1
00:00:02,920 --> 00:00:10,600
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

2
00:00:10,640 --> 00:00:14,560
Speaker 1: Bloomberg Balance of Power podcast. Catch Just Live weekdays at

3
00:00:14,560 --> 00:00:16,959
Speaker 1: noon Eastern on Apple car Play and then Roud Auto

4
00:00:17,040 --> 00:00:20,079
Speaker 1: with the Bloomberg Business app. Listen on demand wherever you

5
00:00:20,160 --> 00:00:24,160
Speaker 1: get your podcasts, or watch us live on YouTube.

6
00:00:25,640 --> 00:00:29,720
Speaker 2: Welcome to Day two of the Republican National Convention. Kaylee

7
00:00:29,840 --> 00:00:31,200
Speaker 2: jd Vance looming.

8
00:00:30,920 --> 00:00:33,120
Speaker 3: Large in the hall last night, and we've got.

9
00:00:32,960 --> 00:00:36,920
Speaker 2: Some interesting speakers, including Donald Trump's former opponent Nicki Haley,

10
00:00:36,960 --> 00:00:38,000
Speaker 2: will be hearing from later today.

11
00:00:38,080 --> 00:00:40,440
Speaker 4: Yeah, of course a late addition to the convention schedule,

12
00:00:40,440 --> 00:00:43,479
Speaker 4: Trump extending the invitation over this past weekend and the

13
00:00:43,479 --> 00:00:47,040
Speaker 4: aftermath of the attempt at assassination on him in Pennsylvania

14
00:00:47,040 --> 00:00:49,159
Speaker 4: on Saturday. And this of course comes as we're all

15
00:00:49,200 --> 00:00:52,199
Speaker 4: bracing for all of the speakers, frankly, to be speaking

16
00:00:52,200 --> 00:00:55,800
Speaker 4: differently than they may have before that event occurred, which

17
00:00:55,840 --> 00:00:58,480
Speaker 4: is a message of unity and perhaps bringing in Nicky

18
00:00:58,520 --> 00:01:01,280
Speaker 4: Haley and or the aim is to bring in the

19
00:01:01,280 --> 00:01:04,120
Speaker 4: primary voters who chose her over Donald Trump during the

20
00:01:04,120 --> 00:01:06,240
Speaker 4: course of the primary campaign into the fold.

21
00:01:06,319 --> 00:01:09,960
Speaker 2: Reports as well. Ron DeSantis could be speaking. This is

22
00:01:10,000 --> 00:01:13,560
Speaker 2: an interesting thing to watch evolve here as the Republican

23
00:01:13,600 --> 00:01:17,720
Speaker 2: Party in this RNC try to harness unity following this

24
00:01:18,280 --> 00:01:19,800
Speaker 2: assassination attempt on Saturday.

25
00:01:19,840 --> 00:01:22,160
Speaker 4: Kylee, Yeah, of course. The conversation we were all having

26
00:01:22,240 --> 00:01:25,440
Speaker 4: yesterday prior to the selection of Jade Vance as the

27
00:01:25,520 --> 00:01:28,039
Speaker 4: vice presidential nominee was whether or not in the spirit

28
00:01:28,080 --> 00:01:31,920
Speaker 4: of unity, Trump might go for someone a little less

29
00:01:31,959 --> 00:01:34,480
Speaker 4: intense with the rhetoric, shall we say, less of a

30
00:01:34,480 --> 00:01:37,720
Speaker 4: bulldog and instead perhaps the decision was you get the

31
00:01:37,720 --> 00:01:40,680
Speaker 4: bulldog to fight for you so that you yourself can

32
00:01:40,720 --> 00:01:41,399
Speaker 4: speak unity.

33
00:01:41,520 --> 00:01:41,959
Speaker 3: Interesting.

34
00:01:42,200 --> 00:01:44,639
Speaker 2: We're going to watch this unfold in real time together

35
00:01:45,200 --> 00:01:49,160
Speaker 2: with Bloomberg's best Laura Davison and Gregory Cordy joining us

36
00:01:49,160 --> 00:01:51,720
Speaker 2: here at the table. Welcome to day too. It's great

37
00:01:51,760 --> 00:01:53,920
Speaker 2: to have you both here, Laura. What are we in

38
00:01:54,000 --> 00:01:55,280
Speaker 2: for in today's seceession?

39
00:01:55,600 --> 00:01:58,120
Speaker 5: So tonight is the second night. The theme is all

40
00:01:58,160 --> 00:02:00,840
Speaker 5: about make America safe again. Last night was all about

41
00:02:00,840 --> 00:02:02,639
Speaker 5: the economy. Tonight is it going to be about crime,

42
00:02:02,920 --> 00:02:08,480
Speaker 5: border immigration? A lineup of speakers, most interesting, perhaps is

43
00:02:08,520 --> 00:02:11,359
Speaker 5: Nicky Haley. This late add to the schedule. What I'm

44
00:02:11,360 --> 00:02:13,359
Speaker 5: really watching for is what is the reaction in the

45
00:02:13,440 --> 00:02:15,760
Speaker 5: room when Mitch McConnell came on to the floor yesterday,

46
00:02:15,800 --> 00:02:18,880
Speaker 5: he was booed. It is possible that Nicky Haley also

47
00:02:18,919 --> 00:02:22,359
Speaker 5: has a chili reception. The Republicans that are here are

48
00:02:22,360 --> 00:02:25,079
Speaker 5: not necessarily her wing of the party. This is very

49
00:02:25,120 --> 00:02:28,280
Speaker 5: much a Trump crowd, and so that could create put

50
00:02:28,320 --> 00:02:32,120
Speaker 5: a little cast of shadow over the party unity message

51
00:02:32,120 --> 00:02:34,480
Speaker 5: that they're at least trying to project forward well. Nicki Haley,

52
00:02:34,520 --> 00:02:37,680
Speaker 5: of course, prior to the convention, released the delegates that

53
00:02:37,720 --> 00:02:40,640
Speaker 5: she did win during the primary process and encourage them

54
00:02:40,720 --> 00:02:42,800
Speaker 5: to vote for Donald Trump when she dropped out of

55
00:02:42,800 --> 00:02:44,480
Speaker 5: the campaign, though all the way back in March, she

56
00:02:44,520 --> 00:02:47,280
Speaker 5: did not encourage those who voted for her to do

57
00:02:47,320 --> 00:02:50,160
Speaker 5: the same. She said Donald Trump needed to earn those votes.

58
00:02:50,160 --> 00:02:52,840
Speaker 5: Do you expect, Gregory we might hear differently from her tonight,

59
00:02:52,880 --> 00:02:54,560
Speaker 5: a suggestion perhaps that those votes.

60
00:02:54,400 --> 00:02:55,000
Speaker 3: Have been earned.

61
00:02:55,720 --> 00:02:58,280
Speaker 6: You know, it's remarkable to think about how we've gotten

62
00:02:58,280 --> 00:03:00,480
Speaker 6: to this point where a year ago, talking about a

63
00:03:00,639 --> 00:03:04,960
Speaker 6: dozen different candidates in the Republican Party all challenging Donald

64
00:03:05,000 --> 00:03:09,280
Speaker 6: Trump for the nomination, some making the point a little

65
00:03:09,280 --> 00:03:12,400
Speaker 6: more strongly than others that Trump was disqualified from the presidency.

66
00:03:12,480 --> 00:03:17,560
Speaker 6: I remember Asa Hutchinson, Chris Christy, Nikki Haley became more

67
00:03:17,560 --> 00:03:19,520
Speaker 6: aggressive on that line of attack as things went on,

68
00:03:19,560 --> 00:03:23,480
Speaker 6: but most of the field was basically auditioning for what

69
00:03:23,520 --> 00:03:27,160
Speaker 6: we have seen now. You know the veepsteaks and cabinet posts.

70
00:03:27,600 --> 00:03:31,840
Speaker 6: But it is remarkable how much this party has unified

71
00:03:31,880 --> 00:03:34,840
Speaker 6: around Trump, and of course the events of last weekend

72
00:03:34,960 --> 00:03:38,960
Speaker 6: I think have only contributed to that momentum that this

73
00:03:39,040 --> 00:03:41,400
Speaker 6: is a party. You feel it on the floor of

74
00:03:41,440 --> 00:03:43,640
Speaker 6: this convention. This is a party it's very much united

75
00:03:43,640 --> 00:03:46,640
Speaker 6: around Trump. Not that they weren't before, but there's a

76
00:03:46,680 --> 00:03:50,560
Speaker 6: real feeling not just am munity, but of solidarity. And

77
00:03:50,720 --> 00:03:54,720
Speaker 6: it's not an angry convention like maybe the twenty sixteen

78
00:03:54,720 --> 00:03:58,720
Speaker 6: convention was. It's unified in a more optimistic way. It's

79
00:03:58,800 --> 00:03:59,760
Speaker 6: just a sense I'm getting from this.

80
00:04:00,360 --> 00:04:01,960
Speaker 2: Well, that's something I'd love to hear from both of

81
00:04:01,960 --> 00:04:04,880
Speaker 2: you about the issues where these two overlap and in

82
00:04:04,920 --> 00:04:07,400
Speaker 2: some cases not. But when it comes to foreign policy,

83
00:04:07,480 --> 00:04:11,000
Speaker 2: Jada Advance talked last night on Fox News about his

84
00:04:11,080 --> 00:04:11,480
Speaker 2: views here.

85
00:04:11,480 --> 00:04:15,000
Speaker 7: He is I think what President Trump has promised to

86
00:04:15,040 --> 00:04:18,680
Speaker 7: do is go in there, negotiate with the Russians in Ukrainians,

87
00:04:18,920 --> 00:04:21,640
Speaker 7: bring this thing to a rapid close so that America

88
00:04:21,720 --> 00:04:22,600
Speaker 7: can focus.

89
00:04:22,279 --> 00:04:24,400
Speaker 8: On the real issue, which is China.

90
00:04:24,560 --> 00:04:27,240
Speaker 7: That's the biggest threat for our country and we're completely

91
00:04:27,279 --> 00:04:28,000
Speaker 7: distracted from it.

92
00:04:31,640 --> 00:04:33,760
Speaker 2: To key off of this, Laura, what happens to the

93
00:04:33,800 --> 00:04:36,600
Speaker 2: war in Ukraine if Trump Advance win.

94
00:04:37,279 --> 00:04:39,159
Speaker 5: So the thing that's important to remember is that, especially

95
00:04:39,200 --> 00:04:41,800
Speaker 5: as vice president, he has less say over some of

96
00:04:42,040 --> 00:04:43,720
Speaker 5: you know, things like funding the war in Ukraine than

97
00:04:43,720 --> 00:04:45,400
Speaker 5: he did as a senator. He's able to hold up

98
00:04:45,400 --> 00:04:48,920
Speaker 5: those bills directly. But if you know, if Trump wins

99
00:04:48,920 --> 00:04:52,840
Speaker 5: the presidency Ukraine, hope for additional funding, you know, all

100
00:04:52,880 --> 00:04:55,880
Speaker 5: but disappears. You know, especially if Republicans take both chambers,

101
00:04:55,880 --> 00:04:57,839
Speaker 5: you can pretty much take that off off the table

102
00:04:57,839 --> 00:04:58,880
Speaker 5: as an issue in Washington.

103
00:04:59,360 --> 00:04:59,560
Speaker 9: You know.

104
00:05:00,360 --> 00:05:02,400
Speaker 5: Vance is very much cut from the same cloth as

105
00:05:02,680 --> 00:05:04,480
Speaker 5: as Trump, saying, Look, I don't want to be involved

106
00:05:04,480 --> 00:05:05,960
Speaker 5: in these wars. I don't want to focus on the

107
00:05:06,080 --> 00:05:07,920
Speaker 5: Russia Ukraine border. I want to focus on the US

108
00:05:07,960 --> 00:05:10,440
Speaker 5: Mexican bard veteran speaking he is, which is which is

109
00:05:10,480 --> 00:05:12,039
Speaker 5: a real you know, this is really out of step

110
00:05:12,040 --> 00:05:13,800
Speaker 5: where that you know, his colleagues and the Senate are

111
00:05:13,800 --> 00:05:15,640
Speaker 5: on this issue. He's really an outlier there.

112
00:05:16,200 --> 00:05:19,560
Speaker 4: Okay, so Trump Advance obviously are aligned in their isolation

113
00:05:19,720 --> 00:05:22,159
Speaker 4: is spent if you will, the populist bent and Vance

114
00:05:22,240 --> 00:05:25,000
Speaker 4: is literally half the age of Donald Trump. At this point,

115
00:05:25,000 --> 00:05:27,960
Speaker 4: Trump is seventy eight, Vance is thirty nine. So the

116
00:05:28,080 --> 00:05:30,720
Speaker 4: question we also have is not just the implications for say,

117
00:05:30,720 --> 00:05:32,960
Speaker 4: twenty twenty five through twenty twenty nine, assuming that this

118
00:05:33,040 --> 00:05:36,839
Speaker 4: ticket wins, but beyond that, if Vance then is a

119
00:05:36,880 --> 00:05:39,960
Speaker 4: contender in twenty twenty eight, if he is indeed vice president,

120
00:05:40,160 --> 00:05:44,000
Speaker 4: might make him the most likely to win the Republican nomination.

121
00:05:44,040 --> 00:05:45,760
Speaker 4: Obviously none of us know what happened, but is this

122
00:05:45,920 --> 00:05:49,919
Speaker 4: essentially the solidifying of a maga Republican party that is

123
00:05:49,960 --> 00:05:52,000
Speaker 4: going to live well beyond Donald Trump.

124
00:05:52,480 --> 00:05:56,480
Speaker 6: Yeah, you know, the two most disappointed people in Milwaukee

125
00:05:56,600 --> 00:06:01,120
Speaker 6: yesterday were probably Doug Bergham and Marco Rubio, who were

126
00:06:01,120 --> 00:06:03,200
Speaker 6: also sort of at the top of the short list

127
00:06:03,240 --> 00:06:05,479
Speaker 6: for VP. The third most disappointed person has to be

128
00:06:05,520 --> 00:06:09,880
Speaker 6: Ron de Santus, because Vance has now been tapped as

129
00:06:10,520 --> 00:06:13,599
Speaker 6: the de facto era A parent. Now Trump hasn't said

130
00:06:13,640 --> 00:06:16,320
Speaker 6: anything about that. Obviously, we're a long way from twenty

131
00:06:16,400 --> 00:06:19,680
Speaker 6: twenty eight, but in the natural course of things. You

132
00:06:19,720 --> 00:06:22,680
Speaker 6: would have to think that this would give Vance a

133
00:06:22,720 --> 00:06:25,560
Speaker 6: considerable leg up to be the future of the party

134
00:06:25,640 --> 00:06:26,520
Speaker 6: if he wants to be that.

135
00:06:26,600 --> 00:06:28,480
Speaker 3: And of course every politician does that.

136
00:06:28,520 --> 00:06:31,880
Speaker 6: You know, the congressman wants to be a senator, and

137
00:06:31,920 --> 00:06:35,880
Speaker 6: every senator wants to be president. So absolutely, in terms

138
00:06:35,880 --> 00:06:38,440
Speaker 6: of the ideological daylight between them, I don't think there's much.

139
00:06:38,520 --> 00:06:40,839
Speaker 6: But even if there is, you know, vice presidents tend

140
00:06:40,880 --> 00:06:44,920
Speaker 6: to subsume the policies of their present in the long term.

141
00:06:45,200 --> 00:06:48,640
Speaker 6: I think Vance very crypto friendly, obviously very tech friendly.

142
00:06:48,680 --> 00:06:53,360
Speaker 6: These are policy areas where Trump hasn't been particularly attuned

143
00:06:53,400 --> 00:06:55,720
Speaker 6: to in the past, and this rounds out to take

144
00:06:55,760 --> 00:06:57,280
Speaker 6: it in a little bit in some policy areas that

145
00:06:57,360 --> 00:06:58,200
Speaker 6: Vance has the expertise.

146
00:06:58,240 --> 00:06:58,320
Speaker 10: Well.

147
00:06:58,360 --> 00:06:59,800
Speaker 2: I wonder if they bump into each other on some

148
00:07:00,000 --> 00:07:04,359
Speaker 2: issues as well, like raising the minimum wage or anti trust.

149
00:07:05,760 --> 00:07:07,880
Speaker 2: For what it's worth, we're probably making too big of

150
00:07:07,880 --> 00:07:10,280
Speaker 2: a deal out of a running mate selection here. The

151
00:07:10,320 --> 00:07:13,320
Speaker 2: long term implications are important, Gregory, but to the extent

152
00:07:13,320 --> 00:07:16,360
Speaker 2: that it's going to impact Donald Trump's view on these issues,

153
00:07:16,400 --> 00:07:17,520
Speaker 2: should we be paying attention.

154
00:07:17,960 --> 00:07:21,080
Speaker 5: I think the biggest interesting thing to watch is the

155
00:07:21,040 --> 00:07:23,840
Speaker 5: divide between big tech which Vance has said he wants

156
00:07:23,880 --> 00:07:25,760
Speaker 5: to break up, you know, the Amazon's, the Googles, all

157
00:07:25,800 --> 00:07:27,760
Speaker 5: of these. He's teamed up with Elizabeth Warren on that

158
00:07:28,560 --> 00:07:30,880
Speaker 5: little tech. Little tech is the world that that Vance

159
00:07:30,920 --> 00:07:33,360
Speaker 5: comes from, you know, startups, you know these earlier stage

160
00:07:33,360 --> 00:07:36,120
Speaker 5: companies where he wants to cut the middle here, it's

161
00:07:36,200 --> 00:07:38,160
Speaker 5: very possible or you could see sort of a dividing

162
00:07:38,160 --> 00:07:40,400
Speaker 5: line there of you know, cutting regulations for small companies

163
00:07:40,400 --> 00:07:42,520
Speaker 5: while on the other hand, going after some of these bigger,

164
00:07:42,560 --> 00:07:43,760
Speaker 5: more established tech companies.

165
00:07:44,280 --> 00:07:46,960
Speaker 4: All right, Laura Davison and Gregory Cordy here with us

166
00:07:46,960 --> 00:07:49,680
Speaker 4: in Milwaukee, thank you so much. As we assess what

167
00:07:49,720 --> 00:07:54,320
Speaker 4: the selection vice presidential nominee and Senator JD. Vance ultimately means.

168
00:07:54,320 --> 00:07:56,920
Speaker 4: And this is something we spoke about yesterday with Governor

169
00:07:57,120 --> 00:08:00,400
Speaker 4: Brian Kemp of Georgia. We asked for his reaction to

170
00:08:00,440 --> 00:08:03,160
Speaker 4: Donald Trump's choice of vans here and what ultimately it

171
00:08:03,200 --> 00:08:05,720
Speaker 4: means for swing states especially, and this is what he said.

172
00:08:07,360 --> 00:08:09,600
Speaker 11: Look, I think it's a good pick for President Trump.

173
00:08:09,640 --> 00:08:13,640
Speaker 11: I mean, Senator Vance brings an element of youth to

174
00:08:14,200 --> 00:08:18,400
Speaker 11: this race that we haven't seen. That's for sure. The guys,

175
00:08:18,400 --> 00:08:23,240
Speaker 11: the United States Senator obviously qualified to serve a great messenger,

176
00:08:23,800 --> 00:08:25,920
Speaker 11: which is I think very important when you think about

177
00:08:25,960 --> 00:08:27,480
Speaker 11: what's going to be going on the next four or

178
00:08:27,520 --> 00:08:28,800
Speaker 11: five months in this campaign.

179
00:08:29,360 --> 00:08:31,680
Speaker 4: Well, as we consider this selection, though, knowing that you

180
00:08:31,720 --> 00:08:34,120
Speaker 4: represent one of the key swing states we are watching

181
00:08:34,600 --> 00:08:37,280
Speaker 4: in this cycle, knowing Georgia is not bright red or

182
00:08:37,360 --> 00:08:41,680
Speaker 4: bright blue, what does jd Vance bring to undecided voters

183
00:08:41,679 --> 00:08:43,960
Speaker 4: in Georgia. How is he likely to influence that opinion

184
00:08:44,000 --> 00:08:46,440
Speaker 4: when he, as we've talked about, may just be seen

185
00:08:46,480 --> 00:08:48,360
Speaker 4: as a younger version of Donald Trump himself.

186
00:08:48,640 --> 00:08:51,880
Speaker 11: Well, I think it's not just what jd Vance brings

187
00:08:51,880 --> 00:08:54,880
Speaker 11: to the race, but also what President Trump and other

188
00:08:54,920 --> 00:08:58,280
Speaker 11: Republicans can do between now November to make sure that

189
00:08:58,640 --> 00:09:01,920
Speaker 11: you know, you're getting those persuadable voters for me, and

190
00:09:01,960 --> 00:09:04,760
Speaker 11: what I'm hearing every day is that you know, Americans

191
00:09:04,760 --> 00:09:07,800
Speaker 11: and Georgians can afford another four years of Joe Biden.

192
00:09:07,840 --> 00:09:10,640
Speaker 11: I think that is a message that jd Vance can deliver.

193
00:09:10,760 --> 00:09:13,559
Speaker 11: It's certainly a message at President Trump and a lot

194
00:09:13,559 --> 00:09:16,080
Speaker 11: of other Republicans, whether it be you know, people that

195
00:09:16,120 --> 00:09:18,520
Speaker 11: we're trying to help win at the state House and

196
00:09:18,559 --> 00:09:21,320
Speaker 11: state Senate level to hold our majorities in the General

197
00:09:21,360 --> 00:09:24,080
Speaker 11: Assembly in Georgia are going to be talking about people.

198
00:09:27,840 --> 00:09:30,120
Speaker 4: That was part of our interview with Georgia Governor Brian

199
00:09:30,200 --> 00:09:33,320
Speaker 4: Kemp yesterday, and we continue to push forward on this

200
00:09:33,400 --> 00:09:36,280
Speaker 4: Day two of the Republican Convention. Now that JD. Vance

201
00:09:36,360 --> 00:09:39,400
Speaker 4: is Donald Trump's running meet and especially traders are watching

202
00:09:39,400 --> 00:09:42,000
Speaker 4: to see what this ticket actually means for the US

203
00:09:42,080 --> 00:09:45,319
Speaker 4: economy and policy that will affect financial markets going forward.

204
00:09:45,400 --> 00:09:47,720
Speaker 4: Lonnie Chen is with US now here in Milwaukee. He

205
00:09:47,840 --> 00:09:51,560
Speaker 4: is a Hoover Institution fellow, also former policy director for

206
00:09:51,640 --> 00:09:55,440
Speaker 4: the Romney Ryan campaign back in twenty twelve. I'd like

207
00:09:55,520 --> 00:09:58,160
Speaker 4: to begin, Lonnie by asking you something I was just

208
00:09:58,200 --> 00:10:00,719
Speaker 4: talking about with our colleague Gregory. According this idea that

209
00:10:01,200 --> 00:10:04,160
Speaker 4: the Romney Republican Party, the Romney Ryan ticket of twenty

210
00:10:04,160 --> 00:10:07,120
Speaker 4: twelve is very much not a Trump Vance ticket of

211
00:10:07,160 --> 00:10:09,880
Speaker 4: twenty twenty four. And now that we have a selection

212
00:10:09,960 --> 00:10:13,280
Speaker 4: of a thirty nine year old vice presidential nominee who

213
00:10:13,320 --> 00:10:15,840
Speaker 4: could lead the party forward in this direction for many

214
00:10:15,920 --> 00:10:19,000
Speaker 4: years to come, is this the end of that Romney

215
00:10:19,440 --> 00:10:20,440
Speaker 4: Republican Party?

216
00:10:20,880 --> 00:10:24,720
Speaker 12: You know, look clearly contrast in style as well as substance.

217
00:10:25,480 --> 00:10:27,920
Speaker 12: I would hesitate to say it's the end, because you

218
00:10:28,000 --> 00:10:30,880
Speaker 12: still have some members of Congress I think who reflect

219
00:10:31,160 --> 00:10:32,800
Speaker 12: a different point of view. I think we're in a

220
00:10:32,840 --> 00:10:36,600
Speaker 12: transitional period and the Republican Party has changed from being

221
00:10:36,760 --> 00:10:40,240
Speaker 12: a party, you know, country club Republicans, corporate Republicans, whatever

222
00:10:40,240 --> 00:10:42,040
Speaker 12: you want to call them, to a party that's more

223
00:10:42,040 --> 00:10:45,839
Speaker 12: working class and more populist, both in terms of definitionally

224
00:10:45,960 --> 00:10:49,000
Speaker 12: how it transcends it how it transacts as politics, but

225
00:10:49,080 --> 00:10:52,800
Speaker 12: also policy, and you're seeing the populous edges of that

226
00:10:53,440 --> 00:10:56,440
Speaker 12: in this Trump Vance ticket. So I don't necessarily think

227
00:10:56,520 --> 00:10:58,800
Speaker 12: that the Party of old is dead. I do think

228
00:10:58,840 --> 00:11:01,040
Speaker 12: that it is a different part and it continues to

229
00:11:01,120 --> 00:11:03,280
Speaker 12: become a different party. There may be a point at

230
00:11:03,280 --> 00:11:05,800
Speaker 12: which that's true, but for now, at least, I think

231
00:11:05,800 --> 00:11:08,839
Speaker 12: there is still some influence of these more traditional points

232
00:11:08,840 --> 00:11:09,560
Speaker 12: of view on the party.

233
00:11:09,600 --> 00:11:13,280
Speaker 2: Well, do you worry that this economic populism some call

234
00:11:13,440 --> 00:11:16,400
Speaker 2: isolationism is dangerous for the party for the country.

235
00:11:17,080 --> 00:11:19,760
Speaker 12: Well, I think there's some areas in which the policy

236
00:11:19,800 --> 00:11:23,040
Speaker 12: prescriptions are not quite what I would advocate for. So

237
00:11:23,480 --> 00:11:25,520
Speaker 12: we're going to have a big discussion over tax reform

238
00:11:25,640 --> 00:11:28,120
Speaker 12: next year with the expiration of provisions and the tax

239
00:11:28,200 --> 00:11:30,800
Speaker 12: Cuts and Jobs Act, and I think there will be

240
00:11:30,840 --> 00:11:33,360
Speaker 12: a very real discussion, for example, around the corporate tax rate.

241
00:11:33,400 --> 00:11:36,520
Speaker 12: This is one area where I think where I think

242
00:11:36,600 --> 00:11:39,160
Speaker 12: the sort of Trump dvance view of the world, maybe

243
00:11:39,160 --> 00:11:41,160
Speaker 12: more the advance view of the world differs from what

244
00:11:41,200 --> 00:11:44,080
Speaker 12: we might expect traditional Republicans to argue for in a

245
00:11:44,280 --> 00:11:47,160
Speaker 12: large tax reform package. It would not surprise me to

246
00:11:47,200 --> 00:11:50,360
Speaker 12: see the corporate tax rate move in a direction opposite

247
00:11:50,400 --> 00:11:52,960
Speaker 12: than what we saw in the twenty seventeen round of reform,

248
00:11:53,360 --> 00:11:55,600
Speaker 12: just because the premium is going to be placed on

249
00:11:55,640 --> 00:11:58,439
Speaker 12: individual tax reform, and given the deficit and debt posture

250
00:11:58,520 --> 00:12:00,959
Speaker 12: we have, I have a really difficul time seeing that

251
00:12:01,000 --> 00:12:04,040
Speaker 12: tax cut being completely unpaid for. So I do think

252
00:12:04,120 --> 00:12:06,559
Speaker 12: that there are ways in which we are going to

253
00:12:06,600 --> 00:12:08,520
Speaker 12: see some differences beginning to develop.

254
00:12:09,160 --> 00:12:11,559
Speaker 4: Well to the point our colleague Laura was making when

255
00:12:11,559 --> 00:12:13,800
Speaker 4: it comes to say the tax conversation that ultimately is

256
00:12:13,840 --> 00:12:17,000
Speaker 4: one that has to originate in Congress just to be

257
00:12:17,120 --> 00:12:20,920
Speaker 4: signed by sure President whomever. Does Jdevance have less power

258
00:12:20,920 --> 00:12:23,720
Speaker 4: to influence that as vice president than he would as

259
00:12:23,720 --> 00:12:25,240
Speaker 4: a United States Senate.

260
00:12:25,280 --> 00:12:26,240
Speaker 3: Well, I don't think so at all.

261
00:12:27,080 --> 00:12:30,440
Speaker 12: Even though the conversation on tax in particular, will start

262
00:12:30,440 --> 00:12:33,840
Speaker 12: in the House. The vice president, particularly if let's say

263
00:12:33,960 --> 00:12:37,560
Speaker 12: a future President Trump empowers his vice president to be

264
00:12:37,679 --> 00:12:41,000
Speaker 12: on point on these things, he will have a tremendous

265
00:12:41,000 --> 00:12:44,320
Speaker 12: amount of influence over where this conversation goes. And given

266
00:12:44,360 --> 00:12:47,800
Speaker 12: how divided and fractured the Congress is, how much we're

267
00:12:47,800 --> 00:12:50,920
Speaker 12: seeing expertise leaving the Congress with long term members of

268
00:12:50,920 --> 00:12:54,000
Speaker 12: Congress who have experience in tax and economic policy, leaving

269
00:12:54,360 --> 00:12:56,800
Speaker 12: it does place a premium on leadership from the executive

270
00:12:56,800 --> 00:12:59,000
Speaker 12: branch in my view, So I actually think that jd.

271
00:12:59,120 --> 00:13:01,920
Speaker 12: Vance is in a terrific position to influence policy, whether

272
00:13:01,960 --> 00:13:04,559
Speaker 12: it's economic policy or any of the other areas he's

273
00:13:04,600 --> 00:13:05,160
Speaker 12: interested in.

274
00:13:05,360 --> 00:13:10,280
Speaker 2: Deficits ballooned under the Trump administration, and you'll then tell

275
00:13:10,320 --> 00:13:14,440
Speaker 2: me that they ballooned more under the Biden administration. What

276
00:13:14,480 --> 00:13:15,880
Speaker 2: are we going to do it all over again? And

277
00:13:15,920 --> 00:13:18,160
Speaker 2: a Trump two point zero, It doesn't.

278
00:13:17,920 --> 00:13:19,920
Speaker 12: Seem like a lot of the constraints are there anymore.

279
00:13:20,520 --> 00:13:23,280
Speaker 12: The political constraints have departed, right. I mean, there used

280
00:13:23,320 --> 00:13:26,080
Speaker 12: to be some in our politics who are arguing in

281
00:13:26,160 --> 00:13:28,800
Speaker 12: favor of fiscal discipline and talking about the value of

282
00:13:28,920 --> 00:13:31,480
Speaker 12: entitlement reform, that conversation seems to be off the table.

283
00:13:31,520 --> 00:13:34,120
Speaker 12: So I do fear that in the short intermediate run,

284
00:13:34,480 --> 00:13:36,720
Speaker 12: we are looking at a situation where fiscal constraints have

285
00:13:36,760 --> 00:13:40,800
Speaker 12: been lifted and there is very little too constraint spending,

286
00:13:40,840 --> 00:13:44,400
Speaker 12: whether of the tax expenditure variety or direct spending or

287
00:13:44,440 --> 00:13:48,000
Speaker 12: even bolstering of entitlement programs. So we're a very different

288
00:13:48,040 --> 00:13:50,800
Speaker 12: world now that we were in in twenty twelve when

289
00:13:51,000 --> 00:13:52,560
Speaker 12: I was helping the Romney Ryan ticket.

290
00:13:52,800 --> 00:13:54,559
Speaker 4: Well, we're in a different world in a lot of ways,

291
00:13:54,600 --> 00:13:58,520
Speaker 4: including conflict that is outbroken in multiple theaters, including of

292
00:13:58,520 --> 00:14:01,200
Speaker 4: course the war in Ukraine, which jd Vance has not

293
00:14:01,280 --> 00:14:04,680
Speaker 4: expressed support for continuing to fund. In fact, when he

294
00:14:04,720 --> 00:14:06,920
Speaker 4: was on Fox News last night, we played a little

295
00:14:06,920 --> 00:14:10,480
Speaker 4: bit earlier in the program this idea that he was like,

296
00:14:10,600 --> 00:14:13,280
Speaker 4: we need to focus on China. Forget about the conflict

297
00:14:13,280 --> 00:14:16,200
Speaker 4: in Ukraine. China, he said, is the biggest threat facing

298
00:14:16,600 --> 00:14:18,199
Speaker 4: the United States. I ask you this, as the son

299
00:14:18,200 --> 00:14:20,960
Speaker 4: of immigrants from Taiwan, do you agree with that sentiment?

300
00:14:20,960 --> 00:14:22,320
Speaker 4: What should we expect to see when it comes to

301
00:14:22,440 --> 00:14:23,880
Speaker 4: China policy from the ticket?

302
00:14:24,000 --> 00:14:26,240
Speaker 12: First of all, I would hope as the greatest country

303
00:14:26,240 --> 00:14:27,720
Speaker 12: on Earth. We could walk and chew gum at the

304
00:14:27,720 --> 00:14:30,120
Speaker 12: same time, meaning that we could attend to both of

305
00:14:30,160 --> 00:14:33,240
Speaker 12: these really significant issues. There is no question, though Senator

306
00:14:33,320 --> 00:14:36,280
Speaker 12: Vance is absolutely right that China is the single biggest

307
00:14:36,280 --> 00:14:39,280
Speaker 12: foreign policy and national security issue that we have to

308
00:14:39,320 --> 00:14:41,640
Speaker 12: face over the next several years. I think if this

309
00:14:41,720 --> 00:14:44,720
Speaker 12: administration continues, some of the policy work we saw in

310
00:14:44,760 --> 00:14:46,960
Speaker 12: the first Trump administration will be in very good stead.

311
00:14:47,280 --> 00:14:49,040
Speaker 12: I think one of the areas where I believe the

312
00:14:49,040 --> 00:14:51,960
Speaker 12: Biden administration has really let down the American people is

313
00:14:52,000 --> 00:14:55,480
Speaker 12: in having a more coherent set of strategic goals around

314
00:14:55,480 --> 00:14:58,080
Speaker 12: our engagement with China, or lack thereof. So I do

315
00:14:58,120 --> 00:15:01,800
Speaker 12: think that what this potential Trump administration will bring, I

316
00:15:01,840 --> 00:15:04,600
Speaker 12: would hope, is a more coherent perspective on where we

317
00:15:04,680 --> 00:15:06,960
Speaker 12: trying to get to with China, what's the eventual goal.

318
00:15:07,280 --> 00:15:11,080
Speaker 12: And that also implicates issues like Taiwan, specifically human rights,

319
00:15:11,080 --> 00:15:12,880
Speaker 12: if that's going to be an issue, and then most importantly,

320
00:15:12,920 --> 00:15:15,440
Speaker 12: probably for the audience here, trade and economic issues.

321
00:15:15,960 --> 00:15:19,120
Speaker 2: NICKI Haley is speaking tonight, Yeah, at the convention. I

322
00:15:19,120 --> 00:15:22,000
Speaker 2: suspect you might be in the hall. Will she channel

323
00:15:22,200 --> 00:15:24,080
Speaker 2: Mitt Romney or Donald Trump.

324
00:15:24,360 --> 00:15:28,440
Speaker 12: I think she'll channel Nicki Haley. I mean she's managed. Yeah, no,

325
00:15:28,520 --> 00:15:31,920
Speaker 12: I understand. But here's here's the thing. She has the

326
00:15:32,000 --> 00:15:35,520
Speaker 12: capacity to unite, help unite the Republican Party. By the way,

327
00:15:35,560 --> 00:15:37,640
Speaker 12: the Republican Party is the most united I've seen it

328
00:15:37,680 --> 00:15:40,520
Speaker 12: in a while around around candidate and former President Trump.

329
00:15:40,800 --> 00:15:42,920
Speaker 12: But I think Nicki Haley has the potential to speak

330
00:15:43,000 --> 00:15:46,080
Speaker 12: to maybe that small sliver that's still disaffected, but she

331
00:15:46,160 --> 00:15:49,200
Speaker 12: goes beyond that. She speaks to independence, she speaks to

332
00:15:49,200 --> 00:15:51,400
Speaker 12: people who haven't made a decision in this election yet.

333
00:15:51,840 --> 00:15:53,800
Speaker 12: And I think she's got a tremendous ability to speak

334
00:15:53,800 --> 00:15:55,640
Speaker 12: to all of the issues we've talked about. I mean,

335
00:15:55,640 --> 00:15:58,800
Speaker 12: seeing her as a presidential candidate up close during that

336
00:15:58,840 --> 00:16:01,960
Speaker 12: election that we've just had. She's a very skilled communicator

337
00:16:02,000 --> 00:16:04,760
Speaker 12: and potentially a very great asset to the Trump dance ticket.

338
00:16:05,320 --> 00:16:07,560
Speaker 4: Of course, she might be a little bit disappointed herself

339
00:16:07,560 --> 00:16:10,160
Speaker 4: as she considers twenty twenty eight now that JD. Vance

340
00:16:10,160 --> 00:16:13,240
Speaker 4: has been the vice presidential a lifetime away nominee. Surely

341
00:16:13,280 --> 00:16:15,040
Speaker 4: it is, and as we have learned in recent days,

342
00:16:15,080 --> 00:16:18,080
Speaker 4: literally anything possible can happen. And on that note, after

343
00:16:18,200 --> 00:16:21,800
Speaker 4: the attempted assassination last weekend on Donald Trump. He has

344
00:16:21,960 --> 00:16:24,440
Speaker 4: said himself he is reworking the speech he will give

345
00:16:24,800 --> 00:16:27,600
Speaker 4: on Thursday, that he wants to focus on unity. I

346
00:16:27,600 --> 00:16:30,280
Speaker 4: guess my question to you would be knowing and having

347
00:16:30,360 --> 00:16:33,000
Speaker 4: watched Donald Trump for all these years, now, do you

348
00:16:33,040 --> 00:16:35,680
Speaker 4: believe that unity message can actually stick for the next

349
00:16:35,680 --> 00:16:36,600
Speaker 4: three and a half months.

350
00:16:38,240 --> 00:16:39,440
Speaker 3: We'll see if it does or not.

351
00:16:39,640 --> 00:16:44,080
Speaker 12: I mean, I think people are politicians tend to sort

352
00:16:44,080 --> 00:16:47,360
Speaker 12: of go back to form pretty often in a comfort spot.

353
00:16:47,400 --> 00:16:50,200
Speaker 12: But Donald Trump's not a typical politician, right, so.

354
00:16:50,360 --> 00:16:51,160
Speaker 3: He very well could.

355
00:16:51,440 --> 00:16:54,160
Speaker 12: He very well could not. Unusual, by the way, for

356
00:16:54,280 --> 00:16:56,880
Speaker 12: a convention speech to be reworked up until the year

357
00:16:57,080 --> 00:16:59,280
Speaker 12: I mean, so it doesn't surprise me that they're still

358
00:16:59,280 --> 00:17:01,360
Speaker 12: looking at what to do with it. But he has

359
00:17:01,400 --> 00:17:05,479
Speaker 12: an opportunity if he continues on this theme to truly

360
00:17:05,600 --> 00:17:08,000
Speaker 12: move the country forward, and I think to gain the

361
00:17:08,040 --> 00:17:10,479
Speaker 12: support of people who may have been skeptical of him before.

362
00:17:10,680 --> 00:17:12,560
Speaker 3: So I think the political.

363
00:17:12,000 --> 00:17:15,320
Speaker 12: Opportunity is irresistible if you think about the ways in

364
00:17:15,400 --> 00:17:18,040
Speaker 12: which they might position this speech or think about what

365
00:17:18,080 --> 00:17:19,879
Speaker 12: the speech can do. So I don't want to make

366
00:17:19,920 --> 00:17:21,639
Speaker 12: any predictions. I I'm not part of the process, but

367
00:17:21,680 --> 00:17:22,840
Speaker 12: we'll see what happens.

368
00:17:23,200 --> 00:17:24,000
Speaker 3: Great conversation.

369
00:17:24,240 --> 00:17:24,480
Speaker 10: Thank you.

370
00:17:24,520 --> 00:17:26,479
Speaker 2: We're have to spend some time with you here at

371
00:17:26,520 --> 00:17:28,439
Speaker 2: the convention. Lonnie Chen. We thank you for being with

372
00:17:28,520 --> 00:17:31,320
Speaker 2: us on Balance of Power on Bloomberg TV and Radio.

373
00:17:31,359 --> 00:17:33,679
Speaker 2: I'm Joe Matthew alongside Kaylee Lines with much more to

374
00:17:33,720 --> 00:17:37,560
Speaker 2: follow coming up our conversation with Senator Bill Haggerty of Tennessee.

375
00:17:38,160 --> 00:17:40,680
Speaker 2: It's coming up next on a special Balance of Power

376
00:17:40,760 --> 00:17:47,040
Speaker 2: on Bloomberg Live from the Republican National Convention in Milwaukee.

377
00:17:47,440 --> 00:17:50,800
Speaker 1: You're listening to the Bloomberg Balance of Power podcast kens

378
00:17:50,920 --> 00:17:53,959
Speaker 1: just Live weekdays at noon Eastern on Applecarplay and then

379
00:17:54,040 --> 00:17:56,639
Speaker 1: roud Oro with the Bloomberg Business app. You can also

380
00:17:56,680 --> 00:17:59,760
Speaker 1: listen live on Amazon Alexa from our flagship New York

381
00:17:59,800 --> 00:18:03,280
Speaker 1: State jo Say Alexa play Bloomberg eleven thirty.

382
00:18:05,680 --> 00:18:08,479
Speaker 4: We're here in Milwaukee and we sat down here just

383
00:18:08,560 --> 00:18:12,480
Speaker 4: moments ago with Republican Senator Bill Haggerty of Tennessee, who

384
00:18:12,560 --> 00:18:14,680
Speaker 4: joined us in studio, and we started by asking him

385
00:18:14,680 --> 00:18:17,280
Speaker 4: about the impact of the selection of JD Vance's the

386
00:18:17,320 --> 00:18:19,639
Speaker 4: vice presidential nominee on the race.

387
00:18:21,280 --> 00:18:23,399
Speaker 9: I think the business community needs to look at the

388
00:18:23,400 --> 00:18:25,600
Speaker 9: overall ticket and look at the potential of what's going

389
00:18:25,640 --> 00:18:28,320
Speaker 9: to happen in November, the momentum in the grounds well,

390
00:18:28,320 --> 00:18:30,560
Speaker 9: and I think JD brings a tremendous amount to this.

391
00:18:31,040 --> 00:18:34,280
Speaker 9: He's going to help President Trump win in November, and

392
00:18:34,359 --> 00:18:36,639
Speaker 9: the policies that President Trump will implement. It If the

393
00:18:36,680 --> 00:18:39,880
Speaker 9: business community just looks back to President Trump's prior administration,

394
00:18:40,680 --> 00:18:43,000
Speaker 9: you think about the Tax Cuts and Jobs Act, the

395
00:18:43,520 --> 00:18:47,359
Speaker 9: impact on this sclerotic regulatory framework that's in place, this

396
00:18:47,400 --> 00:18:49,320
Speaker 9: will give us a chance to go back in and

397
00:18:49,359 --> 00:18:52,200
Speaker 9: make the United States a far more friendly business environment

398
00:18:52,280 --> 00:18:56,240
Speaker 9: in general. With respect to Senator Vance's particular points of

399
00:18:56,320 --> 00:18:58,439
Speaker 9: view and perspectives, I'm not going to comment on his

400
00:18:58,480 --> 00:19:01,919
Speaker 9: behalf on those consolidate all of that, I'm certain with

401
00:19:02,040 --> 00:19:06,080
Speaker 9: the President's platform going forward, but I do think that

402
00:19:06,160 --> 00:19:09,280
Speaker 9: broadly speaking, JD is going to help the president in

403
00:19:09,400 --> 00:19:11,520
Speaker 9: terms of so many support here in America.

404
00:19:11,800 --> 00:19:12,640
Speaker 10: He's going to bring.

405
00:19:12,480 --> 00:19:16,280
Speaker 9: People together that I think it's just an incredibly brilliant pick.

406
00:19:16,720 --> 00:19:19,400
Speaker 9: You think about President Trump, who has actually been such

407
00:19:19,440 --> 00:19:21,679
Speaker 9: a great defender of the forgotten men and women here

408
00:19:21,680 --> 00:19:25,000
Speaker 9: in America, and JD's lived the life that they've experienced,

409
00:19:25,000 --> 00:19:27,639
Speaker 9: and together, I think they're going to cut across demographic groups.

410
00:19:27,840 --> 00:19:30,879
Speaker 9: I think it's going to be a massively impactful pick

411
00:19:31,280 --> 00:19:33,159
Speaker 9: that will help see a change in November that the

412
00:19:33,160 --> 00:19:34,439
Speaker 9: business community should welcome.

413
00:19:34,680 --> 00:19:35,960
Speaker 3: It's Kaylee's point though.

414
00:19:36,119 --> 00:19:36,359
Speaker 10: JD.

415
00:19:36,400 --> 00:19:41,000
Speaker 2: Advance's economic priorities include tariffs, a higher minimum wage, an

416
00:19:41,000 --> 00:19:45,000
Speaker 2: anti trust, which doesn't sound like the economic policies of

417
00:19:45,040 --> 00:19:46,000
Speaker 2: the Grand Old Party.

418
00:19:46,119 --> 00:19:49,840
Speaker 3: Is this the new Republican economic platform?

419
00:19:50,080 --> 00:19:52,960
Speaker 9: Well, the Republican Party certainly is moving in a way

420
00:19:53,000 --> 00:19:56,800
Speaker 9: that is embracing the challenges that Americans feel today. If

421
00:19:56,840 --> 00:19:59,920
Speaker 9: he's an embracing economic populism, well, I think that's one

422
00:20:00,040 --> 00:20:02,000
Speaker 9: way to phrase it. But if you think about what

423
00:20:02,040 --> 00:20:05,200
Speaker 9: Americans are experiencing, we've seen inflation that's really been through

424
00:20:05,240 --> 00:20:08,080
Speaker 9: the roof gasoline prices, food price is up forty percent,

425
00:20:08,119 --> 00:20:12,040
Speaker 9: over twenty percent, Real wages down four percent. And President

426
00:20:12,080 --> 00:20:15,399
Speaker 9: Trump was in office before every demographic sector was moving up.

427
00:20:15,480 --> 00:20:18,280
Speaker 9: They were improving blue collar better than white collar. So

428
00:20:18,320 --> 00:20:20,400
Speaker 9: there's a real appetite and hunger to see that sort

429
00:20:20,440 --> 00:20:23,600
Speaker 9: of success again. And I think that's exactly what you're

430
00:20:23,600 --> 00:20:25,720
Speaker 9: going to see in terms of the policies that will

431
00:20:25,960 --> 00:20:28,560
Speaker 9: emerge from the eventual Trump administration.

432
00:20:29,320 --> 00:20:31,840
Speaker 4: Do you think that that policy, especially when it comes

433
00:20:31,840 --> 00:20:34,560
Speaker 4: to things like trade and tariffs that JD. Vans also

434
00:20:34,600 --> 00:20:37,560
Speaker 4: has advocated for in addition to Donald Trump essentially cements

435
00:20:37,600 --> 00:20:41,280
Speaker 4: that if they were to win in November, tariffs will

436
00:20:41,280 --> 00:20:41,800
Speaker 4: be highed.

437
00:20:42,240 --> 00:20:45,040
Speaker 9: I think tariffs are certainly going to be on the

438
00:20:45,040 --> 00:20:47,479
Speaker 9: agenda because what we have is a situation right now

439
00:20:47,520 --> 00:20:50,720
Speaker 9: on a global basis where we do not have reciprocal trade.

440
00:20:51,200 --> 00:20:53,919
Speaker 9: The term free trade has been misused so many times,

441
00:20:54,280 --> 00:20:55,919
Speaker 9: and what we have here in America is one of

442
00:20:55,920 --> 00:20:57,680
Speaker 9: the most open markets in the world if you look

443
00:20:57,680 --> 00:21:00,040
Speaker 9: at our tariff rates, certainly compared to other nations that

444
00:21:00,160 --> 00:21:02,800
Speaker 9: are trading partners. We have countries like China that don't

445
00:21:02,800 --> 00:21:05,480
Speaker 9: play by the rules at all, and one of the

446
00:21:05,480 --> 00:21:08,439
Speaker 9: most potent tools to deal with this is tariff's and

447
00:21:08,480 --> 00:21:10,720
Speaker 9: I fully expect that I saw it in the previous

448
00:21:10,760 --> 00:21:13,960
Speaker 9: Trump administration. I work very closely with Bob Leithheiser and

449
00:21:13,960 --> 00:21:15,960
Speaker 9: his team, because the same team that put the Phase

450
00:21:16,000 --> 00:21:18,840
Speaker 9: one tariffs in place on China worked closely with me

451
00:21:18,920 --> 00:21:20,200
Speaker 9: on the free trade agreement that we.

452
00:21:20,160 --> 00:21:22,080
Speaker 10: Negotiated and got executed with Japan.

453
00:21:22,840 --> 00:21:24,640
Speaker 9: There are real issues there that need to be addressed,

454
00:21:24,680 --> 00:21:26,680
Speaker 9: so I look forward to seeing it address myself.

455
00:21:26,800 --> 00:21:28,919
Speaker 2: I have to note that the national debt is not

456
00:21:29,080 --> 00:21:32,840
Speaker 2: mentioned in the new Party platform when we talk about tariffs,

457
00:21:32,880 --> 00:21:37,240
Speaker 2: the potential inflationary impact making the twenty seventeen Trump tax

458
00:21:37,280 --> 00:21:40,640
Speaker 2: cuts permanent. You've seen all the economic reports, and we've

459
00:21:40,640 --> 00:21:43,680
Speaker 2: even talked about them, yes, right here on Bloomberg with you, Senator,

460
00:21:43,680 --> 00:21:47,880
Speaker 2: that this would add an enormous amount to the federal debt.

461
00:21:47,880 --> 00:21:50,840
Speaker 3: How do you square this? As someone we consider to

462
00:21:50,880 --> 00:21:52,040
Speaker 3: be a traditional.

463
00:21:51,560 --> 00:21:55,240
Speaker 9: Republican, I have a very optimistic view about this, and

464
00:21:55,320 --> 00:21:57,240
Speaker 9: I think that a lot of the CBO scoring doesn't

465
00:21:57,280 --> 00:22:01,040
Speaker 9: take into account the fact that the policies, whether they

466
00:22:01,040 --> 00:22:04,560
Speaker 9: be tax policies or regulatory policies that encourage capital investment,

467
00:22:05,080 --> 00:22:07,399
Speaker 9: actually have the effect of growing the economy and in

468
00:22:07,440 --> 00:22:11,120
Speaker 9: a dynamic way, have the effect of increasing the tax base.

469
00:22:11,160 --> 00:22:14,120
Speaker 9: We saw this happen after the twenty seventeen tax cuts

470
00:22:14,160 --> 00:22:17,000
Speaker 9: and JOBSAC was put in place. So I see real

471
00:22:17,040 --> 00:22:19,320
Speaker 9: potential to grow the economy, and I also say this

472
00:22:20,119 --> 00:22:21,879
Speaker 9: in President Trump and I have talked about this on

473
00:22:21,960 --> 00:22:22,879
Speaker 9: numerous occasions.

474
00:22:23,280 --> 00:22:25,520
Speaker 10: There are great opportunities to cut spending. What we have

475
00:22:25,560 --> 00:22:26,199
Speaker 10: in Washington is.

476
00:22:26,200 --> 00:22:28,960
Speaker 9: A huge spending problem, and coming in and taking a

477
00:22:29,080 --> 00:22:31,919
Speaker 9: very focused and deliberate view toward some of the waste

478
00:22:32,040 --> 00:22:35,919
Speaker 9: in mismanagement that I see across the board. It's going

479
00:22:35,960 --> 00:22:38,200
Speaker 9: to be a combination of factors that will be required

480
00:22:38,240 --> 00:22:40,040
Speaker 9: to begin to get our debt moving in the right direction.

481
00:22:40,520 --> 00:22:42,960
Speaker 9: But as that begins to happen, I think that we'll

482
00:22:42,960 --> 00:22:46,719
Speaker 9: see even further economic growth as confidence comes into the system.

483
00:22:47,160 --> 00:22:49,159
Speaker 4: I understand the argument that you and many of your

484
00:22:49,160 --> 00:22:50,960
Speaker 4: colleagues make when it comes to the fact that you

485
00:22:51,000 --> 00:22:53,600
Speaker 4: could see greater return from the growth that is spurred

486
00:22:53,640 --> 00:22:56,520
Speaker 4: by tax cuts. Does that mean, though, that no payfores

487
00:22:57,119 --> 00:23:00,399
Speaker 4: are necessary? If we could just get specific out what

488
00:23:00,440 --> 00:23:02,480
Speaker 4: it is that you would cut in order to offset

489
00:23:02,760 --> 00:23:05,239
Speaker 4: or where this will be paid for, other than just

490
00:23:05,320 --> 00:23:07,200
Speaker 4: this general idea of growth, Oh.

491
00:23:07,320 --> 00:23:09,000
Speaker 10: There are plenty of places I think we could cut.

492
00:23:09,040 --> 00:23:10,480
Speaker 9: Look at some of the programs that were put in

493
00:23:10,480 --> 00:23:13,800
Speaker 9: place with these multi trillion dollar, totally partisan bills that

494
00:23:13,840 --> 00:23:16,199
Speaker 9: would pass back in twenty twenty one by the Democrats.

495
00:23:16,480 --> 00:23:19,040
Speaker 9: You think about eighty billion dollars going to the irs

496
00:23:19,119 --> 00:23:21,480
Speaker 9: to come and snoop on Americans. There are places we've

497
00:23:21,480 --> 00:23:23,720
Speaker 9: already started to cut back on that. There are places

498
00:23:23,760 --> 00:23:25,600
Speaker 9: like that that we can cut immediately, and I think

499
00:23:25,640 --> 00:23:28,440
Speaker 9: we'll continue to dig in and find opportunities. President Trump

500
00:23:28,440 --> 00:23:31,520
Speaker 9: will challenge each of his cabinet secretaries and agency edge

501
00:23:31,560 --> 00:23:34,680
Speaker 9: to find those opportunities. I've lived this at a state level.

502
00:23:34,720 --> 00:23:36,480
Speaker 9: I was Commerce secretary of my home state. We cut

503
00:23:36,480 --> 00:23:39,720
Speaker 9: a tremendous amount of funding out, saved money, found waste

504
00:23:39,800 --> 00:23:41,040
Speaker 9: and sclerosis, and took it out.

505
00:23:41,880 --> 00:23:44,600
Speaker 2: The Committee for a Responsible Federal Budget had a palpitation

506
00:23:44,680 --> 00:23:47,359
Speaker 2: when they saw this plan and ran the numbers themselves.

507
00:23:47,480 --> 00:23:49,879
Speaker 2: And the message from Mia McGuinness, who I know, you

508
00:23:50,000 --> 00:23:52,960
Speaker 2: know there, was you can't get to this with a

509
00:23:53,000 --> 00:23:56,840
Speaker 2: billion here, a billion there. This will require entitlement reform.

510
00:23:57,000 --> 00:23:59,280
Speaker 2: You have to get to Medicare and Social Security.

511
00:23:59,359 --> 00:23:59,600
Speaker 10: JD.

512
00:23:59,720 --> 00:24:03,239
Speaker 2: Vance doesn't want to touch security and Donald Trump has

513
00:24:03,240 --> 00:24:04,399
Speaker 2: said that he will not either.

514
00:24:04,560 --> 00:24:04,800
Speaker 10: Do you.

515
00:24:05,320 --> 00:24:08,200
Speaker 9: Well, here's what I think people miss. We're talking about

516
00:24:08,240 --> 00:24:11,920
Speaker 9: mandatory versus discretionary spending. And most of my colleagues and

517
00:24:11,960 --> 00:24:14,439
Speaker 9: I spend all of our time on discretionary spending. But

518
00:24:14,480 --> 00:24:17,520
Speaker 9: there is a huge chunk of mandatory spending that has

519
00:24:17,520 --> 00:24:20,480
Speaker 9: nothing to do with Medicare, MEDICAI or social Security, and

520
00:24:20,560 --> 00:24:23,080
Speaker 9: even more was added to it through the twenty twenty

521
00:24:23,080 --> 00:24:26,040
Speaker 9: one partisan Reconciliation bills. We need to go and take

522
00:24:26,040 --> 00:24:29,240
Speaker 9: an extremely hard look at these mandatory spending obligations that

523
00:24:29,280 --> 00:24:31,800
Speaker 9: we have that have nothing to do with people's retirement,

524
00:24:32,160 --> 00:24:35,080
Speaker 9: their social security, their Medicare and medicaid, and begin to

525
00:24:35,080 --> 00:24:38,080
Speaker 9: address that. We can make significant headway again on both

526
00:24:38,160 --> 00:24:40,919
Speaker 9: the mandatory side as well as the discretionary side, and

527
00:24:41,000 --> 00:24:45,080
Speaker 9: still abide by the pledge not to touch Medicare, Medicator,

528
00:24:45,119 --> 00:24:45,880
Speaker 9: social security.

529
00:24:46,359 --> 00:24:49,199
Speaker 4: I'd also like to ask you about cryptocurrencies, given your

530
00:24:49,280 --> 00:24:52,240
Speaker 4: role on the Banking Committee, but also knowing that Senator

531
00:24:52,320 --> 00:24:54,520
Speaker 4: jd Vance is from Ohio, a state in which the

532
00:24:54,600 --> 00:24:56,600
Speaker 4: chairman of the Banking Committee, Shared Brown, is in a

533
00:24:56,600 --> 00:24:59,800
Speaker 4: tough re election fight against a pro crypto candidate Burnie,

534
00:25:00,440 --> 00:25:03,800
Speaker 4: and I wonder if jd Vance entering the race puts

535
00:25:03,840 --> 00:25:06,920
Speaker 4: crypto more into the actual four of this election cycle.

536
00:25:06,960 --> 00:25:08,639
Speaker 4: How do you expect it to play in, not just

537
00:25:08,680 --> 00:25:10,680
Speaker 4: in the race that could define the next chair of

538
00:25:10,760 --> 00:25:13,800
Speaker 4: ranking member of the Banking Committee, but more broadly, well, I.

539
00:25:13,840 --> 00:25:15,280
Speaker 10: Certainly hope it puts it into play.

540
00:25:15,640 --> 00:25:20,560
Speaker 9: I think crypto Actually, cryptotechnology is a defining point in

541
00:25:20,600 --> 00:25:26,200
Speaker 9: this election. If you like centralized control over your financial transactions,

542
00:25:26,240 --> 00:25:29,159
Speaker 9: that's exactly where Shared Brown and the Democrats and this

543
00:25:29,320 --> 00:25:33,240
Speaker 9: White House administration have been. They have been incredibly hostile

544
00:25:33,480 --> 00:25:37,159
Speaker 9: toward crypto technology. If you like a decentralized option that

545
00:25:37,200 --> 00:25:40,159
Speaker 9: allows for more freedom and liberty and also supports some

546
00:25:40,200 --> 00:25:42,480
Speaker 9: of the greatest technology innovations that I've seen since the

547
00:25:42,520 --> 00:25:44,800
Speaker 9: development of the Internet, I think you're going to be

548
00:25:44,840 --> 00:25:49,440
Speaker 9: supporting President Trump and JD Vance. JD has a great

549
00:25:49,480 --> 00:25:53,200
Speaker 9: deal of experience in Silicon Valley. I think he possesses

550
00:25:54,000 --> 00:25:57,040
Speaker 9: the great capacity to see this potential here. President Trump

551
00:25:57,080 --> 00:25:59,600
Speaker 9: and I have spent a significant amount of time talking

552
00:25:59,600 --> 00:26:02,960
Speaker 9: about the cryptotechnology industry, the potential that it holds for America.

553
00:26:03,080 --> 00:26:06,000
Speaker 9: I can tell you both, gentlemen, want to see this

554
00:26:06,119 --> 00:26:10,159
Speaker 9: industry here in America as it evolves. We want to

555
00:26:10,160 --> 00:26:12,320
Speaker 9: see this innovation happening here because I think it has

556
00:26:12,640 --> 00:26:14,360
Speaker 9: great potential, great potential.

557
00:26:14,760 --> 00:26:16,040
Speaker 10: We don't want to see it go offshore.

558
00:26:16,080 --> 00:26:18,560
Speaker 9: And what we need is a regulatory constructor that will

559
00:26:18,560 --> 00:26:20,600
Speaker 9: allow that, not push it away. And right now what

560
00:26:20,680 --> 00:26:23,240
Speaker 9: you have is a choice that would crush the industry

561
00:26:23,640 --> 00:26:26,240
Speaker 9: that's what comes from the SEC. Right now, that's what

562
00:26:26,320 --> 00:26:29,440
Speaker 9: comes from rankly Democrat members of my own Senate Banking Committee.

563
00:26:29,440 --> 00:26:33,520
Speaker 9: In this administration, we need to move toward the policies

564
00:26:33,560 --> 00:26:35,520
Speaker 9: that I'm certain we're going to adopt in the Republican

565
00:26:35,560 --> 00:26:38,000
Speaker 9: administration that will be very favorable toward this industry.

566
00:26:38,320 --> 00:26:40,440
Speaker 2: Senator, we have to ask you, of course, about Donald

567
00:26:40,440 --> 00:26:42,960
Speaker 2: Trump's well being after what happened last weekend. We were

568
00:26:43,200 --> 00:26:44,920
Speaker 2: reporting that he was making a lot of phone calls

569
00:26:44,960 --> 00:26:48,000
Speaker 2: the day after on Sunday, and you indicated earlier that

570
00:26:48,080 --> 00:26:50,320
Speaker 2: you were on the other end of the line on

571
00:26:50,840 --> 00:26:51,320
Speaker 2: those calls.

572
00:26:51,359 --> 00:26:52,160
Speaker 10: What did you talk about?

573
00:26:52,760 --> 00:26:55,040
Speaker 9: I talked to them Sunday evening for I know, twenty

574
00:26:55,080 --> 00:26:59,919
Speaker 9: twenty five minutes, and he was immediately talked about how

575
00:27:00,640 --> 00:27:03,040
Speaker 9: divine intervention played a role in this, and if you

576
00:27:03,080 --> 00:27:07,640
Speaker 9: think about how close he came to being assassinated, it's

577
00:27:08,440 --> 00:27:12,679
Speaker 9: just I fully appreciate the hand of God that that

578
00:27:12,760 --> 00:27:16,000
Speaker 9: watched for him. But he immediately talked about the father

579
00:27:16,080 --> 00:27:20,399
Speaker 9: of two, the firefighter that lost his life, that leaving

580
00:27:20,440 --> 00:27:22,840
Speaker 9: a family without without a dad, those that were injured

581
00:27:22,880 --> 00:27:24,040
Speaker 9: on stage there that day.

582
00:27:24,640 --> 00:27:26,880
Speaker 10: He has very real concern for that.

583
00:27:27,160 --> 00:27:29,680
Speaker 9: I was with Kid Rock that night, and we got

584
00:27:29,720 --> 00:27:32,320
Speaker 9: on stage together and really fired up the crowd to

585
00:27:32,320 --> 00:27:34,639
Speaker 9: go to the go fundme site to support those people,

586
00:27:35,040 --> 00:27:39,320
Speaker 9: their families and in a terrible time for them. President

587
00:27:39,359 --> 00:27:42,679
Speaker 9: Trump was not surprising to me at all. He's always

588
00:27:42,720 --> 00:27:44,879
Speaker 9: been that way in terms of his care and concern

589
00:27:44,960 --> 00:27:48,000
Speaker 9: for others. That's that was the top of the conversation,

590
00:27:48,520 --> 00:27:50,480
Speaker 9: and then we talked about how things are going to

591
00:27:50,520 --> 00:27:54,159
Speaker 9: move forward. And I really think that the public is

592
00:27:55,119 --> 00:27:56,520
Speaker 9: shocked by what happened.

593
00:27:56,560 --> 00:27:59,040
Speaker 10: I think it shocked us all to our core, and

594
00:27:59,640 --> 00:28:02,200
Speaker 10: we need resilience, we need strength.

595
00:28:02,200 --> 00:28:04,359
Speaker 9: And when he came up with his fist raised in

596
00:28:04,400 --> 00:28:07,399
Speaker 9: the air, I think that's a picture that's going to

597
00:28:07,440 --> 00:28:11,280
Speaker 9: be one of the most iconic in the world. America

598
00:28:11,320 --> 00:28:13,600
Speaker 9: needs a strong leader right now. The world needs a

599
00:28:13,600 --> 00:28:16,560
Speaker 9: strong leader right now. I speak with world leaders very often.

600
00:28:16,600 --> 00:28:18,520
Speaker 9: Given my role in the Foreign Relations Committee and the

601
00:28:18,520 --> 00:28:22,480
Speaker 9: fact that I served in the previous administration as a diplomat.

602
00:28:23,400 --> 00:28:25,920
Speaker 9: There is a great need for a strong America right now,

603
00:28:25,960 --> 00:28:32,080
Speaker 9: and I think President Trump is moving right into that lane.

604
00:28:32,840 --> 00:28:35,520
Speaker 2: It was Senator Bill Haggerty of Tennessee, the Republican with

605
00:28:35,640 --> 00:28:37,760
Speaker 2: us here in Milwaukee on what is day two of

606
00:28:37,800 --> 00:28:43,040
Speaker 2: the Republican National Convention. Really interesting conversation that we typically

607
00:28:43,040 --> 00:28:46,280
Speaker 2: have in Washington about economic policy. He's gearing up for

608
00:28:46,880 --> 00:28:50,880
Speaker 2: the next day here, looking forward to a conversation about

609
00:28:50,960 --> 00:28:53,200
Speaker 2: crypto that might be a little different than the one

610
00:28:53,200 --> 00:28:53,840
Speaker 2: happening now.

611
00:28:54,160 --> 00:28:57,200
Speaker 4: Absolutely, Donald Trump has really tried to position himself to

612
00:28:57,240 --> 00:29:00,480
Speaker 4: be a pro crypto candidate to a large extent. We

613
00:29:00,480 --> 00:29:03,800
Speaker 4: thought that may have begun with the vagk Ramaswami actually

614
00:29:03,880 --> 00:29:05,959
Speaker 4: when he dropped out of the primary process and got

615
00:29:06,040 --> 00:29:08,760
Speaker 4: Donald Trumps Heyer. But potentially that's something that grows with

616
00:29:08,840 --> 00:29:11,480
Speaker 4: the addition of jd Vance to the ticket, that's for sure.

617
00:29:11,600 --> 00:29:14,240
Speaker 2: So we assembled our panel. Rick Davis at Stone Court

618
00:29:14,280 --> 00:29:17,800
Speaker 2: Capital is with us, alongside Genie Schanzino at Iona University,

619
00:29:17,800 --> 00:29:20,800
Speaker 2: Bloomberg Politics contributors. What do you make of all this

620
00:29:20,920 --> 00:29:24,040
Speaker 2: talk about divine intervention? It seems to have gripped this convention.

621
00:29:24,480 --> 00:29:26,640
Speaker 13: Yeah, I thought that was such a fascinating part of

622
00:29:26,680 --> 00:29:29,960
Speaker 13: your discussion, because this is something we are hearing from

623
00:29:30,000 --> 00:29:33,440
Speaker 13: not just Republicans. I mean, if you guys have watched

624
00:29:33,520 --> 00:29:36,160
Speaker 13: these rallies, and Donald Trump himself said the other day

625
00:29:36,200 --> 00:29:40,040
Speaker 13: he seldom turns his head. They seldom put up graphics

626
00:29:40,120 --> 00:29:43,080
Speaker 13: like they did just some moments before he was shot at.

627
00:29:43,520 --> 00:29:47,240
Speaker 13: And he believes, and so do many Republicans and Americans,

628
00:29:47,600 --> 00:29:51,120
Speaker 13: that it was some kind of divine intervention, and he

629
00:29:51,200 --> 00:29:53,760
Speaker 13: has talked about that openly, and I suspect that's a

630
00:29:53,800 --> 00:29:55,680
Speaker 13: theme we're going to hear, just like you heard from

631
00:29:55,680 --> 00:29:59,960
Speaker 13: Senator Haggerty going forward in his talk and in his

632
00:30:00,040 --> 00:30:03,200
Speaker 13: speech on Thursday night, about what he is going to

633
00:30:03,280 --> 00:30:05,600
Speaker 13: do with the fact that he feels like he had

634
00:30:05,840 --> 00:30:08,680
Speaker 13: a divine intervention that saved him and what he hopes

635
00:30:08,720 --> 00:30:11,240
Speaker 13: to take from that. So I thought that part of

636
00:30:11,280 --> 00:30:14,120
Speaker 13: the discussion was just fascinating. And then of course the

637
00:30:14,240 --> 00:30:16,040
Speaker 13: economic aspects as well.

638
00:30:16,360 --> 00:30:18,960
Speaker 4: Yeah, well, just on the divine intervention idea, you heard

639
00:30:18,960 --> 00:30:21,720
Speaker 4: that from the speakers last night, Congressman Marjorie Taylor Green

640
00:30:21,800 --> 00:30:24,080
Speaker 4: talking about the hand of God being on Donald Trump.

641
00:30:24,120 --> 00:30:27,280
Speaker 4: Senator Tim Scott of South Carolina said similar things as well.

642
00:30:27,520 --> 00:30:29,880
Speaker 4: But on the economic policy, to Genie's point is, we

643
00:30:29,960 --> 00:30:32,560
Speaker 4: had the conversation with the senator something we've continually asked

644
00:30:32,560 --> 00:30:34,800
Speaker 4: as we talk about things like tariffs, which were talked

645
00:30:34,800 --> 00:30:37,840
Speaker 4: about quite extensively last night, which of course, was Day

646
00:30:37,880 --> 00:30:40,440
Speaker 4: one focused on the economy. We know that there is

647
00:30:40,480 --> 00:30:44,320
Speaker 4: a repercussion of higher tariffs, which is higher costs, which

648
00:30:44,360 --> 00:30:46,600
Speaker 4: is something that Republicans have also been talking about higher

649
00:30:46,600 --> 00:30:50,680
Speaker 4: costs under the Biden administration. How do we think about

650
00:30:50,800 --> 00:30:53,080
Speaker 4: the way that these things kind of run in a

651
00:30:53,120 --> 00:30:56,040
Speaker 4: circle And for a voter, do higher tariffs sound as

652
00:30:56,080 --> 00:30:59,560
Speaker 4: good as practice in practice as they or the idea

653
00:30:59,560 --> 00:31:01,920
Speaker 4: of them said, as they actually will be in practice

654
00:31:02,440 --> 00:31:04,720
Speaker 4: in the reality? Is this a good message for Republicans

655
00:31:04,720 --> 00:31:05,320
Speaker 4: to be running with.

656
00:31:05,560 --> 00:31:05,720
Speaker 12: Yeah.

657
00:31:05,720 --> 00:31:08,000
Speaker 14: I think one of the things that Senator Haggerty pointed

658
00:31:08,040 --> 00:31:11,800
Speaker 14: out is this sort of economic populism. I kind of

659
00:31:11,800 --> 00:31:15,480
Speaker 14: call it economic realism, because the Republican Party is now

660
00:31:15,520 --> 00:31:19,320
Speaker 14: the party of working class, multicultural voters, right, and so

661
00:31:19,920 --> 00:31:22,560
Speaker 14: when you think about what a tariff means to them,

662
00:31:22,600 --> 00:31:26,800
Speaker 14: we're not the party of the country club corporate executives anymore.

663
00:31:26,880 --> 00:31:30,560
Speaker 14: So tariffs to the corporations has a different impact than

664
00:31:30,560 --> 00:31:34,280
Speaker 14: tariffs to individuals. And sure it is a tax on individuals,

665
00:31:34,280 --> 00:31:36,800
Speaker 14: but when you look at the people supporting Donald Trump,

666
00:31:37,040 --> 00:31:41,120
Speaker 14: they haven't had the run up in finances that a

667
00:31:41,120 --> 00:31:42,960
Speaker 14: lot of people have had over the course of the

668
00:31:43,040 --> 00:31:46,160
Speaker 14: various corrections that we've had, and so they're not so

669
00:31:46,280 --> 00:31:47,440
Speaker 14: much worried about.

670
00:31:47,120 --> 00:31:48,120
Speaker 3: What the future holds.

671
00:31:48,120 --> 00:31:50,720
Speaker 14: They're worried about today. And you hear all the time

672
00:31:50,760 --> 00:31:53,040
Speaker 14: in the focus groups about I had more money in

673
00:31:53,080 --> 00:31:56,080
Speaker 14: my pocket under Donald Trump than I do under Joe Biden.

674
00:31:56,160 --> 00:31:59,480
Speaker 14: And so when you say tariffs, they read that as

675
00:31:59,640 --> 00:32:04,080
Speaker 14: pertecting my economics, not squandering them, and so I think

676
00:32:04,240 --> 00:32:07,840
Speaker 14: not being honest with them, I think they've already made

677
00:32:07,840 --> 00:32:10,200
Speaker 14: this case, right. I mean, I don't think anybody's actually

678
00:32:10,240 --> 00:32:13,240
Speaker 14: selling to them that tariffs are somehow going to increase

679
00:32:13,280 --> 00:32:16,040
Speaker 14: their pay but they're not paying those taxes. I mean,

680
00:32:16,080 --> 00:32:18,600
Speaker 14: the reality is they pay them in a really regressive

681
00:32:18,600 --> 00:32:22,520
Speaker 14: way cost of goods. And the fact that that's run

682
00:32:22,600 --> 00:32:26,920
Speaker 14: up so much without a strong tariff regime under the

683
00:32:26,920 --> 00:32:30,880
Speaker 14: Biden administration, you know, it causes voters a question whether

684
00:32:30,920 --> 00:32:32,760
Speaker 14: or not all this talk about tariffs is going to

685
00:32:32,800 --> 00:32:33,640
Speaker 14: make a difference to them.

686
00:32:33,640 --> 00:32:35,400
Speaker 3: It's amazing what you just said.

687
00:32:35,600 --> 00:32:41,320
Speaker 2: Republican Party is the party of working class, multicultural Americans.

688
00:32:42,840 --> 00:32:44,280
Speaker 3: I thought you were the Democrat here.

689
00:32:44,840 --> 00:32:47,000
Speaker 13: No, that's right, and that's why I think to get

690
00:32:47,000 --> 00:32:49,600
Speaker 13: back to the conversation about somebody like Nikki Haley and

691
00:32:49,640 --> 00:32:52,160
Speaker 13: the establishment part of the party. That's not who they

692
00:32:52,160 --> 00:32:53,000
Speaker 13: are appealing to.

693
00:32:53,320 --> 00:32:55,640
Speaker 2: But to see that as being the case because Joe

694
00:32:55,640 --> 00:32:56,600
Speaker 2: Biden's lost in that.

695
00:32:56,560 --> 00:32:59,960
Speaker 13: World, you know, I think that's where they are headed.

696
00:33:00,240 --> 00:33:02,360
Speaker 13: I don't know if they have fully been able to

697
00:33:02,880 --> 00:33:04,960
Speaker 13: embrace that, but you know what I think of is

698
00:33:05,000 --> 00:33:09,120
Speaker 13: this division between the reality of the numbers and the

699
00:33:09,160 --> 00:33:12,720
Speaker 13: public opinion polls and how people feel. And you talk

700
00:33:12,760 --> 00:33:15,920
Speaker 13: to any economist, they will tell you numbers are pretty good.

701
00:33:16,000 --> 00:33:19,000
Speaker 13: The market's been strong, unemployment out of fifty year low,

702
00:33:19,120 --> 00:33:22,040
Speaker 13: inflation is moving in the right direction. There are all

703
00:33:22,120 --> 00:33:25,760
Speaker 13: of these very positive macro science and it's not felt

704
00:33:25,800 --> 00:33:28,160
Speaker 13: on main street. And that's one of the challenges for

705
00:33:28,240 --> 00:33:31,560
Speaker 13: Joe Biden and the Democrats. They have not been able

706
00:33:31,640 --> 00:33:35,920
Speaker 13: to reach people with these positive numbers. People feel like

707
00:33:36,040 --> 00:33:39,840
Speaker 13: things are bad, and they are embracing that argument. Sure,

708
00:33:39,920 --> 00:33:42,000
Speaker 13: there's a lot of things to do, but I think

709
00:33:42,080 --> 00:33:46,160
Speaker 13: to your question, there is something that is not honest

710
00:33:46,360 --> 00:33:49,640
Speaker 13: about this populist argument that they are selling, but that

711
00:33:49,760 --> 00:33:51,240
Speaker 13: many people on main street are buying.

712
00:33:51,840 --> 00:33:53,880
Speaker 4: It strikes me, as you talk about Joe Biden that

713
00:33:54,000 --> 00:33:56,640
Speaker 4: we are now about an hour into this program from Milwaukee,

714
00:33:56,720 --> 00:33:58,800
Speaker 4: and haven't talked about the sit down interview he gave

715
00:33:58,840 --> 00:34:01,239
Speaker 4: with Luster Holts on NBA see last night. Does that

716
00:34:01,280 --> 00:34:03,440
Speaker 4: suggest Genie? And we'll do so more in the next hour.

717
00:34:03,480 --> 00:34:06,480
Speaker 4: I promise our listeners and viewers that he didn't accomplish

718
00:34:06,480 --> 00:34:08,640
Speaker 4: what he intended to with that interview. He didn't steal

719
00:34:08,680 --> 00:34:10,240
Speaker 4: back the narrative from Donald Trump.

720
00:34:10,600 --> 00:34:12,840
Speaker 13: It not only suggests he did not steal back the

721
00:34:12,920 --> 00:34:15,399
Speaker 13: narrative from Donald Trump. I think the problem for Joe

722
00:34:15,400 --> 00:34:18,520
Speaker 13: Biden now is we sort of can only hope that

723
00:34:18,560 --> 00:34:21,000
Speaker 13: he does no harm when he goes out to these interviews.

724
00:34:21,239 --> 00:34:24,560
Speaker 13: He didn't do much harm last night. He was very defensive,

725
00:34:24,600 --> 00:34:27,560
Speaker 13: I thought with Lester Holt, and so you know, whereas

726
00:34:27,760 --> 00:34:30,040
Speaker 13: many Democrats are looking for a moment where he can

727
00:34:30,080 --> 00:34:33,320
Speaker 13: embrace a huge tragedy in American politics with soaring rhetoric,

728
00:34:33,719 --> 00:34:35,640
Speaker 13: that's not what we can expect at this point. So

729
00:34:35,920 --> 00:34:38,719
Speaker 13: to your question, he didn't steal the narrative. Far from it.

730
00:34:38,760 --> 00:34:41,279
Speaker 13: He sort of just I guess tred water is the

731
00:34:41,280 --> 00:34:41,840
Speaker 13: best way.

732
00:34:41,680 --> 00:34:42,040
Speaker 8: To say it.

733
00:34:42,200 --> 00:34:44,720
Speaker 4: Oh, we'll have more analysis of that interview with Jeanie

734
00:34:44,760 --> 00:34:48,560
Speaker 4: Shanzano and Rick Davis, our political panel Bloomberg Politics contributors.

735
00:34:52,000 --> 00:34:55,120
Speaker 1: If you're listening to the Bloomberg Balance of Power podcast,

736
00:34:55,440 --> 00:34:58,600
Speaker 1: kens just live weekdays at noon Eastern on Evocar Play

737
00:34:58,600 --> 00:35:00,880
Speaker 1: and then roud Otto with the Bloomber Our Business app,

738
00:35:00,960 --> 00:35:04,120
Speaker 1: listen on demand wherever you get your podcasts. A watch

739
00:35:04,200 --> 00:35:07,719
Speaker 1: us live on YouTube.

740
00:35:08,400 --> 00:35:11,359
Speaker 4: Big news yesterday was the selection of Senator JD. Vance

741
00:35:11,400 --> 00:35:13,880
Speaker 4: from Ohio as Donald Trump's running mate. We want to

742
00:35:13,880 --> 00:35:16,239
Speaker 4: get more on that now, and head over to Bloomberg's

743
00:35:16,280 --> 00:35:19,360
Speaker 4: Tyler Kendall, who has more details on the junior senator.

744
00:35:19,360 --> 00:35:24,600
Speaker 15: Hey Tyler, Yeah, Hey Kelly, our Bloomberg audience. My first note.

745
00:35:24,760 --> 00:35:25,000
Speaker 4: JD.

746
00:35:25,080 --> 00:35:27,360
Speaker 15: Vance is a venture capitalist and a member of the

747
00:35:27,400 --> 00:35:30,839
Speaker 15: Senate Banking Committee, where he's largely taken a more populist

748
00:35:30,880 --> 00:35:33,400
Speaker 15: view when it comes to the economy and business. And

749
00:35:33,440 --> 00:35:35,799
Speaker 15: when we analyze the type of legislation that he has

750
00:35:35,840 --> 00:35:38,520
Speaker 15: shepherded through that committee, it includes bills that would make

751
00:35:38,560 --> 00:35:42,160
Speaker 15: it more difficult for big lenders to get bigger. He's

752
00:35:42,160 --> 00:35:44,520
Speaker 15: also been keen to cut down on credit card fees

753
00:35:44,560 --> 00:35:47,160
Speaker 15: and in one move, partnered with Senator Elizabeth Warren, a

754
00:35:47,200 --> 00:35:50,600
Speaker 15: Democrat from Massachusetts, on a bill to claw back executive

755
00:35:50,600 --> 00:35:53,279
Speaker 15: compensation in the event of a bank failure. Now he

756
00:35:53,360 --> 00:35:55,920
Speaker 15: is a staunch defender of big oil and has pushed

757
00:35:55,960 --> 00:35:59,719
Speaker 15: big banks against ESG policy commitments. For a sense, here

758
00:35:59,800 --> 00:36:03,800
Speaker 15: was Vance when the nation's largest Wall Street CEOs last

759
00:36:03,840 --> 00:36:06,759
Speaker 15: testified on Capitol Hill.

760
00:36:06,840 --> 00:36:10,520
Speaker 16: If you guys are going to use the financial power

761
00:36:10,560 --> 00:36:13,720
Speaker 16: that you've accumulated to go to war against the values

762
00:36:13,760 --> 00:36:18,400
Speaker 16: of our voters, impoverish our constituents who rely on cheap energy,

763
00:36:18,680 --> 00:36:21,040
Speaker 16: and destroy the jobs of people who work in the

764
00:36:21,080 --> 00:36:24,160
Speaker 16: energy sector. Why should we listen to you when you

765
00:36:24,200 --> 00:36:26,319
Speaker 16: come and ask us for a tax break or for

766
00:36:26,400 --> 00:36:27,480
Speaker 16: reasonable regulations.

767
00:36:31,600 --> 00:36:35,320
Speaker 15: Vance has, though largely been opposed to more financial regulation.

768
00:36:35,400 --> 00:36:38,280
Speaker 15: For example, he's against the new proposed rule for higher

769
00:36:38,320 --> 00:36:41,640
Speaker 15: capital rule requirements for big banks. But Joe and Kelly

770
00:36:41,680 --> 00:36:44,279
Speaker 15: interesting to point out that he has actually applauded the

771
00:36:44,360 --> 00:36:47,919
Speaker 15: FTC's Lena Kon and the Biden administrations push for more

772
00:36:48,000 --> 00:36:50,800
Speaker 15: regulation and cracking down when it comes to big tech.

773
00:36:53,560 --> 00:36:55,680
Speaker 2: Tyler, thank you so much with us live in Milwaukee,

774
00:36:55,719 --> 00:36:59,200
Speaker 2: Bloomberg's Tyler Kendall on day two here at the RNC,

775
00:36:59,320 --> 00:37:02,360
Speaker 2: and we're joined now by Governor Mike Dunleavy of Alaska.

776
00:37:02,400 --> 00:37:04,200
Speaker 2: Governor is great to see you. Thank you for joining

777
00:37:04,239 --> 00:37:07,480
Speaker 2: us here in Milwaukee. We're all sweating a little bit here.

778
00:37:07,560 --> 00:37:09,799
Speaker 2: It's not quite elastic weather. I hope you're enjoying it

779
00:37:09,840 --> 00:37:12,160
Speaker 2: so far. What do you make of this pick?

780
00:37:12,320 --> 00:37:13,120
Speaker 3: JD. Vance?

781
00:37:13,200 --> 00:37:16,399
Speaker 2: So many of us were surprised by it not being

782
00:37:16,600 --> 00:37:18,200
Speaker 2: a surprise name yesterday.

783
00:37:18,200 --> 00:37:19,760
Speaker 3: This has been something long in the works.

784
00:37:20,160 --> 00:37:22,440
Speaker 8: Oh well, I think I think the President is picking

785
00:37:22,440 --> 00:37:25,239
Speaker 8: somebody that will carry forth his agenda after he leaves

786
00:37:25,280 --> 00:37:28,719
Speaker 8: office and while President Trump is in office. Obviously JD.

787
00:37:28,800 --> 00:37:31,800
Speaker 8: Vance will be a close confidant to the President. He's younger.

788
00:37:32,760 --> 00:37:36,920
Speaker 8: That'll probably appeal to younger Americans. But I think, you know,

789
00:37:36,920 --> 00:37:38,440
Speaker 8: I have confidence in the President that he knows what

790
00:37:38,480 --> 00:37:40,719
Speaker 8: he's doing. I don't know JD that well. I know

791
00:37:40,760 --> 00:37:43,239
Speaker 8: he's a senator from Ohio, but hope to get know

792
00:37:43,360 --> 00:37:43,960
Speaker 8: here in the future.

793
00:37:43,960 --> 00:37:45,360
Speaker 3: Off the November fifth, Well.

794
00:37:45,239 --> 00:37:47,400
Speaker 4: He's only been a Senator from Ohio for about a

795
00:37:47,480 --> 00:37:49,799
Speaker 4: year and a half. He is a political newbie, and

796
00:37:49,840 --> 00:37:52,759
Speaker 4: I wonder, as a sitting Republican governor, what you think

797
00:37:52,800 --> 00:37:56,400
Speaker 4: about the idea of a governor who has executive leadership

798
00:37:56,480 --> 00:37:59,640
Speaker 4: running one of the states in the United States of America.

799
00:37:59,719 --> 00:38:02,520
Speaker 4: Why that selection may not have been made.

800
00:38:02,600 --> 00:38:05,880
Speaker 8: Well, keep in mind President Trump was not elected in

801
00:38:05,880 --> 00:38:09,120
Speaker 8: the office before he was elected president. And sometimes when

802
00:38:09,120 --> 00:38:11,120
Speaker 8: you get a perspective outside of government, and I've been

803
00:38:11,160 --> 00:38:13,200
Speaker 8: outside of government, I've been inside of government. Sometimes when

804
00:38:13,200 --> 00:38:15,520
Speaker 8: you get a perspective outside of government, you carry a

805
00:38:15,560 --> 00:38:18,960
Speaker 8: perspective of the people into government as opposed to being

806
00:38:19,000 --> 00:38:22,120
Speaker 8: a career government official, and you know, looking at the

807
00:38:22,120 --> 00:38:24,640
Speaker 8: world from that perspective. So I think that's what probably factored,

808
00:38:25,080 --> 00:38:26,719
Speaker 8: you know, at least partly into the decision by the

809
00:38:26,719 --> 00:38:27,440
Speaker 8: president bring.

810
00:38:27,360 --> 00:38:31,360
Speaker 2: Us your a unique perspective on energy coming from Alaska

811
00:38:31,400 --> 00:38:33,440
Speaker 2: and what a Trump two point o would mean, because

812
00:38:33,440 --> 00:38:36,480
Speaker 2: the Biden administration is reminding us on the daily that

813
00:38:36,719 --> 00:38:39,360
Speaker 2: our output right now, we're pumping more oil and gas

814
00:38:39,400 --> 00:38:41,759
Speaker 2: than ever in the history of the United States. Yet

815
00:38:41,760 --> 00:38:44,759
Speaker 2: there seems to be this idea that Trump would be

816
00:38:44,800 --> 00:38:48,240
Speaker 2: friendlier to the energy sector than Joe Biden.

817
00:38:48,320 --> 00:38:48,839
Speaker 3: What would in.

818
00:38:48,840 --> 00:38:50,680
Speaker 8: Fact change I think he will, I think if the

819
00:38:50,760 --> 00:38:53,400
Speaker 8: lot for it tell us specifically, well, I mean President

820
00:38:53,400 --> 00:38:57,000
Speaker 8: Biden has called for a moratorium shipping gas overceipts. That's

821
00:38:57,000 --> 00:38:58,239
Speaker 8: not going to happen on the president'ry.

822
00:38:58,280 --> 00:39:01,200
Speaker 3: So that's lifted immediately in.

823
00:39:01,239 --> 00:39:04,759
Speaker 8: Terms of anwar, which was the National Whilife Refuge in

824
00:39:04,760 --> 00:39:06,759
Speaker 8: Alaska on the North Slope where there is oil in

825
00:39:06,800 --> 00:39:10,440
Speaker 8: his gas. Under the twenty seventeen law that was passed,

826
00:39:10,480 --> 00:39:13,600
Speaker 8: those leases went up for sale. The Biden administration illegally,

827
00:39:13,640 --> 00:39:16,600
Speaker 8: and it is true it's illegally shut those leases down.

828
00:39:16,920 --> 00:39:19,600
Speaker 8: That'd be lifted, I believe under President Trump. And then

829
00:39:19,640 --> 00:39:22,400
Speaker 8: taking up upwards of thirteen million acres of then pra

830
00:39:22,800 --> 00:39:26,040
Speaker 8: National Patrolling Reserve off the table for oil and gas.

831
00:39:26,120 --> 00:39:28,840
Speaker 8: I think that'll go back on the table. President Trump

832
00:39:28,960 --> 00:39:31,200
Speaker 8: was the best president in the history of Alaska from

833
00:39:31,200 --> 00:39:34,480
Speaker 8: my perspective. When I came into office and I had

834
00:39:34,480 --> 00:39:36,080
Speaker 8: my first meeting with President Trump, he said to me,

835
00:39:36,160 --> 00:39:37,840
Speaker 8: what can I do to help Alaska? And that was

836
00:39:37,880 --> 00:39:41,080
Speaker 8: every single meeting, and he probably did more than any

837
00:39:41,120 --> 00:39:43,920
Speaker 8: other president in the history of the state. President Biden.

838
00:39:44,200 --> 00:39:47,799
Speaker 8: Under his administration, there are approximately sixty five actions by

839
00:39:47,840 --> 00:39:51,600
Speaker 8: the federal government against Alaska, taking land off the table

840
00:39:51,640 --> 00:39:55,120
Speaker 8: for oil and gas exploration, closing down the Tongest National Force,

841
00:39:55,560 --> 00:39:57,799
Speaker 8: not going through with a land exchange to help some

842
00:39:57,840 --> 00:39:59,759
Speaker 8: of our indigenous people in King Kove be able to

843
00:39:59,760 --> 00:40:01,920
Speaker 8: get a road out so their people don't have to

844
00:40:02,800 --> 00:40:05,200
Speaker 8: fight weather with their planes. The list goes on and

845
00:40:05,239 --> 00:40:07,200
Speaker 8: on or not. But under our president that we have

846
00:40:07,280 --> 00:40:10,720
Speaker 8: right now, President Biden, sixty five actions. That's more actions

847
00:40:10,840 --> 00:40:13,840
Speaker 8: against a state than the federal government has against places

848
00:40:13,880 --> 00:40:14,360
Speaker 8: like Iran.

849
00:40:15,239 --> 00:40:18,320
Speaker 4: It's incredible if we could just continue the energy conversation

850
00:40:18,400 --> 00:40:20,279
Speaker 4: for a moment longer. What we have heard a lot

851
00:40:20,280 --> 00:40:21,880
Speaker 4: from Donald Trump and those close to him is this

852
00:40:21,960 --> 00:40:24,759
Speaker 4: idea that it's just deregulation on leasha American energy, if

853
00:40:24,760 --> 00:40:27,080
Speaker 4: you will, and he spoke a bit to that idea.

854
00:40:27,480 --> 00:40:29,560
Speaker 4: But when we think about these oil and gas companies,

855
00:40:29,560 --> 00:40:31,880
Speaker 4: which we're very familiar with here at Bloomberg, they have

856
00:40:31,920 --> 00:40:35,840
Speaker 4: to be incentivized to actually spend their capital. Capital discipline

857
00:40:35,880 --> 00:40:37,680
Speaker 4: has been the name of the game for years. It's

858
00:40:37,680 --> 00:40:41,160
Speaker 4: about returning it to shareholders, not necessarily investing in new

859
00:40:41,200 --> 00:40:44,000
Speaker 4: production in a world that is trying to transition to

860
00:40:44,120 --> 00:40:47,160
Speaker 4: green energy. So beyond just deregulating, does more need to

861
00:40:47,160 --> 00:40:50,440
Speaker 4: be done to incentivize these business businesses to actually drill

862
00:40:50,480 --> 00:40:51,680
Speaker 4: more in places like.

863
00:40:51,680 --> 00:40:55,000
Speaker 8: Less If we truly deregulate, that is going to save money.

864
00:40:55,000 --> 00:40:57,000
Speaker 8: You won't have to spend as much money potentially on

865
00:40:57,040 --> 00:41:02,440
Speaker 8: primitting and a litigation to the concept of transition. I

866
00:41:02,480 --> 00:41:05,880
Speaker 8: really believe that that concept disappeared several months ago with

867
00:41:06,000 --> 00:41:09,960
Speaker 8: the advent of new chips from the video, the Blackwell chip,

868
00:41:10,040 --> 00:41:12,640
Speaker 8: the whole AI movement. You're going to need three to

869
00:41:12,719 --> 00:41:14,680
Speaker 8: six times as much energy as you have now to

870
00:41:14,760 --> 00:41:17,000
Speaker 8: power those server factories. So I think it's going to

871
00:41:17,000 --> 00:41:19,520
Speaker 8: be additionality, not transition. They're going to see more discussion

872
00:41:19,520 --> 00:41:23,240
Speaker 8: about additionality more when than solar, more oil and gas,

873
00:41:23,440 --> 00:41:26,400
Speaker 8: more nuclear, more any type of energy possible. And I

874
00:41:26,440 --> 00:41:29,160
Speaker 8: think the locals and the countries that win the energy

875
00:41:29,200 --> 00:41:31,839
Speaker 8: war and that respect are going to win the supercomputing

876
00:41:31,880 --> 00:41:33,239
Speaker 8: in the AI world war too.

877
00:41:33,440 --> 00:41:35,920
Speaker 2: If you were the energy secretary, and you can respond

878
00:41:35,920 --> 00:41:39,240
Speaker 2: to that as you want, how would you reproach nuclear?

879
00:41:39,480 --> 00:41:41,239
Speaker 2: This is something actually we talk about a lot on

880
00:41:41,239 --> 00:41:44,880
Speaker 2: Bloomer because of the incredible boom and data centers and

881
00:41:45,160 --> 00:41:48,839
Speaker 2: AI and the massive amounts of power required. We're talking

882
00:41:48,880 --> 00:41:51,799
Speaker 2: about now potentially opening data centers on the sites of

883
00:41:51,880 --> 00:41:55,360
Speaker 2: nuclear power plants. What does the future hold for americanment

884
00:41:55,440 --> 00:41:56,000
Speaker 2: and nuclear?

885
00:41:56,200 --> 00:41:59,440
Speaker 8: You know, nuclear has had a troubled past, and unfortunately

886
00:42:00,200 --> 00:42:02,480
Speaker 8: some of the President Scott, I think is unwarranted. There's

887
00:42:02,520 --> 00:42:06,120
Speaker 8: probably been fewer individuals killed or died as a result

888
00:42:06,160 --> 00:42:08,080
Speaker 8: of the nuclear accidents and almost any other type of

889
00:42:08,200 --> 00:42:12,719
Speaker 8: energy put forward in terms of accidents. But if I

890
00:42:12,760 --> 00:42:16,040
Speaker 8: were the Energy secretary and we're dreaming here for a moment,

891
00:42:16,880 --> 00:42:20,760
Speaker 8: I would facilitate a consortium among states, among private industry

892
00:42:21,120 --> 00:42:24,000
Speaker 8: provinces in Canada and maybe other countries to come up

893
00:42:24,040 --> 00:42:26,319
Speaker 8: with a calendar, for example, on small nukes, to say

894
00:42:26,440 --> 00:42:29,280
Speaker 8: how many small nukes can we get in the hopper,

895
00:42:29,680 --> 00:42:33,720
Speaker 8: to permit to design, and to get a whole industry

896
00:42:33,760 --> 00:42:37,120
Speaker 8: set up behind creating new nuclear facilities across the country.

897
00:42:37,520 --> 00:42:39,400
Speaker 8: I think that's one of the things that the nuclear

898
00:42:39,440 --> 00:42:41,399
Speaker 8: industry wants is they want to know, if we're going

899
00:42:41,480 --> 00:42:44,120
Speaker 8: to begin a process of creating a whole new industry

900
00:42:44,120 --> 00:42:47,800
Speaker 8: on small nukes, do we have the commitment to actually

901
00:42:48,320 --> 00:42:51,279
Speaker 8: fund those nukes, pay for those nukes, and cite those

902
00:42:51,400 --> 00:42:52,279
Speaker 8: nukes in various places.

903
00:42:52,320 --> 00:42:53,680
Speaker 10: So I think that would be a big step.

904
00:42:53,880 --> 00:42:56,440
Speaker 4: Governor. I just picked up on the words you use there.

905
00:42:56,480 --> 00:42:58,560
Speaker 4: We're dreaming here, are you saying that is another way

906
00:42:58,600 --> 00:43:01,000
Speaker 4: to say we're speaking hypothetically or because you actually do

907
00:43:01,120 --> 00:43:02,840
Speaker 4: dream of being Energy secretary.

908
00:43:03,200 --> 00:43:05,879
Speaker 8: No, no, no, that was high, that was hypothetical. I'm

909
00:43:05,880 --> 00:43:06,719
Speaker 8: just saying for the moment here.

910
00:43:06,719 --> 00:43:09,760
Speaker 4: So if Donald Trump offered you that job, well.

911
00:43:09,600 --> 00:43:12,000
Speaker 8: I'd have to have discussions with the President. But you know,

912
00:43:13,160 --> 00:43:15,880
Speaker 8: I'm looking forward to working with the president, helping the

913
00:43:15,880 --> 00:43:19,640
Speaker 8: president and moving this great country forward and Alaska forward.

914
00:43:20,440 --> 00:43:22,320
Speaker 3: Have you spoken with him since Saturday?

915
00:43:23,000 --> 00:43:26,680
Speaker 8: I spoke with this campaign folks, and I sent him

916
00:43:26,719 --> 00:43:29,840
Speaker 8: a text. But you know, I also understand that after

917
00:43:29,960 --> 00:43:34,200
Speaker 8: such a traumatic moment, the President's going to need to

918
00:43:34,200 --> 00:43:35,839
Speaker 8: talk with his in a circle on his family more so.

919
00:43:35,800 --> 00:43:38,040
Speaker 3: Than Focusspond was he texting over the weekend?

920
00:43:38,320 --> 00:43:40,239
Speaker 8: He was texting with some I got a text back

921
00:43:40,520 --> 00:43:43,240
Speaker 8: immediately from a campaign chair, So we're in contact.

922
00:43:43,320 --> 00:43:44,000
Speaker 3: Yeah.

923
00:43:44,040 --> 00:43:47,680
Speaker 4: Well, as we continue to grapple with the aftermass of

924
00:43:47,760 --> 00:43:50,520
Speaker 4: this weekend, pretty much every person we have talked to,

925
00:43:50,560 --> 00:43:53,479
Speaker 4: elected official or otherwise has talked about how the tone

926
00:43:53,480 --> 00:43:55,640
Speaker 4: of this convention needs to be different as a result,

927
00:43:56,239 --> 00:43:59,040
Speaker 4: much more toned down rhetoric, the lowering of the temperature

928
00:43:59,080 --> 00:44:01,960
Speaker 4: across the board, more a message of unity. And I

929
00:44:02,040 --> 00:44:04,400
Speaker 4: just wonder, given what you see in your state or

930
00:44:04,400 --> 00:44:06,160
Speaker 4: just in your position as a governor, if you see

931
00:44:06,160 --> 00:44:08,959
Speaker 4: in America that is truly capable of that right now,

932
00:44:09,000 --> 00:44:12,000
Speaker 4: given how deeply rooted our division seemed to be.

933
00:44:13,040 --> 00:44:16,440
Speaker 8: I do I think what happened. Yes, they shook everyone

934
00:44:16,480 --> 00:44:19,799
Speaker 8: to the core. I really do believe that. And I

935
00:44:19,880 --> 00:44:22,400
Speaker 8: was on the floor yesterday on the convention, and I

936
00:44:22,560 --> 00:44:25,760
Speaker 8: did not pick up from anyone that there was an

937
00:44:26,000 --> 00:44:31,000
Speaker 8: attitude or an atmosphere of vindictimness or quote going after folks.

938
00:44:31,080 --> 00:44:33,640
Speaker 8: Quite the opposite. I think people were excited about the

939
00:44:33,680 --> 00:44:39,800
Speaker 8: possibilities of another Trump administration coming in here in November fifth.

940
00:44:40,719 --> 00:44:43,840
Speaker 8: The discussions were very I think positive, And you know,

941
00:44:43,880 --> 00:44:46,200
Speaker 8: I'm an individual that doesn't really tolerate that type of talk.

942
00:44:46,200 --> 00:44:49,120
Speaker 8: To be honest with you, I'm not part of that.

943
00:44:49,160 --> 00:44:51,080
Speaker 8: Don't want to be part of that. And I think

944
00:44:51,880 --> 00:44:54,120
Speaker 8: I think the country, I hope the country is at

945
00:44:54,120 --> 00:44:56,480
Speaker 8: a point now where we start to focus more on

946
00:44:56,600 --> 00:44:58,719
Speaker 8: policies as opposed to personalities.

947
00:44:58,760 --> 00:45:02,480
Speaker 2: Well, it's a night's theme, today's crime and immigration. If

948
00:45:02,520 --> 00:45:05,680
Speaker 2: there's any one of these four days where the rhetoric

949
00:45:05,760 --> 00:45:08,040
Speaker 2: could get hot, where the red meat's going out the crowd,

950
00:45:08,040 --> 00:45:09,320
Speaker 2: I presume it will be today.

951
00:45:09,360 --> 00:45:10,080
Speaker 10: Do you agree?

952
00:45:10,800 --> 00:45:11,360
Speaker 3: Possibly?

953
00:45:11,880 --> 00:45:14,880
Speaker 8: Possibly, But I mean those two topics, crime and immigration,

954
00:45:14,960 --> 00:45:16,520
Speaker 8: I think are topics that are near and dear to

955
00:45:16,560 --> 00:45:19,239
Speaker 8: most Americans. Hearts, and we are a country of immigrants.

956
00:45:19,640 --> 00:45:22,520
Speaker 8: We are a country of immigrants. But I believe in

957
00:45:22,560 --> 00:45:24,360
Speaker 8: a strong wall with many doors.

958
00:45:24,560 --> 00:45:25,160
Speaker 10: I believe that we.

959
00:45:25,160 --> 00:45:27,759
Speaker 8: Should have a strong wall in which we have immigration,

960
00:45:27,960 --> 00:45:29,919
Speaker 8: in which we're bringing people in this country that want

961
00:45:29,920 --> 00:45:32,960
Speaker 8: to be Americans are going to contribute to America. Unfettered

962
00:45:33,080 --> 00:45:35,799
Speaker 8: wide open borders. I think it's a catastrophe for any

963
00:45:35,840 --> 00:45:38,839
Speaker 8: sovereign in the world, especially this country. And in terms

964
00:45:38,880 --> 00:45:41,799
Speaker 8: of crime, I think over the last couple of years,

965
00:45:41,800 --> 00:45:46,960
Speaker 8: we've seen our cities burn, We've seen the homeless issue escalate.

966
00:45:47,960 --> 00:45:49,839
Speaker 8: I think it's problematic, and I do think a change

967
00:45:49,880 --> 00:45:51,640
Speaker 8: in administration will bring changes on the ground.

968
00:45:52,520 --> 00:45:54,239
Speaker 4: Well, it's interesting to hear you say this as the

969
00:45:54,239 --> 00:45:57,480
Speaker 4: governor of Alaska, which is perhaps furthest removed from the

970
00:45:57,560 --> 00:46:01,480
Speaker 4: southern border, at least in a physical sense as any

971
00:46:01,480 --> 00:46:04,759
Speaker 4: state can be. To what extent would you say this

972
00:46:04,840 --> 00:46:08,280
Speaker 4: is the dominant thought? Well, we don't people that you governed,

973
00:46:08,360 --> 00:46:09,320
Speaker 4: or is it a different issue?

974
00:46:09,400 --> 00:46:12,600
Speaker 8: We are far away, But unfortunately for Alaska, we've had

975
00:46:12,600 --> 00:46:15,040
Speaker 8: more depths per capita through fetanyl than any other state

976
00:46:15,040 --> 00:46:17,040
Speaker 8: in the country, and that fentanyl is coming through the

977
00:46:17,040 --> 00:46:22,200
Speaker 8: southern border. So just that alone, if we can somehow

978
00:46:22,400 --> 00:46:25,600
Speaker 8: impact that effect that in a positive way to reduce

979
00:46:25,640 --> 00:46:27,200
Speaker 8: that flow, it's going to help Alaska, it's going to

980
00:46:27,280 --> 00:46:29,440
Speaker 8: help every country in the state in the United States,

981
00:46:29,880 --> 00:46:31,680
Speaker 8: probably Hawaii as well, even though Hawaii is in the

982
00:46:31,719 --> 00:46:36,680
Speaker 8: Middle Pacific. But unfettered borders doesn't help anyone. And as

983
00:46:36,719 --> 00:46:39,200
Speaker 8: I mentioned, in Alaska's case, the fetanyl coming of the

984
00:46:39,239 --> 00:46:40,600
Speaker 8: border hurts us as well.

985
00:46:41,400 --> 00:46:43,200
Speaker 4: Is that so much a border issue, if I could

986
00:46:43,200 --> 00:46:45,720
Speaker 4: ask you quickly, or is that actually a China issue

987
00:46:45,800 --> 00:46:46,359
Speaker 4: at the route?

988
00:46:46,520 --> 00:46:49,640
Speaker 8: Probably a combination of both. Probably a combination of both.

989
00:46:49,640 --> 00:46:51,560
Speaker 8: But if you have a southern border in which there

990
00:46:51,560 --> 00:46:54,600
Speaker 8: are thousands and thousands and thousands of people coming over,

991
00:46:55,160 --> 00:46:58,759
Speaker 8: not checked, unfettered getting into the country, and you have

992
00:46:58,800 --> 00:47:02,040
Speaker 8: cartels in Mexican come, it doesn't take you know, it

993
00:47:02,040 --> 00:47:03,799
Speaker 8: doesn't take a genius, but two two together that you're

994
00:47:03,800 --> 00:47:04,880
Speaker 8: going to have some drug problems.

995
00:47:05,840 --> 00:47:08,320
Speaker 2: It's really interesting to hear that that's a long journey

996
00:47:08,600 --> 00:47:12,880
Speaker 2: from the southern border to Alaska. Talk to us about

997
00:47:13,160 --> 00:47:15,960
Speaker 2: the path that it takes and the policy needed to

998
00:47:16,000 --> 00:47:16,839
Speaker 2: stop this just.

999
00:47:16,760 --> 00:47:18,399
Speaker 8: It's the same way it gets the Minnesota or main

1000
00:47:19,440 --> 00:47:21,880
Speaker 8: You can drive to Alaska, you have to go through Canada.

1001
00:47:21,920 --> 00:47:23,799
Speaker 8: You can fly, you can mail it, you can take

1002
00:47:23,840 --> 00:47:27,319
Speaker 8: it on ships. There's these people are very creative. As

1003
00:47:27,320 --> 00:47:29,120
Speaker 8: a response to this, we just passed the bill that

1004
00:47:29,239 --> 00:47:31,200
Speaker 8: I signed a week before I came to the Convention

1005
00:47:31,600 --> 00:47:35,440
Speaker 8: that increased the penalties for dealing drugs that result in

1006
00:47:35,480 --> 00:47:38,279
Speaker 8: a death to a second degree murder charge. Because we

1007
00:47:38,440 --> 00:47:42,759
Speaker 8: have to get serious about this. Everybody knows somebody that

1008
00:47:42,840 --> 00:47:46,359
Speaker 8: knows somebody that has been impacted by drugs. Everybody knows

1009
00:47:46,400 --> 00:47:48,080
Speaker 8: somebody that knows somebody in which they may have had

1010
00:47:48,120 --> 00:47:50,880
Speaker 8: a loved one that overdosed on some of these on

1011
00:47:50,920 --> 00:47:53,560
Speaker 8: some of these drugs and cut short very promising lives

1012
00:47:53,560 --> 00:47:56,080
Speaker 8: for these people. We've got to do something about it.

1013
00:47:56,120 --> 00:47:58,879
Speaker 8: The border is part of that solution. Discussions with China

1014
00:47:58,920 --> 00:47:59,920
Speaker 8: is part of that solution as well.

1015
00:48:07,320 --> 00:48:09,759
Speaker 3: Thanks for listening to the Balance of Power podcast.

1016
00:48:10,360 --> 00:48:13,480
Speaker 2: Make sure to subscribe if you haven't already, at Apple, Spotify,

1017
00:48:13,600 --> 00:48:16,160
Speaker 2: or wherever you get your podcasts, and you can find

1018
00:48:16,239 --> 00:48:19,920
Speaker 2: us live every weekday from Washington, DC at Noontimeeastern at

1019
00:48:19,960 --> 00:48:21,240
Speaker 2: bloomberg dot com,