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 Coarckley 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 --> 00:00:24,520 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,239 --> 00:00:28,080 Speaker 2: I keep thinking it's Thursday, because well, this all started 7 00:00:28,120 --> 00:00:31,200 Speaker 2: on Sunday here at Bloomberg with special coverage and our 8 00:00:31,240 --> 00:00:33,840 Speaker 2: attention focused on Iran. Now that the President is making 9 00:00:33,880 --> 00:00:35,920 Speaker 2: his way back from the Netherlands at the NATO summit, 10 00:00:35,960 --> 00:00:39,639 Speaker 2: we are making a real shift back to Washington domestic 11 00:00:39,680 --> 00:00:42,840 Speaker 2: issues and namely his big beautiful bill. We've been talking 12 00:00:42,880 --> 00:00:44,839 Speaker 2: about the bird bath, of course all week, and some 13 00:00:44,880 --> 00:00:46,440 Speaker 2: of the items that have already been knocked out of 14 00:00:46,479 --> 00:00:48,159 Speaker 2: this legislation by the parliamentarian. 15 00:00:48,520 --> 00:00:49,920 Speaker 3: But now it's time to get real. 16 00:00:50,040 --> 00:00:51,960 Speaker 2: In the Senate, we're looking at a vote that could 17 00:00:51,960 --> 00:00:53,120 Speaker 2: come in the next couple of days. 18 00:00:53,120 --> 00:00:53,760 Speaker 3: We just don't know. 19 00:00:53,800 --> 00:00:57,000 Speaker 2: Remember John Thune originally wanted to vote today, Then they 20 00:00:57,040 --> 00:00:58,640 Speaker 2: thought maybe it would slide to Thursday. 21 00:00:58,680 --> 00:01:00,880 Speaker 3: Then we said a Friday vote. That's the plan. 22 00:01:00,960 --> 00:01:03,520 Speaker 2: Now we're hearing about a weekend voter rama, maybe a 23 00:01:03,640 --> 00:01:07,920 Speaker 2: Sunday vote. All of this could slide, which is making 24 00:01:07,959 --> 00:01:10,160 Speaker 2: some folks nervous when it comes to the timeline. 25 00:01:10,160 --> 00:01:12,120 Speaker 3: You know the drill. If you listen to this program. 26 00:01:12,200 --> 00:01:15,240 Speaker 2: President Trump wants it on his desk by the fourth 27 00:01:15,280 --> 00:01:17,680 Speaker 2: of July, and it's something that he's talked about quite 28 00:01:17,680 --> 00:01:21,360 Speaker 2: a bit unclear if that's going to happen, because then 29 00:01:21,400 --> 00:01:23,440 Speaker 2: the House has to take pretty much whatever the Senate 30 00:01:23,480 --> 00:01:26,000 Speaker 2: passes back to them next week, codify the Senate to 31 00:01:26,040 --> 00:01:29,080 Speaker 2: the President, and not a lot of folks are assuming 32 00:01:29,120 --> 00:01:30,200 Speaker 2: that that's going to happen. 33 00:01:30,240 --> 00:01:30,319 Speaker 4: Now. 34 00:01:30,360 --> 00:01:32,640 Speaker 2: Of course, if this bill does not pass, and everyone's 35 00:01:32,640 --> 00:01:34,800 Speaker 2: got a problem with something inside of it, it's going 36 00:01:34,840 --> 00:01:37,360 Speaker 2: to mean a big tax hike the expiration of the 37 00:01:37,360 --> 00:01:42,319 Speaker 2: Trump tax cuts from twenty seventeen. Enter Jay Timmins, the 38 00:01:42,319 --> 00:01:45,640 Speaker 2: man who runs the National Association of Manufacturers at the 39 00:01:45,680 --> 00:01:48,760 Speaker 2: Treasury Department. Today helping to push this along, but also 40 00:01:49,000 --> 00:01:52,360 Speaker 2: out with new information from the association. What would it 41 00:01:52,400 --> 00:01:55,840 Speaker 2: mean if this didn't pass? Say goodbye to one million 42 00:01:55,920 --> 00:02:00,360 Speaker 2: manufacturing jobs according to the research. Jay Timmins with us 43 00:02:00,400 --> 00:02:02,760 Speaker 2: now the president of the National Association. 44 00:02:02,760 --> 00:02:04,760 Speaker 3: It's great to see you. Welcome back as always, to Blueberg. 45 00:02:04,840 --> 00:02:05,560 Speaker 5: Good to see, Joe. 46 00:02:06,480 --> 00:02:08,280 Speaker 2: This is pretty tough stuff, and I'm going to pull 47 00:02:08,280 --> 00:02:09,520 Speaker 2: it up in front of me here. It's not just 48 00:02:09,600 --> 00:02:12,440 Speaker 2: the jobs. It's five hundred and forty billion dollars in 49 00:02:12,520 --> 00:02:16,600 Speaker 2: lost wages, over a trillion dollars in lost GDP. Are 50 00:02:16,600 --> 00:02:19,639 Speaker 2: you getting nervous that this is starting to slide too far? 51 00:02:19,800 --> 00:02:20,320 Speaker 5: You know, I'm not. 52 00:02:20,560 --> 00:02:24,320 Speaker 6: Yeah, I am an eternal optimist, so that helps, especially 53 00:02:24,320 --> 00:02:27,720 Speaker 6: when you're in Washington these days. But look, I mean, 54 00:02:28,400 --> 00:02:32,119 Speaker 6: the economic impact is so devastating if this doesn't get through. 55 00:02:32,760 --> 00:02:35,960 Speaker 6: Members of Congress, frankly, of both parties acknowledge that even 56 00:02:36,000 --> 00:02:38,280 Speaker 6: though this will end up being a partisan bill and 57 00:02:38,280 --> 00:02:42,440 Speaker 6: it will be a discussion among Republicans about what the 58 00:02:42,440 --> 00:02:43,680 Speaker 6: final legislation looks like. 59 00:02:43,720 --> 00:02:45,799 Speaker 5: But I'm really optimistic it's going to get done. 60 00:02:45,800 --> 00:02:47,960 Speaker 6: And you had mentioned that the President wants to get 61 00:02:47,960 --> 00:02:49,919 Speaker 6: it passed by Congress by July fourth. 62 00:02:50,160 --> 00:02:51,760 Speaker 5: I think he actually wants to sign it. 63 00:02:51,680 --> 00:02:53,720 Speaker 3: By desk right. 64 00:02:53,800 --> 00:02:56,440 Speaker 6: The fireworks are going to go on, exactly, but I 65 00:02:56,480 --> 00:02:58,639 Speaker 6: can see him choreographing the entire show. 66 00:02:58,680 --> 00:03:00,239 Speaker 3: Oh absolutely, do you care? 67 00:03:00,840 --> 00:03:02,320 Speaker 2: You want to see this done by the end of 68 00:03:02,320 --> 00:03:04,920 Speaker 2: the year, before the tax cuts potentially expire. 69 00:03:05,000 --> 00:03:07,840 Speaker 6: Right, Well, absolutely, So, Look, the good news is or 70 00:03:07,880 --> 00:03:09,320 Speaker 6: does it need to happen by the force? 71 00:03:09,320 --> 00:03:11,240 Speaker 5: No, it does, it does. Let me tell you why. 72 00:03:11,320 --> 00:03:11,480 Speaker 3: Yeah. 73 00:03:11,560 --> 00:03:13,200 Speaker 5: First of all, let's talk about the good news. 74 00:03:13,200 --> 00:03:16,919 Speaker 6: The good news is that the corporate rates that were 75 00:03:16,919 --> 00:03:22,120 Speaker 6: instituted in twenty seventeen remain intact. They're not messed around 76 00:03:22,160 --> 00:03:24,960 Speaker 6: with in the bill, so they're permanent already. But the 77 00:03:25,000 --> 00:03:27,080 Speaker 6: real problem we have, and those numbers that you cited 78 00:03:27,680 --> 00:03:32,040 Speaker 6: from our study that we did with ey, that is 79 00:03:32,360 --> 00:03:36,400 Speaker 6: as a result of some provisions that have already expired, 80 00:03:37,200 --> 00:03:41,080 Speaker 6: and the part that is really devastating, which is the 81 00:03:41,960 --> 00:03:45,760 Speaker 6: pass through deduction for small businesses. If that expires, their 82 00:03:45,760 --> 00:03:47,640 Speaker 6: tax rate goes up enormous. 83 00:03:47,720 --> 00:03:48,840 Speaker 3: What's already expired. 84 00:03:49,360 --> 00:03:50,400 Speaker 5: So the. 85 00:03:51,920 --> 00:03:56,240 Speaker 6: R and D text deduction, the interest deductibility when you 86 00:03:56,280 --> 00:03:58,320 Speaker 6: want to make expensing and so we want to make 87 00:03:58,320 --> 00:04:02,480 Speaker 6: it permanent, and the Senate side has done that. So 88 00:04:02,520 --> 00:04:04,800 Speaker 6: that's why we really like the Senate bill. We love 89 00:04:04,840 --> 00:04:09,040 Speaker 6: the House bill too. They did Yeoman's work. There literally 90 00:04:09,080 --> 00:04:12,160 Speaker 6: all ten of our key priorities in that bill, the 91 00:04:12,200 --> 00:04:14,839 Speaker 6: Senate retained them and actually made them better. There are 92 00:04:15,000 --> 00:04:17,840 Speaker 6: still a few issues that we'd like to see resolved 93 00:04:17,880 --> 00:04:20,840 Speaker 6: in the Senate bill, But that permanency is really important. 94 00:04:20,920 --> 00:04:21,120 Speaker 7: Right. 95 00:04:21,200 --> 00:04:23,680 Speaker 6: And when you ask is it okay to get it 96 00:04:23,720 --> 00:04:26,520 Speaker 6: done at the end of the year versus say now. 97 00:04:26,440 --> 00:04:27,279 Speaker 3: Your members say no. 98 00:04:27,760 --> 00:04:29,000 Speaker 5: Well, here's why. 99 00:04:29,200 --> 00:04:35,159 Speaker 6: Right, you're talking about multi billion dollar, hundreds of billions 100 00:04:35,160 --> 00:04:41,240 Speaker 6: of dollars in planning for investments here in the United States. 101 00:04:41,600 --> 00:04:44,080 Speaker 5: You don't just do that with a flip of the 102 00:04:44,160 --> 00:04:44,920 Speaker 5: light switch, right. 103 00:04:45,000 --> 00:04:48,760 Speaker 6: So, frankly, I'm worried that it's already too late to 104 00:04:48,800 --> 00:04:52,080 Speaker 6: plan for twenty twenty six and twenty twenty seven. But 105 00:04:52,440 --> 00:04:55,200 Speaker 6: hopefully if we get it done now, they can make 106 00:04:55,240 --> 00:04:56,800 Speaker 6: those plans for those investments. 107 00:04:56,839 --> 00:05:01,080 Speaker 2: Interesting, we talk about permanence with regard to business tax cuts. 108 00:05:01,240 --> 00:05:03,440 Speaker 3: This has been a drive on the Senate side. 109 00:05:03,440 --> 00:05:05,560 Speaker 2: To your point, it's about to come back to the 110 00:05:05,560 --> 00:05:08,960 Speaker 2: House where they want to have a forty thousand dollars 111 00:05:08,960 --> 00:05:10,039 Speaker 2: cap on salts. 112 00:05:10,760 --> 00:05:12,760 Speaker 3: And this is where the push and pull starts. 113 00:05:12,760 --> 00:05:15,160 Speaker 2: To I say, they a small group of lawmakers from 114 00:05:15,200 --> 00:05:17,320 Speaker 2: states like New York and New Jersey. You know how 115 00:05:17,360 --> 00:05:19,960 Speaker 2: delicate this whole balance is. If you make the tax 116 00:05:20,000 --> 00:05:22,320 Speaker 2: cuts permanent, that gets to be a lot more difficult 117 00:05:22,320 --> 00:05:26,560 Speaker 2: to pay for the salt deduction. This is the debate 118 00:05:26,600 --> 00:05:29,039 Speaker 2: that's happening right now. And if you could bring us 119 00:05:29,080 --> 00:05:30,120 Speaker 2: in the room, what do you hear them from? 120 00:05:30,160 --> 00:05:30,600 Speaker 3: Lawmakers? 121 00:05:31,000 --> 00:05:32,720 Speaker 5: So here's the interesting thing. 122 00:05:32,800 --> 00:05:37,800 Speaker 6: If you look at the House and how they had 123 00:05:37,839 --> 00:05:41,840 Speaker 6: to arrive at their final numbers, they have one way 124 00:05:41,880 --> 00:05:46,719 Speaker 6: that they're they're measuring revenue. The Senate has a different policy. 125 00:05:46,880 --> 00:05:48,000 Speaker 3: This is the current baseline. 126 00:05:48,200 --> 00:05:50,239 Speaker 2: Yeah, we walk out hard on this show so people 127 00:05:50,240 --> 00:05:51,640 Speaker 2: will actually know what you're talking about. 128 00:05:51,920 --> 00:05:53,240 Speaker 5: Well, so, so look, we. 129 00:05:53,279 --> 00:05:57,440 Speaker 3: Assuming the Parliament's policy, right, you want the current policy baseline. 130 00:05:57,600 --> 00:05:58,479 Speaker 5: The Senate side. 131 00:05:58,360 --> 00:06:01,760 Speaker 6: Right the way, there's boring it and that gives them 132 00:06:01,760 --> 00:06:04,960 Speaker 6: a little bit more flexibility. Now, I don't know how 133 00:06:05,080 --> 00:06:09,520 Speaker 6: much flexibility I understand what members of Congress are pushing 134 00:06:09,560 --> 00:06:13,360 Speaker 6: for when they represent states that have you know, where 135 00:06:13,360 --> 00:06:16,719 Speaker 6: they want to higher limit on the salt deduction. For 136 00:06:16,920 --> 00:06:20,240 Speaker 6: us though, our number one priority is you might guess, 137 00:06:21,040 --> 00:06:26,040 Speaker 6: is we want to make sure that those business taxes 138 00:06:26,520 --> 00:06:30,840 Speaker 6: are permanent so that again businesses can plan for the future. Yes, 139 00:06:31,440 --> 00:06:33,960 Speaker 6: we're all in on the president's call for growing more 140 00:06:34,040 --> 00:06:36,760 Speaker 6: manufacturing here in the United States. That has been a 141 00:06:36,800 --> 00:06:40,880 Speaker 6: consistent thread through every administration Republican and Democrat for as 142 00:06:40,920 --> 00:06:46,320 Speaker 6: long as I've been in this job. But President Trump 143 00:06:46,400 --> 00:06:48,880 Speaker 6: is probably a bigger champion than anybody I've ever seen 144 00:06:49,000 --> 00:06:53,400 Speaker 6: of making sure that we grow domestic manufacturing. But we 145 00:06:53,440 --> 00:06:56,680 Speaker 6: can only do that if we have a comprehensive manufacturing strategy, 146 00:06:56,720 --> 00:07:00,360 Speaker 6: which involves permanence on the tax front, also involve uh, 147 00:07:01,120 --> 00:07:04,960 Speaker 6: you know, modernized regulations. It involves a smart trade policy, 148 00:07:05,000 --> 00:07:08,080 Speaker 6: it involves workforce development, and I would argue it also 149 00:07:08,279 --> 00:07:11,320 Speaker 6: involves having immigration reform on some type. 150 00:07:11,760 --> 00:07:14,520 Speaker 2: Well that's actually fascinating and and well, you are speaking 151 00:07:14,560 --> 00:07:16,800 Speaker 2: Donald Trump's language there, I suppose is he about to 152 00:07:16,840 --> 00:07:19,000 Speaker 2: pick up the phone? Do you want him to push 153 00:07:19,040 --> 00:07:20,680 Speaker 2: this thing over the top. A lot of people say, 154 00:07:20,800 --> 00:07:22,440 Speaker 2: have a feeling he's the only one who's going to 155 00:07:22,480 --> 00:07:22,640 Speaker 2: do it. 156 00:07:22,840 --> 00:07:24,920 Speaker 6: I mean, don't you think he's probably gonna Well, yeah, 157 00:07:24,960 --> 00:07:27,960 Speaker 6: I mean he's he just wait till Friday watched True 158 00:07:28,040 --> 00:07:30,800 Speaker 6: Social and where he is not shy about picking up 159 00:07:30,800 --> 00:07:32,160 Speaker 6: the phone and telling members. 160 00:07:31,880 --> 00:07:34,200 Speaker 5: Of Congress what they what he would like to see 161 00:07:34,240 --> 00:07:34,520 Speaker 5: them do. 162 00:07:34,720 --> 00:07:38,320 Speaker 6: And and frankly, on this, we're going to agree pretty 163 00:07:38,320 --> 00:07:40,800 Speaker 6: strongly with the President that this needs to get across 164 00:07:40,840 --> 00:07:44,080 Speaker 6: the lines, yes, and and again. You know you cited 165 00:07:44,160 --> 00:07:48,040 Speaker 6: those those those macro numbers, but we've broken it down 166 00:07:48,160 --> 00:07:53,120 Speaker 6: state by state, district by district, so members know exactly 167 00:07:53,240 --> 00:07:55,160 Speaker 6: what is at stake here in terms of the number 168 00:07:55,200 --> 00:07:58,720 Speaker 6: of manufacturing jobs that they will lose in their congressional 169 00:07:58,760 --> 00:08:02,320 Speaker 6: district if they v no right, how much you know, 170 00:08:02,400 --> 00:08:04,640 Speaker 6: how much investment could potentially be lost. 171 00:08:04,720 --> 00:08:06,440 Speaker 5: All that information is there for them to see. 172 00:08:06,440 --> 00:08:09,320 Speaker 6: We have a calculator on our website and by the way, 173 00:08:09,360 --> 00:08:11,120 Speaker 6: anybody can go to that and take a look at 174 00:08:11,160 --> 00:08:12,720 Speaker 6: what does that mean for them back home? 175 00:08:12,840 --> 00:08:14,280 Speaker 3: Well, that's fascinating, so that when J. 176 00:08:14,400 --> 00:08:17,320 Speaker 2: Timmins walking the halls of Congress, they know you're coming 177 00:08:17,360 --> 00:08:21,200 Speaker 2: with some pretty hard truths. What's the more difficult meeting 178 00:08:21,280 --> 00:08:23,239 Speaker 2: right now when you're knocking on doors on the Senate 179 00:08:23,320 --> 00:08:26,160 Speaker 2: side or the House side, because it seems like the 180 00:08:26,200 --> 00:08:28,160 Speaker 2: nerves are on the House side, knowing that they might 181 00:08:28,160 --> 00:08:30,680 Speaker 2: have to swallow whatever comes back, they might need a 182 00:08:30,720 --> 00:08:32,640 Speaker 2: guy like J. Timmins to remind them of what's at 183 00:08:32,679 --> 00:08:33,120 Speaker 2: stake here. 184 00:08:33,200 --> 00:08:37,439 Speaker 6: So you know, thank you, But it's actually the people 185 00:08:37,520 --> 00:08:40,480 Speaker 6: in their districts that really matter, right, It's the folks 186 00:08:40,480 --> 00:08:43,360 Speaker 6: that are on those shop floors. Are they calling? They are, Yeah, 187 00:08:43,400 --> 00:08:47,760 Speaker 6: and they are. They are flooding Congressional offices with messages 188 00:08:47,840 --> 00:08:50,480 Speaker 6: of hey, please support this bill. It's important from my job. 189 00:08:50,920 --> 00:08:53,680 Speaker 6: It's also important for the health and strength and vitality 190 00:08:53,720 --> 00:08:57,080 Speaker 6: of our community. Again, I think members of Congress understand that. 191 00:08:57,200 --> 00:08:57,440 Speaker 3: Yeah. 192 00:08:57,480 --> 00:09:00,080 Speaker 6: Again, I don't blame members of Congress for trying to 193 00:09:00,120 --> 00:09:02,560 Speaker 6: get something that is very parochial to their district. That 194 00:09:02,640 --> 00:09:05,440 Speaker 6: makes perfect sense to me. In the end, we have 195 00:09:05,520 --> 00:09:08,280 Speaker 6: to think about what is in the national interest. Getting 196 00:09:08,280 --> 00:09:11,360 Speaker 6: this bill across the line is definitely in our national 197 00:09:11,360 --> 00:09:14,240 Speaker 6: interest as far as economic security, And I would argue 198 00:09:14,240 --> 00:09:15,440 Speaker 6: with national security as well. 199 00:09:15,800 --> 00:09:18,040 Speaker 3: Debt and deficits bother you at all. 200 00:09:18,200 --> 00:09:20,440 Speaker 6: Yeah, they definitely bother me. And I think we're going 201 00:09:20,480 --> 00:09:22,760 Speaker 6: to have to take a hard look at spending. But look, 202 00:09:22,800 --> 00:09:25,200 Speaker 6: here's one thing I learned from George Allen, who was 203 00:09:25,280 --> 00:09:28,080 Speaker 6: my mentor and he was the governor Virginia. 204 00:09:28,240 --> 00:09:29,120 Speaker 5: Is his chief of staff. 205 00:09:30,559 --> 00:09:34,400 Speaker 6: You know, we were confronted with similar issues in Virginia 206 00:09:34,480 --> 00:09:37,559 Speaker 6: where you have to have a balanced budget. It's a 207 00:09:37,600 --> 00:09:41,079 Speaker 6: requirement constitutionally in Virginia. And he said, look, you know, 208 00:09:41,160 --> 00:09:44,160 Speaker 6: budgets are about priorities and what is our number one priority. 209 00:09:44,200 --> 00:09:47,120 Speaker 6: Our number one priority is to grow the economy so 210 00:09:47,200 --> 00:09:50,559 Speaker 6: that more people benefit. We can have more taxpayers actually 211 00:09:50,600 --> 00:09:54,480 Speaker 6: putting money into the treasury, so we can grow programs 212 00:09:54,520 --> 00:09:57,440 Speaker 6: that help more people. So I think we have to 213 00:09:57,520 --> 00:10:02,560 Speaker 6: identify that strengthening the business outlook in this country, the 214 00:10:02,640 --> 00:10:06,840 Speaker 6: job creating outlook in this country, and investment outlook is 215 00:10:06,960 --> 00:10:09,800 Speaker 6: better for the American people as a whole, and then 216 00:10:09,840 --> 00:10:11,800 Speaker 6: we can start looking at how do we manage the 217 00:10:11,880 --> 00:10:15,360 Speaker 6: growth of some of these other programs that I would 218 00:10:15,440 --> 00:10:19,120 Speaker 6: argue many of those are obviously very, very important, but 219 00:10:19,280 --> 00:10:20,840 Speaker 6: you have to have the money and the revenue in 220 00:10:20,920 --> 00:10:23,760 Speaker 6: order to fund those programs. And that's what we want 221 00:10:23,760 --> 00:10:25,520 Speaker 6: to do in the business community, right We want to 222 00:10:25,520 --> 00:10:27,720 Speaker 6: grow jobs, We want to grow the US treasury. 223 00:10:27,840 --> 00:10:30,319 Speaker 2: We spent the balance of this conversation with j. Timmins 224 00:10:30,360 --> 00:10:34,800 Speaker 2: talking about uncertainty for business, trying to make plans for 225 00:10:34,800 --> 00:10:37,240 Speaker 2: the rest of this year. Tariffs play into that as well. 226 00:10:37,280 --> 00:10:39,840 Speaker 2: How concerned are you about July ninth? What's going to happen? 227 00:10:40,240 --> 00:10:42,760 Speaker 2: What are they telling you out of the administration what 228 00:10:43,160 --> 00:10:43,760 Speaker 2: to prepare for? 229 00:10:43,800 --> 00:10:46,880 Speaker 6: You know, isn't it funny you heard all along the 230 00:10:46,920 --> 00:10:50,520 Speaker 6: way that wow, this bill is not going to pass 231 00:10:50,559 --> 00:10:52,360 Speaker 6: the House. While the bill's not to pass the Senate. 232 00:10:53,679 --> 00:10:56,240 Speaker 6: Right now, Republicans control the House, the Senate, and the 233 00:10:56,240 --> 00:10:59,760 Speaker 6: White House, and they're very unified, and the President is 234 00:11:00,160 --> 00:11:02,680 Speaker 6: pushing the members of Congress to get things done on 235 00:11:02,679 --> 00:11:06,600 Speaker 6: the tech side. I think he's probably just as eager 236 00:11:06,640 --> 00:11:10,160 Speaker 6: to get the eighty nine agreements that are still outstanding done. 237 00:11:10,280 --> 00:11:12,040 Speaker 6: He said he wanted to get him done by July 238 00:11:12,160 --> 00:11:14,040 Speaker 6: three nine. We certainly hope he can. 239 00:11:14,200 --> 00:11:14,280 Speaker 8: Ye. 240 00:11:14,440 --> 00:11:16,720 Speaker 3: Yeah, how about to extend this again? If they're not 241 00:11:16,760 --> 00:11:17,560 Speaker 3: all done, well. 242 00:11:17,440 --> 00:11:19,760 Speaker 5: That's uncertain That creates uncertainty too. 243 00:11:20,120 --> 00:11:23,480 Speaker 6: So just like I want to see this get done, 244 00:11:23,520 --> 00:11:24,960 Speaker 6: I want to see it get done in a way 245 00:11:25,000 --> 00:11:29,680 Speaker 6: that benefits manufacturers in the United States, certainly because I 246 00:11:29,760 --> 00:11:32,920 Speaker 6: represent manufacturers in the United States and what's good for 247 00:11:33,559 --> 00:11:37,440 Speaker 6: American consumers as well. One of the things that I 248 00:11:37,480 --> 00:11:39,280 Speaker 6: think has been a bit of a hiccup. 249 00:11:39,400 --> 00:11:41,080 Speaker 3: Yeah, just have thirty seconds. 250 00:11:41,200 --> 00:11:43,680 Speaker 6: So we need to make sure that we can actually 251 00:11:44,120 --> 00:11:48,200 Speaker 6: incentivize investment. So we have a proposal to provide an 252 00:11:48,280 --> 00:11:50,920 Speaker 6: investment accelerator, and we're going to be sure. 253 00:11:51,120 --> 00:11:54,080 Speaker 3: Essentially, Yeah, talk to us more about that. Jay, That's fascinating. 254 00:11:54,240 --> 00:11:57,880 Speaker 2: Jay Tibbins, National Association of Manufacturers, stay close to us 255 00:11:57,920 --> 00:11:58,600 Speaker 2: for this process. 256 00:11:58,600 --> 00:12:00,640 Speaker 3: Good to see you. As always, this is Bloomberg. 257 00:12:02,840 --> 00:12:06,320 Speaker 1: You're listening to the Bloomberg Balance of Power podcasts. Catch 258 00:12:06,400 --> 00:12:09,240 Speaker 1: us live weekdays at noon and five pm. He's den 259 00:12:09,400 --> 00:12:12,800 Speaker 1: on Apple Cocklay and Android Auto with the Bloomberg Business App. 260 00:12:12,880 --> 00:12:15,880 Speaker 1: You can also listen live on Amazon Alexa from our 261 00:12:15,920 --> 00:12:20,439 Speaker 1: flagship New York station, Just say Alexa Play Bloomberg eleven thirty. 262 00:12:21,720 --> 00:12:24,319 Speaker 9: We continue to keep an eye on all things politics, 263 00:12:24,360 --> 00:12:28,520 Speaker 9: both domestic and geopolitics. Of course, President Trump is doing 264 00:12:28,559 --> 00:12:30,199 Speaker 9: the same as he makes his way back from the 265 00:12:30,240 --> 00:12:32,880 Speaker 9: Hague in the Netherlands, where he attended the NATO summit. 266 00:12:32,920 --> 00:12:35,920 Speaker 9: He's on Air Force one, which, as we've learned and 267 00:12:36,040 --> 00:12:38,120 Speaker 9: certainly saw on display yesterday, happens to be one of 268 00:12:38,120 --> 00:12:41,080 Speaker 9: his favorite times to post on true social on a 269 00:12:41,160 --> 00:12:44,400 Speaker 9: number of subjects. Just a few minutes ago. Aboard the aircraft, 270 00:12:44,720 --> 00:12:48,760 Speaker 9: President Trump tweeting about the US is what he calls 271 00:12:48,800 --> 00:12:52,320 Speaker 9: obliteration of Iran's nuclear sites over this past weekend. He 272 00:12:52,360 --> 00:12:55,080 Speaker 9: says the following quote, Israel just stated that the nuclear 273 00:12:55,120 --> 00:12:57,920 Speaker 9: sites were obliterated. Thank you to our great b two 274 00:12:57,960 --> 00:13:02,520 Speaker 9: pilots and all others involved doubling down on this obliteration language, after, 275 00:13:02,559 --> 00:13:05,840 Speaker 9: of course, the leaking yesterday of early reports from the 276 00:13:05,880 --> 00:13:11,760 Speaker 9: Pentagon's own intelligence suggestions that said that the preliminary read 277 00:13:11,920 --> 00:13:14,920 Speaker 9: was that the US actually had only set Iron's nuclear 278 00:13:14,960 --> 00:13:17,400 Speaker 9: program back by a few months. That is something that 279 00:13:17,440 --> 00:13:20,120 Speaker 9: today Joe, while at the NATO summit and again on 280 00:13:20,160 --> 00:13:23,959 Speaker 9: social media, the President has pushed back strongly against. 281 00:13:23,640 --> 00:13:26,640 Speaker 2: Despite some mixed messages earlier at the NATO summit, when 282 00:13:26,640 --> 00:13:29,040 Speaker 2: you actually read through what he said, insisting the program 283 00:13:29,120 --> 00:13:33,680 Speaker 2: had been set back decades, not forever, that Fordeaux was 284 00:13:33,800 --> 00:13:36,640 Speaker 2: all collapsed. Then he went on to acknowledge the intelligence 285 00:13:36,679 --> 00:13:39,000 Speaker 2: this is a quote was very inconclusive. 286 00:13:39,480 --> 00:13:40,040 Speaker 3: We don't know. 287 00:13:40,160 --> 00:13:42,600 Speaker 2: He said, it could have been very severe. So I 288 00:13:42,600 --> 00:13:44,520 Speaker 2: guess that's correct. But I think we can take away 289 00:13:44,520 --> 00:13:47,120 Speaker 2: that we don't know. So this is something that's still 290 00:13:47,200 --> 00:13:49,199 Speaker 2: rattling around his mind here, and I guess he's got 291 00:13:49,200 --> 00:13:52,560 Speaker 2: some reinforcement from officials in Israel. We wanted to play 292 00:13:52,559 --> 00:13:54,720 Speaker 2: this to the panel, along with the full on reaction 293 00:13:55,200 --> 00:13:58,080 Speaker 2: at this NATO summit to what just took place between Israel, 294 00:13:58,120 --> 00:14:02,080 Speaker 2: Iran and the US Bloom Politics contributor Jeanie Shanzeno is 295 00:14:02,080 --> 00:14:05,640 Speaker 2: with US Democratic analyst and of course senior Democracy fellow 296 00:14:05,679 --> 00:14:07,480 Speaker 2: with the Center for the Study of the Presidency in 297 00:14:07,480 --> 00:14:11,280 Speaker 2: Congress and Republican strategist Ashley Davis with S three Group 298 00:14:11,760 --> 00:14:14,600 Speaker 2: partner with US as well. It's great to have both 299 00:14:14,600 --> 00:14:16,040 Speaker 2: of you back for our conversation. 300 00:14:16,520 --> 00:14:18,640 Speaker 3: Ashley, what do you make of this? You spent enough time. 301 00:14:18,480 --> 00:14:22,160 Speaker 2: In the national security space, You've had a security clearance, 302 00:14:22,200 --> 00:14:25,960 Speaker 2: you understand the sensitivity of this information. And the administration 303 00:14:26,040 --> 00:14:28,360 Speaker 2: is telling us that these reports from the likes of 304 00:14:28,400 --> 00:14:32,920 Speaker 2: The New York Times, Washington Post, CNN about the intelligence 305 00:14:33,440 --> 00:14:37,080 Speaker 2: telling us something other than the nuclear program was obliterated. 306 00:14:37,640 --> 00:14:40,200 Speaker 3: Is this half baked? Is it preliminary? How should we 307 00:14:40,240 --> 00:14:40,600 Speaker 3: read it? 308 00:14:41,840 --> 00:14:45,000 Speaker 10: Yes? Absolutely, Jo, And as you would expect, this one 309 00:14:45,040 --> 00:14:48,840 Speaker 10: gets my blood boilt because I'm so happy that the 310 00:14:48,920 --> 00:14:53,080 Speaker 10: FBI is investigating who leaked this information, because talking about 311 00:14:53,120 --> 00:14:56,800 Speaker 10: something that could hurt our national security is it's just 312 00:14:56,880 --> 00:14:59,320 Speaker 10: unbelievable that this is where some of these people are 313 00:14:59,400 --> 00:15:02,520 Speaker 10: and that their work for our government. But there's seventeen 314 00:15:02,680 --> 00:15:06,440 Speaker 10: other areas of the intelligence community that are also reviewing 315 00:15:06,520 --> 00:15:10,359 Speaker 10: what happened in Iran, and this is one of the seventeen, 316 00:15:10,480 --> 00:15:16,920 Speaker 10: so we have sixteen more definitely preliminary information. But it's 317 00:15:16,960 --> 00:15:17,680 Speaker 10: frustrating to me. 318 00:15:17,840 --> 00:15:19,200 Speaker 11: Sorry, I'm getting a little like. 319 00:15:20,760 --> 00:15:24,880 Speaker 10: My tempers coming out, because it's like our US military 320 00:15:25,560 --> 00:15:31,240 Speaker 10: had just done an unbelievable campaign with no American soldiers 321 00:15:31,280 --> 00:15:34,720 Speaker 10: getting hurt, with the strongest military in the world ever, 322 00:15:34,960 --> 00:15:39,640 Speaker 10: a country that has been sponsoring terrorism for decades, with 323 00:15:39,800 --> 00:15:43,000 Speaker 10: death to Americans, death to America, and we are having 324 00:15:43,040 --> 00:15:48,440 Speaker 10: a conversation about some sort of intelligence that's not even 325 00:15:48,480 --> 00:15:51,880 Speaker 10: one hundred percent baked about if this is two weeks, 326 00:15:51,880 --> 00:15:54,880 Speaker 10: two months, or five years of how pushed back that 327 00:15:54,960 --> 00:15:57,320 Speaker 10: they are in regards to making a nuclear weapon. We're 328 00:15:57,360 --> 00:15:59,880 Speaker 10: not taking the success of. What we should have is 329 00:16:00,320 --> 00:16:04,200 Speaker 10: the fact that after years and decades of US trying 330 00:16:04,200 --> 00:16:07,800 Speaker 10: to negotiate with this regime, it has never worked. The 331 00:16:07,840 --> 00:16:10,640 Speaker 10: President did say he was going to do this, and 332 00:16:10,720 --> 00:16:13,600 Speaker 10: he did it, and now he's trying to broker a 333 00:16:13,600 --> 00:16:16,080 Speaker 10: peace deal, and that's what we should be concentrating on 334 00:16:16,600 --> 00:16:20,280 Speaker 10: more than anything, and thanking our military. 335 00:16:21,320 --> 00:16:21,560 Speaker 12: Well. 336 00:16:21,680 --> 00:16:24,760 Speaker 9: But the military was also involved in this assessment. Actually 337 00:16:24,840 --> 00:16:27,320 Speaker 9: it was Central Command and their damage report that the 338 00:16:27,360 --> 00:16:31,280 Speaker 9: Pentagon's intelligence operation is relying on on this early assessment, 339 00:16:31,360 --> 00:16:34,040 Speaker 9: is it also just as bad to push back on 340 00:16:34,120 --> 00:16:37,360 Speaker 9: our intelligence gathering apparatus and those who are actually trying 341 00:16:37,400 --> 00:16:40,000 Speaker 9: to make sure that they get an accurate assessment of 342 00:16:40,040 --> 00:16:43,040 Speaker 9: what they were really able to accomplish. 343 00:16:43,120 --> 00:16:46,080 Speaker 10: So what happens normally is the seventeen different parts of 344 00:16:46,120 --> 00:16:51,480 Speaker 10: the intelligence world come together and our allies such as Israel, 345 00:16:51,840 --> 00:16:55,120 Speaker 10: will come together to make one report. And so all 346 00:16:55,160 --> 00:16:59,800 Speaker 10: these seventeen different areas of intelligence do their own part. Yes, 347 00:17:00,000 --> 00:17:02,120 Speaker 10: this is one part of the d D one hundred percent, 348 00:17:02,120 --> 00:17:05,520 Speaker 10: and I agree with that. So whatever they came out with, 349 00:17:05,640 --> 00:17:07,720 Speaker 10: they don't have the full picture of all the other 350 00:17:07,760 --> 00:17:11,080 Speaker 10: intelligence that we use. So it's just but listen, I 351 00:17:11,080 --> 00:17:13,120 Speaker 10: get it. I mean, this has become a political thing 352 00:17:13,119 --> 00:17:17,879 Speaker 10: more than anything, and so it's what the especially the Democrats, 353 00:17:17,880 --> 00:17:18,760 Speaker 10: are kind of pushing on. 354 00:17:20,040 --> 00:17:21,680 Speaker 3: What do you think of this conversation, Jeanie. 355 00:17:21,720 --> 00:17:22,920 Speaker 2: I know we've been in it for a couple of 356 00:17:23,040 --> 00:17:25,680 Speaker 2: days now, and you've been part of it here every day. 357 00:17:25,680 --> 00:17:29,400 Speaker 2: On balance of power, the President suggests that questioning the 358 00:17:29,520 --> 00:17:33,520 Speaker 2: veracity of the intelligence or the result of the strike 359 00:17:33,640 --> 00:17:36,399 Speaker 2: is in disrespect to the pilots who put their lives 360 00:17:36,400 --> 00:17:38,159 Speaker 2: in danger to conduct this mission. 361 00:17:38,200 --> 00:17:38,640 Speaker 3: Is he right? 362 00:17:40,280 --> 00:17:43,400 Speaker 11: No, he's absolutely wrong, And listen, I don't want Ashley's 363 00:17:43,400 --> 00:17:47,560 Speaker 11: blood to boil anymore than it is. Sorry say that. 364 00:17:48,320 --> 00:17:51,880 Speaker 10: It's okay, Genie, I love you get. 365 00:17:52,640 --> 00:17:57,800 Speaker 11: The reality, though, is that the administration had an objective, 366 00:17:57,960 --> 00:18:02,280 Speaker 11: and that was to denuclearize Iran for as long as possible. 367 00:18:02,720 --> 00:18:06,879 Speaker 11: And we understand the reports that have come out are preliminary. 368 00:18:07,000 --> 00:18:11,200 Speaker 11: Obviously Ashley's absolutely right about that. We need to wait 369 00:18:11,240 --> 00:18:15,199 Speaker 11: and see what those assessment assessments are. But even in 370 00:18:15,240 --> 00:18:20,480 Speaker 11: the best case scenario, if their nuclear infrastructure was obliterated, 371 00:18:20,880 --> 00:18:26,960 Speaker 11: there isn't an international intelligence operative out there or any 372 00:18:27,040 --> 00:18:30,360 Speaker 11: scholar who has looked at this who hasn't said Iran 373 00:18:30,560 --> 00:18:35,760 Speaker 11: cannot rebuild this. And so the reality is the objective 374 00:18:35,840 --> 00:18:39,520 Speaker 11: to denuclearize. Is it best to do it via bombing 375 00:18:39,840 --> 00:18:42,639 Speaker 11: like we did, or was it best to try to 376 00:18:42,720 --> 00:18:45,359 Speaker 11: negotiate so we could get people on the ground to 377 00:18:45,440 --> 00:18:49,000 Speaker 11: see how they're doing. The President chose the former. He 378 00:18:49,240 --> 00:18:53,200 Speaker 11: chose to bomb, and now he is terribly frustrated by 379 00:18:53,240 --> 00:18:58,040 Speaker 11: the reality that Iran will rebuild. It doesn't matter if 380 00:18:58,080 --> 00:19:01,040 Speaker 11: they go to the negotiating table or not. In fact, 381 00:19:01,520 --> 00:19:05,920 Speaker 11: he has given every country out there, who's looking at Libya, 382 00:19:05,960 --> 00:19:08,720 Speaker 11: looking at Ukraine, looking now at Iran, what are they 383 00:19:08,760 --> 00:19:11,359 Speaker 11: all saying? My gosh, I better rush and do what 384 00:19:11,400 --> 00:19:14,760 Speaker 11: North Korea did and get myself a bomb however I can, 385 00:19:15,080 --> 00:19:18,639 Speaker 11: because that is the only way I'm going to defend myself. 386 00:19:19,040 --> 00:19:22,640 Speaker 11: And so this has worked at counter purposes. The president 387 00:19:22,720 --> 00:19:26,679 Speaker 11: doesn't want to acknowledge that. He doesn't like to be challenged. 388 00:19:27,000 --> 00:19:30,399 Speaker 11: But the reality is, whether they obliterated it or not, 389 00:19:30,880 --> 00:19:35,440 Speaker 11: Iran retains the ability to rebuild, and no matter who 390 00:19:35,480 --> 00:19:39,000 Speaker 11: is in power, regime change or not, they will do that. 391 00:19:39,440 --> 00:19:42,679 Speaker 11: Why did he blow up the nuclear deal from twenty 392 00:19:42,800 --> 00:19:46,159 Speaker 11: eighteen and now try to reestablish it. He's got a 393 00:19:46,200 --> 00:19:48,560 Speaker 11: lot of answer to answer to. He doesn't want to 394 00:19:48,560 --> 00:19:48,840 Speaker 11: do that. 395 00:19:50,640 --> 00:19:53,560 Speaker 9: We had some headlines crossing a few minutes ago Ashley 396 00:19:53,640 --> 00:19:56,600 Speaker 9: from Axios, which is reporting that the President is going 397 00:19:56,640 --> 00:20:01,120 Speaker 9: to start limiting sharing classified information with con GRIS as 398 00:20:01,160 --> 00:20:04,080 Speaker 9: a result of the leak of this preliminary assessment that 399 00:20:04,080 --> 00:20:07,199 Speaker 9: we were just discussing. Axio citing sources familiar with the 400 00:20:07,240 --> 00:20:11,159 Speaker 9: matter in that reporting, knowing that there were members of Congress, 401 00:20:11,160 --> 00:20:13,520 Speaker 9: specifically in the Gang of Eight, who typically would have 402 00:20:13,520 --> 00:20:16,880 Speaker 9: been read into a strike like this before it happened 403 00:20:16,920 --> 00:20:19,040 Speaker 9: that were not, in fact, you view that as an 404 00:20:19,040 --> 00:20:21,920 Speaker 9: appropriate response. Should we really be cutting off the information 405 00:20:22,000 --> 00:20:24,680 Speaker 9: sharing with one of the coequal branches of government? 406 00:20:26,720 --> 00:20:29,560 Speaker 10: I mean, I think it's I didn't see the Axios 407 00:20:30,040 --> 00:20:33,359 Speaker 10: article yet, but I do think that that could be 408 00:20:33,400 --> 00:20:37,000 Speaker 10: a slippery slope. But I also do understand the fact 409 00:20:37,080 --> 00:20:39,960 Speaker 10: that not and this happened under the President Biden as 410 00:20:39,960 --> 00:20:43,840 Speaker 10: well and President Obama and President Bush. There is there 411 00:20:44,040 --> 00:20:47,840 Speaker 10: is a concern with the leaking that happens in our country, 412 00:20:47,880 --> 00:20:52,439 Speaker 10: and obviously it puts peopils. Remember what happened with the 413 00:20:52,440 --> 00:20:55,720 Speaker 10: Scooter Libby day is under George Bush. I mean, there 414 00:20:55,880 --> 00:20:58,639 Speaker 10: is that puts people's lives in danger of things or leaks. 415 00:20:58,680 --> 00:21:01,040 Speaker 10: So I don't know how how much they're going to 416 00:21:01,240 --> 00:21:05,240 Speaker 10: curtell people's ability for classified information, but I would think 417 00:21:05,400 --> 00:21:08,439 Speaker 10: that that is something that Congress will push back on. 418 00:21:09,960 --> 00:21:12,879 Speaker 2: It is kind of ironic, Genie, that a lot of 419 00:21:12,880 --> 00:21:16,600 Speaker 2: this seems to be stemming from the signal chat scandal 420 00:21:16,640 --> 00:21:19,280 Speaker 2: that involved the Secretary of Defense Pete Hegseth. When we've 421 00:21:19,280 --> 00:21:22,320 Speaker 2: had Republican lawmakers on the air to talk about this. 422 00:21:22,840 --> 00:21:25,640 Speaker 2: They've really highlighted, and the administration has as well, the 423 00:21:25,640 --> 00:21:28,720 Speaker 2: fact that this mission over Iran did not leak, that 424 00:21:28,800 --> 00:21:32,840 Speaker 2: the secrecy in itself was part of the success, and 425 00:21:32,920 --> 00:21:37,640 Speaker 2: they've credited that for not notifying Democrats on Capitol Hill. 426 00:21:37,680 --> 00:21:38,720 Speaker 3: Where are we going with this? 427 00:21:40,560 --> 00:21:44,000 Speaker 11: The reality is the War Powers Act or Resolution Rather 428 00:21:44,119 --> 00:21:48,280 Speaker 11: of nineteen seventy three requires that the President notified Congress 429 00:21:48,320 --> 00:21:49,840 Speaker 11: within forty eight hours. 430 00:21:50,000 --> 00:21:50,960 Speaker 12: That is the law. 431 00:21:51,359 --> 00:21:54,320 Speaker 11: He needs to provide a classified briefing. I hope we 432 00:21:54,440 --> 00:21:57,400 Speaker 11: haven't reached a point in this country where we can't 433 00:21:57,920 --> 00:22:01,000 Speaker 11: allow the president to do that because we're wor about leaking. 434 00:22:01,440 --> 00:22:05,080 Speaker 11: If we are, they are absolutely right to investigate these leaks. 435 00:22:05,359 --> 00:22:08,440 Speaker 11: But in addition to that, I hope we have protections 436 00:22:08,480 --> 00:22:12,960 Speaker 11: in place for those analysts who used their skills to 437 00:22:13,040 --> 00:22:16,360 Speaker 11: come up with this analysis that they are not pushed 438 00:22:16,440 --> 00:22:19,280 Speaker 11: out of their jobs as a result of coming up 439 00:22:19,320 --> 00:22:22,320 Speaker 11: with facts that don't align with what this White House 440 00:22:22,359 --> 00:22:25,200 Speaker 11: wants to hear from a pr perspective, So yes, look 441 00:22:25,200 --> 00:22:28,240 Speaker 11: into the leakers. You need to go to Congress, you 442 00:22:28,359 --> 00:22:29,679 Speaker 11: need to tell them what is going on. 443 00:22:29,760 --> 00:22:30,520 Speaker 12: That is the law. 444 00:22:30,920 --> 00:22:34,160 Speaker 11: But also let's protect these analysts who are there doing 445 00:22:34,200 --> 00:22:37,040 Speaker 11: their job, and there is a lot of stubtle around 446 00:22:37,240 --> 00:22:38,800 Speaker 11: that those analysts are under fire. 447 00:22:38,880 --> 00:22:42,240 Speaker 9: Right now, Genie, we just have a minute left here. 448 00:22:42,280 --> 00:22:44,600 Speaker 9: But of course, while the Middle East featured heavily at 449 00:22:44,640 --> 00:22:48,040 Speaker 9: the NATO summit, it also brought what arguably was a 450 00:22:48,040 --> 00:22:50,800 Speaker 9: big win for President Trump and all NATO countries except 451 00:22:50,800 --> 00:22:53,919 Speaker 9: Spain agreeing to increase their defense spending to five percent 452 00:22:54,440 --> 00:22:57,120 Speaker 9: of GDP or at least target that, something he has 453 00:22:57,160 --> 00:22:59,840 Speaker 9: long been advocating for. What does that say about his 454 00:23:00,000 --> 00:23:02,240 Speaker 9: ability to influence allies like that? 455 00:23:04,119 --> 00:23:06,200 Speaker 11: It is a win for him. It's also a win 456 00:23:06,280 --> 00:23:10,080 Speaker 11: for the Secretary General. And you know, Kayley, I didn't 457 00:23:10,080 --> 00:23:11,480 Speaker 11: get to talk to you about this off the air, 458 00:23:11,520 --> 00:23:14,119 Speaker 11: but the who's your daddy comment was a great comment 459 00:23:14,200 --> 00:23:17,679 Speaker 11: by the Secretary General. The flattery got him everywhere, and 460 00:23:17,760 --> 00:23:19,600 Speaker 11: they did get to this point. So it is a 461 00:23:19,600 --> 00:23:23,719 Speaker 11: big win for the president. Noteworthy, no condemnation of Russia 462 00:23:23,760 --> 00:23:27,439 Speaker 11: for Ukraine this time around, and the President acknowledging that 463 00:23:27,480 --> 00:23:29,960 Speaker 11: Putin may go farther was also I think a big 464 00:23:30,000 --> 00:23:31,000 Speaker 11: moment from the summit. 465 00:23:33,119 --> 00:23:35,960 Speaker 9: Yeah, the daddy comment did work its way into the precidalause. 466 00:23:35,960 --> 00:23:38,000 Speaker 9: I believe a reporter asked the President if he viewsed 467 00:23:38,040 --> 00:23:40,960 Speaker 9: NATO allies as being like his children. We'll have to 468 00:23:41,000 --> 00:23:43,960 Speaker 9: get into that another time. Jeanie Schanzeno and Ashley Davis 469 00:23:43,960 --> 00:23:47,000 Speaker 9: our political panel today. Thank you both so much for 470 00:23:47,119 --> 00:23:49,640 Speaker 9: joining us and still ahead here on Balance of Power. Joe, 471 00:23:49,680 --> 00:23:51,480 Speaker 9: we have to talk about what happened in New York 472 00:23:51,560 --> 00:23:55,000 Speaker 9: City last night. An upset, I should say, in the 473 00:23:55,000 --> 00:23:55,960 Speaker 9: mayoral primary. 474 00:23:56,000 --> 00:23:58,600 Speaker 2: You see this headline that just crossed the terminal, kind 475 00:23:58,600 --> 00:24:02,359 Speaker 2: of fascinating Wall Street caring for hot commie summer. After 476 00:24:02,400 --> 00:24:05,280 Speaker 2: the blowout in the Democratic primary last night, we'll talk 477 00:24:05,359 --> 00:24:06,439 Speaker 2: to Ton Levy about it. 478 00:24:06,560 --> 00:24:08,480 Speaker 3: Coming up next, Don Bloomberg. 479 00:24:10,040 --> 00:24:13,520 Speaker 1: You're listening to the Bloomberg Balance of Power Podcast. Catch 480 00:24:13,600 --> 00:24:17,080 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, 481 00:24:17,119 --> 00:24:20,159 Speaker 1: Cocklay and Android Auto with the Bloomberg Business app. You 482 00:24:20,160 --> 00:24:23,639 Speaker 1: can also listen live on Amazon Alexa from our flagship 483 00:24:23,720 --> 00:24:28,080 Speaker 1: New York station. Just say Alexa, play Bloomberg eleven thirty over. 484 00:24:29,160 --> 00:24:31,240 Speaker 2: We're going to get to the mayoral primary, a blowout 485 00:24:31,320 --> 00:24:33,960 Speaker 2: last evening in a remarkable result that we're going to 486 00:24:34,000 --> 00:24:35,159 Speaker 2: explore with Don Levy. 487 00:24:35,240 --> 00:24:36,439 Speaker 3: Coming up, in just a moment. 488 00:24:36,760 --> 00:24:39,159 Speaker 2: We do have some headlines on the terminal as we 489 00:24:39,240 --> 00:24:41,360 Speaker 2: rejoined with Kaylee lines here in Washington. 490 00:24:41,720 --> 00:24:43,000 Speaker 3: Not a huge shocker, Kayley. 491 00:24:43,200 --> 00:24:47,240 Speaker 2: The enhanced Supplementary Leverage ratio is what we're talking about. 492 00:24:47,280 --> 00:24:49,520 Speaker 2: Don't worry, there will not be a pop quiz. The 493 00:24:49,520 --> 00:24:54,040 Speaker 2: Federal Reserve planning to roll it back the SLR which 494 00:24:54,040 --> 00:24:56,879 Speaker 2: applies to the big US banks. Kaylee, We're talking about 495 00:24:57,160 --> 00:25:00,440 Speaker 2: capital requirements and a reduction in that level. 496 00:25:00,920 --> 00:25:03,800 Speaker 9: Yeah, this isn't all too surprising. Actually, the FED chair 497 00:25:04,000 --> 00:25:06,080 Speaker 9: was in his second day of testimony on Capitol Hill 498 00:25:06,080 --> 00:25:08,159 Speaker 9: today before the Senate Banking Committee and did tell the 499 00:25:08,160 --> 00:25:11,000 Speaker 9: committee that they were going to put out something on 500 00:25:11,200 --> 00:25:14,479 Speaker 9: SLR for comment today, knowing that what they have proposed here, 501 00:25:14,520 --> 00:25:17,760 Speaker 9: which is reducing the capital requirement for the largest US 502 00:25:17,800 --> 00:25:19,600 Speaker 9: banks from five percent to three and a half to 503 00:25:19,680 --> 00:25:21,760 Speaker 9: four and a half percent range, and from six percent 504 00:25:21,760 --> 00:25:23,200 Speaker 9: to three and a half and four percent for their 505 00:25:23,200 --> 00:25:26,399 Speaker 9: banking subsidiaries, is now going to be open to comment, 506 00:25:26,440 --> 00:25:27,960 Speaker 9: and I would imagine there's going to be a lot 507 00:25:27,960 --> 00:25:31,639 Speaker 9: of input from relevant parties over the sixty day comment period, 508 00:25:31,720 --> 00:25:33,560 Speaker 9: so it very well could change. But still this is 509 00:25:33,600 --> 00:25:36,919 Speaker 9: a step the fed is looking to take to effectively, 510 00:25:36,960 --> 00:25:40,040 Speaker 9: as we heard Chairman Powell characterize today, do something that 511 00:25:40,040 --> 00:25:41,040 Speaker 9: would free up more capital. 512 00:25:41,040 --> 00:25:43,320 Speaker 3: Thanks, that's right. Did he have less fun or more 513 00:25:43,359 --> 00:25:45,240 Speaker 3: fun on the Senate side after the. 514 00:25:45,200 --> 00:25:47,080 Speaker 9: House I'm not sure he ever has fun in it. 515 00:25:47,280 --> 00:25:49,560 Speaker 3: Either of them looked enjoyable, I have to admit. Yeah, 516 00:25:49,560 --> 00:25:50,320 Speaker 3: it has concluded. 517 00:25:50,359 --> 00:25:52,240 Speaker 2: By the way, if you were watching that a little 518 00:25:52,240 --> 00:25:55,720 Speaker 2: earlier on Bloomberg TV, I don't think Andrew Como is 519 00:25:55,760 --> 00:25:58,919 Speaker 2: having fun either this morning. Although it's unclear exactly what 520 00:25:59,000 --> 00:26:02,040 Speaker 2: his political forte are, what we can tell you is, 521 00:26:02,119 --> 00:26:05,480 Speaker 2: despite the conversations you heard on this program yesterday that 522 00:26:05,560 --> 00:26:08,480 Speaker 2: it was Andrew Cuomo's race to lose, well, I guess 523 00:26:08,480 --> 00:26:11,400 Speaker 2: that was true in part because he lost the race 524 00:26:12,520 --> 00:26:15,640 Speaker 2: in a remarkable blowout in the Democratic primary in New York. 525 00:26:16,040 --> 00:26:17,320 Speaker 3: Here he was from last night. 526 00:26:18,119 --> 00:26:25,760 Speaker 8: Tonight was not our night. Tonight was Assemblyman Mandanie's night. 527 00:26:26,040 --> 00:26:30,640 Speaker 8: And he put together a great campaign. I called him, 528 00:26:30,680 --> 00:26:37,639 Speaker 8: I congratulated him, I I applawed him sincerely for his effort, 529 00:26:37,800 --> 00:26:40,320 Speaker 8: and let's give him a round of applause. 530 00:26:42,880 --> 00:26:47,520 Speaker 9: Yes, Indeed, his rival Cuomos, that is Zorroon Mamdani won 531 00:26:47,760 --> 00:26:50,880 Speaker 9: the primary, at least unofficially, knowing that New York does 532 00:26:51,000 --> 00:26:53,640 Speaker 9: use a ring choice voting system, it will be about 533 00:26:53,640 --> 00:26:56,639 Speaker 9: a week before the final result is actually tallied. But 534 00:26:56,680 --> 00:26:59,640 Speaker 9: in the first round of ranked voting it was Mamdanni 535 00:27:00,080 --> 00:27:03,040 Speaker 9: garnered forty three and a half percent of the vote 536 00:27:03,119 --> 00:27:07,080 Speaker 9: to Quomo's just thirty six point four percent. Mamdannie, of course, 537 00:27:07,119 --> 00:27:12,200 Speaker 9: identifying as a Democratic socialist, has some pretty strong ideas 538 00:27:12,440 --> 00:27:15,679 Speaker 9: of how to improve affordability in New York City. So 539 00:27:15,720 --> 00:27:18,160 Speaker 9: for more on his prospects in the general and how 540 00:27:18,200 --> 00:27:19,879 Speaker 9: we should be viewing this from New York City is 541 00:27:19,920 --> 00:27:22,359 Speaker 9: Laura Namius, who is our New York City and State 542 00:27:22,359 --> 00:27:26,359 Speaker 9: reporter here at Bloomberg. So Laura, obviously, mom Donnie was 543 00:27:26,440 --> 00:27:31,000 Speaker 9: relatively unknown until semi recently used social media to propagate 544 00:27:31,040 --> 00:27:36,639 Speaker 9: these ideas like freezing rent, free childcare, city owned grocery stores. 545 00:27:36,680 --> 00:27:38,400 Speaker 9: How should we think about the way in which he's 546 00:27:38,440 --> 00:27:40,920 Speaker 9: going to be pitching those ideas as he moves forward 547 00:27:41,359 --> 00:27:44,680 Speaker 9: as at this point the presumptive Democratic nominee for mayor. 548 00:27:44,880 --> 00:27:48,880 Speaker 13: Well, at this point I think he is thinking about 549 00:27:49,520 --> 00:27:53,200 Speaker 13: how he can pitch himself for the general election, because, 550 00:27:53,440 --> 00:27:56,879 Speaker 13: unlike in previous election cycles, in New York, where the 551 00:27:56,920 --> 00:28:01,639 Speaker 13: Democratic primary winner is the presumptive winner overall. Because of 552 00:28:01,680 --> 00:28:06,439 Speaker 13: the overwhelming Democratic voter enrollment advantage in New York City, 553 00:28:06,760 --> 00:28:08,840 Speaker 13: Mom Donnie is likely going to have to face a 554 00:28:08,880 --> 00:28:11,920 Speaker 13: competitive general election in November. So he still needs to 555 00:28:11,960 --> 00:28:15,840 Speaker 13: win another very big contest, and that may mean reaching 556 00:28:15,880 --> 00:28:17,600 Speaker 13: out and trying to appeal to some of the people 557 00:28:17,640 --> 00:28:22,159 Speaker 13: who didn't vote for him and who frankly might be 558 00:28:22,240 --> 00:28:25,040 Speaker 13: feeling a little afraid of what he represents and what 559 00:28:25,080 --> 00:28:28,320 Speaker 13: he might be able to do as mayor. So he 560 00:28:28,359 --> 00:28:31,440 Speaker 13: hasn't said anything yet about that, but we'll be looking 561 00:28:31,480 --> 00:28:32,600 Speaker 13: to see what he does say. 562 00:28:33,640 --> 00:28:37,679 Speaker 2: Thirty three years old, as Kaylie mentioned, self identified Democratic 563 00:28:37,800 --> 00:28:41,600 Speaker 2: socialist from Queen's Let's hear from Mom Donnie from last. 564 00:28:41,440 --> 00:28:45,640 Speaker 3: Night Listen tonight we made history. 565 00:28:45,720 --> 00:28:50,959 Speaker 4: An hour ago, I spoke with Andrew Cuomo about the 566 00:28:51,000 --> 00:28:54,720 Speaker 4: need to bring this city, about the need to bring 567 00:28:54,800 --> 00:28:58,120 Speaker 4: this city together. We have won because New Yorkers have 568 00:28:58,200 --> 00:29:00,360 Speaker 4: stood up for a city they can four. 569 00:29:02,960 --> 00:29:06,760 Speaker 2: Echoing the words of Nelson Mandela, it always seems impossible 570 00:29:06,840 --> 00:29:11,240 Speaker 2: until it's done. Laura, what is a platform of free buses, 571 00:29:11,480 --> 00:29:15,520 Speaker 2: city run grocery stores, free childcare, rent freezes and wealth 572 00:29:15,600 --> 00:29:17,200 Speaker 2: taxes mean in a general election. 573 00:29:17,840 --> 00:29:20,800 Speaker 13: Well, I think the important thing to note, and as 574 00:29:20,840 --> 00:29:23,680 Speaker 13: we have written, is that some of what he's proposing 575 00:29:24,040 --> 00:29:27,240 Speaker 13: would be paid for by things that he can't do unilaterally. 576 00:29:27,680 --> 00:29:30,720 Speaker 13: The mayor of New York City has very little power 577 00:29:30,800 --> 00:29:36,000 Speaker 13: to affect tax increases unilaterally, basically none actually, So he's 578 00:29:36,040 --> 00:29:39,040 Speaker 13: proposing to pay for things like free buses and for 579 00:29:39,200 --> 00:29:44,920 Speaker 13: universal childcare through two mechanisms an increase in the income 580 00:29:44,960 --> 00:29:47,080 Speaker 13: tax at two percent, increase in the income tax on 581 00:29:47,120 --> 00:29:50,040 Speaker 13: people earning over a million dollars, and an increase in 582 00:29:50,080 --> 00:29:52,360 Speaker 13: the corporate tax rate at the state level. Both of 583 00:29:52,400 --> 00:29:54,360 Speaker 13: those things would have to be enacted by Albany and 584 00:29:54,400 --> 00:29:57,560 Speaker 13: signed by Governor Kathy Hochel. She has already signaled that 585 00:29:57,600 --> 00:30:00,720 Speaker 13: she won't sign that, and there's been some resistance to 586 00:30:00,800 --> 00:30:06,040 Speaker 13: increasing taxes in Albany amid fears of exodus of the 587 00:30:06,080 --> 00:30:10,040 Speaker 13: base of taxpayers who help pay for a significant amount 588 00:30:10,040 --> 00:30:13,440 Speaker 13: of the services that people enjoy in New York. So 589 00:30:14,280 --> 00:30:17,120 Speaker 13: it's a question of what he can actually affect. Some 590 00:30:17,240 --> 00:30:19,600 Speaker 13: things are a little bit easier for him to do. 591 00:30:19,720 --> 00:30:23,080 Speaker 13: He does have power over the Rent Guidelines Board, which 592 00:30:23,160 --> 00:30:27,920 Speaker 13: controls rent increases in rent stabilized and rent controlled apartments, 593 00:30:27,960 --> 00:30:30,440 Speaker 13: but not market rate apartments. He can't freeze the rent 594 00:30:30,440 --> 00:30:34,560 Speaker 13: for everyone, of course, and city owned grocery stores is 595 00:30:34,840 --> 00:30:39,479 Speaker 13: potentially logistically difficult and could face some significant opposition from 596 00:30:39,560 --> 00:30:42,960 Speaker 13: labor unions, but is not totally impossible. 597 00:30:44,240 --> 00:30:45,880 Speaker 3: She's so good at this, Laura Namius. 598 00:30:45,920 --> 00:30:48,120 Speaker 2: We thank you so much, Laura for all your insights 599 00:30:48,360 --> 00:30:50,360 Speaker 2: in all of our shows this week Bloomberg, New York 600 00:30:50,400 --> 00:30:53,600 Speaker 2: City and State Reporter. On this day after the primary, 601 00:30:53,840 --> 00:30:56,040 Speaker 2: we wanted to spend some time with Don Levy, not 602 00:30:56,080 --> 00:30:59,440 Speaker 2: only because he understands the contours of the electorate in 603 00:30:59,480 --> 00:31:03,600 Speaker 2: New York, but he's the pre eminent polster in America 604 00:31:04,160 --> 00:31:08,560 Speaker 2: and understands the challenges of ranked choice voting. How are 605 00:31:08,600 --> 00:31:10,920 Speaker 2: we so far off in understanding where this was going? 606 00:31:11,040 --> 00:31:14,440 Speaker 2: Siena College Research Institute director who we got to know 607 00:31:14,520 --> 00:31:16,760 Speaker 2: real well in the twenty four campaign. Don Levy back 608 00:31:16,800 --> 00:31:19,520 Speaker 2: with us on Bloomberg TV and Radio. Don, it's great 609 00:31:19,520 --> 00:31:22,720 Speaker 2: to see. Is ranked choice the nightmare of a pollster? 610 00:31:24,200 --> 00:31:29,000 Speaker 7: Well, certainly between ranked choice and a primary, that's a 611 00:31:29,040 --> 00:31:31,880 Speaker 7: tough one for pollsters. The consensus of the polls as 612 00:31:31,920 --> 00:31:36,200 Speaker 7: the approached primary day was that Andrew Cuomo would carry 613 00:31:36,480 --> 00:31:39,160 Speaker 7: the election day, and if you added up all the 614 00:31:39,200 --> 00:31:43,040 Speaker 7: various polls coming in, it looked like a six seven 615 00:31:43,040 --> 00:31:45,479 Speaker 7: to eight point perhaps win for Cuomo. 616 00:31:45,600 --> 00:31:48,640 Speaker 12: On election day. That was going to tighten as we saw. 617 00:31:48,560 --> 00:31:53,040 Speaker 7: Ranked choice was quite a few of the lesser supported candidates, 618 00:31:53,040 --> 00:31:56,720 Speaker 7: including save brad Lander had crossed endorsedment Donnie, and it 619 00:31:56,800 --> 00:31:59,000 Speaker 7: looked as though it was going to get very very 620 00:31:59,040 --> 00:32:01,800 Speaker 7: tight when we moved on to the sixth seventh round 621 00:32:01,840 --> 00:32:02,800 Speaker 7: of ranked choice. 622 00:32:03,000 --> 00:32:04,320 Speaker 12: But that's not what happened. 623 00:32:04,600 --> 00:32:08,480 Speaker 7: Man Donnie had incredible momentum that was starting to show 624 00:32:08,520 --> 00:32:11,800 Speaker 7: itself in some of the polling. In fact, one poll 625 00:32:11,840 --> 00:32:14,320 Speaker 7: had it as closed as Plomo, only up by two 626 00:32:14,400 --> 00:32:17,280 Speaker 7: points on election day, but it ended up flipping and 627 00:32:17,320 --> 00:32:23,160 Speaker 7: Mandannie carried that incredible momentum and an enormous turnout amongst 628 00:32:23,200 --> 00:32:26,600 Speaker 7: young voters who have previously never voted in a New 629 00:32:26,680 --> 00:32:30,600 Speaker 7: York City mirror primary. So the momentum certainly was with 630 00:32:30,720 --> 00:32:35,680 Speaker 7: Mandanni and Cuomo's numbers really never moved. He was consensus 631 00:32:35,680 --> 00:32:39,880 Speaker 7: had him at about thirty eight points amongst the election 632 00:32:40,040 --> 00:32:43,760 Speaker 7: day voters. He ended up at about thirty six. He 633 00:32:43,960 --> 00:32:47,920 Speaker 7: never widened his base at all, and Mandannie ended up 634 00:32:47,960 --> 00:32:52,560 Speaker 7: picking up support from the lesser candidates and on his own, 635 00:32:52,760 --> 00:32:57,520 Speaker 7: So really a shocking victory for a candidate that two 636 00:32:57,560 --> 00:33:01,040 Speaker 7: months ago when we last bowleded was little known to 637 00:33:01,120 --> 00:33:02,000 Speaker 7: many New Yorkers. 638 00:33:03,520 --> 00:33:06,640 Speaker 9: Well as you refer to the lesser candidates, that Mmdonnie 639 00:33:06,760 --> 00:33:08,680 Speaker 9: was able to pick up the cross endorsement of brand 640 00:33:08,720 --> 00:33:11,440 Speaker 9: Lander was really something. He of course got third in 641 00:33:11,480 --> 00:33:13,480 Speaker 9: the first round of ring choice voting, but he also 642 00:33:13,600 --> 00:33:17,120 Speaker 9: had some choice words shall we say for Andrew Cuomo 643 00:33:17,240 --> 00:33:19,040 Speaker 9: in the aftermath? This is him last night. 644 00:33:19,840 --> 00:33:21,800 Speaker 8: Andrew Cuomo is in the past. 645 00:33:21,920 --> 00:33:24,320 Speaker 4: He is not the present or future of. 646 00:33:24,240 --> 00:33:31,280 Speaker 7: New York City. 647 00:33:31,320 --> 00:33:33,120 Speaker 10: Good riddance. 648 00:33:35,000 --> 00:33:37,560 Speaker 9: Wow, second day in a row we've had to bleep 649 00:33:37,560 --> 00:33:40,520 Speaker 9: the words of a politician on this program. Donn It 650 00:33:40,600 --> 00:33:42,880 Speaker 9: was the President of the United States yesterday. But to 651 00:33:42,960 --> 00:33:45,840 Speaker 9: the idea of this being good riddance for Andrew Cuomo, 652 00:33:45,880 --> 00:33:48,280 Speaker 9: it's not necessarily he's floated the idea of running in 653 00:33:48,320 --> 00:33:51,920 Speaker 9: the general as an independent. With the results from yesterday though, 654 00:33:52,000 --> 00:33:55,680 Speaker 9: suggest that he stands any real shot if he tries again. 655 00:33:56,920 --> 00:33:59,600 Speaker 7: Well, I can never attempt to climb into the mind 656 00:33:59,600 --> 00:34:01,560 Speaker 7: of the or a governor of the state of New York. 657 00:34:02,120 --> 00:34:05,480 Speaker 7: It's four years ago that he left office in a 658 00:34:05,600 --> 00:34:09,480 Speaker 7: level of disgrace. This was an attempt at his comeback. 659 00:34:10,360 --> 00:34:12,359 Speaker 7: He's going to have to make a decision. And right 660 00:34:12,400 --> 00:34:15,120 Speaker 7: now it appears with the current mirror of New York 661 00:34:15,200 --> 00:34:18,960 Speaker 7: City Eric Adams on the ballot, that Cuomo and Adams 662 00:34:19,080 --> 00:34:22,840 Speaker 7: might be competing for the same voters. These would be 663 00:34:22,920 --> 00:34:27,040 Speaker 7: voters who do not feel as Mandanni has the requisite experience, 664 00:34:27,200 --> 00:34:30,680 Speaker 7: that he's too far left of some New Yorkers. There 665 00:34:30,719 --> 00:34:34,680 Speaker 7: of course, have been accusations of anti Semitism against Mandanni. 666 00:34:35,560 --> 00:34:40,480 Speaker 7: So there's a lane available for another candidate. It seems 667 00:34:40,560 --> 00:34:43,640 Speaker 7: highly unlikely that there's a lane available for two candidates, 668 00:34:43,680 --> 00:34:45,280 Speaker 7: both Cuomo and Adams. 669 00:34:45,560 --> 00:34:48,680 Speaker 12: It'll be really interesting to see if indeed one of 670 00:34:48,719 --> 00:34:50,239 Speaker 12: them decides to bow out. 671 00:34:50,800 --> 00:34:53,240 Speaker 7: At this point, it really does look as though Adams 672 00:34:53,280 --> 00:34:55,239 Speaker 7: is in Cuomo is going to have to make a. 673 00:34:55,200 --> 00:34:58,080 Speaker 3: Decision, really interesting. 674 00:34:58,800 --> 00:35:02,080 Speaker 2: Don So, the idea of a four way general seems 675 00:35:02,600 --> 00:35:05,360 Speaker 2: less likely. As we talk to you more, you're of 676 00:35:05,400 --> 00:35:07,640 Speaker 2: course on Bloomberg, and we're talking in parts of the 677 00:35:07,680 --> 00:35:10,560 Speaker 2: investment community here up with a story on our terminal today, 678 00:35:10,800 --> 00:35:16,200 Speaker 2: Wall Street to cries hot commie summer after mom Donnie's surprise, 679 00:35:16,880 --> 00:35:19,319 Speaker 2: What is the conversation on Wall Street? What are they 680 00:35:19,360 --> 00:35:21,680 Speaker 2: saying at lunch today on the Upper East Side as well? 681 00:35:23,080 --> 00:35:24,240 Speaker 12: Well, certainly they're shocked. 682 00:35:24,600 --> 00:35:28,640 Speaker 7: And I think then in your lead in you certainly 683 00:35:28,680 --> 00:35:32,200 Speaker 7: show that Mendanni does not have the power to do 684 00:35:32,239 --> 00:35:34,160 Speaker 7: some of the things that he's talking about in terms 685 00:35:34,200 --> 00:35:38,040 Speaker 7: of raising taxes, in terms of finding a way to 686 00:35:38,640 --> 00:35:43,440 Speaker 7: perhaps frighten some of our Wall Street friends to pay 687 00:35:43,560 --> 00:35:47,919 Speaker 7: for the ideas that he is campaigning on. 688 00:35:47,840 --> 00:35:50,680 Speaker 12: In New York. So there might be some New Yorkers. 689 00:35:50,320 --> 00:35:53,760 Speaker 7: On Wall Street who are discounting man Donnie and saying 690 00:35:53,760 --> 00:35:58,200 Speaker 7: that he'll learn It's one thing too, as Cuomo called him, 691 00:35:58,200 --> 00:36:01,000 Speaker 7: be a messenger, it's something else entirely. 692 00:36:00,680 --> 00:36:03,319 Speaker 12: To be the mayor of New York City. So it's 693 00:36:03,360 --> 00:36:06,200 Speaker 12: going to be a wild ride. 694 00:36:05,880 --> 00:36:10,200 Speaker 7: Here over the near future in New York City, unanticipated. 695 00:36:10,239 --> 00:36:13,759 Speaker 7: And I think you also raised this idea that there's 696 00:36:13,800 --> 00:36:17,080 Speaker 7: going to have to be a complicated relationship between the 697 00:36:17,120 --> 00:36:19,560 Speaker 7: Governor of the State of New York, Kathy Hochel, and 698 00:36:19,640 --> 00:36:21,920 Speaker 7: the mirror of New York City if indeed it ends 699 00:36:22,000 --> 00:36:26,319 Speaker 7: up being Mandanni that right now, they don't seem to 700 00:36:26,360 --> 00:36:29,400 Speaker 7: be operating on the same policy playbook. 701 00:36:30,920 --> 00:36:34,839 Speaker 9: Well, to say nothing of the potential relationship or adversarial 702 00:36:34,880 --> 00:36:37,400 Speaker 9: relationship we might see outright between a mayor and men 703 00:36:37,480 --> 00:36:39,640 Speaker 9: Donnie and a President Trump. If that's what we end 704 00:36:39,760 --> 00:36:42,560 Speaker 9: up with, don So in our final moment with you, 705 00:36:42,600 --> 00:36:45,600 Speaker 9: how should we be thinking about what just happened in 706 00:36:45,640 --> 00:36:47,960 Speaker 9: New York City and what it might signal for the 707 00:36:47,960 --> 00:36:50,840 Speaker 9: Democratic Party as a whole on a national scale. 708 00:36:52,080 --> 00:36:53,440 Speaker 12: Well, we're certainly seeing a battle. 709 00:36:53,880 --> 00:36:56,520 Speaker 7: We saw the White House already come out with statements 710 00:36:57,080 --> 00:37:01,160 Speaker 7: denigrating Mandannie, saying that this is some how indicative of 711 00:37:01,200 --> 00:37:05,319 Speaker 7: the immigration crisis that they're trying to address nationally. We've 712 00:37:05,320 --> 00:37:09,960 Speaker 7: already seen Elis Stefanik, who's campaigning against Kathy Hochel, putting 713 00:37:10,000 --> 00:37:13,359 Speaker 7: out a fundraiser attacking Man Donnie and saying that this 714 00:37:13,400 --> 00:37:16,200 Speaker 7: shows that the Democrats have completely lost their way and 715 00:37:16,239 --> 00:37:19,800 Speaker 7: are out of touch with America. So all these currents 716 00:37:19,840 --> 00:37:21,799 Speaker 7: are going to be taking place. I think it's too 717 00:37:21,880 --> 00:37:25,520 Speaker 7: early to tell what it says about the general Democratic 718 00:37:25,560 --> 00:37:28,480 Speaker 7: Party writ large, except to the point that there are 719 00:37:29,000 --> 00:37:32,920 Speaker 7: in crisis. There is a turmoil within Democratic Party that 720 00:37:33,480 --> 00:37:37,480 Speaker 7: the old guard is being pushed aside to some degree, 721 00:37:38,400 --> 00:37:42,680 Speaker 7: but the extreme left wing doesn't appear likely to be 722 00:37:42,760 --> 00:37:46,359 Speaker 7: able to capture the national attention. New York is one thing, 723 00:37:46,360 --> 00:37:48,880 Speaker 7: a primary. New York is one thing. The United States 724 00:37:49,000 --> 00:37:50,440 Speaker 7: is something different, all right. 725 00:37:50,360 --> 00:37:52,799 Speaker 9: Don Levy of Siana College, thank you so much for 726 00:37:52,920 --> 00:37:55,520 Speaker 9: joining us, And we should note Michael Bloomberg did endorse 727 00:37:55,520 --> 00:37:58,320 Speaker 9: Sandra Cuomo in that primary. He is the founder majority 728 00:37:58,360 --> 00:38:00,600 Speaker 9: owner of the parent company of this network. We'll see 729 00:38:00,600 --> 00:38:03,320 Speaker 9: you again later on on Bloomberg TV and rating. 730 00:38:06,640 --> 00:38:09,080 Speaker 3: Thanks for listening to the Balance of Power podcast. 731 00:38:09,719 --> 00:38:12,840 Speaker 2: Make sure to subscribe if you haven't already, at Apple, Spotify, 732 00:38:12,920 --> 00:38:15,520 Speaker 2: or wherever you get your podcasts, and you can find 733 00:38:15,560 --> 00:38:19,279 Speaker 2: us live every weekday from Washington, DC at Noontimeeastern at 734 00:38:19,280 --> 00:38:20,520 Speaker 2: Bloomberg dot com.