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Speaker 1: Now from our nation's capital. This is Bloomberg Sound On Today.

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Speaker 1: We remember and we reaffirm freedom is worth from the sacrifice.

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Speaker 1: You may end up with a third World war because

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Speaker 1: of the stupidity of what we're saying and what we're doing.

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Speaker 1: Bloomberg Sound On Politics, Policy and Perspective from DC's top Names.

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Speaker 1: I think we're going to have a moment in time

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Speaker 1: where all these things can be brought up and legitimately

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Speaker 1: are going to be considered twenty eight years later. There's

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Speaker 1: a reason a lot of us are not optimistic. We

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Speaker 1: will not. Bloomberg Sound On with Joe Matthew on Bloomberg Radio.

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Speaker 1: The Biden administration tries to change the narrative on inflation,

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Speaker 1: will OPEC threatens to squeeze out Russia just as the

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Speaker 1: Europeans shut off the oil spigot. Welcome to the fastest

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Speaker 1: hour in politics. After a Memorial Day weekend with record

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Speaker 1: high gas prices and as you just heard from Doug Chrisner,

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Speaker 1: Texas crude back above a hundred and fifteen dollars on

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Speaker 1: the way to a hundred and twenty today, we're gonna

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Speaker 1: talk just ahead with the sage of the oil patch.

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Speaker 1: Daniel Jurgen will be with as vice chairman of SNP

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Speaker 1: Global and as President Biden sits down today with J Powell,

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Speaker 1: the FED Chair in the Oval Office. We're gonna talk

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Speaker 1: about the fight to lower prices with Presidential advisor Jene Spurling,

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Speaker 1: a veteran of three administrations, although the scenario he's facing

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Speaker 1: now is quite unlike any other. The sound on panel

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Speaker 1: is back from an extra long weekend. Bloomberg Politics contributors

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Speaker 1: Genie Chantino and Rick Davis are with us for the hour.

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Speaker 1: So here we go, the White House turning its attention

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Speaker 1: back to the economy now that we're all back from

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Speaker 1: the long weekend. I hope you had one just driving

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Speaker 1: around in circles. See if the news reports are correct.

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Speaker 1: That's what we do right Memorial Day. We just drive

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Speaker 1: driving around, calling each other, refilling our tanks with gas

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Speaker 1: and with the taste of five dollar gas in our mouths.

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Speaker 1: The administration is turning to a full court summer press

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Speaker 1: on the issue that they see mattering most, inflation. The

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Speaker 1: President met today with FED share J Powell. Treasury Secretary

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Speaker 1: Janet Yellen was in the room as well, comfortable on

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Speaker 1: the couch as the presidents sitting near the fireplace. They

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Speaker 1: let reporters in the room. I'm not sure what people

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Speaker 1: expected by all this, but here's President Biden today in

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Speaker 1: the Oval. My plan is addressed inflation starts with a

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Speaker 1: simple proposition, Respect the FED. Respect the Fed's independent, which

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Speaker 1: I have done and will continue to do. So what

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Speaker 1: we've been saying, independent Fed. And I'll remind you that

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Speaker 1: we're talking later this hour with Jeane Spurling on this.

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Speaker 1: Of course, even the FED can't really impact the price

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Speaker 1: of oil, though, and that's been a big issue. One

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Speaker 1: of the big stories of the day, West Texas Intermediate

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Speaker 1: approaching a hundred and twenty dollars a barrel as the

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Speaker 1: Europeans agreed to band Russian oil at least almost all

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Speaker 1: of it gave back the gains. On this headline, though,

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Speaker 1: opek ways exempting Russia from oil production deal. And that's

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Speaker 1: where we start with a voice of experience in the

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Speaker 1: oil market and the politics that surrounded. Daniel Jorgan is

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Speaker 1: Vice chair S and p Global, author of the Polister

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Speaker 1: winning book The Prize The Epic Quest for Oil, Money

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Speaker 1: and Power, and he's with us now. Daniel, welcome back.

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Speaker 1: When you consider a China that is re emerging from

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Speaker 1: its latest COVID shutdown on top of everything else I

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Speaker 1: just mentioned. Can oil prices go anywhere but up this summer?

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Speaker 1: I think the only thing that would bring him down

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Speaker 1: is a is a big downturn in the economy. But

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Speaker 1: with Chinese demands, some of it has been shut off

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Speaker 1: because of COVID and the shutdown, and if China opens up,

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Speaker 1: that can add more demand and more pressure in oil prices.

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Speaker 1: I mentioned OPEC maybe squeezing out Russia. So is the

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Speaker 1: report from earlier today because of the European ban? What

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Speaker 1: would that mean for Moscow? Well, I think it's it's

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Speaker 1: kind of inevitable because the idea of this OPEC plus

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Speaker 1: field that was put together was that they would progressively

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Speaker 1: bring more oil back into the market for hundred thousand

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Speaker 1: barrels a day. But Russian production is headed in the

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Speaker 1: opposite direction. It's going down, so it's kind of irrelevant

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Speaker 1: to be part of this deal. And I think, uh

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Speaker 1: so it would mean stepping back from Russia's engagement and

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Speaker 1: that might give the OPEC country some more flexibility. But

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Speaker 1: you know, one thing, Joe that gets lost in the discussion.

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Speaker 1: There isn't a lot of more. There is not a

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Speaker 1: lot more oil to squeeze out of OPEC, is not

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Speaker 1: much of what they call spare capacity, and it's just

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Speaker 1: really in two countries at Arabia and the UAE. Well

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Speaker 1: can those two countries make up the difference? Though? Would

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Speaker 1: that would that keep prices stable? Well? I think if

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Speaker 1: they said, for instance, they announced that they're going to

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Speaker 1: put more on the market, that would affect the psychology

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Speaker 1: of the market. But it's a sort of it's a

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Speaker 1: double edged sword because on the one hand, they have

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Speaker 1: some more oil they could put in the market, but

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Speaker 1: then people are in the market would say, oh, my gosh,

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Speaker 1: there's no virtually no spare capacity, which is a sort

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Speaker 1: of the security blanket, and say this market is really tight,

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Speaker 1: and if something happens, prices will shoot up anyway. I

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Speaker 1: mean it would be well contented, would be psychologically significant. Uh.

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Speaker 1: And you know, if they get divorced in effect from

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Speaker 1: Russia as part of this OPEC plus deal, that would

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Speaker 1: give them more flexibility to ease more oil into the market.

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Speaker 1: Does that also encourage Russia to sell more discount oil

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Speaker 1: to China and India? I mean, it's got to come

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Speaker 1: out the other end at some point right. Well, well,

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Speaker 1: particularly I think that what we saw today with the

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Speaker 1: European announcement. It's taken a few weeks to get it done,

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Speaker 1: but it's basically what they're doing is dismantling Russia's status

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Speaker 1: is an energy superpower. And so Russia will still move

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Speaker 1: its oil, but you know, it took a week to

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Speaker 1: send oil by tanker to Europe, will take a month,

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Speaker 1: uh and the and it will be at a big discount.

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Speaker 1: You know, the Indians are paying less for oil than

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Speaker 1: people are parent paying elsewhere in the world, and so

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Speaker 1: that will cup Russia. It doesn't automatically mean that tomorrow

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Speaker 1: rushes uh energy revenues are gonna go down, but it

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Speaker 1: certainly means that Russia is not going to be a

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Speaker 1: player in the same way it was in the past.

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Speaker 1: There'll still be a big producer, but it's not going

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Speaker 1: to be an energy superpower over after the next few months. Daniel,

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Speaker 1: what's your thought when when President Biden mentions the Putin

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Speaker 1: price hike or some of the other names that he

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Speaker 1: has for we were talking about high oil prices. The

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Speaker 1: last time that that w C I was I think

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Speaker 1: at these levels was before the invasion or just shortly

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Speaker 1: after I guess at the beginning of March. But we've

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Speaker 1: been talking about this for months, Daniel. Is it fair

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Speaker 1: for President Biden to to to make this a war

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Speaker 1: only phenomenon. Well, it's certainly, you know, the war is

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Speaker 1: an important part of it. But I think you've you've

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Speaker 1: actually made a point that has gotten lost in the

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Speaker 1: discussion we were going into uh Basically this global energy

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Speaker 1: crisis started last autumn. It's because something I talked about

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Speaker 1: in The New Map, which is my new book, which

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Speaker 1: is that there's been like a preemptive under investment in

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Speaker 1: UH in energy supplies. So we had very tight markets

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Speaker 1: going into this, into this crisis. And so you're absolutely right,

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Speaker 1: those prices were already up basically starting the round October.

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Speaker 1: It started whole natural gas and then oil. So is

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Speaker 1: it is it possible to answer this question? And I

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Speaker 1: realized there are a lot of cross currents and and frankly,

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Speaker 1: prices I realized can move in anticipation of things happening.

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Speaker 1: But what would be the price of oil if Russia

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Speaker 1: had not invaded Ukraine? Where would w T I B today?

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Speaker 1: Oh boy, that's a good question. I think it would

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Speaker 1: have you know, the price would not probably would not

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Speaker 1: be as high, it would not be as high as

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Speaker 1: as it is right now. Uh. I mean you have

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Speaker 1: to look at sort of what's happening to the overall economy.

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Speaker 1: But you know you did. I mean basically going into this,

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Speaker 1: you had the three big three of oil or Russia,

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Speaker 1: the United States, in Saudi Arabia, and Russia's production is

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Speaker 1: going to go down, uh inevitably the result of this,

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Speaker 1: and uh so, I think what this has done is

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Speaker 1: made it more protracted. And what it's also doing is,

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Speaker 1: uh is kind of uh upsetting, sort of destabilizing the

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Speaker 1: way oil is slowed around the world, you know, the system.

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Speaker 1: And I'll give you one example. You talked about gasoline prices, Well, Russia.

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Speaker 1: I mean a lot of refiners have closed down in

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Speaker 1: the US and elsewhere because it's thought these other refineries,

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Speaker 1: like you know, Russia is provided as part of this

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Speaker 1: global system. So we've got a refining bottleneck on top

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Speaker 1: of it. Yes, exactly what does that mean for gas

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Speaker 1: prices this summer? I realize you're you're focused on on

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Speaker 1: the oil market here, but retail gasoline in this country

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Speaker 1: could see new highs than based on this. This backrop. Yeah, yeah,

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Speaker 1: I think that, uh, unless something really changes that it's

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Speaker 1: gonna not gonna be a Motors are going to feel

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Speaker 1: the front of it. And if they feel the front

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Speaker 1: of it this summer, it will reverberate under November elections.

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Speaker 1: And that's of course what the Biden administration is very

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Speaker 1: worried about up. It was really when gasoline prices started

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Speaker 1: going at last November that they started saying, well, can

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Speaker 1: we get production up? Instead of not paying attention to it. Daniel,

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Speaker 1: you'regan leave it to me to ask you the hard

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Speaker 1: question with a minute left, But but you know, you

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Speaker 1: know who you're talking to here right With that said,

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Speaker 1: is there anything then Joe Biden can do this summer.

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Speaker 1: We've already tapped the reserve or even talking about refilling

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Speaker 1: it at this point. Is there anything they can do

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Speaker 1: to make a meaningful change in oil prices or is

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Speaker 1: that getting to be a question too cute for you? Well?

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Speaker 1: I think that a better you know, a better coordination

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Speaker 1: on a global basis would certainly help to deal with

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Speaker 1: what you talked about the bottlenext before. And it's quite

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Speaker 1: possible that they'll release more oil from the strategic reserve

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Speaker 1: and if they hadn't released the oil that they have

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Speaker 1: done with the higher prices. So it's a tough problem

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Speaker 1: for the Biden administration, be tough for any administration. Man, Daniel,

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Speaker 1: you'regan great to have you back. As always, Vice chair

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Speaker 1: SMP Global and a true expert runs the Serio week

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Speaker 1: conference as well down in Houston, where we spent some time,

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Speaker 1: of course a couple of months ago, and boy, this

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Speaker 1: was the same conversation then, and the prices are a

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Speaker 1: lot higher now. We're gonna assemble the panel next and

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Speaker 1: see where Rick and Genie are on all of this.

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Speaker 1: As we kind of morphed this into a bigger conversation

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Speaker 1: about inflation. Gene Spirling is going to join us a

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Speaker 1: bit later on this hour from the White House. Of course,

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Speaker 1: a veteran, as I mentioned, of three administrations and has

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Speaker 1: the ear of this president on all things economic, he

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Speaker 1: knows about this new push into the issue of inflation today.

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Speaker 1: If you didn't mention or didn't notice the full Court Press,

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Speaker 1: it is underway. We'll check markets and traffic for you

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Speaker 1: as well. Welcome to the fastest hour in politics. We're

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Speaker 1: back from the long weekend and joining you live from

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Speaker 1: the nation's capital. Rick and Genie are up next. I'm

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Speaker 1: Joe Matthew. This is Bloomberg. This is Bloomberg. So long

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Speaker 1: with Joe Matthew on Bloomberg Radio. You do start feeling

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Speaker 1: like we're setting up a road warrior moving here right

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Speaker 1: forget about top gun for a second. The gas is

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Speaker 1: too expensive. Let's assemble the panel now for some insights

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Speaker 1: into all of this. Bloomberg Politics contributors Jeanie Chantano and

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Speaker 1: Rick Davis an essential part of the fastest hour in politics. Genie,

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Speaker 1: I hope you had a great and long weekend. If

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Speaker 1: Daniel Jurgen is our advisor here as we map out

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Speaker 1: of all of our solutions to the world's problems, he

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Speaker 1: is a pretty good one. There's nothing, if I heard correctly,

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Speaker 1: there's really just nothing the White House can do but

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Speaker 1: watch the oil market, much like the rest of us. Yeah,

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Speaker 1: you you saved that last difficult question. And he he said,

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Speaker 1: you know, maybe release some more oil. They've already done that.

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Speaker 1: Better coordination on a global scale. And you know one

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Speaker 1: thing I think it's important to note. Um, you know,

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Speaker 1: he said rightly. So we're looking at two available sources.

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Speaker 1: We're really looking at the UAE and Saudi Arabia, and

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Speaker 1: you look at what the West has done visa v

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Speaker 1: those two countries and the last you know, five plus

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Speaker 1: years Biden describing you know, Saudi Arabia as a parias state.

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Speaker 1: There was you know, the notion that the oil industry

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Speaker 1: is dying. You had Europe focusing on you know, solar hydrogen,

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Speaker 1: all those kinds of things, and so you really don't

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Speaker 1: see much incentive for Saudi Arabia to cooperate at this point,

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Speaker 1: which is a big problem. Now. I'm not suggesting that

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Speaker 1: we shouldn't have called him a parias state for the

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Speaker 1: human rights violations, but you know, you have a policy

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Speaker 1: that makes it now in Saudi Arabia's you know, gives

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Speaker 1: them little incentive to cooperate with the West at this point,

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Speaker 1: and that's a huge, huge problem when they are one

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Speaker 1: of the two sources out there. Therefore, Rick Davis, call

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Speaker 1: it the Putin price hike and get on with it,

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Speaker 1: right if this is not something that we can really

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Speaker 1: affect between now in November. Yeah, I noticed today in

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Speaker 1: the meeting with Chairman Pal there was very little conversation

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Speaker 1: about gasoline prices, dancing around sort of the most obvious

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Speaker 1: problem that American consumers are having right now. I mean,

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Speaker 1: Americans are on the move. They spent two years sitting

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Speaker 1: in COVID waiting for this moment to gas up the

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Speaker 1: car and head for the road. And now they no

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Speaker 1: longer fear COVID. That they fear is the price of gas.

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Speaker 1: And today the retail price, according to Triple A, hit

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Speaker 1: its highest ever for unleaded UH in the last five

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Speaker 1: or four dollars and sixty two cents. Well, it's a

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Speaker 1: horrible report card for this administration. That is an average

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Speaker 1: four dollars point six one nine per gallon, to Rick

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Speaker 1: Davis's point here, a record high from Triple A. And

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Speaker 1: we're going to get more record high as if Daniel

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Speaker 1: Daniel Jurgen's thesis is correct here, right, Jeanie, So you've

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Speaker 1: got to start deflecting if you're going to handle this

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Speaker 1: from a political standpoint, and unless you're finding new sources

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Speaker 1: of energy, that's right, And you know they are, you

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Speaker 1: know we as we talked about last week, they're trying

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Speaker 1: to with Saudi Arabia. They're trying to take some steps.

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Speaker 1: But you know, I thought, gosh, did I feel badly

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Speaker 1: for Jerome Powell to a certain extent today because you know,

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Speaker 1: you had the President parading him in front of everybody's

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Speaker 1: saying he won't interfere with the Fed. This guy now

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Speaker 1: has the toughest job maybe in the world, because he

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Speaker 1: has now been pointed as the poster child for if

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Speaker 1: you don't do this, it's your fault you and putin

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Speaker 1: quite frankly, and but what else can the president do

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Speaker 1: because his hands are basically tied, and so you know

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Speaker 1: you're gonna saying prices go up. There's no political win

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Speaker 1: here for the White House but to try to deflect

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Speaker 1: and to say that they're looking towards the people who

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Speaker 1: have the power. I love the President's quote today when

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Speaker 1: he said he wouldn't interfere. Of course, you're not gonna

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Speaker 1: interfere with the Fed. You have nothing that you can

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Speaker 1: do at your disposal. Man, you're giving me harper And here, Genie,

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Speaker 1: imagine Rick being that guy. You're sitting on the couch

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Speaker 1: the presidents saying, you know, I I defer entirely to Rick.

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Speaker 1: Faith is here when it comes to inflation, the number

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Speaker 1: one issue for Americans at home, and you're thinking, oh

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Speaker 1: my god, I think my mom's called Yeah, who knew

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Speaker 1: there was a trap door in the Oval Office. I

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Speaker 1: mean like Pal fell right through it today. I mean,

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Speaker 1: you know, how would you like to sit there with

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Speaker 1: the president? I mean, just one thing. It's worth it though,

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Speaker 1: Uh you know I I think that the abject failure

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Speaker 1: of leadership today in the Oval Office with Chairman Pale

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Speaker 1: on on behalf of Joe Biden was not worth the

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Speaker 1: price of admission. I mean, basically, what Joe Biden told

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Speaker 1: the American public is pound sound. This is a guy

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Speaker 1: who's unelected, he reports to Congress. I have no influence

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Speaker 1: on on Chairman Pale, and I wouldn't want to have

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Speaker 1: any influence on Chairman Pal. But he is the reason

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Speaker 1: you're gonna have so much pain in the grocery stores

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Speaker 1: and at the pump at the gas station. I mean,

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Speaker 1: don't blame me. I mean, like that's the biggest buck passing.

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Speaker 1: I thought the buck stopped on the Oval Office desk,

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Speaker 1: didn't get passed over to Chairman pal desk. But what's

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Speaker 1: he gonna do though sending out tweets like Donald Trump

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Speaker 1: and say what's wrong with your hike? It interest rates

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Speaker 1: at a time like this, or I mean the alternative

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Speaker 1: brings criticism as well. Right, No, Look, I mean, if

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Speaker 1: he agrees with Pal's strategy of tightening, then he should

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Speaker 1: say so. Obviously, giving support and an effort to the

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Speaker 1: Chairman of the FED is always a positive thing. He's

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Speaker 1: not immune from being able to comment. But but at

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Speaker 1: the end of the day, the balls in his court.

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Speaker 1: I mean, like I disagree with Jennie. Why wouldn't you

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Speaker 1: get the you know, head of Saudi Arabia, the head

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Speaker 1: of you a e you know, in a meeting somewhere

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Speaker 1: on zoom or in person, dropped the pretense that somehow

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Speaker 1: all these people are bad folks. They do only one thing,

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Speaker 1: They pump gas, and so if we have a gas problem,

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Speaker 1: we should be talking to them at some level of government.

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Speaker 1: Doesn't have to be Biden. We are approaching the Saudia's right,

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Speaker 1: and they're taking criticism for that. Genie. The obviously, the

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Speaker 1: whole Kashogi story is going to come up again as

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Speaker 1: soon as we start talking NBS. It absolutely will. And

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Speaker 1: you know, I wasn't suggesting we shouldn't engage with them.

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Speaker 1: What I was saying was from Saudi Arabia's perspective. Both

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Speaker 1: the United States and Europe's treatment of them over the

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Speaker 1: last five to seven years has been given them little

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Speaker 1: incentive to cooperate with more production at this point. And

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Speaker 1: by the way, they're making a lot of money given

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Speaker 1: the current pricing situation. So you know, this is a

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Speaker 1: misstep from a policy perspective, but probably the right stance

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Speaker 1: from a human rights perspective. And the Biden administration Europe

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Speaker 1: walked right into it. And it's not just human rights.

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Speaker 1: They also did it over climate and other things. So

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Speaker 1: this is where we find ourselves today. I kind of

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Speaker 1: like this conversation. I like where this hour is going.

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Speaker 1: Rick and Genie each got an extra hour. They got

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Speaker 1: their wheaties and they're here for the hour. The sound

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Speaker 1: on panel, Genie Tanzano and Rick Davis. I'm Joe Matthew.

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Speaker 1: We bring in Gene Sperling next from the White House

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Speaker 1: and his view on inflation. This is Bloomberg Broadcasting line

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Speaker 1: from our nation's capital, Bloomberg to New York, Bloomberg van

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Speaker 1: Frio to Boston, Bloomberg one oh six one to San

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Speaker 1: Francisco Bloomberg nine six, to the Country Serious x M

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Speaker 1: General one nine and around the globe. The Bloomberg Business

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Speaker 1: app and Bloomberg Radio dot Com. This is Bloomberg Sound

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Speaker 1: On with Joe Matthew. It is getting hot in Washington.

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Speaker 1: That is not clever writing. It's actually really hot in Washington.

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Speaker 1: Ninety six degrees right now. Yeah, still ninety six degrees

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Speaker 1: humid in the Capitol. You can hear the air conditioners buzzing,

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Speaker 1: helping to remind us all of our thirst for energy.

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Speaker 1: Record high gas prices today. Energy could be the stickiest

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Speaker 1: part of the inflation story. And we're going to get

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Speaker 1: into all of this coming up with the President's senior adviser,

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Speaker 1: Gene Sperling. Rarely has so much been made of a

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Speaker 1: single meeting Biden in rare Powell meat. I see the

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Speaker 1: headline on the terminal seeks to deflect inflation blame. We

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Speaker 1: did discuss this in the Indo. Endn't fed earlier this hour.

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Speaker 1: President Biden has not changed as two And I'm just

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Speaker 1: not sure what people were imagining was going to happen.

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Speaker 1: You know, they're gonna sit there and sort of solve

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Speaker 1: this today in the Oval Office, maybe light of fire.

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Speaker 1: I don't know what people thought would happen. But the

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Speaker 1: Treasury Secretary was there as well, Janet Yellen, and so

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Speaker 1: we're still we're still moving forward here with the plan

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Speaker 1: that the administration has laid out, and there appears to

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Speaker 1: be a much more focused conversation now coming out of

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Speaker 1: the long holiday weekend, which is why it's a pleasure

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Speaker 1: to welcome Jeene Spirling back to the program, the White

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Speaker 1: House American Rescue Plan Coordinator, more importantly, senior advisor to

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Speaker 1: this president and of course his third administration here. Gene,

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Speaker 1: it's really great to have you back. This kind of

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Speaker 1: inflation is new to everybody. I guess it doesn't matter

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Speaker 1: how many White Houses you've been in, maybe if you

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Speaker 1: were running things back in the seventies, but I know

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Speaker 1: you're a much younger man. That said, the energy component

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Speaker 1: here is of great concern realizing the administration and is

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Speaker 1: differing price control and into the war on inflation to

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Speaker 1: the Federal Reserve. There's only so much you can do

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Speaker 1: in a global oil market that seems to be shrinking.

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Speaker 1: Do you feel that way? Well, I think that when

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Speaker 1: something's your top priority, you do everything you can. You're right,

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Speaker 1: this is quite a unique period, right, You've had You've

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Speaker 1: you've had a Biden recovery that had the greatest job

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Speaker 1: growth in the history of the country, best growth since

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Speaker 1: uh forty years, the largest drop of in unemployment ever,

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Speaker 1: and yet you're doing that is not helping you to

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Speaker 1: necessarily escape from what is a very serious global inflation problem.

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Speaker 1: We just saw it. The euro that's an eight point

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Speaker 1: one percent, the UK is at nine. So you know

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Speaker 1: that's and that's a little comfort to an American families

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Speaker 1: here going that it's a global problem when they're going

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Speaker 1: through the gas at the at the grocery line. So

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Speaker 1: I think that you know, the President started day with

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Speaker 1: basically saying that this was going to be a presidency

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Speaker 1: that was not just going to say it respects the

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Speaker 1: independence of the FED. It was not going to be

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Speaker 1: bullying them or you know, trying to intimidate them publicly.

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Speaker 1: Which is funny if I say that, people think I'm

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Speaker 1: talking about Trump, but it's actullent. Five different presidents since

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Speaker 1: nineteen sixty have have sixty four have have participated in

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Speaker 1: in kind of been trying to intimidate the FED. So

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Speaker 1: first of all, you start and you make clear this

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Speaker 1: is top priority. I respect the independence of the FED,

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Speaker 1: because of course monetary policy is going to be the

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Speaker 1: most powerful tools. Secondly, you recognize that one, you know,

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Speaker 1: one of the strong outgrows of this recovery is that

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Speaker 1: it's surge growth and revenues, and it made it possible

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Speaker 1: to roll off a lot of the emergency spending programs

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Speaker 1: like u I and and and the Economic Impact Payment.

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Speaker 1: So we're seeing one and a half early in valor

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Speaker 1: decline and the deficit that damned inflationary pressures. And then

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Speaker 1: the president you know, and I could do it, but

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Speaker 1: I'll stop to give questions. You know, goes through all

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Speaker 1: the different things, from the historic release of the strategic

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Speaker 1: petroleum reserve to trying to bring down prescription drug costs,

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Speaker 1: and so every single one of those somebody could say, well,

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Speaker 1: that's not a silver bullet. But of course, and you

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Speaker 1: know that this audience hears about these steps, Gene, and

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Speaker 1: I hate to interrupt, we have such little time, but

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Speaker 1: this this audience is pretty sophisticated with with exactly what

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Speaker 1: you're talking about, the stages and the steps that have

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Speaker 1: that have been taken here. Um, what are your what

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Speaker 1: is it damned if you do, damned if you don't.

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Speaker 1: In a way though, what's your reaction of those who

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Speaker 1: you know you heard me mention the headline, UH that

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Speaker 1: the President was essentially deflecting inflation blame by having J.

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Speaker 1: Powell on the couch and the other the other extreme

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Speaker 1: is is Donald Trump tweeting at J. Powell telling him

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Speaker 1: what to do with interest rates? Is there something in

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Speaker 1: the middle here we can find? No. I don't think

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Speaker 1: this is about being in the middle. I think this

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Speaker 1: is about the importance of respecting the independence of the

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Speaker 1: Federal Reserve, particularly when they're doing something. You know, we

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Speaker 1: understand that our Federal Reserve is independent and has while

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Speaker 1: they have a dual mandate at times where inflation becomes

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00:23:20,280 --> 00:23:23,560
Speaker 1: the highest concern, that they're going to take steps to

430
00:23:23,800 --> 00:23:28,000
Speaker 1: dampen that inflation, and that's going to be raising interest rates.

431
00:23:28,000 --> 00:23:31,919
Speaker 1: And the President is making very clear that he is

432
00:23:31,960 --> 00:23:35,960
Speaker 1: going to respect that independence. Respecting that independence, as I've

433
00:23:36,000 --> 00:23:39,240
Speaker 1: seen in my past presidencies, whether it was with you know,

434
00:23:39,280 --> 00:23:43,679
Speaker 1: Alan Green's fan or or Ben Bernaki, UH, makes it

435
00:23:43,760 --> 00:23:47,760
Speaker 1: easier for presidents and heads and FED chairs to talk

436
00:23:47,800 --> 00:23:51,560
Speaker 1: into to share, you know, insights, so that we all

437
00:23:51,640 --> 00:23:56,399
Speaker 1: understand the direction that we're rowing in philosophical question for

438
00:23:56,480 --> 00:24:00,680
Speaker 1: you you try to about the economy here, it's just

439
00:24:00,760 --> 00:24:03,680
Speaker 1: philosophical question when it comes to fighting inflation. We saw

440
00:24:03,680 --> 00:24:06,600
Speaker 1: a German inflation at a fresh record high. You've made

441
00:24:06,600 --> 00:24:09,520
Speaker 1: the point this is a global phenomenon. The President and

442
00:24:09,560 --> 00:24:12,000
Speaker 1: the administration have also made the point that it's driven

443
00:24:12,040 --> 00:24:15,480
Speaker 1: by the war in Ukraine, and then it's driven by COVID.

444
00:24:15,800 --> 00:24:19,080
Speaker 1: These are all completely different factors than the Federal Reserve

445
00:24:19,119 --> 00:24:23,159
Speaker 1: has countered before with the sledge hammer of tightening of

446
00:24:23,240 --> 00:24:25,880
Speaker 1: raising interest rates. Do we need to not be more

447
00:24:25,960 --> 00:24:29,040
Speaker 1: delicate with our response here? If these are specific issues

448
00:24:29,320 --> 00:24:32,720
Speaker 1: supply chain, war in Ukraine, if you fix those, then

449
00:24:32,720 --> 00:24:37,600
Speaker 1: inflation goes away. No, Well, you know you're gonna put

450
00:24:37,600 --> 00:24:39,800
Speaker 1: me in a bind because obviously I just would and

451
00:24:39,920 --> 00:24:42,560
Speaker 1: said that those of us in the White House, you know,

452
00:24:42,640 --> 00:24:48,200
Speaker 1: shouldn't be commenting or trying to influence the Federal Reserve.

453
00:24:48,600 --> 00:24:53,119
Speaker 1: I would say the following, Um, I do think you know,

454
00:24:53,240 --> 00:24:56,160
Speaker 1: I don't think this is about deflection of blame. This

455
00:24:56,280 --> 00:24:59,480
Speaker 1: is a global crisis, you know, it is everywhere. It's

456
00:24:59,520 --> 00:25:03,400
Speaker 1: not the one head of states fault. And there's no

457
00:25:03,560 --> 00:25:09,919
Speaker 1: doubt that delta omicron made it harder to have that supply, uh,

458
00:25:10,640 --> 00:25:14,360
Speaker 1: you know, to correct some of the supply constraints, and

459
00:25:14,480 --> 00:25:18,400
Speaker 1: of course the war in Ukraine didn't cause all the inflation,

460
00:25:18,480 --> 00:25:21,120
Speaker 1: but it is true that gas prices were at three

461
00:25:21,160 --> 00:25:24,480
Speaker 1: dollars and thirty one cents on January seventeen when food

462
00:25:24,560 --> 00:25:27,320
Speaker 1: moved treat troops to the border of Belarus. So it's

463
00:25:27,359 --> 00:25:30,919
Speaker 1: clearly a dollar thirty or more worse. So that's just

464
00:25:31,119 --> 00:25:34,679
Speaker 1: recognizing that. Yes, I don't think this is the fault

465
00:25:34,720 --> 00:25:36,960
Speaker 1: of any particular head of state, but I think every

466
00:25:37,000 --> 00:25:41,440
Speaker 1: head of state, including Joe Biden, feels it's their responsibility

467
00:25:41,520 --> 00:25:43,639
Speaker 1: to do what they can. Now, I think it's just

468
00:25:43,760 --> 00:25:48,360
Speaker 1: basic economics to know that the federal reserves monetary tools

469
00:25:48,680 --> 00:25:53,159
Speaker 1: are going to have a greater impact on UH dampening

470
00:25:53,240 --> 00:25:56,399
Speaker 1: inflation than a lot of things that can be done

471
00:25:56,960 --> 00:25:59,840
Speaker 1: by an administration, even if you had a poperative Congress

472
00:26:00,160 --> 00:26:03,840
Speaker 1: said clearly having a major decline in the deficits. It's

473
00:26:03,880 --> 00:26:08,240
Speaker 1: something that there is Jeane spoiling, I'm out of time,

474
00:26:08,720 --> 00:26:14,040
Speaker 1: Come back and see us on Bloomberg. This is Bloomberg,

475
00:26:14,200 --> 00:26:20,239
Speaker 1: So long with Joe Matthew on Bloomberg Radio. As we

476
00:26:20,280 --> 00:26:23,640
Speaker 1: reassemble the panel on the Fastest Hour in Politics, Rick

477
00:26:23,680 --> 00:26:25,440
Speaker 1: and Jennie are with us for the rest of the hour.

478
00:26:25,560 --> 00:26:30,399
Speaker 1: Rick Davis and Jennie Shannon Zeno, Bloomberg Politics contributors fascinating

479
00:26:30,400 --> 00:26:33,080
Speaker 1: conversation with Jeane Spoiling. Rick Davis, I'm curious if you

480
00:26:33,160 --> 00:26:36,639
Speaker 1: still feel the same way after what we discussed in

481
00:26:36,760 --> 00:26:40,240
Speaker 1: trying to tackle the issue of inflation not just practically

482
00:26:40,280 --> 00:26:44,960
Speaker 1: but also through messaging optically with the FED chair in

483
00:26:45,000 --> 00:26:48,240
Speaker 1: the Oval office today. Is this going to be something

484
00:26:48,280 --> 00:26:50,960
Speaker 1: we're talking about for the rest of this administration. Well,

485
00:26:50,960 --> 00:26:52,359
Speaker 1: first of all, we don't know how long this is

486
00:26:52,400 --> 00:26:55,160
Speaker 1: gonna last. So I think the assumption you have to have,

487
00:26:55,400 --> 00:26:58,520
Speaker 1: especially in this administration, which you know sort of bought

488
00:26:58,560 --> 00:27:01,400
Speaker 1: inflation into this, you know it's transient. It's not gonna

489
00:27:01,480 --> 00:27:04,480
Speaker 1: last long if it if it lasts six months, it

490
00:27:04,520 --> 00:27:07,440
Speaker 1: could last a year, and and and and the one

491
00:27:07,440 --> 00:27:09,640
Speaker 1: thing you don't want to do is stop talking about

492
00:27:09,640 --> 00:27:12,879
Speaker 1: inflation and start talking about a recession. Right, that's the

493
00:27:12,920 --> 00:27:15,560
Speaker 1: only time it gets worse than when it currently is.

494
00:27:16,040 --> 00:27:18,080
Speaker 1: So so absolutely they have to be committed to a

495
00:27:18,119 --> 00:27:20,639
Speaker 1: long term fix. In the long term means you know

496
00:27:20,640 --> 00:27:23,119
Speaker 1: that we have to reinvest in these resources we have

497
00:27:23,200 --> 00:27:25,320
Speaker 1: in our country. I mean, and I thought, you know

498
00:27:25,359 --> 00:27:27,440
Speaker 1: it was really interesting to note that there are three

499
00:27:27,520 --> 00:27:32,399
Speaker 1: big oil producers in the world, US, Russia, and Saudi Arabia. Well,

500
00:27:32,520 --> 00:27:34,640
Speaker 1: why don't we look at US as an option here?

501
00:27:34,840 --> 00:27:37,720
Speaker 1: And so rather than having to worry about everybody else

502
00:27:37,840 --> 00:27:41,639
Speaker 1: that has to be reinvested that wasn't invested in during

503
00:27:41,800 --> 00:27:44,920
Speaker 1: the Trump administration, even though we talked a good game,

504
00:27:45,200 --> 00:27:48,760
Speaker 1: there wasn't like this excess capacity available to this administration

505
00:27:48,800 --> 00:27:51,720
Speaker 1: when they took office. And this administration has got to

506
00:27:51,760 --> 00:27:55,600
Speaker 1: get over the bug a booze of of uh, you know,

507
00:27:55,720 --> 00:27:58,280
Speaker 1: making an investment in that, in that industry, and then

508
00:27:58,320 --> 00:28:00,200
Speaker 1: and then I think they are all these other things

509
00:28:00,280 --> 00:28:03,479
Speaker 1: that you described. I thought very well, um, you know,

510
00:28:03,520 --> 00:28:06,720
Speaker 1: supply chain and and and infrastructure, and some of that

511
00:28:06,880 --> 00:28:09,840
Speaker 1: is being done. So you have to have a longer

512
00:28:09,960 --> 00:28:13,399
Speaker 1: term point of view, and you've got to take the

513
00:28:13,560 --> 00:28:17,360
Speaker 1: political short term impact to that, and so suck it up.

514
00:28:17,760 --> 00:28:19,600
Speaker 1: Genie looked no further than the front page of the

515
00:28:19,600 --> 00:28:21,840
Speaker 1: Washington Post that was struck by this this morning. US

516
00:28:21,920 --> 00:28:26,160
Speaker 1: policy makers misjudged inflation threat until it was too late.

517
00:28:26,680 --> 00:28:28,800
Speaker 1: That's what people woke up to this morning. Not everybody

518
00:28:28,840 --> 00:28:31,840
Speaker 1: listens to and watches Bloomberg in is as deep as

519
00:28:32,040 --> 00:28:35,240
Speaker 1: we are in these conversations where it's fifty versus seventy

520
00:28:35,280 --> 00:28:39,440
Speaker 1: five basis points. No, the post here says policy makers

521
00:28:39,440 --> 00:28:42,160
Speaker 1: blew it on inflation, and then it was coupled with

522
00:28:42,200 --> 00:28:47,880
Speaker 1: an inflation timeline genie that goes back to February of one.

523
00:28:48,800 --> 00:28:51,560
Speaker 1: Is this now the way the White House gets to

524
00:28:52,280 --> 00:28:55,840
Speaker 1: the living rooms the mainstream conversation about inflation. We're not

525
00:28:55,880 --> 00:28:57,640
Speaker 1: talking to the markets anymore. We're you need to talk

526
00:28:57,680 --> 00:29:00,400
Speaker 1: to real people. Yeah, I mean, and and you know,

527
00:29:00,440 --> 00:29:02,760
Speaker 1: people should listen to Bloomberg because we talked about this

528
00:29:02,880 --> 00:29:05,760
Speaker 1: going back, but the White House simply wouldn't even say

529
00:29:05,800 --> 00:29:09,840
Speaker 1: the word for many many months. And you know, obviously

530
00:29:09,880 --> 00:29:12,840
Speaker 1: they were hoping it didn't happen. But it did. And

531
00:29:12,880 --> 00:29:15,120
Speaker 1: you look at the President's op ed out in the

532
00:29:15,160 --> 00:29:18,800
Speaker 1: Wall Street Journal, and it's interesting, he is he is right.

533
00:29:18,960 --> 00:29:22,040
Speaker 1: There is good news on the economy, quite frankly, but

534
00:29:22,200 --> 00:29:26,040
Speaker 1: you can't overcome what people are facing, you know, as

535
00:29:26,080 --> 00:29:28,760
Speaker 1: they go to the to the gas station to fill up.

536
00:29:29,000 --> 00:29:31,719
Speaker 1: And the problem with with what Spurling said, quite frankly,

537
00:29:31,880 --> 00:29:34,800
Speaker 1: is you can only blame putin so far. Yes, oil

538
00:29:34,840 --> 00:29:38,080
Speaker 1: prices did rise after the invasion, but inflation impacts more

539
00:29:38,080 --> 00:29:41,840
Speaker 1: than oil. People are paying more for everything, and so

540
00:29:41,920 --> 00:29:45,760
Speaker 1: these macro you know, realities you know down and you know,

541
00:29:45,840 --> 00:29:49,280
Speaker 1: unemployment is down, supply chain is better than most other countries,

542
00:29:49,320 --> 00:29:52,320
Speaker 1: business investment up. People don't feel that, and so the

543
00:29:52,320 --> 00:29:55,120
Speaker 1: White House is stuck in this problem. And I thought

544
00:29:55,160 --> 00:29:58,400
Speaker 1: one of the interesting things about the President's plan is

545
00:29:58,600 --> 00:30:01,480
Speaker 1: he doesn't talk about bill back better in this op ed,

546
00:30:01,640 --> 00:30:04,600
Speaker 1: but every single idea he has to address it is

547
00:30:04,680 --> 00:30:08,440
Speaker 1: incompassed in build back Better. Yeah, it's it's a flashback

548
00:30:08,480 --> 00:30:10,479
Speaker 1: to the whole build back Better debate. And I'm not

549
00:30:10,560 --> 00:30:12,760
Speaker 1: sure that's something well, I know, like the State of

550
00:30:12,800 --> 00:30:16,160
Speaker 1: the Union. Yeah, it's it's probably not going to pass Congress,

551
00:30:16,200 --> 00:30:19,520
Speaker 1: I would suggest. So you're back to square one. And

552
00:30:19,560 --> 00:30:22,040
Speaker 1: the problem even you know, Rick's idea invest in the

553
00:30:22,080 --> 00:30:23,720
Speaker 1: US is a great idea, but that's not going to

554
00:30:23,760 --> 00:30:25,200
Speaker 1: help them for the mid term. It's not going to

555
00:30:25,280 --> 00:30:28,240
Speaker 1: help them short term, and that's their big problem. Well,

556
00:30:28,240 --> 00:30:30,120
Speaker 1: the President did not get high remarks at the big

557
00:30:30,200 --> 00:30:34,640
Speaker 1: rally over the weekend in Wyoming Saturday night in Casper, Wyoming,

558
00:30:34,680 --> 00:30:38,600
Speaker 1: But then again, Liz Cheney didn't either. Here's former President

559
00:30:38,640 --> 00:30:42,800
Speaker 1: Donald Trump ripping into Liz Cheney. As I read here

560
00:30:42,840 --> 00:30:46,120
Speaker 1: on the terminal, Trump stages rally in his quest to

561
00:30:46,280 --> 00:30:50,200
Speaker 1: defeat Cheney. Here he is, Liz Cheney hates the voters

562
00:30:50,280 --> 00:30:53,160
Speaker 1: of the Republican Party, and she has for longer than

563
00:30:53,200 --> 00:30:57,400
Speaker 1: you would know. Wyoming deserves a congresswoman who stands up

564
00:30:57,440 --> 00:31:00,360
Speaker 1: for you and your values, not one who spend ends

565
00:31:00,800 --> 00:31:04,120
Speaker 1: all over time putting you down, going after your president

566
00:31:04,240 --> 00:31:10,600
Speaker 1: in the most vicious way possible, and loving endless, nonsensical, bloody,

567
00:31:10,720 --> 00:31:13,920
Speaker 1: horrible wars that never end. They just never end. The

568
00:31:14,120 --> 00:31:18,280
Speaker 1: Cheney's are die hard globalists and warmongers. How do you

569
00:31:18,360 --> 00:31:20,880
Speaker 1: really feel? And by putting you down, I mean going

570
00:31:20,920 --> 00:31:24,880
Speaker 1: after your favorite president? Rick Davis, I guess the several

571
00:31:25,360 --> 00:31:29,960
Speaker 1: people who were at the rally, including Congresswoman Bobert, had

572
00:31:29,960 --> 00:31:33,360
Speaker 1: trouble pronouncing the name of the woman running against, have

573
00:31:33,440 --> 00:31:35,719
Speaker 1: been sort of recruited to run against Liz Cheney. But

574
00:31:35,760 --> 00:31:39,160
Speaker 1: this isn't until August six. Does that mean that that's

575
00:31:39,200 --> 00:31:41,280
Speaker 1: the that's the next thing that matters to Donald Trump

576
00:31:41,280 --> 00:31:44,560
Speaker 1: and the campaign cycle. Well, after licking his wounds coming

577
00:31:44,560 --> 00:31:46,959
Speaker 1: out of Georgia last week, he wanted to do something

578
00:31:47,000 --> 00:31:49,240
Speaker 1: that sort of change the message. And this was a great,

579
00:31:49,440 --> 00:31:51,480
Speaker 1: great way to do that, go and attack one of

580
00:31:51,480 --> 00:31:54,400
Speaker 1: your own. Um, you know. It's the thing that needs

581
00:31:54,480 --> 00:31:58,560
Speaker 1: reminding is Liz Cheney voted with Trump of the time.

582
00:31:59,040 --> 00:32:03,760
Speaker 1: She she is one of his best advocates inside the

583
00:32:03,800 --> 00:32:07,520
Speaker 1: House of Representatives for his agenda. That being said, her

584
00:32:07,680 --> 00:32:11,480
Speaker 1: argument with him is related to his conduct during January

585
00:32:11,560 --> 00:32:14,960
Speaker 1: six and the subsequent stop the Steel campaign and and

586
00:32:14,960 --> 00:32:17,400
Speaker 1: and and so when he says that she's been not

587
00:32:17,480 --> 00:32:20,480
Speaker 1: a good Republican for a long time, that parts not true.

588
00:32:20,760 --> 00:32:23,560
Speaker 1: What is true is that she doesn't like Donald Trump

589
00:32:23,640 --> 00:32:27,320
Speaker 1: and has made it a caused celeb and a career

590
00:32:27,360 --> 00:32:29,800
Speaker 1: move to to try and beat that. She's got a

591
00:32:29,840 --> 00:32:32,320
Speaker 1: lot of time left in this primary, She's got a

592
00:32:32,360 --> 00:32:34,800
Speaker 1: lot of money in the bank, much more than than

593
00:32:34,920 --> 00:32:40,920
Speaker 1: her opponent primary opponent, Harriet Hageman. And and and so

594
00:32:41,240 --> 00:32:43,320
Speaker 1: this is not a done deal. And that's why Donald

595
00:32:43,360 --> 00:32:46,120
Speaker 1: Trump showed up because the last thing he needs is

596
00:32:46,200 --> 00:32:49,760
Speaker 1: for for Liz Cheney to win reelection. And that would

597
00:32:49,800 --> 00:32:52,600
Speaker 1: be seen as the biggest rebuke of this election cycle. Honestly,

598
00:32:52,680 --> 00:32:57,160
Speaker 1: sure would And I by would you get on a committee, Genie? Yeah,

599
00:32:57,200 --> 00:32:59,920
Speaker 1: you know, the reality is if Trump can't win in Yoming,

600
00:33:00,320 --> 00:33:04,240
Speaker 1: where he got his largest margin out of any state

601
00:33:04,280 --> 00:33:08,080
Speaker 1: in twenty and did it incredibly well into its sixteen,

602
00:33:08,400 --> 00:33:11,600
Speaker 1: he can't win anywhere. So you know, this is a

603
00:33:11,680 --> 00:33:14,160
Speaker 1: do or die place for him. And of course Liz

604
00:33:14,240 --> 00:33:17,120
Speaker 1: Cheney is his number one opponent on this question of

605
00:33:17,160 --> 00:33:20,520
Speaker 1: whether the election was stolen. So I think this is

606
00:33:20,560 --> 00:33:23,760
Speaker 1: the definitive referendum on this question of whether the Republican

607
00:33:23,840 --> 00:33:26,160
Speaker 1: Party is going to be focused on looking back to

608
00:33:27,040 --> 00:33:29,560
Speaker 1: relitigating that or whether they're going to look forward. And

609
00:33:29,600 --> 00:33:32,120
Speaker 1: I would suggest, even if many members the Republican Party

610
00:33:32,160 --> 00:33:35,120
Speaker 1: won't say it, some of them secretly hope that she

611
00:33:35,280 --> 00:33:37,880
Speaker 1: wins because they don't want their party to be about

612
00:33:37,960 --> 00:33:40,719
Speaker 1: looking back. They wanted to be about looking forward. And

613
00:33:40,760 --> 00:33:42,719
Speaker 1: you know what was funny to me at this rally was,

614
00:33:43,000 --> 00:33:45,400
Speaker 1: you know, Trump claiming that he swept to Georgia. I'm

615
00:33:45,440 --> 00:33:48,000
Speaker 1: not sure he saw those results, but sweeping Georgia was

616
00:33:48,040 --> 00:33:50,240
Speaker 1: not amongst the things he accomplished. There. Just say it.

617
00:33:50,240 --> 00:33:53,040
Speaker 1: At least half the people will believe it here, Rick,

618
00:33:53,760 --> 00:33:56,880
Speaker 1: what do people think of Dick Cheney in the Republican Party? Rick?

619
00:33:56,960 --> 00:33:59,120
Speaker 1: Is there really a split here? The way that the

620
00:33:59,440 --> 00:34:02,600
Speaker 1: Trump really he went for the warmongering. Uh. There there

621
00:34:02,760 --> 00:34:05,440
Speaker 1: is obviously an element of the Republican Party, the nationalist

622
00:34:05,480 --> 00:34:07,680
Speaker 1: streak that helped Donald Trump get elected that feels that way.

623
00:34:07,720 --> 00:34:09,920
Speaker 1: But how how wide is that Well, I don't think

624
00:34:09,960 --> 00:34:11,920
Speaker 1: it's very wide, and I think it's pretty much forgotten.

625
00:34:11,960 --> 00:34:14,200
Speaker 1: I mean, the reality is it's been a long time

626
00:34:14,239 --> 00:34:17,680
Speaker 1: since Dick Cheney held office as Vice president uh and

627
00:34:18,400 --> 00:34:21,480
Speaker 1: arguably helped get us into the war in Iraq, and

628
00:34:21,480 --> 00:34:23,719
Speaker 1: and so I think that's beating a dead horse. I

629
00:34:23,800 --> 00:34:26,520
Speaker 1: really don't think that there's anything that someone's gonna find

630
00:34:26,520 --> 00:34:29,640
Speaker 1: in a poll in Wyoming, certainly where he's still seen

631
00:34:29,719 --> 00:34:32,200
Speaker 1: as a very popular figure. I mean, you assume this

632
00:34:32,239 --> 00:34:34,160
Speaker 1: attack by Trump is going to be effective, but the

633
00:34:34,239 --> 00:34:38,360
Speaker 1: Cheneys are political gold in Wyoming, and so going after

634
00:34:38,480 --> 00:34:41,319
Speaker 1: her father is really missing the mark. I mean, he

635
00:34:41,400 --> 00:34:43,160
Speaker 1: might have a shot on go with her, but going

636
00:34:43,160 --> 00:34:46,040
Speaker 1: after Dick Cheney and Wyoming, Wow, I mean, like that's

637
00:34:46,040 --> 00:34:49,880
Speaker 1: a waste of time. Fascinating conversation with our panel. Rick

638
00:34:49,920 --> 00:34:52,360
Speaker 1: and Jennie of course are here, and I don't know

639
00:34:52,400 --> 00:34:54,279
Speaker 1: if you guys have had a chance to weigh in

640
00:34:54,920 --> 00:35:00,480
Speaker 1: on the peach tree scandal, The peach the peach tree,

641
00:35:00,960 --> 00:35:04,520
Speaker 1: The peach tree scandal. Marjorie Taylor Green have you seen

642
00:35:04,600 --> 00:35:08,280
Speaker 1: this thing? Has been viewed over a million times now.

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00:35:08,760 --> 00:35:12,239
Speaker 1: Of course, just off her primary win was talking during

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00:35:12,280 --> 00:35:17,120
Speaker 1: her latest broadcast of MTG Live. Remember we talked about lawmakers,

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00:35:17,160 --> 00:35:21,440
Speaker 1: their podcast, their shows, things happen, uh And in this case,

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00:35:21,480 --> 00:35:23,880
Speaker 1: the congresswoman was talking about how the government wants to

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00:35:23,920 --> 00:35:26,919
Speaker 1: monitor everything in your life, including what you eat. Listen

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00:35:26,960 --> 00:35:31,360
Speaker 1: to Congresswoman Marjorie Taylor Green. The government totally wants to

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00:35:31,880 --> 00:35:35,680
Speaker 1: provide surveillance on every part of your life. They want

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00:35:35,719 --> 00:35:38,000
Speaker 1: to know when you're eating, which they want to know

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00:35:38,040 --> 00:35:40,560
Speaker 1: if you're eating a cheeseburger, which is very bad because

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00:35:40,600 --> 00:35:42,759
Speaker 1: Bill Gates wants you to eat his fake meat that

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00:35:42,800 --> 00:35:46,600
Speaker 1: grows in a peach tree dish. WHOA okay, did you

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00:35:46,640 --> 00:35:51,160
Speaker 1: get that pete tree dish? Sebastian get the short one.

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00:35:51,239 --> 00:35:56,720
Speaker 1: Just that. Listen closely when she says it peach tree dish.

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00:35:56,800 --> 00:36:01,880
Speaker 1: It's like Peach Tree Street in Georgia, the peach treat dish.

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Speaker 1: This is, of course the same woman who introduced us

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Speaker 1: though to the Gaspacho police. Remember, go for its Sebastian.

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00:36:12,200 --> 00:36:14,200
Speaker 1: Not only do we have the DC Jail, which is

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00:36:14,239 --> 00:36:17,480
Speaker 1: the d C goolog but now we have Nancy Pelosi's

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00:36:17,520 --> 00:36:21,920
Speaker 1: Gaspacho police spine on members of Congress. Watch out for

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00:36:21,960 --> 00:36:28,239
Speaker 1: the gaspacho, don't mix it with the peach genie. This

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00:36:28,320 --> 00:36:31,560
Speaker 1: is the kind of programming that you get in the

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00:36:31,600 --> 00:36:35,520
Speaker 1: age of podcasting and YouTube from our elected officials. I

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00:36:35,560 --> 00:36:38,440
Speaker 1: think we need to focus exclusively, like once a week

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00:36:38,480 --> 00:36:41,759
Speaker 1: on these public officials, and their podcasts are the best.

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00:36:42,480 --> 00:36:45,600
Speaker 1: You're right, we are, did you hear Petrie there? Petrie

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00:36:45,680 --> 00:36:49,600
Speaker 1: Dish Rick Davis. Uh. I don't even know how to

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Speaker 1: comment about Marjorie Taylor Green and most of what she

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00:36:52,680 --> 00:36:56,240
Speaker 1: talks about, but it's all a you know, wonderful scandal

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00:36:56,400 --> 00:36:59,759
Speaker 1: that she's obviously you know, giving us information about that

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00:37:00,239 --> 00:37:03,080
Speaker 1: in our bellies, there's some kind of a bug that's,

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00:37:03,160 --> 00:37:06,200
Speaker 1: you know, reporting to the government on what we eat

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00:37:06,719 --> 00:37:08,839
Speaker 1: for That bug in my belly is Bill Gates making

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Speaker 1: fake meat. I didn't know he was even in that business.

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Speaker 1: This whole thing has been fascinating to me. Put the

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00:37:13,800 --> 00:37:18,799
Speaker 1: caspaco in the peach tree dish and see what you

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Speaker 1: get for dessert. The best panel in the business, Rick

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00:37:22,520 --> 00:37:25,239
Speaker 1: and Jennie back here tomorrow. Will meet you again on

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Speaker 1: the fastest hour in politics. I'm hungry now, I'm Joe Matthew.

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Speaker 1: This is Bloomberg