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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 APO CarPlay and then roud Oto with

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Speaker 1: the Bloomberg Business app. Listen on demand wherever you get

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Speaker 1: your podcasts, or watch us live on YouTube.

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Speaker 2: And now we're joined here in our studios in Wisconsin

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Speaker 2: by the Governor of Mississippi, Tate Reeves. Welcome to Bloomberg

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Speaker 2: TV and Radio. Governor, it's great to have you as

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Speaker 2: we look ahead to the speakers of this evening, and

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Speaker 2: of course the headliner, the vice presidential nominee jd Vance.

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Speaker 2: What are you hoping that he focuses on. What message

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Speaker 2: do the people of Mississippi want to hear from him?

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Speaker 3: Well, what I will tell you is I believe that

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Speaker 3: jd Vance is the candidate that is most likely to

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Speaker 3: govern like President Trump is going to govern. I also

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Speaker 3: think jd Vance is a huge addition to the ticket

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Speaker 3: because jd Vance's story speaks to rural voters in places

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Speaker 3: like Mississippi, but also rural voters in Wisconsin, the state

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Speaker 3: that we're in now, and rural voters in Ohio obviously,

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Speaker 3: but Pennsylvania and Michigan, and we find ourselves at a

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Speaker 3: time in American history where every day Americans are struggling.

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Speaker 4: They're struggling because of inflation.

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Speaker 3: They're struggling because every time they go to put gas

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Speaker 3: in their car, it costs significantly more today than it

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Speaker 3: did four years ago. Every time they go to the

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Speaker 3: grocery store and they buy bread and milk and other essentials,

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Speaker 3: it costs significantly more than it did four years ago.

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Speaker 3: And I believe that JD. Vance's story and what he

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Speaker 3: will tell tonight is going to highlight those facts that

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Speaker 3: he grew up in a difficult environment, and quite frankly,

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Speaker 3: all of those things are true because of policies enacted

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Speaker 3: by the Biden administration that were intentional. They intentionally increased

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Speaker 3: government spending significantly, which led to higher and higher inflation,

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Speaker 3: and it's hurting people back home.

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Speaker 5: Well, obviously, that spending they came out of COVID followed

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Speaker 5: enormous spending by the Trump administration that added trillions to

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Speaker 5: the debt. And we're talking to economists every day here

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Speaker 5: almost governor who are deeply concerned about a ballooning deficit,

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Speaker 5: maybe trillions more if the Trump tax cuts are made permanent,

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Speaker 5: which could have an inflationary effect, and this problem you're

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Speaker 5: outlining gets even worse.

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Speaker 3: Well, what I will tell you is just I mean,

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Speaker 3: you don't have to be a math major to figure

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Speaker 3: out that if you have thirty trillion dollars in debt

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Speaker 3: and interest rates are arising as they have done, and

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Speaker 3: let's just say five percent of thirty trillion dollars, we're

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Speaker 3: going to spend a trillion five a year as a

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Speaker 3: country just on interest expense, without even paying back any

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Speaker 3: of the principle. And so I think that these are

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Speaker 3: issues that maybe are not top of mind for every

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Speaker 3: single voter across America, but it's certainly important to those

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Speaker 3: of us that operate in the states.

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Speaker 4: You know, we have to have a balanced budget.

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Speaker 3: In Mississippi, when I came in twenty years ago, we

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Speaker 3: had a nearly twenty five percent shortfall in revenues compared

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Speaker 3: to the expenditures of the previous administration.

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Speaker 4: And what we did is we went and we fixed it.

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Speaker 3: And so I think good strong policies, a growing economy

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Speaker 3: will lead to more revenues for the government, and we're

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Speaker 3: going to have to get control of spending.

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Speaker 2: So if we need to get control of spending and

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Speaker 2: everything you just said about how interest rates are higher,

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Speaker 2: it's going to take a lot more just to maintain

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Speaker 2: the high debt levels we have. Why then pursue further

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Speaker 2: tax cuts. Doesn't that not work mathematically?

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Speaker 3: Well, actually, I will tell you, I believe very strongly

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Speaker 3: that government doesn't have anything that it doesn't first take

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Speaker 3: from someone else. And the reality is that as you

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Speaker 3: look at where we find ourselves, every single American knows

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Speaker 3: better how to spend their money than any governmental entity

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Speaker 3: ever will. Certainly the federal government has proved that, but

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Speaker 3: we have proved it in Mississippi as well, and we

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Speaker 3: try to be smart and conservative with the people's money.

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Speaker 3: But we've been cutting income taxes in our state. In fact,

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Speaker 3: there are nine states in America that have no income tax,

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Speaker 3: so the forty one that have one, Mississippi has the

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Speaker 3: fifth lowest in America, and our economy is booming unlike

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Speaker 3: other parts of the country. Mississippi has the lowest unemployment

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Speaker 3: rate in our state's history right now. Mississippi also has

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Speaker 3: more people working than at any time in our state's history,

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Speaker 3: and that's because we have a tax friendly environment. We

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Speaker 3: have a business friendly environment, We showed during COVID that

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Speaker 3: as difficult as those times were, our people got up.

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Speaker 4: And went to work and took care of themselves.

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Speaker 3: We need more Americans in the workforce, we need more

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Speaker 3: tax payers. We need more people pulling the wagon and

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Speaker 3: less people sitting on the wagon.

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Speaker 5: You're talking about winning over rural voters, and I know

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Speaker 5: that that's very close to your heart for obvious reasons.

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Speaker 5: We talked to Congress from Brian Style the other day

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Speaker 5: talking about the hunting territory in northern Wisconsin that he's

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Speaker 5: looking at. But we've been told by a lot of

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Speaker 5: smart people that this election will be cited in the suburbs,

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Speaker 5: that it will be women, that it will be young

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Speaker 5: black men. What's the message to them.

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Speaker 3: Well, I will tell you President Trump is currently polling

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Speaker 3: better with young African American men than probably any Republican

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Speaker 3: has ever done this right, And that's because that particular

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Speaker 3: group also recognizes the same thing that every other American recognizes,

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Speaker 3: and that is inflation. The fact that when they go

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Speaker 3: and they put gas in their car, the money that

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Speaker 3: they are earning is going less and less far.

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Speaker 5: But it's an every days we can talk about a

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Speaker 5: lot of issues you're striking the economy each way.

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Speaker 3: I think at the end of the day, particularly those

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Speaker 3: who are undecided. I mean, obviously, if you've got the

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Speaker 3: hardcore conservatives on one side and the far left on

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Speaker 3: the other, obviously there are hot button issues that those

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Speaker 3: individuals care about. But the ones who are undecided, those

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Speaker 3: in the middle, those that are independents, those are right

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Speaker 3: leaning Republicans that maybe not have not always voted for Trump.

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Speaker 3: I believe it's pocketbook issues. I believe it is economic

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Speaker 3: message that is going to win the day.

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Speaker 2: Just because you said pocketbook issues. I would point to

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Speaker 2: a study that was just done by the Peterson Institute

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Speaker 2: for International Economics that found that the tariffs that both jd.

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Speaker 2: Vance and Donald Trump have advocated for a ten percent

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Speaker 2: levey universally sixty percent on all goods coming out of

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Speaker 2: China what amount to an annual cost for the average

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Speaker 2: middle income family of seventeen hundred dollars. Are tariffs the

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Speaker 2: right policy for middle income people in Mississippi.

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Speaker 3: Well, what I would tell you is the right policy

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Speaker 3: for America and the right policy for Mississippi is for

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Speaker 3: us to bring those jobs that are in China, particularly

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Speaker 3: those production jobs, and those other jobs that are situated

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Speaker 3: throughout Asia, bring them back to America. It's about making

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Speaker 3: America great again. It's about creating jobs for those individuals

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Speaker 3: that we would just mention that live in rural places.

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Speaker 4: You know, we've got the in our state.

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Speaker 3: Our message of bringing economic development and better and higher

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Speaker 3: paying jobs to our state.

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Speaker 4: Is a message that is winning the day.

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Speaker 3: We've announced three different projects over a fifteen month period

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Speaker 3: of over two billion dollars in capital expenditures in companies

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Speaker 3: that are coming back to our that are building in America,

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Speaker 3: building in Mississippi, and creating jobs that are paying twenty

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Speaker 3: five to thirty thirty five percent above the state average

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Speaker 3: on wages. And that's the message that I think people

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Speaker 3: want to hear is we need to be producing more

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Speaker 3: things in America and less things in China.

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Speaker 5: Let's pick through a couple of other issues, and I

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Speaker 5: know one that is important to you is abortion. This

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Speaker 5: is something that we've seen addressed in the platform that'll

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Speaker 5: ask you about. But I want to bring our viewers

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Speaker 5: and listeners back to your conversation. I remember it distinctly

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Speaker 5: in twenty twenty two on Meet the Press.

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Speaker 6: Here's the governor.

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Speaker 3: What I would say, Chuck is at the end of

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Speaker 3: the day, there is no right to an abortion in

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Speaker 3: the United States Constitution. That the issue with abortions that

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Speaker 3: makes it very different is that there is a life,

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Speaker 3: there is an American child in that womb, and it's

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Speaker 3: incumbent upon those of us who are elected to stand

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Speaker 3: up for the rights of those individuals that can't stand.

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Speaker 6: Up for themselves.

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Speaker 5: Governor Reeves on Meath the Press two years ago. Now

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Speaker 5: with this RNC, the platform proved on Monday does not

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Speaker 5: include an abortion ban, a national ban for the first

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Speaker 5: time in something like forty years.

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Speaker 6: Is that a disappointment.

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Speaker 3: Well, I certainly support the opportunity for a national abortion ban,

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Speaker 3: but what I will tell you is for that to

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Speaker 3: ever pass the US Congress, it's going to be an

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Speaker 3: abortion ban at twenty weeks or twenty two weeks. Yeah,

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Speaker 3: And there are very few abortions even in states like

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Speaker 3: California and New York as a percentage that are conducted

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Speaker 3: at that late stage in our state. And when we

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Speaker 3: filed suit to overturn Roe v. Wade, arguing exactly what

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Speaker 3: I argued on Meet the Press, that the Constitution doesn't

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Speaker 3: guarantee a right to an abortion. Our entire case was

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Speaker 3: these are decisions that ought to be made by individual states.

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Speaker 3: And so to give you an example, in our state,

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Speaker 3: we enacted a law which I understand is not politically

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Speaker 3: palatable in some other states, but we enacted a law

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Speaker 3: that has exceptions, but does not allow for the right

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Speaker 3: to abortion in the state of Mississippi. My ultimate goal

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Speaker 3: is to save as many babies' lives as possible, and

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Speaker 3: there are a lot of different ideas as to how

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Speaker 3: to make that happen. But the reality is, just because

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Speaker 3: of our case that went before the United States Supreme Court,

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Speaker 3: there are hundreds of thousands of babies that have been born,

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Speaker 3: that have been saved, that are in American society now.

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Speaker 3: And I will tell you that's not the end of it.

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Speaker 3: That's not all being pro life is about is being

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Speaker 3: anti abortion.

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Speaker 4: We also in our.

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Speaker 3: State have worked very hard to create a culture where

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Speaker 3: we're investing in moms, investing in babies, investing in pregnancy

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Speaker 3: crisis centers to help those who are in need.

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Speaker 4: We've made a.

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Speaker 3: Call out to our churches, to our congregations and telling

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Speaker 3: them how important it is that they get involved and

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Speaker 3: engaged because I believe very strongly that it's our churches

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Speaker 3: and our charitable organizations can do a far better job

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Speaker 3: helping expected moms than any governmental entity can. It's just

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Speaker 3: a fact that governmental entities tend to be inefficient, even

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Speaker 3: in states like mine that are focused on this issue.

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Speaker 2: Well, Mississippi also, and I know you were just talking

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Speaker 2: about some of the economic statistics you're proud of, the

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Speaker 2: unemployment rate, etc. Consistently has one of the highest child

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Speaker 2: poverty rates in the country. Do you see no relationship

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Speaker 2: there between very restrictive abortion laws and children who Yes,

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Speaker 2: thousands of them perhaps have come into existence because of

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Speaker 2: that law, but their lives may be a poorer quality

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Speaker 2: for it.

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Speaker 4: Well, I can tell you this. I would much rather see.

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Speaker 3: A baby that is not killed in the womb or

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Speaker 3: otherwise that has maybe a challenging upbringing. What we're trying

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Speaker 3: to do is improve education to give every kid an

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Speaker 3: opportunity for success. We have had some real progress being

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Speaker 3: made in our state, but look our state and virtually

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Speaker 3: every other state. There are very few societal problems that

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Speaker 3: can't be solved by more people having better and higher

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Speaker 3: paying jobs. And that's where our focus is. And we

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Speaker 3: have a laser focus on it in Mississippi, well, to.

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Speaker 5: Put a finer point on it, Mississippi has the highest

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Speaker 5: fetal mortality rate in the nation, highest infant mortality rate,

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Speaker 5: highest pre term birth rate, Black women nearly three times

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Speaker 5: more likely to die due to childbirth than white women.

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Speaker 6: Is that the cost of a pro life policy?

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Speaker 3: I do not believe it's the cost of a pro

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Speaker 3: life policy. I think that, as is often the case,

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Speaker 3: there are areas in which we can improve. We are

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Speaker 3: trying to address these issues. We have done certain things.

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Speaker 3: I'm not I do not support a medicaid expansion, yet

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Speaker 3: we have done things like guaranteed medicaid for any pregnant

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Speaker 3: mom in our state. We just did that during this

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Speaker 3: legislative session, just this past a year ago, we passed

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Speaker 3: legislation to allow for medicaid expenditures used to expected mom

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Speaker 3: could only get Medicaid up to two months after childbirth.

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Speaker 4: We worked very hard with our state.

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Speaker 3: Health officer and one of the things that he in

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Speaker 3: his studies determined, which was surprising to me because when

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Speaker 3: I looked at those statistics, I just assumed it was

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Speaker 3: really young people, teenagers, etc.

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Speaker 4: That were having these challenges.

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Speaker 3: And that's not all the case, most of these terrible outcomes,

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Speaker 3: and they are terrible, they're tragic, but most of these

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Speaker 3: terrible outcomes are actually older females that are having not

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Speaker 3: their first child, but their second child, and typically it's

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Speaker 3: their second child within a twelve to fifteen month period.

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Speaker 3: And so because of that, we thought that we would

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Speaker 3: at least try the process of giving those moms that

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Speaker 3: have babies. Rather than two months of medicaid post delivery,

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Speaker 3: we're going to give them twelve months of medicaid to

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Speaker 3: ensure that they continue to go back to their ob

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Speaker 3: continue to go back to their physicians, so that those

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Speaker 3: individual physicians can help coach, can help teach, and can

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Speaker 3: help do the work to try to drive those numbers down.

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Speaker 2: Governor, we just have a minute left. But given what

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Speaker 2: you said about wanting to bring more babies into the world,

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Speaker 2: if not a national abortion policy at the federal level,

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Speaker 2: what about federal protections for IBF.

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Speaker 3: Look I support of protections for a If I'm a

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Speaker 3: supporter of that particular policy, and whether it's done at

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Speaker 3: the local level or at the state level, or done

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Speaker 3: at the federal level, that'll be a debate that we

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Speaker 3: have upcoming. But I do not believe that we should

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Speaker 3: we should eliminate that option for potential moms because again,

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Speaker 3: I believe that we need to protect babies and we

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Speaker 3: need to love life and get get more and more

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Speaker 3: policies in place to give kids an opportunity for success.

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Speaker 5: Long term Governor, thank you for spending time.

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Speaker 6: With us talking about some pretty serious issues. We appreciate it.

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Speaker 4: Thank you so much for having.

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Speaker 6: Them a great convention.

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Speaker 5: Yes, indeed, Mississippi Governor st reeves with us in studio

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Speaker 5: in Milwaukee. Coming up on Balance of Power, will assembled

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Speaker 5: our political panel. They're back Rick Davis and Genie Shanzano

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Speaker 5: on day three of the convention, alongside Kaylee Lines. Oh, Matthew,

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Speaker 5: it's next on Balance of Power. On Bloomberg TV and radio.

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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 then roun.

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Speaker 7: Oo with the Bloomberg Business App.

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Speaker 1: You can also listen live on Amazon Alexa from our

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Speaker 1: flagship New York station, Just Say Alexa play Bloomberg eleven.

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Speaker 5: Thirty alongside Morgan or Tegas, founder of Polaris National Security,

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Speaker 5: former State Department spokesperson during the Trump administration.

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Speaker 6: Lovely to see you at the table.

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Speaker 8: Thank you.

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Speaker 5: But the convention's going well for you, and it's great

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Speaker 5: that you're here today because this is Geopolitics Day, International

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Speaker 5: and national Security as a theme at this convention.

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Speaker 6: We're going to hear from JD. Vance tonight.

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Speaker 5: What doesn't love the direction that the United States has

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Speaker 5: gone in with Ukraine?

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Speaker 6: For instance? What are we going to learn in that speech?

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Speaker 8: So it's interesting that it is foreign policy national Security Day,

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Speaker 8: which is what I've done for the past twenty years.

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Speaker 8: That never happens at a Republican convention, right, foreign policy

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Speaker 8: is never the theme of an entire day, and I

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Speaker 8: think from a Republican perspective, it just goes to show

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Speaker 8: how wrong things are going around the world. We think,

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Speaker 8: you know, obviously, in August of twenty twenty one, we

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Speaker 8: saw thirteen of our best young men and women killed

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Speaker 8: and that disastrous withdraw from Afghanistan. We of course in

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Speaker 8: the Trump administration, I was a part of the Abraham

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Speaker 8: Accords team. We handed historic four historic peace deals over.

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Speaker 8: Then you have Afghanistan fall. Then of course you have Russia,

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Speaker 8: you have putin in Bade Ukraine, and then last year

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Speaker 8: on October seventh, we saw the horrific murders from Hamas

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Speaker 8: invading Israel, and I would I'm sure we will get

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Speaker 8: reminded tonight. Ten months later, we still have five Americans

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Speaker 8: that are held hostage by a terror regime. Not only

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Speaker 8: do you have the president of the United States with

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Speaker 8: an attempted former president of the United States with an

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Speaker 8: attempted assassination over the weekend. As I've been saying for years,

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Speaker 8: this isn't new news. The Iranian regime has active plots

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Speaker 8: on US soil against former President Trump, against my former boss,

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Speaker 8: Mike Mompeo, Brian Hook, and other senior administration officials. It's

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Speaker 8: unprecedented that an enemy state of the United States would

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Speaker 8: have these many plots against officials where they require for

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Speaker 8: the past three and a half years, twenty four to

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Speaker 8: seven security never happen in US history. And then, of course,

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Speaker 8: you know, you're worried about what's happening with China around

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Speaker 8: the world, and I think that Americans are very concerned.

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Speaker 8: They're not only concerned about what's happening at the grocery store,

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Speaker 8: but they're concerned because there feels like there is a

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Speaker 8: chaotic world out there, and that nobody is really in control.

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Speaker 2: Well, so let's pick a few parts of the chaoshaw.

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Speaker 2: Well you mentioned, for example, the war in Ukraine, which

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Speaker 2: we know that jd. Vance is not an advocate for

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Speaker 2: continuing to fund in the US. He thinks some kind

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Speaker 2: of negotiated piece is the most realistic outcome. President former

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Speaker 2: President Trump, of course, has said he could end that

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Speaker 2: war in one day. Do you actually believe that what

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Speaker 2: would a Trump Vance ticket by president and vice president

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Speaker 2: ultimately mean for a resolution to that war?

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Speaker 4: So?

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Speaker 7: JD.

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Speaker 8: Vance is a good friend of mine. I think he's

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Speaker 8: a great pick, but it is the president of the

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Speaker 8: United States, if Trump is reelected, who sets the foreign policy.

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Speaker 8: And he does that with the Secretary of State, and

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Speaker 8: so the foreign policy will be up to the president

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Speaker 8: having served in the last two years of his administration.

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Speaker 8: And by the way, I've served in four administrations, Republicans

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Speaker 8: and Democrats, so I've got a lot of background here.

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Speaker 8: In the last administration, for the last two years, we

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Speaker 8: actually provided lethal weapons to the Ukrainians. We had more

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Speaker 8: sanctions and more actions against Russia than any president in

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Speaker 8: modern history since the Cold War, since Reagan. And so

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Speaker 8: when you look, not only were we providing lethal weapons

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Speaker 8: to Ukraine. We were renegotiating new Start, we were sanctioning

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Speaker 8: Nord's dream too. This is an energy discussion that I

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Speaker 8: know you guys have.

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Speaker 4: Had on Bloomberg.

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Speaker 8: Why does that matter, because it's not like we're pontificating

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Speaker 8: about what foreign policy would be. We know that we

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Speaker 8: actually took a very strong stance against Russia and supportive

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Speaker 8: of Ukraine in the last administration. Unfortunately, there's a series

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Speaker 8: of probably ten to twenty different deterrence failures from the

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Speaker 8: Biden administration that led to where we are today. I'm

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Speaker 8: one of those Republicans who are incredibly critical of the

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Speaker 8: delay of weapons over the past two years, unless if

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Speaker 8: you look at it from an economic perspective, you know

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Speaker 8: we have. The truth is that the Russian economy is

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Speaker 8: doing better than it was before the invasion. The initial

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Speaker 8: sanctions tranch and I spent years of my life at

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Speaker 8: the Treasury as an analyst doing sanctions. The initial sanctions

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Speaker 8: trench that the Biden administration did with the Europeans was fantastic,

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Speaker 8: but it was never followed up on secondary sanctions. We

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Speaker 8: never put never took Russian banks off the market, We

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Speaker 8: never prevented them from exporting oil and energy or from

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Speaker 8: their minerals and mining, and so you know, even our

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Speaker 8: LNG export ban in January, for example, we've seen billions

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Speaker 8: of dollars twenty one billion dollars just in twenty twenty

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Speaker 8: two that Russia gained from their energy exports that they

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Speaker 8: were able to use to fund their war machine. So

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Speaker 8: the sad reality is they actually have figured out how

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Speaker 8: to circumvent our sanctions and they have this what I

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Speaker 8: call supply chain of terror between Russia, Tehran, North Korea,

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Speaker 8: and China where they were able to resupply themselves from

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Speaker 8: ammunitions perspective with drones, ballistic hardware. They're not They're actually

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Speaker 8: resupplying themselves faster from a munition's perspective than the West can.

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Speaker 8: And that's I think should be incredibly concerning to all

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Speaker 8: of us.

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Speaker 5: Well, it's interesting, I don't know if you're implying that

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Speaker 5: a Trump two point zero would pursue secondary sanctions, because

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Speaker 5: we've asked a lot of lawmakers.

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Speaker 6: I would operate it.

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Speaker 5: Mere That's really interesting, Yeah, cause Donald Trump says he

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Speaker 5: can end this war on day one, that it's a

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Speaker 5: phone call, this thing is over. You don't need secondary

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Speaker 5: sanctions in a world like that. You've been in this game.

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Speaker 6: For a long time. Do you take a commander in

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Speaker 6: chief seriously talking like that?

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Speaker 8: Yeah, I mean, listen, I think he has a There's

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Speaker 8: no doubt if you look at it from a policy

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Speaker 8: perspective and not a writer perspective. We were much tougher

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Speaker 8: on Russia than the Biden ministry.

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Speaker 6: End the war in one afternoon.

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Speaker 8: Well yeah, I mean, listen, we don't know if Trump

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Speaker 8: is elected. We have no clue what we will inherit

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Speaker 8: in January twenty twenty five, So who knows what you're

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Speaker 8: going to get there? So you'll have to deal with

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Speaker 8: the situation there. Obviously, he's going to have to have

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Speaker 8: a tough negotiation. So you ask yourselves the people now

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Speaker 8: who are negotiating to get five Americans out ten months

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Speaker 8: later from a terrorist group. They can't get these Americans out.

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Speaker 8: They can't finish a negotiation between Israel and Hamas. These

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Speaker 8: are the people that you think will be better negotiators

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Speaker 8: than we are when we negotiated the abrahamccards. Sorry, I

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Speaker 8: know the negotiators. I was a part of the team.

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Speaker 8: I'd bet on the Trump negotiating team every day of

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Speaker 8: the week.

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Speaker 2: Who are you betting on will be Secretary of State

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Speaker 2: as part of that team.

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Speaker 8: I think that he has a ton of people to

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Speaker 8: choose from. I don't know if these people are interested,

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Speaker 8: but I will just tell you what I think. Rubio

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Speaker 8: is incredibly impressive. Bill Haggerty my senator. Listen, I'm biased.

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Speaker 8: I'm from Tennessee. He's my senator. Rick Garnell has a

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Speaker 8: very close relationship. Tom Conton is another senator who's been

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Speaker 8: in the foreign policy side for a long time. So

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Speaker 8: I wouldn't be surprised if the President picks an ally

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Speaker 8: from the Senate.

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Speaker 2: All right, Morgan, it was great to have you here

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Speaker 2: in the LAKEY appreciate your time. Former State Department spokesperson

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Speaker 2: Morgan or Tagis, We appreciate it.

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Speaker 1: You're listening to the Bloomberg Eleens of Power podcast Ketch

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Speaker 1: just live weekdays at noon Eastern on Emo.

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Speaker 7: Car Play and then Roudoto 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 2: And I want to continue this conversation on China. Now

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Speaker 2: we're joined by a member of the House China Select

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Speaker 2: Committee Congressman Carlos and Menez of Florida, who's here with

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Speaker 2: us in our studios in Milwaukee on Bloomberg TV and Radio. Congressman,

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Speaker 2: thank you so.

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Speaker 4: Much for your time.

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Speaker 2: We talk a lot about China because Jade Vance, just

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Speaker 2: earlier this week, after it was announced that he was

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Speaker 2: the vice presidential pick, said that it is the number

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Speaker 2: one threat the US faces.

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Speaker 9: Yes, it is for now and the foreseeable future. China

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Speaker 9: is the number one threat that we face.

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Speaker 2: And how do you expect a Trump Vance administration would

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Speaker 2: address that. Is this purely tariffs or is it something else?

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Speaker 9: No, No, it's a Look, China has made no secrets

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00:21:51,680 --> 00:21:53,840
Speaker 9: that it wants to be the number one economic power

442
00:21:53,840 --> 00:21:55,200
Speaker 9: in the world. It wants to be the number one

443
00:21:55,240 --> 00:21:59,080
Speaker 9: military power in the world. They're now aligning themselves with

444
00:21:59,160 --> 00:22:02,440
Speaker 9: Russia and North kore Iran to create a new world order.

445
00:22:02,640 --> 00:22:04,720
Speaker 9: And the new world order doesn't doesn't include the United

446
00:22:04,760 --> 00:22:08,280
Speaker 9: States of America. So that is the number one threat.

447
00:22:08,480 --> 00:22:13,840
Speaker 9: It's a it's a very brutal communist dictatorship. It oppresses

448
00:22:13,840 --> 00:22:17,359
Speaker 9: its own people, it's accused of genocide, it uses slave labor,

449
00:22:18,520 --> 00:22:20,119
Speaker 9: And I've been saying for a long time when we

450
00:22:20,119 --> 00:22:22,000
Speaker 9: need to start to decouple from China as soon as

451
00:22:22,000 --> 00:22:25,480
Speaker 9: we can. Much of our supply chain comes from China.

452
00:22:25,520 --> 00:22:27,879
Speaker 9: We've become way too dependent on China. We need to

453
00:22:27,880 --> 00:22:31,399
Speaker 9: bring back manufacturing to the United States, especially manufacturing that

454
00:22:31,480 --> 00:22:34,919
Speaker 9: deals with our security, our defense industries.

455
00:22:36,080 --> 00:22:38,680
Speaker 10: You know we're lacking. Look in World War Two.

456
00:22:39,800 --> 00:22:42,119
Speaker 9: During World War Two, for every for every carrier that

457
00:22:42,240 --> 00:22:47,159
Speaker 9: Japan built, we built six, and so we outproduced Japan.

458
00:22:47,600 --> 00:22:49,879
Speaker 10: Right now, China holds.

459
00:22:49,520 --> 00:22:51,640
Speaker 9: An edge of two hundred and thirty two to one

460
00:22:51,760 --> 00:22:55,800
Speaker 9: in shipyards. That's just one example of why China is,

461
00:22:56,400 --> 00:22:59,040
Speaker 9: to me the biggest threat that we face, not only US,

462
00:22:59,240 --> 00:23:01,280
Speaker 9: but the world face and now in.

463
00:23:01,240 --> 00:23:03,240
Speaker 6: The foreseeable future, you talk about tea coupling.

464
00:23:03,840 --> 00:23:06,920
Speaker 5: Congressman, there's a Bloomberg report out today that has led

465
00:23:06,960 --> 00:23:09,960
Speaker 5: to some pretty tough moves on Wall Street. We're watching

466
00:23:10,000 --> 00:23:12,800
Speaker 5: semiconductor stocks fall sharply. And we've been through this before

467
00:23:12,880 --> 00:23:15,440
Speaker 5: with trying to keep in Nvidio chips, for instance, away

468
00:23:15,440 --> 00:23:18,000
Speaker 5: from China. But this report now suggests the Biden administration

469
00:23:18,080 --> 00:23:21,960
Speaker 5: is considering using the most severe trade restrictions available if

470
00:23:22,000 --> 00:23:26,159
Speaker 5: companies keep giving China access to these advanced chips.

471
00:23:26,560 --> 00:23:28,200
Speaker 6: Would Donald Trump do the same thing.

472
00:23:28,320 --> 00:23:29,080
Speaker 10: I think he would.

473
00:23:29,640 --> 00:23:33,440
Speaker 9: I think that he understands the threat that China poses.

474
00:23:34,320 --> 00:23:37,760
Speaker 10: They frankly stole munch of the stuff they're selling to

475
00:23:37,800 --> 00:23:38,119
Speaker 10: us right now.

476
00:23:38,119 --> 00:23:41,080
Speaker 9: They stole on us. All right, we invented the chips.

477
00:23:41,720 --> 00:23:44,919
Speaker 9: Now their threat to Taiwan. Taiwan controls eighty percent of

478
00:23:44,920 --> 00:23:47,679
Speaker 9: the chips, right, and so if China were actually to

479
00:23:47,680 --> 00:23:51,080
Speaker 9: invade Taiwan and actually then control Taiwan, they've controlled ninety

480
00:23:51,080 --> 00:23:53,439
Speaker 9: percent of the chips in the entire world, which is

481
00:23:53,600 --> 00:23:55,840
Speaker 9: kind of like what they do in everything they do.

482
00:23:56,200 --> 00:23:59,840
Speaker 9: And so they subsidize an industry, They target an industry,

483
00:23:59,880 --> 00:24:02,800
Speaker 9: soidize it. Then they fled the market, the world market

484
00:24:02,920 --> 00:24:05,800
Speaker 9: with that with that product, they drive all the competition

485
00:24:06,000 --> 00:24:07,960
Speaker 9: out of business, and then they become the sole source.

486
00:24:08,600 --> 00:24:08,879
Speaker 10: Right.

487
00:24:09,040 --> 00:24:11,040
Speaker 9: That's a pretty good way to you know, run a business,

488
00:24:11,080 --> 00:24:13,719
Speaker 9: but it's not a way to be, you know, a

489
00:24:13,720 --> 00:24:14,560
Speaker 9: good partner in.

490
00:24:14,480 --> 00:24:15,360
Speaker 10: The world stage.

491
00:24:15,680 --> 00:24:19,960
Speaker 9: And so I wasn't like this before, you know, I thought, maybe,

492
00:24:19,960 --> 00:24:22,800
Speaker 9: you know, you you open up China and trade, et cetera,

493
00:24:22,920 --> 00:24:26,160
Speaker 9: and then they'll they'll find that, you know, democracy, democracy

494
00:24:26,160 --> 00:24:26,600
Speaker 9: is the right way.

495
00:24:26,600 --> 00:24:27,320
Speaker 10: But they've gone the other way.

496
00:24:27,320 --> 00:24:28,159
Speaker 6: When did you change?

497
00:24:28,400 --> 00:24:29,840
Speaker 10: I changed when I went to China.

498
00:24:30,280 --> 00:24:31,840
Speaker 9: I went to China when I was the mayor of

499
00:24:31,880 --> 00:24:34,119
Speaker 9: Miami Dade County, thinking that, well, maybe we can get

500
00:24:34,160 --> 00:24:37,560
Speaker 9: some Chinese transportation accets for Miami Dade County, et cetera. Okay,

501
00:24:37,560 --> 00:24:39,760
Speaker 9: maybe they get invested in Miami Dade County. And when

502
00:24:39,760 --> 00:24:41,399
Speaker 9: I walked out, I said, I want nothing to do

503
00:24:41,480 --> 00:24:44,600
Speaker 9: with them, zero. Why because every time that I that

504
00:24:44,640 --> 00:24:46,680
Speaker 9: I was dealing with supposed to be a company, all right,

505
00:24:47,040 --> 00:24:48,520
Speaker 9: I was dealing with the executives of the company.

506
00:24:48,560 --> 00:24:49,119
Speaker 10: There's always a.

507
00:24:49,080 --> 00:24:51,639
Speaker 9: Couple of people right over there, okay about that that

508
00:24:52,040 --> 00:24:54,080
Speaker 9: whenever I asked them a question, they would always look

509
00:24:54,080 --> 00:24:56,840
Speaker 9: to those people over there. That was a Chinese Communist Party,

510
00:24:57,359 --> 00:25:01,720
Speaker 9: the PRC and the CCP was there, okay, And so yeah,

511
00:25:01,720 --> 00:25:04,920
Speaker 9: I said, well, no, not really. And then I didn't

512
00:25:04,920 --> 00:25:07,159
Speaker 9: see the sun for about two weeks when I was

513
00:25:07,200 --> 00:25:09,960
Speaker 9: there because with all the coal they were burning. And

514
00:25:10,000 --> 00:25:13,480
Speaker 9: so here they are a champion supposedly of green energy

515
00:25:14,080 --> 00:25:18,199
Speaker 9: and part of the Paris Climate Accord, and yet they

516
00:25:18,240 --> 00:25:21,880
Speaker 9: are polluting. You know, they're the world's biggest polluter by far.

517
00:25:22,080 --> 00:25:23,840
Speaker 9: So no, I didn't like the way they did business.

518
00:25:24,480 --> 00:25:27,199
Speaker 9: I didn't trust them, and so I came away completely

519
00:25:27,200 --> 00:25:29,680
Speaker 9: different opinion than when I walked into China.

520
00:25:29,760 --> 00:25:32,760
Speaker 10: So that was very beneficial to me. And you know what, President.

521
00:25:32,480 --> 00:25:35,959
Speaker 9: Trump was right, Senator Marco Rubio, who I'm pretty good

522
00:25:35,960 --> 00:25:37,120
Speaker 9: friends with him, he was right.

523
00:25:37,320 --> 00:25:39,520
Speaker 10: Yep, they're the biggest threat that we have.

524
00:25:40,200 --> 00:25:42,720
Speaker 2: Well, you bring up Senator Rubu, another Florida man obviously

525
00:25:42,720 --> 00:25:45,159
Speaker 2: who was not selected for the vice presidential pick. But

526
00:25:45,160 --> 00:25:48,080
Speaker 2: Florida is an interesting case study. Is there has been suggestions,

527
00:25:48,119 --> 00:25:51,240
Speaker 2: given abortion, for example, that it may be some a

528
00:25:51,280 --> 00:25:53,840
Speaker 2: state in which Democrats could more easily play this cycle.

529
00:25:53,880 --> 00:25:57,199
Speaker 2: I'm I'm sure you probably don't actually believe that, but

530
00:25:57,240 --> 00:25:59,560
Speaker 2: we are seeing interesting demographic shifts, even if it's not

531
00:25:59,600 --> 00:26:03,080
Speaker 2: an entire state being up for grabs. Yeah, Latino voters

532
00:26:03,200 --> 00:26:05,760
Speaker 2: going over to Donald Trump, same with black voters. And

533
00:26:06,040 --> 00:26:08,640
Speaker 2: what do you assign that to? Why is that happening?

534
00:26:09,119 --> 00:26:11,439
Speaker 9: You know, Ronald Reagan once said back in I think

535
00:26:11,520 --> 00:26:13,679
Speaker 9: back in the eighties or maybe in the eighties here

536
00:26:13,680 --> 00:26:16,760
Speaker 9: when he was president of that Latinos, Hispanics or Republicans,

537
00:26:16,800 --> 00:26:19,080
Speaker 9: they just don't know yet. They're starting to figure it out.

538
00:26:20,000 --> 00:26:23,919
Speaker 9: We hold our same values. We're you know, we have

539
00:26:24,000 --> 00:26:27,040
Speaker 9: family values. We're people of faith, we believe in hard work,

540
00:26:27,200 --> 00:26:32,280
Speaker 9: we believe in the American dream, and so and we

541
00:26:32,320 --> 00:26:34,280
Speaker 9: are Americans who want the same thing everybody else does,

542
00:26:34,359 --> 00:26:37,720
Speaker 9: you know. So, yeah, they're coming over. We're coming over.

543
00:26:38,800 --> 00:26:41,440
Speaker 9: And no, Florida's not in play. Florida is going to

544
00:26:41,520 --> 00:26:46,080
Speaker 9: go big time to President Trump. Even in Miamide County,

545
00:26:46,119 --> 00:26:48,600
Speaker 9: my home county, which is pretty you know, it was

546
00:26:49,000 --> 00:26:54,720
Speaker 9: historically much a big Democratic stronghold that's lessening by every

547
00:26:54,760 --> 00:26:57,320
Speaker 9: single election. And you see that in the polling down.

548
00:26:57,400 --> 00:27:00,480
Speaker 9: You see that in the results from sixteen to twenty one,

549
00:27:01,400 --> 00:27:04,280
Speaker 9: from sixteen to twenty to twenty two, the huge shift

550
00:27:04,640 --> 00:27:07,560
Speaker 9: in Miami Dade County itself. And if the Democrats don't

551
00:27:07,560 --> 00:27:09,120
Speaker 9: come out of Miami Dade County.

552
00:27:08,800 --> 00:27:14,240
Speaker 10: With a huge lead or buffer, right, they're toast. And

553
00:27:14,320 --> 00:27:15,640
Speaker 10: so they're not going to come out of Miami Day

554
00:27:15,640 --> 00:27:16,199
Speaker 10: County so much.

555
00:27:16,280 --> 00:27:19,000
Speaker 9: I think I think Donald Trump has a really distinct

556
00:27:19,040 --> 00:27:22,080
Speaker 9: possibility of actually being the first Republican president in a

557
00:27:22,200 --> 00:27:24,080
Speaker 9: very long time to actually win Miami Dade County.

558
00:27:24,240 --> 00:27:28,560
Speaker 5: Well, at this Republican National Convention, the party has more

559
00:27:28,600 --> 00:27:33,359
Speaker 5: than seventy influencers as they are known, credentialed as part

560
00:27:33,359 --> 00:27:36,960
Speaker 5: of this convention to try to deliver the message, reach

561
00:27:37,000 --> 00:27:39,800
Speaker 5: out to younger people, talk about the platform, and so forth,

562
00:27:40,359 --> 00:27:43,840
Speaker 5: many of them using TikTok as a platform to do that.

563
00:27:43,920 --> 00:27:44,600
Speaker 6: Does that bother you?

564
00:27:45,240 --> 00:27:46,680
Speaker 10: Yeah? It does absolutely?

565
00:27:47,359 --> 00:27:49,280
Speaker 6: Should they do that?

566
00:27:49,520 --> 00:27:50,600
Speaker 10: I my advice.

567
00:27:50,680 --> 00:27:55,080
Speaker 9: Look, I mean I know that that there's still the campaigns.

568
00:27:55,160 --> 00:27:58,479
Speaker 9: There are over one hundred million users of TikTok. I

569
00:27:58,560 --> 00:28:02,280
Speaker 9: understand that, including Donald Trump. But eventually yep, but eventually, look,

570
00:28:02,680 --> 00:28:05,560
Speaker 9: we passed, you know, we passed legislation on that that

571
00:28:06,000 --> 00:28:10,480
Speaker 9: TikTok needs to divest itself from a Chinese communist influence

572
00:28:10,840 --> 00:28:15,960
Speaker 9: or divest self from ownership within six months or also

573
00:28:16,080 --> 00:28:17,919
Speaker 9: a year and then or else it has to, you know,

574
00:28:18,000 --> 00:28:22,240
Speaker 9: cease operations in the United States. So TikTok has concerned me,

575
00:28:22,320 --> 00:28:26,239
Speaker 9: continues to concern me. But you know, as long as

576
00:28:26,240 --> 00:28:28,960
Speaker 9: there's still over one hundred million users, I understand the

577
00:28:29,000 --> 00:28:30,520
Speaker 9: reasons why, But does it bother me?

578
00:28:30,640 --> 00:28:30,840
Speaker 1: Yeah?

579
00:28:30,880 --> 00:28:31,399
Speaker 10: It bothers me.

580
00:28:33,200 --> 00:28:35,040
Speaker 5: Well, thank you for bringing us your view from the

581
00:28:35,040 --> 00:28:37,000
Speaker 5: Select China Committee and from here in Milwaukee.

582
00:28:37,040 --> 00:28:39,200
Speaker 6: Congressman, it's great to see you at the table. Thank you.

583
00:28:39,280 --> 00:28:42,360
Speaker 5: Florida Congressman Carlos Semen is with us here on Balance

584
00:28:42,360 --> 00:28:44,960
Speaker 5: of Power especial once again from Milwaukee on what is

585
00:28:45,000 --> 00:28:47,480
Speaker 5: now day three of the r NC, And Kaylee, we're

586
00:28:47,520 --> 00:28:50,280
Speaker 5: not only covering the Republican National Convention, but a lot

587
00:28:50,280 --> 00:28:52,040
Speaker 5: of headlines that have to do with Joe Biden.

588
00:28:52,040 --> 00:28:54,480
Speaker 6: He's about to do another interview today on Univision.

589
00:28:54,720 --> 00:28:58,880
Speaker 2: And now this Congressman Adam Schiff, a Democrat, obviously now

590
00:28:58,920 --> 00:29:01,280
Speaker 2: calling on Biden to drop out of the race. This

591
00:29:01,320 --> 00:29:03,880
Speaker 2: is according to the Los Angeles Times. Shift, of course,

592
00:29:03,920 --> 00:29:06,880
Speaker 2: is running for Senate in the state of California. We

593
00:29:06,920 --> 00:29:10,840
Speaker 2: have had seen this trickle trickle of Democrats coming out

594
00:29:10,360 --> 00:29:13,440
Speaker 2: in favor of Joe Biden leaving the race. It was

595
00:29:13,440 --> 00:29:16,440
Speaker 2: on pause for a bit after the assassination attempt last

596
00:29:16,440 --> 00:29:20,080
Speaker 2: weekend of Donald Trump, but Adam Schiff apparently joining the ranks.

597
00:29:20,280 --> 00:29:23,400
Speaker 5: He had been talking with donors saying that the Democrats

598
00:29:23,400 --> 00:29:26,240
Speaker 5: would lose, according to reports. Now he's saying it out loud,

599
00:29:26,240 --> 00:29:28,480
Speaker 5: it seems, Kayley, this is something that we'll talk about

600
00:29:28,640 --> 00:29:30,520
Speaker 5: coming up later with our political panel.

601
00:29:33,680 --> 00:29:37,040
Speaker 1: You're listening to the Bloomberg Balance of Power podcast kens

602
00:29:37,200 --> 00:29:40,320
Speaker 1: just Live weekdays at noon Eastern on Applecarplay and then.

603
00:29:40,280 --> 00:29:42,280
Speaker 7: Roud Oro with the Bloomberg Business app.

604
00:29:42,320 --> 00:29:45,200
Speaker 1: You can also listen live on Amazon Alexa from our

605
00:29:45,200 --> 00:29:52,480
Speaker 1: flagship New York station, Just Say Alexa play Bloomberg eleven thirty.

606
00:29:51,720 --> 00:29:56,360
Speaker 5: Not just on Republican politics, but in fact democratic politics

607
00:29:56,520 --> 00:30:00,040
Speaker 5: and specifically the Biden campaign. Kaylee, you know you're on

608
00:30:00,240 --> 00:30:02,240
Speaker 5: something when Donald Trump takes to truth.

609
00:30:02,400 --> 00:30:03,560
Speaker 6: What was the post?

610
00:30:03,560 --> 00:30:07,520
Speaker 5: From a political standpoint, Donald Trump writes, an unprecedented event

611
00:30:07,600 --> 00:30:08,120
Speaker 5: is happening.

612
00:30:08,600 --> 00:30:09,320
Speaker 10: The Dems are.

613
00:30:09,200 --> 00:30:12,080
Speaker 5: Trying again to get Biden off the ballot, and that's,

614
00:30:12,080 --> 00:30:14,240
Speaker 5: of course because a prominent senator has just waited.

615
00:30:14,760 --> 00:30:17,040
Speaker 2: Yeah, we have had a number of voices weigh in

616
00:30:17,120 --> 00:30:21,240
Speaker 2: obviously at this point, well over a dozen members of Congress,

617
00:30:21,240 --> 00:30:24,280
Speaker 2: sitting members Congressman Adam Schiff, the Democrat from California, who

618
00:30:24,320 --> 00:30:26,320
Speaker 2: is running to be a Senator from that state, now

619
00:30:26,360 --> 00:30:29,120
Speaker 2: calling for Joe Biden to drop out of this race.

620
00:30:29,240 --> 00:30:32,680
Speaker 2: In part, his statement says, a second Trump presidency will

621
00:30:32,760 --> 00:30:35,880
Speaker 2: undermine the very foundation of our democracy. And I have

622
00:30:36,000 --> 00:30:39,800
Speaker 2: serious concerns about whether the president can defeat Donald Trump

623
00:30:40,400 --> 00:30:41,040
Speaker 2: in November.

624
00:30:41,160 --> 00:30:42,000
Speaker 4: And as we've.

625
00:30:41,960 --> 00:30:44,120
Speaker 2: Learned in recent week's show, he is not the only one.

626
00:30:44,160 --> 00:30:46,960
Speaker 2: The question is does Joe Biden have those concerns about

627
00:30:46,960 --> 00:30:48,280
Speaker 2: his ability to feed Donald Trump?

628
00:30:48,280 --> 00:30:48,800
Speaker 6: Well, that's right.

629
00:30:48,960 --> 00:30:50,960
Speaker 5: A lot of questions here that we pose to our panel.

630
00:30:51,040 --> 00:30:53,240
Speaker 5: Rick Davis, the Stone Court Capital is with us, alongside

631
00:30:53,280 --> 00:30:57,480
Speaker 5: Genie Shanzano of Iona University, Bloomberg Politics contributors. They are

632
00:30:57,520 --> 00:31:00,240
Speaker 5: our signature panel. How nervous does this make you?

633
00:31:01,000 --> 00:31:03,320
Speaker 11: It does so. Adam Schiff was reported to have said

634
00:31:03,360 --> 00:31:06,920
Speaker 11: this to private donors before. It is something that he

635
00:31:07,000 --> 00:31:09,000
Speaker 11: is concerned about, not just that we lose at the

636
00:31:09,000 --> 00:31:11,000
Speaker 11: top of the ticket, that they can't hold the Senate

637
00:31:11,040 --> 00:31:13,920
Speaker 11: and that they lose Congress. And coming from Adam Schiff,

638
00:31:14,440 --> 00:31:18,040
Speaker 11: this is an important statement and I am curious to

639
00:31:18,040 --> 00:31:21,680
Speaker 11: see if others do follow. We also understand that the

640
00:31:21,720 --> 00:31:26,000
Speaker 11: President had words with Jason Crowe, a war hero in

641
00:31:26,040 --> 00:31:29,200
Speaker 11: the House, who was yeah, who was saying that, you know,

642
00:31:29,320 --> 00:31:33,080
Speaker 11: President Biden, apparently people aren't getting the message of what

643
00:31:33,120 --> 00:31:35,720
Speaker 11: you positive things you've done on foreign policy, given the

644
00:31:35,720 --> 00:31:39,280
Speaker 11: convention is about foreign policy tonight, and the President responded

645
00:31:39,320 --> 00:31:41,760
Speaker 11: by saying, you need to do better job getting out

646
00:31:41,800 --> 00:31:45,560
Speaker 11: and speaking on my behalf. But it is Joe Biden

647
00:31:45,560 --> 00:31:47,640
Speaker 11: who's got to speak on his own behalf, and that

648
00:31:47,840 --> 00:31:51,400
Speaker 11: has not proven to be something he is capable at

649
00:31:51,480 --> 00:31:54,560
Speaker 11: this point at least of doing and reaching voters and

650
00:31:54,600 --> 00:31:57,360
Speaker 11: convincing Democrats that he should stay on the top. I mean,

651
00:31:57,480 --> 00:31:59,520
Speaker 11: Rick just told us a while back seven out of

652
00:31:59,520 --> 00:32:02,400
Speaker 11: ten saying he should get out. So he can tell

653
00:32:02,520 --> 00:32:05,440
Speaker 11: Jason Crow he needs to communicate better. But Joe Biden

654
00:32:05,520 --> 00:32:07,680
Speaker 11: has to own the fact that he is misstepping on

655
00:32:07,720 --> 00:32:09,240
Speaker 11: communication on his own behalf.

656
00:32:09,280 --> 00:32:11,440
Speaker 2: Okay, so let's talk about some of that communication. As

657
00:32:11,440 --> 00:32:14,240
Speaker 2: we know, yesterday he sat down for an interview with

658
00:32:14,440 --> 00:32:17,440
Speaker 2: Ed Gordon of BET News. Excerpts of that have now

659
00:32:17,480 --> 00:32:21,440
Speaker 2: been released, and in part Brick according to what he

660
00:32:21,520 --> 00:32:25,080
Speaker 2: said to be et he says that if some medical

661
00:32:25,120 --> 00:32:28,040
Speaker 2: condition emerged and his doctors told him it was a

662
00:32:28,080 --> 00:32:31,280
Speaker 2: serious medical condition, then he would consider dropping out of

663
00:32:31,320 --> 00:32:34,320
Speaker 2: the race. He says his doctors have not told him that,

664
00:32:34,480 --> 00:32:36,160
Speaker 2: to be clear, But is this the kind of thing

665
00:32:36,200 --> 00:32:38,200
Speaker 2: you should be saying when you're trying to plead your case.

666
00:32:39,040 --> 00:32:41,680
Speaker 12: Well, maybe being eighty one is a medical condition on

667
00:32:41,720 --> 00:32:46,120
Speaker 12: to itself. Look, that's a big departure from where he

668
00:32:46,320 --> 00:32:49,760
Speaker 12: was just a day ago, where he was reiterating that

669
00:32:49,840 --> 00:32:52,160
Speaker 12: only the Almighty could get him out of this race.

670
00:32:52,600 --> 00:32:54,520
Speaker 12: Now you know where there are cracks, there's a break,

671
00:32:54,760 --> 00:32:58,840
Speaker 12: and we know that Adam Schiff's comments only reflect a

672
00:32:58,920 --> 00:33:03,360
Speaker 12: much broader debate going in to through the Democratic Party

673
00:33:03,360 --> 00:33:07,120
Speaker 12: that just hasn't broken out publicly. Right, there's a universal

674
00:33:07,200 --> 00:33:11,040
Speaker 12: concern about this ticket's ability to win, and the fact

675
00:33:11,080 --> 00:33:16,760
Speaker 12: that Republicans are doing better all over the ticket. They

676
00:33:16,840 --> 00:33:19,720
Speaker 12: have a reason to be concerned. And yet the time

677
00:33:19,800 --> 00:33:21,720
Speaker 12: is running out. They have a convention coming up in

678
00:33:21,760 --> 00:33:24,360
Speaker 12: three weeks, and they have a nominee that they want

679
00:33:24,360 --> 00:33:26,880
Speaker 12: to try to dump, and there's only so much time

680
00:33:26,920 --> 00:33:29,720
Speaker 12: to do that. They have to prosecute a campaign in

681
00:33:29,720 --> 00:33:32,040
Speaker 12: the fall, and they are not ready for it. And

682
00:33:32,120 --> 00:33:34,520
Speaker 12: this is the kind of thing that I think will

683
00:33:34,600 --> 00:33:39,120
Speaker 12: just fester now because even Joe Biden, President the United States,

684
00:33:39,160 --> 00:33:41,400
Speaker 12: has said there's a condition under which I will get out.

685
00:33:41,280 --> 00:33:41,680
Speaker 6: Of the race.

686
00:33:42,840 --> 00:33:47,440
Speaker 5: This call that you mentioned Jeanie with House Democrats including

687
00:33:47,560 --> 00:33:51,239
Speaker 5: Congressman Jason Crowe, Donald Trump and some reporters got their

688
00:33:51,280 --> 00:33:53,160
Speaker 5: hands on the zoom call, which is why we know

689
00:33:53,200 --> 00:33:53,640
Speaker 5: about this.

690
00:33:53,640 --> 00:33:54,479
Speaker 6: This was not public.

691
00:33:55,160 --> 00:33:58,400
Speaker 5: Donald Trump said, you saw what happened recently, in terms

692
00:33:58,440 --> 00:34:01,040
Speaker 5: of the meeting we had with NATO, I put NATO together.

693
00:34:02,360 --> 00:34:04,280
Speaker 5: Name me a foreign leader who thinks I'm not the

694
00:34:04,280 --> 00:34:06,880
Speaker 5: most effective leader in the world on foreign policy.

695
00:34:07,000 --> 00:34:09,759
Speaker 6: Tell me who the hell that is? He yelled? Is

696
00:34:09,800 --> 00:34:10,560
Speaker 6: that kind of trumpy?

697
00:34:11,840 --> 00:34:14,600
Speaker 11: For a moment, you think you are reading Trump's words,

698
00:34:14,880 --> 00:34:17,080
Speaker 11: and it is that kind of argument to a war

699
00:34:17,120 --> 00:34:21,600
Speaker 11: a hero like Jason Crowe. You know, that makes Democrats

700
00:34:21,640 --> 00:34:24,880
Speaker 11: feel uneasy or more than uneasy about what is going on.

701
00:34:25,360 --> 00:34:30,280
Speaker 11: The reality is, people in Congress know that their future

702
00:34:30,320 --> 00:34:32,560
Speaker 11: in the future of the Democratic Party, and quite frankly,

703
00:34:32,560 --> 00:34:35,560
Speaker 11: for many Democrats, the future of the country depends on

704
00:34:35,719 --> 00:34:38,279
Speaker 11: keeping Donald Trump out of the White House, and they

705
00:34:38,360 --> 00:34:41,000
Speaker 11: feel that they are at risk right now, and so

706
00:34:41,280 --> 00:34:44,319
Speaker 11: they are desperate for the president to look at the

707
00:34:44,440 --> 00:34:47,759
Speaker 11: data that they are seeing on the ground, particularly those

708
00:34:47,800 --> 00:34:51,759
Speaker 11: folks in red districts or purple districts who feel they

709
00:34:51,800 --> 00:34:55,799
Speaker 11: should be running ahead of the Republicans and they could

710
00:34:55,880 --> 00:34:57,360
Speaker 11: be doing a better job at the top of the

711
00:34:57,360 --> 00:35:00,960
Speaker 11: ticket remains two weak, and the bar the president keeps

712
00:35:01,000 --> 00:35:04,280
Speaker 11: moving is problematic. First it's God, then it's the data.

713
00:35:04,400 --> 00:35:07,120
Speaker 11: Now it's his health. He should look at what the

714
00:35:07,200 --> 00:35:10,640
Speaker 11: people are saying, give us a better choice. You've done

715
00:35:10,640 --> 00:35:14,040
Speaker 11: a fabulous job. Step out and we will thank you.

716
00:35:14,360 --> 00:35:16,880
Speaker 11: But give us somebody who can move this ticket forward

717
00:35:16,880 --> 00:35:18,520
Speaker 11: and keep Donald Trump out of the White House.

718
00:35:18,560 --> 00:35:21,080
Speaker 2: Well, if you listen to what fifteen thousand voters are

719
00:35:21,120 --> 00:35:23,680
Speaker 2: saying across the seven swing states that were surveyed in

720
00:35:23,680 --> 00:35:27,000
Speaker 2: interviews by Blue Labs that just released a polling memo,

721
00:35:27,480 --> 00:35:31,160
Speaker 2: they said effectively that basically all other Democrats would do

722
00:35:31,200 --> 00:35:34,719
Speaker 2: better than Joe Biden. Alternative Democratic candidates ran ahead of

723
00:35:34,760 --> 00:35:37,279
Speaker 2: Biden across those seven swing states by an average of

724
00:35:37,360 --> 00:35:41,840
Speaker 2: three points. Nearly every tested Democrat performed better than the president,

725
00:35:41,840 --> 00:35:46,839
Speaker 2: including Vice President Kamala Harris. But Harris runs behind the

726
00:35:46,880 --> 00:35:49,720
Speaker 2: average alternative. So it's one thing to have the question

727
00:35:49,719 --> 00:35:52,480
Speaker 2: about the fate of Joe Biden. It's another about who

728
00:35:52,520 --> 00:35:55,800
Speaker 2: would step in in his place. Is Vice President Harris

729
00:35:55,840 --> 00:35:57,880
Speaker 2: going to be just as big of a problem for

730
00:35:57,920 --> 00:35:59,000
Speaker 2: Democrats potentially?

731
00:35:59,480 --> 00:36:01,719
Speaker 12: Look, I think that once you crack it open, once

732
00:36:01,760 --> 00:36:04,880
Speaker 12: you start having this discussion that says, you know, somebody

733
00:36:04,920 --> 00:36:07,680
Speaker 12: other than Joe Biden, then I think all the cards

734
00:36:07,719 --> 00:36:09,759
Speaker 12: go on the table. I think you start looking for

735
00:36:09,800 --> 00:36:12,920
Speaker 12: who's the best candidate to run against Donald Trump, and

736
00:36:13,920 --> 00:36:16,279
Speaker 12: I think you've now pointed out what I think a

737
00:36:16,320 --> 00:36:20,319
Speaker 12: lot of Democratic strategists I know would prefer find me

738
00:36:20,360 --> 00:36:23,640
Speaker 12: a governor from a targeted state in the northeast, like Michigan,

739
00:36:23,800 --> 00:36:27,080
Speaker 12: like Pennsylvania, where we have a chance of locking down

740
00:36:27,120 --> 00:36:30,239
Speaker 12: a couple of the key blue wall states in order

741
00:36:30,239 --> 00:36:32,080
Speaker 12: to prosecute a campaign. I mean, there are going to

742
00:36:32,080 --> 00:36:35,120
Speaker 12: be lots of reasons in addition to the pulling data

743
00:36:35,680 --> 00:36:39,040
Speaker 12: that Democratic strategists are going to think through how to

744
00:36:39,080 --> 00:36:42,960
Speaker 12: manufacture a ticket if it starts with no more Joe Biden.

745
00:36:43,400 --> 00:36:47,640
Speaker 12: I don't think there's a right to the nomination by

746
00:36:47,840 --> 00:36:51,040
Speaker 12: a sitting vice president. If the president in the top

747
00:36:51,080 --> 00:36:52,680
Speaker 12: of the ticket withdraws.

748
00:36:52,320 --> 00:36:54,360
Speaker 5: That's important because a lot of people think that she

749
00:36:54,440 --> 00:36:57,960
Speaker 5: does deserve that. But we're also talking about this idea

750
00:36:57,960 --> 00:37:00,560
Speaker 5: of what a mini primary, maybe a series of town

751
00:37:00,560 --> 00:37:02,640
Speaker 5: halls or debates. I think Rick has been implying that

752
00:37:02,680 --> 00:37:04,560
Speaker 5: a deal needs to be made here, Genie, what would

753
00:37:04,680 --> 00:37:08,520
Speaker 5: Democrats think if there was an announcement of a new ticket.

754
00:37:08,600 --> 00:37:10,560
Speaker 11: It would not fly. I mean they are going to

755
00:37:10,680 --> 00:37:13,440
Speaker 11: have to hold we saw, like James Carville others have

756
00:37:13,480 --> 00:37:15,400
Speaker 11: been talking about how they could do this. There is

757
00:37:15,560 --> 00:37:18,520
Speaker 11: no easy way to do this. But if Joe Biden

758
00:37:18,560 --> 00:37:21,759
Speaker 11: decides to step down, I don't think somebody can be

759
00:37:21,880 --> 00:37:24,920
Speaker 11: anointed from a back room. That is not the democratic

760
00:37:24,920 --> 00:37:27,200
Speaker 11: way of doing things. They are going to have to

761
00:37:27,280 --> 00:37:30,600
Speaker 11: find very very quickly at this point a series of

762
00:37:30,640 --> 00:37:34,120
Speaker 11: town halls or some methodology of allowing people on the

763
00:37:34,120 --> 00:37:37,760
Speaker 11: ground to hear from these folks, whether it's Shapiro, whether

764
00:37:37,800 --> 00:37:40,840
Speaker 11: it's Whitmer. You know, there's a lot of people Gavin

765
00:37:40,920 --> 00:37:43,759
Speaker 11: Newsom and many others hear from them and have a

766
00:37:43,880 --> 00:37:46,960
Speaker 11: voice in the decision anointments. We go right back to

767
00:37:47,000 --> 00:37:50,080
Speaker 11: sixty eight. They don't work quite so well, and nor

768
00:37:50,080 --> 00:37:51,279
Speaker 11: should they well.

769
00:37:51,320 --> 00:37:53,880
Speaker 2: I thought it was very interesting last night in her speech,

770
00:37:54,800 --> 00:37:59,160
Speaker 2: Nikki Haley specifically talked about Kamala Harris when she was

771
00:37:59,200 --> 00:38:01,560
Speaker 2: talking about how during the course of her primary campaign,

772
00:38:01,560 --> 00:38:03,399
Speaker 2: she said, a vote for President Biden is a vote

773
00:38:03,400 --> 00:38:06,279
Speaker 2: for a President Harris, and she hit that repeatedly. I

774
00:38:06,320 --> 00:38:08,320
Speaker 2: wonder if we'll hear more of the safe inter options

775
00:38:08,320 --> 00:38:10,400
Speaker 2: over the next two days here at the RNC. Rick

776
00:38:10,440 --> 00:38:13,400
Speaker 2: Davis of Stonecourt Capital and Jeanie Shanzena of Iona University.

777
00:38:13,400 --> 00:38:15,400
Speaker 2: Our political panel will be sticking with us. We'll be

778
00:38:15,440 --> 00:38:17,439
Speaker 2: back with you in just a few minutes. But let's

779
00:38:17,480 --> 00:38:19,760
Speaker 2: get some more insight into what exactly we could expect

780
00:38:19,760 --> 00:38:22,440
Speaker 2: to hear in tonight's speech. Is Bloomberg Tyler Kendall is

781
00:38:22,480 --> 00:38:25,080
Speaker 2: here with a preview, and of course the headliner tonight

782
00:38:25,560 --> 00:38:28,000
Speaker 2: is jd Vance Tyler and the theme is foreign policy.

783
00:38:30,480 --> 00:38:33,120
Speaker 13: Yeah, hey, Cayley, Well, it's interesting that Jade Vance's speech

784
00:38:33,120 --> 00:38:35,279
Speaker 13: comes on the night when foreign policy is the theme

785
00:38:35,480 --> 00:38:38,440
Speaker 13: because he's been one of the staunchest opponents to Ukraine

786
00:38:38,480 --> 00:38:39,960
Speaker 13: aid in the Senate. Now, I've had the chance to

787
00:38:39,960 --> 00:38:42,040
Speaker 13: catch up with him multiple times in the halls of

788
00:38:42,080 --> 00:38:45,120
Speaker 13: Congress throughout the year on this issue, and he has

789
00:38:45,160 --> 00:38:47,840
Speaker 13: been consistent that one of the biggest reasons why he

790
00:38:47,920 --> 00:38:49,880
Speaker 13: is against this is that he wants to see the

791
00:38:50,040 --> 00:38:52,320
Speaker 13: US defense industrial base revitalized.

792
00:38:52,400 --> 00:38:52,760
Speaker 2: First.

793
00:38:52,840 --> 00:38:56,080
Speaker 13: Interestingly enough, that was actually the argument that got by

794
00:38:56,120 --> 00:38:59,960
Speaker 13: partisan approval for that big supplemental security assistance package that's

795
00:39:00,200 --> 00:39:03,400
Speaker 13: a to Ukraine, Israel, and the Indo Pacific. But the

796
00:39:03,440 --> 00:39:06,759
Speaker 13: difference here, so we saw by Parson, lawmakers talking about

797
00:39:06,760 --> 00:39:09,600
Speaker 13: how this would create more jobs and revitalize our factories.

798
00:39:09,640 --> 00:39:11,719
Speaker 13: But the difference here when it comes to Vance is

799
00:39:11,760 --> 00:39:15,240
Speaker 13: that he wants to see our stockpiles replenished first before

800
00:39:15,280 --> 00:39:18,640
Speaker 13: we send those weapons abroad. And he normally talks about

801
00:39:18,640 --> 00:39:21,680
Speaker 13: this when we're talking about competition with China and China

802
00:39:21,719 --> 00:39:25,160
Speaker 13: boosting its own domestic manufacturing, and also when it comes

803
00:39:25,160 --> 00:39:29,319
Speaker 13: to American jobs building this equipment instead of sending those

804
00:39:29,400 --> 00:39:32,600
Speaker 13: jobs overseas. So Kaylee, We're definitely going to be watching

805
00:39:32,640 --> 00:39:35,440
Speaker 13: how Jdvance threads the needle on Ukraine, aide, and then

806
00:39:35,480 --> 00:39:38,440
Speaker 13: also on China, which shortly after he received the nomination

807
00:39:38,840 --> 00:39:42,120
Speaker 13: called the US's biggest threat.

808
00:39:42,840 --> 00:39:46,360
Speaker 5: Of course, JD is the headliner Tonight's JD. Vance Tyler.

809
00:39:46,400 --> 00:39:49,280
Speaker 5: But we just got our first glimpse of the official

810
00:39:49,480 --> 00:39:53,319
Speaker 5: speaking schedule. Who else are we going to hear from?

811
00:39:54,040 --> 00:39:56,759
Speaker 13: Yep, Well, we're going to hear from foreign President Trump's son,

812
00:39:57,120 --> 00:40:02,120
Speaker 13: Donald Trump Junior, as well as some other members of Congress.

813
00:40:02,160 --> 00:40:06,239
Speaker 13: That includes Congressman Michael Watz of Republican from Florida, who's

814
00:40:06,239 --> 00:40:08,560
Speaker 13: a veteran and also serves on House Foreign Affairs. That

815
00:40:08,640 --> 00:40:10,719
Speaker 13: kind of goes with the policy and the theme of

816
00:40:10,800 --> 00:40:13,879
Speaker 13: foreign policy tonight. Also, Doug Burgham is going to take

817
00:40:13,920 --> 00:40:16,040
Speaker 13: the stage. He of course, was one of those names

818
00:40:16,040 --> 00:40:20,000
Speaker 13: floated around as a potential vice presidential pick for former

819
00:40:20,000 --> 00:40:21,920
Speaker 13: President Trump, and now there's talk about whether or not

820
00:40:22,000 --> 00:40:24,200
Speaker 13: he could end up with a cabinet position and also

821
00:40:24,239 --> 00:40:27,000
Speaker 13: his ties to some big donors that might help the

822
00:40:27,040 --> 00:40:28,400
Speaker 13: Trump campaign moving forward.

823
00:40:30,520 --> 00:40:31,280
Speaker 6: Really interesting.

824
00:40:32,120 --> 00:40:35,680
Speaker 5: Doug Bergham not with the rest of the runners up

825
00:40:36,239 --> 00:40:39,359
Speaker 5: we saw last night. Tyler Kendall, thank you, reporting from

826
00:40:39,360 --> 00:40:41,920
Speaker 5: Milwaukee for Bloomberg as part of our coverage here at

827
00:40:41,920 --> 00:40:47,280
Speaker 5: the Republican National Convention. As we now reassemble our panel,

828
00:40:47,360 --> 00:40:50,480
Speaker 5: Rick Davis at Stone Court Capital and Jeanie Shanzino Ioni

829
00:40:50,600 --> 00:40:53,719
Speaker 5: University are with us here in Milwaukee with a lot

830
00:40:53,760 --> 00:40:55,839
Speaker 5: more to talk about ahead of tonight. We mentioned some

831
00:40:55,880 --> 00:40:57,960
Speaker 5: of these names already. What does that mean when you

832
00:40:57,960 --> 00:41:00,200
Speaker 5: see a Burgham like that not lumped in with all

833
00:41:00,239 --> 00:41:02,319
Speaker 5: the other losers last night? Does that mean Donald Trump

834
00:41:02,360 --> 00:41:06,840
Speaker 5: has bigger plans for him? I say, you think secretary literal?

835
00:41:07,640 --> 00:41:07,839
Speaker 1: Yeah?

836
00:41:07,920 --> 00:41:10,520
Speaker 12: No, I think that it's definitely a status symbol, right.

837
00:41:11,120 --> 00:41:13,920
Speaker 12: You know, there's a hierarchy to where you have, what

838
00:41:14,080 --> 00:41:16,680
Speaker 12: day you have the speech, and what time of the

839
00:41:16,680 --> 00:41:19,200
Speaker 12: slot you have. So he's getting an A slot on

840
00:41:19,280 --> 00:41:22,399
Speaker 12: a on a B night, okay, And so I think

841
00:41:22,440 --> 00:41:26,040
Speaker 12: it's definitely shows how much cooperation he's given to the campaign,

842
00:41:26,360 --> 00:41:29,160
Speaker 12: how much they think of him as a surrogate.

843
00:41:29,640 --> 00:41:29,799
Speaker 7: Uh.

844
00:41:29,840 --> 00:41:31,520
Speaker 12: And I think you'll see him a lot, you know,

845
00:41:31,600 --> 00:41:35,200
Speaker 12: in the fall campaign promoting the ticket. So yeah, I

846
00:41:35,200 --> 00:41:40,480
Speaker 12: think it's a definite endorsement of Governor Burgham's rise in

847
00:41:40,520 --> 00:41:41,600
Speaker 12: the Republican Party.

848
00:41:42,320 --> 00:41:45,080
Speaker 2: Well, so the question becomes, does Governor Burgham have a

849
00:41:45,160 --> 00:41:48,120
Speaker 2: role in second Trump administration? Because it's not just about

850
00:41:48,520 --> 00:41:52,200
Speaker 2: Senator JD. Vance and the vice presidential nominees, also about

851
00:41:52,200 --> 00:41:55,080
Speaker 2: what the rest of the cabinet is going to look like?

852
00:41:55,280 --> 00:41:59,359
Speaker 2: Is the speaker itinerary a peek into what Donald Trump's cabinet?

853
00:41:59,400 --> 00:42:01,240
Speaker 2: To you boy, okode Genie.

854
00:42:00,800 --> 00:42:04,280
Speaker 11: It absolutely may be. And that is a fun bingo

855
00:42:04,360 --> 00:42:06,960
Speaker 11: game to play. Who's going to be in this cabinet?

856
00:42:07,320 --> 00:42:10,040
Speaker 11: And I think Doug Burgham, I mean I remember when

857
00:42:10,040 --> 00:42:12,840
Speaker 11: he announced his run, so many people outside of his

858
00:42:12,920 --> 00:42:15,680
Speaker 11: home state said who. And now, of course he is

859
00:42:15,760 --> 00:42:19,279
Speaker 11: almost a household name, so he is somebody who could

860
00:42:19,400 --> 00:42:22,080
Speaker 11: very well be tapped for the cabinet. He has an

861
00:42:22,120 --> 00:42:24,600
Speaker 11: awful lot to bring to the cabinet. He of course

862
00:42:24,680 --> 00:42:28,320
Speaker 11: represents a more I would say established traditional view of

863
00:42:28,360 --> 00:42:33,080
Speaker 11: the Republican Party, so he would be a really interesting pick.

864
00:42:33,480 --> 00:42:35,960
Speaker 11: But there are so many others out there, and we're

865
00:42:36,000 --> 00:42:38,239
Speaker 11: hearing from some. But the thing I like about Doug

866
00:42:38,280 --> 00:42:40,960
Speaker 11: Burgham today is he may break up some of what

867
00:42:41,239 --> 00:42:44,040
Speaker 11: will be the sort of more red meat we will

868
00:42:44,040 --> 00:42:47,120
Speaker 11: hear from people like a Matt Gets or you know,

869
00:42:47,320 --> 00:42:49,080
Speaker 11: some of the other folks who we know are going

870
00:42:49,120 --> 00:42:52,560
Speaker 11: to be speaking. Donald Trump Junior, who is obviously not

871
00:42:52,640 --> 00:42:55,840
Speaker 11: only son but one of the president's closest advisors, and

872
00:42:56,280 --> 00:42:58,680
Speaker 11: with Tucker Carlson, likely had a big hand in the

873
00:42:58,719 --> 00:43:02,359
Speaker 11: decision to appoint Givan. So it's gonna be I think

874
00:43:02,440 --> 00:43:06,080
Speaker 11: one of the most interesting fun nights if I can

875
00:43:06,080 --> 00:43:07,360
Speaker 11: say that at the convention.

876
00:43:08,360 --> 00:43:10,279
Speaker 2: Well, how lucky are all of we to be here

877
00:43:10,280 --> 00:43:13,040
Speaker 2: in Milwaukee to bear witness. Rick Davis of Stonecard Capital

878
00:43:13,080 --> 00:43:16,600
Speaker 2: and Jeanie Shanzo of Iona University, our Bloomberg Politics contributors,

879
00:43:16,600 --> 00:43:18,200
Speaker 2: Thank you both so much.

880
00:43:21,920 --> 00:43:25,399
Speaker 1: You're listening to the Bloomberg Balance of Power podcast kens

881
00:43:25,520 --> 00:43:28,040
Speaker 1: just Live weekdays at noon Eastern on Appo.

882
00:43:27,880 --> 00:43:30,640
Speaker 7: Car Play and then Roudo with the Bloomberg Business app.

883
00:43:30,719 --> 00:43:33,879
Speaker 1: Listen on demand wherever you get your podcasts or watch

884
00:43:33,960 --> 00:43:36,200
Speaker 1: us live on YouTube.

885
00:43:37,640 --> 00:43:38,440
Speaker 10: Let's have the voice now.

886
00:43:38,480 --> 00:43:42,080
Speaker 5: Bloomberg Hadriana Lowencron, who has been covering this convention for

887
00:43:42,160 --> 00:43:46,560
Speaker 5: US in Milwaukee. Coming off a remarkable weekend. Adriana was

888
00:43:46,719 --> 00:43:49,759
Speaker 5: a witness to the attempted assassination of Donald Trump at

889
00:43:49,760 --> 00:43:52,440
Speaker 5: that rally in Pennsylvania. It's great to see you at

890
00:43:52,440 --> 00:43:55,000
Speaker 5: the table. Thanks for joining us. You've had quite a week.

891
00:43:55,040 --> 00:43:56,760
Speaker 5: You've seen a lot of wild things, and I wonder

892
00:43:56,800 --> 00:43:58,920
Speaker 5: how you're connecting the dots in your own line between

893
00:43:58,960 --> 00:44:04,640
Speaker 5: what you saw firsthand on Saturday. So what's unfolding right

894
00:44:04,680 --> 00:44:07,440
Speaker 5: now in Milwaukee? We've heard a lot about unity. Are

895
00:44:07,480 --> 00:44:08,040
Speaker 5: you seeing it?

896
00:44:08,120 --> 00:44:11,120
Speaker 14: Are you feeling I definitely am. I mean, this was

897
00:44:11,160 --> 00:44:15,120
Speaker 14: a historic event, and you know, I'm glad I'm safe.

898
00:44:15,160 --> 00:44:19,200
Speaker 14: You know the former president is safe, and you know

899
00:44:19,360 --> 00:44:22,520
Speaker 14: the fact that we are still here carrying on business

900
00:44:22,520 --> 00:44:24,839
Speaker 14: in a sense as usual. It's still something that I'm

901
00:44:24,880 --> 00:44:27,840
Speaker 14: trying to wrap my head around. But of course notable

902
00:44:27,920 --> 00:44:31,120
Speaker 14: because the goal here for the Republican Party is to

903
00:44:31,200 --> 00:44:34,400
Speaker 14: be united as Republicans are trying to take back the

904
00:44:34,440 --> 00:44:37,000
Speaker 14: White House. And so we know from our reporting that

905
00:44:37,040 --> 00:44:40,400
Speaker 14: the former president who's set to speak tomorrow, has revamped

906
00:44:40,400 --> 00:44:43,320
Speaker 14: his speech to do just that. We know that both

907
00:44:44,080 --> 00:44:47,680
Speaker 14: his former rivals on the trail, Ron De Santis Nikki Haley,

908
00:44:47,760 --> 00:44:50,680
Speaker 14: they came out kind of throwing your support and trying

909
00:44:50,719 --> 00:44:53,360
Speaker 14: to do just that, which is unite the party.

910
00:44:54,080 --> 00:44:56,480
Speaker 2: Well as we consider the idea that it is business

911
00:44:56,560 --> 00:44:59,880
Speaker 2: as usual, I guess that's just means you know, the

912
00:45:00,400 --> 00:45:03,800
Speaker 2: is still ongoing, because I'm imagining Milwaukee is not usually

913
00:45:03,920 --> 00:45:06,040
Speaker 2: like this with the security barriers that are up in

914
00:45:06,080 --> 00:45:09,880
Speaker 2: the checkpoints. I mean, it is pretty intense here towards

915
00:45:09,920 --> 00:45:12,279
Speaker 2: for good reason. But talk to us a little bit

916
00:45:12,680 --> 00:45:14,920
Speaker 2: about that going in and out of this convention. Just

917
00:45:14,960 --> 00:45:18,719
Speaker 2: how tight that security is, especially in the aftermath of

918
00:45:18,760 --> 00:45:19,520
Speaker 2: this past weekend.

919
00:45:19,840 --> 00:45:22,200
Speaker 14: Yeah, I mean it's definitely a process to get from

920
00:45:22,239 --> 00:45:24,279
Speaker 14: A to B. If you look at the map, I think, oh,

921
00:45:24,320 --> 00:45:26,759
Speaker 14: I only have ten minutes to get there, it should

922
00:45:26,800 --> 00:45:28,359
Speaker 14: be fine, and then you find out you go over

923
00:45:28,400 --> 00:45:31,120
Speaker 14: a bridge, over another bridge just to go back to

924
00:45:31,120 --> 00:45:35,000
Speaker 14: where you are. But there definitely has been an increased

925
00:45:35,680 --> 00:45:37,920
Speaker 14: security presence. You're going through the metal detectors, which I

926
00:45:37,920 --> 00:45:41,120
Speaker 14: will not there were metal detectors and security at the

927
00:45:41,239 --> 00:45:44,120
Speaker 14: rally and previous rallies as well. I've been doing this

928
00:45:44,160 --> 00:45:46,520
Speaker 14: for so long, it was definitely unexpected. But yes, you

929
00:45:46,600 --> 00:45:49,680
Speaker 14: can feel that height intensive security here, but you also

930
00:45:49,719 --> 00:45:52,440
Speaker 14: feel the excitement from people who are here.

931
00:45:53,239 --> 00:45:55,279
Speaker 5: I don't know if you've had a chance to spend

932
00:45:55,400 --> 00:45:59,560
Speaker 5: much time inside the hall, but with Saturday in mind,

933
00:46:00,160 --> 00:46:04,200
Speaker 5: we're seeing delegates on the floor showing up with bandages

934
00:46:05,160 --> 00:46:08,360
Speaker 5: on their ears. This has become one of the I

935
00:46:08,360 --> 00:46:12,640
Speaker 5: guess novelties points of tribute in this convention hall. In

936
00:46:12,640 --> 00:46:15,160
Speaker 5: some cases just a piece of white paper stuck to

937
00:46:15,200 --> 00:46:15,560
Speaker 5: the ear.

938
00:46:16,200 --> 00:46:17,600
Speaker 6: How does that hit you when you see it?

939
00:46:18,000 --> 00:46:19,799
Speaker 14: Honestly, the first thing I thought there was that scene

940
00:46:19,840 --> 00:46:22,000
Speaker 14: in Mean Girls where you have that you know, the

941
00:46:22,040 --> 00:46:25,680
Speaker 14: person who has power and is respected to doing one

942
00:46:25,719 --> 00:46:28,719
Speaker 14: thing and then everyone everyone else doing the same thing

943
00:46:28,800 --> 00:46:31,640
Speaker 14: following in the sas. But again, it really shows he

944
00:46:31,880 --> 00:46:34,960
Speaker 14: is the party's leader. The fact that he after the

945
00:46:34,960 --> 00:46:37,120
Speaker 14: assassination attempt took place, stood up, you know, with the

946
00:46:37,160 --> 00:46:39,600
Speaker 14: fists in the air. He was trying to remind everyone

947
00:46:39,600 --> 00:46:42,080
Speaker 14: and let everyone know things are going to go on.

948
00:46:42,360 --> 00:46:44,440
Speaker 14: That has been kind of a pattern that we've seen

949
00:46:44,480 --> 00:46:47,480
Speaker 14: with his legal woes, with the trial, fundraising off of

950
00:46:47,560 --> 00:46:50,320
Speaker 14: all of these things showing everyone that he is back,

951
00:46:50,520 --> 00:46:52,759
Speaker 14: He is in power, and we're really seeing that here

952
00:46:53,400 --> 00:46:54,200
Speaker 14: well as we talk.

953
00:46:54,080 --> 00:46:56,919
Speaker 2: About him being in power. Obviously, he had a great

954
00:46:56,960 --> 00:46:59,400
Speaker 2: hand in the platform that was adopted at this convention,

955
00:46:59,520 --> 00:47:03,080
Speaker 2: including the lack of a federal abortion band call for

956
00:47:03,080 --> 00:47:05,520
Speaker 2: the first time in decades, for example. There was a

957
00:47:05,560 --> 00:47:08,239
Speaker 2: lot of talk coming into this convention though to what

958
00:47:08,320 --> 00:47:11,160
Speaker 2: extent Donald Trump would be communicating with the Heritage Foundation

959
00:47:11,239 --> 00:47:13,319
Speaker 2: when it comes to Project twenty twenty five. This has

960
00:47:13,320 --> 00:47:16,160
Speaker 2: been an attack line from the Democrats. They are running

961
00:47:16,160 --> 00:47:19,040
Speaker 2: with this. Donald Trump has tried to him distance himself

962
00:47:19,400 --> 00:47:22,040
Speaker 2: from it. I believe you've been at a Heritage Foundation

963
00:47:22,080 --> 00:47:24,400
Speaker 2: event or two while here in Milwaukee. What is your

964
00:47:24,440 --> 00:47:27,759
Speaker 2: sense of what that relationship actually is when it comes

965
00:47:27,760 --> 00:47:29,520
Speaker 2: to these policy ideas, right, So.

966
00:47:29,480 --> 00:47:31,759
Speaker 14: I mean, as you said, we know that a lot

967
00:47:31,800 --> 00:47:34,320
Speaker 14: of the people who put this together were former allies

968
00:47:34,360 --> 00:47:36,120
Speaker 14: of the president. So for him to come out and

969
00:47:36,239 --> 00:47:39,399
Speaker 14: kind of distance himself, we have our reporting to say

970
00:47:39,960 --> 00:47:41,839
Speaker 14: the opposite. And so the reason I went to this

971
00:47:42,400 --> 00:47:44,719
Speaker 14: Heritage event was to really get a sense talk to

972
00:47:44,760 --> 00:47:47,120
Speaker 14: some of the people there and see how they were

973
00:47:47,480 --> 00:47:50,600
Speaker 14: addressing Project twenty twenty five. You know obviously how Democrats

974
00:47:50,600 --> 00:47:52,080
Speaker 14: have been landing that we have what Trump has said,

975
00:47:52,480 --> 00:47:55,879
Speaker 14: but this gave me the opportunity to speak to people there.

976
00:47:55,920 --> 00:48:00,520
Speaker 14: And you know, Tom Homan from our ICE was there

977
00:48:00,719 --> 00:48:03,799
Speaker 14: and he and I chatted for a bit. He kind

978
00:48:03,840 --> 00:48:05,200
Speaker 14: of said he didn't have much to do with it,

979
00:48:05,280 --> 00:48:08,560
Speaker 14: but he did say that in general, it's common for

980
00:48:08,680 --> 00:48:11,680
Speaker 14: think tanks to kind of put forth policy proposals, and

981
00:48:11,760 --> 00:48:13,520
Speaker 14: he did say that at the end of the day,

982
00:48:13,719 --> 00:48:15,839
Speaker 14: it is going to be up to Trump to decide

983
00:48:16,000 --> 00:48:18,040
Speaker 14: what to do if he were to get reelected.

984
00:48:18,160 --> 00:48:21,399
Speaker 5: Well, were they talking about Donald Trump connecting the dots

985
00:48:21,440 --> 00:48:23,440
Speaker 5: or are they running cover for him when it comes

986
00:48:23,520 --> 00:48:24,439
Speaker 5: to twenty twenty five.

987
00:48:24,640 --> 00:48:27,560
Speaker 14: Well, when I spoke, when I spoke to Kevin Roberts,

988
00:48:27,840 --> 00:48:31,080
Speaker 14: who kind of at the Helm of Heritage Foundation, he

989
00:48:31,160 --> 00:48:33,719
Speaker 14: said that there is what the RNC is doing, there's

990
00:48:33,760 --> 00:48:35,480
Speaker 14: what the campaign is doing, get the Heritage is doing.

991
00:48:35,520 --> 00:48:37,320
Speaker 14: But he did say there is an overlap.

992
00:48:37,560 --> 00:48:38,839
Speaker 4: So take with that what you.

993
00:48:38,840 --> 00:48:43,759
Speaker 2: Will, all right, And I guess we will. We'll see

994
00:48:43,800 --> 00:48:46,480
Speaker 2: how this is messaged at the Democratic Convention in Chicago

995
00:48:47,040 --> 00:48:49,319
Speaker 2: as well more it I am sure that we will

996
00:48:49,360 --> 00:48:51,480
Speaker 2: and Hadriana, of course, we'll be there with us too.

997
00:48:51,520 --> 00:48:53,959
Speaker 2: Bloomberg's Hadrian alone and Crown great reporting, and we also

998
00:48:54,000 --> 00:48:55,560
Speaker 2: are glad you are safe. Thank you so much for

999
00:48:55,640 --> 00:48:59,440
Speaker 2: joining us from here in Milwaukee now on set in

1000
00:48:59,480 --> 00:49:01,480
Speaker 2: the steat that he Adriana is sitting. And we had

1001
00:49:01,719 --> 00:49:04,080
Speaker 2: several guests yesterday, including one that is not only a

1002
00:49:04,080 --> 00:49:06,279
Speaker 2: member of the Trump family but now finds herself to

1003
00:49:06,280 --> 00:49:09,239
Speaker 2: be the co chair of the RNC. She was here

1004
00:49:09,280 --> 00:49:11,600
Speaker 2: with us yesterday on balance of power. Here's a little

1005
00:49:11,600 --> 00:49:13,239
Speaker 2: taste of our conversation.

1006
00:49:14,480 --> 00:49:17,439
Speaker 15: There is such support for this man out there, and

1007
00:49:17,680 --> 00:49:21,160
Speaker 15: we are so blessed obviously to have these great supporters,

1008
00:49:21,520 --> 00:49:24,040
Speaker 15: but we're bringing in new supporters, and I think that

1009
00:49:24,239 --> 00:49:27,600
Speaker 15: is what ultimately matters, and so we're going to continue

1010
00:49:27,920 --> 00:49:30,080
Speaker 15: on that trajectory. We're going to continue fundraising, and we're

1011
00:49:30,080 --> 00:49:32,160
Speaker 15: going to put all that money to good use of

1012
00:49:33,120 --> 00:49:35,239
Speaker 15: Election season is right around the corner. I think we're

1013
00:49:35,239 --> 00:49:37,280
Speaker 15: sixty some days away from early voting starting.

1014
00:49:37,680 --> 00:49:39,560
Speaker 2: Well, so as we consider the use of the money,

1015
00:49:39,640 --> 00:49:41,440
Speaker 2: Knowing you were just talking about all these people who

1016
00:49:41,680 --> 00:49:44,400
Speaker 2: are using their dollars to express their support for Donald

1017
00:49:44,440 --> 00:49:47,279
Speaker 2: Trump for president, there's only so much he can do

1018
00:49:47,360 --> 00:49:50,600
Speaker 2: as president without the buy in of Congress. So the

1019
00:49:50,600 --> 00:49:52,920
Speaker 2: composition of the House and Senate is also going to

1020
00:49:52,920 --> 00:49:55,720
Speaker 2: matter for actually getting his agenda across. To what extent

1021
00:49:55,760 --> 00:49:58,400
Speaker 2: do you plan to allocate those resources into some of

1022
00:49:58,400 --> 00:50:01,840
Speaker 2: those more difficult to either flip the Senate or retain

1023
00:50:01,920 --> 00:50:02,280
Speaker 2: the House.

1024
00:50:02,360 --> 00:50:05,000
Speaker 15: Well, it's huge, it's everything, you know. It's obviously we

1025
00:50:05,040 --> 00:50:06,960
Speaker 15: want to win the White House. But to your point,

1026
00:50:07,000 --> 00:50:10,040
Speaker 15: you can't do that much other than executive order if

1027
00:50:10,040 --> 00:50:12,000
Speaker 15: you don't have a House and a Senate. And we

1028
00:50:12,080 --> 00:50:13,680
Speaker 15: certainly want to expand the lead in the House and

1029
00:50:13,719 --> 00:50:16,400
Speaker 15: take back the Senate. And obviously we have our partners

1030
00:50:16,400 --> 00:50:20,720
Speaker 15: at the NRCC and the NRSC who are primarily responsible.

1031
00:50:20,080 --> 00:50:20,800
Speaker 6: For those races.

1032
00:50:20,800 --> 00:50:23,440
Speaker 15: But look anywhere we as the rn C think we

1033
00:50:23,520 --> 00:50:25,520
Speaker 15: can be a value at and give a boost that

1034
00:50:25,600 --> 00:50:28,520
Speaker 15: is needed, we certainly will turn our attention. You look

1035
00:50:28,560 --> 00:50:31,160
Speaker 15: at a lot of very important congressional races in states

1036
00:50:31,200 --> 00:50:32,959
Speaker 15: like New York and California.

1037
00:50:33,200 --> 00:50:33,600
Speaker 11: We have some.

1038
00:50:33,719 --> 00:50:35,640
Speaker 15: You know, Montana is a big state as well, and

1039
00:50:35,719 --> 00:50:38,719
Speaker 15: so wherever we see that we are needed, we will

1040
00:50:38,719 --> 00:50:38,960
Speaker 15: be there.

1041
00:50:38,960 --> 00:50:39,479
Speaker 6: As the RNC.

1042
00:50:43,320 --> 00:50:47,200
Speaker 5: Our conversation with Laura Trump aspocat the Republican National Convention

1043
00:50:47,400 --> 00:50:51,239
Speaker 5: last night. As we turn now to the Congressman from Arkansas,

1044
00:50:51,360 --> 00:50:54,080
Speaker 5: Republican French Hill is with us in Milwaukee. It's a

1045
00:50:54,080 --> 00:50:57,040
Speaker 5: who's who here in Wisconsin, and now the convention is

1046
00:50:57,080 --> 00:50:58,560
Speaker 5: real for us, sir, It's great to see you. We

1047
00:50:58,600 --> 00:51:03,360
Speaker 5: have spent river. I'm talking in Washington about policy frequently

1048
00:51:03,400 --> 00:51:06,480
Speaker 5: financial regulations, crypto. But I think of you first and

1049
00:51:06,560 --> 00:51:11,439
Speaker 5: foremost as an establishment Republican, an old line GOP guy,

1050
00:51:11,800 --> 00:51:14,160
Speaker 5: and we're hearing a lot of different ideas at this

1051
00:51:14,239 --> 00:51:18,920
Speaker 5: convention that might reevaluate what that actually means to be

1052
00:51:19,120 --> 00:51:21,480
Speaker 5: a Republican. When we're talking about tariffs in the case

1053
00:51:21,520 --> 00:51:25,120
Speaker 5: of JD Vance, a higher minimum wage. Is this still

1054
00:51:25,200 --> 00:51:27,160
Speaker 5: the Republican Party that you recognize?

1055
00:51:27,400 --> 00:51:27,640
Speaker 6: Sure?

1056
00:51:27,680 --> 00:51:29,879
Speaker 16: I think the Republican Party has always been a big

1057
00:51:29,920 --> 00:51:34,000
Speaker 16: tent party, and since the Reagan administration forty years ago,

1058
00:51:34,040 --> 00:51:36,440
Speaker 16: we've made an effort how do we get working Americans

1059
00:51:37,120 --> 00:51:39,839
Speaker 16: back engage with the Republican Party. And one of those

1060
00:51:39,840 --> 00:51:44,400
Speaker 16: things is to be talking about jobs, opportunity, workforce, bringing

1061
00:51:44,480 --> 00:51:49,160
Speaker 16: jobs home from overseas locations. Many many rural communities were

1062
00:51:49,160 --> 00:51:52,560
Speaker 16: devastated in the nineties when so many companies took their

1063
00:51:52,560 --> 00:51:56,680
Speaker 16: manufacturing offshore. And President Trump in his first term used

1064
00:51:56,680 --> 00:51:59,640
Speaker 16: his leadership to redo the North American Free Trade Agreement

1065
00:52:00,080 --> 00:52:04,200
Speaker 16: of the USMCA. He brought jobs and investment back to

1066
00:52:04,239 --> 00:52:06,680
Speaker 16: the US with that has made us the preeminent place

1067
00:52:06,800 --> 00:52:10,279
Speaker 16: to come do manufacturing. And of course he got some

1068
00:52:10,640 --> 00:52:14,839
Speaker 16: trade concessions from China and Japan during his term. So

1069
00:52:14,880 --> 00:52:18,040
Speaker 16: my view about Donald Trump and tariffs is that is

1070
00:52:18,080 --> 00:52:21,640
Speaker 16: the ultimate stick to bring people to the table. And

1071
00:52:21,719 --> 00:52:23,960
Speaker 16: over my career in economic policy, I've seen a lot

1072
00:52:23,960 --> 00:52:28,680
Speaker 16: of presidents use that. President Reagan himself voluntary auto restraints

1073
00:52:28,800 --> 00:52:35,880
Speaker 16: VREs against Japan limiting semiconductor in imports back in the eighties.

1074
00:52:35,920 --> 00:52:39,560
Speaker 16: So this is not an unfamiliar territory for Republicans.

1075
00:52:39,640 --> 00:52:42,440
Speaker 2: But when we think about what, for example, increased tariffs

1076
00:52:42,480 --> 00:52:45,640
Speaker 2: on China will actually mean economically, not just for China

1077
00:52:45,680 --> 00:52:47,680
Speaker 2: but here at home. I've asked this questions to a

1078
00:52:47,680 --> 00:52:50,600
Speaker 2: lot of your colleagues, and I'm not sure I'm really

1079
00:52:50,640 --> 00:52:53,920
Speaker 2: getting a straight answer. Because economists and you sit on

1080
00:52:53,920 --> 00:52:56,200
Speaker 2: the Financial Services Committe. You are hoping to be its

1081
00:52:56,239 --> 00:52:58,239
Speaker 2: next chairman, so I know you know how this works.

1082
00:52:58,320 --> 00:53:01,759
Speaker 2: Higher tariffs raise the cost of goods. This is going

1083
00:53:01,840 --> 00:53:03,640
Speaker 2: to be an inflationary policy, is it not.

1084
00:53:04,719 --> 00:53:07,439
Speaker 16: We have two trends, major macro trends that are both

1085
00:53:07,480 --> 00:53:13,080
Speaker 16: inflationary aside from the overspending in Washington and lacks monetary policy,

1086
00:53:13,080 --> 00:53:18,160
Speaker 16: and that is tariffs and reshoring. Both are going from

1087
00:53:18,200 --> 00:53:21,520
Speaker 16: low cost supply single sources in a far away land

1088
00:53:21,560 --> 00:53:26,040
Speaker 16: to trying to benir shoring or friend of friend shoring

1089
00:53:26,080 --> 00:53:29,960
Speaker 16: if you've heard that term. Those things also raise prices

1090
00:53:30,120 --> 00:53:32,040
Speaker 16: in the short run. They may be better in the

1091
00:53:32,080 --> 00:53:36,000
Speaker 16: long run for redundancy and resiliency in supply and fair pricing.

1092
00:53:36,280 --> 00:53:40,040
Speaker 16: And also across the board of tariffs can be very inflationary.

1093
00:53:40,040 --> 00:53:42,000
Speaker 16: That's why I say if you use it as a cudgel,

1094
00:53:42,360 --> 00:53:44,720
Speaker 16: it's a good economic tool. If you use it across

1095
00:53:44,719 --> 00:53:46,839
Speaker 16: the board period of full stop and just say we're

1096
00:53:46,880 --> 00:53:51,080
Speaker 16: going to penalize one country in all product categories, you're

1097
00:53:51,120 --> 00:53:55,719
Speaker 16: going to create in those product categories high prices for

1098
00:53:55,800 --> 00:53:59,440
Speaker 16: American consumers. So I think it's about that constructive tension.

1099
00:54:00,400 --> 00:54:02,440
Speaker 16: My days in public policy, we use it as a

1100
00:54:02,440 --> 00:54:06,560
Speaker 16: cudgel to open up markets for American export, American intellectual

1101
00:54:06,600 --> 00:54:08,600
Speaker 16: property to be treated fairly, and I know that's where

1102
00:54:08,640 --> 00:54:11,439
Speaker 16: the President wants to achieve with China, for example.

1103
00:54:11,120 --> 00:54:12,600
Speaker 6: Yeah, with China and mine.

1104
00:54:13,440 --> 00:54:16,640
Speaker 5: We're looking at the Nasdaq tumble here today, it's done

1105
00:54:16,640 --> 00:54:19,800
Speaker 5: about three percent at the moment ASML have you seen this,

1106
00:54:19,880 --> 00:54:21,919
Speaker 5: Kaylee down one hundred and twenty six dollars a share?

1107
00:54:22,000 --> 00:54:23,439
Speaker 6: Twelve percent in video is lower.

1108
00:54:23,520 --> 00:54:26,000
Speaker 5: This Bloomberg story that's driving a lot of this that

1109
00:54:26,080 --> 00:54:28,759
Speaker 5: Joe Biden is going to make even more strict the

1110
00:54:28,800 --> 00:54:32,720
Speaker 5: restrictions on high tech chips from China, think AI.

1111
00:54:32,840 --> 00:54:35,000
Speaker 6: Of course, when.

1112
00:54:34,880 --> 00:54:39,440
Speaker 5: We see a move like this, knowing that Joe Biden

1113
00:54:40,000 --> 00:54:42,360
Speaker 5: is down in the polls, you're looking forward to another

1114
00:54:42,400 --> 00:54:45,760
Speaker 5: Trump term. Do you think that the Wall Street reaction

1115
00:54:46,000 --> 00:54:47,919
Speaker 5: is appropriate? Would Trump do the same thing?

1116
00:54:48,640 --> 00:54:51,680
Speaker 16: Well, I believe that the President's executive order about limiting

1117
00:54:51,840 --> 00:54:56,920
Speaker 16: outbound investment in critical technologies like AI or chips is

1118
00:54:56,960 --> 00:54:59,960
Speaker 16: too broad, and I prefer a green light rid light

1119
00:55:00,080 --> 00:55:04,840
Speaker 16: approach where we name a particular technology, particular intellectual property concern,

1120
00:55:05,560 --> 00:55:09,400
Speaker 16: or even an exact company and say this company is

1121
00:55:09,440 --> 00:55:12,479
Speaker 16: off limits for American investment. I think that's the better

1122
00:55:12,520 --> 00:55:14,480
Speaker 16: way to go. When you say, well, we're going to

1123
00:55:14,560 --> 00:55:17,640
Speaker 16: limit technological innovation and AI, what.

1124
00:55:17,600 --> 00:55:18,239
Speaker 1: Does that mean?

1125
00:55:18,400 --> 00:55:22,360
Speaker 16: Every company, every entity is thinking about AI, and I

1126
00:55:22,400 --> 00:55:25,319
Speaker 16: think that does not give clear market signals about what

1127
00:55:25,480 --> 00:55:29,160
Speaker 16: US policy is for national security purposes. We all want

1128
00:55:29,160 --> 00:55:33,360
Speaker 16: to limit China's access to our dual use intellectual property

1129
00:55:33,560 --> 00:55:36,680
Speaker 16: that they're now turning and using against us in an

1130
00:55:36,680 --> 00:55:38,400
Speaker 16: international warfare sets.

1131
00:55:39,160 --> 00:55:43,000
Speaker 5: So that's true, you like this policy. I don't just

1132
00:55:43,120 --> 00:55:45,000
Speaker 5: want a more direct approach.

1133
00:55:45,160 --> 00:55:47,520
Speaker 16: I think I think the kind of approach that President

1134
00:55:47,560 --> 00:55:51,240
Speaker 16: Trump used, where we had lists of at the Commerce Department,

1135
00:55:51,400 --> 00:55:54,239
Speaker 16: commerce list, at the O fact list, at the Treasury,

1136
00:55:54,400 --> 00:55:58,759
Speaker 16: a DoD strategic company list, that's a better way to

1137
00:55:58,800 --> 00:56:01,239
Speaker 16: go because it's a green light rid light situation and.

1138
00:56:01,200 --> 00:56:04,360
Speaker 4: Not a broad ban on global.

1139
00:56:03,960 --> 00:56:07,640
Speaker 16: Investing by US investors in a I think it's too vague.

1140
00:56:07,680 --> 00:56:09,239
Speaker 16: I think we need to keep working on this.

1141
00:56:09,719 --> 00:56:13,839
Speaker 2: I like to talk about another form of technology, crypto technology,

1142
00:56:13,840 --> 00:56:15,840
Speaker 2: which of course you are passionate about. You share the

1143
00:56:15,880 --> 00:56:19,960
Speaker 2: Digital Asset Subcommittee in the House. Both Donald Trump and JD.

1144
00:56:20,080 --> 00:56:23,680
Speaker 2: Vance are pretty crypto positive, it seems Donald Trump increasingly so.

1145
00:56:23,840 --> 00:56:25,560
Speaker 2: But we both know there's only so much power The

1146
00:56:25,560 --> 00:56:29,279
Speaker 2: president has to assist with regulation. Congress has to write

1147
00:56:29,320 --> 00:56:33,080
Speaker 2: a lot of those rules. What could Trump and Vance

1148
00:56:33,120 --> 00:56:35,960
Speaker 2: do on their own if they don't have both chambers

1149
00:56:35,960 --> 00:56:38,080
Speaker 2: of Congress. Knowing how difficult it has been to get

1150
00:56:38,719 --> 00:56:42,240
Speaker 2: legislation through the House. It has happened obviously during this Congress,

1151
00:56:42,239 --> 00:56:43,840
Speaker 2: but the Senate is a whole other ballgame.

1152
00:56:45,480 --> 00:56:49,799
Speaker 16: Well, I think being pro innovation for digital assets is

1153
00:56:49,800 --> 00:56:52,520
Speaker 16: a good position for President Trump. He's been very outspoken

1154
00:56:52,520 --> 00:56:55,319
Speaker 16: on it. He's against a central bank digital currency where

1155
00:56:55,360 --> 00:56:58,120
Speaker 16: the FED at retail offers a digital currency. That's a

1156
00:56:58,160 --> 00:57:02,839
Speaker 16: bad idea, But being ro innovation is good. So how

1157
00:57:02,880 --> 00:57:05,120
Speaker 16: could he do that? Well, he can appoint people at

1158
00:57:05,120 --> 00:57:09,520
Speaker 16: the CFTC and the SEC that are actually for economic

1159
00:57:09,600 --> 00:57:13,880
Speaker 16: growth and for limited regulation and for focusing how to

1160
00:57:13,920 --> 00:57:17,360
Speaker 16: build a digital future instead of relying on old laws.

1161
00:57:17,880 --> 00:57:21,600
Speaker 16: We wrote the FIT twenty one Act, which specifically does

1162
00:57:21,640 --> 00:57:24,360
Speaker 16: that we give authorities direct authority to the SEC and

1163
00:57:24,400 --> 00:57:28,600
Speaker 16: the CFTC to regulate digital assets. Some of that could

1164
00:57:28,600 --> 00:57:33,000
Speaker 16: have been done by exemptive relief or by regulatory proposal

1165
00:57:33,120 --> 00:57:36,320
Speaker 16: by the SEC, and Chairman Genzler chose not to do it.

1166
00:57:36,720 --> 00:57:39,240
Speaker 16: So we're giving him the direction that he needs to

1167
00:57:39,280 --> 00:57:41,120
Speaker 16: do a good job. And I would hope President Trump

1168
00:57:41,280 --> 00:57:43,160
Speaker 16: if we don't get that bill passed in this Congress,

1169
00:57:43,160 --> 00:57:44,720
Speaker 16: I would hope be the first bill that we could

1170
00:57:44,720 --> 00:57:47,000
Speaker 16: get on his desk from the House Financial Services Committee

1171
00:57:47,000 --> 00:57:47,919
Speaker 16: in twenty twenty five.

1172
00:57:48,280 --> 00:57:50,320
Speaker 5: To Kaylee's point, Donald Trump says he wants to be

1173
00:57:50,360 --> 00:57:53,960
Speaker 5: the first crypto president, but then you read this.

1174
00:57:53,880 --> 00:57:54,960
Speaker 16: Book, it does have an NFT.

1175
00:57:55,360 --> 00:57:59,120
Speaker 5: Well, that's true. No, he's making money on crypto. Bitcoin

1176
00:58:00,080 --> 00:58:02,920
Speaker 5: went nuts at the beginning of this week, and of

1177
00:58:02,960 --> 00:58:05,880
Speaker 5: course around the whole conversation of Joe Biden's acuity, it's

1178
00:58:05,920 --> 00:58:09,360
Speaker 5: been crypto positive for prices. He also set in an

1179
00:58:09,360 --> 00:58:12,160
Speaker 5: interview with Bloomberg BusinessWeek that he'd keep j. Powell on

1180
00:58:13,200 --> 00:58:15,200
Speaker 5: to serve out the rest of his term. Is that

1181
00:58:15,280 --> 00:58:16,920
Speaker 5: surprising to you? And do you agree with it?

1182
00:58:17,720 --> 00:58:20,919
Speaker 16: Well, I think Chairman Powell. I don't agree with every

1183
00:58:20,960 --> 00:58:23,960
Speaker 16: decision that Chairman pal has made as FED chairman, particularly

1184
00:58:24,000 --> 00:58:27,800
Speaker 16: by letting inflation run transits, which he did in twenty

1185
00:58:27,880 --> 00:58:30,880
Speaker 16: twenty and with his policy change and then saying it

1186
00:58:30,920 --> 00:58:32,680
Speaker 16: was going to be transitory, when many of us on

1187
00:58:32,720 --> 00:58:35,800
Speaker 16: Capitol absolutely were on the record saying it absolutely is not.

1188
00:58:36,080 --> 00:58:39,760
Speaker 16: And Larry Summers, Democrat, agreed with that point of view.

1189
00:58:40,440 --> 00:58:41,120
Speaker 4: But J.

1190
00:58:41,280 --> 00:58:44,000
Speaker 16: Powell is a capable leader at the FED, and I

1191
00:58:44,040 --> 00:58:46,680
Speaker 16: think it makes complete sense in a presidential transition to

1192
00:58:46,760 --> 00:58:49,160
Speaker 16: let that FED chairman serve out his term and then

1193
00:58:49,480 --> 00:58:53,160
Speaker 16: make a determination. Then the president can appoint, reappoint mister

1194
00:58:53,200 --> 00:58:54,480
Speaker 16: Powell or pick someone out.

1195
00:58:54,920 --> 00:58:56,840
Speaker 2: Should the FED chair and the rest of the FMC,

1196
00:58:57,080 --> 00:58:59,760
Speaker 2: for that matter, feel comfortable cutting rates before the election

1197
00:59:00,080 --> 00:59:01,320
Speaker 2: if the data warrants it, I.

1198
00:59:01,360 --> 00:59:03,720
Speaker 16: Think only if the data warrants it. I've been very

1199
00:59:04,120 --> 00:59:05,600
Speaker 16: as you know on this show.

1200
00:59:05,640 --> 00:59:06,160
Speaker 7: I've been.

1201
00:59:07,960 --> 00:59:11,840
Speaker 16: Not seeing that data warranting a cut here in the

1202
00:59:11,880 --> 00:59:14,560
Speaker 16: their term, but we're looking at it every month, and

1203
00:59:14,600 --> 00:59:16,960
Speaker 16: they need they need to have the independence to do

1204
00:59:17,000 --> 00:59:19,840
Speaker 16: the job they think's appropriate in the FED. I value

1205
00:59:19,840 --> 00:59:23,520
Speaker 16: FED independence. We've had it both ways in the American history,

1206
00:59:23,520 --> 00:59:24,960
Speaker 16: and I prefer an independent FED.

1207
00:59:25,240 --> 00:59:25,920
Speaker 6: We heard in J.

1208
00:59:26,080 --> 00:59:29,760
Speaker 5: Powell's hearings on Capitol Hill last week a few Democrats

1209
00:59:30,200 --> 00:59:32,680
Speaker 5: suggest that a cut or even a hike in September

1210
00:59:32,920 --> 00:59:36,040
Speaker 5: will be billed as political because if its proximity to

1211
00:59:36,080 --> 00:59:37,440
Speaker 5: the election, well go buy into that.

1212
00:59:37,640 --> 00:59:40,400
Speaker 16: Look. I think, I think everyone on the Open Market

1213
00:59:40,400 --> 00:59:43,480
Speaker 16: Committee knows that any thing they say or move they

1214
00:59:43,480 --> 00:59:45,320
Speaker 16: make one way or the other between now and the

1215
00:59:45,320 --> 00:59:47,680
Speaker 16: first Tuesday November is going to be deemed political by

1216
00:59:47,720 --> 00:59:48,400
Speaker 16: one side.

1217
00:59:48,200 --> 00:59:48,480
Speaker 7: Or the other.

1218
00:59:48,920 --> 00:59:50,440
Speaker 6: Should that keep them from doing No.

1219
00:59:50,560 --> 00:59:52,240
Speaker 16: I think they've got to stick to their knitting. But

1220
00:59:52,280 --> 00:59:54,680
Speaker 16: this is why I prefer rules like the tailor rule.

1221
00:59:54,720 --> 00:59:58,000
Speaker 16: I prefer an analytic approach instead of a Kentucky Win

1222
00:59:58,080 --> 01:00:00,720
Speaker 16: Diedge approach, or is my friend Jim rent says, a

1223
01:00:00,760 --> 01:00:04,520
Speaker 16: PhD standard for setting rates as opposed to the goal

1224
01:00:04,600 --> 01:00:06,360
Speaker 16: standard or a mathematical approach.

1225
01:00:06,960 --> 01:00:08,040
Speaker 10: But look, they're going.

1226
01:00:08,000 --> 01:00:11,080
Speaker 16: To be under criticism regardless, and I think they need

1227
01:00:11,120 --> 01:00:14,080
Speaker 16: to do what's right because inflation is costing our families

1228
01:00:14,200 --> 01:00:16,560
Speaker 16: thousands of dollars more. And it's a key reason why

1229
01:00:16,560 --> 01:00:19,760
Speaker 16: I suspect that President Trump will be re elected because

1230
01:00:19,760 --> 01:00:23,680
Speaker 16: of Joe Biden's mishandling of the economy at a key moment,

1231
01:00:23,720 --> 01:00:26,560
Speaker 16: which is how it calls for households and property and

1232
01:00:26,640 --> 01:00:30,000
Speaker 16: casual insurance and rent and gas and groceries, all the

1233
01:00:30,000 --> 01:00:31,040
Speaker 16: things you cover every day.

1234
01:00:31,480 --> 01:00:34,880
Speaker 2: All right, well, Congressman, we always appreciate you here at Blueberg.

1235
01:00:35,040 --> 01:00:35,680
Speaker 16: Great to be with you.

1236
01:00:35,720 --> 01:00:39,200
Speaker 2: Congressman Frenshill of Arkansas, course of the Financial Services Committee

1237
01:00:39,240 --> 01:00:41,080
Speaker 2: and hoping to be its next chairman.

1238
01:00:45,960 --> 01:00:48,400
Speaker 6: Thanks for listening to the Balance of Power podcast.

1239
01:00:49,000 --> 01:00:52,120
Speaker 5: Make sure to subscribe if you haven't already, at Apple, Spotify,

1240
01:00:52,240 --> 01:00:54,800
Speaker 5: or wherever you get your podcasts, and you can find

1241
01:00:54,880 --> 01:00:58,080
Speaker 5: us live every weekday from Washington, DC at noontime Eastern

1242
01:00:58,440 --> 01:00:59,840
Speaker 5: at Bloomberg dot com