1 00:00:01,480 --> 00:00:06,240 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,280 --> 00:00:10,160 Speaker 1: I'm a little bit unimpressed of the discipline and the 3 00:00:10,240 --> 00:00:13,520 Speaker 1: training level of the Russian forces ass Had and as 4 00:00:13,560 --> 00:00:16,400 Speaker 1: horrific as it is, we want to make sure that 5 00:00:16,440 --> 00:00:20,480 Speaker 1: we do not see an escalation. Bloomberg Sound on Politics, 6 00:00:20,560 --> 00:00:24,520 Speaker 1: Policy and Perspective from DC's top Name. My sentis the 7 00:00:24,600 --> 00:00:27,440 Speaker 1: commodity versions were made very high, elevated certainly over the 8 00:00:27,440 --> 00:00:29,080 Speaker 1: next year, but it's probably first half the year. You 9 00:00:29,200 --> 00:00:32,720 Speaker 1: Republicans want to give Democrat Day victory on getting public 10 00:00:32,800 --> 00:00:36,120 Speaker 1: China on a political basis, The answer is no. Bloomberg 11 00:00:36,240 --> 00:00:41,760 Speaker 1: Sound On with Joe Matthew on Bloomberg Radio and Historic 12 00:00:41,840 --> 00:00:46,440 Speaker 1: Day in Washington has the President of Ukraine addresses Congress 13 00:00:46,479 --> 00:00:49,640 Speaker 1: from a war zone, and the Federal Reserve hikes interest 14 00:00:49,720 --> 00:00:51,840 Speaker 1: rates for the first time in a couple of years. 15 00:00:52,159 --> 00:00:55,360 Speaker 1: Welcome to the fastest hour in politics, with two major 16 00:00:55,400 --> 00:00:57,600 Speaker 1: stories to track and some of the smartest minds in 17 00:00:57,640 --> 00:01:00,639 Speaker 1: politics to help us distill it all. Along the way, 18 00:01:00,680 --> 00:01:04,480 Speaker 1: we'll talk with Congressman French Hill, Republican from Arkansas. Democratic 19 00:01:04,480 --> 00:01:08,280 Speaker 1: Congressman Jake Aukincloss of Massachusetts will also be here. They 20 00:01:08,319 --> 00:01:11,720 Speaker 1: both serve on the House Financial Services Committee. Rep. Balking 21 00:01:11,760 --> 00:01:13,800 Speaker 1: Class as well, a Marine Corps veteran of the war 22 00:01:13,800 --> 00:01:15,920 Speaker 1: in Afghanistan, will have much more with them. In a 23 00:01:15,959 --> 00:01:20,160 Speaker 1: moment our panel today, Bloomberg Politics contributor Jeanie Chanzano along 24 00:01:20,200 --> 00:01:24,839 Speaker 1: with John Siddelity State Department Advisor and partner with Trilogy Advisor. 25 00:01:25,080 --> 00:01:27,399 Speaker 1: It has been quite a day here inside the bubble, 26 00:01:27,520 --> 00:01:30,600 Speaker 1: starting this morning before we ever got to the FED 27 00:01:31,000 --> 00:01:35,440 Speaker 1: with President Vladimir Zelenski's addressed to Congress. He appeared virtually 28 00:01:35,600 --> 00:01:39,679 Speaker 1: in an auditorium on Capitol Hill. Was wearing a green shirt, 29 00:01:41,080 --> 00:01:45,240 Speaker 1: sat against a stark white wall, the Ukrainian flag the 30 00:01:45,280 --> 00:01:48,480 Speaker 1: only color otherwise in the frame. He was unshaven, He 31 00:01:48,560 --> 00:01:52,400 Speaker 1: looked tired, and he started speaking through a translator. Most 32 00:01:52,440 --> 00:01:55,880 Speaker 1: of his speech was through translation before he broke to 33 00:01:55,920 --> 00:01:59,200 Speaker 1: play a video of devastation from the war. It was 34 00:01:59,240 --> 00:02:02,080 Speaker 1: tough to watch, complete with before and after shots of 35 00:02:02,160 --> 00:02:08,000 Speaker 1: well known areas in Ukraine. Lawmakers were clearly moved before 36 00:02:08,080 --> 00:02:11,400 Speaker 1: Zelenski then spoke to them in English. The American people 37 00:02:11,680 --> 00:02:17,120 Speaker 1: are helping not just Ukraine, but Europe and the world 38 00:02:17,160 --> 00:02:22,640 Speaker 1: to keep the planet alive, to keep justice in history. 39 00:02:22,919 --> 00:02:25,600 Speaker 1: Zelenski thank the American people, He thank President Biden for 40 00:02:25,639 --> 00:02:28,960 Speaker 1: the support, and as we expected, he asked for more, 41 00:02:29,880 --> 00:02:32,639 Speaker 1: acknowledging the reluctance the US hasn't setting up a no 42 00:02:32,800 --> 00:02:35,959 Speaker 1: fly zone over Ukraine. If this is too much to ask, 43 00:02:36,480 --> 00:02:41,320 Speaker 1: we offer an alternative. You know what kind of defense 44 00:02:41,520 --> 00:02:45,360 Speaker 1: systems we need as three hundred and other similar systems. 45 00:02:45,440 --> 00:02:48,320 Speaker 1: You know how much depends on the battlefield, on the 46 00:02:48,360 --> 00:02:54,399 Speaker 1: ability to use aircraft, powerful strong air aviation to protect 47 00:02:54,639 --> 00:03:00,840 Speaker 1: our people, our freedom. Lend aircraft that can help uk 48 00:03:01,440 --> 00:03:04,239 Speaker 1: The MiGs, of course, the MiG twenty nine from Poland. 49 00:03:04,280 --> 00:03:06,560 Speaker 1: We've been talking about every day for two weeks. Still 50 00:03:06,600 --> 00:03:10,640 Speaker 1: not going to get them. President Biden spoke later from 51 00:03:10,639 --> 00:03:12,799 Speaker 1: the White House, pledging eight hundred million dollars more in 52 00:03:12,880 --> 00:03:15,560 Speaker 1: military support. That makes for a billion, he says, in 53 00:03:15,600 --> 00:03:18,080 Speaker 1: the last week, and on top of the almost fourteen 54 00:03:18,080 --> 00:03:21,120 Speaker 1: billion approved last week by Congress, which brings us to 55 00:03:21,160 --> 00:03:23,799 Speaker 1: the headline on the terminal. Biden ramps up military aid 56 00:03:23,840 --> 00:03:28,400 Speaker 1: to Ukraine, including armed drones. This will include drones, which 57 00:03:29,000 --> 00:03:33,040 Speaker 1: which uh demonstrates our commitment to sending our most cutting 58 00:03:33,120 --> 00:03:36,760 Speaker 1: edge systems to Ukraine for his defense and We're not 59 00:03:36,800 --> 00:03:39,880 Speaker 1: doing this alone. Our allies and partners have stepped up 60 00:03:39,880 --> 00:03:43,640 Speaker 1: to virid significant shipments of security assistance and will continue 61 00:03:43,640 --> 00:03:48,800 Speaker 1: to help facilitate these deliveries as well. Republican lawmakers, not happy, 62 00:03:49,280 --> 00:03:53,000 Speaker 1: went directly to microphones following Zelenski's speech to try to 63 00:03:53,040 --> 00:03:58,400 Speaker 1: push the administration for more House Minority Leader Kevin McCarthy. 64 00:03:58,520 --> 00:04:01,800 Speaker 1: Provide them the MiGs, provide them the planes where they 65 00:04:01,800 --> 00:04:04,520 Speaker 1: can create a no fly zone. Provide in the armament 66 00:04:04,560 --> 00:04:10,280 Speaker 1: that they need to continue to fight an a war 67 00:04:10,440 --> 00:04:14,000 Speaker 1: that they did not create. We're joined by a Republican 68 00:04:14,040 --> 00:04:17,039 Speaker 1: member of Congress right now who also serves on the 69 00:04:17,080 --> 00:04:20,839 Speaker 1: Financial Services Committee and is one of the primary voices 70 00:04:20,920 --> 00:04:23,480 Speaker 1: we hear here on Bloomberg when it comes to all 71 00:04:23,520 --> 00:04:25,200 Speaker 1: things fed and we're gonna get to that suit with 72 00:04:25,240 --> 00:04:29,080 Speaker 1: Congressman french Hill, Republican from Arkansas. Congressman, thank you for 73 00:04:29,160 --> 00:04:32,279 Speaker 1: being here. Do you as well want to see more 74 00:04:32,360 --> 00:04:36,520 Speaker 1: stringent sanctions and more support for the military, including these 75 00:04:36,560 --> 00:04:41,040 Speaker 1: fighter jets. Joe, It's really good to be with you. Yes, 76 00:04:41,200 --> 00:04:44,640 Speaker 1: I had a briefing this afternoon with the Treasury Deputy 77 00:04:44,720 --> 00:04:48,440 Speaker 1: Secretary to talk about the next round of sanctions. How 78 00:04:48,480 --> 00:04:53,039 Speaker 1: to tank UH focus and tighten those sanctions, the existing ones, 79 00:04:53,680 --> 00:04:56,280 Speaker 1: as well as to anticipate sanctions may we we may 80 00:04:56,480 --> 00:05:00,320 Speaker 1: may well need against China if they help in way 81 00:05:00,400 --> 00:05:04,200 Speaker 1: circumvent the central bank and banking sanctions that we have 82 00:05:04,320 --> 00:05:07,320 Speaker 1: on Russia. And as to the weapons systems, I was 83 00:05:07,360 --> 00:05:11,560 Speaker 1: pleased to see the hundred tactical unmanned drones. That's the 84 00:05:11,600 --> 00:05:15,080 Speaker 1: President reference that. That's very important. And in addition to 85 00:05:15,720 --> 00:05:20,000 Speaker 1: a significant amount of Stinger and Jablins that he announced, 86 00:05:20,240 --> 00:05:24,240 Speaker 1: Slovakia understand has announced sending S three hundreds, which is 87 00:05:24,279 --> 00:05:27,400 Speaker 1: an anti aircraft missile system, and that was something that 88 00:05:27,920 --> 00:05:32,440 Speaker 1: President Selinsky reference today UH as not a per se 89 00:05:32,520 --> 00:05:35,320 Speaker 1: an alternative to the mix, but certainly something that would 90 00:05:35,320 --> 00:05:38,160 Speaker 1: be an enormous health and so that was announced by 91 00:05:38,200 --> 00:05:40,760 Speaker 1: allies today. You know a lot of people have been 92 00:05:40,800 --> 00:05:44,719 Speaker 1: asking congressmen, because we've had layer upon layer of sanctions, 93 00:05:44,920 --> 00:05:48,400 Speaker 1: what else is there, UH, directly to Russia. Is it 94 00:05:48,440 --> 00:05:52,000 Speaker 1: about going after more oligarchs, or is it about pumping 95 00:05:52,040 --> 00:05:54,400 Speaker 1: more crude here in the US. What would actually qualify 96 00:05:54,440 --> 00:05:58,799 Speaker 1: as additional economic pressure that hasn't already been applied. Well, look, 97 00:05:59,040 --> 00:06:01,839 Speaker 1: there's no doubt the President should have announced, and I 98 00:06:01,839 --> 00:06:04,599 Speaker 1: think this has been a consistent message by Republicans and 99 00:06:04,640 --> 00:06:07,920 Speaker 1: certainly a lot of Democrats about ramping up any barrier 100 00:06:08,000 --> 00:06:10,720 Speaker 1: to American production of oil and gas. It helps us 101 00:06:11,440 --> 00:06:14,480 Speaker 1: by lowering prices, increasing our energy independence, and it helps 102 00:06:14,480 --> 00:06:17,400 Speaker 1: our allies. Before the pandemic, we were producing just over 103 00:06:17,440 --> 00:06:21,159 Speaker 1: thirteen million generals the day, and more recently we're just 104 00:06:21,320 --> 00:06:24,200 Speaker 1: over eleven biga and that would go a long way 105 00:06:24,360 --> 00:06:28,400 Speaker 1: to helping. But it's secondary sanctions, Joe. It's looking at 106 00:06:28,520 --> 00:06:31,520 Speaker 1: sanctioning banks who we see are helping someone in the 107 00:06:31,680 --> 00:06:35,039 Speaker 1: in a secondary way, like a bank outside of Russia 108 00:06:35,120 --> 00:06:39,760 Speaker 1: helping a local bank. They're also broadening oligarchs go to 109 00:06:39,839 --> 00:06:42,080 Speaker 1: the family, go to their companies in Europe and the 110 00:06:42,160 --> 00:06:44,840 Speaker 1: United States, go to the people who work in those companies. 111 00:06:44,920 --> 00:06:47,800 Speaker 1: So it's tightening down that news on the oligarchs. That's 112 00:06:47,800 --> 00:06:50,280 Speaker 1: going to be the call tomorrow morning though by Republicans 113 00:06:50,279 --> 00:06:53,760 Speaker 1: and I assume some Democrats as well, that secondary sanctions 114 00:06:53,760 --> 00:06:56,200 Speaker 1: need to be codified in legislation. If you do business 115 00:06:56,200 --> 00:07:00,599 Speaker 1: with Russia, you're with Russia exactly. We're gonna do a 116 00:07:00,640 --> 00:07:03,479 Speaker 1: mark up tomorrow in the House Financial Services Committee. One 117 00:07:03,480 --> 00:07:05,440 Speaker 1: of my bills is going to be marked up, which 118 00:07:05,480 --> 00:07:08,840 Speaker 1: prohibits the I m F from issuing any SDRs to 119 00:07:09,000 --> 00:07:13,040 Speaker 1: Belarus or Russia. That's another example of cutting off their 120 00:07:13,160 --> 00:07:17,040 Speaker 1: sources of liquidity or collateral at the Central Bank. We're 121 00:07:17,080 --> 00:07:20,360 Speaker 1: talking with Congressman French Hill, Republican from Arkansas on another 122 00:07:20,440 --> 00:07:22,960 Speaker 1: split screen day to lead stories here you could say 123 00:07:22,960 --> 00:07:25,680 Speaker 1: Congressman with the Federal Reserve meeting, and I'd like to 124 00:07:25,720 --> 00:07:27,680 Speaker 1: get your take on this as we just heard a 125 00:07:27,680 --> 00:07:31,040 Speaker 1: short time ago, uh in our special coverage here today's 126 00:07:31,080 --> 00:07:34,600 Speaker 1: decision and news conference with the Fed Chair J. Power. 127 00:07:34,680 --> 00:07:37,640 Speaker 1: I guess I should call him Chair pro Tempt. That's 128 00:07:37,680 --> 00:07:39,280 Speaker 1: a whole other story that I'm going to ask you 129 00:07:39,320 --> 00:07:42,080 Speaker 1: about as well. But of course we got the quarter 130 00:07:42,120 --> 00:07:45,080 Speaker 1: point hike. We also got the outlook on inflation. Inflation 131 00:07:45,120 --> 00:07:49,400 Speaker 1: remains well above our longer run goal of two. Aggregate 132 00:07:49,480 --> 00:07:52,960 Speaker 1: demand is strong, and bottlenecks and supply constraints are limiting 133 00:07:52,960 --> 00:07:57,440 Speaker 1: how quickly production can respond. These supply disruptions have been 134 00:07:57,520 --> 00:08:01,680 Speaker 1: larger and longer lasting than anticipated, exacerbated by waves of 135 00:08:01,720 --> 00:08:05,040 Speaker 1: the virus here and abroad, and price pressures have spread 136 00:08:05,040 --> 00:08:07,240 Speaker 1: to a broader range of goods and Services. Do you 137 00:08:07,240 --> 00:08:11,000 Speaker 1: have confidence in the chairman to tackle this problem? Congressman, 138 00:08:11,080 --> 00:08:14,560 Speaker 1: do you see a federal Reserve that's leaning into this 139 00:08:14,760 --> 00:08:18,880 Speaker 1: as much as you would want to? Well, Joe, When 140 00:08:19,560 --> 00:08:23,040 Speaker 1: Pro Tim j Pal was before our committee last week, 141 00:08:23,080 --> 00:08:26,440 Speaker 1: I urged him to read the nineteen seventy nine lecture 142 00:08:26,520 --> 00:08:31,200 Speaker 1: by his predecessor Arthur Burns, called the Anguish of Central Banking. 143 00:08:31,560 --> 00:08:35,040 Speaker 1: And it's precisely what j Pale faces now as the leader. 144 00:08:35,600 --> 00:08:42,880 Speaker 1: Sustained sustained the stagflation, high inflation, high inflation expectations, UH, 145 00:08:42,960 --> 00:08:46,880 Speaker 1: commodity shock, all the burdens that Arthur Burns faced in 146 00:08:47,200 --> 00:08:51,240 Speaker 1: the seventies, and it's gonna take extraordinary efforts. If I'd 147 00:08:51,280 --> 00:08:53,000 Speaker 1: been a voting member of the f O m C, 148 00:08:53,240 --> 00:08:55,440 Speaker 1: I would have joined Jim Boward from St. Louis and 149 00:08:55,480 --> 00:09:00,640 Speaker 1: no kidding, and and so look, it's not about confidence. 150 00:09:00,640 --> 00:09:03,360 Speaker 1: This is something that German Pal owns as the leader. 151 00:09:03,880 --> 00:09:05,760 Speaker 1: They're going to have to find their way out of it. 152 00:09:06,360 --> 00:09:08,960 Speaker 1: But we had to use shock therapy to break the 153 00:09:08,960 --> 00:09:11,840 Speaker 1: back of inflation from the late sixties and seventies, and 154 00:09:11,880 --> 00:09:15,120 Speaker 1: it was a very unpleasant situation. So to me, it's 155 00:09:15,120 --> 00:09:19,120 Speaker 1: an open question. Can one apply shock therapy, reduce inflation 156 00:09:19,200 --> 00:09:22,600 Speaker 1: expectations and not incur a recession in the midst of 157 00:09:22,600 --> 00:09:26,640 Speaker 1: a war in Europe have for more complicated circumstances. So 158 00:09:26,760 --> 00:09:28,800 Speaker 1: is that possible? I mean, can you stick the landing 159 00:09:28,800 --> 00:09:30,400 Speaker 1: in a world like that? Or are we asking too 160 00:09:30,480 --> 00:09:34,480 Speaker 1: much of j Pell. I think we're assuming too much, 161 00:09:34,880 --> 00:09:37,040 Speaker 1: I really do. I think that's going to be challenging. 162 00:09:37,120 --> 00:09:39,800 Speaker 1: I understand that that's the working assumption that the FED 163 00:09:39,880 --> 00:09:42,120 Speaker 1: wants to have, and I wish them the best. But 164 00:09:42,320 --> 00:09:45,360 Speaker 1: history is not look fondly on that in the past. 165 00:09:45,360 --> 00:09:48,880 Speaker 1: But let's hope that works out. For example, Joe, what, Yeah, 166 00:09:49,120 --> 00:09:52,800 Speaker 1: all these inflationary expectations, including the wage pressures and all 167 00:09:52,880 --> 00:09:57,280 Speaker 1: the spending and monetary accommodation do slowly retreat, and the 168 00:09:57,320 --> 00:10:02,760 Speaker 1: supply chain is maybe more than the problem. You know, 169 00:10:03,520 --> 00:10:05,760 Speaker 1: then perhaps you could have a soft landing and we 170 00:10:05,760 --> 00:10:07,760 Speaker 1: could We should all want that, you know. I'm not 171 00:10:07,800 --> 00:10:10,560 Speaker 1: here to complain about it. But it requires that scenario, 172 00:10:10,640 --> 00:10:14,679 Speaker 1: the understood. It requires that scenario, that best news scenario 173 00:10:14,760 --> 00:10:17,559 Speaker 1: that you just described. Though, that that's that's that's what 174 00:10:17,600 --> 00:10:20,160 Speaker 1: we can hope for. The reality is we could see 175 00:10:20,200 --> 00:10:23,640 Speaker 1: some pretty significant economic slowing, if not a recession by 176 00:10:23,679 --> 00:10:27,959 Speaker 1: the time you you defeat the beast of inflation here. Well, 177 00:10:28,000 --> 00:10:30,520 Speaker 1: I agree that's a risk, and I think these high 178 00:10:30,520 --> 00:10:33,880 Speaker 1: gas prices produced that produced that risk. Every dollar increases 179 00:10:34,040 --> 00:10:37,280 Speaker 1: like a hundred billion dollar tax on households. So we're 180 00:10:37,280 --> 00:10:40,480 Speaker 1: facing head winds now in addition to the labor head 181 00:10:40,520 --> 00:10:43,679 Speaker 1: winds that we've had. So everything right now is barish 182 00:10:43,840 --> 00:10:47,959 Speaker 1: on inflation. Uh. And we are behind. That's why this 183 00:10:48,080 --> 00:10:51,000 Speaker 1: article The Anguish of Central Banking deserves to be read, 184 00:10:51,080 --> 00:10:53,160 Speaker 1: because we are behind the curve. We should have started 185 00:10:53,160 --> 00:10:55,760 Speaker 1: this process well over a year. I know you're in 186 00:10:55,800 --> 00:10:58,280 Speaker 1: the other chamber, Congressman, but do you think the four 187 00:10:58,440 --> 00:11:02,880 Speaker 1: remaining nominees will be confer him tonight by the Banking Committee? Does? 188 00:11:04,000 --> 00:11:07,200 Speaker 1: I do hope that the Banking Committee presses forward with 189 00:11:07,440 --> 00:11:12,360 Speaker 1: the uh dropping of Mrs Raskin's nomination. That seems to 190 00:11:12,360 --> 00:11:15,599 Speaker 1: make to clear about partisans support for the remaining nominees. 191 00:11:16,000 --> 00:11:19,520 Speaker 1: So let's see what happens. Congressman french Hill, Republican from Arkansas, 192 00:11:19,559 --> 00:11:22,920 Speaker 1: with us on Ukraine, on the FED and another wild 193 00:11:23,040 --> 00:11:26,520 Speaker 1: day here inside the Beltway, Congressman, thank you come back 194 00:11:26,520 --> 00:11:28,440 Speaker 1: and see us soon. We will turn to the other 195 00:11:28,520 --> 00:11:31,720 Speaker 1: side of the aisle. Next, his colleague on the Financial 196 00:11:31,760 --> 00:11:35,720 Speaker 1: Services Committee, Congressman Jake Aukincloss of Massachusetts, also a Marine 197 00:11:35,760 --> 00:11:39,160 Speaker 1: Corps veteran of the war in Afghanistan with the anguish 198 00:11:39,200 --> 00:11:45,240 Speaker 1: of central banking. I'm Joe Matthew. This is Bloomberg. You're 199 00:11:45,280 --> 00:11:49,319 Speaker 1: listening to Bloomberg. You sound on with Joe Matthew on 200 00:11:49,520 --> 00:11:55,440 Speaker 1: Bloomberg Radio. The headline on the terminal Zelenski pleads to 201 00:11:55,559 --> 00:11:58,839 Speaker 1: Congress for aid, Biden vows to send drones. If you're 202 00:11:58,880 --> 00:12:01,600 Speaker 1: just catching up with us here on the fastest hour 203 00:12:01,679 --> 00:12:04,839 Speaker 1: in politics, I'm glad you joined us on an important day. 204 00:12:04,880 --> 00:12:10,040 Speaker 1: As we were just discussing with Congressman french Hill. He's 205 00:12:10,080 --> 00:12:12,880 Speaker 1: not the only one criticizing this White House. In fact, 206 00:12:12,880 --> 00:12:15,240 Speaker 1: things got a lot deeper, as we heard from Republican 207 00:12:15,320 --> 00:12:20,240 Speaker 1: lawmakers following the Zelenski speech this morning. To Congress House 208 00:12:20,320 --> 00:12:24,320 Speaker 1: Minority Leader Kevin McCarthy, I've had conversations with the President 209 00:12:24,360 --> 00:12:28,880 Speaker 1: long before this moment came. My advice to him was 210 00:12:29,120 --> 00:12:32,439 Speaker 1: provide them the arm in earlier to deter Plutin from 211 00:12:32,440 --> 00:12:35,640 Speaker 1: ever making these decisions. In the entire time, President Biden 212 00:12:35,679 --> 00:12:39,080 Speaker 1: always said it would be the sanctions afterwards, and then 213 00:12:39,120 --> 00:12:42,160 Speaker 1: when the sanctions came, he said he'd take months to work. 214 00:12:43,160 --> 00:12:46,880 Speaker 1: Ukrainian people cannot wait months. That was just a taste 215 00:12:47,200 --> 00:12:50,760 Speaker 1: of what we heard calling for the MiGs. Of course, 216 00:12:51,120 --> 00:12:54,480 Speaker 1: I'll have more of this for you a little bit 217 00:12:54,559 --> 00:12:57,160 Speaker 1: later on as we assemble the panel. But a lot 218 00:12:57,200 --> 00:12:59,600 Speaker 1: of criticism coming from the Republican Party all of a sudden, 219 00:12:59,600 --> 00:13:03,880 Speaker 1: and what largely felt like a bipartisan affair until quite recently. 220 00:13:03,880 --> 00:13:06,679 Speaker 1: We're joined right now by Congressman Jake Aukin Class. He's 221 00:13:06,720 --> 00:13:11,079 Speaker 1: back with us from the beautiful city of newton Massachusetts. 222 00:13:11,080 --> 00:13:13,280 Speaker 1: I believe Newtonville to be exact. And the congressman not 223 00:13:13,320 --> 00:13:16,600 Speaker 1: only serves with French Hill on the Financial Services Committee. 224 00:13:16,840 --> 00:13:18,760 Speaker 1: If you've heard him talk to us before, you also 225 00:13:18,840 --> 00:13:21,400 Speaker 1: know that he's a Combat Marine Corps veteran of the 226 00:13:21,400 --> 00:13:24,240 Speaker 1: war in Afghanistan. It's great to have you back with this, 227 00:13:24,360 --> 00:13:27,720 Speaker 1: Congressman Aukin Closs. What's your response to Republicans who say 228 00:13:27,840 --> 00:13:32,040 Speaker 1: send the MiGs? Now? Do more? Send Zelenski whatever he wants. 229 00:13:33,280 --> 00:13:35,280 Speaker 1: Thanks for having to be back on and first of all, 230 00:13:35,320 --> 00:13:38,240 Speaker 1: I just want to reflect on the address from President 231 00:13:38,320 --> 00:13:40,800 Speaker 1: Zolenski this morning, which is going to be one of 232 00:13:40,840 --> 00:13:44,679 Speaker 1: the memories from my political career that I hold closest. 233 00:13:45,000 --> 00:13:47,199 Speaker 1: It was a battle cry from the front lines of 234 00:13:47,240 --> 00:13:51,520 Speaker 1: the free world, and President Zelensky reinforced the moral clarity 235 00:13:51,520 --> 00:13:54,640 Speaker 1: and urgency of the moment. And he also made specific 236 00:13:54,679 --> 00:13:57,400 Speaker 1: actionable requests of Congress which we do need to follow 237 00:13:57,440 --> 00:14:01,160 Speaker 1: through on, in particular providing an air defense system that 238 00:14:01,240 --> 00:14:05,160 Speaker 1: closes disguise and allows the Ukrainian ground forces to get 239 00:14:05,200 --> 00:14:07,320 Speaker 1: into a fair fight with the Russian ground forces that 240 00:14:07,360 --> 00:14:11,160 Speaker 1: they're gonna win. Uh. The Republicans who are criticizing the 241 00:14:11,160 --> 00:14:15,840 Speaker 1: Biden administration for quote unquote not doing enough one are 242 00:14:16,040 --> 00:14:18,160 Speaker 1: steeped in hypocrisy. I didn't hear any of this tough 243 00:14:18,200 --> 00:14:22,520 Speaker 1: talk when President Trump was blackmailing the Ukrainian president UH 244 00:14:22,520 --> 00:14:25,560 Speaker 1: in a dirt for arms deal that led to his impeachment. 245 00:14:26,120 --> 00:14:32,520 Speaker 1: And second of all, they're offering criticisms without comcommittant solutions. Uh. 246 00:14:32,960 --> 00:14:35,640 Speaker 1: It is clear that we need to close these guys. 247 00:14:35,680 --> 00:14:40,000 Speaker 1: We are providing the material and the money necessary to 248 00:14:40,120 --> 00:14:43,720 Speaker 1: do that. But both parties agree that a no fly zone, 249 00:14:43,720 --> 00:14:47,760 Speaker 1: which is a declaration of war, would be an unnecessary 250 00:14:47,960 --> 00:14:53,480 Speaker 1: and deeply destabilizing escalation. Why have the fighter jets become 251 00:14:53,600 --> 00:14:56,560 Speaker 1: such a cause celeb here in Washington, d C. We're 252 00:14:56,560 --> 00:14:59,400 Speaker 1: talking about it every day. I believe it's twenty something 253 00:14:59,520 --> 00:15:01,880 Speaker 1: jets that Anigan says it wouldn't actually make that much 254 00:15:01,880 --> 00:15:05,040 Speaker 1: of a difference for the strength and resilience of the 255 00:15:05,120 --> 00:15:09,520 Speaker 1: Ukrainian military. What's your take. The reason the jets have 256 00:15:09,640 --> 00:15:12,120 Speaker 1: gotten such focus is because they've been the exception to 257 00:15:12,160 --> 00:15:15,640 Speaker 1: the rule. The rule has been that NATO has been 258 00:15:16,080 --> 00:15:20,160 Speaker 1: rock solid, unified, both in its presentation to the Russians 259 00:15:20,240 --> 00:15:22,720 Speaker 1: about the consequences of their actions and also and how 260 00:15:22,720 --> 00:15:25,120 Speaker 1: we support the Ukrainian cause. The jets have been the 261 00:15:25,160 --> 00:15:27,840 Speaker 1: exception to that and thereby have have garnered a lot 262 00:15:27,840 --> 00:15:31,600 Speaker 1: of attention. It was an unfortunate miscommunication between the Polish 263 00:15:31,600 --> 00:15:34,800 Speaker 1: and the United States governments. It's regrettable, and I do 264 00:15:34,880 --> 00:15:39,040 Speaker 1: think it bears further investigation on how we can enhance 265 00:15:39,080 --> 00:15:42,720 Speaker 1: our air defense systems. Anything that the Ukrainians can use 266 00:15:43,280 --> 00:15:49,720 Speaker 1: to shoot down Russian air assault or surface uh uh 267 00:15:49,880 --> 00:15:53,280 Speaker 1: surface forces, we should be providing them. Congress, when we 268 00:15:53,360 --> 00:15:57,520 Speaker 1: heard from from other Republicans, including Senator Jim Rish who's 269 00:15:57,840 --> 00:16:01,640 Speaker 1: the ranking member Foreign Relates. He was working on sanctions 270 00:16:01,720 --> 00:16:04,720 Speaker 1: legislation at one point. Uh, and he's had some pretty 271 00:16:04,760 --> 00:16:08,440 Speaker 1: tough talk about this, but really directing fire at this 272 00:16:08,680 --> 00:16:11,520 Speaker 1: whole idea of being cautious as we hear from the 273 00:16:11,560 --> 00:16:15,280 Speaker 1: Biden administration to literally avoid World War three. Here's what 274 00:16:15,320 --> 00:16:18,040 Speaker 1: he said. I'm sick and tired of hearing the administration 275 00:16:18,480 --> 00:16:22,000 Speaker 1: talk about being worried about what Putin's thinking and what 276 00:16:22,040 --> 00:16:24,440 Speaker 1: he's gonna do. I want to hear from the administration 277 00:16:24,680 --> 00:16:27,920 Speaker 1: what they're doing to put in Putin's mind a fear 278 00:16:28,040 --> 00:16:30,760 Speaker 1: and the thought of what are we gonna do. We're 279 00:16:30,800 --> 00:16:33,920 Speaker 1: the most powerful nation on the planet. We need to 280 00:16:33,960 --> 00:16:37,840 Speaker 1: telegraph that too. Putin, echoing remarks we heard from Senator 281 00:16:37,880 --> 00:16:40,840 Speaker 1: Mitt Romney and we've heard from other lawmakers. Congressman, is 282 00:16:40,880 --> 00:16:45,000 Speaker 1: there some truth to that? So, first of all, what 283 00:16:45,080 --> 00:16:49,920 Speaker 1: the Biden administration has done is put in place sanctions 284 00:16:49,920 --> 00:16:53,440 Speaker 1: that are unprecedented in how comprehensive they are, how coordinated 285 00:16:53,480 --> 00:16:56,800 Speaker 1: they are, and a degree of severity that their cumultive 286 00:16:56,840 --> 00:16:59,320 Speaker 1: effect will have. There has never been anything like this, 287 00:16:59,360 --> 00:17:01,800 Speaker 1: And I want to particularly point to the Central Bank 288 00:17:01,840 --> 00:17:04,520 Speaker 1: sanctions that have been put into place. Deputy Secretary at 289 00:17:04,520 --> 00:17:08,600 Speaker 1: Ayomo was with the Obama administration in as a as 290 00:17:08,600 --> 00:17:11,040 Speaker 1: a sort of the intellectual architecture for this was first 291 00:17:11,119 --> 00:17:14,240 Speaker 1: laid out, and the Central Bank sanctions have been a 292 00:17:14,280 --> 00:17:18,880 Speaker 1: sledgehammer on the Russian currency and economy that the Kremlin 293 00:17:18,920 --> 00:17:20,800 Speaker 1: did not anticipate and Frankie does not know how to 294 00:17:20,840 --> 00:17:24,280 Speaker 1: respond to. So what we have in the White House 295 00:17:24,359 --> 00:17:27,800 Speaker 1: right now is grown ups, grown ups who are coordinating 296 00:17:28,280 --> 00:17:34,760 Speaker 1: a significant response, but who are also cautious of the 297 00:17:34,920 --> 00:17:37,840 Speaker 1: escalatory potential with the nuclear armed power. I just want 298 00:17:37,880 --> 00:17:40,919 Speaker 1: our listeners to imagine right now, just conceive of what 299 00:17:41,000 --> 00:17:42,480 Speaker 1: it would have been like if Donald Trump were in 300 00:17:42,480 --> 00:17:44,360 Speaker 1: the White House right now. This guy wanted to pull 301 00:17:44,440 --> 00:17:47,080 Speaker 1: us out of NATO. This guy wants Putin to think 302 00:17:47,160 --> 00:17:50,320 Speaker 1: highly of him. This guy tried to blackmail the Ukrainian president. 303 00:17:50,480 --> 00:17:53,360 Speaker 1: I mean, my goodness, thank thank the Lord that we've 304 00:17:53,359 --> 00:17:55,960 Speaker 1: got Joe Biden's at Donald Trump. Well, I'll tell you 305 00:17:56,320 --> 00:17:59,400 Speaker 1: that many of the Republican lawmakers who support Donald Trump 306 00:17:59,440 --> 00:18:01,399 Speaker 1: are the very on his calling. As to your to 307 00:18:01,440 --> 00:18:04,840 Speaker 1: your point earlier, for more military support, for more I 308 00:18:04,920 --> 00:18:09,640 Speaker 1: presume humanitarian support after what was already passed last week, 309 00:18:09,680 --> 00:18:13,600 Speaker 1: Congressman doing is bouncing between mar Lago and Washington d C. 310 00:18:13,880 --> 00:18:16,080 Speaker 1: I mean, I wonder what he's saying and mar Lago 311 00:18:16,160 --> 00:18:18,760 Speaker 1: privately that he's not saying in Washington d C. Publicly. Well, 312 00:18:18,800 --> 00:18:20,720 Speaker 1: since you brought that up, we can listen to what 313 00:18:20,760 --> 00:18:25,560 Speaker 1: he said. When in fact Donald Trump was going through impeachment, 314 00:18:25,640 --> 00:18:28,920 Speaker 1: he was speaking on the House floor about providing money 315 00:18:28,960 --> 00:18:32,400 Speaker 1: to Ukraine. Let's spend the clock back. This is Congressman 316 00:18:32,520 --> 00:18:36,800 Speaker 1: Kevin McCarthy. Yeah. Omby's response was that they disagreed with 317 00:18:36,840 --> 00:18:39,240 Speaker 1: the g o's opinion. Let me pull that back here 318 00:18:39,320 --> 00:18:42,320 Speaker 1: for one second. Here, let's listen to it again. Yeah. 319 00:18:42,359 --> 00:18:45,840 Speaker 1: Omba's response was that they disagreed with the g o's opinion. 320 00:18:45,920 --> 00:18:49,960 Speaker 1: Omb uses it apportionately authority to ensure taxpayer dollars or 321 00:18:50,000 --> 00:18:54,320 Speaker 1: properly spent. These are taxpayer dollars going to another country 322 00:18:54,520 --> 00:18:57,200 Speaker 1: that people believe there was corruption with the new administration. 323 00:18:58,840 --> 00:19:00,399 Speaker 1: I think it was the rightful thing to do a 324 00:19:00,480 --> 00:19:03,119 Speaker 1: couple of years in the past, fast forward to today. 325 00:19:03,280 --> 00:19:06,560 Speaker 1: Provide them the mix, Provide them the planes where they 326 00:19:06,560 --> 00:19:09,280 Speaker 1: can create a no fly zone. Provide them the armament 327 00:19:09,359 --> 00:19:15,040 Speaker 1: that they need to continue to fight a a war 328 00:19:15,240 --> 00:19:18,040 Speaker 1: that they did not create. You ever talked to Kevin 329 00:19:18,080 --> 00:19:22,560 Speaker 1: McCarthy or any of your Republican colleagues about that, Congressman, Well, 330 00:19:22,600 --> 00:19:25,199 Speaker 1: I have deep engagement with a number of my Republican colleagues, 331 00:19:25,240 --> 00:19:27,040 Speaker 1: including French Hill, who who, by the way, I think 332 00:19:27,080 --> 00:19:29,800 Speaker 1: is terrific as one of the strongest voices on the 333 00:19:29,800 --> 00:19:33,280 Speaker 1: Financial Services Committee. But but Kevin McCarthy, I mean, you 334 00:19:33,560 --> 00:19:35,800 Speaker 1: heard him a couple of years ago quote the rightful 335 00:19:35,840 --> 00:19:37,280 Speaker 1: thing to do. I mean, it's just part of a 336 00:19:37,320 --> 00:19:39,960 Speaker 1: long track record of trying to cover up for Donald 337 00:19:39,960 --> 00:19:44,360 Speaker 1: Trump's depredations and incompetence. Again, thankfully, we've got an administration 338 00:19:44,440 --> 00:19:47,120 Speaker 1: now that takes seriously their leadership of the free world. 339 00:19:47,440 --> 00:19:49,200 Speaker 1: And let me be very clear, we're gonna make this 340 00:19:49,280 --> 00:19:52,480 Speaker 1: a nightmare for Vladimir Putin, and Ukraine is gonna win, 341 00:19:53,000 --> 00:19:54,720 Speaker 1: and we're going to be there for the long haul 342 00:19:54,840 --> 00:19:59,440 Speaker 1: to help Ukraine rebuild as a sovereign, secure, prosperous democracy. 343 00:19:59,640 --> 00:20:02,159 Speaker 1: But that's not done with sound bites or headlines, and 344 00:20:02,160 --> 00:20:04,560 Speaker 1: it's certainly not done in mar Lago. That is done 345 00:20:04,720 --> 00:20:07,879 Speaker 1: with responsible state craft that keeps United States out of 346 00:20:07,920 --> 00:20:14,119 Speaker 1: a potential widening and deeply severe war. You're a Marine 347 00:20:14,119 --> 00:20:19,199 Speaker 1: Corps veteran. You've got Marine Corps brothers and sisters in 348 00:20:19,400 --> 00:20:23,000 Speaker 1: arms on the border, the eastern flank here in Europe. 349 00:20:23,000 --> 00:20:26,879 Speaker 1: How worried are you about them being pulled into this confrontation. 350 00:20:27,400 --> 00:20:31,800 Speaker 1: Whether it be by accident or by Vladimir Putin's intention, 351 00:20:31,880 --> 00:20:34,040 Speaker 1: It might be difficult to tell in the heat of 352 00:20:34,080 --> 00:20:36,520 Speaker 1: the moment, but congressmen were staring across the border just 353 00:20:36,520 --> 00:20:39,159 Speaker 1: by a couple of miles at each other. That's right, 354 00:20:39,200 --> 00:20:41,680 Speaker 1: and we've got to dial the pressure up. But turned 355 00:20:41,720 --> 00:20:45,000 Speaker 1: the temperature down, and that's what this administration has done effectively. 356 00:20:45,040 --> 00:20:47,000 Speaker 1: So dial the pressure up. What does that mean? That 357 00:20:47,040 --> 00:20:49,560 Speaker 1: means air defense systems to Ukraine so they can close 358 00:20:49,560 --> 00:20:51,480 Speaker 1: this guy's and we can help them close the guys. 359 00:20:51,480 --> 00:20:57,200 Speaker 1: That also means tightening the screws on the technical import sanctions, 360 00:20:57,200 --> 00:21:01,520 Speaker 1: the financial sanctions on Russia and pticularly working with China 361 00:21:02,000 --> 00:21:06,880 Speaker 1: to prevent any lifeline forming between Beijing and the Kremlin. 362 00:21:07,200 --> 00:21:13,080 Speaker 1: But it also means deniable tactical cyber attacks from NATO 363 00:21:13,160 --> 00:21:16,800 Speaker 1: into Ukraine. Russian command and control and logistics nodes are 364 00:21:16,840 --> 00:21:22,600 Speaker 1: already struggling to invade a massive country and they're operating 365 00:21:22,640 --> 00:21:26,160 Speaker 1: sometimes over the clear, which is an incredible liability and 366 00:21:26,400 --> 00:21:29,880 Speaker 1: target electronic warfare attacks can really frustrate not only their 367 00:21:29,920 --> 00:21:32,760 Speaker 1: air assaults but also their ground advance. But at the 368 00:21:32,800 --> 00:21:36,160 Speaker 1: same time, we need to be dialing the temperature down. 369 00:21:36,280 --> 00:21:40,000 Speaker 1: That means indicating to the Kremlin that although we view 370 00:21:40,119 --> 00:21:43,800 Speaker 1: cyber attacks in Ukraine against Russian forces this fairy name, 371 00:21:44,160 --> 00:21:47,280 Speaker 1: we are not going to be attacking Russian infrastructure in 372 00:21:47,320 --> 00:21:50,040 Speaker 1: the in the homeland and unless and until they attack 373 00:21:50,080 --> 00:21:53,520 Speaker 1: any NATO countries first. And also clarifying through Article for 374 00:21:53,680 --> 00:21:56,919 Speaker 1: consultations in NATO, what we would consider to be an 375 00:21:56,960 --> 00:22:00,000 Speaker 1: Article five provocation. Is it because one Russian soldier misfires 376 00:22:00,040 --> 00:22:02,520 Speaker 1: or is it because it was a deliberate Invadia territorial integrity? 377 00:22:02,640 --> 00:22:06,240 Speaker 1: Time to answer those questions. Congressman Jake Aukin, class Democrat 378 00:22:06,240 --> 00:22:09,000 Speaker 1: from Massachusetts, it's great to have you backs and appreciate 379 00:22:09,440 --> 00:22:13,479 Speaker 1: your experience and insights today on Bloomberg Sound On, I'm 380 00:22:13,560 --> 00:22:18,399 Speaker 1: Joe Matthew and Washington. As the Congressman said, this is 381 00:22:18,440 --> 00:22:22,520 Speaker 1: a day that people will remember in Washington. He was 382 00:22:22,560 --> 00:22:25,920 Speaker 1: in the room for that address and all the voices 383 00:22:25,960 --> 00:22:28,040 Speaker 1: that we heard around it. You heard it all unfold 384 00:22:28,080 --> 00:22:32,720 Speaker 1: live here on Bloomberg Radio. Now I'm almost forty five 385 00:22:32,840 --> 00:22:38,600 Speaker 1: years old. Today my age stopped. Where in the hearts 386 00:22:38,920 --> 00:22:43,679 Speaker 1: of more than one hundred children stop beating. I see 387 00:22:44,200 --> 00:22:49,359 Speaker 1: no sense in life if it cannot stop the death. 388 00:22:50,640 --> 00:22:53,920 Speaker 1: And this is my main issue at the litter of 389 00:22:54,119 --> 00:23:01,280 Speaker 1: my people. Great your grain. Remember Pearl Harbor, terrible morning 390 00:23:01,520 --> 00:23:06,880 Speaker 1: of December when your sky was black from the planes 391 00:23:06,960 --> 00:23:14,040 Speaker 1: attacking you. Just remember it. Remember September the eleventh, a 392 00:23:14,280 --> 00:23:19,040 Speaker 1: terrible day in twenty one when evil try to turn 393 00:23:19,160 --> 00:23:28,240 Speaker 1: your cities independent territories in battlefields, when innocent people were attacked. 394 00:23:29,040 --> 00:23:34,600 Speaker 1: Our country experience the same every day. The American people 395 00:23:34,640 --> 00:23:39,000 Speaker 1: are answering President Celeski's call for more help, more weapons 396 00:23:39,000 --> 00:23:42,639 Speaker 1: for Ukraine, the defenders of more tools to fight Russian aggression. 397 00:23:43,359 --> 00:23:47,720 Speaker 1: And as you're doing, President Baden, you are the leader 398 00:23:49,160 --> 00:23:55,480 Speaker 1: of the niche of yours. I wish you be the 399 00:23:55,600 --> 00:23:59,840 Speaker 1: leader of the world. Being the leader of the wall 400 00:24:00,280 --> 00:24:06,440 Speaker 1: means to be the leader of those of us that 401 00:24:06,480 --> 00:24:12,240 Speaker 1: have been to Ukraine to see that video and to 402 00:24:12,320 --> 00:24:15,800 Speaker 1: see those places that we recognize, and then to see 403 00:24:15,800 --> 00:24:18,080 Speaker 1: the side by side of what they look like now 404 00:24:18,640 --> 00:24:23,320 Speaker 1: versus what they look like. Just four weeks ago was stark. 405 00:24:23,600 --> 00:24:28,000 Speaker 1: We need to be more creative and quickly in providing 406 00:24:28,080 --> 00:24:31,840 Speaker 1: Ukrainians what they need to protect themselves. This does mean 407 00:24:31,920 --> 00:24:35,080 Speaker 1: anti aircraft weapons, This does mean planes, This does mean drones. 408 00:24:35,600 --> 00:24:39,159 Speaker 1: This does means everything we can possibly do to protect 409 00:24:39,200 --> 00:24:41,800 Speaker 1: a country that is under siege. I cannot remember the 410 00:24:41,880 --> 00:24:44,520 Speaker 1: last time a foreign leader united a room full of 411 00:24:44,560 --> 00:24:49,000 Speaker 1: members from both sides so quickly and so intensely. He 412 00:24:49,200 --> 00:24:54,600 Speaker 1: spoke not just to American years, but to America's very soul, 413 00:24:57,440 --> 00:25:01,440 Speaker 1: the words and the emotions from this day in your 414 00:25:01,560 --> 00:25:07,280 Speaker 1: nation's capital. Here on Bloomberg sound On. I'm Joe Matthew 415 00:25:07,359 --> 00:25:09,840 Speaker 1: in Washington. I'm glad you came by today. We're gonna 416 00:25:09,920 --> 00:25:14,480 Speaker 1: assemble the panel next. We thank you appreciate your being 417 00:25:14,480 --> 00:25:17,320 Speaker 1: with us on Bloomberg sound On. As we move to 418 00:25:17,480 --> 00:25:21,359 Speaker 1: assemble the panel, we haven't heard the insights of our 419 00:25:21,400 --> 00:25:24,320 Speaker 1: political minds yet. I want to do so with Bloomberg 420 00:25:24,400 --> 00:25:28,600 Speaker 1: Politics contributor Jeanie Chanzano along today with John Said, ladies 421 00:25:28,840 --> 00:25:31,679 Speaker 1: joining us again on Bloomberg State Department Advisor and partner 422 00:25:31,720 --> 00:25:34,560 Speaker 1: with Trilogy Advisors. It's great to have you both with 423 00:25:34,640 --> 00:25:37,240 Speaker 1: us here, Genie, I'm not sure where to start on 424 00:25:37,280 --> 00:25:38,880 Speaker 1: a day like this, but we may as well pick 425 00:25:38,960 --> 00:25:43,240 Speaker 1: up with Ukraine where we left off and the moving 426 00:25:43,320 --> 00:25:47,399 Speaker 1: speech from President Zelenski, the answer essentially the response that 427 00:25:47,440 --> 00:25:52,080 Speaker 1: we got in another presidential address from Joe Biden, and 428 00:25:52,119 --> 00:25:56,000 Speaker 1: then some pretty heavy duty criticism for Republicans on Capitol Hill. 429 00:25:56,520 --> 00:25:58,920 Speaker 1: Do you feel, as a Democrat like the administration is 430 00:25:59,000 --> 00:26:01,119 Speaker 1: doing enough, It's doing what it can right now? Is 431 00:26:01,160 --> 00:26:04,320 Speaker 1: it what Jake Aukin class called as the adult in 432 00:26:04,320 --> 00:26:07,919 Speaker 1: the room? You know? I do. I think they have 433 00:26:08,119 --> 00:26:11,280 Speaker 1: been very tough, and I think you know, when when 434 00:26:11,600 --> 00:26:14,840 Speaker 1: the representatives said they are the sanctions are well coordinated, 435 00:26:14,920 --> 00:26:18,480 Speaker 1: severe well organized. Um, you know he talked about the 436 00:26:18,520 --> 00:26:21,000 Speaker 1: Central Bank sanctions. I think he's absolutely right about that. 437 00:26:21,040 --> 00:26:23,240 Speaker 1: They also have to be the adult in the room, 438 00:26:23,280 --> 00:26:26,600 Speaker 1: as he said, and be cautious about escalation. But of course, 439 00:26:26,680 --> 00:26:29,760 Speaker 1: to your point about the historic nature of what happened 440 00:26:29,760 --> 00:26:32,680 Speaker 1: today and what the piece you just played where Chuck 441 00:26:32,680 --> 00:26:36,760 Speaker 1: Schumer was quoted, I can't remember either hearing a foreign 442 00:26:36,840 --> 00:26:40,560 Speaker 1: leader speak to members of Congress in a session like 443 00:26:40,640 --> 00:26:44,680 Speaker 1: this where they joined together in such a bipartisan show 444 00:26:44,720 --> 00:26:47,600 Speaker 1: of support. Sure, there was criticism about what to do 445 00:26:47,680 --> 00:26:51,440 Speaker 1: about it at the end, but it was absolutely astonishing 446 00:26:51,480 --> 00:26:53,600 Speaker 1: and I think one of the gifts that Zelinski has 447 00:26:53,920 --> 00:26:55,920 Speaker 1: you know, all three of these addresses in the UK 448 00:26:56,119 --> 00:26:58,840 Speaker 1: and Canada now in the US, they have been targeted 449 00:26:58,920 --> 00:27:01,240 Speaker 1: to the audience and he did that again today, everything 450 00:27:01,320 --> 00:27:05,600 Speaker 1: from Pearl, Harvard and nine eleven. It was absolutely moving. Yeah, John, 451 00:27:05,640 --> 00:27:08,200 Speaker 1: we know it was moving. It was passionate, it was authentic. 452 00:27:09,000 --> 00:27:12,160 Speaker 1: Everyone agrees on that is the answer that the administration 453 00:27:12,200 --> 00:27:17,240 Speaker 1: giving the right one. Well, the president's job, and this 454 00:27:17,320 --> 00:27:21,040 Speaker 1: is any president of the United States, is to defend 455 00:27:21,040 --> 00:27:24,119 Speaker 1: the national interests of the United States of America, not 456 00:27:24,320 --> 00:27:28,240 Speaker 1: of foreign countries. Where we're working with allies, especially in 457 00:27:28,359 --> 00:27:31,760 Speaker 1: NATO Joe and also with our allies in Asia, we 458 00:27:31,840 --> 00:27:35,800 Speaker 1: have shared interests, shared objectives, and shared sacrifices. But the 459 00:27:35,880 --> 00:27:38,800 Speaker 1: problem for President Zelenski is that Ukraine is not a 460 00:27:38,880 --> 00:27:41,919 Speaker 1: member of NATO, and we don't have the same obligation 461 00:27:42,040 --> 00:27:46,439 Speaker 1: to defend Ukraine, especially given that is up against a 462 00:27:46,560 --> 00:27:51,119 Speaker 1: nuclear powered commodity superpower in Russia. And so we have 463 00:27:51,160 --> 00:27:53,600 Speaker 1: to be very prudent and how we move forward in 464 00:27:53,760 --> 00:27:59,640 Speaker 1: giving Ukraine all the tools that it realistically, credibly can 465 00:27:59,720 --> 00:28:02,639 Speaker 1: you allies against Russia's military And I think what we 466 00:28:02,680 --> 00:28:07,159 Speaker 1: saw today, especially to Jennie's point, is a largely unified 467 00:28:07,920 --> 00:28:11,119 Speaker 1: Senate and House of Representatives, our Congress coming together and 468 00:28:11,160 --> 00:28:16,000 Speaker 1: bipartisan fashion in defense of the principle of helping Ukraine 469 00:28:16,000 --> 00:28:19,440 Speaker 1: defend itself against Russia, but in a very serious debate 470 00:28:19,480 --> 00:28:23,639 Speaker 1: again about how we operate not just tactically but strategically, 471 00:28:24,040 --> 00:28:26,280 Speaker 1: and not just with the mediate concerns for the well 472 00:28:26,320 --> 00:28:29,720 Speaker 1: being of the suffering Ukrainian people, but also the long 473 00:28:29,840 --> 00:28:33,320 Speaker 1: term interests of the United States national security wise, our 474 00:28:33,359 --> 00:28:37,359 Speaker 1: allegiance to our NATO allies, and without ever taking our 475 00:28:37,480 --> 00:28:41,480 Speaker 1: eye off the long term threat of the Chinese Communist Party. 476 00:28:41,840 --> 00:28:44,440 Speaker 1: I'm trying to understand the rhetoric here, though, John, when 477 00:28:44,480 --> 00:28:48,200 Speaker 1: you've got, you know, obviously a concerted effort here agree 478 00:28:48,200 --> 00:28:50,880 Speaker 1: with the decisions or not by this administration a decision, 479 00:28:50,920 --> 00:28:55,040 Speaker 1: a concerted effort to back Ukraine. And and we've done 480 00:28:55,120 --> 00:28:57,280 Speaker 1: quite a bit already. And you might think we've not 481 00:28:57,320 --> 00:29:00,360 Speaker 1: done enough, but listen to a Senator John kenn from 482 00:29:00,360 --> 00:29:06,479 Speaker 1: Louisiana today. Get to this. Biden has had some some 483 00:29:06,600 --> 00:29:11,240 Speaker 1: Bambi's baby brother moments here Bambi's baby brother is how 484 00:29:11,240 --> 00:29:15,760 Speaker 1: he describes Joe Biden. Senator Ted Cruz went so far 485 00:29:15,880 --> 00:29:18,920 Speaker 1: as to suggest what joy actually He says that, well, 486 00:29:19,000 --> 00:29:22,160 Speaker 1: Joe Biden caused this war. There were two specific mistakes 487 00:29:22,200 --> 00:29:25,160 Speaker 1: made by the White House that caused this war. Number one, 488 00:29:26,040 --> 00:29:32,600 Speaker 1: the disastrous retreat and surrender in Afghanistan that emboldened America's enemies. 489 00:29:33,600 --> 00:29:41,080 Speaker 1: And number two, tragically, the White House's decision two waves 490 00:29:41,120 --> 00:29:44,200 Speaker 1: sanctions on the Nord string to pipeline and to surrender 491 00:29:44,240 --> 00:29:49,280 Speaker 1: to Putin, allowing him to complete that pipeline, which was 492 00:29:49,360 --> 00:29:53,000 Speaker 1: the direct precipitating cause of this invasion. This is gonna 493 00:29:53,040 --> 00:29:55,760 Speaker 1: be the theme of the midterm elections here. I'm I'm 494 00:29:55,800 --> 00:29:59,840 Speaker 1: assuming a add that to the inflation knock John is 495 00:29:59,840 --> 00:30:03,560 Speaker 1: is any of that true? I think it depends on 496 00:30:03,640 --> 00:30:08,640 Speaker 1: the pace of the war come September, October and early November, Joe, Uh, 497 00:30:08,840 --> 00:30:11,200 Speaker 1: I don't know how long the war will last. If 498 00:30:11,240 --> 00:30:14,640 Speaker 1: there were serious efforts by the Ukrainian and Russian sides 499 00:30:14,680 --> 00:30:17,520 Speaker 1: to try to put together some negotiations that can lead 500 00:30:17,520 --> 00:30:21,320 Speaker 1: to a credible ceasefire and an enduring one, and the 501 00:30:21,360 --> 00:30:24,440 Speaker 1: war is not foremost on our minds come to fall, 502 00:30:24,880 --> 00:30:26,920 Speaker 1: then I think we'll go back to the quote unquote 503 00:30:26,920 --> 00:30:31,680 Speaker 1: bread and butter issues of inflation, crime, illegal immigration, food 504 00:30:31,680 --> 00:30:34,520 Speaker 1: and energy prices, and the like. If the war is 505 00:30:34,560 --> 00:30:37,480 Speaker 1: continuing at that point, then it's definitely a very different 506 00:30:37,480 --> 00:30:40,720 Speaker 1: political dynamic. But my preference, and this is just my 507 00:30:40,760 --> 00:30:44,160 Speaker 1: own professional bias here, Joe, is that we not get 508 00:30:44,200 --> 00:30:47,320 Speaker 1: into name calling and a lot of revisionism about how 509 00:30:47,360 --> 00:30:50,840 Speaker 1: we got here. That's the historians to debate in the year. 510 00:30:51,720 --> 00:30:54,480 Speaker 1: It's important is to look at the immediate crisis and 511 00:30:54,560 --> 00:30:57,920 Speaker 1: what are the credible ways that we can provide anti aircraft, 512 00:30:58,320 --> 00:31:01,640 Speaker 1: anti tank, anti armists stems to Ukraine in a way 513 00:31:01,680 --> 00:31:05,400 Speaker 1: that does not necessarily drag us into an escalation, uh 514 00:31:05,800 --> 00:31:08,960 Speaker 1: situation with you with Russia that could possibly lead to 515 00:31:09,200 --> 00:31:13,920 Speaker 1: tactical nuclear weapons exchanges that Jennie we must avoid. We're 516 00:31:13,920 --> 00:31:17,320 Speaker 1: gonna get Jennie's voice on this as well. UH, when 517 00:31:17,360 --> 00:31:20,640 Speaker 1: we're back with further analysis from the panel. I didn't 518 00:31:20,640 --> 00:31:24,200 Speaker 1: think Bambi had a baby brother. Is that just me? 519 00:31:25,640 --> 00:31:29,200 Speaker 1: It's the fastest hour in politics. I'm Joe Matthew in Washington. 520 00:31:30,160 --> 00:31:36,360 Speaker 1: This is Bloomberg. You're listening to Bloomberg You sound on 521 00:31:36,800 --> 00:31:43,080 Speaker 1: with Joe Matthew on Bloomberg Radio as we reassemble the panel. 522 00:31:43,600 --> 00:31:46,160 Speaker 1: Thanks for spending some time with us on Bloomberg Sound 523 00:31:46,240 --> 00:31:49,400 Speaker 1: on as we join you live here from Washington, d C. 524 00:31:49,760 --> 00:31:52,880 Speaker 1: And new criticism for the Biden administration as we were 525 00:31:52,920 --> 00:31:57,360 Speaker 1: just discussing with Genie Chanzano, Bloomberg Politics contributor and John 526 00:31:57,360 --> 00:32:00,840 Speaker 1: Sidoliti's with us as well. Today's State Department isiser and 527 00:32:00,960 --> 00:32:06,520 Speaker 1: partner with Trilogy Advisors. Genie, we heard from all styles 528 00:32:06,560 --> 00:32:09,160 Speaker 1: of Republicans today. It was just one after the other. 529 00:32:09,240 --> 00:32:11,920 Speaker 1: To the microphone following the Zelenski speech, I already played 530 00:32:11,960 --> 00:32:15,280 Speaker 1: Jim McCarthy, Cruz Kennedy. You get a sense rish of 531 00:32:15,320 --> 00:32:18,720 Speaker 1: the type of criticism even of the mild mannered Ben 532 00:32:18,760 --> 00:32:22,120 Speaker 1: Sass of Nebraska. Was there fits shoots, We should ship 533 00:32:22,160 --> 00:32:27,520 Speaker 1: it more s three hundreds, more javelins, more drones, more stingers, 534 00:32:27,600 --> 00:32:31,800 Speaker 1: more everything. President Biden is going to be criticized by 535 00:32:31,840 --> 00:32:35,320 Speaker 1: the other political party, of course, But in a time 536 00:32:35,360 --> 00:32:38,600 Speaker 1: of war like this, is there a pan of potential 537 00:32:38,640 --> 00:32:42,400 Speaker 1: for some backlash for all this criticism. Whereas Joe Biden 538 00:32:42,440 --> 00:32:45,600 Speaker 1: in serious political trouble here, Genie it's feeling like an 539 00:32:45,600 --> 00:32:48,240 Speaker 1: election year as we listened to all of those clips, 540 00:32:48,280 --> 00:32:50,959 Speaker 1: and you know, this idea, and it's something that's been 541 00:32:51,000 --> 00:32:54,640 Speaker 1: brought up repeatedly that you know, Joe Biden is the 542 00:32:54,720 --> 00:32:58,160 Speaker 1: cause of the war, that Putin would never have gone in. 543 00:32:58,240 --> 00:33:01,240 Speaker 1: He'd still be, you know, somewhere in the Kremlin doing 544 00:33:01,280 --> 00:33:03,160 Speaker 1: whatever he is doing it if it hadn't been for 545 00:33:03,200 --> 00:33:05,520 Speaker 1: the you know, the way we withdrew from Afghanistan, which 546 00:33:05,520 --> 00:33:09,400 Speaker 1: I was incredibly critical of, or you know, Joe Biden's 547 00:33:09,400 --> 00:33:13,000 Speaker 1: decisions on Lords Dream too. That just does not ring 548 00:33:13,160 --> 00:33:15,960 Speaker 1: true with history. The reasons Putin goes in go all 549 00:33:16,000 --> 00:33:17,680 Speaker 1: the way back to the end of the Cold War. 550 00:33:17,920 --> 00:33:20,360 Speaker 1: If you're gonna blame people, let's go back to Bill 551 00:33:20,400 --> 00:33:23,800 Speaker 1: Clinton in the expansion of NATO. I mean, every single president, 552 00:33:23,840 --> 00:33:27,400 Speaker 1: George Bush, Republican, Bill Clinton, Democrat, you could just keep 553 00:33:27,440 --> 00:33:29,840 Speaker 1: going back through the list has played a role in this, 554 00:33:29,960 --> 00:33:32,840 Speaker 1: and of course the person most responsible is Putin. But 555 00:33:33,040 --> 00:33:35,720 Speaker 1: you know, this is something that Republicans have long wanted 556 00:33:35,760 --> 00:33:38,600 Speaker 1: to talk about because they felt that the withdraw from 557 00:33:38,600 --> 00:33:41,680 Speaker 1: Afghanistan was messy, and they're right about that. They thought 558 00:33:41,680 --> 00:33:44,160 Speaker 1: they could run on it. Then now that this is 559 00:33:44,240 --> 00:33:46,520 Speaker 1: sort of front and center and people's thoughts in terms 560 00:33:46,560 --> 00:33:49,200 Speaker 1: of foreign policy. They're gonna try to make this claim. 561 00:33:49,520 --> 00:33:51,760 Speaker 1: It probably isn't going to stick, and I think, to 562 00:33:51,920 --> 00:33:55,160 Speaker 1: John's earlier point, it's not something people are likely to 563 00:33:55,240 --> 00:33:57,920 Speaker 1: vote on in November. They're likely to vote on inflation, 564 00:33:57,960 --> 00:34:00,400 Speaker 1: gas prices and those things. I just wonder if this 565 00:34:00,480 --> 00:34:03,560 Speaker 1: is about tone, genie, rather than actions. I know the 566 00:34:03,680 --> 00:34:07,120 Speaker 1: bigs have been a thing, but beyond the fighter jets, 567 00:34:07,120 --> 00:34:10,359 Speaker 1: the President has sent largely everything that he's being asked 568 00:34:10,360 --> 00:34:13,960 Speaker 1: to send. I realized Zelenski wants and needs more, and 569 00:34:14,000 --> 00:34:16,440 Speaker 1: apparently we're going to be sending more. But is it 570 00:34:16,480 --> 00:34:18,839 Speaker 1: about posture? Maybe that's a better way to ask. As 571 00:34:18,880 --> 00:34:23,400 Speaker 1: we heard today on Bloomberg TV and Radio from William Cohen, 572 00:34:23,960 --> 00:34:26,720 Speaker 1: who is back with us, the former Secretary of Defense 573 00:34:26,800 --> 00:34:31,719 Speaker 1: here of course from a democratic administration, echoing what we 574 00:34:31,800 --> 00:34:35,200 Speaker 1: heard from Jim Risch, the Republican senator basically and saying, 575 00:34:35,200 --> 00:34:38,120 Speaker 1: why are we so worried about what Vladimir Putin's gonna think? 576 00:34:38,120 --> 00:34:41,480 Speaker 1: Here he is talking with David Weston on balance of power. Frankly, 577 00:34:41,520 --> 00:34:43,880 Speaker 1: I'm kind of tired of the Russia telling us what 578 00:34:44,000 --> 00:34:48,200 Speaker 1: is provocative when they're slamming terry shells into residential buildings 579 00:34:48,200 --> 00:34:50,120 Speaker 1: and saying what we can use, what we can't use, 580 00:34:50,360 --> 00:34:53,719 Speaker 1: and give to the Ukrainians to defend themselves. But nonetheless, 581 00:34:53,960 --> 00:34:56,759 Speaker 1: I think from a purely military point of view, I 582 00:34:56,800 --> 00:35:00,440 Speaker 1: touched the judgment of our dog defense repark to make 583 00:35:00,480 --> 00:35:03,400 Speaker 1: the right call. Is he right on that one, Genie? 584 00:35:03,760 --> 00:35:08,560 Speaker 1: This is about posture, about tone, and of course, coming 585 00:35:08,560 --> 00:35:11,640 Speaker 1: off of the Trump administration, a lot of questions about 586 00:35:11,640 --> 00:35:14,759 Speaker 1: whether this president is sending the right messaging. You know, 587 00:35:14,840 --> 00:35:16,680 Speaker 1: I do think he has a point about the tone. 588 00:35:16,719 --> 00:35:19,120 Speaker 1: I think that the administration has got to be careful 589 00:35:19,120 --> 00:35:22,960 Speaker 1: about talking about, you know, a concern about Putin's view 590 00:35:23,040 --> 00:35:25,839 Speaker 1: of escalation, because to everybody's point, if we send a 591 00:35:25,840 --> 00:35:28,919 Speaker 1: pencil in there, he's gonna say we escalated. But it's 592 00:35:28,960 --> 00:35:31,000 Speaker 1: not as much about that. It's really got to be 593 00:35:31,040 --> 00:35:33,640 Speaker 1: about what he ended up saying. Cohen and I agree 594 00:35:33,640 --> 00:35:36,600 Speaker 1: with him completely. You've got to listen to the experts. 595 00:35:36,640 --> 00:35:38,759 Speaker 1: It's got to be the people in the Pentagon who 596 00:35:38,800 --> 00:35:41,520 Speaker 1: know how these decisions are made and how they should 597 00:35:41,520 --> 00:35:43,960 Speaker 1: be made, and what will work and what won't. You know, 598 00:35:44,200 --> 00:35:46,640 Speaker 1: what's what are allies. The S three hundred, the anti 599 00:35:46,680 --> 00:35:49,440 Speaker 1: aircraft missile being sent in by Slovakia, that is going 600 00:35:49,520 --> 00:35:52,239 Speaker 1: to be helpful, according to the Pentagon officials, much more 601 00:35:52,280 --> 00:35:55,880 Speaker 1: helpful than the MiGs. And you know they also we 602 00:35:56,000 --> 00:35:58,640 Speaker 1: have to be clear, the administration tried to do this today. 603 00:35:59,000 --> 00:36:03,000 Speaker 1: One billion dollars in one week is nothing to shrink about. 604 00:36:03,239 --> 00:36:05,400 Speaker 1: That is a big deal, and the President needs to 605 00:36:05,480 --> 00:36:07,359 Speaker 1: talk about that. But he does have a point when 606 00:36:07,360 --> 00:36:09,760 Speaker 1: it comes to the tone. Stop talking about what Putin 607 00:36:09,840 --> 00:36:12,640 Speaker 1: thinks and start talking about what's effective to help the 608 00:36:12,680 --> 00:36:15,479 Speaker 1: people on the ground in Ukraine who deserve our help. 609 00:36:15,800 --> 00:36:18,560 Speaker 1: Is that the advice that you would provide, John, And 610 00:36:18,560 --> 00:36:22,279 Speaker 1: I ask you that knowing that that President Zelenski has 611 00:36:22,400 --> 00:36:26,000 Speaker 1: higher much by the way, higher approval numbers than President 612 00:36:26,040 --> 00:36:30,560 Speaker 1: Biden and oh, by the way, Congress as well. Yes, 613 00:36:30,680 --> 00:36:33,600 Speaker 1: but President Zelenski is not going to be on any 614 00:36:33,760 --> 00:36:37,200 Speaker 1: US ballots in November, so I'm not sure that's going 615 00:36:37,280 --> 00:36:40,520 Speaker 1: to be the most Germaine consideration going forward. Joe, I 616 00:36:40,560 --> 00:36:43,800 Speaker 1: would say this, and I commend the President for being 617 00:36:43,880 --> 00:36:47,320 Speaker 1: as prudent as possible in making sure that we don't 618 00:36:48,400 --> 00:36:52,759 Speaker 1: carelessly going to some type of an escalation dominance game 619 00:36:53,000 --> 00:36:58,200 Speaker 1: with Russia over Ukraine and eight hundred Stinger anti aircraft systems, 620 00:36:58,239 --> 00:37:01,960 Speaker 1: two thousand javel In, seventh thousand anti armor systems. We 621 00:37:02,040 --> 00:37:05,400 Speaker 1: are doing a tremendous job of beefing up the Ukrainian military, 622 00:37:05,719 --> 00:37:09,120 Speaker 1: and I think that the Biden administration deserves credit for that. 623 00:37:09,520 --> 00:37:11,880 Speaker 1: But I would say one thing to the President, and 624 00:37:11,880 --> 00:37:13,400 Speaker 1: I wish he had done a better job. At the 625 00:37:13,400 --> 00:37:16,239 Speaker 1: State of the Union address, Joe Uh, he spoke about 626 00:37:16,280 --> 00:37:18,920 Speaker 1: everything that we're doing to try to help the Ukrainians, 627 00:37:18,920 --> 00:37:21,520 Speaker 1: and he spoke about the importance of democracy and values 628 00:37:21,520 --> 00:37:23,960 Speaker 1: and the like, But I don't think he really explains 629 00:37:23,960 --> 00:37:27,480 Speaker 1: to the American people why this issue is so important 630 00:37:27,480 --> 00:37:31,400 Speaker 1: for the United States and for the everyday American citizen 631 00:37:31,480 --> 00:37:34,640 Speaker 1: to be concerned. And so this is where I'm afraid 632 00:37:34,719 --> 00:37:36,279 Speaker 1: this is going to be a short term issue for 633 00:37:36,400 --> 00:37:39,400 Speaker 1: most Americans. I hate to say that they may actually 634 00:37:39,400 --> 00:37:43,040 Speaker 1: be a media fatigue factor that chicks in and several 635 00:37:43,080 --> 00:37:46,399 Speaker 1: more weeks of the war endurance, because Americans have their 636 00:37:46,400 --> 00:37:48,680 Speaker 1: own pain and suffering to contend with on a day 637 00:37:48,680 --> 00:37:53,840 Speaker 1: to day basis. Again, given inflation, given crime, given concerns 638 00:37:53,880 --> 00:37:58,520 Speaker 1: about the economy, given concerns about post COVID lockdowns. So 639 00:37:58,800 --> 00:38:01,359 Speaker 1: the President's done, I think, the right thing and being 640 00:38:01,400 --> 00:38:04,399 Speaker 1: cautious about moving forward here. But I think if the 641 00:38:04,480 --> 00:38:07,680 Speaker 1: administration is more proactive and I'll lead one more thing, 642 00:38:08,040 --> 00:38:11,400 Speaker 1: don't telegraph everything that we're doing or not doing to 643 00:38:11,480 --> 00:38:14,600 Speaker 1: the Russians. We don't have to say every day that 644 00:38:14,640 --> 00:38:18,160 Speaker 1: no troops are going into Ukraine. Isn't that more for 645 00:38:18,200 --> 00:38:20,879 Speaker 1: the American people? Though, Jeannie, When when we hear these 646 00:38:20,920 --> 00:38:24,520 Speaker 1: promises from President Biden, he's he's trying to assure people 647 00:38:24,600 --> 00:38:28,320 Speaker 1: in the electorate that their son's daughter's father's mother's brothers, 648 00:38:28,320 --> 00:38:31,040 Speaker 1: sisters won't be sent to Ukraine to die. He is, 649 00:38:31,120 --> 00:38:33,480 Speaker 1: and he's also keeping up with a promise he made 650 00:38:33,520 --> 00:38:35,680 Speaker 1: when he ran for office and was elected about not 651 00:38:35,719 --> 00:38:39,200 Speaker 1: getting us involved in endless wars. So it's something he 652 00:38:39,320 --> 00:38:42,879 Speaker 1: is going to keep saying. Um, you know, it's very 653 00:38:42,920 --> 00:38:46,480 Speaker 1: important that the president, you know, handles this in a 654 00:38:46,560 --> 00:38:51,600 Speaker 1: way that he addresses the concerns of the people in Ukraine. 655 00:38:52,000 --> 00:38:55,719 Speaker 1: And you know, it is also really important that he 656 00:38:55,800 --> 00:38:57,640 Speaker 1: keeps his eye on the ball in terms of what 657 00:38:57,800 --> 00:39:01,040 Speaker 1: is going on at home as it pertains to to 658 00:39:01,239 --> 00:39:03,480 Speaker 1: John's point, the pain and the suffering that people are 659 00:39:03,520 --> 00:39:05,600 Speaker 1: feeling here. Let me ask you guys about that. We 660 00:39:05,640 --> 00:39:07,600 Speaker 1: had a FED meeting today. I haven't brought it up 661 00:39:07,640 --> 00:39:10,120 Speaker 1: with you yet. We discussed it earlier with Congressman French Hill, 662 00:39:10,120 --> 00:39:12,800 Speaker 1: and we only have a couple of minutes left. Genie, uh, 663 00:39:12,840 --> 00:39:15,120 Speaker 1: this was the first rate hike. This is liftoff, as 664 00:39:15,120 --> 00:39:17,720 Speaker 1: we call it. I'm hearing Tom Keene and John Farrow 665 00:39:17,800 --> 00:39:20,680 Speaker 1: talk about the dot plot. Everyone's freaking out about this, 666 00:39:20,760 --> 00:39:23,160 Speaker 1: even though we knew it was coming. Is it a 667 00:39:23,200 --> 00:39:27,480 Speaker 1: good thing politically for this administration to see j. Powell 668 00:39:27,560 --> 00:39:29,839 Speaker 1: get his arms around inflation, even if it might mean 669 00:39:29,880 --> 00:39:32,520 Speaker 1: some pain in the markets. It is. I mean, you know, 670 00:39:33,160 --> 00:39:34,920 Speaker 1: none of us like to see this, to see it 671 00:39:34,960 --> 00:39:37,120 Speaker 1: go up, but it had to be done, and you 672 00:39:37,160 --> 00:39:39,919 Speaker 1: know it is good for the administration. And I love 673 00:39:40,000 --> 00:39:44,120 Speaker 1: the fact that Representative Hill brought up that piece about 674 00:39:44,160 --> 00:39:47,040 Speaker 1: the anguish of central banking, because I do think there 675 00:39:47,120 --> 00:39:50,080 Speaker 1: is there is a reason to read that today. And 676 00:39:50,160 --> 00:39:53,040 Speaker 1: you know, the idea that the Central Bank can now 677 00:39:53,160 --> 00:39:56,279 Speaker 1: address this and as compelling and full away as as 678 00:39:56,320 --> 00:39:59,399 Speaker 1: we would like to think, is something that is not 679 00:39:59,719 --> 00:40:02,680 Speaker 1: been born out. Does this actually matter to people? At 680 00:40:02,680 --> 00:40:04,360 Speaker 1: home in their living rooms. John, I mean we're on 681 00:40:04,400 --> 00:40:07,120 Speaker 1: Bloomberg here talking about interest rates. I realized that that 682 00:40:07,239 --> 00:40:11,000 Speaker 1: is not necessarily what everyone's discussing over dinner tonight. Does 683 00:40:11,040 --> 00:40:14,200 Speaker 1: it need to have a meaningful impact on inflation for 684 00:40:14,239 --> 00:40:16,960 Speaker 1: anyone to care what the administration is doing to fight it? 685 00:40:18,080 --> 00:40:22,279 Speaker 1: Absolutely essential to the Fed's mission and their job is 686 00:40:22,320 --> 00:40:25,840 Speaker 1: to ensure that we have stable pricing in the United 687 00:40:25,880 --> 00:40:30,080 Speaker 1: States economy, so they may not be in this particular decision. Joe, 688 00:40:30,120 --> 00:40:32,279 Speaker 1: I agree with you, but I think if we're able 689 00:40:32,320 --> 00:40:35,200 Speaker 1: to get inflation down from seven point nine percent where 690 00:40:35,200 --> 00:40:36,799 Speaker 1: it is today, and it may be over ten if 691 00:40:36,840 --> 00:40:39,400 Speaker 1: you include food and energy and get it down to 692 00:40:39,440 --> 00:40:42,319 Speaker 1: the two percent, go over time, and it may take 693 00:40:42,360 --> 00:40:44,720 Speaker 1: a year, a year and a half. People will be 694 00:40:44,880 --> 00:40:48,400 Speaker 1: more easily. But right now there's great stress in America 695 00:40:48,520 --> 00:40:52,719 Speaker 1: about what inflation is doing to their shrinking checkbooks. And 696 00:40:52,760 --> 00:40:55,160 Speaker 1: a year, a year and a half, Genie, is too long. 697 00:40:55,239 --> 00:40:58,600 Speaker 1: If you're a Democrat running for election, Yeah, you certainly 698 00:40:58,640 --> 00:41:00,520 Speaker 1: don't have that time. You've got, you know, a couple 699 00:41:00,560 --> 00:41:02,400 Speaker 1: of weeks, a couple of months at this point, and 700 00:41:02,440 --> 00:41:04,399 Speaker 1: then everything is going to be about the mid term. 701 00:41:05,200 --> 00:41:07,480 Speaker 1: Great conversation. You're not going to hear this. I know 702 00:41:07,560 --> 00:41:09,040 Speaker 1: I say it a lot, but she's just not going 703 00:41:09,080 --> 00:41:13,000 Speaker 1: to hear it anywhere else. Jeannie Shenzo, Bloomberg Politics contributor, 704 00:41:13,080 --> 00:41:15,640 Speaker 1: thank you as always in John Siddeldys, It's great to 705 00:41:15,640 --> 00:41:18,480 Speaker 1: have you back, John, State Department Advisor and partner with 706 00:41:18,520 --> 00:41:23,719 Speaker 1: Trilogy Advisors. After two fascinating conversations Congressman french Hill, Congressman 707 00:41:23,800 --> 00:41:27,400 Speaker 1: Jake Aukincloss, and of course the sounds of this day 708 00:41:27,440 --> 00:41:30,560 Speaker 1: in Washington marches Women's History Month. You know, we've been 709 00:41:31,000 --> 00:41:32,880 Speaker 1: doing this every day this month. It's time to hear 710 00:41:32,880 --> 00:41:36,160 Speaker 1: from Nita as we celebrate significant moments in women's history 711 00:41:36,239 --> 00:41:39,600 Speaker 1: or installment now from March sixteen. Here's Bloomberg's Rnita Young 712 00:41:39,960 --> 00:41:42,319 Speaker 1: on this day in women's History. In two thousand four, 713 00:41:42,600 --> 00:41:46,319 Speaker 1: Shirley Muldowney is inducted into the International Drag Racing Hall 714 00:41:46,400 --> 00:41:49,279 Speaker 1: of Fame. By her mid teens, she had developed a 715 00:41:49,320 --> 00:41:53,879 Speaker 1: near obsession for speed competition and winning. Muldowney started as 716 00:41:53,880 --> 00:41:57,000 Speaker 1: a street racer and became a pioneer drag racing legend. 717 00:41:57,400 --> 00:42:00,239 Speaker 1: In ve she was the first woman to receive evil 718 00:42:00,320 --> 00:42:03,480 Speaker 1: license to drive a top fuel dragster from the National 719 00:42:03,560 --> 00:42:07,920 Speaker 1: hot Rod Association. More first during her forty year career 720 00:42:08,040 --> 00:42:11,120 Speaker 1: included being the first woman to win a national nhr 721 00:42:11,200 --> 00:42:13,520 Speaker 1: A event and the first of any gender to win 722 00:42:13,640 --> 00:42:18,200 Speaker 1: three nhr A World Championships. Known as the first Lady 723 00:42:18,239 --> 00:42:22,040 Speaker 1: of drag Racing, Muldowney won a total of eighteen nhr 724 00:42:22,120 --> 00:42:26,680 Speaker 1: A titles, setting various track and speed records, and dominating 725 00:42:26,760 --> 00:42:31,000 Speaker 1: multiple events. That's today in women's history. I'm ni to 726 00:42:31,080 --> 00:42:34,480 Speaker 1: Young Bloomberg Radio. Alright, Radio, We thank you and again 727 00:42:34,560 --> 00:42:37,280 Speaker 1: everyone for jumping in the panel and on the program 728 00:42:37,320 --> 00:42:42,120 Speaker 1: today on the fastest hour in politics. Hey, grab your tuxes. 729 00:42:42,160 --> 00:42:45,239 Speaker 1: If you're going to the radio TV correspondence dinner here 730 00:42:45,239 --> 00:42:48,560 Speaker 1: in the Bubble, make sure you say hello. We'll be 731 00:42:48,640 --> 00:42:50,920 Speaker 1: over there from Bloomberg and meet you back here tomorrow 732 00:42:51,320 --> 00:42:54,440 Speaker 1: for sound on. I'm Joe Matthew. This is Bloomberg.