1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,480 Speaker 1: noon and five pm Eastern on Applecarckley and Android Auto 4 00:00:17,520 --> 00:00:20,680 Speaker 1: with the Bloomberg Business App. Listen on demand wherever you 5 00:00:20,720 --> 00:00:25,040 Speaker 1: get your podcasts, or watch us live on YouTube. 6 00:00:25,440 --> 00:00:28,680 Speaker 2: With three days to unpack, my god, we can't take 7 00:00:28,720 --> 00:00:31,560 Speaker 2: these Mondays off. But it was really nice to have 8 00:00:31,600 --> 00:00:33,520 Speaker 2: a long weekend, and I hope you did as well 9 00:00:34,080 --> 00:00:36,960 Speaker 2: with a good MLK day here as we launch ourselves 10 00:00:37,080 --> 00:00:39,960 Speaker 2: in two year number two, Welcome to the Tuesday edition. 11 00:00:40,040 --> 00:00:42,280 Speaker 2: I know it feels like a Monday here on Balance 12 00:00:42,320 --> 00:00:44,919 Speaker 2: of Power Bloomberg Radio. We're streaming live on YouTube. That 13 00:00:44,960 --> 00:00:49,400 Speaker 2: part hasn't changed. Search for us Bloomberg Business News Live 14 00:00:49,479 --> 00:00:54,200 Speaker 2: to catch our live feed here from Washington, DC. A 15 00:00:54,280 --> 00:00:58,600 Speaker 2: spirit of dialogue is how they're calling the World Economic 16 00:00:58,640 --> 00:01:02,520 Speaker 2: Forums fifty six annual meeting. Half the shop is over 17 00:01:02,560 --> 00:01:06,200 Speaker 2: at Davos right now. We're still ensconced here inside the bubble. 18 00:01:06,560 --> 00:01:09,640 Speaker 2: The President doesn't leave until tonight, and we have the 19 00:01:09,680 --> 00:01:11,920 Speaker 2: full band. We put the whole band back together here 20 00:01:11,959 --> 00:01:16,320 Speaker 2: for this shortened trading week. Producer James is with US 21 00:01:16,360 --> 00:01:22,880 Speaker 2: America's producer, the Fernando Mendoza of Talk Radio, along with, 22 00:01:22,959 --> 00:01:24,840 Speaker 2: as I mentioned, Tyler Kendall. We're going to spend some 23 00:01:24,880 --> 00:01:27,160 Speaker 2: time with Tyler in just a moment. Christina Raffini is 24 00:01:27,160 --> 00:01:29,800 Speaker 2: standing by with her insights on exactly what in the 25 00:01:29,840 --> 00:01:32,080 Speaker 2: world is going on here when it comes to Greenland. 26 00:01:32,080 --> 00:01:35,120 Speaker 2: And as I mentioned, our NATO allies. The president he 27 00:01:35,240 --> 00:01:37,920 Speaker 2: was at that game, talked about it on his way 28 00:01:37,959 --> 00:01:38,840 Speaker 2: back last night. 29 00:01:38,880 --> 00:01:39,160 Speaker 3: Listen. 30 00:01:40,680 --> 00:01:42,560 Speaker 4: I don't think they're gonna brings back too much, but 31 00:01:43,240 --> 00:01:44,200 Speaker 4: we have to have it. 32 00:01:44,680 --> 00:01:47,600 Speaker 5: They have to have this done. They can't protect it. 33 00:01:47,720 --> 00:01:51,680 Speaker 4: NATO has been warning Denmark for about twenty years now, 34 00:01:51,760 --> 00:01:55,160 Speaker 4: longer than that, twenty five years, they've been warning Deadmark 35 00:01:55,640 --> 00:01:59,320 Speaker 4: about the Russian threat. And it's not only Russia, it's 36 00:01:59,360 --> 00:02:03,880 Speaker 4: also Chi. So we'll see what happens. But let's put 37 00:02:03,920 --> 00:02:06,440 Speaker 4: it this one. It's going to be a very interesting Davos. 38 00:02:08,040 --> 00:02:10,160 Speaker 6: Yeah, it is. It already is. 39 00:02:10,360 --> 00:02:14,480 Speaker 2: As they wait for the president to land, it's like 40 00:02:14,560 --> 00:02:17,200 Speaker 2: Jurassic Park when you see the big puddle in the ripples, 41 00:02:18,240 --> 00:02:21,880 Speaker 2: the t Rex is coming. Tyler Kendall covers Donald Trump 42 00:02:21,919 --> 00:02:23,560 Speaker 2: for a living and she's with US right now, is 43 00:02:23,960 --> 00:02:25,480 Speaker 2: they gas up Air Force one? 44 00:02:26,160 --> 00:02:27,360 Speaker 6: Tyler, It's great to have you. 45 00:02:28,000 --> 00:02:29,560 Speaker 2: They're going to be out of here tonight, and this 46 00:02:29,600 --> 00:02:31,480 Speaker 2: is going to be one ripper of a speech tomorrow 47 00:02:32,040 --> 00:02:33,760 Speaker 2: after I don't even know where to start, by the way, 48 00:02:33,760 --> 00:02:35,960 Speaker 2: with asking you questions here. This was three days of 49 00:02:36,720 --> 00:02:40,080 Speaker 2: wild rhetoric, a lot of posts he's posted like three 50 00:02:40,080 --> 00:02:42,680 Speaker 2: times on truth Social since I came in the studio here. 51 00:02:43,080 --> 00:02:45,640 Speaker 2: In fact, we may as well just update everybody. This 52 00:02:45,720 --> 00:02:47,640 Speaker 2: is the most recent one from ten minutes ago. No 53 00:02:47,720 --> 00:02:50,200 Speaker 2: single person or president has done more for NATO than 54 00:02:50,240 --> 00:02:51,000 Speaker 2: President Donald J. 55 00:02:51,080 --> 00:02:51,320 Speaker 6: Trump. 56 00:02:51,360 --> 00:02:53,080 Speaker 2: If I didn't come along, there would be no NATO 57 00:02:53,200 --> 00:02:55,639 Speaker 2: right now, would be in the ash heap of history. 58 00:02:55,720 --> 00:02:57,880 Speaker 2: Sad but true. And he signed it so we know 59 00:02:57,919 --> 00:03:00,120 Speaker 2: he wrote it. Is that what he says tomorrow. 60 00:02:59,840 --> 00:03:01,120 Speaker 6: More in Davos? 61 00:03:01,280 --> 00:03:03,360 Speaker 3: Very likely, though, I should start by saying I know 62 00:03:03,360 --> 00:03:04,800 Speaker 3: where I want to start, which is that you are 63 00:03:04,840 --> 00:03:07,680 Speaker 3: America's anchor, Joe, part of this. 64 00:03:07,680 --> 00:03:10,280 Speaker 6: Team that we've heard that before. There's a lot that. 65 00:03:10,200 --> 00:03:12,640 Speaker 3: We're looking out for tomorrow. Of course, this was a 66 00:03:12,720 --> 00:03:15,560 Speaker 3: weekend of escalation. Now we should first say that the 67 00:03:15,600 --> 00:03:18,240 Speaker 3: White House has actually pitched this as a domestic speech. 68 00:03:18,320 --> 00:03:21,760 Speaker 3: We've heard from his advisors, like the NEC director Kevin Hassett, 69 00:03:21,760 --> 00:03:24,560 Speaker 3: saying he's going to roll out his housing affordability plan. 70 00:03:24,680 --> 00:03:27,000 Speaker 3: We've already heard floated some details of that around how 71 00:03:27,000 --> 00:03:29,440 Speaker 3: homeowners could take from their four oh one k's and 72 00:03:29,480 --> 00:03:31,960 Speaker 3: put that towards a down payment. But at the same time, 73 00:03:32,000 --> 00:03:33,800 Speaker 3: it is hard to ignore that there is just so 74 00:03:33,960 --> 00:03:36,880 Speaker 3: much geopolitics at the moment, and this speech is coming 75 00:03:36,960 --> 00:03:40,240 Speaker 3: after a weekend where President Trump stoked a few different 76 00:03:40,360 --> 00:03:44,480 Speaker 3: disputes with allies, perhaps most notably this threat of a 77 00:03:44,760 --> 00:03:48,200 Speaker 3: ten percent tariff by February first, up to twenty five 78 00:03:48,760 --> 00:03:52,480 Speaker 3: percent by June for those countries that have rallied around Greenland. 79 00:03:53,480 --> 00:03:56,040 Speaker 6: So he's going to be headed over there tonight. 80 00:03:56,800 --> 00:03:59,960 Speaker 2: And I guess the big question is what's the purpose 81 00:04:00,080 --> 00:04:02,920 Speaker 2: of all this messaging beforehand, because right he's a deal maker, 82 00:04:02,960 --> 00:04:05,520 Speaker 2: as we always hear, he's going to ask for something 83 00:04:05,520 --> 00:04:07,680 Speaker 2: insane or demand something insane, and then call it a 84 00:04:07,760 --> 00:04:10,000 Speaker 2: victory when he pulls back and cuts a deal on this. 85 00:04:10,920 --> 00:04:13,200 Speaker 2: Do we expect a deal on Greenland this weekend or 86 00:04:13,240 --> 00:04:14,880 Speaker 2: their sideline meetings being set up. 87 00:04:14,920 --> 00:04:15,600 Speaker 6: What's going to happen? 88 00:04:15,760 --> 00:04:19,320 Speaker 3: Well, the pushback that we've already seen from European allies 89 00:04:19,400 --> 00:04:22,280 Speaker 3: is probably going to make that possibility a little bit 90 00:04:22,400 --> 00:04:25,279 Speaker 3: more difficult, because President Trump has only really ramped up 91 00:04:25,400 --> 00:04:29,320 Speaker 3: the pressure in recent hours as European leaders have responded 92 00:04:29,320 --> 00:04:31,760 Speaker 3: to this. I'll point out that issues are starting to 93 00:04:31,839 --> 00:04:34,760 Speaker 3: really collide here. We had the French President Emmanuel Macron 94 00:04:34,880 --> 00:04:37,920 Speaker 3: raise concerns about Greenland, but also raise concerns about President 95 00:04:37,960 --> 00:04:40,920 Speaker 3: Trump's proposed Board of Peace in Gaza, which officials tell 96 00:04:40,960 --> 00:04:43,880 Speaker 3: us he's looking to finalize on the signlines of Davos 97 00:04:43,960 --> 00:04:47,520 Speaker 3: later this week, and in response, President Trump shot back 98 00:04:47,640 --> 00:04:51,320 Speaker 3: floating the idea of a two hundred percent tariff on 99 00:04:51,480 --> 00:04:55,719 Speaker 3: French wine and champagne, which makes it feel like we 100 00:04:56,040 --> 00:04:59,279 Speaker 3: are not getting any closer to some sort of resolution here. 101 00:04:59,279 --> 00:05:01,680 Speaker 3: But I do think it's worth pointing out the broader context, 102 00:05:01,960 --> 00:05:04,000 Speaker 3: which is that these threats came over the weekend from 103 00:05:04,040 --> 00:05:06,160 Speaker 3: President Trump, but it came after a week here in 104 00:05:06,279 --> 00:05:09,719 Speaker 3: Washington where we saw meetings between the administration and officials 105 00:05:09,720 --> 00:05:15,240 Speaker 3: from Denmark and Greenland that were characterized as relatively positive. 106 00:05:15,279 --> 00:05:17,760 Speaker 3: They actually came out saying that they established these working 107 00:05:17,800 --> 00:05:21,479 Speaker 3: groups to keep diplomatic channels open. But it's very clear 108 00:05:21,520 --> 00:05:24,480 Speaker 3: that the President didn't feel that way, because then we 109 00:05:24,520 --> 00:05:26,360 Speaker 3: saw this rhetoric over the weekend. 110 00:05:26,760 --> 00:05:30,600 Speaker 2: Amazing stuff, Tyler, Thank you. Bloomberg's Tyler Kendall with a 111 00:05:30,600 --> 00:05:33,080 Speaker 2: lot to talk about here. EU ambassadors are going to 112 00:05:33,120 --> 00:05:36,040 Speaker 2: be holding an emergency summit later on this week. They 113 00:05:36,120 --> 00:05:38,920 Speaker 2: met yesterday to discuss putting in place ninety three billion 114 00:05:38,920 --> 00:05:42,400 Speaker 2: dollars of retaliatory tariffs and American imports. If indeed this 115 00:05:42,480 --> 00:05:45,719 Speaker 2: new ten percent kicks in Feb one, I should mention, 116 00:05:45,839 --> 00:05:47,800 Speaker 2: by the way, what didn't happen today. We got no 117 00:05:47,920 --> 00:05:50,839 Speaker 2: ruling on tariffs from the Supreme Court, so all of 118 00:05:50,880 --> 00:05:54,479 Speaker 2: this remains in place for now. Christina Ruffini covered the 119 00:05:54,480 --> 00:05:57,279 Speaker 2: State Department in geopolitics for a lot of years, and 120 00:05:57,440 --> 00:06:00,240 Speaker 2: as you've seen on this program, has a real keen 121 00:06:00,320 --> 00:06:02,160 Speaker 2: sense for what's going on here and joins us live 122 00:06:02,200 --> 00:06:04,719 Speaker 2: from World Headquarters in New York. Christina, it's great to 123 00:06:04,720 --> 00:06:07,720 Speaker 2: see you. The Norway letter was everything. It was a 124 00:06:07,839 --> 00:06:11,320 Speaker 2: text actually considering your country decided not to give me 125 00:06:11,360 --> 00:06:13,960 Speaker 2: the Nobel Peace Prize for having stopped eight wars plus, 126 00:06:14,279 --> 00:06:17,480 Speaker 2: I no longer feel an obligation to think purely of peace. 127 00:06:18,160 --> 00:06:22,520 Speaker 2: Although it will always be predominant. What's he telling EU 128 00:06:22,640 --> 00:06:25,520 Speaker 2: leaders are NATO allies? Is it prepared for an invasion? 129 00:06:26,680 --> 00:06:29,320 Speaker 7: I mean, this is a threat that's being taken a 130 00:06:29,320 --> 00:06:32,200 Speaker 7: lot more seriously than I think other Trump rhetoric has 131 00:06:32,240 --> 00:06:33,880 Speaker 7: in the past. I am going to tell you my 132 00:06:34,000 --> 00:06:37,240 Speaker 7: phone started blowing up at five am this morning from 133 00:06:37,279 --> 00:06:40,280 Speaker 7: Europe with my WhatsApp pinging with a bunch of different 134 00:06:40,320 --> 00:06:43,880 Speaker 7: officials asking what is going on. I'll give you some 135 00:06:43,920 --> 00:06:47,760 Speaker 7: of the adjectives I received. Absurd, freaked out, next level 136 00:06:47,920 --> 00:06:51,200 Speaker 7: game changer, really really bad. And look, some of these 137 00:06:51,200 --> 00:06:53,760 Speaker 7: ministers are folks who have a good relationship with this 138 00:06:53,800 --> 00:06:57,960 Speaker 7: administration and have previously urged calm, while others have been 139 00:06:58,000 --> 00:07:01,000 Speaker 7: at an eleven. All I'm hearing all the answer up 140 00:07:01,000 --> 00:07:03,760 Speaker 7: to an eleven today. Everybody is really really concerned. Look, 141 00:07:03,960 --> 00:07:06,640 Speaker 7: I think there is got to get that spinal taper. 142 00:07:06,880 --> 00:07:09,040 Speaker 2: Yeaes are up to eleven. I bet you had some 143 00:07:09,080 --> 00:07:12,240 Speaker 2: other words on there. James would keep the dump button ready. No, no, 144 00:07:12,280 --> 00:07:14,840 Speaker 2: do you see the markets now down over one percent? 145 00:07:15,040 --> 00:07:17,200 Speaker 2: We just learned something important, Christina. I'm going to let 146 00:07:17,240 --> 00:07:20,760 Speaker 2: you continue here with this now in mind, it was 147 00:07:20,880 --> 00:07:24,360 Speaker 2: producer James who told me this He had an inkling 148 00:07:24,360 --> 00:07:27,080 Speaker 2: when we came in the studio. The Press secretary said 149 00:07:27,120 --> 00:07:28,920 Speaker 2: she'd have a special guest today for the briefing at 150 00:07:28,920 --> 00:07:30,960 Speaker 2: one o'clock. You know who it is. According to CBS, 151 00:07:32,360 --> 00:07:35,600 Speaker 2: it'll be Trump. Yeah, what's he going to say? Does 152 00:07:35,640 --> 00:07:37,840 Speaker 2: this mean that he's nervous about this market reaction? 153 00:07:38,880 --> 00:07:40,400 Speaker 7: I don't know if he's nervous or if you're going 154 00:07:40,440 --> 00:07:42,680 Speaker 7: to hear him double down. Look, there's a couple things 155 00:07:42,760 --> 00:07:46,000 Speaker 7: going on in the background. We do have the finished president, 156 00:07:46,040 --> 00:07:48,280 Speaker 7: who told Bloomberg TV this morning he does not like 157 00:07:48,360 --> 00:07:50,480 Speaker 7: to be thought of as the Trump whisperer, but he 158 00:07:50,560 --> 00:07:53,160 Speaker 7: also kind of is. Officials tell me he golfs with 159 00:07:53,200 --> 00:07:55,480 Speaker 7: the president. He has a very good way of urging 160 00:07:55,480 --> 00:07:56,400 Speaker 7: calm with the president. 161 00:07:56,640 --> 00:07:56,840 Speaker 6: You know. 162 00:07:56,920 --> 00:07:59,680 Speaker 7: He was saying, conversations over the past few hours have 163 00:07:59,720 --> 00:08:02,680 Speaker 7: given and him hope. We also have the Treasury Secretary 164 00:08:02,760 --> 00:08:04,880 Speaker 7: saying like this will all calm down. I did speak 165 00:08:04,920 --> 00:08:07,760 Speaker 7: to a former member of this administration who also said 166 00:08:07,760 --> 00:08:09,760 Speaker 7: they believe this will be worked out in the next 167 00:08:09,840 --> 00:08:12,160 Speaker 7: couple days. And this is a tactic. The president likes 168 00:08:12,160 --> 00:08:15,400 Speaker 7: to go in hot and negotiate down from a high level. 169 00:08:15,520 --> 00:08:18,800 Speaker 7: This is all part of a strategy that is ringing 170 00:08:18,880 --> 00:08:21,600 Speaker 7: a bit hollow with Europeans who once again are scrambling 171 00:08:21,600 --> 00:08:25,080 Speaker 7: not only how to react, but how to react in unison. Obviously, 172 00:08:25,160 --> 00:08:27,320 Speaker 7: they can do tariffs, they can do this nuclear option, 173 00:08:27,680 --> 00:08:31,480 Speaker 7: they can dump treasuries. And I heard from a European 174 00:08:31,520 --> 00:08:34,719 Speaker 7: official today who said, despite all that rancor, despite the 175 00:08:34,760 --> 00:08:38,000 Speaker 7: disagreements and tactic, they do believe Europe will come together 176 00:08:38,440 --> 00:08:40,719 Speaker 7: and institute those tariffs if Trump. 177 00:08:40,480 --> 00:08:41,040 Speaker 8: Goes through with this. 178 00:08:41,280 --> 00:08:43,440 Speaker 6: Yeah, what do you think of the other texts? 179 00:08:43,440 --> 00:08:47,880 Speaker 2: He put texts to Macron, Ruda and Starmer up there. 180 00:08:48,000 --> 00:08:52,040 Speaker 2: I mean, wow, I don't even know which one to 181 00:08:52,160 --> 00:08:54,840 Speaker 2: pick here when it comes to the Ruta call. 182 00:08:55,280 --> 00:08:56,400 Speaker 6: Very good telephone call. 183 00:08:56,440 --> 00:08:59,840 Speaker 2: As he wrote in his own post concerning Greenland, the 184 00:09:00,160 --> 00:09:03,960 Speaker 2: post this thing, mister President, dear Donald, what you accomplished 185 00:09:03,960 --> 00:09:07,240 Speaker 2: in Syria today is incredible. I will use my media 186 00:09:07,280 --> 00:09:11,000 Speaker 2: engagements in Davos to highlight your work there in Gaza 187 00:09:11,080 --> 00:09:14,480 Speaker 2: and Ukraine. Committed to finding a way forward on Greenland. 188 00:09:14,880 --> 00:09:18,000 Speaker 2: Macrone with a similar I don't understand what you're doing 189 00:09:18,000 --> 00:09:18,679 Speaker 2: with Greenland. 190 00:09:19,000 --> 00:09:21,079 Speaker 7: We can do good work on Syria, you know, focusing 191 00:09:21,120 --> 00:09:22,720 Speaker 7: on the positive and great. 192 00:09:22,480 --> 00:09:24,840 Speaker 6: Work on Syria. We've got less than a minute, Christina. 193 00:09:24,880 --> 00:09:29,120 Speaker 2: What is actually exposing these private texts due to these relationships? 194 00:09:29,600 --> 00:09:30,720 Speaker 6: I mean, it's not good. 195 00:09:30,880 --> 00:09:32,560 Speaker 7: I think all these leaders are smart enough to know 196 00:09:32,600 --> 00:09:35,280 Speaker 7: that this is always a possibility when you send Trump 197 00:09:35,320 --> 00:09:37,680 Speaker 7: a message, But any diplomat knows there are things you 198 00:09:37,679 --> 00:09:39,400 Speaker 7: need to say to your counterparts that you need to 199 00:09:39,440 --> 00:09:42,120 Speaker 7: not be made public. That makes all of this much 200 00:09:42,160 --> 00:09:42,920 Speaker 7: more complicated. 201 00:09:43,920 --> 00:09:47,079 Speaker 6: Everybody put Lindsay Graham's cell phone number on TV. Do 202 00:09:47,120 --> 00:09:48,920 Speaker 6: you remember that like it was yesterday? 203 00:09:48,960 --> 00:09:52,360 Speaker 2: Christina, Thank you, Apologize to everyone who is texting you 204 00:09:52,920 --> 00:09:56,000 Speaker 2: or messaging you this morning, and come hang with us 205 00:09:56,040 --> 00:09:58,600 Speaker 2: more often. This news briefing is set to start at 206 00:09:58,640 --> 00:10:00,719 Speaker 2: the top of the hour. Maybe we'll pull Christina back 207 00:10:00,720 --> 00:10:03,960 Speaker 2: in here after we hear from the President. Raffini Live 208 00:10:04,320 --> 00:10:06,800 Speaker 2: at seven thirty one. I'm Joe, Matthew and Washington. We're 209 00:10:06,800 --> 00:10:09,560 Speaker 2: gonna pull America's dad in next Yeah. See, it's like 210 00:10:10,200 --> 00:10:13,480 Speaker 2: a Monday becomes Tuesday only on Bloomberg. 211 00:10:13,760 --> 00:10:15,920 Speaker 6: Stay with us on Balance of Power. We'll have much 212 00:10:15,960 --> 00:10:17,160 Speaker 6: more coming up after this. 213 00:10:21,480 --> 00:10:24,960 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 214 00:10:25,040 --> 00:10:28,080 Speaker 1: us live weekdays at noon and five pm Eastern on 215 00:10:28,200 --> 00:10:31,439 Speaker 1: Apple Cockway and Android Auto with the Bloomberg Business app. 216 00:10:31,480 --> 00:10:34,480 Speaker 1: You can also listen live on Amazon Alexa from our 217 00:10:34,520 --> 00:10:39,000 Speaker 1: flagship New York station, Just Say Alexa played Bloomberg eleven thirty. 218 00:10:40,440 --> 00:10:43,400 Speaker 2: Thanks for being here on the Tuesday edition, even though 219 00:10:43,440 --> 00:10:47,640 Speaker 2: I keep saying it's Monday. Bloomberg Radio Satellite Radio Channel 220 00:10:47,679 --> 00:10:51,120 Speaker 2: one twenty one, available on YouTube as well. I'm just 221 00:10:51,160 --> 00:10:55,120 Speaker 2: trying to get my head around the sphere in Washington, DC. 222 00:10:55,520 --> 00:10:58,280 Speaker 2: Was this part of Donald Trump's vision. You've got the 223 00:10:58,440 --> 00:11:00,240 Speaker 2: Arcta Trump over there on the other side out of 224 00:11:00,320 --> 00:11:02,480 Speaker 2: Memorial Bridge. Well there it is now if you're with 225 00:11:02,559 --> 00:11:06,600 Speaker 2: us on YouTube, look at this artist rendering here from 226 00:11:06,640 --> 00:11:09,240 Speaker 2: the company the Sphere. These are the guys you know 227 00:11:09,280 --> 00:11:13,360 Speaker 2: from Las Vegas. We're getting one here. Washington Post was 228 00:11:13,440 --> 00:11:16,080 Speaker 2: the first to hit this, the company, saying it will 229 00:11:16,080 --> 00:11:19,960 Speaker 2: be the first mini sphere. Be right off the Potomac 230 00:11:20,080 --> 00:11:22,040 Speaker 2: River down there. If you know National Harbor, That's where 231 00:11:22,080 --> 00:11:24,720 Speaker 2: this is going to go. Across from Old Town Alexandria. 232 00:11:24,760 --> 00:11:26,440 Speaker 2: When you fly in, you're going to see the sphere 233 00:11:26,440 --> 00:11:29,120 Speaker 2: looking up at you. Apparently this will be a six 234 00:11:29,280 --> 00:11:33,959 Speaker 2: thousand seat Sphere would open in twenty thirty, a third 235 00:11:34,000 --> 00:11:36,319 Speaker 2: of the size, they say, of the one in Vegas, 236 00:11:36,600 --> 00:11:39,800 Speaker 2: at half the cost a billion dollars. They could took 237 00:11:39,840 --> 00:11:43,680 Speaker 2: cut a billion dollars to build that thing. The company 238 00:11:43,720 --> 00:11:47,000 Speaker 2: says it'll provide a billion dollars in economic activity annually. 239 00:11:47,640 --> 00:11:50,120 Speaker 2: But we're worried about data centers taking up all the power. 240 00:11:50,120 --> 00:11:51,679 Speaker 2: What the heck is this thing? How do you get 241 00:11:51,679 --> 00:11:54,640 Speaker 2: the juice to run this thing? We're worried about planes 242 00:11:54,679 --> 00:11:57,240 Speaker 2: being able to see their way into the airport. What's 243 00:11:57,240 --> 00:11:58,600 Speaker 2: going to happen when you go out to dinner at 244 00:11:58,600 --> 00:12:00,600 Speaker 2: Old Town You're going to see this big thing blinking 245 00:12:00,600 --> 00:12:01,840 Speaker 2: at you from across the river. 246 00:12:02,200 --> 00:12:03,960 Speaker 6: This is why they didn't want one in London. And 247 00:12:04,000 --> 00:12:05,559 Speaker 6: I think the sphere is cool. 248 00:12:08,200 --> 00:12:10,080 Speaker 2: Nathan didn't know we were going to be talking about this, 249 00:12:10,160 --> 00:12:13,160 Speaker 2: but he's in here now. Nathan Dean Bloomberg Intelligence senior 250 00:12:13,240 --> 00:12:15,240 Speaker 2: US policy analyst. 251 00:12:15,280 --> 00:12:16,400 Speaker 6: You ever been to the one in Vegas? 252 00:12:16,559 --> 00:12:16,960 Speaker 5: I have not. 253 00:12:17,160 --> 00:12:18,760 Speaker 6: It's pretty cool, though, right I wanted to go. I 254 00:12:18,760 --> 00:12:19,800 Speaker 6: just didn't want to go to it here. 255 00:12:19,960 --> 00:12:21,920 Speaker 9: Well, you know, if we can get like a four 256 00:12:21,920 --> 00:12:24,360 Speaker 9: week run of the Eagles or something like that, then maybe. 257 00:12:24,200 --> 00:12:26,559 Speaker 2: Maybe well I didn't think about that, or we get 258 00:12:26,600 --> 00:12:29,000 Speaker 2: we get the big residencies. Now I live down there 259 00:12:29,000 --> 00:12:30,600 Speaker 2: though across the river, I'm going to see like this 260 00:12:30,720 --> 00:12:32,680 Speaker 2: false sunrise all the time. 261 00:12:32,440 --> 00:12:33,400 Speaker 6: With this thing it's there. 262 00:12:33,679 --> 00:12:35,760 Speaker 2: It's a really bright thing that we're adding to the 263 00:12:35,800 --> 00:12:39,080 Speaker 2: skyline here that there's a big what do they call it, 264 00:12:39,120 --> 00:12:43,240 Speaker 2: the big ferris wheel already the changing DC as we. 265 00:12:43,200 --> 00:12:44,880 Speaker 5: Know, well you know it's it's National Harbor. 266 00:12:44,920 --> 00:12:46,640 Speaker 9: And I say, this is a Virginian and like I've 267 00:12:46,640 --> 00:12:48,520 Speaker 9: been there maybe twice in my life, so you know, 268 00:12:48,559 --> 00:12:49,640 Speaker 9: maybe this sphere will be. 269 00:12:49,640 --> 00:12:51,600 Speaker 6: Going to sell Glenn Ivy that one that comes in here. 270 00:12:52,480 --> 00:12:54,880 Speaker 2: We've got to talk about what's happening in the markets 271 00:12:54,960 --> 00:12:56,760 Speaker 2: visa v GEO politics, and I want to ask you 272 00:12:56,760 --> 00:12:57,880 Speaker 2: about what's happening on the hill. 273 00:12:57,960 --> 00:12:59,600 Speaker 6: All of these things overlap somehow. 274 00:12:59,600 --> 00:13:02,560 Speaker 2: It's is that the Speaker of the House is speaking 275 00:13:02,600 --> 00:13:05,560 Speaker 2: to British Parliament today, Well, we don't have a funding 276 00:13:05,559 --> 00:13:09,000 Speaker 2: mechanism yet. In Washington, the president's upset half of Europe. 277 00:13:09,040 --> 00:13:13,360 Speaker 2: He's on his way to Davos. Yeah, James asking will 278 00:13:13,360 --> 00:13:17,640 Speaker 2: it be the Trump sphere? We'll have to put his 279 00:13:17,720 --> 00:13:21,040 Speaker 2: name on it, right, So what do you getting phone 280 00:13:21,040 --> 00:13:24,200 Speaker 2: calls about? Because the bond market doesn't love what's happening 281 00:13:24,640 --> 00:13:27,520 Speaker 2: with all of this. The stock market well, I mean 282 00:13:27,559 --> 00:13:29,320 Speaker 2: it was coming into this at all time eyes, but 283 00:13:29,360 --> 00:13:31,000 Speaker 2: it seems to be pretty upset today too. 284 00:13:31,240 --> 00:13:31,400 Speaker 6: Well. 285 00:13:31,440 --> 00:13:33,200 Speaker 9: You know, many times in this program I said there's 286 00:13:33,200 --> 00:13:37,160 Speaker 9: three ways of implementing policy. It's regulation, legislation, and executive orders. 287 00:13:37,320 --> 00:13:38,640 Speaker 9: But there's a fourth way. And this is what the 288 00:13:38,679 --> 00:13:40,840 Speaker 9: clients are calling on is what are we getting from 289 00:13:40,880 --> 00:13:43,160 Speaker 9: the bully pulpit? What are we getting from prodescident and 290 00:13:43,200 --> 00:13:45,920 Speaker 9: Trump saying either on social media or even to a 291 00:13:45,920 --> 00:13:48,680 Speaker 9: bunch of ceo saying, I want you to do something. 292 00:13:48,679 --> 00:13:51,000 Speaker 9: Think of this credit card interest cap at ten percent 293 00:13:51,280 --> 00:13:54,480 Speaker 9: today's January twentieth, supposed to be effective today. I actually 294 00:13:54,520 --> 00:13:56,600 Speaker 9: went back and checked my credit card. It's not cap 295 00:13:56,679 --> 00:13:59,200 Speaker 9: to ten percent. So the question here is is that 296 00:13:59,240 --> 00:14:01,080 Speaker 9: a lot of these clients calling and they're saying, look, 297 00:14:01,320 --> 00:14:03,959 Speaker 9: how does the bully pulpit work for President Trump? How 298 00:14:03,960 --> 00:14:06,440 Speaker 9: does he influence policy? And you sort of get this 299 00:14:06,480 --> 00:14:10,640 Speaker 9: idea that like headline risk comes out, the stocks moved 300 00:14:10,880 --> 00:14:13,440 Speaker 9: towards the headline. Think of private equity with Blackstone when 301 00:14:13,480 --> 00:14:15,880 Speaker 9: he announced that they was going to ban corporate purchases 302 00:14:15,880 --> 00:14:19,600 Speaker 9: as single family homes. You know, Blackstone reacted to that. 303 00:14:19,720 --> 00:14:22,080 Speaker 9: It's actually a small portion of their business. It's actually 304 00:14:22,120 --> 00:14:24,800 Speaker 9: not all that important to them. But the stocks still moved. 305 00:14:25,000 --> 00:14:26,960 Speaker 9: So you have this headline risk, then you have this 306 00:14:27,040 --> 00:14:29,360 Speaker 9: analysis of what actually he means. Then you have to 307 00:14:29,360 --> 00:14:31,080 Speaker 9: try and figure out how does he use the bully 308 00:14:31,120 --> 00:14:33,720 Speaker 9: pulpit to try and change behavior because the other ways 309 00:14:33,720 --> 00:14:36,920 Speaker 9: of doing stuff legislation that doesn't happen very often, executive 310 00:14:37,000 --> 00:14:39,040 Speaker 9: orders somewhat limited or goes to the courts. 311 00:14:39,760 --> 00:14:40,720 Speaker 5: Regulation takes time. 312 00:14:40,800 --> 00:14:42,520 Speaker 6: You need to write like a Trump playbook. 313 00:14:42,920 --> 00:14:44,640 Speaker 2: I mean, for real, that's what you're talking about, right, 314 00:14:44,720 --> 00:14:46,480 Speaker 2: This is all based on the history of the last year. 315 00:14:46,600 --> 00:14:48,119 Speaker 6: Well, if we were sitting. 316 00:14:47,840 --> 00:14:49,800 Speaker 2: Here one year ago today, you probably wouldn't have answered 317 00:14:49,840 --> 00:14:50,240 Speaker 2: it like that. 318 00:14:50,360 --> 00:14:52,840 Speaker 9: Exactly. You're exactly right. And think about it. Where we 319 00:14:52,880 --> 00:14:54,560 Speaker 9: are in terms of the election. So we have the 320 00:14:54,560 --> 00:14:57,360 Speaker 9: midterms in November. By around April or May, all four 321 00:14:57,400 --> 00:14:59,240 Speaker 9: hundred thirty five members of the House and thirty three 322 00:14:59,240 --> 00:15:01,200 Speaker 9: members of the Senate, they're going to start getting itchy. 323 00:15:01,240 --> 00:15:02,320 Speaker 9: They were like, I don't want to be here in 324 00:15:02,400 --> 00:15:04,680 Speaker 9: Washington I want to go home and campaign because my 325 00:15:04,680 --> 00:15:07,880 Speaker 9: opponent is campaigning against me, So legislation dries up. So 326 00:15:07,920 --> 00:15:10,320 Speaker 9: what do presidents do in that timeframe? And what do 327 00:15:10,360 --> 00:15:12,880 Speaker 9: they do in their second portion of their second term 328 00:15:12,880 --> 00:15:16,040 Speaker 9: when they become that dreaded word lame duck? They travel, 329 00:15:16,120 --> 00:15:18,880 Speaker 9: they go international, and in President Trump's case, they use 330 00:15:18,960 --> 00:15:20,640 Speaker 9: the pulpit to try and change the policy. 331 00:15:20,720 --> 00:15:25,080 Speaker 2: Really interesting, is Davos a policy gathering or is this 332 00:15:25,440 --> 00:15:26,160 Speaker 2: a scolding? 333 00:15:26,720 --> 00:15:28,560 Speaker 6: Is this more about rhetoric or policy? 334 00:15:28,600 --> 00:15:30,480 Speaker 9: So I had this thought this morning as I was 335 00:15:30,560 --> 00:15:33,360 Speaker 9: driving in Why is President Trump delivering a speech on 336 00:15:33,440 --> 00:15:36,000 Speaker 9: affordability in Davos. 337 00:15:35,840 --> 00:15:38,680 Speaker 6: And not in front of billionaires? Yeah, so he can 338 00:15:38,720 --> 00:15:41,200 Speaker 6: scold them, call them out, you. 339 00:15:41,160 --> 00:15:43,440 Speaker 9: Know what, that could be part of the I'm just 340 00:15:43,840 --> 00:15:46,040 Speaker 9: you know, spitballing here. But like, if you're trying to 341 00:15:46,080 --> 00:15:48,640 Speaker 9: do an affordability speech in an election year, you would 342 00:15:48,680 --> 00:15:50,880 Speaker 9: think you would do it in Arizona, North Carolina, you know, 343 00:15:51,320 --> 00:15:54,760 Speaker 9: so Louisiana with you know, Senator Cassidy's you know, stuff 344 00:15:54,800 --> 00:15:55,720 Speaker 9: that's going on down there. 345 00:15:55,840 --> 00:15:57,840 Speaker 5: But it's not. He's doing it in Davos. And so 346 00:15:58,120 --> 00:15:59,000 Speaker 5: you're going to see this. 347 00:15:58,960 --> 00:16:01,400 Speaker 9: Speech tomorrow and it's most likely going to say there's 348 00:16:01,440 --> 00:16:04,880 Speaker 9: an executive order on affordability coming housing, credit card cap, 349 00:16:05,040 --> 00:16:07,000 Speaker 9: maybe the swipe fee, but a lot of it is 350 00:16:07,040 --> 00:16:09,000 Speaker 9: going to either need Congress or it's going to go 351 00:16:09,040 --> 00:16:11,120 Speaker 9: back to this idea of looking the CEOs in the 352 00:16:11,120 --> 00:16:13,520 Speaker 9: eye and saying, look, I want you to do something. 353 00:16:13,840 --> 00:16:15,520 Speaker 9: And in that credit card space, when you have a 354 00:16:15,520 --> 00:16:18,000 Speaker 9: company like Built saying look, we've already going to We're 355 00:16:18,000 --> 00:16:19,800 Speaker 9: going to put out a credit card capped at ten 356 00:16:19,840 --> 00:16:23,080 Speaker 9: percent for one year, and people start calling it trump card. 357 00:16:23,600 --> 00:16:26,280 Speaker 9: You know, other banks, other companies, they may want to 358 00:16:26,320 --> 00:16:27,680 Speaker 9: actually get in because at the end of the day, 359 00:16:27,680 --> 00:16:29,440 Speaker 9: for these corporations, they don't want. 360 00:16:29,360 --> 00:16:30,520 Speaker 5: To be in a fight with the White House. They 361 00:16:30,560 --> 00:16:31,400 Speaker 5: just want to be left alone. 362 00:16:31,440 --> 00:16:33,960 Speaker 6: Who's watching? You know, CC's asking a great question like 363 00:16:34,000 --> 00:16:34,400 Speaker 6: who are. 364 00:16:34,280 --> 00:16:38,880 Speaker 2: The are normal people who are you know, don't subscribe 365 00:16:38,920 --> 00:16:42,200 Speaker 2: to terminals, trade stocks, invest themselves in the economy every day. 366 00:16:42,240 --> 00:16:45,200 Speaker 2: Are they watching anything at Davos anyhow they see all 367 00:16:45,240 --> 00:16:47,360 Speaker 2: these you know, anchor men and women out in the 368 00:16:47,440 --> 00:16:49,560 Speaker 2: snow with big coats on what the heck are they doing? 369 00:16:49,680 --> 00:16:51,200 Speaker 6: Is this mainstream? Well? 370 00:16:51,240 --> 00:16:52,840 Speaker 9: I like to think most of the Bloomberg clients are 371 00:16:52,880 --> 00:16:54,360 Speaker 9: all watching Live Go tomorrow. 372 00:16:54,080 --> 00:16:56,520 Speaker 6: And they's at all bike right, I'm sure you know. 373 00:16:56,640 --> 00:16:58,280 Speaker 9: One of the questions we got from clients is do 374 00:16:58,400 --> 00:17:01,840 Speaker 9: voters actually care about geoplaolitical matters? And the answer is 375 00:17:01,920 --> 00:17:05,080 Speaker 9: yes to a certain extent. But affordability is going to 376 00:17:05,080 --> 00:17:07,480 Speaker 9: be the message that goes into the midterms, and affordability 377 00:17:07,520 --> 00:17:09,080 Speaker 9: is the message that we're going to be looking at 378 00:17:09,080 --> 00:17:12,040 Speaker 9: for twenty twenty six in terms of US domestic policy 379 00:17:12,359 --> 00:17:15,080 Speaker 9: and what can the president do to actually bring prices down? 380 00:17:15,359 --> 00:17:17,159 Speaker 9: You know, I was a giant over the weekend and 381 00:17:17,200 --> 00:17:19,359 Speaker 9: a bag of Doritos, a large bag of Dorito's, was 382 00:17:19,400 --> 00:17:20,760 Speaker 9: eight dollars and twenty nine cents. 383 00:17:21,280 --> 00:17:22,119 Speaker 5: You know, when you look. 384 00:17:22,000 --> 00:17:24,480 Speaker 9: At data centers and electricity prices going up for here 385 00:17:24,520 --> 00:17:27,240 Speaker 9: in the region, you know that's certainly important to watch about. 386 00:17:27,359 --> 00:17:30,000 Speaker 9: But again, from the president's standpoint, there's only so much 387 00:17:30,040 --> 00:17:34,040 Speaker 9: he can do via unilateral executive action, so it's going 388 00:17:34,080 --> 00:17:35,520 Speaker 9: to be really important to see if he can find 389 00:17:35,560 --> 00:17:37,080 Speaker 9: other methods to influence policy. 390 00:17:37,200 --> 00:17:39,359 Speaker 2: Was that the family size or the party size, This 391 00:17:39,440 --> 00:17:41,600 Speaker 2: is the party size. Party size not should be confused 392 00:17:41,640 --> 00:17:43,280 Speaker 2: with the fund size, which would be very tiny. 393 00:17:43,320 --> 00:17:45,120 Speaker 5: But my family could take down the entire bag. 394 00:17:45,400 --> 00:17:45,960 Speaker 6: No doubt. 395 00:17:46,119 --> 00:17:47,639 Speaker 2: I just don't get why is the small one the 396 00:17:47,640 --> 00:17:51,919 Speaker 2: fun one? That's just strange psychology. All this as the 397 00:17:51,920 --> 00:17:55,000 Speaker 2: House returns today and we've got less than two weeks 398 00:17:55,040 --> 00:17:57,560 Speaker 2: to a shutdown, but nobody's saying that it's a shutdown. 399 00:17:57,560 --> 00:18:00,200 Speaker 2: In fact, we've seen a whole bunch of funding. Bill's 400 00:18:00,680 --> 00:18:03,920 Speaker 2: actually get some action here. As of late yesterday, we're 401 00:18:03,920 --> 00:18:08,119 Speaker 2: trying to finalize Defense, Transportation, hud Labor, HHS, Education, and 402 00:18:08,160 --> 00:18:11,120 Speaker 2: Homeland Security, the latter of which is the most difficult 403 00:18:11,160 --> 00:18:16,639 Speaker 2: one because of concerns about language surrounding ice enforcement. Do 404 00:18:16,680 --> 00:18:19,280 Speaker 2: we get this done this way or is everyone going 405 00:18:19,359 --> 00:18:21,320 Speaker 2: to have to be pulled back into town next week 406 00:18:21,359 --> 00:18:22,520 Speaker 2: for a last minute something. 407 00:18:22,640 --> 00:18:24,679 Speaker 9: I think it's going to be close, but if there 408 00:18:24,760 --> 00:18:26,639 Speaker 9: is going to be a continuing resolution, it's going to 409 00:18:26,640 --> 00:18:27,840 Speaker 9: be a quick one. I don't think this is going 410 00:18:27,920 --> 00:18:29,640 Speaker 9: to kick it into late March or anything. I think 411 00:18:29,640 --> 00:18:31,960 Speaker 9: they're getting close. The reason being here ise have the election. 412 00:18:32,440 --> 00:18:35,399 Speaker 9: It feels very different than the pre shutdown, you know, 413 00:18:36,320 --> 00:18:38,720 Speaker 9: you know a week before we had the one last year, 414 00:18:39,160 --> 00:18:41,760 Speaker 9: and because Democrats look at the last shutdown and they said, look, 415 00:18:41,800 --> 00:18:44,680 Speaker 9: we came out of this pretty decent with independence. Let's 416 00:18:44,720 --> 00:18:47,679 Speaker 9: not upset the balance, especially as we've had success in Virginia, 417 00:18:47,720 --> 00:18:50,600 Speaker 9: New Jersey, et cetera. Republicans look at the same shutdown 418 00:18:50,600 --> 00:18:53,040 Speaker 9: and they say, look, we got to blame amongst independence. 419 00:18:53,400 --> 00:18:55,640 Speaker 9: Let's not go back to a situation like that, because 420 00:18:55,680 --> 00:18:57,760 Speaker 9: at the end of the day, you know, the midterm 421 00:18:57,840 --> 00:19:00,680 Speaker 9: is is what they're thinking about right now. The shutdown 422 00:19:00,880 --> 00:19:04,120 Speaker 9: just really doesn't play into any political strategy of why 423 00:19:04,160 --> 00:19:05,960 Speaker 9: you'd want to shut the government down. I don't see 424 00:19:05,960 --> 00:19:09,240 Speaker 9: anybody saying outside of like Senator Koons for example, you know, 425 00:19:09,320 --> 00:19:12,560 Speaker 9: there's there are some people out there you know that 426 00:19:12,840 --> 00:19:15,159 Speaker 9: you know, are trying to use this political messaging, But 427 00:19:15,200 --> 00:19:17,480 Speaker 9: amongst the rank and file on the establishment. 428 00:19:17,280 --> 00:19:19,680 Speaker 5: I really don't see that those words being thrown around. 429 00:19:19,440 --> 00:19:20,400 Speaker 6: To oh that's nice to hear. 430 00:19:20,560 --> 00:19:24,879 Speaker 2: I guess is the debate over Obamacare subsidies on ice 431 00:19:24,960 --> 00:19:25,359 Speaker 2: for now. 432 00:19:25,680 --> 00:19:27,960 Speaker 6: What happens when lawmakers come back, I. 433 00:19:27,880 --> 00:19:28,880 Speaker 5: Think it remains on ice. 434 00:19:28,920 --> 00:19:30,600 Speaker 9: You know, our colleague Dwayne Wright, you know, has been 435 00:19:30,600 --> 00:19:33,000 Speaker 9: writing about this all the time, and he still uses 436 00:19:33,000 --> 00:19:35,560 Speaker 9: words like skeptical and long odds because at the end 437 00:19:35,560 --> 00:19:37,359 Speaker 9: of the day, there are a lot of people on 438 00:19:37,400 --> 00:19:40,640 Speaker 9: the Republican side that don't want to see these subsidies continue, 439 00:19:41,040 --> 00:19:44,639 Speaker 9: and it's just extremely difficult for a solution to come together, 440 00:19:45,000 --> 00:19:47,040 Speaker 9: and that combined with an election here, I just don't 441 00:19:47,080 --> 00:19:47,760 Speaker 9: see it happening. 442 00:19:48,119 --> 00:19:49,480 Speaker 6: So sit back with us for a minute. 443 00:19:49,480 --> 00:19:50,920 Speaker 2: It's only once a week we get to sit on 444 00:19:51,000 --> 00:19:53,439 Speaker 2: the porch here with our friend Nathan, and I'm just 445 00:19:53,480 --> 00:19:56,119 Speaker 2: curious what's going through your mind. One year later, I 446 00:19:56,240 --> 00:19:58,680 Speaker 2: was sitting here in this room, sitting next to Kaylee Lines. 447 00:19:58,680 --> 00:20:01,320 Speaker 2: One year ago. Remember it was like one degree outside. 448 00:20:01,359 --> 00:20:04,199 Speaker 2: They had to move the swearing in indoors. I'm surprised 449 00:20:04,240 --> 00:20:06,960 Speaker 2: they haven't seen more archival footage of the President of 450 00:20:07,000 --> 00:20:09,200 Speaker 2: the Rotunda and Joe Biden and everybody else. 451 00:20:09,480 --> 00:20:11,040 Speaker 6: Remember they were waving at him as. 452 00:20:11,000 --> 00:20:14,720 Speaker 2: Joe Biden took off behind the Capitol and then what happened. 453 00:20:14,760 --> 00:20:17,280 Speaker 2: Your phone has been ringing for a year about so 454 00:20:17,400 --> 00:20:20,800 Speaker 2: many different crises. You went through Liberation Day, you've seen 455 00:20:20,840 --> 00:20:23,679 Speaker 2: the so called Taco trade, and the way you just 456 00:20:23,760 --> 00:20:27,920 Speaker 2: walked me through your interpretation over what's happening now suggests 457 00:20:27,960 --> 00:20:30,919 Speaker 2: that we've learned a lot in the last year. Changing 458 00:20:30,920 --> 00:20:32,879 Speaker 2: the way that you even do your business has It 459 00:20:33,000 --> 00:20:37,840 Speaker 2: changed the way people interface with you, the questions they ask, Yeah. 460 00:20:37,640 --> 00:20:42,240 Speaker 9: It's all about President Trump's social media strategy, all about 461 00:20:42,280 --> 00:20:45,800 Speaker 9: his public persona as opposed to the process. You know, 462 00:20:45,920 --> 00:20:47,920 Speaker 9: we actually thought there would be more legislation in twenty 463 00:20:47,960 --> 00:20:50,399 Speaker 9: twenty five. You know, obviously that didn't happen. We had 464 00:20:50,480 --> 00:20:54,320 Speaker 9: one big, beautiful bill and people in Washington are beginning 465 00:20:54,400 --> 00:20:56,720 Speaker 9: to utter that word that president's hate and that's called 466 00:20:56,800 --> 00:20:59,440 Speaker 9: lame duck. And you know, that's one of the things 467 00:20:59,480 --> 00:21:02,399 Speaker 9: where president cents then begin to try and influence policy 468 00:21:02,440 --> 00:21:05,199 Speaker 9: through their own persona, and President Trump has really done that. 469 00:21:05,320 --> 00:21:07,440 Speaker 9: So I think what happens here is rather than looking 470 00:21:07,480 --> 00:21:09,760 Speaker 9: at the process of how things get done. And look, 471 00:21:09,800 --> 00:21:13,400 Speaker 9: there are still deregulatory efforts. The banks in particular are 472 00:21:13,440 --> 00:21:15,680 Speaker 9: still really looking forward to this busal three end game 473 00:21:15,720 --> 00:21:18,440 Speaker 9: G subsurcharge proposals that are coming out. You're looking at 474 00:21:18,480 --> 00:21:20,840 Speaker 9: sixty billion in capital that potentially could be returned. 475 00:21:20,840 --> 00:21:22,320 Speaker 5: So deregulation is still there. 476 00:21:22,760 --> 00:21:25,400 Speaker 9: But the question now is how does President Trump influence 477 00:21:25,440 --> 00:21:28,399 Speaker 9: policy via executive order and through the bully pulpit. And 478 00:21:28,440 --> 00:21:30,840 Speaker 9: that has changed the game tremendously because no president has 479 00:21:30,840 --> 00:21:32,680 Speaker 9: acted like that in the last twenty five years. 480 00:21:32,720 --> 00:21:33,240 Speaker 6: Fascinating. 481 00:21:33,240 --> 00:21:36,520 Speaker 2: What piece of legislation were you most surprised did not 482 00:21:36,640 --> 00:21:37,240 Speaker 2: get pasted? 483 00:21:37,880 --> 00:21:40,399 Speaker 6: Clarity? Was it something altogether different? 484 00:21:40,680 --> 00:21:42,080 Speaker 9: You know, Clarity I always thought was going to be 485 00:21:42,119 --> 00:21:43,680 Speaker 9: a twenty twenty six issue. I didn't think it was 486 00:21:43,720 --> 00:21:46,120 Speaker 9: going to be twenty twenty five. I think that there 487 00:21:46,200 --> 00:21:48,399 Speaker 9: was a little bit more on the defense side that 488 00:21:48,400 --> 00:21:51,480 Speaker 9: we were, you know, Senator Graham's hundred and fifty billion 489 00:21:51,480 --> 00:21:54,200 Speaker 9: dollars that you go through a the one big beautiful bill. 490 00:21:54,960 --> 00:21:58,840 Speaker 9: But you know, going into this election, every sector had 491 00:21:58,840 --> 00:22:01,080 Speaker 9: its own small piece of legenc Yeah, right, and those 492 00:22:01,119 --> 00:22:01,679 Speaker 9: haven't passed. 493 00:22:01,720 --> 00:22:05,080 Speaker 2: Amazing, really interesting, Nathan, how chippy is the state of 494 00:22:05,080 --> 00:22:05,760 Speaker 2: the Union going to be? 495 00:22:05,800 --> 00:22:07,240 Speaker 6: We're screaming from the rafters. 496 00:22:06,960 --> 00:22:08,880 Speaker 9: This year it's going to be I'm going to steal 497 00:22:08,880 --> 00:22:10,280 Speaker 9: my Bloomberg popcorn and take it with me. 498 00:22:10,359 --> 00:22:12,600 Speaker 2: Okay, fair enough, you have odds on a shutdown. I 499 00:22:12,640 --> 00:22:15,240 Speaker 2: haven't even asked you still at thirty thirty thirty, All right, 500 00:22:15,800 --> 00:22:17,680 Speaker 2: this is the guy right here, the real thing, Nathan, 501 00:22:17,720 --> 00:22:20,600 Speaker 2: Dean Bloomberg Intelligence, Nathan, thank you. As always. We'll assemble 502 00:22:20,600 --> 00:22:23,359 Speaker 2: our political panel next. Rick and Jeanie coming in next 503 00:22:23,359 --> 00:22:25,960 Speaker 2: only on Bloomberg. Stay with us on Balance of Power. 504 00:22:25,960 --> 00:22:27,760 Speaker 2: We'll have much more coming up after this. 505 00:22:32,000 --> 00:22:35,480 Speaker 1: You're listening to the Bloomberg Balance of Power Podcast. Catch 506 00:22:35,520 --> 00:22:38,600 Speaker 1: us live weekdays at noon and five pm Eastern on 507 00:22:38,720 --> 00:22:41,960 Speaker 1: Apple Cocklay and Android Auto with the Bloomberg Business App. 508 00:22:42,000 --> 00:22:45,000 Speaker 1: You can also listen live on Amazon Alexa from our 509 00:22:45,040 --> 00:22:46,359 Speaker 1: flagship New York station. 510 00:22:46,920 --> 00:22:49,520 Speaker 6: Just say Alexa play Bloomberg eleven thirty. 511 00:22:50,920 --> 00:22:54,320 Speaker 2: You got a vix now knocking on twenty's door here. 512 00:22:54,920 --> 00:22:58,600 Speaker 2: This is not great. Gold is up, crude oil is up. 513 00:22:58,800 --> 00:23:01,000 Speaker 2: It's interesting what is getting bid because so much of 514 00:23:01,000 --> 00:23:03,320 Speaker 2: the market is lower here when you consider some of 515 00:23:03,359 --> 00:23:07,120 Speaker 2: the stories that we've been talking about recently exon mobile climbing, 516 00:23:07,440 --> 00:23:12,359 Speaker 2: micron climbing, mag seven, not so much. Won't be watching 517 00:23:12,359 --> 00:23:14,439 Speaker 2: the markets as the President speaks next hour, and of 518 00:23:14,440 --> 00:23:16,920 Speaker 2: course he's going to be talking about Warren peace right 519 00:23:16,960 --> 00:23:19,600 Speaker 2: when he comes into the Oval office. This is about Greenland, 520 00:23:19,600 --> 00:23:23,359 Speaker 2: this is about NATO, this is about national security. Not 521 00:23:23,520 --> 00:23:27,480 Speaker 2: to mention, as he told officials in Norway, the eight 522 00:23:27,560 --> 00:23:32,439 Speaker 2: Wars he managed to end. I think he said eight plus. 523 00:23:32,520 --> 00:23:36,360 Speaker 2: I'm not sure exactly what that equals. But the President's 524 00:23:36,400 --> 00:23:38,920 Speaker 2: talking about more than Greenland. Right now, you've heard about 525 00:23:38,920 --> 00:23:41,560 Speaker 2: this Board of Peace. This has to do with Gaza. 526 00:23:42,280 --> 00:23:46,919 Speaker 2: The invitations have gone out. Interesting who is invited and 527 00:23:46,960 --> 00:23:52,439 Speaker 2: who is not? Because now Emmanuel Macrone says he's not interested. 528 00:23:52,480 --> 00:23:54,600 Speaker 2: The President wants to charge a billion dollars for a 529 00:23:54,600 --> 00:23:57,840 Speaker 2: permanent role on the Board of Peace. He also invited 530 00:23:57,880 --> 00:24:01,120 Speaker 2: a guy named Vladimir Putin, who was busy bombing neighborhoods 531 00:24:01,359 --> 00:24:04,359 Speaker 2: in Kiev last night. On his way back after the 532 00:24:04,400 --> 00:24:06,239 Speaker 2: game last evening, President asked about this. 533 00:24:06,400 --> 00:24:08,080 Speaker 6: Let's listen, gi me. 534 00:24:08,600 --> 00:24:12,679 Speaker 4: President Macrong thing people not knowing the reported me, Oh, 535 00:24:12,760 --> 00:24:15,000 Speaker 4: did you say that? Well, nobody wants him because he's 536 00:24:15,000 --> 00:24:16,800 Speaker 4: going to be out of office very soon, so you 537 00:24:16,840 --> 00:24:19,600 Speaker 4: know that's all right. What I'll do is, if they 538 00:24:19,640 --> 00:24:22,919 Speaker 4: feel like Costo, I'll put a two hundred percent tariff 539 00:24:22,960 --> 00:24:25,640 Speaker 4: on his wines and champagnes and he'll join. 540 00:24:25,720 --> 00:24:30,959 Speaker 5: Feeling nice, Yes, he's one of the people. 541 00:24:31,080 --> 00:24:33,400 Speaker 4: These are the world leaders and the answers. 542 00:24:33,480 --> 00:24:36,560 Speaker 6: Yes, wait, well what about the wine. 543 00:24:36,960 --> 00:24:39,800 Speaker 2: You heard this, We got another two hundred percent tariff 544 00:24:39,840 --> 00:24:43,680 Speaker 2: on wines and champagnes, he says, Then he'll join. I'm 545 00:24:43,680 --> 00:24:46,240 Speaker 2: not sure that the President wants him to, but indeed 546 00:24:46,280 --> 00:24:50,239 Speaker 2: a permanent seat on the Board of Peace, which is 547 00:24:50,280 --> 00:24:54,560 Speaker 2: being framed as this sort of alternate to the UN 548 00:24:54,680 --> 00:24:58,600 Speaker 2: Security Council. Can I go there? We'll cost countries a 549 00:24:58,640 --> 00:25:02,000 Speaker 2: billion dollars. I can't imagine what the panel thinks about 550 00:25:02,040 --> 00:25:03,960 Speaker 2: anything that I have said so far this hour. 551 00:25:04,080 --> 00:25:04,800 Speaker 6: Let's bring them in. 552 00:25:05,040 --> 00:25:08,560 Speaker 2: Bloomberg Politics contributors Rick Davis and Jeanie Shanzo off the 553 00:25:08,680 --> 00:25:11,080 Speaker 2: Long Weekend and here. 554 00:25:11,160 --> 00:25:12,760 Speaker 6: On your radio and on YouTube. 555 00:25:12,800 --> 00:25:15,480 Speaker 2: He's our Republican strategist partner at Stone Court Capital. 556 00:25:15,520 --> 00:25:16,680 Speaker 6: Good to see you back in the USA. 557 00:25:16,840 --> 00:25:20,560 Speaker 2: Rick Genie is Democracy Visiting fellow at Harvard Kennedy School's 558 00:25:20,560 --> 00:25:24,280 Speaker 2: Ash Center. As you both have heard, likely by now, 559 00:25:24,560 --> 00:25:27,240 Speaker 2: we're going to be graced by the President in the 560 00:25:27,280 --> 00:25:30,320 Speaker 2: briefing room, which is not something that we see very often. 561 00:25:30,359 --> 00:25:33,080 Speaker 2: First Caroline Levitt said it would be a special guest. 562 00:25:33,680 --> 00:25:36,320 Speaker 2: Now we know what will be the president who has 563 00:25:36,320 --> 00:25:38,880 Speaker 2: been on attack Rick for the past three days. 564 00:25:38,920 --> 00:25:41,879 Speaker 6: What are we about to see and here, you know, 565 00:25:41,920 --> 00:25:42,920 Speaker 6: it's kind of hard to tell. 566 00:25:43,600 --> 00:25:46,560 Speaker 10: You know, sometimes when he sees the bond market react 567 00:25:46,600 --> 00:25:50,840 Speaker 10: to his policies, you know, I think about you know, 568 00:25:50,880 --> 00:25:54,520 Speaker 10: the earlier when he announced his tariffs on Liberation Day, 569 00:25:54,680 --> 00:26:00,200 Speaker 10: he came out and backed off the markets considerably. I'm 570 00:26:00,240 --> 00:26:02,879 Speaker 10: sure they're waking up today taking a look at how 571 00:26:02,880 --> 00:26:06,840 Speaker 10: the markets are reacting to this latest flurry of social 572 00:26:06,880 --> 00:26:11,480 Speaker 10: media texting that he's done and maybe wanting to do 573 00:26:11,600 --> 00:26:15,120 Speaker 10: the same approach. I mean, this is coming into Davos 574 00:26:15,160 --> 00:26:18,840 Speaker 10: hot and I doubt if there are that many people 575 00:26:19,240 --> 00:26:21,480 Speaker 10: who think this is within the West wing of the 576 00:26:21,520 --> 00:26:24,280 Speaker 10: White House who thinks this is a great way to 577 00:26:24,400 --> 00:26:28,080 Speaker 10: do the classic Donald Trump escalate to de escalate. 578 00:26:28,920 --> 00:26:32,880 Speaker 6: So maybe today is the escalation coming in. 579 00:26:32,880 --> 00:26:36,199 Speaker 2: Off the top rope in Davos, Genie. The President's going 580 00:26:36,280 --> 00:26:39,040 Speaker 2: to have quite the preamble here in the briefing room. 581 00:26:39,080 --> 00:26:40,600 Speaker 2: I mean, you know how this goes. When he starts, 582 00:26:40,720 --> 00:26:42,639 Speaker 2: usually is a good forty five minutes. Maybe it's going 583 00:26:42,680 --> 00:26:45,439 Speaker 2: to be more than that. Whether he wants to scold 584 00:26:45,440 --> 00:26:47,359 Speaker 2: the media. I do find it interesting that he is 585 00:26:47,359 --> 00:26:50,679 Speaker 2: marking his first year back in office. This is anniversary 586 00:26:50,760 --> 00:26:53,399 Speaker 2: day to day, Genie, we were all freezing and talking 587 00:26:53,440 --> 00:26:57,440 Speaker 2: about the swearing in a year ago. The president wants 588 00:26:57,520 --> 00:27:01,399 Speaker 2: to spend some time with his favorite reporters. This is 589 00:27:01,960 --> 00:27:05,480 Speaker 2: obviously a moment for him to set the agenda one 590 00:27:05,560 --> 00:27:07,480 Speaker 2: year later, What do you think he has in mind? 591 00:27:07,560 --> 00:27:09,640 Speaker 6: Is it more of what we saw in truth social. 592 00:27:10,720 --> 00:27:14,560 Speaker 11: Yeah, it's we're still all freezing, But how much has 593 00:27:14,640 --> 00:27:17,879 Speaker 11: changed in the last year. I don't know what the 594 00:27:17,920 --> 00:27:21,560 Speaker 11: president has in store. I am frightened to even imagine. 595 00:27:21,600 --> 00:27:24,360 Speaker 11: After the weekend we have had, we're on the one 596 00:27:24,440 --> 00:27:27,800 Speaker 11: year celebration and he is talking about going to war 597 00:27:28,240 --> 00:27:33,840 Speaker 11: with our closest allies. We have Europeans sending troops into Greenland. 598 00:27:33,960 --> 00:27:37,000 Speaker 8: I mean, the world has gone top fee turvy. 599 00:27:37,320 --> 00:27:40,399 Speaker 11: It's incredible, and the big winners out of this are, 600 00:27:40,440 --> 00:27:43,199 Speaker 11: of course Russia and China. You may have noted on 601 00:27:43,600 --> 00:27:48,440 Speaker 11: x that one of Putin's closest advisors, Medbeb is posting 602 00:27:48,640 --> 00:27:53,880 Speaker 11: these really celebratory ideas about how MAGA now means make. 603 00:27:53,760 --> 00:27:56,080 Speaker 8: Europe poor again, and on and on. 604 00:27:56,119 --> 00:27:59,560 Speaker 11: The Russians are going having a good laugh at the 605 00:27:59,640 --> 00:28:02,399 Speaker 11: expense of the United States and the breakup of what 606 00:28:02,480 --> 00:28:05,280 Speaker 11: they see is the breakup of NATO. Hopefully we don't 607 00:28:05,280 --> 00:28:08,359 Speaker 11: get nearly that far, but this seems to be where 608 00:28:08,359 --> 00:28:11,919 Speaker 11: we're headed. And the only one celebrating besides Trump seemed 609 00:28:11,920 --> 00:28:12,879 Speaker 11: to be the Russians. 610 00:28:14,080 --> 00:28:19,679 Speaker 2: Imagine the leader of Norway is Jonas Store. He feels 611 00:28:19,720 --> 00:28:22,440 Speaker 2: the phone buzz in his pocket and he pulls it out, 612 00:28:22,480 --> 00:28:23,320 Speaker 2: look at the phone. 613 00:28:23,440 --> 00:28:26,520 Speaker 6: No, Donald Trump, unlock the phone. 614 00:28:27,560 --> 00:28:30,280 Speaker 2: Considering your country decided not to give you the Nobel 615 00:28:30,359 --> 00:28:33,480 Speaker 2: Peace Prize for having stopped a wars plus, I no 616 00:28:33,600 --> 00:28:37,280 Speaker 2: longer feel an obligation to think purely of peace, although 617 00:28:37,320 --> 00:28:40,400 Speaker 2: it will always be prominent, but can now think about 618 00:28:40,400 --> 00:28:42,960 Speaker 2: what is good and proper for the United States of America. 619 00:28:45,200 --> 00:28:48,320 Speaker 2: How would you interpret that message? Rick, Is the invasion 620 00:28:48,360 --> 00:28:48,960 Speaker 2: set to begin? 621 00:28:50,800 --> 00:28:52,680 Speaker 10: I don't know if the invasion set to begin, but 622 00:28:52,880 --> 00:28:57,120 Speaker 10: he certainly decided that he wants to go hard into 623 00:28:57,480 --> 00:29:01,440 Speaker 10: this negotiation for Greenland. I mean, you could have written 624 00:29:01,440 --> 00:29:05,760 Speaker 10: a hundred different scenarios to make this actually worth Europe's while, 625 00:29:06,400 --> 00:29:09,680 Speaker 10: to have the US in some kind of a bargain 626 00:29:10,000 --> 00:29:17,520 Speaker 10: to give security agreements and economic assistance to Greenland, basically 627 00:29:17,640 --> 00:29:20,080 Speaker 10: getting the same thing that he wants. 628 00:29:20,080 --> 00:29:23,560 Speaker 6: In a cooperative way. But that's not the approach he's taken. 629 00:29:23,680 --> 00:29:29,280 Speaker 10: And so he's going to go to Davos with an 630 00:29:29,320 --> 00:29:33,120 Speaker 10: expectation that the Europeans are going to roll over on him, 631 00:29:33,160 --> 00:29:35,320 Speaker 10: and he's going to make him do it in the 632 00:29:35,400 --> 00:29:38,600 Speaker 10: harshest fashion right, in other words, not because he made 633 00:29:38,640 --> 00:29:41,680 Speaker 10: it worth their while, but because he crushed him into it. 634 00:29:42,320 --> 00:29:45,960 Speaker 10: And you know, we've already heard a lot of leakage 635 00:29:45,960 --> 00:29:48,160 Speaker 10: out of the White House saying, Jee, we're not exactly 636 00:29:48,200 --> 00:29:49,480 Speaker 10: sure this is the right approach. 637 00:29:49,600 --> 00:29:50,960 Speaker 6: Well, we're going to see. 638 00:29:51,840 --> 00:29:54,360 Speaker 10: And right now it doesn't sound like the Europeans are 639 00:29:54,400 --> 00:29:57,160 Speaker 10: in a deal making mood, and these kinds of threats 640 00:29:57,240 --> 00:29:59,560 Speaker 10: are probably making it worse, not better. 641 00:30:00,640 --> 00:30:04,480 Speaker 2: Great reporting on the terminal Genie as Bloomberg sezes on 642 00:30:04,560 --> 00:30:07,920 Speaker 2: the symbolism of the House of God along the illustrious 643 00:30:08,040 --> 00:30:12,960 Speaker 2: Davos Promenade. The administration has taken over a nineteenth century 644 00:30:13,040 --> 00:30:16,760 Speaker 2: church been reconsecrated for the week as a shrine to 645 00:30:16,840 --> 00:30:20,479 Speaker 2: business and politics. And on the eve of the president's arrival, 646 00:30:20,520 --> 00:30:23,800 Speaker 2: you might have seen Scott Bessont speaking to reporters on 647 00:30:23,920 --> 00:30:27,480 Speaker 2: camera right in front of the building massive banner that 648 00:30:27,680 --> 00:30:35,640 Speaker 2: hangs on USA House spelling House of God, is Trump 649 00:30:35,720 --> 00:30:36,240 Speaker 2: the God? 650 00:30:36,560 --> 00:30:41,400 Speaker 11: Genie, Oh, I think he thinks he is. And I'm 651 00:30:41,440 --> 00:30:44,040 Speaker 11: hoping those letterings are in gold, Joe or he might 652 00:30:44,080 --> 00:30:45,720 Speaker 11: not be too happy when he gets there. 653 00:30:45,920 --> 00:30:46,719 Speaker 6: It's bold arm. 654 00:30:51,000 --> 00:30:54,200 Speaker 11: It is stunning to think about the president going over there, 655 00:30:54,240 --> 00:30:57,880 Speaker 11: and you mentioned this tweet. Understand, the Finnish Prime Minister 656 00:30:58,040 --> 00:31:00,640 Speaker 11: was also on that group chat, so I can't either 657 00:31:00,680 --> 00:31:03,280 Speaker 11: one of them being on that group chat and seeing 658 00:31:03,840 --> 00:31:07,120 Speaker 11: the leader of the free world say you didn't. 659 00:31:06,840 --> 00:31:08,680 Speaker 8: Give me a prize for peace. 660 00:31:08,720 --> 00:31:12,240 Speaker 11: So I'm not sure I'm not invested in stopping killing people. 661 00:31:12,000 --> 00:31:14,920 Speaker 8: At this point. I mean, the entire thing is ridiculous. 662 00:31:14,960 --> 00:31:19,120 Speaker 11: And let's not forget the United States under current treaty 663 00:31:19,440 --> 00:31:23,200 Speaker 11: can also do everything it needs to do in Greenland. 664 00:31:23,480 --> 00:31:27,080 Speaker 8: We don't need to negotiate much at all. So that 665 00:31:27,240 --> 00:31:28,360 Speaker 8: is you know, this. 666 00:31:28,320 --> 00:31:32,560 Speaker 11: Is a ridiculous idea strategically and in every other way. 667 00:31:33,600 --> 00:31:35,880 Speaker 2: Well, we're still talking about it and it's not about 668 00:31:35,880 --> 00:31:39,040 Speaker 2: to end. He'll be on Air Force one to Davos tonight. 669 00:31:41,640 --> 00:31:44,840 Speaker 2: Thanks for listening to the Balance of Power podcast. Make 670 00:31:44,880 --> 00:31:47,840 Speaker 2: sure to subscribe if you haven't already, at Apple, Spotify, 671 00:31:47,960 --> 00:31:50,520 Speaker 2: or wherever you get your podcasts, and you can find 672 00:31:50,560 --> 00:31:53,360 Speaker 2: us live every weekday from Washington, DC at New Time 673 00:31:53,440 --> 00:31:55,560 Speaker 2: Eastern at Bloomberg dot com.