1 00:00:01,639 --> 00:00:07,120 Speaker 1: Now from our nation's capital. This is Bloomberg's Sound On. I' 2 00:00:07,160 --> 00:00:10,520 Speaker 1: meaning every level available to me to bring down prices 3 00:00:10,600 --> 00:00:14,240 Speaker 1: for the Americans. I don't think them session is at all. 4 00:00:15,240 --> 00:00:20,240 Speaker 1: Policy is inevitable at some point Bloomberg Sound On Politics, 5 00:00:20,320 --> 00:00:24,720 Speaker 1: Policy and Perspective from DC's top name the Select Committee 6 00:00:24,720 --> 00:00:27,600 Speaker 1: on January. You know, like these people are legitimate. Every 7 00:00:27,640 --> 00:00:31,000 Speaker 1: one of them is a radical left hater. I'm Eric 8 00:00:31,000 --> 00:00:36,839 Speaker 1: Brighten's Navy seal and today we're going Rhino Bloomberg Sound 9 00:00:36,880 --> 00:00:42,040 Speaker 1: On with Joe Matthew on Bloomberg Radio. Senators reach a 10 00:00:42,120 --> 00:00:45,080 Speaker 1: deal on guns, but will they see eye to eye 11 00:00:45,280 --> 00:00:48,840 Speaker 1: on fighting inflation? Welcome to the fastest hour in politics 12 00:00:48,840 --> 00:00:52,559 Speaker 1: with a late breaker on gun safety legislation and a 13 00:00:52,560 --> 00:00:55,840 Speaker 1: new Democratic plan or is it new for the economy? 14 00:00:55,840 --> 00:00:59,520 Speaker 1: Will discuss the chances either actually get done with Isaac 15 00:00:59,560 --> 00:01:04,959 Speaker 1: will tan Scheme, Managing director Policy Research at bt I G. Later, 16 00:01:05,000 --> 00:01:07,840 Speaker 1: President Biden says he'll decide on a gas tax holiday 17 00:01:07,880 --> 00:01:09,920 Speaker 1: by the end of the week. What impact would it have. 18 00:01:10,520 --> 00:01:13,240 Speaker 1: We'll talk about it with Patrick to Han of Gas Buddy, 19 00:01:13,319 --> 00:01:16,399 Speaker 1: and the sound On Signature panel is back. Bloomberg Politics 20 00:01:16,480 --> 00:01:21,320 Speaker 1: contributors Rick Davis and Genie Chanzano putting the band back together. 21 00:01:21,440 --> 00:01:24,160 Speaker 1: On the Tuesday edition. I hope you had a long weekend. 22 00:01:24,200 --> 00:01:28,760 Speaker 1: Thank you for being with us. Senator Chris Murphy breaks 23 00:01:28,800 --> 00:01:31,840 Speaker 1: the news here, Democrat from Connecticut, says they have a 24 00:01:31,920 --> 00:01:36,039 Speaker 1: deal on gun safety legislation, declining, however, as I read 25 00:01:36,080 --> 00:01:39,520 Speaker 1: from Steven Dennis on the terminal, declining to discuss how 26 00:01:39,600 --> 00:01:42,559 Speaker 1: the negotiators resolved issues in the talks, saying they're still 27 00:01:42,640 --> 00:01:46,480 Speaker 1: well actually discussing the timing for releasing the text of 28 00:01:46,520 --> 00:01:48,880 Speaker 1: the deal, so it's not likely to happen before this 29 00:01:48,920 --> 00:01:52,160 Speaker 1: hour is over. Having said earlier it'll be out shortly. 30 00:01:53,280 --> 00:01:55,360 Speaker 1: The Senate, they say, could have it's worked on by 31 00:01:55,400 --> 00:01:59,680 Speaker 1: the weekend. Remembering this compromise bill was supposed to include 32 00:01:59,720 --> 00:02:04,960 Speaker 1: red flag incentives for states and expanded background checks for 33 00:02:05,000 --> 00:02:07,560 Speaker 1: gun buyers under twenty one, along with a few other things. 34 00:02:07,680 --> 00:02:09,519 Speaker 1: We don't have to go through the boyfriend loophole and 35 00:02:09,560 --> 00:02:11,160 Speaker 1: all of that. Now we'll see what ends up in 36 00:02:11,200 --> 00:02:13,520 Speaker 1: the final bill, assuming there is. When the President says 37 00:02:13,560 --> 00:02:18,880 Speaker 1: he is going to reserve comment until it's out. Great 38 00:02:18,919 --> 00:02:22,239 Speaker 1: pleasure to bring in. Isaac Boltanski, Managing director, a director 39 00:02:22,280 --> 00:02:24,480 Speaker 1: of policy Research at bat T. I g we need 40 00:02:24,560 --> 00:02:27,840 Speaker 1: somebody big picture to start this hour because it was 41 00:02:27,880 --> 00:02:30,600 Speaker 1: a busy and long weekend. Isaac, welcome back. There's been 42 00:02:31,160 --> 00:02:35,200 Speaker 1: a lot of concern about due process surrounding specifically the 43 00:02:35,200 --> 00:02:39,880 Speaker 1: red flag component of this. I guess soon to be legislation. 44 00:02:40,000 --> 00:02:42,519 Speaker 1: I don't want to pretend something is actually sitting in 45 00:02:42,560 --> 00:02:44,000 Speaker 1: front of us. Do you think they can actually get 46 00:02:44,000 --> 00:02:47,880 Speaker 1: this done? And the clock is obviously ticking. It's nice 47 00:02:47,919 --> 00:02:49,480 Speaker 1: to be with you on an update. Thank you for 48 00:02:49,520 --> 00:02:52,679 Speaker 1: the invitation. So on the on the gun side, I 49 00:02:52,720 --> 00:02:55,320 Speaker 1: will tell you I think that there is a clear 50 00:02:55,360 --> 00:02:57,560 Speaker 1: path to passage. I think that we will see a 51 00:02:57,639 --> 00:03:00,960 Speaker 1: deal announced with the specifics and then next few hours, 52 00:03:01,000 --> 00:03:03,880 Speaker 1: maybe tomorrow morning. But as we've learned time and time again, 53 00:03:03,919 --> 00:03:08,080 Speaker 1: the motivator for lawmakers is so often the calendar and 54 00:03:08,160 --> 00:03:11,280 Speaker 1: the jet fumes are also in play here because they're 55 00:03:11,320 --> 00:03:14,040 Speaker 1: trying to leave town for two weeks at the end 56 00:03:14,080 --> 00:03:17,840 Speaker 1: of this week, and that is an undeniable motivator, especially 57 00:03:17,880 --> 00:03:21,400 Speaker 1: for these lawmakers who are running for reelection. Well, obviously 58 00:03:21,400 --> 00:03:23,679 Speaker 1: we need to see what is inside this bill or 59 00:03:23,919 --> 00:03:26,600 Speaker 1: or do you feel like that's kind of predetermined? They've 60 00:03:26,639 --> 00:03:31,320 Speaker 1: already telegraphed. It's just a matter of the fine print. Yeah. 61 00:03:31,320 --> 00:03:33,160 Speaker 1: So look, I think that what we have right now 62 00:03:33,440 --> 00:03:36,240 Speaker 1: is a broad contours of a deal, but there are 63 00:03:36,280 --> 00:03:38,480 Speaker 1: still some areas that I'm going to be looking for 64 00:03:38,560 --> 00:03:41,840 Speaker 1: more specificity. The one is the boyfriend loophole that you mentioned, 65 00:03:42,360 --> 00:03:44,720 Speaker 1: and the other is very important. It's how are they 66 00:03:44,760 --> 00:03:49,520 Speaker 1: going to structure federal grants to states in relation to 67 00:03:50,560 --> 00:03:53,560 Speaker 1: state level the imposition of state level red flag laws? 68 00:03:53,840 --> 00:03:57,800 Speaker 1: And I think that that's pretty easy to structure around 69 00:03:57,920 --> 00:04:01,160 Speaker 1: given some of the existing program and to Department in 70 00:04:01,200 --> 00:04:03,800 Speaker 1: Justice and elsewhere. But those are the two issues where 71 00:04:03,800 --> 00:04:07,560 Speaker 1: I'm looking to see. Did they come to an agreement 72 00:04:07,600 --> 00:04:10,480 Speaker 1: that can actually move this bill quickly or is the 73 00:04:10,600 --> 00:04:14,680 Speaker 1: hand ringing and negotiation going to continue into next month. Well, 74 00:04:14,760 --> 00:04:17,400 Speaker 1: we're I guess going to find out together here because 75 00:04:17,440 --> 00:04:20,479 Speaker 1: they have more to talk about, Isaac, and I wanted 76 00:04:20,480 --> 00:04:22,800 Speaker 1: to ask you about this following the talk of inflation 77 00:04:22,839 --> 00:04:26,280 Speaker 1: and recession all weekend. You can apparently the president can't 78 00:04:26,279 --> 00:04:28,599 Speaker 1: take a walk on the beach with his family without 79 00:04:28,960 --> 00:04:32,040 Speaker 1: talking about this. Uh. He was in Rohobe with a 80 00:04:32,040 --> 00:04:35,440 Speaker 1: couple of interesting moments to get to here because We're 81 00:04:35,440 --> 00:04:38,320 Speaker 1: really trying to figure out not only what's happening with inflation, 82 00:04:38,400 --> 00:04:42,120 Speaker 1: but is is a recession kind of in the cards here. 83 00:04:42,200 --> 00:04:45,240 Speaker 1: The markets certainly been trying to price win in. President 84 00:04:45,279 --> 00:04:48,200 Speaker 1: Biden asked about it specifically on the beach. If we 85 00:04:48,200 --> 00:04:51,839 Speaker 1: can walk through a couple of these pieces of sound, Uh, 86 00:04:52,000 --> 00:04:54,240 Speaker 1: says no. No, he had a special phone call actually 87 00:04:54,240 --> 00:04:59,160 Speaker 1: earlier in the day. Here's what he said, knock the 88 00:04:59,240 --> 00:05:02,560 Speaker 1: majority of our saying that, come on, don't make things out. Okay, 89 00:05:02,720 --> 00:05:05,160 Speaker 1: now you're sounding like a Republican politician. I'm joking and 90 00:05:05,200 --> 00:05:09,000 Speaker 1: that was a joke. But all kidney aside, No, I 91 00:05:09,000 --> 00:05:12,520 Speaker 1: don't think it is. I was talking to Lars Summers 92 00:05:12,520 --> 00:05:16,120 Speaker 1: this morning from Achiever, and uh, there's nothing inevitable about 93 00:05:16,120 --> 00:05:19,159 Speaker 1: other session. Talking Larry Summers this morning, who of course 94 00:05:19,200 --> 00:05:23,120 Speaker 1: has been calling out the administration for months on Bloomberg 95 00:05:23,160 --> 00:05:27,839 Speaker 1: about inflation being out of our reach here and the 96 00:05:27,960 --> 00:05:31,960 Speaker 1: likelihood of stagflation. He said just on Sunday, his guesses 97 00:05:32,080 --> 00:05:35,320 Speaker 1: we will have a recession. So the President, though, went 98 00:05:35,360 --> 00:05:37,800 Speaker 1: on to say Isaac that you know, we could get 99 00:05:37,880 --> 00:05:41,039 Speaker 1: some things. He said, it was quote, we'll be able 100 00:05:41,080 --> 00:05:44,120 Speaker 1: to get a change in Medicare and a reduction in 101 00:05:44,200 --> 00:05:47,360 Speaker 1: the cost of insulin. So he's talking about this sort 102 00:05:47,360 --> 00:05:50,359 Speaker 1: of the leftovers of build back Better that might be 103 00:05:50,400 --> 00:05:54,160 Speaker 1: shaped into a newer, smaller, more streamline bill that the 104 00:05:54,360 --> 00:05:57,479 Speaker 1: heat seems to think is is the antidote here for inflation. 105 00:05:57,560 --> 00:06:00,600 Speaker 1: Am I reading it right? I think there are two 106 00:06:00,640 --> 00:06:03,479 Speaker 1: buckets that he's now referencing, because just to be clear, 107 00:06:03,600 --> 00:06:07,400 Speaker 1: there there isn't a sweeping legislative package to come to 108 00:06:07,480 --> 00:06:11,360 Speaker 1: battle inflation. There's no great plan that can that can 109 00:06:11,360 --> 00:06:14,039 Speaker 1: pass this Congress anytime soon. So I think that the 110 00:06:14,040 --> 00:06:17,720 Speaker 1: White House is focusing are two different buckets. The first 111 00:06:17,920 --> 00:06:21,440 Speaker 1: is generally referred to as the China Competitiveness Bill. It's 112 00:06:21,440 --> 00:06:25,360 Speaker 1: sometimes called Yuseka or competes Act, But that would actually 113 00:06:25,360 --> 00:06:30,000 Speaker 1: provide funding to encourage the domestic manufacturing of semi conductors 114 00:06:30,440 --> 00:06:34,039 Speaker 1: and help ease some of the global shortages. That's becoming law. 115 00:06:34,240 --> 00:06:36,679 Speaker 1: We're gonna have to wait probably another couple of months 116 00:06:36,680 --> 00:06:39,480 Speaker 1: before it's finally law, but that's getting done. It's already 117 00:06:39,480 --> 00:06:41,840 Speaker 1: in conference. If you can get all hundred converies out 118 00:06:41,839 --> 00:06:44,279 Speaker 1: of the room for a minute, somebody can get something done. 119 00:06:44,320 --> 00:06:47,960 Speaker 1: Maybe and exactly. Sometimes you have too many cooks in 120 00:06:48,000 --> 00:06:50,039 Speaker 1: the kitchen, and that's often the case in DC. But 121 00:06:50,160 --> 00:06:53,200 Speaker 1: we are, we're exceedingly bullish on that deal getting done. 122 00:06:53,240 --> 00:06:56,240 Speaker 1: There's too much agreement around it. The other bucket is 123 00:06:56,320 --> 00:06:58,719 Speaker 1: the amorphous bucket. It's the one you and I probably 124 00:06:58,760 --> 00:07:01,400 Speaker 1: could have had the same conversation ation about a year ago, 125 00:07:01,600 --> 00:07:05,160 Speaker 1: let alone six months ago, which is, what, if anything, 126 00:07:05,560 --> 00:07:10,600 Speaker 1: can Democrats agree to pass via reconciliation, And at the moment, 127 00:07:10,960 --> 00:07:15,880 Speaker 1: nothing has changed. There's still a viable package conceivably that 128 00:07:15,960 --> 00:07:20,560 Speaker 1: Democrats can agree to around um drug pricing negotiations and 129 00:07:20,640 --> 00:07:24,560 Speaker 1: clean energy and certain tax changes. But we haven't seen 130 00:07:24,600 --> 00:07:27,960 Speaker 1: agreement from Joe Mansion, the most important Joe in all 131 00:07:28,040 --> 00:07:31,960 Speaker 1: of d C, or Senator Cinema from Arizona, And so 132 00:07:32,120 --> 00:07:35,520 Speaker 1: until I see movement from them, it's far too premature 133 00:07:35,560 --> 00:07:39,000 Speaker 1: to even start conjecture around whether any deal that they 134 00:07:39,040 --> 00:07:42,400 Speaker 1: agreed to would pass the House. It's just it's incredibly 135 00:07:42,640 --> 00:07:47,440 Speaker 1: difficult for me to be bullish about this renewed reconciliation 136 00:07:47,760 --> 00:07:51,400 Speaker 1: effort given the calendar and the fact that none of 137 00:07:51,440 --> 00:07:54,720 Speaker 1: the underlying legislative dynamics have changed in a year. Right, 138 00:07:54,760 --> 00:07:56,560 Speaker 1: and they they'd have to be passing this on the 139 00:07:56,600 --> 00:08:00,679 Speaker 1: eve of the election. Uh. To your point, though, you ka, gosh, 140 00:08:00,720 --> 00:08:03,480 Speaker 1: we've been talking about it. I can't count the conversations 141 00:08:03,520 --> 00:08:07,040 Speaker 1: with Secretary Romando on this. Everybody wants the chip Act. 142 00:08:07,120 --> 00:08:09,280 Speaker 1: Nobody seems to agree on the language. But you know 143 00:08:09,560 --> 00:08:13,200 Speaker 1: everyone also in your your corner of the world. As 144 00:08:13,240 --> 00:08:16,400 Speaker 1: it seems bullish about this, the leadership keeps saying they're 145 00:08:16,400 --> 00:08:18,280 Speaker 1: gonna get it done. So maybe that is actually the 146 00:08:18,360 --> 00:08:21,400 Speaker 1: last the last win of this session. I want to 147 00:08:21,440 --> 00:08:24,120 Speaker 1: get back to the conversation from over the weekend. Janet 148 00:08:24,160 --> 00:08:27,760 Speaker 1: Yellen adds to this. You heard President Biden, the recession 149 00:08:27,840 --> 00:08:31,320 Speaker 1: not inevitable. I just talked to Larry Summers. Janet Yellen 150 00:08:31,360 --> 00:08:33,840 Speaker 1: shows up on ABC this week. Here's what she said 151 00:08:33,880 --> 00:08:37,880 Speaker 1: about it. It's natural now that we expect a transition 152 00:08:38,040 --> 00:08:42,040 Speaker 1: to steady and stable growth. But I don't think a 153 00:08:42,120 --> 00:08:46,200 Speaker 1: recession is at all at all inevitable at all. It's 154 00:08:46,240 --> 00:08:49,480 Speaker 1: almost the same exact language. I do enjoy. The messaging 155 00:08:49,559 --> 00:08:52,400 Speaker 1: lately too, has been you know, it's been gangbusters, but 156 00:08:52,480 --> 00:08:54,720 Speaker 1: now it's going to get back to more of a steady, 157 00:08:54,760 --> 00:09:00,000 Speaker 1: sustainable growth for families. Enter Elon musk here on Bloomberg 158 00:09:00,400 --> 00:09:06,240 Speaker 1: Exclusive conversation and his take on whether a recession is likely. 159 00:09:06,320 --> 00:09:11,080 Speaker 1: He's talking about this earlier today on Bloomberg This, of course, 160 00:09:11,360 --> 00:09:14,920 Speaker 1: not a member of the administration with a very different take. 161 00:09:15,559 --> 00:09:18,760 Speaker 1: I think essentially is inevitable at some point. As to 162 00:09:18,800 --> 00:09:22,280 Speaker 1: whether there is a recession in the near term, um, 163 00:09:22,320 --> 00:09:25,600 Speaker 1: I think that is more likely than not. Certainly, isn't. 164 00:09:25,600 --> 00:09:29,760 Speaker 1: It's not a certainty, but it appears more likely than 165 00:09:29,800 --> 00:09:35,440 Speaker 1: or not. So there you have it, Isaac. It's difficult 166 00:09:35,480 --> 00:09:37,640 Speaker 1: to tell where we're going here, but it's interesting how 167 00:09:37,720 --> 00:09:42,760 Speaker 1: much the different camps are being formed around recession is 168 00:09:42,800 --> 00:09:47,840 Speaker 1: not inevitable or a recession frankly is absolutely in the cards. 169 00:09:47,840 --> 00:09:53,000 Speaker 1: How could you not have one after a ten year boom? 170 00:09:53,040 --> 00:09:54,720 Speaker 1: I mean, I think a lot of us don't believe 171 00:09:54,760 --> 00:09:57,280 Speaker 1: that the business cycle itself is not dead and that 172 00:09:57,400 --> 00:10:00,560 Speaker 1: a recession will occur at some point. Tell you there's 173 00:10:00,600 --> 00:10:02,720 Speaker 1: a healthy debate here in d C about when that 174 00:10:02,760 --> 00:10:05,319 Speaker 1: will be, just as there is in the markets already. 175 00:10:05,360 --> 00:10:07,560 Speaker 1: But what's striking to me, and what I continue to 176 00:10:07,559 --> 00:10:10,680 Speaker 1: talk to my clients about is when we get that 177 00:10:10,800 --> 00:10:13,720 Speaker 1: next recession, it is unlikely that we are going to 178 00:10:13,800 --> 00:10:17,680 Speaker 1: see anywhere near as much fiscal support as we saw 179 00:10:17,840 --> 00:10:20,640 Speaker 1: last time. And I think that's important to highlight for folks, 180 00:10:21,120 --> 00:10:23,880 Speaker 1: especially who are looking at consumer credit in other parts 181 00:10:24,480 --> 00:10:27,600 Speaker 1: of the economy that did benefit so much from our 182 00:10:27,640 --> 00:10:30,920 Speaker 1: response to COVID that isn't happening again. There is no 183 00:10:31,000 --> 00:10:33,960 Speaker 1: appetite on Capitol Hill for that type of fiscal response 184 00:10:34,320 --> 00:10:36,240 Speaker 1: to the next downturn. And so it sound like you 185 00:10:36,360 --> 00:10:39,120 Speaker 1: by talk of a of a shallow brief downturn. Then 186 00:10:39,160 --> 00:10:42,160 Speaker 1: if that's the case, all that I can be certain 187 00:10:42,240 --> 00:10:45,600 Speaker 1: of is that the conversation on Capitol Hill has turned 188 00:10:46,160 --> 00:10:50,840 Speaker 1: negative in both parties in terms of potential for additional 189 00:10:50,880 --> 00:10:54,840 Speaker 1: fiscal responses. So whenever that downturn is, and however deep 190 00:10:54,880 --> 00:10:57,079 Speaker 1: it is, I can tell you with some uncertainty that 191 00:10:57,280 --> 00:11:00,080 Speaker 1: Capitol Hill won't be there to help anywhere near as 192 00:11:00,160 --> 00:11:02,160 Speaker 1: much as they were last time, and will once again 193 00:11:02,320 --> 00:11:05,880 Speaker 1: have to look to the FED to save and or 194 00:11:06,040 --> 00:11:09,719 Speaker 1: hurt the recovery, depending upon your view of their role. 195 00:11:10,240 --> 00:11:12,240 Speaker 1: I only have a few seconds eye at gas tax 196 00:11:12,280 --> 00:11:17,240 Speaker 1: holiday or no. No. I think it's incredibly difficult to 197 00:11:17,240 --> 00:11:19,920 Speaker 1: see that going forward, and it's also viewed by by 198 00:11:20,000 --> 00:11:23,480 Speaker 1: many as just bad policy. Yeah, including apparently the Speaker 199 00:11:23,520 --> 00:11:27,240 Speaker 1: of the House, so who's counting, uh, Isaac Boltanski, great conversation. 200 00:11:27,240 --> 00:11:30,040 Speaker 1: I'm glad to have you back. Managing director and director 201 00:11:30,080 --> 00:11:32,640 Speaker 1: of policy research at bat T, I g with a 202 00:11:32,720 --> 00:11:36,000 Speaker 1: smart take on what's happening at the beginning of a 203 00:11:36,120 --> 00:11:39,319 Speaker 1: short week at least here inside the Bubble. Will assemble 204 00:11:39,559 --> 00:11:43,080 Speaker 1: the panel next. Rick Davis is back with us, and 205 00:11:43,160 --> 00:11:46,760 Speaker 1: of course Jeannie Chanzano make our signature panel. We'll check 206 00:11:46,800 --> 00:11:49,840 Speaker 1: traffic and the markets for you on the way. Welcome 207 00:11:49,880 --> 00:11:52,520 Speaker 1: back to reality and the fastest hour in politics. I'm 208 00:11:52,600 --> 00:11:59,520 Speaker 1: Joe Matthew. This is Bloomberg. This is Bloomberg. So long 209 00:12:00,040 --> 00:12:05,600 Speaker 1: with Joe Matthew on Bloomberg Radio. They say a deal 210 00:12:05,679 --> 00:12:10,720 Speaker 1: told emerge as soon as this week of fresh economic plan, 211 00:12:10,840 --> 00:12:14,880 Speaker 1: as the headline reads on the terminal Fresh even though 212 00:12:17,000 --> 00:12:19,320 Speaker 1: they might look a little stale, some of these ideas 213 00:12:19,360 --> 00:12:21,320 Speaker 1: because you heard of most of them before. It was 214 00:12:21,720 --> 00:12:23,679 Speaker 1: part of build back Better and I know we did 215 00:12:23,720 --> 00:12:26,080 Speaker 1: away with the brand, but it looks like it could 216 00:12:26,120 --> 00:12:29,560 Speaker 1: be reshaped into something. As we were just discussing with Isaac, 217 00:12:29,600 --> 00:12:32,600 Speaker 1: it is my pleasure to assemble the panel. We've got 218 00:12:32,600 --> 00:12:35,320 Speaker 1: them all back here Rick Davis with US Jeanie Chanzano 219 00:12:35,360 --> 00:12:38,720 Speaker 1: Bloomberg Politics contributors, Rick, we missed you for the better 220 00:12:38,760 --> 00:12:40,320 Speaker 1: part of a week, so I'd love to hear from 221 00:12:40,360 --> 00:12:43,000 Speaker 1: you first on this. Maybe you had a dream this 222 00:12:43,120 --> 00:12:47,520 Speaker 1: was happening. Maybe maybe you never walked away from build 223 00:12:47,520 --> 00:12:51,920 Speaker 1: back better. But this is the antidote to our raging 224 00:12:52,440 --> 00:12:55,840 Speaker 1: inflation here as the President continues to bring up ideas 225 00:12:55,880 --> 00:12:58,640 Speaker 1: that that they have, including a gas tax holiday, which 226 00:12:58,640 --> 00:13:01,160 Speaker 1: we're gonna talk about a little bit later on, what 227 00:13:01,240 --> 00:13:03,760 Speaker 1: makes this different other than the size and that might 228 00:13:03,800 --> 00:13:07,000 Speaker 1: be enough. I realized that the headline number. But as 229 00:13:07,000 --> 00:13:10,560 Speaker 1: we inch closer to November, what makes this more possible 230 00:13:10,600 --> 00:13:13,200 Speaker 1: than say it was a year ago. Well, first of all, 231 00:13:13,240 --> 00:13:15,040 Speaker 1: I would have to say I don't think it was 232 00:13:15,080 --> 00:13:17,000 Speaker 1: even possible a year ago. I don't think it was 233 00:13:17,000 --> 00:13:19,840 Speaker 1: a good idea year ago. Uh, and and I'm not 234 00:13:19,880 --> 00:13:23,880 Speaker 1: sure it's a good idea now. UH. The reality is 235 00:13:23,920 --> 00:13:25,959 Speaker 1: they're looking at everything they can get their hands on 236 00:13:26,480 --> 00:13:30,280 Speaker 1: that will be UH reducing the cost for consumers, so 237 00:13:30,480 --> 00:13:34,360 Speaker 1: lower drug prices, you know, any kind of tax UH 238 00:13:34,760 --> 00:13:38,640 Speaker 1: abatements that can make UH. Subsidies for the Affordable Care 239 00:13:38,760 --> 00:13:42,320 Speaker 1: Act are about to expire, which will increase everybody's premiums. 240 00:13:42,360 --> 00:13:45,840 Speaker 1: All those things would be healthy for inflation. But none 241 00:13:45,880 --> 00:13:49,120 Speaker 1: of those things have general agreement across the Senate, especially 242 00:13:49,160 --> 00:13:52,360 Speaker 1: not with Joe mentioned. So unless Big Joe says so, 243 00:13:53,040 --> 00:13:55,600 Speaker 1: it's not gonna happen. So, Jennie, this is about being 244 00:13:55,640 --> 00:13:58,360 Speaker 1: caught in the act of trying to do something. Uh 245 00:13:58,400 --> 00:14:00,600 Speaker 1: that what's what? What what I'm reading on the terminal here? 246 00:14:00,679 --> 00:14:04,120 Speaker 1: This is from our White House team, Jennifer Jacobs, Josh 247 00:14:04,160 --> 00:14:06,920 Speaker 1: wind Grove, the best in the business. They've got sources 248 00:14:06,960 --> 00:14:10,960 Speaker 1: telling them that there will be uh something on capping 249 00:14:10,960 --> 00:14:13,600 Speaker 1: the price of insulin, right, the federal investments in both 250 00:14:13,600 --> 00:14:17,280 Speaker 1: clean energy and fossil fuels, and then the tax conversation, 251 00:14:17,920 --> 00:14:22,600 Speaker 1: likely attacks on the wealthy to lower the deficit. These 252 00:14:22,600 --> 00:14:27,800 Speaker 1: were all in the mix already. Would they work? They 253 00:14:28,440 --> 00:14:31,280 Speaker 1: could work? Um And and you know you had mentioned 254 00:14:31,320 --> 00:14:33,840 Speaker 1: in the previous segment Larry Summers. We heard he put 255 00:14:33,880 --> 00:14:36,040 Speaker 1: out you know it didn't put out, but he talked 256 00:14:36,040 --> 00:14:38,800 Speaker 1: about a three part plan. Over the weekend, the President 257 00:14:38,880 --> 00:14:41,760 Speaker 1: said he had spoken with him. You know, the reality 258 00:14:41,800 --> 00:14:44,680 Speaker 1: of this for the White House is that they are 259 00:14:44,800 --> 00:14:49,000 Speaker 1: facing the worst environment for Democrats going into a mid 260 00:14:49,160 --> 00:14:52,320 Speaker 1: term since polling began in ninety eight, and they know it. 261 00:14:52,640 --> 00:14:57,360 Speaker 1: We've never seen the president's party have lost is less 262 00:14:57,400 --> 00:15:00,320 Speaker 1: than five seats except for three elections, and us what 263 00:15:00,400 --> 00:15:03,880 Speaker 1: the president's approval rating, and each one was over Biden's 264 00:15:03,960 --> 00:15:07,240 Speaker 1: under forty. So this is a disaster. The only way 265 00:15:07,280 --> 00:15:09,880 Speaker 1: out of this is not rhetoric, but it's getting the 266 00:15:09,920 --> 00:15:13,280 Speaker 1: economy in shape, and that means controlling inflation. So they're 267 00:15:13,320 --> 00:15:16,640 Speaker 1: gonna try everything they can, including pushing for you know, 268 00:15:16,720 --> 00:15:18,720 Speaker 1: they're not going to get a bipartisan a deal on 269 00:15:18,760 --> 00:15:21,320 Speaker 1: any of this, so you know, reconciliation is the way. 270 00:15:21,560 --> 00:15:23,800 Speaker 1: That means if Joe Manchon would get on board and 271 00:15:23,800 --> 00:15:25,520 Speaker 1: they can hold the rest of the Democrats, they have 272 00:15:25,600 --> 00:15:28,120 Speaker 1: a shot at this. But it's better to be seen 273 00:15:28,200 --> 00:15:30,680 Speaker 1: doing something than nothing. And that's what I think they're 274 00:15:30,680 --> 00:15:33,800 Speaker 1: gonna push where I think the pharmaceuticals, you know, addressing 275 00:15:33,800 --> 00:15:36,760 Speaker 1: those costs are probably the best, you know, first step 276 00:15:36,800 --> 00:15:39,920 Speaker 1: on this. One thing that we understand they have come 277 00:15:40,040 --> 00:15:42,640 Speaker 1: to a deal on, at least in the Senate is 278 00:15:42,680 --> 00:15:45,120 Speaker 1: this gun safety legislation that we've been talking about for 279 00:15:45,160 --> 00:15:47,360 Speaker 1: a couple of weeks. Ricky you were very optimistic about 280 00:15:47,400 --> 00:15:50,720 Speaker 1: this from the beginning. Granted, Uh, it doesn't go very far. 281 00:15:50,800 --> 00:15:54,400 Speaker 1: We're talking about incentivizing states to have red flags and 282 00:15:54,440 --> 00:15:58,760 Speaker 1: expanding background checks for for for buyers under twenty one. 283 00:15:58,760 --> 00:16:01,480 Speaker 1: That actually surprised some people see this going all the 284 00:16:01,480 --> 00:16:03,960 Speaker 1: way as the House going to jump on board. Yeah. 285 00:16:03,960 --> 00:16:06,080 Speaker 1: I can't imagine how it's gonna miss an opportunity for 286 00:16:06,120 --> 00:16:09,880 Speaker 1: even incremental reform. Uh. And I think this is greased 287 00:16:09,880 --> 00:16:12,600 Speaker 1: in the Senate. I wouldn't be surprised if you don't 288 00:16:12,600 --> 00:16:15,880 Speaker 1: get twenty five Republicans on this bill by the time 289 00:16:15,880 --> 00:16:17,880 Speaker 1: it gets to the floor. So I think it'll move 290 00:16:17,880 --> 00:16:20,040 Speaker 1: and will move fast once they finally hit the floor, 291 00:16:20,040 --> 00:16:22,080 Speaker 1: And now that they've agreed to language, it shouldn't be 292 00:16:22,240 --> 00:16:24,960 Speaker 1: much time at all. Twenty five republicans, Genie, does that? 293 00:16:25,280 --> 00:16:28,400 Speaker 1: Does that make this no longer a Democratic issue? If 294 00:16:28,400 --> 00:16:31,400 Speaker 1: they could get twenty five Republicans, they have the bipartisan 295 00:16:31,480 --> 00:16:33,800 Speaker 1: support they want. As you mentioned, it's not the deal 296 00:16:34,000 --> 00:16:36,600 Speaker 1: that that many people wanted in the Democratic side, but 297 00:16:36,640 --> 00:16:39,120 Speaker 1: it is a step forward. But I would just caution 298 00:16:39,560 --> 00:16:41,840 Speaker 1: they say they have struck a deal, we haven't seen 299 00:16:41,880 --> 00:16:44,840 Speaker 1: the language yet. Go back to two thousand and nine. 300 00:16:44,880 --> 00:16:48,160 Speaker 1: The longer this drags on and members of Congress returned home, 301 00:16:48,240 --> 00:16:51,040 Speaker 1: as Cornin did over the weekend, to face booze in 302 00:16:51,080 --> 00:16:55,200 Speaker 1: his own convention. He can withstand that we know that 303 00:16:55,240 --> 00:16:57,360 Speaker 1: he hasn't lost an election in forty years. He's still 304 00:16:57,360 --> 00:17:00,080 Speaker 1: plowing forward. But other members of Congress are going to 305 00:17:00,120 --> 00:17:03,520 Speaker 1: face the same pressure, and so I would be cautious here. 306 00:17:03,640 --> 00:17:06,320 Speaker 1: It looks promising at this point, but I am still 307 00:17:06,359 --> 00:17:08,159 Speaker 1: not sold that they're going to push this through. But 308 00:17:08,160 --> 00:17:10,760 Speaker 1: if they can get twenty five Republicans on board, that's 309 00:17:10,800 --> 00:17:12,560 Speaker 1: a great step forward. They also have to hold these 310 00:17:12,560 --> 00:17:15,320 Speaker 1: purple state Democrats as well, and that is going to 311 00:17:15,320 --> 00:17:18,280 Speaker 1: be a challenge because they are facing really facing really 312 00:17:18,280 --> 00:17:21,199 Speaker 1: strong headwinds. John Corny got booed just I mean, it 313 00:17:21,280 --> 00:17:23,439 Speaker 1: was deafening. He's standing there at the podium was kind 314 00:17:23,440 --> 00:17:27,080 Speaker 1: of embarrassing. Over the weekend. You try to laugh it off, 315 00:17:27,119 --> 00:17:30,199 Speaker 1: but is does he does he harm himself in the 316 00:17:30,280 --> 00:17:34,200 Speaker 1: long run or or help himself in Texas specifically with 317 00:17:34,240 --> 00:17:36,600 Speaker 1: this move? Well, you know, look, I mean he's gonna 318 00:17:36,600 --> 00:17:39,320 Speaker 1: have to overcome any negatives associated with this, and we 319 00:17:39,359 --> 00:17:42,919 Speaker 1: do know that these gun issues tend to recede in 320 00:17:43,000 --> 00:17:47,000 Speaker 1: importance to both Republicans and Democrats. And in Texas. Sure, 321 00:17:47,040 --> 00:17:48,800 Speaker 1: even in Texas. Look, I mean I worked for a 322 00:17:48,840 --> 00:17:51,280 Speaker 1: guy John mcado got booted every Republican event he ever 323 00:17:51,320 --> 00:17:54,280 Speaker 1: went to, and he won the Republican nomination, So it 324 00:17:54,320 --> 00:17:56,920 Speaker 1: didn't stop him from being successful. And I think Corner 325 00:17:57,000 --> 00:17:59,840 Speaker 1: will be in the same boat. Plus, if this passes, 326 00:18:00,000 --> 00:18:02,720 Speaker 1: there'll be enormous amount of goodwill out there amongst the 327 00:18:02,720 --> 00:18:05,439 Speaker 1: media and other people in the state. Uh. And so 328 00:18:05,520 --> 00:18:08,040 Speaker 1: even though some of the core Republicans, remember people go 329 00:18:08,119 --> 00:18:12,040 Speaker 1: to conventions, are you know, the the activists of the activists, 330 00:18:12,080 --> 00:18:15,199 Speaker 1: and uh, he'll he'll see a boost actually in the 331 00:18:15,280 --> 00:18:18,320 Speaker 1: general population. So uh, if he can be the author 332 00:18:18,359 --> 00:18:20,560 Speaker 1: of a gun deal of first one in twenty five years, 333 00:18:21,480 --> 00:18:23,600 Speaker 1: it'll be just fine for him. Rick and Janie our 334 00:18:23,680 --> 00:18:26,520 Speaker 1: signature panel on a Tuesday here on sound on Joe 335 00:18:26,560 --> 00:18:29,040 Speaker 1: Matthew in Washington, as we turned to the idea now 336 00:18:29,080 --> 00:18:32,000 Speaker 1: of a gas tax holiday or should it be a 337 00:18:32,160 --> 00:18:35,840 Speaker 1: gas rebate card. You know, apparently there are not enough 338 00:18:35,880 --> 00:18:39,440 Speaker 1: computer chips to maybe even make that happen. We're gonna 339 00:18:39,480 --> 00:18:42,360 Speaker 1: talk about this next whether they'd actually work with Patrick 340 00:18:42,400 --> 00:18:44,679 Speaker 1: the haunt of gas buddy, and we'll bring the panel 341 00:18:44,800 --> 00:18:50,640 Speaker 1: back in stay with us. This is Bloomberg. So this 342 00:18:50,760 --> 00:18:54,800 Speaker 1: idea of suspending the gas tax, this is what eighteen 343 00:18:54,880 --> 00:18:58,560 Speaker 1: cents a gallon? Right? You put what sixty bucks in 344 00:18:58,600 --> 00:19:02,480 Speaker 1: the car over the weekend For some people it depends 345 00:19:02,480 --> 00:19:04,240 Speaker 1: on what you're driving here, of course, would be a 346 00:19:04,240 --> 00:19:07,880 Speaker 1: couple of couple three dollars of a break, which, look, 347 00:19:07,960 --> 00:19:10,679 Speaker 1: that's that's great. It adds up over time. But this 348 00:19:10,720 --> 00:19:12,760 Speaker 1: may not be the president's decision. That's the part that 349 00:19:12,800 --> 00:19:15,040 Speaker 1: I'm curious about. You saw reporters catch up with him 350 00:19:15,040 --> 00:19:18,040 Speaker 1: on the beach robe with beach over the weekend. Got it. 351 00:19:18,119 --> 00:19:21,480 Speaker 1: It looked beautiful. It's like an ad for Delaware. But 352 00:19:21,560 --> 00:19:23,679 Speaker 1: he stopped down and he talked about this along with 353 00:19:23,760 --> 00:19:25,960 Speaker 1: You heard him talking about the chances of a recession 354 00:19:25,960 --> 00:19:28,840 Speaker 1: earlier and says, I'm considering it. I hope to have 355 00:19:28,840 --> 00:19:31,840 Speaker 1: a decision by the end of the week. But as 356 00:19:31,880 --> 00:19:35,879 Speaker 1: I read on the terminal, the move likely would require 357 00:19:36,000 --> 00:19:40,199 Speaker 1: congressional approval and could not be taken via executive action. 358 00:19:40,520 --> 00:19:42,199 Speaker 1: So you start digging into this a little bit more 359 00:19:42,200 --> 00:19:44,480 Speaker 1: and you realize, actually, there's a bunch of legislation of 360 00:19:44,600 --> 00:19:49,080 Speaker 1: a number of lawmakers have introduced legislation that would do 361 00:19:49,119 --> 00:19:52,400 Speaker 1: this very thing. The question is would have enough impact 362 00:19:53,400 --> 00:19:56,080 Speaker 1: to stop paying into the Highway Trust Fund, you know 363 00:19:56,160 --> 00:19:59,399 Speaker 1: that's where that money goes. Patrick Dehn is back with us, 364 00:19:59,400 --> 00:20:02,560 Speaker 1: the head of patrol the analysis at gas Buddy, who's 365 00:20:02,840 --> 00:20:05,119 Speaker 1: become a real expert on all of this stuff on 366 00:20:05,160 --> 00:20:07,640 Speaker 1: our behalf. And it's great to have you Backpatrick, your 367 00:20:08,160 --> 00:20:10,400 Speaker 1: your first blush on this. I know you probably see 368 00:20:10,440 --> 00:20:12,399 Speaker 1: these on the state level a lot. What would it 369 00:20:12,440 --> 00:20:14,480 Speaker 1: mean on the federal level, Would it actually have an 370 00:20:14,520 --> 00:20:18,119 Speaker 1: impact or would gas companies keep the money? No, it 371 00:20:18,160 --> 00:20:20,800 Speaker 1: certainly would have an impact. And every state that we've 372 00:20:20,800 --> 00:20:24,320 Speaker 1: seen state gasoline taxes wave, we've seen the prices coming down. 373 00:20:24,359 --> 00:20:28,080 Speaker 1: It really has depended on how the legislation is written, 374 00:20:28,520 --> 00:20:32,000 Speaker 1: whether it's retroactive. Of course, stations have thousands of gallons 375 00:20:32,040 --> 00:20:36,240 Speaker 1: of fuel they have under their under their stations that 376 00:20:36,320 --> 00:20:39,479 Speaker 1: they may have paid at a tax rate. So really 377 00:20:40,000 --> 00:20:43,480 Speaker 1: just depends on how quickly uh they get relief from that. 378 00:20:43,640 --> 00:20:46,800 Speaker 1: It will likely bring prices down. It will of course 379 00:20:46,840 --> 00:20:49,560 Speaker 1: take time, but I fully expect that if there is 380 00:20:49,560 --> 00:20:52,480 Speaker 1: a tax holiday, stations would simply pass it along. It 381 00:20:52,560 --> 00:20:55,640 Speaker 1: may take some time though, for them to sell through 382 00:20:55,720 --> 00:20:58,159 Speaker 1: tax inventory. Okay, so you've got to get rid of 383 00:20:58,200 --> 00:21:00,240 Speaker 1: what's in the tank already. But then at that point, 384 00:21:00,280 --> 00:21:02,960 Speaker 1: would it actually dropped by eighteen cents? Could you? Could 385 00:21:02,960 --> 00:21:07,040 Speaker 1: you quantify it that easily? Well, it absolutely should. Now 386 00:21:07,160 --> 00:21:12,000 Speaker 1: we're talking is not real then well, you know, every 387 00:21:12,000 --> 00:21:14,600 Speaker 1: state that we've seen a gas tax holiday implemented, it's 388 00:21:14,600 --> 00:21:19,160 Speaker 1: fully passed along. The complicating factor is that wholesale prices 389 00:21:19,280 --> 00:21:22,320 Speaker 1: can move up at the same time that tax rates 390 00:21:22,320 --> 00:21:26,120 Speaker 1: have gone down, thus off setting what you might see 391 00:21:26,119 --> 00:21:29,080 Speaker 1: at the pump right the outside pump that the sign 392 00:21:29,119 --> 00:21:31,480 Speaker 1: doesn't say it went down eighteen cents, Well, that's because 393 00:21:31,480 --> 00:21:36,679 Speaker 1: wholeso prices continue moving up. So but in every state Maryland, Connecticut, 394 00:21:36,840 --> 00:21:40,679 Speaker 1: New York, Georgia, we've seen the full decrease passed along, 395 00:21:41,240 --> 00:21:43,320 Speaker 1: kind of like when you release a million barrels a 396 00:21:43,400 --> 00:21:46,280 Speaker 1: day from the Strategic Petroleum Reserve and crewde goes up 397 00:21:46,280 --> 00:21:49,480 Speaker 1: by a lot more after that. It might not look 398 00:21:49,520 --> 00:21:52,960 Speaker 1: like you're doing a lot fatric Yeah, you know it. 399 00:21:53,400 --> 00:21:55,359 Speaker 1: It certainly may not look that way, but you know, 400 00:21:55,480 --> 00:21:59,440 Speaker 1: stations are competitive. There's there's you know, such a diversity 401 00:21:59,480 --> 00:22:02,800 Speaker 1: amongst aaian owners that if their costs suddenly, if you know, 402 00:22:02,920 --> 00:22:05,520 Speaker 1: taxes went down eighteen cents, well guess what. It wouldn't 403 00:22:05,520 --> 00:22:08,400 Speaker 1: take long before one station says, well, I'm gonna cut 404 00:22:08,440 --> 00:22:10,919 Speaker 1: my price a penny because I have more margin, and 405 00:22:10,960 --> 00:22:13,119 Speaker 1: then the other one will do the same, and that's 406 00:22:13,160 --> 00:22:16,800 Speaker 1: why things will eventually get whittled down to where the tax, 407 00:22:17,200 --> 00:22:20,200 Speaker 1: the tax holidays passed along. What a business? What's your 408 00:22:20,200 --> 00:22:23,800 Speaker 1: take on the rebate card? Is it? This is obviously 409 00:22:23,840 --> 00:22:26,199 Speaker 1: a different approach, and from what I'm reading now, we 410 00:22:26,240 --> 00:22:29,000 Speaker 1: may not even have access to the computer chips to 411 00:22:29,080 --> 00:22:32,639 Speaker 1: make them. But that's a different approach here. Would it 412 00:22:32,680 --> 00:22:36,600 Speaker 1: be as impactful? I think it would be more in 413 00:22:36,760 --> 00:22:39,840 Speaker 1: that I'm more worried about it because it would rush 414 00:22:39,880 --> 00:22:42,960 Speaker 1: out and make people want to buy gas or you know, 415 00:22:43,000 --> 00:22:45,199 Speaker 1: if you give a hundred dollars in free gas to 416 00:22:45,280 --> 00:22:48,119 Speaker 1: somebody in a card, what are they gonna do? So 417 00:22:48,240 --> 00:22:51,800 Speaker 1: more impactful in the wrong way you're seeing? Exactly it 418 00:22:51,880 --> 00:22:57,480 Speaker 1: may it may exacerbate the widening imbalance between supply and demand. 419 00:22:57,480 --> 00:22:59,520 Speaker 1: People would say, oh, look I've got this, you know, 420 00:22:59,720 --> 00:23:05,640 Speaker 1: free five tanks again exactly so there's a risk depending 421 00:23:05,680 --> 00:23:09,000 Speaker 1: on how this is the relief has passed along. I 422 00:23:09,280 --> 00:23:11,000 Speaker 1: you know, I'd rather see it not in even a 423 00:23:11,080 --> 00:23:14,760 Speaker 1: federal gas tax holiday. But you know, do the math 424 00:23:14,880 --> 00:23:17,560 Speaker 1: or whatever. Send people a hundred dollar two hundred dollar 425 00:23:17,600 --> 00:23:19,760 Speaker 1: rebate check and say this is for gas. Use it 426 00:23:19,800 --> 00:23:21,639 Speaker 1: as you want, and some people use it for gas, 427 00:23:21,640 --> 00:23:25,720 Speaker 1: some people won't, But that at least won't have Americans 428 00:23:25,800 --> 00:23:28,640 Speaker 1: rushing out to try and take advantage of lower prices 429 00:23:28,680 --> 00:23:31,440 Speaker 1: and make the situation works. I don't think we're sending 430 00:23:31,520 --> 00:23:34,679 Speaker 1: checks again to everybody for a while. But I'll say, Uh, 431 00:23:34,920 --> 00:23:39,000 Speaker 1: the idea that the President has been suggesting that that 432 00:23:39,160 --> 00:23:43,040 Speaker 1: big oil is ripping off Americans. He said Xon made 433 00:23:43,080 --> 00:23:45,800 Speaker 1: more money than God. He's pointing to thirty five billion 434 00:23:45,840 --> 00:23:48,159 Speaker 1: dollars in profits. And we've got a meeting now we 435 00:23:48,240 --> 00:23:51,159 Speaker 1: understand will happen Thursday, not with the President but with 436 00:23:51,200 --> 00:23:54,679 Speaker 1: the Energy Secretary and the heads of companies like X 437 00:23:54,800 --> 00:23:58,399 Speaker 1: and Chevron, DP and so on. Uh that the line 438 00:23:58,440 --> 00:24:03,600 Speaker 1: from the White House here, Patrick is that these companies 439 00:24:03,720 --> 00:24:07,960 Speaker 1: cut capacity and are refusing to bring it back to 440 00:24:08,040 --> 00:24:13,760 Speaker 1: pre COVID levels, specifically even when asked refining capacity. But 441 00:24:13,840 --> 00:24:16,280 Speaker 1: then I hear we've got a refining bottleneck. Who's right 442 00:24:16,320 --> 00:24:20,800 Speaker 1: on that? Well, you know, I think the White House 443 00:24:20,840 --> 00:24:24,879 Speaker 1: making the assumption that refineries, you know, cut capacity deliberately. 444 00:24:24,880 --> 00:24:30,879 Speaker 1: I mean, that's that's uh boy, that's nefarious. Um. You know, 445 00:24:30,920 --> 00:24:34,080 Speaker 1: oil companies had cut capacity, not because they wanted to, 446 00:24:34,240 --> 00:24:39,520 Speaker 1: but it was a forced business decision. When airlines were parked, 447 00:24:39,560 --> 00:24:41,560 Speaker 1: when you and I were parked for a couple of weeks, 448 00:24:41,560 --> 00:24:45,680 Speaker 1: when when very little was moving, they made a business decision. 449 00:24:45,760 --> 00:24:48,400 Speaker 1: What do you do when faced with a massive exodus 450 00:24:48,920 --> 00:24:52,879 Speaker 1: of consumption and and plummeting prices? You you, you know, 451 00:24:52,960 --> 00:24:55,560 Speaker 1: you may go belly up. So some refineries cut capacity. 452 00:24:55,600 --> 00:24:59,040 Speaker 1: They idled refineries. Nobody thought that things were going to 453 00:24:59,119 --> 00:25:01,359 Speaker 1: come back so fast stuff they did that they wouldn't 454 00:25:01,359 --> 00:25:03,440 Speaker 1: have never idled them, and they would take advantage of 455 00:25:03,520 --> 00:25:07,560 Speaker 1: higher crack spreads. But you don't always have the foresight 456 00:25:07,680 --> 00:25:09,400 Speaker 1: to say, oh, you know, it's going to get much 457 00:25:09,440 --> 00:25:11,240 Speaker 1: better in two years. So do they need to be 458 00:25:11,280 --> 00:25:14,560 Speaker 1: incentivized to bring it back? Well, you know, I'd like 459 00:25:14,640 --> 00:25:17,720 Speaker 1: to see that, especially because the Biden administration has gone 460 00:25:17,720 --> 00:25:20,680 Speaker 1: after them and demonize them to a way that will 461 00:25:20,760 --> 00:25:23,879 Speaker 1: Companies are are you know, you want them to spend 462 00:25:23,880 --> 00:25:27,879 Speaker 1: a billion dollars investing or reopening refiners, but at the 463 00:25:27,920 --> 00:25:32,359 Speaker 1: same time, your policies suggest that that's a poor investment 464 00:25:32,480 --> 00:25:35,040 Speaker 1: because that also sounds like there is some capacity that 465 00:25:35,080 --> 00:25:39,280 Speaker 1: they could return more. Well, there's certainly, maybe some, but 466 00:25:39,359 --> 00:25:42,679 Speaker 1: there's not enough necessarily to alleviate the situation fully. Not 467 00:25:42,760 --> 00:25:46,080 Speaker 1: only that, but there are refineries opening abroad in the 468 00:25:46,160 --> 00:25:48,359 Speaker 1: Middle East and Asians, but there may be some help there. 469 00:25:49,040 --> 00:25:50,879 Speaker 1: But afric come back and see us again soon. I 470 00:25:50,920 --> 00:25:53,480 Speaker 1: wish I had more time with Patrick Dahan of gas 471 00:25:53,600 --> 00:26:00,800 Speaker 1: Buddy will reassemble the panel next he's Bloomberg Non with 472 00:26:01,040 --> 00:26:06,840 Speaker 1: Joe Matthew on bloom Bird Radio. So should it be 473 00:26:06,880 --> 00:26:09,720 Speaker 1: a gas tax holiday? Should it be a rebate card? 474 00:26:09,920 --> 00:26:14,240 Speaker 1: Imagine everybody gets a road trip this summer. That is 475 00:26:14,280 --> 00:26:18,240 Speaker 1: the concern. You know, you take the tax away or 476 00:26:18,440 --> 00:26:21,439 Speaker 1: give the rebate card, as Patrick was describing. More the 477 00:26:21,520 --> 00:26:24,320 Speaker 1: latter make things a little bit cheaper, and well, what 478 00:26:24,359 --> 00:26:27,000 Speaker 1: you're gonna send demand higher, and that of course can 479 00:26:27,080 --> 00:26:32,560 Speaker 1: send prices higher. As a war rages in Ukraine and 480 00:26:32,640 --> 00:26:36,400 Speaker 1: the debate continues here in Washington over what exactly big 481 00:26:36,440 --> 00:26:39,800 Speaker 1: oil should be doing and what the Biden administration's posture 482 00:26:39,920 --> 00:26:43,400 Speaker 1: is we reassemble our panel. At least we have Genie 483 00:26:43,520 --> 00:26:46,119 Speaker 1: Chanzano and Rick Davis with us today to help us 484 00:26:46,119 --> 00:26:48,760 Speaker 1: make sense of it all. Genie, this meeting on Thursday 485 00:26:50,080 --> 00:26:52,240 Speaker 1: is going to be scrutinized. Of course, the White House 486 00:26:52,320 --> 00:26:53,960 Speaker 1: is going to try to act tough, but the President 487 00:26:54,000 --> 00:26:56,040 Speaker 1: is not going to be there. I thought it was interesting, 488 00:26:56,119 --> 00:26:59,719 Speaker 1: Jennifer Granholm, he says, is going to be conducting this 489 00:27:00,000 --> 00:27:04,480 Speaker 1: eating or either of these good policy? Would they would 490 00:27:04,520 --> 00:27:07,600 Speaker 1: they actually make a difference for people. You know, I 491 00:27:07,640 --> 00:27:09,680 Speaker 1: think the fact that the president is not going to 492 00:27:09,800 --> 00:27:12,160 Speaker 1: be there is telling. I mean, I've talked to people 493 00:27:12,240 --> 00:27:14,800 Speaker 1: just in my regular life, and the concern people have 494 00:27:14,920 --> 00:27:18,320 Speaker 1: about Joe Biden is what is he doing to address 495 00:27:18,400 --> 00:27:21,240 Speaker 1: this and the idea that making decisions on things like 496 00:27:21,280 --> 00:27:24,280 Speaker 1: the rebate card that the tax you know holiday, the 497 00:27:24,280 --> 00:27:27,960 Speaker 1: gas tax holiday. The meeting he's not attending. That's where 498 00:27:28,000 --> 00:27:31,080 Speaker 1: Democrats and I'm sure Republicans as well, but Democrats feel 499 00:27:31,080 --> 00:27:34,520 Speaker 1: really frustrated because they want to see leadership there that 500 00:27:34,640 --> 00:27:37,560 Speaker 1: they're not seeing. So, you know, I think it's a 501 00:27:37,600 --> 00:27:41,080 Speaker 1: mistake for the president myself not to be there, um, 502 00:27:41,119 --> 00:27:43,760 Speaker 1: maybe there is a good reason for that, um. And 503 00:27:43,760 --> 00:27:46,200 Speaker 1: And I am not a person who thinks that either 504 00:27:46,280 --> 00:27:48,760 Speaker 1: the gas tax holiday or the rebate card are the 505 00:27:48,800 --> 00:27:52,120 Speaker 1: way to go in either of these cases, and not 506 00:27:52,240 --> 00:27:55,160 Speaker 1: just to mention the small fact that they require legislation 507 00:27:55,320 --> 00:27:58,400 Speaker 1: that is unlikely to get through if Nancy Pelosi, amongst 508 00:27:58,400 --> 00:28:01,560 Speaker 1: all people, isn't support it, well, why is the president 509 00:28:01,640 --> 00:28:03,399 Speaker 1: telling people he's going to make a decision on that 510 00:28:03,520 --> 00:28:06,359 Speaker 1: this week? Rick if it needs congressional approval? You know, 511 00:28:06,440 --> 00:28:09,240 Speaker 1: I think he's just wishful thinking. I think that he's 512 00:28:09,280 --> 00:28:13,200 Speaker 1: thrown out these policy prescriptions that have not been fully vetted, 513 00:28:13,240 --> 00:28:15,000 Speaker 1: have not been really been thought to. You just think 514 00:28:15,040 --> 00:28:17,600 Speaker 1: about it, right, I mean, he's just spent a year 515 00:28:17,680 --> 00:28:21,719 Speaker 1: committed to passing bipartisan infrastructure legislation. He talks about how 516 00:28:21,720 --> 00:28:25,520 Speaker 1: important infrastructure is. Now as a result of this, they'll 517 00:28:25,560 --> 00:28:28,480 Speaker 1: actually take money out of the high Trust is used 518 00:28:28,520 --> 00:28:31,280 Speaker 1: to build infrastructure. And so you just wanted I mean, 519 00:28:31,280 --> 00:28:33,679 Speaker 1: like I see the flip flopper ad just you know, 520 00:28:33,840 --> 00:28:37,240 Speaker 1: like making itself here and and and and you know, 521 00:28:37,320 --> 00:28:40,120 Speaker 1: I can understand like exactly what kind of a binding's 522 00:28:40,120 --> 00:28:43,760 Speaker 1: in because he's campaigned heavily against you know, oil companies 523 00:28:43,840 --> 00:28:47,520 Speaker 1: hydrocarbon as a fuel. You know, he's he's Mr Anti 524 00:28:47,600 --> 00:28:51,040 Speaker 1: combustion engine and and yet now he's sort of dragged 525 00:28:51,080 --> 00:28:53,840 Speaker 1: into this relationship with them, uh to say, hey, we 526 00:28:53,920 --> 00:28:56,320 Speaker 1: need help. I've got to have more production, I've got 527 00:28:56,320 --> 00:28:59,959 Speaker 1: to have more refinery capacity. And of course, what business 528 00:29:00,080 --> 00:29:02,760 Speaker 1: man wants to invest in US refinery capacity when the 529 00:29:02,760 --> 00:29:05,320 Speaker 1: President United States tells him every single day that he's 530 00:29:05,320 --> 00:29:07,920 Speaker 1: gonna put him out of business. So like, when you 531 00:29:08,000 --> 00:29:10,160 Speaker 1: look at the big picture around this, no wonder he's 532 00:29:10,160 --> 00:29:12,959 Speaker 1: skipping a meeting with oil executives. What's he gonna tell him? 533 00:29:13,360 --> 00:29:15,440 Speaker 1: You know, if they said, hey, look, will you commit 534 00:29:15,480 --> 00:29:17,720 Speaker 1: to us that for the bounty or administration you're gonna 535 00:29:17,800 --> 00:29:21,200 Speaker 1: quit picking on hydrocarbon's, he's gonna say, no, I've got 536 00:29:21,240 --> 00:29:23,560 Speaker 1: a OC on my back. I gotta make her happy. 537 00:29:24,320 --> 00:29:27,280 Speaker 1: So it's it's a very tough position. Would anybody be 538 00:29:27,320 --> 00:29:29,560 Speaker 1: building refineries? I mean we were hearing about this a 539 00:29:29,560 --> 00:29:32,720 Speaker 1: lot in and no matter who, let's say Donald Trump 540 00:29:32,760 --> 00:29:34,480 Speaker 1: was the president right now, who's going to invest in 541 00:29:34,520 --> 00:29:37,320 Speaker 1: a refinery in this country without a long enough range 542 00:29:37,400 --> 00:29:40,360 Speaker 1: view to make that worthwhile? Rick, you have to build 543 00:29:40,360 --> 00:29:42,880 Speaker 1: a city for crying out lout. Well, we're net short 544 00:29:42,920 --> 00:29:46,480 Speaker 1: on refinery capacity, and there's a huge refinery in Philadelphia 545 00:29:46,520 --> 00:29:49,600 Speaker 1: that's now being dismantled because a real estate firm bought it, 546 00:29:49,960 --> 00:29:52,600 Speaker 1: not an oil company. And so you look at this 547 00:29:52,680 --> 00:29:54,560 Speaker 1: and say, wow, you know, this tells you everything you 548 00:29:54,600 --> 00:29:57,680 Speaker 1: need to know who oil companies are not investing in infrastructure. 549 00:29:58,240 --> 00:30:00,560 Speaker 1: And and I think that we're looking at a situation 550 00:30:00,600 --> 00:30:03,160 Speaker 1: where we're gonna become dependent upon foreign sources or for 551 00:30:03,240 --> 00:30:06,280 Speaker 1: fine capacity, and then it's gonna be this big argument 552 00:30:06,280 --> 00:30:10,000 Speaker 1: again about like, gosh, aren't we strategically vulnerable if we're 553 00:30:10,000 --> 00:30:13,880 Speaker 1: getting all our oil from foreign sources? Genie Shenzano. It 554 00:30:14,000 --> 00:30:16,640 Speaker 1: was the next round, the latest round today on the 555 00:30:16,720 --> 00:30:21,400 Speaker 1: January six committee. We saw the hearing take place midday today. 556 00:30:21,440 --> 00:30:25,520 Speaker 1: This was number four. If if we're playing along on 557 00:30:25,760 --> 00:30:29,240 Speaker 1: our home game, Uh, some really disturbing stuff today. We've 558 00:30:29,240 --> 00:30:33,000 Speaker 1: heard the stories from Georgia brad Rafinsburger to here extended 559 00:30:33,120 --> 00:30:37,800 Speaker 1: portions of the conversation with Donald Trump was pretty remarkable. 560 00:30:37,840 --> 00:30:42,320 Speaker 1: The speaker of the Arizona House was also their Rusty Bauer. Uh, 561 00:30:42,640 --> 00:30:45,959 Speaker 1: just telling remarkable stories of getting direct phone calls from 562 00:30:46,000 --> 00:30:48,840 Speaker 1: the President of the United States, who, by the way, 563 00:30:49,800 --> 00:30:53,120 Speaker 1: weighed in on the proceedings at a rally over the weekend. 564 00:30:53,160 --> 00:30:56,280 Speaker 1: Here's Donald Trump. They're con people, They're kind of artists. 565 00:30:57,360 --> 00:30:59,960 Speaker 1: I say, the unselected are supposed to be the selectively 566 00:31:00,120 --> 00:31:02,360 Speaker 1: he in January. You know, like these people are legitimate. 567 00:31:02,720 --> 00:31:06,800 Speaker 1: Every one of them is a radical left hater, hates 568 00:31:06,880 --> 00:31:09,720 Speaker 1: all of you, hates me even more than you. But 569 00:31:09,800 --> 00:31:12,680 Speaker 1: I'm just trying to help you out. What the hell 570 00:31:12,760 --> 00:31:18,480 Speaker 1: did I do? Just happened to show up? Jeanie. Is 571 00:31:18,520 --> 00:31:22,680 Speaker 1: this gonna end up strengthening Donald Trump in the end? Uh? 572 00:31:22,760 --> 00:31:25,440 Speaker 1: The hearings? I don't think so. I thought today was 573 00:31:25,840 --> 00:31:29,680 Speaker 1: particularly effective. Um, and you know, the the former president 574 00:31:29,680 --> 00:31:31,600 Speaker 1: can say all he wants that these are, you know, 575 00:31:31,640 --> 00:31:34,000 Speaker 1: a bunch of left wing people. But the reality is 576 00:31:34,280 --> 00:31:36,680 Speaker 1: what the committee has done so brilliantly in all of 577 00:31:36,720 --> 00:31:39,800 Speaker 1: these hearings is they have brought up people who are 578 00:31:40,080 --> 00:31:43,840 Speaker 1: conservative Republicans. Many of them worked for Donald Trump, many 579 00:31:43,840 --> 00:31:47,040 Speaker 1: people that he hired who supported him and continue to 580 00:31:47,200 --> 00:31:50,680 Speaker 1: be committed to the Republican Party. But as Rusty Bowers, 581 00:31:50,840 --> 00:31:54,200 Speaker 1: the Republican speaker from Arizona, was so, you know, impactful 582 00:31:54,240 --> 00:31:57,320 Speaker 1: at least I thought today because he described the fact 583 00:31:57,400 --> 00:31:59,560 Speaker 1: that he couldn't do something against his oath, that it 584 00:31:59,600 --> 00:32:02,680 Speaker 1: was again to his religion, and that he simply was 585 00:32:02,800 --> 00:32:05,880 Speaker 1: being threatened by the president for something he wouldn't do. 586 00:32:05,960 --> 00:32:08,640 Speaker 1: And we heard that story over and over again. There's 587 00:32:08,680 --> 00:32:11,800 Speaker 1: also the election worker from Georgia, you know, Shay Moss 588 00:32:11,840 --> 00:32:14,959 Speaker 1: and her mother who you know working the polls. We 589 00:32:15,000 --> 00:32:17,680 Speaker 1: need election workers in this country and get dragged into 590 00:32:17,720 --> 00:32:20,080 Speaker 1: this and it's a story that's told over and over again. 591 00:32:20,120 --> 00:32:22,560 Speaker 1: So I think President Trump, you know, can try to 592 00:32:22,600 --> 00:32:24,160 Speaker 1: say what he wants, but I think the fact that 593 00:32:24,200 --> 00:32:27,520 Speaker 1: he's out there talking about this is a you know, 594 00:32:27,640 --> 00:32:31,120 Speaker 1: underscores the fact that he he recognizes that he is 595 00:32:31,640 --> 00:32:34,440 Speaker 1: being impacted by this in a very negative way. Rick, 596 00:32:34,520 --> 00:32:39,280 Speaker 1: I know you've spent time around Rusty Bowers in Arizona politics. Uh, 597 00:32:39,320 --> 00:32:42,400 Speaker 1: we missed your insights on these hearings for a week. 598 00:32:43,240 --> 00:32:46,240 Speaker 1: Are they using their time wisely? Yeah? I think the 599 00:32:46,280 --> 00:32:49,080 Speaker 1: one and most important thing probably that they're doing is 600 00:32:49,080 --> 00:32:54,000 Speaker 1: they're setting a factual record around what happened after this election. 601 00:32:54,040 --> 00:32:56,320 Speaker 1: You know, the big lie, the January six attack on 602 00:32:56,360 --> 00:33:00,200 Speaker 1: the Capitol. These are people from the Trump administrat ation, 603 00:33:00,240 --> 00:33:03,560 Speaker 1: as Genie said, conservative elected officials from around the country 604 00:33:03,600 --> 00:33:07,080 Speaker 1: who were Trump supporters, uh, in some cases still hard 605 00:33:07,600 --> 00:33:10,560 Speaker 1: and and and they're putting into the record. And it's 606 00:33:10,800 --> 00:33:15,560 Speaker 1: very hard to just to disagree with the former Attorney General, 607 00:33:15,680 --> 00:33:18,000 Speaker 1: the chief of Staff of the United States aids in 608 00:33:18,000 --> 00:33:21,120 Speaker 1: the White House, family members to Donald Trump. And in 609 00:33:21,160 --> 00:33:25,600 Speaker 1: this case today elected Republican officials from key states where 610 00:33:25,680 --> 00:33:28,840 Speaker 1: they lost it was in their interest to win. When 611 00:33:28,880 --> 00:33:30,800 Speaker 1: they lost, they said, we got to do the right 612 00:33:30,840 --> 00:33:33,320 Speaker 1: thing and declare a loss and and go about it, 613 00:33:33,520 --> 00:33:36,479 Speaker 1: uh the right way. And for Rusty Bowers to get 614 00:33:36,560 --> 00:33:38,000 Speaker 1: up there and do what he did, it's it's bad 615 00:33:38,000 --> 00:33:40,480 Speaker 1: politics for him at home. You know, there's there's a 616 00:33:40,480 --> 00:33:43,800 Speaker 1: lot of Trumpers, uh that that run the Republican Party 617 00:33:43,800 --> 00:33:48,160 Speaker 1: of Arizona and threatening his life and families, his family's 618 00:33:48,200 --> 00:33:51,280 Speaker 1: well being. And and he took he took the high road. 619 00:33:51,360 --> 00:33:53,920 Speaker 1: And so I hope people actually, you know, so many 620 00:33:53,960 --> 00:33:56,280 Speaker 1: people say, oh, well, you know, these elected officials are 621 00:33:56,280 --> 00:33:57,960 Speaker 1: all a bunch of bums, are all a bunch of 622 00:33:58,320 --> 00:34:01,400 Speaker 1: you know, uh ingrades and and and don't do work. 623 00:34:01,920 --> 00:34:04,200 Speaker 1: This has been a really good example of the fact 624 00:34:04,280 --> 00:34:07,320 Speaker 1: that there are people like Rusty Bauer and brad Rafsenburger 625 00:34:07,640 --> 00:34:10,400 Speaker 1: who are doing the hard work and are being honorable, 626 00:34:10,600 --> 00:34:14,520 Speaker 1: and it should hopefully reinstill in the American public size 627 00:34:14,560 --> 00:34:17,800 Speaker 1: the fact that there are honorable elected officials, certainly especially 628 00:34:17,880 --> 00:34:20,440 Speaker 1: within the Republican Party, who kept bad things from happening. 629 00:34:20,600 --> 00:34:23,560 Speaker 1: To be clear, Genie, these are conservative Republicans. These are not, 630 00:34:23,719 --> 00:34:26,120 Speaker 1: you know, people who were voting for Joe Biden. They 631 00:34:26,160 --> 00:34:29,479 Speaker 1: actually voted twice for Donald Trump. That's right, And and 632 00:34:29,520 --> 00:34:31,839 Speaker 1: you know, I believe in many cases, as Rick just said, 633 00:34:31,840 --> 00:34:34,640 Speaker 1: these are people in some cases who still support Donald Trump. 634 00:34:34,719 --> 00:34:37,520 Speaker 1: They still prefer him to Joe Biden. They very much 635 00:34:37,560 --> 00:34:39,720 Speaker 1: would have liked to see him win. And let's not forget, 636 00:34:39,920 --> 00:34:42,239 Speaker 1: you know, Donald Trump is just about the only Republican 637 00:34:42,280 --> 00:34:46,360 Speaker 1: who lost. In Republicans did incredibly well in state houses 638 00:34:46,400 --> 00:34:49,160 Speaker 1: across the country and made up many seats in the 639 00:34:49,200 --> 00:34:52,280 Speaker 1: House and tied the Senate. And they would have probably 640 00:34:52,280 --> 00:34:55,000 Speaker 1: taken the Senate if Donald Trump hadn't impacted the Georgia 641 00:34:55,080 --> 00:34:57,600 Speaker 1: race so negatively. So you know, there is also that 642 00:34:57,719 --> 00:34:59,880 Speaker 1: challenge of you know, it was only his race that 643 00:35:00,040 --> 00:35:03,239 Speaker 1: seems to have been discounted everybody else's wasn't. So you know, 644 00:35:03,320 --> 00:35:05,960 Speaker 1: from any perspective, it's a very difficult case to make, 645 00:35:06,120 --> 00:35:10,560 Speaker 1: really remarkable to hear Brad Raffensburger explain twenty eight thousand. 646 00:35:10,640 --> 00:35:16,480 Speaker 1: I believe it was Republicans voted did not vote for president, 647 00:35:16,560 --> 00:35:20,840 Speaker 1: though they voted down ballot. The members of Congress running 648 00:35:21,080 --> 00:35:24,040 Speaker 1: in Georgia had twenty eight thousand more legitimate votes than 649 00:35:24,080 --> 00:35:26,920 Speaker 1: the president. What does that tell you, Rick about decisions 650 00:35:26,960 --> 00:35:29,359 Speaker 1: that were being made in the voting booth. I think 651 00:35:29,400 --> 00:35:31,640 Speaker 1: you had to nail right on the head. This is 652 00:35:31,719 --> 00:35:34,279 Speaker 1: something that most people have not paid any attention to, 653 00:35:34,440 --> 00:35:37,280 Speaker 1: but it actually exists in most of the fifty states, 654 00:35:37,680 --> 00:35:41,320 Speaker 1: and that is that Donald Trump underperformed the Republican base vote. 655 00:35:41,600 --> 00:35:45,799 Speaker 1: When you talk about Republican base vote being um uh, 656 00:35:45,840 --> 00:35:48,400 Speaker 1: you know, people who voted for members of Congress and 657 00:35:48,440 --> 00:35:51,920 Speaker 1: in Georgia during the general election, not the runoff, you know, 658 00:35:51,960 --> 00:35:54,280 Speaker 1: where we lost two Senate races, but in the general 659 00:35:54,320 --> 00:35:58,560 Speaker 1: election there were more people voting for House members totally 660 00:35:58,560 --> 00:36:00,920 Speaker 1: in the state by and which by the way, was 661 00:36:01,200 --> 00:36:06,040 Speaker 1: almost double the loss um of number of votes that 662 00:36:06,080 --> 00:36:08,719 Speaker 1: he lost the state by. So if he had just 663 00:36:08,800 --> 00:36:11,719 Speaker 1: gotten a base Republican vote, he'dn't one would have been 664 00:36:11,760 --> 00:36:16,319 Speaker 1: no contest. Genie, I'm really taken in our remaining minute here, 665 00:36:16,960 --> 00:36:20,480 Speaker 1: just by the threats we've been hearing. That's one consistent 666 00:36:20,600 --> 00:36:24,040 Speaker 1: threat among several in these hearings is that the witnesses 667 00:36:24,480 --> 00:36:28,279 Speaker 1: were threatened their families, their children, their spouses, in some 668 00:36:28,360 --> 00:36:33,200 Speaker 1: cases disgusting sexual messages and threats against them. And it 669 00:36:33,280 --> 00:36:36,000 Speaker 1: does make you think about Adam Kinzinger over the weekend 670 00:36:36,080 --> 00:36:38,400 Speaker 1: saying that there is more violence to come. How worried 671 00:36:38,440 --> 00:36:41,560 Speaker 1: are you about it. I'm extremely worried. The threats against 672 00:36:41,600 --> 00:36:44,800 Speaker 1: him and his family are disgusting and outrageous. We've heard 673 00:36:44,840 --> 00:36:48,719 Speaker 1: the political violence talk, if you will, their rhetoric, particularly 674 00:36:48,719 --> 00:36:51,720 Speaker 1: on the Republican side. You look at the GOP convention 675 00:36:51,760 --> 00:36:54,560 Speaker 1: down in Texas, you look at Eric Grayton's you know 676 00:36:54,640 --> 00:36:58,080 Speaker 1: ad that was out and Facebook took down. It's very, 677 00:36:58,160 --> 00:37:01,360 Speaker 1: very frightening out there. This is why we have this 678 00:37:01,440 --> 00:37:04,320 Speaker 1: conversation every day. Rick. It's great to have you back. Jeannie. 679 00:37:04,400 --> 00:37:07,800 Speaker 1: Of course, we'll be back together tomorrow on the fastest 680 00:37:07,840 --> 00:37:10,920 Speaker 1: hour in politics with our signature panel. I'm Joe Matthew 681 00:37:11,000 --> 00:37:14,120 Speaker 1: in Washington. Thanks for spending some time with us. Hey, 682 00:37:14,160 --> 00:37:16,520 Speaker 1: it's primary day. We haven't even gotten to that. We'll 683 00:37:16,560 --> 00:37:20,560 Speaker 1: be talking results tomorrow. And subscribe to the sound on podcasts. 684 00:37:20,680 --> 00:37:22,000 Speaker 1: This is Bloomberg