1 00:00:02,080 --> 00:00:06,320 Speaker 1: Live from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,520 --> 00:00:10,039 Speaker 1: We want to get people back to work. We've got 3 00:00:10,039 --> 00:00:13,520 Speaker 1: to be paiding the path weeks. It is up to Congress, 4 00:00:13,520 --> 00:00:15,400 Speaker 1: who kind of set the rules of the roads. But 5 00:00:15,560 --> 00:00:18,800 Speaker 1: you have to wonder what Facebook final objective Isn't that 6 00:00:19,079 --> 00:00:24,160 Speaker 1: Bloomberg sound On Politics, policy and perspective from DC's tough name. 7 00:00:24,520 --> 00:00:27,560 Speaker 1: If they just simply reopen the economy and returned everyone 8 00:00:27,600 --> 00:00:29,040 Speaker 1: back to work, we would be, I think in a 9 00:00:29,080 --> 00:00:33,040 Speaker 1: better situation today Washington may squander it's best chance to 10 00:00:33,080 --> 00:00:36,680 Speaker 1: make long over do investments in our infrastructure. Bloomberg Sound 11 00:00:36,720 --> 00:00:42,559 Speaker 1: On with Joe Matthew on Bloomberg Radio. President Biden is 12 00:00:42,640 --> 00:00:45,680 Speaker 1: back in the bubble. I just got back to Members 13 00:00:45,680 --> 00:00:47,640 Speaker 1: of the House will be here tomorrow to push the 14 00:00:47,720 --> 00:00:52,600 Speaker 1: debt ceiling higher until December, leaving Democrats little time to 15 00:00:52,640 --> 00:00:55,880 Speaker 1: celebrate kicking the can ever closer to year end. Welcome 16 00:00:55,920 --> 00:00:58,920 Speaker 1: to Monday and the fastest hour in politics, as we 17 00:00:59,000 --> 00:01:01,840 Speaker 1: bring you the latest from Blomberg, Congress reporter Billy House 18 00:01:01,840 --> 00:01:04,960 Speaker 1: in just a moment, and insights today from Ed Mills, 19 00:01:05,040 --> 00:01:08,680 Speaker 1: Washington policy analyst at Raymond James. Will turn a little 20 00:01:08,680 --> 00:01:11,160 Speaker 1: bit later on to regulating crypto and comments from Jamie 21 00:01:11,200 --> 00:01:13,960 Speaker 1: Diamond that are still rippling on the terminal. Here we'll 22 00:01:14,000 --> 00:01:16,399 Speaker 1: talk about it with Kristin Smith, executive director of the 23 00:01:16,440 --> 00:01:19,920 Speaker 1: Blockchain Association. And because no one takes a holiday around here, 24 00:01:20,360 --> 00:01:24,320 Speaker 1: we have your classic panel. Bloomberg Politics contributors Genie Chanzano 25 00:01:24,760 --> 00:01:27,120 Speaker 1: and Rick Davis are here for the hour. So let's go. 26 00:01:27,240 --> 00:01:30,440 Speaker 1: Speaking of no holidays, let's see how the markets did today. 27 00:01:30,520 --> 00:01:32,760 Speaker 1: Listen to Charlie Pellett. You for being here. Welcome to 28 00:01:32,760 --> 00:01:36,080 Speaker 1: the Monday edition. What happened to that feeling? Remember the 29 00:01:36,160 --> 00:01:38,399 Speaker 1: end of last week, people were cheering a deal on 30 00:01:38,440 --> 00:01:42,120 Speaker 1: the debt ceiling, feeling pretty good about getting something done. 31 00:01:42,880 --> 00:01:44,640 Speaker 1: You know that feeling. Now when you wake up after 32 00:01:44,680 --> 00:01:46,760 Speaker 1: a long weekend, you realize it's right back to work. 33 00:01:47,920 --> 00:01:50,280 Speaker 1: They haven't even passed the bill in the House yet, that, 34 00:01:50,400 --> 00:01:53,720 Speaker 1: by the way, is expected tomorrow. The President says, of 35 00:01:53,760 --> 00:01:56,440 Speaker 1: course he'll sign it. If you dropped off the end 36 00:01:56,440 --> 00:01:58,080 Speaker 1: of last week. This is a bill to raise the 37 00:01:58,120 --> 00:02:00,480 Speaker 1: debt ceiling and will last through the beginning of December. 38 00:02:00,600 --> 00:02:03,680 Speaker 1: Just before he left for the weekend, though, Senator Mitch 39 00:02:03,760 --> 00:02:08,040 Speaker 1: McConnell sent President Biden a letter saying you're welcome and 40 00:02:08,080 --> 00:02:11,280 Speaker 1: we will not do it again. Democrats will have to 41 00:02:11,280 --> 00:02:14,000 Speaker 1: handle this from here, he says. That's after McConnell faced 42 00:02:14,040 --> 00:02:16,520 Speaker 1: some real opposition within his own party to do this 43 00:02:16,600 --> 00:02:20,359 Speaker 1: short term deal. Not everybody's very happy about it, so 44 00:02:20,440 --> 00:02:22,720 Speaker 1: no wonder. The troops were out over the weekend, led 45 00:02:22,760 --> 00:02:26,239 Speaker 1: by Treasury Secretary Janet Yellen Sunday Morning television to warn 46 00:02:26,280 --> 00:02:29,560 Speaker 1: of the dire consequences even before the House passes this 47 00:02:29,600 --> 00:02:33,280 Speaker 1: new bill of a possible credit default. She appeared on 48 00:02:33,400 --> 00:02:37,600 Speaker 1: ABC this week. There's an enormous amount at stake. A 49 00:02:37,720 --> 00:02:41,560 Speaker 1: failure to raise the dead ceiling would probably cause a 50 00:02:41,600 --> 00:02:45,840 Speaker 1: recession and could even result in a financial crisis. It 51 00:02:45,880 --> 00:02:49,280 Speaker 1: would be a catastrophe. Catastrophe does not sound like someone 52 00:02:49,320 --> 00:02:51,520 Speaker 1: about to celebrate the signing of a bill to raise 53 00:02:51,560 --> 00:02:55,840 Speaker 1: the debt ceiling. Of course, knowing the market, the investment community, 54 00:02:55,960 --> 00:02:59,240 Speaker 1: the media, news media will not stay quiet for long 55 00:03:00,240 --> 00:03:03,000 Speaker 1: as we move closer to this day, December three. If 56 00:03:03,040 --> 00:03:05,400 Speaker 1: you're playing along on your home game, so a perfect 57 00:03:05,400 --> 00:03:07,920 Speaker 1: time right now, let's get it started. By Bloomberg Congress 58 00:03:07,919 --> 00:03:10,840 Speaker 1: reporter Billy House. Billy, it's great to have you today 59 00:03:10,919 --> 00:03:13,959 Speaker 1: at this moment, lawmakers are being called back into town. Uh. 60 00:03:14,120 --> 00:03:17,000 Speaker 1: Is a vote tomorrow a sure thing for starters? And 61 00:03:17,000 --> 00:03:19,359 Speaker 1: and will any Republicans in the House vote for this 62 00:03:19,560 --> 00:03:24,079 Speaker 1: debt ceiling bill? Probably not. There might be a couple, 63 00:03:24,160 --> 00:03:26,760 Speaker 1: but it is seen as pretty much a sure thing 64 00:03:27,040 --> 00:03:30,600 Speaker 1: at least tomorrow's though there's not seen as any defectors 65 00:03:30,639 --> 00:03:34,040 Speaker 1: really in the Democratic ranks. One thing that will be 66 00:03:34,080 --> 00:03:36,000 Speaker 1: odd about such an important vote is that a lot 67 00:03:36,040 --> 00:03:38,320 Speaker 1: of them lawmakers won't even be in town. They're sending 68 00:03:38,320 --> 00:03:41,120 Speaker 1: in their proxies to their buddies. But it will pass 69 00:03:41,320 --> 00:03:43,280 Speaker 1: and and then of course we'll be in We'll be 70 00:03:43,320 --> 00:03:46,480 Speaker 1: okay until December three. Uh, that's not too far from now. 71 00:03:46,720 --> 00:03:49,840 Speaker 1: And that's the same day, of course, the government funding expires. 72 00:03:49,880 --> 00:03:51,720 Speaker 1: I presume now we're still going to be These are 73 00:03:51,760 --> 00:03:54,280 Speaker 1: still going to be the priorities, even though we have 74 00:03:54,360 --> 00:03:57,480 Speaker 1: this October thirty one kind of self imposed deadline by 75 00:03:57,480 --> 00:04:01,240 Speaker 1: Speaker Pelosi to deal with infrastructure and reconciling Asian How 76 00:04:01,240 --> 00:04:03,080 Speaker 1: do they deal with this or is it a walk 77 00:04:03,080 --> 00:04:05,920 Speaker 1: in shoegum where we're actually writing legislation on all of 78 00:04:05,920 --> 00:04:08,720 Speaker 1: these at the same time. That's what they're going to 79 00:04:08,840 --> 00:04:11,360 Speaker 1: try to do, but of course they had also you know, 80 00:04:11,560 --> 00:04:15,480 Speaker 1: summer and getting them all to do that. So I've 81 00:04:15,520 --> 00:04:19,320 Speaker 1: never believed that they could get done with the Biden's 82 00:04:19,440 --> 00:04:24,240 Speaker 1: a huge, massive economic agenda by being of September, and 83 00:04:24,279 --> 00:04:28,160 Speaker 1: I think now we're staring straight into probably late November 84 00:04:28,240 --> 00:04:32,440 Speaker 1: December at best. So the October thirty one idea of 85 00:04:32,480 --> 00:04:35,880 Speaker 1: by Speaker Pelosi is is wishful thinking. On the infrastructure 86 00:04:36,000 --> 00:04:40,279 Speaker 1: reconciliation part, that's her target date, but that's also peg 87 00:04:40,320 --> 00:04:45,400 Speaker 1: because the current already in place temporary funding for transportation 88 00:04:45,680 --> 00:04:50,080 Speaker 1: or extension of funding UH expires again on that date. 89 00:04:50,120 --> 00:04:51,960 Speaker 1: So that's why she set a target date for that 90 00:04:52,640 --> 00:04:56,000 Speaker 1: smaller part of the Biden economic package, the fillion and 91 00:04:56,040 --> 00:04:58,880 Speaker 1: added money for highways to be passed. But then we 92 00:04:58,960 --> 00:05:01,440 Speaker 1: have all the same intricacies about which part of the 93 00:05:01,440 --> 00:05:04,000 Speaker 1: party wants to vote first on the other part versus 94 00:05:04,040 --> 00:05:06,200 Speaker 1: this part, and none of that seems to have been 95 00:05:06,240 --> 00:05:09,719 Speaker 1: resolved yet. What's the most likely scenario while you're with us, 96 00:05:09,800 --> 00:05:12,400 Speaker 1: Billy House, Is it a reconciliation bill that deals with 97 00:05:12,440 --> 00:05:19,880 Speaker 1: both government funding and the dead ceiling. Probably, but it's 98 00:05:19,920 --> 00:05:23,400 Speaker 1: really hard to say they would eat some you know, 99 00:05:23,480 --> 00:05:26,239 Speaker 1: magic moments over there in the Senate, and those haven't 100 00:05:26,279 --> 00:05:30,800 Speaker 1: been coming very often. So again we're all in limbo. 101 00:05:30,920 --> 00:05:33,719 Speaker 1: We basically just pushed things off. I can feel the 102 00:05:33,760 --> 00:05:36,520 Speaker 1: magic thanks to Billy House. It's great to have your 103 00:05:36,520 --> 00:05:39,560 Speaker 1: expertise as ever with us on sound on Billy, Let's 104 00:05:39,560 --> 00:05:42,920 Speaker 1: bring in Ed Mills, Washington policy analyst and managing director 105 00:05:43,440 --> 00:05:46,960 Speaker 1: at Raymond James. It's good of you to be here today. Uh. 106 00:05:47,080 --> 00:05:49,520 Speaker 1: And what's the Democrats strategy from here? Do you continue 107 00:05:49,520 --> 00:05:51,680 Speaker 1: to press Republicans on the dead ceiling or just get 108 00:05:51,720 --> 00:05:53,400 Speaker 1: this done as a party for the good of the country, 109 00:05:53,480 --> 00:05:57,360 Speaker 1: take a big victory low. You know, it's a combination 110 00:05:57,400 --> 00:06:01,279 Speaker 1: of factors. Uh. This has increasingly become a fight over 111 00:06:01,920 --> 00:06:06,440 Speaker 1: h the filibuster itself in the Senate. Chuck Schumer, the 112 00:06:06,480 --> 00:06:11,039 Speaker 1: majority leader, was trying to create a crisis that the 113 00:06:11,160 --> 00:06:15,000 Speaker 1: only option was going to be either abolish the filibuster 114 00:06:15,080 --> 00:06:19,000 Speaker 1: at least on the debt limit or default. Miss McConnell 115 00:06:19,080 --> 00:06:23,000 Speaker 1: offered an off ramp here that Joe Mansion really wanted 116 00:06:23,000 --> 00:06:26,720 Speaker 1: to take a Senator Cinema really wanted to take in. 117 00:06:26,760 --> 00:06:30,760 Speaker 1: What you're already seeing right now is Senator Mansion immediately 118 00:06:30,839 --> 00:06:35,640 Speaker 1: after that vote, discussing the need for reconciliation come December. 119 00:06:36,040 --> 00:06:38,880 Speaker 1: This very much was not crisis averted. It was just 120 00:06:38,960 --> 00:06:41,760 Speaker 1: crisis delayed understood. I mean we're now now we have, 121 00:06:41,920 --> 00:06:44,719 Speaker 1: you know, arguably twice the problem because these both expire 122 00:06:44,760 --> 00:06:47,560 Speaker 1: on the same day. Do you think it's a reconciliation 123 00:06:47,600 --> 00:06:50,120 Speaker 1: piece of legislation then that deals with both of these 124 00:06:50,160 --> 00:06:54,279 Speaker 1: issues debt ceiling, government funding. Get it done. That is 125 00:06:54,320 --> 00:06:58,000 Speaker 1: the most likely scenario. Nothing is guaranteed here in d C. 126 00:06:58,760 --> 00:07:01,400 Speaker 1: The bigger issue, in my mind is what the Senator 127 00:07:01,480 --> 00:07:04,479 Speaker 1: Cinema wants. I do think that if you are setting 128 00:07:04,560 --> 00:07:07,960 Speaker 1: up the scenario where you now have uh, Senator Mansion 129 00:07:08,320 --> 00:07:11,880 Speaker 1: arguing the need for a reconciliation vote, you're not going 130 00:07:11,920 --> 00:07:14,520 Speaker 1: to just do the reconciliation vote on the debt limit. 131 00:07:14,840 --> 00:07:17,760 Speaker 1: You want to add other things. What those other things 132 00:07:17,840 --> 00:07:21,040 Speaker 1: are are, most likely whatever of the build back Better 133 00:07:21,160 --> 00:07:25,000 Speaker 1: plan of Biden UH it can be included? Is at 134 00:07:25,000 --> 00:07:27,880 Speaker 1: one point nine trillion? Is it something closer to the 135 00:07:27,920 --> 00:07:30,880 Speaker 1: three point five that progressives want? So you think they 136 00:07:30,960 --> 00:07:34,240 Speaker 1: piled everything. This is the whole soft infrastructure, debt ceiling, 137 00:07:34,240 --> 00:07:38,440 Speaker 1: government funding all in one massive Yeah, that's generally. Yeah, 138 00:07:38,480 --> 00:07:41,040 Speaker 1: I mean, I think that's that's where we're headed. Um, 139 00:07:41,080 --> 00:07:43,200 Speaker 1: and if you know they're not going to do two 140 00:07:43,240 --> 00:07:48,880 Speaker 1: separate reconciliation processes here. Um, the you know, liberals and 141 00:07:49,000 --> 00:07:53,640 Speaker 1: progressives have been wanting to guarantee a vote on reconciliation 142 00:07:54,200 --> 00:07:57,400 Speaker 1: doing the debt limit. True reconciliation is a guaranteed vote 143 00:07:57,440 --> 00:08:01,280 Speaker 1: on reconciliation. So step one gets the step two. See 144 00:08:01,320 --> 00:08:04,800 Speaker 1: what you can add to that, boat Ed Mills. Let's 145 00:08:04,840 --> 00:08:07,560 Speaker 1: talk about alternative paths for a moment. Janet Yellen, who 146 00:08:07,600 --> 00:08:09,440 Speaker 1: we heard from him a little bit ago, was asked 147 00:08:09,440 --> 00:08:11,960 Speaker 1: on ABC this week about a few of them in 148 00:08:12,000 --> 00:08:14,960 Speaker 1: that interview with George Stephanopolis, including the fourteenth Amendment. We've 149 00:08:14,960 --> 00:08:16,880 Speaker 1: spent some time talking about that, of course, even the 150 00:08:16,960 --> 00:08:20,760 Speaker 1: idea of a trillion dollar coin, which has its own 151 00:08:20,760 --> 00:08:23,360 Speaker 1: cult following now on social media. Apparently here's what she 152 00:08:23,400 --> 00:08:26,840 Speaker 1: said about that. Well, I wouldn't be supportive of a 153 00:08:26,920 --> 00:08:31,040 Speaker 1: trillion dollar coin. I think it's a gimmick, and um, 154 00:08:31,080 --> 00:08:35,080 Speaker 1: it jeopardizes the independence of the Federal Reserve. You would 155 00:08:35,120 --> 00:08:39,160 Speaker 1: be asking to essentially print money to cover the deficit. 156 00:08:40,320 --> 00:08:42,720 Speaker 1: Yellen has been quick to shoot this idea down. Jen Psaki, 157 00:08:42,800 --> 00:08:45,040 Speaker 1: the Press secretary at the White House, has been kind 158 00:08:45,040 --> 00:08:47,320 Speaker 1: of quick to shoot down these ideas of alternatives, saying 159 00:08:47,360 --> 00:08:49,560 Speaker 1: we have to deal with reality now. The White House 160 00:08:49,559 --> 00:08:51,280 Speaker 1: doesn't want to seem it doesn't seem to want to 161 00:08:51,280 --> 00:08:53,599 Speaker 1: go near any of these ideas. And I wonder, is 162 00:08:53,640 --> 00:08:55,960 Speaker 1: that because Democrats know they can use the debt ceiling 163 00:08:56,000 --> 00:08:58,840 Speaker 1: to their own political advantage next time around, why I 164 00:08:58,840 --> 00:09:01,959 Speaker 1: get rid of it. I think it's more about not 165 00:09:02,120 --> 00:09:05,280 Speaker 1: wanting to open up new extraordinary measures. The idea that 166 00:09:05,320 --> 00:09:08,880 Speaker 1: we use extraordinary measures after the debt limit has technically 167 00:09:08,920 --> 00:09:13,160 Speaker 1: been breached was something that was unthinkable several years ago 168 00:09:13,440 --> 00:09:17,840 Speaker 1: but has now become commonplace. So the more extraordinary the 169 00:09:17,880 --> 00:09:21,480 Speaker 1: extraordinary measures get, the harder it is to put pressure 170 00:09:21,480 --> 00:09:24,520 Speaker 1: on Congress. What you really see is a game of brinkmanship, 171 00:09:24,559 --> 00:09:28,040 Speaker 1: where someone says it's impossible to do something, trying to 172 00:09:28,240 --> 00:09:31,760 Speaker 1: not alleviate the pressure on Congress to act. Congress does 173 00:09:32,000 --> 00:09:34,240 Speaker 1: like to add things to the debt limit when they're 174 00:09:34,280 --> 00:09:37,760 Speaker 1: doing it, so there might be some desire of leadership 175 00:09:37,800 --> 00:09:41,160 Speaker 1: to retain that, But generally speaking, most people view the 176 00:09:41,200 --> 00:09:46,840 Speaker 1: debt limit as a political issue that just causes more 177 00:09:46,840 --> 00:09:49,120 Speaker 1: harm than good at this point, right, there can be 178 00:09:49,160 --> 00:09:51,440 Speaker 1: an opportunity, I suppose, depending on how you look at it, 179 00:09:51,480 --> 00:09:53,559 Speaker 1: and that's kind of in the worst way, but it's 180 00:09:53,600 --> 00:09:57,439 Speaker 1: also worth asking. As we heard comments from Janet Yellen 181 00:09:57,600 --> 00:10:00,560 Speaker 1: also saying that she would prefer to do away with 182 00:10:00,600 --> 00:10:03,080 Speaker 1: the debt ceiling. Didn't want to dig too deeply into 183 00:10:03,120 --> 00:10:06,440 Speaker 1: that topic, but it's come up a lot lately. Jamie Diamond, 184 00:10:06,480 --> 00:10:09,200 Speaker 1: along with the President, hearing with the President, said said 185 00:10:09,200 --> 00:10:12,040 Speaker 1: as much out loud last week. Uh in an event 186 00:10:12,080 --> 00:10:14,120 Speaker 1: that was there to kind of gin up support for 187 00:10:14,240 --> 00:10:17,360 Speaker 1: raising the debt ceiling? Is that how this should end? 188 00:10:17,760 --> 00:10:19,720 Speaker 1: Ed Mills by getting rid of it all together? And 189 00:10:19,720 --> 00:10:23,760 Speaker 1: who should have that authority? I think it's unlikely spending 190 00:10:23,920 --> 00:10:27,320 Speaker 1: does originate in Congress. That is Congress abdicating some of 191 00:10:27,360 --> 00:10:32,559 Speaker 1: their constitutional responsibilities. UM Ultimately, you would need sixty votes 192 00:10:32,640 --> 00:10:35,320 Speaker 1: under current rules. What you look for is what are 193 00:10:35,360 --> 00:10:37,599 Speaker 1: some of the path of least resistance. The path of 194 00:10:37,679 --> 00:10:40,559 Speaker 1: least resistance might have been a filibuster change, but I 195 00:10:40,600 --> 00:10:44,600 Speaker 1: would look at different ways that Congress could change the 196 00:10:44,640 --> 00:10:47,000 Speaker 1: debt limit to make sure it's not as big of 197 00:10:47,040 --> 00:10:50,280 Speaker 1: a deal as we are getting to a situation. Maybe 198 00:10:50,760 --> 00:10:55,400 Speaker 1: a resolution of disapproval bursuing a resolution of approval, okay, 199 00:10:55,520 --> 00:10:57,559 Speaker 1: Or maybe if you if you made it a requirement, 200 00:10:57,559 --> 00:11:00,839 Speaker 1: maybe it actually automatically increased when you approved spending. Something 201 00:11:00,880 --> 00:11:03,560 Speaker 1: like that would still qualify is getting rid of the 202 00:11:03,600 --> 00:11:06,559 Speaker 1: so called debt ceiling, wouldn't it? Yeah? No, I think 203 00:11:06,600 --> 00:11:10,000 Speaker 1: we use a lot of creative solutions. For years, the 204 00:11:10,040 --> 00:11:13,120 Speaker 1: only way to do it was through budget reconciliation. It 205 00:11:13,280 --> 00:11:15,960 Speaker 1: is a recent phenomenon that we have decided to just 206 00:11:16,200 --> 00:11:19,600 Speaker 1: waive the debt limit. Previously, they used to say as 207 00:11:19,600 --> 00:11:22,400 Speaker 1: soon as a budget was passed, it was known as 208 00:11:22,440 --> 00:11:25,720 Speaker 1: the get part rule, where the debt limit was automatically 209 00:11:25,880 --> 00:11:30,520 Speaker 1: increased with the vote on the budget. The Congress gets creative, um, 210 00:11:30,559 --> 00:11:33,000 Speaker 1: and I would expect them to continue to be creative 211 00:11:33,000 --> 00:11:35,240 Speaker 1: because they don't want the political pressure in the political 212 00:11:35,320 --> 00:11:37,600 Speaker 1: ad tied to the debt limit. It seems like a 213 00:11:37,720 --> 00:11:40,080 Speaker 1: ripe time to deal with it at last. That you 214 00:11:40,120 --> 00:11:42,720 Speaker 1: worked on both sides, the House and Senate sides. You 215 00:11:42,760 --> 00:11:46,080 Speaker 1: were on the House Financial Services Subcommittee on Financial Institutions 216 00:11:46,080 --> 00:11:49,160 Speaker 1: and Consumer Credit. You're very familiar with this debate here 217 00:11:49,440 --> 00:11:52,480 Speaker 1: around tax and spending. Do you think Democrats get infrastructure 218 00:11:52,800 --> 00:11:55,760 Speaker 1: and reconciliation done. I'm gonna make it easy on you 219 00:11:55,880 --> 00:11:58,679 Speaker 1: before the end of the year. I think that's the 220 00:11:58,679 --> 00:12:01,240 Speaker 1: base case in the way it's shaping up is that 221 00:12:01,400 --> 00:12:04,280 Speaker 1: the fiscal spend is going to be front loaded in 222 00:12:04,320 --> 00:12:07,920 Speaker 1: the first several years, the overall tax amount is going 223 00:12:07,960 --> 00:12:10,760 Speaker 1: to be lower than expected. Those two things would be 224 00:12:10,800 --> 00:12:13,360 Speaker 1: a market positive. Where does the corporate tax rate end up? 225 00:12:16,920 --> 00:12:19,240 Speaker 1: I've got a long time between now and then. To 226 00:12:19,320 --> 00:12:23,480 Speaker 1: appreciate your time very much. Ed Mills is Washington policy 227 00:12:23,480 --> 00:12:26,840 Speaker 1: analyst and managing director at the firm Raymond James with 228 00:12:26,920 --> 00:12:30,640 Speaker 1: us to get things rolling on Bloomberg Sound On, and 229 00:12:30,720 --> 00:12:33,360 Speaker 1: many thanks as well to Billy House, Bloomberg Congress reporter, 230 00:12:33,480 --> 00:12:38,640 Speaker 1: for updating us on all things congressional. This is Bloomberg 231 00:12:38,800 --> 00:12:45,520 Speaker 1: So On with Joe Matthew on Bloomberg Radio. I want 232 00:12:45,520 --> 00:12:47,520 Speaker 1: to dig a little deeper into this question of getting 233 00:12:47,640 --> 00:12:49,840 Speaker 1: rid of the debt ceiling. Imagine a world in which 234 00:12:49,880 --> 00:12:52,760 Speaker 1: we were not having this conversation right now or next 235 00:12:52,800 --> 00:12:56,360 Speaker 1: week or next month. Replacing it may be a better 236 00:12:56,360 --> 00:12:59,800 Speaker 1: word than eliminating the debt ceiling. As we consider the 237 00:12:59,800 --> 00:13:02,720 Speaker 1: Democrats strategy this time around, in the reluctance by this 238 00:13:02,800 --> 00:13:04,800 Speaker 1: White House, at least at the moment, to talk about 239 00:13:05,600 --> 00:13:09,319 Speaker 1: alternatives to raising or suspending the debt ceiling. The Treasury 240 00:13:09,320 --> 00:13:12,680 Speaker 1: Secretary Janet Yellen was asked about this because she has 241 00:13:13,000 --> 00:13:16,120 Speaker 1: indicated support for getting rid of it. Who could blame her? 242 00:13:17,200 --> 00:13:20,760 Speaker 1: Asked about it by George Stephanopolis here on ABC This Week. Listen, 243 00:13:21,240 --> 00:13:24,400 Speaker 1: we've had deficits for most of the post war period, 244 00:13:24,760 --> 00:13:29,439 Speaker 1: and that means raising the debt ceiling. It's a housekeeping chore. 245 00:13:29,840 --> 00:13:34,199 Speaker 1: There's really we should be debating the government's fiscal policy 246 00:13:34,600 --> 00:13:39,080 Speaker 1: when we decide on those expenditures and taxes, not when 247 00:13:39,080 --> 00:13:42,360 Speaker 1: the credit card bill from comes due. No, it's coming 248 00:13:42,440 --> 00:13:46,120 Speaker 1: due on the third of December. Bloomberg Politics contributors Jeanie 249 00:13:46,120 --> 00:13:48,200 Speaker 1: Schanzano and Rick Davis are with us for the hour. 250 00:13:48,640 --> 00:13:51,120 Speaker 1: As we assemble the panel, thanks for being with us 251 00:13:51,200 --> 00:13:52,920 Speaker 1: on this holiday, both of you. I know you work 252 00:13:52,960 --> 00:13:55,880 Speaker 1: every day, but thank you anyway. Jeannie, We've talked about 253 00:13:55,880 --> 00:13:59,199 Speaker 1: this before, but to actually hear the Treasury Secretary articulate that, 254 00:13:59,720 --> 00:14:02,200 Speaker 1: why not make that the long term strategy? Right, you 255 00:14:02,240 --> 00:14:05,320 Speaker 1: get legislation, put it in reconciliation, lift the dead ceiling 256 00:14:05,320 --> 00:14:08,280 Speaker 1: and then announced to the world that we have saved 257 00:14:08,280 --> 00:14:11,160 Speaker 1: you forever from the dead ceiling. Wouldn't that be a 258 00:14:11,200 --> 00:14:15,040 Speaker 1: great world? And happy Boston Marathon day, Joe Um? And 259 00:14:15,320 --> 00:14:18,600 Speaker 1: you know it's I think the get part rule that 260 00:14:18,760 --> 00:14:22,040 Speaker 1: Ed talked about is one that many people have suggested 261 00:14:22,040 --> 00:14:26,400 Speaker 1: of late we should be revisited. Um. It was when 262 00:14:26,400 --> 00:14:28,480 Speaker 1: it was repealed, but it was in place from sevent 263 00:14:29,800 --> 00:14:32,840 Speaker 1: But you know, there is a flip side to that 264 00:14:32,840 --> 00:14:35,440 Speaker 1: that other people have talked about, and that is the 265 00:14:35,480 --> 00:14:38,840 Speaker 1: fact that that would make a lot of sense if 266 00:14:39,160 --> 00:14:44,000 Speaker 1: Congress was very strict in terms of what in fact 267 00:14:44,320 --> 00:14:48,080 Speaker 1: the cost estimates were, so they were binding in other words, 268 00:14:48,120 --> 00:14:51,880 Speaker 1: that Treasury couldn't borrow more than Congress said. So there's 269 00:14:52,040 --> 00:14:55,520 Speaker 1: other aspects of this, But indeed, it seems you know, 270 00:14:55,680 --> 00:14:59,160 Speaker 1: two people you know who run their their households. It 271 00:14:59,200 --> 00:15:01,360 Speaker 1: seems crazy see that we do this in this weird 272 00:15:01,400 --> 00:15:06,080 Speaker 1: two step process of spending and then allocating spending, and 273 00:15:06,120 --> 00:15:08,680 Speaker 1: then two years later another Congress has to come in 274 00:15:08,720 --> 00:15:11,240 Speaker 1: and authorize the raising of the debt ceiling. I mean, 275 00:15:11,280 --> 00:15:13,800 Speaker 1: it's ripe for what we're sitting through now, Rick Davis, 276 00:15:13,840 --> 00:15:17,200 Speaker 1: it was only two months ago. Alan Blinder, former Vice 277 00:15:17,240 --> 00:15:19,520 Speaker 1: heare of the FETE, of course, wrote an opinion piece 278 00:15:19,640 --> 00:15:21,880 Speaker 1: in the Wall Street Journal, A simple rule could end 279 00:15:21,920 --> 00:15:25,280 Speaker 1: debt ceiling shenanigans. It was the very one that you're 280 00:15:25,320 --> 00:15:28,760 Speaker 1: talking about. So why not? Yeah? Why not? I mean, 281 00:15:28,880 --> 00:15:31,560 Speaker 1: like you go through all this effort to pass a budget. 282 00:15:32,360 --> 00:15:35,520 Speaker 1: The budget, by its nature, as approved by the House 283 00:15:35,560 --> 00:15:40,040 Speaker 1: and Senate, carries with it spending that that by definition, 284 00:15:40,160 --> 00:15:43,320 Speaker 1: unless it's someday a budget that is actually less than 285 00:15:43,360 --> 00:15:46,360 Speaker 1: current spending, which it never seems to be. Um, and 286 00:15:46,440 --> 00:15:48,960 Speaker 1: then then it's going to require debt ceiling increase. So 287 00:15:49,000 --> 00:15:52,000 Speaker 1: why don't make it automatic? Um? That's part of what 288 00:15:52,040 --> 00:15:54,360 Speaker 1: the gut part Rule wanted to do in the House. 289 00:15:54,560 --> 00:15:56,600 Speaker 1: But that's just a House. It still takes sixt votes 290 00:15:56,600 --> 00:15:58,320 Speaker 1: in the Senate, and that's where we got Bullock Stoup 291 00:15:58,400 --> 00:16:01,600 Speaker 1: last week. So I think you're right. I mean, I 292 00:16:01,600 --> 00:16:04,120 Speaker 1: was surprised to learn, and I thought I'd been around 293 00:16:04,120 --> 00:16:06,480 Speaker 1: the track a few times to know better that we're 294 00:16:06,560 --> 00:16:09,840 Speaker 1: only one of two countries in the world that continue 295 00:16:10,400 --> 00:16:15,080 Speaker 1: to require a vote by their legislature to increase the 296 00:16:15,120 --> 00:16:19,040 Speaker 1: federal spending over a certain debt amount. So I mean, 297 00:16:19,080 --> 00:16:21,200 Speaker 1: I think we haught to just get with it, swallow 298 00:16:21,240 --> 00:16:24,600 Speaker 1: the poison pill of of debt. Uh, it's all political 299 00:16:24,800 --> 00:16:26,640 Speaker 1: and the only reason they haven't done it already. And 300 00:16:26,680 --> 00:16:29,200 Speaker 1: I think maybe now is the time to take a 301 00:16:29,200 --> 00:16:30,960 Speaker 1: step back and say, you know what, let's shove all 302 00:16:31,000 --> 00:16:34,520 Speaker 1: this into that reconciliation and uh and be done with 303 00:16:34,560 --> 00:16:37,360 Speaker 1: the politics of of debt limit increases. Isn't there an 304 00:16:37,400 --> 00:16:40,000 Speaker 1: opportunity here, though, Rick for Democrats to do something as 305 00:16:40,040 --> 00:16:42,800 Speaker 1: the majority party now and take credit for it. You 306 00:16:42,800 --> 00:16:46,920 Speaker 1: could run this, you know in ads forever. Well, you know, maybe, 307 00:16:46,960 --> 00:16:50,240 Speaker 1: I mean, like, I'm not sure the American voter wants 308 00:16:50,320 --> 00:16:53,200 Speaker 1: to see an unlimited credit card, you know, given to 309 00:16:53,280 --> 00:16:56,320 Speaker 1: their federal government. And look at the conduct that that 310 00:16:56,320 --> 00:17:00,480 Speaker 1: that majority of Leader Schumer did when eleven Republican changed 311 00:17:00,520 --> 00:17:03,320 Speaker 1: size and and voted for the consideration of the dead 312 00:17:03,360 --> 00:17:06,880 Speaker 1: limit increase. He he viscerally attacked them. I mean, so 313 00:17:07,760 --> 00:17:10,200 Speaker 1: I would say, if, if, if there was an effort 314 00:17:10,240 --> 00:17:12,960 Speaker 1: to try and solve this problem in a biparison way, 315 00:17:13,119 --> 00:17:16,880 Speaker 1: it had a huge setback last week, and so, uh, 316 00:17:16,920 --> 00:17:18,800 Speaker 1: you know, maybe the Democrats have got to figure out 317 00:17:18,800 --> 00:17:21,679 Speaker 1: another way to do it. Reconciliation seems to be the 318 00:17:21,720 --> 00:17:24,359 Speaker 1: only alternative and and maybe they ought to swallow the 319 00:17:24,400 --> 00:17:27,320 Speaker 1: pill and fix this for for good. I wonder if 320 00:17:27,359 --> 00:17:31,600 Speaker 1: you see that's the kind of inevitable uh ending here, Genie. 321 00:17:31,640 --> 00:17:34,399 Speaker 1: And how you feel after a weekend of political commentary 322 00:17:34,480 --> 00:17:36,640 Speaker 1: just about the politics. We went from feeling good about 323 00:17:36,720 --> 00:17:39,240 Speaker 1: something happening. I felt like the end of last week 324 00:17:39,520 --> 00:17:42,280 Speaker 1: two really coming back into work with a hangover this morning, 325 00:17:42,280 --> 00:17:44,440 Speaker 1: and boy, we're gonna do this all over again here. 326 00:17:44,880 --> 00:17:47,720 Speaker 1: Can infrastructure and reconciliation be handled at the same time 327 00:17:47,760 --> 00:17:51,119 Speaker 1: as this conversation we're having. It's groundhog Day? You know, 328 00:17:51,160 --> 00:17:53,560 Speaker 1: we're five or six weeks out of doing this all 329 00:17:53,600 --> 00:17:57,879 Speaker 1: over again, and you know, I think they could. Um, 330 00:17:58,720 --> 00:18:02,320 Speaker 1: I there are so much that is up for grabs here. 331 00:18:02,359 --> 00:18:05,199 Speaker 1: You know, you just talk about, you know, reconciliation in 332 00:18:05,240 --> 00:18:08,080 Speaker 1: this build back better. Um. You know you hear Bernie 333 00:18:08,119 --> 00:18:11,240 Speaker 1: Sanders and Joe Mansion sniping at each other, you know, 334 00:18:11,320 --> 00:18:14,320 Speaker 1: Sanders saying one or two people are stopping, Democrats are 335 00:18:14,320 --> 00:18:17,760 Speaker 1: moving forward, Mansion saying this isn't an entitlement society. How 336 00:18:17,800 --> 00:18:20,760 Speaker 1: do they bridge that gap that you add to that, 337 00:18:21,080 --> 00:18:24,199 Speaker 1: You've got to now lift the debt ceiling um, you know, 338 00:18:24,280 --> 00:18:26,920 Speaker 1: there's just so much on their play. And as we've 339 00:18:26,960 --> 00:18:30,239 Speaker 1: always said, the longer this goes, the more chaotic it is. 340 00:18:30,560 --> 00:18:33,120 Speaker 1: And I would just point to the latest Quinnipiac poll. 341 00:18:33,200 --> 00:18:35,199 Speaker 1: This has got to be a real concern for the 342 00:18:35,200 --> 00:18:38,679 Speaker 1: White House and for Democrats. As we march into the 343 00:18:38,720 --> 00:18:42,280 Speaker 1: midterm election, and of course the Virginia governor's race is 344 00:18:42,320 --> 00:18:44,159 Speaker 1: coming up in just a few weeks, we're going to 345 00:18:44,280 --> 00:18:46,359 Speaker 1: get sort of a preview of what this is likely 346 00:18:46,400 --> 00:18:49,320 Speaker 1: to look like. The chaos that the Republicans wanted is 347 00:18:49,359 --> 00:18:53,240 Speaker 1: actually in Washington right now. Do you feel the anxiety 348 00:18:53,520 --> 00:18:56,439 Speaker 1: as I read on Bloomberg, JP Morgan, cha CEO Jamie 349 00:18:56,440 --> 00:19:00,320 Speaker 1: Diamonds says cryptocurrencies are going to be regulated as anxiety 350 00:19:00,359 --> 00:19:04,720 Speaker 1: around stable coins and the asset class more broadly has 351 00:19:04,760 --> 00:19:09,800 Speaker 1: been growing in Washington certainly got my attention. Jamie diamond 352 00:19:09,800 --> 00:19:11,920 Speaker 1: says he personally, well, you'll have to hear what he 353 00:19:11,960 --> 00:19:16,200 Speaker 1: says about bitcoin, specifically spoke about it at the Institute 354 00:19:16,240 --> 00:19:20,320 Speaker 1: for International Finance annual membership meeting. Listen to Jamie Diamond. 355 00:19:21,119 --> 00:19:24,040 Speaker 1: I personally think that bitcoin is worthless, but I don't 356 00:19:24,160 --> 00:19:25,920 Speaker 1: want to be as both of them. I don't care. 357 00:19:26,320 --> 00:19:29,560 Speaker 1: It makes no difference to me. Art scients are adults. 358 00:19:29,600 --> 00:19:32,520 Speaker 1: They disagreed. That's what makes mar prkets. So if they 359 00:19:32,600 --> 00:19:37,080 Speaker 1: want to have access to buy yourself bitcoin, it's hard. 360 00:19:37,119 --> 00:19:40,199 Speaker 1: We can't custody it, but we can give them legitimate, 361 00:19:40,280 --> 00:19:43,960 Speaker 1: as clean as possible access, okay, if you want it. 362 00:19:45,240 --> 00:19:48,200 Speaker 1: And that story on the terminal links to one arguably 363 00:19:48,200 --> 00:19:51,440 Speaker 1: more important from days earlier, Treasury pushing to impose bank 364 00:19:51,520 --> 00:19:54,760 Speaker 1: like rules on stable coins. Is this finally about to happen? 365 00:19:55,680 --> 00:19:58,560 Speaker 1: We pick up the conversation with Kristin Smith, executive director 366 00:19:58,600 --> 00:20:01,000 Speaker 1: at the Blockchain Association. It's great to have you, Kristen. 367 00:20:01,000 --> 00:20:03,120 Speaker 1: Do you cringe when you hear Jamie Diamonds say bitcoin 368 00:20:03,240 --> 00:20:08,720 Speaker 1: is worthless? Well, it's clearly not worthless because markets currently 369 00:20:08,760 --> 00:20:11,920 Speaker 1: think a bitcoin is valued at fifty seven thousand dollars. 370 00:20:11,960 --> 00:20:15,199 Speaker 1: So if Jamie diamond thinks he has greater wisdom than 371 00:20:15,200 --> 00:20:18,160 Speaker 1: the markets, I think he needs to go back and 372 00:20:18,160 --> 00:20:22,840 Speaker 1: and read textbooks. But um, listen, I think he's right 373 00:20:22,920 --> 00:20:26,880 Speaker 1: in that regulation is coming. Um, there is already regulation 374 00:20:26,960 --> 00:20:29,680 Speaker 1: in this space, but I think there are probably better 375 00:20:29,800 --> 00:20:33,560 Speaker 1: ways that we can go about doing regulation of crypto 376 00:20:33,640 --> 00:20:36,920 Speaker 1: assets and folks in the crypto community are super open 377 00:20:37,000 --> 00:20:40,120 Speaker 1: and eager to have this conversation because we do think 378 00:20:40,160 --> 00:20:43,600 Speaker 1: that having the right, proper sort of balance of regulation 379 00:20:44,119 --> 00:20:48,080 Speaker 1: will make these markets safe, will make these markets something 380 00:20:48,119 --> 00:20:51,159 Speaker 1: that consumers want to invest in, and we're eager to 381 00:20:51,200 --> 00:20:52,920 Speaker 1: have a seat at the table and be a part 382 00:20:52,920 --> 00:20:57,919 Speaker 1: of the conversation. The Blockchain Association, of course, that's your operation, 383 00:20:58,240 --> 00:21:01,200 Speaker 1: claims to be the unified voice of the blockchain and 384 00:21:01,320 --> 00:21:05,400 Speaker 1: cryptocurrency industry. And so when you hear stories like this 385 00:21:05,560 --> 00:21:09,080 Speaker 1: that I just mentioned, the Treasury pushing to impose bank 386 00:21:09,160 --> 00:21:12,760 Speaker 1: like rules on stable coin, is that the beginning of 387 00:21:13,080 --> 00:21:17,920 Speaker 1: regulating the entire market for crypto? Yeah? Well, stable cloiins 388 00:21:17,960 --> 00:21:21,439 Speaker 1: are just one subsector of cryptocurrency, and there are many 389 00:21:21,440 --> 00:21:24,480 Speaker 1: flavors of stable coins, but the most common are ones 390 00:21:24,560 --> 00:21:29,040 Speaker 1: that are backed by dollars and treasury bills. And and 391 00:21:29,160 --> 00:21:31,320 Speaker 1: the point is that you can have the benefits that 392 00:21:31,400 --> 00:21:34,360 Speaker 1: cryptocurrencies have of being available twenty four hours a day, 393 00:21:34,400 --> 00:21:37,960 Speaker 1: being able to move quickly quickly and with low costs 394 00:21:38,040 --> 00:21:41,800 Speaker 1: down from person to person, but to have that feature 395 00:21:41,880 --> 00:21:44,920 Speaker 1: of having a stable token so that you know if 396 00:21:44,960 --> 00:21:47,200 Speaker 1: you decide to wait a few minutes before training and 397 00:21:47,240 --> 00:21:49,240 Speaker 1: the price drops, you might have loved out right, So 398 00:21:49,240 --> 00:21:51,119 Speaker 1: so wouldn't that make sense then as a place to 399 00:21:51,160 --> 00:21:56,120 Speaker 1: start for for the SEC to actually begin writing rules. Yeah. Well, 400 00:21:56,160 --> 00:21:59,719 Speaker 1: for for stable coins, we think banking regulators are probably 401 00:21:59,760 --> 00:22:02,720 Speaker 1: the best or place right because you're dealing with with 402 00:22:02,920 --> 00:22:06,960 Speaker 1: reserves of dollars that are being held in bank accounts 403 00:22:06,960 --> 00:22:09,439 Speaker 1: and we need to kind of rethink. You know, stable 404 00:22:09,440 --> 00:22:12,840 Speaker 1: coins are full reserve banking, right, they're not fractional reserve banking. 405 00:22:12,960 --> 00:22:16,000 Speaker 1: So we want to look at making sure we have 406 00:22:16,119 --> 00:22:19,159 Speaker 1: the right kind of regulation. Now, the SEC is the 407 00:22:19,200 --> 00:22:22,840 Speaker 1: regulator that deals with information asymmetry issues. This is to 408 00:22:22,880 --> 00:22:27,800 Speaker 1: make sure investors know they have information about the investments 409 00:22:27,840 --> 00:22:30,240 Speaker 1: that they that that they're looking to invest in. And 410 00:22:30,720 --> 00:22:34,560 Speaker 1: there is a wool for the securities regulators to play 411 00:22:34,640 --> 00:22:37,760 Speaker 1: and Gary Gensler ahead of the SEC, is very knowledgeable 412 00:22:37,800 --> 00:22:40,240 Speaker 1: in this space and has a lot of ideas how 413 00:22:40,240 --> 00:22:41,520 Speaker 1: to do that and we we want to be a 414 00:22:41,560 --> 00:22:44,640 Speaker 1: part of these conversations. But you have to remember crypto 415 00:22:44,720 --> 00:22:49,119 Speaker 1: networks are open source. Anyone can see um the information. 416 00:22:49,240 --> 00:22:51,560 Speaker 1: They can go under the hood and look at the 417 00:22:51,600 --> 00:22:54,359 Speaker 1: code of these crypto networks. You can't do that with 418 00:22:54,440 --> 00:22:57,320 Speaker 1: banks today. You can't do that with big internet companies today. 419 00:22:57,400 --> 00:22:59,560 Speaker 1: So we just need to make sure that the regulation 420 00:23:00,240 --> 00:23:04,280 Speaker 1: fits the risks that these new these cryptocurrencies in the 421 00:23:04,320 --> 00:23:08,240 Speaker 1: networks that they fuel provide, because sometimes the risks are different. Well, 422 00:23:08,280 --> 00:23:11,359 Speaker 1: I know that you see the spaces as already regulated 423 00:23:11,400 --> 00:23:14,479 Speaker 1: as as an association. Uh. To your point when you 424 00:23:14,480 --> 00:23:18,320 Speaker 1: hear Jamie Diamond making comments like this, now he thinks 425 00:23:18,359 --> 00:23:22,160 Speaker 1: bitcoin is worthless, but he sees a market there, and 426 00:23:22,160 --> 00:23:24,720 Speaker 1: and JP Morgan, like a lot of firms want to 427 00:23:24,720 --> 00:23:27,240 Speaker 1: be able to do this efficiently and safely. You know, 428 00:23:27,359 --> 00:23:29,399 Speaker 1: when is the when when do we get to the 429 00:23:29,400 --> 00:23:31,760 Speaker 1: point where we're talking about a crypto e t F? 430 00:23:32,240 --> 00:23:36,040 Speaker 1: What's taking Gary Gensler so long? Yeah? Well, you know 431 00:23:36,080 --> 00:23:39,600 Speaker 1: Gary Gensler is looking at future zts right now. And 432 00:23:39,960 --> 00:23:42,080 Speaker 1: to me, it's a little bit strange that you would 433 00:23:42,119 --> 00:23:47,040 Speaker 1: permit a future ZPF without permitting an underlying spot market EPs, 434 00:23:47,200 --> 00:23:49,399 Speaker 1: right because if the futures are safe, and shows is 435 00:23:49,440 --> 00:23:51,920 Speaker 1: the spot market. So I know that that's something STC 436 00:23:52,480 --> 00:23:55,840 Speaker 1: is actively looking at. But I think more importantly we 437 00:23:55,880 --> 00:23:59,760 Speaker 1: need to figure out how investors can get easy access 438 00:24:00,200 --> 00:24:04,360 Speaker 1: investing directly into bitcoin Um, you know, there's it's difficult 439 00:24:04,400 --> 00:24:07,200 Speaker 1: to do that today. There are some amazing products out 440 00:24:07,200 --> 00:24:09,960 Speaker 1: there that allow you to buy and sell um you know, 441 00:24:10,040 --> 00:24:13,800 Speaker 1: bitcoin trust, which that's why I asked about the e 442 00:24:13,880 --> 00:24:15,840 Speaker 1: T S THO, wouldn't that be the easiest way for 443 00:24:15,920 --> 00:24:18,679 Speaker 1: an average investor doesn't have a lot of understanding to 444 00:24:18,760 --> 00:24:22,000 Speaker 1: maybe get some money in this and do it safely. Yeah, No, 445 00:24:22,119 --> 00:24:25,600 Speaker 1: you're right, and et F would be a huge step forward. 446 00:24:25,760 --> 00:24:27,600 Speaker 1: But I'm not convinced that we're going to see a 447 00:24:27,640 --> 00:24:31,919 Speaker 1: spot market EPs anytime soon. Um uh, you know, we 448 00:24:31,960 --> 00:24:34,760 Speaker 1: may see one on the futures front, but it's you know, 449 00:24:34,840 --> 00:24:37,240 Speaker 1: investors wants this stuff. I was in an uber the 450 00:24:37,280 --> 00:24:39,639 Speaker 1: other day and my uber driver was telling me how 451 00:24:39,720 --> 00:24:43,960 Speaker 1: he owns bitcoin and lightcoin and ease. My hairdresser own stutschcoins. 452 00:24:44,160 --> 00:24:46,040 Speaker 1: These are popular, there's a high demand, and we need 453 00:24:46,080 --> 00:24:48,040 Speaker 1: to figure out a way for investors to get access 454 00:24:48,040 --> 00:24:50,919 Speaker 1: to these assets. Well, we've heard about this, as I mentioned, 455 00:24:50,920 --> 00:24:53,639 Speaker 1: from many more firms other than JP Morgan. Is that 456 00:24:53,680 --> 00:24:55,679 Speaker 1: what finally pushes this over the edge. Though I was 457 00:24:56,040 --> 00:24:58,760 Speaker 1: referring earlier this hour to Jamie Diamond being part of 458 00:24:58,800 --> 00:25:01,760 Speaker 1: the conversation last week with Janet Yellen and the President 459 00:25:02,200 --> 00:25:04,760 Speaker 1: on the debt ceiling. Aren't those the voices that are 460 00:25:04,760 --> 00:25:09,640 Speaker 1: going to bring the authorities to realize this needs to happen. Well, 461 00:25:09,680 --> 00:25:11,879 Speaker 1: I think that, yes, those are certainly some of the 462 00:25:11,960 --> 00:25:14,560 Speaker 1: voices that are out there. I mean, I think though 463 00:25:14,840 --> 00:25:18,080 Speaker 1: what we saw in August with the Infrastructure bill, and 464 00:25:18,119 --> 00:25:21,080 Speaker 1: there was some language in their own cryptocurrencies. I think 465 00:25:21,119 --> 00:25:23,399 Speaker 1: the voices that are ultimately going to make this happen 466 00:25:23,480 --> 00:25:26,600 Speaker 1: are the individual voices. These are people in the community 467 00:25:26,680 --> 00:25:30,080 Speaker 1: that are purchasing these assets, that are participating in these 468 00:25:30,080 --> 00:25:35,959 Speaker 1: crypto networks every day person. Yes, it gets lawmakers involved, 469 00:25:36,000 --> 00:25:38,440 Speaker 1: and I think that as we look to Congress right now, 470 00:25:38,800 --> 00:25:41,320 Speaker 1: you know, they're realizing that the number of people that 471 00:25:41,359 --> 00:25:44,760 Speaker 1: are out there who care about crypto assets and the 472 00:25:44,760 --> 00:25:48,080 Speaker 1: crypto networks that these run in, I mean that this 473 00:25:48,160 --> 00:25:50,680 Speaker 1: is a This is a huge political force, and so 474 00:25:50,760 --> 00:25:54,159 Speaker 1: I think we're going to see pressure from Congress ultimately 475 00:25:54,200 --> 00:25:57,640 Speaker 1: put pressure on on the regulators to do this right. 476 00:25:57,720 --> 00:25:59,800 Speaker 1: But I am encouraged to see that the Biden and 477 00:25:59,840 --> 00:26:03,840 Speaker 1: Theustration announced, um well, there was reported last week that 478 00:26:03,880 --> 00:26:06,080 Speaker 1: they're looking at this issue from the multi agency are 479 00:26:06,840 --> 00:26:09,040 Speaker 1: that's a very important. We're going to talk about that 480 00:26:09,119 --> 00:26:10,960 Speaker 1: next with the panel. As a matter of fact, Kristin 481 00:26:11,040 --> 00:26:13,720 Speaker 1: Smith of the Blockchain Association, we do thank you for 482 00:26:13,760 --> 00:26:15,879 Speaker 1: being with us. Great to have the executive director on 483 00:26:15,880 --> 00:26:20,800 Speaker 1: a holiday Monday. This is Bloomberg So No with Joe 484 00:26:20,840 --> 00:26:26,800 Speaker 1: Matthew on Bloomberg Radio, it must be real the White 485 00:26:26,800 --> 00:26:31,320 Speaker 1: House considering appointing a cryptozar to act as a point 486 00:26:31,359 --> 00:26:34,320 Speaker 1: person on the issue. According to Bloomberg News, can already 487 00:26:34,359 --> 00:26:37,320 Speaker 1: think of a few names to recommend, but clearly the 488 00:26:37,359 --> 00:26:40,639 Speaker 1: administration is making plans to do something. The headline White 489 00:26:40,640 --> 00:26:45,560 Speaker 1: House ways wide ranging push for crypto oversight Jennifer Epstein, 490 00:26:45,600 --> 00:26:48,280 Speaker 1: Ben Bain Report. It would be an executive order from 491 00:26:48,280 --> 00:26:50,560 Speaker 1: the President, part of an effort, they say, to set 492 00:26:50,600 --> 00:26:53,679 Speaker 1: up a government wide approach to what they call a 493 00:26:53,720 --> 00:26:56,639 Speaker 1: white hot asset class. And we reassemble the panel on 494 00:26:56,680 --> 00:27:00,280 Speaker 1: this with Bloombergy Politics contributors Geane e Chanza Know and 495 00:27:00,400 --> 00:27:04,439 Speaker 1: Rick Davis and Rick what's the political motivation for the 496 00:27:04,480 --> 00:27:07,879 Speaker 1: Biden administration? Wouldn't Republicans love to say Joe Biden managed 497 00:27:07,920 --> 00:27:10,760 Speaker 1: to ruin this new and innovative space we call crypto 498 00:27:10,880 --> 00:27:14,680 Speaker 1: or or the Democrats cannot stay out of your wallet. Yeah, 499 00:27:14,720 --> 00:27:18,080 Speaker 1: you see some of that in the Financial House Financial 500 00:27:18,119 --> 00:27:21,320 Speaker 1: Services Committee a week ago with Gary Ginsler testifying. I 501 00:27:21,359 --> 00:27:24,720 Speaker 1: mean the Republicans were all up in arms over you know, uh, 502 00:27:25,080 --> 00:27:30,080 Speaker 1: Ginsler not not being serious enough about, you know, protecting investors, 503 00:27:30,119 --> 00:27:32,960 Speaker 1: and so, yeah, I think this is something that they're 504 00:27:33,000 --> 00:27:35,000 Speaker 1: not looking at in a partisan point of view. I 505 00:27:35,040 --> 00:27:38,880 Speaker 1: think they see things like, um, you know, trying to 506 00:27:38,960 --> 00:27:42,840 Speaker 1: increase anti money laundering, trying to make sure there's tax 507 00:27:42,840 --> 00:27:45,520 Speaker 1: assessments that go along with these transactions. I mean, there 508 00:27:45,520 --> 00:27:50,040 Speaker 1: are a lot of things related to crypto security that 509 00:27:50,200 --> 00:27:53,040 Speaker 1: the administration is wrestling with, and so I think all 510 00:27:53,119 --> 00:27:56,200 Speaker 1: these things are probably much more dominant in their list 511 00:27:56,240 --> 00:28:00,440 Speaker 1: of priorities than, uh, than partisanship. Maybe a crazy to 512 00:28:00,480 --> 00:28:04,000 Speaker 1: think something could happen here along with you know, debt ceiling, 513 00:28:04,080 --> 00:28:07,840 Speaker 1: government funding, infrastructure, and reconciliation genie. But at some point 514 00:28:07,840 --> 00:28:09,800 Speaker 1: it looks like they're going to get to this. Gary 515 00:28:09,800 --> 00:28:12,119 Speaker 1: Ginstler has been talking a lot about it is a 516 00:28:12,200 --> 00:28:16,320 Speaker 1: crypto tzar the way to go here, as opposed to 517 00:28:16,359 --> 00:28:19,280 Speaker 1: creating something a little bit less authoritarian sounding. I know, 518 00:28:19,440 --> 00:28:23,000 Speaker 1: for for a democracy, we love our czars. We really do, 519 00:28:23,160 --> 00:28:25,760 Speaker 1: And you know, I I do think it would be important, 520 00:28:25,920 --> 00:28:28,200 Speaker 1: you know, the name aside that there is a point 521 00:28:28,280 --> 00:28:31,760 Speaker 1: person in the executive branch and that's been one of 522 00:28:31,760 --> 00:28:34,360 Speaker 1: the challenges. And in Ben and Jennifer's piece, I thought 523 00:28:34,400 --> 00:28:37,880 Speaker 1: they made an excellent point about the fact that one 524 00:28:37,920 --> 00:28:40,360 Speaker 1: of the real challenges the White House has faced, and 525 00:28:40,400 --> 00:28:43,720 Speaker 1: not just this White House, is this issue of staff expertise. 526 00:28:44,080 --> 00:28:47,440 Speaker 1: Do they have the deep expertise in this growing area 527 00:28:47,880 --> 00:28:50,680 Speaker 1: to handle this issue? So I do think, you know, 528 00:28:50,760 --> 00:28:53,640 Speaker 1: by executive order, much more likely than by legislation, that 529 00:28:53,720 --> 00:28:57,400 Speaker 1: we do get them at least moving forward on studying 530 00:28:57,840 --> 00:29:01,000 Speaker 1: how all of these various agencies are going to work together, 531 00:29:01,040 --> 00:29:03,680 Speaker 1: what kind of recommendations they're going to be making, and 532 00:29:03,720 --> 00:29:06,120 Speaker 1: who quite frankly is in charge of what I mean 533 00:29:06,160 --> 00:29:07,840 Speaker 1: that is still up in the air. And you know, 534 00:29:07,920 --> 00:29:10,959 Speaker 1: I think Kristen made an excellent point. We all know this, 535 00:29:11,120 --> 00:29:14,760 Speaker 1: you know, Jamie Diamond aside, this is an incredibly popular 536 00:29:14,880 --> 00:29:17,760 Speaker 1: area and when there's so much interest and so much 537 00:29:17,800 --> 00:29:20,160 Speaker 1: money at stake, I do think the White House and 538 00:29:20,280 --> 00:29:23,320 Speaker 1: Congress is feeling pressure to wrap their hands around it, 539 00:29:23,360 --> 00:29:25,320 Speaker 1: if you will. Is there a point to pursue this 540 00:29:25,440 --> 00:29:27,160 Speaker 1: before the end of the year, considering the rest of 541 00:29:27,160 --> 00:29:30,520 Speaker 1: the agenda. Rick Davis, Yeah, I think this is really uh. 542 00:29:30,720 --> 00:29:32,880 Speaker 1: Since the administration is really going to take this as 543 00:29:32,880 --> 00:29:36,160 Speaker 1: a regulatory approach, there's probably not that much that needs 544 00:29:36,200 --> 00:29:40,880 Speaker 1: to happen with Congress today. Uh. They will probably start 545 00:29:41,400 --> 00:29:44,800 Speaker 1: doing things out of the President's Working Group on Financial Markets, 546 00:29:44,800 --> 00:29:48,160 Speaker 1: which include all those different agencies that Jennie was talking about, 547 00:29:48,240 --> 00:29:50,480 Speaker 1: and each one's got a different cut on this, right. 548 00:29:50,520 --> 00:29:53,720 Speaker 1: It's not a one size fits all kind of regulatory approach, 549 00:29:53,760 --> 00:29:56,040 Speaker 1: and one we don't talk much about, but I know 550 00:29:56,120 --> 00:29:58,720 Speaker 1: will be important to the Biden administration is the climate 551 00:29:58,840 --> 00:30:02,800 Speaker 1: risk associated with though. Uh. And we see China reacting 552 00:30:02,840 --> 00:30:06,360 Speaker 1: to the enormous energy drain that has occurred in crypto 553 00:30:06,400 --> 00:30:09,600 Speaker 1: mining in their country. Uh. And I wouldn't be surprised 554 00:30:09,640 --> 00:30:13,080 Speaker 1: if that's not included in this, uh executive order or 555 00:30:13,160 --> 00:30:15,840 Speaker 1: the approach that the administration takes. We're talking with Rick 556 00:30:15,880 --> 00:30:17,920 Speaker 1: and Jeanie on the Monday edition of Sound On and 557 00:30:17,920 --> 00:30:19,560 Speaker 1: I'm gonna throw you a little bit of red meat. 558 00:30:19,840 --> 00:30:23,360 Speaker 1: Did you guys see the rally in Des Moines on Saturday? 559 00:30:23,720 --> 00:30:28,360 Speaker 1: Former President Donald Trump with the latest campaign style rally, 560 00:30:28,400 --> 00:30:30,840 Speaker 1: and so many people have been asking will he run? 561 00:30:32,080 --> 00:30:34,959 Speaker 1: He sure was talking like it. We'll see if Rick 562 00:30:35,000 --> 00:30:38,520 Speaker 1: and Gene were moved by it, even going so far 563 00:30:38,640 --> 00:30:43,800 Speaker 1: as to suggest a new slogan for the campaign. In Remember, 564 00:30:43,840 --> 00:30:46,280 Speaker 1: it was originally going to be, well, listen to the 565 00:30:46,320 --> 00:30:50,080 Speaker 1: former president. It was supposed to be keep America great. 566 00:30:50,400 --> 00:30:53,080 Speaker 1: But America is not great right now. So we're using 567 00:30:53,120 --> 00:30:57,440 Speaker 1: the same slogan, make America great again. And we may 568 00:30:57,480 --> 00:31:00,600 Speaker 1: even add to it, but we'll keep it. May America 569 00:31:00,640 --> 00:31:03,280 Speaker 1: great again again because we already did it right. We're 570 00:31:03,320 --> 00:31:06,960 Speaker 1: gonna make America great again again again, again, again, again, again, 571 00:31:07,680 --> 00:31:10,280 Speaker 1: generating the headline in the dubin registered Donald Trump tells 572 00:31:10,320 --> 00:31:12,560 Speaker 1: thousands that a rally in Iowa, We're going to take 573 00:31:12,600 --> 00:31:17,120 Speaker 1: America back. He said a lot more than that, which 574 00:31:17,160 --> 00:31:20,680 Speaker 1: we'll hear about in a second here. But I wonder 575 00:31:20,680 --> 00:31:22,560 Speaker 1: where you guys are on this, Rick Davis. Do you 576 00:31:22,560 --> 00:31:25,080 Speaker 1: see a campaign for real? Or we just having fun 577 00:31:25,120 --> 00:31:27,400 Speaker 1: tour in the country. You know, I spent a lot 578 00:31:27,400 --> 00:31:30,880 Speaker 1: of time over the last week, uh, talking to Republican 579 00:31:30,920 --> 00:31:34,080 Speaker 1: operatives all around the country, and put people are totally 580 00:31:34,120 --> 00:31:37,600 Speaker 1: split on this. I mean, there are some that think, oh, absolutely, 581 00:31:37,640 --> 00:31:39,560 Speaker 1: he's gonna go again. Look at what he's doing, look 582 00:31:39,600 --> 00:31:43,040 Speaker 1: at what he's saying. Uh. The one mistake people make 583 00:31:43,080 --> 00:31:46,080 Speaker 1: about Donald Trump is they don't believe what he says. Uh. 584 00:31:46,520 --> 00:31:49,280 Speaker 1: So uh, because he tends to try. He tends to 585 00:31:49,280 --> 00:31:52,160 Speaker 1: say the most outrageous things and then follow up on him. Uh. 586 00:31:52,240 --> 00:31:54,600 Speaker 1: And then there are another class, I'd say another fifty 587 00:31:54,680 --> 00:31:57,400 Speaker 1: percent that say no way, He's got so much baggage, 588 00:31:57,440 --> 00:32:00,800 Speaker 1: he has so many problems. Uh. You know, the Woodward 589 00:32:00,800 --> 00:32:05,040 Speaker 1: book is banging through basically showing you know this, this 590 00:32:05,120 --> 00:32:07,880 Speaker 1: look under the covers on January six, and what happened 591 00:32:07,880 --> 00:32:10,320 Speaker 1: on the assault. All that's gonna whileless way through the 592 00:32:10,360 --> 00:32:14,080 Speaker 1: courts and through Congress. Uh, He's he's really, uh in 593 00:32:14,280 --> 00:32:17,240 Speaker 1: very bad position to run. So I don't know. I 594 00:32:17,240 --> 00:32:20,360 Speaker 1: saw the des Moines registered pole right before his rally. 595 00:32:21,000 --> 00:32:25,920 Speaker 1: He's got still enormous support ninety one percent amongst Republicans, 596 00:32:25,960 --> 00:32:28,080 Speaker 1: he claimed, And there it is, and there it is, 597 00:32:28,160 --> 00:32:31,320 Speaker 1: so um you there's certainly nothing stopping him from doing it. 598 00:32:31,440 --> 00:32:34,719 Speaker 1: Right now, what's your thoughts on this? Genie? And you know, 599 00:32:34,840 --> 00:32:38,080 Speaker 1: I can't quite imagine. In fact, I'll listen to a 600 00:32:38,080 --> 00:32:41,680 Speaker 1: little just another moment of this an applause line that 601 00:32:41,840 --> 00:32:45,280 Speaker 1: sounds like this. Listen to Donald Trump Saturday night in Iowa. 602 00:32:45,920 --> 00:32:52,640 Speaker 1: Hillary conceded. I never conceded. Never. I loved it. I 603 00:32:52,760 --> 00:32:56,600 Speaker 1: never conceded. Jennie Chanzano. Is he going to run again 604 00:32:57,280 --> 00:33:02,240 Speaker 1: again again? Joe? He very well, my, you know, I think, look, 605 00:33:02,280 --> 00:33:04,160 Speaker 1: there are signs that he's I think he's going to 606 00:33:04,280 --> 00:33:06,800 Speaker 1: leave himself open to making a decision. I think it's gonna, 607 00:33:07,000 --> 00:33:09,719 Speaker 1: you know, depend an awful lot on what happens in 608 00:33:09,800 --> 00:33:13,360 Speaker 1: two So you know, we know there was a report 609 00:33:13,400 --> 00:33:16,440 Speaker 1: out yesterday or today about the amount of interest he 610 00:33:16,520 --> 00:33:19,360 Speaker 1: and his team have taken in secretaries of state across 611 00:33:19,400 --> 00:33:22,360 Speaker 1: the country, you know, people who have a real role 612 00:33:22,400 --> 00:33:24,560 Speaker 1: in many of our states in terms of how these 613 00:33:24,560 --> 00:33:29,160 Speaker 1: elections proceed and supporting and endorsing those who are questioning 614 00:33:29,160 --> 00:33:32,760 Speaker 1: the election. So I do think he is ratching up 615 00:33:32,840 --> 00:33:35,719 Speaker 1: to run if he so chooses to do that. But 616 00:33:36,080 --> 00:33:38,080 Speaker 1: I think an awful lot is going to depend on 617 00:33:38,520 --> 00:33:41,760 Speaker 1: how things turn out in two what happens to these 618 00:33:41,840 --> 00:33:46,040 Speaker 1: now nine Republicans who supported impeachment, and he is, you know, 619 00:33:46,120 --> 00:33:49,120 Speaker 1: going up against what happens to people like Liz Cheney. 620 00:33:49,160 --> 00:33:52,520 Speaker 1: But you know, we saw Chuck Grassley having no qualms 621 00:33:52,520 --> 00:33:54,640 Speaker 1: about saying, you know what, you and Rick were just saying, 622 00:33:54,680 --> 00:33:59,160 Speaker 1: he's got I'm not crazy, I would be crazy not 623 00:33:59,200 --> 00:34:01,320 Speaker 1: to take the endorse And there he did, at the 624 00:34:01,320 --> 00:34:04,160 Speaker 1: age of eight, eight, you know, just saying I will 625 00:34:04,200 --> 00:34:06,680 Speaker 1: accept it and and going all in for Trump again. 626 00:34:06,840 --> 00:34:09,800 Speaker 1: And so Jeannie sets us up. Let's hear from Senator 627 00:34:09,880 --> 00:34:13,200 Speaker 1: Chuck Grassley, who showed up that night to speak with 628 00:34:13,280 --> 00:34:15,920 Speaker 1: Donald Trump. Got to the podium, give it a listen. 629 00:34:16,600 --> 00:34:19,319 Speaker 1: I was born or not at night, but not last night. 630 00:34:20,560 --> 00:34:24,520 Speaker 1: So if I didn't accept the endorsement of a person 631 00:34:24,600 --> 00:34:31,000 Speaker 1: that's got n of the Republican voters in Iowa, I 632 00:34:31,000 --> 00:34:35,319 Speaker 1: wouldn't be too smart. I'm smart enough to accept that indorsement. Well, 633 00:34:39,000 --> 00:34:41,200 Speaker 1: doesn't seemed like he had to think about it. Donald 634 00:34:41,200 --> 00:34:42,960 Speaker 1: Trump says, I love you to be careful going down 635 00:34:43,040 --> 00:34:46,239 Speaker 1: that ramp. Rick Davis, your old friend Chuck Grassley, Is 636 00:34:46,280 --> 00:34:48,920 Speaker 1: he the honest man in the room or what Chuck lastly? 637 00:34:49,040 --> 00:34:51,560 Speaker 1: I mean he can uh, he can tell it like 638 00:34:51,600 --> 00:34:55,360 Speaker 1: it is. Uh and uh and look, I mean for 639 00:34:55,400 --> 00:34:58,520 Speaker 1: a guy who's eight running for reelection, I mean, I 640 00:34:58,560 --> 00:35:00,560 Speaker 1: think the best advice he got was watch out for 641 00:35:00,560 --> 00:35:03,960 Speaker 1: that ramp as he left the stage. Um so look, 642 00:35:04,000 --> 00:35:06,200 Speaker 1: I mean this is going to actually affect a lot 643 00:35:06,239 --> 00:35:09,360 Speaker 1: of people. I mean, Iowa was a big state for Trump. 644 00:35:09,400 --> 00:35:13,720 Speaker 1: I mean I think he wanted by like fifty Um, 645 00:35:14,040 --> 00:35:17,920 Speaker 1: what happens vastly win without him? Uh? Probably? Uh, he 646 00:35:18,040 --> 00:35:22,600 Speaker 1: certainly has uh many many times without any help from 647 00:35:23,080 --> 00:35:27,080 Speaker 1: a president not then the left, a Republican president. So sure, 648 00:35:27,280 --> 00:35:29,640 Speaker 1: But I think I think the point he was making 649 00:35:29,760 --> 00:35:32,399 Speaker 1: was why wouldn't I take his endorsement at the guy? 650 00:35:33,560 --> 00:35:36,160 Speaker 1: I mean like it was it was almost like begrudgingly, 651 00:35:36,320 --> 00:35:38,440 Speaker 1: like I'd be a nut not to say yes. But 652 00:35:38,480 --> 00:35:41,680 Speaker 1: I'm getting off this stage as quick as possible. Well. 653 00:35:41,719 --> 00:35:44,440 Speaker 1: Donald Trump really raised some eyebrows today as well with 654 00:35:44,520 --> 00:35:48,560 Speaker 1: a happy birthday video for Ashley Babbitt, who was, of course, 655 00:35:48,640 --> 00:35:51,840 Speaker 1: the woman who was killed during the attack on the 656 00:35:51,880 --> 00:35:55,120 Speaker 1: Capitol on January six. I don't think we really need 657 00:35:55,160 --> 00:35:58,040 Speaker 1: to hear it. Uh you can google that on your own. 658 00:35:58,080 --> 00:36:01,359 Speaker 1: But to be wishing uh one of the January six 659 00:36:01,440 --> 00:36:04,040 Speaker 1: rioters a happy birthday, you pledged to stand by her 660 00:36:04,080 --> 00:36:07,080 Speaker 1: family and support them, and even called to have the 661 00:36:07,120 --> 00:36:11,600 Speaker 1: investigation reopened into her death. Genie, Uh, my goodness. Any 662 00:36:11,640 --> 00:36:15,120 Speaker 1: future campaign surrogates for Donald Trump are gonna have to 663 00:36:15,160 --> 00:36:18,320 Speaker 1: talk about that. If he decides to run again, they 664 00:36:18,400 --> 00:36:20,799 Speaker 1: will have to. And of course we shouldn't forget that. 665 00:36:20,880 --> 00:36:23,319 Speaker 1: An awful lot of this depends on what does the 666 00:36:23,360 --> 00:36:26,480 Speaker 1: committee in Congress find, or the Commission in Congress find. 667 00:36:26,880 --> 00:36:30,040 Speaker 1: You do have, I mean, granted they are not Trump supporters. 668 00:36:30,080 --> 00:36:32,680 Speaker 1: You do have at least two Republicans on there, and 669 00:36:32,760 --> 00:36:35,840 Speaker 1: they have issued subpoenas. They are hearing on the record 670 00:36:36,280 --> 00:36:38,719 Speaker 1: from people who were close to Trump, and others are 671 00:36:38,760 --> 00:36:41,759 Speaker 1: fighting obviously those subpoenas, but they are trying to work 672 00:36:41,920 --> 00:36:44,799 Speaker 1: very very quickly, with a lot of fear amongst Democrats 673 00:36:44,840 --> 00:36:47,399 Speaker 1: on that panel that if they don't get this done 674 00:36:47,400 --> 00:36:50,160 Speaker 1: now and they lose the House, you know, they may 675 00:36:50,160 --> 00:36:52,719 Speaker 1: not be able to, you know, finish the job if 676 00:36:52,760 --> 00:36:55,200 Speaker 1: Republicans take over. So a lot of this is going 677 00:36:55,239 --> 00:36:58,359 Speaker 1: to depend on what happens there. And I don't think 678 00:36:58,400 --> 00:37:01,960 Speaker 1: you know, talking about Ashley about it. We cannot forget 679 00:37:02,000 --> 00:37:05,080 Speaker 1: these seriousness and we all lived through it firsthand of 680 00:37:05,120 --> 00:37:09,320 Speaker 1: what happened on January six, and we deserve a bipartisan 681 00:37:09,480 --> 00:37:11,719 Speaker 1: investigation that gets to the bottom of it. We're going 682 00:37:11,800 --> 00:37:14,360 Speaker 1: to hear about that, I'm sure again, Rick Davis. In 683 00:37:14,400 --> 00:37:17,560 Speaker 1: our remaining thirty seconds here, though, President Trump continued to 684 00:37:17,600 --> 00:37:20,239 Speaker 1: say that the election was stolen last week and that 685 00:37:20,360 --> 00:37:24,360 Speaker 1: will be something he would carry through a reelection campaign. Right. Yeah, 686 00:37:24,360 --> 00:37:28,040 Speaker 1: these are like pants on fire lies that have been 687 00:37:28,080 --> 00:37:31,359 Speaker 1: debunked many time. But is it doesn't seem to bother 688 00:37:31,480 --> 00:37:33,920 Speaker 1: him a bit. So it's gonna drive everybody else up 689 00:37:33,960 --> 00:37:36,640 Speaker 1: the wall, but he's going to continue to make claims 690 00:37:37,320 --> 00:37:41,000 Speaker 1: not unusual. Get ready for more and big thanks to 691 00:37:41,040 --> 00:37:44,600 Speaker 1: Jeannie Schanzano when Rick Davis the classic panel on sound on, 692 00:37:44,640 --> 00:37:47,000 Speaker 1: I'm Joe Matthew in Washington, will meet you back here 693 00:37:47,040 --> 00:37:50,480 Speaker 1: tomorrow when the house comes back. This is Bloomberg.