WEBVTT - Donald Trump Indicted: Here's What You Need To Know 0:00:03.880 --> 0:00:07.160 Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 0:00:07.240 --> 0:00:10.160 day Break for Friday, March thirty. First coming up today. 0:00:10.480 --> 0:00:13.480 For the first time ever, a former US president has 0:00:13.520 --> 0:00:16.439 been indicted. Donald Trump could be arraigned on charges as 0:00:16.440 --> 0:00:20.400 early as Tuesday. The former president calls it political persecution 0:00:20.440 --> 0:00:24.200 and election interference, and we have complete team coverage. Straight ahead, 0:00:24.400 --> 0:00:28.120 the NYPD searches for those responsible for drugging robbery victims, 0:00:28.120 --> 0:00:32.360 plus protesters fact the Tennessee capital after the Nashville school shooting. 0:00:32.560 --> 0:00:36.160 I'm Michael barn Far ahead, I'm Dom statown Swards Opening 0:00:36.200 --> 0:00:38.560 Day wins with the Meds and Yankees, The Devil stopped 0:00:38.560 --> 0:00:44.159 the Rangers. That Nick's play in Cleveland tonight. That's all 0:00:44.320 --> 0:00:47.600 straight ahead on Bloomberg day Break, The business news you 0:00:47.720 --> 0:00:51.160 need disturn your day, and just one fifteen minute podcast 0:00:51.400 --> 0:00:55.040 each pointing on Apples, Spotify, the Bloomberg Business app and 0:00:55.160 --> 0:01:01.400 everywhere you get your podcasts. Good morning, I'm Nathan Hager 0:01:01.640 --> 0:01:04.880 and I'm Cameron Moscow. Here are the stories we're following today. 0:01:05.560 --> 0:01:08.920 It is a historic moment in American politics and law. 0:01:09.000 --> 0:01:12.240 For the first time ever, a former US president is 0:01:12.280 --> 0:01:15.280 facing criminal charges. A grand jury in Manhattan is going 0:01:15.280 --> 0:01:18.040 ahead with a case against Donald Trump over hush payments 0:01:18.080 --> 0:01:21.039 to a porn star during the twenty sixteen campaign. We 0:01:21.160 --> 0:01:24.000 have team coverage for you this morning, beginning with Bloomberg 0:01:24.040 --> 0:01:27.479 Politics contributor Jeanie she and Zano. She says this will 0:01:27.480 --> 0:01:30.360 add fuel to a twenty twenty four campaign for Trump 0:01:30.400 --> 0:01:34.280 that is already driven by grievance. His message has always 0:01:34.360 --> 0:01:36.920 been not just that he's a victim, but that his 0:01:37.000 --> 0:01:39.520 supporters are a victim, that this is a witch hunt 0:01:39.560 --> 0:01:42.559 not just against him, but of them. And he always says, 0:01:42.640 --> 0:01:44.759 if they can do this to me, they'll do this 0:01:44.880 --> 0:01:49.200 to you. Bloomberg Politics contributor Geanie Sheanzano and former federal 0:01:49.200 --> 0:01:52.440 prosecutor Robert Mintz says this is a big political gamble 0:01:52.560 --> 0:01:56.000 for Manhattan's District Attorney Alvin Bragg. As a prosecutor, you 0:01:56.120 --> 0:01:58.720 better have all your ducks lined up, all your facts, 0:01:58.760 --> 0:02:02.320 all your witnesses that into place before you bring that indictment. 0:02:02.480 --> 0:02:05.280 On the other hand, they are racing against the political 0:02:05.320 --> 0:02:08.400 clock because they are not unmindful of the fact that 0:02:08.440 --> 0:02:10.919 there is an election coming up. Robert mans with the 0:02:10.960 --> 0:02:14.280 law firm McCarter in English. Former President Trump's lawyer says 0:02:14.280 --> 0:02:18.680 his client could be arraigned as early as Tuesday. Well, Nathan, 0:02:18.720 --> 0:02:21.320 just moments after the news broke, the former president came 0:02:21.360 --> 0:02:24.000 out with a statement blasting the indictment, and we get 0:02:24.040 --> 0:02:27.959 details from Bloomberg's Jeff Bellinger. The former president came out 0:02:27.960 --> 0:02:31.080 swinging when he learned of the indictment. Trump said Manhattan 0:02:31.120 --> 0:02:34.640 District Attorney Alvin Bragg is behind a political witch hunt, 0:02:34.800 --> 0:02:38.800 and he called the indictment quote political persecution and election 0:02:38.960 --> 0:02:42.400 interference at the highest level in history. He went on 0:02:42.440 --> 0:02:46.200 to say, quoting again, the American people realize exactly what 0:02:46.280 --> 0:02:49.960 the radical left Democrats are doing here. Trump's attorney says 0:02:50.000 --> 0:02:53.320 the former president plans to appear before New York authorities. 0:02:53.560 --> 0:02:57.560 He has not been told about the specific charges. Jeff Bellinger, 0:02:57.720 --> 0:03:00.600 Bloomberg day Break, Thank you, Jeff, And already Mike Pence 0:03:00.680 --> 0:03:03.080 is weighing in on the news. The former Vice president 0:03:03.200 --> 0:03:06.680 tells CNN he thinks the prosecution of former President Trump 0:03:06.720 --> 0:03:10.680 is politically motivated, and Bloomberg's d Baxter continues our team coverage. 0:03:10.960 --> 0:03:15.000 Penn says, Manhattan DA Alvin Bragg ran on prosecuting Donald 0:03:15.040 --> 0:03:17.040 Trump and a long time since I was in law school. 0:03:17.040 --> 0:03:19.280 But I remember the old saying, you can indict a 0:03:19.280 --> 0:03:22.440 ham Sandwich right the threshold. The burden of proof is 0:03:22.600 --> 0:03:27.040 very low. Prosecutors make decisions, discretionary decisions about what they 0:03:27.160 --> 0:03:29.959 bring all the time. Pence also says he will decide 0:03:30.000 --> 0:03:32.960 on whether to testify on the classified document in January 0:03:32.960 --> 0:03:36.760 six investigations in the next few days. In San Francisco, 0:03:36.840 --> 0:03:39.360 I'm at Baxter Bloomberg Daybreak, all right, and thanks. So 0:03:39.400 --> 0:03:42.840 we're also getting reaction from Capitol Hill as lawmakers worry 0:03:42.840 --> 0:03:45.600 about the potential for violence in the wake of the indictment. 0:03:45.680 --> 0:03:48.640 Amy Morris continues our coverage from the Bloomberg ninety nine 0:03:48.720 --> 0:03:52.280 one newsroom in Washington. Senate Majority Leader Chuck Schumer is 0:03:52.320 --> 0:03:56.040 calling for peace by both Trump's critics and supporters. California 0:03:56.080 --> 0:03:59.280 Democratic Congressman Eric Swalwell says the indictment is a somber 0:03:59.400 --> 0:04:02.040 day for a Mary Erica and urged quote, let us 0:04:02.120 --> 0:04:07.560 neither celebrate nor destroy Georgia. Republican Congresswoman Marjorie Taylor Greene tweeted, 0:04:07.640 --> 0:04:09.960 quote the gloves are off and that Trump is the 0:04:10.000 --> 0:04:12.920 only one standing in the way of tyrants. Former House 0:04:12.920 --> 0:04:16.160 Speaker Nancy Pelosi says she hopes former President Trump will 0:04:16.200 --> 0:04:20.480 peacefully respect the justice system. Current House Speaker Kevin McCarthy tweeted, 0:04:20.760 --> 0:04:24.640 the American people will not tolerate this injustice in Washington. 0:04:24.680 --> 0:04:27.200 I'm Amy Morris Bloomberg Day Break. Thank you, Amy. So 0:04:27.360 --> 0:04:30.440 now that this highly anticipated indictment has come down, what 0:04:30.520 --> 0:04:33.520 are the next legal steps for the former president? Bloomberg 0:04:33.560 --> 0:04:36.279 legal analyst June Grosso has that angle as we continue 0:04:36.320 --> 0:04:39.640 our team coverage. In some respects, Trump will be treated 0:04:39.680 --> 0:04:43.640 like other high profile defendants. The Manhattan DA's office will 0:04:43.680 --> 0:04:45.760 work out a day and time for his surrender with 0:04:45.800 --> 0:04:49.120 his attorneys. Trump will be booked and fingerprinted, and his 0:04:49.240 --> 0:04:52.520 mug shot will be taken like any other defendant. He'll 0:04:52.520 --> 0:04:56.120 then be escorted to the courtroom for his arraignment. But remember, 0:04:56.400 --> 0:04:59.840 unlike other defendants, Trump will have a secret service can 0:05:00.040 --> 0:05:02.960 tingent with him at all times, and there'll be no 0:05:03.080 --> 0:05:06.680 need to discuss bail. Bloomberg's June Grosso reports officials have 0:05:06.760 --> 0:05:09.479 been in contact with Trump's attorney to coordinate his surrender 0:05:09.480 --> 0:05:12.839 for arraignment. Well, Nathan, this historic case will not be 0:05:12.960 --> 0:05:15.760 an easy one for the judge who's eventually assigned to it. 0:05:15.839 --> 0:05:19.400 We spoke with former federal prosecutor Michael Zelden. Well, it'll 0:05:19.440 --> 0:05:21.560 be a big issue for the judge to make sure 0:05:21.640 --> 0:05:25.800 that the jury's selection process is fair to the defendant 0:05:25.960 --> 0:05:30.040 and fair to the prosecution, and I expect that'll take 0:05:30.080 --> 0:05:33.760 a long time. Michael Zelden is a former federal prosecutor 0:05:33.800 --> 0:05:36.400 and served as special counselor to Robert Muller at the 0:05:36.480 --> 0:05:39.680 Justice Department. Zelden points out that Shrump's announced run for 0:05:39.760 --> 0:05:43.240 president could complicate proceedings in this case. Now, of course, Karen, 0:05:43.320 --> 0:05:46.480 this case isn't the only potential legal woe for Donald 0:05:46.480 --> 0:05:49.800 Trump Bloomberg. Steve Rappaport joins US Live in New York 0:05:49.839 --> 0:05:52.960 with the details on that, Steve, that's right, Nathan and Karen. 0:05:53.040 --> 0:05:56.320 The numerous legal actions pending against the former president include 0:05:56.360 --> 0:05:59.760 criminal investigations by a prosecutor in Georgia and the Justice 0:06:00.000 --> 0:06:03.560 Partment regarding efforts to overturn the twenty twenty election. DJ 0:06:03.760 --> 0:06:06.159 is also probing whether Trump broke the law by storing 0:06:06.200 --> 0:06:09.440 classified records at his Moralago home. On the civil side, 0:06:09.480 --> 0:06:11.920 there's a defamation charge from a woman who claims Trump 0:06:12.000 --> 0:06:14.520 raped her, the New York Attorney generals suing Trump and 0:06:14.640 --> 0:06:17.839 his company, and lawsuits from Capitol police officers injured in 0:06:17.880 --> 0:06:20.520 the January sixth riot. Live in New York. I'm Steve 0:06:20.560 --> 0:06:27.159 Rappaport Bloomberg Daybreak. It's thirty nine degrees in New York. 0:06:27.160 --> 0:06:29.560 It's going to turn cloudy today, Showers developing by late 0:06:29.600 --> 0:06:32.039 afternoon on a way in your fifty five. Temperatures will 0:06:32.120 --> 0:06:35.120 rise overnight as showers continue. Take a look at some 0:06:35.200 --> 0:06:37.240 of the other stories making news in New York and 0:06:37.320 --> 0:06:39.520 around the world. For that, we're joined by Bloomberg's Michael 0:06:39.520 --> 0:06:42.560 bar Good morning, Michael, Good morning, Nathan. The fallout continues 0:06:42.640 --> 0:06:46.320 from Russia's detainment of an American journalist. Secretary of State 0:06:46.320 --> 0:06:49.320 Anthony B. Lincoln is confirming his office is in touch 0:06:49.360 --> 0:06:53.000 with The Wall Street Journal, where American journalist Evan Gerskovich 0:06:53.200 --> 0:06:57.239 is employed. Russian authorities detained Gerskovich, accusing him of spying. 0:06:57.600 --> 0:07:01.000 Why How's Press Secretary Kerin Jean Pierre all the espionage 0:07:01.080 --> 0:07:06.240 charges ridiculous. We condemned the detention of mister Gerskovich in 0:07:06.320 --> 0:07:10.560 the strongest in the strongest terms. We also condemned the 0:07:10.600 --> 0:07:16.520 Russian government's continued targeting and repression of journalists. State Department 0:07:16.520 --> 0:07:20.000 officials are now urging US citizens residing or traveling in 0:07:20.080 --> 0:07:24.560 Russia to depart immediately, citing numerous safety risks. Authorities are 0:07:24.600 --> 0:07:27.800 looking for the people responsible for more than forty druggings 0:07:27.800 --> 0:07:31.360 linked to robberies around Manhattan clubs. Seven of the druggings, 0:07:31.440 --> 0:07:34.400 dating back to September or twenty twenty one, were fatal. 0:07:34.760 --> 0:07:38.000 Prosecutors believe at least six people are connected. So far, 0:07:38.160 --> 0:07:40.480 no one has been arrested for the crimes, including second 0:07:40.520 --> 0:07:44.360 degree murder. Angry over the deadly schools shooting in Nashville, 0:07:44.440 --> 0:07:47.880 hundreds of protesters packed into the Tennessee capital to demand 0:07:47.920 --> 0:07:52.040 action from lawmakers. The demonstrators demanded new gun safety legislation, 0:07:52.120 --> 0:07:57.040 including red flag laws and background checks. People are heartbroken 0:07:57.920 --> 0:08:02.840 and angry. The sense of powerlessness is really really strong 0:08:03.880 --> 0:08:06.560 because our legislature generally tries to ignore the stuff, so 0:08:06.600 --> 0:08:09.160 we had to get in our faces. Six people, including 0:08:09.200 --> 0:08:13.040 three children, were killed in Monday's mass shooting. Officials vowed 0:08:13.080 --> 0:08:16.239 to ramp up defense against cyber threats toward the United 0:08:16.280 --> 0:08:20.239 States at the Advancing Technology summoned in Washington, Homeland Security 0:08:20.280 --> 0:08:24.360 Secretary Alejandro Majorcas says, we know we must do more 0:08:24.360 --> 0:08:28.520 to protect vulnerable groups. We will extend our ongoing cybersecurity 0:08:28.560 --> 0:08:33.439 work to communities at heightened risk of targeting by sophisticated 0:08:33.480 --> 0:08:38.000 cyber threat actors. Secretary Mayorcus and other officials say digital 0:08:38.120 --> 0:08:43.120 repression and manipulation are means for authoritarian governments to manipulate 0:08:43.480 --> 0:08:47.040 the information and their citizens. Absorbed Global News twenty four 0:08:47.080 --> 0:08:49.680 hours a day, powered by more than twenty seven hundred 0:08:49.760 --> 0:08:52.400 journalists and analysts and over one hundred twenty countries. I'm 0:08:52.400 --> 0:08:59.640 Michael bar This is Bloomberg, Nathan. Thank you, Michael. Time 0:08:59.679 --> 0:09:02.640 now for Bloomberg Sports Update on the morning after predecent 0:09:02.679 --> 0:09:05.520 opening Day. John stash Hour, Nathan, It's something that happened 0:09:05.559 --> 0:09:08.760 sixty two times last year, and it happened again. Pitches 0:09:08.880 --> 0:09:10.839 swing on and hit and are to center field in 0:09:10.920 --> 0:09:13.920 d macgoes just Strumpet on the track at the wall. 0:09:14.280 --> 0:09:19.560 She is done. Unbelievable. Aaron Judge in his first at 0:09:19.679 --> 0:09:23.000 batt of the year. It's a home run to dead center. 0:09:23.600 --> 0:09:26.559 Dude is a judge and blood that's of course. John 0:09:26.600 --> 0:09:29.920 stirleing w Fan judgees first swing of the season, Glabor 0:09:30.000 --> 0:09:33.160 Torres later a patented Yankee Stadium right field homer. Game 0:09:33.160 --> 0:09:35.360 of the man on. Yanks won the opener five to 0:09:35.520 --> 0:09:37.880 nothing over the Giants, a game where both teams struck 0:09:37.880 --> 0:09:41.840 out sixteen times. Garrett Cole fanned eleven and six innings, 0:09:41.880 --> 0:09:44.319 most ever by a Yankee and an opener. Ron Marinaccio 0:09:44.440 --> 0:09:47.439 pitched the last two. Anthony Volpe called it the most 0:09:47.559 --> 0:09:50.240 fun day of his only twenty one year old life, 0:09:50.280 --> 0:09:52.720 as the new Yankee shortstop made his big league debut. 0:09:52.960 --> 0:09:55.599 Mets in Miami led three nothing sixth inning Mexers Or 0:09:55.679 --> 0:09:57.640 was cruising. The Marlins tied the game of the Mets 0:09:57.679 --> 0:09:59.840 got a two run double in the seventh from Grand 0:10:00.120 --> 0:10:02.520 Nimo and won five to three. Shots Or the winner, 0:10:02.520 --> 0:10:05.480 and David Robertson got the save. He's now the closer 0:10:05.880 --> 0:10:08.520 with the season long injury to Edwin Diaz and another 0:10:08.640 --> 0:10:11.800 Met injury not nearly as serious, but Justin Verlander begins 0:10:11.840 --> 0:10:15.240 the season on the injured list muscles strained near his shoulder. 0:10:15.400 --> 0:10:18.280 Verlander said if this was the postseason, he would pitch 0:10:18.400 --> 0:10:20.760 Julius Randall as the sprained ankle won't play the last 0:10:20.840 --> 0:10:24.000 five games of the next regular season, starting tonight in Cleveland, 0:10:24.080 --> 0:10:27.520 with almost certainly a playoff preview, as was the game 0:10:27.600 --> 0:10:29.880 last night in Newark, Devil's two goals in the first 0:10:29.880 --> 0:10:32.360 period and up for a two one win over the Rangers, 0:10:32.360 --> 0:10:35.520 who just gave twenty three year old Philipedal four year 0:10:35.600 --> 0:10:43.440 contract extension. John Stashedward Bloomberg Sports Live from coast to coast, 0:10:43.600 --> 0:10:46.920 from New York to San Francisco, Boston to Washington, d C. 0:10:47.360 --> 0:10:51.239 Nationwide on Sirius XAM, the Bloomberg Business app, and Bloomberg 0:10:51.280 --> 0:10:56.840 dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. 0:10:56.920 --> 0:11:00.559 The twenty twenty four presidential race is now moving into 0:11:00.720 --> 0:11:04.520 uncharted territory. For the first time, a former US president, 0:11:04.559 --> 0:11:08.000 Donald Trump is facing a criminal indictment. Of course, Trump 0:11:08.120 --> 0:11:11.720 is the first president to be impeached twice, and now 0:11:12.240 --> 0:11:16.760 this legal issue comes as the former president is seeking 0:11:16.960 --> 0:11:21.160 reelection in a campaign already driven by grievance and shadowed 0:11:21.160 --> 0:11:24.520 by multiple legal challenges. For more on where this goes 0:11:24.559 --> 0:11:26.599 from here and the impact on the campaigns, where you 0:11:26.600 --> 0:11:29.960 are joined by a couple top Washington analysts, Terry Haynes 0:11:30.000 --> 0:11:33.200 the founder of Pangaea Policy and Greg Valier, chief US 0:11:33.320 --> 0:11:37.400 policy strategist at AGF Investments. Gentlemen, it's good to speak 0:11:37.400 --> 0:11:39.480 with you both. I'll start with you, Terry, to get 0:11:39.520 --> 0:11:43.160 your reaction to this indictment and what it means for 0:11:43.200 --> 0:11:50.320 the presidential race. Good morning, Nathan. Three points at the top. First, 0:11:51.080 --> 0:11:53.600 I think this is sad for the country, which deserves 0:11:53.600 --> 0:11:57.920 a lot better than endless bread and circuses. But both 0:11:57.960 --> 0:12:01.560 Trump is providing and in this case, legal profession is providing. 0:12:01.679 --> 0:12:05.280 You can't have bread and circass without but without bakers 0:12:05.280 --> 0:12:09.000 and cooks, so let's not forget that. Secondly, sad for 0:12:09.040 --> 0:12:11.320 the legal profession. I mean what you've got here is 0:12:11.720 --> 0:12:14.959 I think politicized justice with a fairly weak case. That's 0:12:15.000 --> 0:12:18.880 not good for the how the legal profession is viewed 0:12:18.880 --> 0:12:22.040 in the country. Finally, I'll say it's non consensus on 0:12:22.080 --> 0:12:28.680 the politics. I think the conventional wisdom is that the 0:12:28.800 --> 0:12:31.839 strengthens Trump in primaries makes it weaker with Biden and 0:12:31.920 --> 0:12:35.120 all the rest. I think it's likelier to cause more 0:12:35.160 --> 0:12:38.400 Trump fatigue, and since Trump fatigue is a key part 0:12:38.400 --> 0:12:41.240 of the Santus's pitch, I think it's likelier to help 0:12:41.800 --> 0:12:45.320 the Santus. Finally, it's you know, the country sees straight 0:12:45.360 --> 0:12:49.959 through this as politicized. Sixty percent is politically motivated in 0:12:50.120 --> 0:12:53.440 sixty seven percent think Trump's payment was a personal expense. 0:12:53.480 --> 0:12:58.160 So yeah, this may play well in Manhattan, it doesn't 0:12:58.200 --> 0:13:00.560 play well in the country, and it's not good for 0:13:00.559 --> 0:13:03.520 the country. Greg, is that how you see it as well? 0:13:03.760 --> 0:13:08.480 Is that possible that we could see Trump weekend by 0:13:08.520 --> 0:13:13.079 this indictment In the longer term, Well, good morning. I'm 0:13:13.120 --> 0:13:16.000 struck by how much we don't know yet. We don't 0:13:16.040 --> 0:13:19.720 know what's in the sealed document. Is it's just hush money? 0:13:19.840 --> 0:13:22.400 Is it obstruction of justice? So there's a lot more 0:13:22.440 --> 0:13:25.800 to come out, And I'd say the big takeaway from 0:13:25.840 --> 0:13:28.360 me is that this is just the ordure. This is 0:13:28.400 --> 0:13:32.680 just the beginning of these cases. There's a very strong case, 0:13:32.720 --> 0:13:37.200 I think in Georgia of Trump trying to obstruct and 0:13:37.320 --> 0:13:41.280 deny the election result there. I think there's obviously a 0:13:41.360 --> 0:13:47.200 case involved with January sixth, what did Trump do? And finally, 0:13:47.280 --> 0:13:50.160 I think that the whole issue of the top secret 0:13:50.240 --> 0:13:53.400 documents that wound up in Marlago who could lead to 0:13:53.440 --> 0:13:56.200 an indictment as well. So this is just the beginning. 0:13:56.679 --> 0:13:59.520 There's a long process to go. Yeah. I do want 0:13:59.520 --> 0:14:02.360 to get to more on those cases as well, but 0:14:02.480 --> 0:14:06.280 we've already gotten a reaction as statement from the former 0:14:06.320 --> 0:14:10.480 president when it comes to this looming indictment. He's calling 0:14:10.520 --> 0:14:14.480 it political persecution and election interference at the highest level 0:14:14.800 --> 0:14:18.240 in American history. That's part of a lengthy statement that 0:14:18.320 --> 0:14:20.400 he put out last night, and we talked about it 0:14:20.440 --> 0:14:24.360 earlier with Bloomberg Politics contributor Jeanie she and Zano about 0:14:24.400 --> 0:14:28.520 how former President Trump might try to capitalize on this 0:14:28.600 --> 0:14:31.960 particular indictment. Here's what Genie had to say. He is 0:14:32.000 --> 0:14:34.920 going to use it, he says, to make the case 0:14:35.000 --> 0:14:38.840 that he is the victim of political persecution, the victim 0:14:38.880 --> 0:14:42.280 of election interference, that this has been a plan by Democrats, 0:14:42.560 --> 0:14:46.200 and he uses these sort of tropes that he talks 0:14:46.240 --> 0:14:49.040 about in these statements about Alvin Bragg, the Manhattan DIA 0:14:49.120 --> 0:14:53.200 and others that are xenophobic and racist. He's used them 0:14:53.240 --> 0:14:55.680 and tried to use them to his advantage. And of course, 0:14:55.960 --> 0:14:58.040 his numbers, by the way, in the last month have 0:14:58.240 --> 0:15:02.240 double digit gone up. Yeah, until your point, Terry, you 0:15:02.600 --> 0:15:04.760 are saying that this is sort of a non consensus 0:15:04.920 --> 0:15:09.080 view that this weekends Trump longer term. But what about that? 0:15:09.200 --> 0:15:12.080 I mean, he has in the past been able to 0:15:12.160 --> 0:15:16.760 galvanize his base, particularly when he's been able to sort 0:15:16.800 --> 0:15:20.040 of grab onto these grievance issues and use them to 0:15:20.080 --> 0:15:25.520 his advantage. Now that's absolutely so. You know, people forget 0:15:25.560 --> 0:15:28.600 in twenty sixteen that Trump had a kind of a 0:15:28.680 --> 0:15:31.240 nugget of a base of about thirty or forty percent, 0:15:31.360 --> 0:15:35.120 and then you know, and ended up being coming the 0:15:35.240 --> 0:15:38.400 nominee in part because there were so many other nominees 0:15:38.680 --> 0:15:43.560 carving up the sixty to seventy percent majority. So that's 0:15:43.960 --> 0:15:48.560 that's certainly still possible. My only comment is that twenty 0:15:48.600 --> 0:15:54.040 sixteen in twenty twenty four, two very different situations here, 0:15:54.320 --> 0:15:56.320 and there's always going to be a nugget of support 0:15:56.320 --> 0:16:00.320 for Trump. The bigger question doesn't have much to do 0:16:00.400 --> 0:16:03.400 with these prosecutions, and you know, and you know, the 0:16:03.440 --> 0:16:09.440 prosecution frankly validates the Trump's point of view. So I think, unfortunately, 0:16:09.520 --> 0:16:12.960 so there we are. But you know, twenty twenty four, 0:16:13.160 --> 0:16:17.520 there's there's a rising there's also a rising feeling in 0:16:17.560 --> 0:16:20.920 the party number one, and there's a rising feeling among 0:16:21.000 --> 0:16:25.640 the swing voters that tend to determine presidential elections, that 0:16:25.720 --> 0:16:29.960 there's a very substantial case of enough is enough, you know, regardless. 0:16:30.560 --> 0:16:32.560 You know, we've seen the act before, we've been living 0:16:32.560 --> 0:16:36.080 it for the past eight or nine years, and enough already. 0:16:36.240 --> 0:16:41.000 And my view is very simply that everybody focuses on 0:16:41.040 --> 0:16:43.880 the Trump base and they're not thinking enough about the 0:16:44.000 --> 0:16:47.680 enough already folks, which are much more numerous. Really curious 0:16:47.680 --> 0:16:51.120 to hear what you think, Greg about the idea of 0:16:51.800 --> 0:16:56.080 enough already voters being out there. It seems like views 0:16:56.080 --> 0:16:59.520 on the former president have pretty much calcified for a 0:16:59.520 --> 0:17:02.760 lot of people. Well, are there many swing voters left 0:17:02.800 --> 0:17:06.000 when it comes to former President Trump? I think there 0:17:06.040 --> 0:17:08.760 was some that can be moved. Nathan, Just to follow 0:17:08.840 --> 0:17:12.000 up on what Terry said, enough is enough? I wonder 0:17:12.040 --> 0:17:14.719 what Mitch McConnell is thinking this morning. I mean, he 0:17:15.040 --> 0:17:19.400 was looking at an election that would revolve around issues 0:17:19.400 --> 0:17:23.320 that would help the Republicans, the uncertainty over the economy, 0:17:24.240 --> 0:17:27.760 crime problems at the border, with the illegal immigration. The 0:17:27.840 --> 0:17:31.200 Republicans have a long list of issues that I think 0:17:31.359 --> 0:17:35.040 are quite potent, but they're going to get bogged down 0:17:35.160 --> 0:17:39.600 once again on Donald Trump, And there was a Pavlovian 0:17:39.960 --> 0:17:44.480 reaction yesterday from Kevin McCarthy and all the Republicans rushing 0:17:44.640 --> 0:17:48.560 to Trump's defense after the second or third indictment. With 0:17:48.640 --> 0:17:51.000 these other cases that loom, I think a lot of 0:17:51.040 --> 0:17:56.000 Republicans may have to regret all of the wonderful things 0:17:56.040 --> 0:18:00.520 they said about Donald Trump last night. The reason interesting 0:18:00.520 --> 0:18:03.600 point there, and I think back to after the second 0:18:03.600 --> 0:18:08.000 impeachment when Senator McConnell came to the Senate floor to 0:18:09.160 --> 0:18:15.240 explain his vote to acquit the now former president, saying 0:18:15.280 --> 0:18:18.600 that he could face potential prosecution over some of these 0:18:18.640 --> 0:18:22.639 issues as a private citizen. Terry, what about some of 0:18:22.680 --> 0:18:27.159 these other cases that are coming over the president? Now? 0:18:27.760 --> 0:18:30.440 We are getting closer to a twenty twenty four race 0:18:30.640 --> 0:18:34.439 where it might get more difficult to pursue some of 0:18:34.440 --> 0:18:40.439 these pretty heavy cases against the former president, couldn't it? Yeah? Absolutely, 0:18:40.520 --> 0:18:43.720 you know, and those cases are not without peril for 0:18:43.800 --> 0:18:49.040 Democrats as well. You have, in addition to the New 0:18:49.119 --> 0:18:52.200 York case, you've got this Georgia election case where the 0:18:52.640 --> 0:18:56.439 law may be stronger, but I think I think the 0:18:56.520 --> 0:18:59.720 facts are relatively weak, and you know, that'll take some 0:18:59.760 --> 0:19:03.080 time time to get moving. And finally you have the 0:19:03.080 --> 0:19:11.080 whole Marilago documents issue, and that looked that looked one 0:19:11.119 --> 0:19:14.480 way in October and looked another way in November after 0:19:14.560 --> 0:19:18.320 we find after we found out that President Biden had 0:19:18.359 --> 0:19:25.800 a generally similar issue withholding documents. And you can you 0:19:25.800 --> 0:19:29.000 can slice and dice the differences between those all day, 0:19:29.640 --> 0:19:31.639 but in the end, what you're going to have as 0:19:31.680 --> 0:19:35.000 a Justice Department saying, look, we have to be real short, 0:19:35.119 --> 0:19:39.639 it has to be you know, real big, and you know, 0:19:39.680 --> 0:19:41.560 I think they'll faff around with that for quite a 0:19:41.560 --> 0:19:44.160 bit and then figure out that they might not want 0:19:44.160 --> 0:19:47.720 to pursue that, not only because the law isn't there. 0:19:47.800 --> 0:19:50.480 Excuse me, the law and the facts aren't there, that 0:19:50.600 --> 0:19:53.720 because it will also make the Justice Department itself look 0:19:53.840 --> 0:19:57.480 very politicized. So you know, I think we've got in 0:19:57.520 --> 0:20:02.119 the end with these prosecutions. As much as anti Trump 0:20:02.119 --> 0:20:04.800 people are salivating this morning, I think we've got a 0:20:04.800 --> 0:20:08.560 lot more sizzled than stake. We're speaking with Terry Haynes, 0:20:08.640 --> 0:20:11.679 the founder of Pangaea Policy by phone, joining us on 0:20:11.720 --> 0:20:14.919 Bloomberg Daybreak, and Greg Valier, at Chief US policy strategist 0:20:15.160 --> 0:20:20.320 for AGF investments with us via zoom. Greg, I want 0:20:20.320 --> 0:20:24.400 to ask you about how this could potentially affect policy 0:20:24.440 --> 0:20:27.440 making in Washington. We have gotten a lot of reaction, 0:20:27.480 --> 0:20:30.880 as we would come to expect from lawmakers on Capitol 0:20:31.000 --> 0:20:35.200 Hill in terms of the politics of this case against 0:20:35.240 --> 0:20:38.399 former President Trump. But as you mentioned, we have a 0:20:38.480 --> 0:20:41.320 debt ceiling fight to come, we have fights over spending 0:20:41.400 --> 0:20:45.520 to come, and a very divided government, very different points 0:20:45.520 --> 0:20:49.919 of view between Republicans and President Biden. When you have 0:20:50.200 --> 0:20:54.199 former president facing a criminal prosecution, does that put some 0:20:54.240 --> 0:20:57.800 of those policy issues, things that need to get done 0:20:57.800 --> 0:21:01.760 in Washington on hold. Well, I'm not sure we could 0:21:01.800 --> 0:21:05.439 get any more polarized than we already are. So I 0:21:05.480 --> 0:21:08.680 don't know that this makes, for example, getting a death 0:21:08.720 --> 0:21:13.960 ceiling deal easier or tougher, because that's still going to dominate. 0:21:14.119 --> 0:21:17.080 Let me make this point, Nathan, for the markets, and 0:21:17.119 --> 0:21:19.240 we talk to a lot of people, all three of 0:21:19.320 --> 0:21:22.080 us in the markets. I think for the markets, this 0:21:22.160 --> 0:21:25.679 is not a big deal. Futures are up this morning. 0:21:26.080 --> 0:21:28.440 The big story for the markets today is not Donald Trump. 0:21:28.440 --> 0:21:32.399 It's that we get the Personal Consumption Expenditure Rounder and 0:21:32.480 --> 0:21:35.240 we get to see what the inflation data is the 0:21:35.280 --> 0:21:37.800 FED pays a lot of attention to that number. So 0:21:37.840 --> 0:21:41.520 in many respects, the markets will just go on looking 0:21:41.560 --> 0:21:45.240 at economic data, looking at earnings. This story will not 0:21:45.359 --> 0:21:48.640 have a big impact. However, You've got to say from 0:21:48.680 --> 0:21:53.800 a political standpoint, it does complicate things here in Washington. Yeah. Absolutely, 0:21:53.840 --> 0:21:56.760 And Terry, what do you think can government walk and 0:21:56.920 --> 0:21:59.040 chew gum at the same time when it comes to 0:21:59.400 --> 0:22:03.159 dealing with the politics of a prosecution against the former 0:22:03.160 --> 0:22:07.600 president and getting policy done in Washington? The reaction from 0:22:07.640 --> 0:22:11.520 Republicans will be that it's more important than ever to 0:22:11.640 --> 0:22:14.359 walk in chew gum at the same time. Uh. You know, 0:22:14.400 --> 0:22:17.840 they had they had a good week politically with the 0:22:18.160 --> 0:22:21.120 with the energy bill for example. They had a good 0:22:21.160 --> 0:22:28.240 week both Democrats and Republicans on the banking scandal hearings, 0:22:28.280 --> 0:22:32.240 which I think actually marginally helped markets in a lot 0:22:32.240 --> 0:22:36.720 of different ways by showing people that drawing lines under 0:22:36.760 --> 0:22:40.000 the idea that this is not a systemic event. Uh. 0:22:40.320 --> 0:22:43.880 And they will want to continue to push on that, 0:22:44.000 --> 0:22:47.360 and they will want to continue to carve out identity. Frankly, 0:22:47.840 --> 0:22:52.720 that is that's very distinct from Trump. You know, the 0:22:52.760 --> 0:22:57.760 people on Washington, people in New York. The national types, Uh, 0:22:58.400 --> 0:23:02.840 always think about election through a national prison, when in fact, 0:23:03.600 --> 0:23:07.520 you know, these people represent states and districts, and it's 0:23:07.560 --> 0:23:10.760 important to them to have a record for their state 0:23:10.960 --> 0:23:14.119 district to talk about and to go back on. They 0:23:14.160 --> 0:23:17.480 got elected on something they've been pushing up to depth 0:23:17.560 --> 0:23:21.440 on today, saying that they want to accomplish certain things. 0:23:21.440 --> 0:23:24.360 They'll build double down and want to accomplish those even more. 0:23:24.400 --> 0:23:27.800 They do not want to have their political fates tied 0:23:27.840 --> 0:23:30.480 to Trump one way or the other. Greg, How does 0:23:30.520 --> 0:23:34.000 this affect President Biden's political fate. We're still waiting for 0:23:34.080 --> 0:23:37.359 him to make the formal announcement that he's running for reelection. 0:23:37.440 --> 0:23:39.520 You have to imagine that the White House is going 0:23:39.560 --> 0:23:44.760 to face questions about the former president's indictment. How does 0:23:44.880 --> 0:23:48.719 President Biden deal with this? It's a really good question. 0:23:48.800 --> 0:23:51.800 I think that he will stay fairly subdued on this, 0:23:51.960 --> 0:23:56.280 You won't pile on. I think that, yeah, he probably 0:23:56.320 --> 0:23:58.360 feels that he has to run for a second term 0:23:58.400 --> 0:24:02.119 because there's no logical sussessor in the Democratic Party and 0:24:02.160 --> 0:24:06.400 that he's got to run. So I think that Biden 0:24:06.480 --> 0:24:11.040 will wait as long as possible before announcing he will 0:24:11.040 --> 0:24:13.840 focus on issues. But my sense is that they're not 0:24:13.880 --> 0:24:18.400