1 00:00:00,000 --> 00:00:04,880 Speaker 1: Bomberg Sound On, the Insiders, the Influencers, The Insiders fiding 2 00:00:04,920 --> 00:00:08,160 Speaker 1: has promised again and again that he will unite the country. 3 00:00:08,200 --> 00:00:11,280 Speaker 1: Who would you think Biden has to watch? In terms 4 00:00:11,320 --> 00:00:14,080 Speaker 1: of moderate detectors. The House has been voting for this 5 00:00:14,160 --> 00:00:18,800 Speaker 1: stimulus package basically for months. Bloomberg Sound On with Kevin 6 00:00:18,800 --> 00:00:25,320 Speaker 1: Surreley on Bloomberg Radio, how speaker Nancy Pelosi talks infrastructure 7 00:00:25,440 --> 00:00:27,960 Speaker 1: and mansion once again. In the middle, We've got an 8 00:00:27,960 --> 00:00:31,080 Speaker 1: all star panel, plus red Evan Suster enjoins me. Voice 9 00:00:31,080 --> 00:00:35,240 Speaker 1: of America's Voice period. She's going to join us for 10 00:00:35,280 --> 00:00:37,000 Speaker 1: the second half hour. Good friend of mine. Thrilled to 11 00:00:37,000 --> 00:00:39,479 Speaker 1: have her. Plus Ricking Genie as well. I'm Kevin Surlei, 12 00:00:39,560 --> 00:00:43,440 Speaker 1: Chief Washington corresponded for Bloomberg Television and for Bloomberg Radio, 13 00:00:44,000 --> 00:00:46,720 Speaker 1: Rick Davis and Jennie shan Zeno. Rick and Jenior with 14 00:00:46,800 --> 00:00:50,400 Speaker 1: me are Bloomberg Politics contributors. There's this great story that 15 00:00:50,440 --> 00:00:54,200 Speaker 1: Peter Martin published today, Crossing the Bloomberg Terminal. The U 16 00:00:54,240 --> 00:00:58,040 Speaker 1: S Intel community predicts an increasingly leaderless and unstable world 17 00:00:58,040 --> 00:01:01,840 Speaker 1: in the coming decades, as track such as artificial intelligence, 18 00:01:02,200 --> 00:01:06,600 Speaker 1: digital currencies, and climate change reshaped the global arena. According 19 00:01:06,600 --> 00:01:10,240 Speaker 1: to the National Intelligence Council, the coming decades will be 20 00:01:10,319 --> 00:01:13,800 Speaker 1: characterized by a mismatch between global challenges and the ability 21 00:01:13,800 --> 00:01:18,720 Speaker 1: of institutions and the system to respond. A fascinating report 22 00:01:18,720 --> 00:01:21,360 Speaker 1: that I promise you we will unpack coming up later 23 00:01:21,600 --> 00:01:24,160 Speaker 1: this hour, but we begin tonight with the big story, 24 00:01:24,280 --> 00:01:28,920 Speaker 1: which is, of course, infrastructure. How Speaker Nancy Pelosi called 25 00:01:28,959 --> 00:01:33,920 Speaker 1: President Biden's two trillion dollar infrastructure plan an urgent priority 26 00:01:33,959 --> 00:01:36,440 Speaker 1: that is long overdue, and said the US needs to 27 00:01:36,480 --> 00:01:39,520 Speaker 1: go big with a bill that is transformative. Here's the 28 00:01:39,600 --> 00:01:44,000 Speaker 1: sound on the transformation. We hope to do this in 29 00:01:44,040 --> 00:01:48,640 Speaker 1: the most bipartisan way possible. Infrastructure has not been a 30 00:01:48,800 --> 00:01:51,840 Speaker 1: partisan issue in the past. We hope that it would 31 00:01:51,880 --> 00:01:54,840 Speaker 1: not be now. I would hope that our part in 32 00:01:54,920 --> 00:01:58,480 Speaker 1: the House would be largely done before the fourth of July. 33 00:01:58,800 --> 00:02:04,520 Speaker 1: With country needs a major infrastructure plan, jobs bill that 34 00:02:04,800 --> 00:02:08,840 Speaker 1: enables everyone to participate and how we build back better. 35 00:02:09,080 --> 00:02:12,320 Speaker 1: The most expensive maintenance is no maintenance, and that can 36 00:02:12,480 --> 00:02:18,240 Speaker 1: cause danger to bridges and the rest. Meanwhile, Energy Secretary 37 00:02:18,320 --> 00:02:21,919 Speaker 1: Jennifer grant Home spoke at the White House earlier today. 38 00:02:22,040 --> 00:02:25,320 Speaker 1: Yesterday it was Commerce Secretary Gina Ramundo, and she answered 39 00:02:25,320 --> 00:02:27,959 Speaker 1: her question about what the infrastructure plan will do to 40 00:02:28,120 --> 00:02:32,440 Speaker 1: traditional energy sources and how the administration will pivot fossil 41 00:02:32,480 --> 00:02:35,560 Speaker 1: fuel workers into new careers. Take a listen to the 42 00:02:35,600 --> 00:02:39,680 Speaker 1: sound on once again a transformation. I've been talking with 43 00:02:39,720 --> 00:02:44,120 Speaker 1: my counterparts around the world. There is a huge appetite 44 00:02:44,160 --> 00:02:48,040 Speaker 1: for a partnership with America on these next generation technologies 45 00:02:48,440 --> 00:02:51,000 Speaker 1: that will reduce CEO two emissions from that kind of 46 00:02:51,040 --> 00:02:55,880 Speaker 1: baseline power. Those jobs in those kind of technologies are 47 00:02:56,000 --> 00:02:58,160 Speaker 1: good paying jobs. Those are jobs that are going to 48 00:02:58,240 --> 00:03:02,560 Speaker 1: be for welders, sheet metal workers, and all of the trades. 49 00:03:03,639 --> 00:03:06,920 Speaker 1: Now let's talk taxes, because earlier today, Business Round Table 50 00:03:06,960 --> 00:03:10,280 Speaker 1: CEO Josh Bolton spoke with my colleague David Weston on 51 00:03:10,280 --> 00:03:13,200 Speaker 1: Bloomberg Balance of Power, and he argued that the Business 52 00:03:13,320 --> 00:03:16,760 Speaker 1: Round Table is going to not support any increase in 53 00:03:16,840 --> 00:03:20,320 Speaker 1: corporate taxes to pay for infrastructure. Here's the sound on 54 00:03:20,400 --> 00:03:24,960 Speaker 1: his explanation why we're against the increases in corporate taxes 55 00:03:25,160 --> 00:03:30,760 Speaker 1: in the administration's proposals, strongly against it. It's uh, it's 56 00:03:30,800 --> 00:03:38,400 Speaker 1: a massive tax increase on US business, which which is 57 00:03:38,480 --> 00:03:43,680 Speaker 1: really damaging not just to the to the shareholders of 58 00:03:43,680 --> 00:03:46,640 Speaker 1: of all of those businesses, but to the employees and 59 00:03:46,680 --> 00:03:50,600 Speaker 1: customers as well, who bear a large portion of the 60 00:03:50,640 --> 00:03:54,440 Speaker 1: burden of a tax increase. Jennie, you hear the sound 61 00:03:54,480 --> 00:03:56,480 Speaker 1: on all of these different voices. You know what, I 62 00:03:56,480 --> 00:04:01,440 Speaker 1: don't hear unity. You don't hear unity amongst the ceo s, 63 00:04:02,400 --> 00:04:06,240 Speaker 1: the corporate structure. You don't hear unity amongst the members 64 00:04:06,280 --> 00:04:10,240 Speaker 1: of Congress. You know, it was interesting listen to democrats 65 00:04:10,320 --> 00:04:14,080 Speaker 1: amongst democrats. You know, it was interesting, um listening to 66 00:04:14,120 --> 00:04:17,120 Speaker 1: the second sot you played by Jennifer Granholm. She's right. 67 00:04:17,320 --> 00:04:20,719 Speaker 1: You know, countries around the world want these partnerships with 68 00:04:20,800 --> 00:04:25,040 Speaker 1: the US, but as usual, our system is so fractured 69 00:04:25,480 --> 00:04:28,600 Speaker 1: that the tough part is not selling what we hope 70 00:04:28,640 --> 00:04:31,680 Speaker 1: to do and getting relationships with other countries. It's getting 71 00:04:31,800 --> 00:04:34,640 Speaker 1: us together at home, and that's where the real work 72 00:04:34,680 --> 00:04:36,800 Speaker 1: has to be. You know, I gotta say, I think 73 00:04:36,839 --> 00:04:39,200 Speaker 1: I must have taught the professors and know something she 74 00:04:39,320 --> 00:04:44,719 Speaker 1: just said sought in a sentence. I just warmed my heart. Genie. 75 00:04:45,560 --> 00:04:48,160 Speaker 1: That means sound on tape for those who don't know 76 00:04:48,400 --> 00:04:52,599 Speaker 1: the jargon. But that was awesome your analysis. That's what 77 00:04:52,640 --> 00:04:56,520 Speaker 1: we're all about. Sound on sound on we should have 78 00:04:56,520 --> 00:05:01,120 Speaker 1: good anyway, go ahead. Look, I think Jeanie's right. I 79 00:05:01,120 --> 00:05:03,159 Speaker 1: think the business community is gonna be a bit divided 80 00:05:03,200 --> 00:05:05,440 Speaker 1: on this. It's not surprising that the Business round Table, 81 00:05:05,600 --> 00:05:08,320 Speaker 1: you know, the board made up of the largest corporations 82 00:05:08,320 --> 00:05:12,479 Speaker 1: of America, are going to oppose a corporate tax. But 83 00:05:12,480 --> 00:05:16,239 Speaker 1: but the reality is that, um, you know, the debate 84 00:05:16,400 --> 00:05:19,200 Speaker 1: is going to be this sort of funky mix between 85 00:05:19,279 --> 00:05:22,239 Speaker 1: do you want infrastructure? You know, the way the the 86 00:05:22,279 --> 00:05:26,599 Speaker 1: administration personnel you just played their their statements were saying, uh, 87 00:05:26,680 --> 00:05:31,240 Speaker 1: crumbling infrastructure, renewable energy, all those things we need. Yes, yes, 88 00:05:31,480 --> 00:05:33,799 Speaker 1: how are we gonna pay for it? Oh? More corporate taxes? 89 00:05:34,560 --> 00:05:36,760 Speaker 1: And so the Republicans are making this all about a 90 00:05:36,880 --> 00:05:39,799 Speaker 1: tax increase. They're saying it's not about infrastructure, it's about 91 00:05:39,800 --> 00:05:43,800 Speaker 1: a massive tax increase over the next fifteen years for corporations. 92 00:05:43,839 --> 00:05:46,200 Speaker 1: So it'll be interesting to see how the polling shakes 93 00:05:46,200 --> 00:05:49,760 Speaker 1: out on this. Uh. Joe Biden on his stimulus plan 94 00:05:49,880 --> 00:05:52,159 Speaker 1: had a big boost from the American public, backing it 95 00:05:52,240 --> 00:05:55,120 Speaker 1: by over sixt That gave him wind at his back 96 00:05:55,160 --> 00:05:57,480 Speaker 1: when he went up to Congress, especially the Senate, to say, hey, 97 00:05:57,520 --> 00:05:59,920 Speaker 1: we need this. It'll be interesting to see if the 98 00:06:00,080 --> 00:06:04,160 Speaker 1: tax hikers get the predominance of the message out and 99 00:06:04,200 --> 00:06:07,680 Speaker 1: if the public sides with corporations who don't want to 100 00:06:07,680 --> 00:06:10,120 Speaker 1: pay higher taxes. You know, let's take a lesson to 101 00:06:10,200 --> 00:06:12,000 Speaker 1: more of what Josh Bolton had to say of the 102 00:06:12,040 --> 00:06:14,000 Speaker 1: Business Roundtable. He went on to make the case that 103 00:06:14,200 --> 00:06:17,880 Speaker 1: increasing the corporate tax rate would in fact make you 104 00:06:18,040 --> 00:06:21,640 Speaker 1: the United States is a country less competitive heurius. And 105 00:06:21,720 --> 00:06:26,000 Speaker 1: most important, they the mass of kinds of tax increases 106 00:06:26,120 --> 00:06:30,000 Speaker 1: that the Biden proposal would impose over the next fifteen 107 00:06:30,080 --> 00:06:36,120 Speaker 1: years on on US business would make us once again 108 00:06:36,400 --> 00:06:40,760 Speaker 1: the least competitive in the developed world, and especially as 109 00:06:40,800 --> 00:06:43,719 Speaker 1: we're coming out of the pandemic. But at no time 110 00:06:43,760 --> 00:06:48,080 Speaker 1: should we be undermining the competitiveness of US business. Well, 111 00:06:48,120 --> 00:06:50,840 Speaker 1: it's and and Genie, I mean Treasury Secretary Yellen would 112 00:06:50,920 --> 00:06:53,720 Speaker 1: would argue that, well, that's why they're trying to to 113 00:06:53,720 --> 00:06:56,480 Speaker 1: to have a standard rate for the corporate tax rate 114 00:06:56,520 --> 00:06:59,039 Speaker 1: to stop the race to the bottom, as she outlined it. 115 00:06:59,120 --> 00:07:02,840 Speaker 1: But again it's just you hear the Business Roundtable, which 116 00:07:02,880 --> 00:07:05,680 Speaker 1: is an incredibly influential and important group in Washington, d C. 117 00:07:06,240 --> 00:07:11,840 Speaker 1: And really does unify the business voice collectively, and I 118 00:07:11,960 --> 00:07:15,239 Speaker 1: just don't. I just hear division, and I hear doesn't 119 00:07:15,280 --> 00:07:18,000 Speaker 1: have a chance. And what I hear in the in 120 00:07:18,040 --> 00:07:21,760 Speaker 1: the context of unity is that we are seeing the 121 00:07:21,840 --> 00:07:26,240 Speaker 1: coming together of an argument against Joe Biden's infrastructure plan, 122 00:07:26,560 --> 00:07:30,640 Speaker 1: which focuses on, yeah, we want infrastructure, but it's going 123 00:07:30,680 --> 00:07:33,600 Speaker 1: to make us less competitive. It's the same thing Neil 124 00:07:33,640 --> 00:07:36,560 Speaker 1: Bradley from the Chamber of Commerce said. He said the 125 00:07:36,600 --> 00:07:40,320 Speaker 1: benefits of infrastructure would be offset by a punitive tax increase. 126 00:07:40,320 --> 00:07:42,760 Speaker 1: It would make us less competitive. And I'm not quoting 127 00:07:42,840 --> 00:07:45,680 Speaker 1: him directly, but I think we're seeing the coming together, 128 00:07:45,720 --> 00:07:48,480 Speaker 1: as we usually do in the sausage making time, of 129 00:07:48,480 --> 00:07:52,720 Speaker 1: an argument against this Biden proposal, and Democrats are going 130 00:07:52,720 --> 00:07:55,760 Speaker 1: to have to work quickly and hard to counter that. 131 00:07:56,080 --> 00:07:58,520 Speaker 1: And that is a real challenge because the longer this 132 00:07:58,640 --> 00:08:01,760 Speaker 1: thing shakes, the long or the sausages to make the 133 00:08:01,880 --> 00:08:04,680 Speaker 1: less supportive. To Rick's point, the American public will be 134 00:08:05,000 --> 00:08:06,760 Speaker 1: and that is going to be a real problem for 135 00:08:06,800 --> 00:08:10,000 Speaker 1: the Democrats. Vic I'm old enough to remember when the 136 00:08:10,080 --> 00:08:15,800 Speaker 1: Republican Party aggressively criticized Obamacare, and then prior to President 137 00:08:15,800 --> 00:08:18,320 Speaker 1: Trump getting elected, they had to wait until President Trump 138 00:08:18,400 --> 00:08:22,920 Speaker 1: got elected in order to have an alternative proposal. Okay, 139 00:08:22,960 --> 00:08:26,840 Speaker 1: so what is the Republican proposal, Rick Davis for paying 140 00:08:26,880 --> 00:08:31,600 Speaker 1: for infrastructure that they agree with? Republicans are out of power, 141 00:08:32,400 --> 00:08:36,160 Speaker 1: part of dissent, not of opinion. And uh and so 142 00:08:36,400 --> 00:08:38,360 Speaker 1: you I don't think you're gonna look. I mean, even 143 00:08:38,360 --> 00:08:40,240 Speaker 1: when they were in power, they didn't have an alternative 144 00:08:40,280 --> 00:08:44,920 Speaker 1: to the Obama healthcare program, even though they promised one 145 00:08:44,960 --> 00:08:48,320 Speaker 1: for two decks, almost a decade. So, um, I don't 146 00:08:48,320 --> 00:08:50,920 Speaker 1: think you can expect to see a Republican alternative. You 147 00:08:50,920 --> 00:08:54,000 Speaker 1: can just expect to see opposition. It's what Mitch McConnell 148 00:08:54,040 --> 00:08:56,760 Speaker 1: knows how to do well. Uh and and and they 149 00:08:56,800 --> 00:08:58,760 Speaker 1: are talking out of both sides of mouth. At one 150 00:08:58,760 --> 00:09:01,760 Speaker 1: point in time, they'll say we need infrastructure. People like 151 00:09:01,880 --> 00:09:05,400 Speaker 1: Jamie Diamond at JP Morgan also a Business Roundtable board 152 00:09:05,440 --> 00:09:08,960 Speaker 1: of director. It endorses the idea of a of an 153 00:09:09,000 --> 00:09:13,280 Speaker 1: infrastructure bill in his recent uh CEO letter. But at 154 00:09:13,320 --> 00:09:15,840 Speaker 1: the same time, the question is how do you pay 155 00:09:15,880 --> 00:09:17,640 Speaker 1: for it? And and we now have a deal on 156 00:09:17,640 --> 00:09:22,520 Speaker 1: the table from Joe Biden for corporate tax. All of 157 00:09:22,520 --> 00:09:25,080 Speaker 1: these things are going to get negotiated whether there's really 158 00:09:25,120 --> 00:09:28,920 Speaker 1: any bipartisanship related to it is going to be the 159 00:09:28,960 --> 00:09:31,319 Speaker 1: big question. But at some point you're going to get 160 00:09:31,360 --> 00:09:35,040 Speaker 1: a deal where Democrats feel comfortable, especially in the Senate, 161 00:09:35,120 --> 00:09:37,800 Speaker 1: moving forward with a bill, thinking that they can get 162 00:09:37,840 --> 00:09:42,439 Speaker 1: this done with votes. I wonder if Greta that a 163 00:09:42,480 --> 00:09:46,120 Speaker 1: bridge or what are they saying now is his infrastructure? 164 00:09:46,160 --> 00:09:51,720 Speaker 1: If if an electric charging station in the infrastructure bill. 165 00:09:51,840 --> 00:09:55,559 Speaker 1: Wonder if she thinks that's infrastructure. You know, her childcare 166 00:09:55,679 --> 00:09:58,079 Speaker 1: is infrastructure, Genie. I mean, what is the left saying? 167 00:09:58,080 --> 00:10:00,280 Speaker 1: We'll ask Greta coming up when she joins us, but 168 00:10:00,360 --> 00:10:01,880 Speaker 1: what what do you what do you what is the 169 00:10:01,960 --> 00:10:07,199 Speaker 1: left saying about about how how certain initiatives, while well intentioned, 170 00:10:07,720 --> 00:10:11,600 Speaker 1: why should they fall under infrastructure? Well, well, we talked 171 00:10:11,679 --> 00:10:15,040 Speaker 1: yesterday about Kristen gillibrand she is tweeting that all of 172 00:10:15,080 --> 00:10:18,480 Speaker 1: those things that you just mentioned our infrastructure, and that 173 00:10:18,640 --> 00:10:21,640 Speaker 1: is you know, the crux of this debate is not 174 00:10:21,760 --> 00:10:23,839 Speaker 1: only how do we pay for this thing, but what 175 00:10:23,960 --> 00:10:28,400 Speaker 1: does and doesn't fall under this constructive infrastructure. One thing 176 00:10:28,480 --> 00:10:31,640 Speaker 1: the Biden administration has said, and they are right on 177 00:10:31,679 --> 00:10:35,920 Speaker 1: this is when the Republicans have wanted infrastructure. They have 178 00:10:36,040 --> 00:10:38,880 Speaker 1: gone well beyond what they are now describing as infrastructure. 179 00:10:38,920 --> 00:10:41,920 Speaker 1: They have included jobs, they have included broadband. But to 180 00:10:42,120 --> 00:10:45,199 Speaker 1: Rick's point, when you are you know, when you are 181 00:10:45,240 --> 00:10:47,480 Speaker 1: not in the majority, and all you have to do 182 00:10:47,600 --> 00:10:50,199 Speaker 1: is poke holes in the other guy's argument. You can 183 00:10:50,240 --> 00:10:52,760 Speaker 1: make these cases. It is not your obligation to come 184 00:10:52,840 --> 00:10:55,520 Speaker 1: up with a bill, and so they get the benefit 185 00:10:55,520 --> 00:10:59,080 Speaker 1: of just responding. And this is something that Democrats are 186 00:10:59,080 --> 00:11:01,880 Speaker 1: going to have to work hard to respond to. In contrast, 187 00:11:02,320 --> 00:11:06,000 Speaker 1: I mean, candidly, I never really give my opinion, but 188 00:11:06,600 --> 00:11:11,439 Speaker 1: digital infrastructure is infrastructure. It's also national security. I mean, 189 00:11:11,480 --> 00:11:13,960 Speaker 1: there's really no other way to look at it. And 190 00:11:14,120 --> 00:11:19,440 Speaker 1: broadband five G, the innovation of tomorrow that we've already 191 00:11:19,440 --> 00:11:27,280 Speaker 1: discovered yesteryear, is so incredibly important to maintaining civility. Candidly, 192 00:11:27,360 --> 00:11:31,120 Speaker 1: I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg Television and 193 00:11:31,120 --> 00:11:33,200 Speaker 1: for Bloomberg Radio, speaking of which, coming up, we're gonna 194 00:11:33,200 --> 00:11:37,160 Speaker 1: talk about what the National Intelligence Council had to say 195 00:11:37,880 --> 00:11:49,480 Speaker 1: about that emerging technology. This is Bloomberg. This is Bloomberg's 196 00:11:49,559 --> 00:11:54,800 Speaker 1: Sound On with Kevin Sirel on Bloomberg Radio. My name 197 00:11:54,840 --> 00:11:59,040 Speaker 1: is Kevin Sirelian, the chief Washington correspondent for Bloomberg Television 198 00:11:59,120 --> 00:12:04,160 Speaker 1: and for Bloomberg Radio, accompanied with Rick and Genie, the 199 00:12:04,280 --> 00:12:07,400 Speaker 1: Rick and Genie Bloomberg Politics contributors. You know, there's this 200 00:12:07,480 --> 00:12:10,240 Speaker 1: great story, but my buddy Peter Martin on the Bloomberg terminal, 201 00:12:10,920 --> 00:12:15,640 Speaker 1: Peter Martin just arrived in the Washington bureau a couple 202 00:12:15,640 --> 00:12:19,240 Speaker 1: of months ago. I guess pre pandemic now uh, and 203 00:12:19,360 --> 00:12:23,800 Speaker 1: he just wrote this awesome story headline. US spy agencies 204 00:12:23,880 --> 00:12:29,120 Speaker 1: warn of threats from digital currency to AI. Intelligence report 205 00:12:29,200 --> 00:12:34,280 Speaker 1: warns of leaderless, unstable world. It literally reads like a 206 00:12:34,280 --> 00:12:37,720 Speaker 1: a horror movie from a sci fi novel. Debt pressures 207 00:12:37,760 --> 00:12:41,240 Speaker 1: will make it harder to combat climate change, he reports 208 00:12:41,240 --> 00:12:44,200 Speaker 1: at the U S Intel community predicts an increasingly leaderless 209 00:12:44,200 --> 00:12:46,880 Speaker 1: and unstable world in the coming decades as trends such 210 00:12:46,920 --> 00:12:51,320 Speaker 1: as artificial intelligence, digital currencies, and climate change reshape the 211 00:12:51,320 --> 00:12:55,520 Speaker 1: global arena. According to the National Intelligence Council, the coming 212 00:12:55,559 --> 00:12:59,600 Speaker 1: decades will be characterized by a mismatch between global challenges 213 00:12:59,640 --> 00:13:03,640 Speaker 1: in the ability of institutions and system to respond. It 214 00:13:03,679 --> 00:13:08,120 Speaker 1: also notes debt pressures national governments will have reduced flexibility, 215 00:13:08,160 --> 00:13:11,280 Speaker 1: according to the report, to deal with challenges such as 216 00:13:11,360 --> 00:13:15,120 Speaker 1: climate change in the face of growing debt burdens and 217 00:13:15,200 --> 00:13:21,720 Speaker 1: increasingly diverse training rules digital currencies. Meanwhile, the US dollar 218 00:13:21,840 --> 00:13:25,520 Speaker 1: and the Euro will face threats from digital currencies such 219 00:13:25,520 --> 00:13:29,840 Speaker 1: as bitcoin. Quote from the report, privately issued digital currencies 220 00:13:30,080 --> 00:13:34,080 Speaker 1: could add complexity to the conduct of monetary policy by 221 00:13:34,080 --> 00:13:38,760 Speaker 1: reducing countries control over their exchange rates and money supply. 222 00:13:39,360 --> 00:13:44,160 Speaker 1: The report says Rick Davis. I mean, we all better 223 00:13:44,160 --> 00:13:48,600 Speaker 1: wake up hyper connected digital world. Um. You know, if 224 00:13:48,640 --> 00:13:52,280 Speaker 1: we thought the world is flat twenty years ago, Um, 225 00:13:52,360 --> 00:13:56,280 Speaker 1: now it's not flat. It's digital and and and there 226 00:13:56,280 --> 00:13:58,800 Speaker 1: are advantages. I mean, um, one of the things we're 227 00:13:58,800 --> 00:14:02,719 Speaker 1: gonna see is the rancement of machine learning, of robotics, 228 00:14:02,840 --> 00:14:07,319 Speaker 1: of communication capability all around the world, you know, unlocking 229 00:14:07,320 --> 00:14:10,760 Speaker 1: a lot of interfaces, advanced computing that will solve a 230 00:14:10,760 --> 00:14:13,800 Speaker 1: lot of the health problems that we have today. I mean, 231 00:14:13,960 --> 00:14:16,280 Speaker 1: you know, it's not all gloom and doom, but you're right, 232 00:14:16,360 --> 00:14:19,720 Speaker 1: it's going to be the new challenges in the next 233 00:14:19,720 --> 00:14:22,800 Speaker 1: twenty years. You remember this, this forecast where we'll be 234 00:14:22,840 --> 00:14:27,000 Speaker 1: in and uh. And I think for every decision maker 235 00:14:27,040 --> 00:14:28,720 Speaker 1: on capital who they ought to be forced to read 236 00:14:28,760 --> 00:14:32,720 Speaker 1: this because the policies they make today will direct how 237 00:14:32,760 --> 00:14:35,880 Speaker 1: competitive the US is by and their staffs and their 238 00:14:35,880 --> 00:14:41,640 Speaker 1: COMMS directors. The report says about China. Assertive China, although 239 00:14:41,640 --> 00:14:44,720 Speaker 1: the report says quote no single state and quote will 240 00:14:44,760 --> 00:14:48,600 Speaker 1: be able to dominate all regions or domains, Intensified US 241 00:14:48,640 --> 00:14:52,720 Speaker 1: competition with China runs through its pages. The Asian superpower 242 00:14:52,760 --> 00:14:57,120 Speaker 1: will look to assert dominance in Asia, press US allies 243 00:14:57,120 --> 00:15:01,920 Speaker 1: to restrict US basing access and move Taiwan closer to 244 00:15:02,040 --> 00:15:10,120 Speaker 1: reunification by possibly through sustained an intensive coercion and also 245 00:15:10,240 --> 00:15:13,760 Speaker 1: it's new ways of war. Increased competition between states will 246 00:15:13,800 --> 00:15:17,280 Speaker 1: result in further nuclear proliferation and an increased risk of 247 00:15:17,360 --> 00:15:22,640 Speaker 1: interstate conflict. Artificial intelligence genie will quote enhance the performance 248 00:15:22,640 --> 00:15:28,000 Speaker 1: of existing weapons, defenses and systems. Wow, it's amazing. You know. 249 00:15:28,280 --> 00:15:31,320 Speaker 1: We have been talking about competition in the context of 250 00:15:31,360 --> 00:15:34,360 Speaker 1: this infrastructure bill, and one of the things that Joe 251 00:15:34,400 --> 00:15:38,120 Speaker 1: Biden's Asia advisor, Kirk Campbell said not long ago is 252 00:15:38,160 --> 00:15:42,160 Speaker 1: that there then United States needs to balance cooperation and 253 00:15:42,240 --> 00:15:46,280 Speaker 1: competition with China, and we are really far behind in 254 00:15:46,360 --> 00:15:49,960 Speaker 1: terms of AI applications. China is not only poised to 255 00:15:50,000 --> 00:15:52,800 Speaker 1: be the bigger economy shortly, but take the lead in 256 00:15:52,880 --> 00:15:58,360 Speaker 1: manufacturing healthcare, transportation as it pertains to AI applications. And 257 00:15:58,440 --> 00:16:01,520 Speaker 1: so this gets back in part to this issue of competition. 258 00:16:02,080 --> 00:16:06,000 Speaker 1: Can we indeed compete with China if the United States 259 00:16:06,040 --> 00:16:09,440 Speaker 1: government doesn't invest in things like R and D. Many 260 00:16:09,480 --> 00:16:11,560 Speaker 1: many people and I understand the debate over how to 261 00:16:11,600 --> 00:16:14,560 Speaker 1: pay for this thing, but many, many people, myself included, 262 00:16:14,600 --> 00:16:17,200 Speaker 1: believe it is going to be impossible. It takes a 263 00:16:17,320 --> 00:16:19,760 Speaker 1: government of the size of the US or China to 264 00:16:19,920 --> 00:16:22,640 Speaker 1: make these strikes for US and compete. You can't do 265 00:16:22,680 --> 00:16:24,640 Speaker 1: it on the back of the private sector alone. So 266 00:16:24,680 --> 00:16:27,240 Speaker 1: we're gonna have to make some hard choices here. You 267 00:16:27,320 --> 00:16:29,800 Speaker 1: know what did I read today? This? This is it's 268 00:16:29,800 --> 00:16:33,480 Speaker 1: called the Global Trends of a More Contested World. It's 269 00:16:33,480 --> 00:16:38,000 Speaker 1: a publication of the National Intelligence Council UH, and it 270 00:16:38,120 --> 00:16:43,320 Speaker 1: was published. It's about how many pages, It's like one 271 00:16:43,720 --> 00:16:47,320 Speaker 1: and fifty pages. But the report itself, with all all 272 00:16:47,360 --> 00:16:50,160 Speaker 1: the the anecdotes and whatnot at the end is like, 273 00:16:52,200 --> 00:16:56,479 Speaker 1: it's fascinating, It's incredibly fascinating. Here's a stat that that 274 00:16:56,480 --> 00:17:00,240 Speaker 1: that UH they talk about climate change in parts togather, 275 00:17:00,320 --> 00:17:02,000 Speaker 1: I just wanted to put, Oh, here it goes the 276 00:17:02,160 --> 00:17:07,879 Speaker 1: US dollar at purchasing power parody GDP per capita UH 277 00:17:08,000 --> 00:17:15,520 Speaker 1: in nineteen point four thousand, thirty six point seven thousand, fascinating. 278 00:17:15,600 --> 00:17:21,720 Speaker 1: It breaks down religion in they predict that UH eleven 279 00:17:21,760 --> 00:17:26,000 Speaker 1: percent of the world will be Christian, but thirty one 280 00:17:26,400 --> 00:17:30,080 Speaker 1: will be agnostic. It's still a slight increase. I mean, 281 00:17:30,119 --> 00:17:32,200 Speaker 1: everything in this report is just is really riveting, and 282 00:17:32,200 --> 00:17:34,720 Speaker 1: I think Peter Martin's UH summary of it on the 283 00:17:34,760 --> 00:17:37,240 Speaker 1: on the Bloomberg terminals did an incredible job. Anything that 284 00:17:37,280 --> 00:17:39,720 Speaker 1: you saw it Rick, that stood out for you quickly. Yeah, 285 00:17:39,760 --> 00:17:42,399 Speaker 1: I really did think that the emergence of technology is 286 00:17:42,440 --> 00:17:45,120 Speaker 1: the battlefield of the future, you know, both for competition 287 00:17:45,160 --> 00:17:50,240 Speaker 1: but also for uh fighting of potential conflicts. UH is 288 00:17:50,320 --> 00:17:54,080 Speaker 1: really something that that I think is new to the 289 00:17:54,119 --> 00:17:57,480 Speaker 1: public and also our opinion makers on Capitol Hill. Rick, 290 00:17:57,520 --> 00:18:00,800 Speaker 1: I'm willing to bet my career that you are right 291 00:18:01,160 --> 00:18:12,879 Speaker 1: on that point. I'm Kevin Surreally, this is Bloomberg. My 292 00:18:12,960 --> 00:18:15,760 Speaker 1: name is Kevin Cerelian. I'm the chief Washington correspondent for 293 00:18:15,760 --> 00:18:19,480 Speaker 1: Bloomberg Television and for Bloomberg Radio. Accompanied by the panel, 294 00:18:19,960 --> 00:18:23,520 Speaker 1: Rick and Jennie and our next guest needs no introduction. 295 00:18:23,560 --> 00:18:26,560 Speaker 1: I gotta say I think I called our next guest 296 00:18:27,080 --> 00:18:29,400 Speaker 1: three times today. You know, I'm stressed what I'm calling 297 00:18:29,440 --> 00:18:33,080 Speaker 1: Greta three times a day? And but it was good news. 298 00:18:33,280 --> 00:18:37,200 Speaker 1: And in the year this is now a thing. Who 299 00:18:37,240 --> 00:18:40,120 Speaker 1: do you call when you get the call that you 300 00:18:40,160 --> 00:18:45,480 Speaker 1: can schedule a vaccine? So I I called. I texted 301 00:18:45,480 --> 00:18:48,240 Speaker 1: the fan back home, a Delco shout out to my mom, 302 00:18:48,280 --> 00:18:50,880 Speaker 1: and then I texted Greta. I said, Greta, I got 303 00:18:50,920 --> 00:18:56,200 Speaker 1: the vaccine, and uh and I I'm and I'm thrilled, Greta. 304 00:18:56,280 --> 00:18:59,639 Speaker 1: So so you are that person for me. I know, 305 00:18:59,680 --> 00:19:02,240 Speaker 1: it's so exciting. It's exciting when people get the vaccine. 306 00:19:02,320 --> 00:19:05,240 Speaker 1: You know, I'm I'm pro vaccine. I'm not one of 307 00:19:05,240 --> 00:19:07,639 Speaker 1: those people that telling people to run away from my 308 00:19:07,680 --> 00:19:09,439 Speaker 1: say run to it. If you can get it, get it, 309 00:19:09,480 --> 00:19:11,560 Speaker 1: and everyone should get as fast as you possibly can. 310 00:19:11,880 --> 00:19:13,480 Speaker 1: I was a little stressed about it, you know. I 311 00:19:14,640 --> 00:19:17,720 Speaker 1: I wanted that vaccine, but I'm grateful. I don't want 312 00:19:17,720 --> 00:19:21,560 Speaker 1: to jump the line like you know, I not pointing fingers. 313 00:19:21,560 --> 00:19:23,080 Speaker 1: I should stop talking now and get out of this 314 00:19:23,080 --> 00:19:25,720 Speaker 1: whole keV. But it's a good day when you get 315 00:19:25,720 --> 00:19:28,280 Speaker 1: to schedule that vaccine. Right now, you can go ahead, Greta, 316 00:19:28,640 --> 00:19:30,639 Speaker 1: it's can I just say it's it's it's for the 317 00:19:30,680 --> 00:19:33,160 Speaker 1: first time I can say I'm glad I'm over sixty five. 318 00:19:33,640 --> 00:19:36,679 Speaker 1: You know my line started sooner. You know, you know 319 00:19:36,880 --> 00:19:42,800 Speaker 1: that I was so grateful, Genie, Greta that that's a 320 00:19:42,880 --> 00:19:45,080 Speaker 1: great point because it's, you know, one of the rare 321 00:19:45,119 --> 00:19:47,480 Speaker 1: times when being older is really great. But not a 322 00:19:47,600 --> 00:19:52,000 Speaker 1: rare time because being older is great, not that you're old. Greta. Okay, now, 323 00:19:52,000 --> 00:19:57,439 Speaker 1: I just you know, Rick, Rick save us. Where's the 324 00:19:57,920 --> 00:20:00,760 Speaker 1: tom Kat needs to call it? Okay, AMA's on dot com? 325 00:20:00,840 --> 00:20:04,359 Speaker 1: Pulled ahead, Let's get to the news. Amazon pulled ahead 326 00:20:04,440 --> 00:20:08,879 Speaker 1: as federal officials began counting votes in an historic election 327 00:20:09,240 --> 00:20:13,680 Speaker 1: to determine whether workers at Amazon in Alabama will become 328 00:20:13,680 --> 00:20:16,960 Speaker 1: the first in the US to join a retail union. 329 00:20:17,080 --> 00:20:19,680 Speaker 1: So Amazon Greta is holding an early two to one 330 00:20:19,720 --> 00:20:23,520 Speaker 1: advantage in Alabama union vote count. This is obviously a 331 00:20:23,560 --> 00:20:27,480 Speaker 1: major president uh and and a major union battle that 332 00:20:27,600 --> 00:20:30,919 Speaker 1: is at stake here, just from a broader standpoint, Greta, 333 00:20:31,000 --> 00:20:33,400 Speaker 1: I mean, how how important is as the union vote 334 00:20:33,440 --> 00:20:39,080 Speaker 1: become well, I think Amazon scares many of us because 335 00:20:39,160 --> 00:20:42,600 Speaker 1: it is such a huge force in the economy and 336 00:20:42,640 --> 00:20:44,160 Speaker 1: even I mean, look at look at what it's doing, 337 00:20:44,160 --> 00:20:47,080 Speaker 1: the different jobs. We're going through an incredible transition, not 338 00:20:47,200 --> 00:20:50,200 Speaker 1: just because the pandemic, but Amazon has really changed how 339 00:20:50,240 --> 00:20:52,520 Speaker 1: we do things brick and mortar. And usually, you know, 340 00:20:52,560 --> 00:20:53,919 Speaker 1: I sort of stay out of these, but you know, 341 00:20:53,960 --> 00:20:57,440 Speaker 1: these battles between the possible unions and not possible unions. 342 00:20:57,480 --> 00:20:59,680 Speaker 1: But you know, there's part of me that really wants 343 00:20:59,680 --> 00:21:02,200 Speaker 1: to put of breaks on how big and how powerful 344 00:21:02,240 --> 00:21:04,040 Speaker 1: Amazon gets, you know, taking a little bit of a 345 00:21:04,119 --> 00:21:06,840 Speaker 1: history and looking at antitrust the effect of these big 346 00:21:06,840 --> 00:21:10,480 Speaker 1: corporations on the economy and the workers that I'm I'm 347 00:21:10,520 --> 00:21:13,840 Speaker 1: nervous watching this one. Well, I I would say one thing. 348 00:21:13,880 --> 00:21:15,919 Speaker 1: I mean, it's kind of a rig deal. I started 349 00:21:15,920 --> 00:21:18,760 Speaker 1: my political career in Arizona many many moons ago when 350 00:21:18,800 --> 00:21:21,120 Speaker 1: there were more Democrats and Republicans, so you can tell 351 00:21:21,400 --> 00:21:24,440 Speaker 1: my age. But the reality is you're having a union 352 00:21:24,520 --> 00:21:28,080 Speaker 1: vote in Bessemer, Alabama. Come on, you know they don't 353 00:21:28,080 --> 00:21:30,520 Speaker 1: have any unions in Bestmer, Alabama. This will be the 354 00:21:30,560 --> 00:21:33,800 Speaker 1: first so it's not just about I think not just 355 00:21:33,840 --> 00:21:36,520 Speaker 1: about Amazon, but like that part of the country. If 356 00:21:36,520 --> 00:21:39,080 Speaker 1: you're Amazon, you if you had to pick one city 357 00:21:39,080 --> 00:21:41,119 Speaker 1: in the country to have a union fight, you'd probably 358 00:21:41,160 --> 00:21:45,040 Speaker 1: start investmer. So, UM, I wouldn't draw too many conclusions 359 00:21:45,040 --> 00:21:48,560 Speaker 1: to the outcome, especially if if it inhorders to Amazon, 360 00:21:48,640 --> 00:21:51,439 Speaker 1: that's what you would expect. If it inhurs to the union, 361 00:21:51,560 --> 00:21:56,960 Speaker 1: it would be a man bites dog story. Go ahead, 362 00:21:57,440 --> 00:22:02,520 Speaker 1: good point, Genny. Yeah, no, I was going to ask you, 363 00:22:02,520 --> 00:22:05,160 Speaker 1: gret it like with your new show that you're doing, 364 00:22:05,400 --> 00:22:08,919 Speaker 1: um and you're focusing on as I understand how people 365 00:22:08,960 --> 00:22:13,080 Speaker 1: around the country, regular everyday folks, you know, think about 366 00:22:13,320 --> 00:22:16,960 Speaker 1: the legislation coming out of the federal government. Have you 367 00:22:17,040 --> 00:22:20,400 Speaker 1: heard anything about sort of their views on this kind 368 00:22:20,400 --> 00:22:24,639 Speaker 1: of union movement out of Amazon and elsewhere. You know, 369 00:22:24,680 --> 00:22:26,640 Speaker 1: it's it's hard for anyone to get out any place 370 00:22:26,680 --> 00:22:29,240 Speaker 1: with this pandemic. We've all been under virtually house arrest. 371 00:22:29,320 --> 00:22:31,080 Speaker 1: One of the great actiutes to being the reporters that 372 00:22:31,119 --> 00:22:33,239 Speaker 1: you get out and talk to people, and so we are, 373 00:22:33,280 --> 00:22:35,800 Speaker 1: you know, pretty much constrained getting funding out what people want. 374 00:22:35,800 --> 00:22:38,160 Speaker 1: And you know, frankly, I don't think I don't think 375 00:22:38,160 --> 00:22:40,840 Speaker 1: we can even identify what the new normal is. You know, 376 00:22:40,880 --> 00:22:42,920 Speaker 1: what's a good new normal for workers in a place 377 00:22:43,000 --> 00:22:45,280 Speaker 1: like Amazon, what the unions like. I think we're in 378 00:22:45,400 --> 00:22:47,679 Speaker 1: such a point of turmoil and uncertainty. I think that 379 00:22:47,720 --> 00:22:51,399 Speaker 1: there's a little uphoria that we're getting out of the pandemic, 380 00:22:51,520 --> 00:22:54,560 Speaker 1: I hope with the advantage of these vaccines, but I 381 00:22:54,920 --> 00:22:57,000 Speaker 1: think that we're in for a big roller coaster ride, 382 00:22:57,000 --> 00:22:59,080 Speaker 1: a lot of uncertainty. And the only thing I do 383 00:22:59,280 --> 00:23:00,720 Speaker 1: is I sort of go act as sort of the 384 00:23:01,200 --> 00:23:03,280 Speaker 1: sort of the look back in history and think, he 385 00:23:03,400 --> 00:23:06,840 Speaker 1: is it a good thing? When when a corporation a 386 00:23:06,960 --> 00:23:09,800 Speaker 1: masses so much power? Is that a really good thing? 387 00:23:10,080 --> 00:23:13,280 Speaker 1: And I happen to like competition, and I'm think, you know, 388 00:23:13,480 --> 00:23:16,000 Speaker 1: I tipped my hat to base those and think, you know, 389 00:23:16,040 --> 00:23:18,760 Speaker 1: you build a better mouse trap. Congratulations. But I think 390 00:23:18,800 --> 00:23:20,480 Speaker 1: that this is going to have This is such an 391 00:23:20,480 --> 00:23:23,520 Speaker 1: extreme impact on on our economy and who's been out 392 00:23:23,520 --> 00:23:25,879 Speaker 1: of who even buys anything in a brick and mortar 393 00:23:25,920 --> 00:23:28,120 Speaker 1: story where we all do Amazon, And you think when 394 00:23:28,119 --> 00:23:30,040 Speaker 1: we get the vaccine, we can all send change your 395 00:23:30,040 --> 00:23:32,080 Speaker 1: behavior and start going back to those stories. I don't 396 00:23:32,080 --> 00:23:33,800 Speaker 1: think so I think, I do you know why I 397 00:23:33,880 --> 00:23:35,639 Speaker 1: go into the story, Greta, because I'm sick of all 398 00:23:35,680 --> 00:23:38,840 Speaker 1: those boxes, I mean everything, all those boxes that come 399 00:23:38,840 --> 00:23:41,040 Speaker 1: in the mail. This I want to tie this back 400 00:23:41,080 --> 00:23:45,920 Speaker 1: to the UH National Intelligence Report Council report that came 401 00:23:45,960 --> 00:23:49,560 Speaker 1: out today, because Greta, you're speaking about populism, and this 402 00:23:49,600 --> 00:23:55,000 Speaker 1: report actually said that permanent populism is going to continue. 403 00:23:55,119 --> 00:23:59,760 Speaker 1: Polarization along ethnic, religious, and ideological lines. The ideological lines 404 00:23:59,760 --> 00:24:03,959 Speaker 1: poor is relevant for this conversation is likely to remain strong, 405 00:24:04,080 --> 00:24:08,560 Speaker 1: and this is likely to reinforce political dysfunction and heightened 406 00:24:08,600 --> 00:24:12,040 Speaker 1: risks of political instability. So the populism that we've seen 407 00:24:12,080 --> 00:24:14,280 Speaker 1: and we've experienced not just in the United States but 408 00:24:14,320 --> 00:24:17,040 Speaker 1: around the world is only going to continue. And I 409 00:24:17,119 --> 00:24:20,480 Speaker 1: really think what's happening in Bessemer, Alabama is the front 410 00:24:20,480 --> 00:24:24,760 Speaker 1: lines for this particular point the populism. This is a 411 00:24:24,840 --> 00:24:27,840 Speaker 1: story that that go I mean, yes, politicians have have 412 00:24:28,000 --> 00:24:30,600 Speaker 1: weighed in on it, but this is something that locally 413 00:24:30,680 --> 00:24:35,120 Speaker 1: is is is a very politically ideologically diverse issue as well. 414 00:24:35,160 --> 00:24:37,000 Speaker 1: So coming up, panel's gonna say they're gonna tell me 415 00:24:37,000 --> 00:24:40,399 Speaker 1: what they're watching out for and what's next. Gredivan Suster 416 00:24:40,480 --> 00:24:43,040 Speaker 1: and Jeanie shn Zano and of course Rick Davis. I'm 417 00:24:43,080 --> 00:24:56,560 Speaker 1: Kevin Surlis is Bloomberg. This is Bloomberg Sound On with 418 00:24:56,640 --> 00:25:01,879 Speaker 1: ke on Bloomberg Radio. I'm Kevin Cirelli. Along with Rick 419 00:25:01,960 --> 00:25:05,240 Speaker 1: and Genie and Greta Van Sussion. We're taking it back 420 00:25:05,320 --> 00:25:10,639 Speaker 1: to the old school Sound on Days executive produced by 421 00:25:10,680 --> 00:25:15,240 Speaker 1: the one and only Chris Team Barrata, produced by Matthew Shirley. 422 00:25:15,359 --> 00:25:18,120 Speaker 1: And we're gonna focus on What's next. And it's where 423 00:25:18,160 --> 00:25:21,560 Speaker 1: the panel gives me one thing on their radar, where 424 00:25:21,560 --> 00:25:25,480 Speaker 1: they tell me what is next that that they're looking 425 00:25:25,480 --> 00:25:28,520 Speaker 1: out for. And Rick Davis, I'm gonna put you on 426 00:25:28,560 --> 00:25:32,760 Speaker 1: the spot and you're gonna lead this team. What's next? Well, 427 00:25:32,800 --> 00:25:35,000 Speaker 1: I think you ought to watch the ideological battle within 428 00:25:35,040 --> 00:25:38,280 Speaker 1: the Democratic Party. It's heating up. You know, AOC says 429 00:25:38,320 --> 00:25:41,560 Speaker 1: two point two trillion dollar Biden infrastructure plan isn't enough. 430 00:25:42,280 --> 00:25:46,120 Speaker 1: Elizabeth Warren attacks of filibuster, calling it racist. I mean, 431 00:25:46,160 --> 00:25:50,679 Speaker 1: like these these folks are getting generated and uh and 432 00:25:50,680 --> 00:25:53,320 Speaker 1: and and Mitch McConnell, you know, the leader in Congress 433 00:25:53,400 --> 00:25:56,879 Speaker 1: as a Republican has basically made it his mandate to 434 00:25:57,000 --> 00:25:59,680 Speaker 1: turn Joe Biden into a captive of the far left. 435 00:25:59,720 --> 00:26:02,159 Speaker 1: And so the more they squawk, the harder it's going 436 00:26:02,200 --> 00:26:04,120 Speaker 1: to be for Biden to actually get his agenda through 437 00:26:04,160 --> 00:26:08,439 Speaker 1: Congress and potentially reposition the administration is being left the center, 438 00:26:08,560 --> 00:26:11,040 Speaker 1: and and that's the danger that I think the White 439 00:26:11,040 --> 00:26:13,080 Speaker 1: House fears the most. You got to come in here 440 00:26:13,080 --> 00:26:16,240 Speaker 1: in terms of analyzing what Rick just argued about the 441 00:26:16,280 --> 00:26:22,960 Speaker 1: divide right now between the Democrats, because the margin is 442 00:26:23,000 --> 00:26:25,200 Speaker 1: so narrow in the House, just a couple of seats, 443 00:26:25,240 --> 00:26:29,680 Speaker 1: and unfortunately that the Democratic congressman died yesterday is very sad, 444 00:26:29,680 --> 00:26:34,520 Speaker 1: Congressman l um So they the Democrats lost another seat, 445 00:26:34,800 --> 00:26:36,679 Speaker 1: and then over in the in the Senate, it couldn't 446 00:26:36,680 --> 00:26:39,280 Speaker 1: be dinners. So to watch the Democrats sort of fight 447 00:26:39,400 --> 00:26:41,119 Speaker 1: between them and they don't have to have much of 448 00:26:41,160 --> 00:26:44,160 Speaker 1: a fight to have all the President's agenda fall apart 449 00:26:44,200 --> 00:26:46,359 Speaker 1: because they won't feel to get anything passed if if 450 00:26:46,359 --> 00:26:48,440 Speaker 1: they fight at all with among themselves, because they're not 451 00:26:48,440 --> 00:26:51,240 Speaker 1: going to get any Republicans. Gennie, do you think I 452 00:26:51,280 --> 00:26:54,679 Speaker 1: mean they might as well just fight amongst themselves. You know, 453 00:26:54,760 --> 00:26:57,440 Speaker 1: I don't think they should, but we know that they will. 454 00:26:57,600 --> 00:27:00,000 Speaker 1: This is how laws are made in the United States 455 00:27:00,000 --> 00:27:04,120 Speaker 1: eights and so you know their President Biden has decided 456 00:27:04,160 --> 00:27:07,399 Speaker 1: to break this into two big bills. They're not going 457 00:27:07,400 --> 00:27:10,440 Speaker 1: to get a third trillion or two trillion dollar bill 458 00:27:10,520 --> 00:27:13,320 Speaker 1: after COVID and this first and this first infrastructure bill 459 00:27:13,359 --> 00:27:16,600 Speaker 1: if they get that, which means every single person has 460 00:27:16,640 --> 00:27:19,200 Speaker 1: to be buying to get into this bill. And that 461 00:27:19,400 --> 00:27:22,040 Speaker 1: is a fight. So anybody who thinks they're not going 462 00:27:22,080 --> 00:27:25,040 Speaker 1: to fight is crazy. They're going to be fighting, and 463 00:27:25,080 --> 00:27:27,320 Speaker 1: the battle is going to be on the Democratic side, 464 00:27:27,359 --> 00:27:30,560 Speaker 1: as Republicans are already taking themselves out of it. And 465 00:27:30,600 --> 00:27:34,600 Speaker 1: the people in power will be the people like Mansion like, 466 00:27:34,760 --> 00:27:39,879 Speaker 1: potentially Warner like potentially you know Senator from Arizona who say, no, 467 00:27:40,400 --> 00:27:43,160 Speaker 1: we are we wanted you to come and negotiate with us. 468 00:27:43,359 --> 00:27:44,879 Speaker 1: Those are the people who are going to have power 469 00:27:44,920 --> 00:27:47,040 Speaker 1: to get what they want. Yeah, I think I think 470 00:27:47,040 --> 00:27:49,280 Speaker 1: that we're all trying to cover infrastructure like it's in 471 00:27:49,320 --> 00:27:52,840 Speaker 1: the Trump era or there's just these massive, massive, up 472 00:27:52,840 --> 00:27:56,760 Speaker 1: and down, polarizing fights, when the reality is it's a 473 00:27:56,760 --> 00:27:59,000 Speaker 1: lot more boring in terms of the politics and not 474 00:27:59,080 --> 00:28:02,199 Speaker 1: And I don't mean that to to be you know cute. 475 00:28:02,440 --> 00:28:06,040 Speaker 1: I mean it to be candid, which is, the US 476 00:28:06,119 --> 00:28:08,680 Speaker 1: is still likely going to spend more than a trillion dollars, 477 00:28:08,760 --> 00:28:11,480 Speaker 1: call it infrastructure, call it stimulus. It's still a have 478 00:28:11,600 --> 00:28:15,120 Speaker 1: t hunk of change, and that's likely going to happen 479 00:28:15,119 --> 00:28:16,919 Speaker 1: by the end of the year. They're also likely going 480 00:28:17,000 --> 00:28:20,200 Speaker 1: to pass some type of legislative vehicle, the Endless Frontiers Act, 481 00:28:20,200 --> 00:28:22,399 Speaker 1: which is by the way, by partisan on the U. 482 00:28:22,480 --> 00:28:24,720 Speaker 1: S And China front. That's going to really enhance the 483 00:28:24,760 --> 00:28:28,639 Speaker 1: spending to counter the Communist Party of China. The US 484 00:28:28,720 --> 00:28:31,159 Speaker 1: has a blank check right now, and it's had it 485 00:28:31,240 --> 00:28:34,040 Speaker 1: ever since COVID nineteen and March of last year, and 486 00:28:34,560 --> 00:28:36,720 Speaker 1: it's going to continue. And I think either way is 487 00:28:38,400 --> 00:28:40,800 Speaker 1: go ahead, and you bring up you bring up China, 488 00:28:41,040 --> 00:28:44,280 Speaker 1: and I think that's the one's fascinating and probably trumpling issues. 489 00:28:44,320 --> 00:28:46,920 Speaker 1: You know, we spent the last animal eighteen years or 490 00:28:46,960 --> 00:28:50,040 Speaker 1: whatever was in Iraq looking for weapons of mass destruction 491 00:28:50,080 --> 00:28:51,560 Speaker 1: that didn't turn out to be, and we lost an 492 00:28:51,560 --> 00:28:53,680 Speaker 1: awful lot of lives and spent an awful lot of money. 493 00:28:53,760 --> 00:28:57,400 Speaker 1: And China meanwhile listening there, developing their Belt and Road initiative, 494 00:28:57,400 --> 00:28:59,800 Speaker 1: doing all theft diplomacy all over the year, getting the 495 00:29:00,040 --> 00:29:02,840 Speaker 1: huge leases on sports and and helping all over the 496 00:29:02,920 --> 00:29:04,920 Speaker 1: all over the world, and trying to build up some chips. 497 00:29:05,160 --> 00:29:07,440 Speaker 1: Now we've got the situation with this this, this new 498 00:29:07,520 --> 00:29:10,520 Speaker 1: Director of National Intelligence says in this new report that 499 00:29:10,680 --> 00:29:14,400 Speaker 1: by twenty China's gonna be our most significant rival to 500 00:29:14,400 --> 00:29:18,080 Speaker 1: the United States in space and competing on commercial, civil, 501 00:29:18,160 --> 00:29:20,080 Speaker 1: and military fronts. And now we go back to my 502 00:29:20,160 --> 00:29:22,560 Speaker 1: age again. I remember when we didn't even we looked 503 00:29:22,560 --> 00:29:24,360 Speaker 1: at the Soviet Union where we went to the moon, 504 00:29:24,440 --> 00:29:26,720 Speaker 1: and we said, we beat you. Now we've got all 505 00:29:26,760 --> 00:29:29,600 Speaker 1: this competition, all these people put dose satellite stuff and 506 00:29:29,600 --> 00:29:31,920 Speaker 1: and we you know, we we better, we better get 507 00:29:31,920 --> 00:29:35,200 Speaker 1: in the game. Right. Yes, this report's fascinating, and we 508 00:29:35,560 --> 00:29:38,160 Speaker 1: keep plugging it, but folks would really go and check 509 00:29:38,200 --> 00:29:41,640 Speaker 1: it out. All right, Genie, what is next for you? Well, 510 00:29:41,760 --> 00:29:45,240 Speaker 1: mine is far less important than what Rick just mentioned. 511 00:29:45,400 --> 00:29:48,640 Speaker 1: I am really really looking forward to John Bayner's book 512 00:29:48,680 --> 00:29:51,920 Speaker 1: coming out. I cannot wait to read this. I am 513 00:29:52,000 --> 00:29:56,320 Speaker 1: such a a legislative geek. And the attacks he has, 514 00:29:56,360 --> 00:30:00,000 Speaker 1: apparently in their blaming you know, Trump for the ends 515 00:30:00,040 --> 00:30:04,520 Speaker 1: direction he's drinking on the cover the criticism of the 516 00:30:04,520 --> 00:30:07,800 Speaker 1: Tea Party figures. Um, you know, I am just very 517 00:30:07,880 --> 00:30:11,320 Speaker 1: very excited to read John Bayner's book and to see 518 00:30:11,320 --> 00:30:14,640 Speaker 1: what he has to say. And apparently I shouldn't read it. 519 00:30:14,680 --> 00:30:18,520 Speaker 1: I should listen to say that I think candidly the 520 00:30:18,520 --> 00:30:23,720 Speaker 1: way to do audio book. But he apparently he apparently 521 00:30:23,840 --> 00:30:27,120 Speaker 1: strays from the text in the audience, and I think 522 00:30:27,160 --> 00:30:28,760 Speaker 1: I think you get a little bit more for your 523 00:30:28,760 --> 00:30:31,160 Speaker 1: money if you get I was going to say, with 524 00:30:31,280 --> 00:30:34,480 Speaker 1: some with some words we can't say on the air, apparently, 525 00:30:34,520 --> 00:30:37,960 Speaker 1: So I'm excited to hear it. Please don't, please don't. 526 00:30:38,080 --> 00:30:41,880 Speaker 1: We've been so good, you know, he was. It was 527 00:30:41,920 --> 00:30:45,000 Speaker 1: an interesting speaker because he was you know, he sort 528 00:30:45,040 --> 00:30:47,840 Speaker 1: of wanted to try to heard a bunch of cats 529 00:30:48,160 --> 00:30:49,880 Speaker 1: and it was it was, it wasn't. It was really 530 00:30:50,080 --> 00:30:52,560 Speaker 1: very difficult for him. And you know, I have a little, 531 00:30:52,600 --> 00:30:54,240 Speaker 1: you know, my heart leaves a little bit for it 532 00:30:54,320 --> 00:30:56,240 Speaker 1: because he did try to do that and it got 533 00:30:56,320 --> 00:31:00,240 Speaker 1: pretty nightmarished for him. He was really the like the 534 00:31:00,240 --> 00:31:04,680 Speaker 1: the first establishment Republican to go down in the populist 535 00:31:04,720 --> 00:31:07,720 Speaker 1: tide that eventually birth the Trump movement. If you when 536 00:31:07,720 --> 00:31:09,360 Speaker 1: you actually look, I don't know, I mean or maybe 537 00:31:09,440 --> 00:31:12,440 Speaker 1: Eric Canner who got primaried by Dave Bratt. That was 538 00:31:12,480 --> 00:31:15,320 Speaker 1: another one. Uh all right, I'm gonna let Greta go 539 00:31:15,480 --> 00:31:17,920 Speaker 1: last in terms of what's next for her? What's next 540 00:31:17,960 --> 00:31:20,760 Speaker 1: for me? I've been talking about it, but I think 541 00:31:20,840 --> 00:31:25,240 Speaker 1: it bears repeating. It's this report that that came out today. 542 00:31:25,920 --> 00:31:28,959 Speaker 1: It's been the threat of this show, the Global Trends Report. 543 00:31:29,040 --> 00:31:31,920 Speaker 1: It's out on the internet. Uh, just you know, put 544 00:31:31,920 --> 00:31:36,680 Speaker 1: on your search engine. Uh, the Global Trends Report, and 545 00:31:36,720 --> 00:31:40,880 Speaker 1: it's by uh, the National Intelligence Council, and it really 546 00:31:40,920 --> 00:31:44,840 Speaker 1: just breaks down the direction of really what's gonna be 547 00:31:45,480 --> 00:31:48,360 Speaker 1: the what's at stake over the next you know, two 548 00:31:48,400 --> 00:31:51,920 Speaker 1: decades and the shape of how technology is going to 549 00:31:52,000 --> 00:31:56,320 Speaker 1: impact everything from national security but also to to day 550 00:31:56,320 --> 00:31:59,400 Speaker 1: to day life and as Greta alluded to, and Nash 551 00:31:59,400 --> 00:32:03,800 Speaker 1: and outer base and and digital currency as well. Um So, 552 00:32:03,840 --> 00:32:05,400 Speaker 1: if you're looking for a deep dive, just go to 553 00:32:05,440 --> 00:32:08,120 Speaker 1: the source material and don't take my word for it. 554 00:32:08,120 --> 00:32:12,160 Speaker 1: Read the source material. And a more Contested World is 555 00:32:12,200 --> 00:32:15,880 Speaker 1: the title of it, Global trans A more Contested World. 556 00:32:15,880 --> 00:32:19,080 Speaker 1: All Right, Greta and sussn what's next from you? Okay, 557 00:32:19,200 --> 00:32:21,760 Speaker 1: here's here's the weirdest one. Here's what I'm following. I'm 558 00:32:21,800 --> 00:32:24,160 Speaker 1: just fascinated. This is pretty strange, pretty off the charge. 559 00:32:24,400 --> 00:32:27,160 Speaker 1: I'm passing by shipping for a number of reasons, not 560 00:32:27,240 --> 00:32:29,120 Speaker 1: just what happened in the Suez Canal a couple of 561 00:32:29,160 --> 00:32:31,640 Speaker 1: weeks ago, but because we have so many problems of 562 00:32:31,680 --> 00:32:33,760 Speaker 1: shipping that we don't even realize. We have all these 563 00:32:33,760 --> 00:32:36,800 Speaker 1: container ships that get clogged in different places because of COVID, 564 00:32:36,960 --> 00:32:39,560 Speaker 1: they don't have people unload and reload, and people all 565 00:32:39,560 --> 00:32:42,000 Speaker 1: of a sudden did they want television, so they had 566 00:32:42,040 --> 00:32:44,720 Speaker 1: interrupted supply change. We've got battles over what's going to 567 00:32:44,800 --> 00:32:47,440 Speaker 1: happen to these shipping lanes like the seuth China Sea, 568 00:32:47,680 --> 00:32:49,800 Speaker 1: and so much of our goods a get transfer that 569 00:32:49,880 --> 00:32:53,200 Speaker 1: gets traded around the world, gets gets transported by our 570 00:32:53,200 --> 00:32:56,560 Speaker 1: shipping industry. So I'm fascinated by the shipping industry and 571 00:32:56,560 --> 00:32:58,720 Speaker 1: I and I that's what I wish I could do 572 00:32:58,760 --> 00:33:01,440 Speaker 1: a story on. That's what I want. Well, okay, this 573 00:33:01,480 --> 00:33:04,240 Speaker 1: is interesting record me global trade, and you know he 574 00:33:04,280 --> 00:33:06,719 Speaker 1: talks about Amazon and what's going down there in Alabama, 575 00:33:07,000 --> 00:33:10,080 Speaker 1: But in terms of what Greta just mentioned, uh, global 576 00:33:10,080 --> 00:33:12,520 Speaker 1: trade and the supply chains. We've learned a lot about 577 00:33:12,560 --> 00:33:15,760 Speaker 1: supply chains during the pandemic. Yeah, I mean, the pandemic 578 00:33:15,800 --> 00:33:18,800 Speaker 1: has had a profound impact on so many different things 579 00:33:18,840 --> 00:33:21,560 Speaker 1: in our economy that we sometimes don't even think about, 580 00:33:21,640 --> 00:33:25,400 Speaker 1: like what the world infrastructure to the supply chain looks 581 00:33:25,440 --> 00:33:27,840 Speaker 1: like when you start shutting down ports and people can't 582 00:33:27,840 --> 00:33:30,760 Speaker 1: show up for their job. Uh not everybody can work 583 00:33:30,800 --> 00:33:32,960 Speaker 1: from home. If you're Stephen Dore and you're pulling stuff 584 00:33:33,000 --> 00:33:35,560 Speaker 1: off of ships, you can't work from home. And so 585 00:33:35,760 --> 00:33:38,640 Speaker 1: I do think what Greta is saying is really worth watching. 586 00:33:38,680 --> 00:33:43,880 Speaker 1: I mean, if there's an interesting byplay on on Wall Street, 587 00:33:43,920 --> 00:33:47,400 Speaker 1: it's people who literally track shipping containers all around the 588 00:33:47,440 --> 00:33:50,160 Speaker 1: world to see like an early focus on what is 589 00:33:50,200 --> 00:33:52,960 Speaker 1: going to unravel in these economies where they're headed and 590 00:33:53,000 --> 00:33:55,720 Speaker 1: if they're late, or if they get diverted or you 591 00:33:55,760 --> 00:34:00,960 Speaker 1: know what's on them outreak Yeah, OVID outbreak in a 592 00:34:01,080 --> 00:34:04,360 Speaker 1: port and you've got six or seven container ships backed 593 00:34:04,440 --> 00:34:08,000 Speaker 1: up to be unloaded and loaded, You're right, I mean, 594 00:34:08,160 --> 00:34:09,920 Speaker 1: and I mean, Greta, what do you think in terms 595 00:34:09,960 --> 00:34:12,480 Speaker 1: of just that how that plays out, especially in U. S. 596 00:34:12,560 --> 00:34:16,160 Speaker 1: China relations, especially when the US is obviously such a 597 00:34:16,280 --> 00:34:20,520 Speaker 1: major purchaser of so many of the exports coming from China. Well, 598 00:34:20,640 --> 00:34:23,040 Speaker 1: not only that, but you've you've got that problem. Then 599 00:34:23,080 --> 00:34:25,839 Speaker 1: you've got the shipping lane, um that in the China Sea, 600 00:34:25,880 --> 00:34:28,840 Speaker 1: which everyone's fighting over in China build an island in 601 00:34:28,880 --> 00:34:31,120 Speaker 1: the in one part of the sea so that they 602 00:34:31,120 --> 00:34:33,520 Speaker 1: can extend their border out, which is pecure. Then you've 603 00:34:33,520 --> 00:34:35,680 Speaker 1: got the fact that China, while we were fighting in 604 00:34:35,680 --> 00:34:38,280 Speaker 1: the Iraq War, is is doing these ports deals around 605 00:34:38,320 --> 00:34:41,800 Speaker 1: the country and building ports like in Pakistan and other places. 606 00:34:41,840 --> 00:34:44,560 Speaker 1: I mean, it's absolutely fascinating. And you wouldn't think shipping 607 00:34:44,560 --> 00:34:47,960 Speaker 1: could be the least bit electrifying or fascinating, But when 608 00:34:47,960 --> 00:34:50,399 Speaker 1: you start digging into and see what an impact has 609 00:34:50,480 --> 00:34:53,600 Speaker 1: even in your own home. You know, when you order something, um, 610 00:34:53,640 --> 00:34:57,480 Speaker 1: you know, Amazon's delivering things from China. They're not delivering 611 00:34:57,560 --> 00:35:00,839 Speaker 1: things from Alabama or from their headquarter ers in New York. 612 00:35:01,040 --> 00:35:03,360 Speaker 1: This stuff is all coming from China. So as interesting 613 00:35:03,400 --> 00:35:06,520 Speaker 1: as Amazon is, it's getting its stuff on container ship. 614 00:35:06,920 --> 00:35:09,279 Speaker 1: And Greta, can I just make a plug for a 615 00:35:09,400 --> 00:35:13,560 Speaker 1: topic for your show, the shortage on if I'm a 616 00:35:13,880 --> 00:35:17,880 Speaker 1: the shortage of containers, I read a fascinating story on 617 00:35:18,000 --> 00:35:21,840 Speaker 1: this point about this sort of unforeseen crisis in shipping 618 00:35:22,160 --> 00:35:24,960 Speaker 1: pertaining to the shortage of containers and why we're in 619 00:35:24,960 --> 00:35:28,240 Speaker 1: this situation and the difficulty it has created in terms 620 00:35:28,239 --> 00:35:30,960 Speaker 1: of all of these issues of shipping. We gotta go, folks, 621 00:35:30,960 --> 00:35:33,080 Speaker 1: but this is a fun, fun panel. I gotta say 622 00:35:33,080 --> 00:35:34,560 Speaker 1: thanks to Rick and Genie, and of course to my 623 00:35:34,600 --> 00:35:38,600 Speaker 1: friend my vaccine text message buddy, creative an Sushi, and 624 00:35:38,600 --> 00:35:40,680 Speaker 1: I'm Kevin's. Really this is Bloombergh.