1 00:00:00,080 --> 00:00:01,720 Speaker 1: My name is Kevin Sili, and I am the chief 2 00:00:01,760 --> 00:00:06,200 Speaker 1: Washington correspondent for Bloomberg Television and for Bloomberg Radio. We 3 00:00:06,240 --> 00:00:08,760 Speaker 1: begin tonight with the big story, which is the Senate 4 00:00:09,200 --> 00:00:12,280 Speaker 1: is now taking up the one point nine trillion dollar 5 00:00:12,760 --> 00:00:16,720 Speaker 1: stimulus bill, and during an Oval Office press briefing on 6 00:00:16,880 --> 00:00:22,360 Speaker 1: infrastructure today, President Biden took questions on the pandemic relief 7 00:00:22,360 --> 00:00:24,239 Speaker 1: package that was passed by the House and is now 8 00:00:24,239 --> 00:00:27,360 Speaker 1: in the Senate. Here's the sound on that from President Biden. 9 00:00:27,800 --> 00:00:31,600 Speaker 1: We might have a number of meetings with Republicans on 10 00:00:31,760 --> 00:00:36,640 Speaker 1: the coronavirus bill and how Senate combination of both, so 11 00:00:37,520 --> 00:00:42,080 Speaker 1: we're keeping everybody informed. Back in the Senate, Senator Chuck Schumer, 12 00:00:42,120 --> 00:00:44,160 Speaker 1: the top Democrat in the Senate, said that the clock 13 00:00:44,280 --> 00:00:47,040 Speaker 1: is ticking on Congress to pass a new COVID relief 14 00:00:47,040 --> 00:00:51,840 Speaker 1: bill before the extended federal unemployment benefits expire later this month. 15 00:00:52,200 --> 00:00:55,040 Speaker 1: Here's what Senator Schumer had to say. No matter how 16 00:00:55,080 --> 00:00:57,360 Speaker 1: long it takes, the Senate is going to stay in 17 00:00:57,400 --> 00:01:00,960 Speaker 1: session to finish the bill this week. The American people 18 00:01:01,400 --> 00:01:05,800 Speaker 1: deserve nothing less. The American people support the plan, including 19 00:01:05,840 --> 00:01:11,000 Speaker 1: a clear majority of Democrats, Independence Republicans. It seems the 20 00:01:11,080 --> 00:01:16,399 Speaker 1: only group that opposes the bill are Republicans here in Washington. 21 00:01:16,800 --> 00:01:20,080 Speaker 1: I'm incredibly grateful to welcome our first guest to tonight's program. 22 00:01:20,080 --> 00:01:23,319 Speaker 1: It's his first time appearing on this platform, and I 23 00:01:23,400 --> 00:01:25,399 Speaker 1: hope it will not be the last. He is someone 24 00:01:25,440 --> 00:01:28,880 Speaker 1: who has had a long career both in the private 25 00:01:28,920 --> 00:01:33,080 Speaker 1: sector and private equity, and then serving the country as 26 00:01:33,080 --> 00:01:36,200 Speaker 1: the United States Ambassador to Japan, and now he is 27 00:01:36,319 --> 00:01:39,840 Speaker 1: a Senator from Tennessee. His name is Bill Haggardy. Senator, 28 00:01:40,200 --> 00:01:43,040 Speaker 1: thank you for joining us. You are a Republican from Tennessee. 29 00:01:43,520 --> 00:01:45,880 Speaker 1: You're a member of the Banking Committee. Let's start with 30 00:01:45,920 --> 00:01:49,320 Speaker 1: the stimulus. Is this an effective use of taxpayer dollars? 31 00:01:50,320 --> 00:01:52,520 Speaker 1: Kevin Uh, It's great to be on with you today 32 00:01:52,520 --> 00:01:54,680 Speaker 1: and great to be with your listeners. Um, if you 33 00:01:54,760 --> 00:01:57,960 Speaker 1: just think about it, there's already been a four trillion 34 00:01:58,000 --> 00:02:02,840 Speaker 1: dollar bipartisan commitment of funds for the for stimulus and 35 00:02:02,880 --> 00:02:05,559 Speaker 1: to combat the pandemic. A trillion of that's not even spent. 36 00:02:05,720 --> 00:02:08,239 Speaker 1: That's how hard it is to spend this kind of money. 37 00:02:08,280 --> 00:02:10,840 Speaker 1: Yet the Democrats want to come and load another one 38 00:02:10,880 --> 00:02:14,120 Speaker 1: point nine trillion dollars onto the backs of our children 39 00:02:14,120 --> 00:02:17,280 Speaker 1: and grandchildren here. Uh, this is going to increase debt 40 00:02:17,320 --> 00:02:20,720 Speaker 1: for capita in America by by a significant amount. It's 41 00:02:20,720 --> 00:02:24,600 Speaker 1: already increased by ten thousand dollars per person just in 42 00:02:24,639 --> 00:02:27,800 Speaker 1: the past year. Uh. You know, we've got again a 43 00:02:27,840 --> 00:02:31,040 Speaker 1: trillion dollars of unallocated funds that haven't been spent. We're 44 00:02:31,080 --> 00:02:34,400 Speaker 1: talking about adding another two trillion to that. I think 45 00:02:34,440 --> 00:02:36,240 Speaker 1: what will happen is the same thing that happened back 46 00:02:36,240 --> 00:02:39,080 Speaker 1: in two thousand eight, two thousand nine, when the obambul 47 00:02:39,240 --> 00:02:42,480 Speaker 1: Stimus Obama stimulus program came into place, we had the 48 00:02:42,480 --> 00:02:45,320 Speaker 1: most sluggish recovery that we've ever seen. This is this 49 00:02:45,360 --> 00:02:47,840 Speaker 1: is going to dampen our ability to recover broadly speaking. 50 00:02:48,040 --> 00:02:52,160 Speaker 1: So I find this fascinating, Senator, when I talk or 51 00:02:52,160 --> 00:02:55,000 Speaker 1: when I read the reports of how this is being framed. 52 00:02:55,760 --> 00:02:58,640 Speaker 1: It's not that Republicans want to spend zero dollars here. 53 00:02:59,080 --> 00:03:01,480 Speaker 1: What I hear, based though my reporting, is that people 54 00:03:01,520 --> 00:03:03,880 Speaker 1: like yourselves would just like to see it more targeted. 55 00:03:04,400 --> 00:03:06,680 Speaker 1: And so, how much money do you think is actually 56 00:03:07,520 --> 00:03:11,000 Speaker 1: effective in in terms of what we need right now 57 00:03:11,040 --> 00:03:14,120 Speaker 1: in terms of stimulus, Kevin, You're exactly right. It should 58 00:03:14,120 --> 00:03:17,519 Speaker 1: be targeted and it should be temporary. Look, this pandemic 59 00:03:17,639 --> 00:03:19,960 Speaker 1: was given to us courtesy of China. This isn't the 60 00:03:19,960 --> 00:03:23,120 Speaker 1: fault of anybody that suffered from the disease. Are certainly 61 00:03:23,160 --> 00:03:25,200 Speaker 1: any one of the businesses that had to be shut down, 62 00:03:25,639 --> 00:03:28,280 Speaker 1: but some governors went far beyond what they needed to 63 00:03:28,320 --> 00:03:31,040 Speaker 1: do in terms of the economic shutdown. This is meant 64 00:03:31,080 --> 00:03:34,079 Speaker 1: to be a bridge for those businesses and for those employees. 65 00:03:34,360 --> 00:03:36,760 Speaker 1: This isn't meant to be something that allows the Democrats 66 00:03:36,800 --> 00:03:38,920 Speaker 1: to come in and put through all their pet projects. 67 00:03:38,920 --> 00:03:40,800 Speaker 1: So what I would say we need to do is 68 00:03:41,200 --> 00:03:44,520 Speaker 1: reprogram those dollars that haven't been spent yet, target the men, 69 00:03:44,680 --> 00:03:47,080 Speaker 1: zero the men to to follow the purpose of the bill, 70 00:03:47,320 --> 00:03:49,400 Speaker 1: and that's to deal with the pandemic. We should be 71 00:03:49,440 --> 00:03:52,080 Speaker 1: focused on getting shots and people's arms, getting our kids 72 00:03:52,120 --> 00:03:54,640 Speaker 1: back to school, and getting our parents back to work. 73 00:03:54,760 --> 00:03:57,680 Speaker 1: Anything beyond that shouldn't be the subject of this bill 74 00:03:57,720 --> 00:03:59,480 Speaker 1: and should be out of it. So one of the 75 00:03:59,600 --> 00:04:02,960 Speaker 1: one of the questions on people's minds, especially this week, 76 00:04:03,080 --> 00:04:06,120 Speaker 1: is just the divide that has been going on from 77 00:04:06,280 --> 00:04:09,880 Speaker 1: the governors across this country, whether it's down in Texas, 78 00:04:09,920 --> 00:04:13,760 Speaker 1: Governor Abbot or in Florida, Governor de Santis, give us 79 00:04:13,760 --> 00:04:15,520 Speaker 1: the lay of the land in Tennessee, and when do 80 00:04:15,600 --> 00:04:19,080 Speaker 1: you think the country might be able to put this 81 00:04:19,160 --> 00:04:21,560 Speaker 1: thing behind us? It was pretty striking to hear President 82 00:04:21,600 --> 00:04:24,600 Speaker 1: Biden say that every adult American can get a vaccine 83 00:04:24,600 --> 00:04:27,880 Speaker 1: a shot in the arm by the end of May. Well, 84 00:04:27,960 --> 00:04:31,080 Speaker 1: I I love President Biden's optimism in that regard. I 85 00:04:31,120 --> 00:04:34,400 Speaker 1: wanted to. I want to congratulate President Trump though in 86 00:04:34,440 --> 00:04:38,320 Speaker 1: the administration that put Operation Warp Speed together so President 87 00:04:38,320 --> 00:04:41,480 Speaker 1: Biden can make that plain that claim. It was a tremendous, 88 00:04:41,720 --> 00:04:44,000 Speaker 1: tremendous feed. I don't think it's been rivaled since the 89 00:04:44,040 --> 00:04:47,000 Speaker 1: Moon Shot. So Operation work Speed has put us in 90 00:04:47,000 --> 00:04:49,640 Speaker 1: a position today so that President Biden can make that 91 00:04:49,680 --> 00:04:52,279 Speaker 1: sort of optimistic statement. That is terrific news to me. 92 00:04:52,720 --> 00:04:57,239 Speaker 1: And again, I'm supportive of vaccines, of vaccine distribution, of testing, 93 00:04:57,680 --> 00:05:00,000 Speaker 1: things that have to do again with putting the pandemic 94 00:05:00,000 --> 00:05:02,040 Speaker 1: make in our rearview mirror. That's the way we come 95 00:05:02,040 --> 00:05:05,160 Speaker 1: out of this, and it certainly isn't through pet projects 96 00:05:05,200 --> 00:05:08,360 Speaker 1: for Chuck Schumer and Nancy Pelosi in their districts, and 97 00:05:08,400 --> 00:05:11,919 Speaker 1: it's not going to be through this massive expansion of 98 00:05:11,920 --> 00:05:14,400 Speaker 1: federal funding that has very little to do with the pandemic. 99 00:05:14,839 --> 00:05:16,679 Speaker 1: One of one of the issues that we talked about 100 00:05:17,080 --> 00:05:18,920 Speaker 1: over the past couple of weeks that we've been reporting 101 00:05:18,960 --> 00:05:21,080 Speaker 1: on is this issue of the minimum wage, which obviously 102 00:05:21,200 --> 00:05:23,600 Speaker 1: is not going to be included this time around in 103 00:05:23,680 --> 00:05:27,920 Speaker 1: the stimulus, but it was interesting to me Senator Bill 104 00:05:27,960 --> 00:05:31,880 Speaker 1: Haggerty of Republican of Tennessee UH to report on Senator 105 00:05:31,960 --> 00:05:35,200 Speaker 1: Cinema and Mansion to centrist Democrats who came out against 106 00:05:35,240 --> 00:05:40,400 Speaker 1: the minimum wage and essentially said, look, while they are 107 00:05:40,440 --> 00:05:43,000 Speaker 1: in favor of folks in cities where cost of living 108 00:05:43,200 --> 00:05:47,839 Speaker 1: is has skyrocketed, getting a pay pay increase in rural 109 00:05:47,839 --> 00:05:50,520 Speaker 1: America and for small businesses on main street, that just 110 00:05:50,640 --> 00:05:53,279 Speaker 1: might be unrealistic. I mean, where is the minimum wage 111 00:05:53,320 --> 00:05:57,560 Speaker 1: debate issue in Tennessee, Kevin. What this does is takes 112 00:05:58,320 --> 00:06:01,120 Speaker 1: high cost jurisdictions in blue states and allows them to 113 00:06:01,160 --> 00:06:03,680 Speaker 1: take away all of our competitive advantage in a state 114 00:06:03,720 --> 00:06:06,680 Speaker 1: like Tennessee. Our cost of living in rural Tennessee is 115 00:06:06,760 --> 00:06:10,120 Speaker 1: far lower then it might be in New York or California. 116 00:06:10,279 --> 00:06:12,320 Speaker 1: They're trying to quote level the playing field, and it's 117 00:06:12,360 --> 00:06:15,000 Speaker 1: going to generate unemployment at a time when we have 118 00:06:15,080 --> 00:06:17,880 Speaker 1: many small businesses. You think the local restaurants that are 119 00:06:17,880 --> 00:06:20,200 Speaker 1: trying to get reopened again, they don't have the kind 120 00:06:20,240 --> 00:06:23,320 Speaker 1: of margins to have a doubling or tripling of their 121 00:06:24,120 --> 00:06:27,560 Speaker 1: labor cost. There's there's something called the tip credit that 122 00:06:27,560 --> 00:06:29,520 Speaker 1: that needs to be accommodated. I think a number of 123 00:06:29,520 --> 00:06:32,279 Speaker 1: folks in the service industries are worried that the actual 124 00:06:32,320 --> 00:06:35,520 Speaker 1: total wages will go down if this type of one 125 00:06:35,560 --> 00:06:39,640 Speaker 1: size fits all solution is imposed. So Joe Mansion from 126 00:06:39,640 --> 00:06:43,240 Speaker 1: West Virginia, Christen Cinema from Arizona have similar concerns that 127 00:06:43,279 --> 00:06:45,839 Speaker 1: I do in Tennessee about the negative impact that this 128 00:06:45,839 --> 00:06:48,000 Speaker 1: would have in the economy. In fact, the Congressional Budget 129 00:06:48,040 --> 00:06:50,919 Speaker 1: Office has projected that it would be a one point 130 00:06:50,960 --> 00:06:54,080 Speaker 1: four million dollar net loss of jobs. So at one 131 00:06:54,080 --> 00:06:56,280 Speaker 1: point four million net loss of jobs, not dollars, these 132 00:06:56,279 --> 00:06:58,839 Speaker 1: are human beings jobs that will be lost as a 133 00:06:58,839 --> 00:07:00,920 Speaker 1: result of it. I'm going to about the script here 134 00:07:01,000 --> 00:07:04,040 Speaker 1: to to quote my friend Tom Keane, a mentor here 135 00:07:04,040 --> 00:07:07,359 Speaker 1: at Bloomberg, because I gotta be candid, and this isn't 136 00:07:07,600 --> 00:07:11,000 Speaker 1: a reporting question, but it's it's I'm gonna say the 137 00:07:11,320 --> 00:07:13,720 Speaker 1: question that I get most from my friends, which is 138 00:07:13,760 --> 00:07:17,920 Speaker 1: where is the From your perspective, Senator Bill Haggerty, where 139 00:07:18,040 --> 00:07:22,520 Speaker 1: is the organization and the I guess what is informing 140 00:07:22,600 --> 00:07:26,680 Speaker 1: some of these elected officials rulemaking process for what percentage 141 00:07:26,720 --> 00:07:29,320 Speaker 1: of folks can go into a restaurant, whether or not 142 00:07:29,400 --> 00:07:32,280 Speaker 1: a gym can go open, whether or not a school 143 00:07:32,400 --> 00:07:35,720 Speaker 1: or a nursing home or in this case, a preschool 144 00:07:35,760 --> 00:07:39,480 Speaker 1: for example. I mean what, because to the average person, 145 00:07:40,320 --> 00:07:42,880 Speaker 1: it's a really hard to keep up with. It doesn't 146 00:07:42,880 --> 00:07:46,480 Speaker 1: always make sense, and it is increasingly becoming more and 147 00:07:46,520 --> 00:07:50,559 Speaker 1: more frustrating. Well, it certainly doesn't make sense to people 148 00:07:50,560 --> 00:07:53,360 Speaker 1: of Tennessee, and I think that's felt across the board. 149 00:07:53,360 --> 00:07:56,000 Speaker 1: This has been very arbitrary. You think about it. You 150 00:07:56,040 --> 00:08:00,480 Speaker 1: have governors making decisions to keep churches closed, at liquor 151 00:08:00,480 --> 00:08:03,360 Speaker 1: stores and abortion clinics can be open. This is not 152 00:08:03,480 --> 00:08:06,920 Speaker 1: something that's appreciated at all in my home state. Uh. 153 00:08:07,000 --> 00:08:11,480 Speaker 1: The amount of government overreach has been significant. And you know, 154 00:08:11,560 --> 00:08:15,280 Speaker 1: you've you've got governors that are willing to inform and 155 00:08:15,320 --> 00:08:18,480 Speaker 1: trust their population. That's a very different perspective from those 156 00:08:18,520 --> 00:08:21,200 Speaker 1: governors that feel like they need to control the population. 157 00:08:21,680 --> 00:08:23,920 Speaker 1: To go ahead. No, I was I was saying, I 158 00:08:23,960 --> 00:08:26,280 Speaker 1: want to move to geopolitics. I mean, just as you're 159 00:08:26,280 --> 00:08:28,680 Speaker 1: a member of the Banking Committee, that's a committee that 160 00:08:28,840 --> 00:08:33,120 Speaker 1: obviously we we cover very closely. Uh here, And I 161 00:08:33,200 --> 00:08:36,640 Speaker 1: was struck by the other week President Biden issuing those 162 00:08:36,679 --> 00:08:41,320 Speaker 1: executive orders on supply chains and in particular about supply 163 00:08:41,400 --> 00:08:45,760 Speaker 1: chains and US reliance upon global supply chains, and he's 164 00:08:45,760 --> 00:08:48,800 Speaker 1: calling for a study. He's instructed members of Congress to 165 00:08:48,880 --> 00:08:53,080 Speaker 1: come up with some some various nonpartisan proposals. The other 166 00:08:53,120 --> 00:08:57,000 Speaker 1: senator of your state, Senator Blackburn, and people like Senator Cotton, 167 00:08:57,040 --> 00:09:00,400 Speaker 1: for example, have have come out with various propos posals 168 00:09:00,440 --> 00:09:04,080 Speaker 1: that would make the United States less reliant upon China 169 00:09:04,120 --> 00:09:07,880 Speaker 1: and the supply chain. And you know, you arguably would 170 00:09:07,880 --> 00:09:12,560 Speaker 1: have one of the most uh uh pressing views of 171 00:09:12,600 --> 00:09:16,040 Speaker 1: this matter, just given where you served as the ambassador 172 00:09:16,080 --> 00:09:19,240 Speaker 1: to Japan. What can you tell us about how dangerous 173 00:09:19,240 --> 00:09:22,000 Speaker 1: it is for the United States to be overly reliant 174 00:09:22,080 --> 00:09:25,880 Speaker 1: upon any country in our supply chains, in this case China. Well, 175 00:09:25,920 --> 00:09:29,280 Speaker 1: I think that you recognize two leaders in the Senate 176 00:09:29,320 --> 00:09:30,959 Speaker 1: that have been very good on this issue, and that 177 00:09:31,080 --> 00:09:35,000 Speaker 1: Senators Blackburn and cotton. They get it. Uh. Senator Blackburn 178 00:09:35,080 --> 00:09:38,520 Speaker 1: came over to join me in Japan. UH. She understands 179 00:09:38,600 --> 00:09:40,680 Speaker 1: very much the issues of supply chain and how much 180 00:09:40,720 --> 00:09:44,199 Speaker 1: we worked to get more of UH. You know, companies 181 00:09:44,240 --> 00:09:46,280 Speaker 1: that are producing in a product in America to to 182 00:09:46,280 --> 00:09:49,120 Speaker 1: actually have their entire supply chain located in America. Tennessee 183 00:09:49,160 --> 00:09:52,240 Speaker 1: has been very, very very good about getting that done. 184 00:09:52,640 --> 00:09:55,160 Speaker 1: The vulnerability, though, I think, is something that's been recognized 185 00:09:55,160 --> 00:09:58,600 Speaker 1: by US companies more and more since President Trump took office. Look, 186 00:09:58,800 --> 00:10:00,560 Speaker 1: he called out China for what have been doing in 187 00:10:00,600 --> 00:10:05,040 Speaker 1: terms of stealing intellectual property, unfairly blocking American companies from 188 00:10:05,040 --> 00:10:08,840 Speaker 1: competing on Chinese soil uh, and then heavily subsidizing their 189 00:10:08,880 --> 00:10:11,880 Speaker 1: own industries to compete unfairly against US. When President Trump 190 00:10:11,960 --> 00:10:14,200 Speaker 1: put the tariffs in place on China, I think that 191 00:10:14,360 --> 00:10:17,720 Speaker 1: was an extreme wake up call to corporate America. And 192 00:10:17,800 --> 00:10:20,640 Speaker 1: when I served as US investor to Japan, there were 193 00:10:20,640 --> 00:10:23,720 Speaker 1: many companies that realized very quickly that they needed to 194 00:10:23,840 --> 00:10:26,280 Speaker 1: end their reliance on China, and they were doing everything 195 00:10:26,280 --> 00:10:28,680 Speaker 1: they could to come back to America. What's the formula 196 00:10:28,720 --> 00:10:31,040 Speaker 1: for that? Though? We've got to make America the most 197 00:10:31,040 --> 00:10:34,680 Speaker 1: attractive place in the world to invest capital. Presidents Trump 198 00:10:34,679 --> 00:10:38,400 Speaker 1: started that process by going through a heavy deregulatory process 199 00:10:38,440 --> 00:10:40,679 Speaker 1: making it easier to do business. And then with the 200 00:10:41,679 --> 00:10:44,680 Speaker 1: Tax Act, he took America from having the highest corporate 201 00:10:44,679 --> 00:10:48,080 Speaker 1: tax rate in the world at and brought that tax 202 00:10:48,160 --> 00:10:51,720 Speaker 1: rate down to something that was far more competitive. That 203 00:10:51,920 --> 00:10:56,040 Speaker 1: began a process of America's economy taking off. We brought 204 00:10:56,080 --> 00:11:00,280 Speaker 1: back five thousand new manufacturing jobs during that period. Up now, 205 00:11:00,400 --> 00:11:04,439 Speaker 1: I'm more in especially but especially Senator Bill Haggerty. I mean, 206 00:11:04,480 --> 00:11:06,440 Speaker 1: this is a week when Senator Elizabeth Warren was on 207 00:11:06,480 --> 00:11:08,520 Speaker 1: this program and said that there needs to be a 208 00:11:08,559 --> 00:11:11,000 Speaker 1: wealth tax. So I mean, so how do you how 209 00:11:11,040 --> 00:11:14,959 Speaker 1: do you fight for that type of de regulatory policy 210 00:11:14,960 --> 00:11:18,040 Speaker 1: when literally in the same week you've got Senator Warren 211 00:11:18,160 --> 00:11:22,640 Speaker 1: proposing that ultra millionaires should should be taxed more on 212 00:11:22,679 --> 00:11:25,280 Speaker 1: their income and and and I guess I'm trying to 213 00:11:25,320 --> 00:11:29,160 Speaker 1: tie it to the geopolitical angle. Well, that's my job 214 00:11:29,200 --> 00:11:32,200 Speaker 1: here in the Senate to fight every day so Elizabeth 215 00:11:32,240 --> 00:11:35,320 Speaker 1: Warren's programs do not become law. There are very few 216 00:11:35,360 --> 00:11:37,840 Speaker 1: people like me who have a real business background, and 217 00:11:37,880 --> 00:11:40,160 Speaker 1: my voice is going to be very important here to 218 00:11:40,200 --> 00:11:44,240 Speaker 1: make certain that people understand that investment capital comes where 219 00:11:44,280 --> 00:11:47,520 Speaker 1: the environment attracts it. And if Elizabeth Warren and others 220 00:11:47,520 --> 00:11:51,000 Speaker 1: want to make America inhospitable to capital or the creation 221 00:11:51,000 --> 00:11:53,520 Speaker 1: of wealth, that capital will move to other markets, That 222 00:11:53,600 --> 00:11:56,360 Speaker 1: capital will go elsewhere. People vote with their feet, as 223 00:11:56,400 --> 00:11:59,600 Speaker 1: do companies. So we have to stay focused on getting 224 00:11:59,679 --> 00:12:02,600 Speaker 1: more capital investment here that that will beget more jobs, 225 00:12:02,600 --> 00:12:05,199 Speaker 1: that will be get more economic prosperity. That's the way 226 00:12:05,240 --> 00:12:08,120 Speaker 1: he wins by growing, not by shrinking. We're just a 227 00:12:08,120 --> 00:12:10,679 Speaker 1: couple of more questions on this issue of of of 228 00:12:10,720 --> 00:12:16,040 Speaker 1: Asia in particular and and the the competitive economic race 229 00:12:16,080 --> 00:12:20,000 Speaker 1: with China on the technology front, because there's we've been 230 00:12:20,080 --> 00:12:23,960 Speaker 1: also talking about this semiconductor shortage and the reliance upon 231 00:12:24,080 --> 00:12:27,840 Speaker 1: China UH and various companies in the Shinjang province UH 232 00:12:27,960 --> 00:12:30,960 Speaker 1: for for various parts of these semi conductor chips. When you, 233 00:12:31,200 --> 00:12:35,280 Speaker 1: in your service as ambassador to Japan, UH did did 234 00:12:35,280 --> 00:12:37,600 Speaker 1: the United States? What what did you glean in terms 235 00:12:37,679 --> 00:12:41,120 Speaker 1: of the the economic relationships that the United States should 236 00:12:41,120 --> 00:12:44,240 Speaker 1: have in Japan? Again, in order to make sure that 237 00:12:44,240 --> 00:12:48,360 Speaker 1: that China isn't gaining UH too much reliance or that 238 00:12:48,400 --> 00:12:50,760 Speaker 1: we're not gaining too much reliance on China in these 239 00:12:50,760 --> 00:12:54,719 Speaker 1: supply chains. I think Japan is a critical partner to us. 240 00:12:54,720 --> 00:12:57,040 Speaker 1: If you think about the size of the Japanese economy, 241 00:12:57,520 --> 00:12:59,679 Speaker 1: after the United States and China, Japan is the third 242 00:12:59,760 --> 00:13:03,079 Speaker 1: large economy in the world. We have an extremely strong 243 00:13:03,120 --> 00:13:06,240 Speaker 1: strategic alliance you you may you may know this, many 244 00:13:06,280 --> 00:13:08,960 Speaker 1: of your your listeners may already know this, but we 245 00:13:09,040 --> 00:13:12,719 Speaker 1: have more you more US military station in Japan than 246 00:13:12,760 --> 00:13:15,600 Speaker 1: any place else in the world. Why is that? Because 247 00:13:15,640 --> 00:13:17,440 Speaker 1: Japan is located in a very tough region. You've got 248 00:13:17,440 --> 00:13:20,040 Speaker 1: North Korea, Russia, and China right at your doorstep. And 249 00:13:20,080 --> 00:13:24,000 Speaker 1: as a result, we have an extraordinarily strong strategic relationship 250 00:13:24,040 --> 00:13:26,000 Speaker 1: with Japan that we need to make stronger. They are 251 00:13:26,080 --> 00:13:28,560 Speaker 1: our strongest ally in the Asia Pacific, if not in 252 00:13:28,559 --> 00:13:31,280 Speaker 1: the world. So those are the countries that we need 253 00:13:31,360 --> 00:13:34,840 Speaker 1: to have stronger, tighter and closer economic bonds with. And 254 00:13:34,880 --> 00:13:37,120 Speaker 1: we need to acknowledge the fact that countries like China 255 00:13:37,320 --> 00:13:39,480 Speaker 1: don't play by the same set of rules. They have 256 00:13:39,520 --> 00:13:41,760 Speaker 1: a very large market I'm not advocating that we ignore 257 00:13:41,760 --> 00:13:44,360 Speaker 1: their marketplace at all, but we need to use strength. 258 00:13:44,559 --> 00:13:46,520 Speaker 1: We need to to force them to compete on terms 259 00:13:46,559 --> 00:13:49,480 Speaker 1: that are fair and reciprocal. Uh. And we need to 260 00:13:49,480 --> 00:13:52,280 Speaker 1: stand tall when they don't. And in a market like 261 00:13:52,280 --> 00:13:54,400 Speaker 1: America is the most attractive market in the world, that 262 00:13:54,440 --> 00:13:56,760 Speaker 1: they want to access our markets, they better start playing 263 00:13:56,800 --> 00:14:01,120 Speaker 1: by our rules. Also, the trend aosition director for John 264 00:14:01,160 --> 00:14:04,840 Speaker 1: McCain's two thousand and eight presidential campaign, and he brought 265 00:14:05,440 --> 00:14:08,720 Speaker 1: major league soccer to Nashville. What was that like? Did 266 00:14:08,760 --> 00:14:11,800 Speaker 1: you get Keith Urban in the stands? Uh? You know 267 00:14:12,400 --> 00:14:15,959 Speaker 1: we we we only had one game before the pandemic 268 00:14:16,040 --> 00:14:19,640 Speaker 1: hit us. And um, you know, our our our you 269 00:14:19,680 --> 00:14:21,800 Speaker 1: know that process of bringing a major league soccer to 270 00:14:21,880 --> 00:14:26,200 Speaker 1: Nashville is so much funm a soccer fans, great great 271 00:14:26,280 --> 00:14:28,800 Speaker 1: state and and and Nashville is a great entertainment city. 272 00:14:29,080 --> 00:14:32,040 Speaker 1: We already have an NFL team and the Titans we have. 273 00:14:32,520 --> 00:14:35,240 Speaker 1: You know, if you think about an unlikely success story, 274 00:14:35,680 --> 00:14:39,480 Speaker 1: that's the NHL team, the Predators in Nashville team. You know, 275 00:14:39,640 --> 00:14:41,800 Speaker 1: like crazy, kids don't grow up playing hockey at every 276 00:14:41,840 --> 00:14:43,480 Speaker 1: high school. I can tell you that in the South. 277 00:14:43,960 --> 00:14:47,000 Speaker 1: But Nashville is a great entertainment town. I could see 278 00:14:47,040 --> 00:14:49,200 Speaker 1: a void in terms of having something that the millennial 279 00:14:49,200 --> 00:14:52,400 Speaker 1: population would really be attracted to. And you know, soccer 280 00:14:52,440 --> 00:14:54,640 Speaker 1: fits that. My kids grew up playing soccer, they still do. 281 00:14:54,760 --> 00:14:58,480 Speaker 1: They love it. And you look around the state, you 282 00:14:58,480 --> 00:15:01,600 Speaker 1: look around the nation. So his growing So that was 283 00:15:01,640 --> 00:15:04,360 Speaker 1: an opportunity for us to really thank and they're fun games. 284 00:15:04,480 --> 00:15:07,640 Speaker 1: I was. I became a d C United fan because 285 00:15:07,960 --> 00:15:10,280 Speaker 1: I'm a massive Philadelphia sports fan. But I will say this, 286 00:15:10,520 --> 00:15:12,680 Speaker 1: I became a DC United soccer fan because of the 287 00:15:12,800 --> 00:15:15,360 Speaker 1: work that DC Score does in the greater DC region. 288 00:15:15,480 --> 00:15:18,080 Speaker 1: They do a lot of philanthropy as well. Senator Bill Haggerty, 289 00:15:18,120 --> 00:15:19,520 Speaker 1: I hope you'll come back on and talk to us. 290 00:15:19,520 --> 00:15:21,840 Speaker 1: All right, Thank you very much. Great to be on with, Kevin. 291 00:15:22,040 --> 00:15:24,320 Speaker 1: Thank you very much. That's Senator Bill Haggerty. He is 292 00:15:24,360 --> 00:15:27,920 Speaker 1: a Republican from Tennessee. Rick Davis, our Bloomberg Politics contributor, 293 00:15:28,280 --> 00:15:31,000 Speaker 1: was listening to us. I mean, Rick, uh, what do 294 00:15:31,120 --> 00:15:33,440 Speaker 1: you think of Senator Bill Haggerdy. He's a growing voice 295 00:15:33,480 --> 00:15:36,440 Speaker 1: in the in the Republican Party, I would argue, and 296 00:15:36,800 --> 00:15:40,400 Speaker 1: has a fascinating background. He is a growing voice and 297 00:15:40,440 --> 00:15:42,960 Speaker 1: the Repulican Party. Kevin, I think you're exactly right. His 298 00:15:43,080 --> 00:15:47,520 Speaker 1: background is really incredible. I mean, a businessman successful at 299 00:15:47,600 --> 00:15:51,480 Speaker 1: virtually everything he's ever done. Uh served a country well 300 00:15:51,680 --> 00:15:55,120 Speaker 1: in Japan as the ambassador, got a real hard look 301 00:15:55,160 --> 00:15:58,840 Speaker 1: at the competitiveness that's going on in China. A lot 302 00:15:58,880 --> 00:16:01,560 Speaker 1: of talk around that you know in uh In in 303 00:16:01,560 --> 00:16:03,880 Speaker 1: in Washington these days, and and having him in the 304 00:16:03,960 --> 00:16:07,240 Speaker 1: United States Senate as a rational voice for for policy 305 00:16:07,280 --> 00:16:10,520 Speaker 1: and conservatism is is huge. I mean, my my supply 306 00:16:10,640 --> 00:16:13,720 Speaker 1: side economics heart was pounding hard as he talked about, 307 00:16:13,760 --> 00:16:15,480 Speaker 1: you know, what we need to be as a competitive 308 00:16:15,560 --> 00:16:17,640 Speaker 1: nation in a in a in a tough to compete 309 00:16:17,680 --> 00:16:20,520 Speaker 1: world well, and and the backstory here, folks, and again, 310 00:16:20,560 --> 00:16:23,040 Speaker 1: I mean, my goal for this program, and Rick and 311 00:16:23,080 --> 00:16:26,720 Speaker 1: I have talked about this offline, as have our executive producer, 312 00:16:26,800 --> 00:16:30,560 Speaker 1: Christine Arrata and Jeanie Schnzino, is to bring you the 313 00:16:30,600 --> 00:16:34,480 Speaker 1: audience the voices of the folks who are actually crafting 314 00:16:34,520 --> 00:16:39,520 Speaker 1: the policies this senator the background. He literally every former 315 00:16:39,520 --> 00:16:44,400 Speaker 1: White House staffer from Trump's administration went to his office, 316 00:16:44,760 --> 00:16:47,880 Speaker 1: I mean all of them, a septable, all the mid level, 317 00:16:47,960 --> 00:16:50,440 Speaker 1: lower level staff they all went to his office. And 318 00:16:50,520 --> 00:16:54,840 Speaker 1: so that to me as a reporter, signals this guy 319 00:16:54,880 --> 00:16:56,720 Speaker 1: means business in terms of the cloud that he wants 320 00:16:56,760 --> 00:16:59,160 Speaker 1: to have within the Republican Party. You know this, I 321 00:16:59,160 --> 00:17:03,120 Speaker 1: mean you've worked on finding staffords jobs, Rick Davis. I mean, 322 00:17:03,120 --> 00:17:05,800 Speaker 1: what is that signal to you? Yeah, he's building a 323 00:17:05,840 --> 00:17:08,080 Speaker 1: team for the future, right, exactly what you said, Kevin. 324 00:17:08,160 --> 00:17:11,320 Speaker 1: And it was uh smart on his part to assemble 325 00:17:11,320 --> 00:17:13,600 Speaker 1: people who had experienced They weren't just friends of his 326 00:17:13,720 --> 00:17:15,760 Speaker 1: that he brought in from the state or anything like that, 327 00:17:15,880 --> 00:17:19,320 Speaker 1: not a campaign staff that he elevated to Congress. These 328 00:17:19,320 --> 00:17:21,520 Speaker 1: are people who know policy, They know the ways around 329 00:17:21,560 --> 00:17:24,640 Speaker 1: the corridors of power in Washington. And I would suspect 330 00:17:24,720 --> 00:17:27,600 Speaker 1: that that is going to be a hallmark of his 331 00:17:27,960 --> 00:17:31,000 Speaker 1: UH tenure. He will rise in leadership and he will 332 00:17:31,040 --> 00:17:35,120 Speaker 1: be a very important voice on both international and domestic 333 00:17:35,160 --> 00:17:39,320 Speaker 1: issues within Congress. And Uh, we'll see. I mean, I 334 00:17:39,359 --> 00:17:42,199 Speaker 1: don't know how good the Nashville Soccer Club is gonna be, 335 00:17:42,400 --> 00:17:45,360 Speaker 1: but I think he's gonna make his way into UH 336 00:17:45,400 --> 00:17:49,120 Speaker 1: in the national leader. I could talk. Nashville is one 337 00:17:49,119 --> 00:17:51,440 Speaker 1: of my favorite cities to visit it. I mean, they've 338 00:17:51,480 --> 00:17:54,439 Speaker 1: got the best food and that. Don't you think we 339 00:17:54,480 --> 00:17:57,320 Speaker 1: need a new name for that? The Nashville Soccer club. 340 00:17:57,440 --> 00:18:00,399 Speaker 1: I mean, that's that's like the Washington FOOTBA football just 341 00:18:00,440 --> 00:18:02,760 Speaker 1: thinking the same thing I thought. You know, I don't, Hey, 342 00:18:02,760 --> 00:18:04,399 Speaker 1: what's in a name? I didn't want to you know, 343 00:18:04,440 --> 00:18:05,960 Speaker 1: it was his first time on the show. Rick, I 344 00:18:06,000 --> 00:18:08,440 Speaker 1: wasn't trying. I'm trying to get him on back. Next time. 345 00:18:08,480 --> 00:18:10,920 Speaker 1: We'll we'll save that for next time. We'll say what 346 00:18:11,000 --> 00:18:15,080 Speaker 1: was with the name? Um? But you know, but seriously, 347 00:18:15,119 --> 00:18:18,840 Speaker 1: from an analytical standpoint, we had two interviews this week. 348 00:18:18,880 --> 00:18:23,760 Speaker 1: We had Senator Elizabeth Warren talking about an ultra millionaire 349 00:18:23,920 --> 00:18:27,400 Speaker 1: tax that again is incredibly popular when you pull it. 350 00:18:27,880 --> 00:18:29,959 Speaker 1: And then you have someone like Senator Haggarty come on 351 00:18:30,600 --> 00:18:34,200 Speaker 1: and say the United States needs to attract global investment. 352 00:18:34,240 --> 00:18:37,800 Speaker 1: Here's the former US Ambassador to Japan put that in context. Us. 353 00:18:37,800 --> 00:18:40,520 Speaker 1: I mean, Rick, you do You've You've been around more 354 00:18:40,560 --> 00:18:42,879 Speaker 1: than I have and have so much experience from a 355 00:18:42,920 --> 00:18:47,600 Speaker 1: geopolitical business standpoint. Where is American politics right now when 356 00:18:47,600 --> 00:18:50,760 Speaker 1: two of the leading voices of each party are saying 357 00:18:50,800 --> 00:18:54,080 Speaker 1: two very different things. Well, first of all, uh, it's 358 00:18:54,119 --> 00:18:56,960 Speaker 1: all under the shround of Donald Trump, right, I mean, 359 00:18:57,000 --> 00:18:59,560 Speaker 1: we we've we're so used to his sort of eclectic 360 00:18:59,720 --> 00:19:04,160 Speaker 1: and I'm saying that kindly um foreign policy national security approach, 361 00:19:04,240 --> 00:19:06,480 Speaker 1: that we we lost track of the fact that there 362 00:19:06,600 --> 00:19:11,200 Speaker 1: is a starkly difference of opinion between Republicans and senator 363 00:19:11,320 --> 00:19:15,959 Speaker 1: and Democrats around how the US should engage globally. That 364 00:19:15,960 --> 00:19:20,560 Speaker 1: that what's unique is not that Elizabeth Warren and UM 365 00:19:20,600 --> 00:19:22,879 Speaker 1: and Bill Haggerdy have a different view. It's that that 366 00:19:23,240 --> 00:19:26,359 Speaker 1: President Biden actually splits the difference quite a bit. And 367 00:19:26,400 --> 00:19:30,000 Speaker 1: so neither of those points of view own the White 368 00:19:30,000 --> 00:19:32,359 Speaker 1: House's point of view. And so so you've got a 369 00:19:32,359 --> 00:19:35,480 Speaker 1: really unique situation where there will be fights over protectionism 370 00:19:35,480 --> 00:19:38,840 Speaker 1: and labor rules abroad, and and and and foreign investment 371 00:19:38,880 --> 00:19:40,879 Speaker 1: in the United States and and things like that. And 372 00:19:41,160 --> 00:19:43,320 Speaker 1: this issue you brought up, I think, and you can't 373 00:19:43,359 --> 00:19:46,840 Speaker 1: talk enough about it, is this idea of supply chain 374 00:19:47,400 --> 00:19:50,480 Speaker 1: um integrity around the world. Everything is going to be 375 00:19:50,520 --> 00:19:54,240 Speaker 1: touched by that issue. Well, do you think in that 376 00:19:54,359 --> 00:19:57,800 Speaker 1: and I'm gonna steal that from your supply chain integrity? 377 00:19:57,840 --> 00:20:04,359 Speaker 1: Do you think that countries like Japan, Australia, Taiwan, that 378 00:20:04,480 --> 00:20:06,760 Speaker 1: those are the countries that are set to benefit as 379 00:20:06,880 --> 00:20:11,119 Speaker 1: if the United States seeks to diversify UH its supply 380 00:20:11,280 --> 00:20:14,840 Speaker 1: chain away from China. Absolutely, and we're seeing this right 381 00:20:14,840 --> 00:20:18,120 Speaker 1: now in real time. Who is going to actually keep 382 00:20:18,200 --> 00:20:22,960 Speaker 1: us from falling behind on on on computer chips. Japan 383 00:20:23,119 --> 00:20:26,959 Speaker 1: and South Korea are allies. It's not some ally of 384 00:20:27,080 --> 00:20:30,160 Speaker 1: China that's got us um you know box, it's it's 385 00:20:30,240 --> 00:20:34,439 Speaker 1: we are getting the aid of advanced economies like like 386 00:20:34,520 --> 00:20:39,240 Speaker 1: South Korea, like Japan, and like Taiwan who have the 387 00:20:39,320 --> 00:20:43,960 Speaker 1: technical wherewithal to help us and our allies. Those economies 388 00:20:44,000 --> 00:20:47,679 Speaker 1: are what makes us stronger against the progressed, the regressive 389 00:20:47,840 --> 00:20:50,240 Speaker 1: policies that China has. And coming up in the next 390 00:20:50,240 --> 00:20:52,919 Speaker 1: half hour, we're gonna be joined by Congressman John Garamendi. 391 00:20:53,400 --> 00:20:56,320 Speaker 1: He's a Democrat from California. He met with President Biden 392 00:20:56,680 --> 00:21:00,679 Speaker 1: earlier today along with another group of bipartism lawmakers in 393 00:21:00,680 --> 00:21:03,720 Speaker 1: the Oval Office UH to discuss infrastructure. So we're going 394 00:21:03,760 --> 00:21:06,280 Speaker 1: to talk about the looming fight after this one point 395 00:21:06,400 --> 00:21:10,200 Speaker 1: nine trillion dollar stimulus gets through, which is infrastructure. And 396 00:21:10,200 --> 00:21:13,399 Speaker 1: and this this this sense that infrastructure is now being 397 00:21:13,440 --> 00:21:16,800 Speaker 1: tied not just from a domestic standpoint of roads and bridges, 398 00:21:16,880 --> 00:21:20,439 Speaker 1: although it is, but also to the UH to the 399 00:21:20,440 --> 00:21:25,720 Speaker 1: geopolitical uh, supply chain integrity, as Rick Davis calls it, 400 00:21:25,800 --> 00:21:27,440 Speaker 1: just to get just to get your in the last 401 00:21:27,440 --> 00:21:30,439 Speaker 1: minute we have before the jump uh the the uh 402 00:21:30,800 --> 00:21:34,359 Speaker 1: the stimulus. I mean, it's interesting that a lot of 403 00:21:34,400 --> 00:21:38,960 Speaker 1: these Republican senators and governors they're raising concerns about the stimulus, 404 00:21:39,000 --> 00:21:42,360 Speaker 1: and yet they're still going to take the money that 405 00:21:42,359 --> 00:21:45,040 Speaker 1: that gets past. Rick. Yeah, I mean, Republicans are doing 406 00:21:45,040 --> 00:21:48,840 Speaker 1: their jobs, they're slimming it down. Democrats have got a 407 00:21:48,840 --> 00:21:50,640 Speaker 1: a bunch of change in their pocket and they're ready 408 00:21:50,680 --> 00:21:53,040 Speaker 1: to spend. Everyone's going to take credit for every dollar 409 00:21:53,080 --> 00:21:55,879 Speaker 1: that comes into their state, including Senator Bill Haggerty. And 410 00:21:55,960 --> 00:21:58,399 Speaker 1: so that's what I find interesting because that's kind of 411 00:21:58,440 --> 00:22:01,520 Speaker 1: you know, it's I guess politics. Well, a lot of 412 00:22:01,520 --> 00:22:04,280 Speaker 1: this money is going directly to people, right, and so 413 00:22:04,400 --> 00:22:06,200 Speaker 1: you can call it COVID or not. But like it's 414 00:22:06,280 --> 00:22:10,280 Speaker 1: unemployment assistance, it's checks. There's no reason why if the 415 00:22:10,280 --> 00:22:12,440 Speaker 1: government writes a check to a person, they don't get 416 00:22:12,480 --> 00:22:15,600 Speaker 1: credit for it. And Broadway is reopening, not the Broadway 417 00:22:15,600 --> 00:22:17,960 Speaker 1: in Nashville, but Broadway, the Great Way Way up in 418 00:22:18,000 --> 00:22:20,440 Speaker 1: New York City in April. They're gonna start having limited 419 00:22:20,440 --> 00:22:24,720 Speaker 1: shows Guys Optimism, Guys and gals Optimism. I'm Kevin Sireli. 420 00:22:24,800 --> 00:22:28,959 Speaker 1: This is Bloomberg. My name is Kevin Sirelli. I am 421 00:22:28,960 --> 00:22:32,959 Speaker 1: the chief Washington correspondent for Bloomberg TV and for Bloomberg Radio. 422 00:22:33,040 --> 00:22:37,840 Speaker 1: Accompanied none other then with none other than Rick Davis, 423 00:22:37,840 --> 00:22:42,720 Speaker 1: Bloomberg Politics contributor. UH and Rick. I've been really following 424 00:22:42,720 --> 00:22:45,400 Speaker 1: this infrastructure story. We've talked about it for the past 425 00:22:45,400 --> 00:22:48,320 Speaker 1: couple of weeks. But now that the stimulus is likely 426 00:22:48,320 --> 00:22:51,000 Speaker 1: going to pass, probably end up on the President's desk, 427 00:22:51,520 --> 00:22:53,720 Speaker 1: I guess over the weekend or early next week, but 428 00:22:54,400 --> 00:22:57,520 Speaker 1: then it's on infrastructure. And President Biden met with a 429 00:22:57,560 --> 00:23:01,439 Speaker 1: bipartisan group of lawmaker is in the Oval Office today 430 00:23:01,520 --> 00:23:04,480 Speaker 1: and I'm really grateful that one of those lawmakers is 431 00:23:04,480 --> 00:23:06,399 Speaker 1: a good friend of this program. And he joins us 432 00:23:06,400 --> 00:23:10,159 Speaker 1: now on the telephone line. UH, Congressman John Garamendi. He 433 00:23:10,240 --> 00:23:13,520 Speaker 1: is a Democrat from California. Congressman, great to have you on. 434 00:23:13,600 --> 00:23:16,560 Speaker 1: I I know you can't tell us exactly what was 435 00:23:16,600 --> 00:23:19,080 Speaker 1: said in the meeting, but maybe just give us a 436 00:23:19,080 --> 00:23:22,639 Speaker 1: little hint. What what did you glean from the infrastructure 437 00:23:22,640 --> 00:23:26,880 Speaker 1: meeting today? At the White House. We have a president 438 00:23:26,960 --> 00:23:30,040 Speaker 1: that wants to build infrastructure for a modern America that 439 00:23:30,119 --> 00:23:33,159 Speaker 1: can compete with anybody in the world. He was all in. 440 00:23:33,960 --> 00:23:36,520 Speaker 1: He obviously has been working heavily on getting the rescue 441 00:23:36,560 --> 00:23:40,159 Speaker 1: package done so crush the virus, get people UH in 442 00:23:40,240 --> 00:23:43,240 Speaker 1: their jobs, all of those issues. In that he is 443 00:23:43,280 --> 00:23:46,840 Speaker 1: in his mind moving to the next step and he's 444 00:23:46,840 --> 00:23:49,879 Speaker 1: going to build back a better period. He's determined to 445 00:23:49,880 --> 00:23:52,040 Speaker 1: do it. And you're not talking just about streets and 446 00:23:52,119 --> 00:23:56,959 Speaker 1: roads and transit systems, talking about everything a modern economy needs. UH, 447 00:23:57,000 --> 00:23:59,439 Speaker 1: if we're going to compete with China and other nations 448 00:23:59,480 --> 00:24:02,399 Speaker 1: around the world old and meet the needs of the 449 00:24:02,440 --> 00:24:08,399 Speaker 1: climate crisis. It was a very very important meeting in 450 00:24:08,960 --> 00:24:11,520 Speaker 1: as I look at it, he's setting the stage for 451 00:24:11,640 --> 00:24:16,439 Speaker 1: a very bold, broad infrastructure program that will address the 452 00:24:16,520 --> 00:24:20,280 Speaker 1: needs of this nation, not just this year and not 453 00:24:20,359 --> 00:24:23,119 Speaker 1: just for the workers now, but for the foundation for 454 00:24:23,200 --> 00:24:25,280 Speaker 1: economic growth into the future. Well, that's one of the 455 00:24:25,359 --> 00:24:27,520 Speaker 1: questions I'd have at the stimulus debate is where is 456 00:24:27,560 --> 00:24:31,760 Speaker 1: the funding for transitioning workers in industries that aren't going 457 00:24:31,800 --> 00:24:35,320 Speaker 1: to come back in the post pandemic, I mean infrastructure jobs. 458 00:24:35,320 --> 00:24:38,400 Speaker 1: One could make the case both not just in roads 459 00:24:38,400 --> 00:24:41,760 Speaker 1: and bridges, but digital that it could that there could 460 00:24:41,760 --> 00:24:43,840 Speaker 1: be some jobs there. Did that come up? The job 461 00:24:43,920 --> 00:24:48,680 Speaker 1: creation as as a part of infrastructure come up absolutely 462 00:24:48,680 --> 00:24:51,840 Speaker 1: in two different ways. First of all, just people working, 463 00:24:52,200 --> 00:24:56,400 Speaker 1: putting in the broadband systems, building the wind turbans, managing 464 00:24:56,800 --> 00:25:00,760 Speaker 1: those programs as they go into the future, the streets 465 00:25:00,760 --> 00:25:04,720 Speaker 1: and roads and transit systems, all of that that's immediate 466 00:25:04,760 --> 00:25:09,720 Speaker 1: work in in many different industries. The second point, and 467 00:25:09,800 --> 00:25:12,520 Speaker 1: he did this his third day in office. The President 468 00:25:12,640 --> 00:25:15,560 Speaker 1: issued executive orders his third day in office, and he said, 469 00:25:16,000 --> 00:25:18,640 Speaker 1: your taxpayer money is going to be used to buy 470 00:25:18,680 --> 00:25:23,879 Speaker 1: American made products, whether that is cement or would or 471 00:25:24,359 --> 00:25:29,560 Speaker 1: computer chips. He was very clear on that third day 472 00:25:29,600 --> 00:25:32,800 Speaker 1: in office. He repeated it today. It's something that I've 473 00:25:32,840 --> 00:25:35,399 Speaker 1: been working on in a legislation for more than a 474 00:25:35,480 --> 00:25:38,399 Speaker 1: decade now. We called it make it in America. And 475 00:25:38,440 --> 00:25:42,879 Speaker 1: so using the infrastructure, the broad infrastructure, broadband, all the 476 00:25:42,960 --> 00:25:47,160 Speaker 1: pieces our ports, are, waterways, are ships, all of those 477 00:25:47,160 --> 00:25:54,320 Speaker 1: things that they be made of American made products. We 478 00:25:54,359 --> 00:25:56,679 Speaker 1: get it two different ways. And and it is a 479 00:25:57,080 --> 00:26:00,800 Speaker 1: very big way to rebuild the amount park in economy 480 00:26:01,080 --> 00:26:03,359 Speaker 1: to create those jobs and You've got a type of 481 00:26:03,359 --> 00:26:05,800 Speaker 1: team up with another thing we've all been talking about, 482 00:26:06,240 --> 00:26:08,480 Speaker 1: and that is you've got to have a workforce that's 483 00:26:08,480 --> 00:26:12,000 Speaker 1: well educated. That's part of the rescue package, It's part 484 00:26:12,000 --> 00:26:14,440 Speaker 1: of what we need to do across this nation. It 485 00:26:14,560 --> 00:26:16,840 Speaker 1: was an exciting meeting because I see a president that 486 00:26:17,320 --> 00:26:21,400 Speaker 1: wants to move this country forward. I want to ask you, uh, well, first, 487 00:26:21,440 --> 00:26:23,280 Speaker 1: let's let's play a little bit from what President Biden 488 00:26:23,320 --> 00:26:26,119 Speaker 1: said at the White House today about infrastructure. Here's the 489 00:26:26,119 --> 00:26:31,240 Speaker 1: sound on infrastructure from President Biden. Infrastructure and American competitiveness 490 00:26:31,320 --> 00:26:35,120 Speaker 1: and what we're gonna do to make sure we once 491 00:26:35,160 --> 00:26:39,680 Speaker 1: again lead the world across the board and infrastructure. It's 492 00:26:40,359 --> 00:26:42,840 Speaker 1: not only creates jobs, but it makes us a hell 493 00:26:42,840 --> 00:26:45,639 Speaker 1: of a lot more competitive around the world if you 494 00:26:45,680 --> 00:26:49,280 Speaker 1: have the best infrastructure in the world. I want to, uh, 495 00:26:49,440 --> 00:26:51,320 Speaker 1: take a look at a piece of legislation that you've 496 00:26:51,359 --> 00:26:54,840 Speaker 1: been worked heavily on over the last couple of years. 497 00:26:54,840 --> 00:26:57,600 Speaker 1: You and I have spoken about it before, uh, and 498 00:26:57,640 --> 00:27:02,399 Speaker 1: that's the Pharmaceutical Independence Long Term Readiness Reform Act, which 499 00:27:02,680 --> 00:27:07,320 Speaker 1: essentially requires the Department of Defense to identify the vulnerabilities 500 00:27:07,359 --> 00:27:11,760 Speaker 1: faced by America's dependence on Chinese pharmaceuticals and to purchase 501 00:27:12,200 --> 00:27:15,480 Speaker 1: American made raw materials. It's the last part of the 502 00:27:15,880 --> 00:27:18,719 Speaker 1: This policy, which I would argue based on my reporting, 503 00:27:18,760 --> 00:27:22,119 Speaker 1: has bipartisan support that could be included in some of 504 00:27:22,119 --> 00:27:25,600 Speaker 1: these infrastructure conversations. And I can't stress this enough. We 505 00:27:25,720 --> 00:27:29,119 Speaker 1: have to start thinking of infrastructure beyond just roads and bridges, right, 506 00:27:30,320 --> 00:27:35,359 Speaker 1: absolutely true. And the infrastructure is the supply chain that's 507 00:27:35,400 --> 00:27:38,600 Speaker 1: so so critically important. UH. And that's just one piece 508 00:27:38,600 --> 00:27:42,240 Speaker 1: of the pharmaceuticals. Yes. Absolutely. We have legislation that is 509 00:27:42,280 --> 00:27:44,760 Speaker 1: actually in law today as a result of what we 510 00:27:44,840 --> 00:27:48,840 Speaker 1: did last year that sets this stage with the Department 511 00:27:48,880 --> 00:27:53,760 Speaker 1: of Defense to determine what are the vulnerabilities. Can we well, 512 00:27:53,840 --> 00:27:57,720 Speaker 1: what's twenty five years since we manufactured bensillan in America. 513 00:27:58,720 --> 00:28:00,760 Speaker 1: The China really wants to get to us. They cut 514 00:28:00,760 --> 00:28:04,560 Speaker 1: off our supply parmaceuticals and we got a very sick army. 515 00:28:04,680 --> 00:28:06,680 Speaker 1: So yes, that's a piece of it, but it goes 516 00:28:06,760 --> 00:28:10,600 Speaker 1: beyond that. Legislation is now moving through UH the Armed 517 00:28:10,640 --> 00:28:14,959 Speaker 1: Services Committee, through the Transportation Infrastructure Committee, as well as 518 00:28:15,000 --> 00:28:20,119 Speaker 1: the Commerce Committee here in the House about the supply chain, UH, 519 00:28:20,280 --> 00:28:23,560 Speaker 1: in every conceivable way and The President just two days 520 00:28:23,600 --> 00:28:28,359 Speaker 1: ago held up a little computer chip and said, this 521 00:28:28,880 --> 00:28:32,480 Speaker 1: is part of the problem. We don't make this in America, 522 00:28:32,640 --> 00:28:36,040 Speaker 1: and the auto industry is shutting down plants because they 523 00:28:36,080 --> 00:28:40,760 Speaker 1: can't get that little chip to turn on the cars. So, yes, 524 00:28:40,960 --> 00:28:45,920 Speaker 1: this is seen in every part of the American economy. 525 00:28:46,080 --> 00:28:51,240 Speaker 1: And so we're going to build back better, not necessarily bigger, 526 00:28:51,640 --> 00:28:55,880 Speaker 1: but wiser so that we have we are not dependent 527 00:28:56,720 --> 00:29:01,200 Speaker 1: far on in some cases are key competitors for these 528 00:29:01,400 --> 00:29:05,880 Speaker 1: critical issues. We do know that rare earth, which is 529 00:29:06,000 --> 00:29:09,320 Speaker 1: critical to all of the electronics industry. There are two 530 00:29:09,360 --> 00:29:14,320 Speaker 1: minds in America that are usually shut down because unable 531 00:29:14,360 --> 00:29:19,840 Speaker 1: to compete with Chinese government subsidizing the Chinese minds that 532 00:29:19,960 --> 00:29:24,760 Speaker 1: produced these rare where the well. One of them is 533 00:29:24,760 --> 00:29:30,600 Speaker 1: in California, U Bingo out in the Imperial Valley. Uh. 534 00:29:30,920 --> 00:29:33,760 Speaker 1: It has it's there. It operates from time to time 535 00:29:33,800 --> 00:29:37,920 Speaker 1: until the Chinese decide they wanted flood the market, uh, 536 00:29:37,960 --> 00:29:41,320 Speaker 1: and they shut down. The other one, I understand is 537 00:29:41,440 --> 00:29:44,960 Speaker 1: up along the Great Lakes either. I think it's in Minnesota, 538 00:29:45,400 --> 00:29:48,440 Speaker 1: maybe maybe Wisconsin. I just learned of that one the 539 00:29:48,480 --> 00:29:51,560 Speaker 1: other day. Let me bring into this conversation a Blob 540 00:29:51,680 --> 00:29:55,600 Speaker 1: Politics contributor Rick Davis and Congressman Earlier we were talking, 541 00:29:55,680 --> 00:29:59,440 Speaker 1: Rick and I were talking about supply chain integrity and 542 00:29:59,440 --> 00:30:01,680 Speaker 1: and Rick and mean, it's fascinating just an in hearing 543 00:30:01,720 --> 00:30:05,000 Speaker 1: Congressman Garamndi with his meeting with President Biden earlier today 544 00:30:05,000 --> 00:30:08,200 Speaker 1: in the Oval Office, and someone like Senator Haggerty who 545 00:30:08,240 --> 00:30:10,760 Speaker 1: we interviewed at the top of the show. Yes, their 546 00:30:10,760 --> 00:30:13,000 Speaker 1: world's apart in terms of the two parties that they're in. 547 00:30:13,240 --> 00:30:17,000 Speaker 1: But on this supply chain integrity day agree, Rick, Yeah, 548 00:30:17,040 --> 00:30:20,760 Speaker 1: and this is a bipartisan concern, right that we aren't 549 00:30:20,880 --> 00:30:24,360 Speaker 1: competitive enough with the resources that we have, that we've 550 00:30:24,400 --> 00:30:28,200 Speaker 1: become maybe too dependent upon other countries, especially China and 551 00:30:28,280 --> 00:30:32,400 Speaker 1: the the the the role they play in developing these technologies. 552 00:30:32,400 --> 00:30:34,160 Speaker 1: But I think one thing that's also important, and I 553 00:30:34,200 --> 00:30:37,640 Speaker 1: think the Congressman would agree, is that that we still 554 00:30:37,760 --> 00:30:41,920 Speaker 1: lead the world in this technology that advances the development 555 00:30:41,960 --> 00:30:44,760 Speaker 1: of these chips. So working with countries, and we talked 556 00:30:44,800 --> 00:30:48,960 Speaker 1: about this earlier with Senator Haggerty, uh Japan, South Korea, 557 00:30:49,000 --> 00:30:53,200 Speaker 1: and Taiwan, we've been able to develop those chip manufacturers 558 00:30:53,280 --> 00:30:55,760 Speaker 1: with technologies that are born in the United States and 559 00:30:56,080 --> 00:30:59,440 Speaker 1: the more we can develop that capacity to manufacture here. 560 00:31:00,080 --> 00:31:05,600 Speaker 1: As Congressman Garmondi pointed out, the building buy America will 561 00:31:05,640 --> 00:31:10,600 Speaker 1: be a more secure nation. Did you agree, Absolutely? Absolutely true. 562 00:31:10,640 --> 00:31:13,280 Speaker 1: And it couldn't be said more clear than that. And 563 00:31:13,440 --> 00:31:19,360 Speaker 1: the examples are everywhere, the pharmaceuticals. That legislation that you 564 00:31:19,440 --> 00:31:22,560 Speaker 1: talked about, Kevin, was introduced with Vicky Haltzer, the Republican 565 00:31:22,880 --> 00:31:26,000 Speaker 1: who is also on the Armed Services Committee. Uh and 566 00:31:26,280 --> 00:31:28,280 Speaker 1: and we were talking about this one day and we said, 567 00:31:28,280 --> 00:31:34,480 Speaker 1: we need to do something. Others are also looking at this. Economist, manufacturers, 568 00:31:35,000 --> 00:31:38,600 Speaker 1: we cannot be dependent totally. A good portion of the 569 00:31:38,640 --> 00:31:41,640 Speaker 1: future supply will come from others around the world. But 570 00:31:41,720 --> 00:31:45,960 Speaker 1: when you're totally dependent on somebody else, you are literally 571 00:31:46,600 --> 00:31:49,719 Speaker 1: uh at their mercy and that they don't have mercy, 572 00:31:49,760 --> 00:31:54,080 Speaker 1: You're we're in deep trouble. So yes, it is almost 573 00:31:54,200 --> 00:31:57,760 Speaker 1: everything we do in America. We need to build a 574 00:31:57,920 --> 00:32:04,680 Speaker 1: resilient supply chain that provides with the certainty that we 575 00:32:04,680 --> 00:32:07,960 Speaker 1: can get the material we need or the products or 576 00:32:07,960 --> 00:32:12,560 Speaker 1: the sub components when they are met when they're needed. 577 00:32:13,000 --> 00:32:17,080 Speaker 1: And that may be relying on our key allies for 578 00:32:17,240 --> 00:32:19,400 Speaker 1: some portion of that, but we have to have the 579 00:32:19,440 --> 00:32:22,760 Speaker 1: domestic peace. I will tell you the President spoke to 580 00:32:22,840 --> 00:32:25,960 Speaker 1: this again today. He has over the last several days. 581 00:32:26,680 --> 00:32:29,239 Speaker 1: It is on his mind. He spoke to it in 582 00:32:29,280 --> 00:32:32,640 Speaker 1: the in the Oval Office meeting as a part of 583 00:32:32,680 --> 00:32:38,680 Speaker 1: the infrastructure package. And when he talks about using American 584 00:32:38,800 --> 00:32:43,959 Speaker 1: taxpayer dollars two by American made goods, he's talking about 585 00:32:44,080 --> 00:32:50,520 Speaker 1: using those, uh, those purchases by the federal government to 586 00:32:50,600 --> 00:32:57,480 Speaker 1: incubate and to support the domestic manufacturers. How much money 587 00:32:57,520 --> 00:32:59,800 Speaker 1: is the infrastr what's the top line price tag of 588 00:32:59,840 --> 00:33:03,440 Speaker 1: the infrastructure number? Did he throw out a number? He 589 00:33:03,560 --> 00:33:06,400 Speaker 1: did not, and I don't think he should. I think 590 00:33:06,400 --> 00:33:09,280 Speaker 1: we need to build up from the bottom. Well, Kevin, 591 00:33:09,320 --> 00:33:12,720 Speaker 1: the number that's banging the number that's banging around as 592 00:33:12,720 --> 00:33:17,000 Speaker 1: the American Society of Civil Engineers, these guys no infrastructure. Uh. 593 00:33:17,080 --> 00:33:19,280 Speaker 1: They gave us a C minus grade, which actually is 594 00:33:19,360 --> 00:33:22,760 Speaker 1: up from a D plus two seventeen. But they're saying 595 00:33:22,800 --> 00:33:27,000 Speaker 1: two point five nine trillion is the shortfall in spending 596 00:33:27,000 --> 00:33:29,560 Speaker 1: on infrastructure. So there's a lot of money that's needed. 597 00:33:29,680 --> 00:33:31,920 Speaker 1: So Congressman, how do you pay for it? I mean, 598 00:33:31,920 --> 00:33:34,200 Speaker 1: I'm sure that came up. I mean, Senator Warren came 599 00:33:34,200 --> 00:33:36,520 Speaker 1: out with the proposal this we can send you once 600 00:33:36,520 --> 00:33:42,880 Speaker 1: attacks ultra millionaires. What are they tossing around? Well, I 601 00:33:42,960 --> 00:33:46,800 Speaker 1: want to start in a different place tossing numbers around. Uh. 602 00:33:47,200 --> 00:33:49,480 Speaker 1: First of all, that two point nine trillion or whatever 603 00:33:49,520 --> 00:33:53,440 Speaker 1: the number is is over multiple years. So start at 604 00:33:53,440 --> 00:33:56,400 Speaker 1: the bottom. How much money do we need to build? 605 00:33:56,800 --> 00:34:00,320 Speaker 1: Uh the bridges that we need to build over the 606 00:34:00,360 --> 00:34:03,440 Speaker 1: next need to repair and build over the next two years. 607 00:34:03,720 --> 00:34:07,040 Speaker 1: How many of the airports need to be brought up 608 00:34:07,120 --> 00:34:10,319 Speaker 1: to date, Uh, miles of roads and so on. So 609 00:34:10,360 --> 00:34:13,040 Speaker 1: you build it from the bottom, piece by piece by piece, 610 00:34:13,360 --> 00:34:16,239 Speaker 1: added together. How much of that can be done this year? 611 00:34:16,320 --> 00:34:18,120 Speaker 1: How much can be done next year in the next 612 00:34:18,160 --> 00:34:21,120 Speaker 1: five years, So that you you come at it from 613 00:34:21,120 --> 00:34:23,560 Speaker 1: the bottom. To start at the top throwing out a number, 614 00:34:23,920 --> 00:34:25,839 Speaker 1: there's going to be a problem because people are going 615 00:34:25,880 --> 00:34:28,160 Speaker 1: to go, oh my god, we cannot do it. Well, 616 00:34:28,200 --> 00:34:30,440 Speaker 1: then we have something to talk about Congress when we 617 00:34:30,440 --> 00:34:32,560 Speaker 1: gotta have something to talk about on Bloomberg sound on. 618 00:34:32,920 --> 00:34:35,279 Speaker 1: Speaking of which your district, I'm gonna give you. I'm 619 00:34:35,320 --> 00:34:37,879 Speaker 1: gonna give you the individual pieces and we could talk 620 00:34:38,400 --> 00:34:42,480 Speaker 1: probably about each individual piece for the next Uh. I 621 00:34:42,520 --> 00:34:45,319 Speaker 1: don't know, several weeks and then we add them all 622 00:34:45,320 --> 00:34:47,319 Speaker 1: together and you'll have a number. All right. You know 623 00:34:47,360 --> 00:34:49,279 Speaker 1: math was never my fort day. That's why I got 624 00:34:49,320 --> 00:34:51,840 Speaker 1: into journalism. I gotta be honest with the audience. Congressman 625 00:34:51,880 --> 00:34:54,960 Speaker 1: John Garret Mendy's with US Democrat from California. You've got 626 00:34:54,960 --> 00:34:58,400 Speaker 1: to you represent Napa Valley, a huge, huge parks of 627 00:34:58,880 --> 00:35:02,839 Speaker 1: Napa Valley. What's your favorite vineyard that's out in half 628 00:35:02,920 --> 00:35:08,680 Speaker 1: the valley? Listen, Kevin, I have been in public office 629 00:35:08,760 --> 00:35:14,600 Speaker 1: in and I know, honest to god, I know, do 630 00:35:14,680 --> 00:35:18,600 Speaker 1: not choose among your constituents who is that they are 631 00:35:18,680 --> 00:35:23,120 Speaker 1: all perfect, the best in the world. And there's no 632 00:35:23,680 --> 00:35:28,440 Speaker 1: vineyard in France or or that you even can begin 633 00:35:28,560 --> 00:35:32,280 Speaker 1: to match the American California. All right, well said, well said, 634 00:35:33,320 --> 00:35:36,680 Speaker 1: spoken spoken like a true politician. Let me let me 635 00:35:36,719 --> 00:35:38,319 Speaker 1: play for you this. I want to I want to 636 00:35:38,320 --> 00:35:41,360 Speaker 1: get your response to this because my colleague David Weston 637 00:35:41,400 --> 00:35:45,680 Speaker 1: had the first interview, the first television interview with Agricultural 638 00:35:45,760 --> 00:35:50,080 Speaker 1: Secretary Tom Bill Sack earlier today, and he spoke about 639 00:35:50,080 --> 00:35:53,160 Speaker 1: agriculture and you know, we I know that's hugely important 640 00:35:53,160 --> 00:35:55,280 Speaker 1: in your district. So take a listen to the sound 641 00:35:55,280 --> 00:35:57,920 Speaker 1: on this from Secretary Bill Sack. A great interview from 642 00:35:57,960 --> 00:36:01,280 Speaker 1: Balance of Power from Second Terry Bill Sack and David Weston. 643 00:36:01,320 --> 00:36:05,320 Speaker 1: Here it is understand that the China relationship is always tenuous. 644 00:36:05,880 --> 00:36:08,239 Speaker 1: There are many many factors and many layers to that 645 00:36:08,280 --> 00:36:11,400 Speaker 1: relationship that can impact in effect, what China decides to do. 646 00:36:11,480 --> 00:36:13,759 Speaker 1: That's why it's important for us not to put all 647 00:36:13,760 --> 00:36:16,239 Speaker 1: of our eggs, if you will, in that basket. It's 648 00:36:16,280 --> 00:36:18,640 Speaker 1: necessary for us to continue to look for new markets 649 00:36:18,640 --> 00:36:22,600 Speaker 1: and deeper markets being I mean, that's that's what Republicans 650 00:36:22,600 --> 00:36:24,719 Speaker 1: and Democrats are staying in. Congressman, last question for you, 651 00:36:24,760 --> 00:36:28,720 Speaker 1: because that you've been so generous with your time. Well, 652 00:36:29,000 --> 00:36:33,320 Speaker 1: he's right, we need to look to the entire world. 653 00:36:33,440 --> 00:36:36,400 Speaker 1: Years and years ago, I looked at California. How does 654 00:36:36,440 --> 00:36:39,880 Speaker 1: California be competitive in We came up with five things 655 00:36:40,200 --> 00:36:45,880 Speaker 1: best education, best research, best infrastructure. And you have to 656 00:36:46,960 --> 00:36:50,479 Speaker 1: you have to think globally. And that's what Bill Sack 657 00:36:50,600 --> 00:36:54,239 Speaker 1: is saying, you have to think globally. And and for agriculture, 658 00:36:54,320 --> 00:37:00,000 Speaker 1: it is a knockdown hard trade negotiations because everybody wants 659 00:37:00,040 --> 00:37:03,120 Speaker 1: to protect their own farmer and certainly Americans do too, 660 00:37:03,440 --> 00:37:06,319 Speaker 1: and so the trade negotiations will be a critical part 661 00:37:06,360 --> 00:37:09,440 Speaker 1: of that. China said that Trump said he's going to 662 00:37:09,520 --> 00:37:11,600 Speaker 1: cut a deal and the American agriculture is going to 663 00:37:11,680 --> 00:37:14,839 Speaker 1: come out. Well. Well, my vice farmers in California said, 664 00:37:14,880 --> 00:37:21,560 Speaker 1: oh yeah, big deal. Two hundred tons of rice. Two 665 00:37:21,640 --> 00:37:23,920 Speaker 1: hundred tons. I said, you might be you're missing zeros. 666 00:37:23,920 --> 00:37:26,920 Speaker 1: They said, no, we're not missing zeros. That's all that 667 00:37:27,040 --> 00:37:30,120 Speaker 1: came of that big talked by by Trump when he 668 00:37:30,239 --> 00:37:34,160 Speaker 1: cut this deal with China on opening trade. UM, so 669 00:37:34,200 --> 00:37:36,920 Speaker 1: you gotta be wise about it. Bill Sack is experience. 670 00:37:37,040 --> 00:37:39,919 Speaker 1: He knows what he's facing. He knows that we can 671 00:37:40,840 --> 00:37:43,640 Speaker 1: look at these markets and it may be small, but 672 00:37:43,719 --> 00:37:46,600 Speaker 1: it's gonna be tough. It'll be tough, but piece by 673 00:37:46,680 --> 00:37:48,479 Speaker 1: piece you need to build it. We need to build 674 00:37:48,480 --> 00:37:51,439 Speaker 1: our domestic markets. And this is one of the things 675 00:37:51,480 --> 00:37:55,399 Speaker 1: we talked about American through to American schools. We were 676 00:37:55,440 --> 00:38:00,320 Speaker 1: buying Chinese teaches for the schools in Sacramento where most 677 00:38:00,320 --> 00:38:08,239 Speaker 1: of American teachers are. Can't wow, I mean that. Yeah. 678 00:38:08,400 --> 00:38:12,120 Speaker 1: Congressman Gara Mendy, I really appreciate your time. Thanks for 679 00:38:12,160 --> 00:38:14,959 Speaker 1: coming on. UM and uh making time for us after 680 00:38:15,000 --> 00:38:17,759 Speaker 1: that really important meeting, and I appreciate it very much. 681 00:38:17,840 --> 00:38:23,600 Speaker 1: That's Congressman John Garret Mendy, Democrat in California's third congressional district, 682 00:38:23,680 --> 00:38:26,040 Speaker 1: Rick Davis. You know, I was listening to the congressman. 683 00:38:26,040 --> 00:38:29,000 Speaker 1: I've covered him for years now, and I was thinking 684 00:38:29,040 --> 00:38:31,680 Speaker 1: of what you had mentioned about the American Society of 685 00:38:31,760 --> 00:38:34,080 Speaker 1: Civil Engineers. You know, my dad's an engineer, and I 686 00:38:34,080 --> 00:38:37,680 Speaker 1: remember I had a flashback, as they say, back when 687 00:38:37,680 --> 00:38:39,879 Speaker 1: I was in fifth grade and my dad came home 688 00:38:39,880 --> 00:38:41,759 Speaker 1: at the dinner table, Rick, you know what he said 689 00:38:41,760 --> 00:38:44,520 Speaker 1: to me. He said, Kevin, the world is flat. I said, Dad, no, 690 00:38:44,600 --> 00:38:47,040 Speaker 1: it's not. We're learning about it in school. The world 691 00:38:47,080 --> 00:38:49,319 Speaker 1: is the sphere. And I'm thinking to myself, is this 692 00:38:49,440 --> 00:38:51,759 Speaker 1: is my dad a conspiracy theorist? What's going on? He 693 00:38:51,840 --> 00:38:54,960 Speaker 1: was reading Thomas Freeman's book. Oh, I thought maybe he 694 00:38:55,000 --> 00:38:58,160 Speaker 1: was just talking about paving the entire world flat, because 695 00:38:58,239 --> 00:39:01,040 Speaker 1: that is what civil engineers wanted. Well, you know, my 696 00:39:01,160 --> 00:39:04,960 Speaker 1: I call him the engineered lovingly, but but but seriously, 697 00:39:05,040 --> 00:39:08,360 Speaker 1: I mean, you you hear about these issues that have 698 00:39:08,480 --> 00:39:11,480 Speaker 1: just been on the on the back burner for decades, 699 00:39:11,960 --> 00:39:14,440 Speaker 1: and it seems as if in the past year, and 700 00:39:14,520 --> 00:39:17,680 Speaker 1: maybe it's the pandemic or whatnot, but it seems that 701 00:39:17,719 --> 00:39:22,440 Speaker 1: there's just been this resurgence. And he used the Congress 702 00:39:22,520 --> 00:39:26,440 Speaker 1: mcgarremandy used the word globalism. But I feel that's been 703 00:39:26,480 --> 00:39:28,560 Speaker 1: talking to you over the past couple of weeks. You 704 00:39:28,600 --> 00:39:32,520 Speaker 1: would add an adjective to it and say competitive globalism. 705 00:39:32,560 --> 00:39:35,000 Speaker 1: That's right. I mean, the world is not full of 706 00:39:35,360 --> 00:39:38,120 Speaker 1: h I would say fair actors. And and we heard 707 00:39:38,200 --> 00:39:41,400 Speaker 1: Secretary blink In just this week talk about China that 708 00:39:41,640 --> 00:39:45,920 Speaker 1: one big standout when it comes to the global economy, 709 00:39:46,239 --> 00:39:48,319 Speaker 1: and he said, sometimes you have to treat him in 710 00:39:48,360 --> 00:39:53,640 Speaker 1: a competitive fashion, sometimes collaboratively and sometimes as an adversary. 711 00:39:53,719 --> 00:39:56,480 Speaker 1: And so this idea that one size has to fit 712 00:39:56,560 --> 00:40:00,520 Speaker 1: everybody has just got to be transitioned into knew a 713 00:40:00,680 --> 00:40:05,080 Speaker 1: much more I would say, discerning approach to global affairs. 714 00:40:05,200 --> 00:40:08,120 Speaker 1: And and so we're not trying to throw everybody's job 715 00:40:08,160 --> 00:40:10,320 Speaker 1: market up in the air. We're not trying to actually 716 00:40:10,760 --> 00:40:14,000 Speaker 1: lose our competitiveness by having other countries catch up to us. 717 00:40:14,040 --> 00:40:15,880 Speaker 1: But we have to know what we're good at. We 718 00:40:15,960 --> 00:40:17,880 Speaker 1: have to be able to build that capacity here. It 719 00:40:17,960 --> 00:40:22,560 Speaker 1: has to have the integrity of its uh technology uh 720 00:40:22,600 --> 00:40:25,160 Speaker 1: and and we have to be able to supply good jobs. 721 00:40:25,160 --> 00:40:27,640 Speaker 1: As you pointed out, Kevin, you know you were talking 722 00:40:27,680 --> 00:40:31,439 Speaker 1: to the congressman about are we training people who are 723 00:40:31,520 --> 00:40:34,879 Speaker 1: no longer going back to their old jobs because they've 724 00:40:35,040 --> 00:40:38,320 Speaker 1: they're gone due to COVID and are we training them properly? 725 00:40:38,320 --> 00:40:41,319 Speaker 1: Do we have the education system set up so that 726 00:40:41,400 --> 00:40:44,440 Speaker 1: they can pursue some of these new jobs where building 727 00:40:44,440 --> 00:40:47,080 Speaker 1: our infrastructure is going to matter? And I'm not sure 728 00:40:47,160 --> 00:40:49,120 Speaker 1: you've got the best answer on that. What do you 729 00:40:49,160 --> 00:40:52,319 Speaker 1: mean keep going with that? Well, you know you asked specifically, 730 00:40:52,360 --> 00:40:55,319 Speaker 1: what's in a stimulus bill? What's in the COVID relief bill? 731 00:40:55,600 --> 00:40:59,000 Speaker 1: You know that's going to enhance our ability to retrain workers. 732 00:40:59,320 --> 00:41:02,120 Speaker 1: Ten million people out of the workforce, and a lot 733 00:41:02,160 --> 00:41:04,480 Speaker 1: of those jobs may not come back, and so the 734 00:41:04,560 --> 00:41:06,600 Speaker 1: question is how do you get them into jobs that 735 00:41:06,680 --> 00:41:09,279 Speaker 1: we look for in the competitive world? Right? What are 736 00:41:09,320 --> 00:41:11,760 Speaker 1: we doing in technology? What are we doing in energy, 737 00:41:11,800 --> 00:41:16,160 Speaker 1: new energy capability? And and there's very little conversation going 738 00:41:16,200 --> 00:41:18,880 Speaker 1: on around that bill on how we put ten million 739 00:41:18,880 --> 00:41:21,440 Speaker 1: people back to work. A lot of conversation about how 740 00:41:21,440 --> 00:41:24,000 Speaker 1: we pay for them, but not a lot of conversation 741 00:41:24,000 --> 00:41:27,520 Speaker 1: about making them productive. It feels reactionary as opposed to 742 00:41:27,880 --> 00:41:30,960 Speaker 1: forward thinking. So how do you how do policymakers, given 743 00:41:31,000 --> 00:41:36,160 Speaker 1: your career in Washington and global business, how do policymakers 744 00:41:36,239 --> 00:41:40,440 Speaker 1: shift from a reactionary standpoint to being more proactive about 745 00:41:40,480 --> 00:41:43,200 Speaker 1: these solutions? Because again, and maybe it's not an election year, 746 00:41:43,280 --> 00:41:46,720 Speaker 1: so it's it's you know, I guess reactionary by design. 747 00:41:46,880 --> 00:41:50,080 Speaker 1: But it feels that no one is talking about the 748 00:41:50,200 --> 00:41:53,080 Speaker 1: architecture of this post pandemic economy. And and where I 749 00:41:53,160 --> 00:41:56,799 Speaker 1: am in Washington, d C. Yeah, it's unfortunate. It's exactly right. 750 00:41:56,920 --> 00:41:59,359 Speaker 1: It's where you are in Washington, d C. The real 751 00:41:59,480 --> 00:42:02,680 Speaker 1: ideas and governance don't come from Washington. They come from 752 00:42:02,680 --> 00:42:05,239 Speaker 1: the states. They come from the localities. When you look 753 00:42:05,239 --> 00:42:07,960 Speaker 1: at what cities are doing to to try and put 754 00:42:08,000 --> 00:42:12,080 Speaker 1: people to work, they're improving their at home education for 755 00:42:12,080 --> 00:42:15,400 Speaker 1: for people you know who no longer go to college, 756 00:42:15,719 --> 00:42:20,360 Speaker 1: They're they're creating stronger community college programs. Uh. The idea 757 00:42:20,440 --> 00:42:22,279 Speaker 1: that you have to have a higher education to have 758 00:42:22,320 --> 00:42:25,560 Speaker 1: a job, you know, working in the American industry is 759 00:42:25,640 --> 00:42:29,120 Speaker 1: just not the case anymore. And so strengthen your your 760 00:42:29,200 --> 00:42:32,240 Speaker 1: higher education but but also don't look past the people 761 00:42:32,480 --> 00:42:35,360 Speaker 1: who want to get into workforce as soon as possible, 762 00:42:35,480 --> 00:42:38,080 Speaker 1: for either economic reasons or the desire to actually make 763 00:42:38,120 --> 00:42:40,560 Speaker 1: a difference. I want to touch on some other headlines 764 00:42:40,640 --> 00:42:43,560 Speaker 1: that we were monitoring today because we have two really 765 00:42:43,560 --> 00:42:46,080 Speaker 1: great policy interviews for this UH for this hour, and 766 00:42:46,080 --> 00:42:49,480 Speaker 1: we're super grateful for Senator Haggarty and of course Congressman 767 00:42:49,480 --> 00:42:53,319 Speaker 1: Gary Mendi. But UH this issue from J Powell because 768 00:42:53,320 --> 00:42:57,160 Speaker 1: he submitted his response to for the question and answers 769 00:42:57,200 --> 00:43:00,280 Speaker 1: with the Federal Reserve Chairman J. Powell and the monster 770 00:43:00,400 --> 00:43:03,759 Speaker 1: questions on various topics. Powell returned again and again to 771 00:43:03,840 --> 00:43:06,560 Speaker 1: the point that the FED sees labor market as being 772 00:43:06,680 --> 00:43:09,760 Speaker 1: a long way from its goals, which kind of alludes 773 00:43:09,800 --> 00:43:12,000 Speaker 1: to what Rick and I were talking about, which means 774 00:43:12,000 --> 00:43:14,920 Speaker 1: that central bankers are going to be patient as the 775 00:43:15,000 --> 00:43:18,759 Speaker 1: recovery progresses in the coming months and calls to withdraw 776 00:43:18,960 --> 00:43:22,520 Speaker 1: stimulus grow louder. And on that same note, the FED 777 00:43:22,600 --> 00:43:25,520 Speaker 1: chairman emphasized that the increase in inflation rates that we 778 00:43:25,560 --> 00:43:29,600 Speaker 1: are likely to see this year will probably be transitory, 779 00:43:29,680 --> 00:43:33,120 Speaker 1: and Fed officials will therefore be looking through them. He 780 00:43:33,200 --> 00:43:37,600 Speaker 1: pointed out that inflation expectations remain anchored, and added that 781 00:43:37,640 --> 00:43:40,560 Speaker 1: it's unlikely that the low inflation world we've been living 782 00:43:40,560 --> 00:43:44,279 Speaker 1: in for several decades will be turned upside down anytime soon. 783 00:43:44,320 --> 00:43:46,440 Speaker 1: I mean, he kind of he didn't say this, but 784 00:43:46,800 --> 00:43:50,360 Speaker 1: that is a disagreement from some of the inflationary concerns 785 00:43:50,440 --> 00:43:53,640 Speaker 1: Rick that we've heard from some prominent people over the 786 00:43:53,719 --> 00:43:56,480 Speaker 1: last couple of weeks. And the fact that we're even 787 00:43:56,520 --> 00:43:59,160 Speaker 1: talking about inflation is quite unique, Kevin, because we haven't 788 00:43:59,160 --> 00:44:01,839 Speaker 1: had a conversation about this in in a decade. Right. 789 00:44:02,120 --> 00:44:05,279 Speaker 1: It's been a deflationary environment most of the time during 790 00:44:05,320 --> 00:44:07,920 Speaker 1: that period. So the fact that that the chairman of 791 00:44:07,960 --> 00:44:10,120 Speaker 1: the FED has to go out and say, hey, you know, 792 00:44:10,200 --> 00:44:12,799 Speaker 1: we've got this, we know how to manage it. We're 793 00:44:12,840 --> 00:44:15,880 Speaker 1: gonna control it. Um, Look, you always have to worry 794 00:44:15,920 --> 00:44:18,640 Speaker 1: about people in Washington said they can manage something, right. 795 00:44:18,680 --> 00:44:21,880 Speaker 1: I mean, you know, that's the first like red flag 796 00:44:22,120 --> 00:44:24,799 Speaker 1: I've heard this week when the Fed walks out and says, hey, 797 00:44:24,800 --> 00:44:27,120 Speaker 1: we've got this, don't worry about it. You know inflation 798 00:44:27,200 --> 00:44:29,240 Speaker 1: is going to be managed. Let's go from j. Powell 799 00:44:29,239 --> 00:44:32,280 Speaker 1: to Bernie Sanders, because Bernie Sanders Senator to Bernie Sanders 800 00:44:32,560 --> 00:44:35,000 Speaker 1: says that he is going to add an amendment to 801 00:44:35,160 --> 00:44:37,840 Speaker 1: raise the minimum Wade cheers. This sound on that. I'd 802 00:44:37,840 --> 00:44:39,800 Speaker 1: love to hear anybody got up here and tell me 803 00:44:40,400 --> 00:44:43,080 Speaker 1: that they could live on seven and a quarter an hour, 804 00:44:43,480 --> 00:44:45,560 Speaker 1: They could live on eight bucks an hour, they can 805 00:44:45,640 --> 00:44:48,719 Speaker 1: live on nine bucks an hour. You can't. But I 806 00:44:49,080 --> 00:44:51,759 Speaker 1: still think that no one is saying that you can. 807 00:44:51,960 --> 00:44:54,759 Speaker 1: But it's just that they're saying the states should decide it. Right, 808 00:44:55,640 --> 00:44:58,960 Speaker 1: what you're saying that Bernie Sanders is demagoguing an issue. 809 00:44:59,000 --> 00:45:03,399 Speaker 1: Come on, Kevin, I know I try to, but it's 810 00:45:03,400 --> 00:45:06,080 Speaker 1: it's it's it's what Bill Haggard he said, It's what 811 00:45:06,120 --> 00:45:08,200 Speaker 1: I thought. He was very articulate. He's like, you know, 812 00:45:08,239 --> 00:45:10,520 Speaker 1: the people in my state. You know, in some of 813 00:45:10,520 --> 00:45:13,720 Speaker 1: the more rural areas, they're working, they're making a living, 814 00:45:13,719 --> 00:45:15,399 Speaker 1: but they don't need to earn what someone in New 815 00:45:15,480 --> 00:45:18,040 Speaker 1: York City earns. So like, let New York City set 816 00:45:18,120 --> 00:45:22,000 Speaker 1: it's minimum wage, and let Tennessee set it's minimum wage. 817 00:45:22,000 --> 00:45:27,280 Speaker 1: But I will say, I mean, you talked to business 818 00:45:27,320 --> 00:45:31,240 Speaker 1: advocacy groups and the people like Senator Sanders and Senator Warren, 819 00:45:31,280 --> 00:45:35,399 Speaker 1: they do forecast to the business community what the megaphone 820 00:45:35,440 --> 00:45:37,120 Speaker 1: of the progressive movement is going to do. And then 821 00:45:37,160 --> 00:45:39,920 Speaker 1: you see Walmart come out and raise minimum wage, and 822 00:45:39,920 --> 00:45:43,239 Speaker 1: and so I mean it. You know that reverberation and 823 00:45:43,400 --> 00:45:47,560 Speaker 1: echo from from Bernie Sanders microphone is definitely heard by 824 00:45:47,560 --> 00:45:49,799 Speaker 1: by the business community. And then the final story that 825 00:45:49,840 --> 00:45:54,080 Speaker 1: I was monitoring today just thirdly is that Cuomo, Governor 826 00:45:54,120 --> 00:45:56,880 Speaker 1: Andrew Cuomo of New York faces a probe by a 827 00:45:56,920 --> 00:45:59,960 Speaker 1: hard charging New York Attorney general seen as a rival 828 00:46:00,200 --> 00:46:04,280 Speaker 1: for the job, Letitia James. She is the state's attorney 829 00:46:04,360 --> 00:46:07,920 Speaker 1: general who is going to be potentially governor one day 830 00:46:07,960 --> 00:46:11,680 Speaker 1: of New York. A fascinating story unfolding continuing to unfold 831 00:46:12,200 --> 00:46:16,200 Speaker 1: in New York. February is Women's History Month, and we 832 00:46:16,320 --> 00:46:20,200 Speaker 1: are spotlighting notable achievements by women throughout America's history. And 833 00:46:20,280 --> 00:46:24,080 Speaker 1: here with today's installment is Bloomberg's Real to Young on 834 00:46:24,200 --> 00:46:27,360 Speaker 1: this day in Women's History. In nineteen thirty three, Francis 835 00:46:27,400 --> 00:46:30,440 Speaker 1: Perkins is sworn in as U S Secretary of Labor, 836 00:46:30,719 --> 00:46:33,120 Speaker 1: making her the first female member of a U S 837 00:46:33,160 --> 00:46:37,799 Speaker 1: presidential cabinet. She served under President Franklin Roosevelt. Prior to 838 00:46:37,840 --> 00:46:41,200 Speaker 1: the White House, Perkins tirelessly fought for workers rights and 839 00:46:41,320 --> 00:46:45,239 Speaker 1: safety in various New York City and state agencies. She 840 00:46:45,360 --> 00:46:47,719 Speaker 1: was one of two Cabinet members who served for the 841 00:46:47,920 --> 00:46:51,920 Speaker 1: entirety of the Roosevelt administration. Perkins played an active role 842 00:46:52,000 --> 00:46:55,680 Speaker 1: in developing and enacting a wide range of New Deal programs, 843 00:46:55,880 --> 00:46:59,919 Speaker 1: including the Social Security Act and the Fair Labor Standards Act. 844 00:47:00,320 --> 00:47:03,640 Speaker 1: She also pushed for a minimum wage, a maximum work week, 845 00:47:03,880 --> 00:47:08,040 Speaker 1: and a limit on employment of children under sixteen. That's 846 00:47:08,080 --> 00:47:13,000 Speaker 1: today in women's history. I'm Renita Young Bloomberg Radio, and 847 00:47:13,120 --> 00:47:16,040 Speaker 1: I'm Kevin Sireli, Chief Washington correspondent from Bloomberg TV and Radio, 848 00:47:16,040 --> 00:47:19,799 Speaker 1: along with Bloomberg Politics contributor Rick Davis. Rick, did you 849 00:47:19,840 --> 00:47:21,880 Speaker 1: hear my warrant interview? Because I brought up McCain on 850 00:47:21,920 --> 00:47:24,480 Speaker 1: Glass Steagel. Yes, I I heard it, and I'm so 851 00:47:24,560 --> 00:47:28,680 Speaker 1: happy that she reacted with a positive fashion. See I 852 00:47:28,760 --> 00:47:31,000 Speaker 1: did that for you, Rick. I'm learning from Rick Davis. 853 00:47:31,360 --> 00:47:33,200 Speaker 1: I'm Kevin Cerelei. This is Bloomberg