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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at

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Speaker 1: noon and five pm Eastern on Apple, Cockley and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 2: President Trump is going to be speaking about an hour

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Speaker 2: from now before the Economic Club of Detroit.

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Speaker 3: He's already there.

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Speaker 2: In fact, part of his day includes touring a Ford

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Speaker 2: factory as he tries to seize once again on the

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Speaker 2: issue of affordability.

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Speaker 3: This is not a new one for this White House.

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Speaker 2: In fact, this is the latest stop on what many

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Speaker 2: are calling the affordability Tour, which the President kicked off

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Speaker 2: in Pennsylvania at the end of last year. He also

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Speaker 2: had a primetime address at the end of last year,

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Speaker 2: same issue, trying to deal with prices. And today, of course,

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Speaker 2: it's coming against the backdrop of a CPI report that

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Speaker 2: showed core inflation up less than a expected in December.

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Speaker 2: That's the upshot for investors today, even if they are

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Speaker 2: worried about what the banks are telling us. The President,

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Speaker 2: remembering that primetime address it was the eighteenth of December,

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Speaker 2: trying to trump the White House policies on prices.

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Speaker 3: Here he was, let's listen.

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Speaker 4: We're bringing our economy back from the brink of ruin.

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Speaker 4: I am bringing those high prices down and bringing them

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Speaker 4: down very fast. You we'll see this in the new year.

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Speaker 4: I will announce some of the most aggressive housing reform

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Speaker 4: plans in American history.

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Speaker 2: And of course, he did just days ago announce his ban,

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Speaker 2: or at least his call for a ban on institutional

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Speaker 2: investors buying single family homes. He's also made news with

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Speaker 2: capping credit card rates, among other issues that we're likely

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Speaker 2: to hear about. And by the way, Bloomberg Radio is

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Speaker 2: going to be taking that Bloomberg TV and Radio.

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Speaker 3: The speech in full coming up if.

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Speaker 2: He's on time. Of course, at the top of the hour.

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Speaker 2: Let's start though with Bloomberg's Tyler Kendall. She's at the

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Speaker 2: White House right now. Well, where the conversation is about

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Speaker 2: affordability on this day. The President will be back before

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Speaker 2: the day is over.

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Speaker 3: Tyler. What's going to be the message when we see

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Speaker 3: him in Detroit?

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Speaker 5: Yeah, hey, Joe, what We are expecting President Trump to

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Speaker 5: try to refocus the narrative around his economic policies with

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Speaker 5: this trip to a critical battleground state today, and he

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Speaker 5: is already making headlines on his first stop while touring

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Speaker 5: a Ford manufacturing plan. He's talking to reporters as we speak.

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Speaker 5: One of the headlines crossing is that he's saying that

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Speaker 5: we can't expect a Federal Reserve chair pick within the

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Speaker 5: next few weeks. Not necessarily news that's in line with

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Speaker 5: our prior expectations that that decision could come later this month,

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Speaker 5: but it does go to show how the economy is

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Speaker 5: really front and center for President Trump today as he

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Speaker 5: continues on later this afternoon to address the Detroit Economic Club,

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Speaker 5: and this is a place, Joe, I think it's worth

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Speaker 5: mentioning where President Trump has made significant inroads in the state,

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Speaker 5: but it is also a state that has a mixed

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Speaker 5: economic picture. A new poll released by the Detroit News

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Speaker 5: earlier today finds that two thirds of likely Michigan voters

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Speaker 5: that costs have gone up for them over the past year.

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Speaker 5: And that is really putting the pressure on this White

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Speaker 5: House that has been playing defense over the issue of affordability.

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Speaker 5: And that is why we are expecting President Trump to

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Speaker 5: really tout some of these proposals that fall in perhaps

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Speaker 5: the more populist camp when it comes to his ideas,

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Speaker 5: even if they might not all have the congressional wherewithal

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Speaker 5: at the moment to get through, including as you've just outlined,

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Speaker 5: the proposal to cap interest rates on credit cards or

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Speaker 5: ban institutional investors from buying single family homes. This is

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Speaker 5: President Trump's third domestic visit since early December, in what

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Speaker 5: we were expecting to be this affordability touring comes after

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Speaker 5: a week where geopolitics has really been in the spotlight.

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Speaker 4: Joe.

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Speaker 5: The White House Press Secretary Caroline Leavitt previewed to reporters

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Speaker 5: on Air Force One on the way over to Michigan

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Speaker 5: that we can also expect President Trump to talk about Iran.

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Speaker 5: One of the headlines that's just crossing is that he

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Speaker 5: is telling reporters there with him in Michigan that it

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Speaker 5: is a good idea if Americans evacuate from Iran. As

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Speaker 5: we know, this White House is mulling potential action in

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Speaker 5: the country.

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Speaker 3: Yeah, I'm glad you mentioned that.

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Speaker 2: Tyler, the President, speaking as he makes his way toward

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Speaker 2: the speech in Detroit, saying that Steve Whitkoff is Special

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Speaker 2: Envoy met with Iran's exiled crown prince over the weekend.

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Speaker 2: Axios is now adding that headline to his commentary on

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Speaker 2: evacuating Iran. We don't have any other thoughts of imminent action,

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Speaker 2: do we. The President was supposed to be briefed today

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Speaker 2: on options. Has he made up his mind?

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Speaker 5: Well, at this point, the White House hasn't put out

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Speaker 5: whether or not he was. A senior administration official did

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Speaker 5: confirm over the weekend that President Trump was presented with

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Speaker 5: an array of military options for potential strikes, and that

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Speaker 5: he was seriously considering authorizing an attack in the country

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Speaker 5: after he has openly backed the protesters. But at the

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Speaker 5: same time, the White House had been maintaining that diplomacy

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Speaker 5: was still on the table, confirming that Iran had asked

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Speaker 5: the US for or a direct meeting. But then Joe,

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Speaker 5: we got this post from President Trump earlier today on

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Speaker 5: truth Social where he said that he was calling off

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Speaker 5: completely all meetings between the US and Iran. So we

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Speaker 5: are our drum beating potentially here to an announcement or

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Speaker 5: a decision from the administration. But we know that there

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Speaker 5: are an array of options on the table, from direct

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Speaker 5: military strikes to cyber attacks, to, of course, keeping those

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Speaker 5: channels of communication open.

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Speaker 2: The President untruth social Writing to Iranian patriots, he says,

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Speaker 2: keep protesting, take over your institutions. Tyler, thank you so much,

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Speaker 2: Tyler Kendell on the north lawn of the White House.

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Speaker 2: Save the names of the killers and abusers. Donald Trump writes,

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Speaker 2: they will pay a big price. I have canceled all

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Speaker 2: meetings with Iranni and officials until the senseless killing of

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Speaker 2: protesters stops. Help, he says, is on the way, Mega

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Speaker 2: m IgA. I guess we're making it Ron great again.

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Speaker 2: We'll see what the Congressman thinks about this.

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Speaker 3: Raja.

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Speaker 2: Christian Morphy, the Democrat from Illinois, is with us right

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Speaker 2: now on Bloomberg TV. And Congressman, it's good to have

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Speaker 2: you back. I hope the year is starting out well

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Speaker 2: for you. Are we about to go to war with Iran?

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Speaker 6: I don't know.

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Speaker 7: I'm hopeful that we are not. I hope that cooler

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Speaker 7: heads prevail right now. How are the protesters in Iran?

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Speaker 7: Are showing incredible bravery and they are basically unfortunately being

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Speaker 7: met with unspeakable violence. There are estimates that thousands of

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Speaker 7: thousands of Iranians have been murdered. By their government, and

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Speaker 7: you know, we have to speak with one international voice

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Speaker 7: in support of them and a free and democratic Iran.

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Speaker 2: Yeah, President threatening tariffs on those who do business with Iran. Congressman,

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Speaker 2: your thoughts on what that means for China and for

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Speaker 2: US trade with China, knowing that you were, of course

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Speaker 2: the top democrat on the China Select Committee. Where's the

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Speaker 2: President going with this?

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Speaker 7: Well, I think that these types of sanction seemed to

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Speaker 7: make sense to me.

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Speaker 8: Uh.

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Speaker 7: You know, at this point, the Iranian regime is basically,

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Speaker 7: in my humble opinion, uh, you know, basically using their

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Speaker 7: oil profits to continue to mil militarize, to deprive their

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Speaker 7: people of their freedoms, but also to continue with you know,

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Speaker 7: malicious activities around the Middle East. We've seen this time

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Speaker 7: and again, and I think that at this point again

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Speaker 7: I'm hopeful for a diplomatic solution, but the violence needs

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Speaker 7: to come to a halt right now.

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Speaker 2: Seeing some terrible numbers, Congressmen, Uh, and I think of

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Speaker 2: the Body Banks Group.

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Speaker 3: Yes, we sure did so.

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Speaker 2: With all of this said, is decapitation of the regime

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Speaker 2: a realistic prospect right now?

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Speaker 3: Does that need to happen?

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Speaker 7: Well, you're talking about the Supreme Leader. I mean, there's

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Speaker 7: a president, but really the president reports of the Supreme Leader.

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Speaker 7: I don't think that that is something that I don't

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Speaker 7: see that in the cards right now. I think that

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Speaker 7: at this point, again, my hope is that we working

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Speaker 7: with our international partners, whether it's the Chinese or others

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Speaker 7: who have leverage with the Iranians, are going to get

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Speaker 7: them to stop the violence that's being committed, the atrocities.

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Speaker 7: And I think that again, the CCP, the Chinese Communist Party,

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Speaker 7: has a great amount of leverage with the Iranians because

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Speaker 7: they purchase so much Iranian oil, but they also have

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Speaker 7: other security ties with them, and if they are a

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Speaker 7: responsible international actor, then they should do whatever it takes

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Speaker 7: to use their leverage in a responsible manner in Iran.

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Speaker 2: Well, we can't talk about all of this without bringing

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Speaker 2: up Venezuela.

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Speaker 3: Congressman.

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Speaker 2: You introduced the No Occupation of Venezuela Act, the NOVA Act,

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Speaker 2: as you say, to ban taxpayer dollars from being spent

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Speaker 2: to occupy, run, or subsidize what you call oil exploitation

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Speaker 2: in Venezuela without military boots on the ground. Congressman, how

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Speaker 2: possibly could we secure a place like Venezuela that would

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Speaker 2: make it safe for oil companies to do business there.

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Speaker 3: I don't know.

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Speaker 7: I think that the Trump administration doesn't know either, exactly

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Speaker 7: what they're doing in Venezuela. There doesn't seem to be

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Speaker 7: a thought out plan for the day after having taken

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Speaker 7: Maduro out of power. Now, I think that what we

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Speaker 7: are doing is two things. One, in Congress, we need

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Speaker 7: to pass this war Powers resolution that would prevent our

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Speaker 7: armed forces from being deployed in Venezuela without the consent

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Speaker 7: of the American people through Congress. And then the second

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Speaker 7: is no taxpayer dollars should be used to run or

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Speaker 7: occupy Venezuela. My biggest concern is that as Trump meets

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Speaker 7: with these oil executives in the White House and they say, well,

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Speaker 7: we can't do this without this and that and maybe

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Speaker 7: other incentives, that he basically asks American taxpayers to fund

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Speaker 7: those incentives. And so this seems like a very timely

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Speaker 7: piece of legislation, one that me and Joaquin Castro introduced

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Speaker 7: and I'm going to continue to pursue.

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Speaker 2: It is the bank shot on China worth all of this, Congressman.

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Speaker 2: China was Venezuela's biggest buyer of oil. Is this good

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Speaker 2: for America?

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Speaker 7: Well, I think that, in my humble opinion, the American

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Speaker 7: people don't want a military adventure anywhere in the world

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Speaker 7: after Iraq and Afghanistan, and they don't want another Iraq

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Speaker 7: style occupation of Venezuela. And if the Trump administration disagrees,

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Speaker 7: they should come to Congress. Donald Trump should come to Congress,

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Speaker 7: defend his position, and then try to get the support

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Speaker 7: of the American people on his side before he commits

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Speaker 7: either American lives or American treasure to this, in my

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Speaker 7: humble opinion, a reckless military adventure in Venezuela.

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Speaker 2: Well, he says it's going to bring oil prices down

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Speaker 2: and help secure the country. And while we talk about prices,

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Speaker 2: I'm curious your thoughts on the President's affordability speech today.

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Speaker 2: Is going to be talking Congressman about an hour from

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Speaker 2: now in Detroit, and he's been calling for a lot

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Speaker 2: of ideas that have been very closely associated with your party.

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Speaker 3: Capping credit card fees would be one of them.

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Speaker 2: Banning institutional buyers of single family homes would be another.

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Speaker 2: We spoke with Senator Elizabeth Warren last evening. She said

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Speaker 2: she got a phone call from Donald Trump suggesting they

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Speaker 2: work together on the issue of affordability. Is this what

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Speaker 2: brings Democrats and Republicans together?

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Speaker 7: I'm all ears, I'm all ears. Whatever we can do

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Speaker 7: to work to get other to actually bring down the

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Speaker 7: costs of state American staple goods or services, whether it's

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Speaker 7: childcare or healthcare, or whether it's education or groceries or rent,

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Speaker 7: let's do it.

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Speaker 3: But let me just point out one thing on healthcare.

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Speaker 7: Allowing those ACA tax credits to expire has now caused

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Speaker 7: premiums to skyrocket by according to the Kaiser Family Foundation,

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Speaker 7: one hundred and fourteen percent for twenty two million Americans,

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Speaker 7: four million of whom are going to lose their health insurance.

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Speaker 7: So one good place to start would be Donald Trump

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Speaker 7: instructing Senate Republicans to take up the legislation we passed

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Speaker 7: in the House to extend ACA tax credits for three

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Speaker 7: years so that we can actually bring down the cost

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Speaker 7: of healthcare for millions of Americans. That would be a

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Speaker 7: good place to start.

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Speaker 2: Okay, what if it's a slightly different version like the

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Speaker 2: Moreno bill that we're seeing come to form in the

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Speaker 2: Senate Congressman, it would not be a clean extension, and

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Speaker 2: it wouldn't be three years, it would be too along

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Speaker 2: with some eligibility requirements and an income cap. Is that

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Speaker 2: something that you could see becoming law possibly? I mean,

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Speaker 2: let's talk, let's have a negotiation. I would absolutely I think,

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Speaker 2: you know, having some kind of restriction on abortion as

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Speaker 2: part of any kind of extension of the ACA, in

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Speaker 2: my opinion.

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Speaker 6: Is a deal breaker.

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Speaker 7: But apart from that, we can talk about other parameters

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Speaker 7: in the ACA, and let's get it done asap. Because

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Speaker 7: I have constituents who can no longer afford their healthcare.

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Speaker 7: I have one person, Shadan Butchard, who has als. She

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Speaker 7: was paying eleven hundred dollars per month for her health insurance.

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Speaker 7: It's now skyrocketed past twenty two hundred dollars per month,

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Speaker 7: which consumes the entirety of her husband's Social Security check.

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Speaker 7: That is wrong, That's absolutely wrong, and we've got to

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Speaker 7: do something about it. That's why we should act expeditiously

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Speaker 7: to extend these ACA tax credits.

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Speaker 2: You'd also have to extend the window for open enrollment, right,

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Speaker 2: there's talk I think March fifteenth through it. That'd be

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Speaker 2: enough to get people who figured there was no opportunity

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Speaker 2: for them to get back on the rules.

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Speaker 7: I'm open to that, whatever it takes to give people

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Speaker 7: an opportunity to kind of sign up again, because you're right,

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Speaker 7: some people did sign up in the hopes that the

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Speaker 7: tax credits would get extended, and other people just said

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Speaker 7: it's just too expensive, and they just fail to sign up.

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Speaker 7: And so let's give them a chance to come back,

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Speaker 7: and let's make sure again, if we're really serious about

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Speaker 7: this affordability issue, it starts with healthcare, and let's give

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Speaker 7: people a chance to once again be able to access

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Speaker 7: health insurance.

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Speaker 2: I know that nobody wants a government shut down, at

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Speaker 2: least for the most part. I take lawmakers at their

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Speaker 2: words on both sides of the aisle. On that Congressman,

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Speaker 2: but there are real questions. Even as the House and

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Speaker 2: Senate make progress on a series of minibuses, there are

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Speaker 2: questions about a funding deadline at the end of the month,

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Speaker 2: particularly after the fatal ice shooting in Minneapolis, and how

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Speaker 2: that may hang up DHS funding. What do you see

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Speaker 2: from your perch on the hill is a shutdown possible?

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Speaker 4: Well?

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Speaker 7: I think that with regard to DHS, you may have

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Speaker 7: a situation where you know if Republicans are dug in

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Speaker 7: that there should be absolutely no reforms whatsoever, that ICE

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Speaker 7: should be able to act with impunity as they have.

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Speaker 7: I don't see a lot of Democrats joining on to

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Speaker 7: that because, you know, in Chicago, which has been ground

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Speaker 7: zero for ICE operations, we're talking about, you know, thousands

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Speaker 7: of people who were affected negatively. I actually visited the

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Speaker 7: Broadview Detention Center and I toured it, and I found

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Speaker 7: out that many people are targeted not based on their

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Speaker 7: having a criminal record, okay, but they might just be

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Speaker 7: collaterally in the vicinity of an ICE operation and so

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Speaker 7: they are basically removed despite the fact that Donald Trump

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Speaker 7: promised that he was only targeting the worst of the worst. Instead,

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Speaker 7: he's disrupted communities, torn families apart, and that is wrong.

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Speaker 7: And I think that the American people are on the

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Speaker 7: same page as Democrats with regard to that sentiment.

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Speaker 2: Well, this dhf's funding issue could be a real problem.

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Speaker 2: It sounds like as we approach the deadline. Congressman Roger

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Speaker 2: Cristal Morphy, thank you as always, the Democrat from Illinois

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Speaker 2: with us live only on Bloomberg TV and Radio. Stay

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Speaker 2: with us on Balance of Power. We'll have much more

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Speaker 2: coming up after this.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

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Speaker 2: Live from Washington. It's great to see you. Thanks for

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Speaker 2: being here on Bloomberg Radio. Unless you're streaming us live

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Speaker 2: on YouTube right now, are watching us on Bloomberg Originals.

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Speaker 2: We'll welcome our global television audience to the conversation in

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Speaker 2: just about a half hour's time. Big news from Industry

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Speaker 2: Dive and the Restaurant Dive. Taco Bell is refreshing the

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Speaker 2: Value menu, adding five new offerings. I understand following a

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Speaker 2: test in India and the Indianapolis.

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Speaker 3: Area last year. Easy for me to say.

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Speaker 2: The chain's lux Value Menu, launching later this month, will

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Speaker 2: feature ten items priced at three dollars or less, replacing

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Speaker 2: Taco Bell's Cravings Value Menu. Now, say all you want

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Speaker 2: about Donald Trump and Taco's, but there's.

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Speaker 3: A reason why this is happening.

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Speaker 2: When we listen to the conference calls on these restaurant

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Speaker 2: companies or any consumer facing company. Right now, prices remain

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Speaker 2: a big story affordability. This is why the President is

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Speaker 2: in Detroit today and he's going to be talking in

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Speaker 2: about ninety minutes in front of the Economic Club about

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Speaker 2: the big issue, affordability, the one that caused him to

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Speaker 2: pick up the phone yesterday and call Elizabeth Warren. We

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Speaker 2: actually spoke with the Senator from Massachusetts following her speech

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Speaker 2: at the National Press Club. Talked about the future of

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Speaker 2: the Democratic Party, populism, yes, affordability, and when she came

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Speaker 2: out after criticizing the President, he called her.

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Speaker 3: When she joined us on the late edition of.

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Speaker 2: Balance of Power yesterday, I had to start by asking,

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Speaker 2: what did you guys talk about.

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Speaker 3: Let's listen.

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Speaker 9: Well, the speech had been about how Democrats need to

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Speaker 9: get out there and fight to lower costs for American families.

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Speaker 9: I pointed out that Donald Trump had run for office

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Speaker 9: and every day for a year he promised that on

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Speaker 9: day one he would lower costs for American families. He

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Speaker 9: gets elected, and so the reason he got elected was

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Speaker 9: because he promised on day one to lower cost It

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Speaker 9: has been a year now, the cost of groceries is up,

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Speaker 9: the cost of healthcare is up, the cost of housing

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Speaker 9: is up, the cost of utilities is up, all because

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Speaker 9: of Donald Trump and Republican policies. And I said it's

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Speaker 9: time both to hold Donald Trump accountable and for Democrats

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Speaker 9: to get in there and put out our proposals to

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Speaker 9: lower costs and to show that we're willing to fight

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Speaker 9: for them. And after that speech was over, Donald Trump

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Speaker 9: gave me a call and we talked about things we

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Speaker 9: could do to lower costs for American families. That is

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Speaker 9: my job, That is the job of Democrats, that is

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Speaker 9: the job of Congress and the president of the United States.

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Speaker 3: Well wait a minute.

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Speaker 2: Here, so he called you in the spirit of cooperation.

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Speaker 3: Senator, I was I guess I just assumed he was

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Speaker 3: not a fan of your speech.

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Speaker 2: Is this the same Donald Trump who wants to ban investors,

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Speaker 2: institutional investors from buying single family homes, to stop defense

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Speaker 2: contractors from issuing dividends and stock buybacks, wants to start

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Speaker 2: lowering interest rates. A lot of these are pages out

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Speaker 2: of your book, right, Are you guys going to collaborate

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Speaker 2: on these issues?

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Speaker 6: Same Donald Trump?

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Speaker 9: In fact, we specifically talked about putting a cap on

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Speaker 9: interest rates on credit cards, and about getting this Road

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Speaker 9: to Housing bill that has passed the Senate unanimously to

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Speaker 9: build up more housing supply and bring down costs. It's

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Speaker 9: hung up by Republicans over in the House. Democrats are

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Speaker 9: already we have voted for it, We're ready to go,

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Speaker 9: but the Republicans in the House are holding it up.

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Speaker 9: And Donald Rump just hasn't delivered on either one of those.

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Speaker 9: So my view is, no more talk, Let's actually deliver

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Speaker 9: for American families.

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Speaker 6: That's our job.

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Speaker 10: So, Senator Warren, you sound like you had this conversation

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Speaker 10: with him. There are some similar issues here. Would you

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Speaker 10: be willing to work with the president work together to

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Speaker 10: handle affordability for the America people, or do you fight

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Speaker 10: back with everything going on right now in the midterms

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Speaker 10: right around the corner.

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Speaker 9: Absolutely, my job is to be here to fight to

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Speaker 9: lower costs for American families, and that is what all

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Speaker 9: of my Democratic colleagues are here for. The speech I

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Speaker 9: was giving today was about how we best do that.

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Speaker 9: Do we decide that we're going to lay out our

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Speaker 9: agenda and try to soften it up in order not

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Speaker 9: to offend any billionaires or corporate CEOs, or are we

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Speaker 9: actually going to get in this fight full throated all

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Speaker 9: the way and show with concrete proposals that we are

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Speaker 9: willing to make a difference in people's lives. We are

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Speaker 9: willing to fight to unrig an economic system that keeps

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Speaker 9: working better and better for the billionaires, but worse and

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Speaker 9: worse for everyone else. I believe that Democrats must must

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Speaker 9: win in November twenty twenty four, and the way we

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Speaker 9: do that is we build real credibility on the issue

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Speaker 9: of lowering costs for American families.

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Speaker 10: Senator, I'm curious in this conversation with President Trump did

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Speaker 10: the investigation into fed share Powell come up.

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Speaker 9: So look, I'm not going to talk about details in

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Speaker 9: a conversation, but i just want to say it was

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Speaker 9: all about costs, about how we reduce costs for American families.

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Speaker 9: And I've had proposals on the table for a very

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Speaker 9: long time. Donald Trump has talked about proposals that would

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Speaker 9: reduce costs, but so far had lifted a finger to deliver.

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Speaker 9: So for me, it's put up time you really want

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Speaker 9: to make some change. Donald Trump could help make some

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Speaker 9: change right now, and that's what I want to see us.

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Speaker 2: Do remarkable part of our conversation, and thanks to our

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Speaker 2: Texas Bureau chief Julie Fine, who is in on that

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Speaker 2: interview as well. Are we serious they're really going to

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Speaker 2: be working together?

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Speaker 6: Huh?

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Speaker 2: She's still criticizing him in that conversation. It's a fascinating

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Speaker 2: moment that we're in. But I'm glad that we got

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Speaker 2: to the J. Powell stuff. That was our big screamer

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Speaker 2: of a story yesterday, of course, right the probe into

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Speaker 2: Powell criminal investigation, and not based on his decisions on

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Speaker 2: interest rates. It was about his testimony in front of

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Speaker 2: Congress about the rehab the updates to the FED headquarters,

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Speaker 2: talking about a renovation project here. And we did bring

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Speaker 2: this up not only with Elizabeth Warren, but with Senator

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Speaker 2: Roger Marshall, Republican, to get his take on exactly what

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Speaker 2: the heck is going on and whether J. Powell could

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Speaker 2: end up being a criminal. Here's the senator from Kansas.

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Speaker 6: But did he miss lead Congress? I don't know. Did

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Speaker 6: he break the law? I don't know.

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Speaker 8: But I think there's other important issues we need to

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Speaker 8: be addressing as well.

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Speaker 6: Well.

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Speaker 2: I understand that, and I just want to be clear

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Speaker 2: and fair. Here, Senator, when I refer to the administration,

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Speaker 2: I'm referring to the Department of Justice as well. Even

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Speaker 2: if the President didn't know about this, is this a

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Speaker 2: bridge too far to threaten criminal charges against it?

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Speaker 6: Outgoing fed Chair.

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Speaker 8: Well, Look, if anybody understands lawfare, it would be President

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Speaker 8: Trump and his administration. That how political lawfair has been

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Speaker 8: used against him. And I think it's important to point

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Speaker 8: out that Jerome Powell is the one that made all

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Speaker 8: has made this whole relationship political. At Trump forty five,

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Speaker 8: he raised interest rates sooner than they needed to be

442
00:24:21,680 --> 00:24:25,040
Speaker 8: during during COVID, he was too late, too slow, too slow.

443
00:24:25,280 --> 00:24:28,360
Speaker 8: Jerome Powell in responding to inflation, he said it would

444
00:24:28,359 --> 00:24:31,520
Speaker 8: be temporary. Just a month before the presidential election, he

445
00:24:31,600 --> 00:24:34,080
Speaker 8: dropped interest rates a half of percent, and now he

446
00:24:34,520 --> 00:24:37,880
Speaker 8: refuses to maybe to bring He's been slow to respond

447
00:24:37,920 --> 00:24:40,119
Speaker 8: and bring those interest rates down as well. So I

448
00:24:40,160 --> 00:24:42,960
Speaker 8: feel like after eight years, Jerome Powell has became has

449
00:24:43,000 --> 00:24:45,880
Speaker 8: made this political. He's functioning at an emotional level right

450
00:24:45,880 --> 00:24:48,720
Speaker 8: now on this and I'm looking forward to a transition

451
00:24:48,840 --> 00:24:49,600
Speaker 8: in that position.

452
00:24:51,200 --> 00:24:54,480
Speaker 10: Senator, your fellow Senator Tom tillis saying right now that

453
00:24:54,560 --> 00:24:57,680
Speaker 10: he would oppose any nominee with all of this going on,

454
00:24:57,800 --> 00:25:01,560
Speaker 10: Lisa Marskowski agreeing with him today, Do you agree with that?

455
00:25:03,119 --> 00:25:05,639
Speaker 8: You know, I don't. But May fifteenth is when his

456
00:25:05,960 --> 00:25:08,399
Speaker 8: due date is, so to speak. You know, I'm an obcentration,

457
00:25:08,520 --> 00:25:10,680
Speaker 8: so I work with due dates. So his due date

458
00:25:10,760 --> 00:25:12,920
Speaker 8: is May the fifteen. I think I think we all

459
00:25:12,920 --> 00:25:15,520
Speaker 8: have this issue resolved between now and then. And again

460
00:25:15,560 --> 00:25:17,320
Speaker 8: I go back to let's wait and listen to the

461
00:25:17,359 --> 00:25:19,520
Speaker 8: president way in on this particular discussion.

462
00:25:22,760 --> 00:25:24,919
Speaker 2: Well, you know, there's a question about who is going

463
00:25:24,960 --> 00:25:28,199
Speaker 2: to replace Chair Powell, of course, and I'm wondering to

464
00:25:28,240 --> 00:25:31,359
Speaker 2: what extent you think this colors that conversation if the

465
00:25:31,359 --> 00:25:34,600
Speaker 2: presidents pick, whether it's one of the Kevins or somebody else,

466
00:25:34,640 --> 00:25:37,640
Speaker 2: if he happens to surprise us, senator is seen as

467
00:25:37,840 --> 00:25:41,600
Speaker 2: being too close to this administration, too politically motivated, because this,

468
00:25:41,720 --> 00:25:45,720
Speaker 2: and many eyes, boils down to a story about fed independence.

469
00:25:46,600 --> 00:25:48,800
Speaker 8: Well, I think the president is going to choose one

470
00:25:48,840 --> 00:25:50,439
Speaker 8: that is going to be to do the best for

471
00:25:50,480 --> 00:25:55,000
Speaker 8: the American economy. And the President happens to believe and

472
00:25:55,080 --> 00:25:57,000
Speaker 8: I agree that we need to lower interest rates. I

473
00:25:57,000 --> 00:25:59,120
Speaker 8: think we need to take a look at this quantitative

474
00:25:59,160 --> 00:26:01,760
Speaker 8: easy that's going on. By the way, I'm very happy

475
00:26:01,760 --> 00:26:04,680
Speaker 8: with the President working with Fannie May and Fanny Mack

476
00:26:04,760 --> 00:26:07,120
Speaker 8: and buying back those bonds to bring interest rates down

477
00:26:07,119 --> 00:26:10,040
Speaker 8: in effect and impact the cost of housing right now.

478
00:26:10,040 --> 00:26:12,000
Speaker 8: So there's lots of great things out there the President

479
00:26:12,080 --> 00:26:14,560
Speaker 8: is doing to impact the true problems, and that would

480
00:26:14,560 --> 00:26:17,040
Speaker 8: be the cost of housing thanks to four years of

481
00:26:17,119 --> 00:26:20,240
Speaker 8: Joe Biden's inflation that's led to fifty percent increase in

482
00:26:20,320 --> 00:26:21,080
Speaker 8: housing costs.

483
00:26:22,840 --> 00:26:25,159
Speaker 10: I want to turn to the credit card cap that

484
00:26:25,280 --> 00:26:28,720
Speaker 10: President Trump has introduced. I know that you are supporting

485
00:26:28,720 --> 00:26:31,080
Speaker 10: it right now. The question is how do you get

486
00:26:31,119 --> 00:26:33,800
Speaker 10: that through Congress of Right now, that's up to the states.

487
00:26:35,119 --> 00:26:37,439
Speaker 8: Well, I think that'll be a challenge for us, but

488
00:26:37,480 --> 00:26:39,520
Speaker 8: that's why I came here. Look, I think it's important

489
00:26:39,520 --> 00:26:43,000
Speaker 8: to realize that American families are paying three hundred dollars

490
00:26:43,000 --> 00:26:46,159
Speaker 8: a month between paying interest on their credit card as

491
00:26:46,240 --> 00:26:49,080
Speaker 8: well as the swipe fees that banks are charging twenty

492
00:26:49,119 --> 00:26:52,440
Speaker 8: to thirty percent interests, That Americans are paying seven times

493
00:26:52,480 --> 00:26:55,359
Speaker 8: more for swipe fees than the European Union is So

494
00:26:55,440 --> 00:26:58,000
Speaker 8: I think it's I think that what we've seen here

495
00:26:58,080 --> 00:27:00,679
Speaker 8: is this al ago monopoly between two credit cards at

496
00:27:00,680 --> 00:27:02,920
Speaker 8: a handful of banks. So I think that this will

497
00:27:02,960 --> 00:27:05,720
Speaker 8: lower the cost of gas and groceries by one or

498
00:27:05,760 --> 00:27:08,480
Speaker 8: two percent. And when the American people see that, they'll

499
00:27:08,520 --> 00:27:10,720
Speaker 8: get behind it and push their members of Congress to

500
00:27:10,800 --> 00:27:12,800
Speaker 8: pass this. This could be one of the simplest things

501
00:27:12,800 --> 00:27:14,960
Speaker 8: we could do to lower the cost of living for

502
00:27:15,040 --> 00:27:16,560
Speaker 8: hard working American families.

503
00:27:17,400 --> 00:27:19,200
Speaker 2: Well, this is really important to our audience, and I

504
00:27:19,280 --> 00:27:21,440
Speaker 2: know it is to you. A Senator, you co sponsored

505
00:27:21,440 --> 00:27:24,800
Speaker 2: the Credit Card Competition Act of twenty twenty three, with

506
00:27:24,920 --> 00:27:28,600
Speaker 2: which neither Leader Schumer or Thun ever brought to the floor.

507
00:27:28,720 --> 00:27:30,520
Speaker 6: Have you talked to Leader Thune.

508
00:27:30,560 --> 00:27:32,840
Speaker 2: About getting a vote on this now that the President

509
00:27:33,400 --> 00:27:35,280
Speaker 2: has planned a flag on this issue.

510
00:27:35,960 --> 00:27:36,200
Speaker 6: Sure.

511
00:27:36,560 --> 00:27:39,640
Speaker 8: Leader through has been very receptive to these conversations, and

512
00:27:40,040 --> 00:27:41,200
Speaker 8: I will wait to see.

513
00:27:41,000 --> 00:27:42,400
Speaker 6: When the opportunity arises.

514
00:27:42,440 --> 00:27:45,159
Speaker 8: But again, if the job of Congress is to address

515
00:27:45,200 --> 00:27:48,240
Speaker 8: the cost of living, just passing our credit card competition

516
00:27:48,280 --> 00:27:50,800
Speaker 8: bill alone would lower the cost of gas and groceries

517
00:27:50,840 --> 00:27:53,919
Speaker 8: by one or two percent. Sports and gas prices are

518
00:27:53,960 --> 00:27:57,119
Speaker 8: coming down thanks to President Trump's policies of Drill, Baby Drill,

519
00:27:57,320 --> 00:27:59,159
Speaker 8: but we still have other work to do so. I

520
00:27:59,160 --> 00:28:00,679
Speaker 8: think that this would be a great win for the

521
00:28:00,680 --> 00:28:01,560
Speaker 8: American people.

522
00:28:03,400 --> 00:28:06,760
Speaker 2: Senator Roger Marshall, the Republican from Kansas, speaking with US

523
00:28:07,080 --> 00:28:09,720
Speaker 2: late yesterday, And guess who was watching that one. That's

524
00:28:09,800 --> 00:28:13,760
Speaker 2: the clip that President Trump posted on truth Social Obviously

525
00:28:13,880 --> 00:28:16,560
Speaker 2: like the idea that the Senator was talking about his

526
00:28:16,680 --> 00:28:19,080
Speaker 2: efforts to lower prices. And when it comes to this

527
00:28:19,240 --> 00:28:25,480
Speaker 2: credit card issue, this is a tough climb for the President.

528
00:28:25,480 --> 00:28:28,080
Speaker 2: Whether he's got Congress on his side or not. The

529
00:28:28,119 --> 00:28:31,560
Speaker 2: lobbying effort here will be pronounced. JP Morgan Chase, we

530
00:28:31,600 --> 00:28:34,879
Speaker 2: mentioned earlier, put up earnings today says everything is on

531
00:28:34,960 --> 00:28:38,920
Speaker 2: the table to fight the ten percent cap on credit

532
00:28:38,960 --> 00:28:43,320
Speaker 2: card rates. Beyond that, JP Morgan Chase saying that it

533
00:28:43,400 --> 00:28:47,560
Speaker 2: threatens to significantly change its business would harm both the

534
00:28:47,600 --> 00:28:51,280
Speaker 2: bank and its customers. JP morgan shares down about three

535
00:28:51,320 --> 00:28:54,040
Speaker 2: and a half percent right now three hundred and thirteen

536
00:28:54,120 --> 00:28:57,760
Speaker 2: dollars USA today out with the headline that just crossed

537
00:28:57,800 --> 00:29:00,520
Speaker 2: the terminal. The US could take action on Greenland in

538
00:29:00,600 --> 00:29:04,200
Speaker 2: weeks or months. We'll stand by and we'll assemble our

539
00:29:04,200 --> 00:29:06,960
Speaker 2: political panel next stay with us on balance of power.

540
00:29:06,960 --> 00:29:08,840
Speaker 2: We'll have much more coming up After.

541
00:29:08,600 --> 00:29:17,120
Speaker 1: This, you're listening to the Bloomberg Balance of Power podcast.

542
00:29:17,360 --> 00:29:20,520
Speaker 1: Catch us live weekdays at noon and five pm Eastern

543
00:29:20,600 --> 00:29:24,080
Speaker 1: on Apple, Cockley and Android Auto with the Bloomberg Business App.

544
00:29:24,200 --> 00:29:27,480
Speaker 1: Listen on demand wherever you get your podcasts, or watch

545
00:29:27,560 --> 00:29:28,720
Speaker 1: us live on YouTube.

546
00:29:30,200 --> 00:29:32,239
Speaker 2: Bill Clinton was a no show today. Do you hear

547
00:29:32,240 --> 00:29:36,480
Speaker 2: about this the Oversight Committee? We're writing about it here

548
00:29:36,520 --> 00:29:39,440
Speaker 2: on the terminal. Clinton defies House GOP subpoena and clash

549
00:29:39,480 --> 00:29:42,600
Speaker 2: over Epstein probe. WHOA we haven't said the name Epstein

550
00:29:43,840 --> 00:29:48,600
Speaker 2: in a long time? Have We's been so much with Venezuela, Cuba, Columbia, Iran.

551
00:29:49,800 --> 00:29:54,640
Speaker 2: Former President Clinton defying a House Republican Committee subpoena by

552
00:29:54,640 --> 00:29:57,320
Speaker 2: failing to appear in a deposition today. Nobody really thought

553
00:29:57,320 --> 00:30:00,000
Speaker 2: he was going to walk in the door, did you?

554
00:30:00,440 --> 00:30:02,960
Speaker 2: And instead wrote a letter? And now this is interesting.

555
00:30:03,320 --> 00:30:07,040
Speaker 2: Most folks expected the no show. We didn't expect the

556
00:30:07,160 --> 00:30:10,800
Speaker 2: follow there you see it on YouTube here. This is

557
00:30:10,840 --> 00:30:15,280
Speaker 2: a multi pager as House Oversight Committee chair James Comer

558
00:30:15,320 --> 00:30:18,760
Speaker 2: threatens Clinton with a contempt prosecution, saying his panel will

559
00:30:18,760 --> 00:30:22,080
Speaker 2: move next week to hold Clinton yes in contempt of Congress,

560
00:30:22,240 --> 00:30:26,720
Speaker 2: adding no one is accusing Clinton of wrongdoing. Well, Bill

561
00:30:26,720 --> 00:30:30,840
Speaker 2: Clinton goes to Twitter. This is not about right or left,

562
00:30:30,920 --> 00:30:39,440
Speaker 2: he says, It's about right and wrong writing persuasively. Every

563
00:30:39,480 --> 00:30:42,240
Speaker 2: person has to decide when they have seen or had enough,

564
00:30:42,920 --> 00:30:45,240
Speaker 2: are ready to fight for this country, its principles, and

565
00:30:45,280 --> 00:30:47,920
Speaker 2: it's people, no matter the consequences for us.

566
00:30:49,160 --> 00:30:50,280
Speaker 3: Now is that time.

567
00:30:51,840 --> 00:30:54,320
Speaker 2: This is where we start our conversation with our political panel.

568
00:30:54,560 --> 00:30:57,920
Speaker 2: Bloomberg Politics contributor Ganie Shanzano is with US Democracy visiting

569
00:30:57,920 --> 00:31:02,000
Speaker 2: fellow Harvard Kennedy School's Ash Center, and Morgillespie is back

570
00:31:02,040 --> 00:31:04,880
Speaker 2: our Republican strategist founder Bluestack Strategies.

571
00:31:04,920 --> 00:31:08,080
Speaker 3: It's great to see both of you. Genie.

572
00:31:08,120 --> 00:31:10,640
Speaker 2: I guess none of us should be surprised, as I

573
00:31:10,640 --> 00:31:12,600
Speaker 2: mentioned that Bill Clinton didn't walk through the door to

574
00:31:13,840 --> 00:31:17,040
Speaker 2: be harangued by James Comer. But what do you think

575
00:31:17,240 --> 00:31:20,160
Speaker 2: of the letter and will he be held in contempt?

576
00:31:22,000 --> 00:31:22,800
Speaker 11: Joe, I first have.

577
00:31:22,840 --> 00:31:25,280
Speaker 12: To say that when I did my usual morning round

578
00:31:25,280 --> 00:31:28,440
Speaker 12: of reading truth Social, as of course I do, who

579
00:31:28,440 --> 00:31:31,200
Speaker 12: did I see on my truth Social post but my

580
00:31:31,400 --> 00:31:35,200
Speaker 12: very dear friend Joe Matthew. So this must be the

581
00:31:35,200 --> 00:31:38,280
Speaker 12: most balanced show in the world, because one day John

582
00:31:38,400 --> 00:31:43,480
Speaker 12: Stewart just the other day. Then the President said, how

583
00:31:43,480 --> 00:31:43,920
Speaker 12: about that?

584
00:31:43,960 --> 00:31:45,080
Speaker 11: And what an interview with Rod.

585
00:31:45,160 --> 00:31:46,880
Speaker 3: I'm just glad you're keeping score, Jeanie.

586
00:31:46,920 --> 00:31:49,040
Speaker 2: And I'll tell you when the President posts a video,

587
00:31:49,520 --> 00:31:51,320
Speaker 2: you know, it's like, oh God, what did I say?

588
00:31:52,320 --> 00:31:54,560
Speaker 2: The best part of that video is I don't say

589
00:31:54,600 --> 00:31:55,560
Speaker 2: a single word.

590
00:31:56,720 --> 00:31:58,120
Speaker 3: I'm just going to leave that right there.

591
00:31:58,200 --> 00:32:02,760
Speaker 12: You are prominently featured listening to the senator, you know.

592
00:32:03,120 --> 00:32:05,920
Speaker 12: I think, of course, whenever we talk about Epstein, the

593
00:32:05,960 --> 00:32:08,640
Speaker 12: first and most important thing we have to address are

594
00:32:08,680 --> 00:32:11,720
Speaker 12: the victims who have been waiting a long time for

595
00:32:11,840 --> 00:32:13,280
Speaker 12: the release of this material.

596
00:32:13,720 --> 00:32:16,120
Speaker 11: And I think the fact that the material.

597
00:32:15,800 --> 00:32:19,320
Speaker 12: Has not been released in complying with the law yet

598
00:32:19,760 --> 00:32:23,600
Speaker 12: that is incredibly problematic. I do understand from the DOJ's

599
00:32:23,600 --> 00:32:25,400
Speaker 12: point of view, it's a lot of material and they

600
00:32:25,400 --> 00:32:29,440
Speaker 12: are working through it. That is problematic. Likewise, I think

601
00:32:29,600 --> 00:32:34,920
Speaker 12: you have to comply with subpoenas by Congress, but there's

602
00:32:34,960 --> 00:32:38,040
Speaker 12: above here. Those subpoenas have got to be within the

603
00:32:38,080 --> 00:32:40,160
Speaker 12: measure of the law. And as I read the letter

604
00:32:40,200 --> 00:32:42,920
Speaker 12: by the Clintons, that is what they are talking about.

605
00:32:43,760 --> 00:32:47,320
Speaker 12: There are limits to Congress is really important oversight work.

606
00:32:47,400 --> 00:32:50,800
Speaker 12: For instance, when they call people in for testimony that

607
00:32:50,920 --> 00:32:54,719
Speaker 12: testimony has to be related to a legislative end. His

608
00:32:54,800 --> 00:32:57,640
Speaker 12: attorneys are saying it is not. And so I think

609
00:32:57,640 --> 00:33:00,200
Speaker 12: we have to wait for this to play out to

610
00:33:00,320 --> 00:33:03,400
Speaker 12: see where this ends up. Because, of course, all of

611
00:33:03,560 --> 00:33:05,960
Speaker 12: you know, at least May, I should say, suspicion is

612
00:33:06,040 --> 00:33:08,960
Speaker 12: raised because Comer is one of the people who hasn't

613
00:33:08,960 --> 00:33:11,920
Speaker 12: been that intent on releasing this material, but all of

614
00:33:11,960 --> 00:33:14,480
Speaker 12: a sudden is very intent on having the former president

615
00:33:14,480 --> 00:33:17,760
Speaker 12: and Secretary of State testify before his committee.

616
00:33:18,640 --> 00:33:19,480
Speaker 3: Yeah, it's interesting.

617
00:33:20,120 --> 00:33:23,000
Speaker 2: More the former president rights, We are prepared to make

618
00:33:23,040 --> 00:33:25,360
Speaker 2: our case to your forty five committee members, and if

619
00:33:25,400 --> 00:33:28,680
Speaker 2: need be, more importantly, we will also defend ourselves in

620
00:33:28,800 --> 00:33:31,800
Speaker 2: the public arena and ensure this country knows exactly what

621
00:33:31,840 --> 00:33:34,480
Speaker 2: you are doing why you were doing so instead of

622
00:33:34,480 --> 00:33:38,240
Speaker 2: helping the American people who need this Congress's work and protection.

623
00:33:38,920 --> 00:33:41,240
Speaker 2: I mean, I look, first of all, it is sort

624
00:33:41,240 --> 00:33:44,360
Speaker 2: of funny that we're still talking about Bill Clinton here

625
00:33:44,360 --> 00:33:48,239
Speaker 2: in twenty twenty six, Maura, But you work for a

626
00:33:48,240 --> 00:33:51,360
Speaker 2: former Republican speaker, and you know this process when it

627
00:33:51,400 --> 00:33:53,960
Speaker 2: comes to oversight, could he in fact be charged and

628
00:33:54,000 --> 00:33:55,920
Speaker 2: should he be be charged with contempt.

629
00:33:57,560 --> 00:33:59,720
Speaker 13: I don't see a station in which James Kremer doesn't

630
00:33:59,720 --> 00:34:01,800
Speaker 13: bring up forward because you know, when we worked on

631
00:34:01,800 --> 00:34:05,360
Speaker 13: the January sixth Committee, we brought contempt charges to people

632
00:34:05,480 --> 00:34:07,360
Speaker 13: Life seep In and others. I think obviously he has

633
00:34:07,600 --> 00:34:11,120
Speaker 13: before president, so it does he really James Comer needs

634
00:34:11,160 --> 00:34:13,280
Speaker 13: to really have a tight case to bring that forward.

635
00:34:13,600 --> 00:34:14,680
Speaker 6: But what I'll say, as.

636
00:34:14,560 --> 00:34:17,400
Speaker 13: Far as reading through that letter and just the I

637
00:34:17,440 --> 00:34:19,400
Speaker 13: think it comes across pretty tone deaf. If you were

638
00:34:19,400 --> 00:34:21,240
Speaker 13: going to say and make this call to the American

639
00:34:21,280 --> 00:34:23,920
Speaker 13: people about each person needs to stand up and decide

640
00:34:23,920 --> 00:34:26,359
Speaker 13: for themselves. What you know, where their line is, well,

641
00:34:26,400 --> 00:34:28,000
Speaker 13: Bill Clinton into the line for you and Hillary is

642
00:34:28,040 --> 00:34:30,319
Speaker 13: when it impacts you and might embarrass you. What does

643
00:34:30,320 --> 00:34:32,080
Speaker 13: that say to the rest of us that this is

644
00:34:32,080 --> 00:34:33,879
Speaker 13: the only time you decided to stick your neck out

645
00:34:33,880 --> 00:34:36,040
Speaker 13: and write this three page letter and post on you know,

646
00:34:36,080 --> 00:34:38,560
Speaker 13: social media. I just feel like they're really missing an

647
00:34:38,600 --> 00:34:40,839
Speaker 13: opportunity if they wanted to address the situation and about

648
00:34:40,880 --> 00:34:42,920
Speaker 13: what's going on all with the Epstein files, they recognize

649
00:34:42,960 --> 00:34:44,719
Speaker 13: that it's going to be embarrassing for them. I also

650
00:34:44,719 --> 00:34:46,560
Speaker 13: think that's probably why James Homer wants to have him

651
00:34:46,560 --> 00:34:49,840
Speaker 13: come forward, right, so there is that. You know, I

652
00:34:49,840 --> 00:34:51,920
Speaker 13: think I need to call that out because it's important

653
00:34:51,960 --> 00:34:54,640
Speaker 13: to remind people that this isn't some principled stance. It

654
00:34:54,680 --> 00:34:57,640
Speaker 13: is because the Clintons are recognizing that there is an

655
00:34:57,640 --> 00:34:58,439
Speaker 13: embarrassment here.

656
00:34:59,560 --> 00:35:03,200
Speaker 2: Interesting understood, And Janie, you know we're still talking about

657
00:35:03,840 --> 00:35:07,120
Speaker 2: less than one percent was the latest we heard from

658
00:35:07,120 --> 00:35:10,239
Speaker 2: the Department of Justice of the Epstein files released. It's

659
00:35:10,280 --> 00:35:14,640
Speaker 2: the thirteenth of January. The administration has been violating the

660
00:35:14,719 --> 00:35:18,080
Speaker 2: law on a daily basis for weeks now, and I

661
00:35:18,120 --> 00:35:24,359
Speaker 2: feel like the conversation has gone pretty silent. Is there

662
00:35:24,400 --> 00:35:26,960
Speaker 2: a call or demand for the rest of these to

663
00:35:27,040 --> 00:35:27,479
Speaker 2: come out?

664
00:35:29,280 --> 00:35:31,319
Speaker 12: You know, I think we've seen ebbs and flows with

665
00:35:31,400 --> 00:35:34,279
Speaker 12: public attention on the Epstein files, and you're right, we're

666
00:35:34,320 --> 00:35:36,839
Speaker 12: in a quieter moment right now. All this news about

667
00:35:36,840 --> 00:35:39,520
Speaker 12: the Clinton sort of resurrects that which is not to

668
00:35:39,560 --> 00:35:43,400
Speaker 12: the political benefit of the current president as well. But

669
00:35:43,480 --> 00:35:48,200
Speaker 12: you're absolutely right, the files were supposed to be released

670
00:35:48,640 --> 00:35:50,240
Speaker 12: and they have not been released.

671
00:35:50,239 --> 00:35:51,960
Speaker 11: That is a violation of law.

672
00:35:52,200 --> 00:35:55,560
Speaker 12: But of course this Congress has not shown the wherewithal

673
00:35:55,640 --> 00:35:59,480
Speaker 12: to stand up to this administration at many moments, in

674
00:35:59,520 --> 00:36:04,080
Speaker 12: fact moments throughout the last year in terms of pushing

675
00:36:04,120 --> 00:36:07,680
Speaker 12: for this legislation to get the files excuse me released,

676
00:36:08,040 --> 00:36:11,200
Speaker 12: You did see Republicans join with Democrats on that, but

677
00:36:11,480 --> 00:36:14,360
Speaker 12: we haven't seen them sort of take up the mantle

678
00:36:14,400 --> 00:36:17,080
Speaker 12: that the release has not happened yet and that may

679
00:36:17,160 --> 00:36:20,960
Speaker 12: go forward. I do think it is important to underscore

680
00:36:21,000 --> 00:36:26,440
Speaker 12: what Morris said about the Clinton's statement. The Clinton the

681
00:36:26,520 --> 00:36:28,920
Speaker 12: statement does read as tone deaf. I think it's a

682
00:36:29,000 --> 00:36:33,600
Speaker 12: perfect description, and I think you don't have a lot

683
00:36:33,640 --> 00:36:37,319
Speaker 12: of Democrats today who are willing to stand up and

684
00:36:37,480 --> 00:36:40,279
Speaker 12: say we are going to have your back on this.

685
00:36:40,719 --> 00:36:42,480
Speaker 12: I do think we have to let the law play

686
00:36:42,520 --> 00:36:44,960
Speaker 12: its course and the lawyers go forward and make their

687
00:36:44,960 --> 00:36:47,560
Speaker 12: case that this is an overstep by Congress.

688
00:36:47,880 --> 00:36:50,160
Speaker 11: But by the same token, Bill.

689
00:36:49,960 --> 00:36:53,680
Speaker 12: Clinton's relationship with Epstein, He's not accused of any wrongdoing,

690
00:36:54,000 --> 00:36:57,960
Speaker 12: but that relationship if if he has asked, he should

691
00:36:58,120 --> 00:37:02,680
Speaker 12: make what happened their public, particularly the seventeen apparent visits

692
00:37:03,040 --> 00:37:05,320
Speaker 12: to the White House that were made and that cozy

693
00:37:05,360 --> 00:37:07,439
Speaker 12: relationship when he was in the White House.

694
00:37:08,400 --> 00:37:11,840
Speaker 3: Yeah, really something as we spend time with Jeanie and Mora.

695
00:37:13,200 --> 00:37:15,200
Speaker 2: Our thoughts are on the lack of trust here on

696
00:37:15,239 --> 00:37:17,600
Speaker 2: Capitol Hill, and this is just another brick in the wall.

697
00:37:18,920 --> 00:37:22,400
Speaker 2: There's no bigger swear word than recisions at the moment

698
00:37:22,440 --> 00:37:27,600
Speaker 2: when you talk to Democrats, and shortly behind that is reconciliation.

699
00:37:27,920 --> 00:37:30,080
Speaker 2: And Maura, we've been talking about the idea of another

700
00:37:30,120 --> 00:37:34,600
Speaker 2: reconciliation bill after the big beautiful bill or whatever passed.

701
00:37:34,680 --> 00:37:37,239
Speaker 2: This idea of a two point zero has been coming

702
00:37:37,280 --> 00:37:40,520
Speaker 2: around again on the Republican Study Committee is out with

703
00:37:40,600 --> 00:37:44,320
Speaker 2: its framework here on what they're calling making the American

704
00:37:44,400 --> 00:37:45,840
Speaker 2: Dream affordable again.

705
00:37:46,480 --> 00:37:47,560
Speaker 3: Does that spell something?

706
00:37:49,680 --> 00:37:52,920
Speaker 2: And punch Bowl got its hands on the documents with

707
00:37:53,040 --> 00:37:56,920
Speaker 2: some of the items in here, including the dawn a

708
00:37:56,960 --> 00:38:00,400
Speaker 2: payment program that is a z he wrote to a

709
00:38:00,480 --> 00:38:03,520
Speaker 2: low down payment mortgage for credit worthy borrowers. There's also

710
00:38:03,600 --> 00:38:06,399
Speaker 2: a bill eliminating capital gains for a home seller if

711
00:38:06,440 --> 00:38:08,160
Speaker 2: the home is sold to a first time buyer. A

712
00:38:08,200 --> 00:38:12,000
Speaker 2: lot of affordability stuff in here that would really coincide

713
00:38:12,000 --> 00:38:14,439
Speaker 2: with the president's messaging and what he's likely to say

714
00:38:14,520 --> 00:38:16,799
Speaker 2: in the State of the Union. But more would this

715
00:38:16,920 --> 00:38:23,200
Speaker 2: not erode trust even further if Republicans pursue another Reconciliation Bill,

716
00:38:23,480 --> 00:38:27,239
Speaker 2: Should they pursue it, could they pass it at this

717
00:38:27,320 --> 00:38:27,640
Speaker 2: point in.

718
00:38:27,719 --> 00:38:32,520
Speaker 13: Time, Whether they could pastor or not, I'm not entirely confident.

719
00:38:32,719 --> 00:38:36,000
Speaker 13: I do see this largely as a messaging tactic because

720
00:38:36,040 --> 00:38:39,400
Speaker 13: they've lost the messaging battle here, you know, with a

721
00:38:39,400 --> 00:38:41,840
Speaker 13: president being so focused on foreign policy in ways that

722
00:38:41,920 --> 00:38:45,720
Speaker 13: are not consistent with conservative principles or really our American values.

723
00:38:46,200 --> 00:38:48,600
Speaker 13: They have struggled, I think in a large way to

724
00:38:48,640 --> 00:38:50,799
Speaker 13: talk to their constituents about what they're actually doing in

725
00:38:50,840 --> 00:38:53,600
Speaker 13: Congress to make life more affordable and to make life

726
00:38:53,600 --> 00:38:55,880
Speaker 13: better for them here at home. And so I do

727
00:38:56,040 --> 00:38:58,640
Speaker 13: this as an opportunity for not only people running for

728
00:38:58,680 --> 00:39:01,239
Speaker 13: office in the Republican Caucus, but for the President himself. As

729
00:39:01,280 --> 00:39:02,720
Speaker 13: you mentioned, he has a State of the Union Interress

730
00:39:02,719 --> 00:39:04,520
Speaker 13: coming up. This will be setting for him to tap.

731
00:39:04,560 --> 00:39:06,760
Speaker 13: Whether it has any legs to stand on, it doesn't

732
00:39:06,800 --> 00:39:08,600
Speaker 13: really matter, I don't think to the White House. They

733
00:39:08,640 --> 00:39:11,960
Speaker 13: need something to talk about and to really drive through

734
00:39:11,960 --> 00:39:15,200
Speaker 13: to people who maybe are not paying attention to the details,

735
00:39:15,480 --> 00:39:18,520
Speaker 13: but will make it sound good. And I said, you know,

736
00:39:18,520 --> 00:39:19,960
Speaker 13: with a bit of a heavy heart, because I don't

737
00:39:20,000 --> 00:39:22,720
Speaker 13: want that to be the case for Congress. Congress already

738
00:39:22,719 --> 00:39:26,680
Speaker 13: has low approval ratings. We elect leaders to lead and

739
00:39:26,719 --> 00:39:29,080
Speaker 13: to do something, and to work with one another to

740
00:39:29,120 --> 00:39:31,160
Speaker 13: get something done. And unfortunately, I see this as a

741
00:39:31,160 --> 00:39:33,360
Speaker 13: messaging tactic, not an actual policy strategy.

742
00:39:33,360 --> 00:39:36,920
Speaker 2: Interesting, Genie, maybe I'm getting at this all wrong. I mean,

743
00:39:36,920 --> 00:39:39,279
Speaker 2: we heard Elizabeth Warren talk earlier to getting phone calls

744
00:39:39,280 --> 00:39:41,520
Speaker 2: from Donald Trump They're going to work together on affordability.

745
00:39:41,640 --> 00:39:45,360
Speaker 2: Do Democrats line up behind a reconciliation bill that includes

746
00:39:45,640 --> 00:39:50,360
Speaker 2: eliminating capital gains for a home seller this zero to

747
00:39:50,400 --> 00:39:54,000
Speaker 2: low down payment mortgage call it the Dawn, Maybe change

748
00:39:54,000 --> 00:39:57,239
Speaker 2: the name. Could there be some bipartisan action here? Or

749
00:39:57,239 --> 00:39:57,960
Speaker 2: am I crazy?

750
00:39:59,239 --> 00:40:02,920
Speaker 12: Maybe they could call at the Liz who knows? You know,

751
00:40:03,280 --> 00:40:06,799
Speaker 12: I don't know if we're going to see bipartisan action.

752
00:40:07,000 --> 00:40:09,920
Speaker 12: And I thought it was really interesting today on this

753
00:40:10,040 --> 00:40:12,800
Speaker 12: point that the Speaker of the House of All People

754
00:40:12,880 --> 00:40:15,560
Speaker 12: sort of came forward and threw cold water on this

755
00:40:15,719 --> 00:40:17,680
Speaker 12: idea about capping interest rates.

756
00:40:17,719 --> 00:40:19,920
Speaker 11: And I don't think that's a big surprise.

757
00:40:20,080 --> 00:40:23,360
Speaker 12: There are a lot of fiscal conservatives in the Republican

758
00:40:23,440 --> 00:40:26,319
Speaker 12: Party and in Congress, for whom all of these sort

759
00:40:26,360 --> 00:40:29,719
Speaker 12: of Elizabeth Warren, Bernie Sanders don if we can call

760
00:40:29,760 --> 00:40:33,840
Speaker 12: them that ideas are just anathema to who they are.

761
00:40:33,719 --> 00:40:35,279
Speaker 11: And what they've always believed in.

762
00:40:35,760 --> 00:40:39,000
Speaker 12: So I think that's the problem that the president has

763
00:40:39,400 --> 00:40:43,520
Speaker 12: if he intends to pursue these seriously via the legislative process.

764
00:40:44,000 --> 00:40:47,160
Speaker 12: And you know, I got this sense from Mike Johnson's

765
00:40:47,160 --> 00:40:49,839
Speaker 12: comments today that he sort of was just saying, oh,

766
00:40:49,880 --> 00:40:52,480
Speaker 12: you know, the president, he throws these ideas out, but

767
00:40:52,560 --> 00:40:55,640
Speaker 12: that's all this is. So I'm not even sure the

768
00:40:55,719 --> 00:40:58,759
Speaker 12: Republicans in Congress are taking these ideas seriously.

769
00:40:59,120 --> 00:41:02,080
Speaker 11: But Donald try instincts politically are right.

770
00:41:02,200 --> 00:41:04,880
Speaker 12: He ran on this, he has not delivered, and if

771
00:41:04,880 --> 00:41:08,279
Speaker 12: he's gonna have any chance in the midterms or Republicans are,

772
00:41:08,480 --> 00:41:10,520
Speaker 12: he's going to have to have an agenda to run on.

773
00:41:11,680 --> 00:41:13,759
Speaker 2: Well, you're right about the House, Genie. The Senate, though,

774
00:41:13,800 --> 00:41:17,400
Speaker 2: seems to be listening. Senators reintroduced Trump backed Credit Card

775
00:41:17,400 --> 00:41:18,359
Speaker 2: Competition Act.

776
00:41:18,440 --> 00:41:18,880
Speaker 3: Just like that.

777
00:41:19,080 --> 00:41:23,160
Speaker 2: Let's get Roger Marshall back on the line.

778
00:41:25,200 --> 00:41:27,640
Speaker 3: Thanks for listening to the Balance of Power podcast.

779
00:41:28,239 --> 00:41:31,360
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780
00:41:31,480 --> 00:41:34,040
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781
00:41:34,120 --> 00:41:36,919
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782
00:41:37,000 --> 00:41:39,080
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