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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Bloomberg

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Speaker 1: This Weekend Podcast with David Gura, Christina Raffini, and Elisa Matteo.

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Speaker 4: lifestyle and culture.

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Speaker 3: I'm going to go back to Iran now to the

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Speaker 3: Middle East. That main store. We had President Trump having

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Speaker 3: a phone interview with NBC News exclusively talking about the war,

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Speaker 3: where it stands and where he sees it headed. And

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Speaker 3: he said, quote Iron wants to make a deal, and

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Speaker 3: I don't want to make it because the terms are

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Speaker 3: not good enough yet.

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Speaker 5: Christina, all right.

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Speaker 2: Joining us now to discuss all this are Bloomberg's host

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Speaker 2: of Horizon, Middle East and Africa, Jumana Brissecci, the AP's

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Speaker 2: international correspondent Philip Crowther, who is live near the Strait

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Speaker 2: of Hormuz, and Bloomberg's Washington's.

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Speaker 5: Deputy Bureau Chief, Flora Davidson, who is actually in Tokyo.

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Speaker 5: Thank you all so much for joining us. Philip, I

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Speaker 5: want to start with.

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Speaker 2: You because there were some pretty dramatic images overnight of

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Speaker 2: smoke rising from a port that I believe is somewhat

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Speaker 2: near you. Can you, I mean, Aroan had said that

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Speaker 2: they believe some of these incoming missiles were fired from

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Speaker 2: the UAE. Was this retribution for that? What has Iran

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Speaker 2: said and how has the UAE responded?

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Speaker 6: Yeah, this appears to have been retribution. This is the

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Speaker 6: Alpha Jeira oil facility. It's just a few kilometers south

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Speaker 6: from where we are here. About twenty four hours ago,

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Speaker 6: there were two huge black plumes of smoke coming from there.

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Speaker 6: This from two separate apparent drone attacks. Now these weren't

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Speaker 6: drones that necessarily hit the plant directly, but that might

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Speaker 6: have been shot down. It's called an interception, and that

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Speaker 6: fragments thereof might have hit the oil facility led to

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Speaker 6: a stop of at least some of the operations there.

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Speaker 6: They appeared to be back up and running now. But yes,

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Speaker 6: a retaliation, it certainly was, and what Iran has been

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Speaker 6: saying and has been clearly singling out the United Arab Emirates.

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Speaker 7: Where I am now.

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Speaker 6: Right here is that they're saying that US attacks on

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Speaker 6: specifically Hag Island, where of course Iran processes a very

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Speaker 6: large percentage of its oil at its terminal, that that

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Speaker 6: was attacked by the United States from the United Arab Emirates,

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Speaker 6: from air bases or even from ports. So the reaction

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Speaker 6: from Iran was to say that everybody should evacuate three

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Speaker 6: big ports in the United Arab Emirates, and that includes

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Speaker 6: the one we just mentioned, Al Fujaira also includes the

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Speaker 6: biggest port in the whole of the Middle East, and

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Speaker 6: there was a threat that there were going to be

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Speaker 6: further attacks on those ports, again because Iran says they

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Speaker 6: were US to stage US attacks on Iran. Iran is

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Speaker 6: saying this without any proof, and indeed the US military

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Speaker 6: hasn't even deemed it worthy of a response. Now, there

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Speaker 6: haven't been any from the point of view of Iran,

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Speaker 6: we should say successful attacks on those ports. There might

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Speaker 6: have been some interceptions over the last twenty four hours

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Speaker 6: or so, but there have been no direct hits. No

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Speaker 6: fragments of drones or missiles have hit any facilities or

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Speaker 6: anything in the United Arab Emirates over the last twenty

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Speaker 6: four hours, and that in fact goes for most golf countries.

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Speaker 6: There have been mass attacks of drones on Bahrain, for example,

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Speaker 6: on Saudi Arabia as well, but the air defenses of

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Speaker 6: most of these golf countries have been working well and

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Speaker 6: increasingly well as this conflict continues.

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Speaker 3: Jaman, I want to turn to you and go back

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Speaker 3: to that comment from the President to NBC News just

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Speaker 3: about the state of play in this war and where

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Speaker 3: it might be headed. Lingering on that line that Iron

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Speaker 3: wants to make a deal, but the President doesn't think

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Speaker 3: the terms are good enough.

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Speaker 7: Yet.

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Speaker 3: What is your sense of what the President is hoping

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Speaker 3: for once in terms of a deal and how far

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Speaker 3: apart these two sides are at this juncture in the war.

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Speaker 8: Well, it's also interesting to observe the evolution of his thinking.

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Speaker 8: It was a couple of days prior I think he

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Speaker 8: was calling for once again the unconditional surrender of the

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Speaker 8: Iranian regime. But now he seems to be open once

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Speaker 8: again to establishing a deal with them of some sorts.

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Speaker 8: In that interview with NBC, he declined to give a

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Speaker 8: lot of commentary on exactly what the conditions would be,

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Speaker 8: but maintained, and this is a stance that the US

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Speaker 8: has maintained even before the war kicked off, that Iran

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Speaker 8: should never have the ability to develop a nuclear weapon. Now,

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Speaker 8: from Iran's perspective, we've had a couple of notable figures

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Speaker 8: from the regime speak out. We've had the Iranian Foreign

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Speaker 8: Minister make some remarks in addition to President Posishcamp putting

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Speaker 8: up a post a couple of days ago where they

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Speaker 8: suggested their conditions to come to the negotiating table with

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Speaker 8: the US would include a number on one, full recognition

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Speaker 8: of Iran's quote legitimate rights without giving a lot of

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Speaker 8: information on what exactly that means. Number two, reparations for

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Speaker 8: damage is caused. And then number three, and this is

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Speaker 8: probably the most important element, guarantees that a war like

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Speaker 8: this will never happen again. So they are staking their

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Speaker 8: own terms to go back to the negotiating table. Of course,

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Speaker 8: their economy is massively buckling under this strain even before

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Speaker 8: this war kicked off, and now there's the real threat

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Speaker 8: of civilian infrastructure being targeted as well. Carg Island obviously

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Speaker 8: a key lifeblood for them, but I would say from

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Speaker 8: the perspective of the Iranians, we always said from the

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Speaker 8: beginning this was a fight for their existence. It's an

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Speaker 8: existential fight for them. And the fact that the US

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Speaker 8: are now saying or no longer talking about regime change,

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Speaker 8: but are saying, okay, we're ready to cut a deal

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Speaker 8: and their eyes actually is a victory and they have

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Speaker 8: sustained a lot of blows. Maybe they're losing militarily, but

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Speaker 8: if they come out of this the other side still

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Speaker 8: intact and still effectively leading the country, then they will

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Speaker 8: deem that to be a victory. So I think, you know,

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Speaker 8: there's still a lot of daylight between the two sides,

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Speaker 8: and from the Iranian perspective, they will continue to inflict

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Speaker 8: as many blows as they can, as much economic cost

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Speaker 8: on these Gulf countries and on the global economy in

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Speaker 8: order to somehow bring the US as well, closer to

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Speaker 8: what they're asking for.

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Speaker 2: Laura, I want to go to you now over in Tokyo,

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Speaker 2: because the backdrop of all of this conflict is of

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Speaker 2: course what it's doing to the world energy markets, what

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Speaker 2: it's doing to global economies, and at the same time

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Speaker 2: you have this Trump She Summit coming up, and there's

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Speaker 2: a couple of.

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Speaker 5: Things going on.

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Speaker 2: There's US China talks about to happen or happening right

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Speaker 2: now in Paris, and then you are in Japan for

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Speaker 2: this there's economic secretaries.

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Speaker 5: There as well.

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Speaker 2: David just wrote down the name of the summit and

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Speaker 2: I've already forgotten it, so can you please remind me

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Speaker 2: the name of the Tokyo Summit. And they just kind

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Speaker 2: of set the tage for us what's going on and

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Speaker 2: where these two big countries are going to go and

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Speaker 2: the backdrop of all this happening in the least, it's

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Speaker 2: not it's on there somewhere.

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Speaker 5: This is not a straight.

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Speaker 7: But yeah, this is a summit.

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Speaker 9: It's largely between the US and Japan, but there's also

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Speaker 9: about eighteen countries who are also participating with high level

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Speaker 9: economic and energy officials from from the region to talk

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Speaker 9: basically about critical minerals and energy. You know, that of

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Speaker 9: course was important even before Iran. Now with the backdrop

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Speaker 9: of oil prices spiking, this has really added a lot

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Speaker 9: of urgency and intensity to these discussions. Of course, the

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Speaker 9: deals that have been struck, you know, so far this

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Speaker 9: weekend have been relatively modest in scale. You know, these

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Speaker 9: are longer term arrangements. These are memory memorandums of understanding,

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Speaker 9: things that won't really do anything to address the current

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Speaker 9: situation at hand, but really set the stage for this visit.

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Speaker 9: The Prime Minister of Japan, Takeyichi, is headed to the

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Speaker 9: White House on Thursday. She has been quite critical of

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Speaker 9: the US's stance in Iran, has questioned the legality of

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Speaker 9: these strikes and said she plans to have a very

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Speaker 9: frank and stern conversation with Trump. So this is, you know,

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Speaker 9: kind of We're seeing a lot of posturing from allies

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Speaker 9: in the Indo Pacific region looking to get in the

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Speaker 9: good graces of the Trump administration with some of these deals,

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Speaker 9: but looking to take a stronger, firmer stance when it

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Speaker 9: comes to geopolitics.

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Speaker 2: Our control room tells us it is the Indo Pacific

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Speaker 2: Energy Security ministerial and business for it.

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Speaker 5: I feel less bad for not having out the tide

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Speaker 5: of my time.

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Speaker 3: Well's right off the tongue, and we have Liezelda in

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Speaker 3: the EPA administrator joining us from those talks here in

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Speaker 3: a few minutes time, I should say. But of course,

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Speaker 3: nothing is shaping the conversation about global energy more than

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Speaker 3: the strait that we see behind Philip Crowther and Philip

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Speaker 3: I go back to you and again reference that interview

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Speaker 3: that was on NBC News or NBC News conducted with

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Speaker 3: President Trump via telephone. He said, We're going to be

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Speaker 3: sweeping the strait very strongly, and we believe will be

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Speaker 3: joined by other countries who are somewhat impeded and in

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Speaker 3: some cases impeded from getting the oil. I'm looking at

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Speaker 3: that line. We believe, as he invokes China and France

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Speaker 3: and Japan and South Korea and other countries, this is

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Speaker 3: a war that largely has been prosecuted by the US

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Speaker 3: and Israel, just the two of them. Now we have

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Speaker 3: a president talking about the need for allies to reopen

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Speaker 3: or get traffic flowing in that strait. Once again, your

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Speaker 3: sense of the willingness of other countries to do that.

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Speaker 3: Yesterday we had a conversation just about how little traffic

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Speaker 3: you were able to observe in the strait behind you.

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Speaker 3: Has anything notionally changed here over the last twenty four hours.

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Speaker 7: First of all, it hasn't.

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Speaker 6: There has not been any increasing traffic here because there

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Speaker 6: is no deal, and it is still very much deemed

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Speaker 6: too dangerous for any containerships, one of which we see

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Speaker 6: behind us, but of course, more crucially for the world

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Speaker 6: economic markets for oil tankers and those carrying liquefied natural

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Speaker 6: gas to pass from the Persian Gulf through the Strait

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Speaker 6: of Hormones to well, essentially where I am here, out

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Speaker 6: into the wider world and bringing those commodities to the

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Speaker 6: international market. Now back to what you mentioned, though, you

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Speaker 6: know this has happened before in the Middle East, that

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Speaker 6: the United States has more or less unilaterally gone to

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Speaker 6: war and then in the aftermath is asking for help essentially,

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Speaker 6: and in this case, what President Trump is doing, he's

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Speaker 6: or maybe enticing other countries to get involved in what

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Speaker 6: would boil down to an inter national coalition of warships

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Speaker 6: to protect these ships going in and out of the

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Speaker 6: Strait of Hormuz. Is he enticing them? Is he provoking

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Speaker 6: them into joining him? Is he just basically saying this

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Speaker 6: is a FETA complie. You need to now be part

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Speaker 6: of this because it's your ships that are not getting through.

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Speaker 7: And it is true, of course.

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Speaker 6: These are countries and companies that are very much affected

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Speaker 6: by a US Israeli war on Iran, and China is

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Speaker 6: number one there because such a huge percentage of the

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Speaker 6: oil that passes through the Strait of Hormuz goes to China.

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Speaker 6: So in his post last night by President Trump on

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Speaker 6: his social network on truth Social, he was naming countries specifically,

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Speaker 6: not innocently, you know, there was a reason for this.

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Speaker 6: France and the United Kingdom, of course, that's understandable. These

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Speaker 6: are Western allies, but also Japan, South Korea, and specifically China.

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Speaker 6: He wants them to be part of, well essentially a

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Speaker 6: bit of an armada that would be led by the

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Speaker 6: United States to protect these ships and get the traffic

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Speaker 6: flowing through the Strait of hor Mows. Again, this is

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Speaker 6: a lot easier said than done. While these Iranian threats

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Speaker 6: to hit any ship that tries to go through that

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Speaker 6: is in any way affiliated or allied with the United

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Speaker 6: States and Israel or its allies, while those threats continue,

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Speaker 6: well you have to presume that there could be Iranian

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Speaker 6: attacks on warships as well.

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Speaker 5: Jimana.

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Speaker 2: Speaking of Israel, there's a report that's popped up in

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Speaker 2: Semaphore that is exclusive saying that Israel has informed the

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Speaker 2: US this week that it's running critically low on ballistic

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Speaker 2: missile interceptors. As the conflict with Iran rages on, Israel

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Speaker 2: has reportedly entered the current war already low on interceptors

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Speaker 2: that were fired during last summer's conflict with Iran. Now

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Speaker 2: this compliment's reporting from Bloomberg that UAE and Kutar were also.

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Speaker 5: Running low on those interceptors.

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Speaker 2: I do need to say both those countries have pushed

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Speaker 2: back vociferously on that reporting. But I'm wondering if you

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Speaker 2: have any sense of the veracity of these reports. If

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Speaker 2: this is something countries in the region are worried about,

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Speaker 2: I mean, it would make at this point, But what

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Speaker 2: are they telling you?

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Speaker 8: I think, you know, let's just go back to the

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Speaker 8: starting point of all of this, which is the asymmetry

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Speaker 8: of the military warfare here. I think I don't think

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Speaker 8: there's a question that the US and Israel have military dominance,

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Speaker 8: and in fact, if you go back to some of

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Speaker 8: the comments at Central Command have said, they've said that

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Speaker 8: they managed to eliminate around sixty to seventy percent of

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Speaker 8: missile launchers in Iran, around sixty to seventy percent of

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Speaker 8: their missile stockpiles. But at the same time, I think

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Speaker 8: most of the region was taken aback at the sheer

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Speaker 8: intensity and frequency of the strikes that came through from

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Speaker 8: Iran onto these Gulf states and indeed onto Israel itself.

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Speaker 8: I mean, just to give you the example of the UAE,

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Speaker 8: they said that they have engaged in over one thousand,

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Speaker 8: six hundred drones and three hundred missiles launched by Iran

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Speaker 8: since the war began, and this was over two weeks ago. Now,

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Speaker 8: as our colleague reporter was just saying, the interception rate

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Speaker 8: for these projectiles is very high. It's between something like

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Speaker 8: ninety two to ninety five percent, whether it's drone, drones

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Speaker 8: or missiles. But there is a mismatch and costs, and

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Speaker 8: this is something that Iran recognizes. They're capable of manufacturing

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Speaker 8: these low cost drones in.

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Speaker 5: A huge amount.

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Speaker 8: They're estimated to be sitting on around fifty thousand of

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Speaker 8: these drones, and they are costly to take down. And

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Speaker 8: so the longer this war goes on for the more

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Speaker 8: they are going to be questions about how long these

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Speaker 8: air defense systems can hold up for I should I

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Speaker 8: should say, however, that these GLF states maintain that the

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Speaker 8: air defense systems at continue to have very high interception rates,

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Speaker 8: and they are doing what they can to beef them up.

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Speaker 2: Okay, thank you Jamin Rossecchi, our Mid East anchor. We've

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Speaker 2: also liked to thank Philip kurhller AP international correspondent standing

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Speaker 2: out on that water for us. And Laura Davidson, of course,

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Speaker 2: Washington Deputy BEARA Chief joining us from Tokyo.

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Speaker 3: Stay with us for more on Bloomberg this weekend, right

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Speaker 3: after this.

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Speaker 2: All right, so right now, President Trump's National Energy Dominance

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Speaker 2: Council is hosting an energy security firm in Tokyo. This

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Speaker 2: was a conference that was planned before America struck Iran

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Speaker 2: and is happening amid global economic turmoil.

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Speaker 3: Shorting is now from Tokyo. Is the EPA Administrator Lee

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Speaker 3: Zeldin on this Saturday. Great to have you with us.

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Speaker 3: We're going to talk about the substance of the conversations

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Speaker 3: you've been having here in just a moment, but I

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Speaker 3: wanted to ask you first, remembering as I do, you

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Speaker 3: as a congressman, you as a fellow New Yorker. You've

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Speaker 3: talked an awful lot about the need for there to

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Speaker 3: be endgames in military conflict, and you've brought that up

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Speaker 3: in the context of your military service as well. Talking

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Speaker 3: about a Rock and Afghanistan. As we look at this

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Speaker 3: war entering the third week, I'm curious what you see

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Speaker 3: that endgame as and if it's clear enough to you

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Speaker 3: as somebody again who's served in the military.

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Speaker 10: Well, obviously, my role serving as administrator of the Environmental

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Speaker 10: Protection Agency is a bit different than serving Congress on

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Speaker 10: the House Horna Affairs Committee. Have the utmost faith and

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Speaker 10: trust in President Trump and his national security and foreign

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Speaker 10: policy team. They have been conducting many successful strikes to

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Speaker 10: achieve strategic objectives, taking out top high value targets throughout Iran. Consistently,

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Speaker 10: that progress has resulted in all sorts of people who

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Speaker 10: have been responsible for many attacks that have not just

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Speaker 10: adversely impacted US interests in that region, but have killed

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Speaker 10: and maimed US service members.

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Speaker 7: As a now retired member.

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Speaker 10: Of the United States Army, speaking from that perspective, just

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Speaker 10: too many fellow soldiers have been targeted by OURGC and

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Speaker 10: Iranian leadership over the course of my adult life. Since

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Speaker 10: first going into the military in two thousand and three,

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Speaker 10: seeing that justice brought to bear on behalf of all

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Speaker 10: those United States service members that their veterans, those families.

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Speaker 10: That is long overdue justice for many of these Iranian

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Speaker 10: quote unquote leaders who are no longer alive.

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Speaker 2: I do want to ask you about the summit that

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Speaker 2: you're competing, and especially, you know oil prices about forty percent.

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Speaker 2: Americans already feel like they're being squeezed. And I know

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Speaker 2: that you're there partially to pitch to Asian countries because

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Speaker 2: I heard John some of our other network friends why

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Speaker 2: America would be a good resource for them for energy,

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Speaker 2: why they should get our energy from US. But my

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Speaker 2: question to you is many of those same nations, including Vietnam,

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Speaker 2: Thailand and others, are feeling pressure from the constantly changing

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Speaker 2: US tariff landscape, and they feel like the President is

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Speaker 2: using that as a tool and changes depending on what

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Speaker 2: he wants from foreign policy. So why should Asian nations

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Speaker 2: trust the US as a consistent and dependable source of

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Speaker 2: energy in the future.

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Speaker 10: Well, the points is that you see these Asian companies,

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Speaker 10: these Asian countries that have relied so heavily on the

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Speaker 10: Middle East for their crude oil and the time that

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Speaker 10: it takes, and the reliance on a route that in

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Speaker 10: many respects a terrorist regime has been able to frequently

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Speaker 10: disrupt or, at the very least threaten to disrupt over

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Speaker 10: the course of years and decades. Now they start looking

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Speaker 10: east to the United States, where we have been unleashing

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Speaker 10: energy dominance here at home with new projects that are

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Speaker 10: now on the horizon. President Trump has been advocating strongly

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Speaker 10: for a new lit liquid lergy facility, a pipeline that

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Speaker 10: would run alongside the Trans Alaska pipeline in Alaska. Crude

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Speaker 10: oil in Alaska has the ability to have a lot

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Speaker 10: more oil passed through it, and that route for sixty

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Speaker 10: years with Japan, for example, has been able to deliver

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Speaker 10: that crude oil to Asia. To japras I, how are

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Speaker 10: you with freedom of navigation?

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Speaker 2: Of course I'm sorry for but if I may, are

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Speaker 2: you not getting any pushback that even if you make

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Speaker 2: some of these deals and President Trump becomes displeased with

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Speaker 2: these countries, he could claw back that energy.

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Speaker 10: Well, what we just witnessed over the course last forty

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Speaker 10: eight hours is that many countries in the Indo Pacific

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Speaker 10: are gravitating towards the United States. We had over fifty

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Speaker 10: billion dollars worth of deals with US companies. All the

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Speaker 10: dialogue that has taken place has been with an understanding

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Speaker 10: that by entering into new deals with the United States

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Speaker 10: that allows them to reduce their reliance which was so

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Speaker 10: heavily concentrated in the Middle East. And on top of it,

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Speaker 10: it takes just a fraction of time to get that

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Speaker 10: energy supply to Japan and these other countries, compared to

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Speaker 10: twenty eight days to get it from the Middle East

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Speaker 10: to take eight days.

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Speaker 7: To get there from Alaska.

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Speaker 10: So that is another dynamic, but just a lot of

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Speaker 10: very robust, energetic, motivated conversation and engagement from the ministers

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Speaker 10: of energy of all of these countries trying to cut

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Speaker 10: deals with United States.

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Speaker 3: Mister Minister rusually cutting deals, you might, for Christina say.

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Speaker 3: At the top of this is of course the summit

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Speaker 3: that was scheduled before the war began, and I'm curious,

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Speaker 3: given what has happened here, how much that situation is

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Speaker 3: kind of coloring the conversations that you're having with allies

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Speaker 3: and companies at the summit. Over the course of this weekend.

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Speaker 10: One of the topics that were discussed, one of the

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Speaker 10: pillars of this weekend is about the supply chain, and

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Speaker 10: for Indo Pacific countries, they are I think far more

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Speaker 10: motivated they were talking quite frequently about wanting to diversify

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Speaker 10: their supply chain, that they want to start looking elsewhere

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Speaker 10: because they were relying too heavily on the Middle Eastern

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Speaker 10: region for their supply chain now, so diversifying how they

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Speaker 10: provide energy to their people. Some countries are further along

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Speaker 10: and talking about nuclear, others relying more on L and G,

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Speaker 10: others talking about coal. It really ran the gamut, and

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Speaker 10: depending on which country we were sitting in for a

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Speaker 10: bilateral or for meetings amongst all the energy ministers, diversification

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Speaker 10: of the supply chain was not just a pillar going

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Speaker 10: into this weekend, but something that was frequently talked about throughout.

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Speaker 2: I have a couple of nuclear questions, but I do

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Speaker 2: want to start with when we look at the possible

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Speaker 2: consequences of a regime falling in Iran, one of the

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Speaker 2: concerns we've been hearing from nuclear experts and security experts

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Speaker 2: is how to secure and possibly transport out that rich

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Speaker 2: geranium in that country. Is there a plan to do it,

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Speaker 2: does it involve American boots on the ground, and what

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Speaker 2: can you tell us about what's going to happen there.

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Speaker 10: Yeah, that's a question that I as Administrative EPA would

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Speaker 10: not want to answer on behalf of the President of

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Speaker 10: the White House, the Department of War, Department of State,

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Speaker 10: or Department of Energy, the transport of uranium out of Iran,

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Speaker 10: any other aspects of your question our questions that I's

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Speaker 10: EPA administrator wouldn't be appropriate to be the one answering

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Speaker 10: great questions, but I would be the right person for

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Speaker 10: the administration to answer that.

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Speaker 3: Let me ask you something kind of complementary to the

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Speaker 3: strikes on Iran, and that as we've see the administration

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Speaker 3: open up those pipelines off the coast of California once again,

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Speaker 3: and there are a lot of Californians who remember that

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Speaker 3: oil spill back in twenty fifteen, that Refugeo oil spill,

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Speaker 3: are worried about the integrity of those pipelines, and I

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Speaker 3: wonder what your messages to them, as we hear from

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Speaker 3: the governor of that state and others saying, look, this

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Speaker 3: is something that shouldn't be happening right now in light

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Speaker 3: of the fact that there are one hundred hundred, one

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Speaker 3: thousand gallons barrels of oil that were spilled as a

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Speaker 3: result of that back in twenty fifteen.

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Speaker 10: Well, I mean it's always important to remember lessons learned

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Speaker 10: of the past, to be leaning into new technology, to

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Speaker 10: make sure that with new projects for extraction, for processing

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Speaker 10: anywhere in America, that in the partnerships and in the

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Speaker 10: requests for permits, and as this investment goes forward, that

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Speaker 10: we are learning the lessons of the past, that we're

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Speaker 10: doing it as safely as possible. I often talk about

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Speaker 10: how I strongly believe that in the United States we

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Speaker 10: tap into our own energy supplies so much safer than

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Speaker 10: so many other countries elsewhere around the world. And that

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Speaker 10: runs across the gamut on all different kinds of ways

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Speaker 10: that energy is extracted. So, yeah, you know, to your question,

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Speaker 10: which is which is a great one. It's important that

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Speaker 10: when these projects, when these permits are moving forward, that

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Speaker 10: we're doing it as responsibly as possible.

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Speaker 2: I also want to ask you as you talk about

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Speaker 2: US energy dominance. Obviously, the President and a lot of

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Speaker 2: people have said the US should look more into nuclear

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Speaker 2: One of the things your agency and the Primitive Energy

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Speaker 2: have done is change some of the regulations for trying

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Speaker 2: to build nuclear plants and nuclear reactors. That's had mixed

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Speaker 2: results because it's trying to bring these plants online faster

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Speaker 2: and solve this issue. But some of the criticism is

441
00:23:35,359 --> 00:23:38,280
Speaker 2: it's taking away some of the safety concerns, including things

442
00:23:38,320 --> 00:23:41,640
Speaker 2: like firearms trainings and emergency drills, which critics are saying

443
00:23:41,640 --> 00:23:44,960
Speaker 2: could make these plants more vulnerable to theft of nuclear power.

444
00:23:45,560 --> 00:23:47,240
Speaker 2: What is your response to that and do you have

445
00:23:47,280 --> 00:23:51,520
Speaker 2: any concerns with lessening regulations around nuclear reactors.

446
00:23:54,920 --> 00:23:59,840
Speaker 10: At no point since I was sworn in as administrator

447
00:24:00,080 --> 00:24:04,600
Speaker 10: fourteen months ago, with any nuclear project that I've seen

448
00:24:04,680 --> 00:24:09,679
Speaker 10: anywhere inside the United States, I seen anything but the

449
00:24:09,760 --> 00:24:17,480
Speaker 10: highest level of competency brought to bear with very incredible staffers,

450
00:24:17,520 --> 00:24:21,440
Speaker 10: many career staffers here at EPA, doing our due diligence.

451
00:24:21,760 --> 00:24:26,560
Speaker 10: Trump's speed is about operating quickly. The way that we

452
00:24:26,640 --> 00:24:30,600
Speaker 10: have implemented that directive from the President is one that

453
00:24:30,680 --> 00:24:34,879
Speaker 10: I can very confidently say with eyes on many different

454
00:24:34,920 --> 00:24:40,919
Speaker 10: nuclear projects across this country that they're being done extraordinarily competently,

455
00:24:42,119 --> 00:24:45,040
Speaker 10: and quite frankly, the people the companies that are making

456
00:24:45,040 --> 00:24:48,800
Speaker 10: the big investment, they have every motivation to protect that investment.

457
00:24:48,840 --> 00:24:51,240
Speaker 10: And I would say the lot of these companies are

458
00:24:51,600 --> 00:24:55,480
Speaker 10: breaking ground on projects with goals of breaking ground on

459
00:24:55,560 --> 00:24:59,359
Speaker 10: many more projects. So it's almost a proof of concept

460
00:24:59,480 --> 00:25:03,600
Speaker 10: when you know Ocklow in Idaho Falls, Idaho is breaking

461
00:25:03,640 --> 00:25:06,400
Speaker 10: ground which they have recently done.

462
00:25:06,760 --> 00:25:08,480
Speaker 7: They want to build many more.

463
00:25:08,800 --> 00:25:11,920
Speaker 10: I can think of their project in Oak Bridge in Tennessee,

464
00:25:12,000 --> 00:25:14,399
Speaker 10: as well as other states. Right now, there are a

465
00:25:14,440 --> 00:25:17,280
Speaker 10: lot of retrofits, a lot of small modular reactors. There

466
00:25:17,320 --> 00:25:20,800
Speaker 10: are a lot of nuclear projects. Yes, the permitting is

467
00:25:20,840 --> 00:25:24,600
Speaker 10: going much faster under President Trump, but due diligence and

468
00:25:24,640 --> 00:25:28,520
Speaker 10: competency has been all over from the government standpoint as

469
00:25:28,560 --> 00:25:30,160
Speaker 10: well as from the investor standpoint.

470
00:25:30,280 --> 00:25:32,600
Speaker 3: Mister administrator, thank you very much. That's Leezelden joining us

471
00:25:32,640 --> 00:25:34,480
Speaker 3: from Tokyo, where the sun is setting as it rises

472
00:25:34,520 --> 00:25:36,600
Speaker 3: here in New York. He's there for that inaugural into

473
00:25:36,600 --> 00:25:39,440
Speaker 3: Pacific Energy Security Ministerial and Business Forum.

474
00:25:39,560 --> 00:25:40,520
Speaker 7: Great to get his perspective.

475
00:25:40,560 --> 00:25:42,359
Speaker 5: We appreciate him staying up lates eight thirty.

476
00:25:42,359 --> 00:25:44,560
Speaker 2: I'm not sure if he's coming from or going to dinner,

477
00:25:44,600 --> 00:25:45,800
Speaker 2: but we appreciate.

478
00:25:45,400 --> 00:25:45,960
Speaker 5: Your doing, sir.

479
00:25:48,359 --> 00:25:50,960
Speaker 2: Stay with us for more on Bloomberg this weekend. Right

480
00:25:51,000 --> 00:26:05,280
Speaker 2: after this, and I.

481
00:26:05,280 --> 00:26:07,560
Speaker 3: Mentioned that interview that President Trump did with NBC News,

482
00:26:07,560 --> 00:26:09,400
Speaker 3: and coming out of that he said, we quote totally

483
00:26:09,400 --> 00:26:12,399
Speaker 3: demolished Carg Island, that island off the coast of Iran,

484
00:26:12,480 --> 00:26:15,320
Speaker 3: so important to that country's oil industry. But we may

485
00:26:15,400 --> 00:26:17,399
Speaker 3: hit it a few more times just for fun. He

486
00:26:17,440 --> 00:26:19,960
Speaker 3: continued in that interview and talked about the prospects of

487
00:26:19,960 --> 00:26:23,200
Speaker 3: there being a deal between the US and Iran, saying

488
00:26:23,200 --> 00:26:26,040
Speaker 3: that Iran has offered one, but it's not acceptable to

489
00:26:26,080 --> 00:26:27,840
Speaker 3: the US side. We're going to talk about all of

490
00:26:27,840 --> 00:26:30,640
Speaker 3: this with two congressmen, first, Adam Smith, the ranking member

491
00:26:30,640 --> 00:26:32,320
Speaker 3: of the Armed Services Committee. Mike Lawler is going to

492
00:26:32,359 --> 00:26:34,919
Speaker 3: join us after that conversation with Representative Smith. He's on

493
00:26:34,920 --> 00:26:38,080
Speaker 3: the Foreign Affairs Committee. Congressman Smith, great to have you

494
00:26:38,119 --> 00:26:39,960
Speaker 3: with us, of course, representing the ninth district in the

495
00:26:40,000 --> 00:26:42,960
Speaker 3: state of Washington. I want to start with that comment

496
00:26:42,960 --> 00:26:45,680
Speaker 3: that I just read, that comment that the President.

497
00:26:45,359 --> 00:26:47,080
Speaker 7: Made to NBC News saying.

498
00:26:47,160 --> 00:26:49,040
Speaker 3: That on the heels of hitting Carg Island, he might

499
00:26:49,080 --> 00:26:51,439
Speaker 3: do it a few more times just for fun. And

500
00:26:51,480 --> 00:26:53,480
Speaker 3: I wonder how that resonates with you as you think

501
00:26:53,520 --> 00:26:56,200
Speaker 3: about what the endgame is here and what you've learned

502
00:26:56,200 --> 00:26:58,840
Speaker 3: from the administration about how they intend to prosecute this

503
00:26:58,880 --> 00:26:59,920
Speaker 3: war to its conclusion.

504
00:27:01,000 --> 00:27:04,840
Speaker 7: Well, certainly the cavalier, non serious way in which President Trump,

505
00:27:04,960 --> 00:27:07,640
Speaker 7: Secretary of Hegseth, and others have talked about this war.

506
00:27:07,680 --> 00:27:11,199
Speaker 7: We have Secretary hegset talking about no quarter, which is

507
00:27:11,240 --> 00:27:15,959
Speaker 7: basically a military term for no survivors, kill everybody. I

508
00:27:16,040 --> 00:27:19,359
Speaker 7: think that attitude has really undermined our ability to build

509
00:27:19,400 --> 00:27:22,439
Speaker 7: support and move forward. It's far from the largest problem

510
00:27:22,480 --> 00:27:24,560
Speaker 7: with this war. I mean the largest problem is what's

511
00:27:24,600 --> 00:27:27,840
Speaker 7: the plan, what's the strategy, what are we trying to accomplish,

512
00:27:27,880 --> 00:27:30,560
Speaker 7: what's the path to achieving it? And how do we

513
00:27:30,720 --> 00:27:33,640
Speaker 7: deal with the costs that are mounting by the day,

514
00:27:33,760 --> 00:27:36,600
Speaker 7: certainly in terms of deaths, but the economic impact you

515
00:27:36,720 --> 00:27:40,360
Speaker 7: referenced globally. What's the path here? I know we want

516
00:27:40,400 --> 00:27:44,639
Speaker 7: to degrade Iran's capability militarily, but how much? And then

517
00:27:44,680 --> 00:27:46,639
Speaker 7: the real goal at the start of this seemed to

518
00:27:46,640 --> 00:27:51,119
Speaker 7: be to fundamentally change Iran's calculus, to make them less

519
00:27:51,200 --> 00:27:54,520
Speaker 7: hostile to us, to Israel, and to the region. And

520
00:27:54,560 --> 00:27:57,639
Speaker 7: there seems to be no progress on that aspect of

521
00:27:57,680 --> 00:28:00,800
Speaker 7: the plan. So this war is continued. The cost is

522
00:28:00,840 --> 00:28:04,720
Speaker 7: incredibly high. The President doesn't seem to have a plan. Meanwhile,

523
00:28:04,760 --> 00:28:07,680
Speaker 7: they want to apparently try to convince America that this

524
00:28:07,720 --> 00:28:10,560
Speaker 7: is some kind of fun video game that we're just playing,

525
00:28:11,000 --> 00:28:15,959
Speaker 7: even as people are dying all across the region and

526
00:28:16,040 --> 00:28:19,879
Speaker 7: the global economy is suffering from this. So yeah, I

527
00:28:19,920 --> 00:28:22,240
Speaker 7: wish they were a little more serious in the way

528
00:28:22,280 --> 00:28:26,760
Speaker 7: they explained such an incredibly important action that they are taking.

529
00:28:26,920 --> 00:28:28,919
Speaker 3: Harris, I want to get to what you know about

530
00:28:29,240 --> 00:28:31,639
Speaker 3: the mission and the administration's sense of that mission. And

531
00:28:31,640 --> 00:28:33,760
Speaker 3: we saw the news that the Administration plans to send

532
00:28:33,760 --> 00:28:36,679
Speaker 3: the thirty first Marine Expeditionary Unit to the region to

533
00:28:36,680 --> 00:28:38,560
Speaker 3: add to the number of service personnel who are there

534
00:28:38,760 --> 00:28:41,520
Speaker 3: in the Middle East. Do you have a clear understanding

535
00:28:41,680 --> 00:28:44,200
Speaker 3: of what those marines are going to do? And as

536
00:28:44,240 --> 00:28:46,040
Speaker 3: you watch that unfold, what does it tell you about

537
00:28:46,080 --> 00:28:47,120
Speaker 3: the direction of this conflict?

538
00:28:47,760 --> 00:28:49,840
Speaker 7: Yeah, I have a clear understanding of what the options are.

539
00:28:49,880 --> 00:28:51,920
Speaker 7: And look, we've been talking about this for a long time.

540
00:28:52,160 --> 00:28:54,640
Speaker 7: There is no doubt that Iran is a major problem

541
00:28:54,680 --> 00:28:56,520
Speaker 7: in the region, in the world, a threat to US,

542
00:28:56,560 --> 00:28:59,960
Speaker 7: a threat to Israel. They support a variety of different

543
00:29:00,240 --> 00:29:03,800
Speaker 7: violent extremist terrorist groups. How do you deal with that threat?

544
00:29:03,880 --> 00:29:06,360
Speaker 7: So the Armed Services Committee for years now has been

545
00:29:06,360 --> 00:29:08,840
Speaker 7: looking at options. I mean, what can you do what's

546
00:29:08,960 --> 00:29:12,360
Speaker 7: militarily on the table. And there's always been two big

547
00:29:12,440 --> 00:29:15,920
Speaker 7: problems with the military option. One the collateral damage. He

548
00:29:16,040 --> 00:29:19,440
Speaker 7: hit Iran, it spreads, and that certainly happened. It's spread

549
00:29:19,480 --> 00:29:22,440
Speaker 7: as far as anyone would have feared. The second problem is,

550
00:29:22,800 --> 00:29:26,680
Speaker 7: can you really degrade them militarily to such a degree

551
00:29:26,680 --> 00:29:30,120
Speaker 7: that it makes that cost worth the effort, And what

552
00:29:30,160 --> 00:29:33,400
Speaker 7: we learned is really not. Because the Iranian regime is

553
00:29:33,920 --> 00:29:38,320
Speaker 7: dug in, they are very very solid there, even as

554
00:29:38,360 --> 00:29:40,720
Speaker 7: their leaders have been killed, they have a succession plan.

555
00:29:40,960 --> 00:29:43,680
Speaker 7: There's ninety million people in Iran, they have a military.

556
00:29:43,720 --> 00:29:47,760
Speaker 7: They not appear inclined to simply collapse. So the conclusion

557
00:29:47,920 --> 00:29:51,760
Speaker 7: was the military option wouldn't accomplish those objectives, would blow

558
00:29:51,880 --> 00:29:55,760
Speaker 7: up the region, cause all manner of collateral damage and escalation,

559
00:29:55,960 --> 00:30:00,680
Speaker 7: and wouldn't ultimately accomplish the objective. Trump to to walk

560
00:30:00,680 --> 00:30:05,160
Speaker 7: into that and to think that, a, we can degrade

561
00:30:05,200 --> 00:30:07,920
Speaker 7: their military capability to such a degree that it makes

562
00:30:07,920 --> 00:30:10,120
Speaker 7: it worth it, but if they can just rebuild it,

563
00:30:10,280 --> 00:30:12,400
Speaker 7: I mean, that's the main problem with that. And then

564
00:30:12,520 --> 00:30:15,320
Speaker 7: second he seemed to just sort of cross his fingers

565
00:30:15,320 --> 00:30:17,240
Speaker 7: and say, well, gosh, if we hit him hard enough,

566
00:30:17,800 --> 00:30:22,000
Speaker 7: they'll either collapse or they will simply be broken enough

567
00:30:22,040 --> 00:30:24,479
Speaker 7: to do what we want. But there was never a

568
00:30:24,560 --> 00:30:27,440
Speaker 7: clear path between all of this bombing and all of

569
00:30:27,480 --> 00:30:32,160
Speaker 7: this destruction and getting to that change in behavior by Iran.

570
00:30:32,400 --> 00:30:35,320
Speaker 7: That's the problem, and that's what we're experiencing right now.

571
00:30:35,360 --> 00:30:38,360
Speaker 7: And I'd be interested to hear anyone who supports this

572
00:30:38,440 --> 00:30:40,800
Speaker 7: war tell me what that path is at this point

573
00:30:41,160 --> 00:30:44,400
Speaker 7: to fundamentally breaking and changing the regime. I don't see it.

574
00:30:45,000 --> 00:30:48,800
Speaker 2: Do you think that goal is accomplishable without putting boots

575
00:30:48,840 --> 00:30:50,320
Speaker 2: on the ground. One of the experts we spoke to

576
00:30:50,360 --> 00:30:52,600
Speaker 2: this week said, there are two ways to go about this.

577
00:30:52,720 --> 00:30:54,200
Speaker 5: You know, you can do a plumer long.

578
00:30:54,040 --> 00:30:57,120
Speaker 2: Bombing campaign, but that doesn't give you as much input

579
00:30:57,120 --> 00:30:59,000
Speaker 2: and impetus into what's actually happening on.

580
00:30:59,000 --> 00:31:00,760
Speaker 5: The ground and could take longer.

581
00:31:00,880 --> 00:31:02,640
Speaker 2: Or you can send in troops, but then again, you

582
00:31:02,680 --> 00:31:04,440
Speaker 2: could get myired in another forever war.

583
00:31:05,160 --> 00:31:07,320
Speaker 7: Yeah, sorry, thank you. I didn't directly answer the most

584
00:31:07,320 --> 00:31:10,440
Speaker 7: important part of that previous question. And so we've done

585
00:31:10,440 --> 00:31:13,040
Speaker 7: this bombing campaign and you want to try to do

586
00:31:13,080 --> 00:31:15,240
Speaker 7: it on the cheap, And that's what a bombing campaign is.

587
00:31:15,320 --> 00:31:19,360
Speaker 7: Now we've seen even the bombing campaign spreads, escalates, causes

588
00:31:19,440 --> 00:31:23,160
Speaker 7: violence across the region. But now you're up against that reality. Okay,

589
00:31:23,160 --> 00:31:27,040
Speaker 7: you haven't achieved the objective. What about ground troops And

590
00:31:27,080 --> 00:31:29,840
Speaker 7: the problem with the ground troops again is you're going to

591
00:31:29,920 --> 00:31:33,480
Speaker 7: need a lot to dislodge this regime. There are talk

592
00:31:33,600 --> 00:31:37,320
Speaker 7: about more tactical efforts, smaller numbers of troops, and this

593
00:31:37,360 --> 00:31:40,000
Speaker 7: is what the Marines could do. One possibility is you

594
00:31:40,080 --> 00:31:43,560
Speaker 7: seed seize Karj Island to try to cut off that

595
00:31:43,640 --> 00:31:47,200
Speaker 7: economic lifeline for Iran. But could you seize it, could

596
00:31:47,200 --> 00:31:50,560
Speaker 7: you hold it? There's considerable questions about that. Maybe a

597
00:31:50,680 --> 00:31:54,040
Speaker 7: small group of special forces can help spark a revolt

598
00:31:54,040 --> 00:31:56,959
Speaker 7: with it Iran, but again there's no clear path to that.

599
00:31:57,160 --> 00:31:59,840
Speaker 2: Would you support that? Would you support US troops going

600
00:31:59,880 --> 00:32:01,200
Speaker 2: in and a lot of a capacity like that?

601
00:32:01,920 --> 00:32:04,560
Speaker 7: Heavens no, No, Sorry, I do not, because I don't

602
00:32:04,560 --> 00:32:06,280
Speaker 7: think it would be effective and I think it again

603
00:32:06,280 --> 00:32:08,880
Speaker 7: would be an escalation, It would cost more lives, and

604
00:32:08,880 --> 00:32:10,720
Speaker 7: I think you'd be able to dislodge regime. And that's

605
00:32:10,760 --> 00:32:13,360
Speaker 7: the problem. And let me be clear. If I woke

606
00:32:13,480 --> 00:32:16,280
Speaker 7: up tomorrow and this Iranian regime was gone, and we

607
00:32:16,360 --> 00:32:18,880
Speaker 7: had in Iran that was working for the Iranian people

608
00:32:18,880 --> 00:32:20,960
Speaker 7: and stopped all of the terrible stuff they were doing.

609
00:32:21,000 --> 00:32:24,080
Speaker 7: I would be very, very happy. But the problem is

610
00:32:24,320 --> 00:32:26,720
Speaker 7: there's no direct path to doing that and the cost

611
00:32:26,760 --> 00:32:29,440
Speaker 7: of what Donald Trump has done without thinking that through,

612
00:32:30,000 --> 00:32:33,400
Speaker 7: without having a plan to actually achieve the objective. So

613
00:32:33,480 --> 00:32:36,400
Speaker 7: now you can achieve the objective, and you've caused an

614
00:32:36,680 --> 00:32:42,160
Speaker 7: enormous amount of casualties, disruption, and escalation, not just in Iran,

615
00:32:42,320 --> 00:32:46,280
Speaker 7: but across the region and across the world. So that's

616
00:32:46,360 --> 00:32:48,240
Speaker 7: the problem I have with this approach.

617
00:32:48,800 --> 00:32:50,560
Speaker 3: I want to ask you about the path forward here

618
00:32:50,560 --> 00:32:53,360
Speaker 3: for lawmakers like yourself who opposed this military action. So

619
00:32:53,400 --> 00:32:55,560
Speaker 3: we saw that vote on the War Powers resolution fail

620
00:32:55,560 --> 00:32:59,240
Speaker 3: in both houses last week. How do you pick up

621
00:32:59,240 --> 00:33:00,880
Speaker 3: the pieces from that world? What does opposition to this

622
00:33:00,960 --> 00:33:03,240
Speaker 3: war look like going forward, both in the House and

623
00:33:03,280 --> 00:33:05,080
Speaker 3: the Senate as you see it, you know.

624
00:33:05,160 --> 00:33:07,240
Speaker 7: Certainly we need to speak out against it. For those

625
00:33:07,280 --> 00:33:09,480
Speaker 7: who are against the war, give them a voice, give

626
00:33:09,520 --> 00:33:10,880
Speaker 7: them an argument for why to do it. But I

627
00:33:10,880 --> 00:33:13,880
Speaker 7: think from a practical standpoint, my goal is to stop

628
00:33:13,920 --> 00:33:15,920
Speaker 7: the war because I think it's bad. It's bad posse,

629
00:33:16,080 --> 00:33:20,640
Speaker 7: it's escalation, it's incredibly costly. It's devastating to aricon. We've

630
00:33:20,640 --> 00:33:23,000
Speaker 7: seen gas prices go up, you know, fifty cents to

631
00:33:23,680 --> 00:33:26,160
Speaker 7: a dollar. It's going to cause the affordability crisis. Don't

632
00:33:26,160 --> 00:33:28,000
Speaker 7: want to get worse in this country, and I think

633
00:33:28,000 --> 00:33:31,400
Speaker 7: the most sensible path to that is try to encourage

634
00:33:31,440 --> 00:33:34,720
Speaker 7: the Trump administration and the supporters of this war to,

635
00:33:35,000 --> 00:33:39,680
Speaker 7: however implausibly be able to declare victory and stop. Okay,

636
00:33:40,040 --> 00:33:42,960
Speaker 7: try to begin to rebuild pieces. That I think is

637
00:33:43,000 --> 00:33:45,560
Speaker 7: a plausible argument for the Trump administration. And then you

638
00:33:45,640 --> 00:33:48,760
Speaker 7: hear Trump saying let's bomb them for fun. You hear

639
00:33:48,840 --> 00:33:51,600
Speaker 7: Hegseth saying no quarter. You hear Trump saying they're willing

640
00:33:51,640 --> 00:33:54,880
Speaker 7: to negotiate. But I'm not really in the mood. All

641
00:33:54,920 --> 00:33:59,120
Speaker 7: of that is deep cause for concern. But the plan is, okay,

642
00:33:59,280 --> 00:34:03,080
Speaker 7: declare victory and stop. If that can stop the war,

643
00:34:03,600 --> 00:34:05,560
Speaker 7: that I'm more than willing to make that argument.

644
00:34:06,000 --> 00:34:08,640
Speaker 2: Do you have any kind of read on the condition

645
00:34:08,960 --> 00:34:12,480
Speaker 2: of the new leader of Iran, because we have this

646
00:34:13,000 --> 00:34:17,719
Speaker 2: statement from Iran's foreign minister saying Mushaba Kamini is in

647
00:34:17,760 --> 00:34:20,680
Speaker 2: good health and fully managing the situation, but we still

648
00:34:20,719 --> 00:34:23,359
Speaker 2: haven't seen him what is your perspective and what are

649
00:34:23,360 --> 00:34:25,799
Speaker 2: you hearing about whether he is in fact even a

650
00:34:25,800 --> 00:34:28,360
Speaker 2: player at this point, I have no idea.

651
00:34:28,600 --> 00:34:31,360
Speaker 7: Nobody knows, all right, So there is no answer to

652
00:34:31,400 --> 00:34:34,120
Speaker 7: that question. I think the thing is, let's not get

653
00:34:34,160 --> 00:34:36,279
Speaker 7: too excited about what the answer is to that one

654
00:34:36,280 --> 00:34:39,640
Speaker 7: way or the other. Even if he is. Some hosts

655
00:34:39,680 --> 00:34:41,279
Speaker 7: told me the other day he's in a koma and

656
00:34:41,360 --> 00:34:43,120
Speaker 7: he's missing a limb. How he knows that, I have

657
00:34:43,160 --> 00:34:46,080
Speaker 7: no idea. But let's say that the guy's completely incapacitated,

658
00:34:46,160 --> 00:34:48,680
Speaker 7: he dies in a week. The statement that was put

659
00:34:48,719 --> 00:34:51,320
Speaker 7: out was put out. If it wasn't put out by him,

660
00:34:51,719 --> 00:34:53,920
Speaker 7: it was put out by the Iranian regime. It was

661
00:34:53,920 --> 00:34:56,240
Speaker 7: put out by the people who are in charge of Iran.

662
00:34:56,680 --> 00:34:59,800
Speaker 7: So the belligerence in that statement, the complete lack of

663
00:34:59,800 --> 00:35:03,400
Speaker 7: the any sort of acquiescence as Trump had hoped, shows

664
00:35:03,400 --> 00:35:06,000
Speaker 7: that whether this guy's alive or not, the people who

665
00:35:06,040 --> 00:35:09,239
Speaker 7: are running are on are no closer to having a

666
00:35:09,320 --> 00:35:12,400
Speaker 7: reasonable government there than they were at the start of

667
00:35:12,440 --> 00:35:15,560
Speaker 7: this war. Arguably they're further away and even more dug.

668
00:35:15,600 --> 00:35:18,440
Speaker 3: Yet, last question I have is just about money. And

669
00:35:18,520 --> 00:35:21,680
Speaker 3: before this war began, you had a Pentagon asking for

670
00:35:21,840 --> 00:35:25,560
Speaker 3: an extremely large budget one and a half trillion dollars,

671
00:35:25,600 --> 00:35:27,200
Speaker 3: which I think will astonish a lot of people. I

672
00:35:27,200 --> 00:35:30,920
Speaker 3: imagine some of your constituents as well. Is this administration

673
00:35:31,000 --> 00:35:33,120
Speaker 3: going to get that from Congress? What's your assessment of

674
00:35:33,160 --> 00:35:36,800
Speaker 3: the appetite to increase the defense budget to that size

675
00:35:36,800 --> 00:35:37,240
Speaker 3: and scale.

676
00:35:38,080 --> 00:35:41,040
Speaker 7: Yeah, that's a fifty percent increase in the defense budget.

677
00:35:41,320 --> 00:35:43,920
Speaker 7: And by the way, that doesn't include the supplemental that

678
00:35:43,960 --> 00:35:46,719
Speaker 7: they're talking about asking for to help cover the cost

679
00:35:46,800 --> 00:35:48,360
Speaker 7: of this war, which is going to be in the

680
00:35:48,480 --> 00:35:52,320
Speaker 7: tens of billions of dollars. No, that's not realistic. And look,

681
00:35:52,560 --> 00:35:55,279
Speaker 7: we have a thirty eight trillion dollar debt and it's

682
00:35:55,400 --> 00:35:58,480
Speaker 7: very frustrating to me that everyone talks about that. And then,

683
00:35:58,520 --> 00:36:01,480
Speaker 7: oh my gosh, the Republicans when came writing into majority

684
00:36:01,520 --> 00:36:03,920
Speaker 7: in Congress and President Trump got elected, this was a

685
00:36:03,960 --> 00:36:06,959
Speaker 7: major issue. And then they voted for the Reconciliation Bill

686
00:36:07,000 --> 00:36:10,239
Speaker 7: to add four trillion dollars to the debt by massively

687
00:36:10,280 --> 00:36:12,799
Speaker 7: cutting taxes. You're going to massively cut taxes and then

688
00:36:12,800 --> 00:36:14,880
Speaker 7: you're going to start a war and ask for a

689
00:36:14,920 --> 00:36:17,759
Speaker 7: fifty percent increase in the defense budget. I mean, I

690
00:36:17,800 --> 00:36:20,000
Speaker 7: don't think we need to do that even if we

691
00:36:20,120 --> 00:36:23,279
Speaker 7: hadn't cut those taxes. But my god, how do you

692
00:36:23,320 --> 00:36:25,240
Speaker 7: stand up in front of the American people and say

693
00:36:25,440 --> 00:36:27,920
Speaker 7: we need a one point five trillion dollar defense budget.

694
00:36:28,080 --> 00:36:29,719
Speaker 7: We had to go to this war and spend these

695
00:36:29,719 --> 00:36:32,160
Speaker 7: ten million dollars, but we're not going to pay for it.

696
00:36:33,080 --> 00:36:34,759
Speaker 7: We're going to cut taxes. We're going to drive the

697
00:36:34,760 --> 00:36:35,560
Speaker 7: debt through the ceiling.

698
00:36:36,040 --> 00:36:39,480
Speaker 11: I know, I'm as I'm a little bit speechless in

699
00:36:39,560 --> 00:36:41,600
Speaker 11: terms of how do you justify that from any sort

700
00:36:41,600 --> 00:36:45,279
Speaker 11: of economic standpoint. I wouldn't have cut the taxes and

701
00:36:45,320 --> 00:36:46,719
Speaker 11: I wouldn't be going to war and.

702
00:36:46,719 --> 00:36:49,799
Speaker 7: Massively increasing the defense budget. But to try to do

703
00:36:50,040 --> 00:36:53,359
Speaker 7: both is just insane in my view.

704
00:36:53,920 --> 00:36:56,919
Speaker 3: Gentleman from the ninth Congression District in Washington, Carson Adam Smith,

705
00:36:56,920 --> 00:36:58,600
Speaker 3: the ranking member of the Armed Services Committee, thank you

706
00:36:58,640 --> 00:37:00,680
Speaker 3: very much for your time on this Sunday, appreciate, Thank

707
00:37:00,719 --> 00:37:01,160
Speaker 3: you so much.

708
00:37:01,200 --> 00:37:02,520
Speaker 2: We want to go now to the other side of

709
00:37:02,560 --> 00:37:04,680
Speaker 2: the aisle and the other side of the country and

710
00:37:04,719 --> 00:37:07,200
Speaker 2: talk to Congressman Mike Lawler, a Republican from the great

711
00:37:07,239 --> 00:37:09,279
Speaker 2: State of New York, and he serves on the Foreign

712
00:37:09,280 --> 00:37:10,160
Speaker 2: Affairs Committee.

713
00:37:10,239 --> 00:37:12,160
Speaker 5: Consman, thank you so much for joining us this morning.

714
00:37:12,360 --> 00:37:14,440
Speaker 2: First of all, I think you were listening when your

715
00:37:14,560 --> 00:37:18,520
Speaker 2: Democratic colleagues said he wishes they meeting this administration were

716
00:37:18,560 --> 00:37:20,799
Speaker 2: a little more serious about all this.

717
00:37:21,280 --> 00:37:22,600
Speaker 5: Do you agree or disagree with that?

718
00:37:22,640 --> 00:37:23,840
Speaker 2: And I just want to give you a chance to

719
00:37:23,880 --> 00:37:26,120
Speaker 2: react to anything else you heard your colleagues say.

720
00:37:27,239 --> 00:37:30,399
Speaker 12: Well, I wish my Democratic colleagues were more serious about this.

721
00:37:30,560 --> 00:37:32,920
Speaker 12: I mean, the fact is, fifty three of them voted

722
00:37:33,400 --> 00:37:38,440
Speaker 12: last week not to declare Iran the greatest state sponsor

723
00:37:38,600 --> 00:37:41,000
Speaker 12: of terrorism. So I think my colleague should be a

724
00:37:41,000 --> 00:37:44,960
Speaker 12: little more focused on, frankly, the unseeriousness of his own party.

725
00:37:45,680 --> 00:37:49,640
Speaker 12: And frankly, nothing he said was actually of substance in

726
00:37:49,800 --> 00:37:53,440
Speaker 12: that interview that I just listened to. The fact is

727
00:37:53,760 --> 00:37:57,759
Speaker 12: that everybody acknowledges, other than the fifty three Democrats that

728
00:37:57,840 --> 00:38:02,040
Speaker 12: voted no, that Iran is the greatest state sponsor of terror.

729
00:38:02,400 --> 00:38:06,040
Speaker 12: They have been the greatest impediment to peace and stability

730
00:38:06,200 --> 00:38:09,000
Speaker 12: in the Middle East and in the region. We see

731
00:38:09,160 --> 00:38:13,160
Speaker 12: with their belligerent response to this conflict where they are

732
00:38:13,320 --> 00:38:20,200
Speaker 12: striking civilian sites in Arab states neighboring them, that Iran

733
00:38:20,520 --> 00:38:25,200
Speaker 12: is the real threat here, and ultimately, after months of

734
00:38:25,320 --> 00:38:30,040
Speaker 12: negotiation in which Iran refused to seed any ground with

735
00:38:30,120 --> 00:38:34,320
Speaker 12: respect to its ballistic missiles program and its financing of terrorism,

736
00:38:34,719 --> 00:38:38,200
Speaker 12: President Trump made a decision that every president said that

737
00:38:38,280 --> 00:38:41,480
Speaker 12: they would, that they would ensure that Iran never got

738
00:38:41,520 --> 00:38:46,719
Speaker 12: a nuclear weapon. And between last summer strikes and the

739
00:38:46,800 --> 00:38:50,520
Speaker 12: decision to take military action here, President Trump is ensuring

740
00:38:50,520 --> 00:38:54,640
Speaker 12: that Iran cannot have a nuclear weapon. That is paramount.

741
00:38:54,920 --> 00:38:58,439
Speaker 12: And all of my Democratic colleagues, including Adam Smith, just said, oh,

742
00:38:58,680 --> 00:39:02,200
Speaker 12: I hope it works out. I hope we get regime change.

743
00:39:02,239 --> 00:39:05,080
Speaker 12: I hope, I hope. Well, hope is not a strategy,

744
00:39:05,400 --> 00:39:07,880
Speaker 12: and you actually have to be willing to take action.

745
00:39:08,360 --> 00:39:11,920
Speaker 12: And that is the fundamental problem and why Barack Obama's

746
00:39:11,960 --> 00:39:14,759
Speaker 12: attempts at this and Joe Biden's attempts at this have

747
00:39:14,840 --> 00:39:19,359
Speaker 12: failed so miserably, because hope is not a strategy. You

748
00:39:19,440 --> 00:39:22,759
Speaker 12: actually have to be willing to take military action if

749
00:39:22,760 --> 00:39:26,719
Speaker 12: you are going to impede their ability to use a

750
00:39:26,800 --> 00:39:31,680
Speaker 12: nuclear weapon. The problem here was very simple. Iran was

751
00:39:32,040 --> 00:39:35,560
Speaker 12: mass producing ballistic missiles at such a rate that if

752
00:39:35,560 --> 00:39:38,400
Speaker 12: we did not intervene, if we did not stop it,

753
00:39:39,080 --> 00:39:42,000
Speaker 12: they would have been able to develop a nuclear bomb

754
00:39:42,080 --> 00:39:46,000
Speaker 12: and utilize it in short timeframe the Congressation.

755
00:39:45,560 --> 00:39:48,160
Speaker 2: I haven't seen any evidence that shows that that breakout

756
00:39:48,160 --> 00:39:52,960
Speaker 2: time was closer or more urgent this week, this month

757
00:39:53,000 --> 00:39:55,640
Speaker 2: than it was last summer when the administration went after

758
00:39:55,680 --> 00:39:59,600
Speaker 2: those nuclear sites. Do you have any information that those

759
00:39:59,640 --> 00:40:03,640
Speaker 2: decis made a nuclear side, accords to administration rats.

760
00:40:03,480 --> 00:40:06,800
Speaker 12: Yeah, okay, we have had classified briefs, and I'm not

761
00:40:06,840 --> 00:40:09,200
Speaker 12: going to get into the specifics of the classified briefs,

762
00:40:09,239 --> 00:40:12,920
Speaker 12: but the fact is that the administration and President Trump

763
00:40:12,960 --> 00:40:17,879
Speaker 12: took decisive action last summer, striking three nuclear facilities. As

764
00:40:17,920 --> 00:40:23,520
Speaker 12: everybody understands, Iran has enriched uranium that they are currently storing,

765
00:40:24,080 --> 00:40:28,080
Speaker 12: and they were mass producing ballistic missiles at an alarming

766
00:40:28,200 --> 00:40:33,400
Speaker 12: rate that would actually protect their ability to develop that bomb.

767
00:40:33,719 --> 00:40:37,600
Speaker 12: Had we waited, had we allowed this to continue in perpetuity,

768
00:40:37,920 --> 00:40:40,839
Speaker 12: it would have been almost impossible for us to take

769
00:40:40,880 --> 00:40:44,000
Speaker 12: the necessary steps to prevent them from getting a nuclear weapons.

770
00:40:44,520 --> 00:40:48,239
Speaker 12: So there was a decision that was made, and I

771
00:40:48,400 --> 00:40:52,879
Speaker 12: support what the President decided in this moment to end

772
00:40:53,120 --> 00:40:56,400
Speaker 12: the threat of a nuclear Iran, And for many of

773
00:40:56,400 --> 00:40:59,120
Speaker 12: my colleagues on the Democratic side, the problem with them

774
00:40:59,239 --> 00:41:02,839
Speaker 12: is they're in consistent on everything. Adam Smith was in

775
00:41:02,880 --> 00:41:06,959
Speaker 12: support of efforts in Libya to remove Momar Gadafi. Adam

776
00:41:07,000 --> 00:41:11,680
Speaker 12: Smith was supportive of Barack Obama's seven month bombing of Libya.

777
00:41:12,120 --> 00:41:15,000
Speaker 12: Didn't say boo about it. So the problem is many

778
00:41:15,000 --> 00:41:18,120
Speaker 12: of my Democratic colleagues care more about the fact that

779
00:41:18,160 --> 00:41:21,120
Speaker 12: Donald Trump is president and it's Donald Trump making these

780
00:41:21,160 --> 00:41:24,680
Speaker 12: decisions than they do preventing Iran from getting a nuclear weapon.

781
00:41:24,680 --> 00:41:26,120
Speaker 12: And that's the fundamental problem.

782
00:41:26,200 --> 00:41:28,080
Speaker 3: Congress, you said just a moment ago that hope is

783
00:41:28,120 --> 00:41:30,040
Speaker 3: not a strategy. I'm going to quote from something that

784
00:41:30,080 --> 00:41:34,800
Speaker 3: the President said the NBC News yesterday, quote Hopefully China, France, Japan,

785
00:41:34,920 --> 00:41:36,880
Speaker 3: South Korea, and the UK and others that are affected

786
00:41:36,920 --> 00:41:39,399
Speaker 3: by this artificial constraint will send ships to the area

787
00:41:39,440 --> 00:41:41,160
Speaker 3: so that the horror MOUs strait will no longer be

788
00:41:41,440 --> 00:41:45,800
Speaker 3: threat by a nation that has been totally decapitated Therein,

789
00:41:45,880 --> 00:41:47,880
Speaker 3: it does seem like hope is the strategy for the president.

790
00:41:47,880 --> 00:41:52,160
Speaker 3: As we look at the total traffic, explain how it's president.

791
00:41:52,760 --> 00:41:56,240
Speaker 12: Yeah, the President is in touch with these nations. Remember,

792
00:41:56,360 --> 00:41:59,600
Speaker 12: China is the greatest purchaser of Iranian petroleum, and.

793
00:41:59,640 --> 00:42:01,959
Speaker 3: Yet we're are the straight remains closed and we see

794
00:42:02,040 --> 00:42:03,200
Speaker 3: Entergy likes.

795
00:42:03,080 --> 00:42:03,720
Speaker 7: Me to finish.

796
00:42:03,920 --> 00:42:05,800
Speaker 12: If you'd like me to finish, let me actually speak.

797
00:42:05,840 --> 00:42:06,080
Speaker 13: Thanks.

798
00:42:06,560 --> 00:42:09,799
Speaker 12: So the fact is China is the greatest purchaser of

799
00:42:09,840 --> 00:42:13,560
Speaker 12: Iranian petroleum. They're the ones that benefit most from the

800
00:42:13,560 --> 00:42:16,919
Speaker 12: Strait of Horror moves being open. Uh so, yeah, it's

801
00:42:16,960 --> 00:42:20,840
Speaker 12: in China's interest, it's in some of our European allies

802
00:42:20,960 --> 00:42:22,840
Speaker 12: interests for the Strait of Horror moves.

803
00:42:22,600 --> 00:42:23,120
Speaker 7: To be open.

804
00:42:23,480 --> 00:42:26,760
Speaker 12: Remember, we don't get oil from Iran. We have crippling

805
00:42:26,800 --> 00:42:31,000
Speaker 12: sanctions on iranium petroleum. Iran's illicit oil trade is what

806
00:42:31,120 --> 00:42:34,440
Speaker 12: has funded terrorism around the globe, and we have been

807
00:42:34,520 --> 00:42:38,000
Speaker 12: cracking down on that. I'm last year last Congress, I

808
00:42:38,160 --> 00:42:42,200
Speaker 12: passed the Ship Act alongside Secretary of Rubio when he

809
00:42:42,239 --> 00:42:44,720
Speaker 12: was in the Senate to crack down on the illicit

810
00:42:44,719 --> 00:42:47,319
Speaker 12: oil trade. Obviously, we want the Straight of Horror moves

811
00:42:47,360 --> 00:42:50,279
Speaker 12: to be open. That is why the President has taken

812
00:42:49,960 --> 00:42:57,520
Speaker 12: aggressive action against Iran's naval fleet, obliterating it as well

813
00:42:57,560 --> 00:43:02,280
Speaker 12: as going after their military capacity and capability on carg Island.

814
00:43:02,880 --> 00:43:07,680
Speaker 12: So we are taking necessary measures to push back against

815
00:43:07,760 --> 00:43:12,160
Speaker 12: the Iranian regime and their efforts to block the Strait

816
00:43:12,200 --> 00:43:15,160
Speaker 12: of Horror moves. But it is also incumbent on some

817
00:43:15,200 --> 00:43:19,320
Speaker 12: of our allies and adversaries, many of whom benefit from

818
00:43:19,960 --> 00:43:23,000
Speaker 12: trade coming through the Strait of Horror moves to engage.

819
00:43:23,080 --> 00:43:25,880
Speaker 12: And I think the President is not only engaged in

820
00:43:25,920 --> 00:43:29,160
Speaker 12: that conversation, but he's making the point that it is

821
00:43:29,680 --> 00:43:32,560
Speaker 12: in their best interests as well to engage on this matter.

822
00:43:32,920 --> 00:43:34,680
Speaker 2: Hikriston, I want to ask you about the cost of

823
00:43:34,719 --> 00:43:37,360
Speaker 2: this conflict, not just the financial cost, but also the

824
00:43:37,440 --> 00:43:40,120
Speaker 2: human toll. There has been a lot of loss of life,

825
00:43:40,120 --> 00:43:42,360
Speaker 2: including American soldiers, and one of them I believe is

826
00:43:42,360 --> 00:43:45,759
Speaker 2: from your district. There's an NYPD officer from who died

827
00:43:45,800 --> 00:43:50,000
Speaker 2: in Kuwait supporting this operation. What are you hearing from

828
00:43:50,040 --> 00:43:53,120
Speaker 2: your constituents. Have you spoken to this family and are

829
00:43:53,160 --> 00:43:55,840
Speaker 2: people concerned that as this goes on, even if they

830
00:43:55,880 --> 00:43:58,560
Speaker 2: support the president, even if they support the objectives, they

831
00:43:58,719 --> 00:44:00,719
Speaker 2: may not be willing to commit more American lives to

832
00:44:00,760 --> 00:44:01,280
Speaker 2: this operation.

833
00:44:03,239 --> 00:44:08,480
Speaker 12: Well, anytime we have military engagement, the loss of life

834
00:44:08,680 --> 00:44:11,880
Speaker 12: is tragic. The loss of our men and women in

835
00:44:11,920 --> 00:44:15,200
Speaker 12: our armed forces is tragic, and our heart breaks for

836
00:44:15,360 --> 00:44:20,920
Speaker 12: their families. I have spoken to his widow, and we

837
00:44:20,960 --> 00:44:23,920
Speaker 12: will certainly be doing everything in our power to support

838
00:44:24,239 --> 00:44:28,560
Speaker 12: the family. There is a go fundme that has already

839
00:44:28,680 --> 00:44:32,120
Speaker 12: raised well over one hundred thousand dollars to support this family,

840
00:44:32,160 --> 00:44:36,320
Speaker 12: including one hundred thousand dollars donation by Bill Ackman, and

841
00:44:36,360 --> 00:44:39,480
Speaker 12: I thank him for that in support of this family.

842
00:44:39,520 --> 00:44:44,400
Speaker 12: But this is obviously always a very difficult time anytime

843
00:44:44,480 --> 00:44:50,040
Speaker 12: you have the loss of our soldiers. We saw the

844
00:44:50,320 --> 00:44:54,640
Speaker 12: refueling you know airplane the other day go down and

845
00:44:55,600 --> 00:44:59,759
Speaker 12: six soldiers lost in that. It's tragic, and certainly that

846
00:44:59,880 --> 00:45:03,160
Speaker 12: is something that the military does everything in their power

847
00:45:03,160 --> 00:45:07,040
Speaker 12: to guard against and prevent the loss of life. But

848
00:45:07,440 --> 00:45:13,040
Speaker 12: this is certainly a conflict in which we are trying

849
00:45:13,080 --> 00:45:17,040
Speaker 12: to stop evil. We are trying to prevent a nuclear

850
00:45:17,080 --> 00:45:20,080
Speaker 12: weapon from being used in the Middle East or around

851
00:45:20,080 --> 00:45:24,640
Speaker 12: the globe and cause mass casualty. You see how Iran

852
00:45:24,760 --> 00:45:31,040
Speaker 12: has responded belligerently, striking civilian targets in neighboring Arab states.

853
00:45:31,880 --> 00:45:36,360
Speaker 12: They launched hundreds of ballistic missiles at Israel last year

854
00:45:36,440 --> 00:45:40,640
Speaker 12: and the year before. The fact is, this regime needs

855
00:45:40,680 --> 00:45:44,520
Speaker 12: to be defeated, and President Trump and our armed forces

856
00:45:45,000 --> 00:45:50,399
Speaker 12: are making a necessary, difficult, but necessary decision to take

857
00:45:50,640 --> 00:45:52,440
Speaker 12: out the threat corkuson.

858
00:45:52,440 --> 00:45:54,000
Speaker 3: I want to ask you lastly. You sit on the

859
00:45:54,040 --> 00:45:55,680
Speaker 3: Fort Affairs Committee, as we've mentioned, but you're on the

860
00:45:55,680 --> 00:45:57,759
Speaker 3: Financial Services Committee as well, and we have this news

861
00:45:57,800 --> 00:46:01,040
Speaker 3: on Friday that a judge it's struck down. What the

862
00:46:01,120 --> 00:46:02,680
Speaker 3: US attorney in DC hope to do, which is to

863
00:46:02,680 --> 00:46:06,479
Speaker 3: issue subpoena is a get information from FED chair Jerome

864
00:46:06,520 --> 00:46:08,480
Speaker 3: Powell and from the FED Reserve as well visa vi

865
00:46:08,560 --> 00:46:11,640
Speaker 3: his chairmanship. We heard from Tom Tillis, the Senator from

866
00:46:11,640 --> 00:46:14,719
Speaker 3: North Carolina who's threatened to withhold FED nominations as a

867
00:46:14,760 --> 00:46:17,640
Speaker 3: result of that investigation, that he continues to do so.

868
00:46:17,719 --> 00:46:19,560
Speaker 3: In light of what's happened here, do you think it's

869
00:46:19,560 --> 00:46:22,120
Speaker 3: in our interest, in the country's interest for these investigations

870
00:46:22,120 --> 00:46:24,480
Speaker 3: to continue if it does involve holding up the nomination

871
00:46:24,520 --> 00:46:25,920
Speaker 3: of Kevin Warsh to be the next VEED chair.

872
00:46:27,239 --> 00:46:28,000
Speaker 5: Look, I'd like.

873
00:46:27,960 --> 00:46:34,360
Speaker 12: To see Kevin Worsh confirmed expeditiously. I think it's imperative

874
00:46:34,400 --> 00:46:38,280
Speaker 12: that he come in as chairman. Jerome Powell will still

875
00:46:38,960 --> 00:46:42,240
Speaker 12: be on the FED board. But from my vantage point,

876
00:46:42,920 --> 00:46:45,600
Speaker 12: I don't think this is the best use of time

877
00:46:45,640 --> 00:46:50,799
Speaker 12: and resources. I've said that previously. Should there be an

878
00:46:50,880 --> 00:46:57,480
Speaker 12: investigation into how the rebuilding of the Federal Reserve building

879
00:46:58,120 --> 00:47:02,400
Speaker 12: went billions of dollars over budget? Sure, and they should

880
00:47:02,400 --> 00:47:04,120
Speaker 12: get to the bottom of that and have a full

881
00:47:04,200 --> 00:47:07,239
Speaker 12: understanding of that. But I don't think that at this

882
00:47:07,360 --> 00:47:12,520
Speaker 12: moment requires a criminal investigation of Chairman Pale, and I

883
00:47:12,560 --> 00:47:14,920
Speaker 12: think frankly, we need to move forward with a new

884
00:47:14,960 --> 00:47:16,080
Speaker 12: FED chair And.

885
00:47:16,200 --> 00:47:18,360
Speaker 2: Chris and Mike Lauler, thank you so much for joining us.

886
00:47:18,360 --> 00:47:20,640
Speaker 2: A mutual friend tells me you're a big Oscar fan,

887
00:47:20,800 --> 00:47:22,680
Speaker 2: So I hope you get a chance to relax and

888
00:47:22,719 --> 00:47:24,680
Speaker 2: watch that tonight and maybe we can have you back

889
00:47:24,880 --> 00:47:26,319
Speaker 2: and talk about your picks and whether you.

890
00:47:26,280 --> 00:47:26,799
Speaker 5: Got them or not.

891
00:47:27,880 --> 00:47:31,520
Speaker 4: Stay with us for more on Bloomberg this weekend right

892
00:47:31,560 --> 00:47:32,200
Speaker 4: after this.

893
00:47:44,320 --> 00:47:46,920
Speaker 2: Welcome back to Bloomberg this weekend. I'm Christina Raffini here

894
00:47:46,920 --> 00:47:49,840
Speaker 2: with David Gera. This Sunday is not only Oscar Sunday,

895
00:47:49,880 --> 00:47:51,880
Speaker 2: it is also Selection Sunday.

896
00:47:52,239 --> 00:47:52,719
Speaker 5: That's right.

897
00:47:52,760 --> 00:47:55,040
Speaker 2: It is a big deal for college basketball.

898
00:47:54,640 --> 00:47:56,400
Speaker 3: Fans like me with conviction.

899
00:47:56,600 --> 00:47:57,640
Speaker 5: You know how good I am at.

900
00:47:57,560 --> 00:48:00,680
Speaker 2: The sports ball, but I do like a bracket. I'm

901
00:48:00,680 --> 00:48:02,520
Speaker 2: not gonna lie, I know nothing about them, but this

902
00:48:02,560 --> 00:48:02,919
Speaker 2: is fun.

903
00:48:02,960 --> 00:48:05,360
Speaker 3: This is fun for all March Madness kicking off this

904
00:48:05,440 --> 00:48:08,120
Speaker 3: week tonight. We're gonna find out which teams have made

905
00:48:08,120 --> 00:48:09,839
Speaker 3: it to the Big Dance, and here to help us

906
00:48:10,320 --> 00:48:12,680
Speaker 3: figure out who those teams are likely to be so

907
00:48:12,719 --> 00:48:13,960
Speaker 3: you can put them in your brack. And I don't

908
00:48:14,000 --> 00:48:16,960
Speaker 3: know how you select your team cure chair based on mascot.

909
00:48:16,600 --> 00:48:19,840
Speaker 2: Based on color schemes, although you know what, sometimes that

910
00:48:19,880 --> 00:48:22,440
Speaker 2: works as well as people have Actually that's true.

911
00:48:22,640 --> 00:48:24,160
Speaker 3: It's the host for a business of sports podcast for

912
00:48:24,200 --> 00:48:27,520
Speaker 3: Nesta Prodermo Joints. It was noting along with us, she

913
00:48:27,600 --> 00:48:29,480
Speaker 3: might have a more sophisticated calculus than you when it

914
00:48:29,480 --> 00:48:30,880
Speaker 3: comes to picking her team is We'll get into that

915
00:48:30,880 --> 00:48:32,640
Speaker 3: in just a monte. Butanessa, great to have you with us.

916
00:48:33,080 --> 00:48:34,680
Speaker 3: Let me ask you, first of all, just rif what

917
00:48:34,680 --> 00:48:38,480
Speaker 3: what colors this season's NCAA tournament. We see a lot

918
00:48:38,480 --> 00:48:41,160
Speaker 3: of ads for sports betting, for instance. It does feel

919
00:48:41,160 --> 00:48:43,080
Speaker 3: like we've kind of entered a new terrain or iteration

920
00:48:43,520 --> 00:48:46,880
Speaker 3: of March Madness with the advent and legalization of sports betting.

921
00:48:48,080 --> 00:48:50,480
Speaker 13: I mean, it's absolutely one of the biggest, you know,

922
00:48:50,719 --> 00:48:55,080
Speaker 13: things of the year, one of the biggest betting events

923
00:48:55,080 --> 00:48:57,719
Speaker 13: on the calendar. It's actually bet on more than the

924
00:48:57,760 --> 00:49:01,560
Speaker 13: Super Bowl. Considering the amount of games that March Madness has. There's,

925
00:49:01,840 --> 00:49:04,759
Speaker 13: you know, a prediction of three billion dollars over three

926
00:49:04,760 --> 00:49:07,400
Speaker 13: billion dollars when we bet on this year's March Madness,

927
00:49:07,440 --> 00:49:12,200
Speaker 13: and that only includes sports books, not even considering prediction markets,

928
00:49:12,239 --> 00:49:15,000
Speaker 13: which is now one of the biggest things that people

929
00:49:15,040 --> 00:49:16,239
Speaker 13: are really getting into this year.

930
00:49:17,280 --> 00:49:19,239
Speaker 2: Is that taking some of the fun away from this?

931
00:49:19,400 --> 00:49:22,319
Speaker 2: I mean, my introduce to March Madness is like a

932
00:49:22,360 --> 00:49:24,759
Speaker 2: college pool, a bunch of cash. You're talking to people

933
00:49:24,760 --> 00:49:26,440
Speaker 2: you never talked to in your office. It was like

934
00:49:26,480 --> 00:49:28,800
Speaker 2: adorable in its sketchiness. I don't know the fact that

935
00:49:28,880 --> 00:49:31,799
Speaker 2: it's been commodified. Are people still I mean, obviously three

936
00:49:31,840 --> 00:49:34,200
Speaker 2: point three billion dollars people are still enjoying it. But

937
00:49:34,520 --> 00:49:38,040
Speaker 2: has it changed the vibe of March Madness to something

938
00:49:38,080 --> 00:49:39,080
Speaker 2: a little bit more serious?

939
00:49:40,360 --> 00:49:40,880
Speaker 7: I don't think so.

940
00:49:40,960 --> 00:49:43,919
Speaker 13: I think, you know, it's almost exactly what we want,

941
00:49:44,080 --> 00:49:46,560
Speaker 13: what they want, and what we've already been doing with

942
00:49:46,600 --> 00:49:48,680
Speaker 13: filling out your bracket, like you were saying before, I mean,

943
00:49:49,000 --> 00:49:51,799
Speaker 13: people just throw random things in there, so it's the

944
00:49:51,800 --> 00:49:55,799
Speaker 13: same thing with betting on the game. You're hoping that

945
00:49:55,880 --> 00:49:59,040
Speaker 13: Cinderella story, that that eleven seed is going to come

946
00:49:59,080 --> 00:50:02,120
Speaker 13: through and make it to the Elite eight or the

947
00:50:02,160 --> 00:50:05,880
Speaker 13: Final four. And I think really what it's doing is

948
00:50:06,040 --> 00:50:09,920
Speaker 13: giving people exactly what they were already writing down their brackets,

949
00:50:10,160 --> 00:50:13,840
Speaker 13: but it's giving them an opportunity to actually make money

950
00:50:13,880 --> 00:50:14,279
Speaker 13: on it.

951
00:50:14,360 --> 00:50:17,919
Speaker 14: And it's just really the same exact thing.

952
00:50:18,400 --> 00:50:20,680
Speaker 13: Just now they're making money on it, and the sports

953
00:50:20,680 --> 00:50:22,040
Speaker 13: books are very happy as well.

954
00:50:22,239 --> 00:50:24,560
Speaker 3: I want to get your counselor on who we should

955
00:50:24,560 --> 00:50:26,640
Speaker 3: be looking to for maybe some of those Cinderella stories.

956
00:50:26,640 --> 00:50:28,759
Speaker 3: So yesterday I was having a beverage of my choice

957
00:50:28,800 --> 00:50:32,200
Speaker 3: and watching the Vanderbilt Florida game. Very exciting. Vanderbilt won

958
00:50:32,239 --> 00:50:35,920
Speaker 3: that unexpectedly. So we've had these conference tournaments happening. Who

959
00:50:35,960 --> 00:50:38,719
Speaker 3: are you looking at? Who stands perhaps to surprise all

960
00:50:38,760 --> 00:50:40,440
Speaker 3: of us here as we look ahead to March badness.

961
00:50:41,719 --> 00:50:44,080
Speaker 13: You know, I went to du Kane University, so I'm

962
00:50:44,120 --> 00:50:46,680
Speaker 13: a big fan of the A ten and A ten. Actually,

963
00:50:46,800 --> 00:50:50,479
Speaker 13: you know, they're one of the conferences that actually usually

964
00:50:50,600 --> 00:50:52,279
Speaker 13: kind of get in there, and they have about three

965
00:50:52,360 --> 00:50:55,040
Speaker 13: or four seeds, so I'm a little bit of a

966
00:50:55,040 --> 00:50:57,600
Speaker 13: homer in that way. But if you are filling out

967
00:50:57,600 --> 00:50:59,319
Speaker 13: your brackets, if you are looking to play to bet,

968
00:50:59,440 --> 00:51:03,280
Speaker 13: usually those eleven seeds that we'll see today in selection

969
00:51:03,360 --> 00:51:06,000
Speaker 13: Sunday who those will be, But usually those eleven seeds,

970
00:51:06,040 --> 00:51:06,879
Speaker 13: those twelve.

971
00:51:06,560 --> 00:51:08,799
Speaker 14: Seeds are the ones you want to put your money on.

972
00:51:09,400 --> 00:51:12,360
Speaker 2: Obviously, lots of money, lots of interest. But I have

973
00:51:12,400 --> 00:51:14,360
Speaker 2: been informed because I am new to Bloomberg. There's something

974
00:51:14,400 --> 00:51:17,840
Speaker 2: called Bloomberg's Bracket for a Cause. This is the eleventh

975
00:51:17,920 --> 00:51:21,359
Speaker 2: year and the website goes live this week. Explain what

976
00:51:21,400 --> 00:51:23,520
Speaker 2: this is and why we do it and how much

977
00:51:23,520 --> 00:51:24,240
Speaker 2: money is raised.

978
00:51:25,440 --> 00:51:27,719
Speaker 13: Yeah, So Bloomberg Bracket for a Cause is something that's

979
00:51:27,719 --> 00:51:32,520
Speaker 13: been going on for over ten years. CEOs, investors, hedge

980
00:51:32,520 --> 00:51:35,440
Speaker 13: fund managers, they all come together, they pledge twenty thousand

981
00:51:35,480 --> 00:51:38,799
Speaker 13: dollars for exactly what we're talking about. They're filling out

982
00:51:38,840 --> 00:51:41,920
Speaker 13: their brackets and they're also just raising money for charity,

983
00:51:41,920 --> 00:51:45,160
Speaker 13: which is amazing. Whitney Wolf heard. Actually, the founder of

984
00:51:45,200 --> 00:51:48,600
Speaker 13: Bumble has won the last two years in a row,

985
00:51:49,560 --> 00:51:52,960
Speaker 13: and you know she's raising money for Baby to Baby

986
00:51:52,960 --> 00:51:56,520
Speaker 13: I think, which is a organization that helps child poverty.

987
00:51:56,840 --> 00:51:59,080
Speaker 13: And I've written the story and I've talked to some

988
00:51:59,120 --> 00:52:01,000
Speaker 13: of the investors and they actually have a little bit

989
00:52:01,000 --> 00:52:03,680
Speaker 13: more of a hedge than you know, me and you

990
00:52:03,760 --> 00:52:07,000
Speaker 13: filling out our brackets because they see it as a investment.

991
00:52:07,080 --> 00:52:10,880
Speaker 13: They see it as looking at you know, those little

992
00:52:10,920 --> 00:52:13,000
Speaker 13: things that they look to in the market. They're doing

993
00:52:13,000 --> 00:52:15,600
Speaker 13: that exact same thing when they're filling out their college brackets.

994
00:52:15,719 --> 00:52:18,960
Speaker 2: Essa, How could someone possibly have more like interest and

995
00:52:19,000 --> 00:52:21,360
Speaker 2: analytics and filling out brackets than me, as we've already

996
00:52:21,440 --> 00:52:25,440
Speaker 2: established as I choose by cute magus mascots and color choices.

997
00:52:25,480 --> 00:52:27,799
Speaker 5: But all right, I'll give you that on that note.

998
00:52:28,200 --> 00:52:30,319
Speaker 3: My last question kind of looking at the zeitgeist, looking

999
00:52:30,360 --> 00:52:32,759
Speaker 3: at this moment, I've heard from a few friends that

1000
00:52:32,760 --> 00:52:34,680
Speaker 3: they're going to rely on AI to help pick their

1001
00:52:34,719 --> 00:52:36,560
Speaker 3: brackets this year, and I'm thinking, like, maybe that's going

1002
00:52:36,600 --> 00:52:38,640
Speaker 3: to be a phenomenon here as well. Yeah, I mean,

1003
00:52:38,680 --> 00:52:40,440
Speaker 3: like that could tell you a good deal. I imagine

1004
00:52:40,520 --> 00:52:42,719
Speaker 3: just about like past not the past performance is a

1005
00:52:42,719 --> 00:52:45,280
Speaker 3: guarantee of future success. But are you hearing that as well, Vanessa?

1006
00:52:45,320 --> 00:52:46,919
Speaker 3: Like is that a thing as well? People using AI

1007
00:52:46,960 --> 00:52:48,400
Speaker 3: to kind of figure out what they're going to put

1008
00:52:48,400 --> 00:52:49,160
Speaker 3: in their brackets.

1009
00:52:49,760 --> 00:52:52,200
Speaker 14: It's absolutely something that people a tool that people use,

1010
00:52:52,600 --> 00:52:53,320
Speaker 14: and it's.

1011
00:52:53,360 --> 00:52:56,880
Speaker 13: It's helpful obviously, Like you know, coaches use it sometimes

1012
00:52:56,920 --> 00:52:58,080
Speaker 13: to try and figure out.

1013
00:52:57,960 --> 00:52:59,520
Speaker 14: What their game plan is going to be.

1014
00:53:00,080 --> 00:53:02,400
Speaker 13: But at the same time, I think AI knows just

1015
00:53:02,440 --> 00:53:05,560
Speaker 13: as much as everyone else does in terms of March Madness.

1016
00:53:05,560 --> 00:53:06,920
Speaker 13: They I mean, they call it that for a reason.

1017
00:53:07,200 --> 00:53:10,920
Speaker 13: You know, Cinderella's stories happen every year. But the reality is,

1018
00:53:11,320 --> 00:53:13,399
Speaker 13: you know, number one seeds tend to win.

1019
00:53:14,239 --> 00:53:18,279
Speaker 3: We haven't talked about the women's bracket yet. Yukon seemingly unstoppable.

1020
00:53:18,560 --> 00:53:21,040
Speaker 3: Yet again, we talk about the success of brackets for

1021
00:53:21,080 --> 00:53:23,759
Speaker 3: a cause, and it's Winter year after year, Yukon winter

1022
00:53:23,840 --> 00:53:25,160
Speaker 3: year after year, hear and looking like they're in a

1023
00:53:25,239 --> 00:53:28,040
Speaker 3: very strong position going into the women's March Madness as well.

1024
00:53:29,160 --> 00:53:30,520
Speaker 14: It's an amazing story for Yukon.

1025
00:53:30,520 --> 00:53:32,280
Speaker 13: I mean, you know, they won last year with Paige

1026
00:53:32,280 --> 00:53:36,080
Speaker 13: Becker's and she finally got her ring, and now Azy

1027
00:53:36,120 --> 00:53:38,360
Speaker 13: Fudd trying to do the same thing as she goes

1028
00:53:38,840 --> 00:53:40,600
Speaker 13: in her last year before she goes.

1029
00:53:40,480 --> 00:53:45,920
Speaker 14: To the WNBA. They're undefeated, they're looking extremely strong. But

1030
00:53:46,000 --> 00:53:47,640
Speaker 14: I also wouldn't put it past.

1031
00:53:47,880 --> 00:53:50,319
Speaker 13: UCLA is another team that I would really look at,

1032
00:53:50,320 --> 00:53:52,799
Speaker 13: with Lauren Betts also doing the same thing in one

1033
00:53:52,800 --> 00:53:54,600
Speaker 13: of her last years before she goes to the WNBA.

1034
00:53:54,800 --> 00:53:56,640
Speaker 3: Vanessa, great to talk to you. Vanessa Prodmo, the host

1035
00:53:56,640 --> 00:53:58,759
Speaker 3: of the Business of Sports podcast here at liberg News,

1036
00:53:58,800 --> 00:54:01,160
Speaker 3: reports in the Business with sports as well. Good luck

1037
00:54:01,160 --> 00:54:01,839
Speaker 3: for sank you so much.

1038
00:54:01,840 --> 00:54:03,720
Speaker 5: I'm gonna sit us. I'm gonna send you my bracket.

1039
00:54:03,760 --> 00:54:05,719
Speaker 5: You can get me thumbs up and some down. Yeah,

1040
00:54:05,760 --> 00:54:08,440
Speaker 5: you feel like that market ap. Please I gotta beat David.

1041
00:54:08,600 --> 00:54:09,239
Speaker 5: Please help me.

1042
00:54:10,200 --> 00:54:11,400
Speaker 3: We'll see we shall see you.

1043
00:54:14,480 --> 00:54:17,400
Speaker 2: Thanks for joining us on today's Bloomberg This Weekend podcast.

1044
00:54:17,520 --> 00:54:19,800
Speaker 2: Don't forget to tune in live for the show every

1045
00:54:19,800 --> 00:54:22,480
Speaker 2: Saturday and Sunday morning, starting at seven am Eastern.

1046
00:54:22,560 --> 00:54:25,560
Speaker 3: We're on Bloomberg Television Radio and the Bloomberg Business App,

1047
00:54:25,680 --> 00:54:29,160
Speaker 3: bringing you unique takes and in depth interviews on news, politics,

1048
00:54:29,239 --> 00:54:30,440
Speaker 3: lifestyle and culture.