1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple Coarclay and Android 4 00:00:17,160 --> 00:00:20,520 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:24,120 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,320 --> 00:00:28,480 Speaker 2: The Fix up fifteen percent today, That's how we're feeling. 7 00:00:29,240 --> 00:00:32,520 Speaker 2: Look at bitcoin, even bitcoin is getting crushed down. We're 8 00:00:32,520 --> 00:00:35,760 Speaker 2: below eighty thousand dollars here. Look at this five percent 9 00:00:35,840 --> 00:00:41,320 Speaker 2: loss for bitcoin. As I mentioned, what is up the 10 00:00:41,440 --> 00:00:44,360 Speaker 2: vix And of course all of this has to do. 11 00:00:45,760 --> 00:00:48,440 Speaker 3: With tariffs and rhetoric. 12 00:00:49,560 --> 00:00:52,199 Speaker 2: Go back to Saturday and Scott Bessen talking about the 13 00:00:53,000 --> 00:00:57,440 Speaker 2: detoxing the economy. We heard about short term pain right 14 00:00:57,440 --> 00:01:01,000 Speaker 2: at the the not State of the Union address last week, 15 00:01:01,080 --> 00:01:04,160 Speaker 2: the address to a joint Session of Congress. But then 16 00:01:04,160 --> 00:01:06,759 Speaker 2: there was the big one, the Big Doozy with Maria Barbiromo. 17 00:01:06,840 --> 00:01:11,240 Speaker 2: President Trump is asked straight out, because we've traded our 18 00:01:11,280 --> 00:01:14,440 Speaker 2: animal spirits here for talk of recession. What do you think, 19 00:01:14,760 --> 00:01:17,360 Speaker 2: mister President, are you expecting a recession this year? 20 00:01:17,400 --> 00:01:18,119 Speaker 3: Here's what he said. 21 00:01:18,760 --> 00:01:21,920 Speaker 4: I hate to predict things like that. There is a 22 00:01:22,200 --> 00:01:25,720 Speaker 4: period of transition because what we're doing is very big. 23 00:01:25,959 --> 00:01:29,080 Speaker 4: We're bringing wealth back to America. That's a big thing, 24 00:01:29,920 --> 00:01:34,520 Speaker 4: and there are always periods of it takes a little time. 25 00:01:35,319 --> 00:01:36,440 Speaker 4: It takes a little time. 26 00:01:39,400 --> 00:01:40,280 Speaker 3: You couldn't say no. 27 00:01:42,240 --> 00:01:44,520 Speaker 2: We assemble our panel now, our signature panel with us 28 00:01:44,520 --> 00:01:47,400 Speaker 2: on this Monday. Genie Shanzano is here, our Democratic analyst, 29 00:01:47,400 --> 00:01:50,400 Speaker 2: Bloomberg Politics contributor of course, senior democracy fellow with the 30 00:01:50,400 --> 00:01:53,000 Speaker 2: Center for the Study of the Presidency in Congress. And 31 00:01:53,040 --> 00:01:56,720 Speaker 2: there's Republican strategist Rick Davis, Bloomberg Politics contributor and partner 32 00:01:56,720 --> 00:02:02,360 Speaker 2: at Stone Court Capital. Rick was that Donald Trump being 33 00:02:02,480 --> 00:02:04,840 Speaker 2: off brand there. Howard Luttnik had to go on TV 34 00:02:05,600 --> 00:02:07,880 Speaker 2: later on and say, absolutely not. We're not going to 35 00:02:07,960 --> 00:02:10,440 Speaker 2: have a recession. What happened to talking up the economy, 36 00:02:10,480 --> 00:02:11,519 Speaker 2: which Donald Trump. 37 00:02:11,440 --> 00:02:14,560 Speaker 5: Was that, Yeah, that was the dark Donald Trump. You 38 00:02:14,680 --> 00:02:16,720 Speaker 5: remember Dark Brandon. Well, we're gonna have to have a 39 00:02:16,720 --> 00:02:21,200 Speaker 5: new nickname for Dark Trump. You know, his eyes turned 40 00:02:21,240 --> 00:02:23,120 Speaker 5: a little bit red and glowed when he said that, 41 00:02:23,400 --> 00:02:27,840 Speaker 5: And I thought, Wow, here's an administration it doesn't mind 42 00:02:27,919 --> 00:02:32,119 Speaker 5: leaning into a recession. I mean, Joe Biden was excoriated 43 00:02:32,200 --> 00:02:35,280 Speaker 5: for denying that there could be a recession or that 44 00:02:35,320 --> 00:02:38,560 Speaker 5: there was inflation, And here we had an administration, you know, 45 00:02:38,760 --> 00:02:41,280 Speaker 5: is kind of predicting a downfall in the economy. 46 00:02:41,840 --> 00:02:42,160 Speaker 3: Uh. 47 00:02:42,200 --> 00:02:45,239 Speaker 5: And I must admit I didn't hear it from Kevin Hassett, 48 00:02:46,000 --> 00:02:48,600 Speaker 5: chief Economic Advisor. I didn't hear it from Howard Lutnick. 49 00:02:48,680 --> 00:02:51,320 Speaker 5: I didn't hear it from Scott Bestnett. So maybe Donald 50 00:02:51,360 --> 00:02:54,600 Speaker 5: Trump is on the wrong page. I hope so, because 51 00:02:54,639 --> 00:02:57,639 Speaker 5: certainly a recession is not what we bought into when 52 00:02:57,639 --> 00:02:59,240 Speaker 5: we elected Donald Trump president. 53 00:03:00,600 --> 00:03:03,760 Speaker 2: Well no, boy, things have changed awfully quick here, Genie. 54 00:03:03,760 --> 00:03:05,799 Speaker 2: The market is back to where it was before the election. 55 00:03:05,919 --> 00:03:08,280 Speaker 2: We're talking about whether we're going to have a recession 56 00:03:08,360 --> 00:03:11,799 Speaker 2: or not. There's something called talking down the economy, right, 57 00:03:12,320 --> 00:03:13,200 Speaker 2: Is Donald. 58 00:03:13,000 --> 00:03:15,320 Speaker 3: Trump going to make it worse with rhetoric like that. 59 00:03:17,320 --> 00:03:20,120 Speaker 6: Today? Is probably suggests that he is making it a 60 00:03:20,120 --> 00:03:23,080 Speaker 6: little worse, but it's hard to tell, you know. I 61 00:03:23,120 --> 00:03:25,360 Speaker 6: think my read of this is is Donald Trump is 62 00:03:25,400 --> 00:03:29,519 Speaker 6: doing something we've seen all modern presidents do, is they 63 00:03:29,560 --> 00:03:33,280 Speaker 6: try to walk back the inflated expectations that got them 64 00:03:33,320 --> 00:03:36,000 Speaker 6: into office. And so with Donald Trump, it was make 65 00:03:36,080 --> 00:03:39,680 Speaker 6: America affordable again. Now all of a sudden, as the 66 00:03:39,760 --> 00:03:42,760 Speaker 6: numbers it's just been seven weeks have shown that may 67 00:03:42,800 --> 00:03:45,560 Speaker 6: not be coming quite as quickly as he promised. He 68 00:03:45,600 --> 00:03:48,840 Speaker 6: wants to lower those expectations, and so when he talks 69 00:03:48,880 --> 00:03:52,040 Speaker 6: to Maria Bartoloma or anybody else, he says, to your point, 70 00:03:52,080 --> 00:03:54,560 Speaker 6: at the state of the Union, even there might be 71 00:03:54,640 --> 00:03:58,280 Speaker 6: some pain here, you might experience pain, but there is 72 00:03:58,320 --> 00:04:01,280 Speaker 6: something great waiting in the after. We don't quite know 73 00:04:01,320 --> 00:04:03,440 Speaker 6: what that is. We hope it's a good economy. It's 74 00:04:03,480 --> 00:04:07,040 Speaker 6: strong economy, jobs, manufacturing. But this is I think and 75 00:04:07,080 --> 00:04:11,520 Speaker 6: person of the way we have laid out the modern presidency. 76 00:04:11,880 --> 00:04:15,200 Speaker 6: To win, you have to overpromise, and when you get 77 00:04:15,240 --> 00:04:18,920 Speaker 6: into office, delivering on those promises is difficult. You let 78 00:04:19,120 --> 00:04:22,400 Speaker 6: supporters down. And of course many of his supporters are 79 00:04:22,400 --> 00:04:24,400 Speaker 6: in the stock market. They want it a lot more 80 00:04:24,440 --> 00:04:27,520 Speaker 6: from this president, and he promised it quickly, and that 81 00:04:27,680 --> 00:04:31,520 Speaker 6: is not something that Washington can deliver even under Donald Trump. 82 00:04:32,720 --> 00:04:36,200 Speaker 2: Well, as we mentioned grabbing the fire hose running towards 83 00:04:36,240 --> 00:04:39,799 Speaker 2: the smoke, Commerce Secretary Howard Lutnek on meet the press 84 00:04:39,880 --> 00:04:42,479 Speaker 2: yesterday morning. Are we going to have a recession? 85 00:04:42,520 --> 00:04:46,560 Speaker 7: Mister secretary, there's going to be no recession in America. 86 00:04:46,760 --> 00:04:49,200 Speaker 7: What there's going to be is global tariffs are going 87 00:04:49,240 --> 00:04:52,240 Speaker 7: to come down because President Trump has said, you want 88 00:04:52,240 --> 00:04:54,440 Speaker 7: to charge us one hundred percent, We're going to charge 89 00:04:54,480 --> 00:04:55,960 Speaker 7: you one hundred percent. And you know what they say. 90 00:04:55,960 --> 00:04:57,960 Speaker 7: They say, no, no, no, no, no, don't charge us 91 00:04:57,960 --> 00:05:01,039 Speaker 7: one hundred percent. We'll bring ours down. So Donald Trump 92 00:05:01,120 --> 00:05:04,960 Speaker 7: is bringing growth to America. I would never bet our recession, 93 00:05:05,320 --> 00:05:06,360 Speaker 7: no chance. 94 00:05:08,000 --> 00:05:10,840 Speaker 2: Well, Rick Davis, it looks like Wall Street kind of is. 95 00:05:10,960 --> 00:05:12,520 Speaker 2: I don't know if we can go that far, but 96 00:05:12,560 --> 00:05:15,919 Speaker 2: we're looking at a pronounced sell off here again. Today 97 00:05:16,400 --> 00:05:19,560 Speaker 2: the NASDAC, even as tech CEOs arrive at the White House, 98 00:05:19,640 --> 00:05:22,920 Speaker 2: is down over three percent, over three and a half percent. 99 00:05:23,560 --> 00:05:26,560 Speaker 2: You've got Mike Wilson at Morgan Stanley calling the bottom 100 00:05:26,800 --> 00:05:29,279 Speaker 2: fifty five hundred. He says for the S and P 101 00:05:29,400 --> 00:05:31,320 Speaker 2: five hundred. How do we rationalize all of this? 102 00:05:32,600 --> 00:05:36,040 Speaker 5: Yeah, well, I hope how Lutnik is right. But like, 103 00:05:36,160 --> 00:05:40,640 Speaker 5: maybe what he's missing is while ourcon our stock markets 104 00:05:40,640 --> 00:05:44,000 Speaker 5: are going down the floorboards in giving back every game 105 00:05:44,080 --> 00:05:47,640 Speaker 5: that we had prior to Donald Trump being president, the 106 00:05:47,680 --> 00:05:49,640 Speaker 5: w rest of the world seems to be enjoying an 107 00:05:49,720 --> 00:05:52,320 Speaker 5: uplift in the economy. I mean Donald Trump should be 108 00:05:52,320 --> 00:05:54,719 Speaker 5: the savior of Europe. I mean you mentioned the Vics 109 00:05:54,760 --> 00:05:57,039 Speaker 5: being up today. I mean, like all of a sudden, 110 00:05:57,080 --> 00:06:00,080 Speaker 5: Europe's a place to invest, not because they're doing that 111 00:06:00,160 --> 00:06:03,200 Speaker 5: much better, it's because we're doing that much worse. We 112 00:06:03,279 --> 00:06:07,160 Speaker 5: do have to remember, Donald Trump inherited a robust economy. 113 00:06:07,160 --> 00:06:10,040 Speaker 5: I heard some of his people on the weekend shows 114 00:06:10,080 --> 00:06:12,320 Speaker 5: talking about what a horrible economy they got. They didn't 115 00:06:12,320 --> 00:06:15,039 Speaker 5: get a horrible economy, they got a great economy. We 116 00:06:15,080 --> 00:06:17,040 Speaker 5: had people on this show saying this might be the 117 00:06:17,080 --> 00:06:22,120 Speaker 5: best economy we've had in our current lifetime, and I 118 00:06:22,200 --> 00:06:26,320 Speaker 5: would agree. No economists, but from what I could tell, 119 00:06:26,360 --> 00:06:29,160 Speaker 5: every indicator in the economy was up at the end 120 00:06:29,160 --> 00:06:32,520 Speaker 5: of this last year, and now they're looking at a 121 00:06:32,560 --> 00:06:35,960 Speaker 5: totally different scenario. Donald Trump was kind of, you know, 122 00:06:36,080 --> 00:06:38,719 Speaker 5: talking about that in his own comments, but nobody else 123 00:06:38,720 --> 00:06:42,280 Speaker 5: in his administration will echo that, so I don't know. 124 00:06:42,360 --> 00:06:44,320 Speaker 5: I mean, I think the rest of the world has 125 00:06:44,400 --> 00:06:48,200 Speaker 5: a autosnic gift to the White House, thanking Donald Trump 126 00:06:48,279 --> 00:06:51,240 Speaker 5: for starting a tear far that is actually helping them, 127 00:06:51,320 --> 00:06:53,480 Speaker 5: not hurting the rest of the world. 128 00:06:53,600 --> 00:06:54,800 Speaker 3: Like Leutnik is saying. 129 00:06:55,600 --> 00:07:00,200 Speaker 2: He also helped to save Justin Trudeau's party and may 130 00:07:00,240 --> 00:07:02,479 Speaker 2: well in the coming elections. Here with our new prime 131 00:07:02,480 --> 00:07:05,200 Speaker 2: minister over the weekend, Genie, I'll get hit for saying this, 132 00:07:05,279 --> 00:07:07,000 Speaker 2: but I've got to ask it. How long until we 133 00:07:07,040 --> 00:07:10,880 Speaker 2: see the first billboard with Joe Biden's face on it 134 00:07:11,000 --> 00:07:12,040 Speaker 2: saying miss me Yet? 135 00:07:14,400 --> 00:07:17,560 Speaker 6: I'm thinking that may be a little while, but we'll 136 00:07:17,560 --> 00:07:20,040 Speaker 6: have to wait and see. You know, if we don't 137 00:07:20,080 --> 00:07:23,160 Speaker 6: see the if we don't get out of the red 138 00:07:23,200 --> 00:07:25,400 Speaker 6: pretty soon, it might come sooner than I think. But 139 00:07:25,800 --> 00:07:28,960 Speaker 6: you know, another really interesting thing that Donald Trump said 140 00:07:29,000 --> 00:07:33,440 Speaker 6: over the weekend was he compared how China operates to 141 00:07:33,480 --> 00:07:35,760 Speaker 6: how the US operates in terms of planning, and he 142 00:07:35,840 --> 00:07:38,760 Speaker 6: is right on this. They work on one hundred year cycles. 143 00:07:38,840 --> 00:07:42,040 Speaker 6: We go quarter to quarter. This speaks to an enormous 144 00:07:42,080 --> 00:07:45,080 Speaker 6: structural problem in the way we plan and the way 145 00:07:45,240 --> 00:07:48,920 Speaker 6: Washington d C. Operates. So when somebody like Donald Trump 146 00:07:49,000 --> 00:07:53,440 Speaker 6: is elected to do something very revolutionary and to do 147 00:07:53,520 --> 00:07:56,280 Speaker 6: it in a way that most economists see as not 148 00:07:56,440 --> 00:07:59,600 Speaker 6: being particularly friendly by way of inflation in terms of 149 00:07:59,680 --> 00:08:04,120 Speaker 6: using traffs, that's a long investment that you have to 150 00:08:04,200 --> 00:08:07,080 Speaker 6: make and he knows that, which is why he is 151 00:08:07,160 --> 00:08:11,400 Speaker 6: now saying what he needs is time. Unfortunately for Donald Trump, 152 00:08:11,720 --> 00:08:14,280 Speaker 6: he can't get it in the way our political and 153 00:08:14,360 --> 00:08:17,280 Speaker 6: economic system works in the US, and that is a 154 00:08:17,440 --> 00:08:20,400 Speaker 6: source of real frustration, not just for him, but for 155 00:08:20,560 --> 00:08:23,600 Speaker 6: all presidents. So in a lot of ways, this story 156 00:08:23,720 --> 00:08:27,160 Speaker 6: is much much bigger than anything about Donald Trump or 157 00:08:27,280 --> 00:08:31,120 Speaker 6: Joe Biden. He simply does not have the time and 158 00:08:31,200 --> 00:08:33,840 Speaker 6: he is a lame duck president to do the big 159 00:08:33,840 --> 00:08:35,720 Speaker 6: things he wants to do. So now it is a 160 00:08:35,720 --> 00:08:38,719 Speaker 6: waiting game to see when he decides he's going to 161 00:08:38,760 --> 00:08:41,440 Speaker 6: cut and run from his promises and try to just 162 00:08:41,559 --> 00:08:45,240 Speaker 6: make sure he can hand over an economy in good condition. 163 00:08:45,720 --> 00:08:48,720 Speaker 6: And that is a sad reality that his fervent supporters 164 00:08:48,720 --> 00:08:51,720 Speaker 6: are going to have to accept all of those big promises. 165 00:08:52,240 --> 00:08:56,200 Speaker 6: Very difficult for a president to deliver on and he 166 00:08:56,440 --> 00:08:59,000 Speaker 6: knows that, and that's why he's trying to ask for time. 167 00:09:00,559 --> 00:09:03,240 Speaker 2: Well, it's another down day for the markets here. It's 168 00:09:03,280 --> 00:09:07,040 Speaker 2: another sharply lower day. Rick for Goldman Sacks down five 169 00:09:07,120 --> 00:09:10,920 Speaker 2: percent right now again round tripping to where we were 170 00:09:10,960 --> 00:09:14,920 Speaker 2: before the election. Goldman Sachs is at five hundred and 171 00:09:14,960 --> 00:09:17,880 Speaker 2: thirty two dollars. It topped out above six hundred and 172 00:09:18,000 --> 00:09:23,000 Speaker 2: seventy dollars. Following the election and the inauguration, Rick, we 173 00:09:23,080 --> 00:09:25,800 Speaker 2: talked about animal spirits. It was going to be m 174 00:09:25,840 --> 00:09:29,520 Speaker 2: and a time the party was back on. Now that 175 00:09:29,520 --> 00:09:32,080 Speaker 2: we're seeing the market reaction that we are seeing into 176 00:09:32,120 --> 00:09:34,720 Speaker 2: the extent that you're involved in the private equity space, 177 00:09:35,080 --> 00:09:38,080 Speaker 2: what are you hearing and could this maybe actually help 178 00:09:38,120 --> 00:09:40,080 Speaker 2: private equity at some point when so many people are 179 00:09:40,080 --> 00:09:41,760 Speaker 2: trying to get out of the public markets. 180 00:09:42,840 --> 00:09:44,960 Speaker 5: Yeah, look, I mean it's too soon to tell. 181 00:09:45,600 --> 00:09:46,120 Speaker 3: You're right. 182 00:09:46,320 --> 00:09:49,040 Speaker 5: I think everybody was excited about this idea that we're 183 00:09:49,040 --> 00:09:51,800 Speaker 5: going to reduce the regulation coming out of the Justice 184 00:09:51,840 --> 00:09:55,440 Speaker 5: Department and out of the SEC, and it would unleash 185 00:09:55,520 --> 00:09:58,000 Speaker 5: deal making to the scale that we haven't seen in 186 00:09:58,040 --> 00:10:01,960 Speaker 5: a long time. You know, public issuances would be way up. 187 00:10:02,160 --> 00:10:06,719 Speaker 5: And I would say part of what is being informed 188 00:10:06,760 --> 00:10:11,800 Speaker 5: in in investment right now is just the lack of certainty. 189 00:10:12,080 --> 00:10:14,800 Speaker 5: You know, when you deploy capital, you want some certainty 190 00:10:15,600 --> 00:10:20,120 Speaker 5: in the economics situation both here and abroad, depending upon 191 00:10:20,160 --> 00:10:22,880 Speaker 5: what kind of investment you make. And we have anything 192 00:10:22,960 --> 00:10:26,520 Speaker 5: but that. The on again, off again tariff regimes. You know, 193 00:10:26,679 --> 00:10:31,280 Speaker 5: the tax code that is going to be redone, and 194 00:10:31,360 --> 00:10:34,679 Speaker 5: you know, are we going to get just the tax 195 00:10:34,760 --> 00:10:37,599 Speaker 5: cuts that Donald Trump put into effect in seventeen or 196 00:10:37,640 --> 00:10:39,560 Speaker 5: are there going to be a slew of these new things? 197 00:10:39,559 --> 00:10:41,840 Speaker 5: What's that going to do with the budget? Are we 198 00:10:41,880 --> 00:10:45,640 Speaker 5: going to increase the debt? I'd say that that it's 199 00:10:45,679 --> 00:10:48,559 Speaker 5: been headspinning in this administration if they had come out 200 00:10:48,600 --> 00:10:50,959 Speaker 5: and just said, here's what we're going to do, here's 201 00:10:51,000 --> 00:10:53,920 Speaker 5: the regime, we're gonna We're gonna do these reciprocal tariffs, 202 00:10:53,920 --> 00:10:56,400 Speaker 5: and as they come down, everybody will, you know, create 203 00:10:56,440 --> 00:10:59,800 Speaker 5: some growth. But it's been anything but that. It's been 204 00:11:00,520 --> 00:11:03,439 Speaker 5: tariffs on today, we're going to give exemptions. Who knows 205 00:11:03,480 --> 00:11:07,040 Speaker 5: what's going to happen today in the tech meeting, you know, 206 00:11:07,200 --> 00:11:09,560 Speaker 5: you'd love to be able to invest with the knowledge 207 00:11:09,600 --> 00:11:12,320 Speaker 5: that tech's going to be supported by the government like 208 00:11:12,360 --> 00:11:14,480 Speaker 5: it wasn't a previous administration. But now we're going to 209 00:11:14,480 --> 00:11:18,040 Speaker 5: get rid of the Chips Act. Half that fifty billion 210 00:11:18,080 --> 00:11:20,800 Speaker 5: dollars has already deployed. So what are we really talking 211 00:11:20,840 --> 00:11:25,400 Speaker 5: about cutting? I mean, the conflicting messages in this administration 212 00:11:25,720 --> 00:11:27,080 Speaker 5: puts a pall on investment. 213 00:11:28,280 --> 00:11:32,559 Speaker 2: Boy Rick just said a lot gie to Democrats need 214 00:11:32,600 --> 00:11:34,800 Speaker 2: to start talking about the stock market more after Joe 215 00:11:34,800 --> 00:11:37,160 Speaker 2: Biden distanced himself from it for four years. 216 00:11:38,800 --> 00:11:41,560 Speaker 6: I think they absolutely should, and I think that that 217 00:11:41,720 --> 00:11:45,679 Speaker 6: is something that has been missing from the Democrats messaging 218 00:11:45,840 --> 00:11:49,200 Speaker 6: and from their ability to speak to people where they live. 219 00:11:50,000 --> 00:11:53,760 Speaker 6: You know, there is a sort of positive way to 220 00:11:53,800 --> 00:11:56,200 Speaker 6: look at what's happening. And I would just raise this 221 00:11:56,840 --> 00:12:00,000 Speaker 6: when we saw Goldman Sachs talk about the recession chances 222 00:12:00,559 --> 00:12:03,560 Speaker 6: raised what from fifteen to twenty percent the other day. 223 00:12:03,600 --> 00:12:06,240 Speaker 6: That's not a huge jump. And part of the reason 224 00:12:06,440 --> 00:12:10,520 Speaker 6: is probably that this is a self inflicted wound. That 225 00:12:10,600 --> 00:12:14,280 Speaker 6: the president could abort this mission, if you will, and 226 00:12:14,720 --> 00:12:19,600 Speaker 6: he could change the policy. It is his policy that 227 00:12:19,800 --> 00:12:23,800 Speaker 6: is driving this concern in the whiplash that Rick was 228 00:12:23,880 --> 00:12:28,680 Speaker 6: just rightly discussing. So if the White House could pull 229 00:12:28,760 --> 00:12:31,720 Speaker 6: that back to a certain extent, if Donald Trump was 230 00:12:31,800 --> 00:12:37,320 Speaker 6: willing to, you know, maybe consider or reconsider, if you will, 231 00:12:37,360 --> 00:12:41,360 Speaker 6: his commitment to tariffs and the whiplash tariff policies we've 232 00:12:41,400 --> 00:12:44,880 Speaker 6: been feeling, then that may allow people to feel that 233 00:12:44,960 --> 00:12:49,439 Speaker 6: certainty and that may have a positive impact. So that's 234 00:12:49,520 --> 00:12:52,480 Speaker 6: both the positive aspect and the frustrating aspect of this. 235 00:12:52,800 --> 00:12:56,800 Speaker 6: It is a self inflicted wound based on the seven 236 00:12:56,840 --> 00:12:59,320 Speaker 6: weeks we have experienced that may change. 237 00:13:00,679 --> 00:13:05,079 Speaker 2: Jenny Shanzino and Rick Davis looking at politics through the 238 00:13:05,120 --> 00:13:08,359 Speaker 2: prism of Wall Street Today on the fastest show in Politics. 239 00:13:08,400 --> 00:13:10,840 Speaker 2: They'll be with us an hour two. As we welcome 240 00:13:10,920 --> 00:13:14,840 Speaker 2: our global television audience, we'll also welcome Congressman Chuck Fleischman, 241 00:13:14,880 --> 00:13:18,760 Speaker 2: the Republican from Tennessee, will join alongside Don Byer, the 242 00:13:18,840 --> 00:13:22,040 Speaker 2: Democrat from Virginia. It's all coming up right here on 243 00:13:22,120 --> 00:13:23,679 Speaker 2: Balance of Power on Bloomberg. 244 00:13:25,960 --> 00:13:29,440 Speaker 1: You're listening to the Bloomberg Balance of Power Podcast. Catch 245 00:13:29,480 --> 00:13:32,959 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, 246 00:13:33,000 --> 00:13:36,040 Speaker 1: Cocklay and Android Auto with the Bloomberg Business app. You 247 00:13:36,080 --> 00:13:39,559 Speaker 1: can also listen live on Amazon Alexa from our flagship 248 00:13:39,600 --> 00:13:45,160 Speaker 1: New York station Just Say Alexa played Bloomberg eleven thirty. 249 00:13:45,040 --> 00:13:47,280 Speaker 8: Two, Capitol Hill. That we go next, and please to say. 250 00:13:47,320 --> 00:13:50,120 Speaker 8: Joining us here on Balance of Power is Republican Congressman 251 00:13:50,160 --> 00:13:54,120 Speaker 8: Chuck Fleischman of Tennessee, representing the third District. Welcome back 252 00:13:54,160 --> 00:13:58,400 Speaker 8: to Bloomberg TV and Radio. Congressman, appreciate your patients today. 253 00:13:58,440 --> 00:14:01,480 Speaker 8: Obviously a big week for you and your colleagues. As 254 00:14:01,480 --> 00:14:05,520 Speaker 8: President Trump is saying no descent on this package, do 255 00:14:05,559 --> 00:14:08,880 Speaker 8: you expect we will see some descent in the Republican conference? 256 00:14:10,160 --> 00:14:14,600 Speaker 9: Very little, maybe one. I'm an appropriator, I'm very very 257 00:14:14,640 --> 00:14:17,880 Speaker 9: pleased with the final work product. Obviously I would have 258 00:14:17,920 --> 00:14:19,960 Speaker 9: preferred a budget. I've worked on a budget on the 259 00:14:20,080 --> 00:14:23,280 Speaker 9: Energy and Water bill now for months. We've had two 260 00:14:23,320 --> 00:14:26,880 Speaker 9: continuing resolutions. But I think we'll see very little descent. 261 00:14:27,440 --> 00:14:30,200 Speaker 9: There's no appetite out there, and there should never be 262 00:14:30,360 --> 00:14:33,920 Speaker 9: appetite to shut the federal government down. It costs more 263 00:14:33,960 --> 00:14:36,760 Speaker 9: money to reopen, it hurts people, it puts our nation 264 00:14:36,880 --> 00:14:41,360 Speaker 9: at risk. So I sincerely believe that we will pass 265 00:14:41,440 --> 00:14:44,600 Speaker 9: this CR and that the Senate will take it up 266 00:14:44,640 --> 00:14:47,560 Speaker 9: and pass it as well. 267 00:14:47,800 --> 00:14:48,200 Speaker 3: Congress. 268 00:14:48,200 --> 00:14:50,600 Speaker 2: But it's good to see and welcome back to Bloomberg. 269 00:14:50,680 --> 00:14:54,720 Speaker 2: I know your sensitive to financial markets, and we're watching 270 00:14:54,760 --> 00:14:58,760 Speaker 2: Wall Street tumble here once again today. Following the President's 271 00:14:58,760 --> 00:15:01,080 Speaker 2: remarks over the weekend, you would not rule out a recession. 272 00:15:01,080 --> 00:15:03,960 Speaker 2: He also would not rule out a government shut down 273 00:15:03,960 --> 00:15:06,240 Speaker 2: when asked about that on Air Force One and there 274 00:15:06,280 --> 00:15:10,440 Speaker 2: are great concerns about what the administration's tariff policy is 275 00:15:10,480 --> 00:15:14,200 Speaker 2: going to mean for financial markets. The losses cannot be ignored. 276 00:15:14,240 --> 00:15:17,480 Speaker 2: We're back to where we were before the election. Congressman, 277 00:15:17,560 --> 00:15:20,400 Speaker 2: does Wall Street have this wrong or does the President 278 00:15:20,480 --> 00:15:23,200 Speaker 2: need to say something to stabilize markets. 279 00:15:24,520 --> 00:15:27,320 Speaker 9: The President is stabilizing the country, and as part of that, 280 00:15:27,720 --> 00:15:30,680 Speaker 9: we do need to stabilize markets. But let's face it, 281 00:15:30,800 --> 00:15:33,960 Speaker 9: wall Street reacts and I'm very cognizant of what Wall 282 00:15:34,000 --> 00:15:37,840 Speaker 9: Street looks at every day. But the financial health, short 283 00:15:37,920 --> 00:15:40,800 Speaker 9: term and long term of this country will be infinitely 284 00:15:40,840 --> 00:15:43,280 Speaker 9: better with Donald Trump at the helm. I think Wall 285 00:15:43,280 --> 00:15:46,880 Speaker 9: Street gets that, but there are daily daily ups and downs, 286 00:15:46,920 --> 00:15:49,360 Speaker 9: and we're sensitive to that. We want to make sure 287 00:15:49,400 --> 00:15:52,840 Speaker 9: that we keep inflation low, that we keep unemployment low, 288 00:15:53,080 --> 00:15:56,760 Speaker 9: that we keep the country moving forward. But the reality 289 00:15:56,960 --> 00:16:00,480 Speaker 9: is there are so many things that have a cumulated 290 00:16:00,640 --> 00:16:03,680 Speaker 9: over the years, bad trade deals, other things that are 291 00:16:03,720 --> 00:16:06,480 Speaker 9: just baked in that we have got to ferret out 292 00:16:06,560 --> 00:16:09,440 Speaker 9: and fix for the long term health. Donald Trump's the 293 00:16:09,440 --> 00:16:11,720 Speaker 9: best person to do that. I think he's one of 294 00:16:11,760 --> 00:16:15,200 Speaker 9: a kind. Ultimately, the country will do well and Wall 295 00:16:15,240 --> 00:16:16,640 Speaker 9: Street will respond. 296 00:16:17,640 --> 00:16:20,440 Speaker 8: And if recession is the price to pay for a 297 00:16:20,520 --> 00:16:23,160 Speaker 8: reset of the economy. Congressman, is that justified? 298 00:16:24,480 --> 00:16:27,040 Speaker 9: Well, I don't necessarily concede that we're going to have 299 00:16:27,080 --> 00:16:30,280 Speaker 9: a recession. There are always ebbs and flows. The administration 300 00:16:30,400 --> 00:16:32,840 Speaker 9: has a role, Congress has a role, the Federal Reserve 301 00:16:32,880 --> 00:16:36,560 Speaker 9: has a role. And let's face it, it's an international 302 00:16:36,640 --> 00:16:42,000 Speaker 9: global economy. No one factor would would predominate in causing 303 00:16:42,080 --> 00:16:45,640 Speaker 9: a recession or curing a recession. I do think strong 304 00:16:45,680 --> 00:16:50,400 Speaker 9: fiscal policies, keeping tax rates low, keeping regulations low, are 305 00:16:50,440 --> 00:16:53,360 Speaker 9: going to and of course what I do keeping energy 306 00:16:53,400 --> 00:16:57,560 Speaker 9: abundant in America, I'm the Energy congress person, share energy 307 00:16:57,560 --> 00:16:59,920 Speaker 9: and water in the House. Once we put all these 308 00:17:00,040 --> 00:17:03,280 Speaker 9: pieces together, I think we're going to see an unprecedented 309 00:17:03,320 --> 00:17:07,040 Speaker 9: growth in America like we've never seen before. So sit tight, 310 00:17:07,200 --> 00:17:10,439 Speaker 9: hold tight for the midterm and the long run, and 311 00:17:10,480 --> 00:17:11,680 Speaker 9: we're going to be in great shape. 312 00:17:12,680 --> 00:17:16,400 Speaker 2: Crude oil prices are lower today as well, Congressman West 313 00:17:16,400 --> 00:17:20,280 Speaker 2: Texas crewed is traded around sixty six dollars of barrel. 314 00:17:20,280 --> 00:17:22,639 Speaker 2: Here you start talking about recession and you know that 315 00:17:22,800 --> 00:17:25,240 Speaker 2: energy prices are going to start dropping. Not to be 316 00:17:25,359 --> 00:17:29,960 Speaker 2: confused with drill, baby drill, How does this administration compel 317 00:17:30,400 --> 00:17:34,920 Speaker 2: energy producers to continue producing in the face of lower prices. 318 00:17:36,040 --> 00:17:38,320 Speaker 9: Well, the best part about it is the United States 319 00:17:38,440 --> 00:17:41,480 Speaker 9: under President Trump, the first time I actually voted for it, 320 00:17:41,520 --> 00:17:45,040 Speaker 9: became an exporter of oil for the first time in decades. 321 00:17:45,280 --> 00:17:49,760 Speaker 9: We can export natural gas. Biden's artificial constraints on that 322 00:17:49,760 --> 00:17:52,120 Speaker 9: that he really didn't realize that he did when asked 323 00:17:52,160 --> 00:17:54,280 Speaker 9: by the Speaker of the House. What we've got to 324 00:17:54,280 --> 00:17:58,600 Speaker 9: do in this country is realize we have abundant natural resources, oil, 325 00:17:58,760 --> 00:18:02,840 Speaker 9: natural gas, rules and the like. We take that abundance, 326 00:18:02,880 --> 00:18:07,000 Speaker 9: that wealth, that resource, use it internally and exploit it 327 00:18:07,040 --> 00:18:11,600 Speaker 9: as well. It will help create better trade relations and 328 00:18:11,680 --> 00:18:15,000 Speaker 9: the like. Let's face it, it's supply and demand. You're 329 00:18:15,080 --> 00:18:18,439 Speaker 9: right if there is a recession slider otherwise demand for 330 00:18:18,600 --> 00:18:22,040 Speaker 9: energy will go down, but ultimately it always bounces back. 331 00:18:22,280 --> 00:18:24,800 Speaker 9: What I look at is the big picture. I know 332 00:18:24,960 --> 00:18:29,040 Speaker 9: this America's demand and the world's demand for energy is booming. 333 00:18:29,280 --> 00:18:32,000 Speaker 9: We cannot stay static, so we need our fossil fuels, 334 00:18:32,200 --> 00:18:35,760 Speaker 9: oil and gas. I occupy the nuclear sector. I'm so 335 00:18:35,880 --> 00:18:38,400 Speaker 9: glad that our new Secretary of Energy is pro nuclear. 336 00:18:38,720 --> 00:18:40,720 Speaker 9: We're going to work on that. But I want to 337 00:18:40,760 --> 00:18:44,960 Speaker 9: see abundant American energy. I share the American Dominance and 338 00:18:45,119 --> 00:18:49,080 Speaker 9: Energy Caucus, So let's get supply out there and demand 339 00:18:49,119 --> 00:18:50,120 Speaker 9: will take care of itself. 340 00:18:51,440 --> 00:18:56,119 Speaker 8: On the subject of energy, Congressman, effective today, Ontario, the 341 00:18:56,160 --> 00:18:59,439 Speaker 8: province in Canada, has announced a twenty five percent surcharge 342 00:18:59,480 --> 00:19:02,919 Speaker 8: on electric city exports to three US states. This is 343 00:19:02,920 --> 00:19:07,800 Speaker 8: part of retaliation for the tariffs on Canada that President 344 00:19:07,840 --> 00:19:10,120 Speaker 8: Trump has of course put into place and pulled back 345 00:19:10,600 --> 00:19:14,440 Speaker 8: a few times. Now, should energy be exempt from whatever 346 00:19:14,680 --> 00:19:18,639 Speaker 8: trade or tariff oriented negotiations over fence and al in 347 00:19:18,720 --> 00:19:22,520 Speaker 8: the border this administration is having with what will be 348 00:19:22,720 --> 00:19:26,359 Speaker 8: the Mark Carney government now that he's been tapped as 349 00:19:26,400 --> 00:19:28,720 Speaker 8: the next Prime minister. Do you worry about the role 350 00:19:28,840 --> 00:19:30,600 Speaker 8: energy is playing in this fight? Not just when it 351 00:19:30,600 --> 00:19:32,280 Speaker 8: comes to US and Canada, but you could look at 352 00:19:32,280 --> 00:19:36,600 Speaker 8: retaliatory tariffs China has placed on US LNG as well. 353 00:19:36,840 --> 00:19:40,119 Speaker 9: Well. I'm going to leave that to the administration to decide, 354 00:19:40,440 --> 00:19:44,000 Speaker 9: and I trust them as they implement tariffs, they will 355 00:19:44,320 --> 00:19:47,680 Speaker 9: use them. Many countries have backed off already. Other countries 356 00:19:47,760 --> 00:19:50,960 Speaker 9: want to negotiate. Canada is our friend, but we've had 357 00:19:50,960 --> 00:19:55,240 Speaker 9: disadvantageous trade agreements with them for quite some time. That 358 00:19:55,280 --> 00:19:57,960 Speaker 9: needs to be resolved, just like it does in Mexico. 359 00:19:58,280 --> 00:20:02,119 Speaker 9: The arrangement with Mexico is maybe not as amicable amicable 360 00:20:02,160 --> 00:20:04,560 Speaker 9: as it is with our friends in the North. But 361 00:20:05,240 --> 00:20:08,920 Speaker 9: we have got to make sure, whether it's Canada, Mexico, 362 00:20:09,160 --> 00:20:12,360 Speaker 9: or any other country including China, that we don't continue 363 00:20:12,400 --> 00:20:15,040 Speaker 9: to get beat at the table, because when we continue 364 00:20:15,080 --> 00:20:17,960 Speaker 9: to lose, lose, lose, we have to have an equalizer. 365 00:20:18,280 --> 00:20:21,480 Speaker 9: Donald Trump is not only an equalizer, he's a winner 366 00:20:21,520 --> 00:20:25,000 Speaker 9: at this game. So it's a process that has started. 367 00:20:25,080 --> 00:20:27,760 Speaker 9: It's a process that's long overdue, and I think it's 368 00:20:27,760 --> 00:20:31,000 Speaker 9: a process that ultimately Donald Trump and the American people 369 00:20:31,040 --> 00:20:31,440 Speaker 9: will win. 370 00:20:32,800 --> 00:20:35,359 Speaker 2: Looking at the stock market and specifically the S and 371 00:20:35,400 --> 00:20:37,920 Speaker 2: P five hundred in real time as we speak, Congressman, 372 00:20:37,960 --> 00:20:40,040 Speaker 2: we're going back to October. We may be back in 373 00:20:40,080 --> 00:20:43,800 Speaker 2: September by the time the day is done here. I 374 00:20:43,880 --> 00:20:46,280 Speaker 2: know that you're deferring to the administration when it comes 375 00:20:46,280 --> 00:20:48,639 Speaker 2: to tariff policy and a number of other issues, including 376 00:20:48,760 --> 00:20:51,200 Speaker 2: energy that we're talking about. But is there a line 377 00:20:51,960 --> 00:20:54,280 Speaker 2: in which we need to reconsider the way this is 378 00:20:54,320 --> 00:20:57,320 Speaker 2: being communicated to the markets. Is there a point at 379 00:20:57,320 --> 00:21:00,399 Speaker 2: which the S and P. Five hundred will fall, and 380 00:21:00,440 --> 00:21:04,560 Speaker 2: the Communications Department at the White House, and maybe lawmakers 381 00:21:04,560 --> 00:21:05,280 Speaker 2: on Capitol Hill. 382 00:21:05,359 --> 00:21:07,120 Speaker 3: He just started dressing this in a different way. 383 00:21:08,320 --> 00:21:10,399 Speaker 9: Well, I hark him back to the wonderful days of 384 00:21:10,520 --> 00:21:13,879 Speaker 9: Ronald Reagan, and I remember voting for Reagan in nineteen eighty. 385 00:21:14,160 --> 00:21:17,760 Speaker 9: In nineteen eighty two, naysayers were saying, oh my gosh, 386 00:21:17,760 --> 00:21:20,720 Speaker 9: the sky is falling. They called it the Reagan recession. 387 00:21:21,080 --> 00:21:24,399 Speaker 9: But he said, hold fast and hold tight. Better days 388 00:21:24,440 --> 00:21:28,120 Speaker 9: will come. And we literally had decades of great growth 389 00:21:28,440 --> 00:21:32,240 Speaker 9: in this country. Inner economy, the middle class boon, people 390 00:21:32,280 --> 00:21:35,680 Speaker 9: came out of poverty. It was a great time for America. 391 00:21:35,840 --> 00:21:38,000 Speaker 3: I think we're going to see something very Ronald Reagan 392 00:21:38,000 --> 00:21:39,800 Speaker 3: also had a real allergy to tariffs. 393 00:21:39,800 --> 00:21:43,560 Speaker 9: Congressman, Yes he did, but he was not one who 394 00:21:43,600 --> 00:21:46,280 Speaker 9: would shy away from the fight when the fight had 395 00:21:46,280 --> 00:21:49,280 Speaker 9: to happen. When we had a situation that we do now. 396 00:21:49,520 --> 00:21:52,639 Speaker 9: Donald Trump had to look at the entire world taking 397 00:21:52,680 --> 00:21:55,840 Speaker 9: advantage of the United States, where some people in the 398 00:21:55,920 --> 00:21:58,520 Speaker 9: United States, including some in my party, said well, we 399 00:21:58,600 --> 00:22:01,600 Speaker 9: prefer the cheap goods. The cheap goods were the benefit 400 00:22:01,880 --> 00:22:04,359 Speaker 9: of the American nation, and right now we've got to 401 00:22:04,400 --> 00:22:08,240 Speaker 9: equalize that. I fervently believe that Donald Trump will see 402 00:22:08,240 --> 00:22:10,840 Speaker 9: this through. He will not only macro manage this, he 403 00:22:10,880 --> 00:22:13,840 Speaker 9: will micromanage this, and he will use that to gain 404 00:22:13,960 --> 00:22:18,760 Speaker 9: other benefits fentanyl and better international relations with our good 405 00:22:18,840 --> 00:22:21,840 Speaker 9: trade partners. I think the day of taking advantage of 406 00:22:21,880 --> 00:22:25,879 Speaker 9: the United States is over, and I think Donald Trump 407 00:22:25,960 --> 00:22:28,320 Speaker 9: is in the best position to preside over that. To 408 00:22:28,400 --> 00:22:32,440 Speaker 9: answer your question, ultimately, Wall Street will be fine because 409 00:22:32,520 --> 00:22:34,879 Speaker 9: Main Street America will be fine, and we're going to 410 00:22:34,880 --> 00:22:40,080 Speaker 9: see abundant growth, lower regulations, We're going to see less deficits. 411 00:22:40,119 --> 00:22:42,520 Speaker 9: We're going to see a situation where we get those 412 00:22:42,560 --> 00:22:45,399 Speaker 9: tax cuts back in place. The things that are going 413 00:22:45,440 --> 00:22:48,600 Speaker 9: to drive our great economy will be done better under 414 00:22:48,640 --> 00:22:51,400 Speaker 9: this administration and with Republicans in control. 415 00:22:52,680 --> 00:22:56,440 Speaker 2: Congressman Chuck Fleischman, the Republican from Tennessee's third district. Congressman, 416 00:22:56,480 --> 00:22:59,200 Speaker 2: thank you for the insights as we watch Wall Street 417 00:22:59,240 --> 00:23:02,760 Speaker 2: today with our eyes on politics here at Washington. He's 418 00:23:02,800 --> 00:23:04,800 Speaker 2: back in town for a vote as soon as tomorrow 419 00:23:04,920 --> 00:23:06,520 Speaker 2: on the cr we've been talking about. 420 00:23:09,760 --> 00:23:13,240 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 421 00:23:13,320 --> 00:23:17,240 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, Cocklay, 422 00:23:17,240 --> 00:23:20,320 Speaker 1: and Android Auto with the Bloomberg Business App. Listen on 423 00:23:20,359 --> 00:23:23,640 Speaker 1: demand wherever you get your podcasts, or watch us live 424 00:23:23,720 --> 00:23:25,120 Speaker 1: on YouTube. 425 00:23:26,000 --> 00:23:29,000 Speaker 8: I'm Kaylie Lyones alongside Joe Matthew in Washington, where there 426 00:23:29,040 --> 00:23:31,720 Speaker 8: is no sign that President Trump is starting to approach 427 00:23:31,760 --> 00:23:35,480 Speaker 8: tariffs any differently than before. Still threatening to put reciprocal 428 00:23:35,520 --> 00:23:39,320 Speaker 8: tariffs on US trading partners on April second, threatening of course, 429 00:23:39,400 --> 00:23:43,679 Speaker 8: tariffs of reciprocal specifically on things like Canadian lumber and 430 00:23:43,800 --> 00:23:46,119 Speaker 8: darry although didn't he say that that could come, Joe 431 00:23:46,320 --> 00:23:48,600 Speaker 8: as soon as it's a couple of days from now, 432 00:23:48,680 --> 00:23:51,160 Speaker 8: not waiting until April second. We're trying to keep track 433 00:23:51,200 --> 00:23:53,680 Speaker 8: of all the different narratives here. What we do know though, 434 00:23:54,000 --> 00:23:56,800 Speaker 8: is that leading the trade fight on Canada's part is 435 00:23:56,840 --> 00:24:00,000 Speaker 8: going to be a different character after yesterday's overwhelming version. 436 00:24:00,320 --> 00:24:03,159 Speaker 8: Mark Carney, who happens to be the former chair of 437 00:24:03,200 --> 00:24:05,159 Speaker 8: the board of Directors of Bloomberg and better known to 438 00:24:05,200 --> 00:24:07,080 Speaker 8: our audience as the former head of the Bank of 439 00:24:07,119 --> 00:24:09,480 Speaker 8: Canada and then the Bank of England, is set to 440 00:24:09,480 --> 00:24:12,560 Speaker 8: be the next Prime Minister's right, and he came out 441 00:24:12,920 --> 00:24:14,560 Speaker 8: with some fighting words yesterday. 442 00:24:16,359 --> 00:24:19,000 Speaker 10: We didn't ask for this fight. We didn't ask for 443 00:24:19,040 --> 00:24:23,280 Speaker 10: this fight. But Canadians are always ready when someone else 444 00:24:23,359 --> 00:24:27,280 Speaker 10: drops the gloves. So i'm the Americans they should make 445 00:24:27,320 --> 00:24:32,120 Speaker 10: no mistake. In trade, as in hockey, Canada will win. 446 00:24:36,600 --> 00:24:39,399 Speaker 2: Ironic that it is because of Donald Trump and the 447 00:24:39,440 --> 00:24:43,640 Speaker 2: tariff policies that we've seen Canada's Liberal Party vaulting into 448 00:24:43,680 --> 00:24:45,600 Speaker 2: a position that it is now in very different than 449 00:24:45,640 --> 00:24:47,639 Speaker 2: where we were even a couple of weeks ago. And 450 00:24:47,640 --> 00:24:49,840 Speaker 2: we want to talk about with Brian Platt, his Bloomberg 451 00:24:49,880 --> 00:24:53,000 Speaker 2: News Canada government reporter, with us live here on Balance 452 00:24:53,040 --> 00:24:55,080 Speaker 2: of Power. Brian, it's great to see you, Thanks for 453 00:24:55,560 --> 00:24:58,240 Speaker 2: joining the program today. Is Donald Trump the best thing 454 00:24:58,280 --> 00:25:00,679 Speaker 2: actually that ever happened to the Liberal Party of Canada. 455 00:25:01,880 --> 00:25:05,520 Speaker 11: It's completely changed the political environment in Canada. I really 456 00:25:05,520 --> 00:25:09,800 Speaker 11: think you can't overstate it. And you know what Americans 457 00:25:09,800 --> 00:25:12,719 Speaker 11: need to understand is is Canadians. I don't think as 458 00:25:12,760 --> 00:25:15,080 Speaker 11: an overstatement at this at this point to say Canadians 459 00:25:15,160 --> 00:25:17,560 Speaker 11: view themselves as is in a state of economic war 460 00:25:17,640 --> 00:25:22,080 Speaker 11: right now. There's a huge backlash across the country. Canadians 461 00:25:22,080 --> 00:25:25,320 Speaker 11: are furious, especially about the fifty first state talk and 462 00:25:25,400 --> 00:25:29,080 Speaker 11: the increasingly menacing tone it's taken on. And I would say, 463 00:25:29,080 --> 00:25:31,640 Speaker 11: if anything, you know, Canada has counter tariffs in place 464 00:25:31,720 --> 00:25:34,600 Speaker 11: right now. I think, if anything, Canadians want their politicians 465 00:25:34,680 --> 00:25:37,399 Speaker 11: to go even further in retaliating. And that is the 466 00:25:37,480 --> 00:25:40,040 Speaker 11: environment that Mark Carney will step into in a few days, 467 00:25:40,040 --> 00:25:41,359 Speaker 11: most likely as Prime Minister. 468 00:25:42,800 --> 00:25:45,880 Speaker 8: Well so, Brian. If this is economic war, how significant 469 00:25:45,960 --> 00:25:47,960 Speaker 8: is it that the leader of that will be someone 470 00:25:48,000 --> 00:25:50,760 Speaker 8: who was in some ways a steward of the Canadian economy, 471 00:25:50,840 --> 00:25:53,239 Speaker 8: leading the Bank of Canada during the financial crisis, then 472 00:25:53,240 --> 00:25:55,800 Speaker 8: the Bank of England during Brexit. This is not an 473 00:25:55,880 --> 00:25:57,639 Speaker 8: ordinary politician we're talking about. 474 00:25:58,440 --> 00:26:00,199 Speaker 11: Yeah, and you know, like I was in the room 475 00:26:00,240 --> 00:26:02,720 Speaker 11: last night when he made that speech. He's not an 476 00:26:02,720 --> 00:26:07,640 Speaker 11: electrofine speaker, right, has a finance kind of technocratic way 477 00:26:07,680 --> 00:26:10,280 Speaker 11: of speaking. He doesn't even the tone of his voice 478 00:26:10,280 --> 00:26:12,280 Speaker 11: doesn't tend to change that much when he's giving an 479 00:26:12,320 --> 00:26:16,560 Speaker 11: applause line. But his experience in steering the UK through Brexit, 480 00:26:16,840 --> 00:26:19,679 Speaker 11: and he was Bank of Canada governor during the global 481 00:26:19,680 --> 00:26:22,199 Speaker 11: financial crisis in two thousand and eight, this is the 482 00:26:22,320 --> 00:26:25,679 Speaker 11: kind of expertise that the country seems to be wanting 483 00:26:25,760 --> 00:26:27,719 Speaker 11: right now if you look at the public opinion polling 484 00:26:28,119 --> 00:26:33,360 Speaker 11: and his sort of like more technocratic and geopolitical expertise 485 00:26:33,400 --> 00:26:37,000 Speaker 11: style of speaking, I think is really at least if 486 00:26:37,000 --> 00:26:38,840 Speaker 11: you look at the polls, that's what Canadians are looking 487 00:26:38,840 --> 00:26:39,480 Speaker 11: for right now. 488 00:26:40,960 --> 00:26:44,199 Speaker 8: All right, Bloomberg's Canada Government reporter Brian Platt, thank you 489 00:26:44,600 --> 00:26:46,359 Speaker 8: so much, and I would note on the late edition 490 00:26:46,440 --> 00:26:48,840 Speaker 8: of Balance of Power, we'll be talking about not just 491 00:26:48,880 --> 00:26:51,359 Speaker 8: the ascension of Mark Karney, but also the implementation today 492 00:26:51,359 --> 00:26:55,840 Speaker 8: of retalitatory twenty five percent hikes on energy exports to 493 00:26:56,000 --> 00:26:59,240 Speaker 8: the US from the province of Ontario. Ontario's Premier Doug 494 00:26:59,280 --> 00:27:00,000 Speaker 8: Ford will be joining. 495 00:27:00,080 --> 00:27:00,840 Speaker 1: I'm looking for this. 496 00:27:01,280 --> 00:27:04,720 Speaker 2: He's not been mincing words and said he would do 497 00:27:04,760 --> 00:27:08,240 Speaker 2: it with a smile if it meant cutting off energy 498 00:27:08,280 --> 00:27:11,040 Speaker 2: to the US. So that's five pm Eastern time. Please 499 00:27:11,119 --> 00:27:14,600 Speaker 2: join us for Doug Ford. That'll be something to behold. 500 00:27:14,880 --> 00:27:17,040 Speaker 8: Indeed it will. But we also have an important conversation 501 00:27:17,119 --> 00:27:19,719 Speaker 8: here as we've closed out the early edition of Balance 502 00:27:19,760 --> 00:27:22,199 Speaker 8: of Power. Joining us in our Washington, d C. Studio 503 00:27:22,200 --> 00:27:25,800 Speaker 8: as Democratic Congressman Don Bayer of Virginia, thank you for 504 00:27:25,840 --> 00:27:28,960 Speaker 8: being here on Bloomberg TV and Radio. We have obviously 505 00:27:29,400 --> 00:27:32,080 Speaker 8: spent a lot of time today talking about tariffs in particular, 506 00:27:32,119 --> 00:27:34,840 Speaker 8: and that's actually something you are looking for. A legislative 507 00:27:35,359 --> 00:27:37,959 Speaker 8: answer for you. Together with your colleague Congress Will and 508 00:27:37,960 --> 00:27:41,960 Speaker 8: Susan Delbenet, have reintroduced the Congressional Trade Authority Act, trying 509 00:27:42,000 --> 00:27:44,720 Speaker 8: to take some of this power away from the executive. 510 00:27:44,760 --> 00:27:48,760 Speaker 8: Is there any appetite with your Republican colleagues for this 511 00:27:48,880 --> 00:27:49,800 Speaker 8: legislation to go. 512 00:27:49,800 --> 00:27:51,480 Speaker 12: Through Kinlei in the short run. 513 00:27:51,600 --> 00:27:51,639 Speaker 10: No. 514 00:27:52,280 --> 00:27:54,480 Speaker 12: Right now, all of them are still very cowed by 515 00:27:54,520 --> 00:27:57,320 Speaker 12: Donald Trump as his numbers fall, and we think they 516 00:27:57,359 --> 00:28:00,199 Speaker 12: will because he's doing nothing to help the area can 517 00:28:00,200 --> 00:28:02,399 Speaker 12: people in terms of their costs, which is the reason 518 00:28:02,440 --> 00:28:05,880 Speaker 12: I believe you got elected. Hopefully some will move over. Certainly, 519 00:28:05,880 --> 00:28:07,840 Speaker 12: if it were a democratic president, there'd be a lot 520 00:28:07,840 --> 00:28:10,760 Speaker 12: of appetite to rein in the president's terrorf authority. That's 521 00:28:10,800 --> 00:28:13,040 Speaker 12: not with the Constitution that it gives the power to 522 00:28:13,080 --> 00:28:14,640 Speaker 12: the members of Congress, not to the president. 523 00:28:14,800 --> 00:28:16,600 Speaker 2: You have a real unique view on all of this 524 00:28:16,600 --> 00:28:18,399 Speaker 2: stuff from your years in the auto business. 525 00:28:18,400 --> 00:28:19,399 Speaker 3: We hear about these. 526 00:28:20,960 --> 00:28:24,400 Speaker 2: Arrangements in which a vehicle crosses the border seven eight 527 00:28:24,480 --> 00:28:26,920 Speaker 2: times over the course of its assembly. Is it time 528 00:28:27,000 --> 00:28:29,320 Speaker 2: to start rethinking that. Why is that going on? To 529 00:28:29,359 --> 00:28:30,359 Speaker 2: begin with Congress? 530 00:28:30,840 --> 00:28:33,560 Speaker 12: Well, a lot of it, Joe, is they're trying to 531 00:28:33,560 --> 00:28:36,439 Speaker 12: build parts and where they had the factories, where they 532 00:28:36,440 --> 00:28:38,880 Speaker 12: have the people with the skill sets, and that's sort 533 00:28:38,880 --> 00:28:41,200 Speaker 12: of the genius of free trade. I'd love to point 534 00:28:41,240 --> 00:28:44,000 Speaker 12: out that since nineteen forty eight and the liberalization of 535 00:28:44,040 --> 00:28:47,160 Speaker 12: international trade has been the greatest period of growth by 536 00:28:47,240 --> 00:28:50,320 Speaker 12: far in human history. We've lifted billions and billions of 537 00:28:50,320 --> 00:28:53,520 Speaker 12: people out of poverty because of trade. And so this 538 00:28:53,640 --> 00:28:57,160 Speaker 12: notion of recklessly throwing twenty five percent tariffs on our 539 00:28:57,160 --> 00:28:59,360 Speaker 12: two closest friends and neighbors is crazy. 540 00:29:00,120 --> 00:29:02,640 Speaker 8: Well, and we've seen them threatened and then pulled back, 541 00:29:02,720 --> 00:29:05,080 Speaker 8: threatened and pulled back. But if you're an auto business, 542 00:29:05,240 --> 00:29:07,320 Speaker 8: or any other kind of business for that matter, are 543 00:29:07,320 --> 00:29:09,440 Speaker 8: you concerned about what it's going to do to investment 544 00:29:09,880 --> 00:29:13,120 Speaker 8: decisions that businesses are making, hiring decisions businesses are making, 545 00:29:13,160 --> 00:29:15,360 Speaker 8: even if we don't see the full implementation of these 546 00:29:15,440 --> 00:29:17,560 Speaker 8: levees for an elongated period of time. 547 00:29:17,640 --> 00:29:19,640 Speaker 12: Oh, absolutely yes. So I was a retail car dealer 548 00:29:19,640 --> 00:29:22,040 Speaker 12: for forty six years and the whole notion of that. 549 00:29:22,120 --> 00:29:25,040 Speaker 12: They always want investment, new facilities and hiring new people. 550 00:29:25,080 --> 00:29:26,920 Speaker 12: But if you don't know whether the products can be 551 00:29:26,960 --> 00:29:30,040 Speaker 12: available or sellable in a year or two, Yeah, I 552 00:29:30,040 --> 00:29:33,440 Speaker 12: mean business depends on predictability, on a certain sense of 553 00:29:33,920 --> 00:29:37,520 Speaker 12: a certainty, and optimism about the future. When it's a 554 00:29:37,640 --> 00:29:39,600 Speaker 12: different every week, it's pretty crazy. 555 00:29:39,680 --> 00:29:42,240 Speaker 2: What's going to happen to the used car market if 556 00:29:42,280 --> 00:29:45,240 Speaker 2: these tariffs are implemented? We all remember what happened during COVID. 557 00:29:45,360 --> 00:29:47,800 Speaker 2: Used cars are selling more for more than new cars 558 00:29:48,200 --> 00:29:50,360 Speaker 2: in some cases. Are we going to see a phenomenon 559 00:29:50,400 --> 00:29:52,760 Speaker 2: like that because the cost of a new vehicle will 560 00:29:52,800 --> 00:29:53,800 Speaker 2: be prohibitively high. 561 00:29:53,800 --> 00:29:56,240 Speaker 12: I think you're absolutely right, except for Tesla's which will 562 00:29:56,280 --> 00:29:58,680 Speaker 12: be very cheap on the used car market. Right now, 563 00:29:58,760 --> 00:30:00,480 Speaker 12: what does everybody I know with the top is trying 564 00:30:00,480 --> 00:30:00,800 Speaker 12: to sell it? 565 00:30:00,840 --> 00:30:02,280 Speaker 3: What do you make of that reaction? You know the 566 00:30:02,320 --> 00:30:03,160 Speaker 3: power of a brand. 567 00:30:03,200 --> 00:30:05,719 Speaker 2: I drive down Route one, I see buyer Subaru, I 568 00:30:05,760 --> 00:30:09,600 Speaker 2: see the dealerships that still carry your name, realizing that's 569 00:30:09,600 --> 00:30:11,360 Speaker 2: not how you make a living any longer. 570 00:30:11,600 --> 00:30:13,200 Speaker 3: What if you've got Tesla on the board. 571 00:30:13,840 --> 00:30:17,520 Speaker 12: Well, one of the reasons car dealers don't like Musk 572 00:30:17,640 --> 00:30:19,000 Speaker 12: is he is the first one to say he was 573 00:30:19,000 --> 00:30:20,920 Speaker 12: going to sell directly to the public. And of course, 574 00:30:20,960 --> 00:30:22,720 Speaker 12: as a car dealer, I think we take the best 575 00:30:22,720 --> 00:30:25,200 Speaker 12: care of our customers. It's nice to have my name 576 00:30:25,360 --> 00:30:27,760 Speaker 12: on the building, because if somebody doesn't like it, they're 577 00:30:27,760 --> 00:30:29,239 Speaker 12: going to see me in church, or see me at 578 00:30:29,240 --> 00:30:31,320 Speaker 12: the school, or see me at the same way and 579 00:30:31,520 --> 00:30:34,400 Speaker 12: beat me up. What about that undercoad Yeah, yeah, on 580 00:30:34,440 --> 00:30:37,520 Speaker 12: a national brand, it's very different. But yeah, I do 581 00:30:37,560 --> 00:30:40,200 Speaker 12: think Joe that we will see a real surge and 582 00:30:40,360 --> 00:30:43,800 Speaker 12: used car prices once new cars become too expensive to 583 00:30:43,800 --> 00:30:46,360 Speaker 12: buy it. We're following what we've done with housing. But 584 00:30:46,480 --> 00:30:50,120 Speaker 12: all those tariffs on steel, aluminum and lumber, especially, the 585 00:30:50,200 --> 00:30:52,040 Speaker 12: cost to buy a house is just out of rates 586 00:30:52,080 --> 00:30:52,840 Speaker 12: for so many people. 587 00:30:53,240 --> 00:30:56,080 Speaker 8: Well, if we're considering the cost of things, the cost 588 00:30:56,120 --> 00:30:59,280 Speaker 8: of purchasing Tesla stock certainly is going down. As you're 589 00:30:59,840 --> 00:31:02,400 Speaker 8: liing to that stocks down some thirteen percent today, the 590 00:31:02,440 --> 00:31:04,640 Speaker 8: net worth of Elon Musk is going down with it. 591 00:31:05,080 --> 00:31:07,680 Speaker 8: And on the subject of Elon Musk, obviously, Tesla itself 592 00:31:07,680 --> 00:31:10,600 Speaker 8: has faced some backlash, in part because of the efforts 593 00:31:10,600 --> 00:31:13,440 Speaker 8: he's making of the Department of Government Efficiency and concert 594 00:31:13,480 --> 00:31:16,960 Speaker 8: with President Trump the cuts to federal workers, in particular, 595 00:31:17,000 --> 00:31:19,320 Speaker 8: knowing that your district is literally just across the river 596 00:31:19,360 --> 00:31:22,880 Speaker 8: in northern Virginia, what impact is it having at home 597 00:31:22,920 --> 00:31:25,120 Speaker 8: and what are you hearing from your constituents about the 598 00:31:25,160 --> 00:31:28,320 Speaker 8: manner with which these cuts have been implemented. 599 00:31:28,400 --> 00:31:30,640 Speaker 12: Kylie, We did a little economic compowerment fair at a 600 00:31:30,680 --> 00:31:33,360 Speaker 12: local high school Saturday afternoon. Had a thousand people show up, 601 00:31:33,640 --> 00:31:35,800 Speaker 12: and I stood in line for five hours just listening 602 00:31:36,360 --> 00:31:38,880 Speaker 12: to their heartbreak. And it wasn't just people who'd been 603 00:31:38,920 --> 00:31:40,959 Speaker 12: on the job for six months. Many of them been 604 00:31:41,000 --> 00:31:44,520 Speaker 12: there fifteen, twenty, twenty five years. The biggest story I heard, though, 605 00:31:44,560 --> 00:31:47,120 Speaker 12: is how many of them that are getting fired or veterans. 606 00:31:47,480 --> 00:31:49,760 Speaker 12: Some of that's because we have a veterans' preference in 607 00:31:49,800 --> 00:31:54,240 Speaker 12: federal hiring, but also that and this may be just 608 00:31:54,280 --> 00:31:56,760 Speaker 12: two conspiratorial but a number of people with veterans with 609 00:31:56,800 --> 00:31:59,920 Speaker 12: disabilities were being let go now because if they're come 610 00:32:00,320 --> 00:32:04,000 Speaker 12: riffs later, the riffs won't they'll get preference under those riffs, 611 00:32:04,320 --> 00:32:05,520 Speaker 12: so they're trying to get them out of the way 612 00:32:05,520 --> 00:32:07,360 Speaker 12: in the short run. It's pretty very simple. 613 00:32:07,400 --> 00:32:09,520 Speaker 2: What's the impact that it's having on the local economy. 614 00:32:09,520 --> 00:32:12,360 Speaker 2: Here you're dealing with laid off federal workers in Northern Virginia. 615 00:32:12,600 --> 00:32:14,840 Speaker 2: The District of Columbia, based on the budget you may 616 00:32:14,920 --> 00:32:17,240 Speaker 2: or may not want to sign off on the Continuing Resolution, 617 00:32:17,560 --> 00:32:21,040 Speaker 2: has had its budget canceled a billion dollars in cuts. 618 00:32:21,400 --> 00:32:24,000 Speaker 2: The DC mayor says it's time to start firing teachers 619 00:32:24,000 --> 00:32:25,480 Speaker 2: and police. Is that going to be signed? 620 00:32:26,080 --> 00:32:29,280 Speaker 12: It's crazy, Joe, is amazing that this Continued Resolution, which 621 00:32:29,320 --> 00:32:31,440 Speaker 12: I am going to vote against, you are actually cuts 622 00:32:31,480 --> 00:32:34,440 Speaker 12: all cop programs. So it's defunding the police on a 623 00:32:34,520 --> 00:32:37,600 Speaker 12: national basis, and of course in Washington, d C. Which 624 00:32:38,000 --> 00:32:41,920 Speaker 12: I love. It basically takes us back to two thousand 625 00:32:41,960 --> 00:32:44,040 Speaker 12: and four in terms of what the budget would be, 626 00:32:44,200 --> 00:32:47,320 Speaker 12: a revision of twenty years ago. We're going to try 627 00:32:47,320 --> 00:32:49,160 Speaker 12: to fix it next day or two, but hopefully that 628 00:32:49,160 --> 00:32:49,680 Speaker 12: won't happens. 629 00:32:50,040 --> 00:32:50,240 Speaker 4: Yeah. 630 00:32:50,560 --> 00:32:53,160 Speaker 8: Wow, Well, as you are going to be a no 631 00:32:53,320 --> 00:32:56,040 Speaker 8: vote on this Continuing Resolution, your leader Hockey jeffries To 632 00:32:56,080 --> 00:32:59,280 Speaker 8: suggested the entire Democratic Caucus should be voting now on 633 00:32:59,320 --> 00:33:01,800 Speaker 8: this legislation that we saw as recently as last week. 634 00:33:01,840 --> 00:33:04,880 Speaker 8: The guidance from leadership isn't always followed in terms of 635 00:33:04,880 --> 00:33:08,320 Speaker 8: the conduct. During the joint address to Congress, President Trump 636 00:33:08,360 --> 00:33:11,120 Speaker 8: gave Will that guidance be followed this time or do 637 00:33:11,160 --> 00:33:13,200 Speaker 8: you think some of your colleagues, especially those who are 638 00:33:13,200 --> 00:33:16,040 Speaker 8: in swing districts, might be compelled to actually vote to 639 00:33:16,080 --> 00:33:16,920 Speaker 8: keep the government open. 640 00:33:17,080 --> 00:33:20,360 Speaker 12: It might be, and certainly, generally we try to give 641 00:33:20,440 --> 00:33:22,680 Speaker 12: swing district members that the right to do what they 642 00:33:22,680 --> 00:33:24,959 Speaker 12: think is right to get them reelected, we want them 643 00:33:25,000 --> 00:33:27,680 Speaker 12: to come back. I think we'll have almost one hundred 644 00:33:27,680 --> 00:33:31,880 Speaker 12: percent following Hakim's guidance this time, mostly because, first of all, 645 00:33:31,920 --> 00:33:37,040 Speaker 12: it cuts veterans benefits, it cuts medical research, and most importantly, 646 00:33:37,360 --> 00:33:39,560 Speaker 12: you pass a budget where Donald Trump has already said 647 00:33:39,600 --> 00:33:42,719 Speaker 12: he doesn't have to spend it. This whole impoundment thing, 648 00:33:42,760 --> 00:33:46,280 Speaker 12: which is unconstitutional, illegal. If we're passing a budget that 649 00:33:46,320 --> 00:33:47,520 Speaker 12: he can just ignore. 650 00:33:47,840 --> 00:33:50,200 Speaker 3: Do we shut down or do we avoid a shutdown here? 651 00:33:50,440 --> 00:33:52,600 Speaker 2: I realize you don't like it, but even if you 652 00:33:52,680 --> 00:33:54,720 Speaker 2: vote no, it looks like there might be enough Republicans 653 00:33:54,720 --> 00:33:55,320 Speaker 2: to say yes. 654 00:33:55,800 --> 00:33:58,479 Speaker 12: Maybe I hate shutdowns. I mean, I'm a Democrat. I 655 00:33:58,480 --> 00:34:01,520 Speaker 12: believe in good government. But on the other hand, we've 656 00:34:01,600 --> 00:34:03,640 Speaker 12: got to stop the evil things that Trump and Musk 657 00:34:03,680 --> 00:34:04,080 Speaker 12: are doing. 658 00:34:04,520 --> 00:34:06,640 Speaker 8: So would you want to be in the other chamber 659 00:34:06,720 --> 00:34:08,600 Speaker 8: right now, a Senator who's going to be faced with 660 00:34:08,640 --> 00:34:11,319 Speaker 8: the decision of either allowing this bill to overcome the 661 00:34:11,320 --> 00:34:14,560 Speaker 8: filibuster or not. What should they do? What would be 662 00:34:14,560 --> 00:34:15,799 Speaker 8: the correct decision in your mind? 663 00:34:15,880 --> 00:34:19,840 Speaker 12: I'm still very much hoping, unless there are meaningful guardrails 664 00:34:19,840 --> 00:34:22,960 Speaker 12: to keep Trump from impounding it and keeping the eazy 665 00:34:23,040 --> 00:34:27,640 Speaker 12: government going, that we should vote no in the Democrats 666 00:34:27,680 --> 00:34:29,640 Speaker 12: in the Senate and hopefully some Republicans in the Senate. 667 00:34:31,040 --> 00:34:34,120 Speaker 2: As a local, if you will, to the Washington area 668 00:34:34,440 --> 00:34:37,759 Speaker 2: member of Congress, give us a sense of what communication 669 00:34:37,840 --> 00:34:41,879 Speaker 2: you're getting from the White House or doge directly when 670 00:34:41,920 --> 00:34:44,720 Speaker 2: it comes to these cuts. Knowing how many federal workers 671 00:34:44,719 --> 00:34:46,319 Speaker 2: live in your district, are you reading about it like 672 00:34:46,320 --> 00:34:46,799 Speaker 2: the rest of them. 673 00:34:46,840 --> 00:34:48,880 Speaker 12: No, I'm just reading about everything and talking to the people, 674 00:34:49,400 --> 00:34:52,919 Speaker 12: hearing their personal stories. Fifteen minutes to clear out their desk. Yeah, yeah, 675 00:34:52,920 --> 00:34:56,120 Speaker 12: and they are no communication whatsoever. You know, I've been 676 00:34:56,160 --> 00:34:58,360 Speaker 12: in business a long time. This is the exact opposite 677 00:34:58,360 --> 00:34:59,840 Speaker 12: way that you treat your people. 678 00:35:00,080 --> 00:35:02,000 Speaker 3: Fire why voicemail? Fire by email? 679 00:35:02,160 --> 00:35:05,919 Speaker 12: Exactly, yeah, exactly that you know, I long ago figure 680 00:35:05,960 --> 00:35:08,360 Speaker 12: out even selling cars all you're really selling are your people. 681 00:35:08,440 --> 00:35:10,360 Speaker 12: You can buy the same car a bunch of different places, 682 00:35:11,000 --> 00:35:13,240 Speaker 12: but you want to have the team that works together. 683 00:35:13,280 --> 00:35:15,759 Speaker 12: The most important job of leadership is culture, and they're 684 00:35:15,800 --> 00:35:17,839 Speaker 12: destroying the culture in the federal government right now. 685 00:35:18,160 --> 00:35:20,160 Speaker 8: All right, Congressman, thank you so much for being here 686 00:35:20,200 --> 00:35:23,120 Speaker 8: with us in studio. Lovely to see you. Democratic Congressman 687 00:35:23,200 --> 00:35:26,160 Speaker 8: Don Bayer of Virginia here with us on this Monday. 688 00:35:26,239 --> 00:35:28,279 Speaker 8: Is the House is preparing as soon as tomorrow to 689 00:35:28,360 --> 00:35:32,680 Speaker 8: vote on this continuing resolution. Meantime, Joe, on this Monday, 690 00:35:32,719 --> 00:35:35,400 Speaker 8: it is quite a wild day in financial markets, off 691 00:35:35,719 --> 00:35:37,960 Speaker 8: just off the session lows right now, but the Nasdaq 692 00:35:38,000 --> 00:35:40,520 Speaker 8: one hundred briefly was looking at a loss of more 693 00:35:40,600 --> 00:35:44,000 Speaker 8: than four percent with tech leading what is pretty heavy 694 00:35:44,000 --> 00:35:44,360 Speaker 8: selling to. 695 00:35:44,400 --> 00:35:46,719 Speaker 2: Yeah, it looks like we're back down four percent of 696 00:35:46,840 --> 00:35:49,800 Speaker 2: Nasdaq composite, the S and P five hundred down almost 697 00:35:49,840 --> 00:35:53,080 Speaker 2: three percent, Kaylee. Also lower is bitcoin? Have you seen 698 00:35:53,120 --> 00:35:57,080 Speaker 2: this for seventy eight thousand for a token? And the 699 00:35:57,200 --> 00:36:01,240 Speaker 2: VIX just keeps cranking now up eighteen percent to approach 700 00:36:01,320 --> 00:36:04,480 Speaker 2: twenty eight on the Vicks, things are not slowing down, 701 00:36:04,480 --> 00:36:06,600 Speaker 2: they're accelerating, to your point, and we haven't heard much 702 00:36:06,600 --> 00:36:08,120 Speaker 2: from the White House to change that yet. 703 00:36:08,320 --> 00:36:10,880 Speaker 8: No, of course, we are expecting President Trump just minutes 704 00:36:10,880 --> 00:36:13,360 Speaker 8: from now will be convening at the White House with 705 00:36:13,400 --> 00:36:16,279 Speaker 8: a series of tech executives. I would imagine this may 706 00:36:16,320 --> 00:36:18,759 Speaker 8: be a topic of conversation in addition to tariffs, the 707 00:36:18,840 --> 00:36:21,480 Speaker 8: chipsacked money, presuming there's a lot on the agenda, and 708 00:36:21,560 --> 00:36:23,880 Speaker 8: we may very well hear from the President himself if 709 00:36:23,880 --> 00:36:25,800 Speaker 8: he decides to take questions from the press. 710 00:36:31,200 --> 00:36:33,640 Speaker 3: Thanks for listening to the Balance of Power podcast. 711 00:36:34,239 --> 00:36:37,360 Speaker 2: Make sure to subscribe if you haven't already, at Apple, Spotify, 712 00:36:37,480 --> 00:36:40,040 Speaker 2: or wherever you get your podcasts, and you can find 713 00:36:40,120 --> 00:36:43,360 Speaker 2: us live every weekday from Washington, DC at noontime Eastern 714 00:36:43,640 --> 00:36:45,040 Speaker 2: at Bloomberg dot com.