1 00:00:02,040 --> 00:00:06,560 Speaker 1: Now from our nation's capital. This is Bloomberg's sound on. 2 00:00:07,520 --> 00:00:10,440 Speaker 1: We at the Fed understand the hardship that high inflation 3 00:00:10,560 --> 00:00:14,600 Speaker 1: is causing. We're strongly committed to bringing inflation back down down. 4 00:00:15,440 --> 00:00:19,680 Speaker 1: Gas prices are off. Our work isn't done. Floomberg Sound 5 00:00:19,720 --> 00:00:24,120 Speaker 1: on Politics, Policy and Perspective from DC's top name. It's 6 00:00:24,160 --> 00:00:27,000 Speaker 1: about balancing common sense. It's about going from a red 7 00:00:27,040 --> 00:00:30,440 Speaker 1: hot economy to a stable economy so that things don't 8 00:00:30,440 --> 00:00:32,480 Speaker 1: fall off the other side. It also means you've gotta 9 00:00:32,479 --> 00:00:35,400 Speaker 1: pay people more. It okay, can I tell you something? 10 00:00:35,479 --> 00:00:38,680 Speaker 1: Work is like the Bloomberg Sound On with Joe Matthew 11 00:00:39,120 --> 00:00:45,400 Speaker 1: on Bloomberg Radio. The biggest interest rate hikes since Welcome 12 00:00:45,400 --> 00:00:48,200 Speaker 1: to the fastest hour in politics. As the Federal Reserve 13 00:00:48,280 --> 00:00:51,360 Speaker 1: goes for seventy five it actually happened, and the White 14 00:00:51,360 --> 00:00:54,040 Speaker 1: House goes for broke with big oil herging companies to 15 00:00:54,120 --> 00:00:56,800 Speaker 1: produce more or else. We're gonna talk about the pressure 16 00:00:56,840 --> 00:01:00,440 Speaker 1: on prices and politics today in Washington and ahead with 17 00:01:00,480 --> 00:01:03,440 Speaker 1: you and rally from bed A Partners, someone who is 18 00:01:03,480 --> 00:01:05,920 Speaker 1: actually moving money on all of this news today. His 19 00:01:06,000 --> 00:01:10,039 Speaker 1: perspective is straight ahead. Our panel today, Bloomberg Politics contributor, 20 00:01:10,080 --> 00:01:14,520 Speaker 1: Democratic analyst Genie Chanzano, along with Morgan Ortega's former treasury 21 00:01:14,560 --> 00:01:18,240 Speaker 1: analyst in the Obama years and spokesperson for the State 22 00:01:18,280 --> 00:01:22,040 Speaker 1: Department in the Trump administration, and later a conversation with 23 00:01:22,080 --> 00:01:25,440 Speaker 1: the man in charge of implementing the infrastructure law, Mitch Landrew, 24 00:01:25,480 --> 00:01:28,119 Speaker 1: the former governor of make that mayor of New Orleans, 25 00:01:28,760 --> 00:01:33,280 Speaker 1: about rebuilding the country in the age of inflation is 26 00:01:33,280 --> 00:01:36,160 Speaker 1: the biggest hike in almost thirty years of FED Chair J. 27 00:01:36,319 --> 00:01:39,839 Speaker 1: Powell says, they are on it. We at the FED 28 00:01:40,080 --> 00:01:44,480 Speaker 1: understand the hardship that high inflation is causing. We're strongly 29 00:01:44,520 --> 00:01:48,400 Speaker 1: committed to bringing inflation back down, and we're moving expeditiously 30 00:01:48,520 --> 00:01:51,720 Speaker 1: to do so. We have both the tools we need 31 00:01:51,760 --> 00:01:53,800 Speaker 1: and the resolve that it will take to restore price 32 00:01:53,840 --> 00:01:57,680 Speaker 1: stability on behalf of American families and businesses. Not that 33 00:01:57,720 --> 00:02:00,520 Speaker 1: you should expect seventy five basis points sever time, which 34 00:02:00,600 --> 00:02:04,160 Speaker 1: was made clear it could be fifty. It is pretty unusual. 35 00:02:04,920 --> 00:02:06,800 Speaker 1: And the FED action comes the same day the White 36 00:02:06,840 --> 00:02:09,880 Speaker 1: House sends letters to about a half dozen major oil companies. 37 00:02:10,919 --> 00:02:14,480 Speaker 1: Letters in the mail, I think ex and Chevron, BP 38 00:02:15,560 --> 00:02:19,160 Speaker 1: marathons so on. There were seven in total, the letters 39 00:02:19,200 --> 00:02:22,760 Speaker 1: telling them that their unprecedented profit margins are unacceptable. The 40 00:02:22,800 --> 00:02:25,880 Speaker 1: President of the United States calling for immediate action, his words, 41 00:02:26,760 --> 00:02:30,680 Speaker 1: immediate action to improve capacity, saying the administration is prepared 42 00:02:30,720 --> 00:02:37,840 Speaker 1: to use emergency authorities defense production acts to boost refinery output. 43 00:02:37,919 --> 00:02:41,600 Speaker 1: I'm assuming it's defense production. There's been a lot for 44 00:02:41,639 --> 00:02:44,840 Speaker 1: the markets to absorb here today, all of this. Of course, Washington, 45 00:02:45,040 --> 00:02:47,760 Speaker 1: whether it's the Fed or the White House, trying to 46 00:02:47,800 --> 00:02:52,000 Speaker 1: get its arms around prices, and we seek insights now 47 00:02:52,600 --> 00:02:55,079 Speaker 1: from you and Rally, co founder and managing partner at 48 00:02:55,080 --> 00:02:58,120 Speaker 1: b d A partners back with us today on sound 49 00:02:58,160 --> 00:03:00,080 Speaker 1: on you and welcome back. Are you as happy as 50 00:03:00,120 --> 00:03:04,760 Speaker 1: the market seems to be with seventy five basis points? Well, Joe, 51 00:03:04,760 --> 00:03:06,880 Speaker 1: it's good to be back, thank you. You know, the 52 00:03:06,960 --> 00:03:11,400 Speaker 1: market always wants predictability, The market wants calm and stability, 53 00:03:11,480 --> 00:03:14,480 Speaker 1: and you're right, we've seen a lot of uncertainty over 54 00:03:14,520 --> 00:03:18,680 Speaker 1: the last few weeks. Today felt like a relatively reassuring day, 55 00:03:18,720 --> 00:03:21,080 Speaker 1: So yes, I'm happy like the market is okay that 56 00:03:21,680 --> 00:03:24,800 Speaker 1: this may be followed by another seventy five although pale 57 00:03:24,880 --> 00:03:29,000 Speaker 1: today seemed to feel like it was uh as unusual 58 00:03:29,040 --> 00:03:30,679 Speaker 1: as it seems to be here that we might get 59 00:03:30,680 --> 00:03:33,119 Speaker 1: fifty basis points. I think that that gets the question is, though, 60 00:03:33,160 --> 00:03:36,240 Speaker 1: do you see the FED front loading? No, having you know, 61 00:03:36,320 --> 00:03:38,640 Speaker 1: spent some time in the Oval office with Joe Biden 62 00:03:38,720 --> 00:03:42,120 Speaker 1: that you know this is this is pressure time. Yeah, 63 00:03:42,160 --> 00:03:44,360 Speaker 1: I think that. I think that's exactly right. The FED 64 00:03:44,480 --> 00:03:47,720 Speaker 1: is trying to frontload it. Um, we may see seventy 65 00:03:47,720 --> 00:03:51,400 Speaker 1: five again in in July, probably fifty or twenty five 66 00:03:52,160 --> 00:03:55,520 Speaker 1: in the final three meetings of the year, so probably 67 00:03:55,560 --> 00:03:59,920 Speaker 1: another one and three quarters per cent. Again, the market 68 00:04:00,080 --> 00:04:03,120 Speaker 1: is expecting this now, and I think, of course it 69 00:04:03,200 --> 00:04:08,120 Speaker 1: falls hardest on on the poorer parts of the society. 70 00:04:08,160 --> 00:04:11,160 Speaker 1: But as far as investors are concerned, we've got a 71 00:04:11,200 --> 00:04:14,680 Speaker 1: relatively clear path towards what we hope will be a 72 00:04:14,720 --> 00:04:17,520 Speaker 1: soft landing. Um. I don't think it's it's quite as 73 00:04:17,560 --> 00:04:20,279 Speaker 1: simple as I'm saying, but that's what what we're looking for. Well, 74 00:04:20,279 --> 00:04:22,720 Speaker 1: it would be awfully nice. Do you feel like the market, 75 00:04:22,800 --> 00:04:25,520 Speaker 1: now that we've seen this sort of sigh of relief 76 00:04:26,279 --> 00:04:28,960 Speaker 1: starts building in a bottom here is the investors look 77 00:04:28,960 --> 00:04:31,880 Speaker 1: at the dot plots, people start calling the peak for 78 00:04:31,920 --> 00:04:35,719 Speaker 1: inflation one more time. Yeah, I think, I think. Um, 79 00:04:35,760 --> 00:04:38,440 Speaker 1: of course we're hoping for for an improvement after some 80 00:04:38,520 --> 00:04:42,160 Speaker 1: pretty steep falls. Um, there's a there's an extra worry, 81 00:04:42,240 --> 00:04:47,440 Speaker 1: which is the coming quantitative tightening by the Fed. Um. 82 00:04:47,480 --> 00:04:50,560 Speaker 1: You know, there's a huge, huge balance sheet which has 83 00:04:50,839 --> 00:04:55,200 Speaker 1: more than doubled in in size to nine trillion dollars 84 00:04:55,240 --> 00:04:58,479 Speaker 1: over the last couple of years. That's a bloated balance 85 00:04:58,520 --> 00:05:01,359 Speaker 1: sheet which which the FED has to deal with. So 86 00:05:01,720 --> 00:05:04,039 Speaker 1: there's still a lot of a lot of room for 87 00:05:04,080 --> 00:05:08,880 Speaker 1: the FED to make mistakes overall. Again, I think and 88 00:05:09,000 --> 00:05:12,440 Speaker 1: believe that the FED was was slow to move on inflation, 89 00:05:12,880 --> 00:05:15,920 Speaker 1: but they seem to be getting their arms around it now. Uh, 90 00:05:16,279 --> 00:05:20,080 Speaker 1: it remains to be seen whether whether that optimism is misplaced. 91 00:05:20,400 --> 00:05:23,599 Speaker 1: Really fascinating a question and answer in the news conference today, 92 00:05:23,680 --> 00:05:27,239 Speaker 1: the news conference with j Powell, of course, when Bloomberg's 93 00:05:27,279 --> 00:05:30,080 Speaker 1: Mike McKee shows up. This is why they should go 94 00:05:30,160 --> 00:05:31,920 Speaker 1: to Mike for the first question. I don't know why 95 00:05:31,960 --> 00:05:33,479 Speaker 1: that doesn't happen at all of these things, but I 96 00:05:33,520 --> 00:05:35,480 Speaker 1: want you to listen to the question and answer. I'm 97 00:05:35,480 --> 00:05:37,680 Speaker 1: sure you already saw this, and it has to do 98 00:05:37,760 --> 00:05:40,720 Speaker 1: with headline versus core inflation. And exactly what the FED 99 00:05:40,800 --> 00:05:44,440 Speaker 1: thinks it has the ability to impact. Remembering that the 100 00:05:44,440 --> 00:05:46,839 Speaker 1: White House is constantly deferring to the Fed. If you 101 00:05:46,839 --> 00:05:49,720 Speaker 1: have an issue here with you know, whether it's oil prices, 102 00:05:49,760 --> 00:05:52,599 Speaker 1: food prices, that's their job the FED that the White 103 00:05:52,600 --> 00:05:54,920 Speaker 1: House doing what it can, but it's really the Fed's 104 00:05:55,000 --> 00:05:58,000 Speaker 1: job to manage this trend. So it it speaks to 105 00:05:58,040 --> 00:06:01,520 Speaker 1: the answer that Powell gives our colleague Mike McKie, Are 106 00:06:01,520 --> 00:06:06,320 Speaker 1: you targeting headline inflation now or core inflation? In other words, 107 00:06:06,960 --> 00:06:10,600 Speaker 1: how far would you chase oil prices if they keep 108 00:06:10,640 --> 00:06:12,680 Speaker 1: going up, if that's going to be the component that 109 00:06:12,800 --> 00:06:18,400 Speaker 1: drives expectations? Would you risk recession for a headline rate 110 00:06:18,560 --> 00:06:21,159 Speaker 1: if the core rate is holding steady or starting to 111 00:06:21,200 --> 00:06:26,960 Speaker 1: go down. So we're responsible for inflation in the law, 112 00:06:27,279 --> 00:06:30,679 Speaker 1: and inflation means headline inflation, So that's our ultimate goal. 113 00:06:31,400 --> 00:06:34,080 Speaker 1: We of course like all central banks to look very 114 00:06:34,160 --> 00:06:36,720 Speaker 1: very carefully at core inflation because it is it's a 115 00:06:36,839 --> 00:06:40,360 Speaker 1: much better predictor, and it's much it's it's a much 116 00:06:40,360 --> 00:06:43,159 Speaker 1: better predictor where inflation is going, and it's also more 117 00:06:43,160 --> 00:06:46,039 Speaker 1: relevant to our tools. As I mentioned, the parts that 118 00:06:46,120 --> 00:06:48,640 Speaker 1: don't go into core are mostly outside the scope of 119 00:06:48,640 --> 00:06:51,000 Speaker 1: our tools, so we look at that. But you know, 120 00:06:51,400 --> 00:06:54,440 Speaker 1: it's the current situation is particularly difficult because of what 121 00:06:54,480 --> 00:06:58,560 Speaker 1: I mentioned about expectations. We we we we can't affect really, 122 00:06:59,040 --> 00:07:01,720 Speaker 1: I mean, the energy prices are set by global commodity prices, 123 00:07:02,320 --> 00:07:05,520 Speaker 1: and most of food, not all of it, but most 124 00:07:05,560 --> 00:07:09,240 Speaker 1: food prices are are pretty heavily influenced by global commodity 125 00:07:09,279 --> 00:07:11,240 Speaker 1: prices to also other things, so we can't really have 126 00:07:11,360 --> 00:07:13,080 Speaker 1: much of an effect. All right, Sorry for the long 127 00:07:13,120 --> 00:07:15,480 Speaker 1: answer there, you and but what he just said is, 128 00:07:16,360 --> 00:07:20,280 Speaker 1: you know, we can't affect oil, can affect food, so 129 00:07:20,320 --> 00:07:23,480 Speaker 1: we're focusing on everything else here in the core, right, 130 00:07:24,240 --> 00:07:27,040 Speaker 1: And I appreciate the value of having that core number 131 00:07:27,040 --> 00:07:29,920 Speaker 1: and understanding longer term trends. But the White House keeps 132 00:07:29,960 --> 00:07:33,960 Speaker 1: saying the big problems are oil and food. So what 133 00:07:34,000 --> 00:07:37,080 Speaker 1: are we talking about here? Well, look, I think I 134 00:07:37,120 --> 00:07:41,280 Speaker 1: think again the Biden administration is going to is already 135 00:07:41,280 --> 00:07:44,680 Speaker 1: taking a lot of heat for inflation. Um, the public 136 00:07:44,720 --> 00:07:48,840 Speaker 1: doesn't like it, and thoughts are probably gonna react pretty 137 00:07:48,880 --> 00:07:53,000 Speaker 1: harshly against the Biden administration. But I think the President 138 00:07:53,000 --> 00:07:55,880 Speaker 1: did the right thing today using his bully pulpit uh 139 00:07:55,920 --> 00:07:59,440 Speaker 1: to the extent he can to try to encourage oil 140 00:07:59,440 --> 00:08:02,240 Speaker 1: companies to do the right thing. Remember, oil companies are 141 00:08:02,240 --> 00:08:07,520 Speaker 1: making very very high profits through this period, but unfortunately 142 00:08:07,640 --> 00:08:11,600 Speaker 1: refinery capacity is pretty much tapped out. So you know, 143 00:08:11,680 --> 00:08:16,040 Speaker 1: anything that the oil companies due to increase um investment, 144 00:08:16,320 --> 00:08:18,880 Speaker 1: that will take a while to come through. I don't 145 00:08:18,880 --> 00:08:21,880 Speaker 1: think President Biden or Power or anybody else can can 146 00:08:21,920 --> 00:08:24,840 Speaker 1: solve the Ukraine problem. And we're going to definitely have 147 00:08:25,040 --> 00:08:29,000 Speaker 1: a global grain grain issue, and that touches both of these. Yeah, 148 00:08:29,000 --> 00:08:31,280 Speaker 1: that's all that's that's your energy and there's your food. 149 00:08:31,880 --> 00:08:34,240 Speaker 1: So while the FED is hiking interest rates and potentially 150 00:08:34,240 --> 00:08:38,760 Speaker 1: slowing us into a recession, these prices may not even react, 151 00:08:39,320 --> 00:08:43,280 Speaker 1: is that I think? I think they will react, of course, 152 00:08:43,360 --> 00:08:46,200 Speaker 1: that's the concern. And you know, we've all been maybe 153 00:08:46,280 --> 00:08:50,720 Speaker 1: spoilt by by prices that have been very low to rise, 154 00:08:50,840 --> 00:08:54,520 Speaker 1: very slow to rise over the last few years until 155 00:08:54,720 --> 00:08:57,560 Speaker 1: until the last twelve months. Um. I don't think the 156 00:08:58,600 --> 00:09:01,000 Speaker 1: neither the FED nor the President and click their fingers 157 00:09:01,000 --> 00:09:03,600 Speaker 1: and solve everything. I think they're taking the right actions, 158 00:09:04,000 --> 00:09:08,240 Speaker 1: and gradually, for sure, expectations are going to abate and 159 00:09:08,280 --> 00:09:10,320 Speaker 1: we're headed in the right direction. That's that's the best 160 00:09:10,360 --> 00:09:13,200 Speaker 1: we can say. I just saw an incredible story across 161 00:09:13,480 --> 00:09:17,760 Speaker 1: the Bloomberg terminal. A FED triggered recession threatens Biden's White 162 00:09:17,840 --> 00:09:21,920 Speaker 1: House survival. Rate hikes to counter inflation lift the risk 163 00:09:21,960 --> 00:09:24,640 Speaker 1: of a downturn to seventy two percent. You and in 164 00:09:24,679 --> 00:09:30,240 Speaker 1: Bloomberg's economic models, seventy two Does that sound like reality? 165 00:09:30,280 --> 00:09:33,000 Speaker 1: Is that your expectation? Yes, I think we I think 166 00:09:33,040 --> 00:09:34,960 Speaker 1: I'm afraid to say, I think we'll have a recession 167 00:09:35,000 --> 00:09:38,560 Speaker 1: next year. Hopefully it'll be a pretty soft recession, a 168 00:09:38,640 --> 00:09:43,080 Speaker 1: short recession, and growth will growth will will return. The 169 00:09:43,120 --> 00:09:46,680 Speaker 1: fundamentals of the economy are generally good, but it's very, 170 00:09:46,760 --> 00:09:48,880 Speaker 1: very hard to come out of the pandemic we've been 171 00:09:48,880 --> 00:09:52,760 Speaker 1: through with war and other problems without a recession. At 172 00:09:52,800 --> 00:09:56,079 Speaker 1: some point, we're still uncharted here, right. This is obviously 173 00:09:56,240 --> 00:10:00,320 Speaker 1: recovering from a pandemic we haven't done in a century. Uh, 174 00:10:00,440 --> 00:10:02,760 Speaker 1: certainly not on this scale. We've never just shut off 175 00:10:02,800 --> 00:10:05,400 Speaker 1: the economy before, and we've never done it at a 176 00:10:05,440 --> 00:10:09,520 Speaker 1: time of war, at least considering the market implications we 177 00:10:09,559 --> 00:10:11,800 Speaker 1: have now when it comes to energy. So, how can 178 00:10:11,840 --> 00:10:14,160 Speaker 1: you possibly forecast anything at this point, and how do 179 00:10:14,200 --> 00:10:16,480 Speaker 1: you make a bet on any of this? Well, I 180 00:10:16,520 --> 00:10:19,880 Speaker 1: think I think, Look, the labor market is tight. Uh, 181 00:10:20,360 --> 00:10:23,520 Speaker 1: consumers are still spending money more on services and on 182 00:10:23,600 --> 00:10:25,800 Speaker 1: goods at the moment. You know, part of this is 183 00:10:25,840 --> 00:10:29,320 Speaker 1: a is anecdotal, But if you sit on an airplane 184 00:10:29,320 --> 00:10:30,880 Speaker 1: as I have done in the last week, or if 185 00:10:30,920 --> 00:10:35,120 Speaker 1: you visit restaurants around the country, you'll see activity. Consumer 186 00:10:35,160 --> 00:10:38,440 Speaker 1: activity is still reasonably good. So I think you know, 187 00:10:38,480 --> 00:10:42,199 Speaker 1: this is an extraordinarily resilient economy. I think it's been 188 00:10:42,280 --> 00:10:45,520 Speaker 1: reasonably well managed on the whole. I think the FED was, 189 00:10:45,559 --> 00:10:48,040 Speaker 1: as I say, late to react to inflation, but I 190 00:10:48,080 --> 00:10:50,520 Speaker 1: think the prognosis is not so bad. So why not 191 00:10:50,600 --> 00:10:56,040 Speaker 1: start buying? Or are you I'm gradually starting to buy? Um, 192 00:10:56,080 --> 00:10:59,080 Speaker 1: I'm licking, licking, licking my wounds from recent falls, but 193 00:10:59,160 --> 00:11:03,000 Speaker 1: gradually starting to buy again. What is it? Something other 194 00:11:03,040 --> 00:11:05,360 Speaker 1: than energy out of curiosity? Are you? Are you just 195 00:11:05,440 --> 00:11:09,520 Speaker 1: looking for individual companies that have been unfairly abused over 196 00:11:09,559 --> 00:11:12,480 Speaker 1: the last few weeks to to To be honest, I 197 00:11:12,520 --> 00:11:15,280 Speaker 1: think bigger companies are better, uh, you know, have stronger 198 00:11:15,280 --> 00:11:20,120 Speaker 1: balance sheets, better better position to weather. UM. The volatile markets. 199 00:11:20,840 --> 00:11:23,640 Speaker 1: I think you know what what happens in these rock 200 00:11:23,880 --> 00:11:26,840 Speaker 1: during these times of ructions is the biggest stronger companies 201 00:11:26,880 --> 00:11:30,800 Speaker 1: tend to acquire. The weaker companies will see certainly see consolidation. 202 00:11:31,400 --> 00:11:35,319 Speaker 1: I think consumer services will be stronger than consumer goods. 203 00:11:35,400 --> 00:11:38,000 Speaker 1: I think financial services will do. Okay, there it is 204 00:11:38,000 --> 00:11:40,120 Speaker 1: from you, and really I love this. Great to talk 205 00:11:40,120 --> 00:11:42,040 Speaker 1: to you again from b DA Partners. You and thank you. 206 00:11:42,080 --> 00:11:45,479 Speaker 1: We assemble our panel. Next on sound on, This is Bloomberg. 207 00:11:48,160 --> 00:11:51,960 Speaker 1: You're listening to Bloomberg you Sound on with Joe Matthew 208 00:11:52,360 --> 00:11:56,920 Speaker 1: on Bloomberg Radio. The headline on the terminal, Biden tells 209 00:11:57,040 --> 00:12:01,560 Speaker 1: US oil refiners record profits not exceptable. I mentioned the letters. 210 00:12:01,600 --> 00:12:06,520 Speaker 1: There were seven of them, seven big oil refiners. The 211 00:12:06,559 --> 00:12:11,319 Speaker 1: President wants to get busy, suggesting that in the age 212 00:12:11,360 --> 00:12:14,199 Speaker 1: of unprecedented profit margins at a time of ward is 213 00:12:14,240 --> 00:12:17,560 Speaker 1: the patriotic thing to do to put more money back 214 00:12:17,559 --> 00:12:20,520 Speaker 1: in the ground instead of sending it to shareholders. White 215 00:12:20,520 --> 00:12:23,320 Speaker 1: House Press Secretary Karine Jean Pierre was asked about it's 216 00:12:23,320 --> 00:12:26,000 Speaker 1: a day and exactly what the letters were all about. 217 00:12:26,000 --> 00:12:28,960 Speaker 1: So this is basically a bit of a hey, we want, 218 00:12:29,000 --> 00:12:30,960 Speaker 1: we want you to act. It's time to act. We 219 00:12:31,040 --> 00:12:34,080 Speaker 1: have done our part with the Strategic Petroleum Reserve, the 220 00:12:34,160 --> 00:12:37,839 Speaker 1: one the one million a day for the next six months, 221 00:12:38,080 --> 00:12:40,600 Speaker 1: and so we need them to act. So that's where 222 00:12:40,600 --> 00:12:42,560 Speaker 1: we are. We want it comes to solutions, which is 223 00:12:42,559 --> 00:12:45,040 Speaker 1: why we say we want to have that conversation. And 224 00:12:45,080 --> 00:12:47,080 Speaker 1: well we'll see where it goes from there. If there's 225 00:12:47,080 --> 00:12:49,840 Speaker 1: something the presidents consider it to compel them or consequence 226 00:12:49,880 --> 00:12:52,320 Speaker 1: in that. I don't have anything right now to to 227 00:12:52,480 --> 00:12:55,040 Speaker 1: preview as to what would come What would come next? 228 00:12:55,200 --> 00:12:57,480 Speaker 1: That's the question. What happens if they just sit on 229 00:12:57,520 --> 00:13:00,280 Speaker 1: their hands or just keep their money in their pocket. 230 00:13:01,080 --> 00:13:03,520 Speaker 1: As we assemble the panel here with the full Court press, 231 00:13:03,600 --> 00:13:06,680 Speaker 1: the Federal Reserve hiking interest rate seventy five basis points, 232 00:13:07,080 --> 00:13:09,800 Speaker 1: the White House Senate out letters to big oil, and 233 00:13:09,840 --> 00:13:13,920 Speaker 1: we have Bloomberg Politics contributor and Democratic analyst Genie Shenzana 234 00:13:14,000 --> 00:13:17,560 Speaker 1: with us today along with Morgan Ortega's former Treasury analyst 235 00:13:17,600 --> 00:13:20,920 Speaker 1: in the Obama administration, spokesperson for the State Department in 236 00:13:20,960 --> 00:13:23,720 Speaker 1: the Trump administration. It's great to have both of you 237 00:13:23,800 --> 00:13:26,640 Speaker 1: with us. Genie, are you impressed with this? I won't 238 00:13:26,640 --> 00:13:29,880 Speaker 1: say hold of government approach. Maybe hole of administration approach 239 00:13:29,920 --> 00:13:32,040 Speaker 1: is a better way to talk about it. Seventy five 240 00:13:32,080 --> 00:13:37,079 Speaker 1: bases points and some nasty grams to big oil. Yeah, 241 00:13:37,120 --> 00:13:39,760 Speaker 1: you know, I have so much to say following that interview, 242 00:13:39,760 --> 00:13:41,880 Speaker 1: which I thought was so fascinating. And you know, I 243 00:13:41,920 --> 00:13:44,280 Speaker 1: do think the FED is is doing what it can 244 00:13:44,320 --> 00:13:47,520 Speaker 1: to tap down on the excess money. But I think 245 00:13:47,520 --> 00:13:50,640 Speaker 1: the question you played that Mike asked is so critically 246 00:13:50,679 --> 00:13:53,640 Speaker 1: important because the question now for the Biden administration in 247 00:13:53,720 --> 00:13:56,760 Speaker 1: this oil letter speaks to it is on the supply side. 248 00:13:57,120 --> 00:14:00,280 Speaker 1: And you know, you hear you hear the FED chair saying, 249 00:14:00,280 --> 00:14:02,120 Speaker 1: you know, there's not a lot we can do about that. 250 00:14:02,400 --> 00:14:07,319 Speaker 1: You hear the Biden administration blaming people, including the oil executives, 251 00:14:07,600 --> 00:14:09,760 Speaker 1: and yet there are a lot of things people are 252 00:14:09,760 --> 00:14:11,680 Speaker 1: saying they need to do on the supply side that 253 00:14:11,720 --> 00:14:14,360 Speaker 1: they haven't done, like the tariffs on the Chinese tariffs, 254 00:14:14,400 --> 00:14:17,520 Speaker 1: for instance. So you know, that is a big, big 255 00:14:17,600 --> 00:14:19,880 Speaker 1: question I think for the Biden administration, what are you 256 00:14:19,960 --> 00:14:21,760 Speaker 1: going to do on that? And you know, from the 257 00:14:21,760 --> 00:14:24,280 Speaker 1: perspective of these oil executives, on the one hand, we 258 00:14:24,360 --> 00:14:26,920 Speaker 1: increase production, you claim that we're destroying the planet. On 259 00:14:26,960 --> 00:14:28,960 Speaker 1: the other hand, you claim if we have it down, 260 00:14:28,960 --> 00:14:31,560 Speaker 1: we're not. So you know, you have the politics here 261 00:14:31,560 --> 00:14:34,600 Speaker 1: at play and the blame game. Big question. I think 262 00:14:34,600 --> 00:14:36,960 Speaker 1: if that even works with the American public at this point, 263 00:14:37,000 --> 00:14:40,000 Speaker 1: because people don't pay too much attention to who he's blaming. 264 00:14:40,040 --> 00:14:42,200 Speaker 1: They're paying, They're paying attention to what we're paying at 265 00:14:42,240 --> 00:14:45,080 Speaker 1: the pump. This is a big meeting coming, Morgan. The 266 00:14:45,080 --> 00:14:48,000 Speaker 1: President said the federal government will open talks with the 267 00:14:48,080 --> 00:14:51,440 Speaker 1: National Petroleum Council, which represents the industry, calling on companies 268 00:14:51,880 --> 00:14:55,520 Speaker 1: to give the Energy Department an explanation as to why 269 00:14:55,560 --> 00:14:59,720 Speaker 1: they have cut capacity, which happened in many cases before 270 00:14:59,720 --> 00:15:02,080 Speaker 1: this aministration, and then what could be done Let's to 271 00:15:02,120 --> 00:15:03,560 Speaker 1: get it back up to speed, knowing it's going to 272 00:15:03,680 --> 00:15:07,359 Speaker 1: take a while. Um Morgan, at what point are Republicans 273 00:15:07,640 --> 00:15:09,720 Speaker 1: not going to be able to accuse the White House 274 00:15:09,880 --> 00:15:16,160 Speaker 1: of doing nothing? Uh after potentially when a Republican in 275 00:15:16,200 --> 00:15:18,560 Speaker 1: the White House. But you know, I'm asking that in reverse. 276 00:15:18,600 --> 00:15:21,600 Speaker 1: Here is there is Joe Biden doing everything he can 277 00:15:21,680 --> 00:15:25,440 Speaker 1: or do you see other levers he should be pulling? No? 278 00:15:25,720 --> 00:15:28,560 Speaker 1: I think that listen. Lindsay Graham and his debate with 279 00:15:28,600 --> 00:15:31,400 Speaker 1: Bernie Sanders and Boston a couple of days ago said 280 00:15:31,400 --> 00:15:34,040 Speaker 1: at best, you know, uh, he said that President Biden 281 00:15:34,080 --> 00:15:37,320 Speaker 1: and his team went to war on American energy and 282 00:15:37,360 --> 00:15:40,520 Speaker 1: the victims are the American people. At the pump um 283 00:15:40,600 --> 00:15:43,000 Speaker 1: and and President Biden made it very clear. I mean 284 00:15:43,040 --> 00:15:45,800 Speaker 1: all the videos have been making the internet on Twitter 285 00:15:45,880 --> 00:15:48,480 Speaker 1: over the last few months of President Biden during the 286 00:15:48,520 --> 00:15:52,000 Speaker 1: campaign trail, you know, promising to end the fossil fil 287 00:15:52,080 --> 00:15:56,080 Speaker 1: industry in the United States. Listen, my former boss, Mike Pompeo, 288 00:15:56,160 --> 00:15:59,360 Speaker 1: I think phrase this well. He said, every administration has 289 00:15:59,400 --> 00:16:03,560 Speaker 1: a guiding principle that guides all of their policies, right, policies, right, 290 00:16:03,680 --> 00:16:07,880 Speaker 1: everything that they do. For for for Pompeio, for President Trump, 291 00:16:07,920 --> 00:16:10,760 Speaker 1: that was his America First principle, meaning and every decision 292 00:16:10,800 --> 00:16:14,000 Speaker 1: that every department made what was best for Americans. And 293 00:16:14,080 --> 00:16:17,680 Speaker 1: for President Biden his team, that guiding principle is climate change. 294 00:16:17,880 --> 00:16:20,040 Speaker 1: I think plenty of people think that's a noble goal. 295 00:16:20,440 --> 00:16:24,280 Speaker 1: But what that that that overriding theme of climate change 296 00:16:24,920 --> 00:16:28,760 Speaker 1: being the guiding principle of the Biden administration has unfortunately, 297 00:16:29,040 --> 00:16:32,240 Speaker 1: um just come into a harsh reality as we're seeing 298 00:16:32,280 --> 00:16:35,520 Speaker 1: today of American energy prices. But you're as when we 299 00:16:35,600 --> 00:16:38,720 Speaker 1: talk about energy and oil, obviously you're speaking to to 300 00:16:39,080 --> 00:16:41,720 Speaker 1: that equation. But my goodness, we have across the board 301 00:16:41,720 --> 00:16:44,360 Speaker 1: inflation on a global level. So that's that's clearly beyond 302 00:16:44,400 --> 00:16:48,400 Speaker 1: the policies of this White House. Yeah, I just don't 303 00:16:48,440 --> 00:16:50,880 Speaker 1: I think what you're saying is a is a nuanced 304 00:16:50,920 --> 00:16:53,400 Speaker 1: argument that's hard to make to the American people. Again, 305 00:16:53,400 --> 00:16:55,760 Speaker 1: we're just I'm just talking to politics of it, you 306 00:16:55,760 --> 00:16:57,520 Speaker 1: know right now, it's hard to make that to the 307 00:16:57,560 --> 00:17:00,200 Speaker 1: American people because you know, they are feeling to and 308 00:17:00,240 --> 00:17:02,200 Speaker 1: they check out at the grocery store and when they 309 00:17:02,200 --> 00:17:05,160 Speaker 1: go to the pump, And I just think that from 310 00:17:05,160 --> 00:17:08,439 Speaker 1: a from a political perspective, making the argument uh to 311 00:17:08,520 --> 00:17:10,920 Speaker 1: go out and blame the blame the oil companies. Listen, 312 00:17:10,920 --> 00:17:13,320 Speaker 1: that's definitely going to resonate with a certain part of 313 00:17:13,359 --> 00:17:16,600 Speaker 1: the President's base. But if we're fighting over you know, 314 00:17:16,680 --> 00:17:19,040 Speaker 1: the I live in Nashville, Tennessee, So if you're fighting 315 00:17:19,080 --> 00:17:22,560 Speaker 1: over my friends, you know, suburban moms, I just don't 316 00:17:22,600 --> 00:17:27,080 Speaker 1: think blaming the oil companies is a winning message. People. Actually, 317 00:17:27,320 --> 00:17:29,040 Speaker 1: they're going to have a big meeting here. He's been 318 00:17:29,080 --> 00:17:32,359 Speaker 1: accused of not engaging with the oil companies. Does that 319 00:17:32,440 --> 00:17:35,280 Speaker 1: help the narrative and does it help to say, invoke 320 00:17:35,400 --> 00:17:37,960 Speaker 1: the Defense Production Act to get more oil out of 321 00:17:38,000 --> 00:17:40,560 Speaker 1: the ground. Yeah, I mean the president has to do 322 00:17:40,680 --> 00:17:43,480 Speaker 1: everything he can, and I give the White House credit 323 00:17:43,560 --> 00:17:46,080 Speaker 1: for getting out there. They are, you know, doing what 324 00:17:46,119 --> 00:17:48,680 Speaker 1: they can. But you know the reality of this for 325 00:17:48,720 --> 00:17:51,800 Speaker 1: any president, I mean, put Joe Biden aside, is you 326 00:17:51,840 --> 00:17:54,320 Speaker 1: are very much like Bob the Builder. Without many tools 327 00:17:54,359 --> 00:17:57,000 Speaker 1: on your belt, There's very little you can do. I 328 00:17:57,040 --> 00:17:59,560 Speaker 1: say that having had two boys, but um, you know, 329 00:17:59,640 --> 00:18:02,760 Speaker 1: there's very little you can do. And so they're doing 330 00:18:02,800 --> 00:18:05,720 Speaker 1: what they can. People want him to do more. He'll 331 00:18:05,800 --> 00:18:08,000 Speaker 1: take the blame at the mid term for it, but 332 00:18:08,200 --> 00:18:11,159 Speaker 1: is it deserved. Probably not. I don't know. Genie and 333 00:18:11,200 --> 00:18:12,920 Speaker 1: Morgan are with us. That's why it was we try 334 00:18:12,960 --> 00:18:15,000 Speaker 1: to figure this out. We're gonna stick with the panel. Next, 335 00:18:15,000 --> 00:18:18,879 Speaker 1: in turn to the primaries. Yeah, it was primary day 336 00:18:18,960 --> 00:18:25,119 Speaker 1: yesterday and some good storylines. Next, this is Bloomberg broadcasting 337 00:18:25,200 --> 00:18:30,159 Speaker 1: live from our nation's capital. Bloomberg to New York, Bloomberg 338 00:18:30,160 --> 00:18:33,960 Speaker 1: eleven Frio to Boston, Bloomberg one O six one to 339 00:18:34,040 --> 00:18:38,280 Speaker 1: San Francisco, Bloomberg nine sixty to the Country, Serious, x 340 00:18:38,440 --> 00:18:42,040 Speaker 1: M General one and around the globe, the Bloomberg Business 341 00:18:42,119 --> 00:18:46,600 Speaker 1: app and Bloomberg Radio dot Com. This is Bloomberg Sound 342 00:18:46,640 --> 00:18:51,000 Speaker 1: On with Joe Matthew. So a split decision for the 343 00:18:51,000 --> 00:18:56,080 Speaker 1: Trump retribution tour in South Carolina last night and the 344 00:18:56,080 --> 00:18:59,280 Speaker 1: first Republican member of Congress losing a seat after voting 345 00:18:59,320 --> 00:19:01,720 Speaker 1: to impeach the former president. We'll get into the results 346 00:19:01,760 --> 00:19:04,440 Speaker 1: from primary night next with our panel. So we were 347 00:19:04,440 --> 00:19:07,400 Speaker 1: asking at this time yesterday if it was possible for 348 00:19:07,440 --> 00:19:12,320 Speaker 1: a Republican member of Congress in the House, specifically who 349 00:19:12,440 --> 00:19:17,080 Speaker 1: voted to impeach Donald Trump, could possibly survive a primary. 350 00:19:17,920 --> 00:19:21,360 Speaker 1: The answer so far is no. The first last night, 351 00:19:21,680 --> 00:19:26,840 Speaker 1: South Carolina Congressman Tom Rice lost his primary, which we 352 00:19:26,920 --> 00:19:30,399 Speaker 1: discussed again this time yesterday to Russell Fry. Remember the 353 00:19:30,440 --> 00:19:34,160 Speaker 1: Trump endorsed candidate who created that ad with the Joker 354 00:19:34,240 --> 00:19:37,400 Speaker 1: and Satan in a therapy session with Tom rights, Well, 355 00:19:37,480 --> 00:19:41,160 Speaker 1: this is why he's a narcissist, and he's driven by 356 00:19:41,720 --> 00:19:46,240 Speaker 1: attention and he's driven by revenge. I took an oath 357 00:19:46,280 --> 00:19:48,800 Speaker 1: to protect the consultation, and I did it then and 358 00:19:48,840 --> 00:19:52,960 Speaker 1: I would do it again. Tomorrow and I won't likely 359 00:19:52,960 --> 00:19:55,359 Speaker 1: have a chance. Tom Rice right there speaking with ABC 360 00:19:55,480 --> 00:19:59,640 Speaker 1: News on the eve of the election, didn't win the primary, 361 00:19:59,640 --> 00:20:02,320 Speaker 1: and it was not even close. It's like a twenty 362 00:20:02,359 --> 00:20:05,840 Speaker 1: five point spread. But a different story for Nancy Mace, 363 00:20:05,960 --> 00:20:09,040 Speaker 1: also in South Carolina, and as I was reminded today 364 00:20:09,040 --> 00:20:12,399 Speaker 1: on Twitter, these are very different districts congressional districts. But 365 00:20:12,880 --> 00:20:18,080 Speaker 1: the Republican congresswoman who didn't vote to impeach Donald Trump 366 00:20:18,119 --> 00:20:21,200 Speaker 1: but did criticize him in the wake of January six 367 00:20:22,280 --> 00:20:25,840 Speaker 1: and was facing a Trump and Doors candidate, she survived, 368 00:20:27,359 --> 00:20:30,040 Speaker 1: known by many outside of South Carolina as the Republican 369 00:20:30,560 --> 00:20:33,600 Speaker 1: who proposed legalizing marijuana. We talked to her about that 370 00:20:33,800 --> 00:20:37,760 Speaker 1: earlier this year. Right here on sound On, Let's reassemble 371 00:20:37,800 --> 00:20:40,760 Speaker 1: the panel for more Bloomberg Politics contributors. Genie Chan say No. 372 00:20:40,840 --> 00:20:43,560 Speaker 1: Morgan Ortegas is with us today as well, former State 373 00:20:43,560 --> 00:20:46,800 Speaker 1: Department spokesperson in the Trump administration. It's great to have 374 00:20:47,000 --> 00:20:50,760 Speaker 1: both of you this day, after Genie your thoughts on 375 00:20:50,800 --> 00:20:54,119 Speaker 1: South Carolina. These were two different races, but the Trump 376 00:20:54,680 --> 00:21:00,480 Speaker 1: retribution on Tom Rice was unmistakable. With a twenty five loss, 377 00:21:00,560 --> 00:21:03,639 Speaker 1: that's significant. It was as show lacking, as they say, 378 00:21:03,680 --> 00:21:06,200 Speaker 1: and you know, some of us thought, and myself included, 379 00:21:06,240 --> 00:21:09,600 Speaker 1: this could possibly go to a runoff, and not at all. 380 00:21:10,080 --> 00:21:14,160 Speaker 1: Fry really really did extremely well because the joker wasn't 381 00:21:14,160 --> 00:21:17,040 Speaker 1: that it was the joker that changed everything. But I 382 00:21:17,080 --> 00:21:19,199 Speaker 1: do think you're the people you were speaking with on 383 00:21:19,200 --> 00:21:22,160 Speaker 1: Twitter or right. The districts are critically important. We can't 384 00:21:22,200 --> 00:21:26,480 Speaker 1: forget Nancy Mace's district includes Charleston, much more moderate there. 385 00:21:26,640 --> 00:21:29,520 Speaker 1: And also, of course the tone of their campaigns. Nancy Mace, 386 00:21:29,840 --> 00:21:32,080 Speaker 1: she said she agreed with Trump and any things she 387 00:21:32,200 --> 00:21:34,560 Speaker 1: was critical of him, but she didn't take him on directly. 388 00:21:34,760 --> 00:21:37,239 Speaker 1: Tom Rice was on I think it was MSNBC the 389 00:21:37,240 --> 00:21:39,439 Speaker 1: other day saying that, you know, it was a badge 390 00:21:39,440 --> 00:21:44,320 Speaker 1: of honor to vote against the president, you know, very defiant. Morgan, 391 00:21:44,359 --> 00:21:47,879 Speaker 1: what's your read on these two races. The vote to 392 00:21:47,960 --> 00:21:51,639 Speaker 1: impeach was obviously, uh, the undoing of Tom Rice, But 393 00:21:51,720 --> 00:21:55,680 Speaker 1: Nancy Mace was was under fire and and managed to 394 00:21:55,880 --> 00:21:59,360 Speaker 1: find herself out of trouble. She did, and I think 395 00:21:59,440 --> 00:22:01,600 Speaker 1: Genie's had to talk about the tone. I mean, she 396 00:22:01,680 --> 00:22:04,359 Speaker 1: was very complimentary if Trump said she would support him 397 00:22:04,359 --> 00:22:07,080 Speaker 1: in twenty four if he ran agreed with his agenda. 398 00:22:07,440 --> 00:22:09,520 Speaker 1: She ran a very different campaign, and I think it's 399 00:22:09,520 --> 00:22:13,240 Speaker 1: an interesting window and how the twenty four presidential election 400 00:22:13,280 --> 00:22:16,960 Speaker 1: will be conducted. Um, if President Trump decides not to run, 401 00:22:17,560 --> 00:22:19,640 Speaker 1: I think the people that you will see at the top, 402 00:22:20,160 --> 00:22:23,359 Speaker 1: you know, you will be like, none of these guys 403 00:22:23,240 --> 00:22:25,080 Speaker 1: that we're going to run yet. But let's just say 404 00:22:25,080 --> 00:22:28,480 Speaker 1: it's the Santist or Pompeo or or others. They're gonna 405 00:22:28,520 --> 00:22:31,760 Speaker 1: be running close to Trump, whereas maybe the Chris Christie's 406 00:22:32,040 --> 00:22:35,000 Speaker 1: or you know, the you know, the governor of Maryland. 407 00:22:35,040 --> 00:22:37,280 Speaker 1: You know, those people that will run away from Trump. 408 00:22:37,440 --> 00:22:39,840 Speaker 1: I think there's a very big start contrast and how 409 00:22:39,920 --> 00:22:42,159 Speaker 1: that would play in a primary. But I will say, 410 00:22:42,320 --> 00:22:44,359 Speaker 1: if I could just say, the one thing that Republicans 411 00:22:44,359 --> 00:22:47,920 Speaker 1: are really animated about, uh, the is the race in Texas. 412 00:22:47,960 --> 00:22:52,959 Speaker 1: Myra Flores is the first Mexican born um American to 413 00:22:52,960 --> 00:22:55,399 Speaker 1: to be elected to Congress as a Republican. You know, 414 00:22:55,440 --> 00:22:58,000 Speaker 1: I totally get the media. Everybody's talking about what happened. 415 00:22:58,000 --> 00:23:00,280 Speaker 1: The Trump back candidates are not. I will tell you 416 00:23:00,280 --> 00:23:02,680 Speaker 1: what we're Publicans around the country are doing. And on 417 00:23:03,200 --> 00:23:07,240 Speaker 1: fact that the class Americans right right and Hispanic working 418 00:23:07,240 --> 00:23:10,640 Speaker 1: class Americans in general. You remember that Myra's husband, um 419 00:23:10,680 --> 00:23:12,960 Speaker 1: I met her before. She's fantastic. Her husband is a 420 00:23:12,960 --> 00:23:16,680 Speaker 1: border patrol agent. We know that this community, the Hispanic 421 00:23:16,680 --> 00:23:20,720 Speaker 1: American community, especially in Texas and Arizona, they actually care 422 00:23:21,160 --> 00:23:23,640 Speaker 1: about the border. They care about the gas and cost 423 00:23:23,680 --> 00:23:26,080 Speaker 1: of groceries, just like every other Americans. Sure, this is, 424 00:23:26,119 --> 00:23:28,720 Speaker 1: of course, though temporary, right, this is this is a 425 00:23:28,720 --> 00:23:32,040 Speaker 1: short term. We're we're the special election. What does it mean, Jennie, 426 00:23:32,080 --> 00:23:34,720 Speaker 1: for the for the real election that will follow. Well, 427 00:23:34,760 --> 00:23:38,960 Speaker 1: I agree with Morgan. I wrote down political tsunami, political earthquake, 428 00:23:39,040 --> 00:23:42,080 Speaker 1: a demographic one. I mean this seat has been democratic, 429 00:23:42,119 --> 00:23:45,119 Speaker 1: as you mentioned, for a hundred years. This is big 430 00:23:45,119 --> 00:23:48,000 Speaker 1: news out of Texas. So of course this district now 431 00:23:48,040 --> 00:23:50,640 Speaker 1: goes away with a special election to finish it. That's 432 00:23:50,680 --> 00:23:53,840 Speaker 1: the last election for this district. It's been redistricted. But 433 00:23:53,960 --> 00:23:57,320 Speaker 1: I think the larger, the larger implications here are not 434 00:23:57,359 --> 00:23:59,520 Speaker 1: as much in this case actually for Joe Biden. But 435 00:23:59,560 --> 00:24:02,040 Speaker 1: the Demock had a party as a whole. It's long 436 00:24:02,119 --> 00:24:05,320 Speaker 1: been stated, maybe not as publicly, that they have had 437 00:24:05,359 --> 00:24:08,840 Speaker 1: a tendency to lump in people of color, Hispanics, Latinos 438 00:24:08,880 --> 00:24:11,399 Speaker 1: and so on and appeal to them in sort of 439 00:24:11,400 --> 00:24:15,600 Speaker 1: a a coherent way, and that has proven not to 440 00:24:15,680 --> 00:24:18,680 Speaker 1: be successful, and this is one of the cases in 441 00:24:18,720 --> 00:24:22,040 Speaker 1: which it was an utter failure. Democrats didn't even spend 442 00:24:22,040 --> 00:24:24,560 Speaker 1: a lot until the last eight days of this, taking 443 00:24:24,600 --> 00:24:26,880 Speaker 1: it for granted, and it was a big win. We'll 444 00:24:26,880 --> 00:24:29,399 Speaker 1: have to see what happens when they redo this, but 445 00:24:29,480 --> 00:24:31,880 Speaker 1: it was a big win for Republicans in that district. 446 00:24:32,040 --> 00:24:35,439 Speaker 1: Morgan ortegas your take on Nevada where the Trump brand 447 00:24:36,040 --> 00:24:39,760 Speaker 1: is still apparently quite powerful. Adam Laxalt beat Sam Brown 448 00:24:39,760 --> 00:24:43,600 Speaker 1: by almost twenty points, and those two candidates spent the 449 00:24:43,640 --> 00:24:46,360 Speaker 1: better part of the campaign trying to outmag at each other. 450 00:24:46,960 --> 00:24:50,200 Speaker 1: We lost, Morgan RD Vegas. Stay with me, Jeanie, because 451 00:24:50,200 --> 00:24:54,040 Speaker 1: this is also pretty important here. Senator Katherine Cortez Mastro, 452 00:24:54,119 --> 00:24:56,880 Speaker 1: the Democrat, is considered one of the most at risk 453 00:24:57,160 --> 00:25:00,640 Speaker 1: in the Senate. That's right, Morgan is probab run out 454 00:25:00,640 --> 00:25:03,080 Speaker 1: to Nevada to work on these races is probably what 455 00:25:03,160 --> 00:25:05,359 Speaker 1: she's doing. But you know, this is going to be 456 00:25:05,400 --> 00:25:08,119 Speaker 1: one of the races to watch. And of course Adam Laxall, 457 00:25:08,240 --> 00:25:11,000 Speaker 1: he was endorsed not only by Trump, but by Mitch McConnell, 458 00:25:11,320 --> 00:25:13,879 Speaker 1: he is some of the Republicans feel very strongly about 459 00:25:13,920 --> 00:25:17,760 Speaker 1: can take on Cortez Mastow, Democrats feeling like it's a 460 00:25:17,800 --> 00:25:20,320 Speaker 1: seat they could possibly hold. But the numbers aren't hard 461 00:25:20,600 --> 00:25:24,440 Speaker 1: thirty approval for Biden there. The economy post COVID, they're 462 00:25:24,480 --> 00:25:27,080 Speaker 1: still trying to recover. It's a one industry town, as 463 00:25:27,119 --> 00:25:30,840 Speaker 1: we famously know, so really really tough for them out there. 464 00:25:31,119 --> 00:25:33,720 Speaker 1: And so, you know, one other story from Nevada is, 465 00:25:33,760 --> 00:25:36,360 Speaker 1: of course you've got a series of election deniers out 466 00:25:36,400 --> 00:25:39,800 Speaker 1: there who have won and potentially the Republican if you 467 00:25:39,840 --> 00:25:43,280 Speaker 1: win Secretary of State in Nevada and now Florida, both 468 00:25:43,280 --> 00:25:48,440 Speaker 1: election deniers. So Morgan was mentioning, imagine counting the votes 469 00:25:48,440 --> 00:25:50,840 Speaker 1: in Florida and Arizona with those two at the helm 470 00:25:51,119 --> 00:25:53,200 Speaker 1: if indeed that turn, if we can just get Morgan 471 00:25:53,280 --> 00:25:55,200 Speaker 1: in for one set, we only have thirty seconds, Morgan, 472 00:25:55,240 --> 00:25:58,960 Speaker 1: But I understand you are still there is Senator Catherine 473 00:25:58,960 --> 00:26:02,480 Speaker 1: Cortes mass though in big trouble. I think so. I 474 00:26:02,520 --> 00:26:04,760 Speaker 1: think I think Jennie's right there. But listen to what 475 00:26:05,119 --> 00:26:07,679 Speaker 1: most Republicans are saying behind the scenes. We feel very 476 00:26:07,680 --> 00:26:10,760 Speaker 1: good about the House. We think the Senator raisers edge 477 00:26:10,800 --> 00:26:14,480 Speaker 1: right as it always is invigorated by Texas. I get it, Morgan. 478 00:26:14,600 --> 00:26:16,960 Speaker 1: Thank you for being here in Genie. This is Bloomberg. 479 00:26:18,400 --> 00:26:22,200 Speaker 1: You're listening to Bloomberg. You sound on with Joe Matthew 480 00:26:22,560 --> 00:26:28,960 Speaker 1: on Bloomberg Radio. Remember Infrastructure Week, Remember it actually happened 481 00:26:29,119 --> 00:26:32,320 Speaker 1: from President Biden signed the bill in the law one 482 00:26:32,320 --> 00:26:35,000 Speaker 1: point two trillion dollars. It was the biggest deal in 483 00:26:35,040 --> 00:26:38,720 Speaker 1: Washington at the time, bipartisan and unprecedented and well now 484 00:26:38,720 --> 00:26:41,960 Speaker 1: it's being implemented in a very different environment than when 485 00:26:42,040 --> 00:26:46,680 Speaker 1: it passed. Historically high inflation, expensive oil and gas, continued 486 00:26:46,680 --> 00:26:50,480 Speaker 1: shortages of building materials. Dealing with all of this is 487 00:26:50,520 --> 00:26:53,479 Speaker 1: the job of Mitch Landrew, the former mayor of New Orleans, 488 00:26:53,480 --> 00:26:57,600 Speaker 1: now in charge of putting the infrastructure law into place, 489 00:26:57,600 --> 00:27:00,240 Speaker 1: and he's with us now in studio. Should I should 490 00:27:00,240 --> 00:27:03,560 Speaker 1: I call you? Mr? Mayor? Thank you? Put every mayor 491 00:27:03,600 --> 00:27:06,760 Speaker 1: I've ever known who went on to have a bigger job, ambassador, 492 00:27:07,119 --> 00:27:11,119 Speaker 1: Congress whatever. I still love being called mayor. That's what 493 00:27:11,160 --> 00:27:15,920 Speaker 1: they all said. You still feel the hundred because you're 494 00:27:16,080 --> 00:27:17,560 Speaker 1: you're the boss, but you're on the ground and you're 495 00:27:17,560 --> 00:27:20,639 Speaker 1: responsible and uh, and it's hot and it's fast. And 496 00:27:20,680 --> 00:27:22,639 Speaker 1: now you're on the other side of the equation, on 497 00:27:22,680 --> 00:27:26,720 Speaker 1: the federal government side talking to mayors. It's that conversation. Well, 498 00:27:26,720 --> 00:27:28,959 Speaker 1: it's a good conversation. I mean, I know, I know 499 00:27:29,000 --> 00:27:31,920 Speaker 1: a lot of these folks, and I know how they think, 500 00:27:32,080 --> 00:27:35,880 Speaker 1: and I know what their challenges are and um um 501 00:27:36,080 --> 00:27:39,280 Speaker 1: have a profound respect for the for the immediacy of 502 00:27:39,280 --> 00:27:42,600 Speaker 1: their work. When you're the mayor, you might and might 503 00:27:42,640 --> 00:27:44,919 Speaker 1: not have security, depending on what city you're in. But 504 00:27:45,040 --> 00:27:48,000 Speaker 1: no matter what, you're on the ground, and so whatever 505 00:27:48,000 --> 00:27:50,040 Speaker 1: it is that you say or whatever you in your 506 00:27:50,040 --> 00:27:54,119 Speaker 1: city council indicated is gonna happen usually happens like the 507 00:27:54,200 --> 00:27:56,560 Speaker 1: next day. It's not like a year from now. So 508 00:27:56,560 --> 00:27:58,840 Speaker 1: when you need something, and when you need something, you 509 00:27:58,880 --> 00:28:01,119 Speaker 1: call the mayor. And by the way, the mid you know, 510 00:28:01,280 --> 00:28:03,240 Speaker 1: takes out their own garbage and they go to the 511 00:28:03,280 --> 00:28:05,359 Speaker 1: grocery store and they go to the ballpark. So people, 512 00:28:05,760 --> 00:28:08,800 Speaker 1: your constituents who know you are not shy of coming 513 00:28:08,880 --> 00:28:11,199 Speaker 1: up to you, even in mass and saying listen, I 514 00:28:11,240 --> 00:28:14,199 Speaker 1: know you're praying, but but I can I can I 515 00:28:14,240 --> 00:28:17,719 Speaker 1: grab you for a second finish let me just let 516 00:28:17,720 --> 00:28:19,400 Speaker 1: me just finish this out, father, and then I'll get 517 00:28:19,400 --> 00:28:21,639 Speaker 1: to you. Um. You know, so you have that, but 518 00:28:21,680 --> 00:28:23,840 Speaker 1: it's an immediacy and you proct him into the people 519 00:28:23,840 --> 00:28:26,800 Speaker 1: and it's a it's a joyful, exhilarating thing, but it's 520 00:28:26,840 --> 00:28:29,359 Speaker 1: also very painful because you go to the funerals. You 521 00:28:29,400 --> 00:28:32,119 Speaker 1: know people who are who are killed are um, you know, 522 00:28:32,960 --> 00:28:35,200 Speaker 1: changes that happened in your city. You're there all the time. 523 00:28:35,320 --> 00:28:38,160 Speaker 1: Or if there's a catastrophic event, you're actually part of 524 00:28:38,200 --> 00:28:40,640 Speaker 1: the people who get hit by the hurricane or the 525 00:28:40,680 --> 00:28:44,200 Speaker 1: flood or an electrical outage. So you're living in real time. Um, 526 00:28:44,280 --> 00:28:47,280 Speaker 1: and you can't escape. But it's a it was It's 527 00:28:47,360 --> 00:28:49,320 Speaker 1: really great. I really enjoyed it. Well, So this is 528 00:28:49,320 --> 00:28:52,400 Speaker 1: why Joe Biden wanted you for this job. You're traveling 529 00:28:52,480 --> 00:28:58,160 Speaker 1: the country talking to local policymakers, mayors, governors, uh, people 530 00:28:58,240 --> 00:29:00,440 Speaker 1: in local government who are going to decide where all 531 00:29:00,440 --> 00:29:02,920 Speaker 1: of this money goes. You're about to unleash from the 532 00:29:02,920 --> 00:29:06,000 Speaker 1: process of unleashing a trillion plus dollars, it's never happened 533 00:29:06,040 --> 00:29:10,040 Speaker 1: before on infrastructure. When that bill was first signed, that 534 00:29:10,080 --> 00:29:12,320 Speaker 1: money was worth a little bit more now we're talking 535 00:29:12,360 --> 00:29:15,440 Speaker 1: about this against the backdrop of inflation. Are you concerned 536 00:29:15,440 --> 00:29:18,840 Speaker 1: about having less buying power as these projects begin, Well, 537 00:29:18,880 --> 00:29:21,280 Speaker 1: the inflation is the President's number one priority. I mean, 538 00:29:22,040 --> 00:29:25,680 Speaker 1: everybody knows American citizens who are get up every day 539 00:29:25,720 --> 00:29:27,280 Speaker 1: have to go to work. We're about getting their kids 540 00:29:27,320 --> 00:29:31,960 Speaker 1: to and from school safely. Unfortunately, um and just trying 541 00:29:31,960 --> 00:29:34,959 Speaker 1: to make ends meet know that inflation is a real challenge. 542 00:29:34,960 --> 00:29:36,640 Speaker 1: But they also know that we're living in a very 543 00:29:36,640 --> 00:29:39,040 Speaker 1: difficult time. I mean, for God's sakes, we've come out 544 00:29:39,040 --> 00:29:42,160 Speaker 1: of two and a half years of just intense turmoil, 545 00:29:42,400 --> 00:29:47,000 Speaker 1: from the potential insurrection to the changes of the new 546 00:29:47,040 --> 00:29:52,520 Speaker 1: presidency into um, you know all Macron just really taking 547 00:29:52,520 --> 00:29:54,800 Speaker 1: a lot of lives, about loved ones and people working 548 00:29:54,840 --> 00:29:59,280 Speaker 1: from home, and into this incredible war that Putin has 549 00:29:59,400 --> 00:30:01,600 Speaker 1: put on the shoulders of the world by trying to 550 00:30:01,640 --> 00:30:05,080 Speaker 1: invade Ukraine and challenge freedom all over the world, which 551 00:30:05,120 --> 00:30:08,640 Speaker 1: is straining gas prices. And most people don't know this, 552 00:30:08,720 --> 00:30:11,600 Speaker 1: but both Russia and the Ukraine together produced about of 553 00:30:11,640 --> 00:30:15,080 Speaker 1: the world's weak Yeah, that's why the bread, that's why 554 00:30:15,120 --> 00:30:17,120 Speaker 1: you don't have you don't have access to the things 555 00:30:17,120 --> 00:30:20,320 Speaker 1: that we have and then China, UM, which we bought 556 00:30:20,320 --> 00:30:22,600 Speaker 1: a lot of stuff from, basically has shut down a 557 00:30:22,680 --> 00:30:24,160 Speaker 1: number of different times, and so they don't have the 558 00:30:24,200 --> 00:30:26,200 Speaker 1: kind of goods that people want to buy. And so 559 00:30:26,240 --> 00:30:28,560 Speaker 1: when you don't have a lot of goods and people 560 00:30:28,600 --> 00:30:32,960 Speaker 1: want a lot of stuff, you're in the construction business. Essentially, 561 00:30:33,040 --> 00:30:35,600 Speaker 1: you need oil, you need a lot of stuff that 562 00:30:35,640 --> 00:30:41,480 Speaker 1: we're so I am clearly clearly inflation concerns the President 563 00:30:41,640 --> 00:30:44,040 Speaker 1: for its impact on everyday Americans, but on everything that 564 00:30:44,080 --> 00:30:45,840 Speaker 1: everybody is trying to build, the cost of it will 565 00:30:45,880 --> 00:30:49,360 Speaker 1: go up. And that is true, except that this infrastructure 566 00:30:49,360 --> 00:30:52,480 Speaker 1: plan is not a UM recovery plan in the sense 567 00:30:52,520 --> 00:30:54,440 Speaker 1: that you put money in somebody's pocket today and you 568 00:30:54,480 --> 00:30:56,440 Speaker 1: want them to spend it today. We're building bridges, and 569 00:30:56,440 --> 00:30:59,560 Speaker 1: we're building roads, and we're building airports, and even on 570 00:30:59,560 --> 00:31:01,200 Speaker 1: our best day when we go on as fast as 571 00:31:01,200 --> 00:31:03,360 Speaker 1: we possibly can, this is a long term plan to 572 00:31:03,560 --> 00:31:06,640 Speaker 1: five seven tents, so as the economy gets itself back 573 00:31:06,680 --> 00:31:09,360 Speaker 1: on its feet over time through whatever pain that we're 574 00:31:09,360 --> 00:31:11,880 Speaker 1: gonna have to go through together UM. And the President 575 00:31:11,960 --> 00:31:13,800 Speaker 1: is trying to ease this pain every day by getting 576 00:31:13,800 --> 00:31:16,200 Speaker 1: Congress to lower prices and calling on oil companies to 577 00:31:16,240 --> 00:31:19,000 Speaker 1: do the right thing, that it won't have the kind 578 00:31:19,040 --> 00:31:22,560 Speaker 1: of impact um over the long term as it as 579 00:31:22,600 --> 00:31:25,120 Speaker 1: it would for example today, Sure, got it. Uh. The 580 00:31:25,160 --> 00:31:27,800 Speaker 1: other major challenge has been the labor market, which is 581 00:31:27,840 --> 00:31:30,360 Speaker 1: as tight as it's ever been. Words told, you need 582 00:31:30,400 --> 00:31:31,960 Speaker 1: to hire a lot of people or someone is to 583 00:31:32,000 --> 00:31:34,240 Speaker 1: do all of these jobs. Difficult is that going to 584 00:31:34,320 --> 00:31:38,480 Speaker 1: be in this environment? Well, I'll tell you it's. Um. 585 00:31:38,560 --> 00:31:40,400 Speaker 1: There are lots of problems that people can have in 586 00:31:40,440 --> 00:31:42,720 Speaker 1: their life. One of them is that no jobs and 587 00:31:42,720 --> 00:31:45,640 Speaker 1: there's no work, and there's no food and nobody can eat. 588 00:31:45,680 --> 00:31:49,200 Speaker 1: That's one problem. We had that problem before. This problem 589 00:31:49,280 --> 00:31:52,720 Speaker 1: is we have more jobs we need, right, and we 590 00:31:52,760 --> 00:31:55,880 Speaker 1: need people. That's a that's a problem that that that 591 00:31:55,920 --> 00:31:58,479 Speaker 1: creates lots of opportunities, and you have to see it 592 00:31:58,520 --> 00:32:00,600 Speaker 1: that way. And so it's just all about a problem 593 00:32:00,680 --> 00:32:02,720 Speaker 1: so everybody in America. The whole point of it was 594 00:32:02,760 --> 00:32:05,000 Speaker 1: to help put people in America back to work and 595 00:32:05,120 --> 00:32:07,000 Speaker 1: to build things in a way that prepare us to 596 00:32:07,040 --> 00:32:09,640 Speaker 1: win the twenty one century, no matter who's competing against 597 00:32:09,720 --> 00:32:11,720 Speaker 1: us on the world stage. You know, by the way, 598 00:32:12,120 --> 00:32:15,560 Speaker 1: notwithstanding inflation and gas prices, which the President is working 599 00:32:15,560 --> 00:32:19,040 Speaker 1: on every day because of the President's policies. Almost every 600 00:32:19,040 --> 00:32:22,360 Speaker 1: economist agrees that we're in a better position financially to 601 00:32:22,480 --> 00:32:25,040 Speaker 1: weather this storm than any country in the world because 602 00:32:25,040 --> 00:32:27,560 Speaker 1: you know, inflacing, the gas prices are high everywhere, so 603 00:32:27,600 --> 00:32:30,200 Speaker 1: this is just asn't in the United States. But the 604 00:32:30,240 --> 00:32:32,760 Speaker 1: President would remind everybody that since he's been in office, 605 00:32:32,760 --> 00:32:35,160 Speaker 1: would created eight point seven million jobs. That's more in 606 00:32:35,200 --> 00:32:38,160 Speaker 1: the first eighteen months and any president than anybody can remember, 607 00:32:38,840 --> 00:32:41,320 Speaker 1: the unemployment rate is at three. It also means you 608 00:32:41,400 --> 00:32:44,280 Speaker 1: gotta pay people more. It also, can I tell you 609 00:32:44,280 --> 00:32:50,880 Speaker 1: something works like that? The President likes that to the 610 00:32:50,920 --> 00:32:53,600 Speaker 1: more wages you pay, the better you know people can 611 00:32:53,680 --> 00:32:57,160 Speaker 1: can can can invest in themselves and their families. However, 612 00:32:57,600 --> 00:33:00,240 Speaker 1: it creates a challenge, and the challenges how do you 613 00:33:00,360 --> 00:33:03,280 Speaker 1: keep It's about balancing common sense. It's about going from 614 00:33:03,280 --> 00:33:06,479 Speaker 1: a red hot economy to a stable economy so that 615 00:33:06,520 --> 00:33:08,760 Speaker 1: things don't fall off the other side. And it's just 616 00:33:08,960 --> 00:33:12,680 Speaker 1: not overly easy. It's not like turning off a light switch. 617 00:33:12,720 --> 00:33:15,040 Speaker 1: The president is going to continue to use the power 618 00:33:15,120 --> 00:33:17,640 Speaker 1: its president to make sure that we get things to 619 00:33:17,680 --> 00:33:19,640 Speaker 1: the to the middle class, and to build things from 620 00:33:19,680 --> 00:33:21,160 Speaker 1: what he says, the bottom up in the middle out 621 00:33:21,200 --> 00:33:24,360 Speaker 1: not trickle down because it never trickles down. It never 622 00:33:24,400 --> 00:33:26,880 Speaker 1: trickles down. So the President put the money, his money 623 00:33:26,920 --> 00:33:29,240 Speaker 1: where his mouth is on this bill, and it's gonna 624 00:33:29,280 --> 00:33:31,520 Speaker 1: improve people's lives, it's gonna make it safer, it's gonna 625 00:33:31,520 --> 00:33:34,120 Speaker 1: give us more tools, laying high speed internet, for example, 626 00:33:34,160 --> 00:33:36,800 Speaker 1: so that everybody has access to knowledge. In case people 627 00:33:36,840 --> 00:33:39,960 Speaker 1: didn't understand the importance of this after COVID, they surely do. 628 00:33:40,360 --> 00:33:42,560 Speaker 1: Of trying to work from home without internet, you just 629 00:33:42,600 --> 00:33:45,400 Speaker 1: can't play in in a modern economy. You can't you 630 00:33:45,440 --> 00:33:49,880 Speaker 1: can't do agribusiness, you can't um uh, you can't do telemedicine, 631 00:33:49,920 --> 00:33:53,800 Speaker 1: you can't do precision agriculture. You can't build entrepreneurship from 632 00:33:53,800 --> 00:33:55,960 Speaker 1: maybe wanting to live in a rural area and then 633 00:33:56,080 --> 00:33:58,280 Speaker 1: have some kind of work experience in the in the 634 00:33:58,360 --> 00:34:01,400 Speaker 1: urban area of vice versa. So you speed internet. It 635 00:34:01,480 --> 00:34:04,360 Speaker 1: is an absolute utility and a necessity. And and it 636 00:34:04,360 --> 00:34:06,840 Speaker 1: really is about equality too, and laying having a level 637 00:34:06,840 --> 00:34:09,400 Speaker 1: playing field so everybody in the country can participate. You 638 00:34:09,480 --> 00:34:11,399 Speaker 1: got that, and then there's money in here to build 639 00:34:11,400 --> 00:34:14,359 Speaker 1: a clean energy economy. Everybody now knows what the price 640 00:34:14,360 --> 00:34:16,239 Speaker 1: of gas as high as it is. We gotta get 641 00:34:16,239 --> 00:34:18,880 Speaker 1: out of being dependent on other folks, and so we 642 00:34:18,920 --> 00:34:22,279 Speaker 1: have to build other sources of energy, which we're aggressively 643 00:34:22,360 --> 00:34:24,719 Speaker 1: doing so that we can help with climate but also 644 00:34:24,800 --> 00:34:27,000 Speaker 1: just lower the costs on American people. And we and 645 00:34:27,000 --> 00:34:28,799 Speaker 1: we're working hard to get there, and I think we will. 646 00:34:28,880 --> 00:34:31,600 Speaker 1: You help to rebuild one of the greatest cities in 647 00:34:31,600 --> 00:34:35,080 Speaker 1: the world. As the mayor of New Orleans following Katrina, 648 00:34:35,280 --> 00:34:38,279 Speaker 1: you have institutional knowledge having been through that that I'm 649 00:34:38,280 --> 00:34:40,520 Speaker 1: guessing no one else in Washington has. What do you 650 00:34:41,080 --> 00:34:43,279 Speaker 1: what do you see that they don't. I love my 651 00:34:43,320 --> 00:34:45,200 Speaker 1: city so much. I love the people of New Orleans. 652 00:34:45,280 --> 00:34:47,160 Speaker 1: They have so much heart and so much soul, and 653 00:34:47,160 --> 00:34:48,959 Speaker 1: and we're so thankful, by the way, to the people 654 00:34:49,000 --> 00:34:50,920 Speaker 1: of America for reaching down and helping us and out 655 00:34:50,920 --> 00:34:53,839 Speaker 1: the arcas our You know, we had eighteen hundred people 656 00:34:53,840 --> 00:34:56,680 Speaker 1: would killed in Katrina and two hundred fifty thousand homes 657 00:34:56,680 --> 00:34:58,520 Speaker 1: got destroyed. The whole world came to help us, and 658 00:34:58,880 --> 00:35:00,759 Speaker 1: you know, we're forever gradeful for that. But in the 659 00:35:00,760 --> 00:35:04,120 Speaker 1: middle of that catastrophic event, it caused us to really 660 00:35:04,200 --> 00:35:05,959 Speaker 1: kind of get our act together, and so thinking about 661 00:35:05,960 --> 00:35:08,239 Speaker 1: who we were and what we wanted to build back, 662 00:35:08,280 --> 00:35:09,920 Speaker 1: and we didn't really want to build it back like 663 00:35:09,960 --> 00:35:12,600 Speaker 1: it was now. We wanted to maintain our essence. We 664 00:35:12,640 --> 00:35:15,120 Speaker 1: wanted to maintain our authenticity. We wanted to maintain our 665 00:35:15,160 --> 00:35:17,840 Speaker 1: specialness as a and the culture of the city. But 666 00:35:17,880 --> 00:35:20,160 Speaker 1: we also knew that we had been a little bit outdated, 667 00:35:20,239 --> 00:35:22,160 Speaker 1: Like the buildings were old and tired, the roads weren't 668 00:35:22,160 --> 00:35:24,360 Speaker 1: built the right way. Maybe the transportation systems could have 669 00:35:24,360 --> 00:35:26,880 Speaker 1: been built for the twenty one century. The schools should 670 00:35:26,920 --> 00:35:28,800 Speaker 1: be twenty one century learning center. So we had a 671 00:35:28,880 --> 00:35:31,440 Speaker 1: chance to build back the way we should have had 672 00:35:31,480 --> 00:35:34,319 Speaker 1: we gotten it right the first time. So interestingly enough, 673 00:35:34,320 --> 00:35:36,960 Speaker 1: the President says, I want to build back better too. 674 00:35:36,960 --> 00:35:38,400 Speaker 1: So I just don't want to go build roads and 675 00:35:38,400 --> 00:35:41,080 Speaker 1: bridges like we used to. But if I'm putting buses 676 00:35:41,480 --> 00:35:43,440 Speaker 1: on the street, I want the buses to have batteries 677 00:35:43,440 --> 00:35:44,839 Speaker 1: in and so when a kid gets out of the bus, 678 00:35:44,840 --> 00:35:48,080 Speaker 1: he doesn't have to suck exhaust and have asthma. The 679 00:35:48,200 --> 00:35:50,560 Speaker 1: man makes kind of perfect sense, right. If if we 680 00:35:50,600 --> 00:35:53,120 Speaker 1: don't want to depend on on on Russia or other 681 00:35:53,120 --> 00:35:55,960 Speaker 1: folks for oil, why don't we why don't we decrease 682 00:35:56,000 --> 00:35:59,120 Speaker 1: eye dependence on oil and moved to the electrification of 683 00:35:59,239 --> 00:36:04,080 Speaker 1: the economy, so also had to organize a massive building. Well, 684 00:36:04,080 --> 00:36:07,000 Speaker 1: what happened was I learned that that when it works well, 685 00:36:07,560 --> 00:36:10,400 Speaker 1: and it can work well, the federal, state and local 686 00:36:10,440 --> 00:36:13,400 Speaker 1: governments and partnership with the private sector, the not for 687 00:36:13,440 --> 00:36:15,160 Speaker 1: profit and the faith based all have to be at 688 00:36:15,160 --> 00:36:18,040 Speaker 1: the same table, pulling in the same direction. I'll call 689 00:36:18,120 --> 00:36:20,799 Speaker 1: it one team, one fight, one voice. And so it's 690 00:36:20,800 --> 00:36:23,240 Speaker 1: like hurting cats, you know, it's like just my grandma 691 00:36:23,280 --> 00:36:25,040 Speaker 1: would say, elbow grace. I mean, you gotta work it. 692 00:36:25,320 --> 00:36:27,279 Speaker 1: You gotta set the system up right, and then you 693 00:36:27,280 --> 00:36:29,799 Speaker 1: have to work the system because human beings are imperfect 694 00:36:30,239 --> 00:36:32,040 Speaker 1: and they weren't always doing it. But if you're gonna 695 00:36:32,080 --> 00:36:34,279 Speaker 1: win a super Bowl and you call a play, you 696 00:36:34,360 --> 00:36:36,879 Speaker 1: gotta make sure everybody's running the same play and they're 697 00:36:36,880 --> 00:36:38,799 Speaker 1: doing it the way you're supposed to, and then you 698 00:36:38,880 --> 00:36:41,200 Speaker 1: execute it and then you win. But if if you're 699 00:36:41,239 --> 00:36:43,560 Speaker 1: pulling in the wrong direction of people not following the 700 00:36:43,600 --> 00:36:46,120 Speaker 1: same play, you've got no chance. Even if you have 701 00:36:46,640 --> 00:36:48,960 Speaker 1: even even if the strategy is a good strategy. So 702 00:36:48,960 --> 00:36:50,840 Speaker 1: you've gotta have the players. You've gotta have the system, 703 00:36:50,880 --> 00:36:53,440 Speaker 1: you gotta have the strategy, you have the execution, and 704 00:36:53,440 --> 00:36:55,480 Speaker 1: then you just gotta do it, and you gotta keep 705 00:36:55,480 --> 00:36:58,640 Speaker 1: doing it and keep getting better until you get, you know, 706 00:36:58,760 --> 00:37:00,719 Speaker 1: really good at it and you build something strong and 707 00:37:00,760 --> 00:37:02,600 Speaker 1: good that can last the ages. And that's what we're 708 00:37:02,880 --> 00:37:04,960 Speaker 1: trying to do. Mitch Landrew, I can't wait to come 709 00:37:05,080 --> 00:37:07,400 Speaker 1: by one by Boss is listening. I can't wait to 710 00:37:07,440 --> 00:37:09,440 Speaker 1: come and meet you at Gallax was for lunch. You 711 00:37:09,440 --> 00:37:11,360 Speaker 1: can show me what you're doing with that highway and 712 00:37:11,400 --> 00:37:13,720 Speaker 1: the Tremaine and everything else. We can need some gumbo. 713 00:37:13,800 --> 00:37:15,600 Speaker 1: We're gonna have a good time and some VENs and 714 00:37:16,800 --> 00:37:22,640 Speaker 1: sign me up, Mr Mayor. I'm so easy to get 715 00:37:22,680 --> 00:37:26,839 Speaker 1: you through my stock. Thanks to the former mayor Mitch 716 00:37:26,920 --> 00:37:31,080 Speaker 1: Landrew with us talking infrastructure in the throes of inflation 717 00:37:31,760 --> 00:37:34,239 Speaker 1: here on the fastest hour in politics. Thanks to our 718 00:37:34,280 --> 00:37:37,000 Speaker 1: panel as well, Andy you and Rally for being with 719 00:37:37,080 --> 00:37:40,240 Speaker 1: us on sound On. I'm Joe Matthew. This is Bloomber