1 00:00:00,080 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple Coarclay and Android 4 00:00:17,160 --> 00:00:20,520 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:24,120 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,360 --> 00:00:28,200 Speaker 2: Check what you're drinking with your lunch. This has got 7 00:00:28,200 --> 00:00:32,080 Speaker 2: to be the more interesting story of the day. Producer 8 00:00:32,159 --> 00:00:33,960 Speaker 2: James just put this in front of me. It takes 9 00:00:34,000 --> 00:00:39,080 Speaker 2: America's producer to find news like this. High Noon is 10 00:00:39,159 --> 00:00:46,320 Speaker 2: recalling it's vodka Seltzer's mislabeled as Celsius the FDA, right, 11 00:00:46,360 --> 00:00:48,280 Speaker 2: so you think you're buying an energy drink. You're going 12 00:00:48,320 --> 00:00:53,120 Speaker 2: to get the Celsius and there's alcohol inside. Hi Noon 13 00:00:53,479 --> 00:00:59,080 Speaker 2: announcing the recall of its vodka Seltzer beach pack. You 14 00:00:59,160 --> 00:01:02,200 Speaker 2: went for the beach, didn't you. That's the twelve fact 15 00:01:03,400 --> 00:01:06,600 Speaker 2: due to inclusion. I'm reading off the news release now 16 00:01:07,280 --> 00:01:12,400 Speaker 2: of Celsius Astro Vibe energy drink cans that were inadvertently 17 00:01:12,480 --> 00:01:19,840 Speaker 2: filled with vodka Seltzer. Is my kid drinking that stuff 18 00:01:19,880 --> 00:01:23,520 Speaker 2: at home right now? Consumption of the liquid? It says 19 00:01:23,520 --> 00:01:30,039 Speaker 2: in these cans will result in unintentional alcohol ingestion. Oh Kaylee, 20 00:01:30,120 --> 00:01:33,600 Speaker 2: we're gonna have to talk about that too. I think 21 00:01:33,600 --> 00:01:37,560 Speaker 2: they were drinking Celsius' is in the line's house. All right, 22 00:01:37,640 --> 00:01:39,440 Speaker 2: let's get to what we're talking about here, and that's 23 00:01:39,760 --> 00:01:43,160 Speaker 2: earning's reporting season. Look, maybe more people are gonna buy 24 00:01:43,200 --> 00:01:45,040 Speaker 2: it because they've rite everyone's gonna buy this stuff to 25 00:01:45,040 --> 00:01:46,480 Speaker 2: try to get the can with the vodka in it 26 00:01:46,880 --> 00:01:49,520 Speaker 2: flying off the shelves. Maybe it'll be a collector's item. 27 00:01:50,520 --> 00:01:53,040 Speaker 2: We've been hearing earnings reports from companies that are making 28 00:01:53,120 --> 00:01:57,480 Speaker 2: us wonder here about the impact of tariffs and maybe 29 00:01:58,440 --> 00:02:01,720 Speaker 2: the fact that they're actually finally take hold. Really interesting 30 00:02:02,120 --> 00:02:06,760 Speaker 2: series of stories here from some major consumer facing brands, 31 00:02:06,800 --> 00:02:10,600 Speaker 2: the likeness of Procter and Gamble now saying that it's 32 00:02:10,639 --> 00:02:14,120 Speaker 2: cutting its outlook for the year and is increasing prices 33 00:02:14,160 --> 00:02:16,160 Speaker 2: on a good number of goods about a quarter of 34 00:02:16,160 --> 00:02:19,000 Speaker 2: its products in the US, to help offset the cost 35 00:02:19,600 --> 00:02:21,920 Speaker 2: of new tariffs, which, by the way, are going to 36 00:02:21,919 --> 00:02:24,919 Speaker 2: be likely going up again on Friday, that's the date 37 00:02:25,000 --> 00:02:27,840 Speaker 2: for reciprocal tariffs, at least with regard to companies that 38 00:02:27,880 --> 00:02:31,600 Speaker 2: haven't cut so called deals yet. This is really interesting. 39 00:02:31,600 --> 00:02:35,680 Speaker 2: Bill George, former chair CEO of Medtronic. He's now Executive 40 00:02:36,360 --> 00:02:40,480 Speaker 2: Education Fellow at the Harvard Business School. Bill George, You're 41 00:02:40,480 --> 00:02:43,119 Speaker 2: going to see companies like Walmart, Amazon, and Best Buy 42 00:02:43,240 --> 00:02:46,960 Speaker 2: forced to pass price increases to consumers. Main Street this 43 00:02:47,040 --> 00:02:51,000 Speaker 2: is important has yet to see the fallout from increased tariffs. 44 00:02:51,040 --> 00:02:54,160 Speaker 2: George says, they're going to go higher. Add Stanley Black 45 00:02:54,200 --> 00:02:57,960 Speaker 2: and Decker. Add the meltdown in Whirlpool yesterday what ups 46 00:02:58,160 --> 00:03:01,160 Speaker 2: was also saying, it starts to paint a pretty scary 47 00:03:01,200 --> 00:03:04,120 Speaker 2: picture about where we might be heading in the second 48 00:03:04,160 --> 00:03:06,079 Speaker 2: half of the year. You remember, Molly Smith just told 49 00:03:06,200 --> 00:03:08,280 Speaker 2: us that when you look at GDP growth for the 50 00:03:08,320 --> 00:03:10,360 Speaker 2: first half of the year, not just this quarterly number 51 00:03:10,360 --> 00:03:13,560 Speaker 2: that was impressive today, stronger than expected, but we're seeing 52 00:03:13,919 --> 00:03:16,040 Speaker 2: a real slowdown in the economy when you take a 53 00:03:16,120 --> 00:03:19,919 Speaker 2: longer view. Now match that against the stock market that 54 00:03:20,000 --> 00:03:22,880 Speaker 2: keeps hitting all time highs. The S and P five 55 00:03:22,960 --> 00:03:25,760 Speaker 2: hundred is right below thirty I'm sorry, sixty four hundred 56 00:03:25,840 --> 00:03:28,680 Speaker 2: right now, up another fourteen points today, and we've got 57 00:03:28,680 --> 00:03:31,040 Speaker 2: a big pile of earnings news coming. So we thought 58 00:03:31,080 --> 00:03:34,000 Speaker 2: this would be a really good moment to take Stock 59 00:03:34,440 --> 00:03:37,760 Speaker 2: with Michael Reagan, Bloomberg's managing editor for the US here 60 00:03:37,800 --> 00:03:40,440 Speaker 2: and his eyes on not just the markets, but the 61 00:03:40,480 --> 00:03:43,480 Speaker 2: way they're looking at these issues that we're talking about 62 00:03:43,560 --> 00:03:47,000 Speaker 2: now in Washington. President Trump just today announcing a new 63 00:03:47,040 --> 00:03:52,080 Speaker 2: tariff on India. This is again ahead of the August 64 00:03:52,160 --> 00:03:54,280 Speaker 2: first deadline that he says will not move twenty five 65 00:03:54,320 --> 00:03:59,960 Speaker 2: percent on India's exports heading into the US. Michael Reagan 66 00:04:00,160 --> 00:04:01,720 Speaker 2: is with us from World Headquarters in New York, and 67 00:04:01,720 --> 00:04:04,080 Speaker 2: I'm wondering, if you're starting to feel like we're in 68 00:04:04,120 --> 00:04:07,560 Speaker 2: nosebleed territory here Micro, if the earnings reports that we're 69 00:04:07,560 --> 00:04:09,680 Speaker 2: going to get in the days ahead will actually justify 70 00:04:09,720 --> 00:04:10,280 Speaker 2: these levels. 71 00:04:10,920 --> 00:04:13,000 Speaker 3: Yeah, Joe, I mean, I think the big tech earnings 72 00:04:13,080 --> 00:04:17,600 Speaker 3: obviously are the main show for the week. Meta platforms 73 00:04:17,680 --> 00:04:21,279 Speaker 3: the operator Facebook and Instagram after the bell, and Microsoft 74 00:04:21,520 --> 00:04:26,960 Speaker 3: after the bell, because you know, obviously the tariffs aren't 75 00:04:26,960 --> 00:04:29,000 Speaker 3: starting to bite as you as you point out, you know, 76 00:04:29,440 --> 00:04:35,320 Speaker 3: Whirlpool is a great example. They actually were in trouble 77 00:04:35,400 --> 00:04:40,320 Speaker 3: because so many Asian competitors or exported to the US 78 00:04:40,400 --> 00:04:44,720 Speaker 3: a lot of competing appliances. So even though Whirlpool is 79 00:04:45,640 --> 00:04:48,039 Speaker 3: you know, has a lot of domestic manufacturing. They still 80 00:04:48,040 --> 00:04:50,320 Speaker 3: got hit because of that sort of trying to front 81 00:04:50,400 --> 00:04:54,040 Speaker 3: run the tariffs. But really, you know, the market, these 82 00:04:54,720 --> 00:04:58,360 Speaker 3: megacap tech stocks are just so heavily weighted in the 83 00:04:58,400 --> 00:05:01,760 Speaker 3: major indexes, your Nasdaq hundreds and S and P five hundreds, 84 00:05:01,920 --> 00:05:05,960 Speaker 3: that that's the real story for the week as far 85 00:05:06,000 --> 00:05:08,919 Speaker 3: as earnings go. And the real thing that a lot 86 00:05:08,960 --> 00:05:12,400 Speaker 3: of people are zeroing in is actually something you don't 87 00:05:12,520 --> 00:05:16,000 Speaker 3: usually look at for these companies, and that's capital expenditures 88 00:05:16,040 --> 00:05:20,960 Speaker 3: because they really are just writing giant checks for AI 89 00:05:21,120 --> 00:05:24,719 Speaker 3: chips and data centers and trying to ramp up their 90 00:05:24,760 --> 00:05:29,840 Speaker 3: AI offerings either to meet demand from customers or to 91 00:05:29,920 --> 00:05:32,800 Speaker 3: really improve their own businesses. So if you look at 92 00:05:33,320 --> 00:05:38,000 Speaker 3: a company like met I believe they're expected to double 93 00:05:38,040 --> 00:05:42,520 Speaker 3: their CAPEX spending to about sixteen point four billion. Microsoft 94 00:05:42,680 --> 00:05:46,040 Speaker 3: expected increase it by about thirty percent to eighteen billion. 95 00:05:46,120 --> 00:05:51,360 Speaker 3: Now it's interesting because oftentimes, you know, before the AI boom, 96 00:05:51,400 --> 00:05:54,799 Speaker 3: a big ramp up in CAPEX would not be exactly 97 00:05:54,839 --> 00:05:58,960 Speaker 3: something that investors would be happy to hear about. This 98 00:05:59,040 --> 00:06:01,760 Speaker 3: scenario is a little bit more nuanced. We saw Alpha 99 00:06:01,760 --> 00:06:06,440 Speaker 3: Bet a week or so ago announced that they expect 100 00:06:06,480 --> 00:06:09,760 Speaker 3: to spend eighty five billion on CAPEX this year, and 101 00:06:09,800 --> 00:06:11,880 Speaker 3: the initial sort of knee jerk reaction in the market 102 00:06:12,160 --> 00:06:14,800 Speaker 3: was a drop in the stock after hours, but then 103 00:06:15,160 --> 00:06:17,159 Speaker 3: the executives got on the call and explained, like, no, 104 00:06:17,279 --> 00:06:21,240 Speaker 3: we're responding to demand here from clients and that's why 105 00:06:21,279 --> 00:06:24,920 Speaker 3: we're spending so much. So it's you know, a lot 106 00:06:24,960 --> 00:06:29,160 Speaker 3: of nuanced as far as how these companies explain this 107 00:06:29,480 --> 00:06:34,520 Speaker 3: giant expenditures on capex. If they can sort of illustrate 108 00:06:34,640 --> 00:06:37,560 Speaker 3: that they are able to reduce costs or improve sales, 109 00:06:38,040 --> 00:06:40,200 Speaker 3: fatten out those margins a little bit because of what 110 00:06:40,240 --> 00:06:43,120 Speaker 3: they spent or expect to spend, then they're going to 111 00:06:43,160 --> 00:06:45,880 Speaker 3: get rewarded. If it looks like they're just kind of 112 00:06:45,920 --> 00:06:50,159 Speaker 3: gambling and taking a bet that AI will help them, 113 00:06:50,240 --> 00:06:52,120 Speaker 3: then you know the market's going to be a little 114 00:06:52,120 --> 00:06:54,279 Speaker 3: bit skeptical about that. But you're absolutely right that with 115 00:06:54,360 --> 00:06:59,080 Speaker 3: these valuations, especially among those big magnificent seven tech stocks 116 00:06:59,080 --> 00:07:03,240 Speaker 3: as they call them, and the market at large, that 117 00:07:03,360 --> 00:07:07,600 Speaker 3: we really are at a point where any bad news 118 00:07:08,760 --> 00:07:12,080 Speaker 3: could be taken sort of in a worse fashion than 119 00:07:12,080 --> 00:07:15,280 Speaker 3: it might have otherwise, just because of this ferocious rally 120 00:07:15,320 --> 00:07:17,400 Speaker 3: we've seen since the low's in April. 121 00:07:18,480 --> 00:07:22,640 Speaker 2: Well, that was a great readout, Michael. And that massive 122 00:07:23,400 --> 00:07:25,560 Speaker 2: capital expenditure you're talking about is the reason why we 123 00:07:25,600 --> 00:07:28,080 Speaker 2: have yet another all time high for Nvidia today because 124 00:07:28,080 --> 00:07:29,560 Speaker 2: that's where so much of that money is going. Look 125 00:07:29,560 --> 00:07:32,400 Speaker 2: at this thing above one hundred and seventy eight dollars. 126 00:07:32,480 --> 00:07:35,960 Speaker 2: Now it's up another two percent today, Absolutely remarkable. As 127 00:07:35,960 --> 00:07:38,600 Speaker 2: we wait to hear from these companies. Those we're hearing 128 00:07:38,640 --> 00:07:41,200 Speaker 2: from tonight will put Apple aside with all the talk 129 00:07:41,280 --> 00:07:43,559 Speaker 2: of where it's going to assemble the iPhone and so forth. 130 00:07:44,000 --> 00:07:46,680 Speaker 2: The President likes to talk about, Michael Reagan, if you're 131 00:07:46,760 --> 00:07:49,920 Speaker 2: Microsoft or a Meta, are you tariff proof? I mean, 132 00:07:49,920 --> 00:07:52,320 Speaker 2: if you're selling software and selling ads, isn't that about 133 00:07:52,320 --> 00:07:53,360 Speaker 2: as good as it gets right now? 134 00:07:53,520 --> 00:07:53,720 Speaker 4: Yeah? 135 00:07:53,720 --> 00:07:56,080 Speaker 3: I don't know if you're one hundred percent tariff proof, Joe, 136 00:07:56,080 --> 00:08:01,280 Speaker 3: but you're pretty well inoculated compared to say you're importers 137 00:08:01,360 --> 00:08:05,120 Speaker 3: of you know, your retailers especially. We'll hear from most 138 00:08:05,120 --> 00:08:09,200 Speaker 3: of them towards the end of the reporting season. The 139 00:08:09,240 --> 00:08:11,320 Speaker 3: banks as well, who we heard from at the beginning 140 00:08:11,320 --> 00:08:14,040 Speaker 3: of the season, relatively tariff proof. And not only that, 141 00:08:14,080 --> 00:08:16,320 Speaker 3: all the commotion in the markets. The volatility and the 142 00:08:16,320 --> 00:08:20,160 Speaker 3: heavy volumes were really a boon to your Goldmans and 143 00:08:20,200 --> 00:08:22,680 Speaker 3: your Morgan Stanley's, and your JP Morgan's, any big bank 144 00:08:22,720 --> 00:08:25,440 Speaker 3: with a trading desk, So that sort of front loaded 145 00:08:25,480 --> 00:08:28,240 Speaker 3: a lot of growth into the earnings season and a 146 00:08:28,240 --> 00:08:31,560 Speaker 3: lot of better than expected reports. Now we really do 147 00:08:31,600 --> 00:08:35,000 Speaker 3: get into the nitty gritty of you know, big tech obviously, 148 00:08:35,040 --> 00:08:38,280 Speaker 3: as we said, but also these industrials, the retailers, the 149 00:08:38,280 --> 00:08:42,720 Speaker 3: more consumer facing names coming later in the season that 150 00:08:42,880 --> 00:08:46,280 Speaker 3: are more exposed to the tariffs. I'll give you one 151 00:08:46,320 --> 00:08:49,439 Speaker 3: example of PayPal came out and said, you know, you 152 00:08:49,480 --> 00:08:52,040 Speaker 3: wouldn't think this company is very exposed to tariffs, but 153 00:08:52,080 --> 00:08:56,640 Speaker 3: they said the tariff effect has really just affected overall 154 00:08:56,679 --> 00:09:00,040 Speaker 3: consumer spending. So lower volumes, you know, not good for 155 00:09:00,040 --> 00:09:02,360 Speaker 3: a company like PayPal, So really kind of sending an 156 00:09:02,400 --> 00:09:05,760 Speaker 3: interesting macro signal from a stock like that. We also 157 00:09:05,920 --> 00:09:10,040 Speaker 3: heard from Harley Davidson that stocks up big, as Charlie mentioned, 158 00:09:10,160 --> 00:09:14,000 Speaker 3: on its plans to take some investments in its financing arm. 159 00:09:14,120 --> 00:09:16,960 Speaker 3: But if you look under the hood of their earnings, 160 00:09:17,000 --> 00:09:19,280 Speaker 3: they also pointed out to one hundred and twenty five 161 00:09:19,679 --> 00:09:22,680 Speaker 3: basis pointer one point twenty five percentage point hit to 162 00:09:22,720 --> 00:09:26,080 Speaker 3: their margins. So the anecdotes are starting to pile up. 163 00:09:26,120 --> 00:09:28,960 Speaker 3: And remember, there's going to be a delayed reaction to 164 00:09:29,000 --> 00:09:32,800 Speaker 3: these tariffs. I think, as Molly alluded to earlier, the 165 00:09:33,559 --> 00:09:36,839 Speaker 3: quarter we're talking about now was that March to June quarter, 166 00:09:36,920 --> 00:09:41,160 Speaker 3: So you know, it didn't encompass really a lot of 167 00:09:41,200 --> 00:09:43,160 Speaker 3: the tariffs that we're looking at going forward. 168 00:09:43,280 --> 00:09:44,200 Speaker 5: So it's a. 169 00:09:44,200 --> 00:09:46,679 Speaker 3: Story Joe that's going to remain with us for the 170 00:09:46,720 --> 00:09:49,439 Speaker 3: rest of the earning seasons this year and beyond. 171 00:09:49,520 --> 00:09:50,000 Speaker 4: For sure. 172 00:09:51,320 --> 00:09:54,160 Speaker 2: We've only got about a minute left here, Michael, walk 173 00:09:54,240 --> 00:09:56,679 Speaker 2: me up to Friday. We get through the Fed today, 174 00:09:56,720 --> 00:10:00,360 Speaker 2: We've got GDP important data tomorrow. But Friday we have 175 00:10:00,400 --> 00:10:04,079 Speaker 2: a jobs report, and we have the August first deadline. 176 00:10:04,520 --> 00:10:06,839 Speaker 2: So presumably Donald Trump's going to have an event where 177 00:10:06,840 --> 00:10:08,679 Speaker 2: he holds up a big board or he goes on 178 00:10:08,920 --> 00:10:11,160 Speaker 2: truth social and puts up a whole bunch of new 179 00:10:11,400 --> 00:10:16,000 Speaker 2: reciprocal tariffs. If that Job's report doesn't impress the tariffs 180 00:10:16,040 --> 00:10:19,000 Speaker 2: freak out investors, maybe we have some shaky earnings in 181 00:10:19,000 --> 00:10:21,240 Speaker 2: the next two days. What happens to the market. 182 00:10:21,559 --> 00:10:23,320 Speaker 3: Yeah, I mean, I go back to your point again, 183 00:10:23,360 --> 00:10:27,160 Speaker 3: these you know, record after record, and these really very 184 00:10:27,280 --> 00:10:31,920 Speaker 3: richly valued valuations from the index side. Really the market 185 00:10:31,960 --> 00:10:36,160 Speaker 3: is priced to perfection. As I've heard several investors say, now, 186 00:10:36,160 --> 00:10:40,120 Speaker 3: I'm not sure the August one tariff announcements will have 187 00:10:40,200 --> 00:10:42,199 Speaker 3: the potential to be too big of a shock because 188 00:10:42,559 --> 00:10:47,800 Speaker 3: we already know what to expect with Europe, Japan and China, 189 00:10:48,080 --> 00:10:50,080 Speaker 3: back and forth. But we have a pretty good sense 190 00:10:50,080 --> 00:10:52,600 Speaker 3: of what the major major trading partners are going to be. 191 00:10:52,760 --> 00:10:56,480 Speaker 3: So on the payrolls report, I almost think an upside 192 00:10:56,520 --> 00:11:01,280 Speaker 3: surprise will be more problematic for the market because of that. 193 00:11:01,760 --> 00:11:03,599 Speaker 3: A lot of hope that the Fed will raise or 194 00:11:03,960 --> 00:11:05,640 Speaker 3: pardon me, lower interest rates this year. 195 00:11:06,800 --> 00:11:10,199 Speaker 2: Fascinating to spend time always with Michael Reagan, Bloomberg Managing 196 00:11:10,320 --> 00:11:13,320 Speaker 2: editor for the US Watch the Celsius. When you open 197 00:11:13,360 --> 00:11:16,520 Speaker 2: the can, Michael, you don't know what's inside that thing. Today, 198 00:11:17,160 --> 00:11:19,400 Speaker 2: I'm gonna go grab one myself and see what happens. 199 00:11:19,400 --> 00:11:21,800 Speaker 2: We'll assemble our panel coming up. Genie is with US 200 00:11:21,840 --> 00:11:25,640 Speaker 2: Genie Shanzino alongside Marrig Gillespie from Bluestack. We're going to 201 00:11:25,679 --> 00:11:28,959 Speaker 2: talk about what's happening today in Texas. Maybe the most 202 00:11:29,200 --> 00:11:33,079 Speaker 2: important underreported story today. They're redrawing the congressional map and 203 00:11:33,160 --> 00:11:35,080 Speaker 2: we'll have our panel with it next. 204 00:11:35,080 --> 00:11:40,280 Speaker 1: Only on Bloomberg, you're listening to the Bloomberg Balance of 205 00:11:40,320 --> 00:11:43,720 Speaker 1: Power podcast. Catch us live weekdays at noon and five 206 00:11:43,760 --> 00:11:46,800 Speaker 1: pm Eastern on Apple Cocklay and Android Auto with the 207 00:11:46,840 --> 00:11:50,200 Speaker 1: Bloomberg Business App. You can also listen live on Amazon 208 00:11:50,200 --> 00:11:54,040 Speaker 1: Alexa from our flagship New York station, Just say Alexa 209 00:11:54,200 --> 00:11:55,559 Speaker 1: play Bloomberg eleven. 210 00:11:55,400 --> 00:11:59,640 Speaker 2: Thirty doing some on the ground reporting here in Washington, 211 00:11:59,679 --> 00:12:02,719 Speaker 2: DC with the big story you're about high noon. This 212 00:12:02,920 --> 00:12:05,040 Speaker 2: is like the third most red story on the terminal 213 00:12:05,080 --> 00:12:09,400 Speaker 2: today high noon announcing a recall of Vodka Seltzer drinks. 214 00:12:09,520 --> 00:12:16,320 Speaker 2: It says we're mislabeled as Celsius Energy Drinks. We know 215 00:12:16,360 --> 00:12:20,440 Speaker 2: of this because the FDA posted something on its website. 216 00:12:20,440 --> 00:12:22,880 Speaker 2: We've got a full on recall here. The company says 217 00:12:23,280 --> 00:12:26,480 Speaker 2: consumption of the liquid in these cans will result in 218 00:12:26,600 --> 00:12:33,400 Speaker 2: unintentional alcohol ingestion. This is something made for Charlie and 219 00:12:33,400 --> 00:12:37,800 Speaker 2: the chocolate factory. As people head out to convenience stores 220 00:12:37,840 --> 00:12:40,320 Speaker 2: around the country looking for a drink with the Golden ticket, 221 00:12:42,800 --> 00:12:45,040 Speaker 2: and you know, the crack team here at Bloomberg and 222 00:12:45,160 --> 00:12:49,120 Speaker 2: Washington is all over this. Brendan went running for us here, 223 00:12:49,280 --> 00:12:54,560 Speaker 2: just gonna play a little Celsius roulette. We got a 224 00:12:54,559 --> 00:13:02,840 Speaker 2: couple of them, tropical vibe. I think this one's going 225 00:13:02,880 --> 00:13:06,240 Speaker 2: to be okay. We'll test a few more of these Kansas. 226 00:13:06,240 --> 00:13:09,920 Speaker 2: We make our way through the program. Why is Hockey 227 00:13:10,080 --> 00:13:12,680 Speaker 2: Jeffreys in Texas today? You ask? It has to do 228 00:13:13,080 --> 00:13:16,320 Speaker 2: with the redistricting that we've been talking about for days. 229 00:13:16,400 --> 00:13:19,000 Speaker 2: We actually might see the map today. Republicans in Texas 230 00:13:19,040 --> 00:13:22,040 Speaker 2: want to redraw the congressional map. Donald Trump says he 231 00:13:22,080 --> 00:13:25,280 Speaker 2: wants five new seats in Texas, and it started a 232 00:13:25,280 --> 00:13:29,520 Speaker 2: big conversation because it's off the clock. It's obviously in 233 00:13:29,559 --> 00:13:31,720 Speaker 2: an effort to keep the Republican majority in the House. 234 00:13:31,720 --> 00:13:34,480 Speaker 2: In some Democratic led states like California say well, they 235 00:13:34,520 --> 00:13:38,600 Speaker 2: might get in the game too if this actually happens. 236 00:13:38,600 --> 00:13:41,880 Speaker 2: Something we talked about with James Tallerico. Did you hear 237 00:13:41,920 --> 00:13:44,160 Speaker 2: our interview with Taala Rico. He's the Texas state rapid 238 00:13:44,200 --> 00:13:47,640 Speaker 2: Democrat who's also a pastor who's gone viral recently and 239 00:13:47,760 --> 00:13:49,760 Speaker 2: might end up running for Senate in the state. He's 240 00:13:49,800 --> 00:13:52,720 Speaker 2: taking a stand on Texas redistricting. Here's what he said. 241 00:13:53,679 --> 00:13:57,440 Speaker 6: The President has asked our governor Greg Abbott to find 242 00:13:57,520 --> 00:14:00,800 Speaker 6: him five more congressional seats. He wants to redraw the 243 00:14:00,800 --> 00:14:03,640 Speaker 6: political maps in the middle of the decade to try 244 00:14:03,640 --> 00:14:06,199 Speaker 6: to protect his majority in the next election, regardless of 245 00:14:06,200 --> 00:14:08,520 Speaker 6: how we all vote. And I just I think this 246 00:14:08,559 --> 00:14:11,760 Speaker 6: is politics that it's worst, you know, politicians picking their 247 00:14:11,840 --> 00:14:15,280 Speaker 6: voters instead of voters picking their politicians. And so I'm 248 00:14:15,320 --> 00:14:19,440 Speaker 6: doing everything I possibly can to stop this, this jerry 249 00:14:19,480 --> 00:14:21,960 Speaker 6: mander from going through, to stop this power grab. 250 00:14:23,880 --> 00:14:28,760 Speaker 2: Politics at its worst, or using the system to maintain 251 00:14:28,800 --> 00:14:32,920 Speaker 2: a Republican majority in the House by planned, by the rules. 252 00:14:33,000 --> 00:14:35,040 Speaker 2: Let's bring it to our panel for their take on this. 253 00:14:35,240 --> 00:14:37,080 Speaker 2: I know Genie has had a chance to weigh in, 254 00:14:37,400 --> 00:14:39,840 Speaker 2: and with the new information, we have be awfully curious 255 00:14:39,840 --> 00:14:42,280 Speaker 2: to hear from the Democrat onn oor A panel. Janie 256 00:14:42,320 --> 00:14:45,560 Speaker 2: Shanzano is a Bloomberg Politics contributor and Senior Democracy Fellow 257 00:14:45,560 --> 00:14:48,040 Speaker 2: with the Center for the Study of the Presidency and Congress. 258 00:14:48,120 --> 00:14:53,560 Speaker 2: Joined today by Morigi eSPI, Republican strategist, founder of Bluestack Strategies, 259 00:14:53,760 --> 00:14:56,520 Speaker 2: and a veteran of John Bayner's Speaker's office, and there's 260 00:14:56,520 --> 00:15:00,000 Speaker 2: a thing or two about maintaining Republican majorities in the House. 261 00:15:00,000 --> 00:15:01,520 Speaker 2: It's great to see both of you, ladies. Thank you 262 00:15:01,560 --> 00:15:04,360 Speaker 2: so much for joining us. Genie, it looks like this 263 00:15:04,480 --> 00:15:07,320 Speaker 2: is actually happening in Texas, and a lot of people 264 00:15:07,400 --> 00:15:11,760 Speaker 2: have very simple questions about this because Congress is supposed 265 00:15:11,800 --> 00:15:14,360 Speaker 2: to actually be a mathematical equation here, right, you have 266 00:15:14,480 --> 00:15:17,440 Speaker 2: the number of seats based on your population. So how 267 00:15:17,480 --> 00:15:20,480 Speaker 2: can Texas actually pull this off? Or should this not 268 00:15:20,560 --> 00:15:21,480 Speaker 2: be happening right now? 269 00:15:22,560 --> 00:15:24,960 Speaker 4: First of all, Joe On behalf of Maura and myself, 270 00:15:25,080 --> 00:15:28,320 Speaker 4: I cry Powell on you opening these great drinks and 271 00:15:28,400 --> 00:15:31,240 Speaker 4: we're listening to them and we get nothing right, Maura, 272 00:15:31,360 --> 00:15:33,760 Speaker 4: so please send me birthday. 273 00:15:35,120 --> 00:15:37,640 Speaker 2: I have. I'm going to just keep doing this as 274 00:15:37,640 --> 00:15:41,560 Speaker 2: we make our way through this. Yeah, no, this one's 275 00:15:41,560 --> 00:15:45,080 Speaker 2: clean as well. Go ahead, Jeanie. 276 00:15:45,400 --> 00:15:50,120 Speaker 4: You know, this is I think, just a fascinating story 277 00:15:50,240 --> 00:15:54,840 Speaker 4: because it speaks to volumes as to how focused Donald 278 00:15:54,840 --> 00:15:58,400 Speaker 4: Trump is on the midterm. For anybody who thought he 279 00:15:58,560 --> 00:16:01,040 Speaker 4: was going to go out as a lame duck you know, 280 00:16:01,160 --> 00:16:04,760 Speaker 4: doesn't have to run again, doesn't care. This is anything 281 00:16:04,880 --> 00:16:07,840 Speaker 4: but evidence of that. You know, the last time this 282 00:16:08,040 --> 00:16:11,120 Speaker 4: was done with Tom Delay, it wasn't driven by the 283 00:16:11,160 --> 00:16:15,920 Speaker 4: White House, this sort of mid term redistricting in a state. 284 00:16:16,440 --> 00:16:19,440 Speaker 4: But this is unusual because the call is coming from 285 00:16:19,440 --> 00:16:24,200 Speaker 4: the White House, the Justice Department messaging Texas legislature and saying, hey, 286 00:16:24,240 --> 00:16:26,760 Speaker 4: you guys may be in violation of the Voting Rights Act. 287 00:16:26,800 --> 00:16:30,440 Speaker 4: You had to redistricts. So that's one fascinating element of this. 288 00:16:30,520 --> 00:16:33,320 Speaker 4: I think it speaks to how difficult it would be 289 00:16:33,480 --> 00:16:36,960 Speaker 4: for Trump if the Democrats take the House and or 290 00:16:37,040 --> 00:16:39,920 Speaker 4: the Senate, but the House in particular, and how much 291 00:16:39,960 --> 00:16:42,680 Speaker 4: he is investing in making sure that doesn't happen. 292 00:16:43,160 --> 00:16:44,320 Speaker 5: And this is. 293 00:16:44,520 --> 00:16:47,680 Speaker 4: Texas's, you know, attempt, and I think we'll see others 294 00:16:48,240 --> 00:16:51,520 Speaker 4: attempt to try to stave that off, and if they're successful, 295 00:16:51,880 --> 00:16:54,960 Speaker 4: this would be I think a sort of laying the 296 00:16:54,960 --> 00:16:57,720 Speaker 4: groundwork for what we're going to see going forward for 297 00:16:57,800 --> 00:16:59,560 Speaker 4: these mid term redistrictings. 298 00:17:00,800 --> 00:17:04,200 Speaker 2: HACKEM Jeffrey says, this is a moment that requires a forceful, 299 00:17:04,320 --> 00:17:06,560 Speaker 2: on the ground response and that is why I am 300 00:17:06,600 --> 00:17:10,240 Speaker 2: traveling to Texas to convene with members of the Texas 301 00:17:10,240 --> 00:17:13,439 Speaker 2: House and Senate delegations as well as our Democratic members 302 00:17:13,480 --> 00:17:17,000 Speaker 2: representing Texas. He's going to be holding a news conference 303 00:17:17,040 --> 00:17:20,080 Speaker 2: there and then he goes to California later in the week. 304 00:17:20,440 --> 00:17:23,720 Speaker 2: What's your thought on this, Mora and can Texas pull 305 00:17:23,800 --> 00:17:27,399 Speaker 2: this off? Donald Trump says this would be enough to 306 00:17:27,480 --> 00:17:29,280 Speaker 2: keep a very thin majority in the House. 307 00:17:30,880 --> 00:17:32,000 Speaker 5: You know, I think it's interesting. 308 00:17:32,200 --> 00:17:33,880 Speaker 7: We see this happen every now and again, as far 309 00:17:33,960 --> 00:17:39,000 Speaker 7: as states that legislatures that decide to redistrict to put 310 00:17:39,040 --> 00:17:43,000 Speaker 7: their party at an advantage. My former boss, I'm Pinsinger, 311 00:17:43,160 --> 00:17:45,240 Speaker 7: he got distracted out. You know, they paired up to 312 00:17:45,359 --> 00:17:48,040 Speaker 7: Republicans together. It's not uncommon, It's something that we've seen 313 00:17:48,119 --> 00:17:51,760 Speaker 7: happen before, but this particular situation because he as you 314 00:17:51,800 --> 00:17:54,960 Speaker 7: mentioned the president's involvement, as Ni pointed out the heavy 315 00:17:54,960 --> 00:17:57,720 Speaker 7: hand that he's playing in this in order to protect 316 00:17:57,760 --> 00:18:01,000 Speaker 7: the House majority raised within as it may be to me, 317 00:18:01,080 --> 00:18:04,199 Speaker 7: signals that they're worried about their ability to message effectively 318 00:18:04,600 --> 00:18:07,760 Speaker 7: of what they've done to the people, you know, to 319 00:18:07,760 --> 00:18:10,760 Speaker 7: the American people, and you know, keep the votes they 320 00:18:10,760 --> 00:18:12,040 Speaker 7: need to keep the seats that they need to keep. 321 00:18:12,160 --> 00:18:15,040 Speaker 7: And so to me, as a Republican strateger, that's a 322 00:18:15,080 --> 00:18:17,240 Speaker 7: red flag for me, that they're already getting ahead of 323 00:18:17,240 --> 00:18:21,199 Speaker 7: this as far as we need to, you know, grab 324 00:18:21,280 --> 00:18:24,600 Speaker 7: the seats, not necessarily earn the vote. And it harkens 325 00:18:24,640 --> 00:18:27,040 Speaker 7: me back to thinking about January sixth and during the 326 00:18:27,040 --> 00:18:30,560 Speaker 7: committee when we you know, President Trump asked Brian Roethlisberger 327 00:18:30,600 --> 00:18:33,639 Speaker 7: from Georgia just to find him, you know, twelve thousand votes, 328 00:18:34,160 --> 00:18:36,000 Speaker 7: just find him these five seats. And so I think 329 00:18:36,040 --> 00:18:37,880 Speaker 7: that that's going to sit a bit of a sour 330 00:18:37,960 --> 00:18:40,040 Speaker 7: taste in the mouth of the American people as they 331 00:18:40,080 --> 00:18:42,680 Speaker 7: remember that as well, because it does feel as though 332 00:18:42,720 --> 00:18:46,399 Speaker 7: they're worried about their ability to effectively say you should 333 00:18:46,400 --> 00:18:48,240 Speaker 7: want to re elect us because here's what we've done 334 00:18:48,440 --> 00:18:49,480 Speaker 7: to make your life better. 335 00:18:50,080 --> 00:18:51,080 Speaker 5: And instead of doing that and. 336 00:18:51,000 --> 00:18:53,120 Speaker 7: Going out on the road and having a robust August 337 00:18:53,119 --> 00:18:56,040 Speaker 7: campaign schedule and really hitting the ground running here now 338 00:18:56,080 --> 00:18:58,240 Speaker 7: and also throughout the next year as you lead into 339 00:18:58,280 --> 00:19:00,879 Speaker 7: twenty twenty sixth, they're kind of screwed it by trying 340 00:19:00,880 --> 00:19:03,360 Speaker 7: to take over these seats now. Again, Also, Gavinusm's trying 341 00:19:03,359 --> 00:19:04,439 Speaker 7: to do the same thing, right, he said he's going 342 00:19:04,480 --> 00:19:06,240 Speaker 7: to come back fight fire with fire and do the 343 00:19:06,240 --> 00:19:07,280 Speaker 7: same thing in California. 344 00:19:07,359 --> 00:19:09,600 Speaker 5: Where does that leave people right, Where does it leave us? 345 00:19:10,840 --> 00:19:14,560 Speaker 2: Well, look, Democrats have two paths here. It seems, Genie, 346 00:19:14,600 --> 00:19:18,240 Speaker 2: you can take the Hakeim Jeffrey's path. Maybe there are 347 00:19:18,240 --> 00:19:22,679 Speaker 2: three paths you could do, Gavin Newsom, fight fire with fire, 348 00:19:22,760 --> 00:19:26,160 Speaker 2: actually change the state constitution, redraw California, or you could 349 00:19:26,160 --> 00:19:28,960 Speaker 2: take a legal route. That's what Senator Alex Paedia is doing. 350 00:19:29,240 --> 00:19:31,679 Speaker 2: The Democrat from California you last heard about rolling on 351 00:19:31,720 --> 00:19:34,240 Speaker 2: the ground with security guards at a Christy Nome event, 352 00:19:34,960 --> 00:19:40,399 Speaker 2: is pushing for an investigation, Genie into Hatch Act violations. 353 00:19:41,160 --> 00:19:43,920 Speaker 2: Politico says, this Hatch active because the little White House 354 00:19:43,920 --> 00:19:47,960 Speaker 2: involvement that we've discussed, suggesting that appointees in the White 355 00:19:47,960 --> 00:19:51,879 Speaker 2: House and DOJ broke the law by prevailing on Texas 356 00:19:52,359 --> 00:19:57,119 Speaker 2: along with other states to redraw congressional maps. Which route 357 00:19:57,600 --> 00:19:58,760 Speaker 2: should Democrats take? 358 00:20:00,480 --> 00:20:02,800 Speaker 4: I think they're going to pursue all of the above. 359 00:20:03,200 --> 00:20:07,920 Speaker 4: I'm never a fan of trying to resolve political questions 360 00:20:08,000 --> 00:20:10,440 Speaker 4: in the courts, but we have done that is a 361 00:20:10,600 --> 00:20:14,000 Speaker 4: time immemorial, as Tokville told us, and we will continue 362 00:20:14,040 --> 00:20:17,520 Speaker 4: to do that. And he has a good point about 363 00:20:17,520 --> 00:20:21,440 Speaker 4: the Hatch Act, I mean the DOJ, the Trump administration. 364 00:20:21,560 --> 00:20:24,959 Speaker 4: The White House is actively involved in this effort, and 365 00:20:25,000 --> 00:20:28,760 Speaker 4: so it may be a violation. I think the sounder 366 00:20:28,800 --> 00:20:31,080 Speaker 4: move for me would be the political avenue. 367 00:20:31,920 --> 00:20:32,159 Speaker 5: You know. 368 00:20:32,320 --> 00:20:35,840 Speaker 4: I know that California, as you mentioned Newsom, they're trying 369 00:20:35,880 --> 00:20:39,560 Speaker 4: to think about redrawing, Kathy Hochel, and my home state 370 00:20:39,600 --> 00:20:41,679 Speaker 4: of New York trying to think about redrawing, although it 371 00:20:41,760 --> 00:20:45,680 Speaker 4: is a violation of the state constitution. I think for me, 372 00:20:45,920 --> 00:20:48,280 Speaker 4: one of the things is what maur talked about, the 373 00:20:48,359 --> 00:20:53,160 Speaker 4: messaging component here is that Democrats have to couple this 374 00:20:53,640 --> 00:20:58,160 Speaker 4: with a message, which is that when Donald Trump can't 375 00:20:58,200 --> 00:21:02,560 Speaker 4: win on his policies, which polls show in many cases 376 00:21:02,600 --> 00:21:06,920 Speaker 4: putting the economy aside, are not particularly popular at this moment, 377 00:21:06,960 --> 00:21:11,000 Speaker 4: including immigration, they try to find these votes. And so 378 00:21:11,080 --> 00:21:12,919 Speaker 4: I think Democrats are going to use an all of 379 00:21:12,960 --> 00:21:15,399 Speaker 4: the above strategy and trying to combat this. 380 00:21:16,680 --> 00:21:16,959 Speaker 5: You know. 381 00:21:17,440 --> 00:21:20,359 Speaker 4: I also think there is a conversation that should be 382 00:21:20,480 --> 00:21:24,560 Speaker 4: had but probably won't, that we need to figure out 383 00:21:24,960 --> 00:21:28,879 Speaker 4: about redistricting and jerrymandering in this country. It has not 384 00:21:29,200 --> 00:21:31,960 Speaker 4: been something that has been addressed at the federal level, 385 00:21:32,240 --> 00:21:35,639 Speaker 4: and very well should be because what it does is 386 00:21:35,680 --> 00:21:39,000 Speaker 4: it has really thrown a monkey wrench into our politics 387 00:21:39,040 --> 00:21:40,200 Speaker 4: for a long time. 388 00:21:40,280 --> 00:21:43,359 Speaker 2: Now, well, look, this is a conversation, You're right that 389 00:21:43,400 --> 00:21:44,920 Speaker 2: we need to have, and a lot of people believe, 390 00:21:44,920 --> 00:21:47,199 Speaker 2: we've talked about this before, that it's one of the 391 00:21:47,320 --> 00:21:51,439 Speaker 2: root causes of the extreme partisanship in this country and 392 00:21:51,480 --> 00:21:55,919 Speaker 2: the gridlock on Capitol Hill and Mara. I'm sure that 393 00:21:56,000 --> 00:21:58,199 Speaker 2: you have thought about this a lot too. If you 394 00:21:58,240 --> 00:22:00,840 Speaker 2: look at the way some districts have been redrawn even 395 00:22:00,880 --> 00:22:03,639 Speaker 2: since you were in the House with John Bayner, you 396 00:22:03,680 --> 00:22:07,359 Speaker 2: can't even recognize these Frankenstein districts. They don't make sense anymore. 397 00:22:07,400 --> 00:22:09,639 Speaker 5: In some cases, it really doesn't. 398 00:22:09,680 --> 00:22:13,040 Speaker 7: I got a quick look at the proposed Texas map 399 00:22:13,040 --> 00:22:15,280 Speaker 7: that I saw, you know out on Twitter and twenty 400 00:22:15,560 --> 00:22:18,280 Speaker 7: like district twenty four and twenty and twelve our overlapping 401 00:22:18,280 --> 00:22:19,879 Speaker 7: each other, where a chunk of twenty four is in 402 00:22:19,920 --> 00:22:20,880 Speaker 7: the middle of twelve. 403 00:22:21,200 --> 00:22:23,919 Speaker 5: I mean, that is just I mean, and I know. 404 00:22:24,000 --> 00:22:24,199 Speaker 5: I mean. 405 00:22:24,200 --> 00:22:26,720 Speaker 7: When Kinzinger was a congressman, we had from the very 406 00:22:26,760 --> 00:22:28,919 Speaker 7: top of the state of Illinois to the very bottom, 407 00:22:29,000 --> 00:22:31,479 Speaker 7: you know, we touched it was really hard to get 408 00:22:31,520 --> 00:22:33,560 Speaker 7: anywhere from one point year district to the bottom point 409 00:22:33,600 --> 00:22:35,520 Speaker 7: ye district, you know, to in one day. You couldn't 410 00:22:35,520 --> 00:22:37,879 Speaker 7: do it driving wise, and so it's just it's really 411 00:22:38,240 --> 00:22:41,040 Speaker 7: it's tough. And I it's based on the fact that 412 00:22:41,080 --> 00:22:44,040 Speaker 7: they're trying to skirt these districts to get their most 413 00:22:44,080 --> 00:22:47,200 Speaker 7: advantageous numbers for what they think will be a win. 414 00:22:47,720 --> 00:22:49,239 Speaker 7: But I think that what it shows me as far 415 00:22:49,280 --> 00:22:53,119 Speaker 7: as Texas and California goes, Texas has turned, you know, 416 00:22:53,200 --> 00:22:57,040 Speaker 7: more purple, California has turned more purple. And to counteract that, 417 00:22:57,160 --> 00:22:59,119 Speaker 7: this is what you're seeing we're on you have a 418 00:22:59,119 --> 00:23:01,720 Speaker 7: Republican governor, and so they're trying to take it out, 419 00:23:01,840 --> 00:23:04,560 Speaker 7: you know, take out those five extracies to push the 420 00:23:04,680 --> 00:23:07,080 Speaker 7: Democrats together and then you know, potentially the same thing 421 00:23:07,080 --> 00:23:08,000 Speaker 7: happening in California. 422 00:23:08,080 --> 00:23:09,879 Speaker 5: But as I said before, is like, where does that 423 00:23:09,960 --> 00:23:10,720 Speaker 5: leave us as a country? 424 00:23:10,720 --> 00:23:12,679 Speaker 7: Where does that leave us as the citizens who get 425 00:23:12,720 --> 00:23:15,320 Speaker 7: showed into these little districts that are so wonky that 426 00:23:15,359 --> 00:23:17,080 Speaker 7: you're not even sure your next door neighbor could be 427 00:23:17,119 --> 00:23:18,320 Speaker 7: in a different district for all you know. 428 00:23:18,440 --> 00:23:20,080 Speaker 5: And it's very confusing. 429 00:23:20,200 --> 00:23:24,680 Speaker 7: Yes, it's very confusing, and it just it doesn't I'll 430 00:23:24,680 --> 00:23:27,160 Speaker 7: say another banierism here, It doesn't pass the smell test. 431 00:23:27,200 --> 00:23:28,040 Speaker 5: It just feels snicky. 432 00:23:29,359 --> 00:23:31,160 Speaker 2: Well yeah, look at it. And it happens all over 433 00:23:31,200 --> 00:23:32,880 Speaker 2: the place to both parties. 434 00:23:33,000 --> 00:23:33,280 Speaker 4: Genia. 435 00:23:33,359 --> 00:23:36,000 Speaker 2: Remember when Barney Frank got redistricted, he couldn't win his 436 00:23:36,040 --> 00:23:39,199 Speaker 2: own district in Massachusett. It's along comes Joe Kennedy and 437 00:23:39,200 --> 00:23:41,960 Speaker 2: he's got to balance a district from Brookline to Fall 438 00:23:42,080 --> 00:23:46,120 Speaker 2: River constituents who have nothing in common with themselves. Which 439 00:23:46,160 --> 00:23:50,000 Speaker 2: really upends the candidacies and the campaigns in these districts, 440 00:23:50,000 --> 00:23:52,040 Speaker 2: doesn't it. 441 00:23:52,040 --> 00:23:54,560 Speaker 4: It absolutely does, And I'm glad you mentioned that because 442 00:23:54,680 --> 00:23:57,439 Speaker 4: it is on both sides of the Aisle. It is 443 00:23:57,800 --> 00:24:01,040 Speaker 4: usually every ten years. Now we're more and more at 444 00:24:01,040 --> 00:24:04,760 Speaker 4: these midterm points during this ten year period, and it 445 00:24:04,880 --> 00:24:08,280 Speaker 4: is really really made it very difficult for us to 446 00:24:08,359 --> 00:24:11,800 Speaker 4: have competitive elections in some of these districts. The number 447 00:24:11,840 --> 00:24:16,560 Speaker 4: of competitive elections in these districts has gone down dramatically, 448 00:24:16,920 --> 00:24:19,320 Speaker 4: and so what that means is we have people running 449 00:24:19,400 --> 00:24:21,760 Speaker 4: for Congress who are running to the far left and 450 00:24:21,840 --> 00:24:25,480 Speaker 4: the far right to win these very funky districts. Has 451 00:24:25,480 --> 00:24:28,160 Speaker 4: more a called them, and they absolutely are, and that 452 00:24:28,320 --> 00:24:30,960 Speaker 4: of a disservice to all of us. And so it's 453 00:24:31,000 --> 00:24:34,720 Speaker 4: one of these structural challenges we've long faced that has 454 00:24:34,840 --> 00:24:37,879 Speaker 4: a huge impact on our day to day lives and 455 00:24:37,960 --> 00:24:42,280 Speaker 4: politics and should be addressed by either Congress arguably or 456 00:24:42,320 --> 00:24:45,160 Speaker 4: the courts, but has not. And now we see what's 457 00:24:45,200 --> 00:24:47,359 Speaker 4: going to happen, and I think likely will happen in 458 00:24:47,440 --> 00:24:51,119 Speaker 4: Texas and potentially elsewhere as we move to the midterm. 459 00:24:51,720 --> 00:24:53,800 Speaker 2: What a great conversation, see what we can get done 460 00:24:53,840 --> 00:24:56,040 Speaker 2: around here when we're not trained on the Oval office 461 00:24:56,080 --> 00:24:59,879 Speaker 2: for three hours a day. Thanks for listening to The 462 00:25:00,000 --> 00:25:03,320 Speaker 2: Bolence of Power podcast. Make sure to subscribe if you 463 00:25:03,359 --> 00:25:06,840 Speaker 2: haven't already, at Apple, Spotify, or wherever you get your podcasts, 464 00:25:07,280 --> 00:25:09,719 Speaker 2: and you can find us live every weekday from Washington, 465 00:25:09,800 --> 00:25:12,880 Speaker 2: DC at noontime Eastern at Bloomberg dot com.