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Speaker 2: HACKEM. Jeffreys and Senator Chuck Schumer, the Senate Majority leader,
Speaker 2: are speaking in a joint press conference. Senator Schumer speaking now,
Speaker 2: so let's listen in.
Speaker 3: President Biden's selfless decision has given the Democratic Party the
Speaker 3: opportunity to unite behind a new nominee. And boy, oh boy,
Speaker 3: are we enthusiastic. Since President Biden's announcement, We've seen the
Speaker 3: Democratic Party swiftly coalists behind Vice President Kamala Harris. When
Speaker 3: I spoke with her Sunday, she said she want the
Speaker 3: opportunity to win the nomination on her own, and to
Speaker 3: do so from the grassroots up, not top down. We
Speaker 3: deeply respected that, Hakima, and I did. She said she
Speaker 3: would work to earn the support of our party, and boy,
Speaker 3: has she done so in quick order. Vice President Harris
Speaker 3: has done a truly impressive job securing the majority of
Speaker 3: delegates needed to win the Democratic Party's nomination to be
Speaker 3: our next president to the United States. The vast majority
Speaker 3: of my senators quickly and enthusiastically endorsed her. So now
Speaker 3: that the process is played out from the grassroots bottom up,
Speaker 3: we are here today to throw our support behind Vice
Speaker 3: President Kamala Harris.
Speaker 4: Kamala Harris is a common sense leader who knows how
Speaker 4: to deliver real results for hard working American taxpayers. Kamala
Speaker 4: Harris is a courageous leader who has worked hard throughout
Speaker 4: her entire career to keep our communities safe. Kamala Harris
Speaker 4: is a compassionate leader who will build an affordable economy
Speaker 4: that makes life better for everyday Americans. Kamala Harris will
Speaker 4: fight for our freedom. Kamala Harris will fight for our families.
Speaker 4: Kamala Harris will fight for our future. I'm proud to
Speaker 4: strongly endorse Kamala Harris to be the forty seventh President
Speaker 4: of the United States of America. We're gonna hold the Senate,
Speaker 4: We're gonna win the House. We're gonna elect Kamala Harris
Speaker 4: as our next president in November.
Speaker 3: Thank you, yes, well, question John?
Speaker 2: All Right? That was the House Democratic Leader Hakeem Jeffrey
Speaker 2: speaking alongside the Senate Majority Leader Chuck Schumer, both of
Speaker 2: them giving Vice President Kamala Harris their ringing endorsements. Let's
Speaker 2: turn out quickly back to Capitol Hill where Congressman Mark
Speaker 2: Pokan of Wisconsin has been very patient with us. Sir,
Speaker 2: thank you for bearing with us through that endorsement. Obviously
Speaker 2: your party very much behind Kamala Harris, who was in
Speaker 2: your home state today. What message is it that she
Speaker 2: needs to bring to Milwaukee, What would win it for her?
Speaker 5: Yeah?
Speaker 6: I think you know, in many ways, this is a reintroduction.
Speaker 6: You know, people don't always deal with vice president as
Speaker 6: often as the president. We're close to the election, and
Speaker 6: this is really imperative for her to let the people
Speaker 6: of the country know what we know about her, which
Speaker 6: is her ability to be the president, that she has
Speaker 6: an agenda moving forward, that there's a huge difference between
Speaker 6: Donald Trump and his Project twenty twenty five and the
Speaker 6: values of Democrats. I just saw Wisconsin based journalist just
Speaker 6: was tweeting that the amount of energy in the room
Speaker 6: in Milwaukee now compared to a few weeks ago in
Speaker 6: Madison is a distinct difference, and I think that's what
Speaker 6: you're seeing. People are excited that Kamala Harris is the nominee.
Speaker 6: They're excited about the prospects. Now, you know, it's the
Speaker 6: Republican Party that has the problem. They've got, you know,
Speaker 6: one of the two people during the debate that people
Speaker 6: weren't connecting with still is their nominee. We've got someone
Speaker 6: that I think is going to be really great to
Speaker 6: be running in Wisconsin.
Speaker 2: Well, of course, sir, you are not just a sitting
Speaker 2: congressman from the state of Wisconsin. You are also the
Speaker 2: co chair and the co founder of the Labor Caucus.
Speaker 2: So keeping in mind the act that Harris has to
Speaker 2: follow here President Biden, who has called himself the most
Speaker 2: pro labor president in history, and thinking about the labor
Speaker 2: votes that need to be secured not just in Wisconsin
Speaker 2: but the rest of the Blue Wall Michigan, Pennsylvania. Is
Speaker 2: Harris as strong on labor? Can she own that in
Speaker 2: the way that Biden has?
Speaker 6: Well, I think, you know, she's been part of what
Speaker 6: Joe Biden has done for working people across the country,
Speaker 6: So she certainly has those cred points. But more importantly,
Speaker 6: when you look at Donald Trump's Project twenty twenty five
Speaker 6: it once it get rid of overtime in this country.
Speaker 6: I mean, it has extreme measures that would hurt working
Speaker 6: families in a place like Wisconsin especially, And I think
Speaker 6: that contrast behind, you know, the pro worker initiatives that
Speaker 6: Joe Biden Kamala Harris did versus the extremity of this
Speaker 6: extreme agenda from Trump's Project twenty twenty five. I mean,
Speaker 6: taking away overtime. You know, your worker, your employer could
Speaker 6: make you work forever and never get paid extra. I
Speaker 6: mean that's insane, and yet that's exactly what's in their agenda.
Speaker 2: Congressman, in our final moment with you, it's worth noting
Speaker 2: that your district includes Madison. It's a college town. We've
Speaker 2: seen some difficulty for Biden during the primary process in
Speaker 2: places where there is a high concentration of young people,
Speaker 2: in part because of his policy toward Israel and Gaza.
Speaker 2: Is Kamala Harris the candidate to get that young vote back?
Speaker 3: Yes?
Speaker 6: In fact, I hate was with a couple of UW.
Speaker 6: Madison College Democrats on Saturday and they're talking about the
Speaker 6: difficulty they had right now with Joe Biden. But what
Speaker 6: how different it would be if Kamala Harris was the
Speaker 6: nominee and Kamala Harris is now the nominee. So I think,
Speaker 6: you know, having to be able to kind of turn
Speaker 6: the page on that issue a little bit and having
Speaker 6: the new energy across the board is something that I see.
Speaker 6: And you know, we have a lot of university students
Speaker 6: in Wisconsin. I you know, I think it's something like
Speaker 6: one hundred and fifty thousand students. That's a lot of
Speaker 6: votes in a state where someone wins by twenty thousand people.
Speaker 2: All right, Congressman, thank you so much for joining us
Speaker 2: on Bloomberg today, and thank you for your patients. As
Speaker 2: we got that press conference from your leader in the
Speaker 2: Senate Majority Leader, Congressman Mark Pocan of Wisconsin, we appreciate
Speaker 2: your time. Serve.
Speaker 1: You're listening to the Bloomberg Balance of Power podcast kens
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Speaker 2: Of course, one week ago today, we were broadcasting to
Speaker 2: you live from Milwaukee Wisconsin, talking about Republican unity as
Speaker 2: they rallied behind Donald Trump and vice presidential selection JD. Vance,
Speaker 2: while the Democratic Party looked rather ununified, with growing calls
Speaker 2: within it for Joe Biden to drop out of the
Speaker 2: presidential race. Of course, this week he has now done so,
Speaker 2: and Kamala Harris, the vice president, now is the presumptive
Speaker 2: Democratic nominee, after getting pledges from enough delegates to secure
Speaker 2: her that position at the top of the ticket come
Speaker 2: the convention next month. The question is now, how do
Speaker 2: Republicans wage a campaign against Kamala Harris? How will it
Speaker 2: be different than the one they were waging against Joe Biden.
Speaker 2: We've already seen a taste from the ticket, Jadie Vance,
Speaker 2: the senator from Ohio vice presidential nominee, talking about how
Speaker 2: Biden and Harris may be more of the same. While
Speaker 2: Donald Trump does seem to have resorted to calling her
Speaker 2: lion Kamala or, at least in one true social post yesterday,
Speaker 2: calling her and this is a quote, dumb as a rock,
Speaker 2: Kamala Harris? Is that a winning strategy? I asked that
Speaker 2: of Larry Sabadeau of the UVA Center for Politics yesterday.
Speaker 7: Being insulting is not a good way to go. They're
Speaker 7: going to have to take her very seriously. For one thing,
Speaker 7: she's much younger and more vigorous then Biden. The age
Speaker 7: problem is gone. There are other problems. There are always
Speaker 7: problems with any candidate, but the Republicans have to do
Speaker 7: a lot better than that.
Speaker 2: So let's talk to one Republican now, and please to
Speaker 2: say joining me is Republican Senator Shelley Moore, Capital of
Speaker 2: West Virginia. Senator, welcome back to Bloomberg TV and Radio.
Speaker 2: Always great to have you, and you, of course speak
Speaker 2: to us not just as a sitting senator but someone
Speaker 2: who was in the Senate with Kamala Harris and actually
Speaker 2: in fact, at some points crafted by partisan legislation with her.
Speaker 2: What is the smart way for your party to tackle
Speaker 2: a campaign against her.
Speaker 8: I think there's no question that the best way to
Speaker 8: campaign against the presumptive nominee is to look at the policies.
Speaker 8: The team is Biden Harris. The policies are Biden Harris.
Speaker 8: So whether that's immigration policy, economic policy with rising costs
Speaker 8: of inflation, whether it's the unsure international situation where we're
Speaker 8: looked at as in a weakened position because of the
Speaker 8: policies of Vice President Harris. At the same time, crime
Speaker 8: in the cities. I mean, all of the things that
Speaker 8: Americans and West Virginians are upset about lay directly at
Speaker 8: the doorstep of the Vice president. And so I think,
Speaker 8: in my view, attack on policies, attack on vulnerabilities in
Speaker 8: terms of the issues that I mentioned, and that's a
Speaker 8: winning strategy in my view.
Speaker 2: Well, Senator, of course, Harris would not be in this
Speaker 2: position to compete for the presidency if it weren't for
Speaker 2: Joe Biden dropping out of the race this past Sunday.
Speaker 2: You yesterday put out a statement in which you basically questioned,
Speaker 2: if his ability to continue on a presidential campaign is
Speaker 2: in question, what about his ability to continue on as
Speaker 2: president of the United States. You have called for his resignation.
Speaker 2: If you were to resign, though, that would make Vice
Speaker 2: President Harris president. Now, is that what's better for the country.
Speaker 8: Well, I think what's better for the country is to
Speaker 8: have somebody in charge who knows what they're doing, and
Speaker 8: that's what we're going to see in November when President
Speaker 8: Trump is reelected. So I definitely think that is a
Speaker 8: much better position for the country. But here's my concern.
Speaker 8: The President made a difficult decision to not continue campaigning.
Speaker 8: He's pretty much self declared that he's not in a
Speaker 8: position to be able to do that. He didn't enumerate
Speaker 8: the issues, but we all know what they are. We
Speaker 8: saw them in full display at the debate. Those issues
Speaker 8: do not start on that one day. Those issues that
Speaker 8: the President has had have been going along over the
Speaker 8: last probably several years. If you've had anybody in your
Speaker 8: family who's aged and aged in this way, Vice President
Speaker 8: Harris has been right there with him. Why was she
Speaker 8: not making the American people aware? Why were they not
Speaker 8: working more hand in hand with the Congress to let
Speaker 8: us know what's actually going on at the White House?
Speaker 8: And so I just don't think six more months of
Speaker 8: President Biden is in our best interest. And these issues
Speaker 8: don't get better, we know that, and in sometimes they
Speaker 8: spiral out of control. And so I just think the
Speaker 8: country in and of itself would be better without President
Speaker 8: Biden at the helm.
Speaker 2: Does that mean Senator considering that President Biden already, even
Speaker 2: if he does not resign as you wish him to,
Speaker 2: and there's been no sign that he is intending to
Speaker 2: do that as in his letter, he basically just said
Speaker 2: he intends to fulfill the duties of the president for
Speaker 2: the remainder of his term. Does that signal that even
Speaker 2: in the lame duck session after the election, you don't
Speaker 2: see anything that Congress and this White House led by
Speaker 2: President Biden could work together on. Are we not going
Speaker 2: to see any movement on say, government funding or the
Speaker 2: debtlimit or the Defense Authorization?
Speaker 8: No. I think we will be moving forward here in
Speaker 8: the Senate on our appropriations bills. We'll be having some
Speaker 8: of those pass out of committee this week. I'm on
Speaker 8: that committee. And we have to have our spending. We
Speaker 8: either have to have a continuing resolution or something to
Speaker 8: the end of the year. Yes, I think that can continue.
Speaker 8: We need to real authorized the National Defense Authorization Act.
Speaker 8: We will do that by the end of the year
Speaker 8: here in Congress, and the President will sign those bills. Absolutely.
Speaker 8: But the question I'm asking is is he really the
Speaker 8: one in charge here? I think all Americans are wondering
Speaker 8: that themselves, and so I just want a little honesty
Speaker 8: from the White House, from his biggest supporters, from his
Speaker 8: Democrat supporters here in the Senate, to be honest with
Speaker 8: the American people to say what the situation has been.
Speaker 8: That's really not going to impact so much the election,
Speaker 8: except if there's a cover up of what kind of
Speaker 8: challenges have been in the White House over the last
Speaker 8: several months. That's my question. This is not a personal thing, too, okay,
Speaker 8: because I know the President.
Speaker 2: Well sure, and Senator of course you'd worked with him
Speaker 2: in bipartisan legislative efforts like the infrastructure bill earlier on
Speaker 2: in his term. Have you seen from your position in
Speaker 2: the US Senate evidence that Joe Biden has not been
Speaker 2: the one in charge of making decisions or anything concrete,
Speaker 2: or that's what you're hoping might I.
Speaker 8: Think these are the questions that need to Yeah, I
Speaker 8: think these are the questions that need to be asked.
Speaker 8: I mean, honestly, we just signed a nuclear bill into
Speaker 8: and to affect The President just signed my nuclear bill.
Speaker 8: He just signed my National Plan to end Parkinson's Bill,
Speaker 8: So they're things that we're doing together. I just think
Speaker 8: these are questions, and I think it also lends to
Speaker 8: what kind of a candidate Vice President Harris is going
Speaker 8: to be. She's been in the White House, she's been
Speaker 8: witnessing everything that's going on let's just have a little honesty.
Speaker 2: Hear well, Senator, As we talk about your calls for
Speaker 2: Joe Biden to resign, it is worth pointing out we
Speaker 2: did get a resignation today, not from him, but from
Speaker 2: the Director of the Secret Service, Kimberly Cheatle. Of course,
Speaker 2: she'd been facing a lot of pressure to do so
Speaker 2: in the aftermath of the attempted assassination of Donald Trump
Speaker 2: last weekend. Now that she has stepped down, what do
Speaker 2: you want to see happen next?
Speaker 8: Well, the first thing we've got to have and this
Speaker 8: is a bipart is an issue, and you see over
Speaker 8: on the House they've appointed a committee. We got to
Speaker 8: have transparency, actually what happened that day, where the fault
Speaker 8: lines were, how this could even, how a shooter could
Speaker 8: get that close, what were the protocols in place, who
Speaker 8: was actually performing the duties. I think those are questions
Speaker 8: that she couldn't even answer yesterday or would not answer,
Speaker 8: And so you know, I'm sorry the head. The head
Speaker 8: has to fall when there's such a colossal failure, and
Speaker 8: I'm pleased that she resigned. So I think, first of all,
Speaker 8: we have to find out what happened, and then we
Speaker 8: have to make sure that it never happens again. And
Speaker 8: I think that's in everybody's shared interest. I don't think
Speaker 8: you're going to find a political a political shade to
Speaker 8: this investigation. I think it will be very straightforward down
Speaker 8: the line, and I look forward to those answers.
Speaker 2: Well, I'm sure Donald Trump does as well. We just
Speaker 2: had a headline crossing the Bloomberg terminal, Senator that Trump
Speaker 2: is looking forward to meeting Israeli Prime Minister Benjamin Nett
Speaker 2: Niyahoo tomorrow at Mara Lago. Before that happens, though, it
Speaker 2: is worth pointing out the Prime Minister will be addressing
Speaker 2: a joint session of Congress. He'll be there with you
Speaker 2: on Capitol Hill. What are you expecting to hear from him, Senator.
Speaker 8: Well, I think that what the Prime Minister will do
Speaker 8: is he will reinforce to all of us in the audience.
Speaker 8: And I hope we have the full audience. We're not
Speaker 8: going to have the Vice president or the President. Senator
Speaker 8: ben Cardon, a good friend is going to be the
Speaker 8: one who's going to be presiding over this with the Speaker.
Speaker 8: But I think what needs to be reinforced is the
Speaker 8: long time relationship that Israel and the United States have
Speaker 8: had how we have been great allies, protectors of freedom,
Speaker 8: and they were attacked on October the seventh, and we
Speaker 8: are in lockstep with them in terms of helping them
Speaker 8: to weed out the terrorisms and the terrorists that attack
Speaker 8: them so brutally. So I'm sure he's going to reinforce
Speaker 8: the ties that bind us to Israel, and I think
Speaker 8: he should and he should talk about where America has
Speaker 8: been great in Israel and where Israel has helped us
Speaker 8: as a nation, whether it's through intelligence or whether it's
Speaker 8: through innovation. Some of the innovations that we see are
Speaker 8: coming out of Israel are quite remarkable in small businesses.
Speaker 8: So I think we have a lot. I think he's
Speaker 8: going to reinforce where we have great agreement. I don't
Speaker 8: expect him it could happen. I don't expect him to
Speaker 8: get beleiglant or mad at the detractors. I don't think
Speaker 8: that's probably in either one's best interest. I think it's
Speaker 8: better to look at where we have such a strength
Speaker 8: of relationship with the country of Israel.
Speaker 2: All Right, Senator, thank you so much for joining us
Speaker 2: here on Bloomberg TV and Radio. We appreciate your time
Speaker 2: that as Republican Senator Shelley Moore, capital of West Virginia. Now,
Speaker 2: on the subject of the new US Senate, a bit
Speaker 2: of breaking news for you. According to the New Jersey Globe,
Speaker 2: New Jersey Democrat, the Senator Bob Menendez is going to
Speaker 2: be resigning from the chamber again. This is according to
Speaker 2: the New Jersey Globe. That resignation letter, they report, could
Speaker 2: come as soon as today, and it's been reported that
Speaker 2: that resignation will be effective August twentieth. Bob Menendez, of course,
Speaker 2: has been indicted on multiple criminal charges about corruption, and
Speaker 2: there are a lot of calls for him to resign now.
Speaker 2: According to the New Jersey Globe, he does plan to
Speaker 2: do so.
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch
Speaker 1: us live weekdays at noon Eastern on Appo, CarPlay and
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Speaker 2: We were watching what was a pretty contentious hearing in
Speaker 2: the House Oversight Committee as lawmakers grilled Secret Service Director
Speaker 2: Kimberly Cheadle about the failures in security last weekend in Pennsylvania.
Speaker 2: When Donald Trump was shot in an assassination attempt, she
Speaker 2: of course faced bipartisan calls to resign, and today she
Speaker 2: has done so, saying in an email to staff, I
Speaker 2: take full responsibility for the security lapse in light of
Speaker 2: recent events. It is with a heavy heart that I
Speaker 2: have made the difficult decision to step down as your director.
Speaker 2: For more on this, Ellen Gilmer is joining us now.
Speaker 2: She is Bloomberg Government's Homeland Security and Immigration reporter. So, Ellen,
Speaker 2: we do know now that the Director of Homelands or
Speaker 2: the Secretary of Homeland Security, Alejandra Maiorcis, has renamed an
Speaker 2: acting Secret Service Director, Ronald Rowe. What else is going
Speaker 2: to happen next now that we at least have someone
Speaker 2: acting in place.
Speaker 9: Well, the new acting director, Ronald Rowe, is obviously going
Speaker 9: to have a lot on his plate immediately. So he's
Speaker 9: somebody who's been at the Secret Service for nearly twenty
Speaker 9: five years and a lot of leadership positions, and a
Speaker 9: lot of what he's going to be doing now is
Speaker 9: talking with lawmakers, talking with investigators from the whole universe
Speaker 9: of investigations that has started looking into this, their independent reviews.
Speaker 9: There's an internal review, and he's going to have to
Speaker 9: try to restore confidence in the Secret Service. Obviously the
Speaker 9: next step, the next bigger step would be to name
Speaker 9: permanent or you know, to name a next director. There
Speaker 9: are some senators who want that to be a Senate
Speaker 9: confirmed position, which it is not right now.
Speaker 2: So when we consider the what role called ungers has
Speaker 2: to play in this, even if they don't have to
Speaker 2: do the confirmation process. Yesterday, in that Oversight Committee hearing,
Speaker 2: she was pretty adamant. It seemed like that she was
Speaker 2: not going anywhere, that she wasn't stepping down. Do we
Speaker 2: have a sense of what exactly changed in just the
Speaker 2: last twenty four hours that led to her resignation this morning.
Speaker 9: Well, I think it was clear during that hearing that
Speaker 9: she didn't have confidence or support from either side of
Speaker 9: the aisle. And it's really hard to help an agency
Speaker 9: doing such a critical task as a Secret Service navigate
Speaker 9: this kind of public scrutiny in these investigations with somebody
Speaker 9: who doesn't have the support of all the decision makers
Speaker 9: in Washington. So I think it was really just a
Speaker 9: matter of time. She did the hearing, she made her case,
Speaker 9: she explained as much as she was willing to explain
Speaker 9: about the events of July thirteenth. It wasn't enough to
Speaker 9: win anybody over, and that was clear by the end
Speaker 9: of the day.
Speaker 2: Well, Ellen, as you talk about the role of play
Speaker 2: in disrupting perhaps the investigation process, where does that go next.
Speaker 2: I'm sure it's ongoing right now as we speaks. This
Speaker 2: assassination attempt was only ten days ago. But do we
Speaker 2: have a sense of how long it is going to
Speaker 2: take that process to wrap up entirely?
Speaker 9: There are so many different investigations happening for you to
Speaker 9: keep track of. There's one independent review that Biden ordered
Speaker 9: immediately after the assassination attempt, and that's being done by
Speaker 9: former government officials who've served in Democratic and Republican administrations,
Speaker 9: including former Secretary jan and Napolitano and others. That has
Speaker 9: a forty five day timeline. That's what they've committed to. Separately,
Speaker 9: the Secret Service is doing an internal review that's supposed
Speaker 9: to take sixty days. At the same time, of course,
Speaker 9: Congress is investigating. House Speaker Johnston just is putting together
Speaker 9: a task force that the House is going to vote
Speaker 9: on this week that'll be bipartisan. There's no timeline that
Speaker 9: they've committed to yet on that, but I expect they'll
Speaker 9: aim to work quite quickly. And then of course the
Speaker 9: FBI is investigating the particulars of the day and doing
Speaker 9: a criminal investigation.
Speaker 2: All right, it's a lot of moving parts and I'm
Speaker 2: sure it's a lot to cover. Ellen, thank you so
Speaker 2: much for joining us as we dissect this breaking news
Speaker 2: on Cheetle's resignation. We appreciate it and look forward to
Speaker 2: continuing to see what comes of your coverage. Is these
Speaker 2: investigations move forward, Ellen Gilmer of Bloomberg Government covering homeland
Speaker 2: security for US. Now, we also want to continue on
Speaker 2: with what is, frankly our top story today, which is
Speaker 2: the rapidly evolving narrative around Vice President Kamala Harris, now
Speaker 2: seen as the presumptive Democratic nominee after locking up the
Speaker 2: necessary amount of delegates to actually win the nomination at
Speaker 2: the convention just four weeks from now. But we want
Speaker 2: to look even further ahead, as Harris looks like she
Speaker 2: will be leading the Democratic ticket and up against Donald
Speaker 2: Trump in November, as to what markets should be watching
Speaker 2: for policy wise, if she actually could be president of
Speaker 2: the United States or at least what they should be
Speaker 2: expecting to hear from her in terms of rhetoric on
Speaker 2: the campaign t over the next several months. For that,
Speaker 2: we turn out to Nathan Dean. He is Bloomberg Intelligence
Speaker 2: senior US policy analyst based here in Washington, joining me
Speaker 2: in studios. So, Nathan, you actually have a peace out
Speaker 2: on the journal about this that looks into a variety
Speaker 2: of different sectors. I guess if we just take it
Speaker 2: from the highest level, if there is an area in
Speaker 2: which there is just status quo Biden to Harris, not
Speaker 2: much changes on e vent diagram, and then in the
Speaker 2: other part things that could change dramatically under a potential
Speaker 2: Harris administration and areas in which maybe there's some degree
Speaker 2: of overlap. Is it largely more status quo than it
Speaker 2: is Brace for Disruption?
Speaker 10: Yes, we think it's mostly status quo for a lot
Speaker 10: of industries, from banks to evs to big tech and
Speaker 10: so forth like that. And we actually had an internal
Speaker 10: discussion about this, and one of our consensus is is
Speaker 10: that when President Biden became president, his policies more gravitated
Speaker 10: to where Vice President Kalin Harris was as opposed to
Speaker 10: Vice President Harris's policies gravitating where President bier stance is.
Speaker 10: But I will say, if you're looking at banks, you know,
Speaker 10: one of the things that we've been looking at, look
Speaker 10: for a little bit more focus on consumer protection, look
Speaker 10: for a little bit more focus on lowered of middle
Speaker 10: income protections and so forth like that. But really comes
Speaker 10: down to tariff's trade and then a lot of regulatory
Speaker 10: actions after that.
Speaker 2: Well, it strikes me on that note that we shouldn't
Speaker 2: maybe just be thinking about, Okay, how would Harris differ
Speaker 2: from Biden? But how much really realistically would Harris differ
Speaker 2: from a Trump Vance administration, especially on things like tariffs.
Speaker 2: We know that both Donald Trump and Jadvans are fans
Speaker 2: of protectionism, if you will. We also have heard from JD.
Speaker 2: Van's pretty kind words for competition regulators in the US,
Speaker 2: praise for Lena Conn at the FTC. He seems to
Speaker 2: be supportive in general of anti trust efforts. So are
Speaker 2: there actually more ways in which the Republican and Democratic
Speaker 2: ticket may align on policy than you might think at
Speaker 2: face value?
Speaker 10: Yeah, so let's talk about the technology aspect first. With
Speaker 10: the anti trust you know, yeah, Senator Vance obviously gave
Speaker 10: praise to Lena Kon here at a Bloomberg event in
Speaker 10: the office a couple of months ago, And you know,
Speaker 10: we don't think that's going to change all that much.
Speaker 10: This idea of economic populism is going to remain at
Speaker 10: the FTCDJ probably no matter who wins the election. So
Speaker 10: if you're in the technology sector, it's certainly that you're
Speaker 10: gonna have to live with now and you're probably gonna
Speaker 10: have to live with in the future. When it comes
Speaker 10: to tariffs, don't forget that when Senator Harris was around,
Speaker 10: she voted against the Canadian US Mexico Agreement. She voted
Speaker 10: against the TPP. Now a lot of that was because
Speaker 10: of climate change concerns, and so we think that if
Speaker 10: Vice President Harris were to win, look for the Inflation
Speaker 10: Reduction Act to be boosted. But when it comes to tariffs,
Speaker 10: I think you're going to continue with this Biden strategy
Speaker 10: of targeted tariffs on specific industries to protect American workers
Speaker 10: versus this idea of sixty percent general tariffs on all
Speaker 10: imports coming from China. So I think, you know, the
Speaker 10: Chinese rhetoric is going to be, you know, tough, no
Speaker 10: matter who wins. But I think on the tariff's strategy
Speaker 10: more targeted in the Harris presidency more broadly in a
Speaker 10: Trump presidency.
Speaker 2: Well, and as we consider what Harris or Trump presidents
Speaker 2: can bring or might be able to bring, we also
Speaker 2: have to consider that it's very much going to depend
Speaker 2: on the balance of Congress and whether or not you
Speaker 2: have perhaps cemented control across both chambers or a split
Speaker 2: government which makes it hard to get things done. What
Speaker 2: presidents do have power to do, though, is decide who
Speaker 2: they want at the helm of regulators. And I wonder
Speaker 2: to what extent you would expect that Kamala Harris would
Speaker 2: mean consistency in terms of who is actually at the
Speaker 2: top of these regulatory agencies, or if she might want
Speaker 2: to bring her own people in to pursue a little
Speaker 2: bit of a different kind of policy.
Speaker 10: I think it's going to be mixed of both, you know.
Speaker 10: I think I'm thinking of the SEC Chairman Gary Ginsling, right,
Speaker 10: I'm getting I think Chairman Ginsler will probably stick around
Speaker 10: another year to eighteen months if Kamala Harris wins, you know,
Speaker 10: I think, but I think there's a lot of regulatory
Speaker 10: agency leaders who are like, look, I've been here for
Speaker 10: four years let's talk about a transition. So don't be
Speaker 10: surprised if you see, you know, changing the guards. But
Speaker 10: I'm thinking of Lena Khana at the FTC Rohe Chopra,
Speaker 10: the director of the Consumer Financial Protection Bureau, now that
Speaker 10: if they get a second term, they're going to run
Speaker 10: out of the gates or out of the race. Are
Speaker 10: the gates and they're going to say, look, let's run
Speaker 10: with this and see if we can actually get a
Speaker 10: little bit more of that consumer protectionism in place. Because
Speaker 10: remember when Kamala Harris was Attorney General of the State
Speaker 10: of California, she participated in a twenty five billion dollars
Speaker 10: settlement against the big banks on foreclosure. But I would
Speaker 10: always cost when you talk regulations, you have to remember
Speaker 10: the courts because as the Supreme Court has shown over
Speaker 10: the last month, it's going to be a lot more
Speaker 10: difficult to do rulemakings in the future. So always just
Speaker 10: keep that in mind.
Speaker 2: Very good point as we consider checks and balances here
Speaker 2: with Congress, there's also the check that can be provided
Speaker 2: from the courts, as that is the third branch of government.
Speaker 2: The judicial brands very very quickly though, when we think
Speaker 2: about twenty twenty five what's ahead. Tax debate is obviously
Speaker 2: going to be front and center, considering a lot of
Speaker 2: the Trump tax cuts that need to be renewed do
Speaker 2: focus more on small businesses on consumers, not necessarily the
Speaker 2: business tax cuts. But Kamala Harris, actually, as you talk
Speaker 2: about being more pro consumer protection and the little guy,
Speaker 2: be supportive of renewing that.
Speaker 1: Do we think?
Speaker 10: I think so. I mean, just remember reconciliation comes into play.
Speaker 10: This is if the House, the Senate, and the Presidency
Speaker 10: goes to one party. If that happens, you're going to
Speaker 10: see a broad tax debate. But I think ultimately you
Speaker 10: are going to see, you know, a low middle income
Speaker 10: that that individual tax cut that expires at the end
Speaker 10: of twenty twenty five. I think that's going to stay
Speaker 10: no matter who wins the presidency. It's gonna be a
Speaker 10: little bit more tweaks on like things like the salt deduction,
Speaker 10: maybe a little bit of corporate tax issues that expired,
Speaker 10: but ultimately I think the individual tax rates are going
Speaker 10: to remain very similar.
Speaker 2: All right, Nathan Dean of Bloomberg Intelligence, We're going to
Speaker 2: be talking to you a lot, as we always do
Speaker 2: as we move forward through this campaign. Cycle.
Speaker 1: You're listening to the Bloomberg Balance of Power podcast Ken
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Speaker 2: We got a little taste already of Kamala Harris at
Speaker 2: the podium when she visited campaign headquarters in Wilmington, Delaware, yesterday.
Speaker 11: Predators who abused women, fraudsters who ripped off consumers, cheters
Speaker 11: who broke the rules for their own gain. So hear
Speaker 11: me when I say I know Donald Trump's type.
Speaker 2: She also said in those remarks in Delaware toward the
Speaker 2: campaign staff that they're all here because we love our country.
Speaker 2: She said she believes in foundational principles and freedom and
Speaker 2: opportunity and justice and thinks that they are going to win.
Speaker 2: The question is what's the winning message to bring to
Speaker 2: Milwaukee today. So on that note, let's assemble our signature
Speaker 2: political panel. Rick Davis of stone Court Capital and Genie
Speaker 2: Shanzeno of Iona University, both Bloomberg Politics contributors, are here
Speaker 2: with me. So Genie when we hear from her just
Speaker 2: about twenty minutes from now, what does she need to say,
Speaker 2: not just to the people of Wisconsin, but frankly the
Speaker 2: people of America who may be tuning in to what
Speaker 2: is going to be her first real campaign speech.
Speaker 11: You know, I think she needs to show that she
Speaker 11: has the vigor, energy, intellect, background to be president, the strength. Certainly.
Speaker 11: I think she will highlight her background as a prosecutor,
Speaker 11: her time as vice president. I think importantly she needs
Speaker 11: to show that she is going to be a good
Speaker 11: steward of the economy. That is something that people don't
Speaker 11: think about necessarily when they think about when they think
Speaker 11: about the vice president. And so that's going to be
Speaker 11: something she's going to have to convince people that she
Speaker 11: can do. And I've been going back and listening to
Speaker 11: how she contrasted herself with Donald Trump in twenty twenty,
Speaker 11: and one issue on the economy that she talked a
Speaker 11: lot about at that point was housing. She said, he
Speaker 11: is owned by the big banks. I fought the big banks.
Speaker 11: I got eighteen billion back for people who were victimized
Speaker 11: by the banks in terms of housing, while he was
Speaker 11: a slumlord. So she is going to continue to make
Speaker 11: the case that he is beholden to the big banks,
Speaker 11: wealthy owners, promising corporate tax cuts, and she is going
Speaker 11: to be a good stoart of the economy and has
Speaker 11: the people, particularly middle and lower class people on her mind.
Speaker 2: Well, that does strike me though, Rick is a lot
Speaker 2: of the same kind of messaging that Joe Biden was
Speaker 2: trying to bring to the campaign trail in two swing
Speaker 2: states like Wisconsin, and we know how that effort was
Speaker 2: going for him. Since considering that Kamala Harris doesn't have
Speaker 2: the age issue, to Janie's points, she may seem more
Speaker 2: vigorous and energetic in this appearance. Is that enough? Is
Speaker 2: that actually enough to switch the balance in a state
Speaker 2: like Wisconsin?
Speaker 9: Yeah?
Speaker 5: I would contend that it's probably a little less important
Speaker 5: the actual issue set that she presents today and more
Speaker 5: important that she pick a time and maybe today's day,
Speaker 5: to distance herself a little bit from the Biden agenda,
Speaker 5: whether that's on issues like foreign policy, national security, Gaza,
Speaker 5: or that's on taxes or ev policy. I mean, there's
Speaker 5: got to be something in there where she shows that
Speaker 5: she is independent, that she's not just the second term
Speaker 5: of Joe Biden, and I think Milwaukee's a perfect place
Speaker 5: for it. It's a battleground city. It's actually more Republicans
Speaker 5: live in Milwaukee than in any other single place in
Speaker 5: the state. And they're younger, they're more moderate, they're more diverse.
Speaker 5: It's the core of the black and Hispanic community within
Speaker 5: Milwaukee or within Wisconsin. And so this is a really
Speaker 5: good choice to be in this place at this time.
Speaker 5: And I think being able to appeal to these voters
Speaker 5: who frankly have been a little disaffected by the Biden administration,
Speaker 5: whether it's their focus on only promoting union jobs or
Speaker 5: kind of shoving the EV policy down their throat, or
Speaker 5: you know, being entangled in foreign affairs like Gaza in Israel.
Speaker 5: She's got a moment here and she's used yesterday very well.
Speaker 5: Question is how will she use today's speech.
Speaker 2: Well, I want to tease out that one issue in
Speaker 2: particular you were talking about Rick when it comes to
Speaker 2: foreign policy in Gaza Israel. We just got the headline
Speaker 2: crossing from Donald Trump on True Social that Israeli Prime
Speaker 2: Minister Benjamin Netanyahu is going to be visiting with him
Speaker 2: at mar A Lago in Florida tomorrow after he gives
Speaker 2: a joint session to Congress, which Kamala Harris will not
Speaker 2: be presiding over, though we understand she will be meeting
Speaker 2: with him separately this week while he's here in Washington. Genie,
Speaker 2: how does she handle this issue of Israel and Gaza,
Speaker 2: knowing first of all that her husband is the second Gentleman,
Speaker 2: is a Jewish Man, but also that Joe Biden had
Speaker 2: a real problem with especially the youth vote. When it
Speaker 2: comes to this issue, is how does she need to
Speaker 2: be different on it?
Speaker 11: You know, I think she is going to be just
Speaker 11: by the way that she presents in terms of the
Speaker 11: work she has done in the past. She is going
Speaker 11: to continue to say that she loves and supports Israel,
Speaker 11: but that does not mean that every Israeli elected leader
Speaker 11: like Benjamin Netanyaho is somebody that she has to embrace.
Speaker 11: And so, you know, we saw what sixty Democrats skip
Speaker 11: Netanyahu's speech nine years ago. Many more are going to
Speaker 11: skip at this time. But the reality is so much
Speaker 11: of the hype around this speech has been quelled by
Speaker 11: the other news of the day that it's not quite
Speaker 11: as damning for Democrats as it has been. But you know,
Speaker 11: she is going to have to walk a very fine
Speaker 11: line in terms of speaking with Netan Yahoo but not
Speaker 11: attending that address, and making her support of Israel, which
Speaker 11: is well known, continue to be put out front. And
Speaker 11: so I think she will be able to do that.
Speaker 2: Well. Ricause Genie talks about the very different reception that
Speaker 2: Netanyahu may get from Republicans and Democrats in Congress. It's
Speaker 2: also worth pointing out that we've had an ongoing conversation
Speaker 2: about how Republicans are going to message and camp around
Speaker 2: and campaign against Kamala Harris, being that she is not
Speaker 2: an eighty one year year old like Joe Biden. She
Speaker 2: also is a woman of color, which may complicate some
Speaker 2: of the effort. Does Israel give Republicans an opening to
Speaker 2: attack her if she doesn't appear warm enough toward Netanyahu
Speaker 2: or toward the state?
Speaker 5: Yeah. I think the first order events is one that's
Speaker 5: you know, particularly powerful with voters, and that is how
Speaker 5: soft the Biden administration has been toward Iran. And there
Speaker 5: are there are a lot of people who believe that
Speaker 5: without Iran support hamas Hesballah, you know, the hoodies, they
Speaker 5: wouldn't be in the position they're in to inflict so
Speaker 5: much destruction and pain on the Israeli people. So I
Speaker 5: think that's number one. I mean, will she repudiate, you know,
Speaker 5: the nuclear agreement with Iran. It doesn't look very smart
Speaker 5: now to have had that in place for the short
Speaker 5: period of time that they supported it back in the
Speaker 5: Obama administration. So kind of tag some of these Obama
Speaker 5: Biden foreign policy decisions onto her, let her defend them
Speaker 5: if she can, or or you know, distance yourself from them.
Speaker 5: She's in the unique position to say, on many of
Speaker 5: these occasions with foreign policy, I wasn't in the room,
Speaker 5: wasn't my decision. I'll keep my own counsel as to
Speaker 5: what I would do. But as president, I will make
Speaker 5: my mind up independently of anything any previous administration did.
Speaker 5: So she's got some options there, and it makes it
Speaker 5: harder for Republicans to pin her down.
Speaker 2: Well, I'd like to just focus on one Republican for
Speaker 2: a moment longer. Trump is now correcting himself, saying that
Speaker 2: his meeting with Benjamin Netaniahu will be on Thursday at
Speaker 2: Marra a Lago, so join address to Congress here in Washington,
Speaker 2: presumably meeting with Kamala Harris tomorrow Wednesday, and then Netanyahu
Speaker 2: goes to Florida on Thursday. The other thing we have
Speaker 2: to look forward to tomorrow evening, Wednesday evening and prime
Speaker 2: time is the address President Biden will give from the
Speaker 2: Oval Office, the first time he will really speak to
Speaker 2: the nation since his decision to drop out of this race.
Speaker 2: In fact, according to the White House Press Pool, they
Speaker 2: just got their first eyes on him since then because
Speaker 2: he has been recovering from COVID. He's on Air Force one,
Speaker 2: he told reporters when he was asked how he was feeling,
Speaker 2: that he's feeling well, and he is now en route
Speaker 2: back to joint Bass Andrews, back to Washington, where, of
Speaker 2: course he will be giving this speech tomorrow night, Genie,
Speaker 2: giving everything that has transpired between when he put out
Speaker 2: that statement on social media saying that he wasn't running
Speaker 2: to now with a party that has almost seamlessly coalesced
Speaker 2: around Vice President Harris. What tone do you expect him
Speaker 2: to strike with this address tomorrow night. Is it going
Speaker 2: to be in part a campaign speech for Harris? Or
Speaker 2: is this really about trying to cement and define his
Speaker 2: legacy as he is now effectively a lame duck.
Speaker 11: You know, I think it's going to be three things
Speaker 11: to your interview with the Senator just moments ago. I
Speaker 11: think he is going to be out there to show
Speaker 11: Republicans who have been calling on him to potentially resign
Speaker 11: from the presidency or to be impeached or removed via
Speaker 11: the twenty fifth Amendment, that he has recovered from COVID
Speaker 11: and is healthy to continue the next five six months.
Speaker 11: I think he is going to talk about his full
Speaker 11: throated support for Harris and how he's going to engage
Speaker 11: in the campaign going forward. And then I think we
Speaker 11: are going to see what's he planning to do for
Speaker 11: the next six months in office and how does that,
Speaker 11: you know, coalesce with his legacy. But I think we
Speaker 11: heard it from Schumer and Jeffries and other Democrats and
Speaker 11: many Americans regardless of party, about how much love and
Speaker 11: support there is for Joe Biden fifty years of service.
Speaker 11: So I hope he does take a little bit, it's premature,
Speaker 11: but a little bit of a victory lap on there
Speaker 11: and talk about what he has done and this selfless
Speaker 11: act of stepping aside and turning to his vice president
Speaker 11: because the voters demanded it. And I think he's going
Speaker 11: to take something hopefully of a victory lap on that.
Speaker 2: Well, Rick, I'd love to get your perspective on this
Speaker 2: as well as we consider what the legac if Joe
Speaker 2: Biden will be and whether or not there are some
Speaker 2: things so he could take victory laps on when he
Speaker 2: still is facing so many questions about his ability to
Speaker 2: just continue to sit in that office. How would you
Speaker 2: advise someone to message around that.
Speaker 5: Yeah, I think you really have to ignore the sort
Speaker 5: of public discussion of his fitness for office. He's got
Speaker 5: six months to go. He's up until the time he withdrew,
Speaker 5: there were not calls for him to resign, a lot
Speaker 5: of calls for him to get out of the campaign,
Speaker 5: but not to withdraw from the presidency. And I think
Speaker 5: you just go about your business. I'd say the advice
Speaker 5: i'd give him would be the advice i'd give any
Speaker 5: elected official who's under this kind of scrutiny is just
Speaker 5: do your day job. You show up every morning, do
Speaker 5: your job, you know, hold the press conferences when you
Speaker 5: need to make the decisions the way you'll want to,
Speaker 5: and make sure the Office of the Presidency functions, and frankly,
Speaker 5: in his case, don't get distracted by the politics of
Speaker 5: the day. You should feel liberated by the fact that
Speaker 5: you're no longer of the candidate. And I think if
Speaker 5: he does that in a very short period of time,
Speaker 5: people realize, Okay, you know, we're barking up the wrong tree.
Speaker 5: He's not going to be on a ballot in November.
Speaker 5: Vice President Harris will be. And if Republicans were smart,
Speaker 5: they would spend a lot less time on Joe Biden,
Speaker 5: where they've invested an enormous amount of time, money, and
Speaker 5: energy to define and begin the process of defining the Vice.
Speaker 1: President all Right.
Speaker 2: Rick Davis of stone Coard Capital and Genie Schanzino of
Speaker 2: Iona University. Bloomberg Politics contributors are signature political panel.
Speaker 1: Thanks for listening to the Balance of Power podcast.
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