1
00:00:02,080 --> 00:00:06,600
Speaker 1: Now from our nation's capital. This is Bloomberg Sound On.

2
00:00:07,640 --> 00:00:09,959
Speaker 1: No one wants another tragedy. No one wants this to

3
00:00:10,000 --> 00:00:13,480
Speaker 1: happen again. That's why it's regretful that Democrats have rushed

4
00:00:13,520 --> 00:00:17,520
Speaker 1: to a markup today. Who soon, my friends, what the

5
00:00:17,560 --> 00:00:20,480
Speaker 1: hell are you waiting for? The President will be talking

6
00:00:20,520 --> 00:00:24,319
Speaker 1: more about this later Bloomberg Sound On, Politics, Policy and

7
00:00:24,400 --> 00:00:28,080
Speaker 1: perspective from DC's top name. Here's the gun I carry

8
00:00:28,160 --> 00:00:32,000
Speaker 1: every single day to protect myself. My family gun is

9
00:00:32,040 --> 00:00:34,400
Speaker 1: not loaded. I'm at my house. I can do whatever

10
00:00:34,400 --> 00:00:40,160
Speaker 1: I want. Bloomberg Sound On with Joe Matthew on Bloomberg Radio.

11
00:00:41,320 --> 00:00:44,599
Speaker 1: President Biden prepares to address the nation on gun violence.

12
00:00:44,720 --> 00:00:48,280
Speaker 1: Tonight's welcome to the fastest hour in politics, as House

13
00:00:48,320 --> 00:00:52,440
Speaker 1: Democrats get busy on crafting gun control legislation and talks

14
00:00:52,479 --> 00:00:55,680
Speaker 1: continue on this same matter in the Senate following yet

15
00:00:55,720 --> 00:00:59,360
Speaker 1: another mass shooting. We will discuss the nuances of this

16
00:00:59,480 --> 00:01:04,160
Speaker 1: debate and why compromise remains elusive. Coming up with our

17
00:01:04,200 --> 00:01:07,959
Speaker 1: panel of course, Bloomberg Politics contributors Jeanie Chanzano and Rick

18
00:01:08,040 --> 00:01:11,000
Speaker 1: Davis are back with us today for the Hour. Later.

19
00:01:11,040 --> 00:01:14,520
Speaker 1: A critical jobs report looming tomorrow with more clues on inflation,

20
00:01:14,640 --> 00:01:17,480
Speaker 1: and maybe the Fed will talk about that with Bloomberg

21
00:01:17,520 --> 00:01:20,959
Speaker 1: economist Andrew Huspy a bit later on. We are casting

22
00:01:21,000 --> 00:01:23,520
Speaker 1: into the future today to better understand the two most

23
00:01:23,560 --> 00:01:26,480
Speaker 1: important stories of the next twenty four hours. So I'm

24
00:01:26,520 --> 00:01:29,560
Speaker 1: glad you joined us. Being President Biden right now is

25
00:01:29,560 --> 00:01:32,720
Speaker 1: putting the finishing touches on an important speech and national

26
00:01:32,760 --> 00:01:36,840
Speaker 1: address he will deliver tonight on gun violence. This was

27
00:01:36,920 --> 00:01:39,760
Speaker 1: added to the schedule about halfway through the day. We

28
00:01:39,800 --> 00:01:42,679
Speaker 1: did not know about this this morning. With a new

29
00:01:42,720 --> 00:01:46,440
Speaker 1: sense of urgency following yet another shooting, this time in Tulsa,

30
00:01:46,520 --> 00:01:49,160
Speaker 1: happened yesterday. Vice President Kamala Harris was asked about it

31
00:01:49,200 --> 00:01:52,480
Speaker 1: earlier today. The President will be talking more about this

32
00:01:52,560 --> 00:01:56,840
Speaker 1: later um, but we have been monitoring the situation quite closely,

33
00:01:57,640 --> 00:02:00,880
Speaker 1: and the latest report, of course, is that for innocent

34
00:02:00,960 --> 00:02:05,240
Speaker 1: people lost their lives and many more were injured. The

35
00:02:05,280 --> 00:02:09,640
Speaker 1: President will speak at seven thirty pm Washington time. I

36
00:02:09,720 --> 00:02:13,359
Speaker 1: suspect he will be on time, as there's a bit

37
00:02:13,360 --> 00:02:16,320
Speaker 1: of a dance here the choreography with the TV networks.

38
00:02:16,320 --> 00:02:18,640
Speaker 1: At that time of day, things get a little more sensitive,

39
00:02:19,120 --> 00:02:22,120
Speaker 1: and it follows a long day for the House Judiciary Committee,

40
00:02:22,160 --> 00:02:25,320
Speaker 1: as I mentioned, debating and voting today on a package

41
00:02:25,680 --> 00:02:29,640
Speaker 1: of gun control proposals that include raising the minimum age

42
00:02:29,680 --> 00:02:33,400
Speaker 1: to buy semi automatic rifles, a ban on high capacity magazines,

43
00:02:33,400 --> 00:02:35,560
Speaker 1: would ban bump stocks. These are the same issues that

44
00:02:35,560 --> 00:02:37,399
Speaker 1: we've been talking about for a couple of days now.

45
00:02:38,040 --> 00:02:42,560
Speaker 1: The ranking member on that committee, Congressman Jim Jordan's, chastise

46
00:02:42,639 --> 00:02:46,399
Speaker 1: Democrats for moving too fast. No one wants another tragedy.

47
00:02:46,480 --> 00:02:48,440
Speaker 1: No one wants this to happen again. That's why it's

48
00:02:48,440 --> 00:02:52,640
Speaker 1: regretful that Democrats have rushed to a markup today and

49
00:02:52,720 --> 00:02:55,280
Speaker 1: what seems more like political political theater than a real

50
00:02:55,320 --> 00:03:00,440
Speaker 1: attempt at improving public safety or finding solutions. Chair Committee

51
00:03:00,440 --> 00:03:03,320
Speaker 1: season very differently, as you might suspect New York Congressman

52
00:03:03,400 --> 00:03:08,520
Speaker 1: Jerry Nadler with his response, too soon, my friends, what

53
00:03:08,600 --> 00:03:12,320
Speaker 1: the hell are you waiting for? All right? Then? There

54
00:03:12,320 --> 00:03:15,520
Speaker 1: are of course questions about whether any of these would

55
00:03:15,520 --> 00:03:18,760
Speaker 1: have stopped any of the recent shootings. Any of these

56
00:03:18,800 --> 00:03:23,200
Speaker 1: ideas from red flags two expanded background checks. We know

57
00:03:23,320 --> 00:03:26,280
Speaker 1: moving the age would have stopped one of them, But

58
00:03:26,440 --> 00:03:29,560
Speaker 1: yesterday's shooting in Tulsa a whole new scenario. As you

59
00:03:29,639 --> 00:03:32,760
Speaker 1: heard Kamala Harris just say four people were killed. Wendell

60
00:03:32,919 --> 00:03:36,840
Speaker 1: Franklin is the police chief in Tulsa. On June the one,

61
00:03:37,320 --> 00:03:42,120
Speaker 1: Mr Lewis purchased a semi automatic rifle from a local

62
00:03:42,160 --> 00:03:46,240
Speaker 1: gun store. That semi automatic rifle was an a R

63
00:03:46,840 --> 00:03:52,440
Speaker 1: fifteen style rifle. He bought it the day before. Two doctors,

64
00:03:52,760 --> 00:03:56,320
Speaker 1: including the shooters surgeon were killed, along with a receptionist

65
00:03:57,320 --> 00:04:00,040
Speaker 1: and a patient. I want to assemble the panel to

66
00:04:00,080 --> 00:04:02,320
Speaker 1: get the insights here, of course, at Jennie Chanzano and

67
00:04:02,400 --> 00:04:06,200
Speaker 1: Rick Davis Bloombery politics contributors. Rick, I'm gonna start with you.

68
00:04:06,280 --> 00:04:08,839
Speaker 1: The president is set to speak in a little more

69
00:04:08,880 --> 00:04:12,800
Speaker 1: than two hours from now. Was it Tulsa that brought

70
00:04:12,880 --> 00:04:15,800
Speaker 1: him to this point? And you know, there's a pretty

71
00:04:15,880 --> 00:04:17,960
Speaker 1: high bar for going to the networks at this point,

72
00:04:18,040 --> 00:04:20,440
Speaker 1: you know, following the the Obama administration, when you need

73
00:04:20,520 --> 00:04:24,400
Speaker 1: half an hour of airtime on a Thursday night, that's right, Joe.

74
00:04:24,400 --> 00:04:27,600
Speaker 1: I mean, we've now seen an air where presidents can

75
00:04:27,640 --> 00:04:29,599
Speaker 1: give these kinds of prime time speeches and not be

76
00:04:29,640 --> 00:04:31,680
Speaker 1: covered by the network. So the fact that this is

77
00:04:31,720 --> 00:04:34,599
Speaker 1: now being covered is is a pretty excepting thing. Now,

78
00:04:35,880 --> 00:04:38,840
Speaker 1: it's hard to tell what was the motivating factor. Obviously

79
00:04:38,880 --> 00:04:45,760
Speaker 1: the Tulsa headlines is disturbing attack with an a R fifteen, Um,

80
00:04:45,800 --> 00:04:48,480
Speaker 1: you know, matting, But I still think it might have

81
00:04:48,560 --> 00:04:51,960
Speaker 1: as much to do with the national activity. You know, Rick,

82
00:04:52,000 --> 00:04:53,640
Speaker 1: we're having a little bit of trouble with your line.

83
00:04:53,640 --> 00:04:56,440
Speaker 1: Maybe we can reconnect with Rick and get the same

84
00:04:56,520 --> 00:04:58,880
Speaker 1: question to Genie here and and we'll get back to

85
00:04:58,960 --> 00:05:01,400
Speaker 1: Rick Davis and just to say, Congenie, uh, it's a

86
00:05:01,400 --> 00:05:03,440
Speaker 1: big job for this president. What does he do at

87
00:05:03,440 --> 00:05:07,240
Speaker 1: the time that he's carved out for himself. Well, what

88
00:05:07,279 --> 00:05:10,240
Speaker 1: he's doing, I think, and you rightly said, we didn't

89
00:05:10,279 --> 00:05:12,400
Speaker 1: know about this this morning. We didn't even know about

90
00:05:12,400 --> 00:05:15,160
Speaker 1: this halfway through the day until they confirmed it. Because

91
00:05:15,160 --> 00:05:17,640
Speaker 1: this is quite a change for the White House. Let's

92
00:05:17,640 --> 00:05:20,760
Speaker 1: recall this president said he was going to let Congress

93
00:05:20,800 --> 00:05:22,680
Speaker 1: do its work. He was not going to get to

94
00:05:22,880 --> 00:05:26,480
Speaker 1: too involved. Now we know he is getting very much involved.

95
00:05:26,520 --> 00:05:28,880
Speaker 1: So what they're saying he's going to do is he's

96
00:05:28,920 --> 00:05:32,520
Speaker 1: going to press Congress on the need to pass common

97
00:05:32,600 --> 00:05:36,480
Speaker 1: sense gun safety legislation. He's going to talk about this

98
00:05:36,560 --> 00:05:39,440
Speaker 1: epidemic and what an epidemic it is. We're in the

99
00:05:39,480 --> 00:05:42,279
Speaker 1: one and fifty third day of the year. This is

100
00:05:42,320 --> 00:05:45,520
Speaker 1: the two and thirty third mass shooting, the one in

101
00:05:45,600 --> 00:05:50,400
Speaker 1: Tulsa yesterday. Those numbers are outrageous. The twenty since you've

102
00:05:50,440 --> 00:05:53,480
Speaker 1: all the ten days ago. So it is an epidemic

103
00:05:53,520 --> 00:05:56,080
Speaker 1: and the president now is doing the only thing the

104
00:05:56,120 --> 00:05:58,320
Speaker 1: president can do is to try to use the bully

105
00:05:58,360 --> 00:06:01,880
Speaker 1: pulpit to get the public to push their representatives in

106
00:06:01,920 --> 00:06:05,240
Speaker 1: Congress to pass legislation. And of course the clip you

107
00:06:05,279 --> 00:06:08,760
Speaker 1: played by Jim Jordan's just astounding. We're moving too fast.

108
00:06:08,839 --> 00:06:10,640
Speaker 1: I don't know how many more people need to be heard,

109
00:06:10,720 --> 00:06:14,320
Speaker 1: or injured or killed before Congress moves. They haven't moved

110
00:06:14,320 --> 00:06:16,840
Speaker 1: fast at all. They haven't moved in years. Think Jerry

111
00:06:16,880 --> 00:06:20,200
Speaker 1: Nadler would agree with you on that, Rick Uh. If

112
00:06:20,240 --> 00:06:22,960
Speaker 1: we don't get anything new here from the president, if

113
00:06:22,960 --> 00:06:25,320
Speaker 1: he's simply urging Congress to act, then what is the

114
00:06:25,360 --> 00:06:28,640
Speaker 1: point is it securing this particular audience. You have to

115
00:06:28,680 --> 00:06:31,200
Speaker 1: have something to say when you interrupt, you know, jeopardy

116
00:06:31,240 --> 00:06:33,479
Speaker 1: for people in their living room. That's right, And I

117
00:06:33,520 --> 00:06:35,599
Speaker 1: think part of it is that the President wants to

118
00:06:35,600 --> 00:06:38,680
Speaker 1: get ahead of what maybe some productive activity in the Senate.

119
00:06:38,800 --> 00:06:42,560
Speaker 1: Um I think the House is really just partisan noise. Uh.

120
00:06:42,600 --> 00:06:45,760
Speaker 1: It's part of the story today, and I agree with Jennie.

121
00:06:45,800 --> 00:06:49,240
Speaker 1: I mean, you know, it doesn't doesn't pretend any progress.

122
00:06:49,279 --> 00:06:50,960
Speaker 1: But the real game is in the Senate, and there

123
00:06:51,040 --> 00:06:53,599
Speaker 1: is a bipartisan effort being put together to try and

124
00:06:53,640 --> 00:06:56,680
Speaker 1: find a bill that both Republicans and Democrats can sign

125
00:06:56,760 --> 00:06:58,200
Speaker 1: on too. And I think that's what the President is

126
00:06:58,200 --> 00:07:01,440
Speaker 1: really trying to do, is create momentum around getting something

127
00:07:01,480 --> 00:07:05,200
Speaker 1: done in the Senate um and all these things are

128
00:07:05,320 --> 00:07:08,520
Speaker 1: being forced into the same timetable, and so the more

129
00:07:08,520 --> 00:07:10,440
Speaker 1: pressure that he can put on the Senate to come

130
00:07:10,520 --> 00:07:13,320
Speaker 1: up with something and not let people back off the table,

131
00:07:14,040 --> 00:07:17,160
Speaker 1: I think is is his real primary objective here. How

132
00:07:17,160 --> 00:07:22,560
Speaker 1: does he do this genie without isolating, for lack of

133
00:07:22,560 --> 00:07:25,640
Speaker 1: a better word, half of the country. He needs to

134
00:07:25,680 --> 00:07:28,400
Speaker 1: speak in a way that cuts through the sort of

135
00:07:28,560 --> 00:07:33,400
Speaker 1: partisan cliche that comes with gun control conversations. And this

136
00:07:33,480 --> 00:07:37,560
Speaker 1: is a president who has been written off by many

137
00:07:37,600 --> 00:07:40,480
Speaker 1: Americans when it comes to this, and that's the difficulty

138
00:07:40,480 --> 00:07:43,640
Speaker 1: he faces. He ran promising to bring us together after

139
00:07:43,720 --> 00:07:46,400
Speaker 1: January six, in the midst of the pandemic. He said

140
00:07:46,400 --> 00:07:48,920
Speaker 1: he was going to unite us, you know, go beyond

141
00:07:48,960 --> 00:07:51,840
Speaker 1: this red blue divide, and this is a real test

142
00:07:51,920 --> 00:07:53,800
Speaker 1: for him to see if he can do it, you know,

143
00:07:54,080 --> 00:07:57,679
Speaker 1: reach something like a unification we saw potentially in response

144
00:07:57,680 --> 00:08:01,200
Speaker 1: to Russia's invasion of Ukraine or in response to nine eleven,

145
00:08:01,440 --> 00:08:04,840
Speaker 1: but very tough to do. You know, one model he has,

146
00:08:04,960 --> 00:08:08,520
Speaker 1: quite frankly is is the Senator from Connecticut, Chris Murphy,

147
00:08:08,600 --> 00:08:12,200
Speaker 1: who's talked about the fact that following Sandy Hook he

148
00:08:12,560 --> 00:08:14,560
Speaker 1: was drawing a line in the sand. This is what

149
00:08:14,640 --> 00:08:17,320
Speaker 1: had to happen, Go bigger, go home. Now he is

150
00:08:17,360 --> 00:08:20,720
Speaker 1: saying he wants to show Republicans that if they do

151
00:08:20,840 --> 00:08:25,280
Speaker 1: even small incremental steps on gun safety, that they will

152
00:08:25,400 --> 00:08:27,840
Speaker 1: benefit from that and the country will as well, and

153
00:08:27,880 --> 00:08:30,880
Speaker 1: they'll be rewarded. So I think he can use Chris

154
00:08:30,960 --> 00:08:34,120
Speaker 1: Murphy's smart tactic as a way to do that. But

155
00:08:34,200 --> 00:08:36,480
Speaker 1: a really, really tough thing to do because of course,

156
00:08:36,480 --> 00:08:39,640
Speaker 1: people have very strong concerns that the government is coming

157
00:08:39,640 --> 00:08:42,320
Speaker 1: after their guns any time you talk about this issue.

158
00:08:42,440 --> 00:08:45,120
Speaker 1: So how does he keep that from happening? Even if

159
00:08:45,160 --> 00:08:47,120
Speaker 1: he says it right, people won't believe him. If you're

160
00:08:47,160 --> 00:08:51,240
Speaker 1: sitting down here advising Joe Biden helping him to craft

161
00:08:51,240 --> 00:08:57,760
Speaker 1: this speech. How does he breakthrough with Republicans, with conservatives,

162
00:08:57,800 --> 00:09:01,000
Speaker 1: with people who actually own gun who feel like they

163
00:09:01,000 --> 00:09:03,880
Speaker 1: are the ones being targeted. Yeah, I think it is

164
00:09:03,920 --> 00:09:07,240
Speaker 1: a high wire act. What the President's got to do tonight,

165
00:09:07,360 --> 00:09:11,800
Speaker 1: as you describe Joe, is to push for some changes

166
00:09:11,960 --> 00:09:16,239
Speaker 1: in the way we regulate firearms and and to incorporate

167
00:09:16,280 --> 00:09:19,160
Speaker 1: other things that Republicans may want on things like mental

168
00:09:19,200 --> 00:09:22,000
Speaker 1: health and school safety. But he's got to do it

169
00:09:22,040 --> 00:09:24,440
Speaker 1: in a way that you know, he's bigger than a

170
00:09:24,480 --> 00:09:27,040
Speaker 1: piece of legislation, and he's really speaking for the American

171
00:09:27,080 --> 00:09:29,839
Speaker 1: people that want action, because by and large, most people

172
00:09:29,840 --> 00:09:32,959
Speaker 1: do want something to happen. They they agree with Genie

173
00:09:33,080 --> 00:09:35,680
Speaker 1: that this is an epidemic, that it's out of control,

174
00:09:36,120 --> 00:09:38,640
Speaker 1: that that that states and the federal government all have

175
00:09:38,679 --> 00:09:41,120
Speaker 1: to work together to try and protect children and the

176
00:09:41,160 --> 00:09:43,960
Speaker 1: loss of life. Uh and and so he does have

177
00:09:44,280 --> 00:09:47,559
Speaker 1: some winded is back in that regard, but it's it's ephemeral.

178
00:09:47,600 --> 00:09:50,200
Speaker 1: It will go away soon if nothing is done on

179
00:09:50,280 --> 00:09:53,440
Speaker 1: Capitol Hill. So he's got to leave enough of an opening.

180
00:09:53,440 --> 00:09:56,040
Speaker 1: He can't demogogue it to the point where you know,

181
00:09:56,320 --> 00:09:59,280
Speaker 1: Republicans a Senate feel like they've been trapped and now

182
00:09:59,440 --> 00:10:02,719
Speaker 1: walk away from the negotiating table. He's been emotional at

183
00:10:02,760 --> 00:10:05,360
Speaker 1: times talking about this publicly. Genie. I don't know if

184
00:10:05,400 --> 00:10:07,160
Speaker 1: that works or not. I don't know if raising your

185
00:10:07,240 --> 00:10:11,000
Speaker 1: voice in an expressing frustration works. Those are two things

186
00:10:11,040 --> 00:10:14,080
Speaker 1: that we've seen from Joe Biden. What's the posture the

187
00:10:14,200 --> 00:10:17,720
Speaker 1: tone is it? Is it one of empathy for victims

188
00:10:18,320 --> 00:10:20,360
Speaker 1: or or does he need to look into the camera

189
00:10:20,440 --> 00:10:24,600
Speaker 1: and speak to law abiding gun owners self described and

190
00:10:24,640 --> 00:10:27,079
Speaker 1: tell them that it's time for a new reality. I

191
00:10:27,400 --> 00:10:30,040
Speaker 1: do think he's got to be empathetic. Nobody better able

192
00:10:30,040 --> 00:10:32,040
Speaker 1: to do that than Joe Biden with the losses he

193
00:10:32,120 --> 00:10:35,240
Speaker 1: has personally experienced in his life with his children and

194
00:10:35,280 --> 00:10:39,160
Speaker 1: his first wife. That said, I think he does need

195
00:10:39,280 --> 00:10:42,880
Speaker 1: to reach across the aisle and to say that these

196
00:10:42,880 --> 00:10:47,000
Speaker 1: are things that in some cases of American support. Let's

197
00:10:47,040 --> 00:10:50,559
Speaker 1: start there. The danger here, of course, is that if

198
00:10:50,600 --> 00:10:53,240
Speaker 1: they don't get anywhere, and we've talked about the fact

199
00:10:53,320 --> 00:10:56,120
Speaker 1: I am not optimistic they will. If they don't get

200
00:10:56,160 --> 00:10:59,520
Speaker 1: anywhere in Congress, he's going to end up looking weaker.

201
00:10:59,640 --> 00:11:02,760
Speaker 1: So he's really putting himself and I think quite frankly

202
00:11:02,800 --> 00:11:05,920
Speaker 1: his presidency on the line, rightly so tonight and coming

203
00:11:05,920 --> 00:11:09,960
Speaker 1: out and saying Congress, you must act, and and you know,

204
00:11:10,280 --> 00:11:13,520
Speaker 1: let's just mention that Mitch McConnell twice now has talked

205
00:11:13,520 --> 00:11:16,560
Speaker 1: about this issue and has not wanted to talk about weapons.

206
00:11:16,600 --> 00:11:19,720
Speaker 1: He wants to talk safety and mental health, no weapons,

207
00:11:19,920 --> 00:11:22,200
Speaker 1: movement on weapons. That's going to be a problem for

208
00:11:22,480 --> 00:11:24,520
Speaker 1: the for the president. Well, but then that's gonna be

209
00:11:24,520 --> 00:11:26,200
Speaker 1: a problem for a lot of other people here. Rick.

210
00:11:26,520 --> 00:11:30,360
Speaker 1: If if red flags and say banning bump stocks are

211
00:11:30,400 --> 00:11:32,480
Speaker 1: not enough for Joe Biden, if he does not seem

212
00:11:32,520 --> 00:11:34,880
Speaker 1: satisfied with that, then people may well think that he

213
00:11:34,960 --> 00:11:39,720
Speaker 1: wants actual gun control, eliminating access to certain weapons. Yeah.

214
00:11:39,720 --> 00:11:42,840
Speaker 1: I would be surprised if tonight's speech gets into specifics

215
00:11:42,840 --> 00:11:45,120
Speaker 1: of legislation. I think he wants to leave the door

216
00:11:45,160 --> 00:11:47,480
Speaker 1: open for the Senate to work their will. And I

217
00:11:47,520 --> 00:11:50,400
Speaker 1: would say that the point that Senator McConnell's making is

218
00:11:50,400 --> 00:11:53,640
Speaker 1: it in addition to whatever comes out of this negotiation,

219
00:11:53,720 --> 00:11:56,199
Speaker 1: he wants to focus on mental health and school safety.

220
00:11:56,240 --> 00:11:59,400
Speaker 1: I think there will be some things like red flag

221
00:11:59,480 --> 00:12:03,160
Speaker 1: laws and potentially bump stocks and uh uh in in

222
00:12:03,520 --> 00:12:05,839
Speaker 1: any piece of legislation that would be considered by part

223
00:12:05,960 --> 00:12:07,760
Speaker 1: Rick and Jeannie. Stay with us for the hour on

224
00:12:07,840 --> 00:12:12,839
Speaker 1: sound on. This is Bloomberg. This is Bloomberg, So On

225
00:12:13,400 --> 00:12:18,920
Speaker 1: with Joe Matthew on Bloomberg Radio. The House set to

226
00:12:19,000 --> 00:12:23,559
Speaker 1: vote on gun control legislation next week. According to Speaker

227
00:12:23,720 --> 00:12:27,319
Speaker 1: Nancy Pelosi, it includes raising the age to buy a

228
00:12:27,400 --> 00:12:30,959
Speaker 1: semi automatic weapon from eighteen to twenty one, something a

229
00:12:31,000 --> 00:12:33,720
Speaker 1: lot of people were calling for after Valdi remembering he

230
00:12:33,760 --> 00:12:37,040
Speaker 1: bought those two rifles when he was eighteen years old.

231
00:12:37,080 --> 00:12:41,120
Speaker 1: The House also to hold a hearing on banning assault weapons.

232
00:12:41,160 --> 00:12:43,959
Speaker 1: That wasn't so much the idea today though the as

233
00:12:44,000 --> 00:12:46,000
Speaker 1: I mentioned a little bit earlier in the broadcast a

234
00:12:46,080 --> 00:12:50,200
Speaker 1: package of legislation before the Judiciary Committee. It was a

235
00:12:50,240 --> 00:12:55,240
Speaker 1: markup session and includes raising the minimum age, also banning

236
00:12:55,320 --> 00:13:01,240
Speaker 1: bump stocks, and would also ban high pacity magazine. So

237
00:13:01,280 --> 00:13:03,840
Speaker 1: they went back and forth on this. Democrats and Republicans

238
00:13:03,840 --> 00:13:06,640
Speaker 1: could not agree, and the whole thing came to a crescendo,

239
00:13:07,320 --> 00:13:11,360
Speaker 1: if I can use that term. When Congressman Greg Steuby,

240
00:13:11,520 --> 00:13:15,360
Speaker 1: a Republican from Florida, ended up speaking for a while

241
00:13:15,440 --> 00:13:19,199
Speaker 1: he was at home. He's on zoom. And actually, if

242
00:13:19,200 --> 00:13:21,440
Speaker 1: you listen to this program, you know Greg Stuby. He's

243
00:13:21,480 --> 00:13:23,960
Speaker 1: an Army veteran. He served in Iraq. He's been on

244
00:13:24,080 --> 00:13:27,800
Speaker 1: sound on. We've talked to him before. UH didn't know

245
00:13:27,960 --> 00:13:30,880
Speaker 1: he was carrying a gun. It was apparently he does

246
00:13:30,960 --> 00:13:32,800
Speaker 1: carry one every day, and well he's got a lot

247
00:13:32,880 --> 00:13:35,280
Speaker 1: of guns, as we learned today. We're gonna just let

248
00:13:35,360 --> 00:13:37,800
Speaker 1: you hear what happened in the hearing and then we'll

249
00:13:38,160 --> 00:13:40,920
Speaker 1: bring Rick and Genie back in UH for their take

250
00:13:41,000 --> 00:13:44,000
Speaker 1: on this. Listen to Congressman Stuby when his turn came

251
00:13:44,080 --> 00:13:47,920
Speaker 1: up to talk about this legislation. He was specifically referring

252
00:13:48,000 --> 00:13:52,440
Speaker 1: to the elimination of these larger magazines for guns. So

253
00:13:52,480 --> 00:13:55,280
Speaker 1: imagine he's looking at the zoom cam. He's he's behind

254
00:13:55,320 --> 00:13:58,320
Speaker 1: his desk, and he's place holding a gun right up

255
00:13:58,360 --> 00:14:00,559
Speaker 1: to the camera. Here we go, right here in front

256
00:14:00,559 --> 00:14:02,880
Speaker 1: of me, I have a six sour P two two

257
00:14:02,960 --> 00:14:06,079
Speaker 1: six comes with a twenty one round magazine. This gun

258
00:14:06,160 --> 00:14:09,400
Speaker 1: would be banned. Here's a here's a twelve round magazine.

259
00:14:09,440 --> 00:14:12,440
Speaker 1: This magazine would be banned under this current bill. It

260
00:14:12,520 --> 00:14:15,120
Speaker 1: doesn't fit. He's trying it. He's showing how the magazine

261
00:14:15,120 --> 00:14:17,200
Speaker 1: goes in the gun for a twenty round twenty one

262
00:14:17,320 --> 00:14:19,960
Speaker 1: round magazine. This gun would be banned, okay under this bill.

263
00:14:20,080 --> 00:14:23,400
Speaker 1: Different gun. Here's a six so hour three twenty takes

264
00:14:23,440 --> 00:14:26,840
Speaker 1: a twenty round magazine, okay, takes a twenty round magazine,

265
00:14:26,880 --> 00:14:30,320
Speaker 1: takes the magazine out. Here's a twelve round magazine banned

266
00:14:32,480 --> 00:14:35,080
Speaker 1: because it would be banned. This gun would be banned

267
00:14:35,160 --> 00:14:37,600
Speaker 1: under this bill. Okay. Here's a gun I carry every

268
00:14:37,600 --> 00:14:40,400
Speaker 1: single day to protect myself. This is the family, my

269
00:14:40,440 --> 00:14:44,120
Speaker 1: wife every day home. This is a Excel six hour.

270
00:14:47,960 --> 00:14:51,640
Speaker 1: Here's a seven round magazine, which last. Then what would

271
00:14:51,640 --> 00:14:54,240
Speaker 1: be lawful under this bill? If this bill would come off,

272
00:14:54,680 --> 00:14:58,280
Speaker 1: It doesn't fit. This gun would be banned. The gun

273
00:14:58,400 --> 00:15:01,600
Speaker 1: is not loaded loaded. What I'm at my house, I

274
00:15:01,600 --> 00:15:09,120
Speaker 1: can do whatever I want with Congressman Greg Stuby. This

275
00:15:09,200 --> 00:15:11,880
Speaker 1: is the kind of stuff. I forget who it was.

276
00:15:11,920 --> 00:15:15,960
Speaker 1: Aaron Rupert tweeted, read the room the kind of stuff

277
00:15:15,960 --> 00:15:17,720
Speaker 1: that gets people talking, which is why he did it.

278
00:15:18,600 --> 00:15:20,040
Speaker 1: And it gives you a good sense of where we

279
00:15:20,080 --> 00:15:23,760
Speaker 1: are in this debate. As we bring Rick and Genie

280
00:15:23,760 --> 00:15:27,680
Speaker 1: back in here. Bloomberg Politics contributors Rick Davis Jeannie Schanzano,

281
00:15:28,160 --> 00:15:30,640
Speaker 1: did that advance the debate here, Genie, or remind you

282
00:15:30,680 --> 00:15:34,480
Speaker 1: why we haven't gotten anywhere with any of this yet. Well,

283
00:15:34,560 --> 00:15:37,280
Speaker 1: you know, I wonder did Jim Jordan's talk about political

284
00:15:37,320 --> 00:15:40,920
Speaker 1: theater when his colleague was doing that? Yeah, not not

285
00:15:41,000 --> 00:15:43,240
Speaker 1: in response to that. But let's just look at what

286
00:15:43,520 --> 00:15:47,280
Speaker 1: Lucy macbeth from Georgia talked about. She talked about the

287
00:15:47,320 --> 00:15:49,440
Speaker 1: toll that this has taken not only in the country,

288
00:15:49,480 --> 00:15:52,080
Speaker 1: but her her seventeen year old son was killed ten

289
00:15:52,200 --> 00:15:55,720
Speaker 1: years ago by a gunman, and so you know that

290
00:15:55,840 --> 00:15:58,440
Speaker 1: is the reality of this. You know, yes, you have

291
00:15:58,520 --> 00:16:01,680
Speaker 1: a constitutional right under the Second Amendment to bear arms,

292
00:16:01,720 --> 00:16:05,000
Speaker 1: but that doesn't mean that you can't take common sense

293
00:16:05,040 --> 00:16:07,680
Speaker 1: steps and to wave your guns around on a zoom

294
00:16:07,720 --> 00:16:10,880
Speaker 1: call as a congressman to what end beyond getting your

295
00:16:10,960 --> 00:16:13,920
Speaker 1: name in the headlines. And he will likely get money

296
00:16:13,920 --> 00:16:16,400
Speaker 1: and attention from this, which is why they do this.

297
00:16:16,560 --> 00:16:18,920
Speaker 1: And the wheel goes round. Rick, You've been through a

298
00:16:18,920 --> 00:16:21,760
Speaker 1: lot of congressional hearings. Can you do whatever you want

299
00:16:21,760 --> 00:16:24,240
Speaker 1: when you're at home, including swing guns around? Well, I

300
00:16:24,320 --> 00:16:27,080
Speaker 1: must admit I've never been to a congressional hearing where

301
00:16:27,080 --> 00:16:29,680
Speaker 1: they did it from home. This is all new fair enough,

302
00:16:29,760 --> 00:16:31,600
Speaker 1: thank you COVID. Yes, it is the kind of thing

303
00:16:31,640 --> 00:16:34,520
Speaker 1: that is a is a result of that. So yeah,

304
00:16:34,560 --> 00:16:38,960
Speaker 1: now this is really uh, it's not it's grandstanding. There's

305
00:16:38,960 --> 00:16:41,440
Speaker 1: plenty of that at congressional hearings. And just certainly in

306
00:16:41,480 --> 00:16:43,400
Speaker 1: the first time, it's the first time I think we've

307
00:16:43,440 --> 00:16:45,800
Speaker 1: seen a member of Congress plane with a loaded pistol,

308
00:16:46,240 --> 00:16:49,640
Speaker 1: several of them. Yeah, in a congressional hearing. So um,

309
00:16:49,680 --> 00:16:52,400
Speaker 1: that that was breaking some new ground for me. But look,

310
00:16:52,440 --> 00:16:54,400
Speaker 1: I mean it's it is that way the House of

311
00:16:54,440 --> 00:16:58,040
Speaker 1: Representative been working. The Democrats put a you know, completely

312
00:16:58,280 --> 00:17:01,400
Speaker 1: partisan bill on the floor, and so it's a free

313
00:17:01,400 --> 00:17:04,720
Speaker 1: pass for Republicans to you know, demagogue against it. It's

314
00:17:04,760 --> 00:17:08,159
Speaker 1: not productive, it doesn't move the process forward. Uh. And

315
00:17:08,240 --> 00:17:11,080
Speaker 1: as as you point out, you know, it's just it's

316
00:17:11,080 --> 00:17:14,239
Speaker 1: just entertainment value. And if it wasn't for such an

317
00:17:14,240 --> 00:17:16,840
Speaker 1: important topic. Does he have a point though that? I mean,

318
00:17:16,880 --> 00:17:19,119
Speaker 1: I'm assuming the real message he was trying to send,

319
00:17:19,119 --> 00:17:22,760
Speaker 1: other than that he has lots of big guns, uh,

320
00:17:22,960 --> 00:17:25,919
Speaker 1: is that Democrats don't understand what they're talking about, that

321
00:17:25,960 --> 00:17:29,960
Speaker 1: they don't know enough about guns to regulate them. Yeah,

322
00:17:29,960 --> 00:17:32,520
Speaker 1: I think there's some of that. That's partially the message,

323
00:17:32,920 --> 00:17:35,600
Speaker 1: but but I think it also points to UH a

324
00:17:35,640 --> 00:17:38,040
Speaker 1: fact that where do you stop? Right? I mean, the

325
00:17:38,040 --> 00:17:40,520
Speaker 1: point he's trying to make is, Okay, if this magazine

326
00:17:41,080 --> 00:17:43,479
Speaker 1: fits into the law that you've just you know, voted on,

327
00:17:43,560 --> 00:17:45,840
Speaker 1: then then what's to stop you from then changing that

328
00:17:46,000 --> 00:17:48,560
Speaker 1: to another magazine? And and and that is the sort

329
00:17:48,600 --> 00:17:53,840
Speaker 1: of constant Republican UH dialogue about banning assault weapons and

330
00:17:53,840 --> 00:17:55,800
Speaker 1: things like that, is that it's just that, you know,

331
00:17:56,359 --> 00:17:59,639
Speaker 1: the nose under the camel's nose under the tent, and

332
00:17:59,640 --> 00:18:03,240
Speaker 1: and just keeps going from there. I would say he's

333
00:18:03,280 --> 00:18:06,160
Speaker 1: kind of making a point that's helping the Democrats, which

334
00:18:06,200 --> 00:18:08,640
Speaker 1: is when he holds up an assault rifle and say, see,

335
00:18:08,760 --> 00:18:11,000
Speaker 1: you know this, this kind of magazine won't fit in this.

336
00:18:11,119 --> 00:18:13,400
Speaker 1: I think the Democrats heads were not going, yeah, that's

337
00:18:13,400 --> 00:18:17,320
Speaker 1: exactly exactly. I don't know, and they were all pistols.

338
00:18:17,359 --> 00:18:21,280
Speaker 1: For what it's worth, Genie, is there something to democrats

339
00:18:21,320 --> 00:18:23,919
Speaker 1: own knowledge? Could they learn a little more about the

340
00:18:23,960 --> 00:18:27,199
Speaker 1: item they're trying to regulator? Am I missing the point? Well? No,

341
00:18:27,359 --> 00:18:30,439
Speaker 1: I think that's an important point. And you know, I think. Adam,

342
00:18:30,520 --> 00:18:33,320
Speaker 1: kissing her over the weekend, said something I think is

343
00:18:33,359 --> 00:18:36,600
Speaker 1: really important, which is that people who support gun rights

344
00:18:36,600 --> 00:18:38,120
Speaker 1: and the right to bear arms are the ones who

345
00:18:38,119 --> 00:18:42,639
Speaker 1: should focus on common sense steps towards securing them, because otherwise,

346
00:18:42,840 --> 00:18:45,400
Speaker 1: if this continues at this rate, those rights can be

347
00:18:45,560 --> 00:18:48,639
Speaker 1: severely restricted. And gun owners don't want that, they should

348
00:18:48,640 --> 00:18:52,000
Speaker 1: step up and regulate. Rick and Jennie stay with us.

349
00:18:52,720 --> 00:18:58,080
Speaker 1: This is Bloomberg broadcasting live from our nation's capital, Bloomberg

350
00:18:59,400 --> 00:19:03,680
Speaker 1: to Knew You, Bloomberg eleven, trio to Boston, Bloomberg one

351
00:19:03,680 --> 00:19:07,439
Speaker 1: O six one to San Francisco, Bloomberg nine six to

352
00:19:07,520 --> 00:19:11,640
Speaker 1: the country, Serious XM Channel one, and around the globe,

353
00:19:11,640 --> 00:19:15,560
Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This

354
00:19:15,960 --> 00:19:21,080
Speaker 1: is Bloomberg Sound On with Joe Matthew. The smallest gain

355
00:19:21,119 --> 00:19:24,280
Speaker 1: in job growth since April of last year. That is

356
00:19:24,320 --> 00:19:26,760
Speaker 1: what we expect to see tomorrow morning when the Labor

357
00:19:26,800 --> 00:19:30,720
Speaker 1: Department drops the granddaddy of all economic reports. We're gonna

358
00:19:30,760 --> 00:19:34,639
Speaker 1: talk about May jobs Ahead with Andrew Huspy of Bloomberg Economics.

359
00:19:34,880 --> 00:19:38,560
Speaker 1: That did not take long for the Fed the headline

360
00:19:38,560 --> 00:19:40,880
Speaker 1: on our Job's Day Preview Here on the terminal may

361
00:19:41,040 --> 00:19:46,760
Speaker 1: jobs to show early impact of FED tightening. Wow. And indeed,

362
00:19:46,800 --> 00:19:49,720
Speaker 1: if you look at the numbers here, we're not expecting

363
00:19:49,760 --> 00:19:53,600
Speaker 1: what we have been getting three hundred thousand increased non

364
00:19:53,640 --> 00:19:56,639
Speaker 1: farm payrolls expected following four D twenty eight thousand a

365
00:19:56,680 --> 00:20:00,280
Speaker 1: month earlier. And we're joining to talk about an because

366
00:20:00,280 --> 00:20:03,040
Speaker 1: people are gonna be reading tea leaves, maybe too many

367
00:20:03,119 --> 00:20:06,639
Speaker 1: tea leaves when this comes out for insights into inflation

368
00:20:06,720 --> 00:20:09,760
Speaker 1: and indeed the impacts of the FED joining us to

369
00:20:09,760 --> 00:20:12,280
Speaker 1: talk about it. One of the authors of that column,

370
00:20:12,280 --> 00:20:16,440
Speaker 1: Andrew Husby, is here from Bloomberg Economics. Andrew, we're gonna

371
00:20:16,480 --> 00:20:20,639
Speaker 1: start seeing this slow down in hiring as you write

372
00:20:20,680 --> 00:20:23,440
Speaker 1: the early impact of FED tightening, Will we also see

373
00:20:23,440 --> 00:20:27,640
Speaker 1: a slowdown in wages? Well? That uh, well, thanks Joe.

374
00:20:27,680 --> 00:20:31,040
Speaker 1: That that really is the question here, So slow down

375
00:20:31,080 --> 00:20:34,359
Speaker 1: and hiring. Um. It could be, um, that it's just

376
00:20:34,400 --> 00:20:37,200
Speaker 1: simply still very hard to find workers. Um. It could

377
00:20:37,200 --> 00:20:40,280
Speaker 1: also be that demand for labor is actually cooling, and

378
00:20:40,320 --> 00:20:42,360
Speaker 1: that's something that FED is kind of trying to pull

379
00:20:42,440 --> 00:20:45,960
Speaker 1: off at the hikes rates. It wants to realigned demand

380
00:20:45,960 --> 00:20:48,919
Speaker 1: for labor, realigned demand for a whole range of goods,

381
00:20:49,119 --> 00:20:51,800
Speaker 1: downward in line with the supply, which is still pretty

382
00:20:51,960 --> 00:20:54,720
Speaker 1: restricted right now. So we do think we're gonna see

383
00:20:55,040 --> 00:20:58,359
Speaker 1: a downshift in wage growth. Actually, we've seen that over

384
00:20:58,400 --> 00:21:02,320
Speaker 1: the last three months. The pace of average hourly earning

385
00:21:02,320 --> 00:21:04,159
Speaker 1: his growth, that's one of the numbers we get in

386
00:21:04,160 --> 00:21:09,680
Speaker 1: this report, has downshifted over really since February. So, um,

387
00:21:09,680 --> 00:21:11,720
Speaker 1: you know, early signs that labor demand is cooling. But

388
00:21:11,760 --> 00:21:13,760
Speaker 1: certainly there's nothing in this report that's going to shake

389
00:21:13,840 --> 00:21:17,000
Speaker 1: the head off of tightening moves of at least fifty

390
00:21:17,040 --> 00:21:19,280
Speaker 1: basis points in the next couple of meetings. Okay, so

391
00:21:19,280 --> 00:21:21,159
Speaker 1: they're going to continue this and I guess the comments

392
00:21:21,160 --> 00:21:25,040
Speaker 1: from Lele Brainerd really hit that home earlier today. I'm

393
00:21:25,080 --> 00:21:27,720
Speaker 1: really struck by the range though, and they've been wide lately.

394
00:21:27,800 --> 00:21:29,440
Speaker 1: This might not be as wide as what we had

395
00:21:29,520 --> 00:21:32,400
Speaker 1: last month, but two hundred and forty k to four

396
00:21:32,520 --> 00:21:36,200
Speaker 1: hundred and fifty k UH is the you know, the

397
00:21:36,240 --> 00:21:41,119
Speaker 1: median is three five. But it's it's interesting to gauge

398
00:21:41,160 --> 00:21:45,000
Speaker 1: the uncertainty that economists have right now. Yeah, and that's

399
00:21:45,000 --> 00:21:49,320
Speaker 1: been certainly true throughout much of the pandemic. Economists, uh,

400
00:21:49,760 --> 00:21:52,199
Speaker 1: many months have not been the best guide to the

401
00:21:52,200 --> 00:21:54,960
Speaker 1: actual number, and it's really just a function of a

402
00:21:55,000 --> 00:21:59,200
Speaker 1: few things. Of course, the pandemic itself, um, and uh

403
00:21:59,600 --> 00:22:02,520
Speaker 1: creating swings and jobs. And also you know, the statistical

404
00:22:02,560 --> 00:22:06,119
Speaker 1: agencies just have trouble um, you know, figuring out what

405
00:22:06,200 --> 00:22:08,320
Speaker 1: exactly is going on, and that's been sort of notable

406
00:22:08,400 --> 00:22:10,240
Speaker 1: in a in a lot of revisions to the data.

407
00:22:10,320 --> 00:22:12,320
Speaker 1: So it's not only are you trying to get the

408
00:22:12,359 --> 00:22:15,320
Speaker 1: current month's number, but you're trying to account for the

409
00:22:15,320 --> 00:22:17,320
Speaker 1: fact that data may have been shifts in the in

410
00:22:17,359 --> 00:22:19,760
Speaker 1: the prime months. So we talked about the evening outs. Yeah,

411
00:22:19,880 --> 00:22:22,360
Speaker 1: we've talked about some wild statistics in terms of job

412
00:22:22,400 --> 00:22:25,639
Speaker 1: openings as well. Andrew, I'm sorry to interrupt, Just like

413
00:22:25,760 --> 00:22:27,679
Speaker 1: you know, there are two jobs for every job seeker

414
00:22:27,720 --> 00:22:29,160
Speaker 1: in this country right now, where we're going to see

415
00:22:29,160 --> 00:22:32,879
Speaker 1: participation move exactly. Yeah, so, um, you know, the the

416
00:22:32,920 --> 00:22:37,800
Speaker 1: incentives should be there. Wage growth is high and still rising,

417
00:22:37,960 --> 00:22:40,440
Speaker 1: even though you know, potentially the growth sequentially is kind

418
00:22:40,440 --> 00:22:42,919
Speaker 1: of slowing. Um, So we do expect to see a

419
00:22:42,920 --> 00:22:45,920
Speaker 1: pickup in participation. It kind of dropped sort of quirkily

420
00:22:46,040 --> 00:22:50,199
Speaker 1: last month, but we do think certainly primage workers, you know,

421
00:22:50,240 --> 00:22:52,960
Speaker 1: the one caveat, of course, is we have seen in

422
00:22:53,040 --> 00:22:54,639
Speaker 1: May and now into June there is a bit of

423
00:22:54,640 --> 00:22:57,080
Speaker 1: a pickup in sake COVID case counts that's been less

424
00:22:57,119 --> 00:22:58,520
Speaker 1: of a factor, and we think it will be less

425
00:22:58,520 --> 00:23:01,320
Speaker 1: of a factor. But as you're thinking about a sixty

426
00:23:01,359 --> 00:23:04,000
Speaker 1: thou jobs here, hundred thousand there um, that that could

427
00:23:04,440 --> 00:23:06,560
Speaker 1: be a stealth reason to think that we might get

428
00:23:06,640 --> 00:23:09,000
Speaker 1: a soft number in May as well. I have to

429
00:23:09,000 --> 00:23:11,920
Speaker 1: ask you about the R word and and specifically with

430
00:23:12,040 --> 00:23:14,879
Speaker 1: regard to the comments from Jamie Diamond. I don't know

431
00:23:14,920 --> 00:23:16,960
Speaker 1: if you heard this yesterday. I'm sure you did. The

432
00:23:17,040 --> 00:23:21,520
Speaker 1: hurricane uh line that that really spooked a lot of investors.

433
00:23:21,560 --> 00:23:25,159
Speaker 1: He was speaking at the Annual Strategic Decisions Conference in

434
00:23:25,240 --> 00:23:29,920
Speaker 1: New York. Here's Jamie Diamond. It's a hurricane. It's right now,

435
00:23:29,960 --> 00:23:32,520
Speaker 1: it's kind of sunny. Things are doing fine. You know,

436
00:23:32,880 --> 00:23:36,399
Speaker 1: everyone thinks that the Fed can handle this. That hurricane

437
00:23:36,520 --> 00:23:38,920
Speaker 1: is right out there down the road coming our way.

438
00:23:39,320 --> 00:23:41,439
Speaker 1: We just don't know if it's a minor one or

439
00:23:41,680 --> 00:23:46,280
Speaker 1: superstorm Sandy or ye Sandy or or Andrew or something

440
00:23:46,320 --> 00:23:50,800
Speaker 1: like that. And it's you. You better brace yourself, brace yourself. Andrew.

441
00:23:50,880 --> 00:23:53,199
Speaker 1: Those comments really spooked a lot of people. This is

442
00:23:53,240 --> 00:23:58,359
Speaker 1: someone who has unique insights into what's happening in the economy. Uh,

443
00:23:58,480 --> 00:24:00,359
Speaker 1: is it sunny right now? We can be in the

444
00:24:00,400 --> 00:24:03,200
Speaker 1: midst of a storm in a couple of months. Yeah.

445
00:24:03,240 --> 00:24:06,240
Speaker 1: Our our team's view is, um, it's not a very

446
00:24:06,359 --> 00:24:09,679
Speaker 1: near term problem, being a recession that is. But certainly

447
00:24:09,680 --> 00:24:11,679
Speaker 1: as you think about you know, the FED is marching

448
00:24:11,800 --> 00:24:15,320
Speaker 1: rates higher, You're seeing the housing market respond a bit, um,

449
00:24:15,480 --> 00:24:18,119
Speaker 1: you're seeing the good sector respond a bit. So I

450
00:24:18,520 --> 00:24:21,400
Speaker 1: think for some sectors it may start to feel that way,

451
00:24:21,400 --> 00:24:23,160
Speaker 1: but I think for the the economy as a whole.

452
00:24:23,680 --> 00:24:26,720
Speaker 1: And you pointed that statistic earlier about how strong job

453
00:24:26,760 --> 00:24:29,000
Speaker 1: openings are um and and that's going to be tough

454
00:24:29,040 --> 00:24:31,160
Speaker 1: to reverse in in the matter of a few months.

455
00:24:31,160 --> 00:24:35,280
Speaker 1: But certainly looking out in h two three and and

456
00:24:35,280 --> 00:24:38,840
Speaker 1: certainly into is of course, the FED is really signaling

457
00:24:38,840 --> 00:24:41,320
Speaker 1: it's going to be moving rates into restricted territory. That's

458
00:24:41,320 --> 00:24:45,119
Speaker 1: really when our team is is eyeing a higher recession risks.

459
00:24:45,400 --> 00:24:48,600
Speaker 1: So we're still monitoring that, but certainly not the next

460
00:24:48,600 --> 00:24:52,000
Speaker 1: few months issue for us barring him at a shock.

461
00:24:52,240 --> 00:24:55,080
Speaker 1: So with that said that Lal Brainerds has has turned

462
00:24:55,160 --> 00:24:57,240
Speaker 1: us away from this idea of a September pause. Is

463
00:24:57,280 --> 00:25:00,359
Speaker 1: that how you feel exactly? Yeah, that that's what our

464
00:25:00,760 --> 00:25:04,280
Speaker 1: team puts a pretty short shrift on those remarks about

465
00:25:04,280 --> 00:25:07,840
Speaker 1: a pause. Those came up last week from the Atlanta

466
00:25:07,880 --> 00:25:11,600
Speaker 1: Fed's Bostick, and really there we're just thinking it is

467
00:25:11,600 --> 00:25:13,959
Speaker 1: a high bar there is. Bostick is among the more

468
00:25:14,040 --> 00:25:16,760
Speaker 1: devish leaning officials, and even here I don't think he's

469
00:25:16,760 --> 00:25:19,480
Speaker 1: saying it's it's a definite um. And certainly the rest

470
00:25:19,480 --> 00:25:21,240
Speaker 1: of the committee is not is not going to see

471
00:25:21,280 --> 00:25:23,639
Speaker 1: the evidence that we think they're given. We'll get a

472
00:25:23,720 --> 00:25:25,840
Speaker 1: new inflation number next week, and then that's probably gonna

473
00:25:25,840 --> 00:25:29,120
Speaker 1: be running quite hot. Unemployment rate holds at three point

474
00:25:29,200 --> 00:25:34,240
Speaker 1: six per uh. That's just a hair above the the

475
00:25:34,280 --> 00:25:37,520
Speaker 1: immediate pre pandemic low of three and a half. As

476
00:25:37,520 --> 00:25:39,960
Speaker 1: you point out, that's a victory lap for the White House, right.

477
00:25:40,000 --> 00:25:42,960
Speaker 1: I mean, most people don't talk about the participation rate.

478
00:25:43,040 --> 00:25:45,240
Speaker 1: You know, over dinner here Andrew, the President will be

479
00:25:45,320 --> 00:25:47,639
Speaker 1: able to say, we've still got one of the lowest

480
00:25:47,720 --> 00:25:52,040
Speaker 1: unemployment rates in history. Yeah, that they certainly can um.

481
00:25:52,160 --> 00:25:55,919
Speaker 1: And unemployment is quite low. UM. But of course consumers

482
00:25:55,920 --> 00:25:58,399
Speaker 1: are are feeling the pinch of the high inflation, and

483
00:25:58,400 --> 00:26:01,120
Speaker 1: that's showing up in uh him in surveys which which

484
00:26:01,160 --> 00:26:03,720
Speaker 1: normally track the labor market pretty well. Normally you'd think

485
00:26:04,280 --> 00:26:07,320
Speaker 1: sentiment would be pretty high right now, but it's it's

486
00:26:07,400 --> 00:26:10,159
Speaker 1: quite low, just again because of because of inflation. But

487
00:26:10,680 --> 00:26:12,560
Speaker 1: as certainly as we head towards the election, that sort

488
00:26:12,560 --> 00:26:14,720
Speaker 1: of the mix of those two factors is going to

489
00:26:14,960 --> 00:26:19,400
Speaker 1: h help determine the balance of power after mid terms.

490
00:26:19,600 --> 00:26:22,040
Speaker 1: Andrew Husby, when for an expert like you, what's the

491
00:26:22,040 --> 00:26:23,800
Speaker 1: first number you look at in this report in the morning.

492
00:26:23,840 --> 00:26:27,760
Speaker 1: I'm assuming it's not the headline. Uh No, it's uh,

493
00:26:27,920 --> 00:26:30,800
Speaker 1: it's certainly the headline is one of those numbers we do, uh,

494
00:26:30,920 --> 00:26:33,080
Speaker 1: we do take a look at, but it's it's much

495
00:26:33,080 --> 00:26:35,600
Speaker 1: more of a holistic report. You're looking at participation. You're

496
00:26:35,600 --> 00:26:37,720
Speaker 1: looking to see whether the unemployment rates moved up there

497
00:26:37,760 --> 00:26:39,919
Speaker 1: down for the right reasons. And I think for this report,

498
00:26:40,000 --> 00:26:42,560
Speaker 1: we really are buying that wage number. If we do

499
00:26:42,640 --> 00:26:45,719
Speaker 1: see some cooling, that will take potentially some pressure off

500
00:26:45,760 --> 00:26:48,000
Speaker 1: the Fed to really have to crush the economy with

501
00:26:48,080 --> 00:26:51,560
Speaker 1: rate hikes later this year. And it's next great prim

502
00:26:51,640 --> 00:26:53,800
Speaker 1: er there, Andrew Husby. We do appreciate it. Find his

503
00:26:53,840 --> 00:26:57,719
Speaker 1: work on the terminal Bloomberg Economics and now you know

504
00:26:57,800 --> 00:26:59,800
Speaker 1: what number to look for first thing in the morning.

505
00:27:00,000 --> 00:27:02,679
Speaker 1: Reassembled the panel next with Rick and Jennie. I'm Joe Matthew.

506
00:27:02,920 --> 00:27:09,800
Speaker 1: This is Bloomberg, This is Bloomberg. So no with Joe

507
00:27:09,840 --> 00:27:16,440
Speaker 1: Matthew on Bloomberg Radio. They reportedly would not take President

508
00:27:16,520 --> 00:27:19,680
Speaker 1: Biden's call in riyadd a couple of months back, and

509
00:27:19,680 --> 00:27:22,080
Speaker 1: while the White House says those reports are untrue, it

510
00:27:22,080 --> 00:27:25,040
Speaker 1: now appears the President will be making a trip to

511
00:27:25,040 --> 00:27:29,720
Speaker 1: Saudi Arabia, which Joe Biden vowed remember as a candidate,

512
00:27:29,760 --> 00:27:34,040
Speaker 1: to make a pariah on the world stage following the

513
00:27:34,119 --> 00:27:39,919
Speaker 1: Kashogi murder. New York Times now following Bloomberg's reporting, we

514
00:27:40,040 --> 00:27:42,080
Speaker 1: told you it was likely going to happen. Peter Baker

515
00:27:42,119 --> 00:27:47,000
Speaker 1: now reports that the President's will in fact travel to

516
00:27:47,119 --> 00:27:51,320
Speaker 1: Ridd this month to rebuild relations with the oil rich

517
00:27:51,440 --> 00:27:53,960
Speaker 1: kingdom at a time when he's seeking the lower gas

518
00:27:53,960 --> 00:27:58,119
Speaker 1: prices at home and isolate Russia abroad. We reassembled the

519
00:27:58,160 --> 00:28:00,240
Speaker 1: panel from more on this Rick, They of us in

520
00:28:00,280 --> 00:28:04,760
Speaker 1: Genie Chanzano or Bloomberg Politics contributors this is a good idea,

521
00:28:04,880 --> 00:28:07,640
Speaker 1: Rick to show up in riyadd Is that better than, say,

522
00:28:07,680 --> 00:28:11,240
Speaker 1: going to Venezuela. It's yes, it's better than going to

523
00:28:11,280 --> 00:28:14,760
Speaker 1: Venezuela because the Saudis can actually impact the price of

524
00:28:14,800 --> 00:28:19,200
Speaker 1: gas if they increase their production, and Venezuela can't. So

525
00:28:19,560 --> 00:28:21,719
Speaker 1: I think they've at least picked the right outcome if

526
00:28:21,760 --> 00:28:26,080
Speaker 1: they're looking for change. But this has been a confused process. They,

527
00:28:26,119 --> 00:28:29,400
Speaker 1: as you point out, reached out early and got rebuked. Uh,

528
00:28:29,480 --> 00:28:32,560
Speaker 1: not only rebuked, but there's some indications that you know,

529
00:28:32,720 --> 00:28:36,440
Speaker 1: MBS wouldn't take Biden's call, but he would take Vladimir

530
00:28:36,480 --> 00:28:38,960
Speaker 1: Putin's call. So not to get on the wrong side

531
00:28:38,960 --> 00:28:40,720
Speaker 1: of history. It sounds like they're getting it back to

532
00:28:40,760 --> 00:28:42,680
Speaker 1: where it needs to be. Well, how do you not

533
00:28:42,800 --> 00:28:45,200
Speaker 1: get on the wrong side of history with this move, Genie?

534
00:28:46,280 --> 00:28:48,840
Speaker 1: How do you how do you handle the optics here?

535
00:28:48,840 --> 00:28:51,720
Speaker 1: We're not going to get an apology from MBS. No,

536
00:28:51,960 --> 00:28:54,520
Speaker 1: he's not. And you know, we started this week with

537
00:28:54,640 --> 00:28:57,360
Speaker 1: the op ed on inflation, the op ed on Ukraine

538
00:28:57,440 --> 00:29:01,760
Speaker 1: and this you know, announcement today. Finally, as you talked

539
00:29:01,760 --> 00:29:04,200
Speaker 1: about earlier this week that he was gonna go Biden

540
00:29:04,320 --> 00:29:08,200
Speaker 1: is going to go meet with MBS is very much

541
00:29:08,240 --> 00:29:11,600
Speaker 1: tied into those two things. He is getting killed on inflation,

542
00:29:11,640 --> 00:29:14,040
Speaker 1: there's not much he can do about that. This war

543
00:29:14,080 --> 00:29:16,200
Speaker 1: in Ukraine looks like it's going to go on and

544
00:29:16,280 --> 00:29:18,600
Speaker 1: on for a long period of time. Both of those

545
00:29:18,640 --> 00:29:22,360
Speaker 1: things terribly impacting oil. So this I think is really

546
00:29:22,400 --> 00:29:26,280
Speaker 1: a recognition by the White House that they are in

547
00:29:26,400 --> 00:29:31,120
Speaker 1: a very precarious domestic political and geopolitical state at this point.

548
00:29:31,400 --> 00:29:34,040
Speaker 1: So they are now forced to go do something they

549
00:29:34,080 --> 00:29:37,400
Speaker 1: did not want to do. Saudi Arabia is in a

550
00:29:37,480 --> 00:29:40,600
Speaker 1: power position, and speaking of Venezuela, we did try to

551
00:29:40,880 --> 00:29:43,800
Speaker 1: go pressure, you know, go release those sanctions or ease

552
00:29:43,840 --> 00:29:46,400
Speaker 1: them up, get their oil. We've tried to push OPEC.

553
00:29:46,480 --> 00:29:49,040
Speaker 1: The announcement from OPEC plus today, it's not going to

554
00:29:49,120 --> 00:29:52,200
Speaker 1: impact consumer prices at the pump that much. That's the

555
00:29:52,280 --> 00:29:54,760
Speaker 1: reality that Biden is dealing with. So he's gonna have

556
00:29:54,960 --> 00:29:57,800
Speaker 1: to swallow what he said about the Pariahis state and

557
00:29:57,880 --> 00:30:00,560
Speaker 1: go over there. And it's gonna be fa sscinating to

558
00:30:00,600 --> 00:30:03,040
Speaker 1: see how they try to sell this because it's their

559
00:30:03,040 --> 00:30:08,200
Speaker 1: own constituents, particularly reporters, frustrated rightly so, by the horrific

560
00:30:08,240 --> 00:30:10,520
Speaker 1: murder who are pressuring him not to do this, and

561
00:30:10,560 --> 00:30:12,959
Speaker 1: they're gonna do it now, And this is going to

562
00:30:13,000 --> 00:30:15,760
Speaker 1: be big news for this trip. It will a great

563
00:30:15,760 --> 00:30:19,280
Speaker 1: line from Peter Baker Rick, the visit represents the triumph

564
00:30:19,560 --> 00:30:24,520
Speaker 1: of real politic over moral outrage. And it really does

565
00:30:24,640 --> 00:30:26,680
Speaker 1: come down to that. Right. So, if we've decided that

566
00:30:26,840 --> 00:30:29,040
Speaker 1: MBS is someone we need to deal with because we

567
00:30:29,080 --> 00:30:32,640
Speaker 1: don't like five dollar regallon gas, what are the optics

568
00:30:32,640 --> 00:30:34,680
Speaker 1: of this trip? Does he does? Does he do a

569
00:30:34,680 --> 00:30:36,400
Speaker 1: photo op with him? I mean, is this is going

570
00:30:36,440 --> 00:30:38,680
Speaker 1: to happen behind the scenes? How would you handle it? Yeah?

571
00:30:39,000 --> 00:30:40,720
Speaker 1: First of all, it's going to play out publicly because

572
00:30:40,760 --> 00:30:42,520
Speaker 1: there's just no way to avoid it. That plane is

573
00:30:42,520 --> 00:30:44,800
Speaker 1: gonna land to get the big rivals ceremony is gonna

574
00:30:44,840 --> 00:30:47,320
Speaker 1: come out, right, and so and Peter Baker is right

575
00:30:47,400 --> 00:30:49,640
Speaker 1: in the sense that it is a it is a

576
00:30:49,640 --> 00:30:53,360
Speaker 1: debate of real politic, which is which is void of

577
00:30:53,920 --> 00:30:57,080
Speaker 1: uh those values, but but but but it's it's about

578
00:30:57,160 --> 00:30:59,880
Speaker 1: our values, and our values are our interests, and so

579
00:31:00,080 --> 00:31:03,440
Speaker 1: to compromise on those in order to try and solve

580
00:31:03,440 --> 00:31:07,400
Speaker 1: an economic problem at home is nothing but an elixir

581
00:31:07,520 --> 00:31:10,960
Speaker 1: for for failure in the future. I mean, NBS, the

582
00:31:11,080 --> 00:31:13,680
Speaker 1: leader of Saudi Arabia is going to be in the

583
00:31:13,720 --> 00:31:17,080
Speaker 1: crown position for the next fifty years and we are

584
00:31:17,120 --> 00:31:18,720
Speaker 1: going to have to deal with that as a key

585
00:31:18,720 --> 00:31:22,760
Speaker 1: strategic player in this region. But when you then start

586
00:31:22,800 --> 00:31:24,960
Speaker 1: saying one of those things that's valuable to us is

587
00:31:25,000 --> 00:31:27,719
Speaker 1: the price of gasoline and we're willing to you know,

588
00:31:28,000 --> 00:31:30,840
Speaker 1: uh cow taw to him because of that, I think

589
00:31:30,840 --> 00:31:34,080
Speaker 1: you've put it on a very uneven keel. And our

590
00:31:34,200 --> 00:31:37,080
Speaker 1: values are at risk here and it never works well

591
00:31:37,120 --> 00:31:41,120
Speaker 1: for a president who sets his values aside for real politics.

592
00:31:41,240 --> 00:31:44,479
Speaker 1: During his stop in Riya Jinih, we understand the president

593
00:31:44,480 --> 00:31:47,760
Speaker 1: will meet as well after MBS with leaders of other

594
00:31:47,800 --> 00:31:51,880
Speaker 1: Arab nations, including Egypt, Jordan, Iraq and the U a E.

595
00:31:52,160 --> 00:31:54,080
Speaker 1: Do do we try to make this look more like

596
00:31:54,120 --> 00:31:57,120
Speaker 1: a regional summit than to sit down with a bad guy.

597
00:31:57,640 --> 00:31:59,480
Speaker 1: That's what they're going to try to do. And early

598
00:31:59,520 --> 00:32:01,719
Speaker 1: on this with Couched as you know, a preparation for

599
00:32:01,760 --> 00:32:05,000
Speaker 1: a visit to Israel. Um that has now changed very much,

600
00:32:05,360 --> 00:32:07,400
Speaker 1: you know, And and let's look at what's happening. You know,

601
00:32:07,480 --> 00:32:11,920
Speaker 1: the president has pressed Venezuela, has pressed OPEC, plus now

602
00:32:11,960 --> 00:32:14,600
Speaker 1: he's turning to Saudi Arabia. These are some of the

603
00:32:14,640 --> 00:32:17,760
Speaker 1: worst regimes in the world for human rights, but he's

604
00:32:17,840 --> 00:32:20,800
Speaker 1: turning to them. But what he's not doing is something

605
00:32:20,920 --> 00:32:22,959
Speaker 1: that Rick talked about, I think it was earlier this

606
00:32:22,960 --> 00:32:26,240
Speaker 1: week or last week, pushing for more domestic production. So

607
00:32:26,360 --> 00:32:28,720
Speaker 1: you know, it really really shows you what he is

608
00:32:28,760 --> 00:32:31,080
Speaker 1: willing to do and what he's not willing to do.

609
00:32:31,400 --> 00:32:33,280
Speaker 1: And I think a real question that has to be

610
00:32:33,320 --> 00:32:36,400
Speaker 1: asked at this point is was it possible. Was it

611
00:32:36,440 --> 00:32:38,880
Speaker 1: a mistake for them to conflate the issue of the

612
00:32:38,960 --> 00:32:42,440
Speaker 1: murder and the need for for oil quite frankly could

613
00:32:42,480 --> 00:32:45,640
Speaker 1: they had not have dealt with these as two separate issues,

614
00:32:45,960 --> 00:32:48,320
Speaker 1: But they did that several years ago before he was

615
00:32:48,360 --> 00:32:50,800
Speaker 1: in office, and they haven't been willing to step back

616
00:32:50,840 --> 00:32:53,480
Speaker 1: from it. And now he finds himself in a really,

617
00:32:53,520 --> 00:32:56,480
Speaker 1: really difficult position, but he won't go against the Green

618
00:32:56,600 --> 00:32:58,560
Speaker 1: folks on his on his party and push for more

619
00:32:58,600 --> 00:33:01,360
Speaker 1: domestic production. At this point, it's not yet so what happened.

620
00:33:01,640 --> 00:33:04,880
Speaker 1: He's gonna get killed for this though, by a human

621
00:33:05,000 --> 00:33:08,960
Speaker 1: rights activists, by progressive Democrats in Washington. Does he not

622
00:33:09,080 --> 00:33:17,600
Speaker 1: care anymore? Is more important to get gas prices down. Yeah, yeah, yeah,

623
00:33:17,640 --> 00:33:19,719
Speaker 1: just really quickly. You know, he is going to get

624
00:33:19,800 --> 00:33:22,120
Speaker 1: killed on it. And let's remember, for a president, this

625
00:33:22,200 --> 00:33:25,080
Speaker 1: is the worst case scenario. This is not just members

626
00:33:25,080 --> 00:33:27,560
Speaker 1: of his you know, progressive wing or his own party.

627
00:33:27,600 --> 00:33:31,360
Speaker 1: These are reporters who have been lobbying against a visit

628
00:33:31,440 --> 00:33:34,160
Speaker 1: like this because of course it was a horrible, gruesome

629
00:33:34,240 --> 00:33:36,880
Speaker 1: murder and he is going to have to stand up

630
00:33:36,920 --> 00:33:39,400
Speaker 1: to that kind of pressure. But he's made the decision

631
00:33:39,440 --> 00:33:42,160
Speaker 1: that as president, he has to relieve the pressure at

632
00:33:42,160 --> 00:33:45,160
Speaker 1: the pump for Americans. But again, you go back several

633
00:33:45,280 --> 00:33:48,080
Speaker 1: years on this. It's the United States. It's Europe's policies

634
00:33:48,160 --> 00:33:50,440
Speaker 1: towards Audi Arabia that got us into this position in

635
00:33:50,480 --> 00:33:52,640
Speaker 1: the first place. He's not gonna make his his own

636
00:33:52,720 --> 00:33:55,520
Speaker 1: party happy, here is he? Rick, No, he's not gonna

637
00:33:55,520 --> 00:33:57,400
Speaker 1: make his own party happy. And he's not gonna make

638
00:33:57,960 --> 00:34:00,600
Speaker 1: the oil patch happy. I mean, like, here's an interesting

639
00:34:00,680 --> 00:34:05,600
Speaker 1: unification of liberal Democrats and and and and oil executives,

640
00:34:05,640 --> 00:34:09,160
Speaker 1: all of whom basically are opposed to this one solution.

641
00:34:09,560 --> 00:34:11,640
Speaker 1: And I would just remind everybody that for the nineteen

642
00:34:11,640 --> 00:34:15,520
Speaker 1: eighties and nineteen nineties. We basically the Republican Party used

643
00:34:15,560 --> 00:34:17,640
Speaker 1: the fact that we were buying all this oil from

644
00:34:17,960 --> 00:34:21,840
Speaker 1: despotic regimes as a national security threat and it allowed

645
00:34:21,920 --> 00:34:24,560
Speaker 1: us to then you know, open up the taps for

646
00:34:24,960 --> 00:34:27,560
Speaker 1: fracking and the oil patch. That will led us to

647
00:34:27,760 --> 00:34:30,960
Speaker 1: one of the greatest economic revivals of our time. We

648
00:34:31,040 --> 00:34:34,360
Speaker 1: need to find new sources of energy that are not hydrocarbons.

649
00:34:34,360 --> 00:34:36,960
Speaker 1: But in the meantime, if he wants a solution and

650
00:34:37,000 --> 00:34:40,400
Speaker 1: he's not looking domestically, he's making a huge mistake, you know,

651
00:34:40,480 --> 00:34:42,960
Speaker 1: to think and Genie mentioned this. We started this week

652
00:34:43,640 --> 00:34:47,839
Speaker 1: with the notp ed from President Biden on inflation. This

653
00:34:47,920 --> 00:34:50,799
Speaker 1: was supposed to be the troops are out here, all

654
00:34:50,920 --> 00:34:56,640
Speaker 1: hands on deck. We spoke earlier this week with Genes Spurling. Uh,

655
00:34:56,680 --> 00:35:00,440
Speaker 1: Brian Deese has been out, members of the Economic Counsel,

656
00:35:01,080 --> 00:35:04,760
Speaker 1: the President himself trying to get ahead of that story

657
00:35:04,880 --> 00:35:08,479
Speaker 1: has been very difficult for this administration here, Jeanie. Every

658
00:35:08,480 --> 00:35:12,239
Speaker 1: time they want to pivot to the economy, Ukraine happens,

659
00:35:12,360 --> 00:35:16,319
Speaker 1: or in this case, Vivaldi happens. Yeah, and we've heard

660
00:35:16,320 --> 00:35:19,000
Speaker 1: a number of reports, you know, NBC had won the

661
00:35:19,040 --> 00:35:22,399
Speaker 1: Washington Post about frustration not unusual in any White House,

662
00:35:22,400 --> 00:35:24,960
Speaker 1: but in this White House with aids who are you know,

663
00:35:25,080 --> 00:35:27,239
Speaker 1: a lot of infighting as to what they can do

664
00:35:27,320 --> 00:35:31,560
Speaker 1: because his numbers are not moving at all, so their effort.

665
00:35:31,560 --> 00:35:33,479
Speaker 1: You know, we're still early in June. This is gonna

666
00:35:33,480 --> 00:35:36,440
Speaker 1: be a whole month on inflation apparently, um so, maybe

667
00:35:36,440 --> 00:35:38,239
Speaker 1: they'll have some luck, but it's going to be an

668
00:35:38,320 --> 00:35:40,880
Speaker 1: uphill battle. And one of the things that we're hearing,

669
00:35:40,880 --> 00:35:43,719
Speaker 1: of course, is that much of what this president does

670
00:35:43,800 --> 00:35:46,520
Speaker 1: is sort of old fashion. If you will make a speech,

671
00:35:46,600 --> 00:35:48,799
Speaker 1: do a not ed, do a photo op. You know,

672
00:35:48,920 --> 00:35:52,000
Speaker 1: does he need to do something different? Does he need

673
00:35:52,080 --> 00:35:55,000
Speaker 1: to sort of break out of the traditional block of

674
00:35:55,040 --> 00:35:57,920
Speaker 1: the way presidents have, you know, address things, you know,

675
00:35:58,440 --> 00:36:01,480
Speaker 1: social media, you know, I I don't know, maybe he

676
00:36:01,520 --> 00:36:04,359
Speaker 1: should come on the podcast. I don't know. I don't know,

677
00:36:04,520 --> 00:36:07,560
Speaker 1: but you know, there because this is not breaking through

678
00:36:07,680 --> 00:36:10,080
Speaker 1: and of course, you know, communications are not going to

679
00:36:10,239 --> 00:36:13,920
Speaker 1: end inflation, but certainly the president is feeling very frustrated.

680
00:36:13,960 --> 00:36:16,920
Speaker 1: At least so far. This June focus is you know,

681
00:36:17,000 --> 00:36:18,839
Speaker 1: not move the needle at all. I'll tell you what,

682
00:36:19,239 --> 00:36:22,719
Speaker 1: President Biden has a standing invitation here at Bloomberg. I'm

683
00:36:22,760 --> 00:36:24,600
Speaker 1: not sure that that's happened. You want to speak directly

684
00:36:24,640 --> 00:36:27,279
Speaker 1: to the markets, Mr President, I know you love this

685
00:36:27,320 --> 00:36:31,080
Speaker 1: program already. We'd love to have you here to do that. Rick,

686
00:36:31,239 --> 00:36:33,799
Speaker 1: is Genie onto something there is that? Does President need

687
00:36:33,840 --> 00:36:36,520
Speaker 1: to go live on Twitter? Stand on his head? What

688
00:36:36,560 --> 00:36:38,720
Speaker 1: does he do to to approach us in a different

689
00:36:38,719 --> 00:36:42,600
Speaker 1: way from the sort of analog concept of a primetime

690
00:36:42,600 --> 00:36:45,120
Speaker 1: address in writing an op ed in a newspaper. Yeah,

691
00:36:45,160 --> 00:36:46,839
Speaker 1: I mean, look the bully pulp. It's a good thing

692
00:36:46,880 --> 00:36:50,239
Speaker 1: to have. It's part of the best aspect of the

693
00:36:50,239 --> 00:36:53,120
Speaker 1: presidency is that you can speak directly to the American

694
00:36:53,160 --> 00:36:55,880
Speaker 1: people without much of a press filter. That being said,

695
00:36:56,000 --> 00:36:58,399
Speaker 1: I mean, he himself has said we've got to take

696
00:36:58,480 --> 00:37:03,200
Speaker 1: action as an administration on various elements of both legislative

697
00:37:03,200 --> 00:37:06,319
Speaker 1: and executive action in order to curb inflation. And so

698
00:37:06,640 --> 00:37:08,920
Speaker 1: instead of doing that, he's hopping on a plane and

699
00:37:08,960 --> 00:37:11,759
Speaker 1: going to Saudi Arabia to beg for lower oil prices. So,

700
00:37:12,200 --> 00:37:15,239
Speaker 1: I mean, like, where's the initiative from his administration? I mean,

701
00:37:15,239 --> 00:37:17,520
Speaker 1: I've read those same articles Dannie did about, you know,

702
00:37:17,880 --> 00:37:21,000
Speaker 1: discontent in the White House, and and it seems to

703
00:37:21,040 --> 00:37:23,840
Speaker 1: me they're just pencils down, and you know, taking a

704
00:37:23,880 --> 00:37:27,160
Speaker 1: trip to Saudi Arabia is bad optics for a president

705
00:37:27,200 --> 00:37:30,880
Speaker 1: who already is very unpopular, and it's only gonna get

706
00:37:30,920 --> 00:37:33,200
Speaker 1: worse for him. And if he loses his credibility with

707
00:37:33,239 --> 00:37:36,240
Speaker 1: the American people on this issue, it won't matter what

708
00:37:36,239 --> 00:37:39,080
Speaker 1: what measures he takes. Every time he speaks, people will

709
00:37:39,120 --> 00:37:41,880
Speaker 1: turn off the set pencils down, says Rick Genie. I'm

710
00:37:41,880 --> 00:37:44,640
Speaker 1: wondering is it gonna be until after the mid terms

711
00:37:45,080 --> 00:37:48,680
Speaker 1: before we start to see uh more departures from the

712
00:37:48,680 --> 00:37:51,239
Speaker 1: White House? And we had Jen Saki obviously a high

713
00:37:51,239 --> 00:37:55,200
Speaker 1: profile one, but these advisers who have left the president upset.

714
00:37:55,239 --> 00:37:57,920
Speaker 1: How how many more months does this go on? You know?

715
00:37:58,160 --> 00:38:00,480
Speaker 1: I think we will start to see more more again,

716
00:38:00,520 --> 00:38:03,160
Speaker 1: not unusual departures from the White House, people seeing they

717
00:38:03,200 --> 00:38:04,880
Speaker 1: have to focus on their family, go back to the

718
00:38:04,880 --> 00:38:08,080
Speaker 1: private sector whatever. It will be not unusual, but the

719
00:38:08,160 --> 00:38:10,920
Speaker 1: frustration makes that worse. And I think we're starting to

720
00:38:10,960 --> 00:38:14,440
Speaker 1: see some of that breakage already. Rick and Jeanne, great conversation,

721
00:38:14,520 --> 00:38:17,200
Speaker 1: as always our signature panel on Bloomberg Sound On. We'll

722
00:38:17,200 --> 00:38:20,080
Speaker 1: meet you back here tomorrow, the fastest hour in politics,

723
00:38:20,520 --> 00:38:23,600
Speaker 1: and will distill the address from President Biden. See where

724
00:38:23,640 --> 00:38:26,960
Speaker 1: we are. Then it starts seven thirty. This is Bloomberg