1 00:00:01,920 --> 00:00:06,440 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on. 2 00:00:07,360 --> 00:00:09,600 Speaker 1: This certainly is a great jobs report. Most of the 3 00:00:09,600 --> 00:00:13,040 Speaker 1: economy is recovered the jobs that companies had pre pandemic. 4 00:00:13,080 --> 00:00:15,400 Speaker 1: My go, she doesn't it great. I'm very pleased that 5 00:00:15,440 --> 00:00:18,480 Speaker 1: we've got strong job But we're in a recession. Floomberg 6 00:00:18,640 --> 00:00:22,880 Speaker 1: Sound on, Politics, Policy and perspective from DC's top name. 7 00:00:23,200 --> 00:00:25,400 Speaker 1: Even if wages are going up a little, they're falling 8 00:00:25,520 --> 00:00:29,200 Speaker 1: further and further behind. The families of America are each month. 9 00:00:29,400 --> 00:00:32,480 Speaker 1: The same people who said the American rescue plan would 10 00:00:32,479 --> 00:00:36,040 Speaker 1: rescue you have thrown you back into the water. Bloomberg 11 00:00:36,200 --> 00:00:42,000 Speaker 1: Sound On with Joe Matthew on Bloomberg Radio. So you 12 00:00:42,120 --> 00:00:45,200 Speaker 1: say we're in a recession, Welcome to the fastest hour 13 00:00:45,320 --> 00:00:49,199 Speaker 1: in politics. With a stronger than expected jobs report, stunning 14 00:00:49,240 --> 00:00:52,440 Speaker 1: Wall Street and dropping within hours of a new deal 15 00:00:52,560 --> 00:00:55,400 Speaker 1: being struck in the Senate on a Democrat only tax 16 00:00:55,440 --> 00:00:59,400 Speaker 1: and climate bill. We'll talk jobs and economy with barat 17 00:00:59,440 --> 00:01:02,400 Speaker 1: Ram and Murder, Deputy Director of the White House National 18 00:01:02,480 --> 00:01:06,160 Speaker 1: Economic Council. And now that Senator Kirston Cinema has spoken, 19 00:01:06,160 --> 00:01:08,160 Speaker 1: a vote is set for tomorrow in the Senate. A 20 00:01:08,200 --> 00:01:12,200 Speaker 1: working weekend, we'll look inside the evolving reconciliation deal with 21 00:01:12,240 --> 00:01:15,280 Speaker 1: Bloomberg's Eric Wasson, who's been breaking news on this all week. 22 00:01:15,360 --> 00:01:18,399 Speaker 1: Republicans taking aim at the bill, we'll talk about it 23 00:01:18,440 --> 00:01:22,559 Speaker 1: with our panel, Bloomberg Politics contributor, Democratic analyst Jennie Schanzano, 24 00:01:23,000 --> 00:01:26,800 Speaker 1: along with Republican strategist Lizzie Guden of South and Hills Strategies, 25 00:01:26,880 --> 00:01:30,680 Speaker 1: former communications director for Governor Charlie Baker. If you could 26 00:01:30,680 --> 00:01:32,640 Speaker 1: believe the print at eight thirty this morning, like Vinnie 27 00:01:32,680 --> 00:01:36,160 Speaker 1: was saying, five twenty eight thousand jobs last month, there's 28 00:01:36,160 --> 00:01:39,959 Speaker 1: more than twice the estimate, right, people expected to fifty. 29 00:01:40,040 --> 00:01:44,240 Speaker 1: I'm not really good at math, but unemployment dropped unexpectedly, 30 00:01:44,240 --> 00:01:48,440 Speaker 1: wage growth accelerated. Labor Secretary Marty Walsh took the victory 31 00:01:48,480 --> 00:01:51,040 Speaker 1: lap this morning on Bloomberg. Here he is, this certainly 32 00:01:51,200 --> 00:01:52,840 Speaker 1: is a great jobs report when you look at the 33 00:01:52,880 --> 00:01:55,720 Speaker 1: different sectors. Uh, most of the economy has recovered the 34 00:01:55,800 --> 00:01:59,760 Speaker 1: jobs that were that companies had pre pandemic or all returned. 35 00:01:59,800 --> 00:02:02,920 Speaker 1: So it shows good gains. We've showed some good wage growth. 36 00:02:02,960 --> 00:02:05,800 Speaker 1: We're shown good good areas. Manufacturing is one of those 37 00:02:05,840 --> 00:02:08,440 Speaker 1: areas that certainly we've seen come back, not just come 38 00:02:08,440 --> 00:02:12,400 Speaker 1: back to pre pandemic labs about going beyond. That doesn't 39 00:02:12,400 --> 00:02:15,720 Speaker 1: sound like a recession. The push and pull continues here 40 00:02:15,720 --> 00:02:18,680 Speaker 1: as Republicans say we are in one, and we're joined 41 00:02:18,680 --> 00:02:22,120 Speaker 1: now by one of President Biden's economic advisors, barat Rama 42 00:02:22,160 --> 00:02:26,280 Speaker 1: Murty is Deputy Director the White House National Economic Council, 43 00:02:26,320 --> 00:02:28,680 Speaker 1: to help us dig into this broad welcome back to Bloomberg, 44 00:02:29,680 --> 00:02:32,000 Speaker 1: Thank you so much for having me. President Biden says 45 00:02:32,040 --> 00:02:34,400 Speaker 1: more people are working now than at any time in 46 00:02:34,440 --> 00:02:37,399 Speaker 1: American history, which is quite a statement following the two 47 00:02:37,400 --> 00:02:40,400 Speaker 1: back to back negative GDP reports and all of the 48 00:02:40,440 --> 00:02:43,200 Speaker 1: talk about recession. Is this the evidence that proves we 49 00:02:43,240 --> 00:02:46,720 Speaker 1: are not in one? Well, I think the job report 50 00:02:46,800 --> 00:02:50,160 Speaker 1: today shows once again that there is very little evidence 51 00:02:50,200 --> 00:02:53,239 Speaker 1: of the United States economy being in a recession. As 52 00:02:53,280 --> 00:02:55,960 Speaker 1: you noted, more people, based on the Shouts report, more 53 00:02:55,960 --> 00:02:58,320 Speaker 1: people are working today than at any other point in 54 00:02:58,360 --> 00:03:01,520 Speaker 1: the country's history. The U employment rate, which is actually 55 00:03:01,560 --> 00:03:03,560 Speaker 1: a tick below three point five percent if you go 56 00:03:03,600 --> 00:03:06,120 Speaker 1: out to two decimal places, is the lowest that it's 57 00:03:06,160 --> 00:03:09,240 Speaker 1: been in fifty three years. Uh, and it's a great 58 00:03:09,280 --> 00:03:12,440 Speaker 1: time for finding a job. At the same time, a 59 00:03:12,440 --> 00:03:14,920 Speaker 1: lot of economists remain worried about inflation. As you know, 60 00:03:15,000 --> 00:03:17,639 Speaker 1: I know it's a priority for the president. Wage growth 61 00:03:17,680 --> 00:03:19,680 Speaker 1: was up more than expected here at five point two, 62 00:03:20,680 --> 00:03:22,880 Speaker 1: which of course is good for workers. But we also 63 00:03:23,040 --> 00:03:26,680 Speaker 1: hear from economists about this who are troubled. We heard 64 00:03:26,720 --> 00:03:30,160 Speaker 1: today from Muhammad al Arian, who's a Bloomberg opinion contributor 65 00:03:30,160 --> 00:03:31,800 Speaker 1: to The Economist. I'd love for you to respond to 66 00:03:31,800 --> 00:03:34,560 Speaker 1: what he said. Let's listen, the next phase of inflation 67 00:03:35,000 --> 00:03:39,600 Speaker 1: is going to be wage driven. If that occurs, it's 68 00:03:39,640 --> 00:03:42,720 Speaker 1: good for the worker, it's good for the economy. However, 69 00:03:43,360 --> 00:03:46,240 Speaker 1: it means that core inflation will prove proved to be 70 00:03:46,440 --> 00:03:49,280 Speaker 1: much stickier coming down. Now broad I'm not going to 71 00:03:49,360 --> 00:03:51,840 Speaker 1: ask you to comment on FED policy. I just want 72 00:03:51,880 --> 00:03:53,720 Speaker 1: to know if the White House, if you are worried 73 00:03:53,760 --> 00:03:56,920 Speaker 1: about a wage spiral, like Muhammad al Arian said, being 74 00:03:57,160 --> 00:03:59,680 Speaker 1: the next phase. Well, I would say this the President's 75 00:03:59,760 --> 00:04:03,360 Speaker 1: number one economic priorities fighting inflation, and he agrees with 76 00:04:03,400 --> 00:04:05,440 Speaker 1: those who say that this should be at the top 77 00:04:05,480 --> 00:04:09,160 Speaker 1: of our priority list. You know, what our approach is 78 00:04:09,160 --> 00:04:12,440 Speaker 1: is to expand the productive capacity of the economy and 79 00:04:12,520 --> 00:04:14,680 Speaker 1: to bring down the federal depths that both of which 80 00:04:14,680 --> 00:04:18,160 Speaker 1: will have the effect of reducing inflation. We are on 81 00:04:18,320 --> 00:04:21,279 Speaker 1: the ten yard line right now of passing the Inflation 82 00:04:21,320 --> 00:04:25,400 Speaker 1: Reduction Act, which would add an additional three billion dollars 83 00:04:25,440 --> 00:04:28,200 Speaker 1: worth of DEFTIT reduction to the one point seven trillion 84 00:04:28,240 --> 00:04:32,120 Speaker 1: dollars the DEFINIT reductions we're already projected to have this year. 85 00:04:32,400 --> 00:04:36,000 Speaker 1: Who will bring down costs for consumers on energy, on 86 00:04:36,080 --> 00:04:40,880 Speaker 1: prescription drugs, on health insurance. Uh. It is a remarkably 87 00:04:41,000 --> 00:04:43,640 Speaker 1: effective bill at dealing with the economic moment that we're 88 00:04:43,760 --> 00:04:47,520 Speaker 1: and it's one reason why economists across the political spectrum 89 00:04:47,520 --> 00:04:50,080 Speaker 1: have come out and said this bill will be effective 90 00:04:50,320 --> 00:04:54,359 Speaker 1: at fighting inflation. We agree that fighting inflation has to 91 00:04:54,360 --> 00:04:57,479 Speaker 1: be our top priority. We understand that it's squeezing working 92 00:04:57,480 --> 00:05:00,400 Speaker 1: families and we want to get it down. Our approach, 93 00:05:01,040 --> 00:05:03,000 Speaker 1: rather than trying to put the hammer down on wages, 94 00:05:03,200 --> 00:05:06,000 Speaker 1: to try to expand the supply side of the economy 95 00:05:06,040 --> 00:05:08,160 Speaker 1: and take other steps to help produce the cost that 96 00:05:08,240 --> 00:05:11,520 Speaker 1: family space. Yeah, you know, of course Republicans are saying, 97 00:05:11,520 --> 00:05:13,640 Speaker 1: and you know this, I'm sure you hear it as 98 00:05:13,640 --> 00:05:15,599 Speaker 1: often as I do, brought that this would in fact 99 00:05:15,920 --> 00:05:19,320 Speaker 1: poor gasoline on the inflation fire, that it's more spending, 100 00:05:19,720 --> 00:05:22,080 Speaker 1: that it raises taxes, and I don't want to get 101 00:05:22,120 --> 00:05:24,400 Speaker 1: into an argument with you about that here. I'm just 102 00:05:25,160 --> 00:05:27,720 Speaker 1: if we get a vote this weekend on this reconciliation bill, 103 00:05:27,760 --> 00:05:29,920 Speaker 1: it appears since you brought this up, I'll ask you 104 00:05:30,360 --> 00:05:33,680 Speaker 1: to not include the end of the carried interest loophole. 105 00:05:34,120 --> 00:05:36,960 Speaker 1: We heard from Senator Elizabeth Warren earlier today was not 106 00:05:37,000 --> 00:05:39,960 Speaker 1: happy and some progressives are not happy about this is 107 00:05:40,000 --> 00:05:42,479 Speaker 1: the White House okay with that not being in the 108 00:05:42,520 --> 00:05:44,640 Speaker 1: final version. Well, I want to go back to one 109 00:05:44,640 --> 00:05:46,240 Speaker 1: thing that you said. I know you said you don't 110 00:05:46,240 --> 00:05:47,560 Speaker 1: want to get into archment on this, but I have 111 00:05:47,720 --> 00:05:50,560 Speaker 1: to say, this is not adding to the fire. This 112 00:05:50,640 --> 00:05:53,599 Speaker 1: is bringing down the death of sit. Uh. There's a 113 00:05:53,640 --> 00:05:56,919 Speaker 1: trillion dollars worth of revenue coming into the federal government 114 00:05:57,200 --> 00:06:00,760 Speaker 1: through this proposal and far less than that spending. And 115 00:06:00,839 --> 00:06:03,200 Speaker 1: so that's one of the reasons why as I set, 116 00:06:03,320 --> 00:06:06,479 Speaker 1: economists across the political spectrum are acknowledging that this would 117 00:06:06,480 --> 00:06:09,320 Speaker 1: be effective at fighting And by the way, you should 118 00:06:09,360 --> 00:06:11,600 Speaker 1: also know we've had Mark Xandy on the air saying 119 00:06:11,640 --> 00:06:14,320 Speaker 1: that Larry Summers on the air saying that, but we 120 00:06:14,320 --> 00:06:16,919 Speaker 1: we do try to bring both sides together here when 121 00:06:16,760 --> 00:06:20,560 Speaker 1: when when they don't agree, is carried interest? Though? Is 122 00:06:20,600 --> 00:06:22,440 Speaker 1: that a problem for the White House to not have 123 00:06:22,480 --> 00:06:25,560 Speaker 1: the loophole closed here? Well, I will say this, we 124 00:06:25,640 --> 00:06:29,279 Speaker 1: are supportive of the modified bill even without that provision 125 00:06:29,279 --> 00:06:31,480 Speaker 1: in it. Would we like to see that boophole closed? 126 00:06:31,480 --> 00:06:33,520 Speaker 1: Of course I wanted to keep at it. There's a 127 00:06:33,520 --> 00:06:35,480 Speaker 1: lot of things on the President's economic agenda that we 128 00:06:35,520 --> 00:06:37,520 Speaker 1: haven't gotten to yet and that we're going to keep 129 00:06:37,520 --> 00:06:42,080 Speaker 1: fighting for. But um progress is awesome about compromise. We 130 00:06:42,120 --> 00:06:44,000 Speaker 1: think that we have a great compromise here that's going 131 00:06:44,040 --> 00:06:45,720 Speaker 1: to be a win for the American people, who win 132 00:06:45,839 --> 00:06:48,920 Speaker 1: for the American worker. We're asking Congress to move as 133 00:06:48,960 --> 00:06:50,680 Speaker 1: quickly as possible on it. So you do have a 134 00:06:50,680 --> 00:06:52,359 Speaker 1: plan though, to come back around and is I know 135 00:06:52,440 --> 00:06:54,720 Speaker 1: that Senator Kerston Cinema said that as well, that there 136 00:06:54,720 --> 00:06:57,920 Speaker 1: would be another round, another attempt to at least reform 137 00:06:58,320 --> 00:07:01,440 Speaker 1: carried interest. Is that what the White House play ends? Yeah? Well, 138 00:07:01,520 --> 00:07:04,240 Speaker 1: I saw some understandimous statement. I'm glad to hear that 139 00:07:04,320 --> 00:07:06,560 Speaker 1: she's interested in continuing to work on that issue. I 140 00:07:06,560 --> 00:07:09,680 Speaker 1: know that many members of Congress are interested in working 141 00:07:09,720 --> 00:07:12,200 Speaker 1: on that issue. The White House stands ready to assist 142 00:07:12,240 --> 00:07:14,160 Speaker 1: them in that. We've got other things that we want 143 00:07:14,160 --> 00:07:16,000 Speaker 1: to push forward on our agenda. We've got to do 144 00:07:16,040 --> 00:07:20,680 Speaker 1: something about housing affordability and expanding affordable housing supply. The 145 00:07:21,000 --> 00:07:24,240 Speaker 1: President has plans on the carriage and the childcare, elder care, 146 00:07:24,240 --> 00:07:26,880 Speaker 1: and so on. But we're making a lot of progress 147 00:07:27,080 --> 00:07:30,000 Speaker 1: on a number of elements of our economic agenda. For 148 00:07:30,040 --> 00:07:33,120 Speaker 1: the first time, allowing Medicare to negotiate the cost of 149 00:07:33,160 --> 00:07:36,320 Speaker 1: prescription drugs. That's really that's been something that president of 150 00:07:36,360 --> 00:07:38,200 Speaker 1: both parties of talking about for a long time, and 151 00:07:38,640 --> 00:07:40,680 Speaker 1: we're on the verge of actually making that happen. You 152 00:07:40,680 --> 00:07:42,960 Speaker 1: know what I thought you were gonna say is that 153 00:07:43,040 --> 00:07:46,680 Speaker 1: instead of the carried interest component, you've got an excise 154 00:07:46,800 --> 00:07:50,360 Speaker 1: tax on stock buy backs, which will actually generate more money. 155 00:07:50,400 --> 00:07:53,680 Speaker 1: Is that something that the White House does want to see. Absolutely. 156 00:07:53,680 --> 00:07:56,640 Speaker 1: We've been supportive of that one percent buy backs tax 157 00:07:56,920 --> 00:07:59,600 Speaker 1: all the way back since when the House Representatives passed 158 00:07:59,640 --> 00:08:02,800 Speaker 1: it a few months ago. We think it's a smart 159 00:08:02,840 --> 00:08:06,640 Speaker 1: way of equalizing the tax treatment between buybacks and dividends 160 00:08:06,640 --> 00:08:08,880 Speaker 1: so that when corporations are deciding what to do with 161 00:08:08,920 --> 00:08:11,120 Speaker 1: their money. There isn't a thumb on the scale for 162 00:08:11,240 --> 00:08:14,920 Speaker 1: one way of returning money to shareholders relative to another. Uh. 163 00:08:14,920 --> 00:08:16,720 Speaker 1: And as a number of folks have said, including some 164 00:08:16,720 --> 00:08:19,720 Speaker 1: folks on the Republican side, UH, this kind of buybacks 165 00:08:19,800 --> 00:08:23,840 Speaker 1: tax can actually encourage companies to reinvest those earnings, which 166 00:08:23,880 --> 00:08:25,560 Speaker 1: we think is a good thing for the long term 167 00:08:25,600 --> 00:08:28,040 Speaker 1: growth of potential of the economy. So is it reinvestment 168 00:08:28,120 --> 00:08:30,120 Speaker 1: or do you see them putting more money into dividends 169 00:08:30,160 --> 00:08:32,679 Speaker 1: as a result. Well, I think that different corporations are 170 00:08:32,679 --> 00:08:36,559 Speaker 1: going to react differently. Obviously, if they shift into dividends, UH, 171 00:08:36,600 --> 00:08:38,480 Speaker 1: then we get more of the tax revenue. If they 172 00:08:38,520 --> 00:08:40,880 Speaker 1: put it into investment, that's a good outcome too, because 173 00:08:40,920 --> 00:08:44,680 Speaker 1: we think that leads to more productivity, more innovation, maybe 174 00:08:44,679 --> 00:08:46,920 Speaker 1: better wages for workers, all of which are good outcomes 175 00:08:46,960 --> 00:08:49,520 Speaker 1: for the American economy. This is a tough spot where 176 00:08:49,520 --> 00:08:51,120 Speaker 1: in right, I know that you're here to to tell 177 00:08:51,120 --> 00:08:52,920 Speaker 1: me how great this job market is. There are more 178 00:08:52,920 --> 00:08:55,880 Speaker 1: Americans working than ever. You've got a good story to 179 00:08:55,880 --> 00:08:58,560 Speaker 1: tell them, this job's report. But you're dealing with an 180 00:08:58,600 --> 00:09:01,959 Speaker 1: economy that's coming off a phase of being overheated. And 181 00:09:02,280 --> 00:09:05,000 Speaker 1: sparking a lot of inflation. And you have to balance 182 00:09:05,040 --> 00:09:07,440 Speaker 1: these two at the same time. So as you look 183 00:09:07,480 --> 00:09:10,160 Speaker 1: forward and if we're entering a slowing economy here, how 184 00:09:10,200 --> 00:09:14,000 Speaker 1: do you maintain these job gains? Well, the President has 185 00:09:14,040 --> 00:09:16,600 Speaker 1: set for a few months now that our goal is 186 00:09:16,640 --> 00:09:20,720 Speaker 1: to transition from a historically strong economic recovery into steady 187 00:09:20,720 --> 00:09:22,960 Speaker 1: and stable growth, and we would expect that during that 188 00:09:23,000 --> 00:09:25,839 Speaker 1: period of time, the job games numbers are going to 189 00:09:25,920 --> 00:09:28,120 Speaker 1: go down. Even though we got a blockbuster reports, they 190 00:09:28,120 --> 00:09:30,480 Speaker 1: actually if you look at the larger trends, you look 191 00:09:30,480 --> 00:09:32,800 Speaker 1: at the last six months compared to the previous six months, 192 00:09:33,160 --> 00:09:36,200 Speaker 1: job games are coming down a little bit um. But 193 00:09:36,320 --> 00:09:38,040 Speaker 1: the point is that the thing, the analogy I like 194 00:09:38,080 --> 00:09:40,320 Speaker 1: to use is when we came into office, we were 195 00:09:40,320 --> 00:09:42,480 Speaker 1: starting in marathon and we were a few miles behind 196 00:09:42,520 --> 00:09:44,920 Speaker 1: some our competitors in other countries were far ahead of 197 00:09:44,960 --> 00:09:47,200 Speaker 1: us in terms of their recovery. And what we needed 198 00:09:47,200 --> 00:09:49,360 Speaker 1: to do was sprint to catch up to them. And 199 00:09:49,400 --> 00:09:50,720 Speaker 1: that's what we did. You know, we had the single 200 00:09:50,760 --> 00:09:53,600 Speaker 1: greatest year for job growth in the history of this country. 201 00:09:53,480 --> 00:09:56,760 Speaker 1: The unemployment rate came down from over six percent under 202 00:09:56,760 --> 00:09:59,400 Speaker 1: four But now that we're in the lead if you 203 00:09:59,400 --> 00:10:02,160 Speaker 1: look at where are economy is relative to other countries. Uh, 204 00:10:02,520 --> 00:10:05,600 Speaker 1: we can't sprint forever, got to settle into a steady past. 205 00:10:05,760 --> 00:10:09,400 Speaker 1: How long does it take for us to catch our breath? Well, look, 206 00:10:09,440 --> 00:10:11,560 Speaker 1: I think that we're doing it. We may have to 207 00:10:11,559 --> 00:10:13,200 Speaker 1: walk a fine line here, but so far, I think 208 00:10:13,200 --> 00:10:15,560 Speaker 1: we're doing a good job of that. We're seeing robust 209 00:10:15,920 --> 00:10:20,559 Speaker 1: labor market, good consumer spending, good business investment. At the 210 00:10:20,600 --> 00:10:22,800 Speaker 1: same time, job openings, which is something that the said 211 00:10:22,920 --> 00:10:25,640 Speaker 1: said that it's focused on, are starting to come down 212 00:10:25,679 --> 00:10:28,880 Speaker 1: a little bit. Inflationary expectations over the long term and 213 00:10:28,920 --> 00:10:30,719 Speaker 1: medium term are starting to come down a little bit. 214 00:10:30,800 --> 00:10:32,959 Speaker 1: So we see a lot of good science of the 215 00:10:33,000 --> 00:10:35,840 Speaker 1: economy and it today. Any thoughts on how the estimates 216 00:10:35,840 --> 00:10:38,000 Speaker 1: were so far off, how this could be twice as 217 00:10:38,040 --> 00:10:42,000 Speaker 1: hot as Wall Street expected or economists predicted, brought well, 218 00:10:42,000 --> 00:10:43,520 Speaker 1: I should say if you look back at the last 219 00:10:43,559 --> 00:10:45,960 Speaker 1: eighteen months, a lot of the expectations have been awesome. 220 00:10:46,040 --> 00:10:49,439 Speaker 1: Both they and I'm not trying to poke fun at anybody. 221 00:10:49,440 --> 00:10:51,200 Speaker 1: I think it's just an incredibly Is that just the 222 00:10:51,240 --> 00:10:54,360 Speaker 1: noise of a post pandemic economy? Exactly? I think that 223 00:10:54,440 --> 00:10:58,839 Speaker 1: there are a lot of idio secracies and variability in 224 00:10:58,880 --> 00:11:01,160 Speaker 1: the data that we've seen over last eight months. There's 225 00:11:01,160 --> 00:11:03,000 Speaker 1: a lot of cross currents of the economy, and I 226 00:11:03,000 --> 00:11:05,840 Speaker 1: think it's hard for people who make these projections to 227 00:11:05,960 --> 00:11:08,160 Speaker 1: take all of that into account and get it right 228 00:11:08,200 --> 00:11:11,640 Speaker 1: every time. But I think setting aside the projection more 229 00:11:11,679 --> 00:11:14,640 Speaker 1: than a thousand new jobs created, that means it's a 230 00:11:14,640 --> 00:11:17,240 Speaker 1: good pay for America. Brought Rama Murdy, Deputy Director of 231 00:11:17,240 --> 00:11:19,520 Speaker 1: the White House National Economic Council. We thank you for 232 00:11:19,559 --> 00:11:22,160 Speaker 1: coming back to talk to us on Bloomberg. Thank you 233 00:11:22,200 --> 00:11:25,320 Speaker 1: so much the word from the administration. Of course, as 234 00:11:25,360 --> 00:11:30,119 Speaker 1: I mentioned, Republicans could not agree less on all things economic, 235 00:11:30,160 --> 00:11:32,880 Speaker 1: and we'll get into that next with the sound On Panel, 236 00:11:32,880 --> 00:11:37,120 Speaker 1: Bloomberg Politics contributor Democratic analyst Jeanie Schanzano is here on 237 00:11:37,120 --> 00:11:40,280 Speaker 1: this Friday along today with Republicans strategist Lizzie Guiden of 238 00:11:40,320 --> 00:11:43,720 Speaker 1: South Hill Strategies. We'll check traffic and markets for you 239 00:11:43,880 --> 00:11:47,200 Speaker 1: on the way the fastest hour in politics. Welcome to 240 00:11:47,280 --> 00:11:51,319 Speaker 1: the threshold of the weekend. I'm Joe Matthew, This is Bloomberg. 241 00:11:56,280 --> 00:12:02,240 Speaker 1: This is Bloomberg. Sound On on Bloomberg Radio. The headline 242 00:12:02,320 --> 00:12:05,360 Speaker 1: could be written by the White House itself, US job 243 00:12:05,440 --> 00:12:09,840 Speaker 1: growth surgies tempering recession wory, how about it? Things have 244 00:12:10,040 --> 00:12:14,960 Speaker 1: changed since the last GDP report. But it's also pressing 245 00:12:15,000 --> 00:12:18,320 Speaker 1: the Fed. This Job's report, and that's where things get complicated, right. 246 00:12:18,360 --> 00:12:22,559 Speaker 1: Republican leadership in the House held a news conference early today. 247 00:12:22,559 --> 00:12:26,720 Speaker 1: Senator John Barrasso of Wyoming chairs the Republican conference. This 248 00:12:26,800 --> 00:12:29,080 Speaker 1: was after the Job's report came out. His message could 249 00:12:29,120 --> 00:12:31,719 Speaker 1: not be further from the White House. This here, he is, 250 00:12:32,160 --> 00:12:34,360 Speaker 1: even if wages are going up a little, they're falling 251 00:12:34,440 --> 00:12:37,880 Speaker 1: further and further behind the families of America are each 252 00:12:37,960 --> 00:12:41,240 Speaker 1: month as Joe Biden has been president, because costs have 253 00:12:41,320 --> 00:12:43,679 Speaker 1: gone up so high. The Democrats are gonna make it 254 00:12:43,720 --> 00:12:47,000 Speaker 1: worse if they're able to pass this reckless tax and 255 00:12:47,080 --> 00:12:50,040 Speaker 1: spending bill. Pointing to the Reconciliation Bill that we're going 256 00:12:50,120 --> 00:12:52,760 Speaker 1: to dig into a little bit more later in the hour. 257 00:12:52,920 --> 00:12:56,080 Speaker 1: So this is where we start with the panel. Bloomberg 258 00:12:56,120 --> 00:13:00,200 Speaker 1: Politics contributor Democratic analyst Genie Chanzano with us along today 259 00:13:00,200 --> 00:13:03,320 Speaker 1: with Lizzie Guydon, founding partner of South End Hill Strategies 260 00:13:03,880 --> 00:13:07,640 Speaker 1: in the Great City of Boston, former communications director for 261 00:13:07,800 --> 00:13:11,200 Speaker 1: Massachusetts Governor Charlie Baker. Lizzie's great to have you today, Genie, 262 00:13:11,200 --> 00:13:14,480 Speaker 1: Happy Friday. Let's start, I guess with what's good news? Right? 263 00:13:14,520 --> 00:13:17,240 Speaker 1: The White House wants to take a victory lap on this, 264 00:13:17,280 --> 00:13:20,120 Speaker 1: But if the job market is so good that we're celebrating, 265 00:13:20,679 --> 00:13:24,840 Speaker 1: you know, twice expectations, that could also mean twice the 266 00:13:24,920 --> 00:13:28,079 Speaker 1: interest rates in a really difficult end of this year 267 00:13:28,080 --> 00:13:30,880 Speaker 1: in the economy. Right, That's right, and it is a 268 00:13:30,960 --> 00:13:34,199 Speaker 1: huge victory for the White House. And you know, we 269 00:13:34,240 --> 00:13:37,280 Speaker 1: will get the inflation numbers, as we all know, next week, 270 00:13:37,800 --> 00:13:40,679 Speaker 1: and there is a you know, a real fear that 271 00:13:40,720 --> 00:13:42,960 Speaker 1: the FETE is going to act to have to slow 272 00:13:43,040 --> 00:13:45,640 Speaker 1: this all down. But you know, if you just look 273 00:13:45,679 --> 00:13:48,440 Speaker 1: at this politically, the White House feels like they are 274 00:13:48,440 --> 00:13:52,280 Speaker 1: in very good shape because everybody talking about recession, this 275 00:13:52,320 --> 00:13:54,800 Speaker 1: has sort of quieted a much of that talk. And 276 00:13:54,880 --> 00:13:57,079 Speaker 1: that's a very good day for the White House. And 277 00:13:57,080 --> 00:14:00,320 Speaker 1: what has otherwise been a really really tough few months, 278 00:14:00,360 --> 00:14:04,000 Speaker 1: this last week or two has been very good for them. Lizzie, 279 00:14:04,040 --> 00:14:06,839 Speaker 1: the Republican message has been incredibly consistent through this period 280 00:14:06,840 --> 00:14:08,280 Speaker 1: of time, and we've had a lot of you know, 281 00:14:08,760 --> 00:14:11,839 Speaker 1: really boffo jobs reports here. But the fact of the 282 00:14:11,880 --> 00:14:14,520 Speaker 1: matter is whether we're arguing about our recession or not, 283 00:14:14,640 --> 00:14:18,400 Speaker 1: inflation is issue number one. This White House has acknowledged 284 00:14:18,440 --> 00:14:21,720 Speaker 1: that you just heard that from Barat Ramamurty. They constantly 285 00:14:21,760 --> 00:14:24,360 Speaker 1: say that this is the president's priority, that we're aware 286 00:14:24,440 --> 00:14:27,200 Speaker 1: that you know, we can feel people's pain. And when 287 00:14:27,200 --> 00:14:30,320 Speaker 1: you look at the president's job approval numbers, that's that's 288 00:14:30,360 --> 00:14:35,000 Speaker 1: the proof, right, this is still an economy besieged by inflation, 289 00:14:35,080 --> 00:14:39,840 Speaker 1: even if the job's report is this hot, that's right, Joe. 290 00:14:39,920 --> 00:14:43,080 Speaker 1: And even though today's job report is, of course something 291 00:14:43,120 --> 00:14:44,800 Speaker 1: that the White House is going to take a victory 292 00:14:44,880 --> 00:14:47,280 Speaker 1: lap on, it's really just one piece of the puzzle 293 00:14:47,440 --> 00:14:51,280 Speaker 1: at at this point. And we're still seeing labor participation dropping, 294 00:14:51,320 --> 00:14:54,120 Speaker 1: we're still seeing inflation out of forty year high, and 295 00:14:54,160 --> 00:14:56,360 Speaker 1: there's no end in sight. And I think, you know, 296 00:14:56,400 --> 00:14:59,360 Speaker 1: it's it's great to talk off of jobs reports and 297 00:14:59,400 --> 00:15:02,360 Speaker 1: all these things that politicians and people in Washington walked 298 00:15:02,480 --> 00:15:05,080 Speaker 1: watched so closely, But when you think about what people 299 00:15:05,120 --> 00:15:07,760 Speaker 1: are feeling and their concerns over the high cost of 300 00:15:07,760 --> 00:15:10,280 Speaker 1: food and gas and some of the weird economic trends 301 00:15:10,320 --> 00:15:12,600 Speaker 1: going on. There's still a lot of concern in American 302 00:15:12,600 --> 00:15:15,640 Speaker 1: households and that can't be overlooked. So what do you do, Jennie, 303 00:15:15,640 --> 00:15:17,480 Speaker 1: if you're Joe Biden them for crying outline, I just 304 00:15:17,520 --> 00:15:21,440 Speaker 1: got you five d something thousand jobs and unexpectedly low 305 00:15:21,520 --> 00:15:24,120 Speaker 1: three point five percent unemployment is not something that we 306 00:15:24,160 --> 00:15:26,560 Speaker 1: thought we were going to see. And he's got a 307 00:15:26,640 --> 00:15:30,200 Speaker 1: job approval rating stuck in the thirties. You know, he's 308 00:15:30,240 --> 00:15:33,000 Speaker 1: got to keep grinding away at this. You know, the 309 00:15:33,600 --> 00:15:35,960 Speaker 1: reality is we should also add to that that gas 310 00:15:35,960 --> 00:15:39,080 Speaker 1: prices have been going downs. Reminded us of that this 311 00:15:39,160 --> 00:15:41,120 Speaker 1: bill signing today. I mean, if you listen to him 312 00:15:41,160 --> 00:15:43,160 Speaker 1: on the economy, you would think that this was the 313 00:15:43,200 --> 00:15:45,600 Speaker 1: high water marks. You hear Republicans and you think we're 314 00:15:45,600 --> 00:15:50,280 Speaker 1: in a recession. That's right, and you know there their 315 00:15:50,440 --> 00:15:53,080 Speaker 1: reality is we are not in a recession yet. But 316 00:15:53,280 --> 00:15:55,400 Speaker 1: as we've talked about so much, it depends on how 317 00:15:55,440 --> 00:15:58,080 Speaker 1: you define it. But you know, just to add to 318 00:15:58,120 --> 00:16:00,960 Speaker 1: what Lizzie was saying, and she's absolute right, the White 319 00:16:01,000 --> 00:16:03,800 Speaker 1: House has to keep their eye on what people are feeling. 320 00:16:04,120 --> 00:16:06,920 Speaker 1: Because for all the successes in terms of passing bills 321 00:16:06,960 --> 00:16:10,440 Speaker 1: and unemployment numbers and these things. The reality is, if 322 00:16:10,560 --> 00:16:12,920 Speaker 1: you know there's a lot of jobs out there, but 323 00:16:13,000 --> 00:16:15,920 Speaker 1: you're paying more for everything except for gas at this point, 324 00:16:16,280 --> 00:16:18,840 Speaker 1: that doesn't feel so good to voters into people. And 325 00:16:19,120 --> 00:16:22,000 Speaker 1: that's what Joe Biden has to keep talking about. I 326 00:16:22,040 --> 00:16:24,120 Speaker 1: think he is able to do that. He's able to 327 00:16:24,160 --> 00:16:26,920 Speaker 1: celebrate what are the good numbers and to keep focusing 328 00:16:26,920 --> 00:16:29,920 Speaker 1: on inflation keep us out of a reverse session, and 329 00:16:30,200 --> 00:16:32,200 Speaker 1: that is sort of the winning strategy here. But they 330 00:16:32,200 --> 00:16:34,440 Speaker 1: can't take too much of a victory lap with inflation 331 00:16:34,480 --> 00:16:36,640 Speaker 1: this high. No, I guess not. I just don't. I 332 00:16:36,680 --> 00:16:38,280 Speaker 1: just don't feel like it matters what he says at 333 00:16:38,280 --> 00:16:40,280 Speaker 1: this point, Lizzie, I want to bring you back because 334 00:16:40,320 --> 00:16:43,600 Speaker 1: we can talk about, uh, some real major challenges that 335 00:16:43,640 --> 00:16:45,880 Speaker 1: we're dealing with right now in our economy. But but 336 00:16:45,960 --> 00:16:49,040 Speaker 1: Secretary Marty Walsh, who I know, you know you spent 337 00:16:49,280 --> 00:16:52,360 Speaker 1: a lot of years uh running the communication shop for 338 00:16:52,440 --> 00:16:54,600 Speaker 1: Charlie Baker when he was working with Marty Walsh as 339 00:16:54,640 --> 00:16:56,920 Speaker 1: the mayor of Boston. He said something today in his 340 00:16:56,960 --> 00:17:00,320 Speaker 1: interview on Bloomberg that that was really remarkable because we 341 00:17:00,360 --> 00:17:04,879 Speaker 1: are now back amazingly, uh, to pre pandemic levels in 342 00:17:04,920 --> 00:17:08,359 Speaker 1: the job market. But he kind of brought me back 343 00:17:08,400 --> 00:17:10,960 Speaker 1: to that period of time. That puts things in perspective 344 00:17:10,960 --> 00:17:13,840 Speaker 1: a little bit. Listen to Secretary Walsh pandemic Match of 345 00:17:13,880 --> 00:17:16,000 Speaker 1: twenty I was the mayor of Boston and we were 346 00:17:16,000 --> 00:17:20,760 Speaker 1: shutting businesses down, We're shutting restaurants down. Uh. We didn't 347 00:17:20,760 --> 00:17:23,200 Speaker 1: really know what the economy held and thinking about where 348 00:17:23,200 --> 00:17:25,360 Speaker 1: we are today was really incredible. And I think that 349 00:17:25,600 --> 00:17:28,359 Speaker 1: this will, in my opinion, will be sustainable moving forward. 350 00:17:28,359 --> 00:17:30,399 Speaker 1: I think companies are understanding. I think we're gonna have 351 00:17:30,440 --> 00:17:33,000 Speaker 1: a new type of economy. Chris, we've gotta have the siren. 352 00:17:33,000 --> 00:17:36,280 Speaker 1: When Marty Walsh is on, I swear, Lizzie, you were there. 353 00:17:36,359 --> 00:17:38,520 Speaker 1: I was there. We didn't know if we were ever 354 00:17:38,520 --> 00:17:40,199 Speaker 1: getting out of that, and I know everyone had their 355 00:17:40,200 --> 00:17:42,359 Speaker 1: own version, but in the city of Boston at that point, 356 00:17:42,680 --> 00:17:44,680 Speaker 1: it was a crisis. It was one of the first 357 00:17:44,720 --> 00:17:48,560 Speaker 1: cities to to overflow with the COVID story. We only 358 00:17:48,560 --> 00:17:50,960 Speaker 1: have a minute left. That is something noteworthy. To think 359 00:17:50,960 --> 00:17:56,960 Speaker 1: that we're back to a pre pandemic job market is incredible, absolutely, 360 00:17:57,080 --> 00:17:59,879 Speaker 1: and you know, uh, Mayor Walsh now Secretary wal she 361 00:18:00,040 --> 00:18:03,520 Speaker 1: had a tough job during COVID and he arguably has 362 00:18:03,520 --> 00:18:06,760 Speaker 1: a tougher job now and the Biden administration. And it 363 00:18:06,800 --> 00:18:09,360 Speaker 1: makes a good point about job numbers and looking at 364 00:18:09,359 --> 00:18:12,240 Speaker 1: that top line, but there's also still some funky things 365 00:18:12,280 --> 00:18:14,000 Speaker 1: going on in the economy. If you're reading some of 366 00:18:14,000 --> 00:18:17,439 Speaker 1: the reports media reports out of Boston, we're having issues 367 00:18:17,480 --> 00:18:21,080 Speaker 1: with shortages of teachers, of healthcare workers, um and you 368 00:18:21,119 --> 00:18:22,560 Speaker 1: know a lot of people are saying that they are 369 00:18:22,680 --> 00:18:25,920 Speaker 1: leaving certain professions that we consider essential due to COVID burnout. 370 00:18:26,000 --> 00:18:27,960 Speaker 1: So even if we're looking at that top line number, 371 00:18:28,240 --> 00:18:30,040 Speaker 1: you do have to look into the details and see 372 00:18:30,080 --> 00:18:32,640 Speaker 1: what exactly is going on. And you know, it does 373 00:18:32,760 --> 00:18:36,199 Speaker 1: cause a lot of stress and anxiety among families when 374 00:18:36,280 --> 00:18:38,560 Speaker 1: you have a lack of workers and be certain places 375 00:18:38,560 --> 00:18:42,159 Speaker 1: people want to be sure, Chanzo, our panel, this is Bloomberg. 376 00:18:43,119 --> 00:18:48,240 Speaker 1: That sound you're hearing is the sound of airplane reservations 377 00:18:48,400 --> 00:18:51,760 Speaker 1: being made. Not only is the Senate working this weekend, now, 378 00:18:51,760 --> 00:18:54,760 Speaker 1: the House is coming back Friday to vote on this 379 00:18:54,840 --> 00:18:58,000 Speaker 1: reconciliation bill. I mean, boy, we came close last year. 380 00:18:58,680 --> 00:19:01,240 Speaker 1: A lot of folks still aren't or somebody's gonna pull 381 00:19:01,280 --> 00:19:05,359 Speaker 1: the football. But here's where things stand. Thanks in part 382 00:19:05,440 --> 00:19:08,840 Speaker 1: to crack reporting from Eric Wasson, who is going to 383 00:19:08,920 --> 00:19:11,720 Speaker 1: be with us in just a moment. Bloomberg has been 384 00:19:11,880 --> 00:19:14,840 Speaker 1: doing a great job on this this week is getting 385 00:19:14,840 --> 00:19:18,320 Speaker 1: news somehow out of Kirsten Cinema's office. If you've been 386 00:19:18,359 --> 00:19:23,479 Speaker 1: following the bouncing ball here, this reconciliation plan changed since 387 00:19:23,520 --> 00:19:26,240 Speaker 1: we last spoke carried interest. Remember we went to school 388 00:19:26,400 --> 00:19:30,560 Speaker 1: yesterday with Professor Shnally uncarried interest. It's gone. But I'll 389 00:19:30,640 --> 00:19:33,680 Speaker 1: let the majority leader talk about this, Chuck Schumer, what's 390 00:19:33,720 --> 00:19:37,560 Speaker 1: coming out of the bill? Senator Cinema said she would 391 00:19:37,560 --> 00:19:39,600 Speaker 1: not vote for the bill, not even moved to proceed 392 00:19:39,640 --> 00:19:42,040 Speaker 1: unless we took it out, so we we had no choice. 393 00:19:42,720 --> 00:19:46,160 Speaker 1: The only other real change here is there is in 394 00:19:46,200 --> 00:19:51,120 Speaker 1: the three hundred uh thirteen billion dollars that we gained 395 00:19:51,200 --> 00:19:55,120 Speaker 1: from closing uh corporate tax loopoles the corporate so called 396 00:19:55,160 --> 00:19:59,000 Speaker 1: minimum tax. A piece was taken out, but two hundred 397 00:19:59,040 --> 00:20:03,440 Speaker 1: fifty eight bill of that remains, so narrowing the corporate 398 00:20:03,560 --> 00:20:07,880 Speaker 1: minimum tax. But something else was added to the bill, 399 00:20:08,320 --> 00:20:10,080 Speaker 1: and it appears to be a net plus if you're 400 00:20:10,119 --> 00:20:12,200 Speaker 1: looking at the numbers at least again here's Chuck Schumer. 401 00:20:12,520 --> 00:20:15,919 Speaker 1: What we added is something that excites me and I 402 00:20:15,960 --> 00:20:20,639 Speaker 1: think excites oil democrats and particularly progressives. We're adding in 403 00:20:22,040 --> 00:20:25,520 Speaker 1: an exercise tax on stock by backs that will bring 404 00:20:25,520 --> 00:20:29,240 Speaker 1: in seventy four billion dollars by way of contrast the 405 00:20:29,320 --> 00:20:31,840 Speaker 1: carried interest loophole as it was phrased, and we took 406 00:20:31,880 --> 00:20:35,040 Speaker 1: the exact language the House had. We um was a 407 00:20:35,080 --> 00:20:40,800 Speaker 1: fourteen billion dollar income. This is seventy four billion, five times. 408 00:20:41,440 --> 00:20:45,760 Speaker 1: And I hate stock by backs. Yeah, he was passionate 409 00:20:45,760 --> 00:20:50,959 Speaker 1: about the stock hates. So does Bernie Sanders. Uh, And 410 00:20:51,000 --> 00:20:52,960 Speaker 1: I guess you'll be paying attacks on that here. But 411 00:20:52,960 --> 00:20:55,120 Speaker 1: it looks like, as we heard earlier this hour from 412 00:20:55,320 --> 00:20:58,399 Speaker 1: Barratt Ramamurdi at the White House, the administration is on 413 00:20:58,440 --> 00:21:00,440 Speaker 1: board here. I guess it's a wash in the end. 414 00:21:00,720 --> 00:21:03,160 Speaker 1: I want to hear about this from Eric Wasson, who 415 00:21:03,200 --> 00:21:06,280 Speaker 1: saw it all coming Bloomberg Congress reporter. Great work first 416 00:21:06,280 --> 00:21:08,520 Speaker 1: of all, this week, Eric, we've really relied on on 417 00:21:08,560 --> 00:21:10,920 Speaker 1: what you and your team have been reporting from the Hill. 418 00:21:11,440 --> 00:21:13,359 Speaker 1: Does this end up being kind of a wash or 419 00:21:13,359 --> 00:21:15,880 Speaker 1: did Kirston Cinema just end up producing the deficit by 420 00:21:15,880 --> 00:21:19,960 Speaker 1: even more. You know, if the math holds. We don't 421 00:21:19,960 --> 00:21:21,840 Speaker 1: have a final CBO score, it sounds like there's a 422 00:21:21,920 --> 00:21:25,440 Speaker 1: little bit more deficit reduction. Although we're just getting word 423 00:21:25,520 --> 00:21:29,080 Speaker 1: that for Western senators, including Cinema, Struck a deal that 424 00:21:29,320 --> 00:21:32,960 Speaker 1: four billion dollars and spending into this address the drought. 425 00:21:33,840 --> 00:21:35,560 Speaker 1: You know, job money, you might suck up a little 426 00:21:35,560 --> 00:21:38,280 Speaker 1: bit of that extra deficity reduction For mansion. The key 427 00:21:38,320 --> 00:21:42,199 Speaker 1: is to have above three billion dollars in deficit reduction 428 00:21:42,240 --> 00:21:44,320 Speaker 1: over ten years. So you know, I guess that little 429 00:21:44,359 --> 00:21:47,000 Speaker 1: surplus is being being spent. But yeah, a stock buy back, 430 00:21:47,280 --> 00:21:49,879 Speaker 1: you know, it is a big change. We taught to 431 00:21:49,920 --> 00:21:53,000 Speaker 1: market participants today and they're kind of, you know, not 432 00:21:53,080 --> 00:21:56,040 Speaker 1: really phased by it. But there is someone else's that 433 00:21:56,080 --> 00:21:59,960 Speaker 1: could boost dividends, could lower stock valuations in the long run. 434 00:22:00,000 --> 00:22:01,920 Speaker 1: On um and you know, it remains to be seen. 435 00:22:02,520 --> 00:22:05,560 Speaker 1: One percent exercise tax. We still are trying to figure 436 00:22:05,560 --> 00:22:07,800 Speaker 1: out the effective day. I asked Struck Schumer that that 437 00:22:07,840 --> 00:22:10,560 Speaker 1: press converse. They don't know, but I think it's effective 438 00:22:10,560 --> 00:22:12,920 Speaker 1: on January one, you might see up NaN's at the 439 00:22:13,000 --> 00:22:16,200 Speaker 1: end of the year of stock by backs. Well, that's 440 00:22:16,280 --> 00:22:18,240 Speaker 1: huge and you also just gave us a little bit 441 00:22:18,280 --> 00:22:20,080 Speaker 1: more news because I don't think Chuck Schumer had the 442 00:22:20,119 --> 00:22:23,240 Speaker 1: answer to that drought money questions. So that is basically 443 00:22:23,320 --> 00:22:27,520 Speaker 1: Kirsten Cinema got everything she wanted here, is that right? Well? 444 00:22:27,560 --> 00:22:28,920 Speaker 1: I mean she got a lot of she got a 445 00:22:28,960 --> 00:22:31,520 Speaker 1: lot of changes that she wanted. And the mystery for 446 00:22:31,520 --> 00:22:34,280 Speaker 1: for us really is why on carring interest you know, 447 00:22:34,320 --> 00:22:38,159 Speaker 1: it's it's Arizona, it's not Manhattan. Why why is this 448 00:22:38,560 --> 00:22:40,679 Speaker 1: a big deal for her? Uh? You know, we did 449 00:22:40,760 --> 00:22:42,760 Speaker 1: ask her office and they said that she viewed it 450 00:22:42,800 --> 00:22:47,400 Speaker 1: as a blow to the Arizona economy and the break 451 00:22:47,440 --> 00:22:50,360 Speaker 1: went away. Uh, but we know we're going to continue 452 00:22:50,400 --> 00:22:52,320 Speaker 1: to dig into that. We know that private equity is 453 00:22:52,320 --> 00:22:54,560 Speaker 1: a big contributed to her campaign. Well that's what the 454 00:22:54,600 --> 00:22:56,720 Speaker 1: story is, right, I mean, you know you've been around 455 00:22:56,720 --> 00:22:58,560 Speaker 1: long enough to know that this this could mean a 456 00:22:58,600 --> 00:23:02,160 Speaker 1: couple of extra checks in the full right. And um, 457 00:23:02,200 --> 00:23:03,760 Speaker 1: you know the other thing is that she said in 458 00:23:03,800 --> 00:23:06,520 Speaker 1: her statement she's going to work with Mark Warner, who 459 00:23:06,600 --> 00:23:09,399 Speaker 1: is the Senator from Virginia, on a possible compromise and 460 00:23:09,440 --> 00:23:12,879 Speaker 1: carried interests. But he was on Bloomberg TV saying, you know, 461 00:23:13,240 --> 00:23:15,080 Speaker 1: it is on a clear path or that. And I 462 00:23:15,119 --> 00:23:17,160 Speaker 1: think you know, if they lose the House or Senate, 463 00:23:17,440 --> 00:23:19,840 Speaker 1: they could try to do another budget bill in December. 464 00:23:20,160 --> 00:23:22,439 Speaker 1: Were already thinking maybe for the debt limit. But uh, 465 00:23:22,840 --> 00:23:24,600 Speaker 1: you know, I think it's it's it's more likely than 466 00:23:24,640 --> 00:23:27,320 Speaker 1: not that this carried interest to Loophole continues to persist 467 00:23:27,520 --> 00:23:32,159 Speaker 1: that Mark Warner interview was was really important, and I boy, 468 00:23:32,720 --> 00:23:36,720 Speaker 1: Republicans aren't buying any of this. Uh, to the point 469 00:23:36,720 --> 00:23:40,920 Speaker 1: where Congressman Lindsey Graham was tweeting threats today. Uh. And 470 00:23:40,960 --> 00:23:42,800 Speaker 1: I don't know how you read this. We'll we'll get 471 00:23:42,800 --> 00:23:44,880 Speaker 1: into this a little bit later with the panel. I'm 472 00:23:44,880 --> 00:23:47,919 Speaker 1: assuming that you saw this. Eric. He's talking about a 473 00:23:47,960 --> 00:23:50,359 Speaker 1: word of advice. He says, to those who support this 474 00:23:50,440 --> 00:23:54,440 Speaker 1: reconciliation deal, if you expect the CR the Continuing Resolution, 475 00:23:54,480 --> 00:23:56,920 Speaker 1: this is the budget CR to deliver a political payoff 476 00:23:56,960 --> 00:24:00,680 Speaker 1: with sixty votes, you might want to rethink. Then he 477 00:24:00,840 --> 00:24:03,760 Speaker 1: replies to his own tweet, if there's something you want 478 00:24:03,800 --> 00:24:06,720 Speaker 1: on this deal that cannot be achieved in reconciliation. If 479 00:24:06,720 --> 00:24:08,840 Speaker 1: I were you, I would get it up front. Is 480 00:24:08,840 --> 00:24:11,000 Speaker 1: he threatening to shut down the government, Eric, or what? 481 00:24:11,760 --> 00:24:15,440 Speaker 1: Well you know maybe you know, I think I think 482 00:24:15,440 --> 00:24:16,960 Speaker 1: it's kind of an empty threat at the end of 483 00:24:17,000 --> 00:24:18,439 Speaker 1: the day. You know, this is similar to when they 484 00:24:18,480 --> 00:24:21,280 Speaker 1: took the Veterans Bill hostage, when the when after the 485 00:24:21,320 --> 00:24:23,879 Speaker 1: Mansion Stumer deal came out, they tried to block this 486 00:24:24,000 --> 00:24:27,040 Speaker 1: veteran bill. Like John Stewart, every wanted to shelve them 487 00:24:27,040 --> 00:24:29,399 Speaker 1: and walk it back. And we've got nothing for you know, 488 00:24:29,600 --> 00:24:34,320 Speaker 1: they're talking about blocking a temporary government spending bill because 489 00:24:34,359 --> 00:24:37,479 Speaker 1: it has fossil fuel permitting reform about it. I mean, 490 00:24:37,520 --> 00:24:40,920 Speaker 1: that is about headline. So this sounds like bluffing reform. 491 00:24:41,600 --> 00:24:43,639 Speaker 1: I just don't. I think it's a bluff. But you know, 492 00:24:43,680 --> 00:24:46,760 Speaker 1: we'll see. We asked uh someone in my college as 493 00:24:46,760 --> 00:24:49,520 Speaker 1: structure values of this long way off shore end of September, 494 00:24:49,840 --> 00:24:53,600 Speaker 1: we'll see. Uh, you know, I just don't. I'm dubious 495 00:24:53,640 --> 00:24:56,640 Speaker 1: about it. He also said somewhere in that press conference 496 00:24:56,680 --> 00:24:59,320 Speaker 1: today that he wants something for South Carolina. It'll make 497 00:24:59,320 --> 00:25:01,320 Speaker 1: a play for that. We're gonna give you a little 498 00:25:01,320 --> 00:25:03,760 Speaker 1: taste of what of what the Senator from South Carolina 499 00:25:03,800 --> 00:25:05,920 Speaker 1: had to say. Eric, Thank you so much. Eric Wasson. 500 00:25:06,520 --> 00:25:08,440 Speaker 1: I hope you get a real weekend after all that work. 501 00:25:08,520 --> 00:25:11,840 Speaker 1: This week, Lindsey Graham in the Gallery the Senate Radio 502 00:25:11,880 --> 00:25:15,240 Speaker 1: TV Gallery today lays it down on this claim of 503 00:25:15,280 --> 00:25:18,520 Speaker 1: this legislation lowering inflation. Here he is, I think it's 504 00:25:18,560 --> 00:25:21,800 Speaker 1: more likely the Taliban didn't know that zar Cowi was 505 00:25:21,840 --> 00:25:25,399 Speaker 1: in Cobbold than this lower's inflation. And why don't I 506 00:25:25,440 --> 00:25:27,880 Speaker 1: say that It takes a lot of time to keep 507 00:25:27,960 --> 00:25:30,480 Speaker 1: girls out of school, measure beards and make sure no 508 00:25:30,600 --> 00:25:34,359 Speaker 1: ankles showing on a burka, So maybe they were just busy. 509 00:25:34,560 --> 00:25:36,480 Speaker 1: The one thing I can tell you about this bill, 510 00:25:37,320 --> 00:25:40,520 Speaker 1: it will not lower inflation. The same people who said 511 00:25:40,640 --> 00:25:44,640 Speaker 1: the American Rescue plan would rescue have thrown you back 512 00:25:44,640 --> 00:25:48,320 Speaker 1: into the water. But wait, I thought it was safe 513 00:25:48,359 --> 00:25:52,320 Speaker 1: to go back in the water. Lindsey Graham stirs it 514 00:25:52,440 --> 00:25:55,480 Speaker 1: up again with the prospect of inflation on the horizon, 515 00:25:56,160 --> 00:25:59,879 Speaker 1: and what now a government shutdown? We reassemble the panel. 516 00:26:00,320 --> 00:26:05,440 Speaker 1: This is Bloomberg. You're listening to Bloomberg. You sound on 517 00:26:05,880 --> 00:26:11,520 Speaker 1: with Joe Matthew on Bloomberg Radio. So even if the 518 00:26:11,520 --> 00:26:15,440 Speaker 1: reconciliation build passes, or I guess especially if it does, 519 00:26:15,840 --> 00:26:19,800 Speaker 1: we could have some interesting games coming up at the 520 00:26:19,880 --> 00:26:22,159 Speaker 1: end of the year in the budgeting process, as Senator 521 00:26:22,200 --> 00:26:25,200 Speaker 1: Lindsey Graham promises to well, I'm not sure what he 522 00:26:25,359 --> 00:26:27,800 Speaker 1: was threatening the people to do what they need to 523 00:26:27,800 --> 00:26:29,680 Speaker 1: do now, you better get it up front. He said, 524 00:26:31,760 --> 00:26:35,640 Speaker 1: if you expect the cr to deliver a political payoff 525 00:26:35,720 --> 00:26:39,439 Speaker 1: with sixty votes, you might want to rethink he was 526 00:26:39,480 --> 00:26:41,760 Speaker 1: in prime form today. Well, you heard him a little 527 00:26:41,800 --> 00:26:43,639 Speaker 1: bit ago, if you were with us here on sound 528 00:26:43,680 --> 00:26:47,200 Speaker 1: on a lot more where that came from, particularly on 529 00:26:47,280 --> 00:26:51,680 Speaker 1: this bill. In a direct message to the Democrat who 530 00:26:51,680 --> 00:26:56,240 Speaker 1: Republicans loved a minute ago, Joe Manchion along with Kirsten Cinema, 531 00:26:56,520 --> 00:27:00,639 Speaker 1: here's Senator Graham. I'm hoping that we can come up 532 00:27:00,680 --> 00:27:04,800 Speaker 1: with proposals that will make sense. Still a few of 533 00:27:04,840 --> 00:27:08,399 Speaker 1: them and they will abandon this jihad their own to 534 00:27:08,520 --> 00:27:11,760 Speaker 1: tax and spend. But I just turn it over to 535 00:27:11,840 --> 00:27:14,680 Speaker 1: John now. But to Joe Manchin, you have a game 536 00:27:14,760 --> 00:27:18,399 Speaker 1: plan that counts on something you need to really think 537 00:27:18,480 --> 00:27:23,880 Speaker 1: long and hard about. We reassembled the panel. Bloomberg Politics 538 00:27:23,920 --> 00:27:27,280 Speaker 1: contributor and Democratic analyst Jennie Schanzano is here today with 539 00:27:27,680 --> 00:27:32,600 Speaker 1: Lizzie Guyton, former calms director from Massachusetts. Governor Charlie Baker 540 00:27:33,040 --> 00:27:38,359 Speaker 1: and uh founding partner of South and Hills Strategies. What 541 00:27:38,400 --> 00:27:40,800 Speaker 1: do you make of this, Lizzie, This is, like I guess, 542 00:27:40,960 --> 00:27:44,920 Speaker 1: really good ammunition for midterms. Right, Republicans dragged this out. 543 00:27:44,960 --> 00:27:49,160 Speaker 1: Not only did Democrats create historic inflation, but then they 544 00:27:49,160 --> 00:27:52,760 Speaker 1: went even further and spent even more, and and did 545 00:27:52,760 --> 00:27:54,960 Speaker 1: it all on their own. Not a single Republican vote. 546 00:27:54,960 --> 00:27:59,320 Speaker 1: Is that what we hear between now and November. Well, 547 00:27:59,359 --> 00:28:03,280 Speaker 1: when it comes of this Reconciliation Bill, now conveniently renamed 548 00:28:03,280 --> 00:28:06,600 Speaker 1: the Inflation Reduction Acts, it's no surprise that no Republicans 549 00:28:06,600 --> 00:28:08,920 Speaker 1: have been on board with this bill, um, and they 550 00:28:08,960 --> 00:28:11,879 Speaker 1: have cited concerns about the taxes and the increase in 551 00:28:11,960 --> 00:28:14,800 Speaker 1: spending that's coming out of an inopportune time when we're 552 00:28:15,359 --> 00:28:18,880 Speaker 1: arguably in a recession and everybody's feeling the heat from inflation. 553 00:28:19,680 --> 00:28:22,240 Speaker 1: But even more broadly, Joe, you know, only according to 554 00:28:22,240 --> 00:28:23,879 Speaker 1: a New York Times poll, only ten percent of the 555 00:28:23,920 --> 00:28:26,639 Speaker 1: nation is feeling positive about the economy right now, and 556 00:28:26,680 --> 00:28:29,359 Speaker 1: I think any discussions of more taxes and more spending 557 00:28:29,359 --> 00:28:32,000 Speaker 1: out of Washington is not going to help qualm those fears. 558 00:28:32,080 --> 00:28:34,520 Speaker 1: But you read the title, It says the Inflation Reduction 559 00:28:34,600 --> 00:28:37,640 Speaker 1: right of the name. What's what's the problem here? And I'm, 560 00:28:37,760 --> 00:28:40,880 Speaker 1: of course I'm being sarcastic, but look, Lizzie, you're a 561 00:28:40,880 --> 00:28:46,040 Speaker 1: specialist in messaging. Um, how does the Republican Party just 562 00:28:46,120 --> 00:28:49,680 Speaker 1: keep the beat on inflation when the administration says, hey, 563 00:28:49,680 --> 00:28:52,960 Speaker 1: I've got something to show for it? Well, I don't 564 00:28:53,000 --> 00:28:55,920 Speaker 1: think that. Uh, the American people, whether you're a Democrat 565 00:28:56,000 --> 00:28:58,320 Speaker 1: or Republican, believe that Washington is going to spend our 566 00:28:58,320 --> 00:29:01,440 Speaker 1: way out of inflation and you know, an economic crisis. 567 00:29:01,760 --> 00:29:04,440 Speaker 1: And I think Washington is really good at putting uh 568 00:29:04,840 --> 00:29:07,680 Speaker 1: appropriate names on bill's. This bill started as a bill 569 00:29:07,760 --> 00:29:10,640 Speaker 1: back better and now it's conveniently been renamed to the 570 00:29:10,640 --> 00:29:13,240 Speaker 1: Inflation Reduction Act at a time where inflation is top 571 00:29:13,280 --> 00:29:16,360 Speaker 1: of mind. But um, it doesn't seem that any Republicans 572 00:29:16,400 --> 00:29:19,360 Speaker 1: and even outside of that, economists and others think that 573 00:29:19,400 --> 00:29:21,160 Speaker 1: there's a lot in here that's actually going to be 574 00:29:21,200 --> 00:29:25,480 Speaker 1: addressing inflation in America right now. So what's uh, what's 575 00:29:25,520 --> 00:29:28,320 Speaker 1: the story from the White House? Then, Jennie and we've 576 00:29:28,360 --> 00:29:30,560 Speaker 1: we've we've been through this a couple of times. Actually 577 00:29:30,600 --> 00:29:33,280 Speaker 1: getting this done you would think would be a win. 578 00:29:34,360 --> 00:29:38,520 Speaker 1: But but the accomplishment is being clouded by the inflation story, 579 00:29:38,560 --> 00:29:41,680 Speaker 1: and Republicans do a really good job telling it. They do. 580 00:29:41,800 --> 00:29:44,560 Speaker 1: But I think we should also remember that this, if 581 00:29:44,600 --> 00:29:47,280 Speaker 1: this bill does pass, and that's still an if, will 582 00:29:47,320 --> 00:29:50,720 Speaker 1: be the largest investment in climate in the history of 583 00:29:50,760 --> 00:29:53,960 Speaker 1: the planet. What does that mean for the campaigns? Though? 584 00:29:54,000 --> 00:29:57,520 Speaker 1: Can that be translated into into motivation in November? It 585 00:29:57,560 --> 00:30:00,120 Speaker 1: absolutely can. I mean, you know, listen Joe By and 586 00:30:00,160 --> 00:30:03,640 Speaker 1: when he ran, he promised to decrease emissions by By 587 00:30:04,280 --> 00:30:07,800 Speaker 1: they're going to get We have been had decades of 588 00:30:07,840 --> 00:30:10,880 Speaker 1: trying to fight the cost of pharmaceuticals. You want to 589 00:30:10,920 --> 00:30:14,320 Speaker 1: talk about polls, Vast majorities of Americans say they pay 590 00:30:14,400 --> 00:30:18,000 Speaker 1: way too much for prescription drugs. We now have Medicare negotiations, 591 00:30:18,040 --> 00:30:21,479 Speaker 1: caps for seniors if this passes again, subsidies for people's 592 00:30:21,640 --> 00:30:25,440 Speaker 1: people on the exchanges, and so this is a big win. 593 00:30:25,640 --> 00:30:28,280 Speaker 1: And also you look at you listen to somebody the 594 00:30:28,320 --> 00:30:30,720 Speaker 1: Republicans like to listen to an awful lot late lately, 595 00:30:30,760 --> 00:30:35,000 Speaker 1: like Larry Summers, and most economisdegree this is deflationary. Yes, 596 00:30:35,040 --> 00:30:37,600 Speaker 1: inflation is a problem. It has to be addressed. But 597 00:30:37,720 --> 00:30:40,200 Speaker 1: this bill is going to decrease the deficit. It's not 598 00:30:40,240 --> 00:30:43,240 Speaker 1: going to add to inflation. And so you know, that's 599 00:30:43,280 --> 00:30:45,560 Speaker 1: the message the White House has to be talking about. 600 00:30:45,800 --> 00:30:48,920 Speaker 1: They know they've got a potentially big win here. And 601 00:30:48,960 --> 00:30:50,920 Speaker 1: this has been a very good couple of weeks for 602 00:30:51,040 --> 00:30:53,560 Speaker 1: Joe Biden, not so much for Mitch McConnell and the 603 00:30:53,600 --> 00:30:56,320 Speaker 1: Republicans who were out maneuvered on this. And as you 604 00:30:56,360 --> 00:30:59,320 Speaker 1: can hear from Lindsay Graham, he's throwing a tantrum now 605 00:30:59,360 --> 00:31:01,480 Speaker 1: about that. You wonder what this if this is going 606 00:31:01,520 --> 00:31:03,520 Speaker 1: to become a standoff over the budget. Though you didn't 607 00:31:03,520 --> 00:31:06,040 Speaker 1: just say Larry Summers was a Republican, did you, Because no, 608 00:31:06,040 --> 00:31:08,360 Speaker 1: no, no no, I said Republicans like to listen to him. 609 00:31:08,400 --> 00:31:13,800 Speaker 1: But that Joe Mansion becomes a Republican Sundays, and so 610 00:31:13,880 --> 00:31:15,920 Speaker 1: does Larry Summers depending on the side of the argument 611 00:31:15,960 --> 00:31:19,640 Speaker 1: there on. But uh, we'll see what happens with this obviously. Uh. 612 00:31:20,160 --> 00:31:22,280 Speaker 1: And we're going to find out in short order that 613 00:31:22,360 --> 00:31:24,680 Speaker 1: the House is coming back next week and then everybody's 614 00:31:24,720 --> 00:31:27,040 Speaker 1: gone to get I guess beat up at at town 615 00:31:27,120 --> 00:31:30,800 Speaker 1: hall meetings. Lizzie, how do you prepare a politician and 616 00:31:30,920 --> 00:31:33,680 Speaker 1: officeholder to meet a room full of people who want 617 00:31:33,680 --> 00:31:37,720 Speaker 1: to yell at him. Well, that's always a tough one, Joe, 618 00:31:37,800 --> 00:31:40,080 Speaker 1: But not that your boss that yelled at very often. 619 00:31:40,080 --> 00:31:43,000 Speaker 1: And I will say that firsthand. Hey, from time to 620 00:31:43,080 --> 00:31:46,440 Speaker 1: time it happens. But you know, I think that part 621 00:31:46,440 --> 00:31:49,920 Speaker 1: of that argument is why, you know, Republicans are concerned 622 00:31:49,920 --> 00:31:51,920 Speaker 1: about this spending bill, which you know is a seven 623 00:31:52,320 --> 00:31:54,680 Speaker 1: page bill with no CBO scorer and we still have 624 00:31:54,840 --> 00:31:56,800 Speaker 1: you know what, twenty hours of debate to look forward 625 00:31:56,800 --> 00:31:58,600 Speaker 1: to with amend and so we're not exactly sure how 626 00:31:58,640 --> 00:32:00,880 Speaker 1: it's going to shake out. Um, but you know the 627 00:32:00,960 --> 00:32:03,320 Speaker 1: devils and the details. You know, people are worried about 628 00:32:03,400 --> 00:32:05,720 Speaker 1: high gas prices, are worried about the high cost of food. 629 00:32:05,920 --> 00:32:08,600 Speaker 1: They're worried about these trends in the economy, uh and 630 00:32:08,680 --> 00:32:12,040 Speaker 1: inflation continuing to outpace wages. And that's what people are 631 00:32:12,040 --> 00:32:13,760 Speaker 1: going to hear about, whether you're a Democrat or a 632 00:32:13,760 --> 00:32:16,280 Speaker 1: Republican when you go home in your district and you know, 633 00:32:16,440 --> 00:32:18,640 Speaker 1: in the event that there this bill does pass and 634 00:32:18,680 --> 00:32:20,880 Speaker 1: there could be new taxes that could impact you know, 635 00:32:20,920 --> 00:32:23,040 Speaker 1: the oil and gas industry, if that's going to end 636 00:32:23,080 --> 00:32:26,200 Speaker 1: up translating to consumers seeing higher prices at the pump 637 00:32:26,280 --> 00:32:28,760 Speaker 1: or higher utilities in a few months. Um, that's gonna 638 00:32:28,760 --> 00:32:30,560 Speaker 1: be a problem. And you know, we have to think 639 00:32:30,560 --> 00:32:32,840 Speaker 1: about these things a little bit more long term. Uh. 640 00:32:32,880 --> 00:32:35,480 Speaker 1: You know, being in the Northeast, we've already heard from 641 00:32:35,520 --> 00:32:38,600 Speaker 1: some utilities for electric rates that they're gonna nearly double 642 00:32:38,640 --> 00:32:40,320 Speaker 1: this winter. And that has nothing to do with the 643 00:32:40,360 --> 00:32:42,440 Speaker 1: bill that we're talking about. But you know, when these 644 00:32:42,480 --> 00:32:44,760 Speaker 1: things stuck up, they really give people a lot of 645 00:32:44,800 --> 00:32:48,400 Speaker 1: anxiety and again just you know, growing more spending out it. 646 00:32:48,560 --> 00:32:51,920 Speaker 1: It feeds a narrative. Correct. Well, I'll tell you, speaking 647 00:32:51,960 --> 00:32:54,880 Speaker 1: of mid terms, I'm deeply curious to see what happens 648 00:32:55,320 --> 00:32:58,600 Speaker 1: with this race in Wyoming for Liz Chaining. You guys 649 00:32:58,600 --> 00:33:02,200 Speaker 1: probably saw the ad with Dick Cheney. If you haven't, 650 00:33:02,360 --> 00:33:05,760 Speaker 1: it's really worth your attention. It's it's I think it's 651 00:33:05,760 --> 00:33:08,680 Speaker 1: been pretty well reviewed as being very well produced. Dick Cheney, 652 00:33:08,920 --> 00:33:11,800 Speaker 1: who we don't see a lot of sitting outdoors with 653 00:33:11,880 --> 00:33:16,440 Speaker 1: the cowboy hat on, uh and and in a very 654 00:33:16,560 --> 00:33:19,160 Speaker 1: well written and delivered ad, although you can hear in 655 00:33:19,200 --> 00:33:21,000 Speaker 1: his voice that you know he's put a couple of 656 00:33:21,080 --> 00:33:23,760 Speaker 1: years on him. Listen to this ad from Dick Cheney 657 00:33:23,880 --> 00:33:26,640 Speaker 1: on behalf of his daughter, Liz Cheney at least a portion, 658 00:33:27,440 --> 00:33:30,120 Speaker 1: and our nation's two d and forty six year history, 659 00:33:30,200 --> 00:33:32,480 Speaker 1: there has never been an individual who is a greater 660 00:33:32,560 --> 00:33:35,720 Speaker 1: threat to our Republic than Donald Trump. He tried to 661 00:33:35,760 --> 00:33:39,200 Speaker 1: steal the last election using lies and violence to keep 662 00:33:39,280 --> 00:33:42,800 Speaker 1: himself in power after the voters had rejected him. He's 663 00:33:42,880 --> 00:33:45,600 Speaker 1: a coward. A real man wouldn't lie to his supporters. 664 00:33:45,720 --> 00:33:49,080 Speaker 1: He lost his election, and he lost big. I know it, 665 00:33:49,240 --> 00:33:52,160 Speaker 1: he knows it, and deep down, I think most Republicans 666 00:33:52,200 --> 00:33:55,080 Speaker 1: know it. Lynn and I are so proud of Liz 667 00:33:55,240 --> 00:33:59,560 Speaker 1: for standing up for the truth, honoring her oath to 668 00:33:59,640 --> 00:34:03,200 Speaker 1: the institution, and so many in our party are too 669 00:34:03,240 --> 00:34:06,720 Speaker 1: scared to do so. You know, very effective message here, 670 00:34:06,920 --> 00:34:10,160 Speaker 1: uh be calling Donald Trump and Howard a real man, 671 00:34:10,320 --> 00:34:15,239 Speaker 1: Genie H doesn't lie to his supporters. First of all, 672 00:34:15,680 --> 00:34:18,239 Speaker 1: is this an effective ad? Because we I think that 673 00:34:18,280 --> 00:34:21,600 Speaker 1: the prognosis is still a loss for for Liz Cheney 674 00:34:21,719 --> 00:34:25,120 Speaker 1: and in his Dick Cheney the right messenger to be 675 00:34:25,200 --> 00:34:29,319 Speaker 1: talking about being honest to your supporters. Yeah, it's a 676 00:34:29,440 --> 00:34:32,400 Speaker 1: very effective ad. And he goes right after Donald Trump 677 00:34:32,400 --> 00:34:34,320 Speaker 1: where it's got a hurt. And you know, I always 678 00:34:34,360 --> 00:34:36,759 Speaker 1: try to follow truth social to see what's happening and 679 00:34:36,760 --> 00:34:39,840 Speaker 1: how Trump is responding. So yeah, I'll keep you posted 680 00:34:39,840 --> 00:34:42,000 Speaker 1: on that. But you know, it's a very effective ad. 681 00:34:42,040 --> 00:34:44,640 Speaker 1: He's you know, it's a very Western look, and he's 682 00:34:44,640 --> 00:34:47,959 Speaker 1: a very obviously very proud of his daughter, and and 683 00:34:48,120 --> 00:34:50,240 Speaker 1: you know, and and of course the number of Liberals 684 00:34:50,239 --> 00:34:53,120 Speaker 1: who are now complimenting Dick Cheney is quite a head spinning, 685 00:34:53,520 --> 00:34:56,200 Speaker 1: you know, realization of what's happened in the last few years. 686 00:34:56,800 --> 00:34:58,400 Speaker 1: We don't know. I don't think we know what's going 687 00:34:58,400 --> 00:35:00,600 Speaker 1: to happen out there. There are poles which suggest she's 688 00:35:00,600 --> 00:35:03,080 Speaker 1: way behind, but the polls in these midterms are few 689 00:35:03,080 --> 00:35:05,319 Speaker 1: and far between. She's got a lot of money, a 690 00:35:05,320 --> 00:35:08,239 Speaker 1: lot of name recognition. I think she likely a bunch 691 00:35:08,280 --> 00:35:11,880 Speaker 1: of Democrats vote for maybe Democrats she like that. People 692 00:35:11,920 --> 00:35:14,160 Speaker 1: say she likely still will lose, and that could be, 693 00:35:14,280 --> 00:35:16,040 Speaker 1: but I think she's going to put up quite a fight, 694 00:35:16,120 --> 00:35:18,280 Speaker 1: and who knows, if she loses, she may be running 695 00:35:18,280 --> 00:35:21,040 Speaker 1: in twenty four. That does the ad work for you, Lizzie? 696 00:35:21,040 --> 00:35:24,520 Speaker 1: Does it make a difference. I think that it was 697 00:35:24,560 --> 00:35:26,600 Speaker 1: a very effective, and I agree with Jean, but I 698 00:35:26,680 --> 00:35:29,440 Speaker 1: also think, you know, it makes sense for Liz Cheney 699 00:35:29,480 --> 00:35:31,960 Speaker 1: based on her race and her platform and how she's 700 00:35:32,160 --> 00:35:35,200 Speaker 1: uh conducted herself and been very straightforward about how she 701 00:35:35,239 --> 00:35:38,920 Speaker 1: feels about the Trump administration UM on a go forward basis. 702 00:35:38,960 --> 00:35:41,920 Speaker 1: And sure she has a tough race ahead of her UM, 703 00:35:41,960 --> 00:35:45,240 Speaker 1: but there are you know, several Republicans that are willing 704 00:35:45,239 --> 00:35:47,719 Speaker 1: to share their viewpoint about Donald Trump if they do 705 00:35:47,760 --> 00:35:49,399 Speaker 1: not agree with him or you know, do not want 706 00:35:49,400 --> 00:35:52,080 Speaker 1: to support him, and I think there's room for those opinions. 707 00:35:52,080 --> 00:35:54,279 Speaker 1: It's sometimes hard to read the tea leaves in these 708 00:35:54,320 --> 00:35:57,279 Speaker 1: primaries because as we know, on both sides, Democrats and 709 00:35:57,320 --> 00:35:59,319 Speaker 1: Republicans both tend to you know, run to the far 710 00:35:59,440 --> 00:36:01,600 Speaker 1: left or the far right. UM and the general election 711 00:36:01,640 --> 00:36:04,520 Speaker 1: campaign a much different picture. Well, i'll tell you what, 712 00:36:04,600 --> 00:36:08,160 Speaker 1: based on reports, Republicans are working really hard to try 713 00:36:08,200 --> 00:36:10,440 Speaker 1: to turn this around in why I mean, that's the 714 00:36:10,480 --> 00:36:15,520 Speaker 1: six of August, by the way, the primary before we 715 00:36:15,560 --> 00:36:18,000 Speaker 1: say goodbye to Lizzie, and we don't have a lot 716 00:36:18,000 --> 00:36:19,920 Speaker 1: of time, Lizzie, but I just wanted to acknowledge the 717 00:36:19,920 --> 00:36:22,319 Speaker 1: fact that you used to work for Representative Jackie will 718 00:36:22,400 --> 00:36:25,399 Speaker 1: Orski and flags are at half staff in Washington after 719 00:36:25,480 --> 00:36:28,160 Speaker 1: the Republican from Indiana was tragically killed in a car 720 00:36:28,200 --> 00:36:30,800 Speaker 1: accident with two staffers this week. She was in the 721 00:36:30,880 --> 00:36:35,000 Speaker 1: leadership and leadership set to chair an important committee. Lizzie 722 00:36:35,000 --> 00:36:39,840 Speaker 1: and a real loss in Washington. Absolutely. I had the 723 00:36:39,840 --> 00:36:43,120 Speaker 1: pleasure of working for her in two thousand, twelve hundred 724 00:36:43,160 --> 00:36:46,000 Speaker 1: campaign and she won that election by four thousand votes 725 00:36:46,040 --> 00:36:49,040 Speaker 1: to flip the seat from blue seat to a red seat. 726 00:36:49,640 --> 00:36:53,360 Speaker 1: And I gotta tell you, Joe, her husband Dean Swytheart 727 00:36:53,400 --> 00:36:56,239 Speaker 1: at a vigil last night, said it best Jackie knew 728 00:36:56,239 --> 00:36:59,839 Speaker 1: who she was. And you know, oftentimes in politics week 729 00:37:00,040 --> 00:37:03,160 Speaker 1: sort of talk about the rancor and the gridlock. But um, 730 00:37:03,200 --> 00:37:06,520 Speaker 1: to me, Jackie was above that. She was fair, she 731 00:37:06,640 --> 00:37:10,600 Speaker 1: was kind, She was a smart team player. This is Bloomberg.