1 00:00:00,040 --> 00:00:04,200 Speaker 1: Police perspective from DC's Top Names. Goodbyden gave it talk 2 00:00:04,240 --> 00:00:07,080 Speaker 1: to this morning, blamed everybody else on inflation. He took 3 00:00:07,120 --> 00:00:09,920 Speaker 1: no responsibility and has no plans. You know you gotta 4 00:00:09,920 --> 00:00:15,000 Speaker 1: be frustrated. Ben tasted frustrated by high pressures by Gridlock 5 00:00:15,080 --> 00:00:19,880 Speaker 1: and Bloomberg found on with Joe Matthew on Bloomberg Radio. 6 00:00:21,280 --> 00:00:25,160 Speaker 1: Inflation persists. Welcome to the Fastest hour in politics and 7 00:00:25,239 --> 00:00:30,120 Speaker 1: a conversation with Moody's economist Mark Zandy on this CPI day. 8 00:00:30,960 --> 00:00:34,600 Speaker 1: As political risks build for Democrats, Donald Trump suffers his 9 00:00:34,720 --> 00:00:37,800 Speaker 1: first loss of the cycle. Happened in Nebraska, carried a 10 00:00:37,840 --> 00:00:40,040 Speaker 1: big win Thow in West Virginia. Will hit the campaign 11 00:00:40,120 --> 00:00:42,640 Speaker 1: trail and talk primaries with Jessica Taylor of The Cook 12 00:00:42,680 --> 00:00:46,720 Speaker 1: Political Report. An abortion writes bill just failed in the U. S. Senate. 13 00:00:46,760 --> 00:00:49,400 Speaker 1: We'll have the latest from Capitol Hill and analysis on 14 00:00:49,520 --> 00:00:52,960 Speaker 1: all of these stories from our panel today, Bloomberg Politics contributors, 15 00:00:53,000 --> 00:00:57,640 Speaker 1: Democratic analyst Jeanie Chanzano and Republican strategist Rick Davis with 16 00:00:57,760 --> 00:00:59,680 Speaker 1: us for the hour. But first we start with a 17 00:00:59,720 --> 00:01:02,120 Speaker 1: break here here in Washington. As you've been hearing on 18 00:01:02,200 --> 00:01:05,400 Speaker 1: Bloomberg Radio, and abortions or an abortion rights bill, I 19 00:01:05,440 --> 00:01:08,240 Speaker 1: should say, blocked in the U. S. Senate as expected. 20 00:01:08,280 --> 00:01:12,520 Speaker 1: The vote came in one every Republican and a single 21 00:01:12,600 --> 00:01:16,319 Speaker 1: Democrat Joe Mansion, voting against the outcome, as I mentioned, 22 00:01:16,400 --> 00:01:18,200 Speaker 1: not a surprise, and we'll have more on this later 23 00:01:18,280 --> 00:01:20,480 Speaker 1: on in this hour with Rick and Genie or Sound 24 00:01:20,560 --> 00:01:22,800 Speaker 1: on panel. The other big story of the day the 25 00:01:22,920 --> 00:01:26,160 Speaker 1: CPI that Charlie just mentioned. Consumer prices up more than 26 00:01:26,240 --> 00:01:29,640 Speaker 1: forecast in April, but a slight cooling year over year 27 00:01:29,959 --> 00:01:33,240 Speaker 1: eight point three percent on an annual basis, still though 28 00:01:33,280 --> 00:01:37,160 Speaker 1: among the highest readings in decades. President Biden spoke to 29 00:01:37,319 --> 00:01:40,880 Speaker 1: this issue at a campaign stopped speaking to farmers and 30 00:01:40,959 --> 00:01:44,760 Speaker 1: farmers families in Illinois. Right now, America is fighting on 31 00:01:44,880 --> 00:01:50,400 Speaker 1: two fronts. At home, it's inflation and rising prices. Abroad, 32 00:01:50,440 --> 00:01:53,960 Speaker 1: it's helping ukrainitys and fender democracy and feeding those were 33 00:01:54,040 --> 00:01:57,440 Speaker 1: left hungry around the world because Russian atrocities exist, and 34 00:01:57,600 --> 00:02:00,880 Speaker 1: Jeff and the American farmers understand putin d war has 35 00:02:01,400 --> 00:02:05,560 Speaker 1: has has cut off critical sources of food. Echoing remarks 36 00:02:05,600 --> 00:02:08,000 Speaker 1: from yesterday on the causes of inflation, this is where 37 00:02:08,040 --> 00:02:10,960 Speaker 1: we begin now with Mark is Andy, the chief economists 38 00:02:11,040 --> 00:02:14,200 Speaker 1: at Moody's Analytics, back with us on Sound On. Mark, 39 00:02:14,360 --> 00:02:17,160 Speaker 1: Welcome back to Bloomberg. It's good to be with you, Joe, 40 00:02:17,200 --> 00:02:18,639 Speaker 1: Thanks for having me. I'm going to start with the 41 00:02:18,760 --> 00:02:22,639 Speaker 1: question you do not want to answer. Has inflation peaked? 42 00:02:23,720 --> 00:02:28,239 Speaker 1: It has? I think we've we've seen the peak. The 43 00:02:28,320 --> 00:02:31,400 Speaker 1: key here, obviously is oil prices coming in, and that 44 00:02:31,480 --> 00:02:33,600 Speaker 1: goes back to the Russian vision of Ukraine, and it 45 00:02:33,680 --> 00:02:36,239 Speaker 1: also goes back to the pandemic and supply chains and 46 00:02:37,000 --> 00:02:39,640 Speaker 1: all that stuff. But yeah, I think the most likely 47 00:02:39,720 --> 00:02:43,040 Speaker 1: scenario is that inflation has peaked and we'll moderate. He'll 48 00:02:43,080 --> 00:02:44,919 Speaker 1: take it, you know, while Joe, to get back to 49 00:02:45,000 --> 00:02:47,480 Speaker 1: something we all feel comfortable with. But I think we're 50 00:02:47,480 --> 00:02:50,280 Speaker 1: on that path. Yes, he didn't even blink at that question. Okay, 51 00:02:50,400 --> 00:02:52,760 Speaker 1: now that we've gone there, I know it's easy to 52 00:02:52,840 --> 00:02:56,959 Speaker 1: ask the out not right, But Mark, how come you 53 00:02:57,040 --> 00:02:59,239 Speaker 1: and other major economists did not see this level of 54 00:02:59,280 --> 00:03:02,200 Speaker 1: inflation come with an eight handle in front of it? Well, 55 00:03:02,280 --> 00:03:04,639 Speaker 1: I'd say it's a pandemic. You know, if you think 56 00:03:04,680 --> 00:03:09,359 Speaker 1: back a year ago UH vaccine rollout, I think the 57 00:03:09,520 --> 00:03:11,560 Speaker 1: view was and it certainly was mine, that we were 58 00:03:11,600 --> 00:03:13,239 Speaker 1: on the other side of the pandemic, and then we 59 00:03:13,360 --> 00:03:16,239 Speaker 1: got nailed pretty soon thereafter by the delta variant, and 60 00:03:16,280 --> 00:03:20,000 Speaker 1: that discrambled global supply chains. That really helps in particular, 61 00:03:20,080 --> 00:03:22,200 Speaker 1: did a lot of damage to Asia where all the 62 00:03:22,240 --> 00:03:25,400 Speaker 1: supply chains begin. And so the real surprise was the 63 00:03:25,800 --> 00:03:29,560 Speaker 1: pandemic and that really caused shortages and you know, obviously 64 00:03:29,560 --> 00:03:32,880 Speaker 1: a higher inflation. And then the Russian invasion. You know, 65 00:03:33,160 --> 00:03:36,640 Speaker 1: I didn't. I wasn't in my crystal ball, unfortunately, and 66 00:03:37,520 --> 00:03:39,880 Speaker 1: you know that caused oil prices and commanded places go 67 00:03:40,000 --> 00:03:45,440 Speaker 1: skyward and exacerbated the inflation, raised inflation expectations. So it 68 00:03:45,600 --> 00:03:49,160 Speaker 1: goes back to these massive supply side shocks, the pandemic 69 00:03:49,400 --> 00:03:53,040 Speaker 1: and the invasion, and they're very unpredictable, and obviously I 70 00:03:53,120 --> 00:03:55,720 Speaker 1: didn't predict them. So we're delving into the real debate 71 00:03:56,160 --> 00:04:00,040 Speaker 1: that's going on in Washington between really it's between the 72 00:04:00,120 --> 00:04:02,320 Speaker 1: Crafts and Republicans. It's a party line debate about the 73 00:04:02,400 --> 00:04:06,520 Speaker 1: causes of inflation. The President said yesterday very clearly as 74 00:04:06,560 --> 00:04:09,560 Speaker 1: he addressed the nation, it's two things, the pandemic the war. 75 00:04:10,000 --> 00:04:13,720 Speaker 1: Essentially what you just said, Republicans say, the Democrats poured 76 00:04:13,800 --> 00:04:17,040 Speaker 1: gas on the fire by sending those checks to everyone 77 00:04:17,160 --> 00:04:20,640 Speaker 1: during the COVID recovery, the stimulus money. Who's right here, Mark, 78 00:04:20,720 --> 00:04:24,920 Speaker 1: And does the answer change the solution? I think it's 79 00:04:24,960 --> 00:04:26,880 Speaker 1: mostly the President. I mean, I do think the American 80 00:04:26,920 --> 00:04:30,960 Speaker 1: Rescue Plan, the big package of support that was passed 81 00:04:31,080 --> 00:04:34,120 Speaker 1: last March that did support demand, used to the demand 82 00:04:34,160 --> 00:04:37,720 Speaker 1: and also caused inflation to accelerate back a year ago. 83 00:04:37,839 --> 00:04:39,960 Speaker 1: But I you know, if you remember back at that point, 84 00:04:40,200 --> 00:04:42,200 Speaker 1: that was that was a feature, not a bug. We 85 00:04:42,600 --> 00:04:45,440 Speaker 1: wanted inflation to be high because it had been painfully 86 00:04:45,520 --> 00:04:47,760 Speaker 1: low since the financial crisis, and the Federal Reserve and 87 00:04:47,760 --> 00:04:50,360 Speaker 1: other central banks had been working really hard to get 88 00:04:50,400 --> 00:04:52,760 Speaker 1: inflation up. So here we were an inflation was back 89 00:04:52,839 --> 00:04:56,240 Speaker 1: to something I think people felt pretty good about. But 90 00:04:56,440 --> 00:05:00,080 Speaker 1: the inflation, the bad inflation, the painfully high inflation, and 91 00:05:00,240 --> 00:05:02,880 Speaker 1: right now is that is the pandemic. That is, the 92 00:05:02,960 --> 00:05:05,840 Speaker 1: Russian invasion has nothing to do but in any material 93 00:05:05,960 --> 00:05:09,000 Speaker 1: way with the increasing demand related to the American resky playing. 94 00:05:09,000 --> 00:05:12,280 Speaker 1: In fact, demand if you look at it, demand has 95 00:05:12,480 --> 00:05:15,360 Speaker 1: essentially gone flat, you know, for good over the last year. 96 00:05:15,360 --> 00:05:18,120 Speaker 1: It hasn't hasn't moved one bit in over a year. 97 00:05:18,279 --> 00:05:20,480 Speaker 1: So it's not at this point, it's not demand, it's 98 00:05:20,560 --> 00:05:23,400 Speaker 1: it's supplied. The supply shocks and it does matter because 99 00:05:23,480 --> 00:05:26,440 Speaker 1: that goes to you know, potentially, you know how we 100 00:05:26,520 --> 00:05:29,440 Speaker 1: think about inflation, the forecast for inflation going forward, and 101 00:05:29,880 --> 00:05:32,600 Speaker 1: you know what what can be done about trying to 102 00:05:32,640 --> 00:05:34,600 Speaker 1: bring inflation down going forward. So it was the only 103 00:05:34,640 --> 00:05:37,600 Speaker 1: way to fix that with the sledge hammer, with just 104 00:05:37,839 --> 00:05:41,840 Speaker 1: continuously raising interest rates until people stop. Well, I mean, 105 00:05:41,920 --> 00:05:44,599 Speaker 1: I think you know, if plason is going to moderate, 106 00:05:44,839 --> 00:05:46,400 Speaker 1: we gotta got on the other side of the pandemic 107 00:05:46,680 --> 00:05:49,800 Speaker 1: and and we supply chains has to hron themselves out 108 00:05:50,320 --> 00:05:52,960 Speaker 1: and hopefully the worst of the fallout from the Rascian 109 00:05:53,000 --> 00:05:57,440 Speaker 1: invasions on on the economy, on oil prices and natural 110 00:05:57,520 --> 00:06:00,600 Speaker 1: gas and other command persons is behind us. That's the case. 111 00:06:00,680 --> 00:06:03,000 Speaker 1: We're gonna We're gonna see inflation monory. That goes back 112 00:06:03,000 --> 00:06:05,000 Speaker 1: to your first question. Why I was so definitive. I 113 00:06:05,080 --> 00:06:07,480 Speaker 1: think that's likely to happen now. The Center of Reserve 114 00:06:07,560 --> 00:06:09,800 Speaker 1: also has a role here, and that is because the 115 00:06:09,880 --> 00:06:13,960 Speaker 1: economy is strong and coming into full employment, that they 116 00:06:14,080 --> 00:06:17,760 Speaker 1: need to slow growth so that we don't blow past 117 00:06:17,880 --> 00:06:21,760 Speaker 1: full employment and create more wage pressures and price pressures. 118 00:06:21,800 --> 00:06:24,640 Speaker 1: That's that'd be particularly problematic at this point given us 119 00:06:24,720 --> 00:06:27,160 Speaker 1: going on with inflation. So that does have a role here. 120 00:06:27,240 --> 00:06:29,320 Speaker 1: But at the end of the day, the key that's 121 00:06:29,760 --> 00:06:32,960 Speaker 1: you know, you know, no one likes this answer, but 122 00:06:33,560 --> 00:06:34,920 Speaker 1: you know, we need a little bit of luck. We 123 00:06:35,040 --> 00:06:36,600 Speaker 1: gotta get on the other side of the pandemic, and 124 00:06:36,760 --> 00:06:40,480 Speaker 1: we've gotta you know, hopefully Russian vision of Ukraine uh 125 00:06:40,839 --> 00:06:43,400 Speaker 1: phades away as an economic issue. I believe Janet Yellen 126 00:06:43,520 --> 00:06:46,360 Speaker 1: used that word luck when she was asked about the 127 00:06:46,440 --> 00:06:48,840 Speaker 1: chances for a soft landing. She said, yeah, it takes 128 00:06:48,880 --> 00:06:51,640 Speaker 1: skill and a little bit of luck. So where are 129 00:06:51,720 --> 00:06:55,440 Speaker 1: you on this idea of recession being inevitable. I don't 130 00:06:55,440 --> 00:06:59,040 Speaker 1: think it's inevitable. I think, you know, obviously the recession 131 00:06:59,120 --> 00:07:02,159 Speaker 1: risks are awfully high here, uncomfortably higher in the horizon. 132 00:07:02,800 --> 00:07:05,760 Speaker 1: Uh you know, I pressed, I'd say there's probably one 133 00:07:05,800 --> 00:07:08,280 Speaker 1: of the third probability one recession the next twelve months, 134 00:07:08,320 --> 00:07:10,600 Speaker 1: and plust probably close to even odds over the next 135 00:07:11,440 --> 00:07:14,680 Speaker 1: next couple of years. But I don't think it's inevitable, 136 00:07:15,040 --> 00:07:16,720 Speaker 1: you know. I do think if we get to catch 137 00:07:16,760 --> 00:07:19,760 Speaker 1: a break on the pandemic and the Russian invasion. Uh, 138 00:07:19,920 --> 00:07:22,360 Speaker 1: and the said, you know, kind of sticks to script here, 139 00:07:22,520 --> 00:07:24,960 Speaker 1: doesn't need to push on the brakes any harder. We 140 00:07:25,000 --> 00:07:27,640 Speaker 1: should be able to navigate through. But it's gonna Yeah, 141 00:07:27,640 --> 00:07:29,880 Speaker 1: I think she said, uh, you know that sound like 142 00:07:29,960 --> 00:07:32,720 Speaker 1: she said it. Well, it's take some death policymaking on 143 00:07:33,080 --> 00:07:36,440 Speaker 1: the best part and a bit of law. Speaking of demands, 144 00:07:36,760 --> 00:07:39,080 Speaker 1: a lot of the inflation driven by COVID came from 145 00:07:39,120 --> 00:07:42,200 Speaker 1: the shift in demand from services to goods. Now that 146 00:07:42,280 --> 00:07:45,680 Speaker 1: we're seeing prices for services rise today. I think it 147 00:07:45,800 --> 00:07:48,880 Speaker 1: was an eighteen percent jump in airfares for instance. Is 148 00:07:48,960 --> 00:07:54,200 Speaker 1: that rotation back to services underway? How long will that take? Yeah? 149 00:07:54,240 --> 00:07:57,920 Speaker 1: It is. You know, good mentioned goods demand has gone 150 00:07:57,960 --> 00:08:00,440 Speaker 1: flat for the past year, but we have seen service 151 00:08:00,480 --> 00:08:02,560 Speaker 1: side of the economy can start to come back. That's 152 00:08:03,160 --> 00:08:06,960 Speaker 1: travel and going to ball games and restaurants, that kind 153 00:08:07,000 --> 00:08:09,840 Speaker 1: of thing. I think the inflation that we're reserving on 154 00:08:10,000 --> 00:08:12,040 Speaker 1: the service side of the economy that you mentioned the 155 00:08:12,040 --> 00:08:14,920 Speaker 1: air fairs poster child for that, that goes back to 156 00:08:15,040 --> 00:08:17,800 Speaker 1: oil prices, right, that goes back to the surge. I 157 00:08:17,880 --> 00:08:20,240 Speaker 1: mean energy prices are up by a third, you know 158 00:08:20,360 --> 00:08:23,600 Speaker 1: over the you know, over the last year, and it's 159 00:08:23,600 --> 00:08:25,600 Speaker 1: not like what we pay at the gas pump. It's 160 00:08:25,640 --> 00:08:28,239 Speaker 1: the diesel prices that you know, feed into food prices 161 00:08:28,320 --> 00:08:30,760 Speaker 1: and the you know, the cost of the things that 162 00:08:30,800 --> 00:08:33,319 Speaker 1: they're delivered to our door by Amazon or then it 163 00:08:33,480 --> 00:08:35,400 Speaker 1: you know, it also goes to the air farers that 164 00:08:35,640 --> 00:08:38,719 Speaker 1: airlines have to charge the higher fair just compensate for 165 00:08:38,800 --> 00:08:42,800 Speaker 1: their higher GA jet fuel costs. Hopefully that move gives 166 00:08:42,840 --> 00:08:45,040 Speaker 1: the ports a chance to breathe if all of these 167 00:08:45,679 --> 00:08:48,599 Speaker 1: boxes and containers aren't stacking up with every time we 168 00:08:48,679 --> 00:08:51,880 Speaker 1: click to buy something on Amazon. Yeah, exactly, and I 169 00:08:51,960 --> 00:08:55,400 Speaker 1: think it will. But you know, the problem right now, 170 00:08:55,440 --> 00:08:59,079 Speaker 1: obviously with the guarding the pandemic is China, and the 171 00:08:59,559 --> 00:09:02,959 Speaker 1: China is grappling with the Acron variant and their their 172 00:09:03,000 --> 00:09:05,280 Speaker 1: strategy for handling it's very different than you know, so 173 00:09:05,400 --> 00:09:08,120 Speaker 1: the parts that were including here have these very severe 174 00:09:08,160 --> 00:09:12,040 Speaker 1: shutdowns that are affecting big parts of the economy. So 175 00:09:12,200 --> 00:09:15,120 Speaker 1: that's disrupting supply chains again, and you know, it's going 176 00:09:15,200 --> 00:09:18,720 Speaker 1: to exacerbate the inflationary pressure. But hopefully you know, they 177 00:09:18,880 --> 00:09:21,199 Speaker 1: get this under control in the next month or two 178 00:09:21,320 --> 00:09:23,880 Speaker 1: and supply chains continue to normalize. I will say the 179 00:09:23,960 --> 00:09:26,280 Speaker 1: worst of the supply chains constructions are behind us. That 180 00:09:26,440 --> 00:09:28,520 Speaker 1: you know, the worst of it hard to remember, but 181 00:09:28,640 --> 00:09:30,720 Speaker 1: you can go back to last fall when delta hit 182 00:09:30,840 --> 00:09:34,599 Speaker 1: back in August, September, October by most measures, you know, 183 00:09:34,760 --> 00:09:37,920 Speaker 1: freight rates and what purchasing managers are saying, and you 184 00:09:37,960 --> 00:09:39,559 Speaker 1: know those kinds of things. That it was much worse 185 00:09:39,679 --> 00:09:41,920 Speaker 1: back than the now. But you know, certainly we need 186 00:09:42,240 --> 00:09:45,680 Speaker 1: you can see continued improvement here. Mark Sandy, you supported 187 00:09:45,679 --> 00:09:48,839 Speaker 1: the President's infrastructure law and helped to make the case 188 00:09:48,920 --> 00:09:51,640 Speaker 1: for Build Back Better. The President's back out yesterday today 189 00:09:51,679 --> 00:09:54,840 Speaker 1: calling on Congress to again pass some of the components 190 00:09:55,000 --> 00:09:58,319 Speaker 1: from Build Back Better and expanded child tax credit, new 191 00:09:58,400 --> 00:10:00,920 Speaker 1: plan for prescription drugs. They've at a pretty long list 192 00:10:00,960 --> 00:10:04,720 Speaker 1: of things. Would those actually, to his point, help inflation 193 00:10:04,920 --> 00:10:08,400 Speaker 1: or make it worse? I think mostly help. I mean, 194 00:10:08,760 --> 00:10:10,760 Speaker 1: you know you mentioned a few good policies. I I 195 00:10:11,240 --> 00:10:14,640 Speaker 1: throw in the next the policies in Build Back Better 196 00:10:14,679 --> 00:10:16,600 Speaker 1: than related to housing. I mean one of the key 197 00:10:18,559 --> 00:10:20,839 Speaker 1: contributors to inflation, and this is going to continue going 198 00:10:20,920 --> 00:10:23,480 Speaker 1: forward is rent You know that you know rents are 199 00:10:23,720 --> 00:10:25,200 Speaker 1: you know, if you look at housing is a third 200 00:10:25,240 --> 00:10:28,120 Speaker 1: of the consumer Price index. And we've got a very 201 00:10:28,200 --> 00:10:32,400 Speaker 1: severe shortage of homes, particularly homes, suffordable homes, both rental 202 00:10:32,520 --> 00:10:35,079 Speaker 1: and for ownership. And with mortgage rates higher, you know, 203 00:10:35,120 --> 00:10:38,199 Speaker 1: it's even more problematic. So I do think that we 204 00:10:38,320 --> 00:10:41,480 Speaker 1: need more homes get built, and I think policymakers could 205 00:10:41,520 --> 00:10:43,800 Speaker 1: really help here. You know, for example, in the Buildback Better, 206 00:10:44,200 --> 00:10:47,480 Speaker 1: just one thing, I'll call out low income housing tax 207 00:10:47,559 --> 00:10:50,959 Speaker 1: credits that you know, very tried in trough program works 208 00:10:51,040 --> 00:10:54,040 Speaker 1: really well. Just let's just juice that up and get 209 00:10:54,120 --> 00:10:57,240 Speaker 1: more rental housing out there for low income households, you know, 210 00:10:57,280 --> 00:10:59,040 Speaker 1: and that would help the economy a year from now. 211 00:10:59,160 --> 00:11:01,640 Speaker 1: So there's a lot of things and Build Back Better, um, 212 00:11:02,000 --> 00:11:04,080 Speaker 1: you know, some some are more helpful than others when 213 00:11:04,120 --> 00:11:06,320 Speaker 1: it comes to inflation, but when it comes to housing, 214 00:11:06,520 --> 00:11:09,760 Speaker 1: I think that's definitely we should we should tackle that. 215 00:11:10,040 --> 00:11:12,400 Speaker 1: And you know, I think there could be bipartisan support 216 00:11:12,440 --> 00:11:14,719 Speaker 1: there right because we're talking about tax breaks. I think 217 00:11:14,800 --> 00:11:16,440 Speaker 1: we have a lot of people like that that post 218 00:11:16,480 --> 00:11:18,760 Speaker 1: on the Republican and Democratics site. That would be news. 219 00:11:19,240 --> 00:11:22,760 Speaker 1: Mark Sandy, chief economist Booties Analytics, always great to spend 220 00:11:22,840 --> 00:11:25,160 Speaker 1: some time with you appreciate the insights today on Bloomberg. 221 00:11:25,440 --> 00:11:28,840 Speaker 1: Thanks Joe, thanks for the opportunity. Absolutely so. Mark says 222 00:11:28,880 --> 00:11:32,040 Speaker 1: inflation is peaked, but if it takes months or years 223 00:11:32,120 --> 00:11:35,640 Speaker 1: to come back in what does that leave for Democrats 224 00:11:35,800 --> 00:11:38,199 Speaker 1: on the campaign trail? Coming up, we assemble the panel 225 00:11:38,320 --> 00:11:42,720 Speaker 1: with Bloomberg Politics contributors Rick Davis and Genie Chanzano. They 226 00:11:42,800 --> 00:11:45,000 Speaker 1: weigh in on this and we'll check traffic and markets 227 00:11:45,080 --> 00:11:47,800 Speaker 1: for you on the way. You picked the Fastest Hour 228 00:11:47,920 --> 00:11:50,559 Speaker 1: in Politics. Welcome to Sound On. I'm Joe Matthew. This 229 00:11:51,080 --> 00:11:58,160 Speaker 1: is Bloomberg. You're listening to Bloomberg. You sound On with 230 00:11:58,400 --> 00:12:04,160 Speaker 1: Joe Matthew on Bird Radio. Go figure. It's adults without 231 00:12:04,400 --> 00:12:09,640 Speaker 1: kids watching the Star Wars and Marvel movies. I see 232 00:12:09,720 --> 00:12:15,680 Speaker 1: you eighties bros. Welcome to the Fastest Hour in Politics. 233 00:12:15,760 --> 00:12:18,760 Speaker 1: We've got a statement from the White House on this 234 00:12:19,040 --> 00:12:24,599 Speaker 1: abortion vote. As expected, the bill failed. While this legislation 235 00:12:24,640 --> 00:12:27,079 Speaker 1: did not pass today, the President writes, my administration will 236 00:12:27,120 --> 00:12:30,160 Speaker 1: not stop fighting to protect access to women's reproductive care. 237 00:12:30,240 --> 00:12:33,400 Speaker 1: As I mentioned, though, he was out talking about inflation 238 00:12:33,520 --> 00:12:36,960 Speaker 1: once again today, following on yesterday's speech that we've talked 239 00:12:37,000 --> 00:12:40,600 Speaker 1: about at length. His plan versus the ultra Maga plan. 240 00:12:41,360 --> 00:12:45,360 Speaker 1: He was speaking to farmers today and UH producers out 241 00:12:45,400 --> 00:12:49,280 Speaker 1: in Illinois, food producers in Illinois, and he hit a 242 00:12:49,320 --> 00:12:51,280 Speaker 1: lot of the same themes as we just discussed with 243 00:12:51,360 --> 00:12:56,040 Speaker 1: Mark Zandy. He says, it's it's two wars were fighting, 244 00:12:56,120 --> 00:12:59,840 Speaker 1: the one in Ukraine and the one here against inflation. 245 00:13:00,480 --> 00:13:03,360 Speaker 1: As we assemble the panel with Rick and Genie Bloomberg 246 00:13:03,400 --> 00:13:08,559 Speaker 1: Politics contributors Jeanie Schanzano and Rick Davis. Uh, Genie, this 247 00:13:08,720 --> 00:13:11,760 Speaker 1: story is not getting easier. And when you look under 248 00:13:11,800 --> 00:13:14,320 Speaker 1: the hood of this report and start thinking about, okay, 249 00:13:14,400 --> 00:13:16,800 Speaker 1: so maybe it has peaked. That's a great headline. But 250 00:13:17,000 --> 00:13:19,079 Speaker 1: what if it does take months or years for this 251 00:13:19,200 --> 00:13:21,679 Speaker 1: to come in, you can write off November. It might 252 00:13:21,800 --> 00:13:25,400 Speaker 1: even be bumping up against the elections in This is 253 00:13:25,480 --> 00:13:28,280 Speaker 1: not going away anytime soon. It's not. I mean, you 254 00:13:28,360 --> 00:13:30,240 Speaker 1: know a bit of good news in your interview with 255 00:13:30,280 --> 00:13:33,000 Speaker 1: Mark Zandy when he said you know it has peaked 256 00:13:33,080 --> 00:13:35,480 Speaker 1: and it will moderate, I mean that is music to 257 00:13:35,559 --> 00:13:38,240 Speaker 1: the White House's ears. You look at what the President's 258 00:13:38,240 --> 00:13:41,520 Speaker 1: written statement after these numbers came out today and he said, 259 00:13:41,559 --> 00:13:44,199 Speaker 1: you know, it's hurtening that inflation has moderated in April, 260 00:13:44,280 --> 00:13:47,280 Speaker 1: but it's unacceptably high, and I think that is the 261 00:13:47,480 --> 00:13:50,640 Speaker 1: right tone. They are being very very careful not to 262 00:13:50,760 --> 00:13:53,160 Speaker 1: celebrate at this point. The last thing they want to 263 00:13:53,200 --> 00:13:55,040 Speaker 1: do is what they did with COVID, as we all 264 00:13:55,120 --> 00:13:57,640 Speaker 1: remember that, we put this behind us and then it 265 00:13:57,720 --> 00:14:01,160 Speaker 1: slams on once again. So they're being extra cautious. And 266 00:14:01,320 --> 00:14:03,840 Speaker 1: he's out today, as you mentioned this farm in Illinois, 267 00:14:04,200 --> 00:14:06,640 Speaker 1: He's trying to do what he promised to do yesterday, 268 00:14:06,720 --> 00:14:09,320 Speaker 1: which does show people. He's getting out on the road. 269 00:14:09,640 --> 00:14:12,679 Speaker 1: He's feeling their pain and he's trying to tie it 270 00:14:13,200 --> 00:14:16,160 Speaker 1: as you were talking about against what Republicans are saying 271 00:14:16,400 --> 00:14:19,320 Speaker 1: to the pandemic and to the war. He's saying, this 272 00:14:19,560 --> 00:14:21,520 Speaker 1: is why we are here, and this is the pain 273 00:14:21,600 --> 00:14:24,240 Speaker 1: you're feeling. It's not because of the American rescue plan. 274 00:14:24,480 --> 00:14:28,720 Speaker 1: But Rick, this is Bloomberg, right. Jeanie works in academia, 275 00:14:28,920 --> 00:14:33,360 Speaker 1: you're in politics. Were surrounded by incredibly smart people who 276 00:14:33,480 --> 00:14:36,000 Speaker 1: understand the markets and economics, and we talk about this 277 00:14:36,040 --> 00:14:38,840 Speaker 1: stuff every day and bang our heads together. But people 278 00:14:38,880 --> 00:14:41,400 Speaker 1: aren't cutting this down into well, it was the pandemic 279 00:14:41,560 --> 00:14:44,920 Speaker 1: and then the war. Inflation. Of course, the stimulus money 280 00:14:45,080 --> 00:14:46,920 Speaker 1: that that put gas on the fire. I mean, these 281 00:14:46,960 --> 00:14:50,120 Speaker 1: conversations that we have are not happening in households across 282 00:14:50,160 --> 00:14:52,280 Speaker 1: the country. There's just a guy in the White House, 283 00:14:52,520 --> 00:14:54,520 Speaker 1: and you can blame him. Isn't it as simple as that, 284 00:14:55,360 --> 00:14:57,400 Speaker 1: you know, I think it's some combination of those two things. 285 00:14:57,480 --> 00:15:00,120 Speaker 1: I think it's it's too simplistic to think that the 286 00:15:00,400 --> 00:15:02,320 Speaker 1: guy in the White House, regardless of who it is, 287 00:15:02,440 --> 00:15:03,680 Speaker 1: is going to get the blame for I mean, a 288 00:15:03,720 --> 00:15:08,240 Speaker 1: lot of presidents win uh second terms. They generally don't 289 00:15:08,280 --> 00:15:09,920 Speaker 1: do well in the mid terms, and so in a 290 00:15:10,040 --> 00:15:12,560 Speaker 1: microcos I'm sure it's always the president to blame, and 291 00:15:13,000 --> 00:15:16,080 Speaker 1: no one has had a good first quarter of their presidency. 292 00:15:16,200 --> 00:15:19,560 Speaker 1: But um, I think this is actually pretty unique. I 293 00:15:19,920 --> 00:15:22,080 Speaker 1: I think that this is one of the hardest to 294 00:15:22,160 --> 00:15:26,880 Speaker 1: predict macroeconomic times of our lives. And and some of 295 00:15:26,960 --> 00:15:29,280 Speaker 1: it what Mark Zany said, which is, you know you've 296 00:15:29,320 --> 00:15:33,600 Speaker 1: got inflation, COVID fatigue, supply chain problems. I mean a 297 00:15:33,760 --> 00:15:38,040 Speaker 1: lot of things happening, and really since August of last year, right, 298 00:15:38,120 --> 00:15:40,560 Speaker 1: I mean like that's when the slide could started, for 299 00:15:41,040 --> 00:15:44,040 Speaker 1: for Joe Biden, and so there's a lot going on 300 00:15:44,160 --> 00:15:46,400 Speaker 1: in a very short period of time. I think that 301 00:15:47,400 --> 00:15:49,640 Speaker 1: some consumers get that right. They can't get the things 302 00:15:49,680 --> 00:15:51,880 Speaker 1: they want. The things they want are more expensive. People 303 00:15:51,880 --> 00:15:54,680 Speaker 1: are spending a hundred dollars more a month on gas 304 00:15:54,760 --> 00:15:58,440 Speaker 1: and they used to. I must say that that's pretty 305 00:15:58,440 --> 00:16:01,720 Speaker 1: extraordinary number to see coming out of this inflation number. 306 00:16:01,840 --> 00:16:03,480 Speaker 1: So so is it then a waste of time to 307 00:16:03,560 --> 00:16:06,520 Speaker 1: be delineating the causes here as opposed to just talking 308 00:16:06,560 --> 00:16:11,400 Speaker 1: about solutions. I think every minute that this administration, Joe 309 00:16:11,440 --> 00:16:15,520 Speaker 1: Biden's White House spends trying to define why people feel 310 00:16:15,560 --> 00:16:18,840 Speaker 1: bad instead of giving them reasons why that they can 311 00:16:18,960 --> 00:16:21,800 Speaker 1: fix these problems and that they should feel confident in 312 00:16:21,880 --> 00:16:24,800 Speaker 1: the future, they are making a mistake. I mean they 313 00:16:24,840 --> 00:16:27,600 Speaker 1: are trying to They're trying to rewrite history instead of 314 00:16:27,680 --> 00:16:30,600 Speaker 1: make history. And that is a huge failing of many 315 00:16:30,640 --> 00:16:34,040 Speaker 1: administrations and one that you can see coming with this one. Wow, 316 00:16:34,640 --> 00:16:36,360 Speaker 1: is the travel a good idea? Jed does he need 317 00:16:36,400 --> 00:16:39,280 Speaker 1: to stay on the road. I think the travel is important. Listen, 318 00:16:39,720 --> 00:16:41,960 Speaker 1: his hands are tied to a certain extend in terms 319 00:16:42,000 --> 00:16:44,200 Speaker 1: of what he can do. That's why yesterday his announcement, 320 00:16:44,440 --> 00:16:46,640 Speaker 1: people kept saying there was not a lot they're new 321 00:16:46,760 --> 00:16:49,480 Speaker 1: to see. And you know, you look at the staggering 322 00:16:49,560 --> 00:16:52,880 Speaker 1: report today. Somebody was listing for me at all of 323 00:16:52,960 --> 00:16:56,320 Speaker 1: the things that are more expensive chicken, coffee, sheltered gas prices, health, 324 00:16:56,400 --> 00:16:58,800 Speaker 1: I mean, the list goes on, you know, almost by 325 00:16:58,960 --> 00:17:01,400 Speaker 1: any measure, who ever you are in the United States, 326 00:17:01,480 --> 00:17:04,159 Speaker 1: to Rick's point, you are paying more. And this is 327 00:17:04,240 --> 00:17:07,080 Speaker 1: a confounding problem. I mean, you look at you know, 328 00:17:07,280 --> 00:17:10,800 Speaker 1: poor Jimmy Carter. He probably did what he could in 329 00:17:10,920 --> 00:17:14,240 Speaker 1: getting Paul Volker in there. He took the pain, and 330 00:17:14,359 --> 00:17:16,560 Speaker 1: yet Ronald Reagan was able to come in and say 331 00:17:16,840 --> 00:17:18,840 Speaker 1: are you better off than you were four years ago? 332 00:17:19,160 --> 00:17:22,359 Speaker 1: And the answer was no. That is the difficulty for 333 00:17:22,480 --> 00:17:25,399 Speaker 1: Biden and for the Democrats right now. He's got to 334 00:17:25,480 --> 00:17:27,960 Speaker 1: stay on the road because quite frankly, there's not much 335 00:17:28,040 --> 00:17:30,200 Speaker 1: that else he could do except say I'm here, I 336 00:17:30,359 --> 00:17:32,960 Speaker 1: see that, this is where you are. You're in pain. 337 00:17:33,359 --> 00:17:35,840 Speaker 1: I'm doing everything I can. Stay with us because the 338 00:17:35,920 --> 00:17:38,000 Speaker 1: other guys are worse. I mean, that's the message. That 339 00:17:38,160 --> 00:17:40,119 Speaker 1: that is the message right now. Rick, you pointed out 340 00:17:40,160 --> 00:17:43,040 Speaker 1: the first quarter of any president's term can be a 341 00:17:43,119 --> 00:17:45,480 Speaker 1: tough one. The first quarter of this year, for people's 342 00:17:46,000 --> 00:17:48,679 Speaker 1: four oh one case was a very ugly one. How 343 00:17:48,800 --> 00:17:51,720 Speaker 1: much of that factors in? At the vallot box? I 344 00:17:51,840 --> 00:17:54,720 Speaker 1: hate to say I learned a very hard lesson on 345 00:17:54,840 --> 00:17:57,480 Speaker 1: how people read there their four oh one case and 346 00:17:57,520 --> 00:18:00,960 Speaker 1: then translate that to the ballot. September six, two thousand eight, 347 00:18:01,400 --> 00:18:04,440 Speaker 1: you know, when the markets crashed globally and people got 348 00:18:04,520 --> 00:18:09,960 Speaker 1: their first quarter October actually last quarter of statements, we 349 00:18:10,080 --> 00:18:13,639 Speaker 1: saw a huge drop in votes for Republicans across the board. 350 00:18:13,760 --> 00:18:17,440 Speaker 1: How about that? Well, again, history repeats itself. It's a 351 00:18:17,520 --> 00:18:19,760 Speaker 1: different letter after the name. Rick and Jr. With us 352 00:18:19,920 --> 00:18:22,760 Speaker 1: for the hour, our signature sound on panel as we 353 00:18:22,840 --> 00:18:25,520 Speaker 1: turned to primaries next, when we joined by Jessica Taylor 354 00:18:25,560 --> 00:18:31,040 Speaker 1: from the Cook Political Report. This is Bloomberg broadcasting live 355 00:18:31,200 --> 00:18:36,119 Speaker 1: from our nation's capital, Bloomberg to New York, Bloomberg eleven 356 00:18:36,240 --> 00:18:40,359 Speaker 1: Trio to Boston, Bloomberg one O six one to San Francisco, 357 00:18:40,520 --> 00:18:44,560 Speaker 1: Bloomberg nine sixty to the country Serious x M Gennel 358 00:18:44,600 --> 00:18:47,920 Speaker 1: one nine and around the globe, the Bloomberg Business app 359 00:18:48,000 --> 00:18:52,280 Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Sound On 360 00:18:52,880 --> 00:18:57,040 Speaker 1: with Joe Matthew. People woke up to the headline today 361 00:18:57,119 --> 00:19:00,920 Speaker 1: that Donald Trump lost his first race of the cycle. 362 00:19:01,760 --> 00:19:04,639 Speaker 1: Is the brand tarnish what happened in Nebraska. We'll take 363 00:19:04,680 --> 00:19:07,080 Speaker 1: a look at West Virginia and you might think differently. 364 00:19:07,760 --> 00:19:09,760 Speaker 1: We need a little context here. We'll talk about the 365 00:19:09,800 --> 00:19:13,880 Speaker 1: gubernatorial primary in Nebraska and the congressional race incumbent versus 366 00:19:14,000 --> 00:19:17,280 Speaker 1: incumbent in West Virginia, which turns out to be a 367 00:19:17,680 --> 00:19:22,720 Speaker 1: massive win for Trump. Pro Trump election deniers lose in 368 00:19:22,840 --> 00:19:28,280 Speaker 1: Nebraska Republican primaries. Indeed, that was the big headline late 369 00:19:28,400 --> 00:19:31,000 Speaker 1: last night or early this morning for a lot of Americans. 370 00:19:31,119 --> 00:19:35,440 Speaker 1: Charles Herbster lost. That means Trump lost. So what about 371 00:19:35,560 --> 00:19:39,600 Speaker 1: this campaign season? Well, it was a pretty darn good 372 00:19:39,680 --> 00:19:42,360 Speaker 1: night for him in West Virginia. Donald Trump loves West Virginia, 373 00:19:42,560 --> 00:19:46,800 Speaker 1: and West Virginia loves Donald Trumpy. Good night for Alex Mooney. 374 00:19:46,840 --> 00:19:50,840 Speaker 1: Representative Mooney, remembering this was an incumbent on incumbent, they 375 00:19:50,880 --> 00:19:54,600 Speaker 1: lost districts in West Virginia, wrote the Trump endorsement of 376 00:19:54,680 --> 00:19:58,320 Speaker 1: victory over fellow Representative David McKinley, who had the backing, 377 00:19:58,440 --> 00:20:01,360 Speaker 1: as we told you yesterday and spent some time talking 378 00:20:01,400 --> 00:20:03,920 Speaker 1: about this, the backing of Joe Managin, a Democrat actually 379 00:20:03,920 --> 00:20:07,520 Speaker 1: getting involved in the Republican primary and still lost by 380 00:20:07,600 --> 00:20:11,399 Speaker 1: a lot. It's like an eighteen points spread. So was 381 00:20:11,480 --> 00:20:13,320 Speaker 1: it a good or bad night? Was it a mixed night? 382 00:20:13,400 --> 00:20:16,879 Speaker 1: Let's bring in Jessica Taylor, the Senate and Governor's editor 383 00:20:17,080 --> 00:20:19,640 Speaker 1: for the Great Cook Political Report. Jessica, I've been looking 384 00:20:19,680 --> 00:20:24,040 Speaker 1: forward to our conversation. The Trump brand lives on and 385 00:20:24,200 --> 00:20:28,240 Speaker 1: to go into Pennsylvania next week. How's he doing well? 386 00:20:28,440 --> 00:20:30,600 Speaker 1: He got his first loss last night, as you mentioned, 387 00:20:30,760 --> 00:20:35,240 Speaker 1: but ultimately what he what we're seeing in these primaries 388 00:20:35,280 --> 00:20:37,680 Speaker 1: across the state. You know, even in Ohio last week 389 00:20:37,720 --> 00:20:42,000 Speaker 1: when his candidate won j d Vance. The primaries are 390 00:20:42,040 --> 00:20:44,600 Speaker 1: all about trying to be the trump eyist, even if 391 00:20:44,720 --> 00:20:47,760 Speaker 1: you are not the Trump candidate typically, so just the 392 00:20:47,880 --> 00:20:51,480 Speaker 1: fact that he's driving so much of the conversation in 393 00:20:51,600 --> 00:20:55,240 Speaker 1: the primaries just shows you how big his influences. And 394 00:20:55,320 --> 00:20:58,760 Speaker 1: in that governor's race there open governor's race and Nebraska, 395 00:20:59,320 --> 00:21:03,560 Speaker 1: the termline governor Pete Ricketts had endorsed uh Jim Pillon, 396 00:21:03,640 --> 00:21:06,360 Speaker 1: who was on the University of Nebraska Board of Regents, 397 00:21:06,840 --> 00:21:10,320 Speaker 1: versus Trump's candidate Charles Herbster, who was a rancher and 398 00:21:10,600 --> 00:21:15,480 Speaker 1: business owner, and so you know Pillans got or the 399 00:21:15,960 --> 00:21:19,480 Speaker 1: Rickets candidate one out there. But there's some extenuating circumstances 400 00:21:19,560 --> 00:21:23,280 Speaker 1: in the final felace of the campaign. These are the allegations, right, 401 00:21:23,359 --> 00:21:25,480 Speaker 1: sexual assault allegations. So this is why a lot of 402 00:21:25,520 --> 00:21:27,760 Speaker 1: Trump supporters are saying, well, listen, I mean, you know 403 00:21:27,920 --> 00:21:29,959 Speaker 1: that's not a Trump loss. He did it to himself 404 00:21:30,000 --> 00:21:33,879 Speaker 1: and he didn't lose by all that much. Is that fair, Jessica. Again, 405 00:21:33,960 --> 00:21:36,680 Speaker 1: it's a three way race, so you really had I 406 00:21:36,800 --> 00:21:38,760 Speaker 1: think if there was another candidate in the race, the 407 00:21:38,800 --> 00:21:42,399 Speaker 1: state legislator Dave Lundstrom that behind had some momentum later on, 408 00:21:43,440 --> 00:21:45,280 Speaker 1: but you know, with his close as it was, could 409 00:21:45,400 --> 00:21:47,680 Speaker 1: just a couple of people have pulled away from that 410 00:21:47,960 --> 00:21:51,080 Speaker 1: because of those allegations. I mean, Trump obviously had allegations 411 00:21:51,119 --> 00:21:54,159 Speaker 1: against him too, So um, I think not to a 412 00:21:54,240 --> 00:21:57,000 Speaker 1: candidate that's not Trump, it's not as you know, you're 413 00:21:57,040 --> 00:21:59,280 Speaker 1: not as teflon with those types of things. So in 414 00:21:59,320 --> 00:22:01,960 Speaker 1: a close race, couldn't have mattered. A lot of people 415 00:22:02,000 --> 00:22:05,240 Speaker 1: I talked to in Nebraska thought, so talk to us 416 00:22:05,240 --> 00:22:08,240 Speaker 1: about West Virginia. It was a pretty convincing win. My goodness, 417 00:22:08,440 --> 00:22:12,840 Speaker 1: uh an eighteen points spread here for Alex Mooney. In 418 00:22:12,960 --> 00:22:16,320 Speaker 1: what was almost a retribution endorsement, Donald Trump decided he 419 00:22:16,400 --> 00:22:18,480 Speaker 1: did not like David McKinley because of a couple of 420 00:22:18,560 --> 00:22:21,840 Speaker 1: votes he voted for infrastructure and the jan six Commission, 421 00:22:21,880 --> 00:22:24,760 Speaker 1: and suddenly your career's over. Yeah, I mean, and the 422 00:22:24,840 --> 00:22:27,320 Speaker 1: ironic thing is, listen, we always knew that someone in 423 00:22:27,359 --> 00:22:29,239 Speaker 1: West Virginia was going to have to lose when they 424 00:22:29,320 --> 00:22:31,680 Speaker 1: lost a congressional seat. But the way that the district 425 00:22:31,760 --> 00:22:36,000 Speaker 1: was redrawn, McKinley actually represented more of the new district 426 00:22:36,080 --> 00:22:40,600 Speaker 1: geographically than Trump's candidate one Alex Mooney. Typically we see 427 00:22:40,680 --> 00:22:44,000 Speaker 1: that whoever has represented the district more of the district 428 00:22:44,119 --> 00:22:47,400 Speaker 1: in this and when they're redrawn that they have an edge. 429 00:22:47,480 --> 00:22:50,960 Speaker 1: But it is Trump's came in bashed him. Um a 430 00:22:51,000 --> 00:22:53,440 Speaker 1: lot of money spent on this race to still and 431 00:22:53,840 --> 00:22:55,920 Speaker 1: I think, you know, ultimately it was what type of 432 00:22:55,960 --> 00:22:58,680 Speaker 1: Republican do you want in there? Because it's not like 433 00:22:58,800 --> 00:23:02,600 Speaker 1: David McKinley was, you know, a very liberal Republican by 434 00:23:02,640 --> 00:23:05,480 Speaker 1: any means. It's just that he had voted you know, 435 00:23:05,760 --> 00:23:08,040 Speaker 1: against Trump on some of these issues, which I mean, 436 00:23:08,359 --> 00:23:10,760 Speaker 1: the infrastructure bill is one that has become a litmus 437 00:23:10,800 --> 00:23:13,479 Speaker 1: test when, of course Trump was pushing for infrastructure when 438 00:23:13,560 --> 00:23:16,840 Speaker 1: he was in the Whitehouse, and a weekly joke because 439 00:23:16,880 --> 00:23:21,040 Speaker 1: they try to turn each weekend infrastructure. Something UM would 440 00:23:21,040 --> 00:23:23,440 Speaker 1: have would happen that would knock it off the name 441 00:23:23,560 --> 00:23:25,359 Speaker 1: West Virginia need a lot of money. I mean, this 442 00:23:25,480 --> 00:23:27,920 Speaker 1: was supposed to be good. Joe Mansion, of course helped 443 00:23:27,960 --> 00:23:29,679 Speaker 1: to write it. What does this mean for Joe mansion 444 00:23:29,760 --> 00:23:32,480 Speaker 1: stature in the state. Listen, I mean, I think he's 445 00:23:32,520 --> 00:23:36,080 Speaker 1: someone that's still respected. Um. He still has high approval 446 00:23:36,240 --> 00:23:38,560 Speaker 1: ratings in the state. He will be up in four 447 00:23:38,640 --> 00:23:41,280 Speaker 1: We'll see what he decides to do when when that 448 00:23:41,520 --> 00:23:46,960 Speaker 1: is up. UM. But I mean Joe Manson ultimately, he's 449 00:23:47,200 --> 00:23:49,280 Speaker 1: He's not a Republican though too, so I'm not sure 450 00:23:49,320 --> 00:23:51,320 Speaker 1: how much that swayed some people, even though they may 451 00:23:51,400 --> 00:23:55,760 Speaker 1: like Mansion. Um. Ultimately, he has been a Democrat, albeit 452 00:23:55,920 --> 00:23:58,600 Speaker 1: one that has want plenty of crossover votes when he's 453 00:23:58,640 --> 00:24:01,560 Speaker 1: been governor and senator. So I think it's just shows that, 454 00:24:01,640 --> 00:24:03,960 Speaker 1: you know, again, Trump's endorsement carries a lot of weight 455 00:24:04,000 --> 00:24:08,000 Speaker 1: in these congressional primaries, UM, because I think they're smaller too, 456 00:24:08,200 --> 00:24:11,119 Speaker 1: but you know, in the larger races, this was a 457 00:24:11,200 --> 00:24:14,600 Speaker 1: one on one race essentially in the larger races where 458 00:24:15,200 --> 00:24:19,119 Speaker 1: multi candidate field sometimes that isn't always, uh, you know, 459 00:24:19,280 --> 00:24:22,840 Speaker 1: sort of the bolt of lightning. Jessica Taylor at the 460 00:24:22,920 --> 00:24:26,280 Speaker 1: Cook Political Report, I appreciate your insights today. Thanks for 461 00:24:26,359 --> 00:24:28,840 Speaker 1: walking us through these two Nebraska, West Virginia. We're moving 462 00:24:28,880 --> 00:24:31,720 Speaker 1: on to another big one next Tuesday. I'd love to 463 00:24:31,760 --> 00:24:34,119 Speaker 1: get Rick Davis in here real quick, just as the 464 00:24:34,320 --> 00:24:37,600 Speaker 1: as the Republican of course on our sound on panel. 465 00:24:37,600 --> 00:24:39,320 Speaker 1: We talked about it last night. Rick, what does this 466 00:24:39,400 --> 00:24:42,560 Speaker 1: say about Joe Mansion? Just I mean, there were trouts, 467 00:24:42,640 --> 00:24:45,400 Speaker 1: it was almost a twenty point loss. Yeah, I think 468 00:24:45,760 --> 00:24:49,320 Speaker 1: Jessica had it right. I mean, look, the Republican governor 469 00:24:49,840 --> 00:24:52,760 Speaker 1: was wrong on this one too, and uh, I would 470 00:24:52,760 --> 00:24:56,720 Speaker 1: say he probably bears more of scrutiny Jim Justice than 471 00:24:56,920 --> 00:24:59,760 Speaker 1: than Joe Mansion because Joe is not a Republican, right, 472 00:24:59,800 --> 00:25:01,520 Speaker 1: I mean, and like he weighed in thinking, hey, I'm 473 00:25:01,520 --> 00:25:04,200 Speaker 1: gonna if I can help tip the scales, I'm happy 474 00:25:04,240 --> 00:25:05,719 Speaker 1: to do it. But at the end of the day, 475 00:25:05,720 --> 00:25:07,399 Speaker 1: I'm not a Republican. So how much of this is 476 00:25:07,440 --> 00:25:09,800 Speaker 1: gonna blow back on me. I'm not worried about it. 477 00:25:10,680 --> 00:25:14,359 Speaker 1: It's not like he is going to be competing against uh, 478 00:25:15,119 --> 00:25:19,560 Speaker 1: you know, Donald Trump anytime soon in West Virginia. Right, So, uh, 479 00:25:19,680 --> 00:25:23,280 Speaker 1: it was really a no lose situation for him. He 480 00:25:23,359 --> 00:25:25,680 Speaker 1: could he could try to tip the scales. And the 481 00:25:25,760 --> 00:25:27,840 Speaker 1: fact that he didn't, Yeah, he goes on with business 482 00:25:27,880 --> 00:25:31,200 Speaker 1: and votes again. See abortion laws that Chuck Humor wants 483 00:25:31,200 --> 00:25:33,280 Speaker 1: you to. We're going to reassemble the panel next and 484 00:25:33,320 --> 00:25:35,520 Speaker 1: talk about that. We knew what was gonna fail. It 485 00:25:35,600 --> 00:25:38,600 Speaker 1: has happened abortion rights in the U. S. Senate. Rick 486 00:25:38,640 --> 00:25:41,040 Speaker 1: and Jennie are back in next. This is sound on, 487 00:25:41,280 --> 00:25:47,200 Speaker 1: this is bloombird. It's time to go on record. I 488 00:25:47,320 --> 00:25:50,840 Speaker 1: asked my colleagues to think carefully about their vote and 489 00:25:50,960 --> 00:25:55,280 Speaker 1: to reckon deeply about the consequences of a world where 490 00:25:55,359 --> 00:25:58,960 Speaker 1: row is a thing of the past. Democrats are melting 491 00:25:59,000 --> 00:26:03,120 Speaker 1: down because of rame. Court may may uphold a Mississippi 492 00:26:03,200 --> 00:26:06,160 Speaker 1: law that would limit abortion after fifteen weeks. This proposed 493 00:26:06,280 --> 00:26:14,040 Speaker 1: legislation is an example of extreme extremism. It is an 494 00:26:14,200 --> 00:26:18,280 Speaker 1: outrage that we have five justices on the Supreme Court 495 00:26:18,520 --> 00:26:23,320 Speaker 1: who lied, lied in their confirmation hearing in order to 496 00:26:23,520 --> 00:26:27,360 Speaker 1: be confirmed, let that sink in America. A national ban 497 00:26:27,640 --> 00:26:36,280 Speaker 1: on abortion is the extreme of extremes that Madam President 498 00:26:36,359 --> 00:26:42,960 Speaker 1: is blowning. This is a cruel, repressive, dangerous vision for 499 00:26:43,040 --> 00:26:48,480 Speaker 1: our country. Women's Health Protection Act is an extreme piece 500 00:26:48,560 --> 00:26:56,640 Speaker 1: of legislation. On this vote the a's of forty nine, 501 00:26:56,960 --> 00:27:00,560 Speaker 1: then they's are fifty one three five of the senators 502 00:27:00,640 --> 00:27:04,040 Speaker 1: duly chosen and sworn not having voted in the affirmative 503 00:27:05,080 --> 00:27:17,720 Speaker 1: the motion has not agreed to. Accidentally, forty two years 504 00:27:17,760 --> 00:27:20,040 Speaker 1: of the day after Henry hills last day as a 505 00:27:20,119 --> 00:27:23,320 Speaker 1: wise guy, somehow appropriate as we jump into the fire 506 00:27:23,440 --> 00:27:28,879 Speaker 1: with the panel Bloomberg Politics contributors Genie Chanzano and Rick Davis, 507 00:27:29,840 --> 00:27:32,000 Speaker 1: Genie had happened. We knew it was going to happen, 508 00:27:32,080 --> 00:27:36,240 Speaker 1: but to see this with Kamala Harris presiding over the 509 00:27:36,359 --> 00:27:39,520 Speaker 1: Senate still hits home for a lot of voters. How 510 00:27:39,640 --> 00:27:43,320 Speaker 1: important was it to get Republicans and Joe Mansion today 511 00:27:43,800 --> 00:27:46,760 Speaker 1: on the record. You know, I think it is important. 512 00:27:47,240 --> 00:27:49,760 Speaker 1: We knew it was not going to pass. Joe Manson 513 00:27:49,800 --> 00:27:52,000 Speaker 1: said he wasn't going to vote for it um, but 514 00:27:52,280 --> 00:27:55,600 Speaker 1: they the Democrats went forward with this because they do 515 00:27:55,880 --> 00:27:58,480 Speaker 1: want Republicans to have to go to the map and 516 00:27:58,720 --> 00:28:02,240 Speaker 1: say this. And you do see some nervousness on the 517 00:28:02,320 --> 00:28:07,480 Speaker 1: Republican side because they are really concerned that by standing 518 00:28:07,680 --> 00:28:12,160 Speaker 1: against abortions of all kinds that you know, under without exception, 519 00:28:12,600 --> 00:28:17,520 Speaker 1: that they will you know, essentially uh, push over some 520 00:28:17,760 --> 00:28:21,080 Speaker 1: independence to the Democratic side potentially in some of these 521 00:28:21,160 --> 00:28:24,280 Speaker 1: close races. That's really the fear, and that's what Democrats 522 00:28:24,320 --> 00:28:27,120 Speaker 1: are hoping to do. There is logic to the question 523 00:28:27,240 --> 00:28:30,560 Speaker 1: of should Democrats have worked harder to get Mansion, you know, 524 00:28:30,720 --> 00:28:33,840 Speaker 1: Murkowski and Collins on board and tried to move forward 525 00:28:33,880 --> 00:28:36,120 Speaker 1: in that direction, But but they did want to take 526 00:28:36,200 --> 00:28:38,240 Speaker 1: this vote, and now they've got them on the record, 527 00:28:38,280 --> 00:28:40,800 Speaker 1: and they're going to move forward with this. To be 528 00:28:41,040 --> 00:28:43,120 Speaker 1: on the record, Rick could be a good thing for 529 00:28:43,200 --> 00:28:46,320 Speaker 1: a lot of Republicans. Does this help Republicans in the 530 00:28:46,400 --> 00:28:48,400 Speaker 1: Senate on the campaign trail to say I stood up 531 00:28:48,480 --> 00:28:52,400 Speaker 1: to protect life? Sure, I think everybody gets something out 532 00:28:52,440 --> 00:28:54,800 Speaker 1: of today. They Republicans are going to say that they 533 00:28:54,880 --> 00:28:58,480 Speaker 1: defended life in the well of the Senate against an 534 00:28:58,520 --> 00:29:04,040 Speaker 1: effort by um the Democrats to um overturn um um. 535 00:29:04,240 --> 00:29:06,680 Speaker 1: A lot of these laws that are on the books 536 00:29:06,800 --> 00:29:09,440 Speaker 1: in states trigger laws that may go into effect if 537 00:29:09,560 --> 00:29:14,040 Speaker 1: the Supreme Court rolls back Row. So, Um, absolutely, there's 538 00:29:14,040 --> 00:29:17,680 Speaker 1: gonna be a much talked about topic through the course 539 00:29:17,720 --> 00:29:20,120 Speaker 1: of the mid terms, really overshadowing a lot of the 540 00:29:20,120 --> 00:29:23,040 Speaker 1: other cultural issues that have been dominant at this point. 541 00:29:23,680 --> 00:29:26,600 Speaker 1: And Republicans are happy to bring this up again if 542 00:29:26,640 --> 00:29:29,120 Speaker 1: the Democrats want to take another vote, well, and I six, 543 00:29:29,160 --> 00:29:32,800 Speaker 1: I suspect they will, Genie, the President and Democratic leadership 544 00:29:33,040 --> 00:29:36,040 Speaker 1: on Capitol Hill Chuck Schumer have promised to do that. 545 00:29:36,200 --> 00:29:38,360 Speaker 1: The statement from the President today, we will continue to 546 00:29:38,440 --> 00:29:42,600 Speaker 1: defend women's constitutional rights to make private reproductive choices, as 547 00:29:42,640 --> 00:29:45,120 Speaker 1: recognized in Roe v. Wade nearly half a century ago. 548 00:29:45,280 --> 00:29:49,040 Speaker 1: And he adds, my administration will continue to explore the 549 00:29:49,160 --> 00:29:52,520 Speaker 1: measures and tools at our disposal to do just that. 550 00:29:52,680 --> 00:29:55,920 Speaker 1: What's he's talking about, Genie, Are there any more tools? Um? 551 00:29:56,120 --> 00:29:59,000 Speaker 1: You know, the tools are that they could keep talking 552 00:29:59,120 --> 00:30:03,320 Speaker 1: about this and put pressure on Republicans to voice where 553 00:30:03,400 --> 00:30:05,680 Speaker 1: they are on this. You know, if you just step back, 554 00:30:05,800 --> 00:30:09,080 Speaker 1: Americans have had this right for over fifty years. If 555 00:30:09,160 --> 00:30:12,160 Speaker 1: it is indeed pulled back, this is going to push 556 00:30:12,280 --> 00:30:16,000 Speaker 1: much of this discussion to the state level, these gubernatorial races, 557 00:30:16,280 --> 00:30:18,840 Speaker 1: the a G races at the state level, that's where 558 00:30:18,920 --> 00:30:22,320 Speaker 1: these decisions will be made. And Democrats are hoping from 559 00:30:22,360 --> 00:30:26,240 Speaker 1: a political perspective that if these are close races and 560 00:30:26,360 --> 00:30:31,160 Speaker 1: purple districts and purple states, that this will move suburban women, 561 00:30:31,400 --> 00:30:35,120 Speaker 1: young men, young women over to their side. And it's 562 00:30:35,200 --> 00:30:38,680 Speaker 1: not just about abortion, remember, because the underlying argument is 563 00:30:38,720 --> 00:30:42,280 Speaker 1: about privacy as a whole, and that impacts everything come 564 00:30:42,400 --> 00:30:45,760 Speaker 1: contraception to l g B t Q rights. It is 565 00:30:45,880 --> 00:30:49,320 Speaker 1: a huge area and Americans don't take kindly of any 566 00:30:49,440 --> 00:30:52,160 Speaker 1: swath of having rights taken away from them. Is that 567 00:30:52,800 --> 00:30:56,560 Speaker 1: a wise angle for Democrats here? Rick to say, Look, 568 00:30:56,640 --> 00:30:58,760 Speaker 1: if you can do this, you can undo everything, like 569 00:30:58,880 --> 00:31:02,760 Speaker 1: Jennie just mentioned, from same sex marriage, even inter racial marriage, 570 00:31:02,800 --> 00:31:05,280 Speaker 1: which is kind of a wacky idea at this point 571 00:31:05,360 --> 00:31:09,560 Speaker 1: with Clarence Thomas on the court, But that is what 572 00:31:09,720 --> 00:31:13,120 Speaker 1: we're hearing from Chuck Schumer and from Joe Biden. Yeah. 573 00:31:13,160 --> 00:31:16,600 Speaker 1: I think that what I read mostly about Democrat strategy 574 00:31:16,640 --> 00:31:20,360 Speaker 1: around this is that the fear is actually overreaching, right 575 00:31:20,640 --> 00:31:23,400 Speaker 1: is to rather than having a narrow cast message around 576 00:31:23,800 --> 00:31:26,479 Speaker 1: what's happening on this issue in the in the Supreme 577 00:31:26,560 --> 00:31:29,120 Speaker 1: Court right now is that they're gonna throw this big 578 00:31:29,200 --> 00:31:31,600 Speaker 1: wide net over all this and try and create this 579 00:31:31,840 --> 00:31:35,560 Speaker 1: sort of sense that everything is falling apart. And and 580 00:31:35,720 --> 00:31:38,360 Speaker 1: I don't know, I mean, I I can't imagine in 581 00:31:38,480 --> 00:31:40,480 Speaker 1: the environment we have, with all the challenges we have, 582 00:31:41,320 --> 00:31:44,400 Speaker 1: that that message is going to penetrate versus one that 583 00:31:44,640 --> 00:31:47,960 Speaker 1: is very narrow cast and specific to what the Supreme 584 00:31:48,040 --> 00:31:52,680 Speaker 1: Court may do in the summer around Row, I would say, Toy, 585 00:31:53,400 --> 00:31:56,720 Speaker 1: they need to find some messengers because the President United 586 00:31:56,760 --> 00:31:58,960 Speaker 1: States is not a credible messenger right now to the 587 00:31:59,000 --> 00:32:03,760 Speaker 1: American people. He's failed too many times. H Pelosi and Schumer, 588 00:32:04,280 --> 00:32:07,360 Speaker 1: can't you know, their their popularity is less than the president. 589 00:32:08,040 --> 00:32:09,800 Speaker 1: Uh and and and so they're going to have to 590 00:32:09,840 --> 00:32:12,400 Speaker 1: find people who can stand up and say here's what 591 00:32:12,560 --> 00:32:16,000 Speaker 1: this means for America who have credibility with voters, especially 592 00:32:16,040 --> 00:32:19,720 Speaker 1: like Jeannie said, those very important independent voters who will 593 00:32:19,800 --> 00:32:24,360 Speaker 1: be skeptical about this broader message. And and and that's 594 00:32:24,360 --> 00:32:26,000 Speaker 1: a hard sell right now. What do you make of 595 00:32:26,040 --> 00:32:28,440 Speaker 1: that statement that Rick just made jan Joe Biden is 596 00:32:28,480 --> 00:32:32,080 Speaker 1: not a credible messenger because he's lost too many times. 597 00:32:32,920 --> 00:32:35,720 Speaker 1: You know, I think Joe Biden does have a challenge 598 00:32:35,760 --> 00:32:38,800 Speaker 1: when it comes to speaking about some abortions, specifically because 599 00:32:38,840 --> 00:32:41,719 Speaker 1: it's something he stayed away from given his catholic as 600 00:32:41,760 --> 00:32:46,240 Speaker 1: a Catholic, given his commitment to That's not what Rick meant. 601 00:32:46,360 --> 00:32:49,160 Speaker 1: But I do think that what with Levi, I do 602 00:32:49,400 --> 00:32:52,640 Speaker 1: think that that is also something that can help him 603 00:32:52,760 --> 00:32:55,000 Speaker 1: as he goes out to talk about this because it 604 00:32:55,160 --> 00:32:58,960 Speaker 1: is not again just about abortion. Abortion is enough, don't 605 00:32:59,000 --> 00:33:02,000 Speaker 1: get me wrong, but it is about privacy as a whole. 606 00:33:02,320 --> 00:33:05,440 Speaker 1: Let's remember the governor of Mississippi could not say that 607 00:33:05,640 --> 00:33:09,480 Speaker 1: they wouldn't take away the right to contraception. This is 608 00:33:09,560 --> 00:33:13,280 Speaker 1: a Republican party, if you follow the Democrats, that wants 609 00:33:13,320 --> 00:33:17,920 Speaker 1: into people's bedrooms. That is not something that either resonates 610 00:33:17,960 --> 00:33:20,480 Speaker 1: with many Americans. Is what the Republican Party stands for. 611 00:33:20,920 --> 00:33:24,440 Speaker 1: They are supposed to be the party that wants less government. Yes, 612 00:33:24,520 --> 00:33:26,800 Speaker 1: they want less government in the economy, but no, they 613 00:33:26,880 --> 00:33:29,440 Speaker 1: want more in the bedroom. That is the message that 614 00:33:29,520 --> 00:33:32,000 Speaker 1: they're going to be talking about. And I don't think 615 00:33:32,080 --> 00:33:34,120 Speaker 1: Joe Biden is the only person who should talk about 616 00:33:34,200 --> 00:33:36,960 Speaker 1: but I think he can talk about it pretty cogently 617 00:33:37,280 --> 00:33:41,440 Speaker 1: because again, he like many Americans has very ambivalent views 618 00:33:41,480 --> 00:33:44,320 Speaker 1: on abortion, but he also knows we have a right 619 00:33:44,400 --> 00:33:46,640 Speaker 1: to make decisions in the bedroom and about our bodies. 620 00:33:46,920 --> 00:33:49,200 Speaker 1: What's the answer to that, Rick, I don't know. The 621 00:33:49,240 --> 00:33:51,680 Speaker 1: only Republican I remember who got into the bedroom on 622 00:33:51,720 --> 00:33:53,719 Speaker 1: an issue like this was the late Bob Dole, who 623 00:33:53,760 --> 00:33:56,080 Speaker 1: did the first e D commercial and that was right 624 00:33:56,160 --> 00:33:59,040 Speaker 1: in your bedroom. So I'm not sure I'm gonna be 625 00:33:59,200 --> 00:34:02,320 Speaker 1: satisfied with the discussion about like Republicans want to get 626 00:34:02,320 --> 00:34:05,560 Speaker 1: into everybody's bedroom like Bob Dole did. But uh, the 627 00:34:05,680 --> 00:34:09,080 Speaker 1: reality is that these are long term, staked out positions, right, 628 00:34:09,160 --> 00:34:12,680 Speaker 1: nothing has changed, and its debate primarily other than um, 629 00:34:12,880 --> 00:34:17,040 Speaker 1: you know, by mail abortion pills, right, which is going 630 00:34:17,080 --> 00:34:20,680 Speaker 1: to add a layer of of complexity to this debate. 631 00:34:20,760 --> 00:34:23,239 Speaker 1: But but everyone's been making the same argument for this, 632 00:34:23,600 --> 00:34:26,680 Speaker 1: you know, since Roe was decided, and in the American 633 00:34:26,760 --> 00:34:29,640 Speaker 1: public has sort of frozen in place on on its 634 00:34:29,680 --> 00:34:32,640 Speaker 1: own views. And so let's vote right. I mean, like, 635 00:34:32,760 --> 00:34:34,000 Speaker 1: you know, if the Spreme Court is gonna do what 636 00:34:34,000 --> 00:34:36,799 Speaker 1: they're gonna do, there's very little anybody all these protesters 637 00:34:36,880 --> 00:34:38,640 Speaker 1: and all these debates and all these votes are not 638 00:34:38,680 --> 00:34:41,360 Speaker 1: going to really change dramatically. I don't think what the 639 00:34:41,440 --> 00:34:43,320 Speaker 1: Spreme Court is gonna do. So let's find out what 640 00:34:43,360 --> 00:34:45,200 Speaker 1: the Supreme Court is gonna do, and then let's vote, 641 00:34:45,239 --> 00:34:47,440 Speaker 1: and let's see how American voters are going to handle this. 642 00:34:47,560 --> 00:34:50,360 Speaker 1: Because that's it. There's no news here other than the 643 00:34:50,440 --> 00:34:53,160 Speaker 1: fact that it's a hot, hotter topic because of what 644 00:34:53,239 --> 00:34:55,040 Speaker 1: the Supreme Court is doing. And it remains an open 645 00:34:55,120 --> 00:34:57,279 Speaker 1: question GENI about whether this will play out in the 646 00:34:57,360 --> 00:35:00,560 Speaker 1: polls in November. I suspect there will be uh inevitably 647 00:35:00,680 --> 00:35:02,760 Speaker 1: an impact. It's just a question of whether this actually 648 00:35:02,920 --> 00:35:08,240 Speaker 1: changes votes enough to change outcomes in elections here. Based 649 00:35:08,320 --> 00:35:11,600 Speaker 1: on the primary candidates that we're seeing so far, it's 650 00:35:11,719 --> 00:35:15,800 Speaker 1: going to be a fight. When should the march on 651 00:35:16,000 --> 00:35:19,040 Speaker 1: Washington happened? Jeannie? What kind of we're talking about messengers? 652 00:35:19,120 --> 00:35:21,919 Speaker 1: To Rick's point, who needs to stand up to start 653 00:35:22,000 --> 00:35:25,400 Speaker 1: making noise more than the White House can do? You know, 654 00:35:25,719 --> 00:35:29,279 Speaker 1: I think it has to be UM, young people in 655 00:35:29,440 --> 00:35:34,040 Speaker 1: particular UM who are concerned about the future of their 656 00:35:34,120 --> 00:35:37,520 Speaker 1: ability to make decisions for their bodies and Hollywood on 657 00:35:37,600 --> 00:35:40,759 Speaker 1: this doesn't The Democratic Party needs celebrity messaging. And I'm 658 00:35:40,800 --> 00:35:43,759 Speaker 1: being serious. Yeah, you know, I'm not a big fan 659 00:35:43,880 --> 00:35:45,879 Speaker 1: of that. I think it's fine if people have views 660 00:35:45,920 --> 00:35:47,360 Speaker 1: and they go out and stake them out, but I 661 00:35:47,400 --> 00:35:51,080 Speaker 1: wouldn't rather hear from young women who in Texas and 662 00:35:51,160 --> 00:35:54,560 Speaker 1: elsewhere have have their rights taken away and to talk 663 00:35:54,640 --> 00:35:57,600 Speaker 1: about what that has meant to them, because what an 664 00:35:57,680 --> 00:36:01,480 Speaker 1: individual goes through under those circumstances is is traumatic and 665 00:36:01,560 --> 00:36:05,200 Speaker 1: it is something worth talking about. And you know, again, 666 00:36:05,239 --> 00:36:08,279 Speaker 1: Americans have very ambivalent views on this, and Democrats have 667 00:36:08,400 --> 00:36:11,920 Speaker 1: to be careful about overreach. They should not overreach on this. 668 00:36:12,280 --> 00:36:14,160 Speaker 1: They should talk about it, but they also have to 669 00:36:14,200 --> 00:36:17,200 Speaker 1: have an economic message because nothing surpasses that the Rick 670 00:36:17,239 --> 00:36:20,880 Speaker 1: who raises more money on this Democrats are Republicans. You know, 671 00:36:21,440 --> 00:36:24,719 Speaker 1: everybody's been raising money on this since since it's a 672 00:36:24,760 --> 00:36:29,359 Speaker 1: windfall for originally decided yes, it's been a windfall. Uh. Look, Uh, 673 00:36:29,760 --> 00:36:32,080 Speaker 1: it always is easier to raise money out of fear 674 00:36:32,280 --> 00:36:34,799 Speaker 1: than it is out of confidence, and so the fact 675 00:36:34,920 --> 00:36:37,880 Speaker 1: that the Democrats are really in the fear side of 676 00:36:37,920 --> 00:36:42,239 Speaker 1: this equation for what may happen advantage Democrats. He knows. 677 00:36:42,560 --> 00:36:45,680 Speaker 1: That's Rick Davis, along with Jeannie Chanzano our signature panel 678 00:36:46,120 --> 00:36:49,160 Speaker 1: on sound On Thanks to everyone for popping in today 679 00:36:49,320 --> 00:36:52,080 Speaker 1: in the fastest hour in politics. I'm Joe Matthew. This 680 00:36:52,280 --> 00:36:52,880 Speaker 1: is Bloomberg.