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Speaker 3: Not just any Thursday, is it Welcome to the fastest

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Speaker 3: show in politics, live from Washington. This is Balance of

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Speaker 3: Power and Bloomberg Radio on the satellite and on YouTube,

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Speaker 3: where you can find us right now by searching Bloomberg

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Speaker 3: Global News. Our live feed is up and running, and

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Speaker 3: we always save you a seat in the studio. On

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Speaker 3: this sixth of June, the eightieth anniversary of the D

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Speaker 3: Day invasions, President Biden, speaking earlier today from France, you

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Speaker 3: heard and saw the remarks on Bloomberg. He did not

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Speaker 3: mention Vladimir Putin, and he did not mention Donald Trump,

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Speaker 3: not by name. But his remarks at the American Cemetery

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Speaker 3: earlier Colville Sumer were a remarkable ceremony unfolded with American

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Speaker 3: veterans a century old sitting in wheelchairs in the first

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Speaker 3: part of the day today, wrapped in blankets. It was

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Speaker 3: cold outside to see President Biden, to see President Macron,

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Speaker 3: to see the King, and President Biden did have a

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Speaker 3: message to those who were not named.

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Speaker 4: Here's what he said.

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Speaker 5: Mark's unique ability to bring countries together is a undeniable

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Speaker 5: source of our strength and our power. Isolationism was not

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Speaker 5: the answer eighty years ago and is not the answer today.

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Speaker 3: Remarkable Outside of the speech, and we can talk about this,

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Speaker 3: we will with Garrick Graff, we will with our panel.

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Speaker 3: But to see the ceremony unfold, with the President of

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Speaker 3: the United States, the Commander in Chief there in person,

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Speaker 3: the President of France.

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Speaker 4: Bestowing a great.

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Speaker 3: Honor of French legion upon each veteran who is there.

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Speaker 3: They introduced themselves to each individual and kissed and hugged

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Speaker 3: him in a truly emotional and moving moment. And I'm

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Speaker 3: glad that we can have Garrick Graft with us. As

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Speaker 3: I mentioned, he's an historian and journalist and has been

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Speaker 3: reporting in Washington for a long time. But his new

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Speaker 3: book Today, When the Sea Came Alive, an oral history

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Speaker 3: of D Day, is why we are together. And Garrett,

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Speaker 3: it's great to have you. I welcome you back to Bloomberg.

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Speaker 3: Before we get into some of the stories that you heard,

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Speaker 3: absolutely the significance of this moment, as I just described it.

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Speaker 3: To see these two presidents with one hundred year old veterans,

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Speaker 3: many of whom are marking the last anniversary of D

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Speaker 3: Day that they will have the opportunity to with only

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Speaker 3: a couple of thousand left on this planet. How important

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Speaker 3: was that ceremony this morning.

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Speaker 6: I think that that's the point and undertone of all

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Speaker 6: of this week's remembrances of D Day is that this

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Speaker 6: is a moment when we're also marking the final passing

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Speaker 6: of that greatest generation, the generation that won World War Two,

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Speaker 6: saved Western democracy for us, and that this is, you know,

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Speaker 6: a moment where I think, in ways that you were

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Speaker 6: just talking about, you know, we're going to reflect a lot,

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Speaker 6: not just on their legacy and what they did for

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Speaker 6: freedom and democracy eighty years ago, but just how willing

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Speaker 6: we are in this generation to fight for freedom and

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Speaker 6: democracy in the way that they did on D Day

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Speaker 6: June sixth, nineteen forty four. You know, D Day has

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Speaker 6: this important part in our national cultural mythology because of

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Speaker 6: what it represents. You know, it is the most audacious

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Speaker 6: human endeavor ever undertaken before or since a million Allied

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Speaker 6: personnel in motion across the English Channel on D Day

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Speaker 6: and you know, seven thousand ships, the largest armada ever assembled,

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Speaker 6: three thousand airplanes carrying paratroopers into Normandy, and it was

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Speaker 6: a It was an invasion launched, unlike almost every invasion

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Speaker 6: in human military history, not to seize or conquer, but

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Speaker 6: to liberate. You know, the cause that those men fought

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Speaker 6: for on the beaches in Normandy, in the hedgerows of

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Speaker 6: Normandy eighty years ago was among the most noble humans

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Speaker 6: have ever fought.

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Speaker 4: Really well put.

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Speaker 3: You spoke with many of these veterans to create your book,

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Speaker 3: and we read yesterday in Stars and Stripescaret of a

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Speaker 3: one hundre a two year old veteran Robert PARASHITTI seventy

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Speaker 3: fourth reunion that I'm looking at a photograph here now

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Speaker 3: on this eightieth he died on his way there, reinforcing.

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Speaker 4: The importance of this moment.

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Speaker 6: Yeah, great Britain believes you know that there are just

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Speaker 6: six living British D Day veterans left alive, you know,

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Speaker 6: just to give you sort of some sense of how

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Speaker 6: small this pool really is now and that was really

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Speaker 6: my goal in trying to do this book at this

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Speaker 6: moment in history, which was you know, we have at

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Speaker 6: this time effectively every first person memory of D Day

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Speaker 6: we will ever have. You know, this is a moment

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Speaker 6: when D Day is moving from living memory into permanent history.

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Speaker 6: And so my goal with this book was to try

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Speaker 6: to assemble the story of D Day told in the

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Speaker 6: voices of those who participated in it in the first person.

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Speaker 6: And so, you know, for the I collected about five

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Speaker 6: thousand oral histories for this, mostly archival, and the finished

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Speaker 6: book has about seven hundred voices, trying to tell that huge, audacious,

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Speaker 6: courageous story in the voices in the first person as

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Speaker 6: they lived it. And I think one of the real

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Speaker 6: strengths that you get in oral history that makes it

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Speaker 6: unique as a form is I think when you read

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Speaker 6: and write narrative history, and I've written plenty of narrative

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Speaker 6: history myself, there's a tendency to make it seem you know, neater, cleaner, simpler,

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Speaker 6: more linear, more predetermined than any of the participants at

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Speaker 6: the time actually felt. And so you know, we view

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Speaker 6: D Day as this historic triumph, I mean, one of

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Speaker 6: the greatest days, not just of the twentieth century, but

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Speaker 6: of all of Western democracy.

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Speaker 2: When you talk to.

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Speaker 6: You know, when you read the letters of the soldiers

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Speaker 6: crossing the English Channel on June fifth, that they're writing

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Speaker 6: in their bunks aboard those landing craft. When you listen

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Speaker 6: to the oral histories of the paratroopers flying into Normandy,

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Speaker 6: there's not a lot of sense of courage and heroism

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Speaker 6: and bravery among them. You know, they are, they're young,

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Speaker 6: They're impossibly young, you know, seventeen, eighteen, nineteen years old,

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Speaker 6: you know, led by grizzled twenty one year old sergeants,

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Speaker 6: and you know they are you know, they're scared, they're lonely.

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Speaker 6: They're wondering whether they have what it takes to make

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Speaker 6: it in combat, whether they're going to let down their friends,

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Speaker 6: their comrades that they've trained alongside for so long for

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Speaker 6: this very moment, and they're wondering, of course, whether they're

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Speaker 6: going to live to see the end of the next day.

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Speaker 6: And of course, for about four thousand of the Allied troops,

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Speaker 6: they didn't.

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Speaker 3: You know, it's interesting we talk today about the great

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Speaker 3: success and scale of this operation, and the scale of

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Speaker 3: your oral history here is appropriately massive. To reflect the

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Speaker 3: story in its truest sense, but this could have gone

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Speaker 3: more than one way. And I'm always compelled by the

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Speaker 3: story of also I think of a lonely, if not

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Speaker 3: also scared Dwight Eisenhower who wrote a second letter and

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Speaker 3: filed it away in case the invasion was a failure.

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Speaker 3: Doesn't that tell us a bit about the humility of

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Speaker 3: the moment as well?

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Speaker 6: Yeah, And you know, in some ways, the most dramatic

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Speaker 6: chapter of this book is not the combat. It's the

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Speaker 6: decision that Ike and the other supreme Allied commanders have

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Speaker 6: to make in you know, over that weekend June third June,

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Speaker 6: fourth June fifth, of whether to launch the invasion at all.

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Speaker 6: They have this incredibly narrow window of just three days

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Speaker 6: at the start of June, when the tides and the

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Speaker 6: moon align, and they have you know, these ships already loaded,

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Speaker 6: already in motion. You know, all of the Allied forces

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Speaker 6: have now been briefed on what their missions are, what

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Speaker 6: the target is. You know, the secrecy is at risk,

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Speaker 6: and they know if those if the weather doesn't cooperate

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Speaker 6: in the notoriously uncooperative English Channel, they might have to

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Speaker 6: postpone the invasion for two weeks or even four weeks

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Speaker 6: to wait for the moon, and that would mean bringing

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Speaker 6: all the ships back, unloading all of them, putting all

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Speaker 6: of the secrecy of this operation at risk, not to

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Speaker 6: mention whether there would be enough time on the European

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Speaker 6: continent to carry out the build up necess before winter.

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Speaker 6: And so you know, that weekend, of course, as everyone knows,

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Speaker 6: the English Channel is hit by one of the worst

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Speaker 6: storms in its history. June fifth is sort of near

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Speaker 6: hurricane force winds and gales up and down the English Channel,

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Speaker 6: and the American meteorologists that weekend, the Allied meteorologists detect

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Speaker 6: just the tiniest possible window for an invasion to actually

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Speaker 6: happen on June sixth, after they'd already delayed it from

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Speaker 6: June fifth, which was the original target date. And what's amazing,

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Speaker 6: of course, is you learn this story is that the

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Speaker 6: Germans didn't have that meteorology as advanced, and so the

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Speaker 6: Germans don't seize this opportunity. They don't have their air

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Speaker 6: reconnaissance out, they don't have their naval reconnaissance out, and

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Speaker 6: Irwin Rommel, the German commander, actually looks at the weather says,

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Speaker 6: no way, the invasion's coming this week, and takes off

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Speaker 6: for Berlin to go back and celebrate his wife's birthday

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Speaker 6: and meet with Adolf Hitler. And so the title of

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Speaker 6: this book, When the Sea Came Alive, is actually from

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Speaker 6: a German soldier on Omaha Each waking up in his

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Speaker 6: bunker that Tuesday morning looking out at the horizon totally

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Speaker 6: totally surprised to find it packed with Allied ships.

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Speaker 4: What a vision you paint for us?

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Speaker 3: You talk to Private Frank Pallace Garrett, Regiment S two,

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Speaker 3: Section five hundred and six Parachute Regiment on hundred and

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Speaker 3: first Airborne, This quote stands out to us. I was

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Speaker 3: just a young kid like the rest of them. He

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Speaker 3: told you, try to free the world from the Nazis.

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Speaker 3: We did that, but we still haven't learned a damn thing.

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Speaker 3: That sticks with me. I'm sure it's stuck with you.

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Speaker 3: And as we listen to the President today speak in Normandy,

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Speaker 3: knowing that there were lawmakers there by the way, the

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Speaker 3: Speaker of the House did not attend. Having listened to

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Speaker 3: this six month argument overfunding for our allies in Ukraine,

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Speaker 3: it's hard to ignore the politics of the moment.

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Speaker 4: Were they appropriate?

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Speaker 6: Yeah? And I think the answer has to be yes.

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Speaker 6: I mean this is the legacy that this generation fought for.

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Speaker 6: You know, Ronald Reagan did so much to lionize and

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Speaker 6: valorize and sort of reframe the Battle of D Day

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Speaker 6: with that famous speech at Point to Hawk in nineteen

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Speaker 6: eighty four, and he said, in one of his speeches,

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Speaker 6: you know, democracy is only ever one generation away from extinction.

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Speaker 6: And I think that that is one of the messages

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Speaker 6: we really have to wrestle with as a country, as

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Speaker 6: a West right now as we watch, you know, a

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Speaker 6: significant D Day anniversary carried out at a time when

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Speaker 6: and democracy has probably never seemed as fragile at any

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Speaker 6: other D Day anniversary. This is you know, there's a

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Speaker 6: land war going on in Europe. You know, democracy is

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Speaker 6: on the ballot. The President and his allies will say

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Speaker 6: here at home this fall. And you know, I think

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Speaker 6: that there's a real question of is America is the West?

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Speaker 6: Are the allies from World War Two as willing to

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Speaker 6: fight for democracy now as that generation was then, Well.

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Speaker 4: That's a big question.

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Speaker 3: You essentially asked that in a great ed a guest

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Speaker 3: essay in The New York Times, Garrett writes, across the

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Speaker 3: next few months, we'll be hearing a lot of argument

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Speaker 3: about what America is and isn't. There's a simpler answer

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Speaker 3: to that question that many would like to admit. What

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Speaker 3: we'll fight for is who we are, and as we

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Speaker 3: look ahead, we must decide if we're still as willing

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Speaker 3: to to fight for democracy as the generation to storm

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Speaker 3: Normandy was eighty years ago. I only have a minute left,

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Speaker 3: Garrett Well, Joe Biden, channel Ronald Reagan and the boys

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Speaker 3: of Point to Hawk when he speaks tomorrow.

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Speaker 6: I think his hope is to do that, you know.

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Speaker 6: I think the White House sees this as an incredibly

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Speaker 6: important moment for setting the stakes of you know, not

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Speaker 6: just our national politics, but the geopolitics of the world

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Speaker 6: at this moment. Yeah, and what better way to kick

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Speaker 6: that off by honoring, you know, that small group of

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Speaker 6: living survivors who made it back to Normandy to remind

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Speaker 6: us of the human cost of defending democracy.

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Speaker 3: I'm going to congratulate you on this important project, Garrett.

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Speaker 3: I'd love for you to come and see us sometime

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Speaker 3: in the studio. Garrett Graff, author of When the Sea

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Speaker 3: Came Alive and Oral History of D Day, Thank you

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Speaker 3: for being part of our coverage.

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Speaker 1: Sing to the Bloomberg Balance of Power podcast kens Just

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Speaker 1: Live weekdays at noon Eastern on Applecarplay and then.

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Speaker 2: Roud Oro with the Bloomberg Business Ad.

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Speaker 1: You can also listen live on Amazon Alexa from our

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Speaker 1: flagship New York station, Just Say Alexa playing Bloomberg eleven thirty.

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Speaker 3: And our eyes of course overseas today with President Biden

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Speaker 3: delivering the address we've been talking about from Normandy on

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Speaker 3: this eightieth anniversary of D Day, it was a spectacular ceremony.

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Speaker 3: Though politics were, of course part of the President's speech.

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Speaker 3: He did not mention Vladimir Putin or Donald Trump, but

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Speaker 3: the message was clear as he called on the world

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Speaker 3: to preserve democracy. We're living in a time when democracy

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Speaker 3: is more at risk across the world at any point

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Speaker 3: since the end of World War Two, he said, knowing

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Speaker 3: of course, that Joe Biden is going to be meeting

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Speaker 3: on the sidelines with our European allies. President Manuel Macrone

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Speaker 3: was part of the ceremony this morning, as was King Charles.

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Speaker 3: And it's onto the G seven next week with Israel

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Speaker 3: of course in the air, not just Ukraine as the

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Speaker 3: President talked about today in this speech, but the potential

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Speaker 3: for a cease fire something we've been talking about now

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Speaker 3: for almost one week. It was last Friday that President

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Speaker 3: Biden held forth that the White House rolled out the

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Speaker 3: three phased plan, and since then it's been a war

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Speaker 3: of words between the White House and Benjamin Etna, who

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Speaker 3: has made clear that Israel is not prepared to sign

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Speaker 3: a permanent ceasefire until Hamas has destroyed. Hamas is not

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Speaker 3: willing to sign a ceasefire unless it's permanent. And so

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Speaker 3: we still sit here today, with the help of Sealia Mosen,

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Speaker 3: the host of of course, the Big Take DC podcast.

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Speaker 3: That's the topic of the show on the podcast that

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Speaker 3: drops today, Sleya with us at the table on Bloomberg

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Speaker 3: TV and Radio. It's great to see you. This is

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Speaker 3: one of these stories you cover that's fluid. It's going

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Speaker 3: to be different in an hour maybe, but the slow

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Speaker 3: drip of news has been really something considering that the

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Speaker 3: President stuck as now on that level last week.

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Speaker 7: Absolutely, it's been just six days. I've been really curious

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Speaker 7: as to why Biden chose that day, that moment to

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Speaker 7: make this announcement. It's easy to say that, oh, he's

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Speaker 7: looking for political points domestically here in the US, but

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Speaker 7: we also have to remember that every time he speaks

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Speaker 7: about the conflict between Israel Hamas, no one's ever happy

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Speaker 7: with what he says. So there's more to it than

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Speaker 7: what we think.

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Speaker 4: Well, look, that's true.

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Speaker 3: He's got folks on both ends of the political spectrum

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Speaker 3: doubting him right now, and he's hearing a lot from

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Speaker 3: progressive Democratic voters who don't like what's been happening and

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Speaker 3: are waiting for a cease fire announcement. So how do

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Speaker 3: we judge how far Joe Biden went beyond his conversations

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Speaker 3: with Benjamin netnya who in rolling out this comprehensive plan

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Speaker 3: that apparently Netanya who was not prepared to sign.

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Speaker 7: Yeah. Absolutely, Look, the world is watching. Everyone is wondering

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Speaker 7: how Biden is able to wield his influence, wield the

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Speaker 7: power that he has, and the friendship that he has

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Speaker 7: with Beebe, who he's known for more than three d

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Speaker 7: since he was a junior senator in his forties. We

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Speaker 7: are seeing some surprise from the Israeli Prime minister. Some

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Speaker 7: of that has to do with how the Israeli government

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Speaker 7: is made up. It's a parliamentary system and there's a

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Speaker 7: lot of in the coalition. The ruling coalition. There is

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Speaker 7: strife over this deal, whether there should be a ceasefire,

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Speaker 7: what kind of deal they want, So the contours of

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Speaker 7: it are muddied just within Israel, and then you're trying

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Speaker 7: to go and talk abroad and openly at the same

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Speaker 7: time you're dealing with Hamas and what they want out

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Speaker 7: of this deal.

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Speaker 3: Remarkable, and Bill Burns, the CIA director, is dispatched back

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Speaker 3: to the region, which gave some folks hope that tends

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Speaker 3: to lead to things. When Bill Burns is at the table,

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Speaker 3: what are you hearing though about the timeline, the amount

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Speaker 3: of patience that the White House.

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Speaker 4: Is going to have.

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Speaker 7: It sounds like the ball is in Nyahu's court. Hamas

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Speaker 7: has made some comments showing their hand a little bit

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Speaker 7: that there are contours of this dealer are parts here

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Speaker 7: that do make sense to them. Biden is in Europe

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Speaker 7: right now. He goes back to Europe next week for

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Speaker 7: the G seven. He's trying to project strength, but we

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Speaker 7: really just need to see what Natanyahu wants to do.

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Speaker 7: So far, the comments that he's made kind of show

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Speaker 7: that he is more interested in a prolonged conflict, but

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Speaker 7: he hasn't stated unequivocally what he wants to do next.

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Speaker 4: How are you getting to this on the podcast?

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Speaker 7: We're getting to this with We spoke to the Israel

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Speaker 7: bureau chief for Bloomberg White House, corresponding to Justin Sink

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Speaker 7: trying to find out what is going on inside the

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Speaker 7: White House, inside the Israeli Parliament, the Kanesse, and why

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Speaker 7: there are so many domestic concerns on each side that

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Speaker 7: spill out into this global conflict.

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Speaker 4: Fantastic.

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Speaker 3: I'm looking forward to this and you've got sync on

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Speaker 3: a microphone. You're going to have to tell me how

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Speaker 3: you pull that off. Later, Salia Molson with.

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Speaker 4: The Great Big Take DC podcast. It drops today.

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Speaker 3: Subscribe on Apple, Spotify and all the same places you

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Speaker 3: do your podcast stuff.

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Speaker 4: Se Leiah, thank you.

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Speaker 3: We have this conversation every week to remind you when

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Speaker 3: the show drops. And I want to add the voice

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Speaker 3: now of Jane Harmon. What a great opportunity to focus

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Speaker 3: on geopolitics on this eightieth anniversary of the D Day invasion,

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Speaker 3: Chair of the Commission on the National Defense Strategy, President

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Speaker 3: Emerita for the Woodrow Wilson Center. Jane, it's great to

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Speaker 3: see you. Thank you so much for joining us here.

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Speaker 3: We're talking about Israel. We're talking about Ukraine, both of

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Speaker 3: which are in the air. As the President addressed this

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Speaker 3: very important ceremony earlier today.

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Speaker 4: The politics of the moment are hard to ignore, aren't.

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Speaker 8: They very hard to ignore. But let's not lose what

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Speaker 8: happened earlier today. Let's just linger there for one minute.

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Speaker 8: It was so moving to see the President of France

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Speaker 8: present the Lejondonnero Awards to the surviving soldiers, who not

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Speaker 8: only stood haltingly, but one of them even saluted. I

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Speaker 8: can't tell you how many people must have shed tears

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Speaker 8: over that. It was a moment of unity, and it

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Speaker 8: was a salute to American leadership with partners and allies.

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Speaker 8: Let's not forget that Ukraine was part of the President's speech,

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Speaker 8: and boy, oh boy, his commitments to stick with in

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Speaker 8: Ukraine mattered a lot onto Israel. I think the US

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Speaker 8: is trying to lead. I think the deal is a

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Speaker 8: good deal. I don't know whether Biden mentioned it too

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Speaker 8: soon or not, but I think today was also the

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Speaker 8: deadline that Benny Gantz, a member of the War Coalition

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Speaker 8: but not a member of BB Netanyahu's party, said was

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Speaker 8: his deadline for pulling out of the coalition, I'm guessing,

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Speaker 8: and I don't think we have to talk about it

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Speaker 8: live on TV. I'm guessing that a lot is going

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Speaker 8: on behind the scenes to try to figure out a

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Speaker 8: way forward where BB achieves two things that he desperately wants.

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Speaker 8: One is staying in power. We can decide whether we

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Speaker 8: love that or not, but it's up to Israel. And

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Speaker 8: the other is staying out of jail. And if those

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Speaker 8: things can be resolved, then maybe we can make progress.

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Speaker 8: The hostages are dying, and the hostages are also the

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Speaker 8: only leverage that Hamas leadership has at the moment, which

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Speaker 8: is why they're not giving them up.

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Speaker 9: But we have more.

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Speaker 8: Leverage, and I'm glad Bill Burns is there, and I'm

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Speaker 8: glad he's in Doha and other capitals urging that the

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Speaker 8: political leadership of Hamas be told that they have to

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Speaker 8: put pressure on their folks to end this and take

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Speaker 8: this deal and then hopefully the similar things happening inside

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Speaker 8: Israel and US leadership has to stay.

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Speaker 3: Gee, I'm so happy that you slowed us down to

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Speaker 3: recall that moment we talked about it earlier. To see

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Speaker 3: the legion of honor bestowed on these eleven US veterans

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Speaker 3: with the Commander in Chief, with President Biden there, with

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Speaker 3: President Emmanuel Macrone. They kissed and hugged individually each of

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Speaker 3: those men, and it was an incredibly moving moment. The

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Speaker 3: President went on to say, we're living in a time

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Speaker 3: when democracy is more at risk across the world than

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Speaker 3: at any point since the end of World War Two?

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Speaker 4: Do you believe that?

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Speaker 9: Yes, and we have to fight for it.

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Speaker 8: There is a clash of values, if you want to

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Speaker 8: call what Russia and China believe in values.

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Speaker 9: But there's a clash of values.

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Speaker 8: US values plus partners and allies prevailed in nineteen forty

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Speaker 8: five eighty years ago, or just before nineteen forty five

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Speaker 8: eighty years ago, and that is our best weapon, our values.

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Speaker 8: And I thought Biden was pitch perfect this morning.

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Speaker 9: I really did.

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Speaker 8: And I don't mean this to be a partisan comment,

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Speaker 8: because if we lose our freedom, what is it exactly

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Speaker 8: that America is two and a half years from now,

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Speaker 8: our declaration of independence will be two hundred and fifty

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Speaker 8: years old. I was recently in Philadelphia and I saw

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Speaker 8: the little house where Thomas Jefferson wrote it.

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Speaker 9: That moves me.

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Speaker 8: I'm the daughter of a refugee from Nazi Germany, and

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Speaker 8: my family found its way here and I had every

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Speaker 8: opportunity here, and I would never have had those opportunities

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Speaker 8: had they moved to Russia or China.

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Speaker 9: No way.

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Speaker 4: It's great to hear you talk today, Jane.

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Speaker 3: The President's going to try, as we keep hearing in

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Speaker 3: the White Houses not being quiet about this, to channel

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Speaker 3: Ronald Reagan tomorrow and his boys of point to hawk speech.

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Speaker 3: The President will be doing his own tomorrow. What does

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Speaker 3: it say about where we are now when the Democratic

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Speaker 3: president is trying to channel this Republican from the nineteen eighties.

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Speaker 8: Well, I have called myself a Reagan Democrat in the

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Speaker 8: sense that Reagan's peace through Strength agenda really resonates, certainly

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Speaker 8: resonates with me, and I think Biden is right to

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Speaker 8: remember that time. If you've been to Plantuhak and you

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Speaker 8: see where these brave men skilled sheer cliffs with fire

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Speaker 8: coming down, you will remember that there was air cover.

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Speaker 8: I'm mentioning this for a reason.

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Speaker 9: Air cover. I don't think they would have prevailed without it.

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Speaker 9: And that is why.

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Speaker 8: Think Ukraine we have taken way too long to provide

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Speaker 8: adequate airpower to Ukraine I'm glad we're finally moving to

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Speaker 8: do so. But Ukraine needs everything it can get from

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Speaker 8: the West to win this challenge against Russia. And if

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Speaker 8: they don't win this challenge against Russia, think what we

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Speaker 8: went through in nineteen on d Day eighty years ago.

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Speaker 8: We may have to muster all that as we, as

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Speaker 8: a partner in NATO, defend our freedom. So, I mean,

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Speaker 8: there's just so much on the table right now, and

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Speaker 8: it will be great to see the President at Plantu

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Speaker 8: Hak and to hear a message that's bipartisan. It's not

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Speaker 8: a dirty word, bipartisan unity.

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Speaker 3: It's not a dirty word on this program. Mitch McConnell

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Speaker 3: was writing in The New York Times Jane, it should

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Speaker 3: not take another catastrophic attack like Pearl Harbor to wake

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00:25:36,640 --> 00:25:40,840
Speaker 3: today's isolationists from the delusion that regional conflicts have no

439
00:25:40,920 --> 00:25:44,360
Speaker 3: consequences from the world's most powerful and prosperous nation.

440
00:25:44,960 --> 00:25:46,440
Speaker 4: Who was he talking about.

441
00:25:49,520 --> 00:25:52,080
Speaker 8: Gee, I can't imagine. Who do you think he was

442
00:25:52,080 --> 00:25:56,159
Speaker 8: talking about? Unfortunately, in our country now, there is an

443
00:25:56,240 --> 00:25:59,520
Speaker 8: alliance on both ends of the spectrum of people who

444
00:25:59,560 --> 00:26:01,840
Speaker 8: really don't don't get it that we can't build walls

445
00:26:01,920 --> 00:26:04,359
Speaker 8: high enough to keep this country out of the world,

446
00:26:04,359 --> 00:26:07,480
Speaker 8: nor would we want to. We're the beacon of freedom.

447
00:26:07,800 --> 00:26:11,600
Speaker 8: The whole American dream is based on integrating with the world,

448
00:26:11,680 --> 00:26:15,119
Speaker 8: and our role again since D Day or on D

449
00:26:15,240 --> 00:26:18,600
Speaker 8: Day and actually before that, has been to lead.

450
00:26:18,880 --> 00:26:20,760
Speaker 9: And that's what Mitch McConnell is saying.

451
00:26:21,119 --> 00:26:26,600
Speaker 8: And you know, bipartisan leadership channeling both Biden and Reagan

452
00:26:27,080 --> 00:26:29,720
Speaker 8: will be very necessary right now, and I hope we

453
00:26:30,840 --> 00:26:31,680
Speaker 8: rise to the moment.

454
00:26:33,119 --> 00:26:35,400
Speaker 3: Well, I'm glad you could talk with us today, Jane,

455
00:26:35,680 --> 00:26:39,119
Speaker 3: on this eightieth anniversary. Isn't that remarkable of the D

456
00:26:39,280 --> 00:26:41,720
Speaker 3: Day invasion? Jane Harmon, Chair of the Commission on the

457
00:26:41,800 --> 00:26:45,040
Speaker 3: National Defense Strategy, President Emerita Woodrow Wilson Center, and of

458
00:26:45,080 --> 00:26:47,080
Speaker 3: course former Congresswoman.

459
00:26:50,680 --> 00:26:54,280
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

460
00:26:54,320 --> 00:26:57,240
Speaker 1: Just Live weekdays at noon Eastern on Evocar Play and

461
00:26:57,240 --> 00:26:57,960
Speaker 1: then broun.

462
00:26:57,680 --> 00:26:59,720
Speaker 2: Otto with the Bloomberg Business app.

463
00:27:00,080 --> 00:27:03,240
Speaker 1: Demand wherever you get your podcasts, or watch us live

464
00:27:03,359 --> 00:27:05,679
Speaker 1: on YouTube.

465
00:27:06,680 --> 00:27:10,200
Speaker 3: On an important day in politics across the ocean, as

466
00:27:10,320 --> 00:27:14,720
Speaker 3: President Biden spoke from the eightieth anniversary of the D

467
00:27:14,840 --> 00:27:19,879
Speaker 3: Day landing spoke from Normandy earlier today with a call

468
00:27:20,320 --> 00:27:24,240
Speaker 3: after greeting veterans in a beautiful ceremony that took place earlier,

469
00:27:25,520 --> 00:27:29,240
Speaker 3: a call to this global audience to preserve democracy.

470
00:27:29,280 --> 00:27:30,359
Speaker 4: Here's part of his speech.

471
00:27:31,359 --> 00:27:36,919
Speaker 5: Mark's unique ability to bring countries together is undeniable source

472
00:27:36,960 --> 00:27:41,879
Speaker 5: of our strength and our power. Isolationism was not the

473
00:27:41,920 --> 00:27:45,800
Speaker 5: answer eighty years ago and is not the answer.

474
00:27:45,440 --> 00:27:51,479
Speaker 3: Today with multiple audiences. As we assemble our panel now,

475
00:27:51,560 --> 00:27:55,280
Speaker 3: Genie Shanzano is with us, Bloomberg Politics contributor and of

476
00:27:55,280 --> 00:27:59,159
Speaker 3: course Democratic analysts, joined today by Republican strategists Chape and

477
00:27:59,240 --> 00:28:00,800
Speaker 3: Faye Actum.

478
00:28:00,880 --> 00:28:02,679
Speaker 4: It's good to have you both, your Genie.

479
00:28:02,680 --> 00:28:05,480
Speaker 3: This was a moment for Joe Biden, without mentioning the

480
00:28:05,560 --> 00:28:09,680
Speaker 3: names Trump or putin, to deliver a poignant message. He's

481
00:28:09,720 --> 00:28:11,920
Speaker 3: going to speak again tomorrow. But there were some lawmakers

482
00:28:11,960 --> 00:28:14,680
Speaker 3: who were there today, not including the Speaker of the House,

483
00:28:15,400 --> 00:28:18,840
Speaker 3: who were somewhat responsible for slow walking funding for Ukraine,

484
00:28:18,880 --> 00:28:21,920
Speaker 3: which he talked about a lot. The cause in Ukraine,

485
00:28:22,160 --> 00:28:25,600
Speaker 3: the cause against authoritarianism. Was this the right stage for

486
00:28:25,640 --> 00:28:26,359
Speaker 3: that message?

487
00:28:27,600 --> 00:28:29,600
Speaker 10: It absolutely was? And can I just say I'm on

488
00:28:29,680 --> 00:28:33,879
Speaker 10: pins and needles about these astronauts docking potentially eighty years

489
00:28:33,920 --> 00:28:37,240
Speaker 10: after D Day, it's very exciting and so glad you're

490
00:28:37,280 --> 00:28:39,800
Speaker 10: covering it, and you know it was I thought a

491
00:28:39,960 --> 00:28:43,240
Speaker 10: very moving ceremony. It was the right message. He did

492
00:28:43,280 --> 00:28:47,560
Speaker 10: not mention Trump or putin by name, although you didn't

493
00:28:47,560 --> 00:28:49,800
Speaker 10: take much to figure out who he was talking about.

494
00:28:50,000 --> 00:28:52,400
Speaker 10: But the message is critically important, and that is the

495
00:28:52,520 --> 00:28:57,360
Speaker 10: message that isolationism makes us weak. And it is exactly

496
00:28:57,520 --> 00:29:00,840
Speaker 10: juxtaposed to the message that Donald Trump campaigned on in

497
00:29:00,880 --> 00:29:04,080
Speaker 10: twenty sixteen, twenty twenty and again now, which is this

498
00:29:04,160 --> 00:29:08,720
Speaker 10: whole notion of make America great. He has made isolationism

499
00:29:09,160 --> 00:29:12,840
Speaker 10: fashionable again, if you will, and attractive to voters. And

500
00:29:12,880 --> 00:29:15,959
Speaker 10: it is Joe Biden's job as president to use this

501
00:29:16,000 --> 00:29:19,960
Speaker 10: as a teaching moment to explain to people, most of us,

502
00:29:20,040 --> 00:29:24,600
Speaker 10: not around eighty years ago, why we cannot isolate from

503
00:29:24,640 --> 00:29:26,720
Speaker 10: the rest of the world if we want to be

504
00:29:26,800 --> 00:29:30,880
Speaker 10: strong ourselves and to save democracy. So absolutely the right message,

505
00:29:30,880 --> 00:29:32,720
Speaker 10: and hopefully he's able to hit it on the park

506
00:29:32,760 --> 00:29:36,080
Speaker 10: again tomorrow as he has these two other big events

507
00:29:37,400 --> 00:29:37,720
Speaker 10: chape It.

508
00:29:37,760 --> 00:29:40,560
Speaker 3: I don't know the politics of all these veterans who

509
00:29:40,560 --> 00:29:43,640
Speaker 3: were actually on the stage behind Joe Biden. The staging

510
00:29:43,720 --> 00:29:49,200
Speaker 3: included many veterans in their late nineties, one hundred years old,

511
00:29:49,720 --> 00:29:53,520
Speaker 3: many in wheelchairs this morning listening to the president, the

512
00:29:53,560 --> 00:29:56,760
Speaker 3: political nature of this speech cannot be ignored.

513
00:29:56,840 --> 00:29:57,560
Speaker 4: Was it appropriate?

514
00:30:00,960 --> 00:30:01,440
Speaker 2: So he's the.

515
00:30:01,360 --> 00:30:05,480
Speaker 11: President, he could talk about whatever he wants whenever, And

516
00:30:05,600 --> 00:30:07,880
Speaker 11: like you said, I don't think you can separate the

517
00:30:07,920 --> 00:30:11,480
Speaker 11: politics from that particular speech. And I think the president,

518
00:30:12,360 --> 00:30:14,160
Speaker 11: you know, he's smart to be doing what he's doing

519
00:30:14,480 --> 00:30:18,760
Speaker 11: for his side. Right in his campaign, veterans and military

520
00:30:18,800 --> 00:30:21,640
Speaker 11: issues usually skew more conservative or at least right of center,

521
00:30:22,280 --> 00:30:27,920
Speaker 11: and it's a voting group that President Biden needs. As

522
00:30:27,960 --> 00:30:30,600
Speaker 11: far as the messaging and the substance of the message,

523
00:30:30,840 --> 00:30:33,160
Speaker 11: you know, I don't know that that's appropriate, and I

524
00:30:33,160 --> 00:30:35,920
Speaker 11: wouldn't necessarily call it isolationism, But there were no new

525
00:30:36,000 --> 00:30:38,880
Speaker 11: wars that began under President Trump, and the world was

526
00:30:39,040 --> 00:30:41,400
Speaker 11: just safer under.

527
00:30:40,840 --> 00:30:44,920
Speaker 4: His presidency than it is now. There are various reasons

528
00:30:44,960 --> 00:30:45,600
Speaker 4: for that, but.

529
00:30:45,720 --> 00:30:48,120
Speaker 11: Joe Biden is president, and the buck stops there. The

530
00:30:48,120 --> 00:30:51,280
Speaker 11: world is less safe now than it was under President Trump.

531
00:30:51,320 --> 00:30:53,760
Speaker 11: So you could call it isolationism, you could call it

532
00:30:53,840 --> 00:30:57,080
Speaker 11: any number of things.

533
00:30:57,360 --> 00:30:57,920
Speaker 12: But it was.

534
00:30:58,200 --> 00:31:00,360
Speaker 11: But what it was was that we were safer America

535
00:31:00,400 --> 00:31:01,680
Speaker 11: was safe for, the world was safe for. There were

536
00:31:01,720 --> 00:31:03,880
Speaker 11: fewer wars under President Trump. And that's just a fact.

537
00:31:03,920 --> 00:31:05,000
Speaker 11: And we could argue about.

538
00:31:04,760 --> 00:31:08,360
Speaker 3: Why that is so, is the fact, Yeah, and we're

539
00:31:08,360 --> 00:31:09,800
Speaker 3: not here to argue. But I would point you to

540
00:31:09,880 --> 00:31:12,000
Speaker 3: Mitch McConnell's outbed in the New York Times this morning.

541
00:31:12,040 --> 00:31:14,800
Speaker 3: Pretty fascinating to see the Republican leader of the Senate. Quote,

542
00:31:14,840 --> 00:31:17,520
Speaker 3: it should not take another catastrophic attack like Pearl Harbor

543
00:31:17,840 --> 00:31:21,600
Speaker 3: to wake today's isolationists from the delusion that regional conflicts

544
00:31:21,640 --> 00:31:26,080
Speaker 3: have no consequences for the world's most powerful and prosperous

545
00:31:26,160 --> 00:31:28,480
Speaker 3: nation unquote. Is there some wisdom to that chapin?

546
00:31:30,120 --> 00:31:30,560
Speaker 12: Of course?

547
00:31:31,160 --> 00:31:33,480
Speaker 11: And again I think what you're seeing is there is

548
00:31:33,600 --> 00:31:36,240
Speaker 11: sort of I wouldn't call it, you know, civil war

549
00:31:36,360 --> 00:31:38,720
Speaker 11: like the other side does. But you are seeing some

550
00:31:38,840 --> 00:31:42,080
Speaker 11: tension within the Republican Party. You have a the younger

551
00:31:42,120 --> 00:31:45,760
Speaker 11: generation is very much aligned with what President Trump is

552
00:31:45,760 --> 00:31:50,160
Speaker 11: saying about foreign policy and wars, and Mitchell Center McConnell,

553
00:31:50,160 --> 00:31:53,560
Speaker 11: who I have the utmost respect for for many reasons,

554
00:31:53,680 --> 00:31:56,520
Speaker 11: is part of the old Guard, right. They are sort

555
00:31:56,520 --> 00:31:59,680
Speaker 11: of the nation building camp of two generations or a

556
00:31:59,680 --> 00:32:04,000
Speaker 11: generation from to go. I do respect his opinion, and

557
00:32:04,160 --> 00:32:07,040
Speaker 11: of course, I you know, I think isolationism is the

558
00:32:07,080 --> 00:32:11,200
Speaker 11: wrong way to describe it. And I do think isolationism

559
00:32:11,360 --> 00:32:16,360
Speaker 11: is a problem. But you know, supporting our allies, uh,

560
00:32:16,680 --> 00:32:20,360
Speaker 11: you know, doesn't always mean, you know, getting into wars.

561
00:32:20,680 --> 00:32:22,880
Speaker 11: You know, you see the conflict with with is between

562
00:32:22,920 --> 00:32:25,680
Speaker 11: Israel and Hamas right now. I mean, you know, Israel

563
00:32:25,760 --> 00:32:28,320
Speaker 11: is our ally and I'm not sure we're seeing like

564
00:32:28,440 --> 00:32:31,840
Speaker 11: full backing of them in this particular war. So these

565
00:32:31,920 --> 00:32:36,479
Speaker 11: things are very complicated. And again, you know, under President Trump,

566
00:32:36,720 --> 00:32:38,480
Speaker 11: and we can debate it, we could talk about why,

567
00:32:38,720 --> 00:32:40,600
Speaker 11: you know, what the reasons were. But under President Trump,

568
00:32:40,760 --> 00:32:41,760
Speaker 11: you know, these things didn't.

569
00:32:41,560 --> 00:32:43,400
Speaker 4: Happen as often right around the world.

570
00:32:43,640 --> 00:32:46,280
Speaker 3: Chape and Faith, it's great to have you back, Republican strategist,

571
00:32:46,320 --> 00:32:49,560
Speaker 3: managing director at Actum, and of course Jeanie Shanz, no

572
00:32:49,560 --> 00:32:53,440
Speaker 3: Bloomberg Politics contributor and also a Senior Democracy Fellow with

573
00:32:53,480 --> 00:32:55,640
Speaker 3: the Center for the Study of the Presidency in Congress.

574
00:32:55,800 --> 00:33:02,440
Speaker 3: Great conversation today on Balance of Power. As always, you're

575
00:33:02,480 --> 00:33:05,240
Speaker 3: listening to the Bloomberg Balance of Power podcast.

576
00:33:05,440 --> 00:33:08,920
Speaker 1: Kench just Live weekdays at noon Eastern on Applecarplay and then.

577
00:33:08,880 --> 00:33:10,760
Speaker 2: Roun Oo with the Bloomberg Business App.

578
00:33:10,920 --> 00:33:13,760
Speaker 1: You can also listen live on Amazon Alexa from our

579
00:33:13,760 --> 00:33:21,040
Speaker 1: flagship New York station. Just say Alexa, play Bloomberg eleven thirty.

580
00:33:20,040 --> 00:33:22,400
Speaker 3: Hundreds of millions of dollars now being invested in the

581
00:33:22,480 --> 00:33:23,680
Speaker 3: downtown d C.

582
00:33:24,000 --> 00:33:24,400
Speaker 4: Area.

583
00:33:24,640 --> 00:33:26,720
Speaker 3: If you've been to the nation's capital, maybe you've seen

584
00:33:26,760 --> 00:33:29,880
Speaker 3: a Wizard's or a Caps game. All of this is

585
00:33:30,680 --> 00:33:34,520
Speaker 3: due in part to a deal that fell apart. Ted Leonsis,

586
00:33:34,640 --> 00:33:38,239
Speaker 3: the chair and CEO of Monumental Sports and Entertainment, had

587
00:33:38,240 --> 00:33:41,040
Speaker 3: a two billion dollar deal in principle, a handshake deal

588
00:33:41,400 --> 00:33:44,680
Speaker 3: to bring the company across the river to Virginia. It

589
00:33:44,760 --> 00:33:47,880
Speaker 3: fell apart, and he is now in his second chapter

590
00:33:48,000 --> 00:33:50,160
Speaker 3: here in Washington, d C. And a deal with the

591
00:33:50,160 --> 00:33:52,160
Speaker 3: mayor and the city council worth a half a billion

592
00:33:52,240 --> 00:33:56,520
Speaker 3: dollars to reinvest, reimagine, and recreate the downtown area. We

593
00:33:56,640 --> 00:34:01,040
Speaker 3: sat down earlier here on Bloomberg and asked him about

594
00:34:01,080 --> 00:34:04,680
Speaker 3: the politics that he blamed for killing that deal in Virginia.

595
00:34:04,680 --> 00:34:08,239
Speaker 13: Here he is, I never signed anything. That's the most

596
00:34:08,280 --> 00:34:11,040
Speaker 13: remarkable thing in it was a handshake. Yeah, it was

597
00:34:11,080 --> 00:34:14,400
Speaker 13: a handshake deal. And you know, Washington d C. I

598
00:34:15,080 --> 00:34:18,279
Speaker 13: came here from Lowell, Massachusetts on a Greyhound bus and

599
00:34:18,800 --> 00:34:22,600
Speaker 13: the mid seventies, fell in love with the city, went

600
00:34:22,640 --> 00:34:26,960
Speaker 13: to Georgetown University, and then we stood up AOL and

601
00:34:27,080 --> 00:34:31,600
Speaker 13: built really the commercialization of the internet not too far

602
00:34:31,640 --> 00:34:33,000
Speaker 13: away in Virginia.

603
00:34:33,320 --> 00:34:34,960
Speaker 12: And I've always looked at this.

604
00:34:35,040 --> 00:34:40,600
Speaker 13: Community, the DMV if you will, being the District Maryland

605
00:34:40,640 --> 00:34:45,800
Speaker 13: in Virginia. It's the most important market. It's ten million people.

606
00:34:45,920 --> 00:34:48,680
Speaker 13: It's the third or fourth largest DMA in the country.

607
00:34:49,280 --> 00:34:52,560
Speaker 13: And so you know DC. We need a strong DC,

608
00:34:52,760 --> 00:34:56,320
Speaker 13: We need a strong downtown. And we owned the building,

609
00:34:56,400 --> 00:34:59,560
Speaker 13: we owned the teams, we own the network, the studios here,

610
00:35:00,000 --> 00:35:02,719
Speaker 13: and so why you've made a big commitment, and we'll

611
00:35:02,719 --> 00:35:05,720
Speaker 13: work with the mayor and help to reimagine what should

612
00:35:05,760 --> 00:35:09,520
Speaker 13: the next version of downtown rebirth look like.

613
00:35:09,600 --> 00:35:11,960
Speaker 3: Yeah, I want to ask you about what that looks like.

614
00:35:12,040 --> 00:35:13,120
Speaker 4: But did Governor.

615
00:35:12,800 --> 00:35:16,400
Speaker 3: Glenn Youngkin get a little over his skis when he

616
00:35:16,480 --> 00:35:17,600
Speaker 3: shook your hand on that deal?

617
00:35:17,640 --> 00:35:18,160
Speaker 4: What happened?

618
00:35:18,520 --> 00:35:22,960
Speaker 13: I think the governor is a really great executive, and

619
00:35:23,440 --> 00:35:31,160
Speaker 13: he dealt with what basically everyone is dealing with, a

620
00:35:31,320 --> 00:35:38,520
Speaker 13: real bifurcated view of what is best for people and

621
00:35:38,920 --> 00:35:43,000
Speaker 13: when I said Paula Tooks took over, this was a great,

622
00:35:43,080 --> 00:35:48,320
Speaker 13: great business deal. And we were told that your business

623
00:35:48,400 --> 00:35:52,200
Speaker 13: isn't wanted here. And so that was done not through

624
00:35:52,480 --> 00:35:56,520
Speaker 13: where we were being located in Alexandria, but by the

625
00:35:56,520 --> 00:36:00,640
Speaker 13: political machine in Richmond. And you know, you get to

626
00:36:00,680 --> 00:36:03,560
Speaker 13: the point where you say, there's no place like home.

627
00:36:04,160 --> 00:36:07,000
Speaker 13: And we work to deal with the mayor and the

628
00:36:07,040 --> 00:36:10,680
Speaker 13: city council, and you know, we're a part of that team.

629
00:36:11,120 --> 00:36:18,200
Speaker 13: And the country needs a functioning, strong, safe, clean growth mindset.

630
00:36:18,320 --> 00:36:19,120
Speaker 12: Washington, d C.

631
00:36:19,360 --> 00:36:22,840
Speaker 13: Where a bell weather, if you will, for the entire country.

632
00:36:23,520 --> 00:36:27,600
Speaker 13: And we fell behind a bit pre pandemic, during the

633
00:36:27,600 --> 00:36:32,520
Speaker 13: pandemic post pandemic, and I'm really glad that there's been

634
00:36:32,600 --> 00:36:35,839
Speaker 13: this reckoning, if you will, and it's happening in all

635
00:36:35,880 --> 00:36:39,200
Speaker 13: major metro areas and now we can move forward in

636
00:36:39,280 --> 00:36:44,520
Speaker 13: coordination with business and the philanthropy community. We have a

637
00:36:44,600 --> 00:36:49,800
Speaker 13: unique set of issues here because of the federal government overlay,

638
00:36:50,280 --> 00:36:52,959
Speaker 13: and you know, just every day we have to deal

639
00:36:53,000 --> 00:36:57,520
Speaker 13: with things that connect Virginia and Maryland in DC, like

640
00:36:57,600 --> 00:37:02,239
Speaker 13: the metro, like the track effect that needs to be mitigated,

641
00:37:02,320 --> 00:37:06,160
Speaker 13: like the infrastructure dollars that are being spent on roads

642
00:37:06,239 --> 00:37:09,480
Speaker 13: and road closures and so all of that. I think

643
00:37:09,560 --> 00:37:14,080
Speaker 13: we can play a big social responsibility role in helping

644
00:37:14,120 --> 00:37:15,000
Speaker 13: them make things better.

645
00:37:15,160 --> 00:37:18,640
Speaker 3: Well, you're going to play a pivotal role in the

646
00:37:18,640 --> 00:37:20,680
Speaker 3: future of the city in the downtown area. I heard

647
00:37:20,680 --> 00:37:22,680
Speaker 3: you mentioned the other day you might be interested in,

648
00:37:22,719 --> 00:37:26,040
Speaker 3: speaking of talking like a politician an honorary title vice

649
00:37:26,080 --> 00:37:28,799
Speaker 3: Mayor of the d DC Downtown DC, because that's kind

650
00:37:28,840 --> 00:37:32,040
Speaker 3: of what you are. You joined city officials on a

651
00:37:32,080 --> 00:37:34,759
Speaker 3: trip to Las Vegas to a retail conference a couple

652
00:37:34,840 --> 00:37:37,560
Speaker 3: of weeks ago to bring business here. You're representing the

653
00:37:37,600 --> 00:37:42,120
Speaker 3: city and what is truly a balance of politics and business.

654
00:37:41,800 --> 00:37:42,080
Speaker 2: Isn't it.

655
00:37:42,440 --> 00:37:44,720
Speaker 13: Yes, you may not know this, but I was once

656
00:37:45,120 --> 00:37:48,320
Speaker 13: mayor elected mayor of my town in Florida.

657
00:37:48,719 --> 00:37:50,600
Speaker 12: I serve for six years as mayor.

658
00:37:51,160 --> 00:37:55,120
Speaker 13: Every time I see many of Bloomberg, we choke and

659
00:37:55,160 --> 00:37:58,160
Speaker 13: call each other honorable. So you should pay a little

660
00:37:58,160 --> 00:37:59,200
Speaker 13: more respect.

661
00:37:58,800 --> 00:37:59,839
Speaker 12: To me there, mister mayor.

662
00:38:00,000 --> 00:38:00,480
Speaker 4: Appreciate it.

663
00:38:00,520 --> 00:38:04,920
Speaker 13: Yes, I understand the role that we can play in

664
00:38:05,000 --> 00:38:10,160
Speaker 13: attracting businesses. And frankly, I said, I was surprised at

665
00:38:10,520 --> 00:38:13,719
Speaker 13: you'd always heard how well managed the state of Virginia

666
00:38:14,520 --> 00:38:18,960
Speaker 13: is it has low taxes. It's a great state. But

667
00:38:19,120 --> 00:38:21,120
Speaker 13: I found it easier.

668
00:38:20,640 --> 00:38:22,399
Speaker 12: To negotiate and work with.

669
00:38:22,440 --> 00:38:25,240
Speaker 13: The City of DC than I did with the State

670
00:38:25,719 --> 00:38:29,040
Speaker 13: of Virginia. And so yeah, I'm going to go out

671
00:38:29,080 --> 00:38:31,760
Speaker 13: and be an evangelist for the city, for the mayor,

672
00:38:31,760 --> 00:38:35,400
Speaker 13: for the city council. I want a higher quality of

673
00:38:35,480 --> 00:38:38,120
Speaker 13: life for our employees. We bring two and a half

674
00:38:38,160 --> 00:38:42,520
Speaker 13: million people into the city every year for our concerts,

675
00:38:42,600 --> 00:38:45,759
Speaker 13: for NCAA tournaments, for the Capitals, for the Wizards, for

676
00:38:45,840 --> 00:38:49,879
Speaker 13: the Mystics. We have back to back Mystics games WNBA

677
00:38:50,000 --> 00:38:53,440
Speaker 13: tonight and tomorrow night. There'll be thirty thousand people or

678
00:38:53,480 --> 00:38:56,839
Speaker 13: so in those two nights coming into DC, and most

679
00:38:56,840 --> 00:38:59,879
Speaker 13: of them come in from Maryland in Virginia, and they'll

680
00:39:00,080 --> 00:39:02,839
Speaker 13: spend money in DC pay tax dollars here.

681
00:39:02,960 --> 00:39:05,960
Speaker 3: Well, people are talking about the Caitlin Clark effects in

682
00:39:06,040 --> 00:39:08,480
Speaker 3: the local media today. You're right, You've got four games

683
00:39:08,520 --> 00:39:12,360
Speaker 3: now for the WNBA this season. I believe tonight tomorrow

684
00:39:12,440 --> 00:39:14,640
Speaker 3: are going to be huge at the Capitol One Arena.

685
00:39:14,719 --> 00:39:18,200
Speaker 3: You've also said that you want DC to be the

686
00:39:18,239 --> 00:39:20,799
Speaker 3: world capital of women's sports. You've described this as a

687
00:39:20,800 --> 00:39:22,480
Speaker 3: growth stock how do you make that happen.

688
00:39:23,080 --> 00:39:26,000
Speaker 13: Well, I think what we'll look to do is we're

689
00:39:26,960 --> 00:39:30,839
Speaker 13: second longest tenured owners of a WNBA team, and Mystics

690
00:39:30,880 --> 00:39:35,520
Speaker 13: are a growing business. I'm chairman of the Media Committee

691
00:39:35,520 --> 00:39:38,279
Speaker 13: at the NBA. I know what's going to happen with

692
00:39:38,600 --> 00:39:42,840
Speaker 13: the WNBA media rights. It will be a very nice

693
00:39:42,960 --> 00:39:46,560
Speaker 13: increase there. We own our network. I know what the

694
00:39:46,640 --> 00:39:50,920
Speaker 13: ratings are locally for women's sports, and so what I'd

695
00:39:50,960 --> 00:39:55,600
Speaker 13: like to do is make a monumental w Right. We

696
00:39:55,680 --> 00:39:58,280
Speaker 13: own multiple teams and venues and a network.

697
00:39:58,760 --> 00:40:00,600
Speaker 12: Let's use the Mystic says.

698
00:40:00,440 --> 00:40:04,919
Speaker 13: Kind of the foundation. And I would love one day

699
00:40:04,960 --> 00:40:08,399
Speaker 13: to have a women's hockey team here. I would love

700
00:40:08,480 --> 00:40:12,359
Speaker 13: one day to have women's volleyball professional. We should make

701
00:40:12,520 --> 00:40:18,040
Speaker 13: d C the professional women's sports capital. We have a

702
00:40:18,160 --> 00:40:24,240
Speaker 13: very broad base of ownership executives Sheila Johnson, Lareene Powell, jobs,

703
00:40:25,480 --> 00:40:26,480
Speaker 13: Michelle Freeman.

704
00:40:27,680 --> 00:40:33,120
Speaker 12: We have the gravitas for d C through.

705
00:40:32,920 --> 00:40:36,960
Speaker 13: Our WNBA Bona FIDE's and through our ownership group.

706
00:40:37,040 --> 00:40:38,600
Speaker 12: Yeah, We'll make those.

707
00:40:38,320 --> 00:40:43,520
Speaker 13: Investments and I think you'll see DC emerging as that capital.

708
00:40:43,640 --> 00:40:46,239
Speaker 3: Well, TV is a big deal with an important story

709
00:40:46,320 --> 00:40:48,600
Speaker 3: right now about NBA rights. You can speak directly to this,

710
00:40:48,760 --> 00:40:50,839
Speaker 3: or maybe I should say TV is not as big

711
00:40:50,880 --> 00:40:53,200
Speaker 3: a deal as it used to be because we're looking

712
00:40:53,239 --> 00:40:59,360
Speaker 3: at a proposal now it's Amazon, NBC, ESPN, A big

713
00:40:59,440 --> 00:41:00,280
Speaker 3: chunk of the.

714
00:41:00,160 --> 00:41:03,480
Speaker 4: Games will be streamed exclusively.

715
00:41:03,360 --> 00:41:05,120
Speaker 3: And I wonder if the owners are going to sign

716
00:41:05,200 --> 00:41:07,399
Speaker 3: off on this and what you see as the future here.

717
00:41:09,080 --> 00:41:11,560
Speaker 13: You know, nothing's been announced yet, There's been lots of

718
00:41:12,080 --> 00:41:13,000
Speaker 13: reports on it.

719
00:41:13,840 --> 00:41:15,319
Speaker 12: What I'll say is that the.

720
00:41:17,040 --> 00:41:22,360
Speaker 13: Convening power of sports, both bricks and mortar, bringing people

721
00:41:22,480 --> 00:41:25,759
Speaker 13: into an arena and then being able to watch the

722
00:41:25,840 --> 00:41:31,440
Speaker 13: game on multiple devices, your television, your iPad, your iPhone

723
00:41:31,920 --> 00:41:33,560
Speaker 13: on a global basis.

724
00:41:33,719 --> 00:41:36,560
Speaker 12: We've proven how valuable.

725
00:41:36,560 --> 00:41:40,480
Speaker 13: Our ip is, our content is, and my expectation is

726
00:41:40,520 --> 00:41:46,560
Speaker 13: that this deal will be very very strong for the players,

727
00:41:46,760 --> 00:41:50,320
Speaker 13: for the owners, for the league itself, and it allows

728
00:41:50,400 --> 00:41:56,040
Speaker 13: us to continue to invest because the game has never

729
00:41:56,160 --> 00:42:01,520
Speaker 13: been better, both hockey and basketball, the play offs, the competition,

730
00:42:02,080 --> 00:42:08,920
Speaker 13: women's basketball, their entertainment value, the competitiveness is off the chart,

731
00:42:09,480 --> 00:42:13,560
Speaker 13: and so we now have to take more control and

732
00:42:13,640 --> 00:42:18,440
Speaker 13: be digital first companies. That's essentially what the movement is. Yes,

733
00:42:18,600 --> 00:42:21,560
Speaker 13: Terrestrial is going to play a huge part of it.

734
00:42:21,640 --> 00:42:24,000
Speaker 13: You know, I look at Bloomberg. I've spent a couple

735
00:42:24,120 --> 00:42:27,160
Speaker 13: hours here today. You were a forerunner in it. You

736
00:42:27,239 --> 00:42:31,920
Speaker 13: built the platform. It was digitally based. You bought print properties,

737
00:42:32,080 --> 00:42:34,360
Speaker 13: you have television properties.

738
00:42:33,760 --> 00:42:37,120
Speaker 12: You stream, you have private networks. Well, that's what we

739
00:42:37,200 --> 00:42:39,200
Speaker 12: should to be everywhere, is what you're saying at TV.

740
00:42:39,280 --> 00:42:41,720
Speaker 4: But what's the endgame? Is it direct to consumer?

741
00:42:41,800 --> 00:42:45,360
Speaker 3: A company like Monumental subscribes to me, say ten years

742
00:42:45,360 --> 00:42:47,759
Speaker 3: from now, I'm at home watching a Wizard's game on

743
00:42:47,800 --> 00:42:50,399
Speaker 3: my headset gambling at the same time.

744
00:42:50,560 --> 00:42:51,400
Speaker 4: Is that the future?

745
00:42:52,239 --> 00:42:56,960
Speaker 13: We want to have deep engagement relationships with consumers however

746
00:42:57,120 --> 00:43:02,600
Speaker 13: they want, and I do believe that subscriptions I look

747
00:43:02,640 --> 00:43:04,760
Speaker 13: at it more like a software company.

748
00:43:04,960 --> 00:43:06,720
Speaker 12: We have a.

749
00:43:06,200 --> 00:43:11,200
Speaker 13: Software services business model where we get a subscriber. Our

750
00:43:11,360 --> 00:43:15,400
Speaker 13: season ticket holders, as an example, they were new in

751
00:43:15,480 --> 00:43:20,240
Speaker 13: a bad year eighty eighty five percent, in good years

752
00:43:20,600 --> 00:43:23,560
Speaker 13: ninety nine percent. Someone has to die if you will,

753
00:43:23,600 --> 00:43:27,680
Speaker 13: and you know, for the family to lose their season tickets,

754
00:43:27,719 --> 00:43:31,680
Speaker 13: and many cases here, no, no, no, my dad left

755
00:43:31,719 --> 00:43:34,880
Speaker 13: it to me. I'm stepping into issues, right and so

756
00:43:35,520 --> 00:43:38,919
Speaker 13: subscriptions business is great, and if you build a big

757
00:43:38,960 --> 00:43:43,759
Speaker 13: audience the people value by paying. That's the difference than

758
00:43:43,840 --> 00:43:46,680
Speaker 13: like a website. Right, people are paying to come to

759
00:43:46,760 --> 00:43:50,759
Speaker 13: the games. People are paying to watch these performers. Then

760
00:43:50,840 --> 00:43:57,759
Speaker 13: we license our content to terrestrial, to cable companies, and

761
00:43:57,840 --> 00:44:01,000
Speaker 13: then more and more we're saying, well, if you don't

762
00:44:01,080 --> 00:44:05,759
Speaker 13: have cable, if you don't subscribe to a service, we

763
00:44:05,880 --> 00:44:07,520
Speaker 13: need to get it to you directly.

764
00:44:07,800 --> 00:44:10,920
Speaker 12: Well, that's just like a subscription, sure, And so we've.

765
00:44:10,719 --> 00:44:13,920
Speaker 13: Made a big investment in Monumental. We own our network,

766
00:44:13,960 --> 00:44:17,960
Speaker 13: the Monumental Sports Network. It's available on cable, on satellite.

767
00:44:18,080 --> 00:44:22,040
Speaker 13: We've done deals with Amazon and Prime. We're doing deals

768
00:44:22,320 --> 00:44:26,279
Speaker 13: where we get subscribers directly. And I think we want

769
00:44:26,280 --> 00:44:29,880
Speaker 13: to control our IP and be able to distribute it

770
00:44:29,920 --> 00:44:30,520
Speaker 13: for and wide.

771
00:44:30,640 --> 00:44:32,719
Speaker 4: It sounds endless if you do it right when it

772
00:44:32,760 --> 00:44:33,160
Speaker 4: comes to.

773
00:44:33,080 --> 00:44:37,120
Speaker 13: Well, I think partnerships lead to prosperity. And these are

774
00:44:37,160 --> 00:44:40,800
Speaker 13: some of the greatest companies, media companies and tech companies.

775
00:44:41,000 --> 00:44:42,600
Speaker 12: And that's been the new phenomenon.

776
00:44:42,680 --> 00:44:48,840
Speaker 13: Now that the Microsoft's and the alphabets, Googles, the Amazons,

777
00:44:48,960 --> 00:44:52,400
Speaker 13: the Apples, they are placing a lot of value in

778
00:44:52,480 --> 00:44:54,239
Speaker 13: the IP itself.

779
00:44:54,320 --> 00:44:56,480
Speaker 12: As are the TV people.

780
00:44:56,640 --> 00:45:01,320
Speaker 13: Right, although I don't think the Comcast NBC views itself

781
00:45:01,640 --> 00:45:04,720
Speaker 13: as a TV company anymore, Right, It's a tech company,

782
00:45:05,160 --> 00:45:07,279
Speaker 13: a big distribution platforms.

783
00:45:07,640 --> 00:45:09,800
Speaker 3: You couldn't have imagined this when you were watching Celtics

784
00:45:09,800 --> 00:45:11,640
Speaker 3: games with rabbit ears at Lowell High School.

785
00:45:11,880 --> 00:45:12,560
Speaker 12: No, this is.

786
00:45:12,560 --> 00:45:14,000
Speaker 4: Another universe that we're in now.

787
00:45:14,200 --> 00:45:17,040
Speaker 3: But you couldn't have imagined having a second chance to

788
00:45:17,080 --> 00:45:20,360
Speaker 3: revitalize the nation's capital. We hear a lot about crime,

789
00:45:20,880 --> 00:45:26,319
Speaker 3: the balance between safety, innovation and openness. How do you

790
00:45:26,320 --> 00:45:28,280
Speaker 3: make it safe enough for someone to want to invest,

791
00:45:28,320 --> 00:45:29,440
Speaker 3: but free enough for.

792
00:45:29,440 --> 00:45:30,440
Speaker 4: People to have a good time.

793
00:45:31,080 --> 00:45:35,520
Speaker 13: Well, the city has to continue to find ways to

794
00:45:35,680 --> 00:45:42,160
Speaker 13: make fair and equitable laws that service businesses and the

795
00:45:42,200 --> 00:45:43,760
Speaker 13: populace and the voters.

796
00:45:43,760 --> 00:45:46,640
Speaker 3: Obviously, so business and politics meet again.

797
00:45:47,080 --> 00:45:47,680
Speaker 12: Very much so.

798
00:45:47,840 --> 00:45:50,400
Speaker 13: And I think that was the big breakthrough over the

799
00:45:50,520 --> 00:45:56,440
Speaker 13: last six months that people understand that if the federal

800
00:45:56,719 --> 00:46:01,480
Speaker 13: office buildings aren't open and people are taking metro or

801
00:46:01,640 --> 00:46:04,920
Speaker 13: driving and parking and coming into the city and having

802
00:46:05,000 --> 00:46:09,120
Speaker 13: lunch in the city and buying apartments renting apartments in

803
00:46:09,200 --> 00:46:12,520
Speaker 13: the city, that's a bad thing for the local economy.

804
00:46:12,960 --> 00:46:17,359
Speaker 13: And if we warrant here those two and a half

805
00:46:17,400 --> 00:46:21,399
Speaker 13: million people who come in. They'll come in, arrive at

806
00:46:21,400 --> 00:46:25,200
Speaker 13: five o'clock today, they'll go drink, they'll go eat at

807
00:46:25,200 --> 00:46:29,160
Speaker 13: the local restaurants, they'll take metro. Metro ridership needs to

808
00:46:29,200 --> 00:46:32,799
Speaker 13: be increased so that it can do longer hours and

809
00:46:33,120 --> 00:46:36,600
Speaker 13: make more investments in technology and safety and security. So

810
00:46:37,000 --> 00:46:41,000
Speaker 13: I think what's happened is there's been awakening that everything

811
00:46:41,120 --> 00:46:48,320
Speaker 13: is connected. That Metro, that the police, that the traffic mitigation,

812
00:46:48,560 --> 00:46:54,160
Speaker 13: that the infrastructure investments and roads, all of that comes

813
00:46:54,200 --> 00:46:57,279
Speaker 13: together to make a higher quality of life. We have

814
00:46:57,360 --> 00:47:01,480
Speaker 13: to integrate it and not take anything for granted that.

815
00:47:01,760 --> 00:47:05,640
Speaker 13: You know, this a very competitive world. Maryland Virginia want

816
00:47:05,680 --> 00:47:09,799
Speaker 13: to steal DC's companies. DC wants to bring those companies

817
00:47:10,480 --> 00:47:14,640
Speaker 13: into back into downtown, and so you know, you get

818
00:47:14,719 --> 00:47:18,439
Speaker 13: judged by what kind of results that you get. And

819
00:47:18,480 --> 00:47:22,120
Speaker 13: I think d C now is on a rebirth. We're

820
00:47:22,120 --> 00:47:26,560
Speaker 13: seeing crime go down, we're seeing Metro coming up, We're

821
00:47:26,560 --> 00:47:29,320
Speaker 13: seeing tourism having record numbers.

822
00:47:29,320 --> 00:47:30,719
Speaker 12: And tourism we have to.

823
00:47:30,719 --> 00:47:33,960
Speaker 13: Find ways to get the tourists to downtown to eat

824
00:47:34,000 --> 00:47:36,960
Speaker 13: and dine because right now there seems to be almost

825
00:47:37,000 --> 00:47:39,399
Speaker 13: like a fence, you know, that keeps them on the.

826
00:47:39,360 --> 00:47:41,719
Speaker 3: Other constitution Avenue Barrier exactly.

827
00:47:41,840 --> 00:47:43,399
Speaker 4: It's a real thing. When are you going to buy

828
00:47:43,400 --> 00:47:43,799
Speaker 4: the NATS?

829
00:47:44,640 --> 00:47:47,239
Speaker 13: I would very much like to buy the NATS and

830
00:47:47,440 --> 00:47:51,920
Speaker 13: be very respectful to the process and the family. I

831
00:47:51,960 --> 00:47:55,960
Speaker 13: think it makes a lot of sense in this super

832
00:47:56,000 --> 00:48:02,000
Speaker 13: city vernacular to have one platform, year round teams and

833
00:48:02,120 --> 00:48:05,479
Speaker 13: to have the size and scale so that we can

834
00:48:05,520 --> 00:48:09,960
Speaker 13: compete in terms of payroll, in terms of talent, in

835
00:48:10,040 --> 00:48:14,480
Speaker 13: terms of infrastructure with Los Angeles, with New York.

836
00:48:14,280 --> 00:48:16,279
Speaker 12: That you know, just have bigger markets.

837
00:48:16,719 --> 00:48:20,360
Speaker 13: And so we're seeing in media, We're seeing in most

838
00:48:20,400 --> 00:48:24,080
Speaker 13: industries that scale really matters, and you know, you have

839
00:48:24,160 --> 00:48:26,400
Speaker 13: to have a growth mindset.

840
00:48:26,640 --> 00:48:28,920
Speaker 12: And so for us, because we own.

841
00:48:30,080 --> 00:48:32,400
Speaker 13: The Winter Sports if you will, and we own the

842
00:48:32,440 --> 00:48:36,920
Speaker 13: network and we own the venues, adding that team I

843
00:48:36,960 --> 00:48:40,600
Speaker 13: think is really really important to the business. But I

844
00:48:40,640 --> 00:48:42,960
Speaker 13: want to win championships, and the way that you win

845
00:48:43,080 --> 00:48:47,640
Speaker 13: championships is by having great farm teams and great infrastructure

846
00:48:47,760 --> 00:48:50,960
Speaker 13: and great coaches. Takes money, and then to have the

847
00:48:51,040 --> 00:48:53,839
Speaker 13: patients to rebuild the teams, and the Nationals are.

848
00:48:53,760 --> 00:48:55,920
Speaker 12: Well on their way to rebuilding a great team.

849
00:48:56,080 --> 00:48:58,000
Speaker 4: Is it right on a regional TV deal.

850
00:48:59,360 --> 00:48:59,920
Speaker 12: Right now?

851
00:49:00,040 --> 00:49:00,160
Speaker 2: Well?

852
00:49:00,200 --> 00:49:04,720
Speaker 13: I think it's a whole new game in local TV.

853
00:49:05,280 --> 00:49:08,600
Speaker 13: I don't know what will happen in baseball. I know

854
00:49:08,760 --> 00:49:14,000
Speaker 13: that I know that we've controlled our destiny locally by

855
00:49:14,040 --> 00:49:17,160
Speaker 13: buying our regional sports network. Now you know, it's no

856
00:49:17,160 --> 00:49:21,000
Speaker 13: no longer at NBC. It's a monumental sports network. There's

857
00:49:21,040 --> 00:49:25,680
Speaker 13: the Masson network. It's it's on its own, if you will.

858
00:49:25,760 --> 00:49:29,480
Speaker 13: It's not part of a bigger property, and it carries

859
00:49:29,520 --> 00:49:34,360
Speaker 13: the two baseball teams. There's a lot of turmoil going

860
00:49:34,400 --> 00:49:38,800
Speaker 13: on in that industry. We've inoculated ourselves and our fans

861
00:49:38,880 --> 00:49:43,360
Speaker 13: to that. We've just opened the most advanced technology invested

862
00:49:43,360 --> 00:49:47,760
Speaker 13: almost sixty million dollars in a digital first real studio.

863
00:49:48,360 --> 00:49:50,319
Speaker 12: It's nicer and bigger than this one.

864
00:49:49,960 --> 00:49:51,799
Speaker 3: Wait, I need to come over.

865
00:49:52,120 --> 00:49:54,440
Speaker 12: You should. That's right, We've raised the bar for you.

866
00:49:54,520 --> 00:49:56,960
Speaker 13: I think you'll go and come back and say, how

867
00:49:57,000 --> 00:49:57,799
Speaker 13: come they can do that.

868
00:49:57,880 --> 00:49:59,720
Speaker 4: Let's do the next one of these in your studio.

869
00:50:00,000 --> 00:50:00,640
Speaker 12: I'd love to do that.

870
00:50:00,680 --> 00:50:03,040
Speaker 3: We're invested here, obviously, and we're here to stay in

871
00:50:03,080 --> 00:50:04,120
Speaker 3: downtown Washington, and.

872
00:50:04,080 --> 00:50:05,640
Speaker 4: I'm glad we can talk about it. We'd like to

873
00:50:05,640 --> 00:50:07,560
Speaker 4: continue following your story here.

874
00:50:07,560 --> 00:50:11,239
Speaker 13: It is time honored to come here, and it's amazing

875
00:50:11,320 --> 00:50:14,320
Speaker 13: the investments that you've made downtown right on New York Avenue,

876
00:50:14,360 --> 00:50:18,080
Speaker 13: and we're almost neighbors, so love to come see you.

877
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Speaker 3: Ted leonsis the CEO of Monumental Sports and Entertainment, talking

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Speaker 3: with us Today in Washington exclusively on.

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Speaker 4: Bloomberg TV and Radio.

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Speaker 9: I don't know.

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Speaker 3: It's a pretty nice studio. It's like the Starship Enterprise

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Speaker 3: in here. Thanks for listening to the Balance of Power podcast.

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Speaker 3: Make sure to subscribe if you haven't already, at Apple, Spotify,

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Speaker 3: or wherever you get your podcasts, and you can find

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Speaker 3: us live every weekday from Washington, DC at noontime Eastern

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Speaker 3: at Bloomberg dot com.