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Speaker 1: Yea. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene

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Speaker 1: Jay Lee. We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course, on the Bloomberg. We

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Speaker 1: begin with the state of the union here in the

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Speaker 1: United States, the President calling for bipartisanship in his address

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Speaker 1: on his terms, making another push to build a border wall,

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Speaker 1: declaring that it will get built. The lawless state of

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Speaker 1: our southern border is a threat to the safety, security,

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Speaker 1: and financial well being of all America. We have a

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Speaker 1: moral duty to create an immigration system that protects the

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Speaker 1: lives and jobs of our citizens. This includes our obligation

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Speaker 1: to the millions of immigrants living here today who followed

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Speaker 1: the rules and respected our laws in the past. Most

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Speaker 1: of the people in this room voted for a wall,

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Speaker 1: but the proper wall never got built. I will get

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Speaker 1: it built, the President of the United States, urging that

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Speaker 1: he will get it built, calling for compromise, but offering

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Speaker 1: Democrats very little in exchange for backing that project. Kevin's

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Speaker 1: already joining us now. Blinberg Chief Washington TV and radio correspondent.

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Speaker 1: Always great to catch up with you, Kevin, walk me

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Speaker 1: through how this is playing Adam Washington this morning along

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Speaker 1: party lines. Uh, And I think you know yesterday I

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Speaker 1: or last night after the speech, I interviewed Senator Chris

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Speaker 1: Kearns to keep Democrat within the intelligence community and on

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Speaker 1: foreign policy, and he said that, you know that Democrats

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Speaker 1: were skeptical heading into the speech, and they heard a

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Speaker 1: couple of areas where they would like to hear more

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Speaker 1: from the president, get more details, whether it's on trade

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Speaker 1: policy specifically with the congressional push that the President asked

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Speaker 1: for in terms of advancing legislation that would make it

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Speaker 1: more difficult for lawmakers, or I'm sorry for other countries

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Speaker 1: rather to to rate Harris on issues like combating childhood

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Speaker 1: cancer as well as on infrastructure. But I don't think

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Speaker 1: there's anyone who really thinks that in the next ten

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Speaker 1: to twelve months there's gonna be a major economic stimulus

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Speaker 1: bill that advances out of a divided Congress. So I

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Speaker 1: think the thirty thousand foot view, Jonathan, is that one,

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Speaker 1: this is largely expected the type of speech that we

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Speaker 1: got last night, But two, I'm not sure it does

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Speaker 1: anything in the immediate short term to change the negotiations

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Speaker 1: on Congress to avert another shutdown. Now, if you would

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Speaker 1: have declared a national emergency, that would have poured gasoline

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Speaker 1: on the political fire. He did not, And I think

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Speaker 1: the takeaway is he's relying on Republican leadership like McConnell

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Speaker 1: to get this over the finish line and Kevin for

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Speaker 1: those that are assuming that he won't, he won't declare

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Speaker 1: a national emergency because if he was going to, he

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Speaker 1: would have done it by Now. Do you think that's

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Speaker 1: a mistake to think that? Why? Absolutely a huge mistake.

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Speaker 1: I spoke with senior administration officials on Friday heading it

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Speaker 1: to the speech, and I spoke with Sean Spicer yesterday,

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Speaker 1: who helps the president craft this speech. And you know,

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Speaker 1: we in the media have have kind of I think

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Speaker 1: misrepresented this this choice because we're saying if he gets

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Speaker 1: the money from Congress, it's an either or get the

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Speaker 1: money from Congress or declare a national emergency. He could

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Speaker 1: do both. He could do both. He could do both.

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Speaker 1: Let me family, I don't I want to reiterate that

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Speaker 1: because you could get the money from Congress, and that's okay.

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Speaker 1: I want even more money. I'm going to clare a

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Speaker 1: national emergency. Let's see how much more money we can

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Speaker 1: get out of it. Kevin, great to catch out with you.

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Speaker 1: Blent by Chief Washington Correspondent. Good morning, Tom, Good morning,

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Speaker 1: Kevin's really uh with the State of the Union address,

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Speaker 1: what we've been doing is we've been speaking to a

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Speaker 1: set of Republicans nationwide, frankly more in the South about

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Speaker 1: what they see from their president. Is clearly a launch

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Speaker 1: of the campaign. Chuck Flashman is a congressman from Chattanooga,

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Speaker 1: all the way up to oak Ridge, Frankly, Chuck, where

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Speaker 1: my parents were in the early early days of their

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Speaker 1: marriage at the oak Ridge Research Lab. And we welcome

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Speaker 1: you on Bloomberg Surveillance this morning. Well, thank you. You're

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Speaker 1: a man after my heart. Oak Ridge, Tennessee, is the

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Speaker 1: birthplace of the Manhattan Project and it's right now the

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Speaker 1: side of I believe, the best national lab in the country,

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Speaker 1: and we're building a brand new uranium processing facility. And

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Speaker 1: perhaps one of most proud of is we lead legacy.

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Speaker 1: Lean up, Congressman, this is how this is how Tom

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Speaker 1: Selton's up the guests. What's interests me, Chuck, And it's

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Speaker 1: a hugely Republican district, and your Republican primary, when you

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Speaker 1: won by votes, was really the election. I get that.

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Speaker 1: But what is fascinating to me is how the debate

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Speaker 1: is shifted in four weeks, maybe six weeks, and the

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Speaker 1: debate is shifted last night to what Kevin surreally talked

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Speaker 1: about earlier this morning and Mike Allen and axios. Which

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Speaker 1: is the new word of the campaign, which is socialist.

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Speaker 1: How does it play in your district when the President

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Speaker 1: of the United States calls a new Democrat theology not progressive,

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Speaker 1: not liberal, but socialist. Great question. First of all, my

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Speaker 1: very first race in two thousand and ten, I did

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Speaker 1: win with four hundred shifts even votes. But the last

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Speaker 1: two times I've had of the vote in the Republican primary,

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Speaker 1: and that, of course, is the race a Democrat cannot

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Speaker 1: win in the third district. Congressman comment, the only Democrats

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Speaker 1: in your district root for Vanderbilt. Okay, let's okay, continue

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Speaker 1: and most of those volks vote for me. They've got it.

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Speaker 1: The mayor of oak Ridge is a liberal Democrat in

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Speaker 1: the campaigns for me. But to answer your question, uh,

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Speaker 1: Donald Trump is exceedingly popular in the third District of Tennessee.

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Speaker 1: I allude to the most recent Senate race when I

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Speaker 1: brought the president and the vice president into Chattanooga, that's

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Speaker 1: my big city in the district, and really drove the

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Speaker 1: vote so high. Marcia Blackburn won that race. Uh, the

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Speaker 1: message is in my part of the world overwhelmingly conservative,

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Speaker 1: overwhelmingly pro Trump. Um, you did this is important. You

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Speaker 1: didn't answer my question. The new word is socialist. How

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Speaker 1: does that play in your district? Oh, it's poison. Socialism

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Speaker 1: is poison in my district, And actually I think it's

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Speaker 1: poison in most parts of the United States. But uh,

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Speaker 1: it is Socialism is a dirty word in the third

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Speaker 1: District of Tennessee. Congressman, how do you draw the distinction

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Speaker 1: between progressive policies and socialism? Quite clearly, the Democrats aren't

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Speaker 1: going to use the word socialism because they know the

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Speaker 1: word is poisoned around much of the country. How are

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Speaker 1: you going to push through the idea that the idea

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Speaker 1: that progressive politics is no difference to socialism, because if

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Speaker 1: you look at the political spectrum, what has basically happened.

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Speaker 1: I do believe most Democrats used to be liberal or

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Speaker 1: closer to the center. The Democratic Party has moved much

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Speaker 1: further to the left on the social scene, on the

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Speaker 1: economic scene. If you look at where they have taken

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Speaker 1: their party, when they talk about redistribution of wealth, and

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Speaker 1: when they talk about government control of everything from healthcare,

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Speaker 1: very facet of your life, it will scare mainstream America,

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Speaker 1: not just the good hardcore conservatives in the third District

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Speaker 1: of Tennessee. But um, when when when my mother, who

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Speaker 1: was a New Deal Democrat my father was an Eisenhower Republican,

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Speaker 1: grew up in New York and and basically we talk

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Speaker 1: about things. The values that my mother, as a New

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Speaker 1: Deal Democrat gave me were patriotism, um, belief in God

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Speaker 1: and country. The Democrats today have gone the other way.

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Speaker 1: I don't understand them. Candidly. I have a lot of

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Speaker 1: friends who are Democrats, but I still don't understand that.

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Speaker 1: And there are a lot of Democrats who lament the

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Speaker 1: fact that their party has been jettised into the left.

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Speaker 1: And I think they will have to come back to

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Speaker 1: the center. Uh. I'm a center right Republican. I'm not

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Speaker 1: a far right Republican. But I think the American people

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Speaker 1: will put a check on either party if it goes

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Speaker 1: to a streme either way, Thank you so much. The

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Speaker 1: gentleman from Tennessee from Chattanooga with us UH this morning

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Speaker 1: or after his president gave a State of the Union.

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Speaker 1: We are advantage of Bloomberg surveillance with good conversations on

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Speaker 1: this nation's international relations and foreign policy. We particularly thank

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Speaker 1: Ambassador Hass of the Consul and Foreign Relations for joining

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Speaker 1: yesterday with his definitive knowledge on northern Ireland. We continue

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Speaker 1: that conversation. Stevens is the admiral from the U. S.

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Speaker 1: Naval Academy, formerly with NATO, formally with Toughs Fletcher School,

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Speaker 1: Good Morning one O six one FM, Boston and now

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Speaker 1: has a sugle out of the Carlisle Group as well

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Speaker 1: at M de Vidis. We got a two hour conversation here.

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Speaker 1: We gotta squeeze in the president once again within what

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Speaker 1: i'll editorialize where gross insecurities went after John McCain yesterday

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Speaker 1: saying is New York Times bestseller book was I can't

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Speaker 1: remember the exact language obamb et cetera. Reef you McCain's book,

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Speaker 1: and what was a lesson in it that would have

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Speaker 1: put it in your classic the Leader's bookshelf? It was

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Speaker 1: a superb book and it it was the culmination of

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Speaker 1: everything that John McCain put into his life. It's a

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Speaker 1: book about ethics and character and about sailing true north

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Speaker 1: in your life. And it was a bestseller. And the

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Speaker 1: President denigrated it and said the book UH was a failure.

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Speaker 1: It was anything but a failure. It's a must read.

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Speaker 1: The big lesson is, at the end of the day,

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Speaker 1: all leadership devolves from your character. What you do when

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Speaker 1: you think no one is looking. John McCain understood that.

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Speaker 1: It's a superb book. I want to go through the

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Speaker 1: litany of things. We must start with North Korea a

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Speaker 1: second meeting. Let's review at well, what did we learn

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Speaker 1: from the first meeting of North Korea and the United

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Speaker 1: States leadership? Point one that Kim is willing to come

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Speaker 1: to the table. Point two is that Kim is a

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Speaker 1: slippery negotiator who is not giving us much so far.

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Speaker 1: And point three is that if we are going to

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Speaker 1: land this thing diplomatically, Tom, we're going to have to

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Speaker 1: establish a concrete series of steps. List of weapons, location

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Speaker 1: of weapons, what are the developmental programs? Before we raise

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Speaker 1: UH sanctions, before we lift sanctions. We've got to see

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Speaker 1: concrete action. That's going to be the focus of this meeting,

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Speaker 1: and in Vietnam coming up fairly since what is the

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Speaker 1: symbolism of Vietnam? You had the courage to join the

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Speaker 1: Navy in Ish, which is a time where no one

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Speaker 1: did that. I think it was you and six other

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Speaker 1: lonely souls take us back to Vietnam. What is the

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Speaker 1: symbolism of the President of the United States traveling to Vietnam?

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Speaker 1: It's powerful and I hope that the President will go

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Speaker 1: to the Hanoi Hilton, which I have done and see

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Speaker 1: John McCain cell there. Tom Um. It's a lesson about

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Speaker 1: our failure in that war, let's be honest and clear,

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Speaker 1: but also of redemption and hope as we have managed

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Speaker 1: to pull Vietnam more and more toward the West and

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Speaker 1: engage with them. So it's a powerfully symbolic trip for

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Speaker 1: President Trump. I think it's an ideal location also because

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Speaker 1: North Korea's airplanes can't fly very far, so it's a

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Speaker 1: good place for Tim as well. That's always the art.

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Speaker 1: More moving the dialogue forward, let us talk of NATO.

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Speaker 1: Mr Soldenberg we visited within Davos. He was forceful about

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Speaker 1: the future of it NATO. They will meet in London

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Speaker 1: in December. The President's scheduled to attend. What is the

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Speaker 1: US policy you see right now of James tra Vitus's NATO. Uh.

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Speaker 1: You know, in my days four years a Supreme Allied

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Speaker 1: commander of NATO, I pressed the Allies to spend more

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Speaker 1: on defense. President Trump, let's be fair, has done that

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Speaker 1: quite effectively and added tens of billions of dollars to

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Speaker 1: the NATO budget by doing so. On the other hand, uh,

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Speaker 1: he needs to be forceful and positive in his leadership

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Speaker 1: with this alliance, which is uh firing on all cylinders

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Speaker 1: against Russia in the Middle East, in Afghanistan, on counter

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Speaker 1: piracy missions. This alliance is very valuable to the United States.

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Speaker 1: We need to push them, but we also need to

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Speaker 1: embrace them. I hope the President does both those things

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Speaker 1: when he goes to the summit in London in December,

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Speaker 1: joining US worldwide. James te Vitas with Carlisle Group, of course,

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Speaker 1: the former dean of the Fletcher School, Tough University, and

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Speaker 1: a tour of duty are a few with the United

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Speaker 1: States Navy as well. Can you give us a mark

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Speaker 1: of Mr Pompeo. I mean, there's been a shift here

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Speaker 1: to listen to Pompeo. Has there been a Is there

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Speaker 1: actually been an adjustment in the foreign policy of this

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Speaker 1: administration or is it smoken mirrors? No. I think there

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Speaker 1: has been an adjustment in two important ways. One is

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Speaker 1: that Secretary Pompeo has exercise positive leadership in Foggy Bottom.

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Speaker 1: He's motivated his diplomats. They there is much more confidence

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Speaker 1: coming out from the State Department than was the case

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Speaker 1: under Rex Tillerson. So there's an upgrade on leadership. In

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Speaker 1: terms of policy, I see Secretary Pompeo because he is

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Speaker 1: close to the President, He's able to take Donald Trump's

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Speaker 1: impulses and move them into real policy. So again back

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Speaker 1: to the two things we just discussed. Will he be

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Speaker 1: able to move the President to press on Kim to

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Speaker 1: get concrete outcomes? And will he be able to both

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Speaker 1: embrace and push NATO. I think Pompeo is an upgrade

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Speaker 1: in those two ways. Time, I want to go back

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Speaker 1: to your wonderful book, folks, James te Vitas not only

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Speaker 1: with a wonderful book in the Oceans, but is the

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Speaker 1: leader's bookshelf which I mentioned at the top with Senator McCain,

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Speaker 1: is a spectacular book, not only Chapter four Team Book

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Speaker 1: of number four, I should say Team of Rivals. Obviously

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Speaker 1: Doris Karrent's Goodwin on Lincoln, The Face of Battle, the

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Speaker 1: John Keegan Study of three different battles, and on and on.

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Speaker 1: I'm gonna pick a book I haven't read, Admiral, and

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Speaker 1: this would be on the gentleman from Hawaii, Mr Nimitz,

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Speaker 1: who kept it together with spruance in World War Two. E. B.

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Speaker 1: Potter's Nimitz. Why is that a book Americans need to

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Speaker 1: be familiar with? First because it unpackages Chester Nimitz, who

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Speaker 1: took command of the US Pacific Fleet tom as the

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Speaker 1: battleships were sinking in front of him, as there was

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Speaker 1: Courtykee hanging in the air at Pearl Harbor. So it's

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Speaker 1: a book about resilience. Secondly, Nimitz was calm. He never

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Speaker 1: lost his temporary, never denigrated his uh those he supervised

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Speaker 1: and led. He was the consummate quiet warrior. And Thirdly,

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Speaker 1: because he truly understood the geopolitics of Asia, he worked

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Speaker 1: from knowledge under good politics and then applied it to

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Speaker 1: war fighting. That's a pretty good model with a ton

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Speaker 1: of lessons for any of us today. Our national debate.

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Speaker 1: Admiral is Immigration book number thirty eight Buffalo Soldiers a

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Speaker 1: narrative of the Black Cavalry in the West William Lucky.

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Speaker 1: I've seen that monument outside the Theayer Hotel at West

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Speaker 1: Point of where they used to actually practice on the

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Speaker 1: field as they got ready. But that speaks to the

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Speaker 1: diversity of the American community and goes back, you know,

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Speaker 1: into the nineteenth century as well. Why do we need

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Speaker 1: to read Buffalo Soldiers and what does that say about

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Speaker 1: your navy in two thousand and twenty two. We need

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Speaker 1: to read Buffalo Soldiers to understand one stream of the

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Speaker 1: power of the diversity of this nation. And of course

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Speaker 1: it's not just our African Americans, it's our Asian Americans.

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Speaker 1: It's the rise of Latinos in this century. Um. We

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Speaker 1: bring all of the races together, Tom, and we stand

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Speaker 1: together in defense of the country. Um. That is a

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Speaker 1: crucial aspect of all this, and it brings us to immigration.

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Speaker 1: We had to continue to support immigration so many and

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Speaker 1: I'll point to the U. S. Navy. We lost seventeen

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Speaker 1: sailors in collisions that see a terrible day for the Navy.

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Speaker 1: Of those seventeen sailors tom eight of them were born

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Speaker 1: in another country. UM, immigration helps us. Those who come

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Speaker 1: here sacrifice for us. That slipstream of diversity is well

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Speaker 1: illustrated by the book Buffalo Soldiers James Javis. Thank you

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Speaker 1: so much again, folks, the Leader's bookshelf I put it

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Speaker 1: out on Twitter. All I can say is own it

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Speaker 1: and dip into it for your next read. Mrs Stevinus

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Speaker 1: atmos Devinus, I should say is with Carlisle Group, Julia Corneto,

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Speaker 1: with us with macro policy advisor Juliet you mentioned earlier

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Speaker 1: this morning the cornetdo collar. We all know the Powell put,

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Speaker 1: which is where he says different things and that puts

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Speaker 1: a limit to how far down the market can go,

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Speaker 1: or it makes yields move. What's the Coronado collar? Well, so, UM,

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Speaker 1: I have thought about the central banks, actually since Yelling

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Speaker 1: came in as FED chair of the Central Bank reaction

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Speaker 1: function as more of a caller than a put because

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Speaker 1: they do understand that policy works first and foremost through

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Speaker 1: financial conditions, and they don't want to see them get

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Speaker 1: sort of dangerously frothy, frothy in a way that a

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Speaker 1: correction could really damage the economy. So last year when

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Speaker 1: we were sort of firing on all cylinders, both in

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Speaker 1: the economy and markets. The fact that markets were getting

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Speaker 1: to a place where they described the risks coming from

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Speaker 1: them as elevated, they were more willing to add a

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Speaker 1: hike into the baseline, more willing, more biased to tighten policy.

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Speaker 1: Markets correct, uh, and then that goes away and they're

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Speaker 1: more biased towards being neutral or potentially easing. So so

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Speaker 1: they do use financial conditions and asset prices to calibrate policy.

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Speaker 1: Can we talk about where the strike prices for the

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Speaker 1: federal Reserve? I don't expect a target on the JA,

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Speaker 1: but I want a better idea of what would bring

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Speaker 1: the Federal reserve back in how loose to financial conditions

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Speaker 1: need to be. So, I mean, obviously the financial conditions

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Speaker 1: are also reflective of the economy. So it's not like

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Speaker 1: it's just a pure strike price. It's about like if

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Speaker 1: if we actually we're all expecting a pretty pronounced slowdown

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Speaker 1: this year. We're seeing it globally, we expect some of

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Speaker 1: it to wash into the United States. Some people have

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Speaker 1: recession calls either this year or next year, and so

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Speaker 1: the question is to what extent do we see that

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Speaker 1: slowing down. If instead, for example, we see China put

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Speaker 1: in a big stimulus, Europe stabilized pickup and the and

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Speaker 1: the environment gets much more. There's a relief, there's more growth,

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Speaker 1: there's more inflation pressures. Uh. Then you could see and

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Speaker 1: markets start rallying on that. Then you can see the

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Speaker 1: FED come in and say, yeah, actually we do need

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Speaker 1: to get another hike in there. But I think it

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Speaker 1: would be a combination of market risk on pushing back

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Speaker 1: towards those zones that the Fed doesn't see a sustainable

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Speaker 1: over the long run, and the economy doing better than expected.

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Speaker 1: We're gonna hear from the Chairman a little bit late today,

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Speaker 1: this savening in Washington, d C. I believe he speaks

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Speaker 1: at about seven pm. Policy, but it's not a monetary policy.

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Speaker 1: I think it's at an education first public remarks. Since

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Speaker 1: the dinner with the president, though, what you want to

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Speaker 1: hear from him, Julia, that you haven't heard already. So

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Speaker 1: I think that with the dinner with the President, they

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Speaker 1: managed that as well as they possibly could. He but

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Speaker 1: first of all, Chair Powell made sure that he had

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Speaker 1: Vice Chair Clarida with him. Never go into a room alone. Uh.

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Speaker 1: And so he uh he. He had that sort of

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Speaker 1: united front and then they released a statement immediately after

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Speaker 1: that dinner. So I think that he's trying to manage

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Speaker 1: I think Powell has been very clear about the political

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Speaker 1: independence of the FED and his commitment to doing the

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Speaker 1: right thing. Um. I don't see the market is really

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Speaker 1: questioning that right now. But but it's obviously we're an

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Speaker 1: uncharted territory with political pressures right now. Um, But what

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Speaker 1: do I want to hear from share Powell? I think

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Speaker 1: what we've heard the story they're neutral, The FED has

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Speaker 1: moved to the sidelines. They need to see something in

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Speaker 1: one direction or another to make them change the policy stands.

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Speaker 1: And I think near term we're looking for a balance

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Speaker 1: sheet recalibration. Is there a real yield on where yields

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Speaker 1: are right now? If you take these yields and you

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Speaker 1: take out inflation, was the real yield there or there

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Speaker 1: is a little where in positive real yield territory? Um? Barely,

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Speaker 1: but we we did move into positive real yield territory,

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Speaker 1: and I think we saw the effects on intrasensitive sectors.

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Speaker 1: You know, we don't know what the neutral rate is.

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Speaker 1: We're we're feeling our way to that neutral rate, but

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Speaker 1: boy did bid did real estate and intersensitive sectors flatten actual?

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Speaker 1: This has been a big topic of debate on this program,

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Speaker 1: that we could be at neutral with a very slightly

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Speaker 1: positive funds. What does that say about how much the

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Speaker 1: economy has changed in the dramatically? But it's artifacts. I

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Speaker 1: don't know. I think that maybe what we're seeing is

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Speaker 1: a globally aging economy that works differently than it worked

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Speaker 1: in the podcast. So one day a million years ago,

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Speaker 1: Bill Growth said to me, you aught to buy Procter

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Speaker 1: and gamble and grab the dividend, and that made worldwide headlines.

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Speaker 1: Is that where we are is the real yield is

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Speaker 1: dividend growth on blue chip stocks? I mean, yeah, I

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Speaker 1: think that is where we are. Basically, I think we're

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Speaker 1: in a slow I don't think you can you can

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Speaker 1: deny that we're in a slower global growth potential environment.

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Speaker 1: And in that environment, you know that the rates are

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Speaker 1: lower and and yields, you know risk risk return is

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Speaker 1: going to be somewhat lower. Yeah, I mean, I mean, Juliet,

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Speaker 1: none of this matters all in my my agreement with Bloomberg,

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Speaker 1: I have to say the real yield on Wednesday, like

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Speaker 1: eight times to promote a real yield with John Farrell

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Speaker 1: on Friday at one pm. It's the real yield, it's

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Speaker 1: not artificial. What's your angle this week? Have you decided

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Speaker 1: to who you're guests. We haven't decided just yet what

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Speaker 1: the angle is. It's Wednesday, still early in the week,

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Speaker 1: it's still earlier work the sound. But tomorrow afternoon or

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Speaker 1: maybe my right Friday morning at eleven am, John Farrell,

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Speaker 1: the real Actually, it's very valuable here on the dynamics.

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Speaker 1: Julia Cornado love the great, Thank you so much, particularly

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Speaker 1: seriously on the cordoad of collar. It's a really important

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Speaker 1: concept for the FED view going forward. So tom of course,

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Speaker 1: as we've been talking about this morning, President Trump delivered

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Speaker 1: the State of the Union addressed last evening, likely characterizes

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Speaker 1: light on policy proposals, perhaps in specifics, but certainly have

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Speaker 1: you on anti immigration and pro life rhetoric. Joining us

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Speaker 1: to kind of break it down to Cheryl Bowland. She

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Speaker 1: is Bloomberg Government White House reporter on the phone with us. Cheryl,

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Speaker 1: thanks so much for joining us again, a little bit

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Speaker 1: light on specifics. I think as some of the feedback

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Speaker 1: we've been seeing, what did you take away from the speech.

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Speaker 1: And do you believe the speech had any opportunity to

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Speaker 1: move the needle one way or the other for the administration. Well,

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Speaker 1: there are certainly plenty of opportunity to move the needle.

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Speaker 1: Now whether it did is a big question, and I

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Speaker 1: think it probably did not. Um. It was a real

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Speaker 1: study in contrast. Um, the President went in talking about

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Speaker 1: bipartisanship and compromise but then continue to sort of backtrack

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Speaker 1: on that and particularly um, the President called for Democrats

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Speaker 1: to come to a compromise on immigration, but he offered

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Speaker 1: no movement forward that Democrats could accept to break the

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Speaker 1: impasse on what border wall funding. Um. He called for

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Speaker 1: you know, very popular uh, increase in immigration, excuse me,

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Speaker 1: in the infrastructure funding, rebuilding the nation's infrastructure, but then

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Speaker 1: absolutely no specifics on how to pay for it, which

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Speaker 1: was a big problem last year. He also called for

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Speaker 1: big infrastructure package, but they could never come to an

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Speaker 1: agreement on paying for it. Uh. He talked about coming

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Speaker 1: working on a new trade deal with China, but then

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Speaker 1: was really uh really bragged about his two fifty billion

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Speaker 1: in terrorists. UM. So, Cheryl, I think one of the

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Speaker 1: key things, you know, arguments were approaching that February fifteenth deadline,

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Speaker 1: and the shutdown is coming again. Unfortunately, have to turn

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Speaker 1: our the narrative back to the shutdown. Was there anything

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Speaker 1: either in the president speech or the Democratic response that

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Speaker 1: sheds any light on how they might move forward? No,

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Speaker 1: and in fact, notably the President did not refer to

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Speaker 1: the previous shutdown, which is something that Stacy Abrams, who

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Speaker 1: gave the Democratic response. How did she do? Sure? How

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Speaker 1: she do? Give me a Stacy Abrams score card? Well,

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Speaker 1: she talked, she opened up with furloughed workers. She again

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Speaker 1: contrasting the Democratic vision with with the Republican guns, college costs,

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Speaker 1: healthcare costs, and also per choice. So so abortion was

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Speaker 1: it was an issue of the night. But she she

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Speaker 1: did fine. Um, it's always hard to give the Democratic response. Um,

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Speaker 1: but she certainly didn't make any missteps and and and

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Speaker 1: did and did as well as she could. I believe

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Speaker 1: the Washington score card. Cheryl Bowl and thank you so

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Speaker 1: much at Bloomberg Government. Greatly appreciate that. Uh this morning.

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Speaker 1: Thanks for listening to the Bloomberg Surveillance podcast. Subscribe and

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Speaker 1: listen to interviews on Apple Podcasts, SoundCloud, or whichever podcast

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Speaker 1: platform you prefer I'm on Twitter at Tom Keane. Before

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Speaker 1: the podcast, you can always catch us worldwide. I'm Bloomberg

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Speaker 1: Radio