1 00:00:01,480 --> 00:00:06,160 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on 2 00:00:07,200 --> 00:00:10,200 Speaker 1: The Ukrainian people are united and resilient, and I learned 3 00:00:10,200 --> 00:00:12,600 Speaker 1: that the EU and NATO are also similarly. In the 4 00:00:12,680 --> 00:00:17,200 Speaker 1: United su is acting in a highly contentional way because 5 00:00:17,200 --> 00:00:21,200 Speaker 1: he knows he has leverage from his energy dominant Bloomberg 6 00:00:21,400 --> 00:00:25,720 Speaker 1: Sound on Politics, Policy and perspective from DC's top names. 7 00:00:26,200 --> 00:00:29,120 Speaker 1: We are going to need to rethink our relationships in 8 00:00:29,200 --> 00:00:31,400 Speaker 1: Western Europe. We do not want to get into a 9 00:00:31,440 --> 00:00:35,639 Speaker 1: situation where Russian and NATO get into an armed contract. 10 00:00:35,640 --> 00:00:41,800 Speaker 1: Bloomberg Sound On with Joe Matthew on Bloomberg Radio. US 11 00:00:41,920 --> 00:00:46,080 Speaker 1: ups the sanctions again, targeting more Russian oligarch says Vladimir 12 00:00:46,080 --> 00:00:50,519 Speaker 1: Putin pushes further into Ukraine, shelling the capital city of Keeps, 13 00:00:50,560 --> 00:00:53,600 Speaker 1: seizing more of the southern coast. Welcome to the Fastest 14 00:00:53,640 --> 00:00:56,520 Speaker 1: Hour in politics. We'll have the latest on the war 15 00:00:56,600 --> 00:00:58,560 Speaker 1: with a new push on Capitol Hill as well this 16 00:00:58,680 --> 00:01:02,040 Speaker 1: afternoon to ban Russia and oil. On the very same day, 17 00:01:02,080 --> 00:01:04,640 Speaker 1: Federal Reserve Chair j Powell pledges to do whatever it 18 00:01:04,720 --> 00:01:08,679 Speaker 1: takes to stop inflation. Both may not be possible, and 19 00:01:08,720 --> 00:01:10,880 Speaker 1: we'll talk about that coming up with Mark Zany, chief 20 00:01:10,920 --> 00:01:14,200 Speaker 1: economists at Moody's Analytics, will talk geo politics this hour 21 00:01:14,280 --> 00:01:17,399 Speaker 1: with Brett Bruin, President of the Global Situation Room, and 22 00:01:17,440 --> 00:01:21,039 Speaker 1: we have the panel Bloomberg Politics contributors Jeanie Schanzano and 23 00:01:21,160 --> 00:01:24,440 Speaker 1: Rick Davis with analysis this hour. It's the images coming 24 00:01:24,480 --> 00:01:29,840 Speaker 1: from Ukraine are disturbing. New drone footage showing extensive damage 25 00:01:29,880 --> 00:01:33,240 Speaker 1: near Kiev, and the Russian military is busy in the 26 00:01:33,319 --> 00:01:35,600 Speaker 1: south as we've been reporting on the terminal taking the 27 00:01:35,640 --> 00:01:39,240 Speaker 1: town of Curson, with plans now to move on Odessa 28 00:01:39,400 --> 00:01:43,280 Speaker 1: next on the Black Sea. President Biden today announcing new 29 00:01:43,360 --> 00:01:45,880 Speaker 1: sanctions from the White House. They had a cabinet meeting, 30 00:01:45,920 --> 00:01:49,960 Speaker 1: this time again aimed at Russian oligarch series today announcing 31 00:01:50,000 --> 00:01:52,600 Speaker 1: that we're adding dozens of names for the list, including 32 00:01:53,200 --> 00:01:58,200 Speaker 1: one of Russia's wealthiest billionaires. And I'm banning travel to 33 00:01:58,320 --> 00:02:03,320 Speaker 1: America by more than fifty Russian oligarchs, their families and 34 00:02:03,360 --> 00:02:06,160 Speaker 1: their close associates. But there's a new call by lawmakers 35 00:02:06,160 --> 00:02:08,639 Speaker 1: on Capitol Hill, as I mentioned, to ban oil imports 36 00:02:08,639 --> 00:02:12,040 Speaker 1: from Russia. Latest piece of legislation on this coming from 37 00:02:12,120 --> 00:02:17,440 Speaker 1: Senators Joe Mansion. Yes he's back and Lisa Murkowski. Similar bills, though, 38 00:02:17,800 --> 00:02:20,600 Speaker 1: have come from Senators Elizabeth Warren and Ed Markey. So 39 00:02:20,680 --> 00:02:24,639 Speaker 1: this is gathering momentum. White House, though, does not love 40 00:02:24,760 --> 00:02:28,680 Speaker 1: the idea. For fear it means higher gas prices. Listen 41 00:02:28,680 --> 00:02:30,760 Speaker 1: to the reaction today. This came up in the briefing 42 00:02:31,080 --> 00:02:34,840 Speaker 1: with White House Press Secretary Jensaki. Our objective and the 43 00:02:34,840 --> 00:02:39,320 Speaker 1: President's objective, has been to maximize impact on President Putin 44 00:02:39,320 --> 00:02:42,600 Speaker 1: and Russia, well minimizing impact to us and our allies 45 00:02:42,639 --> 00:02:44,280 Speaker 1: and partners. And I know you've heard me say this 46 00:02:44,360 --> 00:02:47,080 Speaker 1: a few times before, but we don't have a strategic 47 00:02:47,240 --> 00:02:51,280 Speaker 1: interest in reducing the global supply of energy. Uh and 48 00:02:51,400 --> 00:02:54,320 Speaker 1: that would raise prices at the gas pump for the 49 00:02:54,360 --> 00:02:57,920 Speaker 1: American people around the world. Who's going to make the 50 00:02:57,919 --> 00:03:00,760 Speaker 1: final call on this? Of course, Congress do whatever wants. 51 00:03:01,360 --> 00:03:04,400 Speaker 1: President Biden doesn't sign it. All. This on the same day, 52 00:03:04,400 --> 00:03:07,960 Speaker 1: Federal Reserve Chair J Powell testifies before the Senate Banking Committee. 53 00:03:08,000 --> 00:03:10,960 Speaker 1: This is day two. It's not deja vu. He was 54 00:03:11,000 --> 00:03:13,800 Speaker 1: in the House yesterday, Senate today saying again he's planning 55 00:03:14,120 --> 00:03:18,000 Speaker 1: a quarter point hike this month or not if the 56 00:03:18,040 --> 00:03:20,840 Speaker 1: war in Ukraine changes that plan. I think this month 57 00:03:20,919 --> 00:03:23,920 Speaker 1: is baked, but going forward could be another matter. That's 58 00:03:23,960 --> 00:03:26,040 Speaker 1: where we want to start with Mark Xandy, chief economist 59 00:03:26,080 --> 00:03:28,519 Speaker 1: at Moody's Analytics. He's with us for more. Market's great 60 00:03:28,520 --> 00:03:31,120 Speaker 1: to have you back. You cannot separate the war in 61 00:03:31,240 --> 00:03:34,480 Speaker 1: Ukraine from the job facing this federal reserve. Well, j 62 00:03:34,639 --> 00:03:39,119 Speaker 1: Powell have to change his approach because of all this, Well, 63 00:03:39,480 --> 00:03:43,000 Speaker 1: a lot of uncertainty obviously, Joe, but I don't think so. 64 00:03:43,120 --> 00:03:47,640 Speaker 1: I mean, if uh, making a lot of assumptions here, 65 00:03:47,680 --> 00:03:52,520 Speaker 1: but if Russia's stays in Ukraine, and if supplies of oil, 66 00:03:52,640 --> 00:03:56,320 Speaker 1: energy and other commodities is not disrupted, the impact on 67 00:03:56,360 --> 00:03:59,920 Speaker 1: our economy is it's not it's not good, and obviously 68 00:04:00,200 --> 00:04:04,200 Speaker 1: it's getting the downside is being magnified by all the 69 00:04:04,240 --> 00:04:06,560 Speaker 1: things that we've been through here. But it's not that 70 00:04:06,760 --> 00:04:10,080 Speaker 1: big a deal in terms of growth or inflation. So 71 00:04:10,480 --> 00:04:14,280 Speaker 1: my senses when all that dost settles, UH, that it 72 00:04:14,360 --> 00:04:18,080 Speaker 1: won't change monetary policy, that will you know, Actually, markets 73 00:04:18,080 --> 00:04:21,080 Speaker 1: haven't changed their forecast per se, except taking out the 74 00:04:21,120 --> 00:04:24,920 Speaker 1: half point increase in March. They still expect seven right 75 00:04:25,160 --> 00:04:29,359 Speaker 1: increases this year quote point each time. And that's the 76 00:04:29,400 --> 00:04:33,120 Speaker 1: case now, Yeah, well, but what about the commodity spikes 77 00:04:33,160 --> 00:04:34,880 Speaker 1: that we've seen. Does that do you see that just 78 00:04:35,040 --> 00:04:38,520 Speaker 1: curing itself with high prices cure high prices, whether it's 79 00:04:38,640 --> 00:04:41,320 Speaker 1: energy or wats or some of the other things that 80 00:04:41,360 --> 00:04:45,880 Speaker 1: we've seen moving metals on this particular incursion here, how 81 00:04:45,880 --> 00:04:48,760 Speaker 1: does that change to the benefit? Well, that's a risk. 82 00:04:48,800 --> 00:04:50,720 Speaker 1: Premium is built in it. You know, there is a 83 00:04:50,800 --> 00:04:54,440 Speaker 1: risk obviously supplies will get disrupted, and so it makes 84 00:04:54,480 --> 00:04:56,719 Speaker 1: sense that that the prices are up and that risk 85 00:04:56,800 --> 00:05:01,200 Speaker 1: premium is there. But if if in fact, we are 86 00:05:01,279 --> 00:05:04,480 Speaker 1: able to get through this without major disruptions or even 87 00:05:04,560 --> 00:05:08,880 Speaker 1: significant disruptions to supply, that premium will start to come in, 88 00:05:09,080 --> 00:05:12,440 Speaker 1: and then ultimately we'll see more production because prices are 89 00:05:12,520 --> 00:05:15,440 Speaker 1: high end producers and the oil markets and natural gas 90 00:05:15,440 --> 00:05:17,560 Speaker 1: markets can make a lot of money at this. So 91 00:05:18,640 --> 00:05:21,640 Speaker 1: my senses, the commodity prices, prices will remain very high, 92 00:05:21,680 --> 00:05:24,480 Speaker 1: elevated certainly over the next few months, probably first half 93 00:05:24,480 --> 00:05:26,440 Speaker 1: of the year, but you know, towards the second alfter year, 94 00:05:26,480 --> 00:05:29,799 Speaker 1: prices will start to come in. It will add to inflation, uh, 95 00:05:29,839 --> 00:05:32,440 Speaker 1: and it does raise the respect that it starts to 96 00:05:32,480 --> 00:05:35,760 Speaker 1: infect inflation expectations so we need to watch that very carefully, 97 00:05:35,800 --> 00:05:38,200 Speaker 1: but you know, hopefully it doesn't and if it doesn't, 98 00:05:38,200 --> 00:05:40,280 Speaker 1: I don't expect the fit and need to change policy here. 99 00:05:40,279 --> 00:05:42,920 Speaker 1: They're going to normalize rates, but about the same pace 100 00:05:42,960 --> 00:05:45,440 Speaker 1: that we're going to do before the this uh, this 101 00:05:45,480 --> 00:05:49,680 Speaker 1: event occurred. Listen to Share Powell from the committee hearing 102 00:05:49,800 --> 00:05:52,880 Speaker 1: today talking about the expectation or his view on the 103 00:05:52,880 --> 00:05:55,880 Speaker 1: March meeting. Here he is, I would be recommending and 104 00:05:55,920 --> 00:06:00,320 Speaker 1: supporting a one quarter of one interest rate increase at 105 00:06:00,320 --> 00:06:03,360 Speaker 1: our March meeting if we don't see inflation behaving as 106 00:06:03,360 --> 00:06:05,480 Speaker 1: we expected to be a which is to peak and 107 00:06:05,520 --> 00:06:08,279 Speaker 1: begin to come down. If we see inflation behaving in 108 00:06:08,320 --> 00:06:11,520 Speaker 1: ways not consistent with that, then we're prepared to raise 109 00:06:11,600 --> 00:06:14,200 Speaker 1: by more than that amount in a meeting or meetings. 110 00:06:14,480 --> 00:06:17,560 Speaker 1: So where are you on your prediction here? Mark Sandy? 111 00:06:17,600 --> 00:06:21,800 Speaker 1: Your thoughts about the next several months and interest rates? Yeah, 112 00:06:21,920 --> 00:06:24,640 Speaker 1: I I expect rache going up I mean church and 113 00:06:24,760 --> 00:06:27,359 Speaker 1: rates obviously because I said will normally begin to normalized 114 00:06:27,360 --> 00:06:30,760 Speaker 1: policy here, I think the chair made it crystal clear 115 00:06:30,839 --> 00:06:33,120 Speaker 1: that race are going up a quarter point at the 116 00:06:33,120 --> 00:06:35,719 Speaker 1: March meeting in a couple of weeks. Here then I 117 00:06:35,760 --> 00:06:37,800 Speaker 1: expect a few more rate hikes. Is here four in 118 00:06:37,880 --> 00:06:40,719 Speaker 1: total quarter point each time? You know, I said, they 119 00:06:40,760 --> 00:06:43,599 Speaker 1: said markets are expecting seven. You know, I don't know 120 00:06:43,640 --> 00:06:46,320 Speaker 1: that I argue too strongly with anybody if it's four 121 00:06:46,400 --> 00:06:48,600 Speaker 1: or five, six or seven. But you know something in 122 00:06:48,600 --> 00:06:51,320 Speaker 1: that ballpark and I you know, it'll depend, you know, 123 00:06:51,360 --> 00:06:54,520 Speaker 1: exactly how things go in Russia Ukraine will depend on 124 00:06:54,600 --> 00:06:56,880 Speaker 1: how the pandemic plays out here and what kinds of 125 00:06:57,120 --> 00:07:00,080 Speaker 1: disruption further disruptions there are to supply chains and inflation it, 126 00:07:00,240 --> 00:07:03,120 Speaker 1: you know, for seven something like that feels about right 127 00:07:03,160 --> 00:07:05,240 Speaker 1: for this year. You saw. I'm sure President Biden in 128 00:07:05,279 --> 00:07:07,159 Speaker 1: his State of the Union address this week, says he 129 00:07:07,160 --> 00:07:11,320 Speaker 1: will make combating inflation a priority. Of course, I think 130 00:07:11,360 --> 00:07:13,880 Speaker 1: most that the White House would say it already was one. 131 00:07:14,480 --> 00:07:18,040 Speaker 1: But is the Is the administration running out of AMMO here? 132 00:07:18,080 --> 00:07:19,720 Speaker 1: Is this really up to the Fed at this point? 133 00:07:19,720 --> 00:07:21,360 Speaker 1: I mean, you can only release so much oil from 134 00:07:21,360 --> 00:07:23,880 Speaker 1: the spr you can only have so many meetings with 135 00:07:23,960 --> 00:07:27,560 Speaker 1: CEOs about the supply chain mark. What else can they do? Yeah, 136 00:07:27,600 --> 00:07:29,360 Speaker 1: now that's a great point. I mean, there's no easy 137 00:07:29,440 --> 00:07:32,800 Speaker 1: policy fix here, either for the for the administration or 138 00:07:32,880 --> 00:07:34,880 Speaker 1: the FED, right, I mean, this isn't going to be 139 00:07:34,920 --> 00:07:36,920 Speaker 1: easy because this is a supply side shock. You know, 140 00:07:37,000 --> 00:07:40,480 Speaker 1: usually the FED deals with demand side shocks, and that's 141 00:07:40,560 --> 00:07:42,600 Speaker 1: you know, raising interest rates, are lowering them, you know, 142 00:07:42,720 --> 00:07:45,160 Speaker 1: help you out there. But on the supply side, that 143 00:07:45,480 --> 00:07:48,440 Speaker 1: makes it very difficult. But there are things administration and 144 00:07:48,560 --> 00:07:52,160 Speaker 1: lawmakers you know, can and should focus on in terms 145 00:07:52,200 --> 00:07:55,120 Speaker 1: of focusing on inflation. You know, not so much this year, 146 00:07:55,240 --> 00:07:57,440 Speaker 1: but you know next year, the year after, things like 147 00:07:58,040 --> 00:08:01,320 Speaker 1: the affordable housing shortage was just caused wreck growth to accelerate. 148 00:08:01,520 --> 00:08:04,960 Speaker 1: You know, childcare cause, the cost of prescripture and drugs. 149 00:08:05,400 --> 00:08:07,320 Speaker 1: Those things really matter and I think they you know, 150 00:08:07,400 --> 00:08:10,840 Speaker 1: particularly for lower millick counselds who really get stung by 151 00:08:12,000 --> 00:08:13,680 Speaker 1: the high inflation. So I think those are things that 152 00:08:13,760 --> 00:08:17,440 Speaker 1: should the administration in Congress should focus on. But it's 153 00:08:17,440 --> 00:08:19,160 Speaker 1: not going to solve the problem here and now. This 154 00:08:19,600 --> 00:08:23,080 Speaker 1: this is you know, this is this is difficult for 155 00:08:23,160 --> 00:08:25,600 Speaker 1: policymakers to address shere is especially when you're trying to 156 00:08:25,680 --> 00:08:28,200 Speaker 1: time the landing with the mid term elections. How about 157 00:08:28,240 --> 00:08:31,120 Speaker 1: the jobs report tomorrow tomorrow? And in general here mark 158 00:08:31,400 --> 00:08:34,240 Speaker 1: a lot of concerns about workforce participation. Even with this 159 00:08:34,400 --> 00:08:37,320 Speaker 1: historically low unemployment rate, it's getting to be a little 160 00:08:37,320 --> 00:08:40,199 Speaker 1: bit difficult to understand every month. You remember, last month, 161 00:08:40,240 --> 00:08:42,600 Speaker 1: we thought it would be a big disappointment. Uh, then 162 00:08:42,640 --> 00:08:45,160 Speaker 1: it blew the doors off. There's one estimate out there 163 00:08:45,200 --> 00:08:47,920 Speaker 1: for a growth of seven hundred thousands something jobs tomorrow. 164 00:08:48,520 --> 00:08:50,480 Speaker 1: How important is that data going to be in terms 165 00:08:50,520 --> 00:08:53,600 Speaker 1: of answering the questions we're asking right now? Well, John 166 00:08:53,640 --> 00:08:57,280 Speaker 1: markets good strong. We created five hundred thousand jobs roughly 167 00:08:57,280 --> 00:08:59,800 Speaker 1: a little bit more on average last year. I think 168 00:09:00,080 --> 00:09:03,160 Speaker 1: that's probably what we get tomorrow. Uh. You know, that's 169 00:09:03,200 --> 00:09:07,079 Speaker 1: a pretty rapid clip. I mean, we can't sustain that 170 00:09:07,160 --> 00:09:09,400 Speaker 1: for very long and otherwise, you know, unemployment will fall 171 00:09:09,480 --> 00:09:11,880 Speaker 1: so to such a degree that becomes, you know, truly 172 00:09:11,960 --> 00:09:15,800 Speaker 1: an inflationary problem. So you know, I expect job growth 173 00:09:15,840 --> 00:09:18,400 Speaker 1: to remain strong and start to moderate as we move 174 00:09:18,440 --> 00:09:20,079 Speaker 1: through the year, and I would expect more people to 175 00:09:20,120 --> 00:09:22,480 Speaker 1: come back into the labor force. You know, I think 176 00:09:22,520 --> 00:09:25,760 Speaker 1: the pandemic is obviously keeping people out. It made people sick. 177 00:09:26,160 --> 00:09:27,680 Speaker 1: People just stay at home and take care of sick 178 00:09:28,040 --> 00:09:30,600 Speaker 1: family members or people. Other people are fearful of going 179 00:09:30,679 --> 00:09:33,080 Speaker 1: back to work. You could see this in the census 180 00:09:33,320 --> 00:09:35,199 Speaker 1: surveys of people who are not working that you know, 181 00:09:35,880 --> 00:09:39,400 Speaker 1: the pandemic really created havoc here. So hopefully if this 182 00:09:39,520 --> 00:09:42,040 Speaker 1: thing winds down, if we have a new wave. It's 183 00:09:42,120 --> 00:09:45,720 Speaker 1: less disruptive than amicron and nomacron is less distructive than delta. 184 00:09:46,160 --> 00:09:48,200 Speaker 1: And I expect people to get back to work, uh, 185 00:09:48,360 --> 00:09:50,480 Speaker 1: you know, and get back on the job. So I 186 00:09:50,800 --> 00:09:53,760 Speaker 1: I would anticipate with before participation picking up. Obviously it's 187 00:09:53,800 --> 00:09:56,320 Speaker 1: not going back to where it was pre pandemic. How 188 00:09:57,480 --> 00:09:59,520 Speaker 1: con are you about a big jump in wages again? 189 00:09:59,600 --> 00:10:03,599 Speaker 1: How houset is the market to handle that? Yeah, I 190 00:10:03,800 --> 00:10:05,200 Speaker 1: you know, I don't. I don't know when people pay 191 00:10:05,200 --> 00:10:08,480 Speaker 1: attention to that average generally hurning somewhere and the report 192 00:10:08,559 --> 00:10:11,480 Speaker 1: it's it's really worthless. It's really affected by the mix 193 00:10:11,559 --> 00:10:14,640 Speaker 1: of jobs that are being added or not added or lost, 194 00:10:14,760 --> 00:10:17,480 Speaker 1: you know. So I really wouldn't pay much attention to it. 195 00:10:17,800 --> 00:10:20,320 Speaker 1: You know. The best measure is, uh, it comes as 196 00:10:20,400 --> 00:10:21,840 Speaker 1: that comes out of the Atlanta fit or reserve. They 197 00:10:21,840 --> 00:10:24,040 Speaker 1: have a wage track or just google Lanta fed wage 198 00:10:24,040 --> 00:10:27,000 Speaker 1: tracker and they provide they follow the same workers over time, 199 00:10:27,080 --> 00:10:29,280 Speaker 1: so it doesn't have that mixed problem. And you can 200 00:10:29,320 --> 00:10:31,760 Speaker 1: see wage growth by you know way part of the 201 00:10:31,760 --> 00:10:34,800 Speaker 1: wage distribution by industry, by region, by ten years, so 202 00:10:34,920 --> 00:10:37,200 Speaker 1: forth and so on, and that's a much better measure, 203 00:10:37,480 --> 00:10:40,040 Speaker 1: and it does show wage growth picking up. Uh And 204 00:10:40,520 --> 00:10:43,400 Speaker 1: but really it's for low wage workers, folks in the 205 00:10:43,440 --> 00:10:46,120 Speaker 1: bottom quartile the distribution. And that goes back to my 206 00:10:46,240 --> 00:10:49,080 Speaker 1: point that that's where the pandemic is the most impact 207 00:10:49,120 --> 00:10:51,040 Speaker 1: on people not going to work. You know, there's are 208 00:10:51,080 --> 00:10:54,520 Speaker 1: folks that work in leisure, on hospitality, retail, personal services. 209 00:10:54,520 --> 00:10:55,880 Speaker 1: They are kind of on the front lines here and 210 00:10:55,920 --> 00:10:57,959 Speaker 1: they've been the ones have gotten sick and fearful of 211 00:10:58,000 --> 00:11:00,240 Speaker 1: getting sick. So I do think as the pandemic fay age, 212 00:11:00,880 --> 00:11:02,920 Speaker 1: that wage growth will moderate and wage growth in general 213 00:11:03,000 --> 00:11:06,120 Speaker 1: montere and and it won't be quite the concern it 214 00:11:06,160 --> 00:11:08,160 Speaker 1: has been up to this point record to inflation. Do 215 00:11:08,240 --> 00:11:11,480 Speaker 1: you have it from Mark Zandy, Chief economist, Moodies Analytics, Mark, 216 00:11:11,559 --> 00:11:14,559 Speaker 1: we thank you, of course. The Jobs report beout eight 217 00:11:14,760 --> 00:11:18,280 Speaker 1: thirty tomorrow morning, and you'll be hearing a live interview 218 00:11:18,360 --> 00:11:21,360 Speaker 1: with Labor Secretary Marty Walsh on Bloomberg Radio and TV 219 00:11:21,600 --> 00:11:26,280 Speaker 1: roughly an hour later. Thursday edition of Bloomberg Sound On. 220 00:11:26,440 --> 00:11:28,640 Speaker 1: I'm Joe Matthew at World Headquarters in New York, and 221 00:11:28,720 --> 00:11:30,600 Speaker 1: we assemble the panel necks for their take on all 222 00:11:30,640 --> 00:11:33,440 Speaker 1: this is it time to band oil from Russia. We'll 223 00:11:33,480 --> 00:11:36,400 Speaker 1: hear about it from Rick and Genie Bloomberg Politics contributors 224 00:11:36,800 --> 00:11:39,440 Speaker 1: Rick Davis, Jeannie Chanzano will look at the markets, Jeck 225 00:11:39,480 --> 00:11:42,000 Speaker 1: traffic on your way home, Zoo. That's why you're here 226 00:11:42,080 --> 00:11:45,079 Speaker 1: on the fastest hour in politics. I'm Joe Matthew. This 227 00:11:45,640 --> 00:11:53,280 Speaker 1: is Bloomberg. You're listening to Bloomberg. You Sound on with 228 00:11:53,559 --> 00:11:58,760 Speaker 1: Joe Matthew on Bloomberg Radio. The headline on the terminal 229 00:11:58,840 --> 00:12:02,160 Speaker 1: White House balks at Russian oil ban in new feud 230 00:12:02,240 --> 00:12:05,839 Speaker 1: with Congress. Isn't that? But this White House needed a 231 00:12:05,880 --> 00:12:09,959 Speaker 1: new feud with Congress, and it's a bipartisan effort on 232 00:12:10,120 --> 00:12:12,080 Speaker 1: the oil ban. Here is I read on the terminal. 233 00:12:12,120 --> 00:12:15,560 Speaker 1: The Biden administration's objections to banning oil imports from Russia 234 00:12:15,880 --> 00:12:19,160 Speaker 1: puts it at odds of the bipartisan clamor to punish 235 00:12:19,280 --> 00:12:23,320 Speaker 1: Moscow for the invasion of Ukraine, despite the inevitable pain 236 00:12:23,440 --> 00:12:27,199 Speaker 1: it would cause by sending gas prices soaring. That's the 237 00:12:27,320 --> 00:12:31,760 Speaker 1: problem for the White House. Little election or a whole 238 00:12:31,800 --> 00:12:33,760 Speaker 1: bunch of them going on in November. You want gas 239 00:12:33,840 --> 00:12:37,240 Speaker 1: prices even higher by then came up. As I mentioned 240 00:12:37,360 --> 00:12:40,760 Speaker 1: in the White House briefing today, here's Press Secretary Jensaki. 241 00:12:41,160 --> 00:12:44,000 Speaker 1: So it also has the potential to pad the pockets 242 00:12:44,040 --> 00:12:46,760 Speaker 1: of President Putin, which is exactly what we are not 243 00:12:47,080 --> 00:12:50,240 Speaker 1: trying to do. So, as the President has said, we 244 00:12:50,480 --> 00:12:53,439 Speaker 1: are carved out payments for energy, trade and transport from 245 00:12:53,520 --> 00:12:58,400 Speaker 1: our financial sectors sanctions. With that in mind, let's assemble 246 00:12:58,440 --> 00:13:03,080 Speaker 1: the panel. We're Politics contributors Genie Chanzano and Rick Davis 247 00:13:03,400 --> 00:13:06,000 Speaker 1: are with us. Great to have you both here. Of course, Genie, 248 00:13:06,040 --> 00:13:07,199 Speaker 1: what do you make of this? This is going to 249 00:13:07,280 --> 00:13:12,079 Speaker 1: be another showdown for Democrats. Joe Mansion today, who's one 250 00:13:12,120 --> 00:13:16,520 Speaker 1: of the sponsors of this bill, says, we have weaponized 251 00:13:16,600 --> 00:13:19,120 Speaker 1: Russian oil with our policies, talking a lot like a 252 00:13:19,200 --> 00:13:23,080 Speaker 1: Republican today. Although we've heard similar proposals from Elizabeth Warren 253 00:13:23,160 --> 00:13:25,920 Speaker 1: from Ed Markey, What does Joe Biden do? Yeah, I mean, 254 00:13:26,000 --> 00:13:28,200 Speaker 1: I was noticing Ed Markey said too, we don't need 255 00:13:28,280 --> 00:13:31,480 Speaker 1: Russian oil or caviare anymore, so you could do without both. 256 00:13:31,600 --> 00:13:33,959 Speaker 1: But Um, you know, it does put the Biden and 257 00:13:33,960 --> 00:13:36,440 Speaker 1: administration in a bid. You know, one thing they haven't 258 00:13:36,520 --> 00:13:38,839 Speaker 1: wanted to do, and I don't think he did well 259 00:13:38,920 --> 00:13:40,920 Speaker 1: during the State of the Union is talk about the 260 00:13:41,000 --> 00:13:44,559 Speaker 1: sacrifices Americans need to make if we're going to go 261 00:13:44,720 --> 00:13:47,400 Speaker 1: down this path. They don't want to do that. If 262 00:13:47,520 --> 00:13:50,160 Speaker 1: this is truly in our vital interest, then we're going 263 00:13:50,280 --> 00:13:52,480 Speaker 1: to have to do and the Biden administration is going 264 00:13:52,520 --> 00:13:54,839 Speaker 1: to have to make a tough call here. And of 265 00:13:54,920 --> 00:13:57,160 Speaker 1: course they aren't wrong as you look at how the 266 00:13:57,240 --> 00:13:59,679 Speaker 1: price of oil has gone up. I was just noting 267 00:13:59,720 --> 00:14:03,240 Speaker 1: sick six dollars a barrel on December first, Now one ten. 268 00:14:03,760 --> 00:14:06,880 Speaker 1: That's a huge increase. He's right, it's gonna be more. 269 00:14:07,160 --> 00:14:09,000 Speaker 1: But if it's in our interest, he's gonna have to 270 00:14:09,040 --> 00:14:11,280 Speaker 1: talk about sacrifice. Let's pull it up right now on 271 00:14:11,400 --> 00:14:14,040 Speaker 1: the terminal, A hundred and seven dollars a barrel for 272 00:14:14,280 --> 00:14:17,240 Speaker 1: w T I here, Rick Davis. What does Joe Biden 273 00:14:17,320 --> 00:14:20,120 Speaker 1: do when it's a choice between I hate to put 274 00:14:20,160 --> 00:14:24,680 Speaker 1: it this way, principle or politics. Well, you know he's 275 00:14:24,960 --> 00:14:28,520 Speaker 1: it's a jam for him. Uh, everybody's gonna look at 276 00:14:28,520 --> 00:14:30,320 Speaker 1: this and say, yeah, why are we buying Russian oil? 277 00:14:30,400 --> 00:14:32,560 Speaker 1: Doesn't make any sense. By the way, it turned out 278 00:14:32,600 --> 00:14:35,120 Speaker 1: to be all of three percent last year, so this 279 00:14:35,360 --> 00:14:37,320 Speaker 1: is technically a drop in the bucket. It's a drop 280 00:14:37,440 --> 00:14:39,120 Speaker 1: in the bucket. And so you would make the argument, 281 00:14:39,200 --> 00:14:42,920 Speaker 1: why does why does Biden care? He's fighting bigger issue 282 00:14:43,000 --> 00:14:47,120 Speaker 1: than than Russia and Putin is inflation. Right, There aren't 283 00:14:47,160 --> 00:14:50,840 Speaker 1: that many swing voters in November who are going to 284 00:14:50,960 --> 00:14:54,640 Speaker 1: vote on the differences between the Republican and Democratic Party 285 00:14:55,200 --> 00:14:58,760 Speaker 1: on on Russia because there is no difference, but they 286 00:14:58,840 --> 00:15:03,560 Speaker 1: will vote Democrats because of high inflation. And so you know, 287 00:15:03,760 --> 00:15:05,640 Speaker 1: Biden is just gonna have to swallow hard and he's 288 00:15:05,680 --> 00:15:07,680 Speaker 1: either gonna have to stand firm on this argument and 289 00:15:07,880 --> 00:15:11,480 Speaker 1: sound like he's politically disconnected to the rest of the 290 00:15:11,560 --> 00:15:14,800 Speaker 1: world into the American public or uh. And he's got 291 00:15:14,920 --> 00:15:16,880 Speaker 1: to hope that if he does that, that the price 292 00:15:17,040 --> 00:15:20,520 Speaker 1: that the inflation comes down between now November. Otherwise it's 293 00:15:20,560 --> 00:15:24,280 Speaker 1: a waste. So we're living on hope here. I guess, Genie, 294 00:15:24,360 --> 00:15:26,160 Speaker 1: what if you actually get a bill. What if there's 295 00:15:26,160 --> 00:15:28,760 Speaker 1: a bipartisan bill that comes out of the Senate the 296 00:15:28,840 --> 00:15:31,480 Speaker 1: House and he goes to his desk, Is he prepared 297 00:15:31,520 --> 00:15:35,000 Speaker 1: to veto legislation that would ban Russian oil? I don't 298 00:15:35,040 --> 00:15:37,160 Speaker 1: think that makes must political sense. And I think one 299 00:15:37,200 --> 00:15:39,680 Speaker 1: of the questions Americans and members of Congress will have 300 00:15:39,800 --> 00:15:42,520 Speaker 1: as they override that veto is we can't make up 301 00:15:42,640 --> 00:15:45,640 Speaker 1: three per cent of our oil that we've got to 302 00:15:45,680 --> 00:15:47,560 Speaker 1: be able to do that in the short term for 303 00:15:47,640 --> 00:15:50,240 Speaker 1: an emergency. And I think that's a fair question for 304 00:15:50,320 --> 00:15:53,080 Speaker 1: them to pose. And I can't imagine politically the White 305 00:15:53,120 --> 00:15:55,320 Speaker 1: House would want to be in the position of vetoing 306 00:15:55,440 --> 00:15:58,400 Speaker 1: a bill like this. Well, that's what it might come 307 00:15:58,440 --> 00:16:01,000 Speaker 1: down to here, Rick, if there's bi partisan support, if 308 00:16:01,000 --> 00:16:04,680 Speaker 1: you've got Ed Markey, Elizabeth Warren, Joe Mansion, mccowski all 309 00:16:04,720 --> 00:16:07,000 Speaker 1: on the same page here, do you suspect that there 310 00:16:07,000 --> 00:16:10,480 Speaker 1: will be a bill that comes from this? Uh? Yeah, Look, 311 00:16:10,520 --> 00:16:12,480 Speaker 1: I think you're gonna get a bill from somebody. I 312 00:16:12,520 --> 00:16:14,800 Speaker 1: don't know if it's going to be that quartet. I 313 00:16:14,920 --> 00:16:17,880 Speaker 1: suspect the White House Legislative Affairs Office is hitting the 314 00:16:17,960 --> 00:16:19,800 Speaker 1: hill right now saying, hey, don't put the President in 315 00:16:19,840 --> 00:16:23,560 Speaker 1: a tough position. At some point that Congress isn't gonna care. 316 00:16:23,600 --> 00:16:26,200 Speaker 1: They're gonna want to actually stake out this position, whether 317 00:16:26,280 --> 00:16:28,120 Speaker 1: he signs it or not, and then that's his problem. 318 00:16:28,240 --> 00:16:31,640 Speaker 1: So uh, he probably won't get a bill um, you know, 319 00:16:31,720 --> 00:16:33,760 Speaker 1: because I think that nobody wants to put the president 320 00:16:33,800 --> 00:16:35,760 Speaker 1: in the hot seat on this. They're gonna make them 321 00:16:36,160 --> 00:16:39,880 Speaker 1: demagogic point that we shouldn't be buying Russian oil and 322 00:16:40,240 --> 00:16:42,760 Speaker 1: and and the reason Joe Mansion likes us so much 323 00:16:42,800 --> 00:16:44,960 Speaker 1: as it feeds into his argument that we ought to 324 00:16:44,960 --> 00:16:46,720 Speaker 1: be doing more in fracking, we ought to be doing 325 00:16:46,760 --> 00:16:50,000 Speaker 1: more in our own energy security and and this administration, 326 00:16:50,080 --> 00:16:52,480 Speaker 1: because of its commitment to climate doesn't want to do that. 327 00:16:52,840 --> 00:16:55,520 Speaker 1: And so that's really where the war is. It's all 328 00:16:55,560 --> 00:16:58,360 Speaker 1: about domestic supply. So this is all gonna come down 329 00:16:58,400 --> 00:17:02,080 Speaker 1: to you when in terms of inflation here and prices, Genie, 330 00:17:02,120 --> 00:17:04,280 Speaker 1: it's gonna come down to j Powell. And as he 331 00:17:04,440 --> 00:17:07,119 Speaker 1: told members of the House and the Senate over the 332 00:17:07,200 --> 00:17:10,639 Speaker 1: last two days, this war in Ukraine is going to 333 00:17:10,720 --> 00:17:12,880 Speaker 1: be the wild card and it might make his job 334 00:17:12,880 --> 00:17:14,920 Speaker 1: a lot more difficult. So are we still having the 335 00:17:15,000 --> 00:17:19,040 Speaker 1: inflation conversation on the eve of the midterm elections? I 336 00:17:19,200 --> 00:17:21,399 Speaker 1: think we are. I mean, you know, you when you 337 00:17:21,440 --> 00:17:23,280 Speaker 1: were just talking to Mark Sandy. He said, there's a 338 00:17:23,400 --> 00:17:26,280 Speaker 1: lot of ifs here and and that is the reality. 339 00:17:26,720 --> 00:17:29,399 Speaker 1: And you know, this whole conversation about energy, it's going 340 00:17:29,520 --> 00:17:33,320 Speaker 1: to expand. Lisa Makowski was saying today children are dying 341 00:17:33,400 --> 00:17:36,040 Speaker 1: in the Ukraine. As those pictures keep coming in front 342 00:17:36,080 --> 00:17:38,800 Speaker 1: of people's living rooms, people are going to start to 343 00:17:38,880 --> 00:17:41,879 Speaker 1: push the administration to do more, and quite frankly, not 344 00:17:42,080 --> 00:17:45,159 Speaker 1: just on stopping buying oil from Russia. They're going to 345 00:17:45,240 --> 00:17:47,280 Speaker 1: ask for more. And I think there will be a 346 00:17:47,320 --> 00:17:50,040 Speaker 1: contention asking for some kind of air support or boots 347 00:17:50,080 --> 00:17:51,879 Speaker 1: on the ground at some point, and that's going to 348 00:17:51,960 --> 00:17:53,720 Speaker 1: be a tough decision for the White House. All Right, 349 00:17:53,800 --> 00:17:55,520 Speaker 1: Rick and Jeannie will be with us for the hour 350 00:17:55,640 --> 00:17:58,639 Speaker 1: our signature panel on Bloomberg Sound On. We're going to 351 00:17:58,720 --> 00:18:02,119 Speaker 1: talk more about this ahead with rep ruined Global Situation 352 00:18:02,240 --> 00:18:05,240 Speaker 1: Room president, former director of Global Engagement at the White House. 353 00:18:05,320 --> 00:18:08,520 Speaker 1: He's got strong opinions on this, not just about the 354 00:18:08,600 --> 00:18:11,200 Speaker 1: oil band, but also the way we're handling the war 355 00:18:11,320 --> 00:18:13,960 Speaker 1: in Ukraine. It's coming up next on Bloomberg sound On. 356 00:18:14,040 --> 00:18:21,159 Speaker 1: I'm Joe Matthew. This is Bloomberg broadcasting live from our 357 00:18:21,280 --> 00:18:27,160 Speaker 1: nation's capital. Bloomberg to New York, Bloomberg eleven Frio to Boston, 358 00:18:27,440 --> 00:18:31,200 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine 359 00:18:31,359 --> 00:18:35,240 Speaker 1: sixty to the country Sirius XM Channel one ninety and 360 00:18:35,359 --> 00:18:38,680 Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio 361 00:18:38,880 --> 00:18:43,560 Speaker 1: dot Com. This is Bloomberg Sound On with Joe Matthew. 362 00:18:45,160 --> 00:18:49,840 Speaker 1: Russian's war in Ukraine is now entering its second week 363 00:18:51,080 --> 00:18:53,480 Speaker 1: and this could be a tough weekend ahead as I 364 00:18:53,560 --> 00:18:56,960 Speaker 1: read on the terminal Russian fleet approach as Ukraine's sports 365 00:18:57,000 --> 00:19:01,640 Speaker 1: city Odessa bracing, imagine when they come to shore here 366 00:19:01,680 --> 00:19:04,760 Speaker 1: and try to complete their takeover of the southern coast. 367 00:19:05,160 --> 00:19:07,800 Speaker 1: We're going to talk about what's happening likely over the 368 00:19:07,880 --> 00:19:10,920 Speaker 1: course the next couple of days in Ukraine. The mission 369 00:19:11,080 --> 00:19:13,760 Speaker 1: here that the United States and its NATO allies are 370 00:19:13,840 --> 00:19:18,439 Speaker 1: conducting preparing for a major humanitarian crisis on the border, 371 00:19:18,960 --> 00:19:21,280 Speaker 1: and of course the new sanctions dropped today. We want 372 00:19:21,320 --> 00:19:24,440 Speaker 1: to talk about this all ahead with Brett Bruin from 373 00:19:24,440 --> 00:19:27,320 Speaker 1: the Global Situation Room. With a naval fleet reported near 374 00:19:27,359 --> 00:19:30,760 Speaker 1: the Ukrainian city of Odessa and the city of Curson taken. 375 00:19:30,920 --> 00:19:34,760 Speaker 1: Now that's down south near CRIMEA. It is increasingly clear, 376 00:19:34,800 --> 00:19:36,760 Speaker 1: as I read by Mark Champion on the terminal, that 377 00:19:36,840 --> 00:19:40,360 Speaker 1: Russia's invasion is gaining pace and the country is open 378 00:19:40,400 --> 00:19:42,960 Speaker 1: and hard to defend coastal plains. Even as its advances 379 00:19:43,000 --> 00:19:45,400 Speaker 1: slow to the north, they're coming around from the south. 380 00:19:45,520 --> 00:19:47,560 Speaker 1: The hope here by Vladimir Putin, of course, is to 381 00:19:47,720 --> 00:19:52,359 Speaker 1: encircle Ukraine, and then things get even uglier. We're already 382 00:19:52,400 --> 00:19:57,119 Speaker 1: seeing really difficult images social media and in mainstream media. 383 00:19:57,440 --> 00:20:02,240 Speaker 1: Rubble buildings in many ca says, in residential areas turned 384 00:20:02,280 --> 00:20:05,600 Speaker 1: to rubble by the constant shelling and missile strikes of 385 00:20:05,640 --> 00:20:08,240 Speaker 1: the Russian military. We're joined now by Brett Ruin Global 386 00:20:08,320 --> 00:20:11,919 Speaker 1: Situation Room. President is former Director of Global Engagement at 387 00:20:11,960 --> 00:20:14,600 Speaker 1: the White House, and back with us on sound On Brett, 388 00:20:14,640 --> 00:20:16,480 Speaker 1: it's great to have you here. We were just talking 389 00:20:16,560 --> 00:20:20,359 Speaker 1: about the latest sanctions here and maybe what could be next. 390 00:20:21,160 --> 00:20:24,040 Speaker 1: Interesting to think that Congress couldn't get it together on anything, 391 00:20:24,160 --> 00:20:26,560 Speaker 1: but now there is a concerted bipartisan effort to try 392 00:20:26,600 --> 00:20:30,560 Speaker 1: to ban Russian oil imports. Should it happen, I think 393 00:20:30,600 --> 00:20:33,200 Speaker 1: it should look. We should not be dealing with a 394 00:20:33,320 --> 00:20:38,080 Speaker 1: country that is committing mass atrocities we shouldn't be funding him. 395 00:20:38,160 --> 00:20:41,720 Speaker 1: We should look at every possible measure that we can 396 00:20:41,800 --> 00:20:46,000 Speaker 1: take to add pressure to Vladimir Putin to increase the cost. 397 00:20:46,359 --> 00:20:49,080 Speaker 1: And this is not just about a couple of dollars 398 00:20:49,200 --> 00:20:52,360 Speaker 1: at the pump. And Joe, let me turn this argument 399 00:20:52,640 --> 00:20:54,600 Speaker 1: on its head, because you're hearing it out of the 400 00:20:54,640 --> 00:20:57,879 Speaker 1: White House of Well, you know, we can't withstand an 401 00:20:57,960 --> 00:21:01,320 Speaker 1: increase at the pump. The ust of instability will be 402 00:21:01,440 --> 00:21:05,920 Speaker 1: far greater. So you could see gas prices rising further 403 00:21:06,119 --> 00:21:08,359 Speaker 1: if we do not ban Russian oil, because there's some 404 00:21:08,440 --> 00:21:11,879 Speaker 1: sort of dependency apparent of dependency, even though it was 405 00:21:11,920 --> 00:21:15,160 Speaker 1: only three percent of what we imported last year Brett true, 406 00:21:15,240 --> 00:21:19,360 Speaker 1: though it is certainly much more important for European markets. 407 00:21:19,400 --> 00:21:22,400 Speaker 1: And what I'm also arguing is that if we don't 408 00:21:22,440 --> 00:21:26,840 Speaker 1: take this step, then Putin and others will feel emboldened. 409 00:21:26,960 --> 00:21:30,600 Speaker 1: They will know that there are redlines that we're just 410 00:21:30,720 --> 00:21:33,359 Speaker 1: not simply willing to cross. So I think it is 411 00:21:33,480 --> 00:21:36,920 Speaker 1: important for the US, for our allies to send a 412 00:21:36,960 --> 00:21:39,960 Speaker 1: clear message that we're not just going to protect certain 413 00:21:40,200 --> 00:21:43,560 Speaker 1: economic interests. We are going to use every tool on 414 00:21:43,600 --> 00:21:45,440 Speaker 1: the table. You know, of course, what they're thinking about 415 00:21:45,480 --> 00:21:49,200 Speaker 1: here the political aspect going into the midterm elections. The 416 00:21:50,000 --> 00:21:52,840 Speaker 1: most sure fire way to lose elections is to have 417 00:21:53,000 --> 00:21:55,400 Speaker 1: high gas prices. It's the quickest way to touch people. 418 00:21:55,440 --> 00:21:58,120 Speaker 1: You add some of the other commodities like food, wheat 419 00:21:58,200 --> 00:22:00,520 Speaker 1: we've seen going through the roof people see really even 420 00:22:00,560 --> 00:22:04,000 Speaker 1: cost more. They're gonna blame Joe Biden Brett they are. 421 00:22:04,160 --> 00:22:06,280 Speaker 1: But at the same time, and I think we've seen 422 00:22:06,359 --> 00:22:09,119 Speaker 1: it over the course of the last week. This is 423 00:22:09,200 --> 00:22:12,480 Speaker 1: a moment for Biden, and if he shows the kind 424 00:22:12,560 --> 00:22:15,880 Speaker 1: of leadership that many of us have been hoping over 425 00:22:15,920 --> 00:22:18,200 Speaker 1: the course of the last year, that he rises to 426 00:22:18,320 --> 00:22:21,720 Speaker 1: this moment and that he explains the American people it 427 00:22:22,119 --> 00:22:25,359 Speaker 1: is um the small price we have to pay, not 428 00:22:25,480 --> 00:22:28,840 Speaker 1: just for lives in Ukraine, but for better lives for 429 00:22:28,920 --> 00:22:31,000 Speaker 1: our children, for a world in which we don't have 430 00:22:31,200 --> 00:22:36,080 Speaker 1: to deal with these kinds of atrocities. I think Biden 431 00:22:36,280 --> 00:22:39,399 Speaker 1: has an in the State of Union. He missed a 432 00:22:39,600 --> 00:22:42,960 Speaker 1: moment there to really explain to the American people why 433 00:22:43,040 --> 00:22:45,119 Speaker 1: we're doing this and why we have to keep it up. 434 00:22:45,920 --> 00:22:48,080 Speaker 1: That's interesting to see that because Republicans seem to love 435 00:22:48,119 --> 00:22:50,080 Speaker 1: that portion of the speech. He was the most effective 436 00:22:50,400 --> 00:22:52,560 Speaker 1: part of the state of the Union. And and and 437 00:22:52,680 --> 00:22:55,800 Speaker 1: the more difficult question to answer now is something that 438 00:22:55,920 --> 00:22:58,680 Speaker 1: he got to committing to put no American troops on 439 00:22:58,760 --> 00:23:02,080 Speaker 1: the ground in ukrain Aim. I can only assume, breath 440 00:23:02,160 --> 00:23:04,280 Speaker 1: that you agree with that. But the call to do 441 00:23:04,680 --> 00:23:08,480 Speaker 1: something is going to get louder if people see Vladimir 442 00:23:08,560 --> 00:23:12,760 Speaker 1: Putin flattened cities like Kiev and millions of people streaming 443 00:23:12,840 --> 00:23:17,280 Speaker 1: over the border, likely thousands of people dead. At that point, 444 00:23:17,840 --> 00:23:19,560 Speaker 1: the White House is going to be out of sanctions 445 00:23:19,640 --> 00:23:22,480 Speaker 1: options here. I mean with the exception I guess of energy. 446 00:23:23,040 --> 00:23:25,399 Speaker 1: But that call to do more, Breath's gonna get louder. 447 00:23:25,600 --> 00:23:28,760 Speaker 1: What does the administration do? It is and I have 448 00:23:28,920 --> 00:23:32,520 Speaker 1: to say, look, we're already at a million Ukrainians that 449 00:23:32,600 --> 00:23:35,480 Speaker 1: have fled the country. This is going to put enormous 450 00:23:35,600 --> 00:23:39,560 Speaker 1: pressure on European countries, not only in the East, but 451 00:23:39,720 --> 00:23:43,000 Speaker 1: West as well. There are several things that Biden can do. One, 452 00:23:43,080 --> 00:23:46,440 Speaker 1: I think we have indirect military options. We could look 453 00:23:46,480 --> 00:23:49,680 Speaker 1: at more drones that we supply to the Ukrainians so 454 00:23:49,840 --> 00:23:54,400 Speaker 1: that they can reduce Russian dominance of the airspace over 455 00:23:54,480 --> 00:23:57,200 Speaker 1: their country, reduced the atrocities I'd like to see the 456 00:23:57,240 --> 00:24:01,280 Speaker 1: administration look at security contractors to protect Zelinsky and other 457 00:24:01,480 --> 00:24:04,760 Speaker 1: key Ukrainian officials. And obviously there's a whole lot of 458 00:24:04,880 --> 00:24:08,880 Speaker 1: operational support, logistical support we could be providing. And let's 459 00:24:08,920 --> 00:24:11,920 Speaker 1: not forget Joe. We've got to start keeping Putin where 460 00:24:12,000 --> 00:24:16,080 Speaker 1: it hurts at home. You see the expressions of frustration 461 00:24:16,520 --> 00:24:20,240 Speaker 1: of unhappiness with his leadership on the streets of St. 462 00:24:20,280 --> 00:24:25,159 Speaker 1: Petersburg and Moscow. That's something that we have to engage on. 463 00:24:25,320 --> 00:24:28,119 Speaker 1: We have to help the Russian people see what's happening 464 00:24:28,200 --> 00:24:30,760 Speaker 1: both in Ukraine as well as the Kremlin. Is the 465 00:24:30,800 --> 00:24:33,400 Speaker 1: move on the oligarchs also important here. You start taking 466 00:24:33,400 --> 00:24:35,159 Speaker 1: away the yachts like we're seeing, and get rid of 467 00:24:35,240 --> 00:24:37,880 Speaker 1: the helicopters, the mansions, all the rest of it wherever 468 00:24:37,960 --> 00:24:41,080 Speaker 1: they're stashing uh their money here, and they might those 469 00:24:41,280 --> 00:24:43,720 Speaker 1: at least the real oligarchs, those who were actually close 470 00:24:43,760 --> 00:24:46,439 Speaker 1: to Vladimir Putin start talking to him about maybe, hey, 471 00:24:46,480 --> 00:24:49,080 Speaker 1: how about a ceasefire, maybe some talks with the Zelinski 472 00:24:49,160 --> 00:24:53,119 Speaker 1: this weekend. Yeah, except Putin has already told them, and 473 00:24:53,200 --> 00:24:56,720 Speaker 1: they understand the game very well. They have to do this. 474 00:24:57,440 --> 00:25:02,160 Speaker 1: They have to accept that as the rice of loyalty 475 00:25:02,520 --> 00:25:06,480 Speaker 1: to Putin and to Russia, so they are sure going 476 00:25:06,560 --> 00:25:11,120 Speaker 1: to be impacted. But this is not a well functioned 477 00:25:11,200 --> 00:25:13,600 Speaker 1: system where someone can say I lost my yacht, I 478 00:25:13,680 --> 00:25:17,440 Speaker 1: lost my business interest, and therefore you've got to change course. 479 00:25:17,800 --> 00:25:22,359 Speaker 1: Putin has clearly thrown all of those rules out the window, 480 00:25:22,440 --> 00:25:25,680 Speaker 1: and we are now in a situation where the oligarchs 481 00:25:25,760 --> 00:25:28,439 Speaker 1: don't have the influence I think we ascribe to them. 482 00:25:29,520 --> 00:25:32,719 Speaker 1: Fascinating conversation as always with Brett Bruin of the Global 483 00:25:32,800 --> 00:25:35,840 Speaker 1: Situation Room as we head into this weekend. Should the 484 00:25:35,880 --> 00:25:37,920 Speaker 1: President be saying more to prepare people, Brett for what 485 00:25:37,960 --> 00:25:41,159 Speaker 1: they're about to see. I think we do need to 486 00:25:41,280 --> 00:25:43,680 Speaker 1: prepare people, and I think we also have to start 487 00:25:43,760 --> 00:25:47,639 Speaker 1: talking about the way that we will flow and ultimately 488 00:25:48,440 --> 00:25:54,200 Speaker 1: stop this uh cruelty, this campaign by Vladimir Putin. We 489 00:25:54,320 --> 00:25:56,679 Speaker 1: have got to lay out a map forward. I mean, 490 00:25:56,880 --> 00:26:00,000 Speaker 1: what are the challenges I had with Booty. We're sorry, Brett, 491 00:26:00,040 --> 00:26:02,400 Speaker 1: we're out of time, but I do understand your point there, 492 00:26:02,440 --> 00:26:04,280 Speaker 1: and I appreciate your being with us. He's the former 493 00:26:04,320 --> 00:26:08,360 Speaker 1: director of Global Engagement at the White House, and really 494 00:26:08,440 --> 00:26:10,520 Speaker 1: interesting insights that will throw out the panel. Next prep 495 00:26:10,680 --> 00:26:13,080 Speaker 1: ruin of the Global Situation Room, Rick and Jeanie. We 496 00:26:13,119 --> 00:26:16,440 Speaker 1: reassemble the panel. Next on sound On, I'm Joe Matthew. 497 00:26:16,560 --> 00:26:23,320 Speaker 1: This is Bloomberg. You're listening to Bloomberg. You Sound on 498 00:26:23,840 --> 00:26:29,399 Speaker 1: with Joe Matthew on Bloomberg Radio. I just checked my 499 00:26:29,520 --> 00:26:33,320 Speaker 1: inbox while Charlie was talking and I found news the headline. 500 00:26:33,359 --> 00:26:36,359 Speaker 1: Secretary of ma ORCUS. This is a news release from 501 00:26:36,400 --> 00:26:40,440 Speaker 1: the Department of Homeland Security. MAJORCAS designates Ukraine for temporary 502 00:26:40,560 --> 00:26:44,000 Speaker 1: protected status for eighteen months. How about them with the 503 00:26:44,040 --> 00:26:48,280 Speaker 1: whole debate about TPS during the Trump administration. Well, Alejandro 504 00:26:48,359 --> 00:26:53,520 Speaker 1: Mayorcas has just made this official, announcing the designation of 505 00:26:53,640 --> 00:26:57,520 Speaker 1: Ukraine for eighteen months. He says Russia's premeditated, an unprovoked 506 00:26:57,560 --> 00:27:01,639 Speaker 1: attack on Ukraine has resulted in an ongoing war, senseless violence, 507 00:27:01,760 --> 00:27:05,879 Speaker 1: Ukrainians forced to seek refuge in these extraordinary times. We 508 00:27:06,000 --> 00:27:08,880 Speaker 1: will continue to offer our support and protection to Ukrainian 509 00:27:09,000 --> 00:27:13,920 Speaker 1: nationals in the United States. Of course, this is what happens. 510 00:27:13,960 --> 00:27:17,000 Speaker 1: This is the status that's given when conditions in a 511 00:27:17,160 --> 00:27:22,280 Speaker 1: country fall into one of several categories. Are conflicts, think 512 00:27:22,400 --> 00:27:25,960 Speaker 1: environmental disasters, right Puerto Rico, countries in Central America that 513 00:27:26,040 --> 00:27:30,639 Speaker 1: were part of this or Salvador extreme extraordinary temporary conditions, 514 00:27:31,240 --> 00:27:34,440 Speaker 1: they say, So it looks like Ukraine. We're gonna be 515 00:27:34,600 --> 00:27:38,600 Speaker 1: helping a bit here to absorb the refugee crisis in 516 00:27:38,640 --> 00:27:41,560 Speaker 1: the US. Let's reassemble the panel, Rick and Genie or 517 00:27:41,600 --> 00:27:45,399 Speaker 1: here Bloomberg Politics contributors Jeanie Shenzano and Rick Davis. This 518 00:27:45,440 --> 00:27:48,560 Speaker 1: is good politics here, Rick, Is this what the administration 519 00:27:48,640 --> 00:27:51,760 Speaker 1: should be doing? Sure? Yeah, throwing your head in the 520 00:27:51,840 --> 00:27:57,639 Speaker 1: ring on trying to ameliorate the increasing immigration problem that 521 00:27:57,840 --> 00:28:01,879 Speaker 1: exists with Ukrainians trying to fle a war zone. Absolutely. 522 00:28:02,160 --> 00:28:06,160 Speaker 1: Uh no telling how many Ukrainians we could get here, 523 00:28:06,760 --> 00:28:10,080 Speaker 1: but most of the most of the predictions are pretty 524 00:28:10,160 --> 00:28:12,000 Speaker 1: dire when it comes to the number of millions of 525 00:28:12,440 --> 00:28:14,920 Speaker 1: Ukrainians fleeing a war zone. So I think it was 526 00:28:15,160 --> 00:28:19,480 Speaker 1: perfectly timed. This would be bipartisan. I'm assuming a genie 527 00:28:19,560 --> 00:28:23,000 Speaker 1: in concept. TPS has been awfully controversial for the past 528 00:28:23,080 --> 00:28:25,320 Speaker 1: couple of years. Yeah, I think for the first time 529 00:28:25,480 --> 00:28:28,600 Speaker 1: in a few years, this will be you know, uncontroversial. Yeah, 530 00:28:28,680 --> 00:28:31,200 Speaker 1: this will be universally supported and write it should be. 531 00:28:31,359 --> 00:28:33,160 Speaker 1: We're not gonna be arguing in two years about kicking 532 00:28:33,200 --> 00:28:36,399 Speaker 1: out the Ukrainians because their TPS is up. Uh. In 533 00:28:36,560 --> 00:28:40,040 Speaker 1: terms of what we discussed with Brett ruined, interesting uh 534 00:28:40,880 --> 00:28:43,719 Speaker 1: take on his part all the way around here, Rick, 535 00:28:43,800 --> 00:28:46,120 Speaker 1: do you think this is smart? As he suggested, for 536 00:28:46,160 --> 00:28:48,280 Speaker 1: the US to be putting more drones in the air, 537 00:28:48,880 --> 00:28:52,200 Speaker 1: potentially over Ukraine. They shoot down a drone, something goes wrong, 538 00:28:52,280 --> 00:28:54,520 Speaker 1: we could find ourselves in a very different conflict than 539 00:28:54,560 --> 00:28:57,840 Speaker 1: we're in right now. Yeah, information is important right now, 540 00:28:58,040 --> 00:29:01,480 Speaker 1: and knowing what's going on there is obviously huge motivator 541 00:29:01,520 --> 00:29:04,000 Speaker 1: to put these drones up. And I know that the 542 00:29:04,120 --> 00:29:07,320 Speaker 1: Defense Department today set up a communication link to the 543 00:29:07,400 --> 00:29:12,480 Speaker 1: Russian military to avoid uh so called accidents that lead 544 00:29:12,520 --> 00:29:15,959 Speaker 1: to war. And so I think we're doing the best 545 00:29:16,040 --> 00:29:18,680 Speaker 1: we can to make a best of the bad situation. 546 00:29:18,800 --> 00:29:22,160 Speaker 1: And I certainly think having the eyes in the sky 547 00:29:22,440 --> 00:29:25,080 Speaker 1: are more important than try and avoid some contact with 548 00:29:25,160 --> 00:29:27,520 Speaker 1: a Russian army that doesn't seem to know you know, 549 00:29:27,760 --> 00:29:29,840 Speaker 1: the sky from the ground. At this point, we were 550 00:29:29,880 --> 00:29:33,320 Speaker 1: talking with the General Deptula last week former US Air 551 00:29:33,360 --> 00:29:36,200 Speaker 1: Force I should say, retired Air Force General Genie and 552 00:29:36,320 --> 00:29:38,560 Speaker 1: suggested that you don't actually have to be over the 553 00:29:38,560 --> 00:29:42,080 Speaker 1: theater of war for our surveillance apparatus to be working. 554 00:29:42,160 --> 00:29:44,800 Speaker 1: Is there anything else we can do? There are other 555 00:29:44,920 --> 00:29:46,640 Speaker 1: things that we can do. You know. One of the 556 00:29:46,800 --> 00:29:49,960 Speaker 1: questions that that we really need to focus on, though, is, 557 00:29:50,280 --> 00:29:52,479 Speaker 1: you know, with this push to do more, and Rick 558 00:29:52,600 --> 00:29:55,320 Speaker 1: just said, avoiding accidents that lead to war, that's critical. 559 00:29:55,720 --> 00:29:59,320 Speaker 1: It's not just about domestic politics though, it's about avoiding 560 00:29:59,400 --> 00:30:01,760 Speaker 1: World War three. You know, we have sort of an 561 00:30:01,800 --> 00:30:04,560 Speaker 1: unstated agreement with Russia at this point. They don't go 562 00:30:04,640 --> 00:30:07,520 Speaker 1: into NATO territories, We don't get directly involved in Ukraine. 563 00:30:07,760 --> 00:30:09,840 Speaker 1: But when we get this push to do more, whether 564 00:30:09,880 --> 00:30:12,200 Speaker 1: it's drones or other things, the question has always got 565 00:30:12,280 --> 00:30:15,600 Speaker 1: to be asked, does Putin think we went too far? 566 00:30:15,800 --> 00:30:19,560 Speaker 1: And does that trigger some unintended consequences. That's a really 567 00:30:19,760 --> 00:30:22,720 Speaker 1: really big challenge for this White House, in this administration 568 00:30:22,960 --> 00:30:26,680 Speaker 1: and quite frankly the entire NATO community. Fiona Hill is 569 00:30:26,720 --> 00:30:28,880 Speaker 1: coming out with a book you probably read about this Rick. 570 00:30:29,000 --> 00:30:32,280 Speaker 1: It says in her new biography of Vladimir Putin, and 571 00:30:32,360 --> 00:30:34,120 Speaker 1: this is someone who's spent some time in the room 572 00:30:34,200 --> 00:30:37,640 Speaker 1: with lad that she believes he would in fact news 573 00:30:37,880 --> 00:30:40,400 Speaker 1: use nuclear weapons. This has gone back and forth last 574 00:30:40,440 --> 00:30:43,600 Speaker 1: couple of days. Was he serious? What is he really threatening? 575 00:30:43,680 --> 00:30:45,800 Speaker 1: But she said she was in the room with then 576 00:30:45,880 --> 00:30:49,920 Speaker 1: President Donald Trump and Vladimir Putin when he actually went 577 00:30:50,040 --> 00:30:53,760 Speaker 1: there and reminded the American president that they have hypersonic 578 00:30:53,840 --> 00:30:57,120 Speaker 1: missiles and they have them before we do. Do you 579 00:30:57,240 --> 00:31:00,480 Speaker 1: believe that, Rick, that he's at that level? Sure? I 580 00:31:01,120 --> 00:31:04,160 Speaker 1: think the one thing we've learned about Vladimir Putin, both 581 00:31:04,440 --> 00:31:08,080 Speaker 1: over time and recently is that, uh, he's not gonna 582 00:31:08,240 --> 00:31:11,080 Speaker 1: He's not gonna keep anything off the table. If if 583 00:31:11,160 --> 00:31:14,960 Speaker 1: he wants to accelerate uh conflict in in Europe, which 584 00:31:15,000 --> 00:31:17,960 Speaker 1: seems to be his plan, uh, and it doesn't go 585 00:31:18,080 --> 00:31:20,560 Speaker 1: well for him, he is not going to discount the 586 00:31:20,640 --> 00:31:24,920 Speaker 1: weapons that he has, and that would include, uh, nuclear 587 00:31:24,960 --> 00:31:27,800 Speaker 1: weapons of all kinds. Right. There's there's there's there's all 588 00:31:27,880 --> 00:31:30,080 Speaker 1: kinds of technical nukes that he could use in theater 589 00:31:30,720 --> 00:31:35,920 Speaker 1: that could spark even more condemnation and and frankly probably 590 00:31:36,000 --> 00:31:39,480 Speaker 1: inclusion of Europe and the West, you know, in this conflict. 591 00:31:40,080 --> 00:31:43,560 Speaker 1: I would say that's where real questions come into being 592 00:31:43,640 --> 00:31:46,120 Speaker 1: as to you know, just how mind, how state of 593 00:31:46,200 --> 00:31:48,000 Speaker 1: mind he is right. I mean, there are a lot 594 00:31:48,080 --> 00:31:50,520 Speaker 1: of people talking about, you know, the fact that Vladimir 595 00:31:50,600 --> 00:31:53,800 Speaker 1: Putin may not be of sound mind. Well we ever know, Genie. 596 00:31:53,880 --> 00:31:57,120 Speaker 1: This seems to be it's becoming conventional wisdom, which can 597 00:31:57,160 --> 00:32:01,240 Speaker 1: be dangerous in itself, that Vladimir Putin's losing his marvels. Yeah, 598 00:32:01,440 --> 00:32:03,480 Speaker 1: And I don't know if we will ever know. And 599 00:32:03,560 --> 00:32:05,360 Speaker 1: I think all we can do is judge him on 600 00:32:05,480 --> 00:32:08,320 Speaker 1: his actions, and so far he has been very consistent 601 00:32:08,440 --> 00:32:10,240 Speaker 1: and done what he said he was going to do. 602 00:32:10,640 --> 00:32:13,000 Speaker 1: And that's why I agree that you can't you can't 603 00:32:13,080 --> 00:32:15,560 Speaker 1: look past this notion of a nuclear threat at this point. 604 00:32:15,880 --> 00:32:18,520 Speaker 1: He said it publicly, he said it many times. I 605 00:32:18,600 --> 00:32:20,240 Speaker 1: want to ask you both about a new story that 606 00:32:20,320 --> 00:32:22,920 Speaker 1: popped up today. Kind of surprised me this morning, and 607 00:32:23,000 --> 00:32:26,120 Speaker 1: that's coming from the January six panel. As I read 608 00:32:26,160 --> 00:32:28,240 Speaker 1: on the terminal, Billy House did a great job on this. 609 00:32:28,480 --> 00:32:33,200 Speaker 1: Donald Trump's advisor John Eastman's emails apparently may have evidence 610 00:32:33,240 --> 00:32:37,000 Speaker 1: that the former president and associates committed crimes and attempting 611 00:32:37,080 --> 00:32:40,560 Speaker 1: to prevent Congress from certifying the election results. If you 612 00:32:40,640 --> 00:32:43,200 Speaker 1: look at different versions of this, we're talking about full 613 00:32:43,280 --> 00:32:47,560 Speaker 1: blown uh, conspiracy. Here, the Committee says the emails may 614 00:32:47,640 --> 00:32:51,480 Speaker 1: contain evidence of obstruction of an official proceeding. That would 615 00:32:51,480 --> 00:32:55,360 Speaker 1: be conspiracy to defraud the US and common law fraud, 616 00:32:55,920 --> 00:32:59,880 Speaker 1: a felony carrying a maximum sentence of twenty years in prison. 617 00:33:00,520 --> 00:33:03,280 Speaker 1: Eastman sued to block the release of the email. So 618 00:33:03,360 --> 00:33:06,800 Speaker 1: this is in a California court right now. Unclear how 619 00:33:06,880 --> 00:33:08,520 Speaker 1: this ruling is going to come down, but it gave 620 00:33:08,600 --> 00:33:12,280 Speaker 1: us a peek inside Rick Davis what they're talking about, 621 00:33:12,400 --> 00:33:14,360 Speaker 1: what they think they might be able to achieve in 622 00:33:14,440 --> 00:33:16,640 Speaker 1: this committee. This would be the first time a president's 623 00:33:16,720 --> 00:33:20,560 Speaker 1: charged with the crime well and talk about a nuclear weapon, 624 00:33:20,720 --> 00:33:24,080 Speaker 1: I mean charge with a crime of sedition of trying 625 00:33:24,120 --> 00:33:26,800 Speaker 1: to undermine a free and fair election in the United States. 626 00:33:27,120 --> 00:33:31,160 Speaker 1: This is very explosive. Obviously, this is not a reference 627 00:33:31,240 --> 00:33:33,160 Speaker 1: to that. This is a reference to trying to get 628 00:33:33,240 --> 00:33:36,640 Speaker 1: John Eastman to come testify to the committee. Uh, And 629 00:33:36,800 --> 00:33:40,240 Speaker 1: it is not a referral to the Justice Department to prosecute. 630 00:33:40,520 --> 00:33:43,280 Speaker 1: But it's sure indicates where the committee is going. And 631 00:33:43,440 --> 00:33:47,400 Speaker 1: I think that um, as much as everybody is sort 632 00:33:47,440 --> 00:33:50,360 Speaker 1: of curious what happens here, I think the Committee needs 633 00:33:50,400 --> 00:33:53,000 Speaker 1: to really start showing its cards. This is a very 634 00:33:53,080 --> 00:33:56,040 Speaker 1: important issue. Uh. And now that we've had a look 635 00:33:56,120 --> 00:33:59,080 Speaker 1: under the tent and see these kinds of potential charges, 636 00:33:59,360 --> 00:34:01,520 Speaker 1: I think they need to hurry and get this report 637 00:34:01,560 --> 00:34:04,600 Speaker 1: out in the public. So how how's this going to happen? Jeannie? 638 00:34:04,640 --> 00:34:06,480 Speaker 1: I know there was a there was a thought that 639 00:34:06,560 --> 00:34:08,759 Speaker 1: Democrats might want to drag this out, let it last 640 00:34:08,880 --> 00:34:13,000 Speaker 1: closer to the midterms. Kevin McCarthy's nightmare. But is Rick right? 641 00:34:13,080 --> 00:34:14,719 Speaker 1: We got to get this out now. If you're gonna 642 00:34:14,760 --> 00:34:17,239 Speaker 1: have more hearings, do them in public. Let's get on 643 00:34:17,320 --> 00:34:19,839 Speaker 1: with it. They should. They should do it as soon 644 00:34:19,920 --> 00:34:22,320 Speaker 1: as they can, and hopefully in the spring. I do 645 00:34:22,440 --> 00:34:24,800 Speaker 1: not think they should wait. This should be made public. 646 00:34:25,200 --> 00:34:27,600 Speaker 1: This is incredibly explosive. It puts the d o J 647 00:34:27,760 --> 00:34:30,560 Speaker 1: in a really tough position. To your point, we've never 648 00:34:30,920 --> 00:34:34,160 Speaker 1: had a president, you know, past or president who has 649 00:34:34,239 --> 00:34:36,719 Speaker 1: been under this kind of threat. Obviously this is an 650 00:34:36,760 --> 00:34:40,239 Speaker 1: illegal threat at this point, but this is explosive. They 651 00:34:40,280 --> 00:34:42,480 Speaker 1: should get this material out and we'll have to hear 652 00:34:42,520 --> 00:34:45,560 Speaker 1: what the Department of Justice says. But this, also, let's 653 00:34:45,600 --> 00:34:49,080 Speaker 1: not forget, puts the administration in a really tough position 654 00:34:49,160 --> 00:34:51,799 Speaker 1: as well. Do you go after the former president who 655 00:34:51,920 --> 00:34:56,080 Speaker 1: may run for president in Again, there's no pressure for 656 00:34:56,239 --> 00:34:58,640 Speaker 1: Merrick Garland here. Rick, does it come down to him 657 00:34:58,680 --> 00:35:02,239 Speaker 1: in the end? Sure, he is our top top legal cop. 658 00:35:02,560 --> 00:35:07,000 Speaker 1: And uh anything that the committee, the House and uh 659 00:35:07,360 --> 00:35:11,160 Speaker 1: committee that's studying these these issues, Uh, whatever they send 660 00:35:11,200 --> 00:35:12,600 Speaker 1: to him, it's going to be up to him to 661 00:35:12,640 --> 00:35:17,160 Speaker 1: determine that there's enough evidence that they've produced to uh 662 00:35:17,840 --> 00:35:22,239 Speaker 1: uh do an investigation and potentially look into a prosecution. Uh. 663 00:35:22,400 --> 00:35:26,040 Speaker 1: That's going to cast the spotlight on the Justice Apartment again. Uh. 664 00:35:26,280 --> 00:35:29,600 Speaker 1: And yet the question is does Merrick garlant handle it 665 00:35:29,719 --> 00:35:32,759 Speaker 1: different than Bill Barr, who seemed to be doing the 666 00:35:32,800 --> 00:35:36,239 Speaker 1: bidding of Donald Trump throughout the course of his tenure there. 667 00:35:36,320 --> 00:35:38,319 Speaker 1: That's right, And until you get out, then you write 668 00:35:38,320 --> 00:35:39,880 Speaker 1: a book and you know, they option it for a 669 00:35:39,920 --> 00:35:42,200 Speaker 1: movie and everybody's doing fine. Genie, Is this is going 670 00:35:42,239 --> 00:35:45,080 Speaker 1: to impact the mid terms? I think it will. I think, 671 00:35:45,200 --> 00:35:47,040 Speaker 1: you know, Merrick Garland's got to be wishing he got 672 00:35:47,120 --> 00:35:49,319 Speaker 1: voted onto the Supreme Court at this point. He would 673 00:35:49,320 --> 00:35:53,120 Speaker 1: be safer they're out of politics, you know. But I 674 00:35:53,280 --> 00:35:55,239 Speaker 1: do think this has the potential. That's why I think 675 00:35:55,280 --> 00:35:58,040 Speaker 1: they really have to get this out. There's no reason 676 00:35:58,120 --> 00:36:01,319 Speaker 1: to sit on this, and the investing gaition is going 677 00:36:01,480 --> 00:36:05,440 Speaker 1: to potentially animate and energize both sides. For sure, Donald 678 00:36:05,480 --> 00:36:07,160 Speaker 1: Trump and his team will try to use this to 679 00:36:07,200 --> 00:36:09,719 Speaker 1: their advantage and to start raising money again. Rick and 680 00:36:09,800 --> 00:36:13,040 Speaker 1: Genie thank you. As always our signature panel with Jennie 681 00:36:13,120 --> 00:36:16,279 Speaker 1: Chanzano and Rick Davis find that story. I don't know 682 00:36:16,320 --> 00:36:19,080 Speaker 1: how this has been really under reported today. In my opinion, 683 00:36:19,120 --> 00:36:20,880 Speaker 1: I thought I was a bombshell when I woke up, 684 00:36:20,920 --> 00:36:23,400 Speaker 1: and you want to read in now so you understand 685 00:36:23,440 --> 00:36:27,000 Speaker 1: what's going on when this actually happens. March is Women's 686 00:36:27,040 --> 00:36:30,359 Speaker 1: History Month, as we celebrate significant moments throughout this month. 687 00:36:30,440 --> 00:36:33,960 Speaker 1: Here's your installment for today with Rhnitia. On this day 688 00:36:34,000 --> 00:36:37,640 Speaker 1: in women's history. In nineteen thirteen, the first major parade 689 00:36:37,719 --> 00:36:41,800 Speaker 1: for women's suffrage took over Washington, d c. Thousands of 690 00:36:41,840 --> 00:36:45,520 Speaker 1: women gathered to call for a constitutional amendment guaranteeing women 691 00:36:45,600 --> 00:36:48,360 Speaker 1: the right to vote. Women had been fighting hard for 692 00:36:48,440 --> 00:36:51,480 Speaker 1: suffrage for more than sixty years by that time, but 693 00:36:51,719 --> 00:36:54,960 Speaker 1: this marked the first major national event for the movement. 694 00:36:55,640 --> 00:36:58,719 Speaker 1: The huge parade was spearheaded by Alice Paul and the 695 00:36:58,880 --> 00:37:04,160 Speaker 1: National American Women and Suffrage Association. Parade organizers maximized attention 696 00:37:04,280 --> 00:37:07,759 Speaker 1: on the event by strategically hosting it just one day 697 00:37:07,880 --> 00:37:12,880 Speaker 1: before the inauguration of President elect Woodrow Wilson. This tactic worked. 698 00:37:13,440 --> 00:37:17,600 Speaker 1: That's today in women's history. I'm Reneda Young Bloomberg Radio. 699 00:37:18,520 --> 00:37:20,680 Speaker 1: We thank you, appreciate you being with us again on 700 00:37:20,760 --> 00:37:24,200 Speaker 1: the fastest hour in politics. It's already over. We'll have 701 00:37:24,600 --> 00:37:27,120 Speaker 1: Jobs Day tomorrow and a lot more to talk about 702 00:37:27,200 --> 00:37:28,719 Speaker 1: here as we head into the weekend. I'll meet you 703 00:37:28,840 --> 00:37:33,080 Speaker 1: at high noon on Balance of Power. This is Bloomberg