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Speaker 2: Welcome to Day two of the Republican National Convention. Kaylee
Speaker 2: jd Vance looming.
Speaker 3: Large in the hall last night, and we've got.
Speaker 2: Some interesting speakers, including Donald Trump's former opponent Nicki Haley,
Speaker 2: will be hearing from later today.
Speaker 4: Yeah, of course a late addition to the convention schedule,
Speaker 4: Trump extending the invitation over this past weekend and the
Speaker 4: aftermath of the attempt at assassination on him in Pennsylvania
Speaker 4: on Saturday. And this of course comes as we're all
Speaker 4: bracing for all of the speakers, frankly, to be speaking
Speaker 4: differently than they may have before that event occurred, which
Speaker 4: is a message of unity and perhaps bringing in Nicky
Speaker 4: Haley and or the aim is to bring in the
Speaker 4: primary voters who chose her over Donald Trump during the
Speaker 4: course of the primary campaign into the fold.
Speaker 2: Reports as well. Ron DeSantis could be speaking. This is
Speaker 2: an interesting thing to watch evolve here as the Republican
Speaker 2: Party in this RNC try to harness unity following this
Speaker 2: assassination attempt on Saturday.
Speaker 4: Kylee, Yeah, of course. The conversation we were all having
Speaker 4: yesterday prior to the selection of Jade Vance as the
Speaker 4: vice presidential nominee was whether or not in the spirit
Speaker 4: of unity, Trump might go for someone a little less
Speaker 4: intense with the rhetoric, shall we say, less of a
Speaker 4: bulldog and instead perhaps the decision was you get the
Speaker 4: bulldog to fight for you so that you yourself can
Speaker 4: speak unity.
Speaker 3: Interesting.
Speaker 2: We're going to watch this unfold in real time together
Speaker 2: with Bloomberg's best Laura Davison and Gregory Cordy joining us
Speaker 2: here at the table. Welcome to day too. It's great
Speaker 2: to have you both here, Laura. What are we in
Speaker 2: for in today's seceession?
Speaker 5: So tonight is the second night. The theme is all
Speaker 5: about make America safe again. Last night was all about
Speaker 5: the economy. Tonight is it going to be about crime,
Speaker 5: border immigration? A lineup of speakers, most interesting, perhaps is
Speaker 5: Nicky Haley. This late add to the schedule. What I'm
Speaker 5: really watching for is what is the reaction in the
Speaker 5: room when Mitch McConnell came on to the floor yesterday,
Speaker 5: he was booed. It is possible that Nicky Haley also
Speaker 5: has a chili reception. The Republicans that are here are
Speaker 5: not necessarily her wing of the party. This is very
Speaker 5: much a Trump crowd, and so that could create put
Speaker 5: a little cast of shadow over the party unity message
Speaker 5: that they're at least trying to project forward well. Nicki Haley,
Speaker 5: of course, prior to the convention, released the delegates that
Speaker 5: she did win during the primary process and encourage them
Speaker 5: to vote for Donald Trump when she dropped out of
Speaker 5: the campaign, though all the way back in March, she
Speaker 5: did not encourage those who voted for her to do
Speaker 5: the same. She said Donald Trump needed to earn those votes.
Speaker 5: Do you expect, Gregory we might hear differently from her tonight,
Speaker 5: a suggestion perhaps that those votes.
Speaker 3: Have been earned.
Speaker 6: You know, it's remarkable to think about how we've gotten
Speaker 6: to this point where a year ago, talking about a
Speaker 6: dozen different candidates in the Republican Party all challenging Donald
Speaker 6: Trump for the nomination, some making the point a little
Speaker 6: more strongly than others that Trump was disqualified from the presidency.
Speaker 6: I remember Asa Hutchinson, Chris Christy, Nikki Haley became more
Speaker 6: aggressive on that line of attack as things went on,
Speaker 6: but most of the field was basically auditioning for what
Speaker 6: we have seen now. You know the veepsteaks and cabinet posts.
Speaker 6: But it is remarkable how much this party has unified
Speaker 6: around Trump, and of course the events of last weekend
Speaker 6: I think have only contributed to that momentum that this
Speaker 6: is a party. You feel it on the floor of
Speaker 6: this convention. This is a party it's very much united
Speaker 6: around Trump. Not that they weren't before, but there's a
Speaker 6: real feeling not just am munity, but of solidarity. And
Speaker 6: it's not an angry convention like maybe the twenty sixteen
Speaker 6: convention was. It's unified in a more optimistic way. It's
Speaker 6: just a sense I'm getting from this.
Speaker 2: Well, that's something I'd love to hear from both of
Speaker 2: you about the issues where these two overlap and in
Speaker 2: some cases not. But when it comes to foreign policy,
Speaker 2: Jada Advance talked last night on Fox News about his
Speaker 2: views here.
Speaker 7: He is I think what President Trump has promised to
Speaker 7: do is go in there, negotiate with the Russians in Ukrainians,
Speaker 7: bring this thing to a rapid close so that America
Speaker 7: can focus.
Speaker 8: On the real issue, which is China.
Speaker 7: That's the biggest threat for our country and we're completely
Speaker 7: distracted from it.
Speaker 2: To key off of this, Laura, what happens to the
Speaker 2: war in Ukraine if Trump Advance win.
Speaker 5: So the thing that's important to remember is that, especially
Speaker 5: as vice president, he has less say over some of
Speaker 5: you know, things like funding the war in Ukraine than
Speaker 5: he did as a senator. He's able to hold up
Speaker 5: those bills directly. But if you know, if Trump wins
Speaker 5: the presidency Ukraine, hope for additional funding, you know, all
Speaker 5: but disappears. You know, especially if Republicans take both chambers,
Speaker 5: you can pretty much take that off off the table
Speaker 5: as an issue in Washington.
Speaker 9: You know.
Speaker 5: Vance is very much cut from the same cloth as
Speaker 5: as Trump, saying, Look, I don't want to be involved
Speaker 5: in these wars. I don't want to focus on the
Speaker 5: Russia Ukraine border. I want to focus on the US
Speaker 5: Mexican bard veteran speaking he is, which is which is
Speaker 5: a real you know, this is really out of step
Speaker 5: where that you know, his colleagues and the Senate are
Speaker 5: on this issue. He's really an outlier there.
Speaker 4: Okay, so Trump Advance obviously are aligned in their isolation
Speaker 4: is spent if you will, the populist bent and Vance
Speaker 4: is literally half the age of Donald Trump. At this point,
Speaker 4: Trump is seventy eight, Vance is thirty nine. So the
Speaker 4: question we also have is not just the implications for say,
Speaker 4: twenty twenty five through twenty twenty nine, assuming that this
Speaker 4: ticket wins, but beyond that, if Vance then is a
Speaker 4: contender in twenty twenty eight, if he is indeed vice president,
Speaker 4: might make him the most likely to win the Republican nomination.
Speaker 4: Obviously none of us know what happened, but is this
Speaker 4: essentially the solidifying of a maga Republican party that is
Speaker 4: going to live well beyond Donald Trump.
Speaker 6: Yeah, you know, the two most disappointed people in Milwaukee
Speaker 6: yesterday were probably Doug Bergham and Marco Rubio, who were
Speaker 6: also sort of at the top of the short list
Speaker 6: for VP. The third most disappointed person has to be
Speaker 6: Ron de Santus, because Vance has now been tapped as
Speaker 6: the de facto era A parent. Now Trump hasn't said
Speaker 6: anything about that. Obviously, we're a long way from twenty
Speaker 6: twenty eight, but in the natural course of things. You
Speaker 6: would have to think that this would give Vance a
Speaker 6: considerable leg up to be the future of the party
Speaker 6: if he wants to be that.
Speaker 3: And of course every politician does that.
Speaker 6: You know, the congressman wants to be a senator, and
Speaker 6: every senator wants to be president. So absolutely, in terms
Speaker 6: of the ideological daylight between them, I don't think there's much.
Speaker 6: But even if there is, you know, vice presidents tend
Speaker 6: to subsume the policies of their present in the long term.
Speaker 6: I think Vance very crypto friendly, obviously very tech friendly.
Speaker 6: These are policy areas where Trump hasn't been particularly attuned
Speaker 6: to in the past, and this rounds out to take
Speaker 6: it in a little bit in some policy areas that
Speaker 6: Vance has the expertise.
Speaker 10: Well.
Speaker 2: I wonder if they bump into each other on some
Speaker 2: issues as well, like raising the minimum wage or anti trust.
Speaker 2: For what it's worth, we're probably making too big of
Speaker 2: a deal out of a running mate selection here. The
Speaker 2: long term implications are important, Gregory, but to the extent
Speaker 2: that it's going to impact Donald Trump's view on these issues,
Speaker 2: should we be paying attention.
Speaker 5: I think the biggest interesting thing to watch is the
Speaker 5: divide between big tech which Vance has said he wants
Speaker 5: to break up, you know, the Amazon's, the Googles, all
Speaker 5: of these. He's teamed up with Elizabeth Warren on that
Speaker 5: little tech. Little tech is the world that that Vance
Speaker 5: comes from, you know, startups, you know these earlier stage
Speaker 5: companies where he wants to cut the middle here, it's
Speaker 5: very possible or you could see sort of a dividing
Speaker 5: line there of you know, cutting regulations for small companies
Speaker 5: while on the other hand, going after some of these bigger,
Speaker 5: more established tech companies.
Speaker 4: All right, Laura Davison and Gregory Cordy here with us
Speaker 4: in Milwaukee, thank you so much. As we assess what
Speaker 4: the selection vice presidential nominee and Senator JD. Vance ultimately means.
Speaker 4: And this is something we spoke about yesterday with Governor
Speaker 4: Brian Kemp of Georgia. We asked for his reaction to
Speaker 4: Donald Trump's choice of vans here and what ultimately it
Speaker 4: means for swing states especially, and this is what he said.
Speaker 11: Look, I think it's a good pick for President Trump.
Speaker 11: I mean, Senator Vance brings an element of youth to
Speaker 11: this race that we haven't seen. That's for sure. The guys,
Speaker 11: the United States Senator obviously qualified to serve a great messenger,
Speaker 11: which is I think very important when you think about
Speaker 11: what's going to be going on the next four or
Speaker 11: five months in this campaign.
Speaker 4: Well, as we consider this selection, though, knowing that you
Speaker 4: represent one of the key swing states we are watching
Speaker 4: in this cycle, knowing Georgia is not bright red or
Speaker 4: bright blue, what does jd Vance bring to undecided voters
Speaker 4: in Georgia. How is he likely to influence that opinion
Speaker 4: when he, as we've talked about, may just be seen
Speaker 4: as a younger version of Donald Trump himself.
Speaker 11: Well, I think it's not just what jd Vance brings
Speaker 11: to the race, but also what President Trump and other
Speaker 11: Republicans can do between now November to make sure that
Speaker 11: you know, you're getting those persuadable voters for me, and
Speaker 11: what I'm hearing every day is that you know, Americans
Speaker 11: and Georgians can afford another four years of Joe Biden.
Speaker 11: I think that is a message that jd Vance can deliver.
Speaker 11: It's certainly a message at President Trump and a lot
Speaker 11: of other Republicans, whether it be you know, people that
Speaker 11: we're trying to help win at the state House and
Speaker 11: state Senate level to hold our majorities in the General
Speaker 11: Assembly in Georgia are going to be talking about people.
Speaker 4: That was part of our interview with Georgia Governor Brian
Speaker 4: Kemp yesterday, and we continue to push forward on this
Speaker 4: Day two of the Republican Convention. Now that JD. Vance
Speaker 4: is Donald Trump's running meet and especially traders are watching
Speaker 4: to see what this ticket actually means for the US
Speaker 4: economy and policy that will affect financial markets going forward.
Speaker 4: Lonnie Chen is with US now here in Milwaukee. He
Speaker 4: is a Hoover Institution fellow, also former policy director for
Speaker 4: the Romney Ryan campaign back in twenty twelve. I'd like
Speaker 4: to begin, Lonnie by asking you something I was just
Speaker 4: talking about with our colleague Gregory. According this idea that
Speaker 4: the Romney Republican Party, the Romney Ryan ticket of twenty
Speaker 4: twelve is very much not a Trump Vance ticket of
Speaker 4: twenty twenty four. And now that we have a selection
Speaker 4: of a thirty nine year old vice presidential nominee who
Speaker 4: could lead the party forward in this direction for many
Speaker 4: years to come, is this the end of that Romney
Speaker 4: Republican Party?
Speaker 12: You know, look clearly contrast in style as well as substance.
Speaker 12: I would hesitate to say it's the end, because you
Speaker 12: still have some members of Congress I think who reflect
Speaker 12: a different point of view. I think we're in a
Speaker 12: transitional period and the Republican Party has changed from being
Speaker 12: a party, you know, country club Republicans, corporate Republicans, whatever
Speaker 12: you want to call them, to a party that's more
Speaker 12: working class and more populist, both in terms of definitionally
Speaker 12: how it transcends it how it transacts as politics, but
Speaker 12: also policy, and you're seeing the populous edges of that
Speaker 12: in this Trump Vance ticket. So I don't necessarily think
Speaker 12: that the Party of old is dead. I do think
Speaker 12: that it is a different part and it continues to
Speaker 12: become a different party. There may be a point at
Speaker 12: which that's true, but for now, at least, I think
Speaker 12: there is still some influence of these more traditional points
Speaker 12: of view on the party.
Speaker 2: Well, do you worry that this economic populism some call
Speaker 2: isolationism is dangerous for the party for the country.
Speaker 12: Well, I think there's some areas in which the policy
Speaker 12: prescriptions are not quite what I would advocate for. So
Speaker 12: we're going to have a big discussion over tax reform
Speaker 12: next year with the expiration of provisions and the tax
Speaker 12: Cuts and Jobs Act, and I think there will be
Speaker 12: a very real discussion, for example, around the corporate tax rate.
Speaker 12: This is one area where I think where I think
Speaker 12: the sort of Trump dvance view of the world, maybe
Speaker 12: more the advance view of the world differs from what
Speaker 12: we might expect traditional Republicans to argue for in a
Speaker 12: large tax reform package. It would not surprise me to
Speaker 12: see the corporate tax rate move in a direction opposite
Speaker 12: than what we saw in the twenty seventeen round of reform,
Speaker 12: just because the premium is going to be placed on
Speaker 12: individual tax reform, and given the deficit and debt posture
Speaker 12: we have, I have a really difficul time seeing that
Speaker 12: tax cut being completely unpaid for. So I do think
Speaker 12: that there are ways in which we are going to
Speaker 12: see some differences beginning to develop.
Speaker 4: Well to the point our colleague Laura was making when
Speaker 4: it comes to say the tax conversation that ultimately is
Speaker 4: one that has to originate in Congress just to be
Speaker 4: signed by sure President whomever. Does Jdevance have less power
Speaker 4: to influence that as vice president than he would as
Speaker 4: a United States Senate.
Speaker 3: Well, I don't think so at all.
Speaker 12: Even though the conversation on tax in particular, will start
Speaker 12: in the House. The vice president, particularly if let's say
Speaker 12: a future President Trump empowers his vice president to be
Speaker 12: on point on these things, he will have a tremendous
Speaker 12: amount of influence over where this conversation goes. And given
Speaker 12: how divided and fractured the Congress is, how much we're
Speaker 12: seeing expertise leaving the Congress with long term members of
Speaker 12: Congress who have experience in tax and economic policy, leaving
Speaker 12: it does place a premium on leadership from the executive
Speaker 12: branch in my view, So I actually think that jd.
Speaker 12: Vance is in a terrific position to influence policy, whether
Speaker 12: it's economic policy or any of the other areas he's
Speaker 12: interested in.
Speaker 2: Deficits ballooned under the Trump administration, and you'll then tell
Speaker 2: me that they ballooned more under the Biden administration. What
Speaker 2: are we going to do it all over again? And
Speaker 2: a Trump two point zero, It doesn't.
Speaker 12: Seem like a lot of the constraints are there anymore.
Speaker 12: The political constraints have departed, right. I mean, there used
Speaker 12: to be some in our politics who are arguing in
Speaker 12: favor of fiscal discipline and talking about the value of
Speaker 12: entitlement reform, that conversation seems to be off the table.
Speaker 12: So I do fear that in the short intermediate run,
Speaker 12: we are looking at a situation where fiscal constraints have
Speaker 12: been lifted and there is very little too constraint spending,
Speaker 12: whether of the tax expenditure variety or direct spending or
Speaker 12: even bolstering of entitlement programs. So we're a very different
Speaker 12: world now that we were in in twenty twelve when
Speaker 12: I was helping the Romney Ryan ticket.
Speaker 4: Well, we're in a different world in a lot of ways,
Speaker 4: including conflict that is outbroken in multiple theaters, including of
Speaker 4: course the war in Ukraine, which jd Vance has not
Speaker 4: expressed support for continuing to fund. In fact, when he
Speaker 4: was on Fox News last night, we played a little
Speaker 4: bit earlier in the program this idea that he was like,
Speaker 4: we need to focus on China. Forget about the conflict
Speaker 4: in Ukraine. China, he said, is the biggest threat facing
Speaker 4: the United States. I ask you this, as the son
Speaker 4: of immigrants from Taiwan, do you agree with that sentiment?
Speaker 4: What should we expect to see when it comes to
Speaker 4: China policy from the ticket?
Speaker 12: First of all, I would hope as the greatest country
Speaker 12: on Earth. We could walk and chew gum at the
Speaker 12: same time, meaning that we could attend to both of
Speaker 12: these really significant issues. There is no question, though Senator
Speaker 12: Vance is absolutely right that China is the single biggest
Speaker 12: foreign policy and national security issue that we have to
Speaker 12: face over the next several years. I think if this
Speaker 12: administration continues, some of the policy work we saw in
Speaker 12: the first Trump administration will be in very good stead.
Speaker 12: I think one of the areas where I believe the
Speaker 12: Biden administration has really let down the American people is
Speaker 12: in having a more coherent set of strategic goals around
Speaker 12: our engagement with China, or lack thereof. So I do
Speaker 12: think that what this potential Trump administration will bring, I
Speaker 12: would hope, is a more coherent perspective on where we
Speaker 12: trying to get to with China, what's the eventual goal.
Speaker 12: And that also implicates issues like Taiwan, specifically human rights,
Speaker 12: if that's going to be an issue, and then most importantly,
Speaker 12: probably for the audience here, trade and economic issues.
Speaker 2: NICKI Haley is speaking tonight, Yeah, at the convention. I
Speaker 2: suspect you might be in the hall. Will she channel
Speaker 2: Mitt Romney or Donald Trump.
Speaker 12: I think she'll channel Nicki Haley. I mean she's managed. Yeah, no,
Speaker 12: I understand. But here's here's the thing. She has the
Speaker 12: capacity to unite, help unite the Republican Party. By the way,
Speaker 12: the Republican Party is the most united I've seen it
Speaker 12: in a while around around candidate and former President Trump.
Speaker 12: But I think Nicki Haley has the potential to speak
Speaker 12: to maybe that small sliver that's still disaffected, but she
Speaker 12: goes beyond that. She speaks to independence, she speaks to
Speaker 12: people who haven't made a decision in this election yet.
Speaker 12: And I think she's got a tremendous ability to speak
Speaker 12: to all of the issues we've talked about. I mean,
Speaker 12: seeing her as a presidential candidate up close during that
Speaker 12: election that we've just had. She's a very skilled communicator
Speaker 12: and potentially a very great asset to the Trump dance ticket.
Speaker 4: Of course, she might be a little bit disappointed herself
Speaker 4: as she considers twenty twenty eight now that JD. Vance
Speaker 4: has been the vice presidential a lifetime away nominee. Surely
Speaker 4: it is, and as we have learned in recent days,
Speaker 4: literally anything possible can happen. And on that note, after
Speaker 4: the attempted assassination last weekend on Donald Trump. He has
Speaker 4: said himself he is reworking the speech he will give
Speaker 4: on Thursday, that he wants to focus on unity. I
Speaker 4: guess my question to you would be knowing and having
Speaker 4: watched Donald Trump for all these years, now, do you
Speaker 4: believe that unity message can actually stick for the next
Speaker 4: three and a half months.
Speaker 3: We'll see if it does or not.
Speaker 12: I mean, I think people are politicians tend to sort
Speaker 12: of go back to form pretty often in a comfort spot.
Speaker 12: But Donald Trump's not a typical politician, right, so.
Speaker 3: He very well could.
Speaker 12: He very well could not. Unusual, by the way, for
Speaker 12: a convention speech to be reworked up until the year
Speaker 12: I mean, so it doesn't surprise me that they're still
Speaker 12: looking at what to do with it. But he has
Speaker 12: an opportunity if he continues on this theme to truly
Speaker 12: move the country forward, and I think to gain the
Speaker 12: support of people who may have been skeptical of him before.
Speaker 3: So I think the political.
Speaker 12: Opportunity is irresistible if you think about the ways in
Speaker 12: which they might position this speech or think about what
Speaker 12: the speech can do. So I don't want to make
Speaker 12: any predictions. I I'm not part of the process, but
Speaker 12: we'll see what happens.
Speaker 3: Great conversation.
Speaker 10: Thank you.
Speaker 2: We're have to spend some time with you here at
Speaker 2: the convention. Lonnie Chen. We thank you for being with
Speaker 2: us on Balance of Power on Bloomberg TV and Radio.
Speaker 2: I'm Joe Matthew alongside Kaylee Lines with much more to
Speaker 2: follow coming up our conversation with Senator Bill Haggerty of Tennessee.
Speaker 2: It's coming up next on a special Balance of Power
Speaker 2: on Bloomberg Live from the Republican National Convention in Milwaukee.
Speaker 1: You're listening to the Bloomberg Balance of Power podcast kens
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Speaker 4: We're here in Milwaukee and we sat down here just
Speaker 4: moments ago with Republican Senator Bill Haggerty of Tennessee, who
Speaker 4: joined us in studio, and we started by asking him
Speaker 4: about the impact of the selection of JD Vance's the
Speaker 4: vice presidential nominee on the race.
Speaker 9: I think the business community needs to look at the
Speaker 9: overall ticket and look at the potential of what's going
Speaker 9: to happen in November, the momentum in the grounds well,
Speaker 9: and I think JD brings a tremendous amount to this.
Speaker 9: He's going to help President Trump win in November, and
Speaker 9: the policies that President Trump will implement. It If the
Speaker 9: business community just looks back to President Trump's prior administration,
Speaker 9: you think about the Tax Cuts and Jobs Act, the
Speaker 9: impact on this sclerotic regulatory framework that's in place, this
Speaker 9: will give us a chance to go back in and
Speaker 9: make the United States a far more friendly business environment
Speaker 9: in general. With respect to Senator Vance's particular points of
Speaker 9: view and perspectives, I'm not going to comment on his
Speaker 9: behalf on those consolidate all of that, I'm certain with
Speaker 9: the President's platform going forward, but I do think that
Speaker 9: broadly speaking, JD is going to help the president in
Speaker 9: terms of so many support here in America.
Speaker 10: He's going to bring.
Speaker 9: People together that I think it's just an incredibly brilliant pick.
Speaker 9: You think about President Trump, who has actually been such
Speaker 9: a great defender of the forgotten men and women here
Speaker 9: in America, and JD's lived the life that they've experienced,
Speaker 9: and together, I think they're going to cut across demographic groups.
Speaker 9: I think it's going to be a massively impactful pick
Speaker 9: that will help see a change in November that the
Speaker 9: business community should welcome.
Speaker 3: It's Kaylee's point though.
Speaker 10: JD.
Speaker 2: Advance's economic priorities include tariffs, a higher minimum wage, an
Speaker 2: anti trust, which doesn't sound like the economic policies of
Speaker 2: the Grand Old Party.
Speaker 3: Is this the new Republican economic platform?
Speaker 9: Well, the Republican Party certainly is moving in a way
Speaker 9: that is embracing the challenges that Americans feel today. If
Speaker 9: he's an embracing economic populism, well, I think that's one
Speaker 9: way to phrase it. But if you think about what
Speaker 9: Americans are experiencing, we've seen inflation that's really been through
Speaker 9: the roof gasoline prices, food price is up forty percent,
Speaker 9: over twenty percent, Real wages down four percent. And President
Speaker 9: Trump was in office before every demographic sector was moving up.
Speaker 9: They were improving blue collar better than white collar. So
Speaker 9: there's a real appetite and hunger to see that sort
Speaker 9: of success again. And I think that's exactly what you're
Speaker 9: going to see in terms of the policies that will
Speaker 9: emerge from the eventual Trump administration.
Speaker 4: Do you think that that policy, especially when it comes
Speaker 4: to things like trade and tariffs that JD. Vans also
Speaker 4: has advocated for in addition to Donald Trump essentially cements
Speaker 4: that if they were to win in November, tariffs will
Speaker 4: be highed.
Speaker 9: I think tariffs are certainly going to be on the
Speaker 9: agenda because what we have is a situation right now
Speaker 9: on a global basis where we do not have reciprocal trade.
Speaker 9: The term free trade has been misused so many times,
Speaker 9: and what we have here in America is one of
Speaker 9: the most open markets in the world if you look
Speaker 9: at our tariff rates, certainly compared to other nations that
Speaker 9: are trading partners. We have countries like China that don't
Speaker 9: play by the rules at all, and one of the
Speaker 9: most potent tools to deal with this is tariff's and
Speaker 9: I fully expect that I saw it in the previous
Speaker 9: Trump administration. I work very closely with Bob Leithheiser and
Speaker 9: his team, because the same team that put the Phase
Speaker 9: one tariffs in place on China worked closely with me
Speaker 9: on the free trade agreement that we.
Speaker 10: Negotiated and got executed with Japan.
Speaker 9: There are real issues there that need to be addressed,
Speaker 9: so I look forward to seeing it address myself.
Speaker 2: I have to note that the national debt is not
Speaker 2: mentioned in the new Party platform when we talk about tariffs,
Speaker 2: the potential inflationary impact making the twenty seventeen Trump tax
Speaker 2: cuts permanent. You've seen all the economic reports, and we've
Speaker 2: even talked about them, yes, right here on Bloomberg with you, Senator,
Speaker 2: that this would add an enormous amount to the federal debt.
Speaker 3: How do you square this? As someone we consider to
Speaker 3: be a traditional.
Speaker 9: Republican, I have a very optimistic view about this, and
Speaker 9: I think that a lot of the CBO scoring doesn't
Speaker 9: take into account the fact that the policies, whether they
Speaker 9: be tax policies or regulatory policies that encourage capital investment,
Speaker 9: actually have the effect of growing the economy and in
Speaker 9: a dynamic way, have the effect of increasing the tax base.
Speaker 9: We saw this happen after the twenty seventeen tax cuts
Speaker 9: and JOBSAC was put in place. So I see real
Speaker 9: potential to grow the economy, and I also say this
Speaker 9: in President Trump and I have talked about this on
Speaker 9: numerous occasions.
Speaker 10: There are great opportunities to cut spending. What we have
Speaker 10: in Washington is.
Speaker 9: A huge spending problem, and coming in and taking a
Speaker 9: very focused and deliberate view toward some of the waste
Speaker 9: in mismanagement that I see across the board. It's going
Speaker 9: to be a combination of factors that will be required
Speaker 9: to begin to get our debt moving in the right direction.
Speaker 9: But as that begins to happen, I think that we'll
Speaker 9: see even further economic growth as confidence comes into the system.
Speaker 4: I understand the argument that you and many of your
Speaker 4: colleagues make when it comes to the fact that you
Speaker 4: could see greater return from the growth that is spurred
Speaker 4: by tax cuts. Does that mean, though, that no payfores
Speaker 4: are necessary? If we could just get specific out what
Speaker 4: it is that you would cut in order to offset
Speaker 4: or where this will be paid for, other than just
Speaker 4: this general idea of growth, Oh.
Speaker 10: There are plenty of places I think we could cut.
Speaker 9: Look at some of the programs that were put in
Speaker 9: place with these multi trillion dollar, totally partisan bills that
Speaker 9: would pass back in twenty twenty one by the Democrats.
Speaker 9: You think about eighty billion dollars going to the irs
Speaker 9: to come and snoop on Americans. There are places we've
Speaker 9: already started to cut back on that. There are places
Speaker 9: like that that we can cut immediately, and I think
Speaker 9: we'll continue to dig in and find opportunities. President Trump
Speaker 9: will challenge each of his cabinet secretaries and agency edge
Speaker 9: to find those opportunities. I've lived this at a state level.
Speaker 9: I was Commerce secretary of my home state. We cut
Speaker 9: a tremendous amount of funding out, saved money, found waste
Speaker 9: and sclerosis, and took it out.
Speaker 2: The Committee for a Responsible Federal Budget had a palpitation
Speaker 2: when they saw this plan and ran the numbers themselves.
Speaker 2: And the message from Mia McGuinness, who I know, you
Speaker 2: know there, was you can't get to this with a
Speaker 2: billion here, a billion there. This will require entitlement reform.
Speaker 2: You have to get to Medicare and Social Security.
Speaker 10: JD.
Speaker 2: Vance doesn't want to touch security and Donald Trump has
Speaker 2: said that he will not either.
Speaker 10: Do you.
Speaker 9: Well, here's what I think people miss. We're talking about
Speaker 9: mandatory versus discretionary spending. And most of my colleagues and
Speaker 9: I spend all of our time on discretionary spending. But
Speaker 9: there is a huge chunk of mandatory spending that has
Speaker 9: nothing to do with Medicare, MEDICAI or social Security, and
Speaker 9: even more was added to it through the twenty twenty
Speaker 9: one partisan Reconciliation bills. We need to go and take
Speaker 9: an extremely hard look at these mandatory spending obligations that
Speaker 9: we have that have nothing to do with people's retirement,
Speaker 9: their social security, their Medicare and medicaid, and begin to
Speaker 9: address that. We can make significant headway again on both
Speaker 9: the mandatory side as well as the discretionary side, and
Speaker 9: still abide by the pledge not to touch Medicare, Medicator,
Speaker 9: social security.
Speaker 4: I'd also like to ask you about cryptocurrencies, given your
Speaker 4: role on the Banking Committee, but also knowing that Senator
Speaker 4: jd Vance is from Ohio, a state in which the
Speaker 4: chairman of the Banking Committee, Shared Brown, is in a
Speaker 4: tough re election fight against a pro crypto candidate Burnie,
Speaker 4: and I wonder if jd Vance entering the race puts
Speaker 4: crypto more into the actual four of this election cycle.
Speaker 4: How do you expect it to play in, not just
Speaker 4: in the race that could define the next chair of
Speaker 4: ranking member of the Banking Committee, but more broadly, well, I.
Speaker 10: Certainly hope it puts it into play.
Speaker 9: I think crypto Actually, cryptotechnology is a defining point in
Speaker 9: this election. If you like centralized control over your financial transactions,
Speaker 9: that's exactly where Shared Brown and the Democrats and this
Speaker 9: White House administration have been. They have been incredibly hostile
Speaker 9: toward crypto technology. If you like a decentralized option that
Speaker 9: allows for more freedom and liberty and also supports some
Speaker 9: of the greatest technology innovations that I've seen since the
Speaker 9: development of the Internet, I think you're going to be
Speaker 9: supporting President Trump and JD Vance. JD has a great
Speaker 9: deal of experience in Silicon Valley. I think he possesses
Speaker 9: the great capacity to see this potential here. President Trump
Speaker 9: and I have spent a significant amount of time talking
Speaker 9: about the cryptotechnology industry, the potential that it holds for America.
Speaker 9: I can tell you both, gentlemen, want to see this
Speaker 9: industry here in America as it evolves. We want to
Speaker 9: see this innovation happening here because I think it has
Speaker 9: great potential, great potential.
Speaker 10: We don't want to see it go offshore.
Speaker 9: And what we need is a regulatory constructor that will
Speaker 9: allow that, not push it away. And right now what
Speaker 9: you have is a choice that would crush the industry
Speaker 9: that's what comes from the SEC. Right now, that's what
Speaker 9: comes from rankly Democrat members of my own Senate Banking Committee.
Speaker 9: In this administration, we need to move toward the policies
Speaker 9: that I'm certain we're going to adopt in the Republican
Speaker 9: administration that will be very favorable toward this industry.
Speaker 2: Senator, we have to ask you, of course, about Donald
Speaker 2: Trump's well being after what happened last weekend. We were
Speaker 2: reporting that he was making a lot of phone calls
Speaker 2: the day after on Sunday, and you indicated earlier that
Speaker 2: you were on the other end of the line on
Speaker 2: those calls.
Speaker 10: What did you talk about?
Speaker 9: I talked to them Sunday evening for I know, twenty
Speaker 9: twenty five minutes, and he was immediately talked about how
Speaker 9: divine intervention played a role in this, and if you
Speaker 9: think about how close he came to being assassinated, it's
Speaker 9: just I fully appreciate the hand of God that that
Speaker 9: watched for him. But he immediately talked about the father
Speaker 9: of two, the firefighter that lost his life, that leaving
Speaker 9: a family without without a dad, those that were injured
Speaker 9: on stage there that day.
Speaker 10: He has very real concern for that.
Speaker 9: I was with Kid Rock that night, and we got
Speaker 9: on stage together and really fired up the crowd to
Speaker 9: go to the go fundme site to support those people,
Speaker 9: their families and in a terrible time for them. President
Speaker 9: Trump was not surprising to me at all. He's always
Speaker 9: been that way in terms of his care and concern
Speaker 9: for others. That's that was the top of the conversation,
Speaker 9: and then we talked about how things are going to
Speaker 9: move forward. And I really think that the public is
Speaker 9: shocked by what happened.
Speaker 10: I think it shocked us all to our core, and
Speaker 10: we need resilience, we need strength.
Speaker 9: And when he came up with his fist raised in
Speaker 9: the air, I think that's a picture that's going to
Speaker 9: be one of the most iconic in the world. America
Speaker 9: needs a strong leader right now. The world needs a
Speaker 9: strong leader right now. I speak with world leaders very often.
Speaker 9: Given my role in the Foreign Relations Committee and the
Speaker 9: fact that I served in the previous administration as a diplomat.
Speaker 9: There is a great need for a strong America right now,
Speaker 9: and I think President Trump is moving right into that lane.
Speaker 2: It was Senator Bill Haggerty of Tennessee, the Republican with
Speaker 2: us here in Milwaukee on what is day two of
Speaker 2: the Republican National Convention. Really interesting conversation that we typically
Speaker 2: have in Washington about economic policy. He's gearing up for
Speaker 2: the next day here, looking forward to a conversation about
Speaker 2: crypto that might be a little different than the one
Speaker 2: happening now.
Speaker 4: Absolutely, Donald Trump has really tried to position himself to
Speaker 4: be a pro crypto candidate to a large extent. We
Speaker 4: thought that may have begun with the vagk Ramaswami actually
Speaker 4: when he dropped out of the primary process and got
Speaker 4: Donald Trumps Heyer. But potentially that's something that grows with
Speaker 4: the addition of jd Vance to the ticket, that's for sure.
Speaker 2: So we assembled our panel. Rick Davis at Stone Court
Speaker 2: Capital is with us, alongside Genie Schanzino at Iona University,
Speaker 2: Bloomberg Politics contributors. What do you make of all this
Speaker 2: talk about divine intervention? It seems to have gripped this convention.
Speaker 13: Yeah, I thought that was such a fascinating part of
Speaker 13: your discussion, because this is something we are hearing from
Speaker 13: not just Republicans. I mean, if you guys have watched
Speaker 13: these rallies, and Donald Trump himself said the other day
Speaker 13: he seldom turns his head. They seldom put up graphics
Speaker 13: like they did just some moments before he was shot at.
Speaker 13: And he believes, and so do many Republicans and Americans,
Speaker 13: that it was some kind of divine intervention, and he
Speaker 13: has talked about that openly, and I suspect that's a
Speaker 13: theme we're going to hear, just like you heard from
Speaker 13: Senator Haggerty going forward in his talk and in his
Speaker 13: speech on Thursday night, about what he is going to
Speaker 13: do with the fact that he feels like he had
Speaker 13: a divine intervention that saved him and what he hopes
Speaker 13: to take from that. So I thought that part of
Speaker 13: the discussion was just fascinating. And then of course the
Speaker 13: economic aspects as well.
Speaker 4: Yeah, well, just on the divine intervention idea, you heard
Speaker 4: that from the speakers last night, Congressman Marjorie Taylor Green
Speaker 4: talking about the hand of God being on Donald Trump.
Speaker 4: Senator Tim Scott of South Carolina said similar things as well.
Speaker 4: But on the economic policy, to Genie's point is, we
Speaker 4: had the conversation with the senator something we've continually asked
Speaker 4: as we talk about things like tariffs, which were talked
Speaker 4: about quite extensively last night, which of course, was Day
Speaker 4: one focused on the economy. We know that there is
Speaker 4: a repercussion of higher tariffs, which is higher costs, which
Speaker 4: is something that Republicans have also been talking about higher
Speaker 4: costs under the Biden administration. How do we think about
Speaker 4: the way that these things kind of run in a
Speaker 4: circle And for a voter, do higher tariffs sound as
Speaker 4: good as practice in practice as they or the idea
Speaker 4: of them said, as they actually will be in practice
Speaker 4: in the reality? Is this a good message for Republicans
Speaker 4: to be running with.
Speaker 12: Yeah.
Speaker 14: I think one of the things that Senator Haggerty pointed
Speaker 14: out is this sort of economic populism. I kind of
Speaker 14: call it economic realism, because the Republican Party is now
Speaker 14: the party of working class, multicultural voters, right, and so
Speaker 14: when you think about what a tariff means to them,
Speaker 14: we're not the party of the country club corporate executives anymore.
Speaker 14: So tariffs to the corporations has a different impact than
Speaker 14: tariffs to individuals. And sure it is a tax on individuals,
Speaker 14: but when you look at the people supporting Donald Trump,
Speaker 14: they haven't had the run up in finances that a
Speaker 14: lot of people have had over the course of the
Speaker 14: various corrections that we've had, and so they're not so
Speaker 14: much worried about.
Speaker 3: What the future holds.
Speaker 14: They're worried about today. And you hear all the time
Speaker 14: in the focus groups about I had more money in
Speaker 14: my pocket under Donald Trump than I do under Joe Biden.
Speaker 14: And so when you say tariffs, they read that as
Speaker 14: pertecting my economics, not squandering them, and so I think
Speaker 14: not being honest with them, I think they've already made
Speaker 14: this case, right. I mean, I don't think anybody's actually
Speaker 14: selling to them that tariffs are somehow going to increase
Speaker 14: their pay but they're not paying those taxes. I mean,
Speaker 14: the reality is they pay them in a really regressive
Speaker 14: way cost of goods. And the fact that that's run
Speaker 14: up so much without a strong tariff regime under the
Speaker 14: Biden administration, you know, it causes voters a question whether
Speaker 14: or not all this talk about tariffs is going to
Speaker 14: make a difference to them.
Speaker 3: It's amazing what you just said.
Speaker 2: Republican Party is the party of working class, multicultural Americans.
Speaker 3: I thought you were the Democrat here.
Speaker 13: No, that's right, and that's why I think to get
Speaker 13: back to the conversation about somebody like Nikki Haley and
Speaker 13: the establishment part of the party. That's not who they
Speaker 13: are appealing to.
Speaker 2: But to see that as being the case because Joe
Speaker 2: Biden's lost in that.
Speaker 13: World, you know, I think that's where they are headed.
Speaker 13: I don't know if they have fully been able to
Speaker 13: embrace that, but you know what I think of is
Speaker 13: this division between the reality of the numbers and the
Speaker 13: public opinion polls and how people feel. And you talk
Speaker 13: to any economist, they will tell you numbers are pretty good.
Speaker 13: The market's been strong, unemployment out of fifty year low,
Speaker 13: inflation is moving in the right direction. There are all
Speaker 13: of these very positive macro science and it's not felt
Speaker 13: on main street. And that's one of the challenges for
Speaker 13: Joe Biden and the Democrats. They have not been able
Speaker 13: to reach people with these positive numbers. People feel like
Speaker 13: things are bad, and they are embracing that argument. Sure,
Speaker 13: there's a lot of things to do, but I think
Speaker 13: to your question, there is something that is not honest
Speaker 13: about this populist argument that they are selling, but that
Speaker 13: many people on main street are buying.
Speaker 4: It strikes me, as you talk about Joe Biden that
Speaker 4: we are now about an hour into this program from Milwaukee,
Speaker 4: and haven't talked about the sit down interview he gave
Speaker 4: with Luster Holts on NBA see last night. Does that
Speaker 4: suggest Genie? And we'll do so more in the next hour.
Speaker 4: I promise our listeners and viewers that he didn't accomplish
Speaker 4: what he intended to with that interview. He didn't steal
Speaker 4: back the narrative from Donald Trump.
Speaker 13: It not only suggests he did not steal back the
Speaker 13: narrative from Donald Trump. I think the problem for Joe
Speaker 13: Biden now is we sort of can only hope that
Speaker 13: he does no harm when he goes out to these interviews.
Speaker 13: He didn't do much harm last night. He was very defensive,
Speaker 13: I thought with Lester Holt, and so you know, whereas
Speaker 13: many Democrats are looking for a moment where he can
Speaker 13: embrace a huge tragedy in American politics with soaring rhetoric,
Speaker 13: that's not what we can expect at this point. So
Speaker 13: to your question, he didn't steal the narrative. Far from it.
Speaker 13: He sort of just I guess tred water is the
Speaker 13: best way.
Speaker 8: To say it.
Speaker 4: Oh, we'll have more analysis of that interview with Jeanie
Speaker 4: Shanzano and Rick Davis, our political panel Bloomberg Politics contributors.
Speaker 1: If you're listening to the Bloomberg Balance of Power podcast,
Speaker 1: kens just live weekdays at noon Eastern on Evocar Play
Speaker 1: and then roud Otto with the Bloomber Our Business app,
Speaker 1: listen on demand wherever you get your podcasts. A watch
Speaker 1: us live on YouTube.
Speaker 4: Big news yesterday was the selection of Senator JD. Vance
Speaker 4: from Ohio as Donald Trump's running mate. We want to
Speaker 4: get more on that now, and head over to Bloomberg's
Speaker 4: Tyler Kendall, who has more details on the junior senator.
Speaker 15: Hey Tyler, Yeah, Hey Kelly, our Bloomberg audience. My first note.
Speaker 4: JD.
Speaker 15: Vance is a venture capitalist and a member of the
Speaker 15: Senate Banking Committee, where he's largely taken a more populist
Speaker 15: view when it comes to the economy and business. And
Speaker 15: when we analyze the type of legislation that he has
Speaker 15: shepherded through that committee, it includes bills that would make
Speaker 15: it more difficult for big lenders to get bigger. He's
Speaker 15: also been keen to cut down on credit card fees
Speaker 15: and in one move, partnered with Senator Elizabeth Warren, a
Speaker 15: Democrat from Massachusetts, on a bill to claw back executive
Speaker 15: compensation in the event of a bank failure. Now he
Speaker 15: is a staunch defender of big oil and has pushed
Speaker 15: big banks against ESG policy commitments. For a sense, here
Speaker 15: was Vance when the nation's largest Wall Street CEOs last
Speaker 15: testified on Capitol Hill.
Speaker 16: If you guys are going to use the financial power
Speaker 16: that you've accumulated to go to war against the values
Speaker 16: of our voters, impoverish our constituents who rely on cheap energy,
Speaker 16: and destroy the jobs of people who work in the
Speaker 16: energy sector. Why should we listen to you when you
Speaker 16: come and ask us for a tax break or for
Speaker 16: reasonable regulations.
Speaker 15: Vance has, though largely been opposed to more financial regulation.
Speaker 15: For example, he's against the new proposed rule for higher
Speaker 15: capital rule requirements for big banks. But Joe and Kelly
Speaker 15: interesting to point out that he has actually applauded the
Speaker 15: FTC's Lena Kon and the Biden administrations push for more
Speaker 15: regulation and cracking down when it comes to big tech.
Speaker 2: Tyler, thank you so much with us live in Milwaukee,
Speaker 2: Bloomberg's Tyler Kendall on day two here at the RNC,
Speaker 2: and we're joined now by Governor Mike Dunleavy of Alaska.
Speaker 2: Governor is great to see you. Thank you for joining
Speaker 2: us here in Milwaukee. We're all sweating a little bit here.
Speaker 2: It's not quite elastic weather. I hope you're enjoying it
Speaker 2: so far. What do you make of this pick?
Speaker 3: JD. Vance?
Speaker 2: So many of us were surprised by it not being
Speaker 2: a surprise name yesterday.
Speaker 3: This has been something long in the works.
Speaker 8: Oh well, I think I think the President is picking
Speaker 8: somebody that will carry forth his agenda after he leaves
Speaker 8: office and while President Trump is in office. Obviously JD.
Speaker 8: Vance will be a close confidant to the President. He's younger.
Speaker 8: That'll probably appeal to younger Americans. But I think, you know,
Speaker 8: I have confidence in the President that he knows what
Speaker 8: he's doing. I don't know JD that well. I know
Speaker 8: he's a senator from Ohio, but hope to get know
Speaker 8: here in the future.
Speaker 3: Off the November fifth, Well.
Speaker 4: He's only been a Senator from Ohio for about a
Speaker 4: year and a half. He is a political newbie, and
Speaker 4: I wonder, as a sitting Republican governor, what you think
Speaker 4: about the idea of a governor who has executive leadership
Speaker 4: running one of the states in the United States of America.
Speaker 4: Why that selection may not have been made.
Speaker 8: Well, keep in mind President Trump was not elected in
Speaker 8: the office before he was elected president. And sometimes when
Speaker 8: you get a perspective outside of government, and I've been
Speaker 8: outside of government, I've been inside of government. Sometimes when
Speaker 8: you get a perspective outside of government, you carry a
Speaker 8: perspective of the people into government as opposed to being
Speaker 8: a career government official, and you know, looking at the
Speaker 8: world from that perspective. So I think that's what probably factored,
Speaker 8: you know, at least partly into the decision by the
Speaker 8: president bring.
Speaker 2: Us your a unique perspective on energy coming from Alaska
Speaker 2: and what a Trump two point o would mean, because
Speaker 2: the Biden administration is reminding us on the daily that
Speaker 2: our output right now, we're pumping more oil and gas
Speaker 2: than ever in the history of the United States. Yet
Speaker 2: there seems to be this idea that Trump would be
Speaker 2: friendlier to the energy sector than Joe Biden.
Speaker 3: What would in.
Speaker 8: Fact change I think he will, I think if the
Speaker 8: lot for it tell us specifically, well, I mean President
Speaker 8: Biden has called for a moratorium shipping gas overceipts. That's
Speaker 8: not going to happen on the president'ry.
Speaker 3: So that's lifted immediately in.
Speaker 8: Terms of anwar, which was the National Whilife Refuge in
Speaker 8: Alaska on the North Slope where there is oil in
Speaker 8: his gas. Under the twenty seventeen law that was passed,
Speaker 8: those leases went up for sale. The Biden administration illegally,
Speaker 8: and it is true it's illegally shut those leases down.
Speaker 8: That'd be lifted, I believe under President Trump. And then
Speaker 8: taking up upwards of thirteen million acres of then pra
Speaker 8: National Patrolling Reserve off the table for oil and gas.
Speaker 8: I think that'll go back on the table. President Trump
Speaker 8: was the best president in the history of Alaska from
Speaker 8: my perspective. When I came into office and I had
Speaker 8: my first meeting with President Trump, he said to me,
Speaker 8: what can I do to help Alaska? And that was
Speaker 8: every single meeting, and he probably did more than any
Speaker 8: other president in the history of the state. President Biden.
Speaker 8: Under his administration, there are approximately sixty five actions by
Speaker 8: the federal government against Alaska, taking land off the table
Speaker 8: for oil and gas exploration, closing down the Tongest National Force,
Speaker 8: not going through with a land exchange to help some
Speaker 8: of our indigenous people in King Kove be able to
Speaker 8: get a road out so their people don't have to
Speaker 8: fight weather with their planes. The list goes on and
Speaker 8: on or not. But under our president that we have
Speaker 8: right now, President Biden, sixty five actions. That's more actions
Speaker 8: against a state than the federal government has against places
Speaker 8: like Iran.
Speaker 4: It's incredible if we could just continue the energy conversation
Speaker 4: for a moment longer. What we have heard a lot
Speaker 4: from Donald Trump and those close to him is this
Speaker 4: idea that it's just deregulation on leasha American energy, if
Speaker 4: you will, and he spoke a bit to that idea.
Speaker 4: But when we think about these oil and gas companies,
Speaker 4: which we're very familiar with here at Bloomberg, they have
Speaker 4: to be incentivized to actually spend their capital. Capital discipline
Speaker 4: has been the name of the game for years. It's
Speaker 4: about returning it to shareholders, not necessarily investing in new
Speaker 4: production in a world that is trying to transition to
Speaker 4: green energy. So beyond just deregulating, does more need to
Speaker 4: be done to incentivize these business businesses to actually drill
Speaker 4: more in places like.
Speaker 8: Less If we truly deregulate, that is going to save money.
Speaker 8: You won't have to spend as much money potentially on
Speaker 8: primitting and a litigation to the concept of transition. I
Speaker 8: really believe that that concept disappeared several months ago with
Speaker 8: the advent of new chips from the video, the Blackwell chip,
Speaker 8: the whole AI movement. You're going to need three to
Speaker 8: six times as much energy as you have now to
Speaker 8: power those server factories. So I think it's going to
Speaker 8: be additionality, not transition. They're going to see more discussion
Speaker 8: about additionality more when than solar, more oil and gas,
Speaker 8: more nuclear, more any type of energy possible. And I
Speaker 8: think the locals and the countries that win the energy
Speaker 8: war and that respect are going to win the supercomputing
Speaker 8: in the AI world war too.
Speaker 2: If you were the energy secretary, and you can respond
Speaker 2: to that as you want, how would you reproach nuclear?
Speaker 2: This is something actually we talk about a lot on
Speaker 2: Bloomer because of the incredible boom and data centers and
Speaker 2: AI and the massive amounts of power required. We're talking
Speaker 2: about now potentially opening data centers on the sites of
Speaker 2: nuclear power plants. What does the future hold for americanment
Speaker 2: and nuclear?
Speaker 8: You know, nuclear has had a troubled past, and unfortunately
Speaker 8: some of the President Scott, I think is unwarranted. There's
Speaker 8: probably been fewer individuals killed or died as a result
Speaker 8: of the nuclear accidents and almost any other type of
Speaker 8: energy put forward in terms of accidents. But if I
Speaker 8: were the Energy secretary and we're dreaming here for a moment,
Speaker 8: I would facilitate a consortium among states, among private industry
Speaker 8: provinces in Canada and maybe other countries to come up
Speaker 8: with a calendar, for example, on small nukes, to say
Speaker 8: how many small nukes can we get in the hopper,
Speaker 8: to permit to design, and to get a whole industry
Speaker 8: set up behind creating new nuclear facilities across the country.
Speaker 8: I think that's one of the things that the nuclear
Speaker 8: industry wants is they want to know, if we're going
Speaker 8: to begin a process of creating a whole new industry
Speaker 8: on small nukes, do we have the commitment to actually
Speaker 8: fund those nukes, pay for those nukes, and cite those
Speaker 8: nukes in various places.
Speaker 10: So I think that would be a big step.
Speaker 4: Governor. I just picked up on the words you use there.
Speaker 4: We're dreaming here, are you saying that is another way
Speaker 4: to say we're speaking hypothetically or because you actually do
Speaker 4: dream of being Energy secretary.
Speaker 8: No, no, no, that was high, that was hypothetical. I'm
Speaker 8: just saying for the moment here.
Speaker 4: So if Donald Trump offered you that job, well.
Speaker 8: I'd have to have discussions with the President. But you know,
Speaker 8: I'm looking forward to working with the president, helping the
Speaker 8: president and moving this great country forward and Alaska forward.
Speaker 3: Have you spoken with him since Saturday?
Speaker 8: I spoke with this campaign folks, and I sent him
Speaker 8: a text. But you know, I also understand that after
Speaker 8: such a traumatic moment, the President's going to need to
Speaker 8: talk with his in a circle on his family more so.
Speaker 3: Than Focusspond was he texting over the weekend?
Speaker 8: He was texting with some I got a text back
Speaker 8: immediately from a campaign chair, So we're in contact.
Speaker 3: Yeah.
Speaker 4: Well, as we continue to grapple with the aftermass of
Speaker 4: this weekend, pretty much every person we have talked to,
Speaker 4: elected official or otherwise has talked about how the tone
Speaker 4: of this convention needs to be different as a result,
Speaker 4: much more toned down rhetoric, the lowering of the temperature
Speaker 4: across the board, more a message of unity. And I
Speaker 4: just wonder, given what you see in your state or
Speaker 4: just in your position as a governor, if you see
Speaker 4: in America that is truly capable of that right now,
Speaker 4: given how deeply rooted our division seemed to be.
Speaker 8: I do I think what happened. Yes, they shook everyone
Speaker 8: to the core. I really do believe that. And I
Speaker 8: was on the floor yesterday on the convention, and I
Speaker 8: did not pick up from anyone that there was an
Speaker 8: attitude or an atmosphere of vindictimness or quote going after folks.
Speaker 8: Quite the opposite. I think people were excited about the
Speaker 8: possibilities of another Trump administration coming in here in November fifth.
Speaker 8: The discussions were very I think positive, And you know,
Speaker 8: I'm an individual that doesn't really tolerate that type of talk.
Speaker 8: To be honest with you, I'm not part of that.
Speaker 8: Don't want to be part of that. And I think
Speaker 8: I think the country, I hope the country is at
Speaker 8: a point now where we start to focus more on
Speaker 8: policies as opposed to personalities.
Speaker 2: Well, it's a night's theme, today's crime and immigration. If
Speaker 2: there's any one of these four days where the rhetoric
Speaker 2: could get hot, where the red meat's going out the crowd,
Speaker 2: I presume it will be today.
Speaker 10: Do you agree?
Speaker 3: Possibly?
Speaker 8: Possibly, But I mean those two topics, crime and immigration,
Speaker 8: I think are topics that are near and dear to
Speaker 8: most Americans. Hearts, and we are a country of immigrants.
Speaker 8: We are a country of immigrants. But I believe in
Speaker 8: a strong wall with many doors.
Speaker 10: I believe that we.
Speaker 8: Should have a strong wall in which we have immigration,
Speaker 8: in which we're bringing people in this country that want
Speaker 8: to be Americans are going to contribute to America. Unfettered
Speaker 8: wide open borders. I think it's a catastrophe for any
Speaker 8: sovereign in the world, especially this country. And in terms
Speaker 8: of crime, I think over the last couple of years,
Speaker 8: we've seen our cities burn, We've seen the homeless issue escalate.
Speaker 8: I think it's problematic, and I do think a change
Speaker 8: in administration will bring changes on the ground.
Speaker 4: Well, it's interesting to hear you say this as the
Speaker 4: governor of Alaska, which is perhaps furthest removed from the
Speaker 4: southern border, at least in a physical sense as any
Speaker 4: state can be. To what extent would you say this
Speaker 4: is the dominant thought? Well, we don't people that you governed,
Speaker 4: or is it a different issue?
Speaker 8: We are far away, But unfortunately for Alaska, we've had
Speaker 8: more depths per capita through fetanyl than any other state
Speaker 8: in the country, and that fentanyl is coming through the
Speaker 8: southern border. So just that alone, if we can somehow
Speaker 8: impact that effect that in a positive way to reduce
Speaker 8: that flow, it's going to help Alaska, it's going to
Speaker 8: help every country in the state in the United States,
Speaker 8: probably Hawaii as well, even though Hawaii is in the
Speaker 8: Middle Pacific. But unfettered borders doesn't help anyone. And as
Speaker 8: I mentioned, in Alaska's case, the fetanyl coming of the
Speaker 8: border hurts us as well.
Speaker 4: Is that so much a border issue, if I could
Speaker 4: ask you quickly, or is that actually a China issue
Speaker 4: at the route?
Speaker 8: Probably a combination of both. Probably a combination of both.
Speaker 8: But if you have a southern border in which there
Speaker 8: are thousands and thousands and thousands of people coming over,
Speaker 8: not checked, unfettered getting into the country, and you have
Speaker 8: cartels in Mexican come, it doesn't take you know, it
Speaker 8: doesn't take a genius, but two two together that you're
Speaker 8: going to have some drug problems.
Speaker 2: It's really interesting to hear that that's a long journey
Speaker 2: from the southern border to Alaska. Talk to us about
Speaker 2: the path that it takes and the policy needed to
Speaker 2: stop this just.
Speaker 8: It's the same way it gets the Minnesota or main
Speaker 8: You can drive to Alaska, you have to go through Canada.
Speaker 8: You can fly, you can mail it, you can take
Speaker 8: it on ships. There's these people are very creative. As
Speaker 8: a response to this, we just passed the bill that
Speaker 8: I signed a week before I came to the Convention
Speaker 8: that increased the penalties for dealing drugs that result in
Speaker 8: a death to a second degree murder charge. Because we
Speaker 8: have to get serious about this. Everybody knows somebody that
Speaker 8: knows somebody that has been impacted by drugs. Everybody knows
Speaker 8: somebody that knows somebody in which they may have had
Speaker 8: a loved one that overdosed on some of these on
Speaker 8: some of these drugs and cut short very promising lives
Speaker 8: for these people. We've got to do something about it.
Speaker 8: The border is part of that solution. Discussions with China
Speaker 8: is part of that solution as well.
Speaker 3: Thanks for listening to the Balance of Power podcast.
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