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Speaker 1: Why from our nation's came this budget thing is going

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Speaker 1: to do nothing spaceports. I still think it's interesting President

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Speaker 1: Trump not playing his cards yet. Headlines Policy and politics

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Speaker 1: colliding Floomberg Sound On, the insidings, the influencers, the insides.

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Speaker 1: I would rather see a congressional solution. It's part of

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Speaker 1: my DNA. The Senate map in looks a lot different

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Speaker 1: than it looked in. You really have a divide within

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Speaker 1: Team Trump. The present has to do exactly what people

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Speaker 1: sent him here to do, which is to get it done.

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Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg

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Speaker 1: and one oh five point seven h D two. Now

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Speaker 1: that's Friday, folks. Who's ready for game time? But before

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Speaker 1: we get to World Series Baseball, lots of policy and

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Speaker 1: politics to get through national deficit trillion dollars. We're going

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Speaker 1: to crunch the numbers on that. Bambins here Bloomberg Political

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Speaker 1: Financial Regulatory Reporter. Meanwhile, SMP five closes near a record high.

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Speaker 1: Who cares about the deficit? I guess? And the latest

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Speaker 1: on the impeachment inquiry another hearing for tomorrow. This, as

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Speaker 1: reports surface at the Department of Justice is actually gonna

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Speaker 1: be looking into the cause of the two thousand sixteen investigation. Oh,

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Speaker 1: buckle up, folks, it's gonna be a busy Friday. Uh,

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Speaker 1: all stars to help us to get here. Bembaine. Ryan C.

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Speaker 1: Beckwith of Bloomberg and McClatchy News is very own. Francesca

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Speaker 1: Chambers making her McClatchy debut on sound On. Of course

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Speaker 1: she's been on before. Before we get to that, Ben Bain,

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Speaker 1: did you see this headline? I know you didn't. We're

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Speaker 1: crunching the numbers on it all day. The US annual

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Speaker 1: budget deficit nears one trillion dollars. It's a hard number

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Speaker 1: to miss. And and you know, speaking about Ryan's article, Uh,

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Speaker 1: it's also being forecast to cross that I guess bigger, bigger,

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Speaker 1: bigger one trillion number sometime next year, right before that

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Speaker 1: presidential election. And Elizabeth Warren has a lot of things

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Speaker 1: that she wants to do, a lot of programs she

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Speaker 1: wants to put in place, a lot of questions about

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Speaker 1: how she's gonna gonna pay for that all and uh,

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Speaker 1: and it's becoming a political issue too, certainly for the Republicans,

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Speaker 1: because that tax package is going to cost one point

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Speaker 1: five trillion dollars over the next decade. Accord, It's like,

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Speaker 1: where are the deficit hawks? Everybody? I mean, I'm I'm

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Speaker 1: on enough to remember back when Republicans would when hammer

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Speaker 1: Democrats Francesca Chambers over the notion of too much government spending.

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Speaker 1: The US budget deficit wide into almost one trillion dollars

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Speaker 1: in the latest fiscal years, surging to the highest level

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Speaker 1: since two thousand and twelve. As President Donald Trump Trump

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Speaker 1: cut taxes and boosted spending. This, of course, I'm reading

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Speaker 1: from the Bloomberg terminal. Kadia Dmitrieva's reporting the federal government's

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Speaker 1: gap get this increased twenty six percent. It's a nine

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Speaker 1: hundred and eighty four billion dollars in the twelve months

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Speaker 1: through September. I mean, Francesca. This comes as the president

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Speaker 1: had campaigned on the notion of of reigning in government spending.

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Speaker 1: Now he has said, the White House has said that

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Speaker 1: economic growth is going to help offset some of this.

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Speaker 1: He's also made the case that the tariffs that he's

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Speaker 1: put in place are a source of revenue for the government.

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Speaker 1: But I mean, politically speaking, this won't play well. Will

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Speaker 1: you ask her? The deficit hawks are and one of

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Speaker 1: them is in the White House. That's mcmulvaney. I mean,

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Speaker 1: constant question and he and he says, well, you know,

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Speaker 1: it is one thing when you're in Congress to to

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Speaker 1: run on this. But here's the actuality of the situation.

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Speaker 1: And the actuality of the situation is that Donald Trump

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Speaker 1: has boosted military spending, as he likes to say, but

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Speaker 1: that comes at a pretty hefty price, even if you're

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Speaker 1: cutting social programs uh and domestic programs, or at least

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Speaker 1: saying that you you want to do that, because Congress

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Speaker 1: actually gets to make those decisions, not the president of

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Speaker 1: the United States. The military spending is a large portion

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Speaker 1: of of the budget deficit. And uh, but when it

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Speaker 1: comes down to it, we're talking about the president it

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Speaker 1: when he ran on it. The president gets to send

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Speaker 1: Congress a budget, right. Congress gets to decide, and they're

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Speaker 1: not going to make the kind of cuts that Donald

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Speaker 1: Trump has asked them to make, you know, right, I

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Speaker 1: mean to Francesca Ben's points, I mean this is look,

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Speaker 1: I know I'm gonna I don't want people if you're

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Speaker 1: driving in your cars, you know, hold on, I don't

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Speaker 1: want to I don't want to cause any access but

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Speaker 1: like I think the the ultimate reality is, with the

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Speaker 1: exception of a couple of active, politically active groups that

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Speaker 1: really do care about budget deficits, most voters aren't really

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Speaker 1: you know, maybe at the Conservative Party in a primary,

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Speaker 1: but most voters right now aren't focused on the deficit.

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Speaker 1: I think that voters talk about the deficit and the debt,

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Speaker 1: but they use it as a proxy. Um. If you

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Speaker 1: if you are talking about the debt or the deficit

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Speaker 1: as a voter, it's probably because you're conservative and Democrats

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Speaker 1: have proposed a spending program that you don't like. Um,

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Speaker 1: it's equally that you could You could cut the you

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Speaker 1: don't have to just cut spending. You could also raise taxes,

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Speaker 1: you could grow the economy. There's lots of different ways

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Speaker 1: to fight this. We tend to talk about deficit hawks

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Speaker 1: as being people who just want to cut spending, but

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Speaker 1: that's just because it's used as a proxy for that.

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Speaker 1: And that's why when a Republican is in power, that

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Speaker 1: doesn't really it just doesn't come up. And and no

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Speaker 1: think tank people and and you know Pete Peterson Foundation types,

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Speaker 1: no one is actually sort of actively running on actually

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Speaker 1: raining this in. You know, it's a great point. You know,

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Speaker 1: who else isn't really blinking wall st the SMP five

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Speaker 1: and that's briefly surpassed. It's closing record amid positive signs

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Speaker 1: on trade talks as investors assessed corporate earnings. And there

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Speaker 1: again they're moving more on the US China trade talks

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Speaker 1: and the talks with Treasury Secretary Stephen Manusian and US

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Speaker 1: Trade Representative Light Heizer with Chinese Vices Premier. They talked

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Speaker 1: on the phone, So that phone call on the trade

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Speaker 1: talks matters a bit more than the budget deficit panel stays.

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Speaker 1: Coming up, we pivot to twenty twenty policy, Ryan t

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Speaker 1: Back with Francesca Chambers Ben Baine. Download the Bloomberg Sound

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

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Speaker 1: by downloading Bloomberg Business App. You can also find us

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Speaker 1: on Radio dot Com, I Heart Radio, and Spotify. I'm

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Speaker 1: Kevin Cirelli rooting for the Gnats all weekend long. You're

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Speaker 1: listening to Bloomberg. This is Bloomberg Sound On with Kevin

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Speaker 1: Shirley on Bloomberg and one oh five point seven f

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Speaker 1: M h D two Almost Game Time folks. Ryan t

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Speaker 1: back with this here Bloomberg's very own as his Bloomberg's

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Speaker 1: very own Ben Bain and mcclatchy's Francesca Chambers. Where I'm

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Speaker 1: Kevin Cirelli, Chief Washington correspondent from Bloomberg TV and Bloomberg Radio.

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Speaker 1: Where can I get a Baby Shark hat? I think

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Speaker 1: I need one for this weekend where they selling them

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Speaker 1: to either of You know, if you have children, you

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Speaker 1: don't want anything to do with Babe Shark anymore than

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Speaker 1: you already have. Really, see, I don't. I don't of kids,

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Speaker 1: so I don't know. But apparently it's a song. It's

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Speaker 1: I mean, it's always been a song. It just became

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Speaker 1: a thing earlier this year. And then the Nats go

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Speaker 1: out to it, and then that they're all getting these hats.

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Speaker 1: But where do you get the hat anywhere? Or I mean,

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Speaker 1: I guess I don't have I guess I'm not technically

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Speaker 1: the democraphic for the for the baby shot. If you

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Speaker 1: just went and wandered around the street, somebody would sell

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Speaker 1: you one from the back of the kids. Oh yeah,

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Speaker 1: too much, Baby Shark. It's been it's like the Let

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Speaker 1: It Go. That's the first couple of times you're like, oh,

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Speaker 1: this is catchy, and then you're like, I will murder

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Speaker 1: the person who wrote this song. Okay, well no threats

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Speaker 1: on air, No, no, no, I I don't think the

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Speaker 1: person who wrote this song is around anymore. So did

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Speaker 1: you see this? Did you see this that jose Andress

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Speaker 1: is going to be throwing the ceremonial first pitch on

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Speaker 1: Sunday's game and President Trump is going to be there.

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Speaker 1: Bed Yeah, So, I mean I think all the Nats

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Speaker 1: fans are hoping it doesn't get to that point because

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Speaker 1: that would be Game five. That means the Nats lose

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Speaker 1: before then. However, if it does get there, yeah, I

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Speaker 1: mean it's it's kind of interesting. President United States is

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Speaker 1: going to show up, but one of his really loudest

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Speaker 1: critics here in the Bellway is going to be tossing

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Speaker 1: out the first pitch and a person with whom he

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Speaker 1: had a falling out at the Trump he was Josian

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Speaker 1: Andreas was going to have a restaurant in the Trump

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Speaker 1: hotel and then when the election came they he pulled

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Speaker 1: out of that. They sued each other's. Yeah, Josi Andres

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Speaker 1: is is uh, you know, a naturalized citizen. A lot

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Speaker 1: of the you know, the kind of the fighting here

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Speaker 1: is has really come down to the Trump administration's immigration policies.

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Speaker 1: I mean that's kind of been been the main you know,

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Speaker 1: fall line politics. Can't even escape it with a baseball

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Speaker 1: game or if you're an NBA fan, We've been following

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Speaker 1: that saga. Speaking of the Trump Hotel, Francesca Chambers, did

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Speaker 1: you follow this that the Trump organization is exploring the

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Speaker 1: sale of its Washington hotel, the Trump Trump Hotel. The

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Speaker 1: Trump organization is exploring a sale of its Washington hotel,

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Speaker 1: which has drawn criticism lawsuits over potential conflicts of interest.

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Speaker 1: The hotel could fetch more than five hundred and twenty

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Speaker 1: million dollars, according to a person familiar with the effort,

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Speaker 1: who asked not to be named because the matter is private.

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Speaker 1: This according to Bloomberg's Jillian Todd and Patrick Clark, they're

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Speaker 1: gonna sell it. Well. That shows a lot of confidence

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Speaker 1: with the president in terms of whether he thinks he's

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Speaker 1: going to get reelected or not, because at this point,

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Speaker 1: right while even look into the sale of something that

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Speaker 1: if you were to theoretically lose next year, right, he's

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Speaker 1: going to go back to running his business. So the

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Speaker 1: timing is quite interesting and it either signals confidence or

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Speaker 1: potentially something else of them. Under a warrant presidency, that

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Speaker 1: the Trump Hotel would lose a ton of business because

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Speaker 1: it would just be anathema. So this might be trying

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Speaker 1: to sell high to cut your losses in case he

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Speaker 1: doesn't win. Yeah, I mean, well, well, I will say

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Speaker 1: so if you you look at the President's properties in

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Speaker 1: Florida parted, the reason that an anal has said that

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Speaker 1: they're losing money is because negative association with the things

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Speaker 1: that Donald Trump has said as president. So potentially if

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Speaker 1: he were president and weren't saying and doing some of

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Speaker 1: those policies, perhaps the properties wouldn't be losing so much money.

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Speaker 1: But the Trump Hotels in DC, and the only reason

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Speaker 1: why it's doing well, well, I was just I mean

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Speaker 1: also the you know, the Trump Hotel and those concerns

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Speaker 1: over foreign dignitaries going there. You know, a moluments issues

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Speaker 1: that I've been raised in numerous lawsuits. Those are still

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Speaker 1: hanging out there. And you know, the Trump organization has

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Speaker 1: been successful so far, but there's a lot of political

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Speaker 1: heat from coming from a lot of different directions right now.

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Speaker 1: Selling the hotel, perhaps could lessen that, you know, I don't.

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Speaker 1: I've always liked Cafe Bellatto. I think Trump hotells interesting.

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Speaker 1: But to get a really good Italian meal this time,

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Speaker 1: you gotta go to Latto. Uh. Switching gears, ahmad can

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Speaker 1: I can never say this amalgumens clause. Speaking of which,

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Speaker 1: one of the congressmen who has been all over that issue,

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Speaker 1: Congressman John Gara, Monday, he's going to check in with

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Speaker 1: us on Monday. Be sure to look out for that interview. Impeachment, folks, impeachment, impeachment. Uh,

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Speaker 1: you really can't look away tomorrow. There's going to be

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Speaker 1: another hearing. Francesco, What can you tell us about the

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Speaker 1: latest on the impeachment inquiry versus the Department of Justice

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Speaker 1: now reportedly opening up an investigation into the origins of

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Speaker 1: the investigation of Did I get that right? Yeah? It's

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Speaker 1: ramping up, is what I would say about that. And

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Speaker 1: I do think to the point that you're making about

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Speaker 1: the monuments clause in the hotel as well, that's that

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Speaker 1: is something that's also ramping up now as a result

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Speaker 1: of the durral G seven situation. Because the president already

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Speaker 1: case is now going to argue, and so on several fronts,

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Speaker 1: from the White House front, from the president's personal legal front,

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Speaker 1: from his business front. He's now under intense fire. So

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Speaker 1: the White House is now looking at setting up a

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Speaker 1: war room for him. That's something that we've something they've heard. No,

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Speaker 1: not Steve Bannon necessarily, it's something we've heard they've been

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Speaker 1: thinking about doing for a long time. But now they're

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Speaker 1: looking at Tony sag to potentially be a spokesperson for

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Speaker 1: that Treasury Am Bondi, Yes, he wrote he left Treasury earlier,

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Speaker 1: Tony saying he was the guy that did all the

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Speaker 1: cobs for the tax for the tax plan that's about Treasury.

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Speaker 1: He was replaced by Monica Crowley. Go ahead, yes, so left,

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Speaker 1: I went back to New York. They want to bring

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Speaker 1: him back. Jared Kushner is someone who very much like

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Speaker 1: just when you think someone's left this storyline, guess white

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Speaker 1: looking at. Pam Bondi two, Pam Ryan in terms of

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Speaker 1: impeachment what I mean, and now they're investigating into the

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Speaker 1: the investigation I mean, it feels like this was an

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Speaker 1: effort in part to to equalize some of the back

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Speaker 1: and forth by the Department of Justice now investigating democrats.

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Speaker 1: It is it an equalizing effort that There's two possibilities here,

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Speaker 1: and one is that they intend you at some point

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Speaker 1: actually drop a criminal charge. And it could be on

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Speaker 1: a really minor thing. You know that there's a lot

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Speaker 1: of ways to go wrong. Recall that the FBI folks

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Speaker 1: who got in trouble over this, it was for like

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Speaker 1: talking to the press like out of turn. You know

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Speaker 1: that there's some very small ball things that you can

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Speaker 1: do that nonetheless are are technically crimes, and if if

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Speaker 1: they choose to prosecute them, they can prosecute them. And

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Speaker 1: because you're not supposed to do them, so um, something

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Speaker 1: like that could happen as a way to um sort

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Speaker 1: of change the storyline, to raise questions about how this began,

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Speaker 1: um as a way to signal that, uh, you know

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Speaker 1: that that there is something untoward about all this. It's

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Speaker 1: also possible that just saying that you're doing a criminal investigation,

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Speaker 1: maybe the entire play um, it does give them some

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Speaker 1: more powers for their investigatory powers as they're looking into it,

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Speaker 1: and that may be helpful. But it may also be

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Speaker 1: that this entire thing is just sort of an ongoing

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Speaker 1: effort to have something else to talk about, and it

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Speaker 1: never amounts to my Philip Reeker, that's the name we're

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Speaker 1: gonna hear a lot about tomorrow. Philip Reeker, Francesca Chambers,

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Speaker 1: the acting Assistant Secretary of State of European and Eurasian Affairs.

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Speaker 1: He's gonna be testifying behind closed doors, still behind closed

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Speaker 1: doors tomorrow. I mean, really, all we get from these

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Speaker 1: who is testifying, and that's really it. I mean, we

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Speaker 1: don't really get more. So that's their fifteen page opening

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Speaker 1: statement leaks to the press. And by the way, if

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Speaker 1: you have an opening statement, I have an email address

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Speaker 1: if you'd like so do I I just have to say.

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Speaker 1: But in terms of in terms of the narrative, in

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Speaker 1: terms of constructing this, have Democrats said whether or not

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Speaker 1: they are going to um release of report? Are they

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Speaker 1: going to release findings or I guess it would just

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Speaker 1: be articles of impeachment? Do we know even the endpoint.

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Speaker 1: I guess we don't even know where this train is going. Well,

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Speaker 1: it does sound like Democrats could release a report that

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Speaker 1: they would potentially call bipartisan, but we're publicans are saying

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Speaker 1: it would be the Democratic report, and then they might

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Speaker 1: release their own report with their version of of things.

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Speaker 1: So we'll have to see how that all goes. And

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Speaker 1: we do have an expectation that some of these transcripts

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Speaker 1: we would end up seeing. But the argument currently is

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Speaker 1: that this information is classified, and that is why the

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Speaker 1: Intelligence Committee is specifically doing these interviews and why we

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Speaker 1: can't see the information now and it can't be in public.

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Speaker 1: So it will be interesting to see at what point

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Speaker 1: they then turn around and claim, guess what, it's not

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Speaker 1: classified now and you can have all the information. Uh.

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Speaker 1: Even though this was the argument that we use from

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Speaker 1: the beginning as to why the White House and while

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Speaker 1: these Republicans who stormed the skiff this week couldn't be

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Speaker 1: involved in this, but now this information and the person

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Speaker 1: who could declassify that information would be the president. So

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Speaker 1: if they at some point put out you know, partially

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Speaker 1: blacked out transcript uh, and the president, it would be

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Speaker 1: sort of weird for him to say, well, you're not

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Speaker 1: putting everything out there because he could simply declassify it himself. Alright,

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Speaker 1: Headlar or just new new press release from the from

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Speaker 1: the Office of the First Lady Melania Trump. First Lady

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Speaker 1: Melania Trump announces Halloween at the White House on Monday.

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Speaker 1: The White House will welcome tiny dragons, ghouls, ghosts, which

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Speaker 1: is another fun creepy Crawley costumes as the Trump administration

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Speaker 1: celebrates its third Halloween at the White House. So there

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Speaker 1: will be that that that Halloween at the White House. Meanwhile,

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Speaker 1: my good friend Nancy Lions just sent me a link

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Speaker 1: to where I can get a baby shark hat or

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Speaker 1: I'm sorry at Daddy Shark Hat online for for this

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Speaker 1: weekend arrives in two days. Panel Stays Ryan tak Back

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Speaker 1: with Francesca Chambers Ben Baine. Download the Bloomberg Sound On

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

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Speaker 1: downloading the Bloomberg Business App. You can also find us

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Speaker 1: on Radio dot Com, I Heart Radio, and Spotify. I'm

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Speaker 1: Kevin Cirelli, Chief Washington correspondent for Bloomberg Television and Bloomberg Radio,

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Speaker 1: and you're listening to Bloomberg. This is Bloomberg Sound On

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Speaker 1: with Kevin Shirley on Bloomberg and one oh five point

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Speaker 1: seven f m h D two. And he would remind

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Speaker 1: all of us that our time is too short not

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Speaker 1: to fight for what's good and what is true and

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Speaker 1: what is best in America. That was former President Barack

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Speaker 1: Obama who spoke earlier today and joined four thousand people

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Speaker 1: who gathered to say goodbye to the late Congressman Elijah Cummings,

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Speaker 1: the Democrat from Maryland. Notable prominent politicians attended his memorial

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Speaker 1: service at the New Psalmists Baptist Church in Baltimore. And meanwhile,

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Speaker 1: there were hundreds of folks that were lined up to

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Speaker 1: pay their respects. Hillary Clinton attended, how Speaker Nancy Pelosi,

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Speaker 1: former President Bill Clinton, and of course former President Barack Obama.

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Speaker 1: I'm looking at the list of lawmakers who were in attendance,

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Speaker 1: including Republicans Congressman Jim Jordan's, Congressman Mark Meadows, two members

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Speaker 1: of the Freedom Caucus who attended the ultra conservative Freedom Caucus.

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Speaker 1: Alex Andrea Acasio Cortez was there, John Lewis, Senator Amy Klobuchar,

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Speaker 1: Elizabeth Moore, and Kamala Harris. I mean, wow, a true

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Speaker 1: true uh force of of of union unity attending someone

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Speaker 1: who was no doubt remembered by his his colleagues on

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Speaker 1: both sides of the aisle as a true profile in courage.

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Speaker 1: I'm Kevin Surreally, Chief Washington correspondent from Bloomberg Television of

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Speaker 1: Bloomberg Radio Um, joined by two of my Bloomberg colleagues,

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Speaker 1: Ryan Tiku Beckwith and Benjamin Bain, and also joined by

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Speaker 1: Francesca Chambers, White House correspondent for McClatchy. Uh. Francesca, you've

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Speaker 1: you've covered so many lawmakers for so many years. Do

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Speaker 1: you have any how do you put in perspective the

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Speaker 1: late Congressman Cummings. Well, today was I think a tough

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Speaker 1: day for many of those lawmakers because they had the

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Speaker 1: respect of folks on both sides of the aisle, and

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Speaker 1: so it's very tough and I think for a news perspective,

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Speaker 1: by the way, it was a unique day because the

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Speaker 1: President the United States had an event in South Carolina elsewhere,

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Speaker 1: this criminal justice reform event, and so while he's delivering

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Speaker 1: remarks there, that's just after this funeral is taking place,

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Speaker 1: and you have former President Barack Obama. The Clinton's all

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Speaker 1: giving remarks um and juxtaposition to what Donald Trump was doing.

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Speaker 1: And I think it was quite notable because Donald Trump

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Speaker 1: was not at this funeral today and he already had

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Speaker 1: a pre scheduled event in South Carolina. He has had

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Speaker 1: this plan for a long time. But it's still raised

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Speaker 1: that point because he had a very contentious relationship with

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Speaker 1: Representative coming so he mentioned in his his speech and

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Speaker 1: how he thought that they would be able to work

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Speaker 1: on prescription drugs together. But given these investigations of the president,

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Speaker 1: no doubt they had a contentious relationship. Interesting, interesting, fascinating day.

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Speaker 1: Another fascinating day here in the Beltway. Uh as we

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Speaker 1: cover all of these stories and keep careful watch on them.

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Speaker 1: Great perspective there. Francesca Chambers, White House correspondent from McClatchy. Okay,

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Speaker 1: we're gonna do things a little bit differently today because

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Speaker 1: it's Friday, and I want to do coming up a

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Speaker 1: segment devoted to who said it, Elizabeth Warren or Donald Trump.

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Speaker 1: Ryan C. Beckwith has this great piece out on Bloomberg

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Speaker 1: dot Com. It's a quiz of sorts, and he does

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Speaker 1: these great pieces, but they're they're smart because it captures

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Speaker 1: the policy and who they're trying to appeal to and whatnot.

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Speaker 1: So I want to do that coming up. But so

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Speaker 1: right now we're gonna do what's on your radar. It's

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Speaker 1: a bit of a slower news day. So I'll start

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Speaker 1: with you, Ben Bain, where I bumped into you up

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Speaker 1: on Capitol Hill where you were covering big tech this week,

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Speaker 1: and Mark Zuckerberg had testified on Capitol Hill. What are

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Speaker 1: you watching for on your radar as it relates to

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Speaker 1: big tech regulations and the week ahead? Well, I'm wondering

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Speaker 1: how many more six hour hearings, uh, Facebook and some

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Speaker 1: of these other companies are going to have to have

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Speaker 1: to go through, particularly if you know, if Democrats end

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Speaker 1: up taking back the Senate or you know, just as

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Speaker 1: the presidential campaign heats up. I think big tech, you know,

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Speaker 1: one takeaway from this hearing, you know that we were

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Speaker 1: both paying attention to earlier this week, is that big

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Speaker 1: technical a lot of ways in Washington has become kind

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Speaker 1: of the big boogeyman now and um, maybe it was

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Speaker 1: Wall Street Banks after the crisis, um and and previously,

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Speaker 1: but right now, I mean it's it's really anything that

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Speaker 1: Facebook is involved in, even if it's a cryptocurrency, which

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Speaker 1: this hearing was ostensibly about. Um, you know kind of

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Speaker 1: has a has a way for everyone to kind of

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Speaker 1: take their political shots. So over the next week or so,

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Speaker 1: I'm kind of waiting to see what the fallout is

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Speaker 1: from from what was really kind of a show that

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Speaker 1: you know, went on for really the better part of

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Speaker 1: a day. I think it was. It was like six

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Speaker 1: plus hours, and my god, kind of boring these people. Listen,

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Speaker 1: let me ask you about this anti trust. We talk

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Speaker 1: a lot about anti trust and Cicilini, who's investigating all

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Speaker 1: of this, Congressman Cicillini, Democrat from New York Italian. I guess, um,

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Speaker 1: and do we know about where the antitrust investigation into

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Speaker 1: Big Text stands? And I mean, I think this is

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Speaker 1: all kind of on moving on a lot of front

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Speaker 1: So that's you know, there's there's a state level, there's

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Speaker 1: you know there there's there's federal questions here. Um, you know,

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Speaker 1: we we we we don't know. I think you know what.

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Speaker 1: What what has happened is that over the past let's

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Speaker 1: say decade, UM, a lot of these companies really became

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Speaker 1: incredibly powerful in many aspects of people's lives. And really

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Speaker 1: it took uh kind of the two thousand and sixteen

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Speaker 1: election and fallout since then for everyone to kind of

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Speaker 1: look up and be like, Wow, I didn't realize that

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Speaker 1: this company was doing that or this company was doing this.

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Speaker 1: So I don't think we know ultimately where the regulation,

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Speaker 1: the big you know, the the big tech any trust

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Speaker 1: issues are gonna how they're going to be resolved. But

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Speaker 1: it's definitely, you know, something that has become as much

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Speaker 1: a political issue as a legal one at this point.

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Speaker 1: Absolutely good, good stuff, good stuff, Ben being Ben Brody

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Speaker 1: and the whole team, Naomi next. They've been doing ex

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Speaker 1: Sarra Fryer, They've been doing excellent reporting on all of

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Speaker 1: this policy, big tech regulatory hurdles. Francesca, what's on your radar?

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Speaker 1: I'm still watching this situation with mcmulvaney and the chief.

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Speaker 1: I am no staff situation. Okay, So he's on the

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Speaker 1: plane today with President Trump, right. He is from South Carolina,

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00:23:11,200 --> 00:23:13,840
Speaker 1: so that would make sense the presidents in South Carolina.

427
00:23:14,359 --> 00:23:18,159
Speaker 1: I'm not hearing that he's in any danger of getting

428
00:23:18,200 --> 00:23:21,679
Speaker 1: fired or I'm still not here. I'm still not hearing

429
00:23:21,720 --> 00:23:24,720
Speaker 1: that whatsoever. Referring to what we were talking about in

430
00:23:24,720 --> 00:23:27,720
Speaker 1: an earliest, earlier segment about this impeachment war room, Lindsay

431
00:23:27,760 --> 00:23:30,199
Speaker 1: Graham has has been very clear about saying they need

432
00:23:30,240 --> 00:23:33,560
Speaker 1: a better messaging strategy. But that's not a direct reflection

433
00:23:33,600 --> 00:23:37,640
Speaker 1: of some scenario where mcmulvaney would get fired or would

434
00:23:37,680 --> 00:23:42,200
Speaker 1: no longer be chief of staff. So I honestly wonder though,

435
00:23:42,200 --> 00:23:44,720
Speaker 1: if he did decide to leave, who would even take

436
00:23:44,760 --> 00:23:49,480
Speaker 1: that job? Right? Who would hear? Well? No, no, realistically,

437
00:23:49,640 --> 00:23:53,440
Speaker 1: they some some folks have been talking about Treasury Secretary

438
00:23:53,440 --> 00:23:59,159
Speaker 1: step Venusian, and also China trade talks are still still going,

439
00:23:59,600 --> 00:24:01,160
Speaker 1: still go going on, so you can't take him out

440
00:24:01,160 --> 00:24:04,199
Speaker 1: of that equation. Secretary Manuian loves his job. Based on

441
00:24:04,320 --> 00:24:07,000
Speaker 1: everyone I you know, have gathered, I think that's a

442
00:24:07,000 --> 00:24:09,080
Speaker 1: good point. I think mc mulvaney likes his job, I

443
00:24:09,080 --> 00:24:11,440
Speaker 1: mean loves his John I spoke with them a couple

444
00:24:11,440 --> 00:24:14,399
Speaker 1: of months ago. Now, I mean he was thrilled to

445
00:24:14,720 --> 00:24:17,200
Speaker 1: be doing it, he said, the biggest difference between him

446
00:24:17,240 --> 00:24:20,240
Speaker 1: and his previous and his predecessor is that he likes

447
00:24:20,280 --> 00:24:22,439
Speaker 1: his job. He does of his job. He does not

448
00:24:22,560 --> 00:24:25,919
Speaker 1: want to leave his job. At all. So you know,

449
00:24:25,960 --> 00:24:27,960
Speaker 1: what is it that's good? That's good stuff, Franchesco that

450
00:24:27,960 --> 00:24:31,159
Speaker 1: that's on your radar? Right, what's on your radar? You know,

451
00:24:31,320 --> 00:24:33,000
Speaker 1: if you say what's on your radar? That was supposed

452
00:24:33,000 --> 00:24:35,719
Speaker 1: to be something that's different And I'm all I do

453
00:24:35,760 --> 00:24:39,959
Speaker 1: is Trump Ukraine lately? So what's on my radar? Is? Uh?

454
00:24:40,000 --> 00:24:43,720
Speaker 1: A really interesting piece that Time magazine has this week

455
00:24:44,320 --> 00:24:48,320
Speaker 1: about and a thing at the American Petroleum Institute where

456
00:24:48,440 --> 00:24:51,119
Speaker 1: so these are oil and gas people getting together to

457
00:24:51,160 --> 00:24:55,040
Speaker 1: talk about, you know, the usual stuff, um and all.

458
00:24:55,200 --> 00:24:59,480
Speaker 1: Their biggest concern was that Trump's efforts on their behalf

459
00:24:59,600 --> 00:25:02,640
Speaker 1: had gone on too far and we're going to lead

460
00:25:02,640 --> 00:25:06,680
Speaker 1: to a backlash and they weren't sure what to do

461
00:25:06,800 --> 00:25:12,119
Speaker 1: about it. Because I think that right now, climate change

462
00:25:12,240 --> 00:25:14,439
Speaker 1: is one of those things where because there's nothing happening

463
00:25:14,480 --> 00:25:16,720
Speaker 1: in Washington, we're not talking about it a lot, but

464
00:25:16,800 --> 00:25:20,000
Speaker 1: public opinion on this is changing. The players that keep

465
00:25:20,000 --> 00:25:22,480
Speaker 1: players behind the scenes are looking around and saying like,

466
00:25:22,560 --> 00:25:26,159
Speaker 1: what the status quo is is not sustainable and something

467
00:25:26,240 --> 00:25:28,320
Speaker 1: is going to have to give. But they're not in

468
00:25:28,359 --> 00:25:31,440
Speaker 1: agreement on what happens next, and we don't know when

469
00:25:31,480 --> 00:25:35,399
Speaker 1: that would happen, whether whether Trump gets reelected or or

470
00:25:35,440 --> 00:25:37,560
Speaker 1: a Democrat comes in and tries to do something big,

471
00:25:37,600 --> 00:25:40,240
Speaker 1: and whether the Republicans decide at that point to to

472
00:25:40,560 --> 00:25:42,560
Speaker 1: you know, work together with the Democratic president, or whether

473
00:25:42,640 --> 00:25:45,520
Speaker 1: to oppose it, whether to offer their own counterplan. You know,

474
00:25:45,680 --> 00:25:47,560
Speaker 1: none of that is none of that is clear right now.

475
00:25:47,920 --> 00:25:50,680
Speaker 1: So that going on, and at the same time, more

476
00:25:50,760 --> 00:25:53,080
Speaker 1: wildfires in California. And this is something that I think

477
00:25:53,119 --> 00:25:57,600
Speaker 1: that because so many people who who work in Washington

478
00:25:57,720 --> 00:26:01,560
Speaker 1: who covered things live here in the East Coast, this

479
00:26:01,640 --> 00:26:05,720
Speaker 1: is a big deal. They're cutting off people's power, like

480
00:26:05,960 --> 00:26:09,960
Speaker 1: the state keeps catching fire like this is the kind

481
00:26:09,960 --> 00:26:14,440
Speaker 1: of thing that makes people say climate change is here

482
00:26:14,480 --> 00:26:17,280
Speaker 1: and it's happening now interest to do something about. It's

483
00:26:17,320 --> 00:26:20,520
Speaker 1: so interesting, and it's also set up this interesting conversation

484
00:26:20,560 --> 00:26:23,680
Speaker 1: within the Republican Party about do you deny that this

485
00:26:23,760 --> 00:26:26,520
Speaker 1: is going on, or did you say that this isn't happening,

486
00:26:26,680 --> 00:26:29,680
Speaker 1: or or do you say it is happening. But it's

487
00:26:29,680 --> 00:26:31,760
Speaker 1: the private sector that is going to innovate our way

488
00:26:31,800 --> 00:26:34,720
Speaker 1: out of this. And I don't think the entire conservative

489
00:26:34,720 --> 00:26:36,680
Speaker 1: thought leaders are on the same page on that. That's

490
00:26:36,680 --> 00:26:38,720
Speaker 1: a fast tis holding it back a little bit because

491
00:26:38,800 --> 00:26:42,679
Speaker 1: his line is that it's not happening. Well, so there's that,

492
00:26:42,960 --> 00:26:45,160
Speaker 1: Uh what's on my radar? Just very quickly. I had

493
00:26:45,160 --> 00:26:47,400
Speaker 1: to miss this event last night. I had a personal commitment.

494
00:26:47,440 --> 00:26:52,240
Speaker 1: But NBC News Is correspondent Kelly O'Donnell was the first

495
00:26:52,320 --> 00:26:56,960
Speaker 1: woman to receive the Career Achievement Award for Distinguished Reporting

496
00:26:57,000 --> 00:27:00,640
Speaker 1: on Congress from the Radio and Television Correspondence Is Association.

497
00:27:00,840 --> 00:27:03,520
Speaker 1: And when I tell you that Kelly O'Donnell is a

498
00:27:03,560 --> 00:27:06,480
Speaker 1: class act, she is just the best. I mean, I

499
00:27:06,640 --> 00:27:08,280
Speaker 1: look up to her. I know so many people who

500
00:27:08,320 --> 00:27:11,359
Speaker 1: do um, but I just I was so disappointed that

501
00:27:11,400 --> 00:27:13,320
Speaker 1: I had to miss this. But she gave an interview

502
00:27:13,800 --> 00:27:18,199
Speaker 1: to UH to add week and she said something that

503
00:27:18,200 --> 00:27:20,480
Speaker 1: really stuck with me that I've been really really thinking about.

504
00:27:20,840 --> 00:27:23,280
Speaker 1: And she said, the question was what advice or tips

505
00:27:23,280 --> 00:27:27,000
Speaker 1: can you share? And she said one bit of advice

506
00:27:27,119 --> 00:27:30,720
Speaker 1: actively practice your ability to separate your own opinions and

507
00:27:30,760 --> 00:27:34,280
Speaker 1: emotions from the stories you cover. Developing the skills and

508
00:27:34,359 --> 00:27:38,159
Speaker 1: instincts that result in fair minded coverage takes thoughtful effort.

509
00:27:38,200 --> 00:27:39,800
Speaker 1: And this is the key part, folks, This is what

510
00:27:39,840 --> 00:27:45,280
Speaker 1: I love opinions and advocacy maybe on trend at times,

511
00:27:45,760 --> 00:27:49,880
Speaker 1: but it's not the foundation of what we do. Good

512
00:27:49,880 --> 00:27:52,520
Speaker 1: for Kelly Oh, I'm grateful for the conversations that I've

513
00:27:52,520 --> 00:27:54,879
Speaker 1: been able to share with her. Download the Bloomberg Sound

514
00:27:54,880 --> 00:27:57,679
Speaker 1: On podcast on Apple iTunes, at Bloomberg dot com, or

515
00:27:57,720 --> 00:28:00,040
Speaker 1: by downloading the Bloomberg Business App. You can also and

516
00:28:00,160 --> 00:28:02,920
Speaker 1: us on Radio dot Com, I Heart Radio and Spotify.

517
00:28:03,000 --> 00:28:06,480
Speaker 1: I'm Kevin Serelli, Chief Washington correspondent for Bloomberg Television and

518
00:28:06,520 --> 00:28:14,800
Speaker 1: Bloomberg Radio. You're listening to Bloomberg. You're listening to Bloomberg

519
00:28:14,920 --> 00:28:19,040
Speaker 1: Sound On with Kevin Currele on Bloomberg and one Old

520
00:28:19,080 --> 00:28:22,000
Speaker 1: five point seven f m h D two. It's Friday.

521
00:28:22,480 --> 00:28:24,439
Speaker 1: The Nats are in the World Series. They're up to

522
00:28:24,680 --> 00:28:27,560
Speaker 1: nothing in the series. Let's have a little fun. Let's

523
00:28:27,560 --> 00:28:29,560
Speaker 1: have a little game of our own. I'm Kevin Sarelli,

524
00:28:29,640 --> 00:28:34,000
Speaker 1: Chief Washington correspondent form Bloomberg Television and Bloomberg Radio. My

525
00:28:34,240 --> 00:28:38,000
Speaker 1: colleague Ben Baine Bloomberg Financial Regulation reporters here, and my

526
00:28:38,160 --> 00:28:41,480
Speaker 1: friend and colleague in the industry, Francesca Chambers, White House

527
00:28:41,480 --> 00:28:45,440
Speaker 1: correspondent from McClatchy is also here. Ryan C. Beckwith joins us.

528
00:28:45,440 --> 00:28:48,920
Speaker 1: He's Bloomberg National political correspondent. Ryan, you've done that again.

529
00:28:49,600 --> 00:28:51,880
Speaker 1: I'm a huge fan of these stories because they're smart,

530
00:28:52,240 --> 00:28:54,960
Speaker 1: and they're interactive, and they're on the Bloomberg terminal and

531
00:28:55,000 --> 00:28:58,320
Speaker 1: Bloomberg dot com. The title of the pieces, which campaign?

532
00:28:58,400 --> 00:29:03,480
Speaker 1: Did it? Trump twenties sixteen or a war in I'm

533
00:29:03,520 --> 00:29:07,200
Speaker 1: sure both campaigns when they saw this bristled to be

534
00:29:07,320 --> 00:29:10,880
Speaker 1: compared with the with the other. But here's the the

535
00:29:10,960 --> 00:29:13,719
Speaker 1: opening text of your piece. Elizabeth Warren could not be

536
00:29:13,760 --> 00:29:16,560
Speaker 1: further from Donald Trump politically, but there are some key

537
00:29:16,600 --> 00:29:20,520
Speaker 1: similarities between her campaign and the one he ran four

538
00:29:20,600 --> 00:29:23,360
Speaker 1: years ago. They both have broken with conventional wisdom and

539
00:29:23,440 --> 00:29:27,680
Speaker 1: struck a populous tone on issues like corruption and trade.

540
00:29:27,920 --> 00:29:30,840
Speaker 1: So how did you develop this piece? Right? I mean,

541
00:29:30,840 --> 00:29:33,800
Speaker 1: I've had this thesis for a while, and uh, a

542
00:29:33,920 --> 00:29:36,200
Speaker 1: quiz just seemed like a fun way to do it

543
00:29:36,240 --> 00:29:38,360
Speaker 1: because I can get a bunch of talking heads to

544
00:29:38,400 --> 00:29:42,040
Speaker 1: come trot on stage and tell you this. But the

545
00:29:42,080 --> 00:29:44,720
Speaker 1: fun part about a quiz is that this is so

546
00:29:44,840 --> 00:29:47,200
Speaker 1: much harder than you think it would be. It is,

547
00:29:47,280 --> 00:29:48,960
Speaker 1: it is very hard. I took it. I'm not gonna

548
00:29:48,960 --> 00:29:51,840
Speaker 1: tell anybody what I got. But let's let's let's put

549
00:29:51,840 --> 00:29:54,719
Speaker 1: it to to Francesca and Ben. Okay, who did it?

550
00:29:54,800 --> 00:30:02,200
Speaker 1: Trump or war In? Argued that expi orians in bankruptcy

551
00:30:02,360 --> 00:30:06,880
Speaker 1: would help in the event of a recession, Donald Trump

552
00:30:07,000 --> 00:30:09,560
Speaker 1: or Elizabeth wort Okay, Francescan just shot her hand right up.

553
00:30:09,600 --> 00:30:11,880
Speaker 1: Who do you think, Francesco? That was my ding, ding Ding.

554
00:30:11,960 --> 00:30:15,680
Speaker 1: I believe that that was Elizabeth Warren and it most

555
00:30:15,800 --> 00:30:20,280
Speaker 1: likely came up in the context of her corporate work

556
00:30:20,320 --> 00:30:22,840
Speaker 1: that she's done in the past. Okay, what do you think.

557
00:30:23,000 --> 00:30:26,200
Speaker 1: I gotta think it was Donald? Then can then candidate

558
00:30:26,200 --> 00:30:29,720
Speaker 1: Donald Trump his bankrupt You know, bankruptcies were a big

559
00:30:29,760 --> 00:30:32,600
Speaker 1: issue in that campaign. Wow, Okay, So you're saying that

560
00:30:32,600 --> 00:30:34,920
Speaker 1: because she was a lawyer or because she was a

561
00:30:35,080 --> 00:30:37,360
Speaker 1: she she kind of was a professor in this, Francesco,

562
00:30:37,480 --> 00:30:39,280
Speaker 1: that that would have been her, and that you're saying

563
00:30:39,280 --> 00:30:41,800
Speaker 1: because he went bankrupt so many times they would refute

564
00:30:41,800 --> 00:30:45,080
Speaker 1: that that that it was him. It was Donald Trump.

565
00:30:46,000 --> 00:30:49,640
Speaker 1: She has cited her experience with bankruptcy when promoting her

566
00:30:49,640 --> 00:30:51,880
Speaker 1: healthcare bill and saying that that is the main reason

567
00:30:51,880 --> 00:30:55,080
Speaker 1: why people go bankrupt and that she learned that studying bankruptcy.

568
00:30:55,160 --> 00:30:58,200
Speaker 1: But during the campaign, Donald Trump said that in the

569
00:30:58,200 --> 00:31:00,560
Speaker 1: event of a recession, he would renego ate the U

570
00:31:00,640 --> 00:31:03,400
Speaker 1: S debt because he has great experience doing that from

571
00:31:03,440 --> 00:31:07,240
Speaker 1: his multiple bankruptcies. Okay, here's one ready who promised to

572
00:31:07,280 --> 00:31:11,520
Speaker 1: provide health insurance for everybody, direct quote insurance for everybody,

573
00:31:11,560 --> 00:31:15,200
Speaker 1: regardless of ability to pay. Trump or Warren, Donald Trump,

574
00:31:15,800 --> 00:31:18,880
Speaker 1: why do you say that because he said that. I

575
00:31:18,960 --> 00:31:20,800
Speaker 1: know he said that. He said that, and that's been

576
00:31:20,800 --> 00:31:22,800
Speaker 1: a big issue since he came into the White House.

577
00:31:23,040 --> 00:31:25,240
Speaker 1: Democrats keep throwing that back in his face. You said

578
00:31:25,280 --> 00:31:27,720
Speaker 1: that there would be healthcare for all, and you still

579
00:31:27,760 --> 00:31:33,040
Speaker 1: not proposed an alternative to Obamacare. Man, you convinced me, Francesca,

580
00:31:33,200 --> 00:31:35,880
Speaker 1: you've sold it. I think Donald Trump candidate said that

581
00:31:36,200 --> 00:31:39,120
Speaker 1: service as Donald Trump, but he said to the Washington

582
00:31:39,200 --> 00:31:41,440
Speaker 1: Post in an interview. I thought that was I mean,

583
00:31:41,440 --> 00:31:44,000
Speaker 1: that is really fascinating. Here's one ready for this who

584
00:31:44,040 --> 00:31:46,840
Speaker 1: promised to quote protect our l g B t Q

585
00:31:47,080 --> 00:31:50,160
Speaker 1: citizens end quote from violence. Who promised that in a

586
00:31:50,240 --> 00:31:56,120
Speaker 1: high profile speech. Francesca, I do believe that that might

587
00:31:56,200 --> 00:31:59,560
Speaker 1: have also been Donald Trump, but I'm not certain. I

588
00:31:59,560 --> 00:32:04,160
Speaker 1: think it's with Warren. Okay, it was survey, says Donald Trump.

589
00:32:04,280 --> 00:32:09,480
Speaker 1: I remember that covered the Republican Convention. The convention, the convention,

590
00:32:09,600 --> 00:32:12,160
Speaker 1: the the text of the speech said lgbt at the

591
00:32:12,440 --> 00:32:15,400
Speaker 1: He made a change when he spoke it. He said

592
00:32:15,520 --> 00:32:20,600
Speaker 1: lgbt Q. He was very clearly enunciated that. Um Warren

593
00:32:20,640 --> 00:32:24,000
Speaker 1: has said that she will help. She said lgbt Q

594
00:32:24,320 --> 00:32:29,760
Speaker 1: plus Americans, which is the slightly more woke term for

595
00:32:29,880 --> 00:32:32,640
Speaker 1: that these days. And during the fight over you mentioned this.

596
00:32:32,800 --> 00:32:34,719
Speaker 1: I remember covering this as well. During the fight over

597
00:32:34,800 --> 00:32:38,960
Speaker 1: North Carolina's bathroom bill, Trump said transgender people should quote

598
00:32:39,040 --> 00:32:41,640
Speaker 1: use the bathroom they feel is appropriate head quote, and

599
00:32:41,720 --> 00:32:44,080
Speaker 1: he added that Caitlin Jenner could use any bathroom she

600
00:32:44,160 --> 00:32:47,440
Speaker 1: wants in Trump Tower. All right, last one, very quickly.

601
00:32:47,560 --> 00:32:49,920
Speaker 1: Who vowed to tax the rich to help the middle

602
00:32:50,000 --> 00:32:52,960
Speaker 1: class that built the country? Trump or Warren? Ben go first?

603
00:32:53,200 --> 00:32:59,040
Speaker 1: Donald Trump? Francesco, This one's tough because Elizabeth Warren was

604
00:32:59,080 --> 00:33:03,440
Speaker 1: the original. You didn't build that, So I'm nine she lies.

605
00:33:03,520 --> 00:33:05,280
Speaker 1: That's where I mean. She was the original when he

606
00:33:05,320 --> 00:33:08,560
Speaker 1: said that, So I don't know. All right, So Ryan,

607
00:33:08,680 --> 00:33:12,120
Speaker 1: it was Trump. It was Donald Trump again, in an interview,

608
00:33:12,240 --> 00:33:14,760
Speaker 1: said that he had been talking with his rich friends,

609
00:33:14,800 --> 00:33:16,480
Speaker 1: and one of his rich friends told him, you've got

610
00:33:16,560 --> 00:33:19,400
Speaker 1: to tax the rich um to help the middle class

611
00:33:19,440 --> 00:33:25,360
Speaker 1: that built this country. I think type breaker, tiebreaker. Who

612
00:33:25,560 --> 00:33:28,120
Speaker 1: I know, there's no tiebreaker. I apologized. We don't have time.

613
00:33:28,200 --> 00:33:30,360
Speaker 1: I gets off to come back. We'll have to come back.

614
00:33:30,400 --> 00:33:32,200
Speaker 1: I love doing this. This is so much. We need

615
00:33:32,280 --> 00:33:34,719
Speaker 1: sound effects. We need sound effects. Koh yeah, I need

616
00:33:35,000 --> 00:33:38,800
Speaker 1: like bells and whistles and balloons and some daddy shark hats,

617
00:33:38,880 --> 00:33:41,920
Speaker 1: go Dad's. I'm Kevin CEREALI cheap Washington correspondent for Bloomberg

618
00:33:41,920 --> 00:33:45,360
Speaker 1: TV and Bloomberg Radio. Thanks Ryan, Francesca and Ben. Such

619
00:33:45,400 --> 00:33:47,920
Speaker 1: a fun show today. Thanks for listening. You're listening to

620
00:33:47,960 --> 00:33:48,400
Speaker 1: Bloomberg