WEBVTT - US Senate Candidate Abdul El-Sayed Talks Midterm Election

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio, news.

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<v Speaker 2>Ken Paxton will be one of the speakers at this convention.

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<v Speaker 2>So too will Mike Rogers, the Republican candidate for Senate

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<v Speaker 2>in Michigan, who is locked in a tight race with

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<v Speaker 2>progressive Democrat.

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<v Speaker 1>Abdul El-Sayed.

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<v Speaker 2>I would imagine you'll hear his name said by Mike

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<v Speaker 2>Rogers maybe a few other times at the convention, as

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<v Speaker 2>we've heard it invoked a lot, including by Vice President J.D. Vance,

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<v Speaker 2>who went to Michigan to rally support for Republicans, Mike

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<v Speaker 2>Rogers included, and had some pretty sharp words about El-Sayed.

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<v Speaker 1>Listen.

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<v Speaker 3>There's something about Abdul El-Sayed that is very, very evil

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<v Speaker 3>and on the rise in the United States of America today.

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<v Speaker 3>And it's people who see themselves not as citizens of

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<v Speaker 3>a common nation, but see themselves as fighting for one

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<v Speaker 3>group at the expense of others. And that is how,

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<v Speaker 3>ladies and gentlemen, you destroy the United States of America.

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<v Speaker 2>We've heard similar language from others as well, including the NRSC,

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<v Speaker 2>which has launched a number of attack ads against El-Sayed,

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<v Speaker 2>including one describing him as the most radical candidate in America.

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<v Speaker 1>Listen.

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<v Speaker 4>Abdulrahman Mohammad El-Sayed, the most radical Senate candidate in America.

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<v Speaker 4>El-Sayed pledged support for the leader of the Muslim Brotherhood,

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<v Speaker 4>a designated foreign terrorist group. He wants to hike taxes

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<v Speaker 4>on Michigan waitresses, delivery drivers, and seniors on Social Security.

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<v Speaker 2>And I'm pleased to say... To respond to these things himself,

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<v Speaker 2>Abdul El-Sayed, the Michigan candidate, Democratic candidate for Senate, is

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<v Speaker 2>joining us now on Bloomberg TV and radio. Abdul, thank

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<v Speaker 2>you so much for being here. Obviously, I'm sure you

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<v Speaker 2>are familiar with these lines of attack by now. Also,

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<v Speaker 2>the sense that Republicans across the board seem to be

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<v Speaker 2>equating your candidacy with that of Democrats all over the

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<v Speaker 2>country this cycle. So where is the daylight between you

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<v Speaker 2>and other Democrats?

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<v Speaker 5>Let's just talk about what Michiganders are worried about, what's

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<v Speaker 5>dangerous to them. What's dangerous to them is that they're

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<v Speaker 5>watching their entire paycheck get gobbled up by gas they

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<v Speaker 5>can't afford, groceries they're getting priced out of, utilities that

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<v Speaker 5>are way too expensive, all bought and paid for by

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<v Speaker 5>the corporations who are buying people like Mike Rogers, JD Vance,

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<v Speaker 5>and Donald Trump. So if we want to talk about

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<v Speaker 5>where we need to be, we need a politics that

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<v Speaker 5>actually answers for their challenges.

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<v Speaker 1>And that's what we're offering now. Donald Trump, J.D.

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<v Speaker 5>Vance, Mike Rogers have no real solution to anything. So

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<v Speaker 5>they're just going to point to me and point to

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<v Speaker 5>my faith and how I pray and my name and say, well,

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<v Speaker 5>he's out of step. I don't know. I'm a lot

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<v Speaker 5>more in step with the Michiganders. I'm meeting up and

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<v Speaker 5>down the state because I actually spend my time in

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<v Speaker 5>my state. Unlike Mike Rogers, who, you know, daddy's telling

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<v Speaker 5>him he.

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<v Speaker 1>Needs a hug.

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<v Speaker 5>So Mike Rogers is going to fly all the way

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<v Speaker 5>out to Dallas, give daddy a big hug and say

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<v Speaker 5>really nice things about daddy, who is fighting a tariff war.

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<v Speaker 5>We have no business fighting with Canada and a hot

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<v Speaker 5>war with Iran.

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<v Speaker 2>Well, so as you say you want to address the

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<v Speaker 2>concerns of Michiganders, let's talk about some of the specific

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<v Speaker 2>ways you've talked about doing that. Because you say you

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<v Speaker 2>aren't a socialist, that you don't identify with the DSA,

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<v Speaker 2>that you fundamentally are a capitalist, just one that believes

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<v Speaker 2>in regulation. So what regulatory levers specifically would you be

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<v Speaker 2>looking to pull?

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<v Speaker 5>Well, number one, I think we need an empowered Federal

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<v Speaker 5>Trade Commission that can stand up to monopolies and oligopolies

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<v Speaker 5>that are using their market power to fundamentally distort what

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<v Speaker 5>ought to be markets that folks can freely enter and exit.

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<v Speaker 5>When you've got monopolies and oligopolies in almost every aspect

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<v Speaker 5>of American life, they do two things. And folks at

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<v Speaker 5>Bloomberg probably understand this better than I. Number one, they

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<v Speaker 5>spend their effort to raise prices. And number two, they

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<v Speaker 5>use their power to suppress wages. It's the reason why

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<v Speaker 5>we're watching as our prices go up and our ability

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<v Speaker 5>to keep up with those prices stay suppressed. The second

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<v Speaker 5>thing we really need to do is to make sure

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<v Speaker 5>that corporations can't buy politicians so that those politicians are

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<v Speaker 5>going to turn.

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<v Speaker 1>A blind eye.

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<v Speaker 5>Here in Michigan, you've got people who have gone without

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<v Speaker 5>power now for days and days because of a storm.

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<v Speaker 5>That happens every single time you get a storm in

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<v Speaker 5>Michigan from a corporation called DTE, which has paid $ 64, 000

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<v Speaker 5>to help Mike Rogers alone get elected and has spent

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<v Speaker 5>money to elect 93% of the state legislature. So those

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<v Speaker 5>two things, number one, addressing oligopolies and monopolies, and number two,

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<v Speaker 5>making sure corporations can't buy politicians, those two would go

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<v Speaker 5>a long way to actually restoring a kind of capitalism

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<v Speaker 5>that allows people to participate.

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<v Speaker 2>Well, one of the areas in which you have been

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<v Speaker 2>very vocal about your support is Medicare for all. And

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<v Speaker 2>I wonder how you would respond to someone who would say,

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<v Speaker 2>if you are looking for Medicare for all, and you've

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<v Speaker 2>described this on your own campaign website about how it

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<v Speaker 2>would render essentially private plans provided by insurers redundant and unnecessary,

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<v Speaker 2>that that may not be a capitalist idea if you're

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<v Speaker 2>taking out private competition at the end of the day.

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<v Speaker 2>What would your answer to that be? And how exactly

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<v Speaker 2>can the United States afford this?

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<v Speaker 5>Well, the market that people want in healthcare isn't the

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<v Speaker 5>market for health insurance, which you don't really have a

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<v Speaker 5>market anyway. You get an employer, that employer has one

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<v Speaker 5>of two or three plans, and you've got to pick

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<v Speaker 5>between those two or three plans.

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<v Speaker 1>That's not a market.

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<v Speaker 5>The market we actually want is the market for a

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<v Speaker 5>doctor or a hospital. And right now, that is getting

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<v Speaker 5>squeezed because of health insurers. What happens is that health

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<v Speaker 5>insurers and hospital corporations negotiate these deals behind closed doors.

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<v Speaker 5>They call them trade secrets. And they build these sweetheart

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<v Speaker 5>deals in ways that enable both private insurers to gobble

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<v Speaker 5>up other private insurers to achieve monopoly power in a

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<v Speaker 5>local community and hospitals to buy up other hospitals to

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<v Speaker 5>achieve monopoly power in that community. That seems to me

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<v Speaker 5>to be pretty anti-market. Medicare for All would offer the

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<v Speaker 5>same reimbursement rate. for every provider and it would make

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<v Speaker 5>sure every single person in this country could actually be

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<v Speaker 5>a customer in that market. That to me seems like

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<v Speaker 5>an actual market system and it would enable the best

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<v Speaker 5>providers to be able to go and compete and people

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<v Speaker 5>would be able to vote with their feet.

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<v Speaker 1>That's what we really.

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<v Speaker 5>Want choice in the matter and right now we don't

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<v Speaker 5>have that. That choice is being suppressed by networks that

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<v Speaker 5>are being corrupted by health insurers that you don't even

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<v Speaker 5>get to pick from. So yeah, I just think that's

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<v Speaker 5>just the best way to go and it would cost

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<v Speaker 5>us less.

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<v Speaker 2>Well, so let's talk more about the cost. You mentioned

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<v Speaker 2>a moment ago, Abdul, our audience here at Bloomberg, which

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<v Speaker 2>is well keyed into the bond market as well, and

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<v Speaker 2>higher long-term borrowing costs that in part are stemming from

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<v Speaker 2>a $ 40 trillion debt that the United States is facing.

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<v Speaker 2>So what needs to be done about that? If you

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<v Speaker 2>want to provide health care to everyone and have all

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<v Speaker 2>of the costs associated with that, where is the offset?

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<v Speaker 2>What do you do about entitlements? How would you as

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<v Speaker 2>a senator propose getting our arms around this deficit?

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<v Speaker 5>Well, number one, the deficit always grows under Republicans who

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<v Speaker 5>do two things. They cut taxes on the richest people

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<v Speaker 5>and then they take us to stupid wars we shouldn't

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<v Speaker 5>be fighting.

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<v Speaker 2>It grew under President Biden as well.

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<v Speaker 5>Well, it grew by a lot more under Republicans. That's

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<v Speaker 5>empirical fact. And you're seeing exactly what happened again now.

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<v Speaker 1>Donald Trump did what?

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<v Speaker 5>He cut taxes against billionaires and corporations and then took

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<v Speaker 5>us to wars we have no business fighting. So to

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<v Speaker 5>all the billionaires listening, I think you ought to pay

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<v Speaker 5>for your fair share and we ought to tax you

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<v Speaker 5>your wealth. And I think we should stop fighting wars

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<v Speaker 5>that we have no business fighting. You do that and

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<v Speaker 5>you can actually pay for the things that Michiganders and

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<v Speaker 5>Americans generally need and deserve, like health care, child care,

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<v Speaker 5>good infrastructure, and good schools.

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<v Speaker 2>Well, on wars, you obviously have been critical of the

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<v Speaker 2>war with Iran that the U.S. and Israel, of course,

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<v Speaker 2>joined forces in together. And you've had some sharp words

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<v Speaker 2>for Israel as well. And actually earlier today, two rabbis

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<v Speaker 2>held a press conference asking for you to walk back

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<v Speaker 2>or denounce some of your past statements about Israel, including

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<v Speaker 2>describing Israel as bloodthirsty and evil, that you framed American

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<v Speaker 2>Jewish support for Israel in terms of money corruption and

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<v Speaker 2>purchased loyalty. How do you reconcile those comments with the

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<v Speaker 2>Michigan Jewish community?

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<v Speaker 5>Look, I believe deeply in Jewish safety. That is a

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<v Speaker 5>non-negotiable for me. But I also believe that we ought

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<v Speaker 5>to be spending our money here to build schools and

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<v Speaker 5>provide health care and child care here, rather than sending

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<v Speaker 5>our money abroad to a foreign government that's done terrible

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<v Speaker 5>things with our money.

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<v Speaker 1>Israel did a genocide in Gaza.

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<v Speaker 5>They are empowering settlers to continue to illegally settle the

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<v Speaker 5>West Bank. They have cleared the way for the annexation

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<v Speaker 5>of southern Lebanon. all with our tax dollars. I categorically

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<v Speaker 5>oppose that and I think we should not be funding

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<v Speaker 5>it with money that ought to be used here. Now,

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<v Speaker 5>that is a separate issue when it comes to the

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<v Speaker 5>well-being of folks here. That is a non-negotiable when it

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<v Speaker 5>comes to our foreign policy. I believe in a foreign

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<v Speaker 5>policy that also pays attention to people here. The money

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<v Speaker 5>we send abroad to drop bombs on other people's kids

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<v Speaker 5>is money we should be spending here. to provide for

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<v Speaker 5>health care and good schools here. Those two things have

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<v Speaker 5>to be separated apart.

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<v Speaker 1>And I know in.

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<v Speaker 5>Many conversations with Jewish community leaders, they tell me, look,

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<v Speaker 5>we've got to be able to differentiate between Judaism and

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<v Speaker 5>the Jewish community here and foreign policy somewhere else.

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<v Speaker 1>And I agree.

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<v Speaker 5>And so my commitment to the Jewish community, that is

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<v Speaker 5>ironclad when it comes to safety and security here in Michigan.

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<v Speaker 5>There is no question asked that I will always stand

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<v Speaker 5>up for Jewish safety. When it comes to our foreign policy,

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<v Speaker 5>we've got to be clear about the role of international law.

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<v Speaker 1>We've got to hold those who break.

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<v Speaker 5>It accountable, and we cannot continue to subsidize unconditionally foreign

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<v Speaker 5>militaries that use our money to do dastardly things.

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<v Speaker 2>And finally, as we consider what the military is currently

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<v Speaker 2>engaged in against Iran, Abdul, obviously gas prices and diesel

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<v Speaker 2>prices have gone much higher. Diesel is now at a record.

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<v Speaker 2>Is the best way out to bring those costs down

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<v Speaker 2>for Michiganders and for Americans as a whole to continually

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<v Speaker 2>pursue economic warfare against Iran? That seems to be the

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<v Speaker 2>direction the administration is heading in. And I wonder if

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<v Speaker 2>you think that that's a better strategy.

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<v Speaker 5>Well, look, at the end of the Obama administration, we

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<v Speaker 5>had achieved peace without any war. And that peace was

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<v Speaker 5>torn apart by Trump administration number one, and now we've

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<v Speaker 5>got war under Trump administration number two.

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<v Speaker 1>And ask yourself whether or not that's working for you.

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<v Speaker 5>This Labor Day, we had the highest gas prices since 2012.

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<v Speaker 5>Highest gas prices since 2012. Diesel, we pay for that

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<v Speaker 5>at the grocery store.

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<v Speaker 1>This is not working.

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<v Speaker 5>We have to end it. We need to stop fighting wars.

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<v Speaker 5>We've got to start making peace.

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<v Speaker 2>All right, Abdul El-Sayed, running for Senate in Michigan. Please

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<v Speaker 2>come back to Balance of Power here on Bloomberg TV

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<v Speaker 2>and radio. We'd love to talk with you more, especially

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<v Speaker 2>get into the data center issues as well, maybe flock cameras.

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<v Speaker 2>There's plenty of issues to discuss. We appreciate you joining

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<v Speaker 2>us right here on Bloomberg TV and radio.