1 00:00:02,520 --> 00:00:10,080 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,840 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,880 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple, Coarklay and Android 4 00:00:17,120 --> 00:00:20,520 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,560 --> 00:00:25,040 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,720 --> 00:00:29,160 Speaker 2: The Trump Rule, as he puts it on Truth Social. 7 00:00:29,520 --> 00:00:31,720 Speaker 2: The financial news today was great, he says, referring to 8 00:00:31,760 --> 00:00:32,640 Speaker 2: the GDP report. 9 00:00:32,680 --> 00:00:33,520 Speaker 3: You've been hearing us. 10 00:00:33,400 --> 00:00:36,159 Speaker 2: Talk about a four point two percent, he writes, as 11 00:00:36,200 --> 00:00:38,960 Speaker 2: opposed to the predicted two point five, who was actually 12 00:00:39,000 --> 00:00:42,080 Speaker 2: four point three on an annualized rate. But in the 13 00:00:42,080 --> 00:00:45,200 Speaker 2: modern market, the President writes, when you have good news, 14 00:00:45,200 --> 00:00:48,080 Speaker 2: the market stays even or goes down because Wall Street's 15 00:00:48,080 --> 00:00:50,680 Speaker 2: heads are wired differently than they used to be. If 16 00:00:50,680 --> 00:00:53,199 Speaker 2: you're an investor or a market watcher, you'll get a 17 00:00:53,240 --> 00:00:55,560 Speaker 2: kick out of this. The President says, in the old days, 18 00:00:55,600 --> 00:00:58,240 Speaker 2: when there was good news, market went up. Nowadays, when 19 00:00:58,240 --> 00:01:01,560 Speaker 2: there's good news, market goes down because everybody thinks that 20 00:01:01,640 --> 00:01:04,240 Speaker 2: interest rates will be immediately lifted to take care of 21 00:01:04,280 --> 00:01:08,039 Speaker 2: potential inflation. He goes on to write that he wants 22 00:01:08,040 --> 00:01:09,840 Speaker 2: a market the likes of which we haven't had in 23 00:01:09,880 --> 00:01:13,720 Speaker 2: many decades, one that goes up on good news down 24 00:01:13,760 --> 00:01:17,040 Speaker 2: on bad news, the way it should be. He says, though, 25 00:01:17,040 --> 00:01:20,959 Speaker 2: of course, at any point in modern history when interest 26 00:01:21,040 --> 00:01:25,640 Speaker 2: rates were in question, yes, good news on Main Street 27 00:01:26,640 --> 00:01:30,080 Speaker 2: has always been bad news on Wall Street and vice versa. 28 00:01:30,200 --> 00:01:31,959 Speaker 2: If it's the interest rate game you're playing. And we 29 00:01:32,000 --> 00:01:34,200 Speaker 2: are right now with a lot of questions about the 30 00:01:34,240 --> 00:01:36,400 Speaker 2: FED meeting, not to mention the FED. 31 00:01:36,200 --> 00:01:37,520 Speaker 3: Share in the new year. 32 00:01:37,840 --> 00:01:40,040 Speaker 2: This is where we start our conversation with Laura Davison, 33 00:01:40,120 --> 00:01:42,920 Speaker 2: our deputy Washington Bureau chief, who's on the other end 34 00:01:42,959 --> 00:01:45,400 Speaker 2: of the truth social feed. Not to mention the latest 35 00:01:45,480 --> 00:01:47,760 Speaker 2: dump of Epstein files. We're going to try to cover 36 00:01:47,840 --> 00:01:49,760 Speaker 2: it all or it's great to see you. This is 37 00:01:49,800 --> 00:01:53,520 Speaker 2: a stock market that the president loves, to Trump, it's 38 00:01:53,560 --> 00:01:55,720 Speaker 2: near all time highs. Why worry about it on a 39 00:01:55,800 --> 00:01:58,080 Speaker 2: daylight today when you've got great economic news. 40 00:01:58,200 --> 00:02:00,320 Speaker 4: Well you can see in this truth post that Trump 41 00:02:00,360 --> 00:02:02,840 Speaker 4: is really really worried about interest rates. In particular. This 42 00:02:02,960 --> 00:02:04,880 Speaker 4: is you know, he's supposed to be meeting with Rick 43 00:02:04,920 --> 00:02:07,440 Speaker 4: Reader a potential FED show this week, and as he's 44 00:02:07,800 --> 00:02:09,320 Speaker 4: kind of started to figure out, is that he is 45 00:02:09,360 --> 00:02:12,600 Speaker 4: not able to compel markets to do exactly what he 46 00:02:12,639 --> 00:02:14,079 Speaker 4: wants them to do. We've seen this time and time 47 00:02:14,080 --> 00:02:17,160 Speaker 4: again with the Liberation Day tariffs throughout the year that 48 00:02:17,240 --> 00:02:19,720 Speaker 4: you know, he is trying to you know, tells traders, hey, 49 00:02:19,720 --> 00:02:21,600 Speaker 4: look it's good news, go up, and you know, we 50 00:02:21,600 --> 00:02:24,120 Speaker 4: should keep interest rates steady. However, that's not both how 51 00:02:24,160 --> 00:02:26,120 Speaker 4: the FED is thinking as well as how traders are 52 00:02:26,120 --> 00:02:29,280 Speaker 4: thinking and looking at the whole holistic economy, which has 53 00:02:29,320 --> 00:02:30,880 Speaker 4: a bunch of other warning signs out there. 54 00:02:30,919 --> 00:02:33,320 Speaker 2: Pretty tough if you're I guess if Kevin Hassett right 55 00:02:33,320 --> 00:02:35,600 Speaker 2: now or whomever thinks they might be getting the next 56 00:02:35,960 --> 00:02:39,240 Speaker 2: job as FED here, because the president's saying, when the 57 00:02:39,360 --> 00:02:43,079 Speaker 2: data blows the cover off the ball, when we're too hot, 58 00:02:43,120 --> 00:02:45,800 Speaker 2: I still need you to cut. And I guess the 59 00:02:45,880 --> 00:02:47,840 Speaker 2: market would go up in that world, but that would 60 00:02:47,840 --> 00:02:49,799 Speaker 2: be unsustainable, wouldn't It's. 61 00:02:49,760 --> 00:02:51,960 Speaker 4: Very likely this is a lot of like very complicated 62 00:02:51,960 --> 00:02:54,320 Speaker 4: mental gymnastics here that the President is asking both us 63 00:02:54,360 --> 00:02:57,079 Speaker 4: as well as uh the traders to do as he's 64 00:02:57,120 --> 00:02:59,040 Speaker 4: trying to kind of create this economic message. 65 00:02:59,160 --> 00:03:00,840 Speaker 5: This just really goes to show. 66 00:03:00,520 --> 00:03:02,919 Speaker 4: How much the President has really struggled when it comes 67 00:03:02,919 --> 00:03:05,520 Speaker 4: to economic messaging. His team wants him out there talking 68 00:03:05,520 --> 00:03:09,040 Speaker 4: about affordability, talking about these pocketbook issues that resonate with voters. 69 00:03:09,480 --> 00:03:11,680 Speaker 4: You know, Trump, however, is still very motivated by some 70 00:03:11,720 --> 00:03:14,160 Speaker 4: of those metrics that you know, your average person isn't watching. 71 00:03:14,200 --> 00:03:16,840 Speaker 4: He's motivated with the stock market. He's motivated by some 72 00:03:16,880 --> 00:03:19,240 Speaker 4: of those key indicators, whereas people are still like, hey, 73 00:03:19,320 --> 00:03:22,240 Speaker 4: my rent feels expensive, I can't buy a house. You know, 74 00:03:22,240 --> 00:03:24,080 Speaker 4: my grocery bill is is twenty five percent up from 75 00:03:24,080 --> 00:03:25,000 Speaker 4: what it was a couple years ago. 76 00:03:25,120 --> 00:03:27,320 Speaker 2: Well, combine this with the latest dump of the Epstein files, 77 00:03:27,400 --> 00:03:29,160 Speaker 2: probably not a great news day, at least if that's 78 00:03:29,200 --> 00:03:32,320 Speaker 2: the way the president is interpreting the economic news, because 79 00:03:32,360 --> 00:03:34,440 Speaker 2: the markets are pulled and positive right now. But we've 80 00:03:34,440 --> 00:03:38,160 Speaker 2: got another big dump, thousands more Epstein files, and the 81 00:03:38,200 --> 00:03:42,200 Speaker 2: president's name is appearing more times in this trunch than 82 00:03:42,240 --> 00:03:44,800 Speaker 2: the first. He was asked about this at mar Alago 83 00:03:44,880 --> 00:03:46,480 Speaker 2: last evening. Here's what Donald Trump said. 84 00:03:47,200 --> 00:03:50,640 Speaker 6: Everybody was friendly with this guy, either friendly or not friendly. 85 00:03:50,680 --> 00:03:52,200 Speaker 6: But there, you know, he was around. He was all 86 00:03:52,200 --> 00:03:54,680 Speaker 6: over Palm Beach in other places. The head of Harvard 87 00:03:54,800 --> 00:03:58,320 Speaker 6: was his best friend, Larry Summers, and Bill Flynn was 88 00:03:58,320 --> 00:04:00,000 Speaker 6: a friend of his, but everybody was. 89 00:04:02,920 --> 00:04:07,240 Speaker 2: So downplaying his relationship with Epstein, only to learn this morning. 90 00:04:07,280 --> 00:04:10,120 Speaker 2: According to an email from an assistant US attorney in 91 00:04:10,160 --> 00:04:13,600 Speaker 2: the Southern District of New York, Donald Trump was listed 92 00:04:13,600 --> 00:04:17,240 Speaker 2: as a passenger on at least eight flights on Epstein's 93 00:04:17,279 --> 00:04:20,239 Speaker 2: private jet between nineteen ninety three and ninety six, including 94 00:04:20,240 --> 00:04:23,760 Speaker 2: at least four flights on which Gallaine Maxwell was also present. 95 00:04:24,400 --> 00:04:26,719 Speaker 2: Email says Trump also took at least one flight with 96 00:04:26,800 --> 00:04:29,520 Speaker 2: Epstein and a twenty year old Is this the most 97 00:04:29,520 --> 00:04:31,719 Speaker 2: significant finding in this second day? 98 00:04:31,839 --> 00:04:32,600 Speaker 5: This very much could be. 99 00:04:32,640 --> 00:04:33,840 Speaker 4: And this has been one of the points that Trump 100 00:04:33,880 --> 00:04:35,920 Speaker 4: has repeatedly denied. He said he was never on the plane, 101 00:04:35,960 --> 00:04:38,479 Speaker 4: he never went to the island, and now it's showing 102 00:04:38,480 --> 00:04:40,760 Speaker 4: that he was in fact on the plane according to 103 00:04:40,800 --> 00:04:44,240 Speaker 4: these documents. You know, Trump in his remarks last night, 104 00:04:44,240 --> 00:04:47,159 Speaker 4: he mentioned that he thought it was a shame that 105 00:04:47,400 --> 00:04:50,000 Speaker 4: people's reputations were being tarnished because of their connections with 106 00:04:50,040 --> 00:04:52,760 Speaker 4: Jeffrey Epstein and also mentioned he thought it was a 107 00:04:52,760 --> 00:04:55,320 Speaker 4: distraction from all the work that the White House is doing. 108 00:04:55,320 --> 00:04:57,640 Speaker 4: So this is clearly someone who's in damage control mode. 109 00:04:57,640 --> 00:04:59,640 Speaker 4: We also saw the Justice Department come up with a 110 00:04:59,760 --> 00:05:02,839 Speaker 4: very interesting and I would say unusual tweet saying that 111 00:05:03,040 --> 00:05:05,159 Speaker 4: you know, in these documents, yes Trump is named, but 112 00:05:05,200 --> 00:05:08,720 Speaker 4: it is false and salicious and these essentially you're sort 113 00:05:08,760 --> 00:05:12,240 Speaker 4: of undercutting their own documents and their own release. So 114 00:05:12,320 --> 00:05:14,359 Speaker 4: this is you know, clearly, you know some of the 115 00:05:14,360 --> 00:05:17,520 Speaker 4: critics coming out saying that this process has gotten very political, 116 00:05:17,560 --> 00:05:19,960 Speaker 4: that the White House and the Justice Department are trying 117 00:05:20,000 --> 00:05:22,400 Speaker 4: to protect Trump. This feeds a lot of that suspicion. 118 00:05:22,480 --> 00:05:24,080 Speaker 2: Yeah, Laura, thank you so much. I know it's a 119 00:05:24,080 --> 00:05:25,800 Speaker 2: super busy day in the newsroom and it's always great 120 00:05:25,800 --> 00:05:29,520 Speaker 2: to have you, Laura Davison with us. Stay with us 121 00:05:29,560 --> 00:05:31,800 Speaker 2: on Balance of Power. We'll have much more coming up 122 00:05:31,839 --> 00:05:32,280 Speaker 2: after this. 123 00:05:35,600 --> 00:05:39,080 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 124 00:05:39,120 --> 00:05:41,960 Speaker 1: us live weekdays at noon and five pm. E's durn 125 00:05:42,120 --> 00:05:45,559 Speaker 1: on Apple, Cockway and Android Auto with the Bloomberg Business app. 126 00:05:45,600 --> 00:05:48,600 Speaker 1: You can also listen live on Amazon Alexa from our 127 00:05:48,640 --> 00:05:54,279 Speaker 1: flagship New York station, Just say Alexa, play Bloomberg eleven thirty. 128 00:05:55,240 --> 00:05:58,880 Speaker 2: That statement that Laura refers to coming from DOJ Reeds. 129 00:05:58,920 --> 00:06:01,440 Speaker 2: Some of these documents I'm reading directly here. Some of 130 00:06:01,480 --> 00:06:07,279 Speaker 2: these documents contain untrue and sensationalist claims made against President 131 00:06:07,279 --> 00:06:10,440 Speaker 2: Trump that were submitted to the FBI right before the 132 00:06:10,480 --> 00:06:14,440 Speaker 2: twenty twenty election. To be clear, the claims are unfounded 133 00:06:14,520 --> 00:06:17,400 Speaker 2: and false, and if they had a shred of credibility, 134 00:06:17,400 --> 00:06:21,080 Speaker 2: they certainly would have been weaponized against President Trump already. 135 00:06:21,600 --> 00:06:23,920 Speaker 2: This is where we start our conversation with Becka Balance, 136 00:06:23,920 --> 00:06:28,040 Speaker 2: the Democratic congresswoman from Vermont's at large district, is back 137 00:06:28,080 --> 00:06:31,039 Speaker 2: with us on Bloomberg TV and Radio. Congresswoman, it's great 138 00:06:31,040 --> 00:06:34,160 Speaker 2: to see you. I wasn't expecting to have a full 139 00:06:34,200 --> 00:06:36,919 Speaker 2: conversation with you about the Epstein files, but I'll start 140 00:06:36,960 --> 00:06:40,360 Speaker 2: with what appears to be news today and the administration, 141 00:06:40,839 --> 00:06:45,200 Speaker 2: speaking by way of the DOJ, to suggest that the 142 00:06:45,240 --> 00:06:49,400 Speaker 2: actual files being released are sensationalist and untrue. 143 00:06:49,400 --> 00:06:50,320 Speaker 3: What do they mean by that? 144 00:06:51,520 --> 00:06:53,720 Speaker 7: What they mean by that is they don't like what's 145 00:06:53,760 --> 00:06:56,040 Speaker 7: in the file, so they're trying to distract from it. 146 00:06:56,120 --> 00:06:59,560 Speaker 7: I mean, let's just look at one instance alone. When 147 00:06:59,560 --> 00:07:02,400 Speaker 7: you look at the eight flights that so far we've 148 00:07:02,400 --> 00:07:08,760 Speaker 7: been able to document that the President was on, he 149 00:07:08,920 --> 00:07:13,760 Speaker 7: has tried to distance himself from Jeffrey Epstein, for years 150 00:07:13,800 --> 00:07:15,920 Speaker 7: now it was clear that they had a much closer 151 00:07:16,000 --> 00:07:20,720 Speaker 7: relationship than he will admit to. And what is so 152 00:07:20,920 --> 00:07:23,920 Speaker 7: frustrating to so many of us right now is that 153 00:07:24,440 --> 00:07:29,200 Speaker 7: Americans can handle the truth. We want to see the 154 00:07:29,280 --> 00:07:32,640 Speaker 7: documents so that we can make a decision for ourselves. 155 00:07:32,800 --> 00:07:36,320 Speaker 7: And I want to highlight for you one of the 156 00:07:36,360 --> 00:07:42,120 Speaker 7: ways in which people connected to this horrible case of 157 00:07:42,200 --> 00:07:46,600 Speaker 7: Jeffrey Epstein have themselves had their names dragged through the mud. 158 00:07:46,720 --> 00:07:50,800 Speaker 7: I'm thinking about people like Maria Farmer, who had said, 159 00:07:51,560 --> 00:07:54,120 Speaker 7: because she had once worked for Jeffrey Epstein, she had 160 00:07:54,160 --> 00:07:57,400 Speaker 7: said all the way back in nineteen ninety six to 161 00:07:57,480 --> 00:08:01,720 Speaker 7: the FBI, this man has a problem with child pornography 162 00:08:02,000 --> 00:08:06,160 Speaker 7: nineteen ninety six. It took the release of these documents 163 00:08:06,240 --> 00:08:09,720 Speaker 7: for her to finally be vindicated that in fact she 164 00:08:09,920 --> 00:08:11,080 Speaker 7: did go. 165 00:08:10,920 --> 00:08:12,880 Speaker 5: To the FBI and it was buried. 166 00:08:12,960 --> 00:08:19,840 Speaker 7: And so we deserve to get the information unvarnished, unfiltered 167 00:08:20,400 --> 00:08:23,080 Speaker 7: from this release of documents. And of course the President 168 00:08:23,120 --> 00:08:25,320 Speaker 7: and his team are going to try to spin it, 169 00:08:25,800 --> 00:08:28,120 Speaker 7: but just the fact that there were eight flights that 170 00:08:28,160 --> 00:08:30,600 Speaker 7: he was on that he did not admit to, there 171 00:08:30,680 --> 00:08:33,920 Speaker 7: is other material here and Americans can handle the truth. 172 00:08:34,120 --> 00:08:35,200 Speaker 5: We want to see the truth. 173 00:08:36,480 --> 00:08:38,000 Speaker 3: Americans can handle the truth. 174 00:08:39,360 --> 00:08:43,319 Speaker 2: Congresswoman, you have an important post on the Judiciary Committee. 175 00:08:43,760 --> 00:08:46,680 Speaker 2: There has been talk by the likes of Rocanna and 176 00:08:46,720 --> 00:08:50,360 Speaker 2: Tom Massey about holding and that would be of course, 177 00:08:50,400 --> 00:08:53,920 Speaker 2: these are the two names on the discharge petition holding 178 00:08:54,200 --> 00:08:58,320 Speaker 2: the Attorney General in inherent contempt? Is that something that 179 00:08:58,760 --> 00:09:01,680 Speaker 2: you plan to pursue on your committee. 180 00:09:02,280 --> 00:09:04,600 Speaker 7: So certainly I don't want to get ahead of my 181 00:09:04,720 --> 00:09:10,400 Speaker 7: ranking member, Jamie Raskin, but certainly both members on the 182 00:09:10,440 --> 00:09:14,319 Speaker 7: House Judiciary Committee and the Senate Judiciary Committee have strong 183 00:09:14,520 --> 00:09:19,559 Speaker 7: concerns that we are not getting honest answers from this administration, 184 00:09:20,040 --> 00:09:24,199 Speaker 7: and I think it is time to have the Attorney 185 00:09:24,240 --> 00:09:28,120 Speaker 7: General come before us to answer the questions, because she 186 00:09:28,360 --> 00:09:31,720 Speaker 7: was the one, in fact, that had gone on TV 187 00:09:32,720 --> 00:09:37,959 Speaker 7: with so called you know, binders of names of documents 188 00:09:38,000 --> 00:09:40,520 Speaker 7: related to the case. And then it turned out that 189 00:09:40,720 --> 00:09:43,120 Speaker 7: as soon as you know, we called the bluff and 190 00:09:43,160 --> 00:09:46,679 Speaker 7: said okay, let's come forward with the information, all of 191 00:09:46,720 --> 00:09:49,120 Speaker 7: a sudden she clams up and is not willing to 192 00:09:49,160 --> 00:09:52,000 Speaker 7: be straight with us. And again, the Americans can handle 193 00:09:52,040 --> 00:09:54,800 Speaker 7: the truth. What they can't handle is being treated like 194 00:09:54,840 --> 00:09:57,760 Speaker 7: they're idiots. And I feel like what we've been getting 195 00:09:57,800 --> 00:10:02,120 Speaker 7: from this administration as a relates to the Jeffrey Epstein 196 00:10:02,160 --> 00:10:06,079 Speaker 7: case is treating Americans like they are children and they 197 00:10:06,080 --> 00:10:08,920 Speaker 7: can't decide from themselves by looking at the documents. And 198 00:10:08,960 --> 00:10:13,239 Speaker 7: of course we want to redact any names of victims, 199 00:10:13,240 --> 00:10:17,440 Speaker 7: but the victims who many of us met with back 200 00:10:17,480 --> 00:10:20,720 Speaker 7: in November, they said, look, we want the information out. 201 00:10:20,800 --> 00:10:23,760 Speaker 7: Don't tell us that you're protecting us when we're the 202 00:10:23,760 --> 00:10:27,160 Speaker 7: ones that want the information out. And so it's long 203 00:10:27,240 --> 00:10:30,240 Speaker 7: past time for this administration to come clean on the 204 00:10:30,280 --> 00:10:32,480 Speaker 7: president's relationship with Jeffrey Epstein. 205 00:10:33,559 --> 00:10:35,040 Speaker 2: There's a lot of other stuff I want to ask 206 00:10:35,080 --> 00:10:38,120 Speaker 2: you about, but I'm going to pose a question here 207 00:10:38,160 --> 00:10:42,840 Speaker 2: that we hear asked frequently by Republicans who are critical 208 00:10:43,000 --> 00:10:46,720 Speaker 2: of Democrats posture towards this whole story. 209 00:10:46,840 --> 00:10:49,160 Speaker 3: This question just derived from a terminal user. 210 00:10:49,840 --> 00:10:52,520 Speaker 2: Please ask the representative why they and I'm assuming he 211 00:10:52,559 --> 00:10:56,880 Speaker 2: means Democrats, why they didn't care about the Epstein files 212 00:10:57,000 --> 00:10:58,679 Speaker 2: during Biden's presidency. 213 00:10:59,160 --> 00:10:59,880 Speaker 3: How would you answer? 214 00:11:01,280 --> 00:11:05,000 Speaker 7: Well, So, I want to just be clear with the 215 00:11:05,840 --> 00:11:10,480 Speaker 7: person who's writing in about that this is a case 216 00:11:11,840 --> 00:11:16,480 Speaker 7: for myself and many of us who have been victims 217 00:11:17,040 --> 00:11:20,800 Speaker 7: of abuse ourselves, and there are people in Congress like 218 00:11:20,840 --> 00:11:23,800 Speaker 7: myself who have been victims of abuse ourselves. I don't 219 00:11:23,920 --> 00:11:27,440 Speaker 7: care where the truth takes us. I never have if 220 00:11:27,480 --> 00:11:33,079 Speaker 7: it implicates any past presidents of either party or anyone 221 00:11:33,200 --> 00:11:37,200 Speaker 7: in a position that should have released more information. I 222 00:11:37,240 --> 00:11:38,839 Speaker 7: want to see it. I want to see the light 223 00:11:38,880 --> 00:11:41,800 Speaker 7: of day. And there were pending cases that were going 224 00:11:41,840 --> 00:11:46,800 Speaker 7: on under the Biden administration that restricted the amount of 225 00:11:47,120 --> 00:11:49,480 Speaker 7: information that could be released, but I want it all out. 226 00:11:50,240 --> 00:11:50,720 Speaker 5: I'm one of. 227 00:11:50,720 --> 00:11:54,720 Speaker 7: Those people that says, what this whole disgusting case needs 228 00:11:55,280 --> 00:11:58,400 Speaker 7: is a lot of disinfectant. A lot of very powerful 229 00:11:58,440 --> 00:12:01,760 Speaker 7: men and some powerful women have been protected, and it's 230 00:12:01,840 --> 00:12:03,439 Speaker 7: long past time for that to end. 231 00:12:05,400 --> 00:12:07,960 Speaker 2: Well, they're going to keep coming out here, Congress women, 232 00:12:08,000 --> 00:12:10,280 Speaker 2: what are you going to be looking for the next 233 00:12:10,360 --> 00:12:11,440 Speaker 2: dump and the dump after that. 234 00:12:12,559 --> 00:12:14,960 Speaker 7: What I'm going to be looking for is who are 235 00:12:15,000 --> 00:12:20,800 Speaker 7: those people who are responsible back in ninety six, back 236 00:12:20,840 --> 00:12:24,040 Speaker 7: in two thousand and eight that continue to make decisions 237 00:12:24,800 --> 00:12:28,360 Speaker 7: to give this man, Jeffrey Ebstein and his associates a 238 00:12:28,400 --> 00:12:30,800 Speaker 7: pat on the risks? At what point did we know 239 00:12:31,840 --> 00:12:36,880 Speaker 7: who else was implicated? This was not just one man. 240 00:12:37,040 --> 00:12:39,720 Speaker 7: There were other people that had to have been involved 241 00:12:39,760 --> 00:12:43,360 Speaker 7: in abusing all of these young girls and women and 242 00:12:43,440 --> 00:12:46,040 Speaker 7: covering up about it. And so I want to go 243 00:12:46,120 --> 00:12:50,280 Speaker 7: where the information takes us, and I fully anticipate it 244 00:12:50,320 --> 00:12:54,920 Speaker 7: will be powerful men and women across the political spectrum, 245 00:12:54,960 --> 00:12:57,400 Speaker 7: and I don't give a damn about that. I want 246 00:12:57,440 --> 00:13:00,720 Speaker 7: these women to finally get some modicum of justice. 247 00:13:02,120 --> 00:13:05,319 Speaker 2: Wow, congresswom when we got big economic news today and 248 00:13:05,360 --> 00:13:07,200 Speaker 2: we were talking about it right before you joined us 249 00:13:07,280 --> 00:13:12,160 Speaker 2: with Laura Davison, big spending from consumers third quarter GDP 250 00:13:13,160 --> 00:13:16,679 Speaker 2: came in much stronger than expected, hotter than expected, depending 251 00:13:16,679 --> 00:13:19,439 Speaker 2: on who you ask. Here to the point where there 252 00:13:19,440 --> 00:13:23,720 Speaker 2: are questions and the presidents truth thing now about the 253 00:13:23,800 --> 00:13:26,920 Speaker 2: potential interruption and interest rate cuts because of this? Did 254 00:13:26,920 --> 00:13:31,120 Speaker 2: democrats and mainstream economists get the impact of tariffs wrong? 255 00:13:31,200 --> 00:13:32,320 Speaker 3: What are fro matters feeling? 256 00:13:33,400 --> 00:13:35,800 Speaker 7: Oh my gosh, No, I don't think they got it wrong, 257 00:13:35,880 --> 00:13:38,920 Speaker 7: because we're talking about the markets versus what people are 258 00:13:38,960 --> 00:13:42,000 Speaker 7: feeling at home. What people are feeling at home is 259 00:13:42,240 --> 00:13:45,120 Speaker 7: they can't afford a house, they can't find an apartment. 260 00:13:45,640 --> 00:13:49,040 Speaker 7: They have real concerns about the amount of debt and 261 00:13:49,080 --> 00:13:54,760 Speaker 7: student loans that they're carrying, and so oftentimes this top 262 00:13:54,800 --> 00:13:58,400 Speaker 7: line information about the markets really does not trickle down 263 00:13:58,640 --> 00:14:01,760 Speaker 7: to regular people, many of who don't have these investments, 264 00:14:02,160 --> 00:14:05,120 Speaker 7: people who are living paycheck to paycheck, many of them 265 00:14:05,160 --> 00:14:10,720 Speaker 7: here in Vermont, and so oftentimes it's a mixed economic picture. 266 00:14:11,200 --> 00:14:13,760 Speaker 7: But I can tell you I've been back in Vermont 267 00:14:13,800 --> 00:14:17,960 Speaker 7: now talking to rank and file voters, people who are 268 00:14:18,040 --> 00:14:21,760 Speaker 7: feeling like things are not in a good place right now. 269 00:14:21,800 --> 00:14:25,200 Speaker 7: And certainly, if you run any kind of small business 270 00:14:25,320 --> 00:14:30,920 Speaker 7: that relies on imports of whether it's goods or parts 271 00:14:30,960 --> 00:14:35,440 Speaker 7: that you need for your products, this has not been 272 00:14:35,480 --> 00:14:37,960 Speaker 7: a good year for you because you have to either 273 00:14:38,000 --> 00:14:39,800 Speaker 7: pay for it out of your own pocket or pass 274 00:14:39,840 --> 00:14:43,360 Speaker 7: it off to consumers. There are numerous businesses that I've 275 00:14:43,400 --> 00:14:46,480 Speaker 7: talked to in Vermont that may not survive this terraf regime. 276 00:14:46,640 --> 00:14:51,480 Speaker 7: So it's always a mixed bag of economic information. What 277 00:14:51,560 --> 00:14:54,480 Speaker 7: I'm most concerned about is what rank and file people 278 00:14:54,840 --> 00:14:57,520 Speaker 7: are telling me across Vermont, And what they're still telling 279 00:14:57,560 --> 00:15:01,200 Speaker 7: me is they are struggling, asolutely still struggling. 280 00:15:02,440 --> 00:15:05,080 Speaker 2: What are you hearing when you talk to folks who 281 00:15:05,200 --> 00:15:09,480 Speaker 2: run the resorts like smugglers, notch like Stowe when you 282 00:15:09,520 --> 00:15:12,640 Speaker 2: go to the Trapp Family Lodge. Congresswoman, are there Canadians 283 00:15:12,680 --> 00:15:13,520 Speaker 2: around this season? 284 00:15:14,560 --> 00:15:17,520 Speaker 7: A lot fewer Canadians around this season. They are voting 285 00:15:17,520 --> 00:15:23,480 Speaker 7: with their feet, and it is unfortunate. I'll just say 286 00:15:23,520 --> 00:15:28,640 Speaker 7: to listeners, there's an unfortunate visit that Secretary Gnome made 287 00:15:28,920 --> 00:15:33,320 Speaker 7: to our border communities months ago in which she was 288 00:15:34,120 --> 00:15:38,480 Speaker 7: mocking Canada as the fifty first state, and they haven't 289 00:15:38,480 --> 00:15:42,880 Speaker 7: forgotten that. It was an incredible slight to them. We 290 00:15:42,960 --> 00:15:45,560 Speaker 7: are one of their biggest trading partners in Vermont. So 291 00:15:45,560 --> 00:15:48,680 Speaker 7: they're voting with their feet. They're not coming to the resource. 292 00:15:48,920 --> 00:15:54,000 Speaker 7: Some people who have come here for decades for the 293 00:15:54,040 --> 00:15:58,760 Speaker 7: holidays have decided not to come, and it really hurts 294 00:15:59,000 --> 00:16:02,000 Speaker 7: those Again, a lot of those, certainly the resorts, but 295 00:16:02,040 --> 00:16:05,800 Speaker 7: the mom and pop restaurants and stores that benefit from 296 00:16:05,800 --> 00:16:06,480 Speaker 7: that traffic. 297 00:16:08,760 --> 00:16:11,200 Speaker 2: Well, I'm sorry to hear that, and I hope that 298 00:16:11,240 --> 00:16:13,400 Speaker 2: it's at least a beautiful winter season up there and 299 00:16:13,440 --> 00:16:15,960 Speaker 2: that the resorts find a way around. At Congressmoman, it's 300 00:16:16,000 --> 00:16:18,240 Speaker 2: good to have you back on Bloomberg TV and radio. 301 00:16:18,280 --> 00:16:21,520 Speaker 2: That's beck a Balance, the Democrat from Vermont's at large district. 302 00:16:23,480 --> 00:16:25,640 Speaker 2: Stay with us on Balance of Power. We'll have much 303 00:16:25,680 --> 00:16:26,880 Speaker 2: more coming up after this. 304 00:16:31,200 --> 00:16:34,680 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 305 00:16:34,720 --> 00:16:38,160 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, 306 00:16:38,240 --> 00:16:41,600 Speaker 1: Cocklay and Android Auto with the Bloomberg Business App. Listen 307 00:16:41,680 --> 00:16:44,760 Speaker 1: on demand wherever you get your podcasts, or watch us 308 00:16:44,800 --> 00:16:47,120 Speaker 1: live on YouTube. 309 00:16:47,560 --> 00:16:51,160 Speaker 2: Thousands more pages to go through in newsrooms across Washington 310 00:16:51,200 --> 00:16:54,880 Speaker 2: and New York. Today, another drop of Epstein files from 311 00:16:54,880 --> 00:16:56,080 Speaker 2: the Department of Justice. 312 00:16:56,160 --> 00:16:57,800 Speaker 3: They came down in the middle of the night. 313 00:16:57,840 --> 00:16:59,480 Speaker 2: It was three o'clock in the morning, and so we've 314 00:16:59,480 --> 00:17:02,400 Speaker 2: had a couple of hours to dig through all of these. 315 00:17:02,480 --> 00:17:06,600 Speaker 2: And federal prosecutors, as we are learning in this latest bash, 316 00:17:06,680 --> 00:17:10,480 Speaker 2: had prepared an indictment of Jeffrey Epstein in two thousand 317 00:17:10,480 --> 00:17:14,200 Speaker 2: and seven that would have charged him with sex trafficking. 318 00:17:14,240 --> 00:17:17,439 Speaker 2: Grand jurors heard months of testimony on the case. This 319 00:17:17,600 --> 00:17:21,160 Speaker 2: now just emerging. Three of his employees, two of his companies, 320 00:17:21,200 --> 00:17:23,719 Speaker 2: would have been charged in a draft indictment that accused 321 00:17:23,760 --> 00:17:27,040 Speaker 2: him of abusing girls as young as fourteen. This is 322 00:17:27,119 --> 00:17:29,600 Speaker 2: tough stuff. There's nothing good that I have to say 323 00:17:29,680 --> 00:17:33,359 Speaker 2: about this. Story right now if you're already concerned about 324 00:17:33,400 --> 00:17:36,520 Speaker 2: the Epstein story, but we're also learning more about Donald Trump. 325 00:17:37,080 --> 00:17:39,879 Speaker 2: Remember on Friday when that dump took place around four 326 00:17:39,880 --> 00:17:41,879 Speaker 2: o'clock in the afternoon, one of the first names to 327 00:17:41,920 --> 00:17:44,000 Speaker 2: emerge was Bill Clinton, and there were a bunch of 328 00:17:44,040 --> 00:17:47,000 Speaker 2: photos of him as well, including one in a pot tub, 329 00:17:47,040 --> 00:17:49,560 Speaker 2: another in a swimming pool, another on a plane with 330 00:17:49,640 --> 00:17:53,040 Speaker 2: a young lady whose face is obscured. The redactions were 331 00:17:53,040 --> 00:17:56,640 Speaker 2: almost as big a story as the emergence of Bill Clinton. 332 00:17:56,920 --> 00:18:01,880 Speaker 2: It's a different look today. Donald Trump's name appears throughout 333 00:18:02,040 --> 00:18:05,840 Speaker 2: these thousands of pages many more times, as we also 334 00:18:06,800 --> 00:18:09,959 Speaker 2: are learning for the first time that he was somewhat 335 00:18:09,960 --> 00:18:13,600 Speaker 2: of a regular on Jeffrey Epstein's private jet. The President 336 00:18:13,640 --> 00:18:16,119 Speaker 2: has said he was not on the jet, or on 337 00:18:16,160 --> 00:18:18,000 Speaker 2: the plane or on the island. 338 00:18:18,080 --> 00:18:18,960 Speaker 3: Rather, and in this. 339 00:18:19,000 --> 00:18:22,720 Speaker 2: Case, we do have flight records showing that the president 340 00:18:23,640 --> 00:18:26,159 Speaker 2: before of course he was the president. Donald Trump traveled 341 00:18:26,160 --> 00:18:29,520 Speaker 2: on Epstein's jet many more times than has been previously reported, 342 00:18:29,520 --> 00:18:32,919 Speaker 2: with at least eight flights between nineteen ninety three and 343 00:18:33,000 --> 00:18:35,920 Speaker 2: ninety six, including at least four in which Glene Maxwell 344 00:18:35,960 --> 00:18:39,840 Speaker 2: was present, and a flight with Epstein and a twenty 345 00:18:39,920 --> 00:18:44,679 Speaker 2: year old whose name is redacted two flights as well 346 00:18:44,720 --> 00:18:48,320 Speaker 2: with quote women who would be possible witnesses in a 347 00:18:48,440 --> 00:18:52,359 Speaker 2: Maxwell case unquote. So we're getting a little bit more 348 00:18:52,440 --> 00:18:54,760 Speaker 2: color here. And by the way, there are thousands more 349 00:18:54,800 --> 00:18:56,760 Speaker 2: files to be released, and it looks like this is 350 00:18:56,800 --> 00:18:58,880 Speaker 2: going to go right into the new year. We turned 351 00:18:58,920 --> 00:19:02,359 Speaker 2: to our political panel for their thoughts on an issue 352 00:19:02,359 --> 00:19:05,320 Speaker 2: that has been fraught with political risk for Donald Trump. 353 00:19:05,600 --> 00:19:09,719 Speaker 2: Bloomberg Politics contributors Rick Davis and Genie Shanzano or with us. 354 00:19:09,800 --> 00:19:13,439 Speaker 2: Rick is Republican strategist partner at Stone Court Capital. Genie 355 00:19:13,440 --> 00:19:17,840 Speaker 2: is democracy visiting fellow at Harvard Kennedy School's Ash Center. 356 00:19:17,960 --> 00:19:20,320 Speaker 2: It's great to have you both with us, Genie. How 357 00:19:20,400 --> 00:19:23,800 Speaker 2: big of a revelation is this? Because Donald Trump isn't 358 00:19:23,840 --> 00:19:26,320 Speaker 2: talking today, he doesn't have any public events, people are 359 00:19:26,320 --> 00:19:30,240 Speaker 2: out shopping. Maybe this doesn't resonate with a lot of people, 360 00:19:30,240 --> 00:19:31,879 Speaker 2: but the fact that he was on this plane at 361 00:19:31,960 --> 00:19:34,239 Speaker 2: least eight times means what to you? 362 00:19:35,800 --> 00:19:39,119 Speaker 8: Yeah, and that email you read from a prosecutor from 363 00:19:39,160 --> 00:19:42,000 Speaker 8: the Southern District of New York and what we still 364 00:19:42,080 --> 00:19:44,880 Speaker 8: don't know, or at least I don't know. Maybe reporters 365 00:19:44,920 --> 00:19:47,320 Speaker 8: who are coming through these have found is what was 366 00:19:47,359 --> 00:19:50,240 Speaker 8: the response to his or her email with this revelation 367 00:19:50,480 --> 00:19:52,240 Speaker 8: of these eight lights? 368 00:19:52,280 --> 00:19:53,840 Speaker 5: And that'll be fascinating. 369 00:19:54,840 --> 00:19:59,919 Speaker 8: Another portion that we're learning now is this very grotesque 370 00:20:00,400 --> 00:20:06,280 Speaker 8: letter handwritten apparently from Epstein to Nasser. Larry Nasser, the 371 00:20:06,400 --> 00:20:11,199 Speaker 8: convicted sex offender whose victims were you know, over one 372 00:20:11,320 --> 00:20:15,400 Speaker 8: hundred and fifty young gymnasts. There's a handwritten letter sent 373 00:20:15,520 --> 00:20:19,240 Speaker 8: apparently from Epstein to Nasser with some really grotesque comments 374 00:20:19,240 --> 00:20:21,040 Speaker 8: in it, including. 375 00:20:20,600 --> 00:20:21,600 Speaker 5: About the President. 376 00:20:22,080 --> 00:20:24,919 Speaker 8: This is all in this drop of thirty thousand today, 377 00:20:25,119 --> 00:20:28,879 Speaker 8: and I think this drip drip is going to your. 378 00:20:28,760 --> 00:20:31,760 Speaker 5: Point continue, I think maybe into the new year. 379 00:20:32,600 --> 00:20:35,199 Speaker 8: And that is most unfortunate for the President, for the 380 00:20:35,200 --> 00:20:38,560 Speaker 8: White House politically, because the President wants to be talking 381 00:20:38,600 --> 00:20:42,000 Speaker 8: today about very good economic news. It is all being 382 00:20:42,080 --> 00:20:45,520 Speaker 8: drowned out by these very very difficult stories in which 383 00:20:45,560 --> 00:20:46,560 Speaker 8: his name is mentioned. 384 00:20:47,680 --> 00:20:52,399 Speaker 2: Yeah, the letter to Nasser, a convicted sex offender, is 385 00:20:52,480 --> 00:20:57,680 Speaker 2: quite remarkable. Here, Jennie from the Damage Control Department, Rick, 386 00:20:57,760 --> 00:20:59,600 Speaker 2: what does the White House do with this if the 387 00:20:59,640 --> 00:21:02,639 Speaker 2: President said he was never on the jet. 388 00:21:03,720 --> 00:21:06,800 Speaker 9: It's a really good question. It's almost like they're trapped 389 00:21:06,800 --> 00:21:10,680 Speaker 9: in their own spin. At this point, you can now 390 00:21:10,720 --> 00:21:14,200 Speaker 9: see why Donald Trump reverse course after years of saying 391 00:21:14,359 --> 00:21:17,800 Speaker 9: get the files out, to the point where now you 392 00:21:17,800 --> 00:21:21,800 Speaker 9: know he's been the primary obstruction in the last year 393 00:21:21,840 --> 00:21:26,640 Speaker 9: of his administration to shield the public from these files. 394 00:21:26,680 --> 00:21:30,840 Speaker 9: So it's now we know why it's been so painful 395 00:21:30,880 --> 00:21:34,680 Speaker 9: to watch this administration try to bootstrap their way into 396 00:21:34,720 --> 00:21:36,800 Speaker 9: what to do about these files. And this is no 397 00:21:36,920 --> 00:21:41,879 Speaker 9: better the idea that they haven't delivered all the required 398 00:21:43,240 --> 00:21:46,680 Speaker 9: There's a law that requires them deliver all those all 399 00:21:46,680 --> 00:21:49,240 Speaker 9: that data on Friday, they didn't do it. They continue 400 00:21:49,280 --> 00:21:51,920 Speaker 9: to eke it out. It's only hurting their case. It's 401 00:21:52,000 --> 00:21:56,120 Speaker 9: only upsetting more Republicans. Democrats were already on the hunt, 402 00:21:56,160 --> 00:21:58,400 Speaker 9: but now Republicans are saying, wait. 403 00:21:58,200 --> 00:22:01,160 Speaker 3: A minute, this is a law. You have to adhere 404 00:22:01,160 --> 00:22:01,480 Speaker 3: to it. 405 00:22:01,960 --> 00:22:05,240 Speaker 9: There's talk about all kinds of contempt provisions for dj 406 00:22:05,400 --> 00:22:08,440 Speaker 9: and things like that. So it's actually getting worse, I think, 407 00:22:08,480 --> 00:22:12,240 Speaker 9: not better. Everything they've done to try and improve the 408 00:22:12,280 --> 00:22:15,600 Speaker 9: situation has only exacerbated it. There's no such thing as 409 00:22:15,600 --> 00:22:18,880 Speaker 9: a come clean policy at this White House. They're trying 410 00:22:18,920 --> 00:22:22,040 Speaker 9: to spend it as best they can, but as Genie says, 411 00:22:22,080 --> 00:22:24,600 Speaker 9: in the meantime, when good things happen, they're not going 412 00:22:24,680 --> 00:22:27,560 Speaker 9: to get any attention, and when bad things happen, it's 413 00:22:27,600 --> 00:22:29,879 Speaker 9: just going to seem like piling on. So it's going 414 00:22:29,960 --> 00:22:33,000 Speaker 9: to be a rough holiday season for the White House 415 00:22:33,480 --> 00:22:36,919 Speaker 9: because best that we can tell, they'll just keep eching 416 00:22:37,000 --> 00:22:40,280 Speaker 9: this stuff out, taking down pictures, putting them back up 417 00:22:40,320 --> 00:22:46,000 Speaker 9: after they're caught. You know, it really is seemingly on 418 00:22:46,040 --> 00:22:47,560 Speaker 9: the borderline of incompetence. 419 00:22:48,640 --> 00:22:52,719 Speaker 2: Wow, Genie, We just talked to congress Woman Ballan of Vermont, 420 00:22:52,720 --> 00:22:56,359 Speaker 2: a Democrat on the Judiciary Committee, who says the ranking member, 421 00:22:57,640 --> 00:23:02,800 Speaker 2: Jamie Raskin, is working up contempt charges here for the 422 00:23:02,840 --> 00:23:05,639 Speaker 2: Attorney General. We know that Tom Massey and Rocanna have 423 00:23:05,680 --> 00:23:09,560 Speaker 2: already said that they plan to pursue inherent contempt. Do 424 00:23:09,640 --> 00:23:13,240 Speaker 2: you actually expect a congressional answer to this? It would 425 00:23:13,280 --> 00:23:14,919 Speaker 2: require Republicans to play along. 426 00:23:16,600 --> 00:23:18,560 Speaker 8: It would And you know, I think as we looked 427 00:23:18,560 --> 00:23:22,040 Speaker 8: at that discharge petition and so many people thought it 428 00:23:22,080 --> 00:23:25,080 Speaker 8: was probably going to go nowhere, and then it ended 429 00:23:25,160 --> 00:23:28,960 Speaker 8: up getting wildly huge bipartisan support. 430 00:23:29,040 --> 00:23:31,240 Speaker 5: In the end, this could. 431 00:23:31,000 --> 00:23:34,119 Speaker 8: Go somewhere, And you know, I just think about it. Joe, like, 432 00:23:34,200 --> 00:23:36,760 Speaker 8: have you ever gotten an email where somebody emails you 433 00:23:36,800 --> 00:23:39,080 Speaker 8: and then tries to retract it. Now, you may not 434 00:23:39,200 --> 00:23:42,119 Speaker 8: have looked at that email originally, but once they retract it, 435 00:23:42,160 --> 00:23:44,359 Speaker 8: you're like, Oh, what was in there that they didn't 436 00:23:44,359 --> 00:23:46,879 Speaker 8: want me to see? This is what the White House 437 00:23:46,920 --> 00:23:49,240 Speaker 8: and the Department of Justice are doing and. 438 00:23:49,320 --> 00:23:50,119 Speaker 5: Have been doing. 439 00:23:50,480 --> 00:23:53,960 Speaker 8: Susie Wilds was absolutely right when she said BONDI whiped this. 440 00:23:54,560 --> 00:23:57,800 Speaker 8: Imagine if they had just said we are going to 441 00:23:57,840 --> 00:24:01,200 Speaker 8: do what the president promised on the campaign trail, release everything, 442 00:24:01,240 --> 00:24:03,760 Speaker 8: if they had gotten ahead of this story, it wouldn't 443 00:24:03,800 --> 00:24:06,760 Speaker 8: necessarily be good for the president, for sure, but it 444 00:24:06,800 --> 00:24:09,239 Speaker 8: would be a lot less painful for the president, but 445 00:24:09,240 --> 00:24:12,159 Speaker 8: more importantly the victims of all of this. And I 446 00:24:12,200 --> 00:24:15,000 Speaker 8: would just also add this goes well beyond President Trump 447 00:24:15,000 --> 00:24:18,600 Speaker 8: and President Clinton. It goes to our institutions, the FBI 448 00:24:18,720 --> 00:24:23,560 Speaker 8: getting complaints about pedophilia in Jeffrey Epstein thirty years ago 449 00:24:23,640 --> 00:24:27,560 Speaker 8: and not doing anything to address that. Garcia is right, 450 00:24:27,640 --> 00:24:31,159 Speaker 8: Robert Garcia, the congressman, to get that investigated. We have 451 00:24:31,280 --> 00:24:36,280 Speaker 8: an institutional and a government wide problem. And so yeah, 452 00:24:36,320 --> 00:24:38,840 Speaker 8: you know, at this point, the White House is going 453 00:24:38,880 --> 00:24:41,320 Speaker 8: to have to exploint a very bad Christmas of this 454 00:24:41,720 --> 00:24:45,160 Speaker 8: because they're not handling it well. This is crisis management 455 00:24:45,280 --> 00:24:46,720 Speaker 8: number one, and they're failing at that. 456 00:24:47,760 --> 00:24:50,320 Speaker 2: I'm sure I've never tried to retract an email or 457 00:24:50,400 --> 00:24:53,199 Speaker 2: a text, Genie, But you know, I was thinking earlier 458 00:24:53,240 --> 00:24:57,080 Speaker 2: eight times. Gosh, maybe that's not a lot if you 459 00:24:57,200 --> 00:25:00,280 Speaker 2: fly on friends private jets, But how many times have 460 00:25:00,359 --> 00:25:02,879 Speaker 2: you ridden in someone's. 461 00:25:02,480 --> 00:25:06,280 Speaker 3: Car eight times? Would you remember that person? 462 00:25:06,359 --> 00:25:08,199 Speaker 2: Because he's going to be asked if he remembered this, 463 00:25:08,320 --> 00:25:10,040 Speaker 2: having claimed to have not been on the plane. And 464 00:25:10,119 --> 00:25:15,000 Speaker 2: by the way, President's not truth socialing about this story today. 465 00:25:15,040 --> 00:25:16,520 Speaker 3: He is truth thing. 466 00:25:16,440 --> 00:25:19,439 Speaker 2: About a stronger than expected economic report Rick that he 467 00:25:19,480 --> 00:25:21,800 Speaker 2: doesn't seem to be very happy about. He says, financial 468 00:25:21,840 --> 00:25:24,639 Speaker 2: news today was great, referring to the GDP. It was 469 00:25:24,720 --> 00:25:26,720 Speaker 2: up four point three percent, he says, four to two. 470 00:25:26,840 --> 00:25:29,760 Speaker 2: But whatever. But in the modern market, when you have 471 00:25:29,840 --> 00:25:32,080 Speaker 2: good news, the market stays even or even goes down, 472 00:25:32,119 --> 00:25:34,600 Speaker 2: he says, because Wall Street's heads are wired differently than 473 00:25:34,640 --> 00:25:36,080 Speaker 2: they used to be. In the old days, when there 474 00:25:36,119 --> 00:25:38,560 Speaker 2: was good news, the market went up. Now where there's 475 00:25:38,560 --> 00:25:41,439 Speaker 2: good news, the market goes down because everybody thinks that 476 00:25:41,560 --> 00:25:45,480 Speaker 2: interest rates will be immediately lifted to take care of inflation. 477 00:25:46,200 --> 00:25:48,399 Speaker 2: Looking back at the market, we're right near our highs 478 00:25:48,400 --> 00:25:50,399 Speaker 2: of the day here, Rick, and we're set to close 479 00:25:50,440 --> 00:25:54,320 Speaker 2: near our highs for the year. Good news on Main 480 00:25:54,359 --> 00:25:56,480 Speaker 2: Street has long been bad news on Wall Street. What's 481 00:25:56,480 --> 00:25:57,440 Speaker 2: he talking about. 482 00:26:00,240 --> 00:26:02,720 Speaker 3: The market halfway through the day. I think that's a 483 00:26:02,840 --> 00:26:03,399 Speaker 3: really good. 484 00:26:03,240 --> 00:26:07,440 Speaker 9: Advice that someone needs to give to Donald Trump. And look, 485 00:26:07,840 --> 00:26:10,479 Speaker 9: only three or four months ago, Joe, we were talking 486 00:26:10,480 --> 00:26:13,760 Speaker 9: about has Donald Trump lost his interest in the markets? 487 00:26:13,800 --> 00:26:16,840 Speaker 9: He doesn't seem to scary. He's just putting out economic 488 00:26:16,920 --> 00:26:19,560 Speaker 9: news during the day that affects the markets. Doesn't seem 489 00:26:19,600 --> 00:26:22,720 Speaker 9: to care markets go up or down. He hasn't made 490 00:26:22,760 --> 00:26:25,760 Speaker 9: any comments about him lately, and then now he seems 491 00:26:25,920 --> 00:26:30,000 Speaker 9: obsessed with it all over again. I mean, why pull 492 00:26:30,040 --> 00:26:32,960 Speaker 9: away from the positive news you have about growth in 493 00:26:33,000 --> 00:26:38,200 Speaker 9: the country, talk about manufacturing, talk about new jobs. Instead 494 00:26:38,480 --> 00:26:41,199 Speaker 9: he laments the fact that the market's not, you know, 495 00:26:41,280 --> 00:26:45,439 Speaker 9: performing the way it should be. Honestly, I mean, he's 496 00:26:45,560 --> 00:26:47,240 Speaker 9: like bracketing himself. 497 00:26:47,600 --> 00:26:48,560 Speaker 3: I'll give you the bad. 498 00:26:48,359 --> 00:26:50,280 Speaker 9: News first, then I'm going to tell you the good news, 499 00:26:50,280 --> 00:26:52,560 Speaker 9: and I'm going back to the bad news. I mean, 500 00:26:52,640 --> 00:26:55,040 Speaker 9: like I've never seen anything like it. I mean, like, 501 00:26:55,280 --> 00:26:58,719 Speaker 9: you know, he's usually much better at promotional skills, but 502 00:26:59,119 --> 00:27:01,120 Speaker 9: today he seems a little off his game. And maybe 503 00:27:01,119 --> 00:27:04,120 Speaker 9: it's because the conversation we're having around Epstein. 504 00:27:05,280 --> 00:27:07,600 Speaker 2: It's a honker. This is a long post, Genie. I 505 00:27:07,640 --> 00:27:09,720 Speaker 2: don't know if anyone's counted the words here yet. But 506 00:27:09,760 --> 00:27:12,240 Speaker 2: he goes on to write, A nation can never be 507 00:27:12,400 --> 00:27:16,560 Speaker 2: economically great if eggheads are allowed to do everything within 508 00:27:16,600 --> 00:27:19,160 Speaker 2: their power to destroy the upward slope. 509 00:27:19,840 --> 00:27:21,160 Speaker 3: Who's he talking about us? 510 00:27:23,280 --> 00:27:23,800 Speaker 5: I think so. 511 00:27:23,960 --> 00:27:26,720 Speaker 8: I'm personally offended by that, Joe, And you know what 512 00:27:26,880 --> 00:27:30,280 Speaker 8: makes me laugh? And I couldn't read the whole thing, 513 00:27:30,320 --> 00:27:33,280 Speaker 8: but the top in caps where he says the Trump rule, 514 00:27:33,680 --> 00:27:36,840 Speaker 8: and then he ends it by saying, anybody who disagrees 515 00:27:36,880 --> 00:27:39,359 Speaker 8: with me about the Trump rule will never be bed there. 516 00:27:40,359 --> 00:27:44,960 Speaker 8: You know, it's to Rick's point, it makes very little sense. 517 00:27:45,359 --> 00:27:48,560 Speaker 8: He's got a story to tell, just like the other 518 00:27:48,680 --> 00:27:52,840 Speaker 8: night when he had eighteen minutes. Instead of telling a 519 00:27:52,920 --> 00:27:56,840 Speaker 8: story that makes sense to people, instead of empathizing and saying, 520 00:27:56,920 --> 00:27:59,080 Speaker 8: hang in there, things are going to get better. 521 00:27:59,080 --> 00:28:01,160 Speaker 5: He's screaming at people here. 522 00:28:01,520 --> 00:28:03,680 Speaker 8: He can't get out of his own way to say, 523 00:28:03,960 --> 00:28:06,359 Speaker 8: we've got good economic news today. 524 00:28:06,480 --> 00:28:07,399 Speaker 5: Let's celebrate that. 525 00:28:07,960 --> 00:28:11,600 Speaker 8: So I think you know the President is frustrated it 526 00:28:11,720 --> 00:28:14,760 Speaker 8: is showing through, but he's not the first president to 527 00:28:14,800 --> 00:28:18,280 Speaker 8: feel this way. They simply do not like how these 528 00:28:18,280 --> 00:28:20,600 Speaker 8: things are reflected in the market when they are the 529 00:28:20,680 --> 00:28:21,680 Speaker 8: best interest for them. 530 00:28:22,200 --> 00:28:26,200 Speaker 2: Gidie Shanzano and Rick Davis are great panel Bloomberg Politics contributors. 531 00:28:26,240 --> 00:28:30,440 Speaker 3: Thank you both. Stay with us on Balance of Power. 532 00:28:30,440 --> 00:28:32,200 Speaker 2: We'll have much more coming up after this. 533 00:28:35,520 --> 00:28:39,000 Speaker 1: You're listening to the Bloomberg Balance of Power Podcast. Catch 534 00:28:39,040 --> 00:28:42,120 Speaker 1: us live weekdays at noon and five pm Eastern on 535 00:28:42,240 --> 00:28:45,440 Speaker 1: Apple Cocklay and Android Auto with the Bloomberg Business app. 536 00:28:45,520 --> 00:28:48,520 Speaker 1: You can also listen live on Amazon Alexa from our 537 00:28:48,560 --> 00:28:50,960 Speaker 1: flagship New York station, Just say. 538 00:28:50,920 --> 00:28:53,080 Speaker 3: Alexa play Bloomberg eleven thirty. 539 00:28:54,920 --> 00:28:57,920 Speaker 2: Big news coming from the White House yesterday, the Administration 540 00:28:58,600 --> 00:29:02,440 Speaker 2: suspending leases for all five wind farms that are currently 541 00:29:02,520 --> 00:29:04,280 Speaker 2: under construction off. 542 00:29:04,120 --> 00:29:04,959 Speaker 3: The East coast. 543 00:29:05,160 --> 00:29:07,320 Speaker 2: One of them in particular, we're going to be focusing 544 00:29:07,360 --> 00:29:10,760 Speaker 2: on here Revolution Wind, which is just off the coast 545 00:29:10,840 --> 00:29:13,760 Speaker 2: of Rhode Island, just south of Point Judith, if you 546 00:29:13,800 --> 00:29:16,480 Speaker 2: know where that is, and is currently being assembled in 547 00:29:16,600 --> 00:29:19,600 Speaker 2: New London. Now, this should not be a big shock 548 00:29:19,640 --> 00:29:21,920 Speaker 2: if you've followed what President Trump has said over the 549 00:29:21,960 --> 00:29:24,800 Speaker 2: course of the campaign, his first term, and now back 550 00:29:24,800 --> 00:29:27,800 Speaker 2: in the White House. In this case, the Interior Department 551 00:29:27,840 --> 00:29:32,040 Speaker 2: in fact halted these projects in the name of national security, 552 00:29:32,160 --> 00:29:36,200 Speaker 2: suggesting that the turbines may interfere with radar. The President, 553 00:29:36,240 --> 00:29:39,040 Speaker 2: of course, has never been a fan of wind energy, 554 00:29:39,440 --> 00:29:40,959 Speaker 2: as we're reminded through the ages. 555 00:29:41,040 --> 00:29:43,240 Speaker 3: Listen, I never understood. 556 00:29:42,760 --> 00:29:44,440 Speaker 5: Wind did I know windmills very much. 557 00:29:44,880 --> 00:29:46,360 Speaker 6: I've studied it better than anybody. 558 00:29:46,480 --> 00:29:48,160 Speaker 5: You'll see these things all over the place. 559 00:29:48,240 --> 00:29:49,480 Speaker 3: They destroy everything. 560 00:29:49,480 --> 00:29:52,840 Speaker 6: They're horrible and the most expensive energy there is. They 561 00:29:52,920 --> 00:29:56,480 Speaker 6: ruin the environment, They kill the birds, they kill the whales. 562 00:29:56,840 --> 00:29:59,760 Speaker 6: So we're going to try and have a policy where 563 00:29:59,800 --> 00:30:01,280 Speaker 6: no windmills are being built. 564 00:30:01,320 --> 00:30:02,520 Speaker 3: We don't allow windmills. 565 00:30:02,520 --> 00:30:04,640 Speaker 5: We're not allowing any windmills to go up. I mean, 566 00:30:04,800 --> 00:30:07,040 Speaker 5: lyss there's a legal situation where. 567 00:30:06,880 --> 00:30:08,640 Speaker 6: Somebody committed to it a long time ago. 568 00:30:08,760 --> 00:30:09,880 Speaker 3: We don't allow windmills. 569 00:30:09,920 --> 00:30:12,840 Speaker 6: You're not supposed to lose money with energy. 570 00:30:12,880 --> 00:30:14,520 Speaker 3: And everybody that's doing wind. 571 00:30:14,360 --> 00:30:17,400 Speaker 6: Is in virtual bankruptcy right now. 572 00:30:18,960 --> 00:30:23,040 Speaker 2: And so here we are with five projects representing twenty 573 00:30:23,040 --> 00:30:27,600 Speaker 2: eight billion dollars in committed capital, several billion of those 574 00:30:28,120 --> 00:30:30,400 Speaker 2: in the state of Connecticut, which is why we're glad 575 00:30:30,440 --> 00:30:33,719 Speaker 2: to be joined by the Governor of Connecticut, Democrat need Lamont. 576 00:30:33,760 --> 00:30:35,840 Speaker 2: It's great to have you here with us on Bloomberg 577 00:30:35,920 --> 00:30:39,800 Speaker 2: TV and radio. If in fact this is halted here 578 00:30:40,640 --> 00:30:44,280 Speaker 2: the Mayor of New London, Michael Paeserro says, the Grinch 579 00:30:44,360 --> 00:30:45,800 Speaker 2: has just stolen Christmas? 580 00:30:45,880 --> 00:30:46,320 Speaker 3: Is he right? 581 00:30:49,000 --> 00:30:50,719 Speaker 5: Not a heck of a Christmas present? 582 00:30:50,880 --> 00:30:53,400 Speaker 10: Was it what you just heard the President say he 583 00:30:53,440 --> 00:30:55,960 Speaker 10: doesn't like wind power, but he's not going to interrupt 584 00:30:55,960 --> 00:30:57,880 Speaker 10: things that we're permitted a long time ago. 585 00:30:58,440 --> 00:31:00,280 Speaker 5: Our Win Revolution Win is. 586 00:31:00,200 --> 00:31:05,040 Speaker 10: Actually permitted under prompt Want back in twenty eighteen nineteen, 587 00:31:05,200 --> 00:31:08,320 Speaker 10: so a long time ago. So this was a real 588 00:31:08,480 --> 00:31:10,800 Speaker 10: shock to our system. They did it to us over 589 00:31:10,920 --> 00:31:13,840 Speaker 10: Labor Day as well. Remember they had a stop work order, 590 00:31:14,440 --> 00:31:17,000 Speaker 10: no warning at all this time they pull the in 591 00:31:17,080 --> 00:31:20,360 Speaker 10: permits and we've got a quite like heck to come back, 592 00:31:20,360 --> 00:31:22,240 Speaker 10: because you're never going to bring down the price of 593 00:31:22,280 --> 00:31:25,800 Speaker 10: electricity New England unless we getting more generation, and that's 594 00:31:25,800 --> 00:31:26,840 Speaker 10: what wind power does. 595 00:31:29,120 --> 00:31:33,120 Speaker 11: Governor, in September, your state successfully one it's been in 596 00:31:33,240 --> 00:31:36,360 Speaker 11: courts to lift the moratorium that the Trump adinistration putting 597 00:31:36,360 --> 00:31:39,040 Speaker 11: when it first took office on wind power. Now the 598 00:31:39,080 --> 00:31:42,440 Speaker 11: administration is going out again and raising national security concerns. 599 00:31:42,880 --> 00:31:45,120 Speaker 11: Some analysts are looking at that and saying this could 600 00:31:45,160 --> 00:31:48,880 Speaker 11: be a more durable way to essentially do the same thing. 601 00:31:49,400 --> 00:31:51,800 Speaker 11: What's your taken. Do you think those national security concerns 602 00:31:51,800 --> 00:31:52,400 Speaker 11: are legitimate? 603 00:31:54,280 --> 00:31:56,880 Speaker 10: I think the President said I don't like wind power. 604 00:31:56,920 --> 00:31:58,960 Speaker 10: Come up with another way that I that you can 605 00:31:59,000 --> 00:32:02,000 Speaker 10: shut it down. And it was only very recently they 606 00:32:02,080 --> 00:32:05,640 Speaker 10: came up with these a national security concerns. I talked 607 00:32:05,680 --> 00:32:08,040 Speaker 10: to the Secretary of Interior, Doug Bergom I've known them 608 00:32:08,080 --> 00:32:08,800 Speaker 10: for many years. 609 00:32:08,840 --> 00:32:11,640 Speaker 5: I said, I'm not sure this is for real, but 610 00:32:11,680 --> 00:32:14,040 Speaker 5: if you want to, we'll come down. We'll talk to 611 00:32:14,040 --> 00:32:14,480 Speaker 5: you about it. 612 00:32:14,560 --> 00:32:18,560 Speaker 10: We'll bring down the folks building the wind power, the engineers, 613 00:32:18,840 --> 00:32:21,640 Speaker 10: but don't stop us at mid construction. For the second 614 00:32:21,720 --> 00:32:24,920 Speaker 10: time in three months. You're just blowing a hole in 615 00:32:25,000 --> 00:32:27,959 Speaker 10: our efforts to bring down the price of electricity in 616 00:32:28,000 --> 00:32:28,560 Speaker 10: New England. 617 00:32:30,120 --> 00:32:32,400 Speaker 2: You know, we understand that this project is about eighty 618 00:32:32,480 --> 00:32:36,480 Speaker 2: five percent complete. It would power some three hundred and 619 00:32:36,520 --> 00:32:40,760 Speaker 2: fifty thousand homes across Connecticut and Rhode Island. What will 620 00:32:40,800 --> 00:32:45,280 Speaker 2: happen to electricity bills without the wind farm. 621 00:32:44,640 --> 00:32:45,840 Speaker 5: More likely to fight. 622 00:32:47,480 --> 00:32:50,840 Speaker 10: We can't put types in the ground again, natural gas 623 00:32:50,840 --> 00:32:52,880 Speaker 10: and oil. We're just not that type of a state. 624 00:32:53,240 --> 00:32:55,640 Speaker 10: We don't have that capacity. It's very rare that we 625 00:32:55,680 --> 00:32:59,160 Speaker 10: can create our own generation. Offshore wind is one way 626 00:32:59,240 --> 00:33:02,080 Speaker 10: we can do that. And the more generation we have, 627 00:33:02,200 --> 00:33:05,720 Speaker 10: the less spiking energy during very cold periods, and that 628 00:33:05,760 --> 00:33:08,480 Speaker 10: means we can save money for electric rape theyers. 629 00:33:10,960 --> 00:33:13,400 Speaker 11: We want to welcome our viewers joining us from the 630 00:33:13,440 --> 00:33:17,000 Speaker 11: TV side of Wimberd TV colleagues, and we are here 631 00:33:17,080 --> 00:33:20,280 Speaker 11: with Connecticut Governor Ned Lamont, talking of course about this 632 00:33:20,360 --> 00:33:23,080 Speaker 11: new announcement out of the Depregmentive Energy today putting a 633 00:33:23,120 --> 00:33:26,400 Speaker 11: halt on those five major wind farm projects, including the 634 00:33:26,440 --> 00:33:29,400 Speaker 11: one that's being assembled in your state. Governor, I'm curious 635 00:33:29,480 --> 00:33:31,920 Speaker 11: how this is going to play with constituents, not only 636 00:33:31,960 --> 00:33:35,000 Speaker 11: in your state, but across the country. As energy prices 637 00:33:35,080 --> 00:33:38,680 Speaker 11: are expensive, it's cold, and they're looking to spike. The 638 00:33:38,800 --> 00:33:41,680 Speaker 11: energy crisis is something that's constantly talked about. This is 639 00:33:41,720 --> 00:33:46,520 Speaker 11: also an administration that is trying to remove barriers to 640 00:33:46,640 --> 00:33:49,880 Speaker 11: other forms of energy, including nuclear President has said he 641 00:33:49,920 --> 00:33:53,959 Speaker 11: wants to restart coal, so why not add wind energy 642 00:33:54,040 --> 00:33:58,280 Speaker 11: to that. Why is this specific mechanism of generating power 643 00:33:58,360 --> 00:33:59,320 Speaker 11: in his crosshairs? 644 00:34:01,600 --> 00:34:04,320 Speaker 5: It is contradictory. I've talked to the President about this. 645 00:34:04,440 --> 00:34:08,080 Speaker 10: He cares very strong about breaking down the price of electricity, 646 00:34:08,200 --> 00:34:10,239 Speaker 10: especially in New England where we. 647 00:34:10,200 --> 00:34:12,920 Speaker 5: Don't have a lot of our own generation and gets expensive. 648 00:34:13,520 --> 00:34:15,960 Speaker 10: I said, we'll work with you on a nuclear power, 649 00:34:16,080 --> 00:34:19,359 Speaker 10: work with you on natural gas and other sources, but 650 00:34:19,440 --> 00:34:22,360 Speaker 10: don't pull the plug on a plant that's already eighty 651 00:34:22,400 --> 00:34:25,360 Speaker 10: five percent complete, ready to turn on in just a 652 00:34:25,400 --> 00:34:28,319 Speaker 10: few months. That makes no sense at all. I thought 653 00:34:28,360 --> 00:34:30,399 Speaker 10: we had agreement they weren't going to do that. Then 654 00:34:30,520 --> 00:34:31,240 Speaker 10: we were shopped. 655 00:34:33,920 --> 00:34:35,360 Speaker 2: All right, Well, I want to get back to the 656 00:34:35,480 --> 00:34:38,520 Speaker 2: justification from the administration here, Governor, and I know you 657 00:34:38,719 --> 00:34:40,759 Speaker 2: commented on this briefly, but I'd like to hear more 658 00:34:40,800 --> 00:34:45,640 Speaker 2: about the national security concerns or a lack thereof knowing 659 00:34:45,840 --> 00:34:50,440 Speaker 2: that the Interior Department says these turbines may interfere with 660 00:34:50,640 --> 00:34:55,920 Speaker 2: radar systems. We understand, however, according to the Attorney General 661 00:34:55,960 --> 00:35:00,000 Speaker 2: William Tong, the project's already gone through federal review said, 662 00:35:00,280 --> 00:35:03,560 Speaker 2: fully fitted, permitted, state, federal, up and down, inside out, 663 00:35:03,600 --> 00:35:04,919 Speaker 2: every which way you can. 664 00:35:05,040 --> 00:35:05,720 Speaker 3: Is that correct? 665 00:35:07,239 --> 00:35:08,680 Speaker 5: William's absolutely correct. 666 00:35:08,719 --> 00:35:12,600 Speaker 10: And actually it went through a very strong national security 667 00:35:12,680 --> 00:35:15,799 Speaker 10: review over the last few years, voted on on a 668 00:35:15,840 --> 00:35:19,120 Speaker 10: bipartisan basis in Congress just a year and a half ago, 669 00:35:19,520 --> 00:35:19,879 Speaker 10: where they. 670 00:35:19,880 --> 00:35:25,560 Speaker 2: Said it is the administration just making this issues? Is 671 00:35:25,560 --> 00:35:27,040 Speaker 2: the administration just making this up? 672 00:35:27,080 --> 00:35:27,239 Speaker 4: Then? 673 00:35:30,360 --> 00:35:30,880 Speaker 5: I think so. 674 00:35:31,080 --> 00:35:33,320 Speaker 10: But look, I'm willing to give them the benefit of 675 00:35:33,320 --> 00:35:35,520 Speaker 10: the down. Get us down there. We'll bring the very 676 00:35:35,560 --> 00:35:39,240 Speaker 10: best engineers from Warsteed who's a developer. We'll talk it through. 677 00:35:39,600 --> 00:35:42,600 Speaker 10: But there's no excuse for shutting this down in minstride, 678 00:35:42,640 --> 00:35:45,359 Speaker 10: not in the ninth ending of the ballgame. Look, they're 679 00:35:45,400 --> 00:35:48,360 Speaker 10: seeing drones has changed the world dramatically. They want to 680 00:35:48,400 --> 00:35:51,160 Speaker 10: take a second look at you know, on shore radar. 681 00:35:51,239 --> 00:35:54,400 Speaker 10: It didn't change the world in the last twelve months. 682 00:35:56,560 --> 00:35:58,359 Speaker 11: Also, this is not to a point you made earlier, 683 00:35:58,400 --> 00:36:01,280 Speaker 11: This is not a new technology. Wind turbines have existed 684 00:36:01,280 --> 00:36:03,480 Speaker 11: in Europe, Munch to the president chagrin, for quite a 685 00:36:03,480 --> 00:36:06,319 Speaker 11: few years now. We haven't previously heard of it having 686 00:36:06,360 --> 00:36:10,840 Speaker 11: big impacts on NATO or Europe's military readiness and offshore 687 00:36:10,880 --> 00:36:14,080 Speaker 11: areas there. We've also got some reporting from Bloomberg and 688 00:36:14,120 --> 00:36:17,120 Speaker 11: analyst at Raymond James saying, I'm skeptical that there's any 689 00:36:17,200 --> 00:36:19,960 Speaker 11: new information about the military concerns all of a sudden 690 00:36:20,200 --> 00:36:23,799 Speaker 11: that single handedly warrants these projects being halted. So do 691 00:36:23,840 --> 00:36:26,800 Speaker 11: you think this is an esthetic not necessarily an economic 692 00:36:26,920 --> 00:36:28,240 Speaker 11: or national security decision? 693 00:36:30,280 --> 00:36:30,360 Speaker 3: Do? 694 00:36:30,800 --> 00:36:31,120 Speaker 7: I mean? 695 00:36:31,320 --> 00:36:34,160 Speaker 5: Last time around it was birds in Wales. This time 696 00:36:34,200 --> 00:36:36,160 Speaker 5: around its radar. I don't know what it's going to 697 00:36:36,239 --> 00:36:38,920 Speaker 5: be next time. I got to tell you, I come 698 00:36:38,920 --> 00:36:39,920 Speaker 5: out of the business world. 699 00:36:40,040 --> 00:36:42,320 Speaker 10: I thought the Trump administration had a lot of business 700 00:36:42,360 --> 00:36:44,879 Speaker 10: folks and it was going to be a pro business administration. 701 00:36:45,440 --> 00:36:48,640 Speaker 10: But this hurricie jerky on again, off again. First they 702 00:36:48,640 --> 00:36:52,239 Speaker 10: didn't terrifts, they didn't snap. Now they're doing wind power. 703 00:36:52,640 --> 00:36:55,680 Speaker 10: Makes it very difficult to do business with this administration. 704 00:36:55,960 --> 00:36:56,759 Speaker 5: Very difficult. 705 00:36:57,760 --> 00:36:59,960 Speaker 2: Well, I'd like to hear more about that, just from 706 00:37:00,239 --> 00:37:03,359 Speaker 2: your view. In Connecticut, you mentioned snap. We can add 707 00:37:03,400 --> 00:37:09,560 Speaker 2: Obamacare subsidies that are about to expire, sending people's bills higher. 708 00:37:09,640 --> 00:37:12,680 Speaker 2: How much are you and other governors working to fill 709 00:37:12,920 --> 00:37:16,359 Speaker 2: affordability gaps that are being created by the administration. 710 00:37:18,239 --> 00:37:19,040 Speaker 5: I can tell you here. 711 00:37:18,960 --> 00:37:22,400 Speaker 10: At Jannet that we've set aside, you know, five hundred 712 00:37:22,400 --> 00:37:26,000 Speaker 10: million dollars just to least protect the most vulnerable. But 713 00:37:26,080 --> 00:37:30,000 Speaker 10: the idea that you're going to yank food support from 714 00:37:30,040 --> 00:37:32,799 Speaker 10: a working family when food branches. 715 00:37:32,480 --> 00:37:35,960 Speaker 5: Have almost doubled in the last five years made no sense. 716 00:37:36,320 --> 00:37:38,440 Speaker 10: Then, as you're pointed out, when it comes to the 717 00:37:38,440 --> 00:37:41,399 Speaker 10: healthcare subsidies in the exchange, people are going to see 718 00:37:41,400 --> 00:37:44,239 Speaker 10: their bills go up one or two thousand dollars. That's 719 00:37:44,280 --> 00:37:46,359 Speaker 10: a heck of a Christmas president, and that's a real 720 00:37:46,440 --> 00:37:48,840 Speaker 10: shock for the system. So we made sure that we 721 00:37:48,960 --> 00:37:51,280 Speaker 10: protected all of our families up to about one hundred 722 00:37:51,280 --> 00:37:52,320 Speaker 10: and twenty eight thousand. 723 00:37:52,760 --> 00:37:55,400 Speaker 5: Then we soften the blow for everybody else. 724 00:37:57,480 --> 00:37:59,960 Speaker 11: Governor you said you've been talking to the Trump administration 725 00:38:00,080 --> 00:38:03,120 Speaker 11: throughout this process and about this decision, how they're treating 726 00:38:03,160 --> 00:38:05,759 Speaker 11: it previously, I'm wondering did you get any kind of 727 00:38:05,840 --> 00:38:08,480 Speaker 11: a heads up. Have you spoken to the president since 728 00:38:08,560 --> 00:38:11,080 Speaker 11: this decision came down, and if not, what do you 729 00:38:11,120 --> 00:38:13,719 Speaker 11: want to tell him? 730 00:38:13,719 --> 00:38:17,040 Speaker 10: Well, this really came out of left field. At the 731 00:38:17,120 --> 00:38:20,040 Speaker 10: very last moment, we had had a conference call all 732 00:38:20,080 --> 00:38:23,319 Speaker 10: the governors with Secretary's Burgham and right, just a couple 733 00:38:23,320 --> 00:38:26,600 Speaker 10: of weeks ago talking about pipelines. 734 00:38:25,920 --> 00:38:28,440 Speaker 5: And natural gas, this did not come up at all. 735 00:38:29,320 --> 00:38:31,560 Speaker 10: Like I said, I think this was a problem, a 736 00:38:31,600 --> 00:38:34,880 Speaker 10: solution looking for a problem, and it's the wrong solution. 737 00:38:37,160 --> 00:38:40,520 Speaker 2: Just lastly, then, Governor, what would you tell people driving 738 00:38:40,560 --> 00:38:43,840 Speaker 2: to work today in Putnam, Connecticut who are already looking 739 00:38:43,880 --> 00:38:47,560 Speaker 2: at expensive electric bills. They're worried about the data center 740 00:38:47,600 --> 00:38:49,719 Speaker 2: that might be coming in next door. Do they need 741 00:38:49,760 --> 00:38:52,919 Speaker 2: to brace for higher prices and what will they look 742 00:38:53,040 --> 00:38:54,279 Speaker 2: like in twenty twenty six. 743 00:38:57,600 --> 00:39:01,200 Speaker 10: Well, we're saying a pause on data centers just because 744 00:39:01,239 --> 00:39:04,160 Speaker 10: they suck so much electricity and drive up costs. 745 00:39:04,640 --> 00:39:06,680 Speaker 5: But one of the things we need is more generation. 746 00:39:06,840 --> 00:39:10,160 Speaker 10: I think those rate payers and Putnam know all too 747 00:39:10,200 --> 00:39:13,000 Speaker 10: well that we're doing everything we can to add more 748 00:39:13,040 --> 00:39:17,080 Speaker 10: electricity generation, bring down costs for you and your family, 749 00:39:17,520 --> 00:39:19,680 Speaker 10: and cold the plug and revolution should. 750 00:39:19,440 --> 00:39:21,879 Speaker 5: Win in the ninth inning? Makes no sense at all. 751 00:39:23,920 --> 00:39:25,600 Speaker 2: Well, this is something that we're going to keep talking 752 00:39:25,600 --> 00:39:27,200 Speaker 2: about here. It sounds like you might not have a 753 00:39:27,239 --> 00:39:29,799 Speaker 2: sense or be able to quantify how much those bills 754 00:39:29,840 --> 00:39:30,359 Speaker 2: are going to rise. 755 00:39:30,400 --> 00:39:31,439 Speaker 3: Governor? Is that fair to say? 756 00:39:33,640 --> 00:39:35,680 Speaker 10: I can tell you that it's going to go up, 757 00:39:35,719 --> 00:39:39,000 Speaker 10: and it could go up dramatically during very cold times 758 00:39:39,320 --> 00:39:41,600 Speaker 10: when wind power is generating the most, So we're going 759 00:39:41,640 --> 00:39:43,880 Speaker 10: to have a spike and energy demand. That's what I'm 760 00:39:43,920 --> 00:39:45,600 Speaker 10: trying to protect you from. 761 00:39:46,360 --> 00:39:48,960 Speaker 2: I hear you right when heating oil season kicks in 762 00:39:48,960 --> 00:39:51,120 Speaker 2: in New England. Governor, it's great to have you. We 763 00:39:51,160 --> 00:39:55,040 Speaker 2: appreciate your insights today on Bloomberg. Joining us live from Connecticut. 764 00:39:55,040 --> 00:40:01,040 Speaker 2: That's Democratic Governor Led Lamont with us. Thanks for listening 765 00:40:01,120 --> 00:40:04,400 Speaker 2: to the Balance of Power podcast. Make sure to subscribe 766 00:40:04,480 --> 00:40:07,160 Speaker 2: if you haven't already, at Apple, Spotify, or wherever you 767 00:40:07,200 --> 00:40:09,960 Speaker 2: get your podcasts, and you can find us live every 768 00:40:10,000 --> 00:40:14,240 Speaker 2: weekday from Washington, DC at noontime Eastern at Bloomberg dot com.