WEBVTT - GOP Strategist Heye Warns Dems Lurching Too Far Left 0:00:02.640 --> 0:00:05.320 Welcome to the Bloomberg Penel podcast. I'm Paul swing you 0:00:05.360 --> 0:00:07.680 along with my co host Lisa Brahma Waits. Each day 0:00:07.720 --> 0:00:10.240 we bring you the most noteworthy and useful interviews for 0:00:10.280 --> 0:00:12.520 you and your money, whether at the grocery store or 0:00:12.560 --> 0:00:15.480 the trading floor. Find a Bloomberg Penl podcast on Apple 0:00:15.520 --> 0:00:17.959 podcast or wherever you listen to podcasts, as well as 0:00:17.960 --> 0:00:23.640 at Bloomberg dot com. We are broadcasting from the Commonal 0:00:23.760 --> 0:00:28.120 Financial Network Summit for Women Advisors here in Nashville, TENNESSEEE. 0:00:28.560 --> 0:00:33.240 Last night, many people were watching the next ten presidential 0:00:33.280 --> 0:00:37.879 Democratic candidates debate each other in Florida. There was a 0:00:38.000 --> 0:00:41.879 very different tone in this debate. A lot of policies discussed. 0:00:41.880 --> 0:00:44.360 Take a listen to some snippets from the event. And 0:00:44.400 --> 0:00:47.200 we have got to pass a Medicare for all single 0:00:47.240 --> 0:00:49.880 play as system. We have to make sure we understand 0:00:49.920 --> 0:00:52.559 that the return dignity to the metal class. They have 0:00:52.720 --> 0:00:56.400 to have insurance that is covered and they can afford it. 0:00:56.480 --> 0:01:00.600 Everybody who says Medicare for all, every person in politics 0:01:00.640 --> 0:01:03.680 who allows that phrase to escape their lips, has a 0:01:03.760 --> 0:01:07.120 responsibility to explain how you're actually supposed to get from 0:01:07.120 --> 0:01:10.360 here to there. Yes, they will pay more in taxes 0:01:10.480 --> 0:01:13.480 but less in healthcare for what they get. There was 0:01:13.560 --> 0:01:16.840 that question when the Republicans and Donald Trump passed a 0:01:16.920 --> 0:01:19.080 tax bill bit that benefits the top one just says 0:01:19.440 --> 0:01:23.039 and the biggest separation at the typing. Donald Trump has 0:01:23.040 --> 0:01:26.319 put us in a horrible situation. We do have enormous 0:01:26.360 --> 0:01:29.240 income inequality. And the one thing I agree on is 0:01:29.319 --> 0:01:32.160 we can make massive cuts in the one point six 0:01:32.200 --> 0:01:35.520 trillion dollars in tax loopholes out there, and I would 0:01:35.520 --> 0:01:40.360 be going about eliminating Donald Trump's tax cuts for the wealthy. 0:01:40.800 --> 0:01:43.679 We've been listening to the voices of former Vice President 0:01:43.760 --> 0:01:47.120 Joe Biden, Senators Bernie Sanders and Kamala Harris, among others, 0:01:47.200 --> 0:01:49.600 in that debate. Joining us now to unpack what we 0:01:49.720 --> 0:01:54.440 heard is Doug High, Republican strategist and former RNC communications director, 0:01:54.880 --> 0:01:57.640 Doug So glad that you could join us. My main 0:01:57.720 --> 0:02:01.080 question is who are the Republicans. Who is Donald Trump 0:02:01.200 --> 0:02:04.720 most scared of? Uh? Coming out of these two nights 0:02:04.760 --> 0:02:08.280 of the Democratic candidate debates. Well, there there's a there's 0:02:08.280 --> 0:02:11.399 a discussion in the inside the Trump campaign of what 0:02:11.480 --> 0:02:13.799 they fear the most. Is it somebody like a Joe 0:02:13.840 --> 0:02:17.720 Biden who has the experience and also can win some 0:02:17.760 --> 0:02:20.720 of these states that Trump flipped, like a Pennsylvania, Or 0:02:20.840 --> 0:02:23.840 is it a change agent, somebody who represents something completely different. 0:02:24.400 --> 0:02:27.280 I think last night we saw that Kamala Harris has 0:02:27.320 --> 0:02:29.680 the ability to stand to to toe with just about anybody. 0:02:30.040 --> 0:02:33.360 That should certainly send uh, some some worry into the 0:02:33.360 --> 0:02:36.080 Trump camp. But also one thing, I think while it 0:02:36.120 --> 0:02:37.959 was a big, big night for Kamala Harris, it was 0:02:38.000 --> 0:02:41.040 a very good night for people that edge. One thing 0:02:41.080 --> 0:02:44.320 I did see that over last night and the night 0:02:44.360 --> 0:02:47.720 before is Democrats were almost arguing with each other over 0:02:47.720 --> 0:02:51.000 who could learn further to the left. Um, and that 0:02:51.160 --> 0:02:55.080 is a ground that Republicans want a campaign on. That 0:02:55.240 --> 0:02:58.280 is exactly the contrast with the Trump campaign would love 0:02:58.320 --> 0:03:00.960 to campaign on, regardless of through that nominee is. And 0:03:00.960 --> 0:03:03.760 that's something Democrats need to be careful of. So, Doug, 0:03:03.800 --> 0:03:05.840 that's exactly where I wanted to go. You know, my 0:03:06.000 --> 0:03:07.679 question I guess is, you know, I think at these 0:03:07.720 --> 0:03:10.960 primary at these early debates, UM, you know, we'll probably 0:03:10.960 --> 0:03:12.680 see a lot of candidates try to, you know, kind 0:03:12.680 --> 0:03:15.200 of push to the left. But when push comes to 0:03:15.200 --> 0:03:17.080 show when we get to the general election, do you 0:03:17.080 --> 0:03:20.960 expect that Democrats to put up a centrist or maybe 0:03:21.040 --> 0:03:23.560 something a little bit more left of that. Well, I 0:03:23.600 --> 0:03:26.720 think at this point we defined centrists. This is true 0:03:26.760 --> 0:03:29.639 to some extent with Republicans as well. We define centrists. 0:03:29.840 --> 0:03:32.519 Who sounds reasonable much less what the policies are. So 0:03:32.560 --> 0:03:35.640 Pete fort Edges, I would say his policies are uniformly 0:03:35.720 --> 0:03:38.040 in line with where Democrats are. But he doesn't talk 0:03:38.080 --> 0:03:40.880 like a typical politician. He sounds like somebody from Indiana. 0:03:40.880 --> 0:03:44.080 He sounds like somebody who's more of a centrist. That's 0:03:44.240 --> 0:03:47.040 that's a great attribute to have. But the policies that 0:03:47.200 --> 0:03:50.480 every Democrat last night, basically all of them and the 0:03:50.600 --> 0:03:54.440 night before lined up on we're all almost exactly in 0:03:54.480 --> 0:03:57.200 accordance with each other. And what we see healthcare being 0:03:57.360 --> 0:04:00.440 one good example is Democrats, where it was a real 0:04:00.520 --> 0:04:03.960 asset to them in and the election, have moved very 0:04:04.040 --> 0:04:06.840 far from where they were on election dates in thousand eighteen, 0:04:07.120 --> 0:04:09.960 which wasn't that long ago. And if that continues, it 0:04:10.080 --> 0:04:13.560 sets the Democrat up whomever that may be. Uh. For 0:04:13.640 --> 0:04:15.760 a contrast with the Trump campaign would love to have, 0:04:16.240 --> 0:04:18.520 you know, Doug, I'm actually surprised to hear you saying 0:04:18.800 --> 0:04:21.280 that this was a competition to just move the furthest 0:04:21.320 --> 0:04:23.039 to the left, because I actually was surprised that it 0:04:23.120 --> 0:04:25.800 was not more that way. Uh. And I was surprised 0:04:25.839 --> 0:04:29.120 that a number of candidates, potential candidates came out and said, 0:04:29.440 --> 0:04:31.400 you know what, we don't think that a single payer 0:04:31.520 --> 0:04:35.240 healthcare system where you can't have your own insurance will work. 0:04:35.279 --> 0:04:37.799 And that's not what it's looked like u in places 0:04:37.839 --> 0:04:41.040 like Canada or in Europe, and you know, trying to 0:04:41.080 --> 0:04:44.320 make an argument for a more sustainable type of program. 0:04:44.440 --> 0:04:47.760 So what exactly are you pointing to? That was more 0:04:48.000 --> 0:04:51.320 left leaning than you thought and more of a consensus 0:04:51.320 --> 0:04:55.159 throughout well on on healthcare. Uh. Certainly there was some 0:04:55.279 --> 0:04:57.200 talk of whether or not people would be able to 0:04:57.560 --> 0:05:00.159 keep their insurance plan. Obviously, if you like your and 0:05:00.240 --> 0:05:02.719 you can keep it with something Obama ran on and 0:05:02.760 --> 0:05:05.919 then couldn't deliver on, there was some dissension there, but 0:05:05.960 --> 0:05:08.520 they have moved further to the left. They're also immigration, 0:05:08.800 --> 0:05:12.080 where every hand went up on decriminalizing the border. That 0:05:12.240 --> 0:05:15.240 is a fight that Donald Trump wants to have, regardless 0:05:15.240 --> 0:05:17.160 of what's going on at the border right now, And 0:05:17.200 --> 0:05:19.960 I would say, you know, as a Republican, it's a crisis, 0:05:20.000 --> 0:05:22.279 and it's terrible. The conditions that we're seeing for kids 0:05:22.320 --> 0:05:26.240 and what's happening with families is terrible. Politically, this is 0:05:26.279 --> 0:05:28.760 a fight that's a very comfortable one for Donald Trump 0:05:28.839 --> 0:05:32.000 to have. When every Democrat raised their hand and said, 0:05:32.040 --> 0:05:34.720 we want to decriminalize crossing the border, that's the fight 0:05:34.800 --> 0:05:38.400 Donald Trump wont so, Doug, It's it's interesting. Do you 0:05:38.440 --> 0:05:43.520 expect coming out of this huge field of Democratic uh candidates? Uh, 0:05:43.560 --> 0:05:46.359 you know, a Bill Clinton type of candidate, a Barack Obama, 0:05:46.600 --> 0:05:48.960 you know, to come out of nowhere and really take 0:05:49.040 --> 0:05:51.760 the lead. Do you think there's possibility of that happening 0:05:51.800 --> 0:05:54.560 this year? We have so many to choose from. Well, 0:05:54.600 --> 0:05:56.359 I think what we'll see is is a winnowing and 0:05:56.600 --> 0:05:59.359 the threshold for the next debate will be higher. So 0:05:59.440 --> 0:06:02.360 we're fortunately not going to see you know, a Mary 0:06:02.360 --> 0:06:04.760 Anne Williamson or and Andrew Yang in the next debate 0:06:04.800 --> 0:06:08.360 most likely. So we'll get more substance from Biden, from Warren, 0:06:08.400 --> 0:06:10.560 who had a good night two nights ago. Take the 0:06:10.560 --> 0:06:13.160 problem for Elizabeth Warren, where she was the first night, 0:06:13.200 --> 0:06:15.080 not the second night, and it's kind of been lost 0:06:15.120 --> 0:06:18.280 in the conversation. Clearly, Kamala Harris is a star that 0:06:18.320 --> 0:06:21.760 shouldn't have surprised anyone, and she'll do well in further debate. 0:06:22.040 --> 0:06:24.600 And again I wouldn't forget Corey Booker and Pete Edge 0:06:24.640 --> 0:06:28.800 Edge who don't talk typically like politicians do. When when 0:06:28.800 --> 0:06:31.720 Pete talks like a midwesterner and a mayor somebody who 0:06:31.760 --> 0:06:35.479 does things or in this case, accepts responsibility for when 0:06:35.480 --> 0:06:38.480 he wasn't able to do something, which politicians really don't 0:06:38.480 --> 0:06:41.200 do very often, or when Corey but Booker talks about 0:06:41.440 --> 0:06:44.080 living in a community of color. A lot of politicians 0:06:44.200 --> 0:06:46.720 don't know that world and certainly don't talk about it. 0:06:46.960 --> 0:06:49.320 That gives them an opportunity to communicate in a very 0:06:49.360 --> 0:06:52.760 different way. So, Doug, since you are Republican strategist and 0:06:52.800 --> 0:06:56.640 a former RNC communications director, I'm wondering whether there has 0:06:56.680 --> 0:07:00.719 been less or more support among Republicans recently for President 0:07:00.720 --> 0:07:05.080 Trump heading into this election cycle based on the tariffs 0:07:05.080 --> 0:07:08.280 and some of the trade talk, because tariffs have traditionally 0:07:08.320 --> 0:07:12.600 been not in the playbook of Republican economics. Yeah, and 0:07:12.600 --> 0:07:15.080 I know from watching Bloomberg has a major part of 0:07:15.080 --> 0:07:17.720 the conversation. And I'm gonna be in Iowa in a 0:07:17.720 --> 0:07:19.680 few weeks and I can't wait to hear on the 0:07:19.720 --> 0:07:22.920 ground what the conversation on teriffs is when I'm in Iowa. 0:07:23.240 --> 0:07:25.680 Clearly it's it's having a negative impact. That is a 0:07:25.800 --> 0:07:28.800 very important state for Donald Trump. I don't think it 0:07:28.840 --> 0:07:32.400 will erode his base, but certainly those who maybe were 0:07:32.440 --> 0:07:36.040 Obama voters in Iowa in the past and then flipped 0:07:36.040 --> 0:07:38.280 for Trump. That's a place where where you're going to 0:07:38.320 --> 0:07:40.680 look and see how are those voters looking at this 0:07:40.800 --> 0:07:43.200 now where they like the fact that Donald Trump is 0:07:43.240 --> 0:07:47.080 taking a fight um to China for instance, um where 0:07:47.160 --> 0:07:49.920 other presidents haven't. But the effect that those are having 0:07:50.640 --> 0:07:53.000 are are having real impacts on their day to day life. 0:07:53.080 --> 0:07:55.120 Being from North Carolina, I know I could have that 0:07:55.200 --> 0:07:58.840 same conversation about sweet potade is all day long. Dougu 0:07:58.840 --> 0:08:01.440 I thank you so much over being with us. We 0:08:01.480 --> 0:08:04.480 really appreciate your insights. Doug High is a Republican strategist, 0:08:04.680 --> 0:08:09.720 former RNC communications director, a director, and sweet potato aficionado 0:08:09.960 --> 0:08:12.840 heading to Iowa to get the pulse on the ground. 0:08:13.120 --> 0:08:32.120 Talking about the Democratic debate. Joining us is Maria Considine 0:08:32.200 --> 0:08:35.360 King Maria as a senior vice president Practice Management at 0:08:35.400 --> 0:08:38.199 Commonwealth Financial Network. Maria, thank you so much for joining us. 0:08:38.400 --> 0:08:40.600 Just give us a sense of why this summit is 0:08:40.640 --> 0:08:44.800 important for the women advisors a Commonwealth. Yeah. Absolutely, So, 0:08:45.360 --> 0:08:47.480 you know, this month is a momentous month for Commonwealth 0:08:47.559 --> 0:08:50.839 or celebrating our four youth anniversary. And ever since we've 0:08:50.840 --> 0:08:53.400 been founded, we have had this vision. Joe Ditch has 0:08:53.440 --> 0:08:55.360 has a vision that this is a place where everyone 0:08:55.480 --> 0:08:59.199 can thrive and that is what we have striven for 0:08:59.200 --> 0:09:01.800 for all the all these years. And so in order 0:09:01.840 --> 0:09:04.000 to strive, people need to be able to have a 0:09:04.040 --> 0:09:07.360 community that is supportive of them, that allows them to 0:09:07.400 --> 0:09:10.120 sort of explore who they are, understand what is what 0:09:10.240 --> 0:09:12.400 is possible for them, and help them to move forward. 0:09:12.440 --> 0:09:15.680 And for women advisors are Commonwealth who are about of 0:09:15.720 --> 0:09:18.240 the field, it's been hard for them to just know 0:09:18.280 --> 0:09:20.040 who their peer group is. When we go to our 0:09:20.120 --> 0:09:23.640 national conferences and other events, it's predominantly male, and so 0:09:23.679 --> 0:09:26.200 it's hard for them to just know who those people are. 0:09:26.360 --> 0:09:29.120 So events like this allow them to literally set eyes 0:09:29.160 --> 0:09:31.400 on one another and recognize you are my peer, you 0:09:31.440 --> 0:09:34.040 are my colleague, and so it takes it levels the 0:09:34.040 --> 0:09:36.320 field right out of the gate um. And then it 0:09:36.360 --> 0:09:38.880 also provides them with an opportunity to find their own voice, 0:09:38.920 --> 0:09:41.960 to find their commonalities, to to share how they can 0:09:42.000 --> 0:09:44.800 help one another what has been successful for them, um, 0:09:44.880 --> 0:09:46.560 not only for the women who are here today, but 0:09:46.640 --> 0:09:49.560 also to establish a community and a dialogue that attracts 0:09:49.559 --> 0:09:52.400 women to come to our community in the future. UM. 0:09:52.400 --> 0:09:54.319 And it's not just about women really, right, this is 0:09:54.360 --> 0:09:58.080 about diversity overall. So hopefully by providing a community and 0:09:58.120 --> 0:10:00.400 creating a community that lifts up women, and we are 0:10:00.440 --> 0:10:03.160 creating a community that lifts up everybody, um, and is 0:10:03.160 --> 0:10:05.200 an attractive place for people to be. You said about 0:10:05.760 --> 0:10:08.960 of the field, and the Commonwealth works with almost two 0:10:09.040 --> 0:10:14.800 thousand independent financial advisors. Why is only twenty percent of 0:10:14.840 --> 0:10:18.640 that total female. That's a great question. Uh. And it's 0:10:18.720 --> 0:10:20.719 it's a needle that hasn't moved a whole lot over 0:10:20.760 --> 0:10:22.960 the years. Um. And I think there are a few 0:10:23.000 --> 0:10:25.760 reasons for that. I think, you know, younger women coming up, 0:10:25.800 --> 0:10:28.480 I don't think they sort of see this industry. I 0:10:28.520 --> 0:10:30.199 don't think it's very visible to them when they think 0:10:30.200 --> 0:10:32.760 about a career. In finance, they're often thinking about a 0:10:32.800 --> 0:10:36.360 career in investment banking or something on Wall Street that 0:10:36.800 --> 0:10:40.160 that conveys a lifestyle that might not be conducive to 0:10:40.160 --> 0:10:42.079 them having a family of their own, or life of 0:10:42.120 --> 0:10:44.679 their own, or just whatever they want their life to be. UM. 0:10:44.720 --> 0:10:46.640 So I think that we're not visible as an industry. 0:10:46.640 --> 0:10:48.360 So I think it's important for the women advisors who 0:10:48.400 --> 0:10:50.720 are here today to start making themselves more visible and 0:10:50.720 --> 0:10:53.040 start getting out in their in their communities to to 0:10:53.080 --> 0:10:56.640 show them what is possible within the wealth advisory field. UM, 0:10:56.679 --> 0:10:58.640 and that it's a great field and it's a great 0:10:58.640 --> 0:11:01.280 career for for women to happen to explore. So I 0:11:01.320 --> 0:11:04.760 think we've got a visibility issue UM, certainly. UM. And 0:11:04.800 --> 0:11:06.760 then I think on the independent side, I think young 0:11:06.800 --> 0:11:10.200 women sometimes aren't all that encouraged to take risks. And 0:11:10.240 --> 0:11:12.480 so if you're going to be an independent advisor, you're 0:11:12.480 --> 0:11:14.080 going to be an entrepreneur, you're going to be a 0:11:14.120 --> 0:11:18.360 business owner. It's a lot of responsibility, it's a great commitment. UM. 0:11:18.400 --> 0:11:20.720 There's a lot of potential there, but I think some 0:11:20.840 --> 0:11:23.280 younger women may not feel fully supported and being able 0:11:23.320 --> 0:11:25.800 to take that step and take that leap um, so 0:11:25.840 --> 0:11:30.600 they may tend to take more employee advisor rules rather 0:11:30.679 --> 0:11:34.839 than be that forward facing business owner and entrepreneur. So 0:11:35.080 --> 0:11:36.640 we have a lot of work to do as as 0:11:36.679 --> 0:11:39.520 a as a community, and certainly as a field uh 0:11:39.559 --> 0:11:42.760 to attract younger women into our industry. So when a 0:11:42.840 --> 0:11:44.640 woman comes to and wants to set up a practice, 0:11:44.679 --> 0:11:47.920 are there are there specific is this is some specific 0:11:47.960 --> 0:11:50.199 advice you give to a woman setting up a practice 0:11:50.240 --> 0:11:53.320 that maybe it's a little bit unique. I was intrigued 0:11:53.360 --> 0:11:56.720 to hear that question because I think, you know, business 0:11:56.720 --> 0:11:59.480 principles are business principles, and I think they're they're the same. 0:11:59.520 --> 0:12:02.360 Whether it's it's a man or a woman doesn't doesn't matter. 0:12:02.520 --> 0:12:05.160 What I think is different is the adoption and the 0:12:05.200 --> 0:12:08.440 implementation rate between men and women. And this is entirely 0:12:08.480 --> 0:12:11.559 my perspective. So you might talk to a colleague who disagrees. 0:12:11.600 --> 0:12:16.120 But when I work with women advisors, they tend to implement. 0:12:16.320 --> 0:12:18.320 Like when we have a consulting engagement with them, we 0:12:18.400 --> 0:12:21.400 come up with their strategies and their tactics, they implement, 0:12:21.480 --> 0:12:23.680 they report back, and they're telling me where the successes 0:12:23.679 --> 0:12:26.959 are and what their challenges are. With men, they may 0:12:27.000 --> 0:12:29.719 do that UM, but they may hold back a bit 0:12:29.800 --> 0:12:32.240 and may sort of vetted against a number of other 0:12:32.320 --> 0:12:34.679 ideas and look look for other information. And so there 0:12:34.880 --> 0:12:37.559 there seems to be a faster adoption rate among women 0:12:37.600 --> 0:12:40.560 for basic business principles and establishing their practice in an 0:12:40.559 --> 0:12:42.960 effective way. So when it comes to the business opportunity 0:12:43.080 --> 0:12:46.720 for women, I've seen some statistics around the amount of 0:12:46.800 --> 0:12:49.520 wealth that women are actually accumulating and are in a 0:12:49.559 --> 0:12:52.240 position of power over money in a way that they 0:12:52.280 --> 0:12:56.200 really haven't been historically out of proportional basis, especially as 0:12:56.240 --> 0:12:59.319 they live longer. And so I'm trying to figure out 0:12:59.520 --> 0:13:04.120 whether women tend to work with female financial advisors more 0:13:04.160 --> 0:13:06.839 often than men. In other words, is this a sort 0:13:06.880 --> 0:13:11.199 of uh, you know, select group that has a specific 0:13:11.360 --> 0:13:15.040 pitch right now at a time of growing financial prowess 0:13:15.040 --> 0:13:17.600 among women. I think they certainly do have that have 0:13:17.720 --> 0:13:21.679 that advantage to leverage UM and they certainly can and 0:13:21.679 --> 0:13:23.920 they and many of them are. I think that women 0:13:24.040 --> 0:13:27.280 who are new to wealth or have accumulated a lot 0:13:27.320 --> 0:13:30.160 of wealth, many of them talk of feeling more comfortable 0:13:30.280 --> 0:13:33.520 talking with a woman about their financial circumstance. And part 0:13:33.520 --> 0:13:35.880 of that is sort of the history of of a 0:13:35.880 --> 0:13:39.079 bit of gender bias that has happened between advisors and clients, 0:13:39.080 --> 0:13:42.240 where advisors don't always recognize the woman as a decision 0:13:42.240 --> 0:13:45.240 maker and they tend to direct their information and questions 0:13:45.240 --> 0:13:47.480 to the man in the relationship. And so I do 0:13:47.520 --> 0:13:50.280 think women advisors have UM a great advantage and being 0:13:50.280 --> 0:13:52.920 able to attract women advisors and women, excuse me, women 0:13:53.080 --> 0:13:57.520 clients of wealth UM and I believe and my impression 0:13:57.559 --> 0:14:00.080 is that that is happening with greater and greater frequency. 0:14:00.480 --> 0:14:02.160 Thank you so much for being with us and for 0:14:02.440 --> 0:14:06.439 having us here. Maria Considine King, Senior vice president Practice 0:14:06.480 --> 0:14:10.760 Management at Commonwealth Financial Network. She is the one who 0:14:10.880 --> 0:14:15.839 organized this that Commonwealth Financial Networks UH summit for women advisors, 0:14:16.400 --> 0:14:20.000 first of its kind, and it is a really interesting area, 0:14:20.080 --> 0:14:23.160 this whole idea of how do you end up diversifying 0:14:23.240 --> 0:14:27.320 fields that historically have been dominated by one group. How 0:14:27.320 --> 0:14:29.560 do you do that? What are the barriers something? It's 0:14:29.560 --> 0:14:33.280 a complicated question that's facing the entire financial world right now, 0:14:33.520 --> 0:14:52.480 financial services in general. It's been an issuing. Yes, the 0:14:52.520 --> 0:14:55.920 big question of the day, will Presidents jij And Ping 0:14:56.080 --> 0:14:59.040 of China and Donald Trump of the United States come 0:14:59.160 --> 0:15:01.440 to some sort of truce fire, at least at the 0:15:01.840 --> 0:15:06.800 G twenty meetings, after escalating rhetoric around imposing tariffs. Joining 0:15:06.880 --> 0:15:10.120 US now from Hong Kong, Steve Engle, TV correspondent for 0:15:10.200 --> 0:15:14.040 Bloomberg and in New York Macky international economics and policy 0:15:14.080 --> 0:15:17.440 correspondent for Bloomberg News. Thank you so much both of 0:15:17.440 --> 0:15:19.320 you for being with us. Steve, I want to start 0:15:19.360 --> 0:15:21.320 with you. Can you just sort of paint a scene, 0:15:21.360 --> 0:15:23.520 give us a sense of the mood on the ground 0:15:23.520 --> 0:15:26.920 there at the G twenty meetings. Yeah, I am here 0:15:26.960 --> 0:15:31.600 in Osaka morning, uh, and we've been, you know, covering 0:15:31.600 --> 0:15:34.000 it for the last couple of days, and we've all 0:15:34.040 --> 0:15:38.160 been just kind of previewing this meeting between she Denting 0:15:38.360 --> 0:15:41.280 and Donald Tump that is going to happen, uh, scheduled 0:15:41.600 --> 0:15:44.520 for twelve hours from right now. So it's eleven thirty 0:15:44.520 --> 0:15:47.280 at night here in Osaka. They're gonna plan to meet 0:15:47.320 --> 0:15:49.360 at eleven thirty in the morning. And again we got 0:15:49.400 --> 0:15:52.280 mixed signals from the President today. He said, on the 0:15:52.280 --> 0:15:54.600 one hand, is a good chance of doing something with 0:15:54.720 --> 0:15:58.120 China hunt trade tomorrow meeting Saturday at eleven thirty in 0:15:58.120 --> 0:16:00.560 the morning and they're working lunch. But on the other hand, 0:16:00.560 --> 0:16:03.560 he also said he hasn't promised to hold off on 0:16:03.720 --> 0:16:08.400 new tariffs. So again there's so much speculation about whether 0:16:08.680 --> 0:16:11.440 a truce can be reached, like we got seven months 0:16:11.440 --> 0:16:13.520 ago and Buenos Aires where they had a ninety day 0:16:13.560 --> 0:16:15.880 truce and of course it all fell apart in May. 0:16:16.600 --> 0:16:20.400 But you know, he has a busy day tomorrow in 0:16:20.480 --> 0:16:24.480 between season thing or a sandwich over season thing is 0:16:24.600 --> 0:16:27.360 meetings with Mohammed bin Salman of Saudi Arabia, and then 0:16:27.400 --> 0:16:30.320 after season thing he has Turkish president or the one. 0:16:30.360 --> 0:16:33.760 He's got a lot on his plate tomorrow. Michael McKee. Uh, 0:16:34.200 --> 0:16:38.560 clearly these international trade issues are having a significant impact, 0:16:38.760 --> 0:16:41.320 you know, over the last several months on the financial markets. 0:16:41.360 --> 0:16:43.800 What do you think the markets are an investors in 0:16:43.840 --> 0:16:48.360 general are expecting coming out of Osaka this weekend. They're 0:16:48.400 --> 0:16:52.440 expecting sort of Steven said Buenos Iris like situation where 0:16:52.440 --> 0:16:55.320 the two sides agree to continue talking at least get 0:16:55.320 --> 0:16:57.800 back to the bargaining table, kick the can down the road. 0:16:57.880 --> 0:17:00.480 Some Donald Trump may say, we'll give you of ninety 0:17:00.560 --> 0:17:04.480 days or whatever before we impose tariffs. That would be 0:17:04.560 --> 0:17:09.520 the good enough scenario. The better scenario is some sort 0:17:09.560 --> 0:17:13.560 of agreement that they have moved closer. Nobody's expecting a 0:17:13.560 --> 0:17:18.679 full agreement out of this. The obviously terrible prospect is 0:17:18.760 --> 0:17:21.400 that they don't reach any kind of agreement to continue 0:17:21.440 --> 0:17:24.600 talking and the President comes out and says I'm going 0:17:24.680 --> 0:17:27.840 to impose tariffs. He can't do it yet. They're not ready, 0:17:27.880 --> 0:17:30.480 they haven't finished the bureaucratic paperwork. But he could set 0:17:30.480 --> 0:17:34.720 a date sometime later in July to do that. So, Steve, 0:17:35.160 --> 0:17:38.040 we're all focused on j jumping and Donald Trump and 0:17:38.080 --> 0:17:40.600 their meeting, but other things are actually happening. G twenty 0:17:40.680 --> 0:17:43.520 means G twenty, not G two. And I'm wondering what 0:17:43.680 --> 0:17:47.000 we have seen in terms of other meetings between President Trump, 0:17:47.080 --> 0:17:50.840 for example, and Russian President Vladimir Putin or German Chancellor 0:17:50.880 --> 0:17:55.720 Angela Merkel. Yeah, that's right. I mean he didn't meet 0:17:55.760 --> 0:17:58.639 with Vladimir Putin. Today was the first meeting since the 0:17:58.720 --> 0:18:02.520 Mulla report um and he was prompted by, you know, 0:18:02.600 --> 0:18:05.680 a few reporters questions as the two of them sat 0:18:05.720 --> 0:18:10.000 there before their bilateral um and and Trump asked Prutin 0:18:10.080 --> 0:18:13.760 directly after a reporter asked him, is Uh, he's going 0:18:13.800 --> 0:18:16.720 to ask him whether to stop meddling in the future 0:18:16.760 --> 0:18:21.560 election in and Donald Trump's turned to do Vladimir Putin said, 0:18:21.720 --> 0:18:24.560 don't meddle in the election. Please have wagged his finger 0:18:24.640 --> 0:18:26.960 and said, don't meddle in the election. And it was 0:18:27.280 --> 0:18:31.000 more of a joking, in a lighthearted response to what 0:18:31.160 --> 0:18:33.720 is obviously a very serious issue in the United States. 0:18:33.800 --> 0:18:36.439 But apparently according to the White House, they also in 0:18:36.440 --> 0:18:40.320 their bilateral discussion, did talk about Iran, did talk about Syria, 0:18:40.680 --> 0:18:45.520 Venezuela and the Ukraine. Michael, you know, we're talking about 0:18:45.520 --> 0:18:48.080 tariffs here, and we've had a first round of tariffs. 0:18:48.359 --> 0:18:50.199 Just give us a sense of you know, if we 0:18:50.240 --> 0:18:52.880 have the second round of tariffs here, how impactful could 0:18:52.880 --> 0:18:57.040 that be on the economy. It would be much worse 0:18:57.080 --> 0:18:59.560 for the economy than we have seen so far. We 0:18:59.560 --> 0:19:01.560 were just talking with Mary Daily, the president of the 0:19:01.600 --> 0:19:04.960 San Francisco Fed, yesterday, and she noted that the tariffs 0:19:04.960 --> 0:19:08.600 that have been imposed have had a modest impact on 0:19:08.880 --> 0:19:12.040 growth and inflation. But if you start adding in all 0:19:12.080 --> 0:19:14.640 of the consumer goods, which is the parts the President 0:19:14.680 --> 0:19:17.119 has left out of the tariff so far on China, 0:19:17.600 --> 0:19:20.720 then you really start to affect consumer spending because of 0:19:20.840 --> 0:19:23.640 people may want to hold off, especially if they think 0:19:23.800 --> 0:19:27.440 that this will be settled. Why by an expensive good 0:19:27.480 --> 0:19:30.159 today if you think the price will go down tomorrow. 0:19:30.200 --> 0:19:34.840 And we're at the end of a long expansion and 0:19:34.880 --> 0:19:37.880 people have bought a lot of stuff, so they may say, 0:19:38.520 --> 0:19:41.720 I can wait on that new iPad rather than pay 0:19:41.760 --> 0:19:45.600 a tenor premium on it, and that would not be 0:19:45.640 --> 0:19:49.440 good for the economy. We've already seen business spending stop 0:19:50.080 --> 0:19:53.600 now the consumer has threatened exactly, So I will certainly 0:19:53.640 --> 0:19:55.600 keep an eye on this over the weekend. Bloomberg's Mike 0:19:55.680 --> 0:19:59.240 mckeat International Economics and Policy correspondent and Steve Angel TV 0:19:59.359 --> 0:20:19.200 corresponded for Bloomberg in Osaka at the G twenty. Well, 0:20:19.240 --> 0:20:22.920 we are in Nashville, Tennessee today. We are broadcasting a 0:20:22.920 --> 0:20:26.160 life from the Commonwealth Financial Network Summit for Women Advisors. 0:20:26.480 --> 0:20:28.520 Being in Nashville, guess what's an hour and a half 0:20:28.560 --> 0:20:33.480 away Lynchburg, Tennessee, the home of the Jack Daniel Distillery. 0:20:33.800 --> 0:20:35.560 So of course we felt like we had to get 0:20:35.600 --> 0:20:37.920 somebody on to talk to us about Jack Daniels and 0:20:37.960 --> 0:20:39.679 what's going on in the business. Of course, we got 0:20:39.720 --> 0:20:43.000 our good friend Chris Fletcher, Assistant Master distiller of the 0:20:43.080 --> 0:20:46.080 Jack Daniel Distillery based in Lynchburg, Tennessee. Chris, thanks so 0:20:46.160 --> 0:20:48.399 much for joining us. I wonder if you could just 0:20:48.440 --> 0:20:53.280 tell us about how the market is for bourbon, for 0:20:53.320 --> 0:20:57.239 the whiskey's that Jack Daniels famous for. Yeah, thanks for 0:20:57.320 --> 0:21:00.320 having me on. Really excited to speak with you. Um, 0:21:00.359 --> 0:21:02.159 and it's a great time to be making whiskey in 0:21:02.200 --> 0:21:07.359 the United States. We're enjoying a whiskey boom um and 0:21:07.400 --> 0:21:11.359 I think it's um. Probably whiskey in the US is 0:21:11.400 --> 0:21:14.240 as hot right now as it's been at least since 0:21:14.280 --> 0:21:18.240 probably post prohibition time. So thank you so much for 0:21:18.320 --> 0:21:21.640 being with us. Chris. I I do have to say 0:21:21.680 --> 0:21:26.560 that are are fantastic producer on the technical front. Give 0:21:26.600 --> 0:21:28.600 me a look and told me that I broke his 0:21:28.720 --> 0:21:32.240 heart because I referred to it as bourbon. What is 0:21:32.440 --> 0:21:37.480 Tennessee whiskey versus bourbon. Well, don't don't feel too bad, 0:21:37.520 --> 0:21:43.199 because they're they're very um. So we're talking. When you 0:21:43.280 --> 0:21:46.479 refer to these specific types of whiskey, you're still talking 0:21:46.520 --> 0:21:50.440