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Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us

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Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the

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Speaker 1: iHeartRadio app and the Bloomberg Business app, or listen on

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Speaker 1: demand wherever you get your podcasts.

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Speaker 2: As we all try to recover from whatever that was

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Speaker 2: last night, and Marie calls it a candidate forum, I'm

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Speaker 2: pretty sure it was a debate. Of course, didn't include

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Speaker 2: the front runner, and it seemed to be a pretty

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Speaker 2: good night for Nicki Haley. Now, as usual, we're watching

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Speaker 2: so you don't have to. And as I see the

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Speaker 2: headline on the terminal, kind of the conventional wisdom here

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Speaker 2: across Town Wall Street, Darling Haley draws rivals fire as

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Speaker 2: bid gains steam. You know you're doing well when everyone's triangulating.

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Speaker 2: And we'll get Rick and Jennie's take on this ahead.

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Speaker 2: We're also going to talk to Alan Abramowitz up front

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Speaker 2: from Emory in just a moment, but just to give

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Speaker 2: you a sense of what it was like when the

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Speaker 2: knives came out, many of them aimed at Nicki Haley.

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Speaker 2: Enter vivek Ramaswami, complete with prop.

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Speaker 3: We're talking about that transition and Nikki Heally's campaign launch

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Speaker 3: video sounded like a woke Dylan Mulvany bud lightad talking

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Speaker 3: about how she would kick in heels. At the first debate,

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Speaker 3: she said that only a woman can get this job done.

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Speaker 2: That's what she said.

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Speaker 3: After the third debate, when I criticized Ron McDaniel after

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Speaker 3: five failed years of leadership of this party and criticized

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Speaker 3: Nicki for her corrupt foreign dealings as a military contractor,

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Speaker 3: she said that I have a woman problem, Nikki.

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Speaker 2: I don't have a woman problem. You have a corruption problem.

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Speaker 2: And I think that that's where people need to know.

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Speaker 2: Nicki is corrupt.

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Speaker 3: This is a woman who will send your kids to

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Speaker 3: die so she can buy.

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Speaker 2: A bigger house, who would send your kids to die

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Speaker 2: so she can buy a bigger house. If you couldn't

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Speaker 2: hear him over the applause, it was at that moment

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Speaker 2: that the vague Ramaswami held up a piece of paper

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Speaker 2: that he scribbled with a sharpie. Nicki equals corrupt. That's

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Speaker 2: where we start our conversation with Alan Abramowitz, Professor Emeritis

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Speaker 2: at Emory University, in a voice we turn to at

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Speaker 2: times like this, professor, it's great to see you I

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Speaker 2: suspect you endured this exercise for the better part of

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Speaker 2: two hours as well. I just have to start there.

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Speaker 2: What do you think of props in a debate?

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Speaker 4: Well, I don't think it's going to be very effective,

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Speaker 4: let's put it that way. You know, I think vi

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Speaker 4: Ramaswami is just sort of reinforcing the impression that most

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Speaker 4: viewers would have already had of him, that he's extremely annoying,

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Speaker 4: uh and you know, and and that he tends to

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Speaker 4: uh put forth at a lot of conspiracy theories and so.

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Speaker 4: But it's understandable that he's attacking Nicki Haley, and it's

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Speaker 4: understandable that the other candidates would be attacking her because

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Speaker 4: she's the one who's been rising in the polls.

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Speaker 2: M hm, yeah, So that is probably a pretty good feeling, right,

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Speaker 2: She said, you guys are jealous when they asked her

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Speaker 2: about big money donors turning in her direction. Chris Christie

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Speaker 2: called Vivike Ramaswami and a notious blowhard. Among other things

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Speaker 2: last night, was that the last stand for Viveke. Where

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Speaker 2: does he make it through the early States?

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Speaker 4: You know, I don't know. It's hard for me to

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Speaker 4: imagine that he's going to be able to continue raising

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Speaker 4: money given that he's you know, he's stuck in the

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Speaker 4: low single digits in the polls both nationally and in

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Speaker 4: the early States. So you know, wouldn't surprise me too

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Speaker 4: much to see him dropping out of the race fairly soon.

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Speaker 2: Chris Christi, it's been suggested, might be considering the same.

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Speaker 2: He certainly came loaded for bear last night. He was

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Speaker 2: the only candidate I think who mentioned Donald Trump at

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Speaker 2: least more than once, and it took about twenty minutes

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Speaker 2: to get into the debate, which I'll ask you about.

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Speaker 2: He was going after vivike Ramaswami, though it was suggested earlier,

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Speaker 2: and I believe it was Lauren Tomlinson who said on

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Speaker 2: this program, amongst some others, that he may have actually

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Speaker 2: had a bit of an agreement or a deal with

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Speaker 2: nickcki Haley to try to have her back during this debate.

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Speaker 2: That seemed to emerge a couple of times.

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Speaker 5: Here.

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Speaker 2: He is, though, going after a vivid.

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Speaker 3: Okay, you say you.

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Speaker 2: Can get every debate.

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Speaker 5: You go out on the stuff and you say something,

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Speaker 5: all of us see it on video, we confront you

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Speaker 5: on the debate stage, you say you didn't say it,

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Speaker 5: and then you back away, and I want to send

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Speaker 5: you I'm.

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Speaker 2: Not done yet. Well this look.

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Speaker 5: Say something, This is just the fourth debate, the fourth

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Speaker 5: debate that you would be voted in the first twenty

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Speaker 5: minutes as the most ub notxious blow hard in America.

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Speaker 1: Shut up for her life.

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Speaker 2: There it is, Professor of Bramowitz. Was he running defense

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Speaker 2: for Nicky Haley last night?

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Speaker 4: Well, it certainly isn't her interest, I think because Ramaswami

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Speaker 4: is going after Nicki Haley. So you're seeing Chris Christy

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Speaker 4: taking on Ramaswami. Chris Christy isn't going anywhere, uh, you know,

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Speaker 4: in this in this nomination race. So it's a question of,

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Speaker 4: you know, whether Nikki Haley can consolidate the non Trump

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Speaker 4: anti Trump, non Trump whatever you want to call it,

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Speaker 4: vote quickly enough to make a respectable showing in the

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Speaker 4: early states that would allow her then you know, to continue.

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Speaker 4: I mean, so she's made some gains, but the reality

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Speaker 4: is that, you know, she's still far far behind Donald Trump.

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Speaker 4: Everyone is far far behind Donald Trump. And I don't

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Speaker 4: think anything that happened in that debate is going to

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Speaker 4: you know, change that fundamentally.

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Speaker 2: I haven't even mentioned a guy named Ronda Santis at

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Speaker 2: one time the presumptive front runner, and Professor, we know

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Speaker 2: that he's been struggling. Although a lot of folks said

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Speaker 2: it was his best performance last night. I found this

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Speaker 2: curious as they got to matters of the economy and

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Speaker 2: personal finance, the issue of inflation, which she hung around

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Speaker 2: the neck of Republicans. Here's the governor from Florida.

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Speaker 3: These Republicans in Washington have spent. It's driven your prices higher,

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Speaker 3: and it's driven your interest rates to the point where

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Speaker 3: you can't afford.

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Speaker 2: Does that argue with the greater message from the GOP.

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Speaker 4: Well, I think he's trying to make is that he's

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Speaker 4: not part of the Republican establishment, that he's challenging the

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Speaker 4: Washington establishment, you know, and so by trying to blame

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Speaker 4: Republicans as well as Democrats for excessive spending and foreignflation.

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Speaker 4: I think that's that's the argument that he's trying to make.

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Speaker 4: But whether that goes over, well, I don't know, all.

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Speaker 2: Right, Professor, how many of these for if not all

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Speaker 2: of them, will be in the race when we go

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Speaker 2: to Iowa next month.

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Speaker 4: So the question to me is whether Chris Christie is

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Speaker 4: going to drop out fairly soon and endorse Nicky Haley.

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Speaker 4: What we've already seen, there's been a movement of the

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Speaker 4: sort of non Trump kind of establishment wing of the

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Speaker 4: Republican Party to try to get behind Nicky Haley. With

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Speaker 4: with the inability of Ron DeSantis to really connect with

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Speaker 4: Republican primary voters, I think Nicki Haley is now seen

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Speaker 4: as the most viable alternative to Donald Trump. And we've

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Speaker 4: seen that with the with the Coke money now coming

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Speaker 4: in with their organization backing Nicki Haley, and so Chris

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Speaker 4: Christy does have some support, especially in New Hampshire. So

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Speaker 4: I think if he would drop out and endorse Nicki

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Speaker 4: Haley in campaign for her, that could help her somewhat

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Speaker 4: get at least closer to Donald Trump. And she desperately

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Speaker 4: needs at least a strong second place finish in Iowa

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Speaker 4: and or New Hampshire. I think New Hampshire is a

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Speaker 4: probably a little bit better bet, but one of those

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Speaker 4: two states in order to continue her campaign, you know,

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Speaker 4: beyond those early states.

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Speaker 2: It's good to see you, professor. Let's stay close as

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Speaker 2: we make our way through the cycle. Sure it joins

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Speaker 2: us from Emory University Professor Emeritus, Alan Abramowitz with a

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Speaker 2: son Bloomberg sound on. I'm Joe Matthew at Washington as

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Speaker 2: we assemble our panel. Die, I don't know what Rick

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Speaker 2: and Genie think. We'll let this breathe a little bit here,

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Speaker 2: because we've got a few more moments from the debate,

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Speaker 2: and we've also learned that there are going to be

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Speaker 2: a couple of more debates, which is something that I

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Speaker 2: believe Rick predicted here. We're gonna have one just before Iowa,

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Speaker 2: We're gonna have one the night before New Hampshire. Let's

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Speaker 2: bring him in now. Bloomberg Politics contributors Genie Shanzano, Rick Davis,

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Speaker 2: we were watching, so you didn't have to. Guys. I'll

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Speaker 2: start with sort of the obligatory question here, Rick, the

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Speaker 2: guy who was not in the room and was barely

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Speaker 2: mentioned last night other than Chris Christy, Was it another

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Speaker 2: win for Donald Trump?

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Speaker 6: Yeah, I have to say, I mean, I don't think

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Speaker 6: it's a win for Donald Trump anymore one because I

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Speaker 6: don't think anything arrested Nikki Haley's climb, and that climb

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Speaker 6: could threaten Donald Trump, especially in a place like New Hampshire.

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Speaker 6: So you know, when these debates started, he had no

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Speaker 6: threats legitimately, now he's actually got a potential threat. And

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Speaker 6: when you look back, if anything happens in New Hampshire,

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Speaker 6: like Nikki Haley's surprise victory, we know something about those

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Speaker 6: kind of things. People will analyze that his lack of

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Speaker 6: attendance at these debates opened the gate for her to

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Speaker 6: move up. So yeah, I mean, sure he didn't get

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Speaker 6: any of the mess on him last night. He was

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Speaker 6: out raising money having a good time, But I'm not

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Speaker 6: exactly sure the history is going to prove that to

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Speaker 6: be a good thing.

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Speaker 2: Before I bring in Genie Rick, we've just learned CNN's

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Speaker 2: going to host two presidential primary debates, one at Drake

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Speaker 2: and des Moines January tenth, the other will be at

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Speaker 2: Saint Anselm in New Hampshire January twenty one. You've suggested

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Speaker 2: he may actually show up to one of the do you.

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Speaker 6: Think, yeah, I mean, obviously he's going to have the

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Speaker 6: benefit of a last minute drop in. Everybody wants him

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Speaker 6: to participate. He's going to take a look at how

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Speaker 6: his caucus is going an eye and make that decision

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Speaker 6: right beforehand. And clearly, if there's anything that threatens him

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Speaker 6: in New Hampshire, they'd be crazy not to have him debate,

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Speaker 6: especially Nicki Haley. If that's what the stage looks like

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Speaker 6: then so yeah, this could be a really crazy January,

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Speaker 6: which is exactly what this election needed.

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Speaker 2: Yeah, well that's what we're in this for. I suppose Geenie,

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Speaker 2: I guess I'll ask it a little bit differently than

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Speaker 2: to Donald Trump or Nicky Haley went it last night.

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Speaker 2: What's your thought?

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Speaker 7: You know?

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Speaker 8: For those on the stage, I think it was really

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Speaker 8: hard if this was a one off. I think DeSantis

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Speaker 8: did pretty well, but it's not a one off. You know.

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Speaker 8: Nicky Haley won on the stage because she did no

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Speaker 8: harm to herself, you know. But the reality is is

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Speaker 8: that nobody is still able to compete with Donald Trump,

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Speaker 8: and that is the reality. Nor has he suffered yet,

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Speaker 8: and that's a question. Does he suffer in the future,

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Speaker 8: But he hasn't suffered yet by his decision not to

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Speaker 8: be there. So, you know, I think the reality is

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Speaker 8: this debate changed very very little as we think about

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Speaker 8: where primary voters are. And so sure, if Nicky Hayley

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Speaker 8: does better than expected in New Hampshire and Donald Trump

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Speaker 8: shows up at one of these future debates, that's going

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Speaker 8: to be important if he implodes going forward, people may

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Speaker 8: look at the fact he didn't participate, But up to

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Speaker 8: this moment, his lack of participation has done nothing to

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Speaker 8: dampen him and the polls. And that's quite frankly, where

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Speaker 8: we stand at this point.

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Speaker 2: It remarkable he's back in court today. He's talking about

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Speaker 2: being a dictator, joking about this two nights ago, and

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Speaker 2: his numbers are pretty much the best that we've seen yet.

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Speaker 5: Rick.

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Speaker 2: I want to compare and contrast a couple of moments.

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Speaker 2: Last night. Chris Christy was booed and he's getting used

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Speaker 2: to that as he went after Donald Trump. Vivek Ramaswami

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Speaker 2: was cheered when he went down the nine to eleven

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Speaker 2: conspiracy road. Look out of these play against each other.

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Speaker 2: Here's Chris Christy last night.

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Speaker 5: I want you all to kind of picture in your

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Speaker 5: mind's election day. You'll all be heading to the polls

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Speaker 5: to vote. And that's something that Donald Trump will not

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Speaker 5: be able to do because he will be convicted of

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Speaker 5: felonies before then and his right to vote will be

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Speaker 5: taken away. You know, Look, there you go, here's the

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Speaker 5: bottom line. You could go about it all you like.

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Speaker 5: And continue to deny reality. But if we deny reality

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Speaker 5: as a party, we're gonna have four more years at

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Speaker 5: Joe Biden.

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Speaker 2: It wasn't much later when Vivek Ramaswami went for it

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Speaker 2: with a multitude of conspiracies. Here, We're not just talking

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Speaker 2: January sixth, We're talking nine to eleven.

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Speaker 3: Why am I the only person on the stage at

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Speaker 3: least who can say that January sixth now does look

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Speaker 3: like it was an inside up that the government lied

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Speaker 3: to us for twenty years about Saudi Araga's involvement in

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Speaker 3: nine to eleven, That the Great Replacement theory is not

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Speaker 3: some grand right wing conspiracy theory, but a basic statement

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Speaker 3: of the Democratic Party's platform, that the twenty twenty election

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Speaker 3: was indeed stolen by big tech, that the twenty sixteen election,

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Speaker 3: the one that Trump won for sure, was also there's

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Speaker 3: more went from him by the national security establishment that

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Speaker 3: actually can't the Trump Russia.

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Speaker 2: Collusion hopes that they knew was false. So clearly he

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Speaker 2: could have kept going there. Rick Chris Christie Boode for

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Speaker 2: what he said. Vik Ramaswami cheered for what he said.

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Speaker 2: We'll have more time for this. I know we're down

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Speaker 2: to our last minute here, What does that say about

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Speaker 2: the people who were in the room last night?

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Speaker 6: Magabama? That's what you got in that Tuscaloosa auditorium. It's

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Speaker 6: well represented in Alabama, MAGA, and that's what they like.

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Speaker 6: That is like red meat to the Magabam.

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Speaker 2: It's not even QAnon. But really fascinating is you know?

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Speaker 2: As I mentioned, this isn't just jan six we're talking about,

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Speaker 2: or all the elections that we can remember. It's nine

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Speaker 2: to eleven and a lot more. Where that came from

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Speaker 2: Rick Davis and Genie Shanzano just getting warmed up on

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Speaker 2: the fastest show in politics.

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Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch the

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Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the

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Speaker 1: tune in app, Bloomberg dot Com, and the Bloomberg Business App.

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Speaker 1: You can also listen live on Amazon Alexa from our

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Speaker 1: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

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Speaker 2: I learned early in my career from one of my mentors,

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Speaker 2: Frank Barnaco, to beware the dear colleague letter and beware

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Speaker 2: writing them, because that means something and it's usually not

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Speaker 2: good When you get the email or the memo, dear colleague,

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Speaker 2: as opposed to dear Joe. And that's exactly what the

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Speaker 2: President got today from the Speaker of the House. Dear colleague,

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Speaker 2: not dear Joe. Quote. I do not intend to have

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Speaker 2: the House consider any further short term extensions, Mike Johnson writes.

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Speaker 2: The Fiscal Responsibility Act, he says, is the law of

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Speaker 2: the land, supported by over two thirds of our conference,

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Speaker 2: and it provides the framework from which we are negotiating

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Speaker 2: final outcomes. Down a little bit further here, while we

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Speaker 2: understand the very real security threats in theaters around the world,

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Speaker 2: i e. Ukraine and Israel, yesterday's failed Senate vote is

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Speaker 2: demonstrated there is no path forward on Ukraine funding without

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Speaker 2: meaningful transformative change in policy at our southern border. Recalling

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Speaker 2: around this time yesterday, President Biden sent the shot across

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Speaker 2: the bout from the White House urging the Senate to

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Speaker 2: pass his supplemental funding requests, and it went down as expected.

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Speaker 2: Failing Democratic Senator Dick Durbin called it disgraceful.

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Speaker 9: People are dying, fighting and dying in Ukraine for their freedom.

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Speaker 9: We've stood behind them every step of the way, and

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Speaker 9: to allow Congress to step away from this obligation, I

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Speaker 9: think is disgraceful.

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Speaker 2: So picking up the pieces from here is going to

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Speaker 2: be interesting. Senator Tom tillis Republican, of course, making clear

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Speaker 2: that this is not a Republican problem when it comes

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Speaker 2: to Ukraine.

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Speaker 10: Anybody who thinks that this is some game to prevent

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Speaker 10: Ukraine funding needs to speak with more Republican members. We

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Speaker 10: support a super majority of our conference supports Ukraine.

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Speaker 2: As re assemble the panel, Rick Davis and Genie Shanzano

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Speaker 2: with us for the hour. Okay, it's Joe Biden's move.

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Speaker 2: I guess here, Genie, As they're trading dear colleague letters

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Speaker 2: and messages from across town, what should be the response

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Speaker 2: from the White House. No more crs are coming?

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Speaker 1: Yeah.

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Speaker 8: I mean, first of all, I have to agree with

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Speaker 8: Dick Durbin. It is not particularly stunning, but really really shameful.

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Speaker 8: And you know, there we thought maybe the toughest thing

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Speaker 8: would be reconciling between the House and the Senate or

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Speaker 8: getting things past the House, and now it is the

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Speaker 8: Senate that is standing in its own way. So I

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Speaker 8: agree with him completely. It is shameful. I do hope

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Speaker 8: there is a path forward, but as usual, time is

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Speaker 8: running very short. Sometimes in Congress that helps, so maybe

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Speaker 8: that will help move things forward. But you know, the

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Speaker 8: idea that they are stuck on this is incredibly problematic,

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Speaker 8: and so I think the President and his team have

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Speaker 8: to do. What they've been doing is to make the

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Speaker 8: case that is in the United States best interest strategically,

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Speaker 8: security wise, and economically and so forth, to move forward

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Speaker 8: on this and to pass the supplemental bill that was submitted,

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Speaker 8: and you know, any changes they want to make too,

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Speaker 8: that go ahead. But they have got to get this

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Speaker 8: passed before the end end of the year because we

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Speaker 8: all know what's going to happen when they come back.

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Speaker 2: So where's you gut here?

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Speaker 9: Rick.

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Speaker 2: The two senators at the center of these border negotiations,

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Speaker 2: the Democrat Chris Murphy says talks installed because Republicans are

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Speaker 2: making unreasonable demands that cannot pass the Senate in the end.

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Speaker 2: Senator James Langford, speaking for Republicans, says counter proposals coming

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Speaker 2: from Democrats wouldn't make any difference. It wouldn't lower the

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Speaker 2: number of illegal border crossings. Are you feeling like we're

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Speaker 2: getting closer or moving further away?

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Speaker 6: You never can tell in the Senate until something pops out.

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Speaker 6: I would say, the best thing they got going for

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Speaker 6: us is the Christmas holidays is coming up, and that's

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Speaker 6: usually the backstop to getting things done. Look, I got

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Speaker 6: to remind everybody that Biden put into this supplemental a

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Speaker 6: border security component. So it just goes with saying that

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Speaker 6: you were going to discuss border security as a component

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Speaker 6: of funding the Ukraine, the Israel, and the Taiwan components

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Speaker 6: of that. It's a four component bill and one of

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Speaker 6: them is border security. So the fact that there is

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Speaker 6: a debate on border security shouldn't shock anybody. But like,

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Speaker 6: let's get over that debate. Let's get something that we

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Speaker 6: can agree to. Our border is porous and it's only

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Speaker 6: getting worse. And I would think Democrats, I know that

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Speaker 6: there's a limit to what they want to do, but

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Speaker 6: this is cutting against them in this election cycle, and

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Speaker 6: so they got to do something that shows more leg

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Speaker 6: on border security.

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Speaker 2: Is Chris Murphy the one who's the Democrat who should

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Speaker 2: be leading this genie. I know that he's typically involved

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Speaker 2: in negotiations. He's a prominent member of the Democratic Conference

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Speaker 2: in the Senate, but he's from Connecticut. I mean, should

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Speaker 2: the party be putting forth someone else to generate a breakthrough?

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Speaker 8: You know, I think Chris Murphy has proven it self

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Speaker 8: time and again to be a very sober thinking, reasonable guy.

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Speaker 8: We saw that on gun control, for instance, So I

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Speaker 8: do think to your point, he's respected. He is not

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Speaker 8: from a border state, so you know, somebody could raise

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Speaker 8: the question of whether, in fact he is the right

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Speaker 8: person to lead this, but as we all know, it's

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Speaker 8: not just border states who are suffering from this issue.

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Speaker 8: So I have no problem with Chris Murphy leading this.

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Speaker 8: I do think he has proven again to be a

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Speaker 8: good negotiator with Republicans. But I you know, and I

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Speaker 8: agree that Democrats and they have said that they will

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Speaker 8: move on that you know fourth point, which is a

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Speaker 8: border security, but the idea that they're going to move

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Speaker 8: as far as Republicans are insisting, I mean just moving

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Speaker 8: to the House for them a minute hr two is

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Speaker 8: simply a non starter for most Democrats. So they've got

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Speaker 8: to come to a middle ground. It is to all

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Speaker 8: of our benefit that they do. But you know, let's

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Speaker 8: just step back for minute to hold up Ukraine Israel

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Speaker 8: for a debate and movement on something that we need

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Speaker 8: but that has not been done for decades. Really is

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Speaker 8: really really difficult when you're looking at a few days

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Speaker 8: to go. So yeah, the President put it in there,

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Speaker 8: move forward as they can, but we've got to get

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Speaker 8: Ukraine done and Israel done this year. Border security we

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Speaker 8: desperately need. But again, we've been talking about this for years.

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Speaker 8: So to jump this in and to think it's going

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Speaker 8: to move forward this quickly, I think it's a high hurdle.

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Speaker 8: And you know, sure they can negotiate it out, but

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Speaker 8: in this short period of time, it's really tough, and

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Speaker 8: we are moments away from a presidential election year.

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Speaker 2: Rick, did this dear colleague letter from the Speaker of

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Speaker 2: the House just make a government shut down a lot

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Speaker 2: more likely next year?

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Speaker 6: You know, it's hard to tell. I mean you can

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Speaker 6: tell from the tone of the letter he's getting some

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Speaker 6: pushback from his own caucus whether or not they're going

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Speaker 6: to have another cr and so I think this was

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Speaker 6: a shot across his own bow to say, look, you know,

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Speaker 6: we're all going to deliver or die by these appropriations bills,

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Speaker 6: and we need to get to work and pass some

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Speaker 6: of these appropriations bills because I'm just not going to

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Speaker 6: give a green light to another cr I mean, that's

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Speaker 6: not a message for the Democrats, that's a message for Republicans,

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Speaker 6: and it's concerning that he had to send that publicly

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Speaker 6: to them.

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Speaker 2: That's fascinating. New polling numbers out as we consider this

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Speaker 2: idea of funding Israel, which is held up in all

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Speaker 2: of this Genie from the Associated Press NARC. It shows

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Speaker 2: Joe Biden's approval on specifically the handling of the Israel

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Speaker 2: Hamas crisis, conflict, war, whatever you want to call it,

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Speaker 2: is back to where it was before this all started.

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Speaker 2: On October seventh, fifty nine percent of Democrats approve of

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Speaker 2: his approach to the conflict. It fell to fifty in

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Speaker 2: November when he was being criticized heavily for civilian casualties,

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Speaker 2: and it's back to where we were in August in

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Speaker 2: this poll, in fact, it's a couple points higher. Does

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Speaker 2: the revised messaging on this have to do with the

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Speaker 2: numbers in our final moment here, Genie, or do people

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Speaker 2: just forget?

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Speaker 8: I think it's not only the messaging. I think it's

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Speaker 8: what we've seen on the ground. I mean, the pause

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Speaker 8: was a very important aspect of this, as was the

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Speaker 8: fact that they were able to get some, not all,

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Speaker 8: of the prisoners released. So it is the action I

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Speaker 8: think that people are responding to, not just the messaging,

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Speaker 8: but certainly the messaging helps, and so this is what

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Speaker 8: the President and his team were feeling good about. They

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Speaker 8: wanted that extended. Of course that didn't happen, but I

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Speaker 8: do think in this case people are looking at what

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Speaker 8: they were able to accomplish, and that is meaningful to people.

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Speaker 8: And if they are able to get another pause, I

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Speaker 8: think it will also be meaningful, but obviously much more

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Speaker 8: important for what the fate of these hostages than anything

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Speaker 8: pull wise for the President.

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Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch the

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Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the

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00:24:08,400 --> 00:24:11,760
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437
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00:24:14,760 --> 00:24:19,560
Speaker 1: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

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00:24:21,240 --> 00:24:25,680
Speaker 2: As we join hands with Kaylee Lines each day at

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00:24:25,680 --> 00:24:27,880
Speaker 2: this time. Great to see you, Kayley. I know you've

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00:24:27,920 --> 00:24:29,639
Speaker 2: been busy all day here, but you're the one actually

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00:24:29,640 --> 00:24:32,080
Speaker 2: who brought to us the Dear Colleague letter. I was

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00:24:32,160 --> 00:24:34,760
Speaker 2: lamenting last hour. I don't know what the Congressman thinks

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00:24:34,760 --> 00:24:38,280
Speaker 2: about this, but I learned early to beware the dear

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00:24:38,400 --> 00:24:42,400
Speaker 2: colleague letter. It's typically not followed by anything good, as

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00:24:42,440 --> 00:24:45,919
Speaker 2: opposed to the dear Kayley letter that you might enjoy

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00:24:46,000 --> 00:24:49,080
Speaker 2: reading when you see dear colleague. I don't know, and

448
00:24:49,160 --> 00:24:52,520
Speaker 2: in this case, you know it wasn't dear Joe. It

449
00:24:52,600 --> 00:24:55,880
Speaker 2: did show up at the White House earlier today, and

450
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Speaker 2: the message is clear, right, no more crs.

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Speaker 11: Yeah, I mean the message is number of things. First,

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00:25:01,000 --> 00:25:03,320
Speaker 11: he talks about the deal they reached with the NDAA

453
00:25:03,359 --> 00:25:06,520
Speaker 11: and the extension of Faiza until April. It looks like

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00:25:06,560 --> 00:25:08,560
Speaker 11: that's going to head to the floor next week. Then

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00:25:08,600 --> 00:25:10,119
Speaker 11: he goes on to talk about, you know, we have

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Speaker 11: a lot of other negotiations on appropriations that we need

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Speaker 11: to get through, and the quote Joe is I do

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Speaker 11: not intend to have the House consider any further short

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Speaker 11: term extension.

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Speaker 2: So no more crs, no more crs. And he's said

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00:25:24,080 --> 00:25:26,200
Speaker 2: that before, yes, you and I flipped through the archive

462
00:25:26,240 --> 00:25:28,840
Speaker 2: for a minute. This is the fourteenth of November. Speaker

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00:25:28,880 --> 00:25:30,000
Speaker 2: Mike Johnson's innovation that.

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Speaker 12: We've created this new vehicle that the Democrats initially said

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00:25:32,800 --> 00:25:35,199
Speaker 12: was so frightening, actually turns out to be something that

466
00:25:35,200 --> 00:25:36,919
Speaker 12: will change the way we do this, and so this

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00:25:37,000 --> 00:25:39,480
Speaker 12: is a very different situation. We're taking this into the

468
00:25:39,480 --> 00:25:41,520
Speaker 12: new year to finish the process and get back to

469
00:25:41,760 --> 00:25:43,720
Speaker 12: the original way that this is supposed to work. And

470
00:25:43,760 --> 00:25:46,439
Speaker 12: by the way, the House Republican Conference has committed to

471
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Speaker 12: never being in this situation again. I've done with short

472
00:25:48,760 --> 00:25:51,240
Speaker 12: term crs. We are We're resolved. So what that means

473
00:25:51,280 --> 00:25:53,040
Speaker 12: is you're going to see in the beginning of this

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00:25:53,080 --> 00:25:55,320
Speaker 12: next year we'll be walking into and gum. At the

475
00:25:55,320 --> 00:25:57,960
Speaker 12: same time, we're going to get the appropriations process running

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Speaker 12: on times it's supposed to be under law.

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Speaker 2: Okay, pretty consistent, I think, right. No more crs. Yeah,

478
00:26:04,800 --> 00:26:06,359
Speaker 2: And the idea was that there might be enough time

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00:26:06,400 --> 00:26:09,679
Speaker 2: to get spending bills together and move maybe some minibus

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00:26:10,359 --> 00:26:13,920
Speaker 2: legislation to get things funded in time for this staggered

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Speaker 2: Sierra to run it.

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Speaker 11: Yeah, in time being either January nineteenth or February second.

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Speaker 11: I thought what was interesting that Joe is that after

484
00:26:20,160 --> 00:26:21,800
Speaker 11: in this letter he writes that there will be no

485
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Speaker 11: more short term extensions, he goes on to say the

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Speaker 11: fiscal Responsibility Act is the law of the land, supported

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Speaker 11: by over two thirds of the Conference conference, and the

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Speaker 11: framework from which we are negotiating that would be the

489
00:26:32,640 --> 00:26:35,639
Speaker 11: debt sealing deal from months ago. Yes, that it seemed

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00:26:35,680 --> 00:26:37,600
Speaker 11: everyone didn't want to stick to. But now maybe we're

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00:26:37,600 --> 00:26:38,600
Speaker 11: back to sticking to it.

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Speaker 2: I get so confused. This is part of the conversation.

493
00:26:41,800 --> 00:26:44,679
Speaker 2: I shouldn't even be here, but Congressman french Hill is

494
00:26:45,200 --> 00:26:49,639
Speaker 2: joining live from Capitol Hill in the House of Representatives,

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00:26:49,800 --> 00:26:53,800
Speaker 2: the gentleman from Arkansas. It's good to see you. Congressman boy.

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00:26:53,840 --> 00:26:56,199
Speaker 2: We could have avoided a lot of trouble if we

497
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Speaker 2: had just done what was hammered out in the debt

498
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Speaker 2: sealing deal. Do you still think that on a daily basis.

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Speaker 7: More than a daily basis, maybe an hour week all day,

500
00:27:07,400 --> 00:27:12,160
Speaker 7: we burned through six months arguing that the Fiscal Responsibility

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00:27:12,200 --> 00:27:15,960
Speaker 7: Act levels negotiated by Kevin McCarthy then Speaker and Joe

502
00:27:15,960 --> 00:27:19,280
Speaker 7: Biden President somehow weren't good enough. They cut a trillion

503
00:27:19,320 --> 00:27:23,080
Speaker 7: dollars of spending, lower the baseline year over year, and

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00:27:23,119 --> 00:27:25,520
Speaker 7: have all these other reforms that we've talked about many

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00:27:25,600 --> 00:27:28,840
Speaker 7: times this year. So it's frustrating to suddenly see that

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Speaker 7: that's quote unquote the law of the land. But I'm

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00:27:31,600 --> 00:27:33,960
Speaker 7: glad to see the Speaker say that in his letter

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00:27:34,040 --> 00:27:37,679
Speaker 7: because that means that is the top line number for

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00:27:37,840 --> 00:27:41,760
Speaker 7: completing the f y twenty four appropriations bills before January

510
00:27:41,880 --> 00:27:43,439
Speaker 7: nineteenth and February second.

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Speaker 11: Okay, So does reading that it is the law of

512
00:27:46,920 --> 00:27:49,160
Speaker 11: the land reduce the odds in your mind that part

513
00:27:49,160 --> 00:27:52,000
Speaker 11: of the government will shut down after that date? Congressman,

514
00:27:53,320 --> 00:27:53,920
Speaker 11: I think it.

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00:27:53,840 --> 00:27:58,160
Speaker 7: Reduces the odds if the Senate steps up and starts

516
00:27:58,160 --> 00:28:03,400
Speaker 7: some informal negotiations on two, three or four minibuses as

517
00:28:03,400 --> 00:28:07,240
Speaker 7: you described, because that's where the House is. We don't

518
00:28:07,280 --> 00:28:10,439
Speaker 7: want one big omni. We've made that clear. We have

519
00:28:10,520 --> 00:28:16,200
Speaker 7: two different dates. We broke the two sets of appropriations

520
00:28:16,200 --> 00:28:19,280
Speaker 7: bills into two different dates to help the Senate out,

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00:28:19,359 --> 00:28:21,840
Speaker 7: to give them a little direction. But they could break

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00:28:21,880 --> 00:28:25,000
Speaker 7: it down further if they wanted to. And I hope

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00:28:25,040 --> 00:28:28,280
Speaker 7: that speeds the process to a conclusion because the biggest issue,

524
00:28:28,280 --> 00:28:30,800
Speaker 7: of course, is spending. But now the House is in

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00:28:30,840 --> 00:28:34,240
Speaker 7: a position to argue with our Senate colleagues. We want

526
00:28:34,280 --> 00:28:38,800
Speaker 7: these policies versus those policies, and that work takes time,

527
00:28:38,880 --> 00:28:40,120
Speaker 7: so they need to get after it.

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Speaker 1: Woin.

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Speaker 2: It's been suggested on the program today Congressman that the

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Speaker 2: Speaker had to send that letter as a message to

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00:28:48,720 --> 00:28:51,080
Speaker 2: his own conference because he's got a lot of worried

532
00:28:51,120 --> 00:28:53,360
Speaker 2: members on his hands. Think he might work with Democrats

533
00:28:53,760 --> 00:28:57,040
Speaker 2: do another cr got everybody all worked up and angry

534
00:28:57,080 --> 00:28:58,680
Speaker 2: again at the beginning of the new year, that it

535
00:28:58,720 --> 00:29:01,160
Speaker 2: was more for his own confrince, your conference than it

536
00:29:01,280 --> 00:29:02,920
Speaker 2: was for the White House. What do you think will

537
00:29:02,960 --> 00:29:04,000
Speaker 2: this calm some minds?

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Speaker 7: Well, certainly give some clarity. You know, just a little

539
00:29:08,480 --> 00:29:12,280
Speaker 7: over a week ago, the House Freedom Caucus, led by

540
00:29:12,280 --> 00:29:16,120
Speaker 7: Scott Perry of Pennsylvania, voted or announced that they as

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00:29:16,160 --> 00:29:19,960
Speaker 7: a group supported those Physical Responsibility Act levels. This is

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Speaker 7: what we've had trouble with all year. It's what calls

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00:29:23,080 --> 00:29:28,080
Speaker 7: Kevin McCarthy his loss of his Speaker's chair. So the

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00:29:28,120 --> 00:29:30,880
Speaker 7: bottom line is we've known this for several days now,

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00:29:31,000 --> 00:29:33,120
Speaker 7: but this is the first time that the Speaker has

546
00:29:33,120 --> 00:29:36,800
Speaker 7: said that those FRA levels are in fact the level

547
00:29:36,840 --> 00:29:40,440
Speaker 7: for the Appropriations bill. So, you know, let's get going.

548
00:29:40,560 --> 00:29:43,840
Speaker 7: It's what I would say, we've debated this for six

549
00:29:43,920 --> 00:29:46,960
Speaker 7: months now. Fully, we know every intimate detail in these

550
00:29:47,000 --> 00:29:49,480
Speaker 7: appropriations bills, let's bring them to a conclusion.

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Speaker 11: Well, Congressman, speaking of conclusions, it's not just the appropriations

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00:29:55,400 --> 00:29:58,200
Speaker 11: bills that were addressed in Speaker Johnson's letter. There is

553
00:29:58,240 --> 00:30:00,760
Speaker 11: also the matter of supplemental Secure Already funding. We of

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00:30:00,800 --> 00:30:03,520
Speaker 11: course saw that quote unquote test vote failing in the

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00:30:03,520 --> 00:30:06,720
Speaker 11: Senate today. The Speaker pointed to that, saying it demonstrated

556
00:30:06,720 --> 00:30:09,560
Speaker 11: there is no path forward on Ukraine funding without meaningful

557
00:30:09,640 --> 00:30:13,360
Speaker 11: transformative change in policy at our southern border. Congressman, how

558
00:30:13,400 --> 00:30:16,320
Speaker 11: do you think this gets solved, that these two issues

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00:30:16,400 --> 00:30:18,920
Speaker 11: ultimately are reconciled, and is there any chance that it

560
00:30:19,000 --> 00:30:20,240
Speaker 11: happens next week?

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00:30:22,800 --> 00:30:26,120
Speaker 7: Well, in my personal view, I think it's possible, but

562
00:30:26,280 --> 00:30:29,160
Speaker 7: a low probability event that it gets done next week.

563
00:30:29,200 --> 00:30:31,720
Speaker 7: But I want to emphasize that it is possible. That

564
00:30:31,840 --> 00:30:35,600
Speaker 7: test vote in the Senate was important. House Republicans, under

565
00:30:35,600 --> 00:30:39,280
Speaker 7: both Speaker McCarthy and Speaker Johnson, have made clear since

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Speaker 7: September that we think serious policy reform on the border

567
00:30:44,600 --> 00:30:49,240
Speaker 7: is critical. The President's supplemental appropriation only supported more money

568
00:30:50,040 --> 00:30:53,560
Speaker 7: for things related to the border. House Republicans, and now

569
00:30:53,720 --> 00:30:58,200
Speaker 7: you see Senate Republicans want actually policy reforms in addition

570
00:30:58,240 --> 00:31:00,760
Speaker 7: to kind of any kind of spending now, and I

571
00:31:00,800 --> 00:31:04,240
Speaker 7: think it will be linked to the Ukraine supplemental. In

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Speaker 7: the meantime, the Committee's Intelligence Committee, Foreign Affairs Committee, House

573
00:31:08,520 --> 00:31:12,520
Speaker 7: Armed Services Committees and others have been parsing and meeting

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00:31:12,600 --> 00:31:15,280
Speaker 7: with the Office of Management and Budget and their colleagues

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00:31:15,400 --> 00:31:19,440
Speaker 7: on the President's request, so that work has continued to pace,

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00:31:20,240 --> 00:31:22,880
Speaker 7: and both have spen it in the House. But as

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Speaker 7: in my view, I think it's not a high probability

578
00:31:26,440 --> 00:31:29,680
Speaker 7: event next week, but could be possible if leadership on

579
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Speaker 7: both sides of the capital gets serious.

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Speaker 2: That'd be a big deal. Kaylee emerged, Congressman. We've had

581
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Speaker 2: a bit of a conversation going with you in the

582
00:31:38,600 --> 00:31:42,440
Speaker 2: past few weeks about Faiza seven two and the renewal

583
00:31:43,280 --> 00:31:48,680
Speaker 2: of this warrantless spying program that is focused on bad

584
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Speaker 2: actors abroad but frequently scoops up communications with Americans, which

585
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Speaker 2: is what makes it controversial. You've been pushing for its renewal.

586
00:31:58,800 --> 00:32:00,719
Speaker 2: It appears there isn't agree now and you can tell

587
00:32:00,800 --> 00:32:02,120
Speaker 2: us about it. I'm sure, because I think you were

588
00:32:02,160 --> 00:32:04,520
Speaker 2: part of it for a short term extension to bring

589
00:32:04,520 --> 00:32:06,400
Speaker 2: it to April. It would be part of You've got

590
00:32:06,440 --> 00:32:10,360
Speaker 2: a vehicle. Now the NDAA will it move forward in

591
00:32:10,400 --> 00:32:14,760
Speaker 2: its current form or will there be privacy protections added

592
00:32:14,760 --> 00:32:16,320
Speaker 2: to it? Congressman, what does it look like?

593
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Speaker 7: Well, in the NDAA, the only provision is to not

594
00:32:21,520 --> 00:32:25,640
Speaker 7: let section seven oh two, which is the surveillance of

595
00:32:25,880 --> 00:32:32,560
Speaker 7: foreign nationals using data from big data companies like our

596
00:32:32,640 --> 00:32:36,840
Speaker 7: telecommunications companies. That's what I did not want to see

597
00:32:36,880 --> 00:32:41,200
Speaker 7: expire at twelve thirty one. With that said, the important

598
00:32:41,320 --> 00:32:43,960
Speaker 7: work that's being done in the House Judiciary Committee and

599
00:32:43,960 --> 00:32:48,640
Speaker 7: House Intelligence Committee is a complete reform of the Foreign

600
00:32:48,680 --> 00:32:53,560
Speaker 7: Intelligence Surveillance Act, the Foreign Intelligence Surveillance Court, and the

601
00:32:53,680 --> 00:32:56,760
Speaker 7: process used by the FBI. All this as being I

602
00:32:56,800 --> 00:33:01,600
Speaker 7: would use the word radically improved and formed in light

603
00:33:01,640 --> 00:33:04,920
Speaker 7: of the catastrophic behavior by the FBI in and around

604
00:33:05,640 --> 00:33:10,160
Speaker 7: Hillary Clinton and Donald Trump's campaign, the Carter Page matter,

605
00:33:10,240 --> 00:33:13,400
Speaker 7: and everything that people really are very well aware of,

606
00:33:13,560 --> 00:33:18,320
Speaker 7: including FBI agents querying members of Congress and using seven

607
00:33:18,400 --> 00:33:24,800
Speaker 7: oh two surveillance authority on Americans without following the existing rules. So, Joe,

608
00:33:24,880 --> 00:33:27,440
Speaker 7: this is a major change. I want to see these

609
00:33:27,480 --> 00:33:31,520
Speaker 7: reforms passed as well. If we can do that next week,

610
00:33:31,560 --> 00:33:34,080
Speaker 7: which we're going to try to in the House. That

611
00:33:34,120 --> 00:33:38,040
Speaker 7: would be good to get both the reforms and the

612
00:33:38,200 --> 00:33:40,640
Speaker 7: extension of seven oh two. I think that would please

613
00:33:40,760 --> 00:33:44,520
Speaker 7: members of Congress mightily and would be better than a

614
00:33:44,560 --> 00:33:48,320
Speaker 7: simple extension of seven oh two until April. That's contained

615
00:33:48,320 --> 00:33:51,440
Speaker 7: in the National Defense Authorization Bill.

616
00:33:51,560 --> 00:33:55,160
Speaker 11: Yeah, until April nineteenth. So if the reforms don't happen

617
00:33:55,240 --> 00:33:57,880
Speaker 11: by that date, Congressman, would we then be looking at

618
00:33:57,920 --> 00:34:02,240
Speaker 11: a FISA expiration that actually happens, if not December thirty first,

619
00:34:02,240 --> 00:34:03,600
Speaker 11: but then in April.

620
00:34:04,880 --> 00:34:05,080
Speaker 1: Yeah.

621
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Speaker 7: Look, Kaylee, this is so important. I don't think you

622
00:34:07,320 --> 00:34:13,200
Speaker 7: want to be debating something this technical and this important

623
00:34:13,280 --> 00:34:15,839
Speaker 7: during a presidential election year. I mean, this is why

624
00:34:15,840 --> 00:34:20,440
Speaker 7: I've been urging the House Intelligence and Judiciary Committees to

625
00:34:20,480 --> 00:34:22,480
Speaker 7: get with the Speaker and get a plan to get

626
00:34:22,520 --> 00:34:26,759
Speaker 7: these reforms approved by Congress. We have by cameraal that

627
00:34:26,840 --> 00:34:31,880
Speaker 7: means the House and Senate bipartisan Democrats and Republicans support

628
00:34:32,200 --> 00:34:36,400
Speaker 7: the House Intelligence version of these reforms, which contains the

629
00:34:36,520 --> 00:34:40,080
Speaker 7: Judiciary Committee input. But we actually have a by cameral

630
00:34:40,120 --> 00:34:42,440
Speaker 7: bill and a bipartisan bill that if it gets put

631
00:34:42,480 --> 00:34:44,759
Speaker 7: on the floor, I think it will pass, and it

632
00:34:44,800 --> 00:34:48,440
Speaker 7: has all the protections that we've talked about, plus the

633
00:34:48,520 --> 00:34:52,120
Speaker 7: continued use of seven oh two against foreigners who are

634
00:34:52,160 --> 00:34:55,960
Speaker 7: trying to traffic people or drugs across the Southwest border,

635
00:34:56,480 --> 00:35:00,400
Speaker 7: or hide hostages in Gaza, or attack military operation or

636
00:35:00,440 --> 00:35:04,480
Speaker 7: American interest around the world. So it's an important surveillance tool.

637
00:35:05,080 --> 00:35:07,399
Speaker 7: I think it's possible we'd get this done next week

638
00:35:07,440 --> 00:35:09,480
Speaker 7: and then we wouldn't have to worry about the April

639
00:35:09,560 --> 00:35:12,320
Speaker 7: nineteenth date in the NDAA.

640
00:35:13,400 --> 00:35:16,280
Speaker 2: Spending time with Congressman french Hill, the Republican from Arkansas,

641
00:35:16,719 --> 00:35:19,279
Speaker 2: with us on Bloomberg sound on headline just crossed from

642
00:35:19,320 --> 00:35:23,160
Speaker 2: Politico Congressman House Panel. This would be education to launch

643
00:35:23,200 --> 00:35:28,600
Speaker 2: a probe into Harvard mit Penn after those three school

644
00:35:28,640 --> 00:35:34,839
Speaker 2: presidents were I guess well, it was testimony, but one

645
00:35:34,880 --> 00:35:37,680
Speaker 2: that outraged people around the country. We were talking about it

646
00:35:37,680 --> 00:35:40,480
Speaker 2: a bit earlier. When it comes to anti Semitism on campus,

647
00:35:40,520 --> 00:35:42,120
Speaker 2: is that a probe that you support?

648
00:35:43,800 --> 00:35:47,400
Speaker 7: Look, I support tolerance on college campuses. When I was

649
00:35:47,440 --> 00:35:51,320
Speaker 7: in college, we had on our campus people from Omar Bradley,

650
00:35:51,360 --> 00:35:54,920
Speaker 7: the famous World War two general, to Stokely Carmichael, and

651
00:35:55,000 --> 00:35:59,360
Speaker 7: we didn't have problems people treated different voices on campus

652
00:35:59,440 --> 00:36:03,960
Speaker 7: with a reception. There might be protesters, but they were heard,

653
00:36:04,560 --> 00:36:06,600
Speaker 7: they were heard, and there was balance in that. And

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00:36:06,600 --> 00:36:08,440
Speaker 7: that's what we need on campus. That we don't need

655
00:36:08,480 --> 00:36:12,840
Speaker 7: people supporting radical philosophies on campus and have the cover

656
00:36:13,120 --> 00:36:16,680
Speaker 7: of the campus administration. That makes no sense. I love

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00:36:16,719 --> 00:36:19,520
Speaker 7: the approach that the University of Chicago has and my

658
00:36:19,640 --> 00:36:23,279
Speaker 7: alma mater, Vanderbilt have. There is no safe space. We

659
00:36:23,320 --> 00:36:26,239
Speaker 7: support the First Amendment on our campuses, and we tolerate

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00:36:26,440 --> 00:36:30,200
Speaker 7: different viewpoints on our campuses. This has just become a

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00:36:30,239 --> 00:36:33,760
Speaker 7: mob scene on some campuses and it's alarming to people,

662
00:36:34,440 --> 00:36:36,920
Speaker 7: in addition to the hate speech that it contains.

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00:36:37,400 --> 00:36:41,520
Speaker 11: Yeah. Well, while that hearing with those presidents, as Joe

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00:36:41,600 --> 00:36:43,839
Speaker 11: was referring to, got a lot of attention earlier this week,

665
00:36:43,880 --> 00:36:46,799
Speaker 11: so too did a hearing yesterday Congressman of all the

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00:36:46,800 --> 00:36:49,800
Speaker 11: big bank CEOs, and I will want to call attention

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00:36:49,840 --> 00:36:53,040
Speaker 11: in particular to one interaction that happened between Democratic Senator

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00:36:53,040 --> 00:36:58,200
Speaker 11: Elizabeth Warren of Massachusetts and JP Morgan's CEO, Jamie Dimond.

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00:36:58,200 --> 00:36:59,960
Speaker 11: It was on the subject of crypto, which I know

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00:37:00,040 --> 00:37:02,320
Speaker 11: I was the chair of the Digital Asset Subcommittee you

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00:37:02,360 --> 00:37:04,320
Speaker 11: care very much about. Here's that exchange.

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00:37:04,480 --> 00:37:07,800
Speaker 13: I've always been deeply opposed to crypto, bitcoin, et cetera.

673
00:37:08,160 --> 00:37:10,359
Speaker 13: You pointed out the going true use case for it

674
00:37:10,440 --> 00:37:14,600
Speaker 13: is criminals, drug traffickers, anti money learning, tax avoidance, and

675
00:37:14,640 --> 00:37:18,000
Speaker 13: that is a use case because it is somewhat anonymous,

676
00:37:18,000 --> 00:37:21,359
Speaker 13: not fully, and because you can move money instantaneously because

677
00:37:21,360 --> 00:37:24,040
Speaker 13: it doesn't go through As you mentioned, all these systems

678
00:37:24,040 --> 00:37:27,200
Speaker 13: are built up over many years. You know your customer sanctions.

679
00:37:27,239 --> 00:37:30,520
Speaker 13: O fact, it didn't get bypassed all of that. If

680
00:37:30,560 --> 00:37:32,200
Speaker 13: I was the government's I close it down.

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00:37:33,640 --> 00:37:35,920
Speaker 11: Congressman, we only have thirty seconds left, but I have

682
00:37:36,000 --> 00:37:38,120
Speaker 11: to get your response to mister Diamond's words.

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00:37:39,880 --> 00:37:42,680
Speaker 7: Well, I welcome Jamie visiting with me so that I

684
00:37:42,760 --> 00:37:46,279
Speaker 7: can inform him about how Congress has created a regulatory

685
00:37:46,360 --> 00:37:50,560
Speaker 7: framework that resolves every issue he raised, both in the

686
00:37:50,600 --> 00:37:54,799
Speaker 7: stable coin legislation offered by Patrick McHenry and the bill

687
00:37:54,840 --> 00:37:57,840
Speaker 7: that Gt. Thompson of Pennsylvania and I have written that

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00:37:57,960 --> 00:38:01,400
Speaker 7: directs the SEC, the Bank Regular and the CFTC, the

689
00:38:01,400 --> 00:38:06,520
Speaker 7: Commodities Future Trading Commission exactly how to regulate and protect consumers, investors,

690
00:38:06,560 --> 00:38:11,800
Speaker 7: and innovators in and around digital assets, including bitcoin and crypto.

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Speaker 6: Good to be with you than to help.

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00:38:14,680 --> 00:38:14,879
Speaker 8: Yeah.

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Speaker 2: Thanks nicely done, Congressman. If we could attend that meeting,

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00:38:17,560 --> 00:38:20,520
Speaker 2: we'd love to. We'll follow up with your office after that.

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00:38:25,160 --> 00:38:27,440
Speaker 2: Thanks for listening to the Sound On podcast. Make sure

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00:38:27,480 --> 00:38:30,320
Speaker 2: to subscribe if you haven't already, at Apple, Spotify, and

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00:38:30,400 --> 00:38:32,960
Speaker 2: anywhere else you get your podcasts, and you can find

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00:38:33,040 --> 00:38:36,080
Speaker 2: us live every weekday from Washington, DC at one pm

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00:38:36,160 --> 00:38:39,760
Speaker 2: Eastern Time at Bloomberg dot com