably talked

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Speaker 2: about power plants and AI wants to see power plants

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Speaker 2: built alongside data centers, AI production facilities, attacked wind energy,

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Speaker 2: and started reading off some Doge projects. He's showing up

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Speaker 2: with the receipts pretty much every time he's at a podium. Here,

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Speaker 2: I can run through them all for you, but you've

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Speaker 2: heard them on this program. Coming off a big night

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Speaker 2: at the Sea Pack, now, President Trump's going to be

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Speaker 2: the headliner there tomorrow, the Conservative Political Action Conference. It's

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Speaker 2: happening down the Potomac River, a short ways from the

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Speaker 2: nation's capitol. Big ferris Wheel. When you drive down it

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Speaker 2: looks like an amusement park, and it is a bit

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Speaker 2: of a circus at Seapack.

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Speaker 3: That's the point.

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Speaker 2: Big Raw rod Elon Musk shows up last night literally

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Speaker 2: with a chainsaw and started swinging it around.

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Speaker 3: He's yelling. He was wearing terminator sunglasses and a lot

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Speaker 3: of questions about the mood he was in.

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Speaker 2: Have a little trouble communicating and answering questions last evening.

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Speaker 2: In this case, he did all right. He was asked

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Speaker 2: about the Doge dividend, sending checks to every American based

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Speaker 2: on how much money they save.

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Speaker 3: Here's how it went.

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Speaker 6: It's money.

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Speaker 4: It's taken away from from things that are destructive to

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Speaker 4: the country.

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Speaker 6: That and from organizations that hate you.

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Speaker 3: To you, that's awesome.

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Speaker 6: Does it seem I mean, have you talked that's like

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Speaker 6: the spoils of battle?

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Speaker 3: You know, I like that there traction on that, yeah, yeah, so.

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Speaker 6: Yeah, uh yeah.

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Speaker 4: Took the president he's supportive of that, and so it

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Speaker 4: sounds like, you know, that's something we're going to do.

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Speaker 2: Just a sample of the conversation on stage as we

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Speaker 2: bring in Max Chafkin, Bloomberg BusinessWeek columnist contributor the Elon Inc.

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Speaker 3: Podcast.

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Speaker 2: If you're not already subscribed, you should check it out

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Speaker 2: if you care about this story, and I know you do.

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Speaker 2: If you're here on Bloomberg, Max, it's great to have you.

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Speaker 2: If you only knew how often I ask if you

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Speaker 2: can come on the program, because it's like it's every

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Speaker 2: day there's a story that I'd like to hear you

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Speaker 2: weigh in on. So let's go a little bit big

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Speaker 2: picture to start. As you just saw Elon Musk with

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Speaker 2: the sunglasses. He's got the tech Support T shirt on

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Speaker 2: half the time is swinging around a chainsaw and so look, yes,

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Speaker 2: but so is he having a blast? Is this a hobby?

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Speaker 2: Is this his new full time occupation? Where where does

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Speaker 2: Elon Musk the person here? If you're with us on YouTube,

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Speaker 2: you see President Malay giving him this chainsaw?

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Speaker 3: Is this just a big party for him?

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Speaker 4: Max?

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Speaker 7: I mean, he is certainly treating it that way, you know,

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Speaker 7: and I think for better for worse. On the Sea

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Speaker 7: Pack stage, you know, just judging from the audience response,

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Speaker 7: as weird and awkward as some of these moments were,

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Speaker 7: you know, it seemed like it played pretty well in

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Speaker 7: the room. And he is he is a rock star

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Speaker 7: in kind of activist conservative circles. He's probably the most

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Speaker 7: important surrogate for Donald Trump besides Donald Trump. I think

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Speaker 7: there is a serious component here, both in terms of

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Speaker 7: what Musk is actually doing. I mean, you know, people

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Speaker 7: are being affected in huge ways right now by these

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Speaker 7: doge cuts, and civil servants are in a state of,

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Speaker 7: i think, from from their point of view, crisis. And also,

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Speaker 7: of course there's potential for Musk to benefit from this stuff.

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Speaker 7: You know, just just recently seeing reports that the Justice

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Speaker 7: Department lawsuit against SpaceX looks like it might be dropped.

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Speaker 7: This is involving employing alleged discrimination. You know, there are

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Speaker 7: lots of ways that he can use this stick to

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Speaker 7: drive profits. And that's kind of what makes it so

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Speaker 7: interesting is that on one hand, it seems totally unserious.

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Speaker 7: I mean, he's on stage, he's got the chain, you

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Speaker 7: can barely he can't hear what he's saying, partly because

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Speaker 7: he seems to seems to have trouble finding his words

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Speaker 7: at times, but also because the chain is rattling against

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Speaker 7: the microphone. And yet and yet he's doing all kinds

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Speaker 7: of stuff. So so again it's it's it's a it's

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Speaker 7: both serious and unserious at the same time.

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Speaker 2: I'd say, well, so you said a couple of things

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Speaker 2: there referring to his I guess erratic behavior we'll call it.

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Speaker 2: He was having trouble stringing words together in a couple

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Speaker 2: of moments last evening.

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Speaker 3: That might just have been the mood he was in.

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Speaker 2: Look, he's not a public speaker by trade, He's not

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Speaker 2: Donald Trump, but there have been questions about his sobriety,

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Speaker 2: about his mental state. Can you weigh in on that?

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Speaker 7: Yeah, I mean, I obviously I have no idea what

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Speaker 7: was what was going on in between his ears during

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Speaker 7: that during that appearance. You know, I'll say, Look, Elon Musk,

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Speaker 7: as you said, is an unconventional guy. He's somebody who

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Speaker 7: has publicly talked about his drug use. He you know,

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Speaker 7: he famously smoked took a hit of a joint on

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Speaker 7: the Joe Rogan podcast years ago, has talked about ketamine

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Speaker 7: use for depression. He also talks about his own kind

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Speaker 7: of mental health challenges all the time, you know, And

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Speaker 7: I believe even during this appearance, it came up briefly

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Speaker 7: talking about his mind being a storm. And so look

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Speaker 7: like this is he's unconventional, and he's in some ways transparent,

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Speaker 7: at least compared to like a typical political figure, and

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Speaker 7: that's part of the peal I think.

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Speaker 3: So he's got actual other jobs.

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Speaker 2: He runs some pretty important companies, including a massive government contractor,

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Speaker 2: and of course Tesla. We can get into Twitter and

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Speaker 2: all the rest here. But his actions in Washington are

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Speaker 2: impacting some consumer behavior. And I wonder if you see

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Speaker 2: this becoming a detriment, for instance, to people who think

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Speaker 2: it's a political statement to drive a Tesla.

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Speaker 3: Well, yeah, we're seeing that already.

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Speaker 7: And I mean, you know, there it's it's hard to

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Speaker 7: know exactly how much politics is hurting Tesla's sales. You know,

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Speaker 7: Tesla was growing very quickly for a long time. Growth

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Speaker 7: has slowed dramatically. You know, the ev industry has also

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Speaker 7: had you know, bumps in the road and so on.

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Speaker 7: But it really does seem like in the US and Europe,

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Speaker 7: where where a lot of Tesla sales come from, the

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Speaker 7: sales are slowing down, and that slowdown has coincided with

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Speaker 7: Musk's political profile raising. I also think there are potential

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Speaker 7: political costs. We're starting to see just the beginnings of

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Speaker 7: blowback on the right to some of this stuff. Now,

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Speaker 7: you're not going to see this at sapack. You know,

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Speaker 7: you're talking about you know, died in the wool, active

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Speaker 7: as people who really like Elon Musk. But you know,

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Speaker 7: reports in a front page story in the Washington Post

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Speaker 7: about cabinet officials kind of privately grumbling. You know, Politico

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Speaker 7: did a story about law some Congress people sort of worrying.

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Speaker 7: You know, each of these cuts has impact and will

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Speaker 7: have political costs, you know, right, we Bloomberg has a

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Speaker 7: story today about how one of Musk's DOGE employees, who

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Speaker 7: was who resigned after these eugenics reports that he had

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Speaker 7: expressed support for eugenics. He's back, and he's inside the

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Speaker 7: Social Security Administration. Right, social Security affects a lot of people.

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Speaker 7: You know, there's a good chance this is not going

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Speaker 7: to be super popular when we get to the midterm.

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Speaker 2: Yeah wow, all right, tell me about his day to

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Speaker 2: day to the extent that we know, is he's sleeping

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Speaker 2: on the floor like he was at Twitter. Does he

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Speaker 2: have some kind of a you know, a penthouse patt

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Speaker 2: he's living in in Washington? Does he fly back and

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Speaker 2: forth to Texas? I don't understand how he does all

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Speaker 2: of this stuff, How's he spending all these plates at once?

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Speaker 7: Well, I mean he's done this kind of thing for years,

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Speaker 7: where he will focus in on one thing. So when

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Speaker 7: Tesla was preparing to release the Model three that was

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Speaker 7: its affordable sedan back in twenty eighteen, he claimed to

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Speaker 7: be sleeping at the factory. When he took over X,

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Speaker 7: he claimed to be sleeping at the X office, right,

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Speaker 7: and he seems to sort of push everything aside, and

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Speaker 7: right now as you say it's doge, he has said

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Speaker 7: that he is sleeping at the Eisenhower Executive Office building.

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Speaker 7: I think Musk has a tendency to kind of play

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Speaker 7: this stuff up like it would not surprise me if

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Speaker 7: he also had a hotel room or whatever. But he

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Speaker 7: really is. I mean, he is spending a lot of

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Speaker 7: time on this and of course spending a ton of

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Speaker 7: time just staying on Twitter and posting. I mean, you

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Speaker 7: look at the schedule, it is it boggles the normal mind.

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Speaker 7: I mean it's a you know, he's posting essentially nearly

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Speaker 7: twenty four to seven. So you got to ask yourself, like,

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Speaker 7: when is this guy sleeping and how is this going

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Speaker 7: to affect his other companies.

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Speaker 2: This is exactly the conversation I wanted to have. And

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Speaker 2: by the way, sleep deprivation may have a lot to

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Speaker 2: do with his erratic behavior, right, this is something that

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Speaker 2: we need to allow.

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Speaker 3: Max.

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Speaker 2: I know I'm asking you a lot of the same

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Speaker 2: questions you're asking people in elon Musk's orbit. But what's

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Speaker 2: the end game here? I mean, does he just finally

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Speaker 2: get bored or how does he wrap this thing up

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Speaker 2: when the first year is done with those he just

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Speaker 2: moves back to Texas?

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Speaker 7: Well, It's interesting, I mean, right now, he seems pretty committed.

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Speaker 7: And there had been thoughts that this could be just

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Speaker 7: a passing fixation or something like that, or perhaps Trump

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Speaker 7: would get tired of him. That doesn't seem like it's

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Speaker 7: happening anytime soon. As you brought up, Trump still kind

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Speaker 7: of touting Doge at every turn. I think what would

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Speaker 7: cause Musk to step away would be genuine trouble at

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Speaker 7: his companies. And the truth is, we haven't seen that,

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Speaker 7: right investors in Tesla. Tesla stock hasn't been doing great

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Speaker 7: over the last six weeks or so, but it's stock

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Speaker 7: is still way up After the election. Most Tesla investors

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Speaker 7: think Musk's position, you know, with respect to Donald Trump,

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Speaker 7: his being a senior advisor to one of the most

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Speaker 7: powerful people in the world is a net positive for

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Speaker 7: the company, and the stock reflects that. And all of

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Speaker 7: Musk's companies right now are essentially up. You know, SpaceX

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Speaker 7: is trying to raise a megavaluation, and why wouldn't they, right,

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Speaker 7: they're in a great position to win more contracts, which

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Speaker 7: we you know, we Bloomberg has been reporting on twitter

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Speaker 7: X they're trying to raise money at a higher valuation.

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Speaker 7: So basically he's up across the board. So I think

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Speaker 7: the thing that could change it, I mean, I think

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Speaker 7: the biggest priority for Elon Musk really are these businesses,

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Speaker 7: and that's part of why he's doing this. And if

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Speaker 7: the businesses clearly are hurting, if the valuations are falling,

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Speaker 7: then we'll see movement.

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Speaker 2: Really glad you could join us, Max, It's good to

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Speaker 2: see a Max Chafkin. Check out the Elon and podcast.

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Speaker 2: Follow his work at Bloomberg BusinessWeek. Great conversation here on

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Speaker 2: balance of power. Do you hear about the desk? By

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Speaker 2: the way, did hear the story coming into the the hour?

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Speaker 3: Here?

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Speaker 2: Donald Trump on truth social remember Elon Musk. You were

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Speaker 2: just seeing it on YouTube. He brought as kid want

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Speaker 2: you into the Oval Off is picking his nose at

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Speaker 2: the remember this whole thing. Donald Trump does not like

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Speaker 2: that germophobe. He had the desk, the Resolute desk removed.

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Speaker 2: This is real untruth social quote. The president after election

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Speaker 2: gets a choice of one in seven desks. He writes

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Speaker 2: this desk. The Cno, which was also very well known

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Speaker 2: used by President George H. W. Bush and others, has

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Speaker 2: been temporarily installed in the White House while the Resolute

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Speaker 2: Desk is being lightly refinished. Very important job. This is

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Speaker 2: a beautiful but temporary replacement. We'll let you know when

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Speaker 2: the Resolute Desk goes back in there.

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Speaker 3: I'm guessing.

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Speaker 2: There won't be too many children around it. We'll assemble

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Speaker 2: our panel next. Rick and Genie are where us coming up?

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Speaker 2: Right here on Bloomberg.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

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Speaker 2: Great to have you with us here on the Friday

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Speaker 2: edition of Balance of Power on Bloomberg Radio serious XM

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Speaker 2: Channel one twenty one and on YouTube. You can find

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Speaker 2: us on YouTube right now search Bloomberg Business News Live.

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Speaker 2: He's still talking. President Trump has been talking now for

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Speaker 2: almost an hour and a half without interruption as he

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Speaker 2: addresses Republican governors who are in town for the RGA

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Speaker 2: Governor's Association. They do their winter meetings here. Yeah, the

435
00:22:34,200 --> 00:22:38,080
Speaker 2: headlines are still flying. He's talking about border policy at

436
00:22:38,080 --> 00:22:40,280
Speaker 2: this point, as well as tariff's auto tariffs. He says

437
00:22:40,320 --> 00:22:44,560
Speaker 2: twenty five percent will go into effect on imported cars

438
00:22:44,600 --> 00:22:49,240
Speaker 2: on April second. Probably need to double the energy that

439
00:22:49,280 --> 00:22:51,240
Speaker 2: we have right now. When he talks about AI allowing

440
00:22:51,280 --> 00:22:53,800
Speaker 2: companies to have their own power plants, this has been

441
00:22:53,840 --> 00:22:58,159
Speaker 2: an interesting conversation, talking about chip makers coming in, apple

442
00:22:58,240 --> 00:23:02,000
Speaker 2: shifting plants because of tariffs, building plants in the US

443
00:23:02,040 --> 00:23:02,680
Speaker 2: not Mexico.

444
00:23:02,720 --> 00:23:04,439
Speaker 3: He says he met with Tim Cook yesterday and that

445
00:23:04,600 --> 00:23:06,080
Speaker 3: was the result.

446
00:23:06,680 --> 00:23:08,960
Speaker 2: We will bring you in the room for this once

447
00:23:09,000 --> 00:23:10,840
Speaker 2: we get the tape playback from the White House. This

448
00:23:10,880 --> 00:23:13,160
Speaker 2: is not something that was even supposed to be open

449
00:23:13,200 --> 00:23:15,760
Speaker 2: to press. They decided to let reporters in. Once we

450
00:23:15,840 --> 00:23:18,040
Speaker 2: get our hands on that tape. We'll have it for

451
00:23:18,119 --> 00:23:21,359
Speaker 2: you here. Pretty remarkable as Donald Trump also pledges to

452
00:23:21,440 --> 00:23:27,040
Speaker 2: drop illegal drug use by fifty percent, which is something

453
00:23:28,240 --> 00:23:32,880
Speaker 2: he says could be done through an anti drug ad campaign.

454
00:23:33,800 --> 00:23:34,919
Speaker 3: Paging Nancy Reagan.

455
00:23:36,760 --> 00:23:38,680
Speaker 2: There's a lot more to talk about today, though, because

456
00:23:38,680 --> 00:23:42,159
Speaker 2: something actually took place last evening. Well, I'll correct myself

457
00:23:42,200 --> 00:23:44,480
Speaker 2: and say very early this morning on Capitol Hill.

458
00:23:44,520 --> 00:23:44,960
Speaker 3: Do you see this?

459
00:23:45,000 --> 00:23:49,160
Speaker 2: The Senate actually passed a budget resolution. Not a big shocker,

460
00:23:49,480 --> 00:23:51,960
Speaker 2: following a voter rama that went on for so many hours.

461
00:23:51,960 --> 00:23:54,480
Speaker 2: Four forty five am. They actually got a vote fifty

462
00:23:54,520 --> 00:23:57,040
Speaker 2: two forty eight to pass a three hundred and forty

463
00:23:57,080 --> 00:23:58,840
Speaker 2: billion dollar budget framework.

464
00:23:58,880 --> 00:24:01,120
Speaker 3: Now, this is not the whole deal. This is really

465
00:24:01,160 --> 00:24:01,520
Speaker 3: just the.

466
00:24:01,400 --> 00:24:04,879
Speaker 2: Initial stage to create what I believe Patrick McHenry yesterday

467
00:24:04,920 --> 00:24:09,400
Speaker 2: described as the chassis for the reconciliation process that will

468
00:24:09,440 --> 00:24:13,520
Speaker 2: then follow. Now, Democrats had their way through a lot

469
00:24:13,560 --> 00:24:15,920
Speaker 2: of amendments, didn't change anything in the end. Ran Paul

470
00:24:16,040 --> 00:24:19,400
Speaker 2: is the one no vote on the Republican side. Chuck

471
00:24:19,440 --> 00:24:21,520
Speaker 2: Schumer took to the floor said we were forced to

472
00:24:21,560 --> 00:24:24,639
Speaker 2: go on record. The Republicans forced to go on record

473
00:24:24,640 --> 00:24:27,280
Speaker 2: and defend their plans to cut taxes for Donald Trump's

474
00:24:27,280 --> 00:24:28,159
Speaker 2: billionaire friends.

475
00:24:28,920 --> 00:24:29,440
Speaker 3: It's done.

476
00:24:29,560 --> 00:24:31,399
Speaker 2: The House will have its turn next week, and we

477
00:24:31,440 --> 00:24:34,840
Speaker 2: assemble our signature political panel for their take on things.

478
00:24:34,960 --> 00:24:37,080
Speaker 2: Rick and Jeanie are both with us on the Friday edition.

479
00:24:37,520 --> 00:24:40,280
Speaker 2: Genie Shanzano, Senior Democracy Fellow at the Center for the

480
00:24:40,280 --> 00:24:43,480
Speaker 2: Study of the Presidency in Congress, our Democratic analyst, and

481
00:24:43,560 --> 00:24:47,159
Speaker 2: Rick Davis, Republican strategist partner at Stone Court Capital. Was

482
00:24:47,200 --> 00:24:50,120
Speaker 2: it worth it, Jeanie? Democrats kept them up all night?

483
00:24:50,200 --> 00:24:51,360
Speaker 2: What do they have to show for it?

484
00:24:52,760 --> 00:24:54,679
Speaker 5: Well, Jill, first of all, you didn't let me in

485
00:24:54,760 --> 00:24:57,760
Speaker 5: on what they had to eat and drink throughout the night.

486
00:24:57,880 --> 00:25:00,239
Speaker 5: So I've been waiting with baited breath to see did

487
00:25:00,280 --> 00:25:03,439
Speaker 5: they have any fun during this voterama? But it doesn't.

488
00:25:03,680 --> 00:25:06,199
Speaker 2: You know, I saw a lot of boxes of what

489
00:25:06,320 --> 00:25:09,400
Speaker 2: is it? We the pizza? That's the place, right, the pizza.

490
00:25:10,160 --> 00:25:12,240
Speaker 2: May I may have seen some bottles of wine, but

491
00:25:12,280 --> 00:25:13,280
Speaker 2: I won't go on the record.

492
00:25:15,359 --> 00:25:19,080
Speaker 5: Don't say anything, you know. The reality is is that

493
00:25:19,560 --> 00:25:21,800
Speaker 5: this came out the way we all expected it to

494
00:25:22,320 --> 00:25:26,159
Speaker 5: a party line vote. Democrats did what they needed to do,

495
00:25:26,240 --> 00:25:29,040
Speaker 5: which is ask Republicans to take some hard votes, and

496
00:25:29,400 --> 00:25:32,480
Speaker 5: they took them. But the question now there're several. Number

497
00:25:32,480 --> 00:25:35,920
Speaker 5: one is does Plan B become Plan A or can

498
00:25:35,960 --> 00:25:39,080
Speaker 5: the House really move forward with this one bill? And

499
00:25:39,160 --> 00:25:41,679
Speaker 5: of course, the big thing that's hanging over all of

500
00:25:41,720 --> 00:25:45,000
Speaker 5: this is Donald Trump's promise just the other day again

501
00:25:45,320 --> 00:25:49,160
Speaker 5: not to touch Medicaid and the reality of the numbers

502
00:25:49,160 --> 00:25:52,640
Speaker 5: which make it very difficult to imagine how you can

503
00:25:52,680 --> 00:25:56,360
Speaker 5: get to the trillions of dollars you need without touching Medicaid.

504
00:25:56,400 --> 00:25:58,640
Speaker 5: And so that's what we're going to be waiting for.

505
00:25:58,760 --> 00:26:01,200
Speaker 5: And all of the pressure and the onus is now

506
00:26:01,240 --> 00:26:03,359
Speaker 5: on Mike Johnson, as it usually is.

507
00:26:04,640 --> 00:26:07,240
Speaker 2: A couple of Republicans actually joined I kid, Genie, but

508
00:26:07,320 --> 00:26:09,080
Speaker 2: a couple of Republicans joined Democrats.

509
00:26:09,680 --> 00:26:09,880
Speaker 3: Rick.

510
00:26:09,920 --> 00:26:12,200
Speaker 2: You may not be surprised to see Susan Collins one

511
00:26:12,200 --> 00:26:15,800
Speaker 2: of them, But Josh Holly was the other, backing a

512
00:26:15,840 --> 00:26:19,040
Speaker 2: Democratic amendment that would prohibit tax cuts for wealthy Americans

513
00:26:19,520 --> 00:26:23,359
Speaker 2: if Medicaid funding is cut. Does that give us a

514
00:26:23,400 --> 00:26:26,720
Speaker 2: sense of what might happen next in the House version?

515
00:26:28,080 --> 00:26:30,800
Speaker 6: Yeah, I think that Josh Holly in this case is

516
00:26:30,840 --> 00:26:33,919
Speaker 6: the canary and the mind shaft. I think, you know,

517
00:26:34,040 --> 00:26:37,119
Speaker 6: he makes a point that is not lost on every

518
00:26:37,160 --> 00:26:39,439
Speaker 6: Republican in the Senate. And part of the reason that

519
00:26:39,480 --> 00:26:44,679
Speaker 6: they're doing this two step reconciliation is because they agree

520
00:26:44,680 --> 00:26:47,320
Speaker 6: with Donald Trump. They don't want to touch that Medicare

521
00:26:47,480 --> 00:26:53,919
Speaker 6: Medicaid payment. And what's buried inside of the House strategy is,

522
00:26:54,520 --> 00:26:57,639
Speaker 6: you know, almost a trillion dollars in Medicaid cuts. Now

523
00:26:58,280 --> 00:27:00,919
Speaker 6: nobody on the Senate side knows how to reconcile that,

524
00:27:01,119 --> 00:27:04,080
Speaker 6: and I think, frankly, I was a little bit surprised

525
00:27:04,080 --> 00:27:09,080
Speaker 6: that you didn't have more Republicans joining Holly in that vote,

526
00:27:09,720 --> 00:27:13,040
Speaker 6: because they they will all tell you that this is

527
00:27:13,080 --> 00:27:16,880
Speaker 6: not where they're taking their legislation. They'll look at the

528
00:27:16,920 --> 00:27:20,560
Speaker 6: tax bill and find pay fors along the way, but

529
00:27:20,600 --> 00:27:22,600
Speaker 6: it's not going to be the gutting of Medicaid like

530
00:27:22,720 --> 00:27:26,800
Speaker 6: the House Republicans have done. So it just reinforces the

531
00:27:26,840 --> 00:27:30,080
Speaker 6: Senate strategy, frankly, as being more sound.

532
00:27:31,200 --> 00:27:33,800
Speaker 2: How about that Genie Speaker Johnson, you already said, is

533
00:27:33,840 --> 00:27:36,240
Speaker 2: this work cut out for him? I mean, this could

534
00:27:36,280 --> 00:27:39,120
Speaker 2: be impossible, but he says he's Steve Scalise, Tom Emmer.

535
00:27:39,160 --> 00:27:41,320
Speaker 2: They have plans to get their resolution on the floor

536
00:27:41,359 --> 00:27:41,760
Speaker 2: next week.

537
00:27:41,800 --> 00:27:42,800
Speaker 3: Could that pass.

538
00:27:44,680 --> 00:27:47,879
Speaker 5: It could pass, but it's going to be very, very difficult.

539
00:27:47,920 --> 00:27:51,240
Speaker 5: I mean if you are a Republican in a moderate district,

540
00:27:51,280 --> 00:27:54,639
Speaker 5: and several friends of this show, for instance, Nicole Malia

541
00:27:54,760 --> 00:27:57,680
Speaker 5: Takis has already said she's leaning no on this budget

542
00:27:57,680 --> 00:28:02,240
Speaker 5: resolution because you are a essentially walking yourself out of

543
00:28:02,280 --> 00:28:02,840
Speaker 5: a job.

544
00:28:03,200 --> 00:28:03,399
Speaker 4: You know.

545
00:28:03,440 --> 00:28:05,879
Speaker 5: One of the reasons we keep talking about that Republicans

546
00:28:05,920 --> 00:28:08,480
Speaker 5: have gone along with Donald Trump and the Trump administration

547
00:28:08,560 --> 00:28:11,399
Speaker 5: on so much is that they fear a primary. But

548
00:28:11,600 --> 00:28:15,439
Speaker 5: the reality for these moderates is also they fear what

549
00:28:15,640 --> 00:28:18,760
Speaker 5: is going to be the commercials that showed that they

550
00:28:18,800 --> 00:28:23,760
Speaker 5: were responsible for cutting medicaid and services to their constituents

551
00:28:24,119 --> 00:28:27,800
Speaker 5: so that the wealthy could get an extended and expanded

552
00:28:27,920 --> 00:28:30,399
Speaker 5: tax cut. And that is not a winning message. And

553
00:28:30,440 --> 00:28:33,960
Speaker 5: so Democrats are on one corner salvating about this, hoping

554
00:28:34,000 --> 00:28:37,760
Speaker 5: they continue forward marching. And you've got people like Maliatakis,

555
00:28:37,760 --> 00:28:40,640
Speaker 5: and she's not alone in others who are from districts

556
00:28:40,760 --> 00:28:45,800
Speaker 5: where they simply can't afford to make those kinds of decisions.

557
00:28:45,840 --> 00:28:49,440
Speaker 5: And so I think it's very unlikely that the House

558
00:28:49,560 --> 00:28:52,400
Speaker 5: is able to wean this together. And let's not forget

559
00:28:52,480 --> 00:28:55,840
Speaker 5: all the other promises that Donald Trump has made about

560
00:28:55,880 --> 00:28:58,720
Speaker 5: things he wants to see in this bill. So could

561
00:28:58,760 --> 00:29:01,400
Speaker 5: it happen? I suppose it could, but it is going

562
00:29:01,440 --> 00:29:04,360
Speaker 5: to be very damaging for Republicans in the midterm.

563
00:29:05,160 --> 00:29:08,040
Speaker 2: We have breaking news here across in the terminal, and

564
00:29:08,080 --> 00:29:09,920
Speaker 2: it brings us back to a story I believe the

565
00:29:09,960 --> 00:29:13,080
Speaker 2: three of us were talking about right at this time yesterday,

566
00:29:13,680 --> 00:29:16,840
Speaker 2: remembering that Judge dale Hoe was set to make a

567
00:29:16,920 --> 00:29:21,040
Speaker 2: ruling on this effort by the Department of Justice to

568
00:29:21,200 --> 00:29:24,320
Speaker 2: throw out the corruption charges against New York City Mayor

569
00:29:24,400 --> 00:29:27,720
Speaker 2: Eric Adams, which then set off this whole series of

570
00:29:27,760 --> 00:29:31,560
Speaker 2: events involving the governor. The judge chose not to make

571
00:29:31,560 --> 00:29:35,400
Speaker 2: a ruling yesterday and has just ordered a probe of

572
00:29:35,480 --> 00:29:39,760
Speaker 2: Donald Trump's Department of Justice motion to dismiss the case.

573
00:29:39,840 --> 00:29:41,880
Speaker 2: This is just breaking right now, and we're going to

574
00:29:41,880 --> 00:29:45,080
Speaker 2: be learning more about it through the day here, Rick.

575
00:29:45,160 --> 00:29:47,840
Speaker 2: But now that the ruling has been made, did Governor

576
00:29:47,880 --> 00:29:50,640
Speaker 2: Hulkel make the right move yesterday by setting up these

577
00:29:50,640 --> 00:29:53,880
Speaker 2: so called guardrails and not moving to throw him out

578
00:29:53,920 --> 00:29:55,240
Speaker 2: of office?

579
00:29:55,400 --> 00:29:57,520
Speaker 6: Yeah? I think I was pretty outspoken yesually. When you

580
00:29:57,520 --> 00:30:01,400
Speaker 6: asked you that question, I thought you sure threw this up.

581
00:30:01,640 --> 00:30:05,160
Speaker 6: I think she sticking her nose in New York City politics,

582
00:30:06,160 --> 00:30:10,120
Speaker 6: should have decided to one of two things, yank the

583
00:30:10,160 --> 00:30:13,160
Speaker 6: mayor and create a vacuum that can be filled through

584
00:30:13,160 --> 00:30:16,960
Speaker 6: the election this year, or keep her nose out and

585
00:30:18,280 --> 00:30:22,080
Speaker 6: criticize but stay put in Albany. The mess she's created

586
00:30:22,120 --> 00:30:26,080
Speaker 6: now is sort of a halfway measure that upsets everybody, frankly,

587
00:30:26,240 --> 00:30:33,240
Speaker 6: and may be completely scuttled by this judge's potential to

588
00:30:34,160 --> 00:30:38,400
Speaker 6: undermine the Department of Justice's case, you know, being thrown out.

589
00:30:38,480 --> 00:30:43,320
Speaker 6: So this is a faster moving piece of information news

590
00:30:43,360 --> 00:30:46,160
Speaker 6: then I think the governor probably predicted it would be,

591
00:30:46,520 --> 00:30:49,760
Speaker 6: but her actions indicate that she's just not ready for

592
00:30:49,840 --> 00:30:50,320
Speaker 6: prime time.

593
00:30:51,560 --> 00:30:54,000
Speaker 2: Well, you were very clear about that yesterday, and we

594
00:30:54,040 --> 00:30:56,480
Speaker 2: see the headline of the New York Times Genie facing

595
00:30:56,520 --> 00:30:59,960
Speaker 2: Trump's threats, New York's governor adopts a Rambo at its.

596
00:31:00,320 --> 00:31:06,120
Speaker 2: She actually invoked Rambo yesterday, Sylvester Stallone saying that Trump

597
00:31:06,200 --> 00:31:11,000
Speaker 2: would answer for drawing first blood. Does your opinion on

598
00:31:11,080 --> 00:31:14,400
Speaker 2: her action hear her decision change it all based on

599
00:31:14,440 --> 00:31:18,440
Speaker 2: this judge's motion today, No.

600
00:31:18,240 --> 00:31:20,480
Speaker 5: Not my opinion. And you're right about the language when

601
00:31:20,520 --> 00:31:23,280
Speaker 5: she spoke yesterday, I listened very carefully. It was some

602
00:31:23,360 --> 00:31:26,040
Speaker 5: of the toughest language we have heard. She described herself

603
00:31:26,080 --> 00:31:29,360
Speaker 5: as a vanguard against the attacks by the president. I

604
00:31:29,400 --> 00:31:31,920
Speaker 5: mean to hear this and to think about the fact

605
00:31:31,960 --> 00:31:34,560
Speaker 5: that New York State and New York City are now

606
00:31:34,640 --> 00:31:37,120
Speaker 5: pitted off against the President of the United States in

607
00:31:37,200 --> 00:31:40,959
Speaker 5: this way. This is a national, if not international story.

608
00:31:41,000 --> 00:31:43,959
Speaker 5: What is going on here. I am very surprised that

609
00:31:44,040 --> 00:31:46,840
Speaker 5: the judge came out Judge Hoe and said that he

610
00:31:46,960 --> 00:31:50,280
Speaker 5: is going to take more time. And I just heard

611
00:31:50,280 --> 00:31:52,640
Speaker 5: this from you, Joe, so I haven't heard what he

612
00:31:52,760 --> 00:31:56,360
Speaker 5: actually said. But keep in mind, we will hear attacks

613
00:31:56,840 --> 00:31:59,760
Speaker 5: from this White House on Judge Hoe. He used to

614
00:31:59,800 --> 00:32:04,000
Speaker 5: work for the ACLU. They will describe him once again

615
00:32:04,120 --> 00:32:07,200
Speaker 5: like we have heard, probably unfairly as far as I know,

616
00:32:07,520 --> 00:32:10,120
Speaker 5: as somebody who is doing the bidding of Democrats and

617
00:32:10,200 --> 00:32:13,600
Speaker 5: liberal Democrats in the city. I'm not saying I believe that.

618
00:32:13,680 --> 00:32:16,920
Speaker 5: I'm saying we will hear that rhetoric. You know, his

619
00:32:17,080 --> 00:32:20,720
Speaker 5: role here was very limited. I'm not sure how you

620
00:32:20,760 --> 00:32:24,760
Speaker 5: go forward as a judge and say that, yeah, get

621
00:32:24,800 --> 00:32:28,800
Speaker 5: more information, but can you require the DOJ to prosecute

622
00:32:28,800 --> 00:32:32,120
Speaker 5: when they've said they don't want to. I'm hard pressed

623
00:32:32,120 --> 00:32:35,120
Speaker 5: to imagine that's the case. But from the democratic side,

624
00:32:35,160 --> 00:32:39,160
Speaker 5: what we're hearing is many New Yorkers are saying, Kathy Hochel,

625
00:32:39,880 --> 00:32:42,440
Speaker 5: you know, these courts are the first to stand up

626
00:32:42,480 --> 00:32:45,480
Speaker 5: as a bulwark against what they see as a ravage,

627
00:32:46,040 --> 00:32:49,360
Speaker 5: a chainsaw as you were just talking about that Elon

628
00:32:49,480 --> 00:32:51,960
Speaker 5: Musk is taking to the federal government from Donald Trump

629
00:32:52,040 --> 00:32:54,880
Speaker 5: and his team. I don't think the law fair notion

630
00:32:55,080 --> 00:32:58,280
Speaker 5: works so well for them politically, but they feel like

631
00:32:58,520 --> 00:33:02,080
Speaker 5: they want somebody to respond. So this is what they

632
00:33:02,120 --> 00:33:05,160
Speaker 5: are getting. And I am very surprised that the judge

633
00:33:05,160 --> 00:33:06,840
Speaker 5: said he's going to take more time on this.

634
00:33:07,920 --> 00:33:12,320
Speaker 2: Yeah, we're going to have a probe into this effort. Apparently,

635
00:33:12,360 --> 00:33:16,640
Speaker 2: the guardrails Rick that Kathy Hochel announced following our talk

636
00:33:16,720 --> 00:33:19,200
Speaker 2: yesterday when we heard that some sort of sanction might

637
00:33:19,240 --> 00:33:22,120
Speaker 2: be coming include a special ig for New York City

638
00:33:22,120 --> 00:33:25,040
Speaker 2: Affairs and Inspector General. Also gives the Controller, who we

639
00:33:25,080 --> 00:33:28,320
Speaker 2: had on the late edition of Balance of Power last evening,

640
00:33:29,240 --> 00:33:33,560
Speaker 2: an independent authority to commence litigation against the federal government

641
00:33:33,640 --> 00:33:36,360
Speaker 2: when necessary. The New York's going to start suing here,

642
00:33:36,520 --> 00:33:37,440
Speaker 2: what's this going to look like?

643
00:33:38,760 --> 00:33:39,880
Speaker 3: Yeah, I'm a bit of a mess.

644
00:33:40,960 --> 00:33:43,800
Speaker 6: You know, you wonder why Kathy Hochel didn't spend more

645
00:33:43,840 --> 00:33:49,479
Speaker 6: time attacking the Biden administration when COVID restrictions incapacitated our

646
00:33:49,560 --> 00:33:51,800
Speaker 6: city and a lot of people moved down to Florida,

647
00:33:52,480 --> 00:33:56,840
Speaker 6: or when the you know, incredible amount of financial distress

648
00:33:56,920 --> 00:34:01,200
Speaker 6: caused by inflation created a hardship for her constituents in

649
00:34:01,240 --> 00:34:03,400
Speaker 6: New York. And you know, I just got to believe

650
00:34:03,400 --> 00:34:06,520
Speaker 6: that so much of this is just kind of you know,

651
00:34:06,640 --> 00:34:09,480
Speaker 6: political rhetoric that's not going to mount much. I mean, yeah,

652
00:34:09,560 --> 00:34:12,439
Speaker 6: let's go sue the federal government, you know, knock yourselves out.

653
00:34:12,960 --> 00:34:16,080
Speaker 6: As if there aren't enough lawsuits against the federal government

654
00:34:16,200 --> 00:34:19,200
Speaker 6: right now today, probably more than they've ever seen in

655
00:34:19,280 --> 00:34:23,120
Speaker 6: fifty years. In the first month of this administration hadn't

656
00:34:23,120 --> 00:34:26,920
Speaker 6: slowed him down a bit. So look, I mean, this

657
00:34:27,080 --> 00:34:29,719
Speaker 6: idea of guardrails, so we're going to have an ig

658
00:34:30,000 --> 00:34:34,080
Speaker 6: with no real power to start taking a look at

659
00:34:34,239 --> 00:34:37,239
Speaker 6: Eric Adams. Everybody knows what Eric Adams has been up to.

660
00:34:37,600 --> 00:34:39,880
Speaker 6: I mean, this has been the most well publicized corruption

661
00:34:40,640 --> 00:34:44,640
Speaker 6: incident in New York city history. And you know, news

662
00:34:44,640 --> 00:34:47,560
Speaker 6: traveled fast on this, and he's in the position where

663
00:34:47,600 --> 00:34:49,560
Speaker 6: that's all he's going to do between now and November

664
00:34:49,640 --> 00:34:52,560
Speaker 6: is answer for those charges, even though he's not going

665
00:34:52,600 --> 00:34:55,719
Speaker 6: to be prosecuted by the federal government. And and so.

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00:34:55,840 --> 00:34:58,200
Speaker 3: I just spend the next four years ago little.

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Speaker 2: Thanks for listening to the Balance of Power podcast. Make

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00:35:06,040 --> 00:35:09,000
Speaker 2: sure to subscribe if you haven't already, at Apple, Spotify,

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Speaker 2: or wherever you get your podcasts. And you can find

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00:35:11,719 --> 00:35:15,000
Speaker 2: us live every weekday from Washington, DC at noontime Eastern

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00:35:15,280 --> 00:35:16,720
Speaker 2: at Bloomberg dot com.