1 00:00:00,160 --> 00:00:04,560 Speaker 1: Signings the influencers. I would rather see a congressional solution. 2 00:00:04,680 --> 00:00:07,720 Speaker 1: It's part of my DNA. The Senate map in looks 3 00:00:07,760 --> 00:00:10,200 Speaker 1: a lot different than it looked in President Trump was 4 00:00:10,240 --> 00:00:13,240 Speaker 1: sent here to smash conventional norms in a sense Bernie 5 00:00:13,240 --> 00:00:17,320 Speaker 1: Sanders has already washed. This is Bloomberg Sound On with 6 00:00:17,440 --> 00:00:24,000 Speaker 1: Kevin Shirley on Bloombergh point h D two. It's U 7 00:00:24,079 --> 00:00:27,280 Speaker 1: S m C A day, folks. President Trump signing into 8 00:00:27,360 --> 00:00:31,639 Speaker 1: law the U S m C A trade deal. He 9 00:00:31,720 --> 00:00:34,200 Speaker 1: says it's a big win for the economy. Will dive 10 00:00:34,280 --> 00:00:38,440 Speaker 1: into the specifics, plus a deep dive into the CFTC. 11 00:00:38,720 --> 00:00:42,960 Speaker 1: I've got an exclusive interview with Heath Tarbert is the 12 00:00:43,000 --> 00:00:46,519 Speaker 1: Commodity Futures Trading Commission Chairman, and he's going to give 13 00:00:46,600 --> 00:00:50,680 Speaker 1: us the low down on a new deregulatory policy that yes, 14 00:00:50,760 --> 00:00:54,080 Speaker 1: could also impact agriculture. And you're not gonna want to 15 00:00:54,120 --> 00:00:56,920 Speaker 1: miss it because it really, juxtaposed with the U S 16 00:00:57,040 --> 00:00:59,720 Speaker 1: m C A is a fascinating look about a one 17 00:01:00,040 --> 00:01:04,480 Speaker 1: area at the CFTC where energy and agriculture agree on. 18 00:01:04,720 --> 00:01:08,200 Speaker 1: And of course we're following the latest developments in the 19 00:01:08,280 --> 00:01:10,759 Speaker 1: march up to the all important Iowa Caucus and New 20 00:01:10,760 --> 00:01:14,520 Speaker 1: Hampshire primary and impeachment? Are they going to have witnesses? 21 00:01:14,560 --> 00:01:17,839 Speaker 1: Lots to get through, the coronavirus still buzzing in the background. 22 00:01:18,319 --> 00:01:20,160 Speaker 1: Lots lots to get through. But first let's get to 23 00:01:20,200 --> 00:01:23,840 Speaker 1: check off the headlines from my good friend Nancy lions Nance. 24 00:01:24,040 --> 00:01:27,000 Speaker 1: Thanks Kevin Well. The next phase of the impeachment trial 25 00:01:27,240 --> 00:01:32,160 Speaker 1: is underway today, Senators submitting written question and then each 26 00:01:32,360 --> 00:01:34,680 Speaker 1: side is having a chance to state their positions and 27 00:01:34,680 --> 00:01:37,959 Speaker 1: to me immediately offer their rebuttals. While answering one of 28 00:01:37,959 --> 00:01:41,240 Speaker 1: the questions today, Lead Impeachment Manager Adam Schiff explained why 29 00:01:41,280 --> 00:01:44,920 Speaker 1: the behavior of the president is corrupt. The reality is 30 00:01:45,120 --> 00:01:48,600 Speaker 1: for a president to withhold military aid from an ally 31 00:01:48,920 --> 00:01:51,960 Speaker 1: or in the hypothetical, to withhold it to benefit an 32 00:01:52,000 --> 00:01:57,840 Speaker 1: adversary to target their political opponent is wrong and corrupt, period, 33 00:01:58,760 --> 00:02:02,520 Speaker 1: end of story. Deputy White House Council Patrick Philbin argued 34 00:02:02,600 --> 00:02:06,080 Speaker 1: against calling witnesses in the impeachment trial. What do we 35 00:02:06,080 --> 00:02:08,840 Speaker 1: think will happen if some of these witnesses are suppoened 36 00:02:08,880 --> 00:02:12,240 Speaker 1: now that they never bothered to litigate about, then they'll 37 00:02:12,240 --> 00:02:15,639 Speaker 1: be the litigation now most likely, And then now will 38 00:02:15,680 --> 00:02:19,119 Speaker 1: take time, while this Chamber is still stuck sitting as 39 00:02:19,240 --> 00:02:22,239 Speaker 1: a court of impeachment. That's not the way to do things. Well. 40 00:02:22,760 --> 00:02:26,200 Speaker 1: Before today's proceedings began, Love Partners was on Capitol Hill. 41 00:02:26,240 --> 00:02:30,080 Speaker 1: Remember he's the indicted former associate of Rudy Giuliani who 42 00:02:30,120 --> 00:02:32,360 Speaker 1: said he tried to help the president get Ukraine to 43 00:02:32,400 --> 00:02:36,000 Speaker 1: investigate the Biden's well. He says Republican Senators should weigh 44 00:02:36,040 --> 00:02:39,320 Speaker 1: the evidence and not fall in lockstep with the Trump administration. 45 00:02:39,680 --> 00:02:41,480 Speaker 1: Trump wrots like a cult, and a lot of these 46 00:02:41,520 --> 00:02:45,080 Speaker 1: centers in the cult. So I don't know if anything 47 00:02:45,080 --> 00:02:47,320 Speaker 1: could change some of their minds, but hopefully the public 48 00:02:47,360 --> 00:02:50,160 Speaker 1: will know what's going on, and hopefully maybe some of them, 49 00:02:50,200 --> 00:02:52,040 Speaker 1: you know, if we get witnesses and they really hear 50 00:02:52,080 --> 00:02:54,920 Speaker 1: the truth, maybe you know, the conscience will overwhelm them. 51 00:02:54,960 --> 00:02:58,080 Speaker 1: Tomorrow will be another day of questions for both legal teams. 52 00:02:58,120 --> 00:03:01,120 Speaker 1: Then Friday the likely vote on weather to call witnesses. 53 00:03:01,919 --> 00:03:04,959 Speaker 1: DC leaders are wasting little time coming out against Jack 54 00:03:04,960 --> 00:03:08,000 Speaker 1: evans attempt to return to the DC Council. Bloomberg's Greg 55 00:03:08,080 --> 00:03:12,360 Speaker 1: Jarrett reports Nancy, the former Ward two councilman, filed papers 56 00:03:12,400 --> 00:03:14,600 Speaker 1: to run for his old seat less than two weeks 57 00:03:14,639 --> 00:03:17,440 Speaker 1: after he resigned in the face of multiple ethics allegations. 58 00:03:17,800 --> 00:03:20,560 Speaker 1: Evans has long denied any wrong during but Mayor Muriel 59 00:03:20,600 --> 00:03:23,760 Speaker 1: Bowser and City Council chair Phil Mendelsohn have both spoken 60 00:03:23,760 --> 00:03:26,600 Speaker 1: out against evans bid. The special election to fill the 61 00:03:26,680 --> 00:03:29,760 Speaker 1: VACAN Ward two seat is set for June. Prince George's 62 00:03:29,800 --> 00:03:33,320 Speaker 1: County police officer is being held without bond, charged with 63 00:03:33,440 --> 00:03:37,440 Speaker 1: murder after allegedly shooting a handcuffed man inside a police cruiser. 64 00:03:37,800 --> 00:03:40,800 Speaker 1: A district court judge rule today Corporal Michael Owen is 65 00:03:40,840 --> 00:03:43,160 Speaker 1: a danger to the community now. One is a ten 66 00:03:43,240 --> 00:03:46,360 Speaker 1: year veteran of the department and has been involved into 67 00:03:46,360 --> 00:03:49,440 Speaker 1: earlier shootings, one of which was fatal. His next court 68 00:03:49,520 --> 00:03:53,680 Speaker 1: date is February. A grand jury has indicted a Baltimore 69 00:03:53,720 --> 00:03:56,960 Speaker 1: County Sheriff's Office employee on a second degree rape charge. 70 00:03:57,280 --> 00:04:00,280 Speaker 1: Authority say fifty four year old Morton Stanley Winkler, jew Year, 71 00:04:00,360 --> 00:04:02,960 Speaker 1: was taken into custody last night. He was later released 72 00:04:02,960 --> 00:04:06,160 Speaker 1: on his own recognisance. Winkler was indicted last week. The 73 00:04:06,200 --> 00:04:09,640 Speaker 1: warrant for his arrest was served yesterday. The department was 74 00:04:09,680 --> 00:04:13,400 Speaker 1: apparently notified of the allegation against Winkler. In November of 75 00:04:14,640 --> 00:04:17,640 Speaker 1: the grand jury indictment is sealed, prohibiting details in the 76 00:04:17,640 --> 00:04:24,520 Speaker 1: case from being released. His report. For that, we go 77 00:04:24,560 --> 00:04:27,800 Speaker 1: to Bluemberg's Tracy Johnky. No interest rate hikes day or 78 00:04:27,920 --> 00:04:30,640 Speaker 1: any day until the election is over. That's the decision 79 00:04:30,800 --> 00:04:34,320 Speaker 1: and the forecast from Federal Reserve policymakers. After they wrapped 80 00:04:34,360 --> 00:04:37,839 Speaker 1: up their meeting, investors lost interest in a stock market rally. 81 00:04:37,920 --> 00:04:40,280 Speaker 1: Not long after that, the Dow went from a gain 82 00:04:40,320 --> 00:04:42,520 Speaker 1: of more than two hundred points at the peak two 83 00:04:42,800 --> 00:04:45,640 Speaker 1: twelve points at the closing bell at twenty eight thousand, 84 00:04:45,760 --> 00:04:49,839 Speaker 1: seven thirty four, The NASDAK up five points at seventy five, 85 00:04:49,960 --> 00:04:53,600 Speaker 1: the SMP down three. Even with heavy hitters like Boeing, 86 00:04:53,680 --> 00:04:57,320 Speaker 1: Apple and McDonald's leading the upside, the world's second most 87 00:04:57,440 --> 00:05:01,120 Speaker 1: valuable automaker remains a profitable one, us Les reporting its 88 00:05:01,120 --> 00:05:04,560 Speaker 1: second straight quarterly profit, and it's promising more profits and 89 00:05:04,600 --> 00:05:07,839 Speaker 1: more vehicles. In two thousand twenty, Testla says it will 90 00:05:07,880 --> 00:05:10,840 Speaker 1: deliver a half million electric cars this year. Number one 91 00:05:10,880 --> 00:05:14,160 Speaker 1: Toyota makes almost that many cars in a month. Under 92 00:05:14,240 --> 00:05:17,200 Speaker 1: Armour nearly lost his biggest star, the new York Times 93 00:05:17,200 --> 00:05:20,120 Speaker 1: reports that Steph Curry was frustrated back in two thousand 94 00:05:20,160 --> 00:05:23,200 Speaker 1: eighteen with slowing sales of the Curry three shoes and 95 00:05:23,279 --> 00:05:26,920 Speaker 1: almost left the partnership under armour. Recordedly, rebaumnped the deal 96 00:05:27,000 --> 00:05:30,000 Speaker 1: to create a separate business around Curry and gave him 97 00:05:30,040 --> 00:05:32,480 Speaker 1: more say in the development of his shoes. You have 98 00:05:32,560 --> 00:05:34,640 Speaker 1: to date on business from the Beltway to Baltimorrow. I'm 99 00:05:34,640 --> 00:05:38,080 Speaker 1: Tracy Johnkie. This is Bloomberg one h five point seven 100 00:05:38,120 --> 00:05:41,600 Speaker 1: f m HD two. Thanks Tracy. Global News twenty four 101 00:05:41,640 --> 00:05:44,640 Speaker 1: hours a day on air and on Quick Take by Bloomberg, 102 00:05:45,080 --> 00:05:47,960 Speaker 1: powered by more than twenty seven journalists and analyst and 103 00:05:48,000 --> 00:05:50,680 Speaker 1: more than a hundred twenty countries. I'm Nancy Lions back 104 00:05:50,720 --> 00:05:53,679 Speaker 1: to you, Kevin, Thank you. It's I'm Kevin's CURII, Chief 105 00:05:53,680 --> 00:05:58,640 Speaker 1: Washington correspondent for Bloomberg Television, HEM Bloomberg Radio. Sentiment Already 106 00:05:58,680 --> 00:06:01,400 Speaker 1: leader Chuck Schumer says that there's a quote unquote uphill 107 00:06:01,440 --> 00:06:05,320 Speaker 1: fight to get witnesses. So we still don't know if 108 00:06:05,320 --> 00:06:07,680 Speaker 1: there's gonna be witnesses yet. Last night I was on 109 00:06:07,720 --> 00:06:11,360 Speaker 1: air and we thought that we get the support from 110 00:06:11,440 --> 00:06:15,480 Speaker 1: dal Jones. Remember this, dal Jones reports that sent a majority. 111 00:06:15,560 --> 00:06:19,080 Speaker 1: Leader Mitch McConnell said behind closed doors that they need 112 00:06:19,120 --> 00:06:21,120 Speaker 1: that they don't have the votes to block witnesses. And 113 00:06:21,160 --> 00:06:25,000 Speaker 1: now Schumer from New York, he's saying that it's an 114 00:06:25,080 --> 00:06:27,800 Speaker 1: uphill fight to get witnesses. Take a listen to Senate 115 00:06:27,880 --> 00:06:30,680 Speaker 1: Minority Leader Chuck Schumer, the Democrat from New York, speaking 116 00:06:30,680 --> 00:06:34,680 Speaker 1: earlier today in the Senate. Republicans could call Hunter Biden today, 117 00:06:34,960 --> 00:06:38,159 Speaker 1: they have the votes. Trump and McConnell could call for 118 00:06:38,279 --> 00:06:42,520 Speaker 1: Hunter Biden today. They don't want to. They know it 119 00:06:42,560 --> 00:06:45,320 Speaker 1: would turn things into a circus. So the pretty much 120 00:06:45,360 --> 00:06:48,080 Speaker 1: the point here coming from the left is that Okay, 121 00:06:48,120 --> 00:06:52,200 Speaker 1: they get it. If they get uh John Bolton to testify, 122 00:06:52,400 --> 00:06:54,440 Speaker 1: it's gonna be a one off, a quid pro quote 123 00:06:54,440 --> 00:06:56,760 Speaker 1: for lack of a better word, in order to get 124 00:06:57,040 --> 00:06:59,560 Speaker 1: Hunter Biden to testify. Two guests with me for the 125 00:06:59,600 --> 00:07:02,640 Speaker 1: hour al matter. He's a partner of Brownsoneen Hyatt Farber 126 00:07:02,720 --> 00:07:07,720 Speaker 1: and Shrek, Democratic insider and Brian Darling, former senior communications 127 00:07:07,760 --> 00:07:11,720 Speaker 1: director for the Senator Ran Paul of Kentucky and founder 128 00:07:11,760 --> 00:07:15,240 Speaker 1: of Liberty Government Affairs. All right, Bright, start with you. 129 00:07:15,720 --> 00:07:20,280 Speaker 1: You just heard there, Schumer saying that Republicans, I think 130 00:07:20,280 --> 00:07:23,040 Speaker 1: it would turn it into a circus if Hunter were 131 00:07:23,040 --> 00:07:25,840 Speaker 1: to testify. I don't know. I kind of disagree. I 132 00:07:25,840 --> 00:07:30,080 Speaker 1: think that Democrats are saying Democrats no, I mean I don't. 133 00:07:30,120 --> 00:07:32,680 Speaker 1: I still don't think Democrats are prepared for a longer 134 00:07:32,720 --> 00:07:37,680 Speaker 1: trial after Friday, I agree. I It's infrequent that I 135 00:07:37,760 --> 00:07:40,560 Speaker 1: agree with Chuck Schumer, but I agree with them. I 136 00:07:40,600 --> 00:07:43,840 Speaker 1: think Chuck Schumer's right in this case because and I 137 00:07:43,920 --> 00:07:46,920 Speaker 1: think Mitch McConnell maybe he's uh setting himself up to 138 00:07:46,960 --> 00:07:49,640 Speaker 1: be a hero, because I don't see any upside for 139 00:07:49,680 --> 00:07:54,520 Speaker 1: Republicans calling any witnesses. Um Ultimately, if this is drawn out, 140 00:07:54,640 --> 00:07:58,880 Speaker 1: it's only gonna hurt the swing state Republicans that are 141 00:07:59,080 --> 00:08:01,680 Speaker 1: objecting the most right now for this to happen. I mean, 142 00:08:01,720 --> 00:08:03,600 Speaker 1: Corey Gardner does not want to have a long drawn 143 00:08:03,640 --> 00:08:06,120 Speaker 1: out trial. He wants to get back to his home 144 00:08:06,160 --> 00:08:08,920 Speaker 1: state campaign and talk about policy, does not want to 145 00:08:08,920 --> 00:08:12,600 Speaker 1: be talking about impeachment and and watch this litigation destroyer's 146 00:08:12,640 --> 00:08:16,760 Speaker 1: campaign for the next month. Well, i'm your thoughts in 147 00:08:16,880 --> 00:08:20,240 Speaker 1: terms of whether or not witnesses would benefit one side 148 00:08:20,320 --> 00:08:23,120 Speaker 1: or the other. Well, with the exception of the Vice 149 00:08:23,160 --> 00:08:26,680 Speaker 1: President former Vice President Biden. Witnesses would unequivocally benefit the 150 00:08:26,680 --> 00:08:29,400 Speaker 1: Democrats because they would most of them at least be 151 00:08:29,440 --> 00:08:32,080 Speaker 1: able to provide more information on a first hand basis 152 00:08:32,480 --> 00:08:36,040 Speaker 1: that President Trump chose his own personal interest over the 153 00:08:36,080 --> 00:08:38,760 Speaker 1: country's interests, at least as alleged by the House Managers. 154 00:08:39,200 --> 00:08:41,400 Speaker 1: But I agree with both of you that it's unlikely. 155 00:08:41,880 --> 00:08:44,960 Speaker 1: I think that Mims McConnell doesn't say anything publicly without 156 00:08:45,280 --> 00:08:48,000 Speaker 1: great forethought and planning. And when he said last night 157 00:08:48,280 --> 00:08:50,240 Speaker 1: that he doesn't have the votes, that was a call 158 00:08:50,320 --> 00:08:52,920 Speaker 1: to arms to his caucus to unite UH and get 159 00:08:52,960 --> 00:08:55,160 Speaker 1: together on this notion that it's not in their interest 160 00:08:55,400 --> 00:08:58,600 Speaker 1: to have witnesses, And ultimately a lot of them are 161 00:08:58,600 --> 00:09:01,000 Speaker 1: going to have to probably say publicly that while they 162 00:09:01,000 --> 00:09:04,200 Speaker 1: didn't like the president's actions, it didn't arise to the 163 00:09:04,280 --> 00:09:08,080 Speaker 1: level of impeachable offense warranty and conviction and removal. And 164 00:09:08,360 --> 00:09:10,120 Speaker 1: as long as they can thread that needle, which is 165 00:09:10,160 --> 00:09:14,640 Speaker 1: the Alan Dershowitz argument, why then call witnesses and make 166 00:09:14,679 --> 00:09:17,520 Speaker 1: it tougher. Um, As Brian said, for people like Corey Gardner, 167 00:09:17,800 --> 00:09:20,920 Speaker 1: you know, I think Corey Gardners is definitely someone to 168 00:09:20,960 --> 00:09:23,640 Speaker 1: watch I was struck by Joe Manchin. Did you guys 169 00:09:23,679 --> 00:09:27,440 Speaker 1: see this? So I was on the Twitter, the twitter 170 00:09:28,360 --> 00:09:31,079 Speaker 1: earlier today at the White House actually covering U. S. 171 00:09:31,200 --> 00:09:34,040 Speaker 1: M c A and and I this pop. Senator Joe 172 00:09:34,040 --> 00:09:37,599 Speaker 1: Manchon was on MSNBC and he said that he absolutely 173 00:09:37,679 --> 00:09:41,480 Speaker 1: thinks that that Hunter Biden should testify. Which here's a 174 00:09:41,559 --> 00:09:49,120 Speaker 1: centrist Democrat who is in a deeply, deeply Republican state 175 00:09:49,200 --> 00:09:52,079 Speaker 1: state the President Trump carried by like twenty plus percentage 176 00:09:52,120 --> 00:09:56,360 Speaker 1: points back in and now he's saying that he thinks 177 00:09:56,440 --> 00:09:59,920 Speaker 1: Hunter Biden should testify. That to me was a warning, sire, 178 00:10:00,679 --> 00:10:03,800 Speaker 1: because there were a handful of those Democrats who voted 179 00:10:03,840 --> 00:10:07,800 Speaker 1: with Republicans in the House of Representatives when push came 180 00:10:07,840 --> 00:10:12,240 Speaker 1: to shove. And I'm very interested to see what Mr 181 00:10:12,240 --> 00:10:15,880 Speaker 1: Mansion of West Virginia does. Bran Well, we've seen many 182 00:10:16,120 --> 00:10:20,720 Speaker 1: Republicans and Democrats go off the official talking points Johnson 183 00:10:21,200 --> 00:10:23,920 Speaker 1: talking about the potential for witnesses. We've seen it on 184 00:10:24,000 --> 00:10:26,880 Speaker 1: both sides, and I think that what's happening is the 185 00:10:26,960 --> 00:10:30,400 Speaker 1: Senators want to look reasonable. They want everybody to think 186 00:10:30,679 --> 00:10:34,839 Speaker 1: that they're actually open to this process having witnesses, having 187 00:10:34,880 --> 00:10:39,120 Speaker 1: more testimony. But I don't think Republicans have any intent 188 00:10:39,280 --> 00:10:41,000 Speaker 1: to do it because they just don't see a need 189 00:10:41,080 --> 00:10:42,720 Speaker 1: for it. We all know what the outcome is going 190 00:10:42,760 --> 00:10:45,160 Speaker 1: to be. The president is not going to be removed 191 00:10:45,160 --> 00:10:47,840 Speaker 1: from office. Why waste any more time? If you're Joe Mantion, 192 00:10:47,920 --> 00:10:51,199 Speaker 1: what's your play? Joe Manson is gonna do what he 193 00:10:51,240 --> 00:10:53,079 Speaker 1: wants to do. Number one, He's not gonna listen to 194 00:10:53,080 --> 00:10:55,160 Speaker 1: anyone else telling him what to do. Yeah, but just 195 00:10:55,200 --> 00:10:58,480 Speaker 1: between us, that's I'm serious. I mean, he does. Chuck 196 00:10:58,480 --> 00:11:00,600 Speaker 1: Schumer could say please don't do this with Hunter Biden, 197 00:11:00,600 --> 00:11:02,080 Speaker 1: and He's gonna say, I'm gonna do what's best for 198 00:11:02,080 --> 00:11:04,240 Speaker 1: me in West Virginia. And I think his play is 199 00:11:04,280 --> 00:11:06,280 Speaker 1: always down that road, and it gets people on the 200 00:11:06,360 --> 00:11:08,760 Speaker 1: left very angry with him, but frankly, it makes it 201 00:11:08,880 --> 00:11:11,360 Speaker 1: more authentic, quite honestly. And I think that you could 202 00:11:11,360 --> 00:11:13,880 Speaker 1: put Kirson Cinema and Doug Jones in that same bucket 203 00:11:14,240 --> 00:11:17,480 Speaker 1: from Arizona and Alabama, respectively, And I think that's a 204 00:11:17,679 --> 00:11:21,440 Speaker 1: great point. I think with Manchion, I mean, there's been rumblings, 205 00:11:21,559 --> 00:11:24,800 Speaker 1: you know, always that maybe he would be interested in 206 00:11:24,880 --> 00:11:28,320 Speaker 1: being the Energy secretary. You know. I mean, the state's 207 00:11:28,360 --> 00:11:31,320 Speaker 1: already Republican. Brian Well, this vote would help. I mean, 208 00:11:31,480 --> 00:11:35,120 Speaker 1: he voted for a Kavanaugh. You look at Doug Jones 209 00:11:35,160 --> 00:11:38,840 Speaker 1: is scrambling to save himself in Alabama. He might vote 210 00:11:39,120 --> 00:11:42,640 Speaker 1: with Trump. I think Mansion is I think he's very 211 00:11:42,720 --> 00:11:45,640 Speaker 1: likely to vote with Trump. And Kristen Cinema of Arizona 212 00:11:45,679 --> 00:11:47,800 Speaker 1: is another one who maybe you know somebody who's more 213 00:11:47,840 --> 00:11:51,280 Speaker 1: moderate who may make that play to show that she's 214 00:11:51,320 --> 00:11:54,559 Speaker 1: not a um right down the line Democrat and more 215 00:11:54,600 --> 00:11:57,880 Speaker 1: moderate Democrat. And we don't have many moderates in either party. 216 00:11:57,960 --> 00:12:01,240 Speaker 1: It's interesting to see that they actually the Democratic caucus 217 00:12:01,240 --> 00:12:03,839 Speaker 1: in the Senator moderates is expanded by wondering. I think 218 00:12:03,880 --> 00:12:07,320 Speaker 1: this is something the media has missed and I'm very remiss. 219 00:12:08,400 --> 00:12:11,600 Speaker 1: I'm hesitant always to to offer a critique, but and 220 00:12:11,640 --> 00:12:15,480 Speaker 1: I'm not going to. But I mean, in terms of 221 00:12:16,000 --> 00:12:18,840 Speaker 1: what we there's three senators that we just talked about, Mansion, 222 00:12:18,920 --> 00:12:23,839 Speaker 1: Cinema and Jones. We've heard so much about the Republicans 223 00:12:23,880 --> 00:12:27,280 Speaker 1: who are faltering from from McConnell, but we'd never really 224 00:12:27,320 --> 00:12:30,240 Speaker 1: talked about al the dynamics of the Democratic Party in 225 00:12:30,240 --> 00:12:33,120 Speaker 1: this race. I think it's very conceivable that one to 226 00:12:33,280 --> 00:12:36,320 Speaker 1: three of them vote UH to acquit, at least on 227 00:12:36,320 --> 00:12:39,880 Speaker 1: one of the charges. Kirsen Cinema, who I know? And 228 00:12:39,960 --> 00:12:42,480 Speaker 1: is I think a great senator has a challenge in 229 00:12:42,559 --> 00:12:45,120 Speaker 1: winning races in a place like Arizona. There's nothing wrong 230 00:12:45,160 --> 00:12:49,079 Speaker 1: with representing your constituents. And the argument that the president 231 00:12:49,720 --> 00:12:52,520 Speaker 1: did something wrong but perhaps shouldn't be removed because there 232 00:12:52,559 --> 00:12:55,360 Speaker 1: is an election in eleven months or nine months is 233 00:12:55,440 --> 00:12:59,280 Speaker 1: not a bad argument intellectually. So if a Democratic senator 234 00:12:59,320 --> 00:13:01,560 Speaker 1: decides that's edition they want to take, they should not 235 00:13:01,720 --> 00:13:04,520 Speaker 1: be ripped apart for it by partisans. Wow. All right, 236 00:13:04,559 --> 00:13:06,800 Speaker 1: great stuff, everybody. We're coming up. We're gonna talk more 237 00:13:06,800 --> 00:13:10,400 Speaker 1: policy and politics, plus an exclusive interview with Heath Tarbert, 238 00:13:10,679 --> 00:13:13,680 Speaker 1: the Chairman of the Commodity Futures Trading Commission. You don't 239 00:13:13,679 --> 00:13:16,560 Speaker 1: want to miss that. I'm Kevin Sirley. Download Bloomberg Sound 240 00:13:16,600 --> 00:13:18,840 Speaker 1: On podcast on Apple iTunes, at Bloomberg dot com, or 241 00:13:18,840 --> 00:13:21,280 Speaker 1: by downloading the Bloomberg Business App. You can also find 242 00:13:21,280 --> 00:13:23,720 Speaker 1: me on Radio dot com, I Heart Radio, and Spotify. 243 00:13:23,760 --> 00:13:40,040 Speaker 1: You're listening to Bloomberg. This is Bloomberg's Sound On with 244 00:13:40,120 --> 00:13:44,600 Speaker 1: Kevin Shirley on Bloomberg and one oh five point seven 245 00:13:44,640 --> 00:13:47,040 Speaker 1: F M H D two. Everybody said this was a 246 00:13:47,080 --> 00:13:51,240 Speaker 1: deal that could not be done, too complicated, too big, 247 00:13:51,360 --> 00:13:53,920 Speaker 1: couldn't be done. We got it done. That was President 248 00:13:53,960 --> 00:13:56,719 Speaker 1: Trump speaking earlier today at the White House where he 249 00:13:56,800 --> 00:13:59,920 Speaker 1: signed into law the U s m c A. Meanwhile, 250 00:14:00,160 --> 00:14:04,360 Speaker 1: Senator Bernie Sanders, democratic presidential candidate, said that he would 251 00:14:04,440 --> 00:14:08,560 Speaker 1: quote unquote immediately renegotiate the U s m c A. 252 00:14:08,640 --> 00:14:11,480 Speaker 1: He was one of the only Democratic presidential candidates to 253 00:14:11,640 --> 00:14:14,040 Speaker 1: vote against it. U s m c A passed with 254 00:14:14,120 --> 00:14:17,400 Speaker 1: bipartisan support. My name is Kevin Cerillian, the chief Washington 255 00:14:17,440 --> 00:14:21,000 Speaker 1: correspondent for Bloomberg TV and Radio. Al Matters here Brian 256 00:14:21,080 --> 00:14:24,200 Speaker 1: Darling's here. Al, you're a Democratic insider U s m 257 00:14:24,280 --> 00:14:25,560 Speaker 1: c A. You were telling me in the break you 258 00:14:25,600 --> 00:14:28,840 Speaker 1: were what you were at dinner with Speaker Pelosi on Monday. 259 00:14:28,880 --> 00:14:31,600 Speaker 1: What did she say about it? It was interesting she 260 00:14:31,720 --> 00:14:34,680 Speaker 1: talked about um, how a lot of folks on the 261 00:14:34,720 --> 00:14:36,640 Speaker 1: left are very critical of the fact that she gave 262 00:14:36,720 --> 00:14:40,960 Speaker 1: the president of victory so to speak. And her response was, uh, yes, 263 00:14:41,040 --> 00:14:44,520 Speaker 1: but we ate his lunch in the negotiations, and you know, 264 00:14:44,680 --> 00:14:47,760 Speaker 1: we got so much that we wanted on healthcare issues, 265 00:14:47,840 --> 00:14:51,920 Speaker 1: on prescription drugs, on worker protections, UM and the like, 266 00:14:52,080 --> 00:14:54,280 Speaker 1: that it was the deal she couldn't turn down because 267 00:14:54,280 --> 00:14:56,160 Speaker 1: it was a deal that she never thought a Republican 268 00:14:56,200 --> 00:14:58,720 Speaker 1: would sign on to, and so she was quite euphoric 269 00:14:58,800 --> 00:15:02,040 Speaker 1: about the law, and as she pointed out, were ultimately 270 00:15:02,040 --> 00:15:05,520 Speaker 1: brought to Washington to achieve results, not win political It's 271 00:15:05,560 --> 00:15:09,480 Speaker 1: interesting because Sumer voted against it and Pelosi was for it, 272 00:15:09,880 --> 00:15:13,040 Speaker 1: So the truth lies somewhere in between. Night. Earlier today 273 00:15:13,040 --> 00:15:15,920 Speaker 1: on Bloomberg Television, I spoke with the Commodity Futures Trading 274 00:15:15,920 --> 00:15:18,720 Speaker 1: Commission Chairman Heath Tarbert about a new rule that they 275 00:15:18,720 --> 00:15:21,960 Speaker 1: have that impacts oil as well as farmers. Take a 276 00:15:22,000 --> 00:15:25,440 Speaker 1: listen about this new CTFTC C f TC rule here is. 277 00:15:25,880 --> 00:15:29,760 Speaker 1: But first of all, speculative position limits or something that 278 00:15:29,760 --> 00:15:32,600 Speaker 1: that Congress passed ten years ago as part of the 279 00:15:32,600 --> 00:15:36,320 Speaker 1: Dodd Frank Act. And the goal essentially is to not 280 00:15:36,440 --> 00:15:39,680 Speaker 1: allow people that are coming in to our markets purely 281 00:15:39,760 --> 00:15:43,480 Speaker 1: to speculate. They're not hedging anything to get positions above 282 00:15:43,480 --> 00:15:45,880 Speaker 1: a certain threshold. And the reason we're putting them in 283 00:15:45,920 --> 00:15:49,000 Speaker 1: places to prevent things like corners and squeezes, but they 284 00:15:49,000 --> 00:15:52,320 Speaker 1: were never meant to focus on anyone who's actually hedging, 285 00:15:52,600 --> 00:15:55,400 Speaker 1: and so prior proposals didn't sort of get that right, 286 00:15:55,720 --> 00:15:58,680 Speaker 1: and so we have really focused on American agriculture the 287 00:15:58,800 --> 00:16:00,680 Speaker 1: energy sector to make sure that if you're going to 288 00:16:00,720 --> 00:16:03,440 Speaker 1: these markets and you're actually hedging risk, you can do so. 289 00:16:03,520 --> 00:16:05,320 Speaker 1: I find this interesting because on the same day that 290 00:16:05,400 --> 00:16:07,760 Speaker 1: President Trump signed into all the U s m c A, 291 00:16:08,520 --> 00:16:12,200 Speaker 1: you've got this now, this new development, and candidly, based 292 00:16:12,240 --> 00:16:16,040 Speaker 1: upon my reporting, two industries that sometimes butt heads now 293 00:16:16,080 --> 00:16:20,440 Speaker 1: appear to have a significant regulatory pushback Oil and great 294 00:16:21,120 --> 00:16:23,680 Speaker 1: this impacts them. I think this is a tremendous victory 295 00:16:23,720 --> 00:16:26,960 Speaker 1: for the agriculture industry and probably the energy industry as well, 296 00:16:27,000 --> 00:16:28,920 Speaker 1: because what we do here is is we do make 297 00:16:28,960 --> 00:16:32,720 Speaker 1: that differentiation between hedge funds and other people that are 298 00:16:32,720 --> 00:16:35,280 Speaker 1: in these markets to speculate. And we need those people 299 00:16:35,280 --> 00:16:39,560 Speaker 1: in our markets because the presence of more traders provides liquidity, 300 00:16:39,600 --> 00:16:42,320 Speaker 1: but at the same time, we think their position should 301 00:16:42,320 --> 00:16:44,320 Speaker 1: be limited at a certain point, and we want to 302 00:16:44,360 --> 00:16:48,680 Speaker 1: make sure though that hedgers, agriculture, farmers, ranchers, energy companies 303 00:16:48,720 --> 00:16:50,960 Speaker 1: that are actually going to these markets to hedge risk 304 00:16:51,040 --> 00:16:53,480 Speaker 1: so they can put power on in our houses, can 305 00:16:53,520 --> 00:16:56,560 Speaker 1: do so. I've been in Washington covering financial services for 306 00:16:56,640 --> 00:16:59,600 Speaker 1: something like eight plus years now and I'm struck you 307 00:17:00,000 --> 00:17:04,280 Speaker 1: mentioned DoD Why did this take so long? Well, so, 308 00:17:04,320 --> 00:17:09,919 Speaker 1: we have had countless proposals, countless drafts for actual proposals 309 00:17:09,920 --> 00:17:13,080 Speaker 1: that were before the commission. We had one only one 310 00:17:13,119 --> 00:17:15,760 Speaker 1: that was finalized, and unfortunately that was struck down by 311 00:17:15,800 --> 00:17:18,480 Speaker 1: the courts. So here we are, I think. So that 312 00:17:18,600 --> 00:17:21,600 Speaker 1: was one issue that that the one proposal that actually 313 00:17:21,640 --> 00:17:25,160 Speaker 1: was finalized was struck down by courts. But the bigger issue, 314 00:17:25,200 --> 00:17:27,440 Speaker 1: in my opinion, and the one that Congress was most 315 00:17:27,480 --> 00:17:31,720 Speaker 1: concerned about, is that previous position. The previous proposals did 316 00:17:31,760 --> 00:17:34,880 Speaker 1: not include the right hedging exemptions. Your critics are saying 317 00:17:34,880 --> 00:17:36,960 Speaker 1: this will be this will be good for big business, 318 00:17:37,000 --> 00:17:38,919 Speaker 1: but how does this infact small business? How does this 319 00:17:39,119 --> 00:17:41,520 Speaker 1: how does this help average folks? In advertator, you know, 320 00:17:41,640 --> 00:17:43,960 Speaker 1: I was out in Kansas over the summer and I 321 00:17:44,000 --> 00:17:46,919 Speaker 1: actually met with a farmer who said she uses the 322 00:17:46,920 --> 00:17:49,479 Speaker 1: futures markets to hedge and I don't think people get that, 323 00:17:49,920 --> 00:17:52,359 Speaker 1: especially in the in the in the aftermath of U. S. M. 324 00:17:52,440 --> 00:17:53,960 Speaker 1: C A and everything that we've done with us in 325 00:17:54,080 --> 00:17:58,320 Speaker 1: China and how that relates. Farmers in the Heartland are 326 00:17:58,560 --> 00:18:00,920 Speaker 1: very much paying attention to this. They really are, because 327 00:18:00,920 --> 00:18:03,080 Speaker 1: the way it works is the farmer needs to hedge 328 00:18:03,160 --> 00:18:06,120 Speaker 1: his or her exposure. Now, sometimes they do that directly 329 00:18:06,320 --> 00:18:08,560 Speaker 1: in the futures markets. Like the farmer I talked to, 330 00:18:08,680 --> 00:18:11,359 Speaker 1: she does it directly, but more often than not, they'll 331 00:18:11,440 --> 00:18:14,160 Speaker 1: enter into a forward agreement with their local grain elevator. 332 00:18:14,200 --> 00:18:16,840 Speaker 1: The local grain elevator will enter into agreement with a 333 00:18:16,920 --> 00:18:20,600 Speaker 1: large agricultural company, and that agricultural company will use the 334 00:18:20,600 --> 00:18:24,040 Speaker 1: futures markets to hedge their exposure. So ultimately that price 335 00:18:24,080 --> 00:18:26,280 Speaker 1: stability goes all the way back down the chain to 336 00:18:26,359 --> 00:18:29,280 Speaker 1: farmers and ranchers. It really is fascinating, especially I think 337 00:18:29,320 --> 00:18:32,680 Speaker 1: that the Wall Street has really woken up to see 338 00:18:33,119 --> 00:18:36,560 Speaker 1: how Heartland America is engaging in the financial services sector. Uh, 339 00:18:36,560 --> 00:18:39,040 Speaker 1: switching gears, what's nexting to do list, what's next on that? 340 00:18:39,080 --> 00:18:40,720 Speaker 1: To do this? So, so, first of all, this is 341 00:18:40,760 --> 00:18:43,920 Speaker 1: actually our seventh open meetings since I joined six months ago. 342 00:18:44,359 --> 00:18:48,080 Speaker 1: We have been working, you know, tremendously hard to get 343 00:18:48,119 --> 00:18:50,000 Speaker 1: things done, to get them done in the right way 344 00:18:50,080 --> 00:18:54,160 Speaker 1: we've done cross border rules proposals, capital proposals. What's next 345 00:18:54,200 --> 00:18:56,640 Speaker 1: on the agenda A couple of different things. First of all, 346 00:18:56,720 --> 00:18:59,399 Speaker 1: swap data reporting. It's an area that I think everyone 347 00:18:59,400 --> 00:19:02,359 Speaker 1: agrees as a complete mess. We have hundreds and hundreds 348 00:19:02,359 --> 00:19:05,560 Speaker 1: of fields that the US requires, the CFTC requires different 349 00:19:05,560 --> 00:19:08,640 Speaker 1: fields in the SEC, the Europeans require different fields from US. 350 00:19:09,280 --> 00:19:11,159 Speaker 1: It's a bit of a global turf war. There's a 351 00:19:11,200 --> 00:19:13,840 Speaker 1: global issue and and there's so many fields and people 352 00:19:13,880 --> 00:19:16,280 Speaker 1: are confused. So we want to focus on that um 353 00:19:16,400 --> 00:19:18,400 Speaker 1: streamlining it to the point where we get the data 354 00:19:18,440 --> 00:19:21,280 Speaker 1: we need it. There's a there's a broad overlap between 355 00:19:21,280 --> 00:19:23,520 Speaker 1: what other regulators are asking for and we have a 356 00:19:23,520 --> 00:19:26,200 Speaker 1: common base of information. So that's a key agenda item. 357 00:19:26,520 --> 00:19:29,200 Speaker 1: The other thing we're doing is that for thirty seven years, 358 00:19:29,200 --> 00:19:33,119 Speaker 1: since nine three, we have not changed our regulations to 359 00:19:33,280 --> 00:19:36,719 Speaker 1: update them for bankruptcy. So my concern is is that, 360 00:19:36,760 --> 00:19:38,679 Speaker 1: look at things are going great now, but every now 361 00:19:38,720 --> 00:19:42,399 Speaker 1: and again, we may have a futures commissioned merchant fail 362 00:19:42,600 --> 00:19:45,200 Speaker 1: and that that person has customer money, and we want 363 00:19:45,200 --> 00:19:47,879 Speaker 1: to make sure those customers are protected. So things like 364 00:19:47,960 --> 00:19:50,560 Speaker 1: that that people haven't thought about for decades I'm putting 365 00:19:50,560 --> 00:19:52,840 Speaker 1: on the agenda. And I talked about this offline when 366 00:19:52,880 --> 00:19:55,960 Speaker 1: you first got into your position, just about the increasing 367 00:19:56,000 --> 00:19:59,080 Speaker 1: rule of cryptocurrency and how that's something that you that 368 00:19:59,240 --> 00:20:01,600 Speaker 1: your team is is also looking into. Just quickly, where 369 00:20:01,640 --> 00:20:04,359 Speaker 1: where's give us an update on that? Well, the CFTC, 370 00:20:04,560 --> 00:20:07,119 Speaker 1: I've said, I really think, uh, not only in the 371 00:20:07,200 --> 00:20:10,879 Speaker 1: digital assets themselves, but in that underlying blockchain technology. Kevin, 372 00:20:11,200 --> 00:20:13,399 Speaker 1: I want the United States of America to lead in this. 373 00:20:14,000 --> 00:20:18,520 Speaker 1: So I want to encourage innovation. And it's interesting because, uh, 374 00:20:18,720 --> 00:20:22,760 Speaker 1: commodities or what we regulate, particularly derivatives on commodities we're 375 00:20:22,760 --> 00:20:26,840 Speaker 1: talking about exactly. But right now the two biggest types 376 00:20:26,880 --> 00:20:30,760 Speaker 1: of digital assets, bitcoin and ether, actually fall within our jurisdiction. 377 00:20:31,320 --> 00:20:32,879 Speaker 1: So we are we are doing a lot in the 378 00:20:32,920 --> 00:20:36,240 Speaker 1: digital assets space. We are seeing exchanges starting the list. Certainly, 379 00:20:36,240 --> 00:20:39,080 Speaker 1: we've seen Bitcoin futures, both cash settled as well as 380 00:20:39,080 --> 00:20:42,040 Speaker 1: physically delivered. My guess is we're gonna see ether futures 381 00:20:42,080 --> 00:20:44,240 Speaker 1: as well, and as things start to migrate into the 382 00:20:44,280 --> 00:20:47,960 Speaker 1: commodity space, we'll see even more. That was Heath Tarbert. 383 00:20:48,080 --> 00:20:53,639 Speaker 1: He is the community the commodity futures trading Commission CFTC chairman. 384 00:20:53,680 --> 00:20:57,000 Speaker 1: He's got a fascinating job in terms of really regulating 385 00:20:57,000 --> 00:21:00,440 Speaker 1: all the hedge funds and insider trading cases and whatnot. 386 00:21:00,960 --> 00:21:02,840 Speaker 1: He spoke to me exclusively about a new rule that 387 00:21:02,840 --> 00:21:04,920 Speaker 1: they have coming out. You can watch it on Bloomberg 388 00:21:04,920 --> 00:21:07,840 Speaker 1: TV and of course online. Coming up, we'll dive back 389 00:21:07,880 --> 00:21:12,320 Speaker 1: into the politics campaign update with Al Matter and Brian Darling. 390 00:21:12,359 --> 00:21:15,560 Speaker 1: Download the Bloomberg Sound On podcast on Apple iTunes, to 391 00:21:15,560 --> 00:21:18,040 Speaker 1: Bloomberg dot com, or by downloading the Bloomberg Business App. 392 00:21:18,040 --> 00:21:20,320 Speaker 1: You can also find us on Radio dot Com, I 393 00:21:20,400 --> 00:21:22,560 Speaker 1: Heart Radio, and Spotify. I have no idea who I'm 394 00:21:22,600 --> 00:21:24,640 Speaker 1: rooting for this weekend. I don't think I can root 395 00:21:24,680 --> 00:21:27,760 Speaker 1: for Andy Reid. I'm Kevin Serelli. You're listening to Bloomberg. 396 00:21:36,440 --> 00:21:41,000 Speaker 1: This is Bloomberg's Sound On with Kevin Shirley on Bloomberg 397 00:21:42,119 --> 00:21:45,679 Speaker 1: and one oh five point seven h D two. I 398 00:21:45,760 --> 00:21:49,040 Speaker 1: love that song Beautiful Day by You two. I'm Kevin Serelli, 399 00:21:49,400 --> 00:21:52,119 Speaker 1: Chief Washington correspondent for Bloomer TV and Bloomberg Radio. My 400 00:21:52,280 --> 00:21:55,480 Speaker 1: guests with me are Al Matter, partner at Brown Seeing, 401 00:21:55,560 --> 00:22:00,440 Speaker 1: Hyatt Farber and Shrek, a Democratic insider. Brian darn thing. Former. 402 00:22:00,480 --> 00:22:02,320 Speaker 1: I don't know why I do that. That's it's kind 403 00:22:02,320 --> 00:22:04,919 Speaker 1: of weird, but I can't help it because because I 404 00:22:04,960 --> 00:22:07,159 Speaker 1: watch all of the attack ads that you guys design 405 00:22:07,520 --> 00:22:10,119 Speaker 1: and your careers that you know, flood the airwaves, and 406 00:22:10,560 --> 00:22:12,360 Speaker 1: I guess part of me thinks that I should be 407 00:22:12,440 --> 00:22:16,800 Speaker 1: like the voice over that like. Brian Darling, former COMPS 408 00:22:16,840 --> 00:22:20,520 Speaker 1: director for Senator Rampaul and founder of Liberty Government Affairs Brian, 409 00:22:20,560 --> 00:22:24,440 Speaker 1: what's your favorite youtuo song? Oh? Putting me on the spot? Yes, 410 00:22:24,720 --> 00:22:28,720 Speaker 1: I do. I want to interview Bono really bad. I 411 00:22:28,760 --> 00:22:30,879 Speaker 1: don't know you're stumping me. You don't have a favorite 412 00:22:30,880 --> 00:22:34,439 Speaker 1: YouTube song? I'm not a Hugeto why? I don't know 413 00:22:34,480 --> 00:22:38,080 Speaker 1: they're okay? That's not you know. I should have suspected 414 00:22:38,119 --> 00:22:41,520 Speaker 1: that from a New England Patriots guy. Couldn't resist. Now, 415 00:22:41,560 --> 00:22:46,680 Speaker 1: what's your favorite YouTube song? Oh? Great song? Great song? 416 00:22:46,760 --> 00:22:50,399 Speaker 1: And Mary J. Blige did h a cover of it? 417 00:22:50,600 --> 00:22:52,560 Speaker 1: I have so many your favorite YouTube songs? About that 418 00:22:52,600 --> 00:22:55,200 Speaker 1: whole album? All that You Can't Leave Behind remains my favorite, 419 00:22:55,240 --> 00:22:58,040 Speaker 1: and walk On off of that album is also my favorite. 420 00:22:58,040 --> 00:23:02,119 Speaker 1: All right, enough music chat better? Uh, let's talk about 421 00:23:03,000 --> 00:23:04,880 Speaker 1: we're a couple of days away from the caucus, Bernie's 422 00:23:04,880 --> 00:23:07,800 Speaker 1: looking pretty good. Andrew Yang talked to my colleague at 423 00:23:07,800 --> 00:23:10,960 Speaker 1: Bloomberg today, Joe Wisenthal, and Andrew Yank said that his 424 00:23:11,000 --> 00:23:13,760 Speaker 1: supporters could go to Bernie if he doesn't do good 425 00:23:13,760 --> 00:23:17,760 Speaker 1: in the Iowa caucus. Well, if you look at the 426 00:23:17,800 --> 00:23:21,480 Speaker 1: polls are all over the place, it's impossible to predict. 427 00:23:21,520 --> 00:23:24,000 Speaker 1: I mean, some of them have you know, more of 428 00:23:24,119 --> 00:23:27,800 Speaker 1: younger demographics. Some of them are basically you're stressing the 429 00:23:27,840 --> 00:23:30,560 Speaker 1: older demographic and they have Biden doing better. It's just 430 00:23:31,000 --> 00:23:33,359 Speaker 1: a weird situation where you know, if you have a 431 00:23:33,400 --> 00:23:35,679 Speaker 1: ton of young people show up, then uh, you know, 432 00:23:35,880 --> 00:23:39,280 Speaker 1: we could have Bernie Sanders winning an Iowa. But it's 433 00:23:39,400 --> 00:23:41,800 Speaker 1: just we don't know what the weather is gonna be, like, 434 00:23:41,920 --> 00:23:44,359 Speaker 1: we don't know, um you know, how that's all gonna 435 00:23:44,400 --> 00:23:46,639 Speaker 1: play out. So with all of that's going on, I 436 00:23:46,680 --> 00:23:48,560 Speaker 1: look at all of what's happened the past with the 437 00:23:48,600 --> 00:23:51,560 Speaker 1: Republicans and trying to predict and all the very close 438 00:23:51,640 --> 00:23:54,639 Speaker 1: races there and Republicans that win Iowa not going on 439 00:23:54,720 --> 00:23:58,040 Speaker 1: to when the when the nomination. You know, it's it's 440 00:23:58,080 --> 00:24:02,400 Speaker 1: just a crapshoot. A couple of things. One, I didn't 441 00:24:02,400 --> 00:24:04,280 Speaker 1: know that Andrew Gyang had that many supporters, and I 442 00:24:04,359 --> 00:24:06,119 Speaker 1: he does. Oh my gosh, you're gonna get me in 443 00:24:06,160 --> 00:24:10,000 Speaker 1: trouble on Twitter. Andrew Gang has a ton of supporters 444 00:24:10,000 --> 00:24:12,640 Speaker 1: out there in the world well to the extent that 445 00:24:12,640 --> 00:24:14,439 Speaker 1: that they're gonna help Bernie. That makes sense to me 446 00:24:14,480 --> 00:24:17,280 Speaker 1: because he's for universal income, so that's something that Bernie 447 00:24:17,359 --> 00:24:20,160 Speaker 1: would be more likely to espouse as well. In terms 448 00:24:20,200 --> 00:24:22,720 Speaker 1: of the caucuses, I think number one, we're gonna have 449 00:24:22,720 --> 00:24:27,719 Speaker 1: a surprise. I think that um either Biden or Buddha 450 00:24:27,800 --> 00:24:33,280 Speaker 1: Jedge or Warren's gonna finish behindar Maybe two of them might. 451 00:24:33,600 --> 00:24:35,560 Speaker 1: And I don't think Biden is gonna win the caucuses 452 00:24:35,560 --> 00:24:38,280 Speaker 1: that burnt. Look, Biowa does well with Democrats who've been 453 00:24:38,320 --> 00:24:41,040 Speaker 1: there before, and Bernie almost one last time. Some his 454 00:24:41,080 --> 00:24:43,760 Speaker 1: own people think he did win and that the Clinton 455 00:24:43,800 --> 00:24:46,280 Speaker 1: folks in the party took it from him. And he's 456 00:24:46,320 --> 00:24:49,560 Speaker 1: put in the time and he's got the message that 457 00:24:49,680 --> 00:24:52,840 Speaker 1: is most progressive and is resonating. And he doesn't even 458 00:24:52,840 --> 00:24:55,080 Speaker 1: need young people to win Iowa because he didn't have 459 00:24:55,160 --> 00:24:56,840 Speaker 1: him that much last time, and he almost wanted. I 460 00:24:56,880 --> 00:25:00,080 Speaker 1: think Bernie's gonna win the state. I do, Oh, what 461 00:25:00,160 --> 00:25:05,080 Speaker 1: are the expectations for Biden? Dangerous? If he finishes worse 462 00:25:05,160 --> 00:25:08,600 Speaker 1: than second in both Iowa and New Hampshire, that's a 463 00:25:08,600 --> 00:25:11,240 Speaker 1: real problem for his campaign because money will start to 464 00:25:11,320 --> 00:25:15,360 Speaker 1: draw dry up. He Uh, the other day they released 465 00:25:16,040 --> 00:25:18,280 Speaker 1: a feed that they're going to back off into Hampshire 466 00:25:18,320 --> 00:25:20,399 Speaker 1: to some extent. They better do well in Iowa if 467 00:25:20,440 --> 00:25:22,399 Speaker 1: that's true, because then they got to go to Nevada, 468 00:25:22,440 --> 00:25:25,720 Speaker 1: which is another caucus state, and caucuses are tougher for 469 00:25:25,800 --> 00:25:31,399 Speaker 1: institutional candidates like Biden or nationally. He's pulling so hard, 470 00:25:32,200 --> 00:25:35,160 Speaker 1: so hard, so high. That changes when you lose repeatedly. 471 00:25:35,280 --> 00:25:38,800 Speaker 1: I see, I agree, But is there a chance that 472 00:25:38,920 --> 00:25:43,240 Speaker 1: he just he actually performs as the pulling indicates, and 473 00:25:43,280 --> 00:25:46,160 Speaker 1: he wins Iowa, wins New Hampshire, and he runs a table. 474 00:25:46,200 --> 00:25:51,640 Speaker 1: I mean, is this all just naval gazing? So first 475 00:25:51,640 --> 00:25:54,800 Speaker 1: of all, the polling UM on average has Burnie up 476 00:25:54,840 --> 00:25:57,680 Speaker 1: a little bit in Iowa. Biden is trailing significantly in 477 00:25:57,720 --> 00:26:00,720 Speaker 1: New Hampshire on average UM. And if you look at 478 00:26:01,040 --> 00:26:03,119 Speaker 1: some of the betting sites I predicted, which are actually 479 00:26:03,200 --> 00:26:10,160 Speaker 1: quite good at Bernie is he's the slight favorite UM 480 00:26:10,320 --> 00:26:13,159 Speaker 1: and so it's not naval gazing. And I mean the 481 00:26:13,240 --> 00:26:15,160 Speaker 1: vice president is a great man. He's done great things 482 00:26:15,200 --> 00:26:16,959 Speaker 1: for our country. I hope he does really well. I 483 00:26:17,000 --> 00:26:18,560 Speaker 1: just think that if he doesn't do well and I 484 00:26:18,680 --> 00:26:20,560 Speaker 1: it's gonna be a problem. What's we gotta go down 485 00:26:20,560 --> 00:26:23,399 Speaker 1: to the casino. Let's do it. I'm kidding. Am I 486 00:26:23,400 --> 00:26:25,480 Speaker 1: gonna get in trouble for saying that? See where I 487 00:26:25,520 --> 00:26:28,480 Speaker 1: grew up they put into Harris right in Delco? And 488 00:26:28,600 --> 00:26:30,960 Speaker 1: uh so anyway that that was like the running jump 489 00:26:31,400 --> 00:26:33,359 Speaker 1: legal now Kevin, is it? See? I don't want to 490 00:26:33,400 --> 00:26:35,359 Speaker 1: get in trouble. You know, I play it by the book. 491 00:26:35,359 --> 00:26:39,679 Speaker 1: Hey not that book? Okay, moving on. Oh that was 492 00:26:39,720 --> 00:26:43,119 Speaker 1: a really lame joke. Okay, so expectations. We covered that 493 00:26:43,160 --> 00:26:46,840 Speaker 1: for Bernie, we for Biden. We covered Bernie having the momentum. 494 00:26:46,840 --> 00:26:49,119 Speaker 1: But I'm interested in Buddha, Judge and Clob char Br. 495 00:26:49,560 --> 00:26:53,160 Speaker 1: I wonder where they land in this and what their 496 00:26:53,160 --> 00:26:55,880 Speaker 1: play is and then we'll talk more. But let's let's 497 00:26:55,880 --> 00:26:58,320 Speaker 1: for right now. I'll talk Clob Charm, Bud Judge. Well, 498 00:26:58,760 --> 00:27:02,560 Speaker 1: I am not believe the hype with Amy. I just 499 00:27:02,640 --> 00:27:05,879 Speaker 1: don't think it's I totally disagree. I think she's gonna 500 00:27:05,920 --> 00:27:10,040 Speaker 1: crash and burn. And you look at um Bootage, I mean, 501 00:27:10,480 --> 00:27:12,879 Speaker 1: you know, he's he's another one. You don't know how 502 00:27:12,920 --> 00:27:15,920 Speaker 1: he's been trending up, trending down. He's had some really 503 00:27:16,000 --> 00:27:19,920 Speaker 1: bad straight uh stretches. But you know what do I know? 504 00:27:19,960 --> 00:27:23,560 Speaker 1: I'm a Republican, But me looking at Iowa, I think 505 00:27:23,600 --> 00:27:26,640 Speaker 1: that Biden is going to do pretty well. I think 506 00:27:26,680 --> 00:27:29,720 Speaker 1: if you look at the caucuses and look back to 507 00:27:29,359 --> 00:27:32,360 Speaker 1: to how Bernie did in the last cycle, he did 508 00:27:32,400 --> 00:27:34,639 Speaker 1: really well in the caucuses. So he may win Iowa, 509 00:27:34,680 --> 00:27:36,800 Speaker 1: but I think he's going to have a real hard 510 00:27:36,840 --> 00:27:40,760 Speaker 1: time in primary New Hampshire week even if he wins Iowa. 511 00:27:40,960 --> 00:27:47,879 Speaker 1: Let's talk. Let's talk uh Warren al or or you know, 512 00:27:48,160 --> 00:27:51,639 Speaker 1: I mean, what's Warren's an interesting candidate because she caught 513 00:27:51,840 --> 00:27:54,160 Speaker 1: fire and she you know, she had a plan for everything, 514 00:27:54,240 --> 00:27:57,240 Speaker 1: and with the darling of the left, and I think 515 00:27:57,240 --> 00:28:01,000 Speaker 1: Bernie's taken away some of her bumps to speak, and 516 00:28:01,160 --> 00:28:03,000 Speaker 1: she's under a lot of pressure right here. You know, 517 00:28:03,040 --> 00:28:06,320 Speaker 1: I said earlier, I think she could finish behind Klobachar 518 00:28:06,480 --> 00:28:09,160 Speaker 1: and Buddha Jadge for example. That's one hypothetical which would 519 00:28:09,160 --> 00:28:11,240 Speaker 1: be really bad for her heading into New Hampshire. I 520 00:28:11,280 --> 00:28:13,480 Speaker 1: I don't agree with Brian at all about New Hampshire 521 00:28:13,480 --> 00:28:16,320 Speaker 1: and Bernie. Bernie crushed Hillary in New Hampshire by twenty 522 00:28:16,320 --> 00:28:19,320 Speaker 1: one points. He's currently leading by double digits in the polls. 523 00:28:19,680 --> 00:28:21,520 Speaker 1: There are very few scenarios where he does not do 524 00:28:21,560 --> 00:28:23,600 Speaker 1: well in New Hampshire. And if she can't do well 525 00:28:23,600 --> 00:28:26,840 Speaker 1: in New Hampshire, which is her neighboring state, or Iowa again, 526 00:28:26,920 --> 00:28:29,680 Speaker 1: if you finish third or worse in two in a row, 527 00:28:29,960 --> 00:28:32,720 Speaker 1: that ain't good. But isn't isn't Warren? Isn't she going 528 00:28:32,760 --> 00:28:34,960 Speaker 1: to dig into some of the Bernie support? She's from 529 00:28:34,960 --> 00:28:38,840 Speaker 1: Massachusetts the next day over as is Bernie, and she's 530 00:28:39,400 --> 00:28:42,120 Speaker 1: swimming in the same stream. I mean, they're both so 531 00:28:42,400 --> 00:28:47,160 Speaker 1: democratic socialists from the most part. She's more institutional, but 532 00:28:47,200 --> 00:28:49,240 Speaker 1: she is very far to the left. I she does 533 00:28:49,280 --> 00:28:51,120 Speaker 1: dig in a little bit, but it's not I mean 534 00:28:51,160 --> 00:28:54,320 Speaker 1: the polls, primary polls are more accurate than caucus polls. 535 00:28:54,360 --> 00:28:56,000 Speaker 1: First of all, going back to who's gonna win Iowa, 536 00:28:56,040 --> 00:28:57,480 Speaker 1: we don't know, and I don't I don't trust the 537 00:28:57,480 --> 00:28:59,520 Speaker 1: polls there. I agree with Kevin, there could be a 538 00:28:59,520 --> 00:29:02,640 Speaker 1: surprise and as far as New Hampshire goes, the people 539 00:29:02,680 --> 00:29:06,160 Speaker 1: out there, I have canvas there. They are hardcore Bernie people. 540 00:29:06,200 --> 00:29:09,280 Speaker 1: They love that guy, love them, they love. That reminds 541 00:29:09,320 --> 00:29:11,480 Speaker 1: me of Trump. So many doors slammed in my face 542 00:29:11,600 --> 00:29:13,520 Speaker 1: just because I was for somebody else. Really, and I 543 00:29:13,520 --> 00:29:15,240 Speaker 1: will tell you one other thing you said, It reminds 544 00:29:15,280 --> 00:29:18,880 Speaker 1: you of Trump. The caucusco the primary voters in twice 545 00:29:18,920 --> 00:29:21,680 Speaker 1: sixteen would often say to me, I can't decide between 546 00:29:21,680 --> 00:29:23,760 Speaker 1: Bernie and Trump. Yeah, no, no no that I saw that 547 00:29:23,800 --> 00:29:25,520 Speaker 1: on the trail. And no one, and no one in 548 00:29:25,520 --> 00:29:28,360 Speaker 1: Washington understands that, because that's that's where I grew up, 549 00:29:28,560 --> 00:29:31,880 Speaker 1: is people deciding between it's Bernie and Trump and and 550 00:29:31,880 --> 00:29:34,040 Speaker 1: and that's a real There are a lot of Republicans 551 00:29:34,120 --> 00:29:37,520 Speaker 1: rooting for Bernie to go, Bernie go. They both understand. 552 00:29:37,840 --> 00:29:39,880 Speaker 1: But but but but I and I hear that, I 553 00:29:39,960 --> 00:29:42,720 Speaker 1: hear the humor in that. But what what What Al 554 00:29:42,760 --> 00:29:44,520 Speaker 1: and I are talking about are people who are literally 555 00:29:44,520 --> 00:29:48,120 Speaker 1: decided between Bernie and Trump, both Bernie and Trump. And 556 00:29:48,120 --> 00:29:52,960 Speaker 1: Warren understand that most Americans think Washington sucks and is rigged. 557 00:29:53,080 --> 00:29:54,640 Speaker 1: And I don't know if you can say that. Please 558 00:29:54,640 --> 00:29:56,959 Speaker 1: don't cut me in trouble go ahead, and so they 559 00:29:57,120 --> 00:30:02,440 Speaker 1: they apologies that I apologize, and so they're onto something 560 00:30:02,480 --> 00:30:05,160 Speaker 1: there because people are just satisfied. And people in our 561 00:30:05,200 --> 00:30:07,640 Speaker 1: generation or mine at least I'm older than you, think 562 00:30:07,680 --> 00:30:11,520 Speaker 1: that our kids likely to be as well off as 563 00:30:11,520 --> 00:30:14,080 Speaker 1: we are for the first time in Americans. And so 564 00:30:14,160 --> 00:30:18,440 Speaker 1: that's why people like Bernie resonate uh and China. I 565 00:30:18,760 --> 00:30:21,400 Speaker 1: actually also think China is is is a huge driving 566 00:30:21,440 --> 00:30:25,680 Speaker 1: force of that, and and it's it's I am interested 567 00:30:25,720 --> 00:30:29,000 Speaker 1: to see how Senator Sanders starts talking again about China 568 00:30:29,200 --> 00:30:32,520 Speaker 1: and General Secretary Shi Jing Ping on the campaign trail quickly. 569 00:30:32,560 --> 00:30:34,680 Speaker 1: I do want to know the results of a mom 570 00:30:34,680 --> 00:30:37,720 Speaker 1: with Pole that just came out released Wednesday, at the 571 00:30:37,720 --> 00:30:41,280 Speaker 1: poll of likely Democratic caucus goers found Joe Biden leading 572 00:30:41,600 --> 00:30:47,120 Speaker 1: with twenty percent, closely followed by Bernie Sanders, a boodagedge 573 00:30:47,520 --> 00:30:51,680 Speaker 1: at six percent, of Warren with fiftent Amy double digits 574 00:30:51,680 --> 00:30:54,920 Speaker 1: at ten percent. So that's according to the Momoth University poll. 575 00:30:54,920 --> 00:30:58,280 Speaker 1: I'm reading from the Bloomberg terminal. I'm a Kinnaries reporting. 576 00:30:58,520 --> 00:31:00,880 Speaker 1: Download the Bloomberg sound on podcas Us, on Apple iTunes, 577 00:31:00,920 --> 00:31:03,760 Speaker 1: at Bloomberg dot com or by downloading the Bloomberg Business app. 578 00:31:04,080 --> 00:31:06,080 Speaker 1: You can also find us on Radio dot Com, I 579 00:31:06,160 --> 00:31:08,960 Speaker 1: Heart Radio and Spotify. Coming up. Roger Goodell gave that 580 00:31:09,000 --> 00:31:12,920 Speaker 1: press conference. He talked about Colin Kaepernick, plus three other 581 00:31:13,000 --> 00:31:30,640 Speaker 1: things on our radar. You're listening to Bloomberg. You're listening 582 00:31:30,680 --> 00:31:35,280 Speaker 1: to Bloomberg Sound On with Kevin Zurle on Bloomberg and 583 00:31:35,360 --> 00:31:37,520 Speaker 1: one oh five point seven f M h D two. 584 00:31:38,200 --> 00:31:42,479 Speaker 1: I think if a team decides the Colin Kaepernick or 585 00:31:42,520 --> 00:31:45,480 Speaker 1: any other player can help their team win, that's what 586 00:31:45,520 --> 00:31:49,120 Speaker 1: they'll do. They want to win, and they make those 587 00:31:49,120 --> 00:31:53,040 Speaker 1: decisions individually in the best interests of their club. That 588 00:31:53,200 --> 00:31:58,480 Speaker 1: was Roger Goodell, the NFL commissioner who gave his uh 589 00:31:58,480 --> 00:32:00,440 Speaker 1: State of the League address at the super per Bowl 590 00:32:01,000 --> 00:32:03,800 Speaker 1: down in Florida. The course super Bowl is this weekend. 591 00:32:03,840 --> 00:32:06,160 Speaker 1: He was talking about Colin Kaepernick. My name is Kevin 592 00:32:06,200 --> 00:32:08,640 Speaker 1: Ceilli on the Chief Washington correspondent for Bloomberg Television of 593 00:32:08,640 --> 00:32:12,960 Speaker 1: Bloomberg Radio. My panel for the hour, al Mater Brian Darling, 594 00:32:13,000 --> 00:32:16,120 Speaker 1: al course, is a Democratic insider. Brian knows everything about 595 00:32:16,480 --> 00:32:19,520 Speaker 1: the Rand Paul wing of the Republican Party. Again with 596 00:32:19,560 --> 00:32:21,520 Speaker 1: the voice, keV, like what is what is going on? 597 00:32:21,720 --> 00:32:25,800 Speaker 1: I gotta stop. It's weird. Who are you guys rooting 598 00:32:25,800 --> 00:32:30,760 Speaker 1: for this weekend? Uh? San Francisco Jimmy Garoppolo fan because 599 00:32:30,760 --> 00:32:33,360 Speaker 1: he's a former Patriot and I'm not a huge Kansas 600 00:32:33,400 --> 00:32:35,600 Speaker 1: City fan. Okay, but this is the one time Brian 601 00:32:35,640 --> 00:32:39,080 Speaker 1: and I agree on football, So, uh, that's awesome. Okay, 602 00:32:39,120 --> 00:32:40,680 Speaker 1: I'm running for the Niners. Who are you wotting for 603 00:32:40,680 --> 00:32:42,840 Speaker 1: a Sorry to disappoint you, but I gotta go with 604 00:32:42,880 --> 00:32:45,760 Speaker 1: my homes. He's the most electric player and and it's 605 00:32:45,760 --> 00:32:48,000 Speaker 1: great to watch him play. It's gonna be a great game. 606 00:32:48,440 --> 00:32:50,200 Speaker 1: I just hope that the you know, they're gonna have 607 00:32:50,240 --> 00:32:53,800 Speaker 1: all those ads. Trump has an ad, Michael Bloomberg has 608 00:32:53,800 --> 00:32:57,240 Speaker 1: an ad. I'm like, can we just have one day 609 00:32:57,320 --> 00:32:59,960 Speaker 1: where we can watch a game without ads? Wouldn't be nice, 610 00:33:00,320 --> 00:33:02,560 Speaker 1: wouldn't it be? And like, who really is going to 611 00:33:02,640 --> 00:33:05,200 Speaker 1: watch the game and change their mind off of the 612 00:33:05,240 --> 00:33:07,680 Speaker 1: Super Bowl? Also, the Super Bowl adds are the thing 613 00:33:07,800 --> 00:33:09,360 Speaker 1: a lot of people watched the game for and they 614 00:33:09,520 --> 00:33:12,640 Speaker 1: but not for the politics. Like we have enough political 615 00:33:12,720 --> 00:33:15,360 Speaker 1: ads and j low is doing the halftime show with Shakira. 616 00:33:15,760 --> 00:33:19,360 Speaker 1: That'll be interesting. Yeah, I guess I should do the disclaimer. 617 00:33:19,360 --> 00:33:22,000 Speaker 1: Michael Bloomberg is the founder and majority owner of Bloomberg LP, 618 00:33:22,160 --> 00:33:27,600 Speaker 1: the parent company of Bloomberg News. Alright, what's on your radar, Brian? Well, 619 00:33:27,640 --> 00:33:30,440 Speaker 1: five G and the big fight over and what's going on. 620 00:33:30,680 --> 00:33:32,880 Speaker 1: I'm obsessed over this and we haven't really gotten too 621 00:33:32,920 --> 00:33:34,320 Speaker 1: much time to talk about it on this show this 622 00:33:34,320 --> 00:33:36,240 Speaker 1: week because we've been busy with the Jared Kushner interview 623 00:33:36,240 --> 00:33:39,280 Speaker 1: and everything. But go ahead, Well, Mike Pompeo is complained 624 00:33:39,320 --> 00:33:43,200 Speaker 1: that uh UM, our friends in Great Britain, are allowing Huawei, 625 00:33:43,360 --> 00:33:46,920 Speaker 1: the Chinese company, basically, to come in and help set 626 00:33:47,000 --> 00:33:50,080 Speaker 1: up five G over there. And and we're having a 627 00:33:50,080 --> 00:33:52,840 Speaker 1: big fight domestically because a lot of members of Congress 628 00:33:52,880 --> 00:33:54,640 Speaker 1: and a lot of Americans, a lot of the the 629 00:33:56,120 --> 00:33:58,800 Speaker 1: providers here are upset and nervous that if you allow 630 00:33:58,960 --> 00:34:01,560 Speaker 1: China into the United States is set up five you 631 00:34:01,680 --> 00:34:04,080 Speaker 1: just gonna set back our own, our own companies. It's 632 00:34:04,080 --> 00:34:07,520 Speaker 1: a competitiveness issue, and it's also a national security issue, 633 00:34:07,520 --> 00:34:10,120 Speaker 1: because we worry about the national security of letting the 634 00:34:10,200 --> 00:34:13,160 Speaker 1: Chinese set up any of these UH networks. It's kind 635 00:34:13,160 --> 00:34:15,200 Speaker 1: of like a draft. I mean that's how I describe 636 00:34:15,200 --> 00:34:19,320 Speaker 1: it to people. China in the US have been trying 637 00:34:19,360 --> 00:34:22,320 Speaker 1: to build the five G networks, not just here in 638 00:34:22,360 --> 00:34:24,600 Speaker 1: the United States but also abroad, and they've been competing. 639 00:34:24,960 --> 00:34:28,200 Speaker 1: And so the UK and the European Union have defied 640 00:34:28,239 --> 00:34:31,759 Speaker 1: the United States demands to exclude China's biggest maker of 641 00:34:31,760 --> 00:34:35,279 Speaker 1: telecommunications gear for the five G networks, and the UK 642 00:34:35,800 --> 00:34:40,000 Speaker 1: following Angela Merkel's lead of Germany and the Italians. And 643 00:34:40,040 --> 00:34:41,840 Speaker 1: no one knows what the Aussies are gonna do, not 644 00:34:41,920 --> 00:34:43,799 Speaker 1: that they're in Europe. I do know. I could point 645 00:34:43,840 --> 00:34:47,920 Speaker 1: out on a map that Christine Vata laughed, she's our 646 00:34:47,960 --> 00:34:52,200 Speaker 1: executive producer, and I don't that Australia is not in Europe. 647 00:34:52,200 --> 00:34:55,920 Speaker 1: But anyway, the five g um, you know, she did laugh, 648 00:34:57,160 --> 00:34:59,200 Speaker 1: the five G networks and you're upe there breaking away. 649 00:34:59,200 --> 00:35:00,600 Speaker 1: So that's a great thing to have on your radar. 650 00:35:00,719 --> 00:35:04,120 Speaker 1: It's on mine as well. Uh what's on your radar? Well, 651 00:35:04,400 --> 00:35:06,600 Speaker 1: you guys are talking about China and the United is 652 00:35:06,640 --> 00:35:09,200 Speaker 1: not cooperating on wireless at least they are cooperating finally 653 00:35:09,320 --> 00:35:12,440 Speaker 1: on the corner ofvirus, thankfully. And you know that's a 654 00:35:12,719 --> 00:35:14,520 Speaker 1: great thing because this is a real threat. I mean, 655 00:35:14,520 --> 00:35:17,479 Speaker 1: you look at the news and corporations are shutting down, 656 00:35:17,560 --> 00:35:20,719 Speaker 1: thousands and thousands of stores, Airlines are canceling flights. So 657 00:35:20,760 --> 00:35:22,680 Speaker 1: I'm glad the CDC is now gonna be working with 658 00:35:22,760 --> 00:35:24,480 Speaker 1: China to help us hopefully get a handle on this. 659 00:35:24,920 --> 00:35:29,840 Speaker 1: This story is baffling. I mean, and and just headline 660 00:35:29,840 --> 00:35:32,040 Speaker 1: cross over the Bloomberg Terminal written by my good friend 661 00:35:32,120 --> 00:35:34,640 Speaker 1: Josh wing Grove, our white House reporter. Here he does 662 00:35:34,680 --> 00:35:38,279 Speaker 1: excellent work for Bloomberg's White House team, along with of 663 00:35:38,320 --> 00:35:41,960 Speaker 1: course Jennifer Jacobs and and that whole team. Highly encourage 664 00:35:42,000 --> 00:35:44,680 Speaker 1: your listeners not to watch GWe of Paul drown outbreak 665 00:35:44,760 --> 00:35:48,399 Speaker 1: right now because they have like you're right, well, this 666 00:35:48,480 --> 00:35:52,200 Speaker 1: is like my let's so anyway, Josh, before we get 667 00:35:52,200 --> 00:35:58,560 Speaker 1: off on that tangit Christine vad Our, executive producer, she goes, 668 00:35:58,600 --> 00:36:00,880 Speaker 1: I watched it Friday. It was Trey Ding on Netflix. 669 00:36:02,360 --> 00:36:04,360 Speaker 1: You weren't the first one out to have that idea 670 00:36:04,400 --> 00:36:06,120 Speaker 1: with the coronavirus. I just want to know why the 671 00:36:06,120 --> 00:36:11,360 Speaker 1: heck it's called coronavirus. But anyway, anyway, so laughing aside, 672 00:36:11,440 --> 00:36:14,840 Speaker 1: Larry Cudlow, the President's chief economic advisor. He said that 673 00:36:14,840 --> 00:36:17,760 Speaker 1: the United States is going to send experts to China 674 00:36:18,160 --> 00:36:21,400 Speaker 1: to help the nation can contain the outbreak of the 675 00:36:21,440 --> 00:36:24,040 Speaker 1: coronavirus that has killed at least a hundred and sixty 676 00:36:24,120 --> 00:36:27,160 Speaker 1: nine people and infected thousands. And we're laughing about it, 677 00:36:27,160 --> 00:36:29,560 Speaker 1: and we shouldn't be, because you know, we're not laughing 678 00:36:29,600 --> 00:36:32,840 Speaker 1: about that. But you know, my colleagues over in China 679 00:36:32,920 --> 00:36:36,600 Speaker 1: are working from home. You know, Wuhan is a blue 680 00:36:36,600 --> 00:36:39,960 Speaker 1: collar town in China. This is where commodities and medals 681 00:36:39,960 --> 00:36:44,480 Speaker 1: are built. The economic impact that this has had on 682 00:36:44,640 --> 00:36:49,239 Speaker 1: the global exchanges, uh it's injected a number of volatility, 683 00:36:49,560 --> 00:36:52,680 Speaker 1: a large number of volatility into the markets. And it 684 00:36:52,800 --> 00:36:55,239 Speaker 1: shows and I was saying this to a source earlier today, 685 00:36:55,400 --> 00:36:59,560 Speaker 1: or rather they were telling me, it shows that this 686 00:36:59,640 --> 00:37:02,719 Speaker 1: is the one area that no matter which country you are, 687 00:37:03,400 --> 00:37:06,480 Speaker 1: traders all over the world, Wall Street and and folks 688 00:37:06,560 --> 00:37:12,000 Speaker 1: of all different backgrounds, this is a blind spot. You know, stars, 689 00:37:12,040 --> 00:37:15,319 Speaker 1: whether it's stars, coronavirus wind, this is a blind spot. Right. 690 00:37:15,719 --> 00:37:18,279 Speaker 1: It's really scary. I think it's a unknown, the fear 691 00:37:18,280 --> 00:37:20,600 Speaker 1: of the unknown. We I mean, you do have the 692 00:37:21,160 --> 00:37:24,480 Speaker 1: cases in the past, like with the ebolaters and all 693 00:37:24,520 --> 00:37:27,319 Speaker 1: that where people get really scared and it wasn't as 694 00:37:27,400 --> 00:37:29,360 Speaker 1: bad as they thought, but you just never know. I 695 00:37:29,440 --> 00:37:32,800 Speaker 1: think it's the problems we're seeing what's happening in China, 696 00:37:33,120 --> 00:37:35,440 Speaker 1: and people are getting scared because they don't know how 697 00:37:35,480 --> 00:37:37,120 Speaker 1: bad it's going to get or if it's going to 698 00:37:37,200 --> 00:37:40,880 Speaker 1: be contained well. And and that's what's also interesting, just 699 00:37:40,920 --> 00:37:43,640 Speaker 1: to that point is I think we think of it 700 00:37:43,680 --> 00:37:45,640 Speaker 1: from a fear standpoint, but you think you look at 701 00:37:45,640 --> 00:37:49,200 Speaker 1: it from a tourism standpoint, from a trade standpoint, from 702 00:37:49,200 --> 00:37:52,799 Speaker 1: a from a you know, liquidity standpoint, and and and 703 00:37:52,840 --> 00:37:56,040 Speaker 1: it has massive economic impacts. And that's why you saw 704 00:37:56,200 --> 00:37:59,719 Speaker 1: some significant losses that were rebounded. But traders were trading 705 00:37:59,760 --> 00:38:02,320 Speaker 1: off coronavirus. Again, they're not trading on things like impeachment. 706 00:38:02,560 --> 00:38:05,719 Speaker 1: They are trading on things like this, And I find 707 00:38:05,719 --> 00:38:08,040 Speaker 1: that interesting. Al I mean, it could be a real 708 00:38:08,160 --> 00:38:10,640 Speaker 1: black Swan event, right, Like I never knew it was coming, 709 00:38:10,719 --> 00:38:13,440 Speaker 1: and um, it's a great concern. And again, like I 710 00:38:13,480 --> 00:38:15,680 Speaker 1: said earlier, I'm really glad that we are involved. You 711 00:38:15,719 --> 00:38:19,560 Speaker 1: mentioned stars we weren't then China kept everything close to 712 00:38:19,600 --> 00:38:22,120 Speaker 1: the vest, didn't tell people the truth. Uh, And so 713 00:38:22,320 --> 00:38:25,319 Speaker 1: that actually creates more fear than transparency does, and they're 714 00:38:25,680 --> 00:38:28,400 Speaker 1: late to the game but learning that. Yeah, all right, 715 00:38:28,480 --> 00:38:31,479 Speaker 1: So what's on my radar? J Powell Fed. I'm reading 716 00:38:31,480 --> 00:38:33,160 Speaker 1: from the Bloomberg terminal. Of course, he had the press 717 00:38:33,160 --> 00:38:37,680 Speaker 1: conference today, UH FED chair J. Powell said enough devish 718 00:38:37,760 --> 00:38:40,960 Speaker 1: things to lift odds of an interest rate rate cut in, 719 00:38:41,840 --> 00:38:46,120 Speaker 1: but stock investors walked away unimpressed. The SMP five hundred 720 00:38:46,120 --> 00:38:49,320 Speaker 1: fell point one percent Wednesday, giving up the modest gains 721 00:38:49,360 --> 00:38:53,120 Speaker 1: as the FED chairman signaled the economy remains solid with 722 00:38:53,239 --> 00:38:56,880 Speaker 1: quote strong labor market conditions end quote. And this is 723 00:38:56,920 --> 00:38:59,640 Speaker 1: the point I want to highlight, folks, so he said. 724 00:39:00,320 --> 00:39:05,040 Speaker 1: Powell suggested that the FED stands ready to act if 725 00:39:05,080 --> 00:39:09,200 Speaker 1: the deadly virus in China looks likely to hamper growth, 726 00:39:09,719 --> 00:39:14,200 Speaker 1: and said elevated equity valuations are not at extremes, particularly 727 00:39:14,520 --> 00:39:17,000 Speaker 1: when compared with bond prices. And the reason I mentioned 728 00:39:17,000 --> 00:39:19,600 Speaker 1: this is because again, al As, you and I were 729 00:39:19,640 --> 00:39:22,840 Speaker 1: just talking about the US sending over folks and and 730 00:39:22,840 --> 00:39:25,600 Speaker 1: and um cut Low saying that the US is going 731 00:39:25,640 --> 00:39:28,400 Speaker 1: to send over folks to China. This is on the 732 00:39:28,440 --> 00:39:31,879 Speaker 1: Central Bank's radar for FED share. J. Powell to give 733 00:39:31,920 --> 00:39:35,040 Speaker 1: a press conference and to talk about the coronavirus in 734 00:39:35,120 --> 00:39:37,400 Speaker 1: an economic lens. It shows that they are that the 735 00:39:37,480 --> 00:39:42,080 Speaker 1: United States is taking this incredibly, incredibly seriously, and it 736 00:39:42,160 --> 00:39:47,080 Speaker 1: also shows how these types of illnesses are a potential 737 00:39:47,120 --> 00:39:49,480 Speaker 1: blind spot and volatility in the market. I mean, you 738 00:39:49,520 --> 00:39:52,880 Speaker 1: don't know what strand of what flw of what virus 739 00:39:52,920 --> 00:39:56,080 Speaker 1: could sink your portfolio. Brian, Well, what's scary to me 740 00:39:56,160 --> 00:39:58,040 Speaker 1: also is the fact that the FED has that much 741 00:39:58,080 --> 00:40:00,279 Speaker 1: power over the economy that they can tell feel like 742 00:40:00,280 --> 00:40:06,160 Speaker 1: I'm talking to Rand, Tell Rand Paul, you know what, 743 00:40:06,280 --> 00:40:08,600 Speaker 1: Rand Paul should give me another interview and we'll just 744 00:40:08,920 --> 00:40:10,480 Speaker 1: we'll go down where is it. We'll go down to 745 00:40:10,520 --> 00:40:14,239 Speaker 1: Fort Knox and we'll go into the gold see if 746 00:40:14,239 --> 00:40:16,800 Speaker 1: there's gold. Didn't you go with the Lucian? Didn't I 747 00:40:16,840 --> 00:40:19,600 Speaker 1: get that Scoop Yars didn't take Manusian and McConnell. There's 748 00:40:19,680 --> 00:40:22,799 Speaker 1: been there. Yeah, fascinating. All right. I want to thank Al. 749 00:40:23,320 --> 00:40:25,359 Speaker 1: I want to thank you. Want to come with us 750 00:40:25,400 --> 00:40:28,359 Speaker 1: down to Fort Knox? Been there? You know, Yeah, it'll 751 00:40:28,400 --> 00:40:30,800 Speaker 1: be it'll be fun. We'll kind of crew and everything. 752 00:40:31,080 --> 00:40:33,360 Speaker 1: Al thanks for being here. He's a partner of Brownstein, 753 00:40:33,400 --> 00:40:36,719 Speaker 1: Hiatt Barber and Shrek al Matter, and Brian Darling, former 754 00:40:36,760 --> 00:40:39,840 Speaker 1: COMPS director for Rand Paul of Kentucky and the founder 755 00:40:39,880 --> 00:40:43,840 Speaker 1: of Liberty Government Affairs. I'm Kevin Cirelli, Chief Washington correspondent 756 00:40:43,880 --> 00:40:46,480 Speaker 1: for Bloomberg Television and Bloomberg Radio. Check out my interview 757 00:40:46,680 --> 00:40:49,680 Speaker 1: with Heath Tarbert on Bloomberg Television and of course on 758 00:40:49,680 --> 00:40:52,799 Speaker 1: Bloomberg Radio. And download the Bloomberg Sound On podcast on 759 00:40:52,840 --> 00:40:54,560 Speaker 1: Apple iTunes. You're listening to Bloomberg