1
00:00:00,880 --> 00:00:04,360
Speaker 1: You're listening to the Bloomberg Sound on podcast Catch us

2
00:00:04,400 --> 00:00:07,560
Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the

3
00:00:07,640 --> 00:00:10,760
Speaker 1: iHeartRadio app and the Bloomberg Business app, or listening on

4
00:00:10,800 --> 00:00:12,800
Speaker 1: demand wherever you get your podcasts.

5
00:00:13,880 --> 00:00:16,440
Speaker 2: Joined now by Kaylee Lines. As we do each day

6
00:00:16,480 --> 00:00:18,480
Speaker 2: at this time, you made it to Friday. You're doing

7
00:00:18,520 --> 00:00:20,600
Speaker 2: about five shows today, and I'm glad this is one

8
00:00:20,640 --> 00:00:22,200
Speaker 2: of them. It's of course jobs Day, and this is

9
00:00:22,200 --> 00:00:25,319
Speaker 2: a big day around here in Washington at Bloomberg. In

10
00:00:25,360 --> 00:00:28,560
Speaker 2: the news today, I guess mixed is kind of the headline,

11
00:00:28,560 --> 00:00:30,080
Speaker 2: but boy, it's still looking pretty strong.

12
00:00:30,320 --> 00:00:32,120
Speaker 3: Yeah, it's a bit of a puzzle because if you're

13
00:00:32,159 --> 00:00:35,400
Speaker 3: talking about just the jobs figure, arguably it was not

14
00:00:35,479 --> 00:00:38,199
Speaker 3: so great in that it actually missed expectations at only

15
00:00:38,280 --> 00:00:41,640
Speaker 3: one hundred and seventy thousand job editions. That's the fewest

16
00:00:41,680 --> 00:00:43,600
Speaker 3: we've seen in any month going back to December of

17
00:00:43,600 --> 00:00:45,920
Speaker 3: twenty twenty. So maybe not the best news, but one

18
00:00:46,000 --> 00:00:49,519
Speaker 3: hundred and seventy thousand jobs added is still jobs added. Yes,

19
00:00:49,960 --> 00:00:52,360
Speaker 3: Then you factor in the fact that the unemployment rate

20
00:00:52,400 --> 00:00:55,680
Speaker 3: went down to three and a half percent, we are

21
00:00:56,120 --> 00:00:59,920
Speaker 3: really very close to hit record low unemployment, and at

22
00:00:59,920 --> 00:01:03,640
Speaker 3: the same time wages are moving higher. So that's maybe

23
00:01:03,720 --> 00:01:06,000
Speaker 3: not good news for the Federal Reserve who's trying to

24
00:01:06,000 --> 00:01:08,959
Speaker 3: fight inflation, but it is in theory good news for

25
00:01:09,000 --> 00:01:11,000
Speaker 3: American people who are dealing with inflation.

26
00:01:11,120 --> 00:01:11,320
Speaker 4: Yeah.

27
00:01:11,319 --> 00:01:13,959
Speaker 2: So it's a classic good news bad news when we

28
00:01:14,040 --> 00:01:17,560
Speaker 2: consider interest rates. And if you're the Labor secretary, it's

29
00:01:17,640 --> 00:01:19,920
Speaker 2: good news good news because you don't talk about the

30
00:01:19,959 --> 00:01:21,880
Speaker 2: FED and it's not your job to worry about.

31
00:01:21,640 --> 00:01:25,560
Speaker 3: Inflation, right, leave that to the monetary policymakers and let

32
00:01:25,560 --> 00:01:28,440
Speaker 3: them remain independent. Sure, and that's also the job I

33
00:01:28,480 --> 00:01:31,640
Speaker 3: guess if you're acting Labor secretary.

34
00:01:31,720 --> 00:01:34,479
Speaker 2: Well, that's true, and it looks like the acting part

35
00:01:34,560 --> 00:01:37,200
Speaker 2: is going to stick around for a minute, if not forever.

36
00:01:38,160 --> 00:01:39,160
Speaker 4: For Julie Sue.

37
00:01:40,240 --> 00:01:42,880
Speaker 2: This is our acting Secretary of Labor, of course, former

38
00:01:42,959 --> 00:01:47,000
Speaker 2: deputy Labor Secretary who replaced Marty Walsh and apparently cannot

39
00:01:47,040 --> 00:01:50,960
Speaker 2: clear the Senate. So the Biden administration said, fine, we'll

40
00:01:51,000 --> 00:01:54,360
Speaker 2: just keep you acting secretary indefinitely.

41
00:01:54,480 --> 00:01:54,800
Speaker 4: M hm.

42
00:01:55,560 --> 00:01:57,680
Speaker 2: And I went down to the Treasury U the Treasury

43
00:01:57,720 --> 00:02:00,880
Speaker 2: the Labor Department earlier today to talk with the acting

44
00:02:00,960 --> 00:02:03,480
Speaker 2: secretary after the numbers came out, we had to get

45
00:02:03,520 --> 00:02:07,080
Speaker 2: a little minute to breathe, and we met outside on

46
00:02:07,200 --> 00:02:10,400
Speaker 2: the porch there just picture a nice country porch in

47
00:02:10,400 --> 00:02:13,239
Speaker 2: front of the Labor Department, and we talked about a

48
00:02:13,280 --> 00:02:17,680
Speaker 2: couple of different things here, beginning with this morning's data

49
00:02:18,639 --> 00:02:23,720
Speaker 2: and how these two cross currents come together. To your point,

50
00:02:24,040 --> 00:02:27,360
Speaker 2: Payrolls a little light, wages hotter than expected. And you

51
00:02:27,400 --> 00:02:32,359
Speaker 2: know how they always talk about steady stable growth. I

52
00:02:32,440 --> 00:02:35,520
Speaker 2: wonder how sustainable that is. That's where we started our conversation.

53
00:02:35,680 --> 00:02:39,120
Speaker 5: This is steady stable growth. It's what we would want

54
00:02:39,160 --> 00:02:43,000
Speaker 5: in the economy. Right we had record levels of recovery

55
00:02:43,080 --> 00:02:46,520
Speaker 5: from the global pandemic and it's ensuing economic catastrophe, and

56
00:02:46,560 --> 00:02:49,120
Speaker 5: now we are seeing what steady stable growth looks like,

57
00:02:49,160 --> 00:02:51,760
Speaker 5: one hundred and eighty seven thousand jobs created, bringing the

58
00:02:51,800 --> 00:02:54,400
Speaker 5: total since President Biden came into office to thirteen point

59
00:02:54,400 --> 00:02:57,160
Speaker 5: four million. At the same time that we continue to

60
00:02:57,200 --> 00:03:00,520
Speaker 5: see record low unemployment rates. The unemployment rate has been

61
00:03:00,560 --> 00:03:04,440
Speaker 5: below four percent for over a year and a half now,

62
00:03:04,560 --> 00:03:07,880
Speaker 5: that's the longest stretch since the nineteen sixties. And we

63
00:03:07,919 --> 00:03:10,560
Speaker 5: continue to see labor force participation rate at high levels.

64
00:03:10,760 --> 00:03:13,480
Speaker 5: All of those things combined demonstrate that the present's economic

65
00:03:13,560 --> 00:03:17,520
Speaker 5: policies or Bidenomics are working for the American people, creating

66
00:03:17,560 --> 00:03:20,120
Speaker 5: good jobs, creating a little bit of breathing room, and

67
00:03:21,760 --> 00:03:23,000
Speaker 5: seeing a sustainable recovery.

68
00:03:23,080 --> 00:03:25,320
Speaker 2: Well, so you're clearly up on the state of the

69
00:03:25,400 --> 00:03:28,360
Speaker 2: job market right now, and workers I suspect are too

70
00:03:28,680 --> 00:03:33,520
Speaker 2: lower unemployment, rising wages. But those, again, those two trends

71
00:03:33,560 --> 00:03:36,400
Speaker 2: come together in an inflationary way.

72
00:03:36,560 --> 00:03:38,880
Speaker 4: How do you balance those two moving forward?

73
00:03:38,960 --> 00:03:41,920
Speaker 5: So at the same time, we are seeing the inflation

74
00:03:42,080 --> 00:03:44,920
Speaker 5: rate come down, right is it was like three percent

75
00:03:45,000 --> 00:03:47,560
Speaker 5: last month. We'll see more numbers in a week. But

76
00:03:48,080 --> 00:03:50,720
Speaker 5: prices are lower than they were a year ago, and

77
00:03:50,760 --> 00:03:53,040
Speaker 5: significantly so right year ago, remember we were talking about

78
00:03:53,160 --> 00:03:55,160
Speaker 5: gas prices, We're talking about price of eggs. All of

79
00:03:55,160 --> 00:03:57,400
Speaker 5: those things continue to come down, and I think people

80
00:03:57,440 --> 00:04:00,360
Speaker 5: are feeling them at the grocery store. They're also feeling

81
00:04:00,400 --> 00:04:03,720
Speaker 5: them because when real wages grow, especially for low and

82
00:04:03,800 --> 00:04:07,600
Speaker 5: middle income individuals, you see it, and we're seeing it

83
00:04:07,600 --> 00:04:10,160
Speaker 5: in consumer spending, we're seeing in confidence. It's all reflected

84
00:04:10,160 --> 00:04:12,200
Speaker 5: as I travel around the country in the sense of

85
00:04:12,240 --> 00:04:14,720
Speaker 5: confidence that people are feeling. It's all part of the

86
00:04:14,760 --> 00:04:15,480
Speaker 5: broader recovery.

87
00:04:15,480 --> 00:04:18,120
Speaker 2: Would you agree with the FED that higher inflation is

88
00:04:18,160 --> 00:04:22,480
Speaker 2: more dangerous for workers than slightly higher unemployment.

89
00:04:22,960 --> 00:04:25,320
Speaker 5: So I don't come them a FED policy course, but

90
00:04:25,400 --> 00:04:29,159
Speaker 5: I think the combination of the low unemployment rates, the

91
00:04:29,520 --> 00:04:32,719
Speaker 5: participation in the labor market, plus the real wage growth

92
00:04:32,760 --> 00:04:35,159
Speaker 5: which is just giving people the ability, you know, to

93
00:04:35,200 --> 00:04:36,520
Speaker 5: feel a little bit more secure.

94
00:04:36,640 --> 00:04:36,760
Speaker 4: Right.

95
00:04:36,800 --> 00:04:39,200
Speaker 5: We're seeing this even in the jobs numbers. We're seeing

96
00:04:39,240 --> 00:04:41,800
Speaker 5: a return to normal. One of the industries that has

97
00:04:41,800 --> 00:04:44,520
Speaker 5: grown is personal services. That means people are going out

98
00:04:44,560 --> 00:04:46,960
Speaker 5: and getting their haircut, They're going to the nail salon.

99
00:04:47,520 --> 00:04:49,640
Speaker 5: That has an impact not just on the economy, but

100
00:04:49,680 --> 00:04:53,359
Speaker 5: on actually you know who's in jobs. We're seeing growth

101
00:04:53,360 --> 00:04:55,880
Speaker 5: in non results of construction, right, We're seeing things being

102
00:04:55,920 --> 00:05:01,080
Speaker 5: built across the country. Those are all signs of of

103
00:05:01,640 --> 00:05:05,440
Speaker 5: strength and also of this presence commitment to creating good

104
00:05:05,520 --> 00:05:06,479
Speaker 5: jobs in every community.

105
00:05:06,600 --> 00:05:07,919
Speaker 2: I want to ask you about some of the labor

106
00:05:07,960 --> 00:05:11,680
Speaker 2: actions that we've seen recently. UPS managed to find a

107
00:05:11,720 --> 00:05:14,240
Speaker 2: deal without your involvement. It was a very different story

108
00:05:14,279 --> 00:05:17,400
Speaker 2: for Yellow Trucking, where now we see about thirty thousand

109
00:05:17,920 --> 00:05:20,479
Speaker 2: union jobs disappear with the collapse of that company, and

110
00:05:20,520 --> 00:05:24,400
Speaker 2: they did ask the administration for help, which you did

111
00:05:24,440 --> 00:05:26,680
Speaker 2: not get involved in. I just wonder as you look

112
00:05:26,720 --> 00:05:29,640
Speaker 2: ahead to talks between the UAW and the automakers, Ford

113
00:05:29,680 --> 00:05:31,800
Speaker 2: and GM, will you be ready to jump in to

114
00:05:31,880 --> 00:05:32,320
Speaker 2: avoid a.

115
00:05:32,240 --> 00:05:35,560
Speaker 5: Strike so you are absolute right in the ups and

116
00:05:35,640 --> 00:05:38,560
Speaker 5: teamsters issue. That was a great example of how the

117
00:05:38,600 --> 00:05:41,640
Speaker 5: collective bargaining process works. We have another example that I

118
00:05:41,680 --> 00:05:44,280
Speaker 5: know as well, which is the West Coast Ports right,

119
00:05:44,480 --> 00:05:48,839
Speaker 5: and there were twenty two thousand workers for the International

120
00:05:48,839 --> 00:05:53,280
Speaker 5: Longshore Warehouse Union along with twenty two ports. These are

121
00:05:53,279 --> 00:05:55,040
Speaker 5: things that affect our supply chain, right, the effect the

122
00:05:55,040 --> 00:05:58,159
Speaker 5: strength of right economy overall. And in those two situations,

123
00:05:58,839 --> 00:06:02,440
Speaker 5: the union employers came together at the table, they grappled

124
00:06:02,440 --> 00:06:05,880
Speaker 5: through some very difficult issues, and they came to a resolution. Now,

125
00:06:05,920 --> 00:06:08,480
Speaker 5: those contracts need to be ratified, but it's a very

126
00:06:08,480 --> 00:06:11,560
Speaker 5: different outcome than what those who were afraid about what

127
00:06:11,560 --> 00:06:15,440
Speaker 5: it means to have contract exploration. We're saying for the

128
00:06:15,520 --> 00:06:18,600
Speaker 5: UAW right those they're at the table, they are bargaining.

129
00:06:18,640 --> 00:06:20,960
Speaker 5: We're hopeful about that process as well. And I think

130
00:06:21,000 --> 00:06:23,599
Speaker 5: the message is that if we can be helpful, we

131
00:06:23,640 --> 00:06:27,159
Speaker 5: can be productive. We're asked to get involved, we will

132
00:06:27,200 --> 00:06:30,240
Speaker 5: evaluate based on the situation, but trusting the process also

133
00:06:30,279 --> 00:06:32,200
Speaker 5: means allowing parties to work through what they need to.

134
00:06:32,200 --> 00:06:36,360
Speaker 4: Worry a strike in the auto sector, I mean, we.

135
00:06:36,320 --> 00:06:39,640
Speaker 5: Obviously watch what is going on. What this president cares

136
00:06:39,640 --> 00:06:41,560
Speaker 5: about more and I do too, is whether workers are

137
00:06:41,560 --> 00:06:44,919
Speaker 5: getting their fair share, whether workers are able to We've

138
00:06:44,960 --> 00:06:48,800
Speaker 5: seen historic workers who got us to a pandemic right

139
00:06:48,880 --> 00:06:50,680
Speaker 5: came to work every day, work even when it was

140
00:06:50,720 --> 00:06:54,440
Speaker 5: not not necessarily safe, work before there was a vaccine,

141
00:06:54,520 --> 00:06:58,120
Speaker 5: and now in a tight labor market, as Bidenomics, the

142
00:06:58,120 --> 00:07:00,760
Speaker 5: present's economic plan has given us. It gives workers a

143
00:07:00,839 --> 00:07:03,200
Speaker 5: chance to say, hey, this is what it means to

144
00:07:03,240 --> 00:07:05,520
Speaker 5: have a fair share, and it makes it gives him

145
00:07:05,560 --> 00:07:07,480
Speaker 5: union employers have we've seen in the case of ups,

146
00:07:07,520 --> 00:07:09,039
Speaker 5: as we've seen in the case of the ports, a

147
00:07:09,120 --> 00:07:11,400
Speaker 5: chance to also say what's good for our workers is

148
00:07:11,400 --> 00:07:13,720
Speaker 5: also good for us and our long term stability. Our

149
00:07:13,720 --> 00:07:16,240
Speaker 5: long term security as well as our prosperity relies on that.

150
00:07:16,320 --> 00:07:18,320
Speaker 5: So that's the outcomes that we're seeing.

151
00:07:18,840 --> 00:07:20,800
Speaker 2: Yeah, I want to ask you lastly about your tenure

152
00:07:21,000 --> 00:07:23,320
Speaker 2: year at the Labor Department. We call you Acting secretary

153
00:07:23,360 --> 00:07:26,160
Speaker 2: for a reason. The administration has decided to go forward

154
00:07:26,200 --> 00:07:28,800
Speaker 2: with this without apparently a Senate confirmation. Are you prepared

155
00:07:28,840 --> 00:07:31,520
Speaker 2: to serve indefinitely in this acting role?

156
00:07:32,280 --> 00:07:34,520
Speaker 5: As long as I'm acting Secretary, I'm going to do

157
00:07:34,560 --> 00:07:37,080
Speaker 5: the very best I can to deliver for the American people,

158
00:07:37,280 --> 00:07:40,440
Speaker 5: for American workers, and to help this president build a

159
00:07:40,520 --> 00:07:44,400
Speaker 5: strong economy and a strong a strong nation. We'll continue

160
00:07:44,400 --> 00:07:48,520
Speaker 5: at the same time to work toward confirmation. Obviously, respect

161
00:07:48,640 --> 00:07:51,360
Speaker 5: that role, but I'm definitely here to do the job.

162
00:07:51,440 --> 00:07:53,280
Speaker 2: You're here either way, But you still do want to

163
00:07:53,320 --> 00:07:54,560
Speaker 2: see this move through the Senate?

164
00:07:54,840 --> 00:07:57,679
Speaker 5: Oh sure, yes, And I've been grateful for the support

165
00:07:57,760 --> 00:08:01,840
Speaker 5: of many many senators. We've got to walk in chew

166
00:08:01,880 --> 00:08:04,000
Speaker 5: gum at the same time, and there's a lot of

167
00:08:04,000 --> 00:08:06,200
Speaker 5: work to be done, and we'll continue to get that done.

168
00:08:06,320 --> 00:08:08,600
Speaker 2: Julie Sue, the Acting Secretary of Labor, with us a

169
00:08:08,640 --> 00:08:11,520
Speaker 2: bit earlier today at the Labor Department. Very busy place

170
00:08:11,520 --> 00:08:14,400
Speaker 2: out there. Is sounded like a pledge drive while we

171
00:08:14,400 --> 00:08:15,760
Speaker 2: were doing that. But you know, there's a lot of

172
00:08:15,760 --> 00:08:18,680
Speaker 2: folks who are there to talk with the secretary on

173
00:08:18,840 --> 00:08:22,040
Speaker 2: a job's day, and they're putting a good spin on this.

174
00:08:22,120 --> 00:08:24,840
Speaker 2: I mean, if you're the Biden administration. You're not talking

175
00:08:24,880 --> 00:08:30,280
Speaker 2: publicly about inflationary impacts of rising wages. You're cheering the

176
00:08:30,280 --> 00:08:31,800
Speaker 2: fact people get bigger patients.

177
00:08:32,160 --> 00:08:36,880
Speaker 3: Exactly. I just question how much the Biden's administration's messaging

178
00:08:36,920 --> 00:08:39,000
Speaker 3: is actually working when you have polls like the one

179
00:08:39,000 --> 00:08:41,000
Speaker 3: that came out of CNN yesterday which showed just what,

180
00:08:41,120 --> 00:08:44,040
Speaker 3: thirty seven percent approval for Biden on the economy.

181
00:08:43,640 --> 00:08:44,760
Speaker 4: Uh huh exactly.

182
00:08:46,080 --> 00:08:49,880
Speaker 2: Look, the labor market and this idea of a soft

183
00:08:50,000 --> 00:08:52,800
Speaker 2: landing both came up at David Weston's conversation with Larry

184
00:08:52,840 --> 00:08:58,240
Speaker 2: Summers earlier today. Here's the former Treasury secretary on the

185
00:08:58,320 --> 00:08:58,880
Speaker 2: job market.

186
00:08:58,960 --> 00:09:02,760
Speaker 6: We still have a tight labor market, a very tight

187
00:09:02,840 --> 00:09:06,200
Speaker 6: labor market, and with one hundred and eighty seven thousand

188
00:09:06,320 --> 00:09:11,319
Speaker 6: jobs created and population growing fifty to one hundred thousand

189
00:09:11,600 --> 00:09:14,600
Speaker 6: a month, we have not just a tight labor market,

190
00:09:14,800 --> 00:09:16,679
Speaker 6: but a tightening labor market.

191
00:09:16,840 --> 00:09:20,160
Speaker 2: Tightening still labor market that doesn't sound like wages are

192
00:09:20,160 --> 00:09:21,000
Speaker 2: about to relax.

193
00:09:21,880 --> 00:09:22,600
Speaker 4: And I wonder what.

194
00:09:22,520 --> 00:09:25,720
Speaker 2: Angela Hanks thinks about it, Chief of Programs at Demo's

195
00:09:25,720 --> 00:09:31,160
Speaker 2: former acting Assistant Secretary of Employment in the Biden administration. Angela,

196
00:09:31,200 --> 00:09:34,400
Speaker 2: when you put your economist's hat on. It's good news

197
00:09:34,440 --> 00:09:36,439
Speaker 2: for the worker and bad news for the FED.

198
00:09:38,559 --> 00:09:40,880
Speaker 7: I think it's good news all around. We saw one

199
00:09:40,960 --> 00:09:43,520
Speaker 7: hundred and eighty seven thousand jobs added this month, which

200
00:09:43,520 --> 00:09:46,760
Speaker 7: shows that the labor market is still continuing to chugle long.

201
00:09:47,559 --> 00:09:50,720
Speaker 7: We saw also that wages are continuing to rise and

202
00:09:50,920 --> 00:09:53,720
Speaker 7: got to this point last month and it continued this month,

203
00:09:53,920 --> 00:09:57,400
Speaker 7: where wages are actually outpacing inflation, which is important because

204
00:09:57,400 --> 00:09:59,559
Speaker 7: that means people actually feel it right. They feel it

205
00:09:59,559 --> 00:10:01,679
Speaker 7: in their pay checks, they feel it in their bank accounts,

206
00:10:01,880 --> 00:10:05,080
Speaker 7: and so that's really I think something that will increase

207
00:10:05,120 --> 00:10:08,440
Speaker 7: people's confidence in the economy overall. And I think the

208
00:10:08,440 --> 00:10:11,720
Speaker 7: FED should be celebrating that as well. I would hope

209
00:10:11,760 --> 00:10:16,240
Speaker 7: that the FED sees a tight labor market, sees wage games,

210
00:10:16,240 --> 00:10:19,520
Speaker 7: sees inflation moderating, and sees all those things as positive. Fine,

211
00:10:20,040 --> 00:10:22,720
Speaker 7: and I think importantly signs that their work is done.

212
00:10:23,679 --> 00:10:25,640
Speaker 7: But I think this is good news all around.

213
00:10:26,480 --> 00:10:29,360
Speaker 3: Well, let's talk about whether or not it's really good

214
00:10:29,400 --> 00:10:32,080
Speaker 3: news for everybody. We just had a tweet out from

215
00:10:32,120 --> 00:10:35,360
Speaker 3: President Biden right on q saying, folks, unemployment in America

216
00:10:35,400 --> 00:10:37,840
Speaker 3: has now been below four percent for the longest stretch

217
00:10:37,880 --> 00:10:41,040
Speaker 3: in fifty three years, which is true in the aggregate Angela.

218
00:10:41,120 --> 00:10:44,480
Speaker 3: But when you look beneath the surface, white unemployment is

219
00:10:44,520 --> 00:10:48,600
Speaker 3: actually significantly lower three point one percent. Black unemployment, while

220
00:10:48,640 --> 00:10:52,160
Speaker 3: it did come down slightly from June to July, it

221
00:10:52,200 --> 00:10:54,640
Speaker 3: went from six percent to five point eight percent, so

222
00:10:54,679 --> 00:10:58,079
Speaker 3: it's substantially higher. Should we be thinking more critically about that?

223
00:10:59,600 --> 00:11:03,080
Speaker 7: Yes, I think we would do well when we're in

224
00:11:03,160 --> 00:11:05,480
Speaker 7: any sort of labor market situation, whether it's a tight

225
00:11:05,520 --> 00:11:07,199
Speaker 7: labor market or one where there's a lot of black

226
00:11:07,440 --> 00:11:11,120
Speaker 7: to pay particularly close attention to black unemployment. The black

227
00:11:11,600 --> 00:11:15,040
Speaker 7: unemployment rate is routinely twice what the unemployment rate is

228
00:11:15,120 --> 00:11:18,200
Speaker 7: for their white counterparts. When you think about it in

229
00:11:18,280 --> 00:11:21,920
Speaker 7: terms of the overall market, a double unemployment rate for

230
00:11:21,960 --> 00:11:27,040
Speaker 7: black workers means sort of this permanent recessionary feelings for

231
00:11:27,080 --> 00:11:29,320
Speaker 7: black workers, and so you know, there are sort of

232
00:11:29,320 --> 00:11:33,320
Speaker 7: structural reasons why that continues to persist, including employment discrimination.

233
00:11:34,040 --> 00:11:36,160
Speaker 7: You know, there's sort of this axiom of last hired,

234
00:11:36,200 --> 00:11:40,800
Speaker 7: first fired, which is another reason to pay particular attention

235
00:11:41,040 --> 00:11:46,160
Speaker 7: to black unemployment, because often black workers are the canaries

236
00:11:46,160 --> 00:11:49,200
Speaker 7: and the coal mine, where are the first workers where

237
00:11:49,280 --> 00:11:52,560
Speaker 7: you'll see the impacts of things like aggressive rate heights,

238
00:11:52,600 --> 00:11:55,640
Speaker 7: strikes by the FED, or a recession impacting the most

239
00:11:55,679 --> 00:11:58,920
Speaker 7: and so Black unemployment I think is maybe one of

240
00:11:58,960 --> 00:12:01,920
Speaker 7: the most important numbers in the jobs report. I was

241
00:12:01,920 --> 00:12:03,480
Speaker 7: glad to see it kicked down a little bit to

242
00:12:03,559 --> 00:12:06,880
Speaker 7: five twenty percent this month, but I still think there's

243
00:12:06,920 --> 00:12:08,240
Speaker 7: plenty of work to be done on that front.

244
00:12:08,400 --> 00:12:10,760
Speaker 2: What do you make of this number on the participation right?

245
00:12:10,800 --> 00:12:13,520
Speaker 2: This is something remember we were obsessing overcoming out of COVID.

246
00:12:13,600 --> 00:12:16,200
Speaker 2: We probably don't talk about it enough now, although here

247
00:12:16,200 --> 00:12:18,280
Speaker 2: at Bloomberg we tend to look pretty closely at this.

248
00:12:18,360 --> 00:12:20,680
Speaker 2: The share of the population working or looking for work

249
00:12:20,720 --> 00:12:25,000
Speaker 2: actually held in July at the highest since March of

250
00:12:25,040 --> 00:12:27,800
Speaker 2: twenty twenty, but we saw people twenty five to fifty

251
00:12:27,800 --> 00:12:31,280
Speaker 2: four in decline for the first time since late last year.

252
00:12:31,360 --> 00:12:32,040
Speaker 4: Does that worry you?

253
00:12:33,520 --> 00:12:36,520
Speaker 7: I think when we're talking about sort of historic highs

254
00:12:36,559 --> 00:12:40,280
Speaker 7: compared to the last twenty years of participation among PRIMAGE workers,

255
00:12:40,600 --> 00:12:43,200
Speaker 7: the prime age downtick doesn't concern me at this point.

256
00:12:43,480 --> 00:12:46,400
Speaker 7: I do think it's something to watch. But when we're

257
00:12:46,679 --> 00:12:51,800
Speaker 7: again somewhere where you know, prior to twenty nineteen, we

258
00:12:51,840 --> 00:12:54,520
Speaker 7: hadn't said seen since the early two thousands. I think

259
00:12:54,520 --> 00:12:56,720
Speaker 7: we're in pretty good shape on that front. But again,

260
00:12:56,720 --> 00:12:58,640
Speaker 7: I think it's important to keep paying attention.

261
00:12:58,320 --> 00:13:02,439
Speaker 3: To You were mentioning, Angela, how it's in black workers

262
00:13:02,440 --> 00:13:05,640
Speaker 3: that you see the effect of the FEDS tightening taking

263
00:13:05,679 --> 00:13:07,720
Speaker 3: shape the most. How much do you think we really

264
00:13:07,760 --> 00:13:10,079
Speaker 3: have seen thus far? And are we about to get

265
00:13:10,160 --> 00:13:12,480
Speaker 3: hit all of the sudden the labor market hits a

266
00:13:12,520 --> 00:13:14,280
Speaker 3: wall when some of that lagged effect of all these

267
00:13:14,360 --> 00:13:15,200
Speaker 3: rate hikes kicked in.

268
00:13:16,480 --> 00:13:20,120
Speaker 7: Yeah. So, like you mentioned the rate hikes, it's a

269
00:13:20,200 --> 00:13:22,880
Speaker 7: lagging indicator. We don't know exactly what the effect of

270
00:13:22,880 --> 00:13:26,200
Speaker 7: the hips are until much later than they've happened, which

271
00:13:26,240 --> 00:13:28,520
Speaker 7: is part of the reason why I think so many

272
00:13:28,600 --> 00:13:32,280
Speaker 7: experts and economists have really urged the FED to hit

273
00:13:32,400 --> 00:13:35,480
Speaker 7: pause over and over again. They haven't listened to those calls,

274
00:13:35,559 --> 00:13:39,320
Speaker 7: and of course raised rates again in July after actually

275
00:13:39,400 --> 00:13:43,400
Speaker 7: taking a pause in June. But you know, I think

276
00:13:43,480 --> 00:13:45,320
Speaker 7: the thing that remains to be seen is what the

277
00:13:45,400 --> 00:13:47,680
Speaker 7: impact is on the labor market. Again, like I said

278
00:13:47,679 --> 00:13:49,960
Speaker 7: in the beginning, the labor market seems to be in

279
00:13:50,000 --> 00:13:53,400
Speaker 7: good health right now. The science point generally positive, and

280
00:13:54,520 --> 00:13:56,720
Speaker 7: you know, going too far on the rate hikes side

281
00:13:56,880 --> 00:13:59,280
Speaker 7: could jeopardize that, and the Fed won't really know if

282
00:13:59,280 --> 00:14:00,160
Speaker 7: they've gone too far.

283
00:14:00,440 --> 00:14:01,440
Speaker 3: I'll tell it's too.

284
00:14:01,360 --> 00:14:04,520
Speaker 2: Late, Yeah, Economist Angela Hanks, We thank you for joining

285
00:14:04,600 --> 00:14:07,160
Speaker 2: from the most great conversation on this job's Day with

286
00:14:07,240 --> 00:14:11,439
Speaker 2: Kaylee Lines. I'm Joe Matthew in Washington. This is Bloomberg.

287
00:14:12,600 --> 00:14:15,960
Speaker 2: You're listening to the Bloomberg Sound on podcast. Catch the

288
00:14:16,000 --> 00:14:18,679
Speaker 2: program live weekdays at one Eastern.

289
00:14:18,559 --> 00:14:21,760
Speaker 1: On Bloomberg Radio, the tune in app, Bloomberg dot Com,

290
00:14:21,800 --> 00:14:24,720
Speaker 1: and the Bloomberg Business App. You can also listen live

291
00:14:24,800 --> 00:14:28,080
Speaker 1: on Amazon Alexa from our flagship New York station, Just

292
00:14:28,120 --> 00:14:29,320
Speaker 1: say Alexa Play.

293
00:14:29,440 --> 00:14:31,040
Speaker 4: Bloomberg eleven thirty.

294
00:14:31,840 --> 00:14:36,040
Speaker 2: Speaker Kevin McCarthy is coming to Donald Trump's defense again,

295
00:14:37,120 --> 00:14:41,320
Speaker 2: Kaylee Lines. He got very upset yesterday when asked about

296
00:14:41,680 --> 00:14:45,280
Speaker 2: the indictment, the arraignment, comparing it to what was said

297
00:14:45,360 --> 00:14:50,280
Speaker 2: following every election in modern history.

298
00:14:50,760 --> 00:14:52,640
Speaker 8: I could say the same thing that Hillary Clinton says

299
00:14:52,720 --> 00:14:54,960
Speaker 8: about her election that she lost. I can say the

300
00:14:55,040 --> 00:14:58,360
Speaker 8: same thing about the DNC who said it about this

301
00:14:58,520 --> 00:15:01,360
Speaker 8: twenty sixteen X, the same thing about those in the

302
00:15:01,360 --> 00:15:05,160
Speaker 8: Democratic Party from the leadership on down about George Bush

303
00:15:05,200 --> 00:15:07,680
Speaker 8: not winning that al Gore did. But were any of

304
00:15:07,680 --> 00:15:11,360
Speaker 8: them prosecuted, Were any of them put in jail? Were

305
00:15:11,360 --> 00:15:14,000
Speaker 8: any of them held with no response, be able to

306
00:15:14,000 --> 00:15:15,400
Speaker 8: get out? The answer is no.

307
00:15:15,480 --> 00:15:17,000
Speaker 2: So this comes down to this whole idea of a

308
00:15:17,280 --> 00:15:21,640
Speaker 2: First Amendment defense. Yeah, that the president was talking about

309
00:15:21,640 --> 00:15:26,120
Speaker 2: the election being stolen. He used the legal system to

310
00:15:26,200 --> 00:15:29,000
Speaker 2: make a point, but never did anything about it, right,

311
00:15:29,160 --> 00:15:29,920
Speaker 2: which Jack.

312
00:15:29,680 --> 00:15:30,800
Speaker 4: Smith would disagree with.

313
00:15:32,240 --> 00:15:35,040
Speaker 2: Yes, And whenever reporters would try to get in there,

314
00:15:35,040 --> 00:15:36,280
Speaker 2: the speaker would get more upsetting.

315
00:15:36,320 --> 00:15:38,680
Speaker 8: You know what, you shouldn't be prosecuted for your thoughts.

316
00:15:39,000 --> 00:15:41,720
Speaker 8: And the difference here is when Hillary Clinton said it,

317
00:15:41,920 --> 00:15:44,800
Speaker 8: nothing happened to her. When they said it in Georgia's election,

318
00:15:45,120 --> 00:15:47,160
Speaker 8: nothing happened to them either. You know what, when the

319
00:15:47,240 --> 00:15:50,240
Speaker 8: DNC said it, nothing happened to them either. So stop

320
00:15:50,480 --> 00:15:53,760
Speaker 8: using government to go after people politically disagree with you.

321
00:15:53,800 --> 00:15:56,320
Speaker 4: It brings us to the weaponizing of the doch Right.

322
00:15:56,360 --> 00:15:58,480
Speaker 3: I guess my question is is he referring to people

323
00:15:58,520 --> 00:16:01,760
Speaker 3: who won the popular vote and not the electoral college.

324
00:16:01,840 --> 00:16:05,320
Speaker 2: Hillary Clinton said that the Russians helped Donald Trump. Al

325
00:16:05,400 --> 00:16:10,760
Speaker 2: Gore went through the whole recount process in Florida, it

326
00:16:10,840 --> 00:16:12,040
Speaker 2: was suggested there.

327
00:16:11,960 --> 00:16:13,120
Speaker 4: Was something weird going up.

328
00:16:13,120 --> 00:16:16,280
Speaker 2: But for the sake of the country, the difference really

329
00:16:16,400 --> 00:16:20,040
Speaker 2: is that they all conceded when it comes down to it.

330
00:16:20,120 --> 00:16:21,400
Speaker 4: Ryan teek beckwith.

331
00:16:21,120 --> 00:16:24,640
Speaker 2: Joins us now Bloomberg Politics reporter, I suspect has his

332
00:16:24,680 --> 00:16:25,120
Speaker 2: own thoughts.

333
00:16:25,160 --> 00:16:26,160
Speaker 4: You got him so upset.

334
00:16:26,320 --> 00:16:29,920
Speaker 9: You know who would agree with Kevin McCarthy is Jack

335
00:16:29,960 --> 00:16:33,280
Speaker 9: Smith in the third paragraph of the indictment, in which

336
00:16:33,280 --> 00:16:36,360
Speaker 9: he very clearly states Donald Trump had a First Amendment

337
00:16:36,440 --> 00:16:40,120
Speaker 9: right to say the election was stolen, to pursue legal

338
00:16:40,160 --> 00:16:44,120
Speaker 9: recourse on it, and he even says to falsely say

339
00:16:44,320 --> 00:16:46,520
Speaker 9: the election was stolen like I mean, he says, you

340
00:16:46,560 --> 00:16:48,200
Speaker 9: have a first Amendment right to get up and just

341
00:16:48,280 --> 00:16:52,800
Speaker 9: lie if you want to. So the idea that it

342
00:16:52,920 --> 00:16:56,840
Speaker 9: is a defense here just you know, full stop, to

343
00:16:56,880 --> 00:16:59,400
Speaker 9: say he has a first Amendment right to lie about

344
00:16:59,400 --> 00:17:02,600
Speaker 9: the election, regardless of the political implications of saying as

345
00:17:02,680 --> 00:17:06,199
Speaker 9: your defense, but I have the right to lie is

346
00:17:06,200 --> 00:17:12,480
Speaker 9: not a great defense. It's not the issue here. The

347
00:17:12,560 --> 00:17:16,320
Speaker 9: issue is that you are saying something while you're also

348
00:17:16,440 --> 00:17:19,760
Speaker 9: doing something. And he doesn't even get into I mean,

349
00:17:19,960 --> 00:17:23,359
Speaker 9: he left out, I think for sort of clever legal

350
00:17:23,400 --> 00:17:27,600
Speaker 9: reasons the speech before the January sixth attack, which could

351
00:17:27,640 --> 00:17:30,320
Speaker 9: be read by some people as incitement, but would drag

352
00:17:30,359 --> 00:17:33,880
Speaker 9: you even further down into the First Amendment right kind

353
00:17:33,880 --> 00:17:39,560
Speaker 9: of rabbit hole, and instead focuses more on the times

354
00:17:39,560 --> 00:17:43,280
Speaker 9: when he rushured the Vice president to delay, and in fact,

355
00:17:43,680 --> 00:17:47,000
Speaker 9: one of his attorneys, John Eastman, sent an email to

356
00:17:47,440 --> 00:17:51,000
Speaker 9: the Vice president at around midnight on January sixth, after

357
00:17:51,080 --> 00:17:53,560
Speaker 9: the Capitol had been stormed and everyone evacuated and all

358
00:17:53,560 --> 00:17:57,560
Speaker 9: of that, saying, if you wouldn't mind me suggesting just

359
00:17:57,840 --> 00:18:02,120
Speaker 9: one more time, a minor violation of the law. I mean,

360
00:18:02,400 --> 00:18:04,359
Speaker 9: if you're a lawyer and you're writing in an email,

361
00:18:05,760 --> 00:18:09,600
Speaker 9: I'm just suggesting a minor violation of the law that's

362
00:18:09,640 --> 00:18:11,600
Speaker 9: generally not considered smart.

363
00:18:12,600 --> 00:18:15,560
Speaker 3: Well, I guess there's the second part of what we

364
00:18:15,840 --> 00:18:17,840
Speaker 3: think is going to be the defense strategy here, based

365
00:18:17,880 --> 00:18:19,879
Speaker 3: on what we've heard already, is not just about First Amendment,

366
00:18:19,880 --> 00:18:22,280
Speaker 3: but also the intent question. If he was told by

367
00:18:22,320 --> 00:18:24,400
Speaker 3: his attorneys that he did one, and he was acting,

368
00:18:25,080 --> 00:18:28,880
Speaker 3: did win acting under the belief that that was the truth.

369
00:18:29,359 --> 00:18:31,520
Speaker 3: I guess that's kind of the other murky part of this.

370
00:18:31,640 --> 00:18:34,840
Speaker 3: But again, the action that was really.

371
00:18:34,720 --> 00:18:37,160
Speaker 9: The first aminishing, I don't think is a legal strategy.

372
00:18:37,160 --> 00:18:40,320
Speaker 9: I think that is a TV strategy. I don't think

373
00:18:40,359 --> 00:18:44,199
Speaker 9: that they're going to Yeah, I mean, you're not going

374
00:18:44,240 --> 00:18:45,560
Speaker 9: to be able to get up in court and say

375
00:18:45,640 --> 00:18:47,840
Speaker 9: Hillary Clinton did something that's not going to work, And

376
00:18:47,880 --> 00:18:48,840
Speaker 9: you're not going to be able to get up in

377
00:18:48,840 --> 00:18:50,320
Speaker 9: court and say I have a First Amendment right to

378
00:18:50,359 --> 00:18:52,919
Speaker 9: lie when they're going to be like, okay, yes, but

379
00:18:53,080 --> 00:18:55,879
Speaker 9: what we're talking about here is submitting fa fake electors,

380
00:18:56,400 --> 00:18:59,320
Speaker 9: you know, devising a scheme to get around.

381
00:18:59,080 --> 00:19:01,680
Speaker 3: Sorry asking to Countact.

382
00:19:02,240 --> 00:19:04,920
Speaker 9: You know, those all of those actions that he took

383
00:19:05,040 --> 00:19:07,439
Speaker 9: in that including the stuff that he considered but didn't do,

384
00:19:07,560 --> 00:19:10,119
Speaker 9: like sending in the military to seize voting machines. And

385
00:19:10,480 --> 00:19:14,680
Speaker 9: that was also part of John Lauro's defense his attorney,

386
00:19:15,400 --> 00:19:17,240
Speaker 9: his defense attorney. That was some one of the things

387
00:19:17,240 --> 00:19:19,119
Speaker 9: he was raising on TV. It was like, you know,

388
00:19:19,240 --> 00:19:22,480
Speaker 9: he didn't send in the tanks. Again, from a political standpoint,

389
00:19:23,600 --> 00:19:25,640
Speaker 9: I have the right to lie and I didn't call

390
00:19:25,680 --> 00:19:29,320
Speaker 9: in the tanks. Are not good arguments for you. But

391
00:19:29,760 --> 00:19:32,320
Speaker 9: I'd also don't think those are actually the arguments they'll

392
00:19:32,359 --> 00:19:33,080
Speaker 9: be making in court.

393
00:19:33,720 --> 00:19:37,159
Speaker 10: This is election interference at its finest against the leading

394
00:19:37,240 --> 00:19:43,960
Speaker 10: candidate right now for president for either party. President Trump

395
00:19:44,600 --> 00:19:46,400
Speaker 10: is under siege in a way that we have never

396
00:19:46,440 --> 00:19:52,560
Speaker 10: seen before. President Trump and his legal team and everyone

397
00:19:52,600 --> 00:19:54,800
Speaker 10: on his team will continue to fight.

398
00:19:55,040 --> 00:19:58,160
Speaker 2: Elina Habba, the Trump attorney, was out in the street. Actually,

399
00:19:58,160 --> 00:19:59,760
Speaker 2: you were probably about five feet away from where you

400
00:19:59,760 --> 00:20:06,280
Speaker 2: were in front of the courthouse. Kayley, there's your defense, Ryan,

401
00:20:06,320 --> 00:20:13,600
Speaker 2: election interference, first Amendment, and I guess you can lie

402
00:20:13,920 --> 00:20:14,520
Speaker 2: if you want.

403
00:20:14,880 --> 00:20:19,240
Speaker 9: Alina Abbaz also the attorney who, at Trump's request, filed

404
00:20:19,240 --> 00:20:23,760
Speaker 9: a lawsuit against Hillary Clinton the FBI Democratic Party, saying

405
00:20:24,000 --> 00:20:28,000
Speaker 9: that they had interfered with the twenty sixteen election. That

406
00:20:28,520 --> 00:20:30,879
Speaker 9: a lawsuit was not only thrown out, but she and

407
00:20:30,960 --> 00:20:34,480
Speaker 9: Trump were fined nearly one million dollars for filing a

408
00:20:34,480 --> 00:20:39,240
Speaker 9: frivolous lawsuit. So again, like there's law, and there's TV law,

409
00:20:39,400 --> 00:20:41,560
Speaker 9: and this is TV law. I mean, this couldn't be

410
00:20:41,640 --> 00:20:44,480
Speaker 9: more TV law if it was like scripted by Aaron

411
00:20:44,520 --> 00:20:47,159
Speaker 9: Sorkin and had a bunch of attractive people, you know,

412
00:20:48,960 --> 00:20:52,600
Speaker 9: drinking after work or something. It's this is not real law.

413
00:20:52,720 --> 00:20:55,719
Speaker 3: Okay, Well, what about campaign law? Not just for the

414
00:20:55,720 --> 00:20:58,679
Speaker 3: former president who was seeking the Republican nomination, but for

415
00:20:58,720 --> 00:21:00,960
Speaker 3: everyone else who is, because we're seeing kind of a

416
00:21:01,000 --> 00:21:03,240
Speaker 3: little bit more of a bifurcation among like a Mike

417
00:21:03,320 --> 00:21:05,120
Speaker 3: Pence versus a Rondo Santis.

418
00:21:05,600 --> 00:21:09,200
Speaker 9: I mean, Mike Pence is actually selling campaign merchandise right now.

419
00:21:09,200 --> 00:21:10,119
Speaker 9: That says too honest.

420
00:21:10,240 --> 00:21:11,600
Speaker 4: Yeah, he's got a sense of humor there.

421
00:21:11,680 --> 00:21:13,959
Speaker 9: Yeah, I think he's trapped a little bit on this

422
00:21:14,040 --> 00:21:16,960
Speaker 9: because he would really clearly rather talk about like boring

423
00:21:17,000 --> 00:21:19,439
Speaker 9: policy things that he loves to talk about, and he

424
00:21:19,520 --> 00:21:21,560
Speaker 9: keeps getting dragged into this and it's almost the only

425
00:21:21,600 --> 00:21:24,720
Speaker 9: way that he makes news when he's as a candidate,

426
00:21:25,600 --> 00:21:28,560
Speaker 9: and it's clearly the thing he would really most want

427
00:21:28,600 --> 00:21:30,560
Speaker 9: to move on from. I think the tact that they're

428
00:21:30,560 --> 00:21:32,200
Speaker 9: selling the merch is a sign that they're sort of

429
00:21:32,240 --> 00:21:34,199
Speaker 9: embracing it a little bit to try to get on

430
00:21:34,240 --> 00:21:36,080
Speaker 9: the debate stage. But I don't think it's helping him.

431
00:21:36,119 --> 00:21:37,760
Speaker 9: I don't think it's really helping any of the folks

432
00:21:37,800 --> 00:21:40,080
Speaker 9: who are trying to use it to bash Trump because

433
00:21:40,119 --> 00:21:43,840
Speaker 9: too many Republicans agree that the election was stolen and

434
00:21:43,920 --> 00:21:46,840
Speaker 9: that doesn't That just makes it really hard. I mean,

435
00:21:46,840 --> 00:21:49,160
Speaker 9: if you really thought the election was stolen, then why

436
00:21:49,200 --> 00:21:50,840
Speaker 9: not try to steal it back? Kind of, you know,

437
00:21:50,960 --> 00:21:54,120
Speaker 9: I mean it's not a good legal argument, but from

438
00:21:54,160 --> 00:21:58,160
Speaker 9: a political standpoint, I think it's hard to come out

439
00:21:58,200 --> 00:22:01,000
Speaker 9: really hard against Trump on this issue.

440
00:22:01,119 --> 00:22:04,879
Speaker 2: Mike Pens got Rudy Giuliani really angry. You that this

441
00:22:05,000 --> 00:22:09,520
Speaker 2: is the whole crackpot lawyer thing he's talking about in Indiana. Like,

442
00:22:09,560 --> 00:22:11,280
Speaker 2: they didn't ask me if it was not a pause.

443
00:22:11,320 --> 00:22:13,800
Speaker 2: They wanted me to kill the certification.

444
00:22:13,920 --> 00:22:15,680
Speaker 1: It wasn't just that they asked for a pause.

445
00:22:16,720 --> 00:22:21,920
Speaker 10: The president specifically asked me, and his gaggle of crackpot

446
00:22:22,080 --> 00:22:26,120
Speaker 10: lawyers asked me to literally reject votes, essentially to overturn

447
00:22:26,160 --> 00:22:26,600
Speaker 10: the election.

448
00:22:26,880 --> 00:22:30,080
Speaker 2: Well, Rudy Giuliani was really offended by that remark.

449
00:22:30,520 --> 00:22:33,560
Speaker 9: Rudy Giuliani has had his law license suspended in New York,

450
00:22:33,600 --> 00:22:37,840
Speaker 9: that's correct. How did three judge panel recommend Newsmas after that?

451
00:22:37,880 --> 00:22:39,560
Speaker 11: What did Penn say? I don't think he's ever been

452
00:22:39,600 --> 00:22:41,600
Speaker 11: in the courtroom, and he went to a law school.

453
00:22:41,640 --> 00:22:46,600
Speaker 11: Nobody even knows. I mean, that guy, that guy, I mean,

454
00:22:46,680 --> 00:22:50,440
Speaker 11: I thought before this all happened, he was a really

455
00:22:50,440 --> 00:22:53,600
Speaker 11: good guy. But two weeks to be President. I always

456
00:22:53,640 --> 00:22:56,640
Speaker 11: worried about him following Trump because I would see him

457
00:22:56,640 --> 00:23:00,159
Speaker 11: with his wife having something around his neck every night,

458
00:23:00,359 --> 00:23:03,440
Speaker 11: and she doesn't let him go to them go to

459
00:23:03,480 --> 00:23:05,200
Speaker 11: the bathroom by himself. That's about it.

460
00:23:06,080 --> 00:23:09,360
Speaker 2: But imagine that skunk doing what he did today, Thomas Skunk.

461
00:23:10,359 --> 00:23:12,840
Speaker 9: You know, the thing is is that crack Fall Lawyers

462
00:23:12,880 --> 00:23:15,320
Speaker 9: is actually not totally accurate because some of these lawyers

463
00:23:15,359 --> 00:23:20,280
Speaker 9: who represented Trump on these issues that probably applies to them.

464
00:23:20,640 --> 00:23:22,160
Speaker 9: You know, some of his lawyers are a little bit

465
00:23:22,280 --> 00:23:25,720
Speaker 9: outside of the mainstream. But like John Eastman, who I

466
00:23:25,760 --> 00:23:28,920
Speaker 9: just mentioned sent that email means a sterling resume work

467
00:23:29,000 --> 00:23:32,600
Speaker 9: for Kirkland and Alice. He was a Supreme Court clerk.

468
00:23:33,160 --> 00:23:36,400
Speaker 9: He was, you know, white shoe lawyer. We taught constitutional

469
00:23:36,520 --> 00:23:39,400
Speaker 9: law at Chapman University. I mean that just.

470
00:23:39,320 --> 00:23:41,440
Speaker 2: Thinking Rudy Sidney Powell, maybe some.

471
00:23:41,400 --> 00:23:41,840
Speaker 1: Of the other.

472
00:23:44,280 --> 00:23:48,119
Speaker 9: Prosecutor. I mean, some of these folks started out as

473
00:23:48,160 --> 00:23:51,520
Speaker 9: like really traditional lawyers and in the course of of

474
00:23:51,760 --> 00:23:56,040
Speaker 9: representing Trump, like really took a weird path to where

475
00:23:56,040 --> 00:23:59,680
Speaker 9: they are and they're being suspended or disbarred or named

476
00:23:59,680 --> 00:24:03,160
Speaker 9: as and then five of the six people are who

477
00:24:03,160 --> 00:24:06,920
Speaker 9: are unindicted co conspirators on this case with Trump are lawyers.

478
00:24:06,480 --> 00:24:08,000
Speaker 2: Something You're gonna come in here when we talk about

479
00:24:08,040 --> 00:24:10,000
Speaker 2: who the sixth is. We didn't even have time to

480
00:24:10,000 --> 00:24:11,800
Speaker 2: talk about your column. I feel like I failed. You

481
00:24:12,480 --> 00:24:16,120
Speaker 2: read it on the terminal about Donald Trump's influence here

482
00:24:16,160 --> 00:24:18,680
Speaker 2: when it comes to economic ideas, it's not as clear

483
00:24:18,720 --> 00:24:21,720
Speaker 2: as is leading the Poll's great to see Ryan. We

484
00:24:21,760 --> 00:24:22,879
Speaker 2: always love talking to Ryan.

485
00:24:22,800 --> 00:24:25,000
Speaker 3: Teat back with we do too much that we needed

486
00:24:25,000 --> 00:24:28,600
Speaker 3: more time. We talk about Ryan's seg paying back for this.

487
00:24:29,600 --> 00:24:33,120
Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us

488
00:24:33,160 --> 00:24:36,320
Speaker 1: Live weekdays at one Eastern on Bloomberg dot com, the

489
00:24:36,400 --> 00:24:39,480
Speaker 1: iHeartRadio app, and the Bloomberg Business app, or listen on

490
00:24:39,560 --> 00:24:41,680
Speaker 1: demand wherever you get your podcasts.

491
00:24:42,560 --> 00:24:45,719
Speaker 2: It's a wild story that only Tony Capassio would come

492
00:24:45,840 --> 00:24:48,560
Speaker 2: up with. The headline on the terminal US trains forces

493
00:24:48,560 --> 00:24:53,119
Speaker 2: to possibly board merchant ships near Iran Kayley lines. Is

494
00:24:53,160 --> 00:24:55,560
Speaker 2: like the start of an action movie. Here we're talking

495
00:24:55,600 --> 00:24:59,520
Speaker 2: about navy sailors and marines. Imagine them being dropped on

496
00:24:59,600 --> 00:25:03,120
Speaker 2: merchant ships in the Strait of Foemus to fend off

497
00:25:03,119 --> 00:25:03,920
Speaker 2: the Iranians.

498
00:25:04,240 --> 00:25:08,960
Speaker 3: Yeah, because we have seen pretty significant activity in this

499
00:25:09,080 --> 00:25:13,440
Speaker 3: area of Iran targeting vessels that aren't necessarily military vessels

500
00:25:13,440 --> 00:25:15,800
Speaker 3: but still are of consequence of It's something like an

501
00:25:15,800 --> 00:25:16,920
Speaker 3: oil tanker, for example.

502
00:25:17,040 --> 00:25:21,280
Speaker 2: Brigadier General pat Ryders, Pentagon spokesman, talked about this after

503
00:25:21,359 --> 00:25:25,199
Speaker 2: Iran attempted to seize two oil tankers in the Gulf

504
00:25:25,280 --> 00:25:25,840
Speaker 2: of Oman.

505
00:25:25,920 --> 00:25:27,000
Speaker 4: This is the beginning of July.

506
00:25:27,240 --> 00:25:30,920
Speaker 12: Both of these incidents occurred in international waters and represent

507
00:25:30,960 --> 00:25:34,520
Speaker 12: a pattern of behavior by the Iranians. Since twenty twenty one.

508
00:25:34,600 --> 00:25:39,440
Speaker 12: Iran has harassed, attacked, or seized nearly twenty internationally flagged

509
00:25:39,480 --> 00:25:43,760
Speaker 12: merchant vessels, presenting a clear threat to regional maritime security

510
00:25:43,800 --> 00:25:44,920
Speaker 12: and the global economy.

511
00:25:45,040 --> 00:25:48,080
Speaker 2: All right, so, Tony, who's could join us one minute? Here,

512
00:25:48,200 --> 00:25:53,480
Speaker 2: writes envision a world armed twenty member teams of sailors

513
00:25:53,480 --> 00:25:56,520
Speaker 2: and marines from the twenty six Marine Expeditionary Unit in

514
00:25:56,560 --> 00:26:00,600
Speaker 2: the region, boarding vessels if requested, and remaining during the

515
00:26:00,720 --> 00:26:03,639
Speaker 2: transit of high risk areas in and through the Strait.

516
00:26:03,920 --> 00:26:07,080
Speaker 3: So they're like specially trained escorts essentially.

517
00:26:06,920 --> 00:26:09,520
Speaker 2: I guess true, yes, And so you know when they

518
00:26:09,560 --> 00:26:12,320
Speaker 2: come after Tom Hanks, these guys are on board to

519
00:26:12,400 --> 00:26:15,120
Speaker 2: keep the Tony's with us now he came over from

520
00:26:15,160 --> 00:26:15,640
Speaker 2: the Pentagon.

521
00:26:15,680 --> 00:26:16,360
Speaker 4: I love you for it.

522
00:26:17,160 --> 00:26:20,040
Speaker 2: This is your story. When are they going to drop

523
00:26:20,040 --> 00:26:21,359
Speaker 2: these guys on the boats?

524
00:26:21,440 --> 00:26:24,240
Speaker 13: Okay, so you're you're talking about Captain Phillips in the movie.

525
00:26:24,240 --> 00:26:26,680
Speaker 13: Those are Navy seals. This is not navy. No, I'm

526
00:26:26,680 --> 00:26:30,120
Speaker 13: not right, of course, and they wouldn't be fast. You're

527
00:26:30,160 --> 00:26:35,080
Speaker 13: being too flip. If if commercial companies request, and this

528
00:26:35,119 --> 00:26:37,440
Speaker 13: is still hasn't happened yet. I checked a couple hours ago,

529
00:26:37,480 --> 00:26:40,160
Speaker 13: knowing you were going to grill me on this, they

530
00:26:40,160 --> 00:26:43,000
Speaker 13: would be they would come in port. They would be

531
00:26:43,280 --> 00:26:48,040
Speaker 13: in port, or they would be gently raft over small

532
00:26:48,040 --> 00:26:51,400
Speaker 13: boated over and boarded near the straight. But I think

533
00:26:51,400 --> 00:26:55,200
Speaker 13: they would be boarded in a Kuwait port or.

534
00:26:55,119 --> 00:26:55,520
Speaker 7: Something like that.

535
00:26:55,640 --> 00:26:59,320
Speaker 13: Come down. This is still they're still training, by the

536
00:26:59,359 --> 00:27:01,920
Speaker 13: way I checked them. This nobody's asked yet. So the

537
00:27:01,960 --> 00:27:05,040
Speaker 13: interesting question is going to be, well the US announce

538
00:27:05,760 --> 00:27:09,040
Speaker 13: when a company says we'd like a team on board,

539
00:27:09,400 --> 00:27:12,320
Speaker 13: or will they be just covertly put on. I'm thinking

540
00:27:12,359 --> 00:27:14,720
Speaker 13: they're going to announce it because there's no terms. If

541
00:27:14,760 --> 00:27:15,639
Speaker 13: you really don't know what's going to.

542
00:27:15,640 --> 00:27:17,720
Speaker 3: Happen, I was gonna say I would I would imagine,

543
00:27:17,880 --> 00:27:21,159
Speaker 3: imagine it renders the whole exercise less effective if iron

544
00:27:21,200 --> 00:27:24,480
Speaker 3: doesn't know that there's a military presence on board the vessels, right,

545
00:27:24,560 --> 00:27:26,760
Speaker 3: and then that risks escalation if they don't know it.

546
00:27:26,880 --> 00:27:29,040
Speaker 13: So what they do know now is that this the

547
00:27:29,080 --> 00:27:33,400
Speaker 13: Persian Gulf is being dotted with airplanes of different types

548
00:27:33,720 --> 00:27:36,440
Speaker 13: as we speak. There's there are the P eight maritime

549
00:27:36,520 --> 00:27:39,360
Speaker 13: patrol vessels that are really good. They can pick pinpoint

550
00:27:39,400 --> 00:27:42,119
Speaker 13: the name of a vessel with their sensors. There's the

551
00:27:42,160 --> 00:27:45,000
Speaker 13: A ten ward Hog that everybody wants the Air Force

552
00:27:45,040 --> 00:27:48,439
Speaker 13: wants to retire, but that's down there. It's capable of

553
00:27:48,480 --> 00:27:51,080
Speaker 13: slooping down in a machine gunning the heck out of

554
00:27:51,600 --> 00:27:53,520
Speaker 13: a small boat that would do it. Then there's F

555
00:27:53,600 --> 00:27:56,639
Speaker 13: thirty five's which are able to collect images and pass

556
00:27:56,680 --> 00:27:59,760
Speaker 13: them off to the other airplanes. So these teams, I'm

557
00:27:59,760 --> 00:28:03,000
Speaker 13: told our training, not only do operate with the airplanes

558
00:28:03,200 --> 00:28:06,199
Speaker 13: but also destroyers and coastguard cutters in the region. So

559
00:28:06,240 --> 00:28:09,119
Speaker 13: they have a three hundred and sixty degree picture of

560
00:28:09,240 --> 00:28:11,520
Speaker 13: threats around any vessel who wants them on board.

561
00:28:11,720 --> 00:28:14,280
Speaker 2: If this turns into like a real skirmish though, I mean,

562
00:28:15,160 --> 00:28:16,600
Speaker 2: is there a concern about escalation.

563
00:28:16,880 --> 00:28:20,040
Speaker 13: There's always a concern about escalation. The Tanker War the

564
00:28:20,040 --> 00:28:23,399
Speaker 13: mid eighties, the US didn't put people on board on

565
00:28:23,440 --> 00:28:27,280
Speaker 13: commercial vessels, but we had special operations helicopters to attack

566
00:28:27,400 --> 00:28:31,000
Speaker 13: in a very famous episode, an Iranian vessel and also

567
00:28:31,040 --> 00:28:34,160
Speaker 13: an Iranian oil rig platform that was being used as

568
00:28:34,240 --> 00:28:38,560
Speaker 13: a headquarters for boats going after and firing on commercial vessels.

569
00:28:39,160 --> 00:28:41,960
Speaker 3: Okay, so this would be a hypothetical scenario in which

570
00:28:41,960 --> 00:28:43,920
Speaker 3: the US would put boots on the ground, or at

571
00:28:43,960 --> 00:28:48,080
Speaker 3: least boots on board. We're obviously not doing that in Ukraine.

572
00:28:48,120 --> 00:28:50,640
Speaker 3: What we've done with Ukraine instead is give them a

573
00:28:50,640 --> 00:28:54,520
Speaker 3: lot of weapons and in the process deplete the US's

574
00:28:54,560 --> 00:28:57,600
Speaker 3: own stockpile. And you also are writing about the replenishing

575
00:28:57,720 --> 00:29:00,960
Speaker 3: of that stockpile and what companies are betting benefiting from it.

576
00:29:01,800 --> 00:29:05,360
Speaker 13: So the interesting thing is the Pentagon this week changed

577
00:29:05,360 --> 00:29:08,360
Speaker 13: the method They changed a methodology by which they account

578
00:29:08,360 --> 00:29:10,800
Speaker 13: for this stuff. It's buried on their website, so it's

579
00:29:10,800 --> 00:29:13,120
Speaker 13: not like something that just pops out, but they changed

580
00:29:13,120 --> 00:29:16,520
Speaker 13: it to what's actually on contract to a company, not

581
00:29:16,760 --> 00:29:20,480
Speaker 13: what the contract, what the ceiling would be. Up until

582
00:29:20,760 --> 00:29:23,600
Speaker 13: mid May, they had these large figures that were the ceiling,

583
00:29:24,000 --> 00:29:26,920
Speaker 13: and then they quietly changed it like a month two

584
00:29:26,920 --> 00:29:29,360
Speaker 13: weeks ago, basically two three weeks ago, to just what

585
00:29:29,440 --> 00:29:32,880
Speaker 13: the companies obligated to receive in the near future. I

586
00:29:32,920 --> 00:29:35,960
Speaker 13: only picked up on this. I compared the sheets from

587
00:29:35,960 --> 00:29:38,160
Speaker 13: May with the July sheets, and I noticed the difference

588
00:29:39,720 --> 00:29:41,560
Speaker 13: came from Yeah, I picked up. I did a match

589
00:29:41,560 --> 00:29:43,800
Speaker 13: and I asked him, is this part of that six

590
00:29:43,880 --> 00:29:47,840
Speaker 13: billion dollars of mis evaluated dollars? And they said, no,

591
00:29:47,920 --> 00:29:50,800
Speaker 13: this is a better way to describe it. It's obligated

592
00:29:50,840 --> 00:29:54,560
Speaker 13: dollars versus the two go or the not to exceed

593
00:29:54,560 --> 00:29:57,720
Speaker 13: amount of a contract. But that's where we So Locket's

594
00:29:57,720 --> 00:29:59,240
Speaker 13: got about another four billion dollars.

595
00:29:59,320 --> 00:30:01,440
Speaker 2: First headline people have been asking forever, when are we

596
00:30:01,520 --> 00:30:04,920
Speaker 2: going to start refilling? Yeah, the stockpiles, and you actually

597
00:30:04,920 --> 00:30:08,000
Speaker 2: have the story. So two point three billion dollars of

598
00:30:08,040 --> 00:30:10,320
Speaker 2: a potential six billion, So they've I guess, got a

599
00:30:10,320 --> 00:30:10,920
Speaker 2: long way to go.

600
00:30:11,000 --> 00:30:12,360
Speaker 13: Yeah, they've had a long way to go. Most of

601
00:30:12,440 --> 00:30:16,560
Speaker 13: it is these gimbler guided MLRS rockets that have been

602
00:30:16,600 --> 00:30:19,880
Speaker 13: used with a lot of precision by the Ukrainians. That's

603
00:30:19,920 --> 00:30:21,880
Speaker 13: not all going for resupply it's going to be part

604
00:30:21,880 --> 00:30:24,600
Speaker 13: of its for research and development and improved missiles. But

605
00:30:25,280 --> 00:30:30,320
Speaker 13: that's the two go to be obligated and Bloombergeese obligated

606
00:30:30,360 --> 00:30:34,040
Speaker 13: then dispersed. Now, they also acknowledged the big mistake to

607
00:30:34,080 --> 00:30:36,480
Speaker 13: me too. They had the Originally they had the not

608
00:30:36,600 --> 00:30:39,320
Speaker 13: to exceed value of these rockets to locky six point

609
00:30:39,320 --> 00:30:41,320
Speaker 13: two billion. So they came back and said, no, it's

610
00:30:41,320 --> 00:30:44,160
Speaker 13: only really five point two billion. That's not in the sheet.

611
00:30:44,160 --> 00:30:45,800
Speaker 13: They just acknowledged that to me as part of my

612
00:30:46,200 --> 00:30:47,520
Speaker 13: pulling the information out of them.

613
00:30:47,920 --> 00:30:51,600
Speaker 3: Okay, so redoing some of the numbers here. How much

614
00:30:51,600 --> 00:30:55,640
Speaker 3: of this is directly related to the depleted stockpiles that

615
00:30:55,680 --> 00:30:58,440
Speaker 3: need to be replenished or is this otherwise you know

616
00:30:58,480 --> 00:31:00,680
Speaker 3: money lockyed or other companies would got either way.

617
00:31:00,880 --> 00:31:02,600
Speaker 13: No, no, I think most they wouldn't give me a

618
00:31:02,600 --> 00:31:04,400
Speaker 13: breakdown on that. But they wanted me to put those

619
00:31:04,440 --> 00:31:06,959
Speaker 13: caveats in there. I'm pretty sure most of this is

620
00:31:07,240 --> 00:31:11,360
Speaker 13: to replace the rockets, but they complained they wanted they

621
00:31:11,360 --> 00:31:13,160
Speaker 13: wanted us to put the caveats in. They're swoop with

622
00:31:13,200 --> 00:31:13,720
Speaker 13: the caveats.

623
00:31:14,200 --> 00:31:15,560
Speaker 3: This is how a story comes together.

624
00:31:15,600 --> 00:31:18,800
Speaker 2: It's just like this has been a play. Yeah, imagine

625
00:31:18,840 --> 00:31:21,920
Speaker 2: working the pedagon. Talk about how do you get information

626
00:31:21,960 --> 00:31:24,840
Speaker 2: out of the pentagon. So we're talking about Lockheed RTX

627
00:31:24,880 --> 00:31:26,920
Speaker 2: what used to be raytheon a lot of money. I

628
00:31:26,920 --> 00:31:29,680
Speaker 2: guess that still to be made. You got to do

629
00:31:29,760 --> 00:31:32,960
Speaker 2: this more often now that we've nobody got hurt. I

630
00:31:33,000 --> 00:31:36,920
Speaker 2: hope we talked about your great reporting, Tony Capasio. It's

631
00:31:36,960 --> 00:31:38,520
Speaker 2: going to be a regular thing on predicting.

632
00:31:38,600 --> 00:31:40,680
Speaker 3: And now I have a new idea for Tom Hanks movie.

633
00:31:40,880 --> 00:31:47,440
Speaker 4: See that exactly they were seals. Yeah s remember that.

634
00:31:47,640 --> 00:31:48,840
Speaker 4: Find him on the terminal.

635
00:31:48,880 --> 00:31:50,560
Speaker 2: He's the best we got and he's the best at

636
00:31:50,600 --> 00:31:53,880
Speaker 2: the Pentagon Tony Capassio. I'm Joe Matthew with Katie Lyons,

637
00:31:54,440 --> 00:31:56,000
Speaker 2: and this is Bloomberg.

638
00:31:56,840 --> 00:32:00,280
Speaker 1: If you're listening to the Bloomberg Sound on podcast, catch

639
00:32:00,360 --> 00:32:04,080
Speaker 1: the program live weekdays at one Eastern on Bloomberg Radio,

640
00:32:04,240 --> 00:32:07,000
Speaker 1: the tune in app, Bloomberg dot Com, and the Bloomberg

641
00:32:07,040 --> 00:32:10,320
Speaker 1: Business App. You can also listen live on Amazon Alexa

642
00:32:10,360 --> 00:32:13,800
Speaker 1: from our flagship New York station, Just Say Alexa played

643
00:32:13,880 --> 00:32:15,200
Speaker 1: Bloomberg eleven thirty.

644
00:32:16,600 --> 00:32:17,880
Speaker 4: The Dark Roast.

645
00:32:17,640 --> 00:32:20,080
Speaker 2: Mug is really taking on a life of its own. Yeah,

646
00:32:20,160 --> 00:32:24,440
Speaker 2: introduced to our listeners to this yesterday, that would be the.

647
00:32:23,760 --> 00:32:27,600
Speaker 4: Dark Brandon mug. Pretty remarkable thing.

648
00:32:27,720 --> 00:32:30,040
Speaker 2: This is the day Donald Trump has been found to

649
00:32:30,080 --> 00:32:35,080
Speaker 2: be arranged third time four months. Joe Biden's playing Dark

650
00:32:35,120 --> 00:32:35,920
Speaker 2: Brandon on Twitter.

651
00:32:36,080 --> 00:32:39,200
Speaker 3: Well, I have to say, at Trump's arraignment yesterday, a

652
00:32:39,200 --> 00:32:42,080
Speaker 3: lot of the Trump supporters were wearing Let's Go Brandon hats,

653
00:32:43,000 --> 00:32:45,040
Speaker 3: so he's just leaning in on the other side.

654
00:32:45,200 --> 00:32:47,240
Speaker 2: And this is the online meme if you're not familiar

655
00:32:47,240 --> 00:32:49,160
Speaker 2: with Dark brand, And they took the Let's Go brand

656
00:32:49,200 --> 00:32:50,800
Speaker 2: and they tried to flip it around to their favor

657
00:32:50,840 --> 00:32:53,680
Speaker 2: and this is like the sort of you know, conniving

658
00:32:53,760 --> 00:32:57,680
Speaker 2: machiavellian Joe Biden and he has laser eyes and in

659
00:32:57,720 --> 00:33:00,360
Speaker 2: this case he's got this real quick video, got the

660
00:33:00,440 --> 00:33:04,280
Speaker 2: Dark branded mug, stakes a big swig and says I

661
00:33:04,400 --> 00:33:05,360
Speaker 2: like my coffee Dark.

662
00:33:05,760 --> 00:33:06,000
Speaker 4: Yes.

663
00:33:07,440 --> 00:33:10,280
Speaker 2: So Axios did's some reporting on this. Apparently they're they're

664
00:33:10,320 --> 00:33:12,760
Speaker 2: making a lot of money on Dark Brandon. Yeah, it's

665
00:33:12,760 --> 00:33:13,720
Speaker 2: not just the mug either.

666
00:33:14,000 --> 00:33:17,320
Speaker 3: Merch sales are apparently where it's at. More than fifty

667
00:33:17,360 --> 00:33:21,400
Speaker 3: percent of Biden's campaign merch store sales total revenue is

668
00:33:21,400 --> 00:33:25,480
Speaker 3: coming from Brandon themed products. About forty four percent of

669
00:33:25,520 --> 00:33:28,840
Speaker 3: all store orders are these products, and they've driven nearly

670
00:33:28,920 --> 00:33:31,479
Speaker 3: seventy six percent of all clicks onto the website.

671
00:33:31,480 --> 00:33:34,200
Speaker 4: According to so most of the stuff they're selling.

672
00:33:35,760 --> 00:33:38,720
Speaker 2: Is dark Brandon. Yeah, it says you know Biden twenty

673
00:33:38,720 --> 00:33:41,040
Speaker 2: twenty four. It's got the laser eyes on it. Have

674
00:33:41,160 --> 00:33:42,320
Speaker 2: you looked at some of They've got a lot of

675
00:33:42,320 --> 00:33:42,880
Speaker 2: different stuff.

676
00:33:42,960 --> 00:33:48,080
Speaker 3: They got a dark T shirt, crop top that's baseball caps.

677
00:33:47,880 --> 00:33:50,600
Speaker 4: Got you written all over that baseball cap.

678
00:33:51,400 --> 00:33:54,160
Speaker 2: They have raised. This is the this is the amazing part.

679
00:33:54,200 --> 00:33:56,600
Speaker 2: Ten point two million dollars from small donors during the

680
00:33:56,640 --> 00:34:01,840
Speaker 2: last quarter half of Barack Obama's twenty one million dollar

681
00:34:01,960 --> 00:34:04,400
Speaker 2: haul during the same period and twenty eleven, they're gonna

682
00:34:04,400 --> 00:34:06,200
Speaker 2: have to make more dark Brandon.

683
00:34:07,000 --> 00:34:08,560
Speaker 4: Maybe a magnetic key chain.

684
00:34:08,760 --> 00:34:10,359
Speaker 2: Yeah, there's a bunch where if you go on the list.

685
00:34:11,640 --> 00:34:15,040
Speaker 2: I'm not sure about that on your tesla.

686
00:34:15,400 --> 00:34:16,359
Speaker 3: I don't know, I don't know.

687
00:34:16,600 --> 00:34:18,759
Speaker 2: It was like the lifeblood of radio stations for so

688
00:34:18,880 --> 00:34:24,920
Speaker 2: many years. Thanks for listening to the Sound on podcast.

689
00:34:25,040 --> 00:34:27,480
Speaker 2: Make sure to subscribe if you haven't already, at Apple,

690
00:34:27,600 --> 00:34:30,480
Speaker 2: Spotify and anywhere else you get your podcasts, and you

691
00:34:30,480 --> 00:34:33,520
Speaker 2: can find us live every weekday from Washington, DC at

692
00:34:33,520 --> 00:34:38,120
Speaker 2: one pm Eastern Time at bloomberg dot Com