1 00:00:00,880 --> 00:00:04,400 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 2 00:00:04,400 --> 00:00:06,479 Speaker 1: live weekdays at one Eastern. 3 00:00:06,160 --> 00:00:09,360 Speaker 2: On Bloomberg dot com, the iHeartRadio app, and the Bloomberg 4 00:00:09,400 --> 00:00:10,280 Speaker 2: Business apps. 5 00:00:10,240 --> 00:00:12,760 Speaker 1: Or listen on demand wherever you get your podcast. 6 00:00:13,840 --> 00:00:17,640 Speaker 3: We're joined now by Congressman French Hill, Republican from Arkansas, 7 00:00:17,720 --> 00:00:20,440 Speaker 3: a really good person to talk to for a variety 8 00:00:20,440 --> 00:00:24,280 Speaker 3: of reasons. Congressman, I want to get into this proposal 9 00:00:24,320 --> 00:00:25,840 Speaker 3: it's coming from the White House, but first I have 10 00:00:25,920 --> 00:00:28,760 Speaker 3: to get your takeaway from the CPI report that came 11 00:00:28,760 --> 00:00:32,040 Speaker 3: out this morning, two months in a row that looked 12 00:00:32,280 --> 00:00:35,480 Speaker 3: not too bad. What does that mean in your view 13 00:00:35,560 --> 00:00:40,040 Speaker 3: for the Fed's September meeting and the broader monetary outlook. 14 00:00:40,240 --> 00:00:41,920 Speaker 4: Well, Jack, it's good to be with you. Thanks for 15 00:00:41,960 --> 00:00:44,400 Speaker 4: the invitation to be on the program. Yes, I think 16 00:00:44,440 --> 00:00:48,240 Speaker 4: we saw the continuation of the trend that inflation is high. 17 00:00:48,680 --> 00:00:53,240 Speaker 4: It's above the Fed's goal of two percent. It's stubborn, 18 00:00:53,680 --> 00:00:56,880 Speaker 4: but it's not increasing, and therefore I think the FED 19 00:00:56,960 --> 00:01:02,000 Speaker 4: will be cautious going forward. I don't see rates coming down, so, 20 00:01:02,120 --> 00:01:05,200 Speaker 4: as I said after the June report, I think you'll 21 00:01:05,240 --> 00:01:08,039 Speaker 4: see rate short term rates remain high. We want to 22 00:01:08,040 --> 00:01:11,880 Speaker 4: finish the job. We want inflation beaten because it's a thief. 23 00:01:11,920 --> 00:01:14,760 Speaker 4: It takes from every one of our families. So I 24 00:01:14,760 --> 00:01:18,360 Speaker 4: don't expect rates to go down, but their rate, their 25 00:01:18,440 --> 00:01:21,759 Speaker 4: rate of increases, I expect to slow. So we may 26 00:01:21,800 --> 00:01:25,400 Speaker 4: see a pause in September based on other data that's said. 27 00:01:25,319 --> 00:01:29,720 Speaker 3: Considers, I've got to ask Congressman about the political angle. 28 00:01:29,840 --> 00:01:33,640 Speaker 3: We heard the following comment from President Biden on the 29 00:01:33,680 --> 00:01:36,160 Speaker 3: politics of inflation. Let's take a listen to what he 30 00:01:36,240 --> 00:01:38,479 Speaker 3: had to say, and I'll want your reaction. I believe 31 00:01:38,520 --> 00:01:41,479 Speaker 3: the words word for word from the President was that 32 00:01:41,880 --> 00:01:45,840 Speaker 3: inflation's coming down. But Republicans have to find something to 33 00:01:45,959 --> 00:01:49,040 Speaker 3: blame him for, and they'll find something. Is is that 34 00:01:49,120 --> 00:01:52,280 Speaker 3: the case? Are Republicans moving away from inflation? Is a 35 00:01:52,280 --> 00:01:55,160 Speaker 3: political liability for Democrats? Or is this? I mean you 36 00:01:55,240 --> 00:01:57,360 Speaker 3: just mentioned inflation is still high. What is the political 37 00:01:57,400 --> 00:01:57,880 Speaker 3: angle there? 38 00:01:57,960 --> 00:02:00,000 Speaker 4: Yeah, I think inflation's high, and I think the reason 39 00:02:00,120 --> 00:02:02,480 Speaker 4: for inflation is that we had two accommodati of a 40 00:02:02,560 --> 00:02:05,560 Speaker 4: monetary policy coming out of the pandemic. We didn't take 41 00:02:05,600 --> 00:02:09,080 Speaker 4: our foot off the gas by raising rates and stopping 42 00:02:09,200 --> 00:02:12,040 Speaker 4: the one hundred billion dollars of bond buying soon enough, 43 00:02:12,360 --> 00:02:15,320 Speaker 4: and you combine that with Joe Biden approving ten trillion 44 00:02:15,400 --> 00:02:19,840 Speaker 4: dollars in extra spending for the next ten year budget windows. 45 00:02:19,840 --> 00:02:23,200 Speaker 4: So we're running a one point six trillion dollar deficit 46 00:02:23,280 --> 00:02:27,000 Speaker 4: through this month. That isn't even through the full fiscal year, 47 00:02:27,000 --> 00:02:29,200 Speaker 4: where the original foretest was to have about a one 48 00:02:29,200 --> 00:02:32,000 Speaker 4: point five trillion dollar deficits for the entire fiscal year. 49 00:02:32,480 --> 00:02:35,880 Speaker 4: So federal spending combined with two laxed monetary policy has 50 00:02:35,960 --> 00:02:39,240 Speaker 4: produced this forty year high in inflation. It's stubborn, it's tough. 51 00:02:39,760 --> 00:02:42,280 Speaker 4: The Feds taking the right steps, but they're in the 52 00:02:42,320 --> 00:02:46,680 Speaker 4: face of this accommodative fiscal spending by the Biden administration. 53 00:02:47,400 --> 00:02:51,079 Speaker 3: Well, let's talk more about accommodative fiscal spending because there's 54 00:02:51,120 --> 00:02:53,920 Speaker 3: a proposal. I think we're going to see something formal today, 55 00:02:54,000 --> 00:02:56,720 Speaker 3: but our colleagues of Bloomberg have reported request coming for 56 00:02:56,840 --> 00:02:59,960 Speaker 3: more funding. What's your response to that proposal? 57 00:03:00,200 --> 00:03:03,639 Speaker 4: Bottom line is where are Republicans on this. Republicans support 58 00:03:04,000 --> 00:03:07,480 Speaker 4: kicking Russia out of Ukraine and supporting Ukrainian's effort for 59 00:03:07,760 --> 00:03:10,520 Speaker 4: sovereignty and freedom of their country. And we've seen that 60 00:03:10,560 --> 00:03:12,840 Speaker 4: in a number of votes over just the past few weeks. 61 00:03:12,880 --> 00:03:16,720 Speaker 4: We're overwhelmingly the Congress is supportive of the fight in 62 00:03:16,840 --> 00:03:20,640 Speaker 4: Ukraine and to kick Russia off their sovereign territory. With 63 00:03:20,800 --> 00:03:26,080 Speaker 4: that said, because of these huge, unprecedented spending deficits of 64 00:03:26,160 --> 00:03:29,520 Speaker 4: Joe Biden now pushing well over one point seven one 65 00:03:29,560 --> 00:03:33,840 Speaker 4: point eight trillion dollars per year unsustainable, you do find 66 00:03:33,880 --> 00:03:37,280 Speaker 4: Republicans saying, look, find that money that twenty five billion 67 00:03:37,320 --> 00:03:42,480 Speaker 4: dollars from reallocation inside the existing budget caps. Don't just 68 00:03:42,680 --> 00:03:45,680 Speaker 4: take the easy way out and do a supplemental So, 69 00:03:45,720 --> 00:03:49,840 Speaker 4: I think the issue is less about Ukraine wildfires, supporting 70 00:03:49,920 --> 00:03:53,920 Speaker 4: Taiwan and more about doing it inside those budget caps 71 00:03:53,920 --> 00:03:56,640 Speaker 4: that President Biden agreed to with Speaker McCarthy. 72 00:03:57,080 --> 00:04:00,720 Speaker 3: So do you see this as an attempt not just 73 00:04:00,920 --> 00:04:03,880 Speaker 3: to address those needs for Ukraine and Disastery, but an 74 00:04:03,920 --> 00:04:07,640 Speaker 3: attempt to circumvent the debt limit deal? Is the debt 75 00:04:07,680 --> 00:04:10,240 Speaker 3: limit deal being undermined already? 76 00:04:11,880 --> 00:04:14,840 Speaker 4: I think you could argue that Jack and I agree 77 00:04:14,840 --> 00:04:18,080 Speaker 4: with Jordan's reporting on the Senate seems less concerned here 78 00:04:18,200 --> 00:04:21,560 Speaker 4: they've gotten all their appropriation bills out of committee. But 79 00:04:21,720 --> 00:04:25,520 Speaker 4: I want to express my view that a majority in 80 00:04:25,560 --> 00:04:30,520 Speaker 4: the House supports Ukraine funding for Taiwan funding for disasters, 81 00:04:30,920 --> 00:04:35,000 Speaker 4: but with two trillion dollars annualized in extra spending, more 82 00:04:35,000 --> 00:04:38,640 Speaker 4: than we were spending in twenty nineteen, a majority in 83 00:04:38,680 --> 00:04:41,599 Speaker 4: the House in the Republican Conference believe we ought to 84 00:04:41,640 --> 00:04:46,400 Speaker 4: try to get that twenty five billion dollars funding through 85 00:04:46,520 --> 00:04:49,840 Speaker 4: those budget caps, not just take the as I say, 86 00:04:49,880 --> 00:04:52,800 Speaker 4: the easy way out of a supplemental. But Jordan laid 87 00:04:52,800 --> 00:04:55,440 Speaker 4: it out. You've got senators that disagree with that. So 88 00:04:55,839 --> 00:04:58,280 Speaker 4: this will be an important debate when we go back 89 00:04:58,320 --> 00:05:00,000 Speaker 4: to intercession in early September. 90 00:05:00,520 --> 00:05:03,520 Speaker 3: And I should ask specifically with an eye on disaster aid, 91 00:05:03,600 --> 00:05:06,919 Speaker 3: because I know FEMA's Disaster Relief fund is running low 92 00:05:07,120 --> 00:05:09,640 Speaker 3: on funding. It's projected to run out of money before 93 00:05:09,680 --> 00:05:12,480 Speaker 3: the end of the fiscal year. We saw the deadly 94 00:05:12,640 --> 00:05:16,720 Speaker 3: wildfires in Hawaii. Do you believe that what we are 95 00:05:16,760 --> 00:05:21,479 Speaker 3: seeing in Hawaii and the damage and destruction there, could 96 00:05:21,520 --> 00:05:25,599 Speaker 3: that possibly lead to a greater request. I'm curious if 97 00:05:25,600 --> 00:05:28,600 Speaker 3: there's a possibility that twelve billion won't be enough for FEMA? 98 00:05:28,640 --> 00:05:29,280 Speaker 3: Is that the case? 99 00:05:30,520 --> 00:05:30,680 Speaker 5: You know? 100 00:05:30,720 --> 00:05:32,440 Speaker 4: I'm not sure about that, Jack. I think we need 101 00:05:32,480 --> 00:05:35,240 Speaker 4: to hear from the Governor of Way local officials on 102 00:05:35,400 --> 00:05:38,280 Speaker 4: Mali as to what they think their local resources and 103 00:05:38,360 --> 00:05:41,240 Speaker 4: the need for fem assistance to be and then hear 104 00:05:41,320 --> 00:05:45,599 Speaker 4: that report back. So I would hesitate to take that hypothetical. 105 00:05:45,880 --> 00:05:49,320 Speaker 4: But look, it's a new disaster. It'sjorinly wasn't in the 106 00:05:49,360 --> 00:05:52,960 Speaker 4: plan and considerations of the people who made the current request. 107 00:05:53,640 --> 00:05:56,200 Speaker 3: Now a little more broadly, Congressman, I have to ask, 108 00:05:56,240 --> 00:06:00,400 Speaker 3: I've always got an eye. On September thirtieth, and earlier 109 00:06:00,560 --> 00:06:04,400 Speaker 3: this summer, we heard comments from Representative Bob Good saying 110 00:06:04,440 --> 00:06:07,919 Speaker 3: Republicans should not be afraid of a shutdown. Let's listen 111 00:06:08,160 --> 00:06:09,520 Speaker 3: to what he had to say about this. 112 00:06:10,040 --> 00:06:12,919 Speaker 5: We should not fear a government shut down. Most of 113 00:06:12,960 --> 00:06:14,919 Speaker 5: what we do up here is bad anyway. Most of 114 00:06:14,920 --> 00:06:17,120 Speaker 5: what we do up here hurts the American people. When 115 00:06:17,120 --> 00:06:19,360 Speaker 5: we do stuff to the American people while promising to 116 00:06:19,400 --> 00:06:24,000 Speaker 5: do things for the American people. Essential operations continue, most 117 00:06:24,240 --> 00:06:26,440 Speaker 5: eighty five percent is mister Bigs has just given me 118 00:06:26,480 --> 00:06:29,480 Speaker 5: that number continues. Mostly American people won't even miss if 119 00:06:29,480 --> 00:06:31,120 Speaker 5: the government is shut down temporarily. 120 00:06:32,000 --> 00:06:35,160 Speaker 3: So I know Congressman french Hill and Congressman Bob Good 121 00:06:35,160 --> 00:06:38,720 Speaker 3: are not necessarily the same person. But Congressman Hill, do 122 00:06:38,800 --> 00:06:41,800 Speaker 3: you see an appetite for a shutdown? And do you 123 00:06:41,839 --> 00:06:44,120 Speaker 3: agree with that assessment of the effects of a shutdown? 124 00:06:44,320 --> 00:06:47,080 Speaker 4: Well, I think the Congresses and the executive branch have 125 00:06:47,120 --> 00:06:50,440 Speaker 4: had a number of shutdowns, many since the nineteen eighties, 126 00:06:50,440 --> 00:06:54,479 Speaker 4: and I don't think that's You've seen the government not 127 00:06:54,760 --> 00:06:58,120 Speaker 4: keep doing its essential services to a majority of the people, 128 00:06:58,120 --> 00:07:01,080 Speaker 4: and they are typically resolved in in a short period 129 00:07:01,080 --> 00:07:04,040 Speaker 4: of time. So I understand where Bob Good is coming from, 130 00:07:04,120 --> 00:07:07,680 Speaker 4: but look, government shutdowns shouldn't happen. We ought to get 131 00:07:07,680 --> 00:07:10,680 Speaker 4: our job done. We ought to get the appropriations bills 132 00:07:10,720 --> 00:07:14,240 Speaker 4: passed on time. We ought to do a continuing resolution. 133 00:07:14,360 --> 00:07:18,160 Speaker 4: If we need more time in order to debate of this. 134 00:07:18,320 --> 00:07:20,520 Speaker 4: We know what the budget cap should be. We should 135 00:07:20,560 --> 00:07:24,040 Speaker 4: hit those caps. And so I would hope that Congress 136 00:07:24,080 --> 00:07:26,280 Speaker 4: on both sides of the capital, both the Senate and 137 00:07:26,320 --> 00:07:29,160 Speaker 4: the House, can get our work done, get a plan 138 00:07:29,240 --> 00:07:32,800 Speaker 4: in place, and avoid any kind of a government shutdown. 139 00:07:33,600 --> 00:07:38,679 Speaker 3: Have House Republicans given the Senate perhaps a stronger hand 140 00:07:38,920 --> 00:07:43,200 Speaker 3: in negotiations by not quite marking up their appropriations bills 141 00:07:43,200 --> 00:07:47,560 Speaker 3: to the limits set in the debt limit deal, but 142 00:07:47,640 --> 00:07:48,360 Speaker 3: rather under it. 143 00:07:48,600 --> 00:07:50,960 Speaker 4: I think the answer that question is yes, But I'm 144 00:07:50,960 --> 00:07:56,040 Speaker 4: disappointed that we broke for the August congressional recess period 145 00:07:56,040 --> 00:07:59,040 Speaker 4: with only one bill having come across the House floor. 146 00:08:00,080 --> 00:08:03,000 Speaker 4: We could have gotten more of those bills across the 147 00:08:03,040 --> 00:08:06,720 Speaker 4: House floor. You're right, they were marked in committee at 148 00:08:06,720 --> 00:08:10,080 Speaker 4: a slightly more conservative level in terms of total spending 149 00:08:10,160 --> 00:08:13,800 Speaker 4: than the budget caps deal, whereas the Senate marked their 150 00:08:13,840 --> 00:08:17,240 Speaker 4: bills under Democratic leadership pretty much at the cap. So 151 00:08:17,320 --> 00:08:19,760 Speaker 4: I think that allows us to have a good, solid 152 00:08:19,800 --> 00:08:23,920 Speaker 4: negotiation on a bi cameral basis on twenty twenty four spending, 153 00:08:24,440 --> 00:08:27,160 Speaker 4: and we ought to work toward that. So if we 154 00:08:27,240 --> 00:08:31,040 Speaker 4: want maximum negotiating clout, though, Jack, we need to pass 155 00:08:31,120 --> 00:08:34,280 Speaker 4: all those bills across the House floor, and that will 156 00:08:34,280 --> 00:08:38,000 Speaker 4: give us the maximum negotiating clout to the answer to 157 00:08:38,760 --> 00:08:39,559 Speaker 4: your question. 158 00:08:39,800 --> 00:08:43,400 Speaker 3: Now, Congressman, I should ask aside from the September to 159 00:08:43,520 --> 00:08:48,360 Speaker 3: do list, I'm curious about the activity of the Oversight Committee, 160 00:08:48,720 --> 00:08:55,200 Speaker 3: the allegations made about money going to President Biden's son, 161 00:08:55,320 --> 00:08:59,960 Speaker 3: Hunter Biden, and his business associates, and the idea that 162 00:09:00,120 --> 00:09:02,599 Speaker 3: seems to be taking hold, at least among House Republicans 163 00:09:02,920 --> 00:09:08,200 Speaker 3: that this could be considered effectively a bribe to the president. 164 00:09:08,280 --> 00:09:12,400 Speaker 3: Do you see anything worthwhile in what is coming out 165 00:09:12,440 --> 00:09:16,640 Speaker 3: of the Oversight Committee, especially given the references from Republican 166 00:09:16,720 --> 00:09:20,600 Speaker 3: leadership's Republican leadership to the idea of an impeachment inquiry? 167 00:09:20,600 --> 00:09:22,000 Speaker 3: Does anything rise to that level? 168 00:09:22,280 --> 00:09:24,440 Speaker 4: Look, I think what we need to do in our 169 00:09:24,760 --> 00:09:28,560 Speaker 4: Judiciary Committee on how to reform the FBI and in 170 00:09:28,600 --> 00:09:34,479 Speaker 4: the Oversight Committee under Jamie Comer investigating the corruption allegations 171 00:09:34,520 --> 00:09:38,160 Speaker 4: towards Hunter Biden and the Biden connected family and associates. 172 00:09:38,520 --> 00:09:40,440 Speaker 4: We need to do the homework. We need to have 173 00:09:40,480 --> 00:09:42,880 Speaker 4: the hearings, we need to have the testimony, we need 174 00:09:42,880 --> 00:09:47,160 Speaker 4: to collaborate the assertions in and around those allegations, and 175 00:09:47,200 --> 00:09:49,440 Speaker 4: do our homework, because this is exactly what the American 176 00:09:49,440 --> 00:09:55,280 Speaker 4: people did not see during two the Trump impeachment, particularly 177 00:09:55,280 --> 00:09:59,559 Speaker 4: in and around the Russia investigation by Muller and the 178 00:09:59,600 --> 00:10:02,880 Speaker 4: impeachment an investigation around the Ukrainian phone call. That's the 179 00:10:02,960 --> 00:10:05,800 Speaker 4: irony of this is that we want to do our homework. 180 00:10:05,880 --> 00:10:09,080 Speaker 4: So my view, as one member of Congresses, Let's let 181 00:10:09,200 --> 00:10:13,200 Speaker 4: the Judiciary Committee and the Oversight Committee do their work. 182 00:10:13,280 --> 00:10:17,240 Speaker 4: Let's see where the trail leads and then follow it appropriately. 183 00:10:17,720 --> 00:10:21,200 Speaker 3: Thank you so much. Congressman french Hill, Republican from Arkansas, 184 00:10:21,520 --> 00:10:26,120 Speaker 3: with insights on the inflation CPI report, on the upcoming 185 00:10:26,200 --> 00:10:30,080 Speaker 3: request for more funding for Ukraine, and everything else on 186 00:10:30,160 --> 00:10:31,880 Speaker 3: Capitol Hill. Coming up, We're going to go to our 187 00:10:31,920 --> 00:10:35,000 Speaker 3: panel Jeanie Sheen, Zano and Rick Davis for more. I'm 188 00:10:35,080 --> 00:10:36,719 Speaker 3: Jack Fitzpatrick. This is Bloomberg. 189 00:10:37,840 --> 00:10:41,200 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch the 190 00:10:41,240 --> 00:10:45,120 Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the 191 00:10:45,160 --> 00:10:48,520 Speaker 1: tune in app, Bloomberg dot Com, and the Bloomberg Business App. 192 00:10:48,640 --> 00:10:51,480 Speaker 1: You can also listen live on Amazon Alexa from our 193 00:10:51,520 --> 00:10:56,000 Speaker 1: flagship New York station. Just say Alexa play Bloomberg eleven thirty. 194 00:10:56,760 --> 00:10:59,400 Speaker 3: Well you heard it from the Congressman french Hill out 195 00:10:59,400 --> 00:11:03,720 Speaker 3: of Arkansas. Insistent to make the point that House Republicans 196 00:11:03,760 --> 00:11:07,960 Speaker 3: also not just Senate Republicans, but House Republicans also support Ukraine. 197 00:11:08,400 --> 00:11:11,720 Speaker 3: That is relevant given the fact that the President is 198 00:11:11,760 --> 00:11:15,559 Speaker 3: asking for twenty five billion dollars in additional funding. Thirteen 199 00:11:15,679 --> 00:11:20,440 Speaker 3: billion of that relates to Ukraine. Twelve billion is disaster aid. 200 00:11:20,760 --> 00:11:24,320 Speaker 3: I'm Jack Fitzpatrick sitting in for Joe Matthew today and 201 00:11:24,360 --> 00:11:28,160 Speaker 3: I'm here with Bloomberg Politics contributors Jeanie she and Zano 202 00:11:28,240 --> 00:11:32,120 Speaker 3: and Rick Davis love to get their analysis on I 203 00:11:32,200 --> 00:11:37,160 Speaker 3: think an interesting interview with a House Republican in french Hill. First, guys, 204 00:11:37,360 --> 00:11:40,720 Speaker 3: I want to touch on his take on the CPI report, 205 00:11:41,240 --> 00:11:44,000 Speaker 3: acknowledging this could lead to a pause in the rate 206 00:11:44,080 --> 00:11:47,560 Speaker 3: increases when the Fed gets back and meets in September, 207 00:11:47,640 --> 00:11:51,400 Speaker 3: but not a drop, and still saying that this is 208 00:11:51,520 --> 00:11:54,800 Speaker 3: still high. It's not a good thing for President Biden. 209 00:11:55,480 --> 00:11:59,280 Speaker 3: Rick Davis, I'm curious what you make of the political 210 00:11:59,720 --> 00:12:03,079 Speaker 3: risk response to the CPI reports we've seen for the 211 00:12:03,120 --> 00:12:06,120 Speaker 3: last two months. Is this less of an albatross politically 212 00:12:06,160 --> 00:12:07,280 Speaker 3: for President Biden. 213 00:12:08,000 --> 00:12:11,000 Speaker 6: It's certainly starting to sound like Republicans and Democrats are 214 00:12:11,000 --> 00:12:13,360 Speaker 6: starting to say the same thing about the future of 215 00:12:13,400 --> 00:12:17,400 Speaker 6: the FED and their interaction with rates and what the 216 00:12:17,400 --> 00:12:20,840 Speaker 6: political net effect is going to be. Because french Hill, 217 00:12:20,920 --> 00:12:23,560 Speaker 6: I mean, he could have been Joe Biden talking about 218 00:12:23,600 --> 00:12:27,400 Speaker 6: the fact that it's great that we're seeing stability in inflation, 219 00:12:27,559 --> 00:12:30,080 Speaker 6: but more work to be done. I mean, it sounds 220 00:12:30,120 --> 00:12:32,120 Speaker 6: like right out of the White House talking points. I 221 00:12:32,160 --> 00:12:35,520 Speaker 6: would say there are other Republicans who are focused on, 222 00:12:35,679 --> 00:12:38,400 Speaker 6: you know, shelter costs and those continuing to go up 223 00:12:38,440 --> 00:12:41,480 Speaker 6: and be high and tend to politicize that a little 224 00:12:41,480 --> 00:12:43,400 Speaker 6: bit more. But I do think some of the airs 225 00:12:43,400 --> 00:12:46,960 Speaker 6: out of the tire when it comes to the inflation 226 00:12:47,120 --> 00:12:48,680 Speaker 6: being such a political hot potato. 227 00:12:49,160 --> 00:12:53,080 Speaker 3: I don't know if this necessarily makes the phrase bidenomics 228 00:12:53,120 --> 00:12:54,800 Speaker 3: a winner, but a Genie, I've got to get your 229 00:12:54,840 --> 00:12:58,360 Speaker 3: take is that is that a winning phrase? If inflation 230 00:12:58,600 --> 00:13:03,800 Speaker 3: doesn't doesn't spike back up again, if unemployment doesn't start 231 00:13:03,840 --> 00:13:06,160 Speaker 3: to spike, if this is as soft a landing as 232 00:13:06,160 --> 00:13:09,400 Speaker 3: we could have seen, given everything we've seen lately, what 233 00:13:09,720 --> 00:13:12,880 Speaker 3: does bidenomics mean and how effective is that phrase politically? 234 00:13:12,920 --> 00:13:16,160 Speaker 7: Genie, Well, we've heard the President and his surrogates out 235 00:13:16,160 --> 00:13:19,240 Speaker 7: on the stump just this last week and before he 236 00:13:19,400 --> 00:13:21,760 Speaker 7: was on vacation trying to tell us what it means. 237 00:13:21,800 --> 00:13:24,840 Speaker 7: We've got signs up now across the country telling us 238 00:13:25,000 --> 00:13:27,440 Speaker 7: about the investments that they made under this, you know, 239 00:13:28,200 --> 00:13:31,440 Speaker 7: idea of Bidenomics. And I do think the good news 240 00:13:31,480 --> 00:13:35,040 Speaker 7: on inflation, or at least the positive news when you 241 00:13:35,080 --> 00:13:38,000 Speaker 7: put it into context, is something that does help the 242 00:13:38,040 --> 00:13:41,040 Speaker 7: President here, but you know, the White House knows, the 243 00:13:41,080 --> 00:13:43,720 Speaker 7: campaign knows they have a long way to go. The 244 00:13:43,800 --> 00:13:47,439 Speaker 7: poll numbers on Biden, as it pertains to the economy 245 00:13:47,480 --> 00:13:50,760 Speaker 7: have never been good. The inflation news is of course 246 00:13:51,000 --> 00:13:54,480 Speaker 7: very welcome, provided that it stays. And they've now do 247 00:13:54,600 --> 00:13:57,679 Speaker 7: got to do the really hard job of telling people 248 00:13:57,760 --> 00:14:01,600 Speaker 7: across the country what all those investment mins mean. In 249 00:14:01,679 --> 00:14:05,520 Speaker 7: You're a great interview with Representative Hill, he just mentioned 250 00:14:05,559 --> 00:14:08,480 Speaker 7: the fact that it is in part due to the 251 00:14:08,520 --> 00:14:12,640 Speaker 7: amount that was invested into the economy in an effort 252 00:14:12,679 --> 00:14:14,840 Speaker 7: to get us out of the pandemic, that accounts for 253 00:14:14,960 --> 00:14:18,560 Speaker 7: the economic challenges we're facing. And that's something that Republicans 254 00:14:18,600 --> 00:14:21,240 Speaker 7: will continue to say. And Biden has got to make 255 00:14:21,280 --> 00:14:25,400 Speaker 7: the case why this was necessary, why when it didn't 256 00:14:25,440 --> 00:14:29,040 Speaker 7: happen in eight we suffered, and why we are going 257 00:14:29,120 --> 00:14:31,120 Speaker 7: to be able to have this soft landing that he's 258 00:14:31,160 --> 00:14:33,240 Speaker 7: been promising, or at least the Fed's been promising. 259 00:14:33,400 --> 00:14:36,680 Speaker 3: Well, that's an important point, Genie, because there is not 260 00:14:36,800 --> 00:14:39,800 Speaker 3: even just in a political sense, there's a fight happening 261 00:14:39,880 --> 00:14:44,320 Speaker 3: over fiscal policy. And the Congressman did say, okay, Republicans 262 00:14:44,360 --> 00:14:47,880 Speaker 3: want to help Ukraine. We want to respond to natural disasters, 263 00:14:47,960 --> 00:14:50,360 Speaker 3: but if we have to give an extra twenty five 264 00:14:50,400 --> 00:14:53,840 Speaker 3: billion dollars, we should offset that. So you're finding twenty 265 00:14:53,840 --> 00:14:57,520 Speaker 3: five billion dollars in cuts elsewhere. If people like friends 266 00:14:57,520 --> 00:15:00,880 Speaker 3: shall get their way, that is not what the president wants. Rick, 267 00:15:01,160 --> 00:15:04,080 Speaker 3: do you see that as a realistic outcome or is 268 00:15:04,240 --> 00:15:08,440 Speaker 3: the easiest path for Congress just spending more and allowing 269 00:15:08,520 --> 00:15:11,560 Speaker 3: emergency spending without getting into offsets. 270 00:15:11,880 --> 00:15:14,200 Speaker 6: Well, I thought Jordan Fabian really laid it out well. 271 00:15:14,240 --> 00:15:16,640 Speaker 6: And you know, there's a difference between the Senate's view 272 00:15:16,680 --> 00:15:18,880 Speaker 6: of this and the House's view. The Senate has already 273 00:15:18,880 --> 00:15:22,240 Speaker 6: finished their appropriations work and they've done it within hitting 274 00:15:22,280 --> 00:15:26,480 Speaker 6: the budget caps, which is a really good sign that 275 00:15:26,520 --> 00:15:29,160 Speaker 6: there's a mark out there. Right. Okay, we've got the 276 00:15:29,160 --> 00:15:31,160 Speaker 6: budget caps in the House too, but they haven't done 277 00:15:31,440 --> 00:15:33,960 Speaker 6: the work. As french Hill pointed out, they've only passed 278 00:15:34,040 --> 00:15:36,920 Speaker 6: one appropriation build before the break in August, and so 279 00:15:36,960 --> 00:15:38,480 Speaker 6: they've got a lot more work to do to catch 280 00:15:38,520 --> 00:15:40,480 Speaker 6: up to where the Senate is. So they can't actually 281 00:15:40,560 --> 00:15:42,520 Speaker 6: say they're going to come in under those budget caps 282 00:15:42,680 --> 00:15:44,760 Speaker 6: until they actually do it, and then that goes to 283 00:15:44,800 --> 00:15:47,760 Speaker 6: a conference. The fact that we have budget caps and 284 00:15:47,760 --> 00:15:50,440 Speaker 6: has already been agreed to, is a huge step forward 285 00:15:51,000 --> 00:15:54,200 Speaker 6: in this process. The Senate said, hey, we want to 286 00:15:54,240 --> 00:15:57,040 Speaker 6: deal that if we are going to fund Ukraine, we're 287 00:15:57,080 --> 00:15:59,160 Speaker 6: going to do it outside the budget caps. And so 288 00:15:59,600 --> 00:16:02,560 Speaker 6: the Senate believes within the Senate they have a different 289 00:16:02,680 --> 00:16:05,360 Speaker 6: point of view than I think our House conferees would have. 290 00:16:05,520 --> 00:16:08,640 Speaker 6: So yeah, there'll be a negotiation. But I actually think 291 00:16:08,680 --> 00:16:12,440 Speaker 6: there's a pretty reasonable number that the Biden administration put down, 292 00:16:12,480 --> 00:16:16,120 Speaker 6: only thirteen billion for Ukraine at least that's what we anticipate, 293 00:16:16,200 --> 00:16:19,440 Speaker 6: and more for disaster assistance. Disaster a systems tends to 294 00:16:19,440 --> 00:16:23,280 Speaker 6: get attention, right, that tends to be outside of most 295 00:16:23,280 --> 00:16:26,280 Speaker 6: of the budgeting process once you've got FEMA numbers set 296 00:16:26,360 --> 00:16:30,800 Speaker 6: in the appropriations bills, And clearly the disasters in places 297 00:16:30,880 --> 00:16:33,560 Speaker 6: like Hawaii right now are going to draw attention. And 298 00:16:33,600 --> 00:16:36,960 Speaker 6: I would imagine support in both the House and the Senate. 299 00:16:37,440 --> 00:16:40,400 Speaker 6: But the bouncing ball will be certainly in the Republican 300 00:16:40,440 --> 00:16:44,480 Speaker 6: caucus in the House of Representatives Ukraine funding, and I 301 00:16:44,520 --> 00:16:48,280 Speaker 6: was impressed by Frenchhill's almost shermanes statement that we will 302 00:16:48,320 --> 00:16:52,359 Speaker 6: support Ukraine funding. I think that'll be an interesting conversation 303 00:16:52,440 --> 00:16:53,720 Speaker 6: they have when they caucus. 304 00:16:53,960 --> 00:16:56,040 Speaker 3: Yeah, I should ask Genie, do you buy that? Do 305 00:16:56,080 --> 00:16:59,800 Speaker 3: you think that Frenchhill is entirely speaking for House Republicans 306 00:16:59,880 --> 00:17:04,199 Speaker 3: or he's maybe trying to will something into existence with 307 00:17:04,240 --> 00:17:07,040 Speaker 3: regard to a different wing of the House Republican conference 308 00:17:07,040 --> 00:17:07,800 Speaker 3: on Ukraine. 309 00:17:08,040 --> 00:17:11,159 Speaker 7: Yeah, the word turn that came to my mind was 310 00:17:11,200 --> 00:17:14,440 Speaker 7: wishful thinking to a certain extent, because we just saw 311 00:17:14,560 --> 00:17:17,960 Speaker 7: seventy Republicans in the House vote against it. And you know, 312 00:17:18,080 --> 00:17:21,800 Speaker 7: I have no question in my mind that Representative Hill 313 00:17:22,200 --> 00:17:24,920 Speaker 7: and many in fact, I think he's right that most 314 00:17:25,000 --> 00:17:28,760 Speaker 7: Republicans in the House are supportive of Ukraine, are supportive 315 00:17:28,800 --> 00:17:31,600 Speaker 7: of the funding, you know, and many hope to get offsets. 316 00:17:31,920 --> 00:17:34,679 Speaker 7: But the reality is they are facing hardliners, and you 317 00:17:34,760 --> 00:17:39,120 Speaker 7: played the clip by Good there's people like Chip Roy, 318 00:17:39,280 --> 00:17:43,040 Speaker 7: many other members of the Freedom Caucus rather for whom 319 00:17:43,359 --> 00:17:47,560 Speaker 7: you know, spending without dramatic cuts elsewhere is just a 320 00:17:47,600 --> 00:17:51,440 Speaker 7: non starter. And for Democrats this is really Republican on 321 00:17:51,600 --> 00:17:54,240 Speaker 7: Republican violence, you know, as Rick was just talking about, 322 00:17:54,240 --> 00:17:56,359 Speaker 7: this is going to be Republicans in the Senate versus 323 00:17:56,359 --> 00:17:59,119 Speaker 7: some of these Republicans in the House, and they're going 324 00:17:59,200 --> 00:18:01,480 Speaker 7: to have to battle this out, and of course they're 325 00:18:01,520 --> 00:18:03,800 Speaker 7: gonna have to if the House moderates hope to get 326 00:18:03,800 --> 00:18:07,320 Speaker 7: this done depend on supports from Democrats, And you're already 327 00:18:07,320 --> 00:18:10,720 Speaker 7: hearing set democrats. Some of them say yeah, we may help. 328 00:18:10,760 --> 00:18:13,040 Speaker 7: We've done it before, we'll do it again. Others saying, 329 00:18:13,160 --> 00:18:15,840 Speaker 7: on you know what basis, would we have any incentive 330 00:18:15,880 --> 00:18:18,800 Speaker 7: to help here. So it's gonna be a sticky It's 331 00:18:18,800 --> 00:18:21,240 Speaker 7: gonna be a sticky situation when they get back. And 332 00:18:21,280 --> 00:18:23,320 Speaker 7: I think we're looking forward to a whole bunch of 333 00:18:23,320 --> 00:18:25,760 Speaker 7: continuing resolutions to try to get some of this important 334 00:18:25,760 --> 00:18:26,400 Speaker 7: work done. 335 00:18:26,640 --> 00:18:29,919 Speaker 3: Yeah, I'm curious what you guys think is the real deadline. 336 00:18:30,160 --> 00:18:33,359 Speaker 3: I mean, September thirtieth is the deadline that Congress often ignores. 337 00:18:34,160 --> 00:18:37,880 Speaker 3: Rick If one, I'm curious, do you think there's likely 338 00:18:37,960 --> 00:18:40,480 Speaker 3: to be a shut down? And two are you worried 339 00:18:40,520 --> 00:18:42,640 Speaker 3: about September thirtieth or do you think this gets kicked 340 00:18:42,640 --> 00:18:44,399 Speaker 3: into December and that's when it gets messy. 341 00:18:44,720 --> 00:18:44,920 Speaker 1: Yeah? 342 00:18:44,960 --> 00:18:48,040 Speaker 6: I thought Frenchhill handled that question particularly well. You know, 343 00:18:48,080 --> 00:18:51,000 Speaker 6: he obviously says there's there's been a history of these 344 00:18:51,000 --> 00:18:54,320 Speaker 6: shutdowns and government hasn't you know, fallen apart in the process, 345 00:18:54,320 --> 00:18:56,920 Speaker 6: but that we have a lot of other options, right, 346 00:18:56,960 --> 00:18:59,320 Speaker 6: and we actually need to pass our budgets in the 347 00:18:59,320 --> 00:19:01,399 Speaker 6: House to catch up up to where the Senate is, 348 00:19:01,400 --> 00:19:04,280 Speaker 6: and we always have a continuing resolution as an option. 349 00:19:04,359 --> 00:19:07,000 Speaker 6: So he's laying out a lot of different frameworks that 350 00:19:07,040 --> 00:19:12,920 Speaker 6: are acceptable in the budget showdown process. And aside from 351 00:19:13,080 --> 00:19:15,760 Speaker 6: actually shutting down government, I actually think it's only a 352 00:19:15,800 --> 00:19:19,199 Speaker 6: small portion of the Republican Caucus who actually think a 353 00:19:19,240 --> 00:19:24,959 Speaker 6: shutdown is a politically viable option, and so I imagine that 354 00:19:25,240 --> 00:19:29,800 Speaker 6: it's not a widespread sensibility. But they're tight on time. 355 00:19:29,880 --> 00:19:32,760 Speaker 6: I mean, as you've pointed out, they've got a budget 356 00:19:33,880 --> 00:19:36,000 Speaker 6: let's due at the end of the month of September, 357 00:19:36,080 --> 00:19:39,800 Speaker 6: and they have not made much progress on these appropriations 358 00:19:39,800 --> 00:19:42,400 Speaker 6: in the House. So it's really on them to get 359 00:19:42,440 --> 00:19:43,040 Speaker 6: their work done. 360 00:19:43,800 --> 00:19:47,400 Speaker 3: Well, that's a story today, and as we've just mentioned, 361 00:19:47,440 --> 00:19:50,679 Speaker 3: for September, for all of September, you can be on 362 00:19:50,760 --> 00:19:52,880 Speaker 3: pins and needles as to the threat of a shutdown. 363 00:19:52,880 --> 00:19:56,119 Speaker 3: And of course today that request for twenty five billion 364 00:19:56,240 --> 00:20:00,000 Speaker 3: dollars in additional funding coming out from the White House 365 00:20:00,119 --> 00:20:03,080 Speaker 3: being sent to Congress. We're going to stick around with 366 00:20:03,200 --> 00:20:06,040 Speaker 3: this panel Jeanie Sheen, Zano and Rick Davis. I call 367 00:20:06,160 --> 00:20:10,280 Speaker 3: him our all stars to discuss this major ProPublica story, 368 00:20:10,760 --> 00:20:14,080 Speaker 3: essentially saying that the issues with Clarence Thomas were not 369 00:20:14,240 --> 00:20:16,680 Speaker 3: just limited to Harlan crow That's coming up. 370 00:20:17,440 --> 00:20:20,960 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 371 00:20:21,000 --> 00:20:23,000 Speaker 1: live weekdays at one Eastern. 372 00:20:22,720 --> 00:20:25,920 Speaker 2: On Bloomberg dot com, the iHeartRadio app, and the Bloomberg 373 00:20:25,960 --> 00:20:29,360 Speaker 2: Business App, or listen on demand wherever you get your podcasts. 374 00:20:30,560 --> 00:20:35,800 Speaker 3: Thirty eight destination vacations, including private flights, some on airplanes, 375 00:20:35,840 --> 00:20:40,600 Speaker 3: some on helicopters, some on seven thirty seven's That's essentially 376 00:20:40,640 --> 00:20:44,320 Speaker 3: the major takeaway from the latest story by Pro Publica 377 00:20:44,359 --> 00:20:48,040 Speaker 3: about Supreme Court Justice Clarence Thomas. There was some news 378 00:20:48,320 --> 00:20:53,600 Speaker 3: already about his close relationship with Harlan Crowe and the 379 00:20:54,160 --> 00:20:56,719 Speaker 3: expensive travel that he was treated to due to that, 380 00:20:57,280 --> 00:21:01,280 Speaker 3: but the latest story adds three more people with backgrounds 381 00:21:01,280 --> 00:21:06,680 Speaker 3: at Berkshire, Hathaway, Blockbuster, waste management, background in oil. Essentially, 382 00:21:06,680 --> 00:21:10,680 Speaker 3: there are there are four very wealthy friends of Clarence Thomas, 383 00:21:10,800 --> 00:21:13,600 Speaker 3: according to the latest Pro Publica story. I'm Jack Fitzpatrick 384 00:21:13,640 --> 00:21:16,240 Speaker 3: looking forward to discussing this with our panel of Bloomberg 385 00:21:16,280 --> 00:21:21,640 Speaker 3: Politics contributors Genie she and Zano and Rick Davis. This 386 00:21:21,640 --> 00:21:24,880 Speaker 3: this adds more to a theme that had already been 387 00:21:25,040 --> 00:21:28,840 Speaker 3: raised about what kind of travel and what kind of 388 00:21:29,080 --> 00:21:30,840 Speaker 3: I don't know if you would call travel a gift, 389 00:21:30,920 --> 00:21:36,719 Speaker 3: but expensive travel certainly paid for by wealthy friends. To 390 00:21:36,720 --> 00:21:39,359 Speaker 3: what extent is that okay? And at what point do 391 00:21:39,400 --> 00:21:44,000 Speaker 3: you get into an ethical conundrum? Guys, I'm curious. I 392 00:21:44,000 --> 00:21:48,360 Speaker 3: guess I should start with the simplest question, because there 393 00:21:48,359 --> 00:21:50,840 Speaker 3: are there's all sorts of talk about a code of ethics, 394 00:21:50,880 --> 00:21:55,720 Speaker 3: et cetera. Rick Davis, did Clarence Thomas do something wrong 395 00:21:55,840 --> 00:21:58,960 Speaker 3: according to what we've learned about his friendships and travel 396 00:21:59,680 --> 00:22:01,240 Speaker 3: with wealthy businessmen? 397 00:22:02,000 --> 00:22:02,200 Speaker 4: Yeah? 398 00:22:02,240 --> 00:22:04,000 Speaker 6: I mean you can debate all day long. You know, 399 00:22:04,080 --> 00:22:06,879 Speaker 6: were these his friends? Were they you know, acquaintances? Did 400 00:22:06,920 --> 00:22:09,080 Speaker 6: they have an interest in front of the Supreme Court? 401 00:22:09,080 --> 00:22:11,280 Speaker 6: But I think the one thing most people that I've 402 00:22:11,320 --> 00:22:14,520 Speaker 6: talked to on Capitol Hill, especially in the Senate, agree 403 00:22:14,600 --> 00:22:16,960 Speaker 6: upon is the lack of transparency and all of that 404 00:22:17,119 --> 00:22:22,720 Speaker 6: is what's disturbing. I mean, just setting aside the vacations 405 00:22:22,760 --> 00:22:26,879 Speaker 6: and the time and the cost associated with those things. 406 00:22:27,000 --> 00:22:31,119 Speaker 6: One flight would have cost, you know, over one hundred 407 00:22:31,240 --> 00:22:36,560 Speaker 6: thousand dollars to charter the same plane. It's mind boggling. 408 00:22:36,640 --> 00:22:40,400 Speaker 6: But the fact that none of this is actually being reported, 409 00:22:41,080 --> 00:22:45,400 Speaker 6: you know, with people who work for the country on 410 00:22:45,480 --> 00:22:49,639 Speaker 6: the government payroll, even if they're Supreme Court justices, I 411 00:22:49,680 --> 00:22:53,000 Speaker 6: think are one of the issues that really starting to 412 00:22:53,040 --> 00:22:58,800 Speaker 6: stress out even the most ardent defenders of Clarence Thomas 413 00:22:58,840 --> 00:23:01,240 Speaker 6: and the Supreme Court and these kinds of events. 414 00:23:02,160 --> 00:23:05,360 Speaker 3: Genie, what does this say about you know, a lot 415 00:23:05,359 --> 00:23:08,240 Speaker 3: of courts have an official code of ethics. The Supreme 416 00:23:08,240 --> 00:23:10,840 Speaker 3: Court does not have something like that. This is I've 417 00:23:10,880 --> 00:23:13,960 Speaker 3: heard lawmakers raise this, but there seems to be some 418 00:23:14,320 --> 00:23:17,920 Speaker 3: hesitance for Congress to dictate to the Supreme Court how 419 00:23:17,920 --> 00:23:21,440 Speaker 3: they should govern their own ethics. Does this kind of thing, 420 00:23:22,280 --> 00:23:25,560 Speaker 3: I guess, move the needle in terms of possibly someday 421 00:23:25,600 --> 00:23:29,679 Speaker 3: having something more formal set for ethics for Supreme Court justices. 422 00:23:30,760 --> 00:23:31,000 Speaker 1: Yeah. 423 00:23:31,200 --> 00:23:34,760 Speaker 7: And this piece is so stunning. It is a well 424 00:23:34,880 --> 00:23:38,760 Speaker 7: sourced piece of journalism. Everybody should read it. It is 425 00:23:38,880 --> 00:23:41,960 Speaker 7: a mind boggling to look at what he was doing. 426 00:23:42,040 --> 00:23:44,480 Speaker 7: You sort of wonder how he had time to be 427 00:23:44,600 --> 00:23:47,360 Speaker 7: ruling on the Supreme Court amidst all of these trips 428 00:23:48,600 --> 00:23:51,679 Speaker 7: and the question of does it move the needle, I 429 00:23:51,760 --> 00:23:54,760 Speaker 7: think it does move the needle, but of course the 430 00:23:54,800 --> 00:23:57,200 Speaker 7: needle doesn't have to be moved too far. At this point, 431 00:23:57,560 --> 00:24:01,480 Speaker 7: the Democrats and the Senate Judiciary Committee have been working 432 00:24:01,600 --> 00:24:07,240 Speaker 7: towards some kind of ethics reform to make these disclosure requirements, 433 00:24:07,240 --> 00:24:10,520 Speaker 7: to pass legislation in this area to strengthen those, because 434 00:24:10,520 --> 00:24:14,760 Speaker 7: what the defenders of Clarence Thomas tell us is, of 435 00:24:14,760 --> 00:24:17,040 Speaker 7: course the rules are murky, and they do have a 436 00:24:17,080 --> 00:24:19,960 Speaker 7: point on that. The rules are a little murky. For instance, 437 00:24:20,320 --> 00:24:23,320 Speaker 7: staying in people's homes may not require disclosure, as they 438 00:24:23,320 --> 00:24:26,280 Speaker 7: say in the article, and yet flights, cruises, and other 439 00:24:26,359 --> 00:24:29,000 Speaker 7: things do, so they do need to tighten those. But 440 00:24:29,080 --> 00:24:32,000 Speaker 7: the problem is Republicans in the Senate and I am 441 00:24:32,040 --> 00:24:36,479 Speaker 7: certain the House are opposed to that. So legislation unless 442 00:24:36,520 --> 00:24:39,119 Speaker 7: Democrats take control of the House is not going to 443 00:24:39,160 --> 00:24:41,720 Speaker 7: be in the offing. And we already know where the 444 00:24:41,800 --> 00:24:45,160 Speaker 7: Chief Justice stands because he responded to the Senate Judiciary 445 00:24:45,160 --> 00:24:49,160 Speaker 7: Committee in the spring saying that they believe that they 446 00:24:49,160 --> 00:24:52,760 Speaker 7: have disclosure rules that are necessary, and Justice Alito followed 447 00:24:52,760 --> 00:24:55,560 Speaker 7: that up with the Wall Street Journal saying that he 448 00:24:55,600 --> 00:24:59,080 Speaker 7: doesn't believe that Congress even has a constitutional right to 449 00:24:59,240 --> 00:25:02,879 Speaker 7: talk about what another branch coequal as it is does, 450 00:25:03,280 --> 00:25:05,639 Speaker 7: and so for those reasons, I think even if they 451 00:25:05,640 --> 00:25:09,520 Speaker 7: pass legislation, the Supreme Court would likely brown on that. 452 00:25:09,640 --> 00:25:13,480 Speaker 7: So I don't see something moving forward any further than 453 00:25:13,480 --> 00:25:15,359 Speaker 7: it is right now given the situation. 454 00:25:15,920 --> 00:25:18,600 Speaker 3: So as important as it seems, maybe this is something 455 00:25:18,640 --> 00:25:21,440 Speaker 3: to keep an eye on in the long run. Let's 456 00:25:21,560 --> 00:25:24,119 Speaker 3: shift to politics for a little bit. I do have 457 00:25:24,200 --> 00:25:27,199 Speaker 3: to ask you guys about Joe Manchin, who said on 458 00:25:27,359 --> 00:25:32,359 Speaker 3: Happy Kerkovaal's radio show earlier today, his word was absolutely 459 00:25:32,440 --> 00:25:36,240 Speaker 3: he would absolutely think about switching to becoming an independent 460 00:25:36,520 --> 00:25:40,119 Speaker 3: rather than the most moderate or most conservative Democrat in 461 00:25:40,160 --> 00:25:44,919 Speaker 3: the Senate. You know, Rick, given your history working for 462 00:25:45,080 --> 00:25:48,879 Speaker 3: a maverick in John McCain, I have to ask, do 463 00:25:48,920 --> 00:25:53,760 Speaker 3: you see the flirtation with an independent bid by Joe 464 00:25:53,760 --> 00:25:57,480 Speaker 3: Manchin as a political necessity? I mean, could he possibly 465 00:25:57,560 --> 00:25:59,960 Speaker 3: win reelection in West Virginia again as a democh? 466 00:26:00,720 --> 00:26:03,000 Speaker 6: You know, I think it's very difficult. I mean, look 467 00:26:03,000 --> 00:26:06,480 Speaker 6: at the jam that Christen Cinema, who did switch to 468 00:26:06,520 --> 00:26:09,359 Speaker 6: become an independent, is having in Arizona. I mean, there's 469 00:26:09,359 --> 00:26:11,919 Speaker 6: not a single poll out since she did that that 470 00:26:12,040 --> 00:26:15,480 Speaker 6: indicates that under various scenarios she could actually win reelection. 471 00:26:15,560 --> 00:26:18,320 Speaker 6: In fact, in most, if not all, the polls I've seen, 472 00:26:18,440 --> 00:26:21,880 Speaker 6: she ends up third out of three, with the two 473 00:26:21,880 --> 00:26:25,240 Speaker 6: major parties doing much better. So I don't think West 474 00:26:25,320 --> 00:26:28,920 Speaker 6: Virginia's politics is significantly different in the sense that there 475 00:26:29,000 --> 00:26:32,640 Speaker 6: is no organized independent party, there is no organized infrastructure 476 00:26:32,680 --> 00:26:36,119 Speaker 6: around there, and people don't have a history of pulling 477 00:26:36,160 --> 00:26:39,480 Speaker 6: that independent lever. And so there's an education and a 478 00:26:39,520 --> 00:26:43,680 Speaker 6: process question that he'd have to address. And my own view, 479 00:26:43,720 --> 00:26:46,080 Speaker 6: I'm a big proponent of the two party system, and 480 00:26:46,440 --> 00:26:49,520 Speaker 6: you know, working to reform the Democratic Party is probably 481 00:26:49,520 --> 00:26:53,840 Speaker 6: a lot more politically sustainable then venturing out on your own. 482 00:26:53,920 --> 00:26:55,720 Speaker 6: But then the question is is he doing this to 483 00:26:55,800 --> 00:26:57,760 Speaker 6: run for reelection or is he doing it to look 484 00:26:57,760 --> 00:27:01,160 Speaker 6: for higher office? And that would change the dynam right. 485 00:27:01,040 --> 00:27:03,400 Speaker 3: Rick real quick at because the Iowa state fairs coming 486 00:27:03,480 --> 00:27:07,000 Speaker 3: up and former President Trump will appear with some Florida Republicans, 487 00:27:07,440 --> 00:27:09,600 Speaker 3: I just have to ask, I don't know if Iowa 488 00:27:09,720 --> 00:27:12,359 Speaker 3: is what it used to be with an eye on Trump, 489 00:27:12,600 --> 00:27:14,920 Speaker 3: Does Iowa matter all that? Much. 490 00:27:15,280 --> 00:27:15,520 Speaker 1: Yeah. 491 00:27:15,560 --> 00:27:19,040 Speaker 6: I mean it's gonna matter, probably more than usually because 492 00:27:19,040 --> 00:27:21,640 Speaker 6: there are so many people who actually have affixed their 493 00:27:21,640 --> 00:27:24,879 Speaker 6: political future to it in the presidential campaign. And so 494 00:27:25,359 --> 00:27:30,160 Speaker 6: regardless of whether Trump wins or loses the Iowa contest, 495 00:27:30,359 --> 00:27:32,439 Speaker 6: the question is who comes in second and third is 496 00:27:32,440 --> 00:27:35,600 Speaker 6: gonna still matter and that'll matter to people in New Hampshire. 497 00:27:35,800 --> 00:27:37,760 Speaker 3: Coming up, I want to keep our panel around to 498 00:27:37,880 --> 00:27:41,439 Speaker 3: ask about Alabama. Yes, interesting pulling out of Alabama of 499 00:27:41,480 --> 00:27:44,840 Speaker 3: all places. It's not just a red state. It certainly 500 00:27:44,880 --> 00:27:47,320 Speaker 3: is a red state. But we'll get to that. Thanks 501 00:27:47,359 --> 00:27:49,800 Speaker 3: again to our panelist Genie Sheen, Zana and Rick Davis. 502 00:27:49,840 --> 00:27:52,400 Speaker 3: Stick around for a few more minutes. I'm Jack Fitzpatrick. 503 00:27:52,840 --> 00:27:53,639 Speaker 3: This is Bloomberg. 504 00:27:54,880 --> 00:27:58,240 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch the 505 00:27:58,280 --> 00:28:01,920 Speaker 1: program live week days in one Eastern on Bloomberg Radio, 506 00:28:02,080 --> 00:28:04,800 Speaker 1: the tune in alf, Bloomberg dot Com, and the Bloomberg 507 00:28:04,880 --> 00:28:08,160 Speaker 1: Business App. You can also listen live on Amazon Alexa 508 00:28:08,240 --> 00:28:11,639 Speaker 1: from our flagship New York station, Just say Alexa, Play 509 00:28:11,720 --> 00:28:13,040 Speaker 1: Bloomberg eleven thirty. 510 00:28:15,359 --> 00:28:18,840 Speaker 3: The Department of Justice says that a January second, twenty 511 00:28:18,880 --> 00:28:21,679 Speaker 3: twenty four trial date would in their words, vindicate the 512 00:28:21,680 --> 00:28:25,399 Speaker 3: public strong interest in a speedy trial regarding attempts to 513 00:28:25,400 --> 00:28:28,760 Speaker 3: interfere with the twenty twenty election. I'm here with our 514 00:28:28,800 --> 00:28:32,399 Speaker 3: Bloomberg Politics contributors Jeanie she and Zeno and Rick Davis. 515 00:28:32,720 --> 00:28:35,560 Speaker 3: Curious what you guys make of that. I guess, for one, 516 00:28:35,880 --> 00:28:39,280 Speaker 3: based on what we know about this case. Jeanie, do 517 00:28:39,360 --> 00:28:41,400 Speaker 3: you think it's likely that they get that or is 518 00:28:41,440 --> 00:28:45,080 Speaker 3: they Is this wishful thinking by DOJ to try to 519 00:28:45,400 --> 00:28:47,360 Speaker 3: move through this case as quickly as possible? 520 00:28:47,960 --> 00:28:50,480 Speaker 7: You know, I do think that they have a strong 521 00:28:50,560 --> 00:28:52,640 Speaker 7: reason to try to move through it. I also think 522 00:28:52,680 --> 00:28:55,000 Speaker 7: the judge is probably going to listen to what Trump's 523 00:28:55,000 --> 00:28:57,560 Speaker 7: attorneys say and split the baby, so to speak. So 524 00:28:57,600 --> 00:29:00,880 Speaker 7: I don't suspect they'll get a January second start. But 525 00:29:00,960 --> 00:29:03,040 Speaker 7: what this does mean is we are looking at a 526 00:29:03,080 --> 00:29:08,200 Speaker 7: really severe collision between the election calendar January fifteenth being 527 00:29:08,200 --> 00:29:11,120 Speaker 7: the Iowa caucuses and they ramp up from there and 528 00:29:11,400 --> 00:29:15,000 Speaker 7: these trials, because he is facing already five trials in 529 00:29:15,080 --> 00:29:17,920 Speaker 7: seven months, and that doesn't include this one, and then 530 00:29:17,920 --> 00:29:21,000 Speaker 7: of course what happens next week in Fulton County in Georgia. 531 00:29:21,120 --> 00:29:22,960 Speaker 7: So it's going to be a collision course for sure. 532 00:29:23,400 --> 00:29:26,120 Speaker 3: Very briefly, Rick Davis, as we try to juggle all 533 00:29:26,160 --> 00:29:29,120 Speaker 3: of these legal challenges in the minds of voters, and 534 00:29:29,360 --> 00:29:32,000 Speaker 3: what kind of political threat it is for the former president? 535 00:29:32,280 --> 00:29:34,720 Speaker 3: Is it the twenty twenty issues, is it the January 536 00:29:34,760 --> 00:29:38,480 Speaker 3: sixth issues? Is it the classified documents issues? I mean, 537 00:29:38,480 --> 00:29:42,240 Speaker 3: what is or are any of those a true political 538 00:29:42,320 --> 00:29:43,160 Speaker 3: drawback for him? 539 00:29:43,400 --> 00:29:43,560 Speaker 5: Oh? 540 00:29:43,600 --> 00:29:45,960 Speaker 6: I think they're all a distraction in general. As the 541 00:29:46,000 --> 00:29:47,920 Speaker 6: public learns more about each one and they'll take a 542 00:29:47,920 --> 00:29:50,479 Speaker 6: different approach to them. But right now I think a 543 00:29:50,480 --> 00:29:53,160 Speaker 6: lot of Republican voters are saying, Wow, how much of 544 00:29:53,200 --> 00:29:55,360 Speaker 6: a distraction is this? And is it going to allow 545 00:29:55,480 --> 00:29:58,000 Speaker 6: Joe Biden to slip the news and get reelectric? 546 00:29:58,360 --> 00:30:00,520 Speaker 3: Genny she and Zano and Rick Davis, thanks so much 547 00:30:00,560 --> 00:30:01,520 Speaker 3: for your insights. 548 00:30:04,760 --> 00:30:07,080 Speaker 6: Thanks for listening to the sound On podcast. Make sure 549 00:30:07,120 --> 00:30:09,960 Speaker 6: to subscribe if you haven't already, at Apple, Spotify, and 550 00:30:10,040 --> 00:30:12,560 Speaker 6: anywhere else you get your podcasts, And you can find 551 00:30:12,640 --> 00:30:15,720 Speaker 6: us live every weekday from Washington, DC at one pm 552 00:30:15,760 --> 00:30:19,640 Speaker 6: Eastern Time at Bloomberg dot com.