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Speaker 1: Live from our nation's camera. This budget thing is going

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Speaker 1: to do nothing spaceports. I still think it's interesting President

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Speaker 1: Trump not playing his cards yet. Headlines Policy and politics

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Speaker 1: colliding Floomberg Sound On, the Insiders, the influencers, the insides.

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Speaker 1: I would rather see a congressional solution. It's part of

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Speaker 1: my DNA. The Senate map in looks a lot different

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Speaker 1: than it looked in. You really have a divide within

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Speaker 1: Team Trump. The President has to do exactly what people

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Speaker 1: send him here to do, which is to get it done.

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Speaker 1: This is Bloomberg Sound On with Kevin Shirl on Bloomberg

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Speaker 1: and one oh five point seven f M h D two.

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Speaker 1: I'm Kevin CURRELLI, Chief Washington correspondent for Bloomberg Television Bloomberg Radio.

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Speaker 1: More fallout about whether or not President Trump will meet

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Speaker 1: with President Ruwanni. The Iranian president is spurning US talks,

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Speaker 1: but Rwani is saying no to a photo op, a

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Speaker 1: photo op with President Trump. Meanwhile, the Central Bank caught

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Speaker 1: up in the political crosshairs. An x FED official William

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Speaker 1: Dudley is called a block. Trump has drawn criticism. But

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Speaker 1: all of this is coming in the midst of a

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Speaker 1: fast and furious conversations. Bill Dudley, I correct myself, Bill Dudley,

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Speaker 1: the former New York Fed President. Bill Dudley uh in

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Speaker 1: a Bloomberg opinion column criticizing criticizing the dynamic. Right now,

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Speaker 1: with President Trump, I'll give you the latest on that

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Speaker 1: US China trade front as well, we've got an all

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Speaker 1: star panel. Ryan Teague back with Bloomberg News national political

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Speaker 1: reporter joins us his first appearance on the program, as

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Speaker 1: does Lizzie Ulmer, communications director for the Democratic Attorney General Association.

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Speaker 1: And we're gonna check in with Bloomberg News healthcare reporter

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Speaker 1: Ridley Griffin. She's gonna give us her take on a

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Speaker 1: fascinating story pertaining to the opioid epidemic running throughout the country.

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Speaker 1: And we begin tonight with Deutsche Bank. Deutsche Bank confirming

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Speaker 1: tonight headline across the Blue work terminal, Deutsche Bank says

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Speaker 1: it has returns requested by subpoenas. Deutsche Bank confirming that

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Speaker 1: it has the tax returns requested by US lawmakers seeking

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Speaker 1: financial information for President Donald Trump and his family. Whose

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Speaker 1: returns are those that's still secret. But this disclosure was

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Speaker 1: made in a letter file Tuesday by the Bank in

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Speaker 1: response to it a question from an appeals court last week.

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Speaker 1: So Deutsche Bank has financial records. Remember, this is making

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Speaker 1: its way through the court systems. After House Democrats issued

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Speaker 1: subpoenas subpoenas to Deutsche Bank as well as Capital One

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Speaker 1: Financial Corporation trying to get these documents. The Trump administration,

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Speaker 1: the Trump White House said no, that they were not

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Speaker 1: going to comply with those subpoenas. They cited issues pertaining

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Speaker 1: to privacy, and now it's ending up in the courts.

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Speaker 1: One key particular point of nuances that Capital One says

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Speaker 1: it does not possess any tax returns responsive to the subpoenis,

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Speaker 1: but Deutsche Bank once again saying that they do have documents.

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Speaker 1: They have returns requested by the subpoenis. We don't know

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Speaker 1: who and which members or if any members of which

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Speaker 1: individuals those tax returns are doesn't matter. Ryan T. Beckwith

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Speaker 1: Bloomberg News national political reporter, We're thrilled to have you here. Ryan,

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Speaker 1: Welcome to the Bloomberg team. It's it's great to have

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Speaker 1: you here. You were previously with Time Magazine. I've been

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Speaker 1: a fan of yours for a while. Let me ask

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Speaker 1: your point blank, does this matter in the political sense

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Speaker 1: for President Trump. I don't think politically this is going

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Speaker 1: to make a huge difference unless there's something in there. Um.

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Speaker 1: The Trump organization is kind of a black box, and

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Speaker 1: there's just a lot that we don't know about how

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Speaker 1: it was run, where it's money came from, where its

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Speaker 1: money went. Um. But I think that at this point

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Speaker 1: most people have the broad overview of it, and they

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Speaker 1: either don't like that or um, they're okay with it.

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Speaker 1: I think it's in some ways it's analogous to the

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Speaker 1: Mala report that confirmed and gave a lot of details

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Speaker 1: thrust of, and at the end of the day politically

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Speaker 1: didn't really move the needle um, other than within a

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Speaker 1: very narrow subset of people who are watching it very closely.

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Speaker 1: Ryan Seed backwith is here our lead story tonight, the

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Speaker 1: most read story on the Bloomberg terminal. Deutsche Bank says

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Speaker 1: it has returns requested by subpoenas that were originally subpoenaed

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Speaker 1: by House Democrats. Ryan's making the point that essentially it's

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Speaker 1: what's in what's in those redacted documents that, according to

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Speaker 1: a court filing On Tuesday, Deutsche Bank says that it

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Speaker 1: has tax returns, and this is right. I'm curious for

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Speaker 1: your for your take on this, and either draft or

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Speaker 1: as filed form responsive to the subpoenas, so they might

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Speaker 1: not even be the particularly filed documents. But to your point,

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Speaker 1: this could open a Pandora's box of sorts in terms

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Speaker 1: of where the Trump political orbit, where they have financial

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Speaker 1: ties around the world. Yeah, and I think that UM

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Speaker 1: drafts in some ways could be more interesting than what's

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Speaker 1: filed because of what we know about Trump himself has said, well,

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Speaker 1: you know, my net worth changes from day to day

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Speaker 1: based on my moods. And I think they've already confirmed

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Speaker 1: in some of these that in some cases he would

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Speaker 1: say that something was worth a certain amount, and then

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Speaker 1: in a separate filing with a different government agency he

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Speaker 1: would say it was worth another amount. So if the

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Speaker 1: if the drafts show that they them sort of changing

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Speaker 1: numbers before they file, uh, in that in the same

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Speaker 1: sort of off hand way, than that could be interesting. Um,

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Speaker 1: you know, it's uh it really it would be really interesting.

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Speaker 1: I mean, I'm really curious what's in them. I'd love

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Speaker 1: to see that. I mean, I frankly I'd love to

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Speaker 1: see a lot of people's those returns, you know, I mean,

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Speaker 1: it's it's I'm always curious whenever UM presidential candidates put

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Speaker 1: out their taxes. Remember Mitt Romney, you know, put out

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Speaker 1: was just you know, it's it's it's like peaking into

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Speaker 1: someone's diary or something like that. It doesn't tell you everything.

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Speaker 1: Tax returns and Diaries with Ryan t Backworth Worth back

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Speaker 1: with sorry, Ryan tig Beck with Worth thrilled that tax

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Speaker 1: returns and Diaries. I like the sound of that. Alright,

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Speaker 1: coming up, we're gonna talk much more trade policy. We're

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Speaker 1: gonna talk opioid addiction policy. Riley Griffin is on standby

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Speaker 1: for She's got this great story out on the Bloomberg

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Speaker 1: terminal about a state a state opioid case and how

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Speaker 1: it impacts Johnson and Johnson. You don't want to miss that. Me.

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Speaker 1: While the presidents still going after the Central Bank, the

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Speaker 1: Federal Reserve, Ryan's going to weigh in on that front.

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Speaker 1: Lizzie Almer Almer is waiting as well. She's communications director

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Speaker 1: for the Democratic Attorney Generals Association. Download the Bloomberg sound

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Speaker 1: on podcast on APPLEI Junes, at Bloomberg dot com, or

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Speaker 1: by downloading the Bloomberg Business app. You can also find

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Speaker 1: us on Radio dot Com, I Heart Radio, and Spotify

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Speaker 1: of Kevin Cirelli. We're counting down the days of August recess.

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Speaker 1: You're listening to Bloomberg. This is Bloomberg Sound On with

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Speaker 1: Kevin Surrele on Bloomberg and one or five point seven

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Speaker 1: h D two. I'm Kevin Cirelli, Chief Washington Correspondent, FRO

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Speaker 1: Bloomberg Television, Bloomberg Radio. I'm absolutely enthralled by this story.

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Speaker 1: Johnson and Johnson shares rose as much as five point

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Speaker 1: four percent after an Oklahoma judge ordered the company to

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Speaker 1: pay far less than some investors in expected in the

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Speaker 1: first trial by a state seeking compensation for the public

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Speaker 1: health crisis spawned by opioid painkillers. Jeff Feely and Riley

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Speaker 1: Griffin are the co by lining reporters on this story.

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Speaker 1: Bloomberg News reporter Riley Griffin joins us from New York City. Okay,

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Speaker 1: So why did the judge rule far less for Johnson

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Speaker 1: and Johnson. Well, Johnson and Johnson is the first major

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Speaker 1: company to go to trial. Many of the others, including

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Speaker 1: Perdue and Teva. They actually settled with Oklahoma beforehand as

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Speaker 1: they were worried about exposure. But in this case, Oklahoma

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Speaker 1: was seeking a whopping seventeen point five billion in damages.

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Speaker 1: Analyst said that the A G was shooting for the moon. Um. Ultimately,

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Speaker 1: the amount that the state is attempting to recoup and damages,

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Speaker 1: it's five D seventy two million, and so although Wall

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Speaker 1: Street had feared that the penalty would surpass that billion

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Speaker 1: dollar threshold, it ultimately was below. Ryan the Griffin's here.

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Speaker 1: She's joined us from New York City. Are are New

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Speaker 1: York headquarters. She's a Bloomberg News healthcare reporter and she's

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Speaker 1: got this story out about Johnson and Johnson. But the

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Speaker 1: precedent that this sets, and I just want to take

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Speaker 1: a broader step back for a second. A lot of

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Speaker 1: states are are seeking to get financial closure, for lack

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Speaker 1: of a better term, because these companies, from their perspective

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Speaker 1: point of view, have rereaked havoc havoc by the opioid epidemic.

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Speaker 1: And so the settlements that now we're going through the courts,

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Speaker 1: Johnson and Johnson having to pay seventeen point five billion

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Speaker 1: dollars five and sorry, five seventy two million dollars. But

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Speaker 1: they had saw it. The state had saught seventeen point

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Speaker 1: five billion. I mean, it's a fraction of a cost.

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Speaker 1: It's a fraction of a cost. I mean, and and

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Speaker 1: I guess I asked you this on Bloomberg Television earlier today, Riley.

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Speaker 1: But are any of these executives in danger at all

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Speaker 1: for to going to jail? Or are they too big

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Speaker 1: to jail? Well, these aren't criminal suits, No, these aren't.

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Speaker 1: I I mean, I wouldn't be the right person to

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Speaker 1: speak to that question. I would tell you that all

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Speaker 1: eyes are turned towards Ohio where the multidistrict litigation is underway.

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Speaker 1: That's litigation that consolidates two thousand suits. And ultimately, if

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Speaker 1: you talk to anybody on Wall Street, they'll tell you

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Speaker 1: that global settlements at large could top more than a

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Speaker 1: hundred billion in exposure for opioid makers, distributors, um pharmacy

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Speaker 1: benefit managers across the board. So there's more at play

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Speaker 1: in the broader supply chain than just Johnson and Johnson,

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Speaker 1: and it's manufacturing counterparts. But yes, the exposure is massive.

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Speaker 1: There's more to come nobody's out of hot water here.

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Speaker 1: But if you forget the damages for a moment, what

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Speaker 1: was really significant about this case was that the Oklahoma

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Speaker 1: judge affirmed a high risk legal strategy using public nuisance

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Speaker 1: laws to punish J and J for how it marketed opioids.

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Speaker 1: And this hasn't happened before in the case of a

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Speaker 1: pharmaceutical company. And so while Wall streets thinking about and

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Speaker 1: reacting positively to that seventy two million dollars, some what

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Speaker 1: others are cautioning against is that this legal strategy could

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Speaker 1: be used in those other thousands of cases that are

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Speaker 1: are still coming. And just quickly before I let you go,

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Speaker 1: Perdue Pharma and settlement talks over thousands of opioid cases

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Speaker 1: your newest story out on Bloomberg. What's the latest with

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Speaker 1: Perdue Pharma? Well, earlier today NBC reported that Perdue is

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Speaker 1: in settlement talks for for an amount ten to twelve

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Speaker 1: billion UM. Perdue has said to us that they are

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Speaker 1: speaking with ags and plaintiffs about a global resolution without

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Speaker 1: confirming any kind of figure. But yes, another big opioid headline,

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Speaker 1: and I imagine there's more to come. Perdue has um

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Speaker 1: dominated the headlines for weeks now. Thank you all right,

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Speaker 1: thanks to Riley Griffin. She's got she's been covering all

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Speaker 1: of this for us. Great work, great reporting, and thank

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Speaker 1: you for being here. That's Riley Griffin. You know, the

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Speaker 1: question I have is when exactly will the families, the

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Speaker 1: families that have been impacted by the opioid addiction when

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Speaker 1: we'll when will they receive restitution? Coming up, we pay

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Speaker 1: it back to Trade Policy. Ryan t back With is

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Speaker 1: here Bloomberg News national political reporter, and Lizzie Ulmer, communications

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Speaker 1: director for the Democratic Attorney Generals Association, joins the panel

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Speaker 1: as well. You can download the Bloomberg Sound On podcast

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Speaker 1: on Apple, it tunes, at Bloomberg dot com, or by

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Speaker 1: downloading the Bloomberg Business app. You can also find us

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Speaker 1: on Radio dot com, I Heart Radio, and Spotify. I'm

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Speaker 1: Kevin CURRELLI, Chief Washington correspondent for Bloomberg Television of Bloomberg Radio.

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Speaker 1: You're listening to Bloomberg. You're listening to Bloomberg Sound On

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Speaker 1: with Kevin Surreley on Bloomberg and one oh five point

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Speaker 1: seven h D two. What they gave is horrible, one sided,

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Speaker 1: very dumb, stupid. If you'd like to use that word

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Speaker 1: because it's so descriptive. We're taking these trade deals that

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Speaker 1: are so bad and we're making good, solid deal set

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Speaker 1: of him. That was President Drum talking about very dumb, stupid,

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Speaker 1: his words, trade deals. He spoke to reporters following a

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Speaker 1: joint press conference the other day with French President and

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Speaker 1: Mayuel Macron of France. We're gonna talk trade policy now

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Speaker 1: with an all star panel. The new, the newest edition,

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Speaker 1: the new, the new addition to the Bloomberg News political

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Speaker 1: reporting team. Ryan Teague back with everybody. I feel like

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Speaker 1: he needs a round of applause. Bloomberg News national political reporter,

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Speaker 1: A very senior, senior reporter. He used to work at

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Speaker 1: Very Young at Heart. Listen, I turned thirty and two

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Speaker 1: months and I'm super insecure about it. Yeah, I turned

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Speaker 1: thirty like fifteen years ago. Ryan. We're thrilled to have

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Speaker 1: you here. We thrilled to have you on the show.

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Speaker 1: And Lizzie Almer's back everybody. Lizzie is communications director for

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Speaker 1: the Democratic Attorney General Association. Lizzie, welcome back. Thank you

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Speaker 1: for having me. All Right, So I want to start

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Speaker 1: with trade. We just heard the President Ryan talking about

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Speaker 1: trade policy and the back and forth and whatnot. But

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Speaker 1: I was talking to to some sources today as well

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Speaker 1: as on Bloomberg Television about the state of play, the

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Speaker 1: state of play between the U. S and China as

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Speaker 1: it relates to the U S. China trade sox and

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Speaker 1: by all intents, for all intents and purposes, this meeting

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Speaker 1: from Beijing. The Beijing delegation still very much planning to

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Speaker 1: come to Washington in September. But it's the expectation now

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Speaker 1: that that there's just gonna be a safe face deal.

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Speaker 1: I don't eve want to call it a mini deal,

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Speaker 1: that there's gonna be a safe face deal or no

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Speaker 1: deal at all. I mean, I don't know what to

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Speaker 1: think minute to minute about what is going to end

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Speaker 1: up happening. I think for me, the question politically is

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Speaker 1: do we read to a a point where there is a

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Speaker 1: deadline of sorts. I think there's a lot of people

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Speaker 1: who voted for Trump, support Trump, don't mind a little

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Speaker 1: bit of trade war UM, but you know, like, but

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Speaker 1: people who don't you like to see him stand up

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Speaker 1: to UH, China and other people that they're unhappy with UM.

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Speaker 1: And then there's some short term pain and then there's

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Speaker 1: sort of a question of like, at what point will

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Speaker 1: they say I've had enough of this, or this is

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Speaker 1: hurting me personally, or I don't think this is going

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Speaker 1: to end well. Um, And obviously if he can come

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Speaker 1: up with the deal, then uh, that would be that

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Speaker 1: would be a point at which something happens. But if

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Speaker 1: we are just kind of in this liminal zone for

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Speaker 1: a long time, I don't I'm just curious at what

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Speaker 1: point would people just say, Okay, it's not going to happen. Yeah,

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Speaker 1: I would just say that you can't expect much at

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Speaker 1: this point in time because to your point, there's so

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Speaker 1: much changing Jay today, and I think for voters back home,

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Speaker 1: it's really a question of when do they wake up

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Speaker 1: been realized that there isn't really a plan and how

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Speaker 1: is that affecting them in their pocketbooks and their families?

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Speaker 1: And to that point, Lizzie Olmer, who was communications director

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Speaker 1: for the Democratic Attorney General Association, we got some echo

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Speaker 1: data today and how is I was struck by this

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Speaker 1: this ECO data. I find it very interesting because it's

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Speaker 1: not what the economists. The economists were we're thinking about.

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Speaker 1: The U S. Consumer confidence declined in August by less

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Speaker 1: than the forecast as americans assessment of current conditions climbed

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Speaker 1: to the highest level in almost nineteen years. And that's

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Speaker 1: because it's been helped by a job market that remains robust.

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Speaker 1: I'm reading read pick Arts reporting on the Bloomberg terminal.

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Speaker 1: The Conference Board Index ease to one thirty five point

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Speaker 1: one this month from a revised one thirty five point Essentially,

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Speaker 1: what that means is consumers consumer confidence is actually doing

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Speaker 1: a bit better than economists had uh that economists had thought.

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Speaker 1: And this we all know, ry, I mean, the recession

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Speaker 1: chatter the other week was brutal, brutal. It was like,

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Speaker 1: you know, they were saying, essentially, oh, we're we're heading

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Speaker 1: off the deep end. But the consumer confidence remained stronger

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Speaker 1: than economists had thought. Why is that? Is it because

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Speaker 1: we're so politically obsessed here inside of the Beltway with

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Speaker 1: every twist and turn, and and the traders up on

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Speaker 1: the street, they're obsessed with every twist and turn and

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Speaker 1: tweet for for the back and forth with China, and

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Speaker 1: it just hasn't trickled out yet, right, sure, Yeah, I

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Speaker 1: was formulating an answer there, uh that Yeah, Well it's

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Speaker 1: radio can talk, Yeah, I know, I mean I I

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Speaker 1: think again, it's it as with the economy, like if

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Speaker 1: something dramatic happens, either in a positive electro or a

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Speaker 1: negative direction, that I think it will get people's attention.

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Speaker 1: And in the meantime, just a lot of people are

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Speaker 1: holding their breath. Now. A lot of people's confidence in

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Speaker 1: the economy went up after Trump was elected because they

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Speaker 1: liked Trump, and they it almost like overnight, Uh, they

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Speaker 1: felt better about how where the country was going. So

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Speaker 1: it's also possable that things like consumer confidence, what people

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Speaker 1: think about the state of the economy, which is largely

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Speaker 1: kind of a head game anyways, UM is now tied

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Speaker 1: more to their partisan views of things, and so it

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Speaker 1: could be almost sort of separate from the economy. UM.

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Speaker 1: But the economy is doing well and for a lot

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Speaker 1: of people. Yeah, And I think there's a little bit

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Speaker 1: of a delay of everything we hear here in the

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Speaker 1: Beltway of how crazy things get. And I know, I

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Speaker 1: didn't want to look at my fro on k the

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Speaker 1: other day, but I'm not sure I could say the

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Speaker 1: same of you know, people back home in Michigan. I

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Speaker 1: don't know if that trickles down to the state level

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Speaker 1: quite so fast and as we quickly head towards I

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Speaker 1: think we're going to see a lot more attempts from

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Speaker 1: the political parties of driving whatever narrative they want to see.

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Speaker 1: So I think voters are going to continue to get

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Speaker 1: more and more confused about how they're feeling about things,

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Speaker 1: and talks of recession and trade wars with China and

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Speaker 1: things like that don't build confidence. So I can't wait

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Speaker 1: to see what that report says in the future. We

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Speaker 1: can't talk about the economy without talking about the central

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Speaker 1: bank drama. Today, Ryan C. Beck it's here, Bloomberg News

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Speaker 1: national political reporter. He just joined us from Time Magazine.

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Speaker 1: We're thrilled to have Ryan joined the Bloomberg team. Lizzie

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Speaker 1: Almer is also here, communications director for the Democratic Attorney

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Speaker 1: General Association. All right, did you guys read this? Did

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Speaker 1: you read this on Bloomberg Opinion? Because it really launched

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Speaker 1: a complete back and forth in terms of well in

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Speaker 1: terms of the Fed and the Central Bank. So a

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Speaker 1: former top Federal Reserve official, William Dudley, former New York

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Speaker 1: Fed President Bill Dudley, Bill Dudley, Bill, Bill Dudley. He

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Speaker 1: published a Bloomberg op ed on Tuesday. Earlier today, and

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Speaker 1: he argued that the Central Bank risks enabling further escalation

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Speaker 1: by the President in the trade war with China, and

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Speaker 1: officials suggest state explicitly that they quote won't bail out

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Speaker 1: an administration that keeps making bad choices on trade policy.

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Speaker 1: There's even an argue ment, according to Mr Dudley, there's

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Speaker 1: even an argument that the election itself balls within the

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Speaker 1: FEDS per view. After all, Trump's reelection arguably presents a

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Speaker 1: threat to the US and global economy. This was Bill Dudley,

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Speaker 1: who headed the New York Fed from two thousand and

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Speaker 1: nine and two thousand and eight. Team he previously was

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Speaker 1: a Golden Sex economists. He goes on to write, quote

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Speaker 1: if the goal of monetary policy is to achieve the

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Speaker 1: best long term economic outcome, then Fed officials should consider

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Speaker 1: how their decisions will affect the political outcome in quote Wow,

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Speaker 1: Ryan T. Beckwith wow. And it was something, wasn't it.

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Speaker 1: I mean to have a former top FED official deliver

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Speaker 1: a blistering op ed at a time when President Trump

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Speaker 1: has been hammering the Central Bank. I mean the central

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Speaker 1: Bank is now completely wrapped up into into this political

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Speaker 1: into this political climate. Well, I mean the Central Bank

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Speaker 1: has always been wrapped up in politics, because everything has

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Speaker 1: always wrapped up in politics. I think it's uh plays

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Speaker 1: into a narrative that someone on the right have had

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Speaker 1: for a while, which was that the Federal Reserve is

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Speaker 1: leaning too much into politics. Um. I think if this

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Speaker 1: predates Trump, if you recalled Rick Perry made a big

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Speaker 1: case out of this in two thousand twelve that the

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Speaker 1: Federal Reserve was, um, you know, trying to get Obama

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Speaker 1: re elected. Um. And I so I'm not sure that

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Speaker 1: the op ed maybe will have the effect that the

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Speaker 1: author hopes, because it may actually sort of help people

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Speaker 1: on the right make the argument that the Fed is

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Speaker 1: is working against Trump, which is the argument that Trump

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Speaker 1: himself is trying to make about their decisions. You mentioned

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Speaker 1: the president he tweeted out earlier today, quote the Federal

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Speaker 1: Reserve loves watching our manufacturers struggle with their exports to

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Speaker 1: the benefit of other parts of the world. Has anyone

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Speaker 1: looked at what almost all other countries are doing to

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Speaker 1: take advantage of the good old USA. Our FED has

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Speaker 1: been calling it wrong for too long. I mean, when

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Speaker 1: you look around the world, when you look at President

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Speaker 1: shi Jing Ping of China and how he's able to

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Speaker 1: exert influence on China Central Bank. When you look at

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Speaker 1: European counterparts, whether it's German Chancellor Angela Merkle, whether it's

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Speaker 1: UK Prime Minister Boris Johnson or uh really French President

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Speaker 1: Manuel mccrall, how they're able to so nimbly, nimbly impact

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Speaker 1: their own monetary policies. Uh, I don't know. I mean

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Speaker 1: I look at Lizzie Homer, communications director for the Democratic

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Speaker 1: Attorney Generals Association, and something tells me that there are

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Speaker 1: candidates within the Democratic Party who would who would like

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Speaker 1: to see the FED uh be me be perhaps more

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Speaker 1: reactive to global volatility. I would say that the FED

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Speaker 1: just wants stability and predictability, but I could also see that,

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Speaker 1: you know, we shouldn't forget that we're in the longest

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Speaker 1: economic expansion and there's like a lot of risk here.

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Speaker 1: People are still room from our last recession, especially a

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Speaker 1: lot of young people, um who who felt those impacts

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Speaker 1: when they were trying to get jobs or now that

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Speaker 1: they're trying to buy houses or trying to raise a family,

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Speaker 1: And so I think, yeah, I think there's definitely a

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Speaker 1: lot here that says that the FED wants predictability, and stability,

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Speaker 1: and so do the American people. And it's just about

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Speaker 1: how does that get communicated and how does something like

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Speaker 1: the FED get politicized by either party? All Right, coming up,

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Speaker 1: I just like to make a point that Donald Trump

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Speaker 1: did have an ability to influence the direction of the FED,

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Speaker 1: which was when he appointed the FED chair. And so

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Speaker 1: if he's unhappy with the direction that the chair is taking,

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Speaker 1: then that was his choice. We're gonna leave that there. Um.

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Speaker 1: Coming up, we're gonna talk more politics. We're gonna head

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Speaker 1: out onto the campaign trail, plus what's become one of

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Speaker 1: my favorite segments, What's on our panel's radar? Download the

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Speaker 1: Bloomberg Sound On podcasts on Apple, it tunes, at Bloomberg

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Speaker 1: dot com, or by downloading the Bloomberg Business App. You

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Speaker 1: can also find us on Radio dot Com, I Heart Radio,

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Speaker 1: and Spotify. I'm Kevin s Really, Chief Washington, corresponded for

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Speaker 1: Boomberg Television, Bloomberg Radio. You're listening to Bloomberg. This is

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Speaker 1: Bloomberg's Sound On with Kevin Surreley on Bloomberg one and

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Speaker 1: one oh five point seven of m HD to Baltimore.

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Speaker 1: I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg Television Bloomberg Radio.

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Speaker 1: My panel of all stars here with me for the hour.

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Speaker 1: Lizzie Olmer, communications director for Democratic Attorney General Association. Ryan

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Speaker 1: tig Back with Bloomberg News national political reporter. All Right,

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Speaker 1: I want to talk because this Monmouth University poll came

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Speaker 1: out the other day. Did you see this pole. It's

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Speaker 1: got Biden at second place behind Elizabeth Warren and Bernie Sanders,

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Speaker 1: who are tied with a piece. Everyone's saying, oh, it's

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Speaker 1: an outlier, an outlier, outler, outlier, Ryan, outliar, outlier. I

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Speaker 1: guess it's the duco in me. I say, I mean,

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Speaker 1: or maybe I just don't know how to talk. Um.

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Speaker 1: Everyone's saying it might be an outlier pole. But the

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Speaker 1: reality is you add up between Bernie Sanders and Elizabeth Board.

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Speaker 1: Is that bad news for Joe Biden? Ryan? I mean,

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Speaker 1: I think it probably is an outlier, because there's been

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Speaker 1: several other polls that also show him continuing to be

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Speaker 1: in a strong first place. But Um, the point that

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Speaker 1: I'd make about this is that Biden himself is using

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00:25:19,680 --> 00:25:22,879
Speaker 1: his position in the polls to argue why he is

428
00:25:22,920 --> 00:25:27,520
Speaker 1: the most electable, and they're sort of a circular reasoning

429
00:25:27,560 --> 00:25:29,800
Speaker 1: problem there. I mean, he literally ran an ad in

430
00:25:29,840 --> 00:25:32,520
Speaker 1: which it showed poll numbers. The problem is that if

431
00:25:32,520 --> 00:25:34,560
Speaker 1: he does bad in a poll, then that undermines his

432
00:25:34,640 --> 00:25:37,800
Speaker 1: argument for why he's electable, which is his major argument,

433
00:25:37,880 --> 00:25:40,879
Speaker 1: which then could hurt him in future polls. So the

434
00:25:40,920 --> 00:25:44,320
Speaker 1: fact that, um, he has placed so much attention on

435
00:25:44,440 --> 00:25:46,920
Speaker 1: polls means that he's vulnerable even to an outlier poll,

436
00:25:47,000 --> 00:25:50,760
Speaker 1: being sort of like something that people would talk about. Um.

437
00:25:50,800 --> 00:25:53,679
Speaker 1: But I do think that the polls are are The

438
00:25:53,680 --> 00:25:56,960
Speaker 1: other polls show that the race remains still fairly static,

439
00:25:57,000 --> 00:25:59,959
Speaker 1: with him in in first place and Warren and Sanders

440
00:26:00,119 --> 00:26:04,240
Speaker 1: is coming up behind him, and then the top five

441
00:26:04,320 --> 00:26:06,840
Speaker 1: being fairly static and everybody else falling far below that.

442
00:26:07,280 --> 00:26:10,080
Speaker 1: Mary and Williamson, for the record, got super c in

443
00:26:10,160 --> 00:26:14,280
Speaker 1: that latest poll as well. Uh, Lizzie, As you assess

444
00:26:14,800 --> 00:26:19,000
Speaker 1: the Democrats on the left and this poll, what does

445
00:26:19,040 --> 00:26:20,840
Speaker 1: it mean Does it reset the races and making a

446
00:26:20,840 --> 00:26:24,320
Speaker 1: three way race? I think it means that we're still

447
00:26:24,359 --> 00:26:26,919
Speaker 1: really far from a from the primary, and that we

448
00:26:26,960 --> 00:26:28,280
Speaker 1: have a lot of debates to go to and the

449
00:26:28,280 --> 00:26:31,639
Speaker 1: polls are going to tighten up. But I think that consistently.

450
00:26:31,680 --> 00:26:33,920
Speaker 1: If you look at what we've seen over the last

451
00:26:33,920 --> 00:26:36,080
Speaker 1: couple of months, this is just one of many. And

452
00:26:36,119 --> 00:26:38,560
Speaker 1: so I think that you know, Biden has pretty good

453
00:26:38,600 --> 00:26:40,879
Speaker 1: standing right now, but that it's getting more competitive for

454
00:26:40,880 --> 00:26:42,879
Speaker 1: who's going to be those two, three, four, and five.

455
00:26:43,200 --> 00:26:45,000
Speaker 1: I mean those have been static, but I think within

456
00:26:45,119 --> 00:26:48,159
Speaker 1: those those four folks, that's gonna gonna change, and we're

457
00:26:48,160 --> 00:26:50,359
Speaker 1: going to see that tighten up. And I'm really looking

458
00:26:50,359 --> 00:26:53,320
Speaker 1: forward to Texas and hearing what everybody has to say, Well, yeah,

459
00:26:53,320 --> 00:26:55,159
Speaker 1: I mean it's going to be fascinating to see how

460
00:26:55,200 --> 00:26:57,040
Speaker 1: that plays out. Ryan. When will there be pressure on

461
00:26:57,080 --> 00:27:00,879
Speaker 1: these candidates to drop out when they run out of money? UM,

462
00:27:00,920 --> 00:27:04,560
Speaker 1: I think that, uh, we'll probably see a few more

463
00:27:04,600 --> 00:27:06,919
Speaker 1: in in the coming weeks. UM at the who are

464
00:27:06,960 --> 00:27:10,040
Speaker 1: at the at the low end of that UM. One

465
00:27:10,080 --> 00:27:11,800
Speaker 1: of the things to keep in mind is that it

466
00:27:12,320 --> 00:27:14,520
Speaker 1: feels for those of us who are paid to care

467
00:27:14,520 --> 00:27:18,000
Speaker 1: about this um who follows for a living, it feels

468
00:27:18,040 --> 00:27:20,960
Speaker 1: like we're further along than we actually are because this

469
00:27:21,200 --> 00:27:24,719
Speaker 1: race started earlier than they have in the past. And

470
00:27:24,760 --> 00:27:27,520
Speaker 1: I think for the average person who's you know, pays

471
00:27:27,560 --> 00:27:30,800
Speaker 1: attention to politics when they absolutely have to UH and

472
00:27:31,520 --> 00:27:34,359
Speaker 1: actively tries not to think about it um, which is

473
00:27:34,359 --> 00:27:38,080
Speaker 1: hard to do in the Trump administration. That they still

474
00:27:38,119 --> 00:27:40,359
Speaker 1: aren't really tuning in. And so I think when we

475
00:27:40,400 --> 00:27:44,840
Speaker 1: will next see UH change in the at the very

476
00:27:44,880 --> 00:27:47,320
Speaker 1: top of the polls is as more of those people

477
00:27:47,440 --> 00:27:50,359
Speaker 1: start to tune in. You know, I think it's interesting

478
00:27:50,680 --> 00:27:53,760
Speaker 1: that you make that point. I mean it is to

479
00:27:53,840 --> 00:27:57,040
Speaker 1: some extent, former Vice President Joe Biden has largely come

480
00:27:57,080 --> 00:28:00,199
Speaker 1: away unscratched by by all of these attacks. I mean,

481
00:28:00,240 --> 00:28:02,760
Speaker 1: he's turned himself into he is a political pinata at

482
00:28:02,800 --> 00:28:05,280
Speaker 1: this point just by being the front runner. There really

483
00:28:05,320 --> 00:28:10,200
Speaker 1: hasn't been any consistent political attacks coming on Elizabeth Warren

484
00:28:10,440 --> 00:28:12,959
Speaker 1: nor I mean, I guess to some except Bernie Sanders,

485
00:28:13,000 --> 00:28:15,439
Speaker 1: but but there really hasn't been any on on Warren.

486
00:28:15,480 --> 00:28:18,480
Speaker 1: There's been some even on Senator Kamala Harris, who when

487
00:28:18,520 --> 00:28:22,600
Speaker 1: she had that assent, after that that moment in UH

488
00:28:22,720 --> 00:28:26,639
Speaker 1: Miami at the first Democratic presidential debate, UH it was,

489
00:28:27,080 --> 00:28:30,200
Speaker 1: She's now since receded in the polls. So no one's

490
00:28:30,200 --> 00:28:33,440
Speaker 1: really gone after Warren yet. Speaking of Elizabeth Warren, she

491
00:28:33,480 --> 00:28:37,160
Speaker 1: addressed a d n C Galla Thursday evening in San Francisco.

492
00:28:37,920 --> 00:28:39,760
Speaker 1: Take a listen to what Elizabeth Warren said the other

493
00:28:39,920 --> 00:28:45,120
Speaker 1: night on the campaign trail. This is a time of crisis,

494
00:28:45,760 --> 00:28:49,120
Speaker 1: and when you are in crisis, when your back is

495
00:28:49,200 --> 00:28:52,680
Speaker 1: up against the wall, the last thing you do is

496
00:28:52,800 --> 00:28:57,560
Speaker 1: back down from the big fights. That was Senator Elizabeth

497
00:28:57,560 --> 00:29:00,440
Speaker 1: Warren last week out on the campaign trail, really kind

498
00:29:00,440 --> 00:29:05,760
Speaker 1: of making the case, building the narrative for her candidacy

499
00:29:05,800 --> 00:29:09,640
Speaker 1: amid chatter of a recession, chatter of financial collapse. And

500
00:29:09,680 --> 00:29:12,160
Speaker 1: many would argue, I mean she she her her political

501
00:29:12,200 --> 00:29:16,440
Speaker 1: career was birthed during the last financial crisis. Ryan, there's

502
00:29:17,360 --> 00:29:20,200
Speaker 1: you know, I mean, she could use this arguably to

503
00:29:20,280 --> 00:29:23,680
Speaker 1: her her I don't want to say advantage, but advantage well,

504
00:29:23,720 --> 00:29:25,959
Speaker 1: I mean that's the weird thing about politics is that

505
00:29:26,000 --> 00:29:28,640
Speaker 1: bad things happening can be good for you personally as

506
00:29:28,640 --> 00:29:32,440
Speaker 1: a politician. UM. Yes, I do think that if the

507
00:29:32,520 --> 00:29:35,840
Speaker 1: economy UM starts to go south, that that is a

508
00:29:36,760 --> 00:29:40,240
Speaker 1: she is well positioned to take advantage of that. UM.

509
00:29:40,360 --> 00:29:42,320
Speaker 1: But I also think that a lot of her economic

510
00:29:42,400 --> 00:29:45,320
Speaker 1: message is more about, like we were talking about earlier,

511
00:29:45,320 --> 00:29:48,360
Speaker 1: that those sort of animal spirits that people who feel like,

512
00:29:48,360 --> 00:29:50,400
Speaker 1: well the economy may be doing fine, but I don't

513
00:29:50,440 --> 00:29:53,840
Speaker 1: personally feel it UM and that's part of like her

514
00:29:53,880 --> 00:30:00,120
Speaker 1: student loan. UM forgiveness is for the millennial voter who

515
00:30:00,200 --> 00:30:03,320
Speaker 1: is at their first or second job and still making

516
00:30:03,960 --> 00:30:06,520
Speaker 1: you know, eight hundred dollar payment every month or something

517
00:30:06,560 --> 00:30:09,360
Speaker 1: like that. That person may be doing well, like on

518
00:30:10,120 --> 00:30:13,240
Speaker 1: in terms of their income, uh, and they and the

519
00:30:13,280 --> 00:30:16,080
Speaker 1: economy may be doing well in the sector that they're in,

520
00:30:16,160 --> 00:30:20,280
Speaker 1: but making that payment is making them not feel confident.

521
00:30:20,320 --> 00:30:21,400
Speaker 1: All right, I want to I want to. I want

522
00:30:21,400 --> 00:30:23,120
Speaker 1: to switch it up now because we've got a couple

523
00:30:23,120 --> 00:30:24,560
Speaker 1: of minutes left in the show, and this has really

524
00:30:24,560 --> 00:30:27,600
Speaker 1: become one of my favorite segments. One thing on your radar?

525
00:30:27,960 --> 00:30:31,280
Speaker 1: What's on your radar? Uh, in terms of maybe maybe

526
00:30:31,320 --> 00:30:34,600
Speaker 1: it's just not dominating the headlines, but you think it

527
00:30:34,640 --> 00:30:36,640
Speaker 1: should get a little bit more attention, Lizzie Omer, what's

528
00:30:36,680 --> 00:30:41,760
Speaker 1: on your radar? The state of Kentucky. Kentucky, fascinating politics, Kentucky.

529
00:30:41,840 --> 00:30:44,880
Speaker 1: Take us down self. So there are actually ag elections

530
00:30:44,880 --> 00:30:47,719
Speaker 1: in twenty nine and I love talking about two um

531
00:30:48,480 --> 00:30:51,280
Speaker 1: as well, but we have elections this year in Kentucky

532
00:30:51,360 --> 00:30:52,880
Speaker 1: is going to be a really hot one. We've sent

533
00:30:53,000 --> 00:30:56,200
Speaker 1: we released a poll last week that showed McConnell and

534
00:30:56,240 --> 00:31:00,560
Speaker 1: Bevan underwater in their state. Only percent of voters are

535
00:31:01,080 --> 00:31:04,600
Speaker 1: very favorable to Mitch McConnell right now, where three times

536
00:31:04,600 --> 00:31:08,600
Speaker 1: as many um strongly disapprove of him. So when you

537
00:31:08,640 --> 00:31:10,320
Speaker 1: think about that, and we think about the ag level,

538
00:31:10,400 --> 00:31:13,120
Speaker 1: his hand pick candidate is running for attorney general there,

539
00:31:13,440 --> 00:31:16,480
Speaker 1: and we saw in our poll that Democrats are poised

540
00:31:16,480 --> 00:31:19,840
Speaker 1: to win three top statewide races there and that's that's

541
00:31:19,880 --> 00:31:22,960
Speaker 1: a big deal. So trouble trouble for Republicans in Kentucky.

542
00:31:22,960 --> 00:31:27,240
Speaker 1: And actually it's interesting Bernie Sanders was campaigning in Kentucky

543
00:31:27,280 --> 00:31:31,920
Speaker 1: a couple of days ago in Louisville, Kentucky. Uh, And

544
00:31:32,000 --> 00:31:35,120
Speaker 1: it's just trying to rally the progressives. To further illustrate

545
00:31:35,120 --> 00:31:36,920
Speaker 1: your point, I don't know. I talked to Republicans who

546
00:31:36,920 --> 00:31:39,040
Speaker 1: say leader McConnell's got it locked up. But you look

547
00:31:39,040 --> 00:31:41,719
Speaker 1: at the pulse, those poles paint a different picture. We're

548
00:31:41,720 --> 00:31:44,200
Speaker 1: gonna keep a close eye. That's what's on Lizzie Olmer's radar.

549
00:31:44,560 --> 00:31:46,560
Speaker 1: Ryan c back with what do you watch him? I

550
00:31:46,560 --> 00:31:48,760
Speaker 1: don't know if radar can go this high, but but

551
00:31:48,880 --> 00:31:53,040
Speaker 1: literally space mirrors, Oh, I'm obsessed without space, right. Andrew

552
00:31:53,160 --> 00:31:57,840
Speaker 1: Yang's climate change plan includes research into whether space mirrors

553
00:31:57,880 --> 00:32:01,440
Speaker 1: could be used as a last effort to geo engineer

554
00:32:01,520 --> 00:32:04,240
Speaker 1: our way. What does that even mean change? I mean,

555
00:32:04,280 --> 00:32:06,360
Speaker 1: like it has the word space in it, Like if

556
00:32:06,360 --> 00:32:10,000
Speaker 1: you add the word space to any proper noun any

557
00:32:10,080 --> 00:32:13,640
Speaker 1: now and whatsoever. Like I'm in so so she wants

558
00:32:13,680 --> 00:32:15,440
Speaker 1: to have mirrors? What does he want to do? What

559
00:32:15,480 --> 00:32:17,960
Speaker 1: does Yang want to do? Uh? You know, I don't

560
00:32:17,960 --> 00:32:20,120
Speaker 1: even really know the science behind this all that well,

561
00:32:20,160 --> 00:32:23,440
Speaker 1: but it essentially you just would try to reflect some

562
00:32:23,560 --> 00:32:26,120
Speaker 1: of the light from the sun back into space so

563
00:32:26,200 --> 00:32:29,680
Speaker 1: to mitigate the fact that the climate change is happening. Um.

564
00:32:29,680 --> 00:32:35,160
Speaker 1: I mean, it's a very uh, un realistic hope for

565
00:32:35,800 --> 00:32:38,240
Speaker 1: climate change when we already know what the things are

566
00:32:38,320 --> 00:32:40,520
Speaker 1: to do that would prevent climate change from happening. But

567
00:32:40,560 --> 00:32:42,360
Speaker 1: it's just such a I think it's it's one of

568
00:32:42,400 --> 00:32:44,400
Speaker 1: those things where, you know, a few years ago it

569
00:32:44,440 --> 00:32:46,280
Speaker 1: would have just been everyone would have been talking about

570
00:32:46,320 --> 00:32:49,680
Speaker 1: this because it's just so quirky. Um, but it just

571
00:32:49,720 --> 00:32:52,160
Speaker 1: got buried in bed bugs and everything else that everyone

572
00:32:52,200 --> 00:32:54,160
Speaker 1: is talking about for a Right, you're talking about climate change.

573
00:32:54,160 --> 00:32:56,440
Speaker 1: This is also What's on My Radar as well. Brazil

574
00:32:56,760 --> 00:33:00,920
Speaker 1: and the Amazon wildfires. Day after CBS News reporting a

575
00:33:01,000 --> 00:33:04,200
Speaker 1: day after Brazil rejected aid from the G seven countries

576
00:33:04,240 --> 00:33:07,880
Speaker 1: to fight wildfires in the Amazon, Brazilian officials are saying

577
00:33:07,880 --> 00:33:12,000
Speaker 1: that they are now considering accepting the twenty million dollars

578
00:33:12,040 --> 00:33:15,320
Speaker 1: worth of help, but only if French President Emanuel McCrone

579
00:33:15,640 --> 00:33:21,240
Speaker 1: apologized to Balstonaro. To Balstonaro for the Brazilian president for

580
00:33:21,400 --> 00:33:26,640
Speaker 1: personally for perceived insults. All politics is personal, folks. All

581
00:33:26,640 --> 00:33:30,080
Speaker 1: politics is personal, including here on Bloomberg sound On. Thank

582
00:33:30,120 --> 00:33:33,200
Speaker 1: you to Ryan ting Back with Bloomberg News national political reporter,

583
00:33:33,440 --> 00:33:35,920
Speaker 1: as well as Lizzie all Murk, communications director for the

584
00:33:35,960 --> 00:33:40,560
Speaker 1: Democratic Attorney General Association. Download the Bloomberg Sound On podcast

585
00:33:40,600 --> 00:33:42,640
Speaker 1: on Apple, it Tunes, at Bloomberg dot com, or by

586
00:33:42,680 --> 00:33:45,160
Speaker 1: downloading the Bloomberg Business App. You can also find me

587
00:33:45,200 --> 00:33:49,120
Speaker 1: on Radio dot Com, I Heart Radio, and Spotify. I'm

588
00:33:49,320 --> 00:33:53,040
Speaker 1: Kevin Cirelli, Chief Washington Correspondent, FRO Bloomberg Television, Bloomberg Radio,

589
00:33:53,280 --> 00:33:54,600
Speaker 1: and you're listening to Bloomberg