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Speaker 1: Live from our nation's cale. This budget thing is going

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Speaker 1: to do nothing space sports. I still think it's interesting

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Speaker 1: President Trump not playing his cards yet headlines policy and

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Speaker 1: politics colliding sound on with Kevin's really the insiders, the influencers,

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Speaker 1: the inside. I would rather see a congressional solution. It's

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Speaker 1: part of my DNA. The Senate map in looks a

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Speaker 1: lot different than it looked in. You really have a

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Speaker 1: divide within Team Trump. The President has to do exactly

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Speaker 1: what people seven here to do, which is to get

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Speaker 1: it done. Is he's sound on with Kevin's really on

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Speaker 1: Bloomberg one and one five seven m h D two

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Speaker 1: Boltemore pay Jan Jamie Diamond. President Donald Trump was at

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Speaker 1: the Business Roundtable in Washington earlier today, closed door meeting

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Speaker 1: where he came face to face with about a hundred CEOs.

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Speaker 1: What does it mean for trade talks and what does

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Speaker 1: it mean for the president who is launching his presidential campaign. Meanwhile,

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Speaker 1: the President also making geo political moves. He's is that

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Speaker 1: he supports Israel Israeli sovereignty over Golan. This just ahead

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Speaker 1: of Israeli Prime Minister Benjamin net and Yahoo's visit to

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Speaker 1: Washington d C Early next week and the fallout for Facebook.

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Speaker 1: They are saying that they unintentionally allowed workers at Facebook

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Speaker 1: to have the passwords of thousands of Facebook users. What

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Speaker 1: does it mean for big tech regulations. We've got an

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Speaker 1: all star panel with us for the hour. Michael Steele

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Speaker 1: a former senior advisor to Jeb Bush's presidential campaign as

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Speaker 1: well as a former press secretary to House Speaker John Bayner,

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Speaker 1: and now he's a managing director at Hamilton's Place Strategies.

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Speaker 1: Kristen Haunt is a Democratic strategist, the former Blue Dog

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Speaker 1: Coalitions communications director, and Chris and I believe now you're

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Speaker 1: at you just Rock Solutions. But before we get into

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Speaker 1: all of that, it was a wet day in Washington

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Speaker 1: for sure, rainy, overcast day, and to be candid, everybody

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Speaker 1: in the Washington Press Corps and the White House Press

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Speaker 1: Corps on full Bob Mueller Report alert. When is it

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Speaker 1: going to be finalized, When is it going to be released?

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Speaker 1: When will the White House get it? Will the public

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Speaker 1: be able to see it? All of these questions swirling

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Speaker 1: around in this Washington weather today as we continue to

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Speaker 1: wait for any type of new developments from the Bob

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Speaker 1: Mueller investigation. The President, for his part, returning yesterday from Lima, Ohio,

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Speaker 1: where he touted manufacturing jobs, returned to have more on

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Speaker 1: the economic agenda front, and he headed over across town

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Speaker 1: to in to the Washington based Business Rail Table. It's

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Speaker 1: of course chaired by Jamie Diamond, and it represents really

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Speaker 1: it's like the largest coalition of of c e o

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Speaker 1: s and businesses in the country, all of their their

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Speaker 1: Washington arm h and the President had a closed door meeting,

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Speaker 1: according to a White House official, with about in eighty

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Speaker 1: two hundred CEOs. So he's trying to keep the message

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Speaker 1: on the economy, but it comes fresh on the heels

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Speaker 1: as we've been reporting on all week of US China

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Speaker 1: trade talks and how the business community, arguably one of

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Speaker 1: the most powerful business organizations in Washington, the Business Roundtable,

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Speaker 1: has been really pressing the White House as well as

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Speaker 1: lawmakers and Republicans in particular up on Capitol Hill and

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Speaker 1: Republicans breaking with the President on this to get rid

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Speaker 1: of those tariffs on businesses and because they're saying it's

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Speaker 1: hurting supply chains here in the US with me for

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Speaker 1: the hour. Michael Steele, former senior advisor to Jeb Bush's

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Speaker 1: team presidential campaign. He's also a former spokesman to former

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Speaker 1: Speaker John Bayner. He's a managing director at Hamilton Place

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Speaker 1: Strategies and Kristin Haunt first time on the on the

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Speaker 1: show Welcome Christen. She is a Democratic strategist, the former

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Speaker 1: Blue Dog Coalitions communication director and just started at Rock

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Speaker 1: Solutions as a rocker. Are okay? Rock? I don't want to.

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Speaker 1: I don't like like rock and roll. Ron Bungine is smiling,

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Speaker 1: there's kids. There are two Kays and that's rock with

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Speaker 1: two k Okay, So okay. So the President heads over

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Speaker 1: to Jamie. Jamie Diamond and President Trump have had interesting relationship, Kristen,

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Speaker 1: to put it, to put it mildly, do you think

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Speaker 1: how do you think he was received over at the

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Speaker 1: BRT today? I mean, I don't know. Trump. Trump's got

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Speaker 1: this interesting thing to deal with where he's got the politics,

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Speaker 1: you know, where it intersects with the policy in d C. Right,

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Speaker 1: So you've got the c e o s who are

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Speaker 1: looking at the bottom lines to their companies and nadvocating

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Speaker 1: certain positions, and um, he doesn't always listen, you know,

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Speaker 1: and he wants to look like the strong man here so,

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Speaker 1: you know, I see much of the chatter in terms

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Speaker 1: of coming from the business community has been okay, President Trump,

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Speaker 1: if you're able to get some type of deal with China,

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Speaker 1: we want to see enforcement mechanisms. We want to see

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Speaker 1: how is this US trying to trade deal going to

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Speaker 1: be enforced. So the President and heads over to the

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Speaker 1: b r T today after saying yesterday before taking off

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Speaker 1: for line of Ohio that the tariffs might remain in

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Speaker 1: place to ensure that China still follows through with their

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Speaker 1: end of the bargain. So careful what your wish for,

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Speaker 1: Wall Street, because the enforcement mechanisms could actually be the tariffs.

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Speaker 1: And this is there's the President is very proud of

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Speaker 1: the strong U. S economy right now. He's proud of

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Speaker 1: a low unemployment rate. He's proud of kind of turning

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Speaker 1: around economic performance. I think the business community broadly speaking,

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Speaker 1: is very supportive of parts of what he's doing. Tax

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Speaker 1: reform was a big win for the American economy. Deregulation

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Speaker 1: is a big win for the American economy. And then

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Speaker 1: there's the bucket of things that the business community and

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Speaker 1: the President agree that they would like to get done,

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Speaker 1: but we're not seeing a lot of progress on like infrastructure,

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Speaker 1: and then finally there's these trade talks, which whether however

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Speaker 1: they wind up the uncertainty that we're seeing right now,

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Speaker 1: the questions that we're seeing right now, there's no question

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Speaker 1: that that's hurting business. Yeah, I mean, I'm going back

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Speaker 1: to the the tax. The tax. You know that that

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Speaker 1: was good for American business, to be sure, large businesses,

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Speaker 1: I'm not sure how good it was for the American economy.

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Speaker 1: And South Americans are wealthy, suburban nights. I mean, we

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Speaker 1: have an article in the Bloomberg terminal just about how

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Speaker 1: there's actually a faction of New York Republicans, for example,

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Speaker 1: who are very much against the state and local tax

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Speaker 1: deduction and how that's impacted many folks, and the president's

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Speaker 1: taking heat on that shirt and it's it's there's a

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Speaker 1: good public policy argument for that, for limiting that deduction,

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Speaker 1: saying that we don't need to have Washington subsidizing uh

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Speaker 1: an expensive state and local government. At the same time,

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Speaker 1: there's no question that it hits the bottom line of

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Speaker 1: some suburban voters in these more affluent areas. So fed

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Speaker 1: share j Powe yesterday says that he wants everybody to

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Speaker 1: be quote unquote patients in order to deal with these

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Speaker 1: ongoing economic trade winds. But I'm not sure that these

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Speaker 1: CEOs at the Business Roundtable can be patient. Actually, right

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Speaker 1: after the or just as the President was there and leaving,

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Speaker 1: they released a statement that said that they are urging

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Speaker 1: passage of U s m c A or NAFTA two

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Speaker 1: point oh. So they've got, you know, they're they're they're

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Speaker 1: feeling the heat a little bit in terms of US

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Speaker 1: China trade talks, and Secretary Manution and US Trade Representative

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Speaker 1: Bob Lightheiser are headed to China this weekend to continue

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Speaker 1: those trade talks, but they also want to see U

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Speaker 1: s m c A. So my question to you, Kristen,

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Speaker 1: is well, our Democrats gonna get on board with not

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Speaker 1: the two point oh, because you've got some in the

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Speaker 1: party who are saying that it doesn't go far enough,

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Speaker 1: it's not it's not progressive enough, and others who are saying, well,

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Speaker 1: maybe this is as good as it gets. I mean,

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Speaker 1: I think ultimately there will be the votes that are there.

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Speaker 1: But you know, trades are really interesting. It's an interesting, um,

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Speaker 1: you know, policy area because it doesn't traditionally fall down

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Speaker 1: on you know, Republican or Democratic lines, it's more regional um.

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Speaker 1: So you know, I think that you know, CEOs, this

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Speaker 1: is always the issue with business and dealing with Congress

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Speaker 1: that you know, CEOs want to move quickly, they want

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Speaker 1: to make quick decisions. You can see that. You know,

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Speaker 1: President Trump comes into office and signs eight thousand executive

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Speaker 1: order because he doesn't have the patience to deal with Congress. Um.

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Speaker 1: But that's just not the way things work here, so exactly,

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Speaker 1: And I was gonna say, the fight to pass U

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Speaker 1: s m c A is going to be a new

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Speaker 1: experience for the Trump administration. They've never moved, they have

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Speaker 1: not yet moved a major piece of legislation with a

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Speaker 1: Democratic majority in the House, and so this is I

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Speaker 1: think it's something that Nancy Pelosi would like to see done.

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Speaker 1: I think it's something that a lot of people in

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Speaker 1: Nouce Democratic Conference Caucus would like to see done as

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Speaker 1: well as the administration. But getting from here to there

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Speaker 1: is gonna be tricky. And I would just say sorry

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Speaker 1: that the the Democrats. I mean, there are a lot

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Speaker 1: of moderate Democrats who are open to working with the

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Speaker 1: President on any number of issues, including this this one

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Speaker 1: in infrastructure so don't count discount the Democrats willingness to

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Speaker 1: actually come together with the president. Meanwhile, while the presidents there,

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Speaker 1: we have a great story up on the Bloomberg terminal

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Speaker 1: by our colleague David Welch, and he's saying that GM

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Speaker 1: is plotting an electric investment that they're going to announce

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Speaker 1: on Friday. This of course comes following the Lord's Town

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Speaker 1: closure of that GM plant. And is it in Trump

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Speaker 1: really going after GM, really going after David Green of

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Speaker 1: the United Auto Workers? So really remarkable to see how

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Speaker 1: CEOs are engaging with this White House. Coming up, we

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Speaker 1: talk foreign policy, the President making a U S policy

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Speaker 1: change or says it's time for one with Israel. Plus

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Speaker 1: we get into this back and forth with President Trump

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Speaker 1: criticizing the lates great Senator John McCain panels days, Michael Steele,

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Speaker 1: former senior advisor to Jeff Bush. He's now at Hamilton

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Speaker 1: Place Strategies, and Kristen Hahn, democratic strategist and former Blue

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Speaker 1: Dog Coalition communication directors. She's at r O K. K

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Speaker 1: Rock Solutions. I'm Kevin s Really. You can download the

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Speaker 1: sound on podcast on iTunes at Bloomberg dot com, or

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Speaker 1: by downloading the Bloomberg Business app. You can also check

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Speaker 1: us out on Radio dot Com and I Heart Radio.

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Speaker 1: You're listening to Bloomberg. You're listening to sound On with

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Speaker 1: Nally on Bloomberg one one oh five point seven m

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Speaker 1: h D two bullsom. Tonight, President Trump made the decision

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Speaker 1: to recognize that that hard fought real estate, that important

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Speaker 1: place U is proper to be a sovereign part of

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Speaker 1: the State of Israel. That was Secretary of State Mike

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Speaker 1: Pompeio speaking last night about President Trump's new form policy decision.

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Speaker 1: He followed up with the tweet the President did and said, quote,

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Speaker 1: after fifty two years, it is time for the United

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Speaker 1: States to fully recognize Israel's sovereignty over the Golan Heights,

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Speaker 1: which is of critical strategic and security importance to the

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Speaker 1: State of Israel and regional stability. Now, I'm Kevin Sireli

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Speaker 1: Bloomberg Neer, his chief Washington correspondent from Bloomberg Television and Radio,

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Speaker 1: here to walk us through the geo political policy implications

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Speaker 1: of this. Michael Steele, former senior advisor to the Jeb

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Speaker 1: Bush presidential campaign. He also was a former spokesman to

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Speaker 1: the former House Speaker John Bayner. Now he's a managing

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Speaker 1: director at Hamilton's Place Strategies. And Kristin Hant is a

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Speaker 1: democratic strategist. She's the former communications director for the Blue

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Speaker 1: Dog Coalition and UH just joined r okk Rock Solutions.

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Speaker 1: So this decision, Michael Steele is is a huge win

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Speaker 1: for for Israel and and and the and and really

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Speaker 1: no other way to look at it. I mean, baby

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Speaker 1: neton Yahoo is really Prime Minister neat Yahoo. He wants this. Yeah,

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Speaker 1: this is This is a look from a policy point

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Speaker 1: of view, from a practical point of you, this is

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Speaker 1: a great decision. This is territory that is absolutely critical

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Speaker 1: to israel security. This is, in my opinion, long overdue recognition.

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Speaker 1: The thing that I worry about, though, is I want

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Speaker 1: America's relationship with his rule and our support for Israel

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Speaker 1: to be a bipartisan issue. I don't like the facts

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Speaker 1: of this alliance between the Trump administration and Prime Minister

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Speaker 1: Nat Yahoo. Looks like it is hardening Democrats against Israel.

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Speaker 1: We're seeing a wave of Democratic presidential candidates announcing today

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Speaker 1: that they will not be attending UH the APACK conference,

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Speaker 1: the American Friends of Israel Conference here in Washington and

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Speaker 1: I think that's a really bad sign for the future

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Speaker 1: of the relationship between the United States and Israel. Christen

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Speaker 1: that he makes it, he makes an interesting point. I mean,

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Speaker 1: there's no question Israel is without our most important ally

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Speaker 1: in the Middle East. I mean, and to see presidential

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Speaker 1: candidates just not attend a pack, I mean, what do

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Speaker 1: you make of all this? I think it's I agree

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Speaker 1: with Michael that you know, it's dangerous that we politicize

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Speaker 1: our relationship with Israel. Um, it's going down a bad path.

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Speaker 1: And I think, you know, they're the political atmosphere that

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Speaker 1: we're living in Washington right now and across the country

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Speaker 1: is forcing people to different sides, and we have to

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Speaker 1: be careful of that. And I think also, you know,

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Speaker 1: the the president is going to face criticism that he's politicizing.

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Speaker 1: You know, there are three weeks away from their elections

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Speaker 1: that he's interfering in. You know, their their elections. So

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Speaker 1: you know, there's there's a lot going on, there's lots

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Speaker 1: of well, there's a lot of unpack and and President

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Speaker 1: Trump has an incredibly high approval rating in Israel. And

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Speaker 1: so when you mentioned this, Chris in April nine, is

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Speaker 1: when Biby Yaho's up for re election, He's facing domestically

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Speaker 1: charges of corruption, and so to have this type of

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Speaker 1: of announcement coming from from the President of the United

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Speaker 1: States in a country where he enjoys such high popularity,

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Speaker 1: there's there's domestic Israeli political implications. And the Prime Minister

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Speaker 1: is going to be in Washington, d C. The first

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Speaker 1: half of next week on Monday and Tuesday, meeting at

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Speaker 1: the White House with President Trump with Secretary Pompeo. So

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Speaker 1: but but e quite. I mean, I wonder does President

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Speaker 1: Trump want to have this debate, Michael to your point

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Speaker 1: with Democrats. Absolutely, because I think that he believes that

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Speaker 1: support for the State of Israel becoming a part of

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Speaker 1: an issue is probably a political advantage for Republicans. I

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Speaker 1: think that politically he's probably right. I think that the

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Speaker 1: recent ker fluffle over anti Semitism among how the House

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Speaker 1: Democratic Caucus is a reminder that this can be that

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Speaker 1: support for Israel among the American people is very strong,

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Speaker 1: and politicians who crossed the State of Israel politically faced

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Speaker 1: substantial consequences for it. Yeah. I mean, this is just

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Speaker 1: another case of President Trump putting divisiveness and political rhetoric

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Speaker 1: and politicizing another issue, dividing the country where it doesn't

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Speaker 1: need to happen. Well, we're about Congressman Omar, Congresswoman Omar,

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Speaker 1: the Democrat from from Minnesota, who I mean, could could

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Speaker 1: you make the case that maybe she also divided with

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Speaker 1: her and tie Semitic tweets? Absolutely, and I'm I'm not

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Speaker 1: defending those in any way. But the president is the

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Speaker 1: president of the United States of America. I want to

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Speaker 1: play for you what Israeli Prime Minister Benjamin Yah who said, uh,

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Speaker 1: really when all of this happened, Because here's how it's

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Speaker 1: playing in Israel. President Trump has just made history. I

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Speaker 1: called him, I packed him on behalf of the people

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Speaker 1: of Israel. So, I mean, I remember when I when

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Speaker 1: when the during the President's first Center national trip, that

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Speaker 1: tour around the world, we went to Israel, I mean,

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Speaker 1: and it was it was very very you know, it

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Speaker 1: was there were there were not hiding the Prime Minister

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Speaker 1: Yahoo was not hiding that he was a welcoming President

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Speaker 1: Trump and fully fully on. Well, and this is this

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Speaker 1: is the only the latest in a series of efforts

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Speaker 1: that the administration is made to improve this relationship, to

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Speaker 1: bolster both America's relationship with the State of Israel and

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Speaker 1: Prime Minister net Yaho moving the embassy to Jerusalem, which

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Speaker 1: has been a bipart it claimed to be a bipartisan

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Speaker 1: goal of American presidents for decades, Trump actually did it.

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Speaker 1: I think that there is It is great for the

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Speaker 1: United States, the American administration, and the Israeli administration to

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Speaker 1: have such a close working relationship. What worries me is

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Speaker 1: that at some point there will be a different American

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Speaker 1: president and at some point there will be a different

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Speaker 1: Prime Minister of Israel, and I'm very worried about what

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Speaker 1: that relationship looks like then, because it is being so

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Speaker 1: personally strong between net Yahoo and Trump, and because there

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Speaker 1: is a backlash coming from Democratic Party in part because

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Speaker 1: of that. You know, you don't strike me as a pessimist.

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Speaker 1: Coming up, we talked about Facebook and all of the

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Speaker 1: big tech potential regulations for Facebook after they announced that

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Speaker 1: they inadvertently gave access to their employees thousands of users passwords,

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Speaker 1: and of course the latest on President Trump's comments about

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Speaker 1: the late great Senator John McCain. Panel stays Michael Steele

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Speaker 1: as well as Kristen Hahn. I'm Kevin Currelli. You can

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Speaker 1: download the sound on podcast on Apple iTunes, at Bloomberg

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Speaker 1: dot com, or by downloading the Bloomberg Business app. You

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Speaker 1: can also check us out on radio dot com and

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Speaker 1: I Heart Radio. You're listening to Bloomberg. You're listening to

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Speaker 1: Sound On with Kevin Surreally on Bloomberg one and one

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Speaker 1: oh five point seven of m h D two, Baltimore.

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Speaker 1: Cindy McCain just moments ago releasing a statement to a

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Speaker 1: public statement as she the widow, of course, at the

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Speaker 1: late great Senator John McCain, the Republican from Arizona, former

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Speaker 1: prisoner of war who is facing renewed political attacks from

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Speaker 1: President Trump this week, she says, uh in a in

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Speaker 1: a public statement literally just released minutes ago. Quote. If

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Speaker 1: there was a single word that mattered more to John

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Speaker 1: than any other, that word may very well have been integrity.

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Speaker 1: John strived to live each day of his life with

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Speaker 1: the utmost integrity. She goes on to say. Uh. Well,

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Speaker 1: she goes on to say that she's proud to serve

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Speaker 1: as chair of the McCain Institute for International Leadership Leadership

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Speaker 1: at Arizona State University. Uh. And she says, friends, the

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Speaker 1: legacy and record of John McCain are under attack. Through

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Speaker 1: the years, many of you heard John say a fight

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Speaker 1: not joined as a fight not enjoyed. Today, the fight

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Speaker 1: we are fighting is for John's integrity, his record, and

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Speaker 1: his leg See coming up, we're gonna talk more about

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Speaker 1: the president's attacks on the late Senator John McCain with

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Speaker 1: our panel. Kristen Han, democratic strategist, former Blue Dog Coalition

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Speaker 1: communications director now she's at Rock Solutions in Washington, d C.

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Speaker 1: And Michael Steele, former senior advisor to Jeb Bush presidential campaign.

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Speaker 1: He's also a former Press secretary to House Speaker John

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Speaker 1: Byner and managing director of Hamilton's Place Strategies. Michael, when

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Speaker 1: you hear what we'll talk about this more coming up,

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Speaker 1: but when you hear this new statement from Cindy McCain,

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Speaker 1: what do you think? Well, I think the president's continued

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Speaker 1: attacks are inexplicable and despicable. I think that there is

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Speaker 1: literally no one in or out of the Republican Party

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Speaker 1: who is supporting him in these attacks. I think that

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Speaker 1: his you know, his attacks on Senator McCain when he

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Speaker 1: was alive were distasteful, but at this point, seven months

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Speaker 1: after his passing, it's just beyond the pale, and it's

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Speaker 1: clear that he can't help himself. There's no rational reason

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Speaker 1: to do this. Uh, it can only hurt the president's

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Speaker 1: standing and distract from important issues that he wants to

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Speaker 1: be talking about, like the economy, like jobs, like foreign balls. It.

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Speaker 1: I just I don't get a Christen. I don't get

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Speaker 1: it either. Unlike Michael said, nobody's defending this. This is ridiculous.

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Speaker 1: But I think more importantly, it points to a serious

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Speaker 1: character flaw, at least in the president, if not, you know,

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Speaker 1: a disorder of some sort is his former CEO. UM

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Speaker 1: was on TV just this morning talking about the mean

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Speaker 1: streak this president has and it almost you know, comes

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Speaker 1: to the point of psychopathy, you know, being psychopathy. So

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Speaker 1: I'm not a doctor, but I mean, I mean when

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Speaker 1: you hear and even the eulogies at the at the

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Speaker 1: funeral that we covered. Uh, you know, former Vice President

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Speaker 1: Joe Biden. Senator Amy Klobachar was on presidential campaign trail

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Speaker 1: was asked about this. She actually got choked up when

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Speaker 1: she was talking about her you know, Senator became the

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Speaker 1: political maverick. All right, I mean that's really there's not

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Speaker 1: really much, and he's and he's mad that nobody's thanking

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Speaker 1: him for organizing. Every single aspect of this is distasteful

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Speaker 1: or repugnant at best. I mean, it's really just, uh,

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Speaker 1: it's the worst of the president coming out again and

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Speaker 1: again and again. President Trump says that he keeps responding

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Speaker 1: to this because he has asked about it by the

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Speaker 1: news media. I want to move on Facebook disclosing. Did

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Speaker 1: you see this about Facebook? Facebook disclosing a flaw on

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Speaker 1: its social network that made passwords of hundreds of millions

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Speaker 1: of users visible to employees. This according to a Bloomberg report,

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Speaker 1: and during a security review in January. What month is it.

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Speaker 1: We're in March and this is coming out in March.

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Speaker 1: During a security review in January, Facebook found that the

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Speaker 1: passwords were stored in a readable format I'm reading from

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Speaker 1: Bloomberg terminal against its security procedures, but that they were

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Speaker 1: never visible to anyone outside of the company. Kristen, I mean,

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Speaker 1: you've got Senator Elizabeth Warren who releases a plan she's

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Speaker 1: running for president on for the Democrats from Massachusetts, releasing

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Speaker 1: a plan to break up big tech. You know, last

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Speaker 1: week you had social media, you know, facing Google YouTube, Facebook,

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Speaker 1: Twitter for broadcasting essentially this New Zealand horrific tragedy at

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Speaker 1: those mosques. What's next? I mean, look, Facebook just can't

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Speaker 1: they need to help them. What do they need to do?

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Speaker 1: I mean the first a couple of months back, it

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Speaker 1: was the issue with the photos. The photos forgot about.

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Speaker 1: It's one thing after another. If this industry, they're lucky

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Speaker 1: that senators just i mean Senator Warner has some ideas.

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Speaker 1: There's some other you know, by person um things going on.

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Speaker 1: But like they're lucky that these the members of Congress

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Speaker 1: can't get their act together and regulate them because you

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Speaker 1: know they if they don't do something then then um,

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Speaker 1: you know they're gonna have to. Yeah, it's it is

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Speaker 1: striking that the Congressman, when you have these hearings, when

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Speaker 1: you have these when you have these discussions, there is

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Speaker 1: a fairly low level of knowledge about how these companies work,

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Speaker 1: their role in our lives in society. But besides that

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Speaker 1: of a user, um, you know, this was an internal issue.

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Speaker 1: But given the sheer scale of some of these companies, uh,

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Speaker 1: you know, with great power comes great responsibility. And I'm

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Speaker 1: sure you're going to continue to see suggestions like Senator

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Speaker 1: warrens like Senator Warners, looking at UH to increase the

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Speaker 1: regulatory burden there. How do you sorry? How do you?

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Speaker 1: How do you? How do you? Well? As are they

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Speaker 1: better of? Rourke says that he doesn't agree with Senator

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Speaker 1: Warren's plan to break them up, break up big tech,

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Speaker 1: but he says he thinks that they should be regulated

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Speaker 1: like utilities, which I think is I don't know what's

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Speaker 1: precisely that means, but it's it's we're talking policy now, beato.

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Speaker 1: So there's more than you know, he's weighing into policy.

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Speaker 1: He's he's he's definitely a former congressman of Roork is

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Speaker 1: dipping his toe in an actual policy debate, which is

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Speaker 1: a welcome change. At the same time, I don't see

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Speaker 1: how comparing these massive global cloud based companies that appear

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Speaker 1: on your everyone's mobile phone around the world to stationary

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Speaker 1: coal plants or nuclear power plants are I mean, I

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Speaker 1: guess it's a utility in the sense that I get

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Speaker 1: a great deal of utility from it. I see my

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Speaker 1: high school friends children grow up. It reminds me of

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Speaker 1: you know, I would probably forget half of the birthdays

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Speaker 1: of my friends and family if Facebook didn't remind me

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Speaker 1: every day, but I I don't. I don't really think

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Speaker 1: that former Congressman or Work has got a little more

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Speaker 1: work to do kind of teasing out this particular proposal.

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Speaker 1: I think we need to agree. And you know, and

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Speaker 1: I don't have the same criticisms as as everybody else

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Speaker 1: does about bett to this early on in the campaign. Um,

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Speaker 1: but you know, I think maybe we we need to

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Speaker 1: rethink what utilities means. I mean, this is where this is.

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Speaker 1: This is something that everybody uses it. They play a

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Speaker 1: role in our lives, and we pay for it and

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Speaker 1: we we hand over our information to them. Um. I

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Speaker 1: suggest everybody watching Netflix documentary Terms and Conditions because it's terrifying.

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Speaker 1: You know, I'm a big fan of getting Netflix. I'm

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Speaker 1: not commendations. I recommend the Fire film. That is the

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00:24:03,400 --> 00:24:05,680
Speaker 1: craziest thing coming up. We're gonna stick with some big

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00:24:05,720 --> 00:24:07,840
Speaker 1: tech and social media because I want our panel to

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00:24:07,880 --> 00:24:10,680
Speaker 1: put on how they would advise. Uh there there there

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00:24:10,720 --> 00:24:14,000
Speaker 1: their analytical cap What do you tell a CEO who's

433
00:24:14,040 --> 00:24:17,680
Speaker 1: facing these type of headline risk and policy risk as

434
00:24:17,720 --> 00:24:21,639
Speaker 1: Washington is is locked in a in a really a

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00:24:21,720 --> 00:24:25,120
Speaker 1: stair down with Silicon Valley and it's not just Democrats,

436
00:24:25,160 --> 00:24:28,959
Speaker 1: mind you. Donald Trump Jr. Has even waited on regulations

437
00:24:29,000 --> 00:24:33,120
Speaker 1: for big tech companies. Panel stays Michael Steele, Kristen Hahn.

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Speaker 1: I'm Kevin CURRELLI download this sound on podcast on Apple iTunes,

439
00:24:37,400 --> 00:24:40,520
Speaker 1: at Bloomberg dot com, or by downloading my favorite app.

440
00:24:40,600 --> 00:24:42,840
Speaker 1: It truly is the Bloomberg Business App. And you can

441
00:24:42,880 --> 00:24:45,480
Speaker 1: also find me as well as my colleagues on radio

442
00:24:45,600 --> 00:24:48,840
Speaker 1: dot com and I heart Radio. You're listening to Bloomberg.

443
00:24:53,640 --> 00:24:58,560
Speaker 1: This is sound on with Kevin's really on Bloomberg one

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00:24:58,680 --> 00:25:00,680
Speaker 1: and one oh five point seven of m h D

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00:25:00,760 --> 00:25:03,920
Speaker 1: two Baltimore. I love that song, Love Matt Kearney, one

446
00:25:03,920 --> 00:25:06,760
Speaker 1: of my all time favorite songs. It's raining in Washington,

447
00:25:06,880 --> 00:25:10,040
Speaker 1: d C. Pouring rain. Drive safe out there if you

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00:25:10,080 --> 00:25:13,480
Speaker 1: are on the roads. I'm Kevin SERELLI Bloomberg News Chief

449
00:25:13,520 --> 00:25:18,080
Speaker 1: Washington correspondent for Bloomberg Television and Bloomberg Radio. We're talking

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00:25:18,119 --> 00:25:21,880
Speaker 1: today about President Trump's trip to the Business Roundtable across town,

451
00:25:22,240 --> 00:25:26,000
Speaker 1: paging Jamie Diamond. He of course chairs the Business round Table,

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00:25:26,040 --> 00:25:29,600
Speaker 1: which is made up of the largest businesses and CEOs,

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Speaker 1: most prominent CEOs in in the country about eighty to

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00:25:33,920 --> 00:25:37,520
Speaker 1: d CEOs were at the Business Roundtable. It was closed

455
00:25:37,560 --> 00:25:41,360
Speaker 1: door meeting. They were talking about well, presumably a host

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00:25:41,400 --> 00:25:44,760
Speaker 1: of different things. Earlier today, the Business Roundtable came out

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00:25:44,760 --> 00:25:47,080
Speaker 1: with the statement that said they want to see Congress

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00:25:47,119 --> 00:25:49,840
Speaker 1: past the U. S, M c A or nap to

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00:25:49,880 --> 00:25:52,760
Speaker 1: two point oh. Now it'll be interesting to see where

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00:25:52,800 --> 00:25:56,560
Speaker 1: Democrats fall on that, because some like Senator shared Brown,

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00:25:56,720 --> 00:26:01,000
Speaker 1: a progressive from Ohio, have said that it's not nap

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00:26:01,119 --> 00:26:03,120
Speaker 1: the two point oh, but like not the one point too,

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00:26:03,560 --> 00:26:06,199
Speaker 1: and that it doesn't his words not not paraphrasing, and

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00:26:06,200 --> 00:26:09,360
Speaker 1: that it doesn't go far enough to the left Senator

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00:26:09,440 --> 00:26:13,840
Speaker 1: Sanders when you look at this through the lens Senator Sanders,

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00:26:13,880 --> 00:26:17,199
Speaker 1: Senator Warren, they also would argue that that not the

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00:26:17,200 --> 00:26:19,320
Speaker 1: two point oh is the White House is calling it

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00:26:19,359 --> 00:26:22,320
Speaker 1: doesn't go too far to the left. But trade is interesting,

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00:26:22,440 --> 00:26:24,760
Speaker 1: is our panel has pointed out, because it does cross

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00:26:25,400 --> 00:26:30,639
Speaker 1: the intersections of ideological lines. Uh. Kristen Haunt is a

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00:26:30,680 --> 00:26:33,120
Speaker 1: Democratic strategist. She's with us for the Hour, her first

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00:26:33,160 --> 00:26:36,800
Speaker 1: time on the show. Former Blue Dog Coalition communications director,

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00:26:36,880 --> 00:26:40,840
Speaker 1: now she's at Rock Solutions. And Michael Steele, former senior

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00:26:40,840 --> 00:26:45,359
Speaker 1: advisor to Jeb Bush's presidential campaign. He was also a

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00:26:45,400 --> 00:26:48,120
Speaker 1: spokesman for the former House Speaker John Bayner. Now he's

476
00:26:48,119 --> 00:26:51,919
Speaker 1: a managing director at Hamilton's Place Strategies. The trade the

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00:26:51,920 --> 00:26:55,440
Speaker 1: trade issue is is massive, huge for for businesses, and

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00:26:55,720 --> 00:26:58,160
Speaker 1: I've been really struck. I mean, it's happened a lot

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00:26:58,520 --> 00:27:01,240
Speaker 1: the intersection of Washington and Wall Street and Main Street.

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00:27:01,600 --> 00:27:03,320
Speaker 1: But really in the last two weeks when we talk

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00:27:03,359 --> 00:27:06,560
Speaker 1: about Wells Fargo, when we talk about the Business Roundtable

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00:27:06,800 --> 00:27:11,080
Speaker 1: gm UH and now big Tech once again, but through

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00:27:11,119 --> 00:27:15,480
Speaker 1: the lens of really I mean headline risk. I mean,

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00:27:15,760 --> 00:27:19,280
Speaker 1: what would you tell Michael Steele some of these CEOs,

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00:27:19,359 --> 00:27:22,280
Speaker 1: especially today, on a on a day We're Facebook, for example,

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00:27:22,320 --> 00:27:24,960
Speaker 1: we were talking about this earlier. We're Facebook announces that

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00:27:24,960 --> 00:27:28,119
Speaker 1: in January they discovered that, you know, a lot of

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00:27:28,119 --> 00:27:32,000
Speaker 1: their users, millions of their users, their passwords were reviewable

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00:27:32,040 --> 00:27:34,160
Speaker 1: by folks inside the company. Well, I think the two

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00:27:34,240 --> 00:27:36,120
Speaker 1: things that I would tell any CEO involved in any

491
00:27:36,119 --> 00:27:38,640
Speaker 1: of these situations is one, tell your story. No one's

492
00:27:38,680 --> 00:27:40,960
Speaker 1: gonna do it for you. Be aggressive about getting out

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00:27:41,000 --> 00:27:43,760
Speaker 1: there and telling your story to the American people and

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00:27:43,760 --> 00:27:46,400
Speaker 1: their elective representatives. And the second thing is don't be

495
00:27:46,560 --> 00:27:49,520
Speaker 1: don't get into a place where support or opposition to

496
00:27:49,560 --> 00:27:51,919
Speaker 1: your industry or your company is a part of an issue.

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00:27:52,119 --> 00:27:54,359
Speaker 1: I think that having friends on both sides of the island,

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00:27:54,400 --> 00:27:59,240
Speaker 1: a divided Congress and the divided Washington is absolutely critical. Yeah,

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00:27:59,320 --> 00:28:03,000
Speaker 1: I totally agree. I mean, these the as we pointed out,

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00:28:03,080 --> 00:28:05,800
Speaker 1: for these c e o s, they are always the

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00:28:05,800 --> 00:28:08,280
Speaker 1: best at working with with Congress. And now that we

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00:28:08,320 --> 00:28:10,840
Speaker 1: have a Republican Senate and the Democratic House, I mean,

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00:28:10,880 --> 00:28:12,680
Speaker 1: people can come together and get things done, and you

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00:28:12,720 --> 00:28:15,119
Speaker 1: can form alliances. I mean on the trade piece, I

505
00:28:15,119 --> 00:28:17,320
Speaker 1: think that the new Democratic Coalition is focused on that

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00:28:17,400 --> 00:28:20,240
Speaker 1: issue for for you know, over a decade, so they'll

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00:28:20,280 --> 00:28:22,320
Speaker 1: be integral to figuring out, you know, how to move

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00:28:22,320 --> 00:28:24,159
Speaker 1: forward with U S M C A. Yeah. And I

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00:28:24,160 --> 00:28:25,840
Speaker 1: think on the China issue, you've got a lot of

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00:28:25,880 --> 00:28:28,760
Speaker 1: people who would love to see a good result, would

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00:28:28,800 --> 00:28:32,400
Speaker 1: love to see concessions from China, better intellectual property protections

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00:28:32,400 --> 00:28:36,560
Speaker 1: for American companies, among other things. I just think that

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00:28:36,640 --> 00:28:38,680
Speaker 1: they don't have a lot of confidence in the President's

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00:28:38,720 --> 00:28:41,840
Speaker 1: ability to get to that deal with the Chinese, to

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00:28:41,880 --> 00:28:44,560
Speaker 1: have it enforced, to get it done fairly, and in

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00:28:44,600 --> 00:28:47,680
Speaker 1: the meantime, there's a lot of uncertainty and business disadvantages

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00:28:47,760 --> 00:28:49,720
Speaker 1: created by these sanctions that he's trying to use force

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00:28:49,760 --> 00:28:51,520
Speaker 1: them to the table. Yeah, and I think you know,

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00:28:51,800 --> 00:28:54,320
Speaker 1: you pointed out earlier this the president has not worked

520
00:28:54,320 --> 00:28:57,680
Speaker 1: with a divided Congress on anything successfully yet. So well,

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00:28:57,800 --> 00:29:01,480
Speaker 1: it's very different we had respect fully, we did we

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00:29:01,520 --> 00:29:08,000
Speaker 1: did have the criminal justice reforms bi partisan, so you know,

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00:29:08,400 --> 00:29:09,840
Speaker 1: but no, I mean, I mean, I'm not living under

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00:29:09,840 --> 00:29:12,320
Speaker 1: a rock. We live in polarizing time where no one

525
00:29:12,320 --> 00:29:16,360
Speaker 1: gets along. But you know, in terms of the trade talks,

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00:29:16,400 --> 00:29:20,920
Speaker 1: in particular, Secretary Manution US trade Representative Lightheiser, they're headed

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00:29:20,920 --> 00:29:25,520
Speaker 1: to China this week weekend rather uh and and everybody

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00:29:25,560 --> 00:29:28,680
Speaker 1: wants to know. And I'm based on my reporting and

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00:29:28,720 --> 00:29:31,440
Speaker 1: talking to sources like in this field. I'm curious for

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00:29:31,480 --> 00:29:33,760
Speaker 1: both of your takes on this. The president can't do

531
00:29:33,800 --> 00:29:35,880
Speaker 1: what he did in Vietnam with Kim Jr. I mean,

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00:29:35,920 --> 00:29:38,680
Speaker 1: he can, but I would imagine that that would be

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00:29:38,720 --> 00:29:42,080
Speaker 1: not that that would the market would just go berserk

534
00:29:42,360 --> 00:29:45,200
Speaker 1: should he walk out with President she So, I view

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00:29:45,560 --> 00:29:49,520
Speaker 1: Manution and Lighthouser going over there as a continuation of

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00:29:49,640 --> 00:29:54,240
Speaker 1: laying the groundwork or the final groundwork before a Trump

537
00:29:54,360 --> 00:29:57,520
Speaker 1: she She summit and mar Lago, right, I think that

538
00:29:57,720 --> 00:30:00,080
Speaker 1: I I would not argue that that the someone the

539
00:30:00,080 --> 00:30:02,440
Speaker 1: North Koreans went well by any stretch of the imagination.

540
00:30:03,160 --> 00:30:05,200
Speaker 1: But these are issues because of the size of the

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00:30:05,280 --> 00:30:08,520
Speaker 1: Chinese market, because of the strength of the relationship, because

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00:30:08,520 --> 00:30:12,600
Speaker 1: of the interconnectedness of global trade involving involving China in

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00:30:12,640 --> 00:30:17,440
Speaker 1: the United States. These are deep, complicated technical issues that

544
00:30:17,480 --> 00:30:20,520
Speaker 1: you really can't you know, put the two principles in

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00:30:20,520 --> 00:30:22,880
Speaker 1: a room and you know, with it with with a cocktail,

546
00:30:22,960 --> 00:30:26,040
Speaker 1: napkin and a sharpie and come up with anything useful. Yeah,

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00:30:26,080 --> 00:30:28,560
Speaker 1: I mean, I think you everybody should Tartically, the market

548
00:30:28,560 --> 00:30:30,840
Speaker 1: should feel good about the fact that they are going

549
00:30:30,960 --> 00:30:34,640
Speaker 1: over to actually have their staff level talks before putting

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00:30:34,640 --> 00:30:37,760
Speaker 1: the principles in the room together. Hopefully the president doesn't

551
00:30:37,800 --> 00:30:40,480
Speaker 1: let his ego get in the way and and and

552
00:30:40,720 --> 00:30:43,760
Speaker 1: is responsible with the use negotiations. It's just impossible to

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00:30:43,800 --> 00:30:48,000
Speaker 1: imagine that happen. You guys are so pessimistic today on

554
00:30:48,120 --> 00:30:54,200
Speaker 1: this rate. It's just a guy from Delco who's you know,

555
00:30:54,320 --> 00:30:56,360
Speaker 1: going through the news of the day and I've got

556
00:30:56,480 --> 00:30:58,960
Speaker 1: you know, Republic and a Democrat just you know, bringing

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00:30:58,960 --> 00:31:00,600
Speaker 1: me down here, I you know, and I was at

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00:31:00,600 --> 00:31:02,520
Speaker 1: the White House earlier today, by the way, because you know,

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00:31:02,600 --> 00:31:07,920
Speaker 1: everyone's waiting for this Mueller report. Yeah, but except it's like,

560
00:31:08,240 --> 00:31:10,040
Speaker 1: you know, a baby is a good thing. I mean,

561
00:31:10,080 --> 00:31:11,800
Speaker 1: here I am, and I'm like, am I gonna be

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00:31:11,880 --> 00:31:14,120
Speaker 1: near the camera when this thing finally happens? Do you

563
00:31:14,120 --> 00:31:16,000
Speaker 1: want to hear the really depressing thing, the real thing,

564
00:31:16,120 --> 00:31:18,200
Speaker 1: the part that might send you over the edge? Here? Yeah,

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00:31:18,240 --> 00:31:22,320
Speaker 1: I don't know. The report is not the end of

566
00:31:22,320 --> 00:31:25,360
Speaker 1: this report is the beginning of Let's let's go there. Okay,

567
00:31:25,400 --> 00:31:27,440
Speaker 1: So what happens? So like, let's let's let's walk through

568
00:31:27,440 --> 00:31:31,280
Speaker 1: because everyone is presuming that this is gonna come any

569
00:31:31,400 --> 00:31:33,960
Speaker 1: uh any day or we just got a headline on

570
00:31:33,960 --> 00:31:37,640
Speaker 1: the terminal or no, no we didn't, uh but but

571
00:31:38,040 --> 00:31:42,200
Speaker 1: sorry about that. Let's focus Kevin. But let's let's go

572
00:31:42,240 --> 00:31:43,960
Speaker 1: with this. So, once it does get released to the

573
00:31:44,000 --> 00:31:45,560
Speaker 1: White House, what is the next step? Does it go

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00:31:45,600 --> 00:31:48,640
Speaker 1: to the Senate Judiciary Committee. As Chairman Chuck Grassley from Iowa,

575
00:31:48,720 --> 00:31:50,040
Speaker 1: we're going to be caught up in this, you know,

576
00:31:50,080 --> 00:31:52,680
Speaker 1: based on based on the president's own comments at his

577
00:31:52,720 --> 00:31:55,720
Speaker 1: gaggle the other day. Presumably it will be released publicly

578
00:31:56,200 --> 00:32:00,719
Speaker 1: pretty quickly. I just if I'm not mistake, can it's

579
00:32:00,760 --> 00:32:03,440
Speaker 1: delivered to the Department of Justice, and then you know,

580
00:32:03,520 --> 00:32:09,040
Speaker 1: the Attorney General at his discretion. So it's so interesting

581
00:32:09,080 --> 00:32:11,959
Speaker 1: he told Congress that he would release it be as

582
00:32:11,960 --> 00:32:13,880
Speaker 1: transparent as he could within the letter of the law,

583
00:32:13,920 --> 00:32:16,800
Speaker 1: and like, what does that mean? This is so there's

584
00:32:16,840 --> 00:32:21,200
Speaker 1: there's there's legitimate concerns about revealing intelligence or law enforcement

585
00:32:21,200 --> 00:32:24,200
Speaker 1: sources or methods that have that are a part of

586
00:32:24,200 --> 00:32:27,280
Speaker 1: this report. I totally understand that, totally get it as

587
00:32:27,360 --> 00:32:30,480
Speaker 1: much as possible, though, should be public as quickly as possible,

588
00:32:30,600 --> 00:32:33,920
Speaker 1: because otherwise people are gonna start leaking portions of it

589
00:32:34,040 --> 00:32:37,200
Speaker 1: selectively that will undermine the credibility. I want to make

590
00:32:37,240 --> 00:32:41,080
Speaker 1: this as simple as possible. Bob Mueller takes the Mueller Report,

591
00:32:41,400 --> 00:32:44,600
Speaker 1: delivers it to the Department of Justice. Then what we

592
00:32:44,760 --> 00:32:48,040
Speaker 1: don't know is how long the Department of Justice is

593
00:32:48,080 --> 00:32:51,880
Speaker 1: going to take to look that over to decide if

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00:32:51,920 --> 00:32:54,800
Speaker 1: they can release it publicly. And once they do make

595
00:32:54,840 --> 00:32:58,400
Speaker 1: that decision, it's delivered I believe, to the Senate Judiciary

596
00:32:58,480 --> 00:33:01,960
Speaker 1: Committee and not to the House. The House and then

597
00:33:01,960 --> 00:33:04,760
Speaker 1: the House Intelligence. So as soon as it goes to

598
00:33:04,840 --> 00:33:09,400
Speaker 1: the Ason, as it goes to the Hill, Katie bar

599
00:33:09,480 --> 00:33:12,280
Speaker 1: the door, it will be virtually public, virtually immediately. As

600
00:33:12,280 --> 00:33:15,400
Speaker 1: soon as it goes to you know one, you know,

601
00:33:15,480 --> 00:33:18,240
Speaker 1: with what what Comy did to Hillary Clinton? You know,

602
00:33:18,280 --> 00:33:20,800
Speaker 1: do you release the information on the people who who didn't?

603
00:33:21,440 --> 00:33:24,320
Speaker 1: We gotta leave it there. I want to thank Kristen Haunt,

604
00:33:24,360 --> 00:33:28,880
Speaker 1: democratic strategist, former Blue Dog Coalition communications director. Now she's

605
00:33:28,920 --> 00:33:32,160
Speaker 1: at Rock Solutions. Tell Ronnis at High he's coming on

606
00:33:32,240 --> 00:33:35,680
Speaker 1: next week. And Michael Steele, former senior adviser to Jeb

607
00:33:35,680 --> 00:33:39,720
Speaker 1: Bush's presidential campaign, spokesman to former House Speaker John Bayner.

608
00:33:39,760 --> 00:33:43,480
Speaker 1: Now he's a managing director at Hamilton's Place Strategies. I

609
00:33:43,480 --> 00:33:44,960
Speaker 1: want to thank you both for coming on. That's it

610
00:33:45,040 --> 00:33:47,560
Speaker 1: for me. I'm Kevin CURRELLI check us out on Apple,

611
00:33:47,640 --> 00:33:49,880
Speaker 1: it Tunes, Radio, dot Com, I Heart Radio, and of

612
00:33:49,920 --> 00:34:00,840
Speaker 1: course the Bloomberg Business app. This is Bloomberg Zero