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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast. Catch Just Live weekdays at

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Speaker 1: noon Eastern on Applecarplay.

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Speaker 2: And then roudo with the Bloomberg Business app.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 3: It's the Tuesday edition of Balance of Power here on

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Speaker 3: Bloomberg Radio, on the satellite and on YouTube. I'm Joe,

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Speaker 3: Matthew and Washington and glad you joined us. This is

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Speaker 3: a big deal, of course here in the DMV, as

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Speaker 3: we like to call it, the mid Atlantic region, but

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Speaker 3: of course nationally there is an impact from this bridge

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Speaker 3: collapse that happened in the wee hours this morning in Baltimore,

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Speaker 3: the Key Bridge. If you're with us on YouTube, we're

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Speaker 3: showing you pictures here, horrifying pictures of what is left

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Speaker 3: at the scene here, a bridge essentially underwater after being

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Speaker 3: struck by a cargo ship that ran out of power.

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Speaker 3: As it turns out, around one thirty in the morning.

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Speaker 3: This is of course a major commuter route and a

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Speaker 3: major trade route there in the Baltimore port, in fact,

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Speaker 3: the number one port for autos for the past thirteen

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Speaker 3: years running we're learning a lot about the Francis Key Bridge.

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Speaker 3: Here the fire chief James Wallace briefing reporters earlier in

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Speaker 3: the morning. They have pulled two people out of the water.

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Speaker 3: There are as many as seven from what we understand,

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Speaker 3: they're still looking for so this is still a rescue

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Speaker 3: operation before we start talking about timelines and rebuilding and

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Speaker 3: the rest of it. This is a major test for

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Speaker 3: authorities and for politicians elected officials in Baltimore and in Maryland.

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Speaker 3: And that's where we start our conversation with Bloomberg Radio's

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Speaker 3: Amy Morris. Amy, I woke up this morning and heard

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Speaker 3: local news coverage that wasn't telling me a lot until

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Speaker 3: I turned to Bloomberg Radio and heard what you were

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Speaker 3: doing with Tom Keen. And I first want to thank

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Speaker 3: you for bringing us the insights that we needed. So

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Speaker 3: much of this has to do with text and the

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Speaker 3: importance of this bridge for the community and for the

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Speaker 3: nation in terms of a trade route is difficult to overstate.

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Speaker 3: In this case, speak to us about what it means

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Speaker 3: for the city.

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Speaker 4: Let's start from the granular perspective, right, you have thirty

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Speaker 4: one thousand people who take this bridge every single day.

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Speaker 5: That's eleven million, and some change every year.

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Speaker 4: And last night thirty one thousand people took this bridge,

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Speaker 4: and this morning the bridge is gone. They're waking up

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Speaker 4: to no more bridge. And it has been a staple

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Speaker 4: in the Baltimore area for so long.

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Speaker 5: It's part of the landscape. It is a landmark, and

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Speaker 5: it's an.

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Speaker 4: Historic bridge as well. It's been there since nineteen seventy seven.

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Speaker 4: And did you know that its birthday was this past Saturday.

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Speaker 4: It's forty seven years old.

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Speaker 3: Remarkable, it was up to code. According to Wesmore. This

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Speaker 3: it's not necessarily an infrastructure story. This is an emergency

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Speaker 3: preparedness story. And we're going to, I'm sure, learn a

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Speaker 3: lot more about the communications between that cargo ship. But

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Speaker 3: they did send a mayday call before they hit the.

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Speaker 4: Brit they did, and that a small amount of time

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Speaker 4: between that may day call and when the bridge collapsed

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Speaker 4: was just enough time for Maryland officials to scramble and

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Speaker 4: keep people from going on the bridge.

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Speaker 5: There were already some people on.

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Speaker 3: The bridge, as you mentioned, tell us about that. There

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Speaker 3: are people then who could have been on the bridge

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Speaker 3: who were stopped. Is that fair to say?

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Speaker 4: That is fair to say, But they would not speak

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Speaker 4: to that at the press conference, but they did speak

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Speaker 4: to is that there was construction going on on the bridge.

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Speaker 4: You know, it's overnight. It's a major highway, so they're

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Speaker 4: going to save all of the road work for when

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Speaker 4: nobody's there.

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Speaker 5: And there were several.

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Speaker 4: Construction workers filling potholes, handling the concrete on the bridge.

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Speaker 5: They say the bridge was up to code, but they

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Speaker 5: were just you know, doing a little maintenance and they

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Speaker 5: went into the water.

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Speaker 3: Yeah, tell us about the rescue operation. I refer to

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Speaker 3: as many as seven. Do we have any more detail?

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Speaker 3: We've heard six thrown around? Where are we know?

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Speaker 4: I've heard six are still unaccounted for. And those are

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Speaker 4: all the construction crew I see. And we heard a

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Speaker 4: lot about the rescue operation and how it was a

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Speaker 4: big challenge, especially at one point thirty in the morning

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Speaker 4: because it was so dark, you had so many currents,

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Speaker 4: the tide was coming in. And this is an area

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Speaker 4: for people who are not familiar with the Baltimore Bay

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Speaker 4: or the Baltimore Port area, it's the currents are a

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Speaker 4: big deal. It's a rough area, and especially since this

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Speaker 4: is the river that leads into that port.

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Speaker 5: Yes, so that made the search and rescue even that

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Speaker 5: much more difficult.

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Speaker 3: Great work today, Amy Morris. We're all proud to be

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Speaker 3: working with Amy Morris today, have Bloomberg ready and appreciate

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Speaker 3: your being with us here to get things started on

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Speaker 3: balance of power. Our colleague Andrew O'Day, who also lives

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Speaker 3: in the Baltimore area, described this earlier as Baltimore's Golden

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Speaker 3: gate Bridge. It's difficult without living there to understand the

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Speaker 3: significance of it in the community, and we wanted to

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Speaker 3: start granular with Amy Morris and Widening now to talk

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Speaker 3: about the economic impact. As I mentioned, this is the

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Speaker 3: most important port in America for autos. Think of the

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Speaker 3: economic impact on that sector a loan, and that's why

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Speaker 3: we wanted to talk with Brendan Murray, who's covering this

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Speaker 3: for us as Bloomberg's trades are and used to live

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Speaker 3: here in the DC Baltimore area. Brendan, it's great to

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Speaker 3: see you. The economic impact is it possible to quantify yet?

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Speaker 6: Well, look, this is ifport that does about eighty billion

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Speaker 6: dollars in global trade a year, so that works out

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Speaker 6: to about six and a half billion per month, so

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Speaker 6: you know every day it's closed, it's hundreds of millions

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Speaker 6: of dollars of economic impact that are not flowing through

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Speaker 6: this port. These are you know, these are good jobs,

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Speaker 6: high paying jobs on the docks and and and the

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Speaker 6: industrial areas around there. So if if maritime traffic and shipping,

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Speaker 6: you know, needs to come to a halt for weeks

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Speaker 6: or months, however long it's going to take, that's going

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Speaker 6: to be a big hit to the to the folks

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Speaker 6: who work in and around the port.

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Speaker 3: So shippers like merrisk as saying that they are re routing. Now,

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Speaker 3: what are the options available for shippers?

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Speaker 6: The main ones that the shipping lines are looking at

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Speaker 6: would be New York, New Jersey, UH, Norfolk, the Port

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Speaker 6: of Virginia.

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Speaker 7: UH.

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Speaker 6: There's also UH Charleston, South Carolina, and Savannah, Georgia. Those

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Speaker 6: are also UH. And the big question is which which

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Speaker 6: of these other ports can handle the added import of

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Speaker 6: an export of automobiles like you mentioned. And you know

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Speaker 6: that's not something that you you know, you can do

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Speaker 6: if you're not if you don't have the equipment for it,

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Speaker 6: if you don't have the parking lot. You know, the

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Speaker 6: ports that handle a lot of cars have these massive

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Speaker 6: parking lots where the cars sit until they're you know,

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Speaker 6: put on trucks or trains, you know, off on their way.

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Speaker 6: So it's not that you can just you can't just

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Speaker 6: turn a ship from Baltimore to any any port with

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Speaker 6: with your with the with a load of cars. You

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Speaker 6: know that that kind of thing has to be worked

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Speaker 6: out pretty well in advance. So uh yeah, it's gonna

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Speaker 6: cost some some headaches and some congestion, uh for the

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Speaker 6: next several weeks from the people that I talk to,

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Speaker 6: until until the kind of initial shock of this can

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Speaker 6: be absorbed.

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Speaker 3: That's for sure. We have to remind ourselves as well.

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Speaker 3: Carnival and Royal Caribbean, two cruise lines that use that

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Speaker 3: port actively, we're going to be understanding, I'm sure over

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Speaker 3: the next twenty four to forty eight hours exactly how

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Speaker 3: much reach this collapse will have. Brendan, thank you for

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Speaker 3: jumping on with us. Brendan Murray covers this for a

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Speaker 3: living our trade czar here with an eye of course

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Speaker 3: on the port of Baltimore. We're going to have much

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Speaker 3: more for you on the story throughout the hour. My

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Speaker 3: colleague Kaylee Lynes, who of course you hear every day

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Speaker 3: on this broadcast, has made her way to Baltimore and

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Speaker 3: we'll bring us live coverage from the scene as soon

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Speaker 3: as she gets set up there, with attention paid to

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Speaker 3: our other major story here in the world of politics,

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Speaker 3: and that is the day of days for Donald Trump.

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Speaker 3: If you were with us yesterday, we got a trial date.

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Speaker 3: Of course, we also had a remarkable development in the

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Speaker 3: civil case against Donald Trump, course questioning the value of

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Speaker 3: his companies as he's presented them. That led to a

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Speaker 3: four hundred and fifty four million dollar penalty and he

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Speaker 3: has to post bond. An appeals court yesterday brought that

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Speaker 3: bond payment down by about two thirds, making life a

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Speaker 3: lot easier for Donald Trump, especially as he watches his

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Speaker 3: spack take off today. This new digital world's truth social

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Speaker 3: thing has put about three billion dollars in his bank account,

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Speaker 3: or at least it will when he's able to sell

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Speaker 3: those shares a couple of months down the road. But

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Speaker 3: as we consider the value of Trump Inc. And look

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Speaker 3: at the potential impact on his political career in the

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Speaker 3: throes of a campaign, we wanted to talk to Tim O'Brien,

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Speaker 3: who literally wrote the book on Donald Trump and his finances.

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Speaker 3: Of course, the senior executive editor of Bloomberg Opinion with

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Speaker 3: us from New York. Tim O'Brien, it's great to see you.

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Speaker 3: I could only imagine what was going through your mind

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Speaker 3: yesterday when that appeals court dropped the bond payment that

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Speaker 3: Donald Trump will have to face. Why is the court

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Speaker 3: going easy on him?

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Speaker 8: Well, I think, Joe the I think the court, the

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Speaker 8: appellate court, has signaled. I think that they think the

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Speaker 8: lower court clearly overreached and that they you know, I

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Speaker 8: think both in terms of the size of the judgment

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Speaker 8: and possibly in some of the other associated penalties. You know,

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Speaker 8: they also stayed a ruling that kept Trump's two eldest

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Speaker 8: sons out of the business, as well as a number

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Speaker 8: of other restrictions that Arthur and Gore on the lower

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Speaker 8: court judge imposed. So I think that that's a leading indicator,

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Speaker 8: possibly that they're going to scale back the judgment on appeal.

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Speaker 8: What surprised me was that they did this now as

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Speaker 8: an interim measure. You know, I don't a typical defendant

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Speaker 8: doesn't get that kind of treatment, I think, and Trump

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Speaker 8: had already ended. I mean, Trump had had these varying

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Speaker 8: pardon me, he had these varying accountings of whether or

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Speaker 8: not he could actually pay into escrow the amount of

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Speaker 8: money he needed as a as a to essentially collateralize

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Speaker 8: the judgment against him. You know, a year ago under oath,

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Speaker 8: he said he had four hundred million dollars in cash

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Speaker 8: on hand and that was growing substantially each month, and

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Speaker 8: then more recently he said, I actually don't have the money,

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Speaker 8: and then he took to social media last Thursday and said,

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Speaker 8: actually I have five hundred million dollars. So he's either

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Speaker 8: been lying or very very forgetful, or he spends money

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Speaker 8: at the speed that some people turn queas and arts

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Speaker 8: on and off. Be that as it may, he had demonstrated.

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Speaker 8: I think that he had, by his own words, that

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Speaker 8: he had the wherewithal to pay the court judgment. So

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Speaker 8: I don't know why the court decided to intercede at

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Speaker 8: this moment in time.

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Speaker 2: That was unusual. It is pretty yeah, pretty remarkable.

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Speaker 3: Yeah, you and I get a party.

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Speaker 8: If you and I get a party ticket and we

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Speaker 8: don't pay it, you know, the fine goes up on

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Speaker 8: a pretty regular basis.

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Speaker 3: So folks are getting nervous. Wonder folks are getting nervous

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Speaker 3: about the idea of seizing property. Letitia James had already

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Speaker 3: marked a couple in Westchester County and it looks like

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Speaker 3: they will not have to be seized. Now does that

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Speaker 3: play into this decision?

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Speaker 8: Well, I think she probably actually would have seized his

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Speaker 8: entire portfolio because it's so complex. Some of the real

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Speaker 8: estate can't be used as collateral against a bond, so

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Speaker 8: she would have to get you know, equity in some

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Speaker 8: of these properties. She would have gone for all the

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Speaker 8: low hanging fruit versus brokerage accounts as bank accounts. I

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Speaker 8: don't think his truth social stake is as as robust

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Speaker 8: as that has become, is something that any kind of

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Speaker 8: surety company would have wanted as collateral because the value

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Speaker 8: obviously has a great possibility at changing, including going down substantially,

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Speaker 8: So it would have been very complex. And he holds

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Speaker 8: all of this. He's got about you know, four hundred

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Speaker 8: and fifteen or so shell companies under the Trump organization umbrella,

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Speaker 8: and only seventy of those produced revenue, So anyone attaching

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Speaker 8: ascents had a lot of homework in front of them.

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Speaker 8: So I think she would have done a sweeping, taken

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Speaker 8: an undertaken a sweeping effort to get her hands on

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Speaker 8: as much as she could.

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Speaker 3: You wrote a piece that went up on the eighteenth

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Speaker 3: of this month that plays into what we're talking about here.

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Speaker 3: Tim Trump's empty pockets make him an overseas mark. Pretty

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Speaker 3: remarkable when you consider someone who is cash poor even

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Speaker 3: though they claimed to be a billionaire, and the vulnerabilities

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Speaker 3: that that might present, the liabilities and should Americans be

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Speaker 3: watching well, Joe, I.

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Speaker 8: Think that's been there since he made his first tour

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Speaker 8: through the White House. He has not been shy about

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Speaker 8: trying to monetize the presidency. As we know when he

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Speaker 8: was running back in twenty fifteen and twenty sixteen, he

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Speaker 8: was trying to get a real estate done deal done

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Speaker 8: at the same time in Moscow, he you know, he

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Speaker 8: pulled in millions of dollars from the hotel that he

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Speaker 8: owned near the White House that was host of foreign

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Speaker 8: dignitaries and emissaries. So that's oh, we lurked around him,

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Speaker 8: and it has raised his question of whether or not

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Speaker 8: he's making objective for policy decisions, or whether or not

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Speaker 8: someone has their hooks into him. That's even more true

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Speaker 8: now if he had to scramble to pay big court judgments,

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Speaker 8: which by the way, he may still have to Even

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Speaker 8: though the fine in this case is but the bond

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Speaker 8: amount has been reduced, I still think it pressures him

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Speaker 8: because he's already had to post over I think one

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Speaker 8: hundred million dollars in the EG and Carrol case, and

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Speaker 8: you add, you know, another two hundred million to that,

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Speaker 8: I think, you know, I think that significantly cuts into

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Speaker 8: his cash pile, and that raises issues about his ability

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Speaker 8: to operate his company. So that makes him possibly vulnerable

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Speaker 8: to any foreign entity that would like to make a

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Speaker 8: smart investment in a possible future president.

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Speaker 3: The boom and bust cycle has been a whole of

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Speaker 3: Donald Trump's career. I think we can say, and I

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Speaker 3: wonder just in our remaining moment here, Tim, and I

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Speaker 3: don't want to set you up with some big think question,

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Speaker 3: but just to frame this in our remaining moment, Donald

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Speaker 3: Trump here he is again on the verge of, you know,

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Speaker 3: bringing another three billion dollars, coming down to the line,

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Speaker 3: almost failing. How does he continue to reconstruct this scenario?

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Speaker 8: He is both the luckiest man on the face of

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Speaker 8: the earth, and he is also an amazing grifter who

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Speaker 8: is able to I think, pursue things most people don't

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Speaker 8: without much embarrassment, and he stays in the battle and

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Speaker 8: he knows right now, I think that he needs the

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Speaker 8: insulation of the presidency to protect himself from what could

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Speaker 8: be some fairly existential court judgments. And you know this

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Speaker 8: spack could not have arrived at a more perfect moment, because

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Speaker 8: otherwise he would have emburried.

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Speaker 3: It's financial master. Yes, isn't that the truth? He's, of

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Speaker 3: course the author of Trump Nation, but also runs our

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Speaker 3: opinion section on the Terminal and at Bloomberg dot Com.

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Speaker 3: Senior executive Editor Bloomberg Opinion. Tim O'Bryan, Tim, thank you.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast kens

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Speaker 1: just live weekdays at noon Eastern on Applecarplay and enron

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Speaker 1: Oto with the Bloomberg Business App. You can also listen

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Speaker 1: live on Amazon Alexa from our flagship New York station,

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Speaker 1: Just Say Alexa Play Bloomberg eleven thirty.

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Speaker 2: So, Larry, welcome.

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Speaker 9: It's good to have you here on the day of

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Speaker 9: your annual Chairman's letter to the investors. And it's a

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Speaker 9: bit of a different, I think letter from what you've

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Speaker 9: done before. Personal starts with your parents, right, and they're earning,

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Speaker 9: saving for retirement and include your grandkids as well. Yes,

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Speaker 9: the retirement crisis. Give us your diagnosis of that problem

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Speaker 9: right now.

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Speaker 10: Well, somebody I've been writing about for years, but I

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Speaker 10: emphasize it in this letter. And you know, all my

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Speaker 10: letters have been based on some long term issues. And

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Speaker 10: let me be really truthful about my letters. My letters

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Speaker 10: are a reflection of my conversation with clients.

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Speaker 2: So it is.

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Speaker 10: And so over the past year, I heard more and

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Speaker 10: more conversation about retirement or retirement crisis from many parts

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Speaker 10: of the world, from middle class developing countries to developed countries.

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Speaker 10: The acute problem here in the United States is that

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Speaker 10: we have still fifty seven million Americans who don't have

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Speaker 10: any savings or any retirement plan. So security is a

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Speaker 10: fantastic foundation for retirement. But if that's how you have

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Speaker 10: when you retire, you're going.

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Speaker 2: To be living in.

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Speaker 10: Poverty, below the poverty line, because it just is. It's supplemental,

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Speaker 10: but it's not meant to be the totality of what

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Speaker 10: you have in retirement.

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Speaker 2: And the whole concept that we're aging, we're you know,

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Speaker 2: we're all living longer.

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Speaker 10: And I think one of the big narratives I had

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Speaker 10: to reflect in twenty twenty three was the miracles of medicine.

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Speaker 10: When we talk about the drugs like a zumpec and

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Speaker 10: all the different weight loss drugs, how that is extending life.

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Speaker 10: It's conquering kidney disease and liver disease and heart disease

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Speaker 10: and joint disease. And then there are new medicines now

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Speaker 10: for dementia that extends life. So you think about the

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Speaker 10: miracles of technology and how it transforms our lives and

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Speaker 10: extends our life. There is not a dialogue in America

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Speaker 10: or most places about can't we afford that longevity and

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Speaker 10: our entire retirement system was based on statistics that were

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Speaker 10: created fifty years ago, whereby most Americans retired between sixty

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Speaker 10: and sixty two then, but most Americans then.

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Speaker 2: Passed away at sixty seven.

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Speaker 10: And today, statistically a couple sixty years old in good health,

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Speaker 10: one of them is going to live over ninety. And

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Speaker 10: so the other question is should we re evaluate how

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Speaker 10: we work and how long we work because we all

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Speaker 10: need purpose in life, and in most plays most people

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Speaker 10: get find purpose. Obviously maybe with their grandchildren, their children,

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Speaker 10: their their community.

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Speaker 2: Many people find purpose in.

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Speaker 10: Their jobs and the thought of retiring at sixty with

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Speaker 10: thirty more years or a thirty year year life in

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Speaker 10: front of you. These we need to have a dialogue.

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Speaker 10: We need to have a conversation. And you know, I'm

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Speaker 10: an optimist. I am very optimistic about the long term

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Speaker 10: vitality of our markets. I'm bullish on capitalism. The reason

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Speaker 10: why I'm bullish is when I read the newspapers every

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Speaker 10: morning and listen to Bloomberg and other news organizations, it's

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Speaker 10: full of scary things.

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Speaker 2: We talk about the problems.

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Speaker 10: We talk about all the problems life, but we solve

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Speaker 10: problems through conversation. And the one area where we have

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Speaker 10: no conversation is the affordability of retirement and the whole

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Speaker 10: concept of retirement. And we need to start a global

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Speaker 10: and most importantly and national dialogue.

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Speaker 9: So in your letter you have a very powerful, i think,

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Speaker 9: diagnosis of the problem, not just the United States but global. Yes,

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Speaker 9: we are living longer, we need more money therefore to live.

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Speaker 9: At the same time, there's also a bit of a

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Speaker 9: pin there to capitalism and particularly capital markets and the

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Speaker 9: extraordinary things they've done, what they can do. Connect the

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Speaker 9: two of those up. Could we use the capital markets

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Speaker 9: to address at least some of the problem we're talking about,

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Speaker 9: and let me be very specific. Social security you mentioned

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Speaker 9: is really in trouble. Should we be taking the Social

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Speaker 9: Security Trust Fund what's left of it and put it

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Speaker 9: into capital markets.

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Speaker 10: We need to put it in a long term investment.

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Speaker 10: I mean, we have a system of pay as you go. Okay,

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Speaker 10: there are other countries like Australia that have a whole

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Speaker 10: unique system whereby you're contributing. But there are right now

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Speaker 10: in Congress there are a number of senators and congressmen

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Speaker 10: that are talking about rehabilitating our security pool and maybe

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Speaker 10: contributing big block of money into it so it has sufficiency.

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Speaker 10: But to me, as I said, social security is just

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Speaker 10: a foundation of retirement. We need to really educate our

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Speaker 10: citizens about the need for savings.

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Speaker 2: We see worldwide.

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Speaker 10: Most people who are really thrifty, they keep most of

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Speaker 10: their money in a bank account. Like in Japan, almost

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Speaker 10: there's a high savings rate of eighteen percent. Most of

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Speaker 10: that isn't a bank account. In Europe there's a high

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Speaker 10: savings rate of fifteen ish percent. Most of that's in

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Speaker 10: a bank account. That is not going to provide you

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Speaker 10: the adequacy of the compounding of what capital markets can do.

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Speaker 10: But probably one of the big conversations I've had with

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Speaker 10: so many political leaders is the connection of retirement and

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Speaker 10: the capital markets. When you think about the vitality of

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Speaker 10: the US capital markets so much it's based on the

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Speaker 10: long term money of pension funds of our whether it's

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Speaker 10: a defined benefit plan or defined contribution plan. And Americans

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Speaker 10: are more optimistic and so we have a higher investment

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Speaker 10: in equities beyond any other society. And so in my

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Speaker 10: conversation with many political leaders as they think about retirement,

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Speaker 10: and Japan is a great example.

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Speaker 2: The Kashida government just this.

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Speaker 10: Past October raised the amount of tax deductibility to put

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Speaker 10: in your four to one k.

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Speaker 2: They double the size.

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Speaker 10: And it's not a coincidence that the Japanese equity market

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Speaker 10: since October is up thirty percent, and it's because we're

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Speaker 10: seeing more and more money that it is going into

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Speaker 10: the long term capital markets. So not only does it

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Speaker 10: give financial returns for those who are retiring and saving

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Speaker 10: for retirement, but it's a big foundation for domestic companies

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Speaker 10: to have local investing in your own companies. If you

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Speaker 10: look at the United States, are our equity markets generally

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Speaker 10: traded a two to three pe racial higher than any

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Speaker 10: place in the world. Now, you could argue we have

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Speaker 10: better companies and an a place in the world, but

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Speaker 10: you also have to attribute this to that we have

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Speaker 10: a larger retirement system in terms of what we invested.

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Speaker 2: Now, that doesn't mean we need and we need more.

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Speaker 10: We need more money for more people to be putting

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Speaker 10: it into their system.

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Speaker 9: Take it a step further, because something you're very involved

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Speaker 9: in Blackrock is is alternative investments.

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Speaker 2: Yes, the private markets, credit.

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Speaker 9: Debt, things like that. Should we be changing the rules

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Speaker 9: so we can put our four to one kse our

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Speaker 9: iris into private markets.

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Speaker 10: I believe there are some great areas of private markets

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Speaker 10: that are going to be great investments for retirement, and

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Speaker 10: I would channel that more towards infrastructure because infrastructure has

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Speaker 10: a long maturity, It has a higher coupon, but it

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Speaker 10: has a lower profile of returns and what I would

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Speaker 10: say other areas of the private markets, so it has

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Speaker 10: more a good corridor of returns, but higher probabilities of

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Speaker 10: meeting those returns. And so yes, we need to be

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Speaker 10: relooking at how we think about investing, whether that is

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Speaker 10: going to be in private equity or infrastructure.

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Speaker 2: I do believe you know, we need to be putting more.

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Speaker 10: Long dated assets into retirement and so that you could

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Speaker 10: so that you could meet the returns that you need

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Speaker 10: to have the pool of money that we require during retirement.

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Speaker 9: Something else you mentioned was our longevity, which has increased substantially.

442
00:23:34,320 --> 00:23:36,800
Speaker 9: We all benefit from that. That's a good thing, exactly

443
00:23:37,080 --> 00:23:40,439
Speaker 9: planning at the same time, Should we be encouraging, as

444
00:23:40,440 --> 00:23:43,480
Speaker 9: you suggested a letter, people working longer. Should we making

445
00:23:43,560 --> 00:23:47,000
Speaker 9: a possible facility thing. Should we frankly increase the age

446
00:23:47,160 --> 00:23:49,160
Speaker 9: for social security?

447
00:23:49,880 --> 00:23:52,160
Speaker 10: That is not for me to make a decision, but

448
00:23:52,359 --> 00:23:54,119
Speaker 10: I think we need to have a conversation. Look at

449
00:23:54,359 --> 00:23:56,800
Speaker 10: you and I are the same age. Okay, we are

450
00:23:56,920 --> 00:24:00,920
Speaker 10: working longer. We have find purpose and what we do.

451
00:24:02,359 --> 00:24:07,000
Speaker 10: The founder of Bloomberg, Mike, is still working. I believe.

452
00:24:08,880 --> 00:24:12,600
Speaker 10: I believe for those who can and they find purpose

453
00:24:12,600 --> 00:24:15,040
Speaker 10: and work, my gosh, work as long as you can.

454
00:24:15,920 --> 00:24:18,800
Speaker 10: If you find blessings, if you find purpose and other things,

455
00:24:19,119 --> 00:24:23,480
Speaker 10: do that. But I do believe we need to discuss

456
00:24:23,520 --> 00:24:24,600
Speaker 10: these opportunities.

457
00:24:24,760 --> 00:24:27,639
Speaker 2: I don't think the average citizen knows that.

458
00:24:27,800 --> 00:24:29,679
Speaker 10: You know the extent of how much longer we're going

459
00:24:29,720 --> 00:24:33,800
Speaker 10: to be able to live. You know, so the beauty

460
00:24:33,960 --> 00:24:37,520
Speaker 10: and the miracles of medicine has allowed us to live

461
00:24:38,200 --> 00:24:42,240
Speaker 10: you know, ten, fifteen, twenty years longer than two generations ago.

462
00:24:43,520 --> 00:24:47,119
Speaker 10: And so, but we haven't changed our system of retirement

463
00:24:47,280 --> 00:24:50,840
Speaker 10: or our system of social security. So the most important

464
00:24:50,880 --> 00:24:52,960
Speaker 10: thing we need to do, David, is have a conversation,

465
00:24:53,400 --> 00:24:56,600
Speaker 10: and through that conversation, I think most people are going

466
00:24:56,640 --> 00:24:59,920
Speaker 10: to elect to do things, maybe working longer, We're electing

467
00:25:00,760 --> 00:25:05,200
Speaker 10: to be more, to be more involved in how they

468
00:25:05,240 --> 00:25:07,320
Speaker 10: put their money to work for retirement.

469
00:25:08,119 --> 00:25:09,800
Speaker 9: As I say in your letter, you talk a lot

470
00:25:09,800 --> 00:25:12,200
Speaker 9: about the success of the capital markets, all that they've accomplished.

471
00:25:12,240 --> 00:25:14,720
Speaker 9: At the same time, you do mention the problem with

472
00:25:14,800 --> 00:25:18,200
Speaker 9: particularly US debt. You think it's more urgent than anytime.

473
00:25:18,200 --> 00:25:20,240
Speaker 9: I think you said you can remember in your lifetime.

474
00:25:20,840 --> 00:25:24,639
Speaker 9: Put those two things together. To what extent has the

475
00:25:24,640 --> 00:25:27,160
Speaker 9: success of the capital markets come, specifically because we've taken

476
00:25:27,240 --> 00:25:30,320
Speaker 9: more debt on the public balance sheet. We've shifted debt

477
00:25:30,480 --> 00:25:32,720
Speaker 9: from private balance sheets to public balance sheets.

478
00:25:32,720 --> 00:25:33,240
Speaker 2: No question.

479
00:25:34,320 --> 00:25:37,879
Speaker 10: Let's just use a statistic, and I think when I

480
00:25:37,960 --> 00:25:40,120
Speaker 10: talk about this statistic, I get frightened.

481
00:25:41,200 --> 00:25:42,480
Speaker 2: In the year.

482
00:25:42,320 --> 00:25:47,000
Speaker 10: Two thousand, the US deficit was eight trillion dollars today

483
00:25:47,040 --> 00:25:51,240
Speaker 10: it's thirty four trillion dollars. So twenty three years later

484
00:25:52,520 --> 00:25:57,560
Speaker 10: we increased our deficit by twenty six trillion dollars. So

485
00:25:57,880 --> 00:26:04,720
Speaker 10: for the first two hundred and thirty forty years, we

486
00:26:04,760 --> 00:26:07,800
Speaker 10: increased our deficit the eight trillion, and in the last

487
00:26:07,840 --> 00:26:11,720
Speaker 10: twenty three years we went we increased it by twenty

488
00:26:11,920 --> 00:26:15,400
Speaker 10: six trillion dollars. I think that speaks volumes of what's

489
00:26:15,720 --> 00:26:19,960
Speaker 10: happening in our country today. The problem with these type

490
00:26:19,960 --> 00:26:25,360
Speaker 10: of deficits is and now, with and I believe higher

491
00:26:25,400 --> 00:26:29,400
Speaker 10: interest rates for longer, the cost of financing our deficits

492
00:26:29,440 --> 00:26:32,560
Speaker 10: are going to erode more and more of our of

493
00:26:32,560 --> 00:26:35,240
Speaker 10: our disposable income as a country.

494
00:26:35,880 --> 00:26:36,680
Speaker 2: And I do.

495
00:26:36,560 --> 00:26:40,280
Speaker 10: Believe there we're getting to a point where our public

496
00:26:40,320 --> 00:26:43,600
Speaker 10: debt is going to start up crowding out private capital,

497
00:26:43,800 --> 00:26:46,040
Speaker 10: and we're going to have structurally higher interest rates.

498
00:26:46,240 --> 00:26:49,280
Speaker 9: What can the private sector do to trigger some action

499
00:26:49,359 --> 00:26:50,720
Speaker 9: in that regard. I mean, you're the head of the

500
00:26:50,800 --> 00:26:53,320
Speaker 9: largest asset manager in the world. IRY think it's not

501
00:26:53,400 --> 00:26:55,600
Speaker 9: just you, but you have some influence. At this point,

502
00:26:55,680 --> 00:26:57,920
Speaker 9: we have Candide running for president who aren't even talking

503
00:26:57,920 --> 00:26:58,200
Speaker 9: about this.

504
00:26:58,240 --> 00:26:59,359
Speaker 2: That's not even a conversation.

505
00:27:02,520 --> 00:27:06,199
Speaker 10: So in my letter, I talk about the need for

506
00:27:06,320 --> 00:27:10,119
Speaker 10: more public private investments. Well, the United States is one

507
00:27:10,160 --> 00:27:13,440
Speaker 10: of the last countries where we've had private capital investing

508
00:27:13,480 --> 00:27:19,920
Speaker 10: in our infrastructure. And I believe if we changed our policies,

509
00:27:20,040 --> 00:27:24,280
Speaker 10: privatized our airports and privatized maybe our ports and having

510
00:27:24,320 --> 00:27:28,200
Speaker 10: private capital investing that then our public spending could be

511
00:27:28,280 --> 00:27:33,119
Speaker 10: rededicated to more urgent social needs, more urgent needs, elevating

512
00:27:33,119 --> 00:27:38,760
Speaker 10: our education, elevating issues around social security and healthcare.

513
00:27:39,520 --> 00:27:40,840
Speaker 2: And so I.

514
00:27:40,840 --> 00:27:44,760
Speaker 10: Believe the need is to rethink what is a role

515
00:27:44,840 --> 00:27:49,919
Speaker 10: and responsibility of a public sector for the development of

516
00:27:50,560 --> 00:27:53,000
Speaker 10: better twenty first century infrastructure.

517
00:27:53,320 --> 00:27:54,920
Speaker 2: We know that we are going to have.

518
00:27:54,880 --> 00:27:58,560
Speaker 10: To digitize our entire economy, we know we're going to

519
00:27:58,600 --> 00:28:03,280
Speaker 10: have to move forward on carbonization. These require huge pools

520
00:28:03,280 --> 00:28:06,120
Speaker 10: of money. Allow the private sector to be part of that.

521
00:28:06,160 --> 00:28:10,600
Speaker 10: We have this enormous functional capital markets that can provide

522
00:28:10,640 --> 00:28:13,800
Speaker 10: the capital we as a country must use it more

523
00:28:13,840 --> 00:28:16,959
Speaker 10: often and access the role of private sector.

524
00:28:17,440 --> 00:28:19,640
Speaker 2: And so I think we still.

525
00:28:20,920 --> 00:28:24,880
Speaker 10: You know, that does not change the course of our deficits,

526
00:28:25,320 --> 00:28:28,600
Speaker 10: but we could certainly reallocate some of our monies into

527
00:28:28,640 --> 00:28:32,760
Speaker 10: more urgent issues and I would say, and my letter

528
00:28:32,800 --> 00:28:36,760
Speaker 10: speaks about it to we need to grow our economy

529
00:28:37,000 --> 00:28:40,480
Speaker 10: so our deficits are a smaller component of our GDP.

530
00:28:41,560 --> 00:28:44,479
Speaker 10: That is the bigger issue. If we continue to just

531
00:28:44,520 --> 00:28:47,360
Speaker 10: grow at two percent and we have these type of deficits,

532
00:28:47,360 --> 00:28:49,840
Speaker 10: that's when the deficits really are going to be a.

533
00:28:49,800 --> 00:28:51,600
Speaker 2: Problem out five and ten years.

534
00:28:51,640 --> 00:28:53,560
Speaker 9: But you suggest three percent, is that realistic?

535
00:28:54,480 --> 00:28:55,840
Speaker 2: We need that has to be our target.

536
00:28:55,920 --> 00:28:57,920
Speaker 10: We need to find ways of growing at three percent

537
00:28:58,080 --> 00:29:01,440
Speaker 10: instead of just cutting taxes, or we need to find

538
00:29:01,480 --> 00:29:06,400
Speaker 10: ways of insenting private capital to be investing more.

539
00:29:06,520 --> 00:29:09,160
Speaker 2: We need to encourage growth, and we need to.

540
00:29:09,080 --> 00:29:11,040
Speaker 10: Be and this is a debate now and there's a

541
00:29:11,080 --> 00:29:13,920
Speaker 10: lot of people talking against this. We need to embrace

542
00:29:14,200 --> 00:29:17,480
Speaker 10: our capitalism because our capitalism has shown to be the

543
00:29:17,520 --> 00:29:19,320
Speaker 10: best economic force in the world.

544
00:29:19,800 --> 00:29:21,600
Speaker 9: And finally, Larry, let's come back to the personal here

545
00:29:21,600 --> 00:29:23,400
Speaker 9: for a moment. As you mentioned, you and I happened

546
00:29:23,400 --> 00:29:25,880
Speaker 9: to be exactly the same age, right, we're boomers. Yes,

547
00:29:26,320 --> 00:29:29,400
Speaker 9: we have some responsibility to the succeeding generation that I'm

548
00:29:29,400 --> 00:29:31,040
Speaker 9: not sure with delivering on how much of your letter

549
00:29:31,160 --> 00:29:33,920
Speaker 9: was really saying to us boomers. We owe it to

550
00:29:33,960 --> 00:29:36,160
Speaker 9: our children and our grandchildren to get our arms around

551
00:29:36,160 --> 00:29:36,880
Speaker 9: these problems.

552
00:29:37,720 --> 00:29:41,200
Speaker 10: We were born at a great economic moment. It's we

553
00:29:41,240 --> 00:29:44,560
Speaker 10: all have a responsibility to try to recreate that environment

554
00:29:44,560 --> 00:29:47,640
Speaker 10: for our grandchildren and hopefully make a better outcome for

555
00:29:47,720 --> 00:29:49,960
Speaker 10: our children. But now at our age, we've got to

556
00:29:49,960 --> 00:29:52,400
Speaker 10: be focused on the future for our grandchildren.

557
00:29:52,600 --> 00:29:54,440
Speaker 9: Okay, Larry, thank you so much. Really great to have

558
00:29:54,480 --> 00:29:57,360
Speaker 9: you here. That's Larry Fink, He's Black chairman and CEO.

559
00:29:57,680 --> 00:29:58,640
Speaker 9: Joe back to you.

560
00:30:00,080 --> 00:30:04,120
Speaker 3: David Weston, thank you. Fascinating conversation, having read mister Fink's

561
00:30:04,200 --> 00:30:06,280
Speaker 3: letter this morning and something that we were looking forward to.

562
00:30:06,440 --> 00:30:09,040
Speaker 3: Recalling the conversation that we were having here in Washington

563
00:30:09,680 --> 00:30:13,360
Speaker 3: about the retirement age just days ago, and I want

564
00:30:13,360 --> 00:30:15,680
Speaker 3: to hear from the panel on this. Rick Davis is

565
00:30:15,680 --> 00:30:18,440
Speaker 3: with us here along with Brad Howard, as we dig

566
00:30:18,480 --> 00:30:22,120
Speaker 3: into the politics of this, Recalling the conversation about social

567
00:30:22,200 --> 00:30:25,520
Speaker 3: security in the budget that emerged Rick Davis from the

568
00:30:25,560 --> 00:30:30,520
Speaker 3: Republican Study Committee. Highly controversial, it actually addressed the issue

569
00:30:31,040 --> 00:30:35,240
Speaker 3: and recommended increasing the age for retirement. This is something

570
00:30:35,240 --> 00:30:39,120
Speaker 3: that neither presidential candidate will touch. Right now, we're going

571
00:30:39,160 --> 00:30:41,800
Speaker 3: back to the old lock box. Here is it time

572
00:30:41,840 --> 00:30:43,520
Speaker 3: to start having this conversation out loud.

573
00:30:44,640 --> 00:30:47,480
Speaker 11: Well, you kind of started that conversation at the presidential

574
00:30:47,560 --> 00:30:51,160
Speaker 11: level when you interviewed Nicki Haley this primary cycle and

575
00:30:51,200 --> 00:30:55,160
Speaker 11: got heard talking about Social Security. And the bottom line is,

576
00:30:55,920 --> 00:30:58,920
Speaker 11: I think what Larry Fink points out is just a

577
00:30:58,920 --> 00:31:02,440
Speaker 11: fact Berkans are living longer, We're being more productive in

578
00:31:02,480 --> 00:31:06,719
Speaker 11: that old age. Medicine has given us a new chance

579
00:31:06,840 --> 00:31:10,560
Speaker 11: to extend our lives, and yet public policy isn't following

580
00:31:10,600 --> 00:31:14,080
Speaker 11: any of that. And as you point out, Rick Scott

581
00:31:14,120 --> 00:31:17,160
Speaker 11: in the Republican Study Committee and Nikki Haley have said

582
00:31:17,160 --> 00:31:19,880
Speaker 11: something about needing to reform Social Security. It is on

583
00:31:19,960 --> 00:31:23,920
Speaker 11: the brink of being a financial disaster, and yet presidential

584
00:31:23,960 --> 00:31:28,280
Speaker 11: candidates Donald Trump and Joe Biden seem to feel like

585
00:31:28,320 --> 00:31:30,840
Speaker 11: it's some kind of toxic third rail that you can't

586
00:31:30,840 --> 00:31:33,160
Speaker 11: talk about in politics, and you.

587
00:31:33,080 --> 00:31:34,960
Speaker 7: Know you'd be a disaster if you did.

588
00:31:35,280 --> 00:31:38,280
Speaker 11: I think Americans are more sophisticated than that, and I

589
00:31:38,320 --> 00:31:40,920
Speaker 11: think a national dialogue is exactly what Larry Fink has

590
00:31:40,920 --> 00:31:42,560
Speaker 11: calm for and I think it's a smart move on

591
00:31:42,640 --> 00:31:43,080
Speaker 11: his part.

592
00:31:44,240 --> 00:31:47,400
Speaker 3: With the Democratic view, Brad Howard in our remaining moment

593
00:31:47,840 --> 00:31:50,040
Speaker 3: in this conversation, Brad, We've got an eighty one year

594
00:31:50,040 --> 00:31:52,120
Speaker 3: old president. All we do is talk about age around

595
00:31:52,120 --> 00:31:54,520
Speaker 3: here in Washington, d C. How come we can't have

596
00:31:54,560 --> 00:31:55,320
Speaker 3: this conversation.

597
00:31:56,680 --> 00:31:59,000
Speaker 12: Well, look, the critics, it isn't that we're having. The

598
00:31:59,000 --> 00:32:03,840
Speaker 12: conversation is that the Republican proposal immediately makes seniors bear

599
00:32:03,840 --> 00:32:06,760
Speaker 12: the burden of the bad decisions of Washington. And I

600
00:32:06,760 --> 00:32:09,719
Speaker 12: think Democrats want to look at it more holistically, like

601
00:32:10,440 --> 00:32:12,600
Speaker 12: there's there's ways you can tax the wealthy, or to

602
00:32:12,640 --> 00:32:15,760
Speaker 12: help ensure the longevity of a SOB Security Trust fund,

603
00:32:15,800 --> 00:32:18,520
Speaker 12: there's other mechanisms like why are millionaires and billionaires getting

604
00:32:18,600 --> 00:32:21,160
Speaker 12: so security benefits? Those are questions that Democrats are asking,

605
00:32:21,400 --> 00:32:24,560
Speaker 12: So I think why no. The criticism is that they're

606
00:32:24,600 --> 00:32:26,400
Speaker 12: looking at it from this angle. But let me say like,

607
00:32:26,840 --> 00:32:31,440
Speaker 12: there was a strong momentum behind a bipartisan national commission

608
00:32:31,440 --> 00:32:34,440
Speaker 12: that would look at the nation's debt, including entitlement spending,

609
00:32:34,480 --> 00:32:37,560
Speaker 12: which is so security and medicare. It made it through that.

610
00:32:37,600 --> 00:32:39,520
Speaker 12: It was the Scott Peters Bill. It made it through

611
00:32:39,640 --> 00:32:43,160
Speaker 12: the Budget Committee on a bipartisan vote, and Democrats were

612
00:32:43,200 --> 00:32:45,400
Speaker 12: willing to go forward with this. Who killed it was

613
00:32:45,440 --> 00:32:48,400
Speaker 12: Grover Norquist and the Americans for Tax Reform because they

614
00:32:48,480 --> 00:32:51,240
Speaker 12: left on the table the idea of raising taxes to

615
00:32:51,280 --> 00:32:53,640
Speaker 12: help ensure the longevity of SOB security. So you know,

616
00:32:53,720 --> 00:32:56,080
Speaker 12: both sides have are are to blame here, but again

617
00:32:56,120 --> 00:32:57,880
Speaker 12: the criticism and not that they're bringing it up. The

618
00:32:57,880 --> 00:32:59,640
Speaker 12: criticism is their proposal to do.

619
00:32:59,600 --> 00:33:03,440
Speaker 3: So a right Howard and Rick Davis are great panel. Today.

620
00:33:05,960 --> 00:33:09,480
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

621
00:33:09,560 --> 00:33:12,640
Speaker 1: us live weekdays at noon Eastern on Applecarplay and then

622
00:33:12,680 --> 00:33:16,160
Speaker 1: Brounoto with the Bloomberg Business app. Listen on demand wherever

623
00:33:16,200 --> 00:33:19,320
Speaker 1: you get your podcasts, or watch us live on YouTube.

624
00:33:22,000 --> 00:33:24,479
Speaker 3: Welcome to the Tuesday edition of Ballance of Power. I'm

625
00:33:24,560 --> 00:33:28,479
Speaker 3: Joe Matthew in Washington. Normally I would say alongside Kaylee Lines,

626
00:33:28,840 --> 00:33:31,520
Speaker 3: but Kaylee is in Baltimore today having responded to the

627
00:33:31,560 --> 00:33:33,680
Speaker 3: bridge collapse this morning, and we want to bring you

628
00:33:33,760 --> 00:33:35,600
Speaker 3: up to date on what is happening there because the

629
00:33:35,640 --> 00:33:38,680
Speaker 3: administration is now responding. It's not just local officials. We

630
00:33:38,720 --> 00:33:42,160
Speaker 3: heard from Joe Biden live here on this program just

631
00:33:42,160 --> 00:33:45,640
Speaker 3: within the last hour, pledging that the federal government will

632
00:33:45,680 --> 00:33:48,480
Speaker 3: pay for the bridge replacement in full. They will not

633
00:33:48,640 --> 00:33:51,160
Speaker 3: wait to find out who was at fault or whether

634
00:33:51,360 --> 00:33:54,240
Speaker 3: the shipping line is liable in this case. After the

635
00:33:54,360 --> 00:33:57,720
Speaker 3: Dolly lost power that cargo ship and slammed into the bridge,

636
00:33:58,280 --> 00:34:00,920
Speaker 3: bringing it down. Most of that bridge underwater right now,

637
00:34:00,960 --> 00:34:03,920
Speaker 3: and Kaylee joins us from the scene. Kaylle, we understand

638
00:34:03,920 --> 00:34:06,680
Speaker 3: the Transportation Secretary is on his way there today.

639
00:34:08,560 --> 00:34:11,319
Speaker 13: Yes, we do expect, Joe, that Secretary Buddha Jedge will

640
00:34:11,360 --> 00:34:15,080
Speaker 13: be coming here to view the scene to partake in

641
00:34:15,120 --> 00:34:17,319
Speaker 13: the efforts, which, of course, right now is still a

642
00:34:17,360 --> 00:34:19,920
Speaker 13: search and rescue effort as we speak, at the invitation

643
00:34:20,280 --> 00:34:23,760
Speaker 13: of Governor Wesmore. We have not yet seen the Secretary arrived,

644
00:34:23,760 --> 00:34:25,640
Speaker 13: but of course we'll keep all on Bloomberg television and

645
00:34:25,719 --> 00:34:28,719
Speaker 13: radio posted as we do have developments here, and of

646
00:34:28,719 --> 00:34:30,799
Speaker 13: course he will likely reiterate what we have heard, as

647
00:34:30,840 --> 00:34:33,520
Speaker 13: you said from the President, that the federal government is

648
00:34:33,600 --> 00:34:36,040
Speaker 13: going to be leading this effort in terms of financing

649
00:34:36,120 --> 00:34:38,799
Speaker 13: the reconstruction of this bridge. Of course that could be

650
00:34:38,800 --> 00:34:42,319
Speaker 13: a figure in the billions of dollars potentially, and of course,

651
00:34:42,360 --> 00:34:45,480
Speaker 13: before any reconstruction effort can be underway, they do have

652
00:34:45,520 --> 00:34:48,080
Speaker 13: to clear out just the debris that is currently in

653
00:34:48,120 --> 00:34:50,319
Speaker 13: the river behind me. Keeping in mind that basically the

654
00:34:50,480 --> 00:34:53,880
Speaker 13: entirety of this bridge collapsed and started to be at

655
00:34:53,960 --> 00:34:56,479
Speaker 13: least partially submerged. It is going to take some time

656
00:34:56,520 --> 00:34:58,480
Speaker 13: to get all of that out, to clear out the waterway,

657
00:34:58,560 --> 00:35:01,080
Speaker 13: not just so the bridge can be reconstructed or that

658
00:35:01,120 --> 00:35:03,879
Speaker 13: project can begin, but also so that the port can

659
00:35:03,920 --> 00:35:06,719
Speaker 13: be reopened and that ships can transit this waterway. Once again,

660
00:35:06,800 --> 00:35:08,479
Speaker 13: it's worth keeping in mind here as we think about

661
00:35:08,480 --> 00:35:11,120
Speaker 13: the timeline, which could be potentially very long. Governor Moore

662
00:35:11,320 --> 00:35:14,000
Speaker 13: talked about it being a long haul project earlier this

663
00:35:14,040 --> 00:35:16,440
Speaker 13: morning at a press conference, but also the question of

664
00:35:16,480 --> 00:35:19,600
Speaker 13: how quickly this financing can be secured. When President Biden

665
00:35:19,600 --> 00:35:22,600
Speaker 13: said he does intend for the federal government to pick

666
00:35:22,680 --> 00:35:24,080
Speaker 13: up the tab on this, he said that he does

667
00:35:24,200 --> 00:35:26,480
Speaker 13: expect Congress will approve that. But we know that this

668
00:35:26,560 --> 00:35:30,120
Speaker 13: president hasn't had an immense degree of ease in asking

669
00:35:30,200 --> 00:35:34,200
Speaker 13: Congress for money and that passing in an expeditious matter. Joe,

670
00:35:34,200 --> 00:35:36,359
Speaker 13: we all know what just happened with government funding. Of course,

671
00:35:36,400 --> 00:35:39,000
Speaker 13: there is a supplemental request, including emergency aid for US

672
00:35:39,040 --> 00:35:41,400
Speaker 13: allies like Ukraine and Israel, that still hasn't been acted.

673
00:35:41,400 --> 00:35:43,840
Speaker 13: On by the House, so we'll see just how quickly

674
00:35:43,840 --> 00:35:46,680
Speaker 13: it can work its way through the workings of the

675
00:35:46,680 --> 00:35:49,759
Speaker 13: federal government as state officials are responding here in real

676
00:35:49,800 --> 00:35:52,040
Speaker 13: time today, that's for sure.

677
00:35:52,120 --> 00:35:54,759
Speaker 3: Kayleie, We're really glad that you could get there and

678
00:35:54,800 --> 00:35:57,319
Speaker 3: bring this information to us. Thank you for being at

679
00:35:57,320 --> 00:35:59,440
Speaker 3: the scene. You'll be hearing from Kaylee of course throughout

680
00:35:59,440 --> 00:36:02,480
Speaker 3: the day here on Bloomberg Radio and TV, my partner

681
00:36:02,560 --> 00:36:05,520
Speaker 3: here on Balance of Power doing the good work that

682
00:36:05,719 --> 00:36:09,200
Speaker 3: you're hearing. We started our broadcast talking with Amy Morris

683
00:36:09,200 --> 00:36:12,799
Speaker 3: from Bloomberg Radio, who really brought home the impact that

684
00:36:12,840 --> 00:36:15,080
Speaker 3: this has on a local level. We're going to talk

685
00:36:15,160 --> 00:36:17,319
Speaker 3: a lot in the days and weeks ahead about the

686
00:36:17,440 --> 00:36:21,840
Speaker 3: national impact, maybe even international economic impact on trade. The

687
00:36:21,960 --> 00:36:27,719
Speaker 3: biggest port in America for autos, the ninth largest overall

688
00:36:27,920 --> 00:36:32,080
Speaker 3: coal shipments being brought to a standstill now for some

689
00:36:32,239 --> 00:36:36,040
Speaker 3: six weeks. But if you live in the Baltimore area,

690
00:36:36,280 --> 00:36:40,560
Speaker 3: this is your home. It's actually known or was as

691
00:36:40,600 --> 00:36:43,160
Speaker 3: the Golden gate Bridge of Baltimore, was part of the

692
00:36:43,200 --> 00:36:45,960
Speaker 3: skyline there and this is something that is hitting the

693
00:36:45,960 --> 00:36:48,920
Speaker 3: community hard. We're actually hearing now from the sports teams

694
00:36:48,960 --> 00:36:51,920
Speaker 3: in Baltimore. The orioles out with a statement that says,

695
00:36:51,920 --> 00:36:55,800
Speaker 3: in part, Baltimore, We're a tight knit and resilient city. Together,

696
00:36:56,360 --> 00:37:01,239
Speaker 3: we will get through this. The Baltimore ravens similar. We

697
00:37:01,360 --> 00:37:04,279
Speaker 3: know that the Baltimore community will stand together in the

698
00:37:04,320 --> 00:37:07,359
Speaker 3: aftermath of this tragic event. We'll have a lot more

699
00:37:07,360 --> 00:37:09,160
Speaker 3: for you on the later edition of Balance of Power,

700
00:37:09,200 --> 00:37:12,080
Speaker 3: starts at five pm Washington time here on Bloomberg TV

701
00:37:12,520 --> 00:37:17,040
Speaker 3: and Radio, in a conversation with former Transportation Secretary Ray LaHood,

702
00:37:17,120 --> 00:37:19,640
Speaker 3: among others, who will join us to talk about the

703
00:37:19,680 --> 00:37:22,000
Speaker 3: impact and the recovery. Here on a day that we

704
00:37:22,040 --> 00:37:25,400
Speaker 3: would typically be leading with the new Bloomberg Swing State Pole,

705
00:37:25,960 --> 00:37:28,200
Speaker 3: we got new numbers out this morning. There has been

706
00:37:28,239 --> 00:37:30,319
Speaker 3: so much breaking news so far today I haven't had

707
00:37:30,320 --> 00:37:32,799
Speaker 3: a chance to get to it until now, And as

708
00:37:32,800 --> 00:37:34,640
Speaker 3: we heard from Joe Biden ahead of his trip to

709
00:37:34,640 --> 00:37:37,480
Speaker 3: North Carolina, the news is quite good for him. The

710
00:37:37,640 --> 00:37:41,399
Speaker 3: blue wall we talk so much about may in fact

711
00:37:41,520 --> 00:37:43,920
Speaker 3: be in place for him by the time we vote,

712
00:37:44,160 --> 00:37:48,880
Speaker 3: if the trajectory remains intact in the polling that we've seen. Bloomberg,

713
00:37:48,960 --> 00:37:52,440
Speaker 3: of course, working with morning consults on this on the

714
00:37:52,480 --> 00:37:55,000
Speaker 3: monthly this has been a rolling pole, if you will,

715
00:37:55,080 --> 00:37:57,520
Speaker 3: or a monthly pole that we've been updating in the

716
00:37:57,600 --> 00:38:01,200
Speaker 3: seven swing states that will likely to side the election,

717
00:38:01,600 --> 00:38:04,000
Speaker 3: will likely pick the next president of the United States.

718
00:38:04,000 --> 00:38:07,239
Speaker 3: The headline on the terminal Biden erases Trump's lead in

719
00:38:07,280 --> 00:38:10,480
Speaker 3: blue wall states he needs to win, and to that end,

720
00:38:10,480 --> 00:38:14,560
Speaker 3: we bring in Eli Yoakley, US politics analyst that morning

721
00:38:14,560 --> 00:38:17,040
Speaker 3: consult our partners on this poll. Eli, It's great to

722
00:38:17,080 --> 00:38:19,320
Speaker 3: see you back. Where is Joe Biden making headway?

723
00:38:21,080 --> 00:38:24,000
Speaker 14: Things are looking a little better for President Biden since

724
00:38:24,040 --> 00:38:26,640
Speaker 14: we last checked in on this. Joe Biden has improved

725
00:38:26,640 --> 00:38:30,320
Speaker 14: his standing in Michigan, a very key states his reelection.

726
00:38:30,719 --> 00:38:33,839
Speaker 14: He's made improvements in Nevada, and in North Carolina, and

727
00:38:33,880 --> 00:38:37,279
Speaker 14: in Pennsylvania and Wisconsin. Look, he's above water for the

728
00:38:37,320 --> 00:38:41,279
Speaker 14: first time in our survey since October in Wisconsin. This

729
00:38:41,360 --> 00:38:46,160
Speaker 14: is positive forward movement. But look, he still faces a

730
00:38:46,280 --> 00:38:50,279
Speaker 14: very tough electorate this year. We've seen some signs of

731
00:38:50,320 --> 00:38:54,000
Speaker 14: improvement in terms of the favorability rating, how folks are

732
00:38:54,040 --> 00:38:56,839
Speaker 14: thinking about the economy, the kind of news voters are

733
00:38:56,880 --> 00:38:59,840
Speaker 14: taking away about the president. But in a number of

734
00:38:59,840 --> 00:39:02,120
Speaker 14: these states he's still trailing President Trump.

735
00:39:04,320 --> 00:39:07,120
Speaker 3: And to be tied in Pennsylvania. Let's be honest, Eli,

736
00:39:07,160 --> 00:39:09,319
Speaker 3: this is home for Joe Biden. He's been to that

737
00:39:09,360 --> 00:39:11,839
Speaker 3: state I think more than any other since he's been

738
00:39:11,880 --> 00:39:14,440
Speaker 3: in office. He went up there to drop his budget,

739
00:39:14,440 --> 00:39:17,760
Speaker 3: He's delivered some very important speeches. He calls Scranton home.

740
00:39:18,200 --> 00:39:23,040
Speaker 3: Whether you buy into that narrative in the biography, is

741
00:39:23,080 --> 00:39:27,000
Speaker 3: that the first place the campaign needs to get to work.

742
00:39:28,440 --> 00:39:31,239
Speaker 14: I mean, he's spent a tremendous amount of time there.

743
00:39:31,280 --> 00:39:33,560
Speaker 14: It's like I'm running joke that he goes there every month.

744
00:39:33,600 --> 00:39:36,680
Speaker 14: He goes there a lot. It's an important state for him,

745
00:39:36,719 --> 00:39:39,719
Speaker 14: it's an important state for Democrats. I think one thing

746
00:39:39,760 --> 00:39:42,040
Speaker 14: that he's going to need to lean into there is

747
00:39:42,080 --> 00:39:45,520
Speaker 14: convincing voters that the economy at the local level has

748
00:39:45,640 --> 00:39:46,920
Speaker 14: actually improved.

749
00:39:46,920 --> 00:39:48,279
Speaker 7: It's one of the worst states right now.

750
00:39:48,320 --> 00:39:50,480
Speaker 14: We saw a trend across all of these states we

751
00:39:50,600 --> 00:39:54,480
Speaker 14: tested where economic sentiment, the kind of the way people

752
00:39:54,520 --> 00:39:57,320
Speaker 14: are thinking about the direction of the economy, has gone

753
00:39:57,600 --> 00:40:00,560
Speaker 14: on the rise across the swing safe map, and it's

754
00:40:00,560 --> 00:40:04,480
Speaker 14: been driven by perceptions of their local economy. Pennsylvania has

755
00:40:04,520 --> 00:40:07,400
Speaker 14: one of the states where that is still underwater. The

756
00:40:07,400 --> 00:40:10,240
Speaker 14: President has an opportunity here to try to make that case.

757
00:40:10,320 --> 00:40:12,920
Speaker 14: But right now it's not breaking to the same extent

758
00:40:12,960 --> 00:40:15,320
Speaker 14: that it is in places like Wisconsin, where he finally

759
00:40:15,320 --> 00:40:16,320
Speaker 14: has a lead over Trump.

760
00:40:17,960 --> 00:40:21,120
Speaker 3: Something we said about peaking late in this game. Eli,

761
00:40:22,120 --> 00:40:24,160
Speaker 3: if you're Joe Biden and you're looking out across the

762
00:40:24,200 --> 00:40:26,839
Speaker 3: next eight months, here you see people feeling better about

763
00:40:26,880 --> 00:40:29,720
Speaker 3: the economy now, knowing that interest rates might be coming,

764
00:40:30,080 --> 00:40:32,400
Speaker 3: knowing that you have twice as much cash on hand

765
00:40:32,760 --> 00:40:38,160
Speaker 3: as Donald Trump. When you look to I guess across

766
00:40:38,200 --> 00:40:40,719
Speaker 3: the valley here to November. If you're this campaign, do

767
00:40:40,800 --> 00:40:42,560
Speaker 3: you not see the stars aligning.

768
00:40:44,200 --> 00:40:46,160
Speaker 7: I think that it's early in this campaign.

769
00:40:46,239 --> 00:40:48,759
Speaker 14: I mean a good chunck of voters a couple months

770
00:40:48,800 --> 00:40:51,160
Speaker 14: ago didn't even think that Donald Trump would be denominated,

771
00:40:51,239 --> 00:40:51,520
Speaker 14: or they.

772
00:40:51,400 --> 00:40:52,200
Speaker 7: Weren't so sure.

773
00:40:52,480 --> 00:40:55,040
Speaker 14: A number of voters still say that the American people

774
00:40:55,040 --> 00:40:57,040
Speaker 14: are not paying attention to this, or at least hadn't

775
00:40:57,040 --> 00:41:00,000
Speaker 14: been paying attention to this to the extent that Washington is.

776
00:41:00,320 --> 00:41:02,640
Speaker 14: I think we're seeing signs that more voters are paying attention.

777
00:41:02,800 --> 00:41:05,960
Speaker 14: I think that folks are taking note of as Biden

778
00:41:06,000 --> 00:41:10,040
Speaker 14: would cast, at the threat of another Trump presidency. That

779
00:41:10,160 --> 00:41:12,879
Speaker 14: is something that he's going to need to rely on, very,

780
00:41:12,960 --> 00:41:16,080
Speaker 14: very heavily to try to rebuild that anti Trump coalition

781
00:41:16,160 --> 00:41:18,040
Speaker 14: that got him the White House in the first place.

782
00:41:18,680 --> 00:41:22,320
Speaker 14: It wasn't really a pro Biden coalition that got across

783
00:41:22,360 --> 00:41:24,840
Speaker 14: the finish slide four years ago. It was an anti

784
00:41:24,880 --> 00:41:27,920
Speaker 14: Trump coalition, and you're starting to see signs in places

785
00:41:27,960 --> 00:41:32,080
Speaker 14: like Wisconsin that is materializing. Some of this is driven

786
00:41:32,120 --> 00:41:34,919
Speaker 14: by independent voters, who are far more likely to cast

787
00:41:35,000 --> 00:41:37,560
Speaker 14: their vote if they're supporting Joe Biden as a vote

788
00:41:37,600 --> 00:41:41,640
Speaker 14: against Donald Trump than a vote for the incumbent. This

789
00:41:41,760 --> 00:41:45,640
Speaker 14: negative energy activates folks, and the Biden campaign is going

790
00:41:45,680 --> 00:41:47,000
Speaker 14: to need to spend a lot of time in the

791
00:41:47,000 --> 00:41:49,400
Speaker 14: coming months to try to revive that as it builds

792
00:41:49,480 --> 00:41:52,759
Speaker 14: up perceptions of its own handling of the presidency.

793
00:41:54,040 --> 00:41:58,600
Speaker 3: Spending time with Eli Yoakley at Morning consult, Eli, I'm

794
00:41:58,760 --> 00:42:02,160
Speaker 3: really struck by something that everyone seems to agree on here,

795
00:42:02,200 --> 00:42:05,960
Speaker 3: Progressives as well as Donald Trump supporters eat the rich.

796
00:42:06,800 --> 00:42:08,520
Speaker 3: This is something that came out of the poll here.

797
00:42:08,600 --> 00:42:13,240
Speaker 3: Those sixty nine percent those you pulled in seven swing

798
00:42:13,280 --> 00:42:18,520
Speaker 3: states favor higher taxes on billionaires, even Americans making over

799
00:42:18,560 --> 00:42:20,600
Speaker 3: four hundred thousand dollars a year. What else can you

800
00:42:20,640 --> 00:42:21,399
Speaker 3: tell us about this?

801
00:42:22,400 --> 00:42:24,640
Speaker 14: Yeah, it turns out that the vast majority of the

802
00:42:24,640 --> 00:42:26,040
Speaker 14: American people like taxing the rich.

803
00:42:26,080 --> 00:42:28,280
Speaker 7: It's very popular. And by the way, it's very popular

804
00:42:28,360 --> 00:42:29,759
Speaker 7: among Trump supporters too.

805
00:42:30,000 --> 00:42:33,400
Speaker 14: I mean, over half of Donald Trump's support support taxing

806
00:42:33,520 --> 00:42:37,560
Speaker 14: people who make over four hundred thousand dollars A good

807
00:42:37,800 --> 00:42:39,800
Speaker 14: number of them, about a third, which which is a

808
00:42:39,840 --> 00:42:45,520
Speaker 14: lot of Republicans support tax raising taxes on corporations. This

809
00:42:45,600 --> 00:42:48,239
Speaker 14: is the two major parties maybe finding a place of

810
00:42:48,280 --> 00:42:51,600
Speaker 14: agreement on a populist policy, which is maybe the American

811
00:42:51,600 --> 00:42:54,640
Speaker 14: people think the rich are making too much money right now.

812
00:42:54,800 --> 00:42:55,480
Speaker 7: We saw some of this.

813
00:42:55,560 --> 00:43:00,200
Speaker 14: Emerge during the inflation discussion early in Biden's presidency, where

814
00:43:00,200 --> 00:43:03,920
Speaker 14: a lot of voters were blaming corporations for being greedy.

815
00:43:04,120 --> 00:43:04,319
Speaker 3: Yeah.

816
00:43:04,320 --> 00:43:06,840
Speaker 14: I think this is an underlying current in American politics.

817
00:43:06,840 --> 00:43:10,040
Speaker 14: So Donald Trump has had a lot of luck allowing

818
00:43:10,040 --> 00:43:12,560
Speaker 14: the Republican Party to tap into it's where I think

819
00:43:12,800 --> 00:43:15,920
Speaker 14: people normally are with the Democratic Party. But if you

820
00:43:15,920 --> 00:43:18,799
Speaker 14: could see if he moves forward in this campaign and

821
00:43:18,840 --> 00:43:22,160
Speaker 14: maybe try to offer some compromises to restore his twenty

822
00:43:22,239 --> 00:43:26,520
Speaker 14: fifteen tax cuts for all Americans, maybe a place of

823
00:43:26,680 --> 00:43:29,520
Speaker 14: possible common ground in the next presidency.

824
00:43:30,640 --> 00:43:33,120
Speaker 3: Well, that's how does that help Trump? Though? This is

825
00:43:32,680 --> 00:43:37,160
Speaker 3: the man behind the twenty seventeen tax cuts. He's a billionaire.

826
00:43:37,200 --> 00:43:39,359
Speaker 3: This is actually what we're talking about. He wants to

827
00:43:39,360 --> 00:43:41,000
Speaker 3: lower the corporate tax rate, doesn't he?

828
00:43:41,960 --> 00:43:42,360
Speaker 7: Yeah.

829
00:43:42,440 --> 00:43:44,640
Speaker 14: I think it helps Trump in the sense that a

830
00:43:44,680 --> 00:43:47,840
Speaker 14: good number of people associate the Republican Party more with

831
00:43:47,880 --> 00:43:50,600
Speaker 14: people like them than they did before he took over.

832
00:43:51,880 --> 00:43:55,120
Speaker 14: He is rebuilding a populist regardless of his wealth and

833
00:43:55,160 --> 00:43:56,360
Speaker 14: his billionaire status.

834
00:43:56,520 --> 00:43:58,800
Speaker 7: He has helped rebuild the Republican.

835
00:43:58,360 --> 00:44:00,960
Speaker 14: Party's brand as a party of the cares more about

836
00:44:01,360 --> 00:44:04,200
Speaker 14: everyday Americans. The other thing that stands out in this,

837
00:44:04,320 --> 00:44:07,480
Speaker 14: by the way, is the American people seem inclined to

838
00:44:07,520 --> 00:44:10,640
Speaker 14: be on board with some of his tariff discussion. He's

839
00:44:10,640 --> 00:44:15,520
Speaker 14: talked a lot about raising of tariffs on some foreign imports.

840
00:44:15,800 --> 00:44:18,000
Speaker 7: The American people seem to be there.

841
00:44:18,680 --> 00:44:22,120
Speaker 14: That seems like something that might raise costs for everyday folks.

842
00:44:22,360 --> 00:44:27,120
Speaker 14: But this going after big business is more protectionist bent

843
00:44:27,440 --> 00:44:31,520
Speaker 14: in America's populist bit in American politics is something that

844
00:44:32,680 --> 00:44:34,600
Speaker 14: is becoming a bit of a unifier this year.

845
00:44:35,960 --> 00:44:38,560
Speaker 3: That's pretty remarkable. I guess the populist election, even if

846
00:44:38,560 --> 00:44:41,399
Speaker 3: it doesn't always agree with one candidate or the other,

847
00:44:41,880 --> 00:44:44,000
Speaker 3: you go with the message. Eli. We've been talking a

848
00:44:44,040 --> 00:44:47,799
Speaker 3: lot about third parties lately. No Labels is scratch and

849
00:44:47,840 --> 00:44:51,080
Speaker 3: looking for a candidate. Here, RFK Junior is trying to

850
00:44:51,080 --> 00:44:53,439
Speaker 3: make news. You put up a running mate today, even

851
00:44:53,440 --> 00:44:55,440
Speaker 3: though he's only on a couple of ballots. Is this

852
00:44:55,560 --> 00:44:59,120
Speaker 3: going to be a factor in pulling and actual election

853
00:44:59,200 --> 00:45:00,480
Speaker 3: results in the November.

854
00:45:01,520 --> 00:45:04,520
Speaker 14: I mean, some of these states are so close. I mean, Pennsylvania, Michigan,

855
00:45:04,600 --> 00:45:09,239
Speaker 14: Wisconsin are tight, tight races. A couple points here and

856
00:45:09,280 --> 00:45:11,680
Speaker 14: there matter a lot. I think what stood out in

857
00:45:11,680 --> 00:45:15,360
Speaker 14: this latest survey is that RFK does pull from President

858
00:45:15,640 --> 00:45:18,440
Speaker 14: Biden along with folks like Cornell West and Jill Stein.

859
00:45:19,600 --> 00:45:21,360
Speaker 7: It's going to be something to watch. I mean, RFK

860
00:45:21,560 --> 00:45:22,520
Speaker 7: keeps getting.

861
00:45:22,200 --> 00:45:24,960
Speaker 14: More popular in all of these surveys. There's not been

862
00:45:25,080 --> 00:45:28,120
Speaker 14: much of an effort against him yet, and we're still

863
00:45:28,120 --> 00:45:29,920
Speaker 14: going to see what kind of balance he can get on.

864
00:45:30,000 --> 00:45:30,759
Speaker 2: But you know, the.

865
00:45:30,680 --> 00:45:33,279
Speaker 14: Presidence of some of these third party candidates, especially when

866
00:45:33,320 --> 00:45:36,400
Speaker 14: so many voters dislike both of the major party candidates,

867
00:45:36,640 --> 00:45:39,399
Speaker 14: is obviously something that both side Saints watched and right

868
00:45:39,400 --> 00:45:41,680
Speaker 14: now it does appear to be a bit of a

869
00:45:41,760 --> 00:45:42,880
Speaker 14: challenge for President Biden.

870
00:45:44,719 --> 00:45:47,680
Speaker 3: Fascinating stuff here with so much time left. Eli. You know,

871
00:45:47,719 --> 00:45:52,279
Speaker 3: we started this campaign cycle warning everybody don't read into

872
00:45:52,360 --> 00:45:55,480
Speaker 3: national polls too much. Here there's too much time to go,

873
00:45:55,600 --> 00:45:59,600
Speaker 3: and this poll really seems to underscore that argument. If

874
00:45:59,600 --> 00:46:02,680
Speaker 3: you're not looking specifically at Wisconsin, if you're not looking

875
00:46:02,719 --> 00:46:06,080
Speaker 3: specifically at Pennsylvania, for instance, these are two that we've

876
00:46:06,080 --> 00:46:08,520
Speaker 3: really isolated in our conversation here, you have no idea

877
00:46:08,960 --> 00:46:10,280
Speaker 3: what's going on in this campaign.

878
00:46:11,320 --> 00:46:13,560
Speaker 14: Yeah, I mean we always think of our national surveys

879
00:46:13,560 --> 00:46:15,640
Speaker 14: as a leading indicator. I mean, we saw some of

880
00:46:15,640 --> 00:46:17,919
Speaker 14: this in the national data we collected after the State

881
00:46:17,960 --> 00:46:20,080
Speaker 14: of the Union that fewer voters were concerned about the

882
00:46:20,120 --> 00:46:24,800
Speaker 14: president's age. Since Donald Trump won the Super Tuesday contest,

883
00:46:24,800 --> 00:46:27,760
Speaker 14: we started to see this race solidify in a very

884
00:46:27,800 --> 00:46:30,360
Speaker 14: tight way. But the importance of what we're doing every

885
00:46:30,440 --> 00:46:33,840
Speaker 14: single mompp helps explain to the American people what's happening on

886
00:46:33,840 --> 00:46:35,480
Speaker 14: the ground in some of these key states and pick

887
00:46:35,560 --> 00:46:36,760
Speaker 14: up some of these small movements.

888
00:46:36,800 --> 00:46:39,080
Speaker 7: They're going to matter a lot come November.

889
00:46:40,400 --> 00:46:41,959
Speaker 3: Are we going to be talking about a blue wall

890
00:46:42,080 --> 00:46:42,799
Speaker 3: in November.

891
00:46:43,520 --> 00:46:45,600
Speaker 14: We're always talking about a blue wall. Well, we talked

892
00:46:45,640 --> 00:46:48,799
Speaker 14: about a blue wall, will be talking about Arizona. We've

893
00:46:48,800 --> 00:46:51,160
Speaker 14: already heard folks start talking about North Carolina and we'll

894
00:46:51,160 --> 00:46:52,359
Speaker 14: see how that pans out.

895
00:46:52,440 --> 00:46:55,320
Speaker 7: But it does appear that, you know, folk places.

896
00:46:54,960 --> 00:46:57,319
Speaker 14: Like Wisconsin and Michigan are going to be a big

897
00:46:57,360 --> 00:46:58,320
Speaker 14: deal come November.

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00:46:59,800 --> 00:47:04,719
Speaker 3: You come on today, Eli, Thanks for listening to the

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00:47:04,760 --> 00:47:08,120
Speaker 3: Balance of Power podcast. Make sure to subscribe if you

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00:47:08,160 --> 00:47:11,640
Speaker 3: haven't already, at Apple, Spotify, or wherever you get your podcasts,

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00:47:12,040 --> 00:47:14,520
Speaker 3: and you can find us live every weekday from Washington,

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00:47:14,600 --> 00:47:17,720
Speaker 3: DC at noontime Eastern at Bloomberg dot com.