1 00:00:01,720 --> 00:00:06,240 Speaker 1: Now from our nation's capital. This is Bloomberg's sound on. 2 00:00:06,960 --> 00:00:09,520 Speaker 1: I love it when a plan comes together. And ever 3 00:00:09,680 --> 00:00:13,200 Speaker 1: since they got past transitory, the Fed's plan has sort 4 00:00:13,240 --> 00:00:15,120 Speaker 1: of come together. It takes time for it to flow 5 00:00:15,160 --> 00:00:16,960 Speaker 1: through to the county. And when I say that, really 6 00:00:16,960 --> 00:00:19,560 Speaker 1: the job market that takes time. We're committed to using 7 00:00:19,560 --> 00:00:23,200 Speaker 1: our tools to put inflation on a sustainable toward trajectory. 8 00:00:23,239 --> 00:00:27,600 Speaker 1: The tuber Sloomberg sound on politics, policy and perspective from 9 00:00:27,720 --> 00:00:31,360 Speaker 1: DC's top names based on their temperament and commitment to 10 00:00:31,400 --> 00:00:35,920 Speaker 1: being productive members of society. I hear by pardon, I 11 00:00:36,000 --> 00:00:41,320 Speaker 1: hear by car Yes, I hear by pardon chocolate that 12 00:00:41,520 --> 00:00:46,160 Speaker 1: Chip Floomberg Sound On with Joe Matthew on Bloomberg Radio. 13 00:00:47,360 --> 00:00:50,640 Speaker 1: So fifty basis points, it shall be welcome to the 14 00:00:50,680 --> 00:00:53,559 Speaker 1: fastest hour in politics. With a final helping of economic 15 00:00:53,640 --> 00:00:56,920 Speaker 1: data before Thanksgiving and minutes from the last FED meeting 16 00:00:57,120 --> 00:01:00,840 Speaker 1: that points a moderation, we'll speak with Bloomberg Economics editor 17 00:01:00,880 --> 00:01:03,840 Speaker 1: Michael McKee about the fight against inflation and what it 18 00:01:03,880 --> 00:01:07,320 Speaker 1: means for holiday spending. Later countdown of the runoff, with 19 00:01:07,360 --> 00:01:10,200 Speaker 1: more money piling into Georgia, the second woman to accuse 20 00:01:10,240 --> 00:01:13,640 Speaker 1: herschel Walker of pressuring her into having an abortion comes 21 00:01:13,680 --> 00:01:16,679 Speaker 1: forward with new claims. Well at the latest on the race, 22 00:01:16,800 --> 00:01:20,280 Speaker 1: an analysis from our signature panel Bloomberg Politics contributors Gene 23 00:01:20,319 --> 00:01:23,920 Speaker 1: Chanzano and Rick Davis are here, and later a special 24 00:01:23,959 --> 00:01:27,720 Speaker 1: conversation with Christopher Brown, director of the newly reopened National 25 00:01:27,840 --> 00:01:30,800 Speaker 1: Errand Space Museum in Washington. We had for a more 26 00:01:30,840 --> 00:01:36,200 Speaker 1: expensive Thanksgiving dinner this year. Inflation remains arguably the biggest 27 00:01:36,560 --> 00:01:40,320 Speaker 1: story in America right supported by data out just today, 28 00:01:40,720 --> 00:01:42,440 Speaker 1: and it of course takes on new meaning as we 29 00:01:42,440 --> 00:01:45,240 Speaker 1: had for the holiday season when life is already more expensive, 30 00:01:46,000 --> 00:01:49,080 Speaker 1: and so while backward looking, the FED minutes released today 31 00:01:49,120 --> 00:01:51,680 Speaker 1: were scrutinized for clues in the future policy and whether 32 00:01:51,720 --> 00:01:55,440 Speaker 1: the hikes already made are actually having any impact. And 33 00:01:55,520 --> 00:01:58,640 Speaker 1: joining us to talk about it is Michael McKee, Bloomberg 34 00:01:58,720 --> 00:02:01,840 Speaker 1: Economics editor, who's in town for the FED released today. Michael, 35 00:02:01,840 --> 00:02:05,840 Speaker 1: welcome back, lovely to be here. You quoted this morning 36 00:02:05,840 --> 00:02:08,920 Speaker 1: on television. As I'm watching Bloomberg TV, you quoted the 37 00:02:08,919 --> 00:02:12,839 Speaker 1: great John Hannibal Smith of the eight Team. I love 38 00:02:12,880 --> 00:02:16,520 Speaker 1: it when a plan comes together, Yes, and of course 39 00:02:16,919 --> 00:02:21,240 Speaker 1: in this case complete with soundtrack music. The Fed. J. 40 00:02:21,440 --> 00:02:24,440 Speaker 1: Powell loves it when a plan comes together. What are 41 00:02:24,440 --> 00:02:25,919 Speaker 1: you reading in the tea leaves here or now that 42 00:02:26,000 --> 00:02:27,880 Speaker 1: the minutes are up? Well, they asked me what the 43 00:02:27,919 --> 00:02:31,000 Speaker 1: Fed is thankful for this Thanksgiving, and it's that their 44 00:02:31,040 --> 00:02:34,839 Speaker 1: plan is coming together. They've been raising great significantly and 45 00:02:35,040 --> 00:02:39,160 Speaker 1: inflation has started to come down, Unemployment has barely moved, 46 00:02:39,520 --> 00:02:42,040 Speaker 1: and growth in the fourth quarter is picking up. The 47 00:02:42,080 --> 00:02:46,000 Speaker 1: Atlanta Fed GDP now has US at a four point 48 00:02:46,120 --> 00:02:49,200 Speaker 1: three percent, which is more than double what you would 49 00:02:49,240 --> 00:02:53,040 Speaker 1: think would be UH the trend. So it all looks 50 00:02:53,080 --> 00:02:57,480 Speaker 1: good at this point in time. I don't want to 51 00:02:57,520 --> 00:03:01,600 Speaker 1: say it's gonna last, but if you're J. Pow, you 52 00:03:01,639 --> 00:03:04,320 Speaker 1: know you've got something to be thankful for. UH fifty 53 00:03:04,320 --> 00:03:07,320 Speaker 1: basis points. We're done with the jumbo hikes. That's that's 54 00:03:07,320 --> 00:03:09,960 Speaker 1: one part of that was the conclusion in the minutes, 55 00:03:10,000 --> 00:03:12,919 Speaker 1: and they were very UH strong on that. They said 56 00:03:13,240 --> 00:03:16,919 Speaker 1: almost all UH participants agreed that it was time to 57 00:03:17,040 --> 00:03:21,120 Speaker 1: slow UM the pace of rate increases. They didn't put 58 00:03:21,120 --> 00:03:24,560 Speaker 1: a number on it, but we've heard from them sits 59 00:03:24,560 --> 00:03:29,519 Speaker 1: that they're talking fifty, so I would expect that fifty 60 00:03:29,520 --> 00:03:31,720 Speaker 1: basis points and then is there any potential for a 61 00:03:31,760 --> 00:03:34,640 Speaker 1: slowdown next year if people start talking more about the 62 00:03:34,720 --> 00:03:38,680 Speaker 1: lags and the possible recession. They did talk about one 63 00:03:38,680 --> 00:03:40,800 Speaker 1: of the reasons they wanted to slow things down was 64 00:03:40,840 --> 00:03:43,920 Speaker 1: the lags. They don't know exactly when the full force 65 00:03:43,960 --> 00:03:45,680 Speaker 1: of the tightening is going to hit the economy and 66 00:03:45,880 --> 00:03:48,400 Speaker 1: how fast it's going to bring down inflation, and so 67 00:03:48,440 --> 00:03:50,840 Speaker 1: if they move more slowly, they have more time to 68 00:03:51,360 --> 00:03:54,560 Speaker 1: take a look around see what's happening in the economy 69 00:03:54,600 --> 00:03:57,200 Speaker 1: instead of raising continue to raise rates at like a 70 00:03:57,800 --> 00:04:01,839 Speaker 1: basis point uh pace and having that end up being 71 00:04:02,080 --> 00:04:05,960 Speaker 1: too fast and going too far. Well, so, speaking of 72 00:04:06,160 --> 00:04:07,880 Speaker 1: I love it when a plan comes together. If you 73 00:04:07,920 --> 00:04:11,040 Speaker 1: look at some of the data out this morning, consumer 74 00:04:11,120 --> 00:04:13,840 Speaker 1: sentiment in particular declines. I guess it was less than expected, 75 00:04:13,880 --> 00:04:15,800 Speaker 1: which is good, but still lower. From the University of 76 00:04:15,840 --> 00:04:21,760 Speaker 1: Michigan of consumers say inflation is eroding their buying power, 77 00:04:22,200 --> 00:04:26,800 Speaker 1: and even higher income consumers we're complaining to researchers here 78 00:04:26,800 --> 00:04:31,360 Speaker 1: in the survey saying that it was lowering their living standards. Yeah, 79 00:04:31,200 --> 00:04:33,800 Speaker 1: I'm surprised that the numbers aren't higher. Well, it was 80 00:04:33,839 --> 00:04:37,200 Speaker 1: the worst. This is the apparently higher income consumers reporting 81 00:04:37,240 --> 00:04:40,840 Speaker 1: worst personal finances than lower income consumers for only the 82 00:04:40,880 --> 00:04:43,000 Speaker 1: second time in the survey's history. Is there a trend 83 00:04:43,000 --> 00:04:45,960 Speaker 1: there that speaks to Uh? What it tells you is 84 00:04:46,279 --> 00:04:49,200 Speaker 1: what the Fed already knows that people really hate inflation. 85 00:04:49,640 --> 00:04:53,120 Speaker 1: It's interesting because you will see with higher unemployment that 86 00:04:53,520 --> 00:04:56,880 Speaker 1: the wealthy don't lose their jobs, and so they're less 87 00:04:56,880 --> 00:05:00,840 Speaker 1: concerned about that. But everybody gets hit by inflation, and 88 00:05:00,880 --> 00:05:04,120 Speaker 1: so it is a major issue, and it can get 89 00:05:04,160 --> 00:05:07,239 Speaker 1: out of control, as we saw in the nineteen seventies 90 00:05:07,240 --> 00:05:09,359 Speaker 1: and eighties. Now there a lot of people who say 91 00:05:09,560 --> 00:05:13,400 Speaker 1: that's not going to happen again, that dynamics have changed 92 00:05:13,440 --> 00:05:17,600 Speaker 1: a lot. But the idea that interest rates may have 93 00:05:17,720 --> 00:05:21,520 Speaker 1: to go higher because people start building inflation into their 94 00:05:21,560 --> 00:05:24,720 Speaker 1: calculations is the bottom line of what the Feds afraid of. 95 00:05:25,080 --> 00:05:27,960 Speaker 1: So the University of Michigan study today also showed that 96 00:05:28,320 --> 00:05:32,360 Speaker 1: people's inflation expectations over five years had come down a 97 00:05:32,360 --> 00:05:36,800 Speaker 1: little bit. Uh and UH the current inflation expectations were 98 00:05:36,839 --> 00:05:39,640 Speaker 1: about the same, So they seem to have that at 99 00:05:39,640 --> 00:05:42,680 Speaker 1: the moment under control. It's incredible when you consider the 100 00:05:42,720 --> 00:05:45,240 Speaker 1: impact that energy prices has have had on this whole 101 00:05:45,240 --> 00:05:48,880 Speaker 1: conversation oil and gas. We're looking at three dollars from 102 00:05:48,920 --> 00:05:51,520 Speaker 1: what I understand, three dollars and fifty seven cent average 103 00:05:51,560 --> 00:05:56,919 Speaker 1: today going into the Thanksgiving travel holiday, which was to 104 00:05:57,080 --> 00:06:01,000 Speaker 1: the penny what we were paying on February five, the 105 00:06:01,080 --> 00:06:04,440 Speaker 1: day after Russia invaded Ukraine. So when you go back 106 00:06:04,480 --> 00:06:07,480 Speaker 1: to the eighth of March, when Joe Biden said this, 107 00:06:07,680 --> 00:06:10,280 Speaker 1: I'm gonna do everything I can to minimize prudence price 108 00:06:10,360 --> 00:06:13,280 Speaker 1: hyke here at home, in coordination with our partners, we've 109 00:06:13,279 --> 00:06:16,760 Speaker 1: already announced that we're releasing sixty million barrels the big 110 00:06:16,800 --> 00:06:20,800 Speaker 1: relief from our jointropr We're right back to where we 111 00:06:20,800 --> 00:06:22,680 Speaker 1: were the day this thing started. So there is no 112 00:06:22,760 --> 00:06:25,640 Speaker 1: more putent price hyke at the moment. There is not 113 00:06:26,560 --> 00:06:31,279 Speaker 1: coming up on December five, European theory stops buying Russian oil. 114 00:06:31,880 --> 00:06:34,200 Speaker 1: Uh in theory, that should have an impact on the price, 115 00:06:34,279 --> 00:06:36,880 Speaker 1: but we don't know exactly what's going to happen. Joe 116 00:06:36,880 --> 00:06:40,839 Speaker 1: Biden gets credit for bringing down gasolene prices because he's 117 00:06:40,880 --> 00:06:45,080 Speaker 1: the president, but it really is more so tell our listens, okay. 118 00:06:45,080 --> 00:06:47,920 Speaker 1: So as opposed to the spr releases, and of course 119 00:06:47,920 --> 00:06:49,719 Speaker 1: we have to refill the spr at some point here. 120 00:06:49,720 --> 00:06:53,640 Speaker 1: These are global economic factors driving the price. Yeah, I mean, 121 00:06:53,720 --> 00:06:59,320 Speaker 1: gasoline is a worldwide commodity, and demand plays as much 122 00:06:59,320 --> 00:07:02,760 Speaker 1: of her role in the price as it does for 123 00:07:02,839 --> 00:07:07,280 Speaker 1: anything else. And demand fell during the COVID crisis, and 124 00:07:07,320 --> 00:07:11,720 Speaker 1: it rose sharply immediately afterwards, which put pressure on refiners. 125 00:07:12,120 --> 00:07:15,520 Speaker 1: UM oil didn't go away, but refiners had less capacity 126 00:07:15,520 --> 00:07:19,040 Speaker 1: because they shut down during the pandemic, and they couldn't 127 00:07:19,080 --> 00:07:21,640 Speaker 1: make as much gasoline out of the oil, and so 128 00:07:22,000 --> 00:07:26,240 Speaker 1: they started running their refineries at higher capacity and bringing 129 00:07:26,280 --> 00:07:30,440 Speaker 1: more gasoline to market. The price that everybody quotes when 130 00:07:30,480 --> 00:07:34,280 Speaker 1: they're talking about oil is a futures price. The traders, 131 00:07:34,880 --> 00:07:40,400 Speaker 1: people who trade contracts for oil, actually, uh, they're betting 132 00:07:40,400 --> 00:07:42,280 Speaker 1: on whether they go up or down. It's not what 133 00:07:42,360 --> 00:07:45,520 Speaker 1: the oil companies are or the refiners are paying. They're 134 00:07:45,560 --> 00:07:47,400 Speaker 1: they're paying less than that. So they're able to bring 135 00:07:47,440 --> 00:07:51,760 Speaker 1: down the price. And there's enough gasoline and oil now 136 00:07:51,800 --> 00:07:53,559 Speaker 1: that people think we can make it through the winter 137 00:07:53,720 --> 00:07:57,760 Speaker 1: at time of less demand for gasoline, and China with 138 00:07:58,080 --> 00:08:02,840 Speaker 1: more COVID problems is demanding less gasoline, so it looks 139 00:08:02,880 --> 00:08:07,120 Speaker 1: like a good bet for until China reopens until China 140 00:08:08,040 --> 00:08:10,440 Speaker 1: different and we'll see what happens then. So we go 141 00:08:10,480 --> 00:08:13,440 Speaker 1: into the new year here, I hope the holidays are lovely. 142 00:08:13,560 --> 00:08:15,880 Speaker 1: We start the new year, and what trends are you 143 00:08:15,960 --> 00:08:19,800 Speaker 1: looking for as potential early indicators for a recessions at 144 00:08:19,800 --> 00:08:22,680 Speaker 1: the housing market. What's the first to drop? Well, the 145 00:08:22,720 --> 00:08:25,120 Speaker 1: housing market and autos are usually the first to drop 146 00:08:25,160 --> 00:08:28,040 Speaker 1: because they're the most interest rate sensitive. The auto market 147 00:08:28,120 --> 00:08:30,680 Speaker 1: has been so disrupted by the pandemic that it's hard 148 00:08:30,720 --> 00:08:32,640 Speaker 1: to get a clean read on that because there were 149 00:08:32,679 --> 00:08:35,920 Speaker 1: no cars available, so of course prices go up there 150 00:08:36,360 --> 00:08:39,640 Speaker 1: and the fact that you have to pay more to 151 00:08:39,800 --> 00:08:42,520 Speaker 1: buy a car became less important than the fact that 152 00:08:42,520 --> 00:08:45,079 Speaker 1: there wasn't a car to buy. Now there's more inventory 153 00:08:45,160 --> 00:08:48,320 Speaker 1: coming on, we'll see that how that impacts people. That's 154 00:08:48,320 --> 00:08:51,400 Speaker 1: going to be somewhat offset by this delayed demand that 155 00:08:51,559 --> 00:08:54,040 Speaker 1: wasn't able to be filled. So you look at the 156 00:08:54,040 --> 00:08:57,960 Speaker 1: housing market and markets work. They worked to clear, and 157 00:08:58,000 --> 00:09:00,320 Speaker 1: we've seen in the last couple of weeks morgan rates 158 00:09:00,360 --> 00:09:02,040 Speaker 1: come down a little, even though the FED has been 159 00:09:02,080 --> 00:09:05,520 Speaker 1: raising rates because they get too high and nobody wants 160 00:09:05,559 --> 00:09:08,280 Speaker 1: to buy house, and the people whose business it is 161 00:09:08,320 --> 00:09:11,120 Speaker 1: to sell house. Are are looking for ways to entice 162 00:09:11,160 --> 00:09:13,280 Speaker 1: people in. But I think what you really want to 163 00:09:13,320 --> 00:09:15,599 Speaker 1: watch is unemployment. That's what the FED is going to 164 00:09:15,679 --> 00:09:20,000 Speaker 1: be watching because if demand is slowing as they think 165 00:09:20,200 --> 00:09:23,280 Speaker 1: it should, then companies aren't going to need as many 166 00:09:23,320 --> 00:09:26,040 Speaker 1: workers to produce as much stuff since we're not buying 167 00:09:26,080 --> 00:09:30,160 Speaker 1: as much, and you may see, uh, the unemployment rates 168 00:09:30,160 --> 00:09:34,439 Speaker 1: start to rise once again. It's confused by the pandemic 169 00:09:34,800 --> 00:09:36,760 Speaker 1: because we had so many people who didn't come back 170 00:09:36,760 --> 00:09:39,000 Speaker 1: into the labor force when the pandemic was over and 171 00:09:39,320 --> 00:09:42,360 Speaker 1: companies started hiring. That we don't know if companies want 172 00:09:42,360 --> 00:09:46,319 Speaker 1: to let people go or not because they had such 173 00:09:46,360 --> 00:09:50,080 Speaker 1: a hard time finding them. So what I'm looking for 174 00:09:50,320 --> 00:09:53,200 Speaker 1: is whatever clues I can find, because it's it's gonna 175 00:09:53,240 --> 00:09:55,760 Speaker 1: be hard to untangle a lot of this stuff and 176 00:09:55,800 --> 00:09:59,840 Speaker 1: figure out where we're going. Absolutely so it's possible possible 177 00:09:59,840 --> 00:10:03,120 Speaker 1: to to beat inflation without destroying the job market. It 178 00:10:03,400 --> 00:10:07,040 Speaker 1: may be true this time that you can, uh, you know, 179 00:10:07,040 --> 00:10:09,240 Speaker 1: you're gonna see the unemployment rate go off a little bit, 180 00:10:09,800 --> 00:10:12,920 Speaker 1: but the FED thinks it's below where it should be anyway, 181 00:10:13,240 --> 00:10:16,679 Speaker 1: So how much damage is really going to be the question. 182 00:10:17,440 --> 00:10:20,520 Speaker 1: Fascinating conversation with apologies to Hannibal. I love it when 183 00:10:20,520 --> 00:10:22,240 Speaker 1: a plan comes to kinda. I hope you have a 184 00:10:22,280 --> 00:10:29,760 Speaker 1: great Thanksgiving. Thank you. J Yeah, the eight team right 185 00:10:29,760 --> 00:10:34,000 Speaker 1: here on Bloomberg Sound On as you would expect, not 186 00:10:34,120 --> 00:10:36,280 Speaker 1: just Mike McKee, but the best panel in the business. 187 00:10:36,280 --> 00:10:38,920 Speaker 1: We're gonna turn this over to Rick Davis and Jennie 188 00:10:39,000 --> 00:10:43,440 Speaker 1: Chantano coming up. And I hope Michael that you have 189 00:10:43,520 --> 00:10:45,959 Speaker 1: a great Thanksgiving. Indeed, thanks for being with us. I'm 190 00:10:46,000 --> 00:10:52,440 Speaker 1: Joe Matthew in Washington. We'll check traffic and markets for 191 00:10:52,480 --> 00:10:54,320 Speaker 1: you on the way, and later this hour we're gonna 192 00:10:54,320 --> 00:10:56,400 Speaker 1: bring it to Georgia to find out what's happening in 193 00:10:56,440 --> 00:10:58,920 Speaker 1: the run off your fresh numbers, the first real poll 194 00:10:59,000 --> 00:11:02,680 Speaker 1: that we have seen in the race between Raphael Warnock 195 00:11:02,880 --> 00:11:09,480 Speaker 1: and Herschel Walker. And later on we'll also have a 196 00:11:09,520 --> 00:11:13,000 Speaker 1: special conversation with Christopher Brown, the Air and Space Museum's 197 00:11:13,000 --> 00:11:16,080 Speaker 1: executive director of former top gun pilot who just unlocked 198 00:11:16,080 --> 00:11:20,600 Speaker 1: the doors, opened the doors after a massive renovation. Stay 199 00:11:20,640 --> 00:11:31,080 Speaker 1: with us. I'm Joe Matthew, This is Bloomberg. This is 200 00:11:31,120 --> 00:11:38,240 Speaker 1: Bloomberg sond On with Joe Matthew, on Bloomberg Radio. So 201 00:11:38,320 --> 00:11:43,480 Speaker 1: how do you feel about Chef boy r D this Thanksgiving? Indeed, 202 00:11:43,720 --> 00:11:45,520 Speaker 1: if you want to know how much it's gonna cost, 203 00:11:45,559 --> 00:11:47,880 Speaker 1: they do the story every year. The Farm Bureau is 204 00:11:48,120 --> 00:11:53,880 Speaker 1: the like the arbiter of Thanksgiving Costs. Thirty seventh annual 205 00:11:54,000 --> 00:11:57,199 Speaker 1: survey by the Farm Bureau giving us a snapshot of 206 00:11:57,240 --> 00:12:01,760 Speaker 1: the average cost of this year's classic Thanksgiving feast for ten. Okay, 207 00:12:01,880 --> 00:12:05,080 Speaker 1: now imagine a world in which these numbers applied to 208 00:12:05,120 --> 00:12:08,920 Speaker 1: your table. But it's all about, uh, the relativity here 209 00:12:09,000 --> 00:12:12,800 Speaker 1: correct feast for ten sixty four dollars and five cents. 210 00:12:13,720 --> 00:12:17,920 Speaker 1: That is increase from last year's average of fifty three 211 00:12:17,920 --> 00:12:22,120 Speaker 1: dollars and one cents. The biggest cost, of course, the turkey. 212 00:12:22,280 --> 00:12:24,880 Speaker 1: That's twenty eight dollars ninety six, they say for a 213 00:12:25,040 --> 00:12:32,160 Speaker 1: sixteen pound bird, up from last year. So expensive that 214 00:12:32,240 --> 00:12:36,200 Speaker 1: Senator Joni Ernst, the Republican senator part of the leadership, 215 00:12:36,320 --> 00:12:39,640 Speaker 1: was compelled to go to the Senate floor with a 216 00:12:39,679 --> 00:12:44,920 Speaker 1: massive prop massive can of Chef boy r D to 217 00:12:45,000 --> 00:12:49,960 Speaker 1: make a point. The chairman of the Democrats Congressional Campaign 218 00:12:50,040 --> 00:12:57,560 Speaker 1: Committee said, families struggling with these rising prices should eat 219 00:12:58,400 --> 00:13:03,920 Speaker 1: chef boy r D. That's what he said. We'll get 220 00:13:03,960 --> 00:13:07,640 Speaker 1: to that in a minute. If that is the Democrat solution, 221 00:13:08,240 --> 00:13:11,600 Speaker 1: holds it up in front of the floor. Boy are 222 00:13:11,640 --> 00:13:18,800 Speaker 1: we cooked? Chef Boyard? No, Chef boy are we cooked? 223 00:13:19,120 --> 00:13:21,880 Speaker 1: Was that worth the trouble? She was responding, by the way, 224 00:13:21,880 --> 00:13:25,880 Speaker 1: a referring to Sean Patrick Maloney, who lost his re election, 225 00:13:26,520 --> 00:13:29,320 Speaker 1: the New York Democrat, who referred to his own life 226 00:13:29,320 --> 00:13:31,920 Speaker 1: experience when asked on Fox about inflation. Yeah, well, I 227 00:13:31,920 --> 00:13:33,600 Speaker 1: grew up in a family where, you know, if the 228 00:13:33,840 --> 00:13:36,720 Speaker 1: if the gas price went up, the food budget went down. 229 00:13:36,840 --> 00:13:38,760 Speaker 1: So by this time of the week, we've beaten chef 230 00:13:38,760 --> 00:13:41,719 Speaker 1: Boyard if if that budget wasn't going to change, right, 231 00:13:41,840 --> 00:13:44,400 Speaker 1: So that's what families have to do. That went viral 232 00:13:45,520 --> 00:13:49,840 Speaker 1: and it was twisted into him telling people telling families 233 00:13:49,880 --> 00:13:53,839 Speaker 1: to just have chef boy r D, which incidentally is 234 00:13:53,920 --> 00:13:57,120 Speaker 1: the favorite of something. Let's go back to the good 235 00:13:59,800 --> 00:14:02,160 Speaker 1: that assemble the panel. Rick Davis is back, and so 236 00:14:02,280 --> 00:14:06,000 Speaker 1: is Jennie Chanzano Bloomberg Politics contributors. Rick your back state side, 237 00:14:06,000 --> 00:14:08,600 Speaker 1: So I say welcome and happy Thanksgiving in advance to 238 00:14:08,640 --> 00:14:12,120 Speaker 1: both of you here. Inflation as a political issue, Rick 239 00:14:12,600 --> 00:14:15,800 Speaker 1: can last another year or so. How long before the 240 00:14:15,800 --> 00:14:18,640 Speaker 1: Fed breaks the back of higher prices can Republicans hang 241 00:14:18,679 --> 00:14:21,640 Speaker 1: this around Joe Biden's neck. Well, I think it'll depend 242 00:14:21,680 --> 00:14:23,880 Speaker 1: upon how quickly they can, you know, get ahead of it. 243 00:14:23,920 --> 00:14:26,760 Speaker 1: I mean, we've seen these attempts at trying to rein 244 00:14:26,840 --> 00:14:31,240 Speaker 1: in inflation. Uh, you know, maybe there's some indications of 245 00:14:31,720 --> 00:14:35,960 Speaker 1: positive outcome right now, but that doesn't necessarily last through 246 00:14:36,000 --> 00:14:39,440 Speaker 1: the year. So right now, it's uh, you know, exactly 247 00:14:39,440 --> 00:14:41,640 Speaker 1: what you were talking about earlier. It's for foremost on 248 00:14:41,680 --> 00:14:44,240 Speaker 1: everybody's mind and until at which point in time other 249 00:14:44,320 --> 00:14:46,960 Speaker 1: issues start to challenge that this is going to be 250 00:14:47,080 --> 00:14:49,440 Speaker 1: something that Republicans are gonna talk a lot about. Yeah, 251 00:14:49,560 --> 00:14:51,840 Speaker 1: they say the kids love the chef boy r D Genie, 252 00:14:52,480 --> 00:14:54,520 Speaker 1: they do. I don't know why everybody is picking on 253 00:14:54,640 --> 00:14:56,760 Speaker 1: Chef boy r D. I'm gonna stand up for them 254 00:14:56,880 --> 00:15:00,160 Speaker 1: right now, Joe Matthew and you know, there's not thing 255 00:15:00,200 --> 00:15:04,520 Speaker 1: wrong with a little check, but look, this is it's 256 00:15:04,560 --> 00:15:06,120 Speaker 1: getting to the point where it's a joke on the 257 00:15:06,120 --> 00:15:08,760 Speaker 1: floor of the Senate. How long can that last? When 258 00:15:08,840 --> 00:15:11,720 Speaker 1: when j Powell is up to what he's doing. Obviously 259 00:15:11,760 --> 00:15:14,120 Speaker 1: we just had a long talk with Michael McKee about it, 260 00:15:14,120 --> 00:15:17,160 Speaker 1: and there's a recession, of potential recession looming with prices 261 00:15:17,240 --> 00:15:19,000 Speaker 1: that that could be looking a lot different a year 262 00:15:19,040 --> 00:15:22,120 Speaker 1: from them. Yeah, I mean, I think Republicans will keep 263 00:15:22,160 --> 00:15:25,120 Speaker 1: it up. Um. The reality is it's going to depend 264 00:15:25,120 --> 00:15:28,200 Speaker 1: an awful lot on how the FED handles this. There's 265 00:15:28,240 --> 00:15:31,360 Speaker 1: not an awful lot that the administration itself can do. 266 00:15:31,680 --> 00:15:34,920 Speaker 1: And you know, I was feeling very comforted listening all 267 00:15:35,000 --> 00:15:38,040 Speaker 1: day to Mike McKee talk about, you know, the good news, 268 00:15:38,080 --> 00:15:40,600 Speaker 1: and it seems to be good news. But then I 269 00:15:40,640 --> 00:15:42,520 Speaker 1: looked back like a week or two, and you have 270 00:15:42,680 --> 00:15:46,280 Speaker 1: many economists saying that the FED has to be careful 271 00:15:46,360 --> 00:15:49,960 Speaker 1: about not doing enough, and in fact looking back at 272 00:15:50,040 --> 00:15:53,680 Speaker 1: history and saying there's a danger when the FED doesn't 273 00:15:53,720 --> 00:15:56,400 Speaker 1: do enough um and so you know, very little danger 274 00:15:56,440 --> 00:15:58,680 Speaker 1: when they do too much and to get down to 275 00:15:58,760 --> 00:16:00,800 Speaker 1: where they say they want to be in terms of 276 00:16:00,840 --> 00:16:03,520 Speaker 1: inflation at this two percent target. So you know, I 277 00:16:03,560 --> 00:16:05,400 Speaker 1: think the big question here is what does the FED do? 278 00:16:05,800 --> 00:16:08,080 Speaker 1: And you know, Janie Ernest, when you're playing that, I'm 279 00:16:08,080 --> 00:16:10,560 Speaker 1: thinking back to her commercial with the what was it 280 00:16:10,680 --> 00:16:14,480 Speaker 1: the pigs the wild hogs that this goes back. I'm 281 00:16:14,640 --> 00:16:16,840 Speaker 1: you know, six years or so. But you know, so 282 00:16:16,880 --> 00:16:19,040 Speaker 1: she has the capacity to get some food on her 283 00:16:19,080 --> 00:16:22,800 Speaker 1: table without I guess this is this is why I 284 00:16:22,840 --> 00:16:26,320 Speaker 1: wanted to bring this up. But look, you know, in 285 00:16:26,520 --> 00:16:28,760 Speaker 1: another year or so, of course, prices could be down 286 00:16:28,800 --> 00:16:32,320 Speaker 1: for the wrong reason here, Rick, But you keep moving 287 00:16:32,360 --> 00:16:35,640 Speaker 1: forward into the race for four and we could be 288 00:16:35,680 --> 00:16:37,920 Speaker 1: in a world in which the economy is staging a 289 00:16:38,000 --> 00:16:42,240 Speaker 1: nice recovery. Could Could it be like the second term 290 00:16:42,640 --> 00:16:47,120 Speaker 1: that Ronald Reagan enjoyed? It can Can Joe Biden be 291 00:16:47,360 --> 00:16:50,120 Speaker 1: that candidate if the economy comes back to life and time. 292 00:16:50,480 --> 00:16:52,560 Speaker 1: He's got a long way to go before Reagan eighty 293 00:16:52,600 --> 00:16:56,520 Speaker 1: four in America. We're holding our breath against morning in 294 00:16:56,560 --> 00:16:58,480 Speaker 1: America at this point. It's not going to be a 295 00:16:58,560 --> 00:17:00,920 Speaker 1: landslide obviously like that. But in terms of his own 296 00:17:01,320 --> 00:17:04,000 Speaker 1: his own image, yeah, well look, I mean he's gonna 297 00:17:04,119 --> 00:17:06,879 Speaker 1: I think a great deal of his image is going 298 00:17:06,920 --> 00:17:10,000 Speaker 1: to rest on the success of an economic plan, because 299 00:17:10,320 --> 00:17:14,639 Speaker 1: what comes after an unsuccessful hemming in on inflation is 300 00:17:14,640 --> 00:17:16,439 Speaker 1: going to be recession. And I still don't think there 301 00:17:16,480 --> 00:17:19,320 Speaker 1: are that many people thinking we're not going to you know, 302 00:17:19,400 --> 00:17:22,080 Speaker 1: passed by a recession. And so the question is how 303 00:17:22,119 --> 00:17:24,560 Speaker 1: deep and how long does that last? And I think 304 00:17:24,600 --> 00:17:27,040 Speaker 1: that's going to define probably at least the next six 305 00:17:27,080 --> 00:17:29,680 Speaker 1: to twelve months of his second half of his term. So, 306 00:17:30,400 --> 00:17:32,440 Speaker 1: you know, I think, you know, getting too far ahead 307 00:17:32,440 --> 00:17:35,639 Speaker 1: of everybody on on you know, inflation running its course 308 00:17:35,720 --> 00:17:38,679 Speaker 1: and avoiding a recession. I think Joe Biden's got a 309 00:17:38,680 --> 00:17:41,120 Speaker 1: long way to go before people look at his administration 310 00:17:41,160 --> 00:17:44,440 Speaker 1: as being anything other than less than successful. Rick Davis 311 00:17:44,480 --> 00:17:46,879 Speaker 1: and Genie Chanzano. This day before Thanksgiving there here for 312 00:17:46,920 --> 00:17:48,600 Speaker 1: the hour. We have a lot more to talk about 313 00:17:48,600 --> 00:17:50,840 Speaker 1: as we tackle the race in Georgia. Coming up with 314 00:17:50,880 --> 00:17:55,399 Speaker 1: some breaking news there today as Jane Doe emerges in 315 00:17:55,440 --> 00:18:02,080 Speaker 1: front of cameras and microphones with new evidence against herschel Walker. 316 00:18:03,200 --> 00:18:04,960 Speaker 1: We'll check in on the runoff of the panel next. 317 00:18:05,000 --> 00:18:10,119 Speaker 1: I'm Joe Matthew. This is Bloomberg. So it's the first 318 00:18:10,200 --> 00:18:13,720 Speaker 1: big poll out since the general election, since the actual 319 00:18:13,800 --> 00:18:18,080 Speaker 1: mid term election, day before we even knew that Georgia 320 00:18:18,160 --> 00:18:19,800 Speaker 1: was going to a run office from the A A 321 00:18:20,000 --> 00:18:24,960 Speaker 1: R P. And it does show Raphael Warnock, the Democratic Senator, 322 00:18:25,000 --> 00:18:29,000 Speaker 1: the incumbent, holding ahead of Republican herschel Walker, but not 323 00:18:29,080 --> 00:18:33,639 Speaker 1: via a lot that of course, would be within the 324 00:18:33,680 --> 00:18:35,920 Speaker 1: margin of error here. And while it does look pretty 325 00:18:35,960 --> 00:18:39,679 Speaker 1: good for Senator Warnock, when it comes to independent voters, 326 00:18:39,680 --> 00:18:42,920 Speaker 1: the campaigning continues. Imagine somebody coming to your office and 327 00:18:42,960 --> 00:18:45,360 Speaker 1: they want a job, and they submit to you a resume, 328 00:18:46,080 --> 00:18:49,879 Speaker 1: and every single thing on the resume is a lie everything, 329 00:18:50,400 --> 00:18:53,000 Speaker 1: and yet they want you to hire him for a job. Well, 330 00:18:53,000 --> 00:18:55,520 Speaker 1: that's what herschel Walker is doing. Dan. He said, to 331 00:18:55,600 --> 00:18:58,199 Speaker 1: be a senator, you have to know something. Well, what 332 00:18:58,320 --> 00:18:59,919 Speaker 1: I do know is you haven't done a good job. 333 00:19:01,600 --> 00:19:04,080 Speaker 1: Let's several of the panel. Rick Davis and Jennie Schanzano 334 00:19:04,600 --> 00:19:08,600 Speaker 1: are here, are Bloomberg Politics contributors. What's going on in 335 00:19:08,640 --> 00:19:11,280 Speaker 1: Georgia here? Rick, As we get closer to this race, 336 00:19:11,560 --> 00:19:14,600 Speaker 1: and and I'd love your reaction to these polling numbers, 337 00:19:15,480 --> 00:19:17,960 Speaker 1: is it going to become harder for herschel Walker to 338 00:19:18,040 --> 00:19:20,239 Speaker 1: get the turnout or is Brian Kemp going to make 339 00:19:20,280 --> 00:19:22,159 Speaker 1: the difference for him? Well, I think you've hit the 340 00:19:22,240 --> 00:19:23,960 Speaker 1: nail on ahead. Brian Kemp is going to make the 341 00:19:23,960 --> 00:19:26,080 Speaker 1: difference for him one way or another, right, I mean, 342 00:19:26,240 --> 00:19:29,360 Speaker 1: you know they were basically uh it was a very 343 00:19:29,359 --> 00:19:31,600 Speaker 1: close election. I think we're not goingly got about thirty 344 00:19:31,640 --> 00:19:34,399 Speaker 1: five thousand more votes than herschel Walker. So this was 345 00:19:34,520 --> 00:19:36,639 Speaker 1: a close attempt at the first go round. It's just 346 00:19:36,680 --> 00:19:40,040 Speaker 1: that nobody got to fifty one. Uh. Camp himself got 347 00:19:40,119 --> 00:19:42,880 Speaker 1: two hundred thousand votes that voted for him and did 348 00:19:42,920 --> 00:19:45,600 Speaker 1: not vote for herschel Walker. So when you look at 349 00:19:45,640 --> 00:19:48,560 Speaker 1: that pool of potential that if Kemp could turn out 350 00:19:48,680 --> 00:19:52,040 Speaker 1: fifty thousand of those votes, um, you know for Walker, 351 00:19:52,200 --> 00:19:54,760 Speaker 1: it's a game changer for this election. And from what 352 00:19:54,840 --> 00:19:57,359 Speaker 1: I can tell, you know, my sources on the ground, 353 00:19:57,520 --> 00:20:00,639 Speaker 1: uh you know, uh, Kemp is all in. He's been campaigning. 354 00:20:01,040 --> 00:20:03,560 Speaker 1: He's gonna put an ad up right on Thanksgiving Day, 355 00:20:03,760 --> 00:20:07,040 Speaker 1: endorsing herschel Walker and going after Warnock and his voting 356 00:20:07,080 --> 00:20:10,720 Speaker 1: record against Joe Biden, who is not a popular president 357 00:20:10,720 --> 00:20:13,639 Speaker 1: in Georgia. And and my understanding too is they know 358 00:20:13,720 --> 00:20:15,879 Speaker 1: all this and the camp are in the camp folks 359 00:20:15,880 --> 00:20:17,919 Speaker 1: are really trying to turn out in the districts that 360 00:20:17,960 --> 00:20:20,320 Speaker 1: they did. Well, you know, some of those two hundred 361 00:20:20,320 --> 00:20:23,320 Speaker 1: thousand votes that otherwise herschel Walker didn't get. With all 362 00:20:23,320 --> 00:20:25,520 Speaker 1: this said, Gennie does a four point lead count in 363 00:20:25,520 --> 00:20:29,520 Speaker 1: this poll for Raphael Warnock. You know, it's within the margins, 364 00:20:29,560 --> 00:20:32,720 Speaker 1: so I think we have to assume that it's still 365 00:20:32,720 --> 00:20:35,720 Speaker 1: a toss up. This is one poll. It's it's by 366 00:20:35,760 --> 00:20:39,800 Speaker 1: a reputable uh you know, posters Um for the A 367 00:20:39,720 --> 00:20:41,400 Speaker 1: A r P, as you mentioned, But it's still within 368 00:20:41,440 --> 00:20:43,280 Speaker 1: the margins. So we're still looking at the toss up. 369 00:20:43,520 --> 00:20:46,720 Speaker 1: And while you know Walker has Kemp on his side, 370 00:20:47,040 --> 00:20:50,639 Speaker 1: you also see Barack Obama going down for Warnock, and 371 00:20:50,760 --> 00:20:53,679 Speaker 1: so that should get out the vote. And you know, 372 00:20:53,760 --> 00:20:55,959 Speaker 1: we have to also look at what we've seen just 373 00:20:56,080 --> 00:20:59,480 Speaker 1: in the mid term a few weeks ago. Character matters, 374 00:20:59,640 --> 00:21:02,320 Speaker 1: and we have seen just in the last few days 375 00:21:02,760 --> 00:21:07,600 Speaker 1: several questions about Walker's character, everything from this second woman 376 00:21:07,640 --> 00:21:10,199 Speaker 1: who came forward with these claims of an abortion, to 377 00:21:10,320 --> 00:21:13,000 Speaker 1: the fact that we're learning just the last few hours 378 00:21:13,320 --> 00:21:16,040 Speaker 1: that he's getting a tax breaks on a Texas home 379 00:21:16,280 --> 00:21:20,280 Speaker 1: that he listed as his primary residence in as a 380 00:21:20,359 --> 00:21:23,239 Speaker 1: candidate for the Georgia Senate, to the fact that he 381 00:21:23,320 --> 00:21:27,439 Speaker 1: keeps making missteps and speaking publicly. The latest one on 382 00:21:27,560 --> 00:21:31,040 Speaker 1: Fox which went viral and was quite funny, but I 383 00:21:31,119 --> 00:21:34,520 Speaker 1: won't even dare to repeat it because it's not. It'll 384 00:21:34,560 --> 00:21:36,600 Speaker 1: be the cold Open on SNL this weekend. We don't 385 00:21:36,640 --> 00:21:37,800 Speaker 1: even need to do it. What I Am going to 386 00:21:37,920 --> 00:21:40,119 Speaker 1: point you to is though this news conference in l 387 00:21:40,119 --> 00:21:43,359 Speaker 1: A today with Gloria Alread and whether this matters. This 388 00:21:43,440 --> 00:21:46,640 Speaker 1: is the second woman to allege she was pressured into 389 00:21:46,640 --> 00:21:49,359 Speaker 1: having an abortion by Herschel Walker goes as Jane Doe 390 00:21:49,480 --> 00:21:53,000 Speaker 1: sitting right next to the the famous Gloria Already who's who, 391 00:21:53,200 --> 00:21:56,720 Speaker 1: addresses the cameras and microphones holding a photo of Jane 392 00:21:56,720 --> 00:21:59,000 Speaker 1: Doe and Herschel Walker together. Today we are here to 393 00:21:59,240 --> 00:22:03,400 Speaker 1: challenge her for Walker to meet with our client, Jane Doe, 394 00:22:04,440 --> 00:22:07,600 Speaker 1: the woman that he said recently he did not know 395 00:22:08,800 --> 00:22:12,680 Speaker 1: even though he had a romantic relationship with her for 396 00:22:12,760 --> 00:22:15,879 Speaker 1: six years. Six years. She talks about the three flights 397 00:22:15,880 --> 00:22:17,679 Speaker 1: of stairs he used to walk up to visit her 398 00:22:17,720 --> 00:22:20,560 Speaker 1: in her apartment and then of course got emotion. He 399 00:22:20,600 --> 00:22:23,639 Speaker 1: spoke about threats to me and the baby if I 400 00:22:23,640 --> 00:22:30,560 Speaker 1: went through with pregnancy. Quote. I wanted to just go home, 401 00:22:31,320 --> 00:22:34,479 Speaker 1: and he kept saying they would still find out and 402 00:22:34,560 --> 00:22:39,120 Speaker 1: that they could quote have his heart unquote by threatening 403 00:22:39,119 --> 00:22:41,520 Speaker 1: me in the baby. Reading from her personal diary, she 404 00:22:41,600 --> 00:22:45,760 Speaker 1: brought unseen letters and audio recording. It's rick We've we've 405 00:22:45,800 --> 00:22:49,720 Speaker 1: heard similar about herschel Walker didn't even move the numbers. 406 00:22:49,760 --> 00:22:53,040 Speaker 1: In fact, some could argue that had helped him somehow 407 00:22:53,119 --> 00:22:55,280 Speaker 1: during the general election campaign. Is this going to matter 408 00:22:55,320 --> 00:22:57,959 Speaker 1: in the runoff? You know, look, I think we got 409 00:22:58,040 --> 00:23:01,800 Speaker 1: to look at history in history, the these allegations and 410 00:23:01,800 --> 00:23:05,200 Speaker 1: and and discussions, not just with this Jane Doe, but 411 00:23:05,960 --> 00:23:09,560 Speaker 1: another woman who had a relationship with herschel Walker didn't 412 00:23:09,600 --> 00:23:12,120 Speaker 1: seem to have an impact. Maybe it kept him at 413 00:23:12,160 --> 00:23:14,680 Speaker 1: his Maybe his high is forty seven percent. And maybe 414 00:23:14,720 --> 00:23:17,159 Speaker 1: that's why because you know, a lot of voters in 415 00:23:17,160 --> 00:23:20,280 Speaker 1: Georgia care about the abortion issue. It's clear that Democrats 416 00:23:20,320 --> 00:23:23,399 Speaker 1: are gonna prosecute the abortion issue, not just as it 417 00:23:23,440 --> 00:23:26,320 Speaker 1: relates to his own personal life, but also his uh 418 00:23:26,440 --> 00:23:30,280 Speaker 1: stance on abortion in general. But look, this is a 419 00:23:30,280 --> 00:23:32,960 Speaker 1: guy who, you know, people attacked his mental health, they 420 00:23:33,119 --> 00:23:37,040 Speaker 1: attacked his domestic violence record, they attacked his thinking that 421 00:23:37,160 --> 00:23:40,600 Speaker 1: he was a sheriff when he wasn't, and and and 422 00:23:40,600 --> 00:23:42,960 Speaker 1: and so you know, it's not like you haven't vetted 423 00:23:43,000 --> 00:23:46,200 Speaker 1: this guy. And that's what's interesting about these kinds of elections. 424 00:23:46,560 --> 00:23:49,000 Speaker 1: You've got two weeks to prosecute this and what is 425 00:23:49,080 --> 00:23:52,000 Speaker 1: new here? Um not a lot? And so is that 426 00:23:52,040 --> 00:23:54,320 Speaker 1: going to really make a difference in this election? What 427 00:23:54,400 --> 00:23:57,760 Speaker 1: do you think about this latest turn, this latest update 428 00:23:57,800 --> 00:24:00,760 Speaker 1: from Jane Doe Jan, I think it's just another in 429 00:24:00,800 --> 00:24:04,640 Speaker 1: a long line of questions about whether people in Georgia, 430 00:24:04,760 --> 00:24:07,359 Speaker 1: voters who will get out another time in just a 431 00:24:07,359 --> 00:24:11,320 Speaker 1: few weeks, think that herschel Walker has qualified either personally 432 00:24:11,800 --> 00:24:16,200 Speaker 1: or professionally to be a Georgia Senator to represent them 433 00:24:16,200 --> 00:24:18,240 Speaker 1: in the U. S. Senate. And whether you're talking about 434 00:24:18,320 --> 00:24:22,679 Speaker 1: this woman's allegations, the other woman's allegations, the constant misstatements, 435 00:24:23,000 --> 00:24:26,879 Speaker 1: the you know, statements on now his tax records about 436 00:24:26,920 --> 00:24:30,959 Speaker 1: where his primary residence is, those things all come into play. 437 00:24:31,119 --> 00:24:33,040 Speaker 1: And of course who's going to get out in this 438 00:24:33,160 --> 00:24:35,560 Speaker 1: And it's not going to decide the Senate leadership or 439 00:24:35,560 --> 00:24:37,719 Speaker 1: the Senate who's in control. It's going to be the 440 00:24:37,760 --> 00:24:41,240 Speaker 1: most interested in people who are paying attention. And that 441 00:24:41,480 --> 00:24:43,800 Speaker 1: may make a difference here, and so I would still 442 00:24:43,880 --> 00:24:46,440 Speaker 1: give the slight edge to Warnock, but it's going to 443 00:24:46,520 --> 00:24:48,680 Speaker 1: be a battle to get out the vote from people 444 00:24:48,720 --> 00:24:51,000 Speaker 1: who are exhausted by this you know, I was thinking 445 00:24:51,000 --> 00:24:54,159 Speaker 1: about Warnocks commercial. If we don't decide this in the 446 00:24:54,200 --> 00:24:56,399 Speaker 1: mid term, we're gonna have to spend you know, Thanksgiving 447 00:24:56,400 --> 00:25:00,199 Speaker 1: with herschel Walker here. We are, here, we are, So 448 00:25:00,280 --> 00:25:02,400 Speaker 1: can we at least put this all down for Thanksgiving? 449 00:25:02,440 --> 00:25:04,280 Speaker 1: I know we'll be back to it probably on Friday 450 00:25:04,320 --> 00:25:07,119 Speaker 1: when everyone's punching each other at the best Buy or 451 00:25:07,160 --> 00:25:09,560 Speaker 1: the Walmart or whatever they do on Black Friday. If 452 00:25:09,560 --> 00:25:11,679 Speaker 1: we still do that, But let's put it down for 453 00:25:11,720 --> 00:25:13,880 Speaker 1: a day and let me thank you Genie and let 454 00:25:13,880 --> 00:25:15,840 Speaker 1: me thank you Rick for being the best panel in 455 00:25:15,880 --> 00:25:19,600 Speaker 1: the business and always providing such wonderful analysis and companionship 456 00:25:19,680 --> 00:25:21,480 Speaker 1: for all of our listeners going home. So cheers to 457 00:25:21,520 --> 00:25:26,879 Speaker 1: you two, and thank you. Happy Thanksgiving. Absolutely Bloomberg Politics contributors, 458 00:25:26,880 --> 00:25:29,680 Speaker 1: they make our signature panel. I'm Joe Matthew and Washington 459 00:25:29,880 --> 00:25:32,399 Speaker 1: and something special ahead. We're gonna visit the National Air 460 00:25:32,480 --> 00:25:35,840 Speaker 1: and Space Museum and talk to their new relatively new director, 461 00:25:35,920 --> 00:25:38,399 Speaker 1: Christopher Brown, a former top gun pilot, and it's in 462 00:25:38,520 --> 00:25:42,239 Speaker 1: charge of reimaging the whole thing. Half of it just 463 00:25:42,320 --> 00:25:44,720 Speaker 1: reopen and we get a sneak peak next. I'm Joe Matthew, 464 00:25:44,800 --> 00:25:52,000 Speaker 1: this is Bloomberg. This is Bloomberg. So long with Joe 465 00:25:52,040 --> 00:25:58,760 Speaker 1: Matthew on Bloomberg Radio. So, the Smithsonian Air and Space 466 00:25:58,880 --> 00:26:02,359 Speaker 1: Museum on the Nash Hittle Mall is just reopened, having 467 00:26:02,359 --> 00:26:05,480 Speaker 1: been totally shut down from massive renovations for months. About 468 00:26:05,520 --> 00:26:08,600 Speaker 1: half the job is done now with new exhibits and 469 00:26:08,640 --> 00:26:11,919 Speaker 1: an emphasis on diverse voices that have helped to advance 470 00:26:11,960 --> 00:26:14,080 Speaker 1: air and space exploration. I was lucky to sit down 471 00:26:14,119 --> 00:26:18,360 Speaker 1: with Christopher Brown, the Air and Space Museum's executive director 472 00:26:18,440 --> 00:26:22,760 Speaker 1: of former top gun pilot, former director of Dulles Airport 473 00:26:22,840 --> 00:26:25,520 Speaker 1: and Reagan National Airport here in Washington, d C. To 474 00:26:25,600 --> 00:26:28,200 Speaker 1: learn more about the project and get an up close 475 00:26:28,280 --> 00:26:32,040 Speaker 1: look at the job underway. Well, I think the bigger task, 476 00:26:32,119 --> 00:26:36,200 Speaker 1: quite frankly, is re envisioning this national treasure for the future. 477 00:26:36,359 --> 00:26:39,120 Speaker 1: I mean, it's we know it's impact. You've just said 478 00:26:39,160 --> 00:26:43,359 Speaker 1: that it's influenced you. I came here in nineteen seventy seven, 479 00:26:43,480 --> 00:26:45,760 Speaker 1: a year after SO opening. I was nineteen years old, 480 00:26:46,200 --> 00:26:48,960 Speaker 1: and I was really struck by the d C three 481 00:26:49,040 --> 00:26:51,800 Speaker 1: above us because that was an aircraft I had flown 482 00:26:51,800 --> 00:26:54,040 Speaker 1: in as a small child, and so I made that 483 00:26:54,160 --> 00:26:58,000 Speaker 1: connection and that that led to my professional life and aviation. 484 00:26:58,040 --> 00:27:00,280 Speaker 1: So we know the power of the place. Not as 485 00:27:00,320 --> 00:27:03,280 Speaker 1: scary as landing at night on a ship, but very 486 00:27:03,400 --> 00:27:07,920 Speaker 1: very important. The level of stress might be approaching that. Uh. 487 00:27:08,080 --> 00:27:11,120 Speaker 1: It's interesting to think that this wing has been closed 488 00:27:11,160 --> 00:27:16,159 Speaker 1: since before COVID. You said when it reopened recently. The 489 00:27:16,240 --> 00:27:18,880 Speaker 1: real measure of success will be when visitors return home 490 00:27:18,920 --> 00:27:24,160 Speaker 1: and say, you must see this. Is that already happening. Absolutely, 491 00:27:24,200 --> 00:27:26,920 Speaker 1: we're getting about five thousand visitors a day, and we've 492 00:27:26,920 --> 00:27:29,680 Speaker 1: had really good feedback both through the media and through 493 00:27:29,680 --> 00:27:32,520 Speaker 1: our visitors, and I think part of it is because 494 00:27:32,720 --> 00:27:37,760 Speaker 1: it's forty almost the artifacts in the museum today are 495 00:27:37,840 --> 00:27:40,560 Speaker 1: here for the first time, and we're able to expand 496 00:27:40,560 --> 00:27:43,399 Speaker 1: the storytelling in a way that The other measure of 497 00:27:43,480 --> 00:27:47,560 Speaker 1: success is we we hope that everybody coming into this museum, 498 00:27:47,640 --> 00:27:51,160 Speaker 1: however they present, whatever they look like, wherever they come from, 499 00:27:51,280 --> 00:27:53,640 Speaker 1: they will be able to see themselves in the stories 500 00:27:53,680 --> 00:27:57,399 Speaker 1: and the artifacts, just as I did in It's not 501 00:27:57,480 --> 00:27:59,240 Speaker 1: lost on me that one of the big talkers here 502 00:27:59,320 --> 00:28:02,880 Speaker 1: is this Xing fighter from the Star Wars movies. Obviously, 503 00:28:02,920 --> 00:28:05,680 Speaker 1: it is not an operational aircraft or or a piece 504 00:28:05,720 --> 00:28:07,720 Speaker 1: of history the way some of these other exhibits are. 505 00:28:08,240 --> 00:28:10,760 Speaker 1: But it speaks to the vision that you have in 506 00:28:10,920 --> 00:28:17,040 Speaker 1: connecting fantasy with innovation. What's that lesson for young people? Well, 507 00:28:17,080 --> 00:28:19,800 Speaker 1: it starts with an idea and that there's that moment 508 00:28:19,800 --> 00:28:22,600 Speaker 1: of inspiration and it can come any number of ways. 509 00:28:22,680 --> 00:28:24,920 Speaker 1: So for instance, if you go into our Destination Moon 510 00:28:24,960 --> 00:28:28,720 Speaker 1: gallery or tell the Story of Apollo, you'll see games 511 00:28:28,760 --> 00:28:31,360 Speaker 1: and some of the things that the young astronauts were 512 00:28:31,440 --> 00:28:35,200 Speaker 1: influenced by his children. So we know the iconic value 513 00:28:35,640 --> 00:28:39,720 Speaker 1: or the influential value of these artifacts. And I've taken 514 00:28:39,760 --> 00:28:42,720 Speaker 1: some heat for the X Wings. People said it's never flown, 515 00:28:42,880 --> 00:28:45,720 Speaker 1: it's why is it near in space Museum? And I 516 00:28:45,720 --> 00:28:47,959 Speaker 1: I remind folks, I said, well, we have six thousand 517 00:28:47,960 --> 00:28:50,360 Speaker 1: paintings that never flew. So it's really a question of 518 00:28:50,880 --> 00:28:53,480 Speaker 1: meeting our audiences where they are. What is it that 519 00:28:53,880 --> 00:28:56,400 Speaker 1: connects to them, that resonates, and we know that the 520 00:28:56,440 --> 00:28:58,400 Speaker 1: power of the X Wing fighter does that for a 521 00:28:58,400 --> 00:29:00,000 Speaker 1: lot of our audience. Well, you've got a lot of 522 00:29:00,040 --> 00:29:03,400 Speaker 1: competition for eyeballs and and interest, right you you're trying 523 00:29:03,440 --> 00:29:06,240 Speaker 1: to appeal to kids who are on TikTok and social media, 524 00:29:06,680 --> 00:29:08,960 Speaker 1: and have the attention span of a ten second video. 525 00:29:09,280 --> 00:29:13,280 Speaker 1: So I'm guessing this actually helps the bridge that divide. 526 00:29:13,960 --> 00:29:16,200 Speaker 1: It does, and I think that what we really hold 527 00:29:16,200 --> 00:29:19,800 Speaker 1: dear at the Smithsonian and certainly here at this museum, 528 00:29:19,960 --> 00:29:24,640 Speaker 1: is a commitment to authenticity and accuracy, so that when 529 00:29:24,680 --> 00:29:28,640 Speaker 1: you come here, whether it's in person or virtually, this 530 00:29:28,760 --> 00:29:31,720 Speaker 1: is the real deal. And so sometimes some of the 531 00:29:31,720 --> 00:29:35,760 Speaker 1: other media and influencers in our lives can't lay that claim, 532 00:29:35,800 --> 00:29:37,760 Speaker 1: and so it's really important that we hold it at 533 00:29:38,320 --> 00:29:41,280 Speaker 1: because it's not just the artifacts and the and how 534 00:29:41,320 --> 00:29:44,200 Speaker 1: real they are and authentic, it's the stories, the people's 535 00:29:44,200 --> 00:29:47,920 Speaker 1: stories behind them. There are amazing stories all around us, 536 00:29:47,920 --> 00:29:52,960 Speaker 1: including that of the Apollo mission. The Apollo eleven capsule 537 00:29:53,080 --> 00:29:56,680 Speaker 1: is something that reminds us of the harsh environment that 538 00:29:56,840 --> 00:29:59,840 Speaker 1: is space as you and I sit here and Orion 539 00:30:00,040 --> 00:30:04,880 Speaker 1: Space capsule is orbiting the Moon. How much do current 540 00:30:04,920 --> 00:30:09,440 Speaker 1: events drive your vision for the museum? Well, very much, so, 541 00:30:09,640 --> 00:30:12,640 Speaker 1: I mean very Folks often think of museums having a 542 00:30:12,680 --> 00:30:16,120 Speaker 1: retrospective look, and so it begs the question why is 543 00:30:16,560 --> 00:30:19,560 Speaker 1: why do we have a gallery dedicated to the Apollo missions? 544 00:30:19,600 --> 00:30:23,520 Speaker 1: What's its relevance? The why and other than the fact 545 00:30:23,520 --> 00:30:26,400 Speaker 1: that it was just an amazing story. You know, the 546 00:30:26,920 --> 00:30:29,080 Speaker 1: President just a few months ago, I think, used the 547 00:30:29,200 --> 00:30:32,600 Speaker 1: term moonshot, So what is moonshot me into a generation 548 00:30:32,640 --> 00:30:35,000 Speaker 1: today that was not alive during Apollo. Most of the 549 00:30:35,040 --> 00:30:37,680 Speaker 1: people coming into that gallery today will not have been 550 00:30:37,720 --> 00:30:40,040 Speaker 1: alive to see the launches of the Saturn fives and 551 00:30:40,440 --> 00:30:43,280 Speaker 1: the Apollo era. And I think the relevance and the 552 00:30:43,320 --> 00:30:45,800 Speaker 1: reason we tell that Apollo story really gets down to 553 00:30:45,840 --> 00:30:49,360 Speaker 1: four elements. One is, you know, to take on a 554 00:30:49,400 --> 00:30:53,040 Speaker 1: big challenge and to solve problems, you need a strong vision. 555 00:30:53,280 --> 00:30:57,120 Speaker 1: Certainly Kennedy articulated that you need a commitment of national 556 00:30:57,200 --> 00:31:02,280 Speaker 1: resource fousand American it's millions of dollars working on that project. 557 00:31:02,840 --> 00:31:05,560 Speaker 1: You need a tolerance for risk, You have to be 558 00:31:05,600 --> 00:31:09,240 Speaker 1: willing to take chances. And then you have to have 559 00:31:09,320 --> 00:31:12,920 Speaker 1: that human ingenuity that I think is often underestimated. And 560 00:31:12,960 --> 00:31:17,400 Speaker 1: when you put those things together, what the Apollo missions demonstrated, 561 00:31:17,520 --> 00:31:20,920 Speaker 1: you can do incredible things. So fast forward, how does 562 00:31:20,960 --> 00:31:24,480 Speaker 1: that play out with climate change and curing cancer and 563 00:31:24,560 --> 00:31:28,800 Speaker 1: some of these seemingly intractable problems. I walked through that 564 00:31:28,840 --> 00:31:31,680 Speaker 1: gallery and say, no, we can sell problems a seven 565 00:31:31,760 --> 00:31:34,960 Speaker 1: year project I believe in total, Yes, this is a 566 00:31:35,080 --> 00:31:38,720 Speaker 1: huge undertaking. Does it have a price tag? It does. 567 00:31:38,800 --> 00:31:42,000 Speaker 1: This is an investment both by the citizens of this country. 568 00:31:42,560 --> 00:31:45,880 Speaker 1: Their taxes have paid for seven nine million dollars of 569 00:31:46,080 --> 00:31:50,120 Speaker 1: rebuilding this building, but importantly, the actual galleries, the look 570 00:31:50,160 --> 00:31:54,360 Speaker 1: and feel like this gallery is financed privately and through 571 00:31:54,360 --> 00:31:59,240 Speaker 1: our corporate and individual benefactors. I'm compelled by your personal 572 00:31:59,280 --> 00:32:03,320 Speaker 1: story or career year fifteen traps more than fifteen hundred 573 00:32:03,360 --> 00:32:07,800 Speaker 1: hours flying the F fourteen Tomcat, this iconic fighter plane. 574 00:32:07,880 --> 00:32:10,320 Speaker 1: You went on to be the manager of Dullest Airport, 575 00:32:10,360 --> 00:32:13,080 Speaker 1: Reagan National Airport, the director here at the Air and 576 00:32:13,160 --> 00:32:18,000 Speaker 1: Space Museum. But you've said in conversations that in flight 577 00:32:18,120 --> 00:32:21,240 Speaker 1: school you experienced something called I believe it's a flight down. 578 00:32:21,800 --> 00:32:26,560 Speaker 1: Oh yeah, absolutely, that you actually failed the equivalent of 579 00:32:26,600 --> 00:32:30,320 Speaker 1: a certain exercise that you needed to pass in your training. 580 00:32:31,040 --> 00:32:34,960 Speaker 1: I just wonder how much that influenced your approach to 581 00:32:34,960 --> 00:32:38,280 Speaker 1: your career or your trajectory after that. Well, it's very 582 00:32:38,360 --> 00:32:41,400 Speaker 1: humbling to be told that you failed in something you've 583 00:32:41,400 --> 00:32:44,600 Speaker 1: worked hard at. But I think what it does is 584 00:32:44,640 --> 00:32:48,880 Speaker 1: it's a real test of character to decide you know 585 00:32:48,920 --> 00:32:51,800 Speaker 1: how invested are you in what it is you're doing, 586 00:32:52,560 --> 00:32:56,560 Speaker 1: And just with Exploration with Apollo, with all these stories, 587 00:32:57,760 --> 00:33:00,560 Speaker 1: there was failure along the way, and you learn from 588 00:33:00,600 --> 00:33:04,080 Speaker 1: your failures. It's always important not to repeat the failures, 589 00:33:04,080 --> 00:33:05,760 Speaker 1: but to learn from them, but to think that we're 590 00:33:05,760 --> 00:33:10,880 Speaker 1: gonna do incredible things, either at a level like this museum, 591 00:33:11,160 --> 00:33:13,320 Speaker 1: land a person on the moon, or in my case, 592 00:33:13,640 --> 00:33:16,160 Speaker 1: learn to fly on aircraft on and off a carrier. 593 00:33:16,400 --> 00:33:20,720 Speaker 1: Failure is part of that process. Big thanks to Christopher Brown, 594 00:33:21,280 --> 00:33:24,000 Speaker 1: director of the Air and Space Museum here in Washington, 595 00:33:24,000 --> 00:33:26,400 Speaker 1: which you must see now that it's beginning to reopen. 596 00:33:27,080 --> 00:33:29,480 Speaker 1: And on this day before the holiday, with National Thanksgiving 597 00:33:29,480 --> 00:33:32,560 Speaker 1: Turkey's chocolate and chip having been pardoned by President Biden, 598 00:33:32,600 --> 00:33:34,600 Speaker 1: we remember the White House tradition that dates back to 599 00:33:35,040 --> 00:33:38,240 Speaker 1: President John Kennedy, the great Turkey pardon you know as 600 00:33:38,280 --> 00:33:42,720 Speaker 1: the University of Delaware, man, I'm partial Blue Hens. Today 601 00:33:42,760 --> 00:33:56,280 Speaker 1: we're gonna talk turkey. I never promised you God. This 602 00:33:56,360 --> 00:34:00,600 Speaker 1: turkey represents America's forty five million to piece who will 603 00:34:00,640 --> 00:34:07,080 Speaker 1: begin making their irreplaceable contribution to our Thanksgiving celebration. So 604 00:34:07,240 --> 00:34:09,600 Speaker 1: take it easy, Turkey. We're just here to serve you. 605 00:34:09,840 --> 00:34:13,759 Speaker 1: Our guest of honor looks a little nervous. Nobody's tolding 606 00:34:13,880 --> 00:34:18,279 Speaker 1: yet that I'm going to give him a pardoner. I 607 00:34:18,320 --> 00:34:20,600 Speaker 1: know some folks think this tradition is a little silly. 608 00:34:21,320 --> 00:34:25,240 Speaker 1: I do not disagree. I've got to listen to my critics, 609 00:34:25,600 --> 00:34:29,279 Speaker 1: UH say I'm often too soft on turkeys. I am 610 00:34:29,360 --> 00:34:33,200 Speaker 1: pleased to announce that today's lucky bird and guests of 611 00:34:33,280 --> 00:34:39,560 Speaker 1: Anna is named Peas, along with his alternate named Carrots. 612 00:34:39,840 --> 00:34:43,360 Speaker 1: The children will understand that who better help celebrate the 613 00:34:43,400 --> 00:34:46,520 Speaker 1: holiday in which they break the bread for two turkeys 614 00:34:46,640 --> 00:34:50,600 Speaker 1: name peanut, butter and Jelly. This turkey is going to 615 00:34:50,680 --> 00:34:55,480 Speaker 1: be called Flyer, and the backup verde name is Friar. 616 00:34:55,760 --> 00:35:00,880 Speaker 1: This year's lucky bird corn, and just in case we 617 00:35:01,000 --> 00:35:08,840 Speaker 1: needed him copy, this year's national turkey goes by the 618 00:35:08,960 --> 00:35:14,880 Speaker 1: name of Apple, and his feathered understudy is appropriately named Cider. 619 00:35:15,239 --> 00:35:19,160 Speaker 1: Even though Peas and Carrots have received a presidential pardon, 620 00:35:19,920 --> 00:35:23,680 Speaker 1: I have warned them that House Democrats are likely to 621 00:35:23,880 --> 00:35:32,480 Speaker 1: issue them both subpoenas totis the turkey of the United States. Folks, 622 00:35:32,880 --> 00:35:36,239 Speaker 1: Turkey is infrastructure. Peanut Brutter and Dreill are gonna help 623 00:35:36,320 --> 00:35:49,160 Speaker 1: build black the butter ball. As Thanksgiving is a special 624 00:35:49,239 --> 00:35:51,439 Speaker 1: day for turkeys, I guess, probably for the most part, 625 00:35:51,480 --> 00:35:53,120 Speaker 1: not a very good one when you think about it. 626 00:35:53,560 --> 00:35:56,120 Speaker 1: The first turkey to dodge the White House dinner table 627 00:35:56,239 --> 00:36:02,000 Speaker 1: received unofficial clemency when President abrah Am Lincoln's son Tad 628 00:36:02,600 --> 00:36:06,200 Speaker 1: begged his father to spare his new friend. His son, 629 00:36:06,320 --> 00:36:09,600 Speaker 1: Tad grew so attached to the turkey that he named 630 00:36:09,640 --> 00:36:12,600 Speaker 1: him Jack, and President Lincoln had no choice but to 631 00:36:12,680 --> 00:36:16,359 Speaker 1: give Jack the full run of the White House. Jack 632 00:36:16,520 --> 00:36:20,160 Speaker 1: was here actually for some monumental events. On election Day 633 00:36:20,160 --> 00:36:23,320 Speaker 1: in eighteen sixty four, when Mr Lincoln was running for 634 00:36:23,400 --> 00:36:26,799 Speaker 1: re election, a special polling place was actually set up 635 00:36:26,880 --> 00:36:29,040 Speaker 1: right here on the grounds of the White House so 636 00:36:29,160 --> 00:36:32,960 Speaker 1: that the soldiers could vote well. Jack the turkey actually 637 00:36:33,000 --> 00:36:35,120 Speaker 1: strutted in front of some of the would be voters 638 00:36:35,120 --> 00:36:39,120 Speaker 1: the broken line. Lincoln asked his son, why is your 639 00:36:39,160 --> 00:36:42,960 Speaker 1: turkey at the polls? Does he vote without hesitation? Tad 640 00:36:43,000 --> 00:36:48,520 Speaker 1: said he's not old enough yet. Tomorrow, forty five million 641 00:36:48,520 --> 00:36:52,880 Speaker 1: turkeys will make the ultimate sacrifice for America's feast, but 642 00:36:53,000 --> 00:36:56,320 Speaker 1: not this one. I'm granting this turkey a permanent reprieve. 643 00:36:57,040 --> 00:36:59,000 Speaker 1: After many years and the coop. He's on his way 644 00:36:59,120 --> 00:37:01,640 Speaker 1: to a farm and ViRGE Enya to bask in the sun, 645 00:37:01,840 --> 00:37:06,080 Speaker 1: collect his hard earned pension, enjoy his golden years. And 646 00:37:06,920 --> 00:37:10,480 Speaker 1: that's one less Turkey in Washington. Happy Thanksgiving,