1 00:00:01,880 --> 00:00:07,680 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On Now. 2 00:00:07,760 --> 00:00:09,880 Speaker 1: I and the head of the r n C. I've 3 00:00:09,880 --> 00:00:11,880 Speaker 1: been there for five years. I think we need to 4 00:00:11,960 --> 00:00:14,480 Speaker 1: get some new blood in the r n C. I 5 00:00:14,560 --> 00:00:17,080 Speaker 1: like what Harmy Dylan has said. I want to want 6 00:00:17,079 --> 00:00:19,759 Speaker 1: to be sitting here twiddling my thombs while we're tanned 7 00:00:19,760 --> 00:00:23,680 Speaker 1: twenty years behind the Democrats. Bloomberg Sound On Politics, Policy 8 00:00:23,720 --> 00:00:28,280 Speaker 1: and Perspective from DC's top name sees norms matter and 9 00:00:28,400 --> 00:00:31,400 Speaker 1: Democrats and Republicans have to be very careful when they 10 00:00:31,440 --> 00:00:34,360 Speaker 1: go down these roads. This is a town of leverage. 11 00:00:34,600 --> 00:00:37,560 Speaker 1: Every issue has another side to it and votes that 12 00:00:37,640 --> 00:00:40,640 Speaker 1: you need for something else you're doing. Bloomberg Sound On 13 00:00:40,880 --> 00:00:45,239 Speaker 1: with Joe Matthew on Bloomberg Radio. Well this time the 14 00:00:45,280 --> 00:00:47,720 Speaker 1: new boss is the same as the old boss. Welcome 15 00:00:47,760 --> 00:00:50,720 Speaker 1: to the fastest hour in politics. As Republicans vote to 16 00:00:50,840 --> 00:00:53,360 Speaker 1: keep Wanna McDaniel as chair of the r n C, 17 00:00:54,280 --> 00:00:56,720 Speaker 1: ending a bitter three way fight for the gavel. We're 18 00:00:56,800 --> 00:00:59,520 Speaker 1: joined in a moment by Bloomberg's Mark Niquette, who's at 19 00:00:59,520 --> 00:01:02,560 Speaker 1: the meeting in California, and we'll talk with party player 20 00:01:02,640 --> 00:01:05,120 Speaker 1: Saul and news is son what it means for the 21 00:01:05,160 --> 00:01:08,760 Speaker 1: future of the GOP. The U. S. Treasury could end 22 00:01:08,760 --> 00:01:11,120 Speaker 1: the debt ceiling fight today if it just minted a 23 00:01:11,160 --> 00:01:15,360 Speaker 1: trillion dollar coin. Bloomberg's Joe Wisenthal's pushing the idea. He 24 00:01:15,440 --> 00:01:18,320 Speaker 1: joins us later about why it should be taken seriously, 25 00:01:18,959 --> 00:01:21,360 Speaker 1: and as the White House confirms a meeting with Elon Musk. 26 00:01:21,640 --> 00:01:24,320 Speaker 1: We talked about it all with our signature panel Bloomberg 27 00:01:24,400 --> 00:01:27,360 Speaker 1: Politics contributors Rick Davis and Jeannie Chanzano or here for 28 00:01:27,400 --> 00:01:30,840 Speaker 1: the hour. It wasn't even close. Today at the Waldorf 29 00:01:30,840 --> 00:01:35,120 Speaker 1: Hotel in Dana Point, California, we're members of the Republican 30 00:01:35,240 --> 00:01:37,959 Speaker 1: National Committee gathered to elect a chair. A hundred sixty 31 00:01:37,959 --> 00:01:42,200 Speaker 1: eight members to vote, although only a hundred sixties seven 32 00:01:42,200 --> 00:01:45,360 Speaker 1: did vote, following weeks of bitter campaigning by Harmy Dylan 33 00:01:46,000 --> 00:01:48,760 Speaker 1: and Mike Lindell, the you know, the pillow Kite to 34 00:01:49,080 --> 00:01:53,120 Speaker 1: unseat Chair Rona McDaniel. Here's Jeff Kent, the Chair of 35 00:01:53,120 --> 00:01:56,160 Speaker 1: the Rules Committee, with the vote at the podium. Mike 36 00:01:56,280 --> 00:02:00,560 Speaker 1: Lindell received four votes, Harmy Dylan received fifty one votes, 37 00:02:01,040 --> 00:02:04,920 Speaker 1: and Rona McDaniel received one and eleven votes one eleven 38 00:02:08,960 --> 00:02:17,160 Speaker 1: Okay said not even close. So I'm pleased to announce 39 00:02:17,320 --> 00:02:21,480 Speaker 1: Rona McDaniel has been elected chairman of the Republican National Committee, 40 00:02:21,480 --> 00:02:26,959 Speaker 1: and the gavel is yours. She had the votes after 41 00:02:27,000 --> 00:02:32,800 Speaker 1: all took the gavel, called the competition. Mike Lindell, who 42 00:02:32,880 --> 00:02:37,160 Speaker 1: was clearly not happy with the outcome, and Harmat Dylan. 43 00:02:37,160 --> 00:02:40,720 Speaker 1: They're all wearing lays up to the podium and here's 44 00:02:41,360 --> 00:02:46,040 Speaker 1: madam chair. We all have come to the most unanimous 45 00:02:46,080 --> 00:02:48,320 Speaker 1: decision of unity that we will not sing a song. 46 00:02:53,240 --> 00:02:57,119 Speaker 1: Please joint. We need all of us. We heard you, grassroots. 47 00:02:57,160 --> 00:03:00,280 Speaker 1: We know we heard Harmonat, we heard Mike Glendell. But 48 00:03:00,400 --> 00:03:03,240 Speaker 1: with us united and all of us going together, the 49 00:03:03,280 --> 00:03:07,800 Speaker 1: Democrats are gonna hear us when we take that the 50 00:03:07,800 --> 00:03:12,680 Speaker 1: White House, Senate, Senate. There it is okay. Everybody sat down. 51 00:03:12,760 --> 00:03:16,400 Speaker 1: She gave her speech and Mark Niquette was in the 52 00:03:16,480 --> 00:03:19,800 Speaker 1: room for it. Bloomberg National politics reporter, who I'm glad 53 00:03:19,800 --> 00:03:22,600 Speaker 1: to say, is with us right now. It sounds like 54 00:03:22,639 --> 00:03:25,919 Speaker 1: the membership, I mean over a hundred ten votes here. 55 00:03:25,960 --> 00:03:29,560 Speaker 1: Mark was was pleased with the way the vote worked out. 56 00:03:29,600 --> 00:03:31,320 Speaker 1: Here was there a gasp in the room. What was 57 00:03:31,320 --> 00:03:36,040 Speaker 1: the reaction? No, but there was expected that she would win, 58 00:03:36,080 --> 00:03:39,080 Speaker 1: but there was genuine uncertainty about whether she would or 59 00:03:39,120 --> 00:03:42,960 Speaker 1: what the margin would be. Heading into the vote. McDaniel 60 00:03:43,000 --> 00:03:45,600 Speaker 1: said she had well over a hundred members endorsinger, but 61 00:03:46,160 --> 00:03:49,160 Speaker 1: it was a secret ballot, and Harvey Dillon thought, you know, 62 00:03:49,400 --> 00:03:53,480 Speaker 1: in the privacy of that secret ballot, enough members who 63 00:03:53,840 --> 00:03:57,080 Speaker 1: even publicly said they supported McDaniel, McDaniel might vote for 64 00:03:57,120 --> 00:03:59,320 Speaker 1: her because they wanted to see change at the RNC. 65 00:03:59,520 --> 00:04:03,240 Speaker 1: But obviously that didn't happen. Yeah, there, I guess there 66 00:04:03,320 --> 00:04:08,560 Speaker 1: was one vote uh for uh for lee Zelden uh. 67 00:04:08,600 --> 00:04:11,600 Speaker 1: Strangely in a hundred and sixty seven in total, how 68 00:04:11,640 --> 00:04:14,640 Speaker 1: come we didn't have a hundred sixty eight You know, 69 00:04:14,680 --> 00:04:16,880 Speaker 1: I'm not even sure what happened there because there were 70 00:04:16,880 --> 00:04:22,680 Speaker 1: a hundred votes either with members or their proxies. Um. 71 00:04:22,720 --> 00:04:25,560 Speaker 1: But the bottom line is it just takes a majority 72 00:04:25,720 --> 00:04:29,760 Speaker 1: of those voting to win the speakers win the race. 73 00:04:29,839 --> 00:04:31,960 Speaker 1: Like the speakers race where we saw you know, people 74 00:04:32,040 --> 00:04:36,920 Speaker 1: voting present to or uh not not voting, essentially so 75 00:04:36,960 --> 00:04:38,640 Speaker 1: that they can get the margin down to get the 76 00:04:38,680 --> 00:04:41,080 Speaker 1: majority vote. They're still going, right, what's the rest of 77 00:04:41,080 --> 00:04:44,000 Speaker 1: the rest of the day, Like, well, now they're onto 78 00:04:44,120 --> 00:04:48,880 Speaker 1: electing the other party officers, the RNC co chair, treasurer 79 00:04:48,920 --> 00:04:52,200 Speaker 1: and secretary and um, there's actually a big battle for 80 00:04:52,240 --> 00:04:55,600 Speaker 1: the co chair race where on the first ballot, uh, 81 00:04:55,720 --> 00:04:59,279 Speaker 1: no candidate got a majority, so uh they're in the 82 00:04:59,279 --> 00:05:01,320 Speaker 1: middle of the second ballot, and there's some thought that 83 00:05:01,440 --> 00:05:03,040 Speaker 1: it could go on for a while, like like the 84 00:05:03,160 --> 00:05:06,120 Speaker 1: speakers race with with what the thinking ballots. But I 85 00:05:06,120 --> 00:05:07,680 Speaker 1: think a lot of members here are hoping it doesn't 86 00:05:07,680 --> 00:05:09,680 Speaker 1: go to fifteen because they have plays to get out 87 00:05:09,720 --> 00:05:12,719 Speaker 1: of California, go back home, all right. I hope the 88 00:05:12,720 --> 00:05:15,400 Speaker 1: coffee is good. Mark, thanks for checking in with us. 89 00:05:15,400 --> 00:05:18,360 Speaker 1: Marketing CAAP Bloomberg national politics reporter always kind of share 90 00:05:18,400 --> 00:05:22,120 Speaker 1: with us this firsthand reporting from the field. I love 91 00:05:22,160 --> 00:05:24,640 Speaker 1: it as we bring in Saul and News, this principle 92 00:05:24,720 --> 00:05:27,960 Speaker 1: and managing partner of Coast to Coast Strategies and just 93 00:05:28,000 --> 00:05:29,440 Speaker 1: the man we wanted to talk to you with, a 94 00:05:29,520 --> 00:05:32,560 Speaker 1: with a great sense of what's happening inside the apparatus. 95 00:05:32,560 --> 00:05:36,040 Speaker 1: He previously served as Michigan Republican Party chair It was 96 00:05:36,080 --> 00:05:38,640 Speaker 1: a candidate for chairman of the r n C in 97 00:05:38,760 --> 00:05:41,720 Speaker 1: twenty nine and in twenty eleven, so he's been there Saul, 98 00:05:41,760 --> 00:05:44,200 Speaker 1: thank you so much for being with us. Um, that 99 00:05:44,440 --> 00:05:46,599 Speaker 1: was a pretty strong show of support here. Did you 100 00:05:46,640 --> 00:05:52,520 Speaker 1: expect Rona McDaniel to pull through with such a convincing margin? Yeah? No, 101 00:05:52,600 --> 00:05:54,400 Speaker 1: I mean I think you know, when Rona announced that 102 00:05:54,440 --> 00:05:57,040 Speaker 1: she had over a hundred members that had publicly signed 103 00:05:57,040 --> 00:05:59,760 Speaker 1: a letter and her support, it was very difficult to 104 00:05:59,760 --> 00:06:03,719 Speaker 1: see see how anybody would have a path to change that. Um. 105 00:06:03,760 --> 00:06:07,240 Speaker 1: You know, it's a very insiders game. She's very good 106 00:06:07,279 --> 00:06:11,600 Speaker 1: at building relationships, keeping in touch with the members, making 107 00:06:11,640 --> 00:06:13,680 Speaker 1: sure that they're taking care of etcetera. And that's the 108 00:06:13,760 --> 00:06:15,920 Speaker 1: kind of thing that happens in a race like this, 109 00:06:16,000 --> 00:06:20,120 Speaker 1: which is very much you know, inside baseball, very much 110 00:06:20,920 --> 00:06:23,719 Speaker 1: people taking care of one another and working together. You know, 111 00:06:23,720 --> 00:06:25,599 Speaker 1: a hundred sixty eight sounds like a lot of people, 112 00:06:25,600 --> 00:06:27,760 Speaker 1: but that's a pretty small group to work with on 113 00:06:27,800 --> 00:06:30,479 Speaker 1: a regular basis in and out of party politics. Well, 114 00:06:30,560 --> 00:06:34,559 Speaker 1: let me ask you who are these members voting today? Well, 115 00:06:34,640 --> 00:06:37,960 Speaker 1: what happens is each state basically gets three representatives, including 116 00:06:38,000 --> 00:06:40,839 Speaker 1: the territories, and so it is a state chairman of 117 00:06:40,920 --> 00:06:44,160 Speaker 1: each respective party, as well as one National Committee man 118 00:06:44,320 --> 00:06:47,159 Speaker 1: and one National Committee woman elected from each of the states. 119 00:06:47,600 --> 00:06:50,599 Speaker 1: So the National Committee people serve convention to convention. In 120 00:06:50,640 --> 00:06:53,680 Speaker 1: other words, they're elected the year of the national convention, 121 00:06:54,120 --> 00:06:57,320 Speaker 1: but they actually get seated after the previous convention ends, 122 00:06:57,360 --> 00:07:00,360 Speaker 1: then serves to the next convention, where a state chairman 123 00:07:00,400 --> 00:07:03,279 Speaker 1: are oftentimes elected every two years at their states, which 124 00:07:03,320 --> 00:07:06,640 Speaker 1: most states um rotates their churman out every two years, 125 00:07:06,720 --> 00:07:09,520 Speaker 1: so that those three people from each of the states 126 00:07:09,520 --> 00:07:12,640 Speaker 1: and the five territories make up your hundred sixty eight members. 127 00:07:13,280 --> 00:07:17,240 Speaker 1: One of Ronald McDaniel's sort of closing arguments was that 128 00:07:17,280 --> 00:07:19,960 Speaker 1: you know, I I know Donald Trump, and I'll keep 129 00:07:20,040 --> 00:07:22,239 Speaker 1: him from running on a third party if it comes 130 00:07:22,240 --> 00:07:25,560 Speaker 1: to that. Is Ronald McDaniel going to be the Trump 131 00:07:25,560 --> 00:07:28,880 Speaker 1: whisperer still as as the chair of this party or 132 00:07:28,960 --> 00:07:31,720 Speaker 1: is there a disconnect? No, Look, I mean she has 133 00:07:31,760 --> 00:07:34,480 Speaker 1: a very unique relationship with the president. Um, you know, 134 00:07:34,520 --> 00:07:37,160 Speaker 1: the president picked her to be the chairman during his 135 00:07:37,240 --> 00:07:40,160 Speaker 1: first term. Um, she has somebody that he I think 136 00:07:40,160 --> 00:07:43,640 Speaker 1: trusts and as a relationship with, So you know what, 137 00:07:44,440 --> 00:07:46,640 Speaker 1: I think she can always have influence and share her 138 00:07:46,680 --> 00:07:49,400 Speaker 1: ideas and you know, but the president's obviously his own 139 00:07:49,440 --> 00:07:52,080 Speaker 1: man who's going to make his own decisions. But you know, 140 00:07:52,200 --> 00:07:54,520 Speaker 1: she is somebody that will counsel him and give him 141 00:07:54,520 --> 00:07:59,040 Speaker 1: advice and you know, if anybody could help, you know, 142 00:07:59,600 --> 00:08:02,280 Speaker 1: keep you know, keep him kind of uh, you know, 143 00:08:02,360 --> 00:08:04,520 Speaker 1: within the ranks of the party and and and not 144 00:08:04,680 --> 00:08:06,880 Speaker 1: be destructive, you know. I mean she's got as good 145 00:08:06,960 --> 00:08:09,160 Speaker 1: or better chance and most other people in the process. 146 00:08:10,360 --> 00:08:13,120 Speaker 1: So this was a pretty bitter fight as as was 147 00:08:13,240 --> 00:08:15,960 Speaker 1: widely publicized here was it good for the party to 148 00:08:16,000 --> 00:08:18,840 Speaker 1: have it out? What's what's sort of left uh in 149 00:08:19,200 --> 00:08:22,200 Speaker 1: the dust as everybody goes home from California. Well, I 150 00:08:22,200 --> 00:08:24,200 Speaker 1: think it's absolutely healthy. I mean, this is the kind 151 00:08:24,200 --> 00:08:26,680 Speaker 1: of thing there's a lot of frustration in the party, right, 152 00:08:26,720 --> 00:08:28,520 Speaker 1: I mean, we we expected to have a much better 153 00:08:28,560 --> 00:08:31,520 Speaker 1: election year this time around, and there's a lot of 154 00:08:31,520 --> 00:08:34,680 Speaker 1: grass roots that are frustrated with how things are working 155 00:08:34,720 --> 00:08:38,120 Speaker 1: and how things, you know, come about, and so I 156 00:08:38,160 --> 00:08:41,360 Speaker 1: think raising these questions is a fair part of the process. 157 00:08:41,440 --> 00:08:44,120 Speaker 1: I think it's healthy for Rona to have gone through 158 00:08:44,160 --> 00:08:45,960 Speaker 1: this to get a feel for where some of the 159 00:08:45,960 --> 00:08:49,000 Speaker 1: frustrations are and gives her some direction as to how 160 00:08:49,040 --> 00:08:50,959 Speaker 1: she can address you know, where the party ought to 161 00:08:51,000 --> 00:08:52,360 Speaker 1: be in the future and where you're all the move 162 00:08:52,480 --> 00:08:55,720 Speaker 1: so you know it will very quickly come together. Um, 163 00:08:55,840 --> 00:08:58,600 Speaker 1: but this is the kind of thing that you know 164 00:08:58,880 --> 00:09:01,240 Speaker 1: helps her get that off topsy going, helps or get 165 00:09:01,240 --> 00:09:03,280 Speaker 1: the process going and say okay, what were some of 166 00:09:03,280 --> 00:09:05,640 Speaker 1: the things people raised and why and how should we 167 00:09:05,679 --> 00:09:07,800 Speaker 1: handle a minute? So I think ron is a pro 168 00:09:07,880 --> 00:09:09,960 Speaker 1: at this. She gets the game as well as anybody, 169 00:09:10,160 --> 00:09:13,400 Speaker 1: and you know she's gonna learn use this as a 170 00:09:13,400 --> 00:09:16,800 Speaker 1: as a positive momentum sort of speak to kind of 171 00:09:16,800 --> 00:09:19,440 Speaker 1: pull the party together and make some new changes necessary 172 00:09:19,880 --> 00:09:22,480 Speaker 1: to move forward and win. It's all great to talk. 173 00:09:22,480 --> 00:09:26,079 Speaker 1: I appreciate your time today Coast to Coast Strategies. As 174 00:09:26,120 --> 00:09:29,320 Speaker 1: we assembled our panel, Rick Davis and Gen Chanzano, I'm 175 00:09:29,320 --> 00:09:31,560 Speaker 1: glad to stay with us on a Friday Bloomberg Politics 176 00:09:31,559 --> 00:09:35,880 Speaker 1: contributors and our good friends on the fastest hour in politics. Rick, 177 00:09:35,920 --> 00:09:38,679 Speaker 1: you've been through that meeting a couple of times. May 178 00:09:38,679 --> 00:09:42,000 Speaker 1: not be surprised about Ronald McDaniel. But I want to 179 00:09:42,000 --> 00:09:46,200 Speaker 1: bring people back just to a couple of days ago 180 00:09:46,440 --> 00:09:48,880 Speaker 1: and and the way this argument sounded. Listen to Harmat 181 00:09:48,960 --> 00:09:53,000 Speaker 1: Dylan on the Reuben Report. We have not one and 182 00:09:53,040 --> 00:09:56,000 Speaker 1: what I call the definition of winning and three successive 183 00:09:56,000 --> 00:10:00,440 Speaker 1: election cycles. I mean here in California was a about 184 00:10:00,520 --> 00:10:06,760 Speaker 1: we had. It was like we lost half, we lost 185 00:10:06,800 --> 00:10:09,560 Speaker 1: the White House, we lost the House. We barely clung 186 00:10:09,640 --> 00:10:15,120 Speaker 1: to the Senate. We're barely clinging to the House brick. 187 00:10:15,200 --> 00:10:18,199 Speaker 1: All of that stuff is still true. Does rhyn and 188 00:10:18,280 --> 00:10:21,880 Speaker 1: McDaniel have to do an autopsy here and reform the 189 00:10:21,920 --> 00:10:26,160 Speaker 1: approach to campaigning? Oh for sure, right, I mean, it's 190 00:10:26,280 --> 00:10:31,079 Speaker 1: very unusual for RNGC chairman to survive a presidential loss, right, 191 00:10:31,160 --> 00:10:35,640 Speaker 1: normally that's the first time that uh, you you clean house, 192 00:10:36,040 --> 00:10:38,480 Speaker 1: because that's a big deal, you know in the Republican Party, 193 00:10:38,480 --> 00:10:41,920 Speaker 1: which is very hierarchical. Uh and and then again to 194 00:10:42,080 --> 00:10:44,560 Speaker 1: lose in the mid terms, you know, and I say lose, 195 00:10:44,600 --> 00:10:46,480 Speaker 1: I mean, you know, one the House, but not by 196 00:10:46,520 --> 00:10:51,640 Speaker 1: anybody's expectations. Um, you know, it's just like double jeopardy. 197 00:10:51,679 --> 00:10:53,480 Speaker 1: And so the fact that she pulled this off is 198 00:10:53,520 --> 00:10:56,280 Speaker 1: really quite a miracle. So she's got some running room now. 199 00:10:56,280 --> 00:11:00,480 Speaker 1: I mean, she survived two near death experiences politically, and 200 00:11:00,679 --> 00:11:03,880 Speaker 1: uh and so yeah, sure, you know, Republicans aren't great 201 00:11:03,920 --> 00:11:07,920 Speaker 1: at autopsies. Last time we did one, um was under 202 00:11:07,960 --> 00:11:11,680 Speaker 1: reached previous and and the previous chairman, and it was 203 00:11:11,760 --> 00:11:15,680 Speaker 1: focused on broadening the base and bringing you know, minority 204 00:11:15,679 --> 00:11:18,960 Speaker 1: groups to the Republican cause, and and then pretty much 205 00:11:19,000 --> 00:11:21,640 Speaker 1: just thrown in the garbage. Really nobody really did much 206 00:11:21,640 --> 00:11:24,280 Speaker 1: about it, so I wouldn't put too much stock in it. 207 00:11:24,320 --> 00:11:28,160 Speaker 1: But sure, I don't doubt to make the opposition happy, 208 00:11:28,480 --> 00:11:30,800 Speaker 1: she's gonna, you know, sort of make a new plan 209 00:11:31,640 --> 00:11:35,320 Speaker 1: to be more inclusive, more inclusive Genie. Does it help 210 00:11:35,760 --> 00:11:40,880 Speaker 1: the Biden campaign, the prospective Biden reelection campaign recalibrate or 211 00:11:40,960 --> 00:11:46,000 Speaker 1: is this sort of good news because it's it's familiar territory. Yeah, 212 00:11:46,000 --> 00:11:48,920 Speaker 1: you know, I don't think it has much impact on 213 00:11:49,040 --> 00:11:52,480 Speaker 1: the Biden campaign. Um. I think it may have had 214 00:11:52,559 --> 00:11:56,000 Speaker 1: she been defeated and had Dylan with you know, so 215 00:11:56,040 --> 00:12:00,679 Speaker 1: many controversial surrogates on her side. Um, you know, that 216 00:12:00,760 --> 00:12:03,840 Speaker 1: seemed to drive some of her support away or diminish 217 00:12:03,880 --> 00:12:06,559 Speaker 1: some of it or potential support, I should say, But 218 00:12:06,800 --> 00:12:09,080 Speaker 1: you know, I'm not sure it has a real impact 219 00:12:09,120 --> 00:12:12,800 Speaker 1: on Biden's team long term, because let's face at these stories, 220 00:12:12,960 --> 00:12:14,520 Speaker 1: you know, they make a lot of news at the 221 00:12:14,559 --> 00:12:17,079 Speaker 1: time they happen, But I think in the long term 222 00:12:17,280 --> 00:12:20,040 Speaker 1: it's going to sort of die and it is going to. 223 00:12:20,160 --> 00:12:22,240 Speaker 1: I think the one way in which it does impact 224 00:12:22,280 --> 00:12:25,000 Speaker 1: the race is if you in any way uses as 225 00:12:25,000 --> 00:12:27,320 Speaker 1: a proxy fight between Trump and De Santis. And I 226 00:12:27,360 --> 00:12:29,480 Speaker 1: do think that's a long so I'm not sure I 227 00:12:29,520 --> 00:12:31,920 Speaker 1: would be convinced about that either, But there are some 228 00:12:31,960 --> 00:12:34,280 Speaker 1: people looking at it that way. Well, you mentioned RHND 229 00:12:34,280 --> 00:12:36,240 Speaker 1: de Santis, and it's funny. You know, he just at 230 00:12:36,280 --> 00:12:39,640 Speaker 1: the very last minute decided to step into this whole thing. Uh, 231 00:12:39,720 --> 00:12:42,959 Speaker 1: he was talking just it was two days ago, I believe, 232 00:12:42,960 --> 00:12:46,360 Speaker 1: where he decided to weigh in on the race for chair. 233 00:12:46,440 --> 00:12:49,000 Speaker 1: Here's the governor of Florida. I think we need to 234 00:12:49,040 --> 00:12:51,600 Speaker 1: get some new blood in the r n C. I 235 00:12:51,679 --> 00:12:54,959 Speaker 1: like what Harmon Dylan has said about getting the RNC 236 00:12:55,240 --> 00:12:57,920 Speaker 1: out of d C. Why would you want to have 237 00:12:58,080 --> 00:13:02,720 Speaker 1: your headquarters in the most democrat city in America. It's 238 00:13:02,760 --> 00:13:06,520 Speaker 1: more Democrat than San Francisco. Is Okay? On the Trully 239 00:13:06,880 --> 00:13:09,280 Speaker 1: Kirk thing, the podcast or show, whatever it is, Rick, 240 00:13:09,520 --> 00:13:11,520 Speaker 1: did you just shoot himself in the foot, especially if 241 00:13:11,520 --> 00:13:14,520 Speaker 1: he wants to be the nominee this time around. Yeah, 242 00:13:14,559 --> 00:13:18,040 Speaker 1: I think this was an unforced error. Um, it was 243 00:13:18,080 --> 00:13:20,400 Speaker 1: so late that I don't think it could really have 244 00:13:20,520 --> 00:13:23,560 Speaker 1: much of an impact. Maybe he believed the spin that, 245 00:13:23,679 --> 00:13:26,120 Speaker 1: you know, if he weighed in the secret ballot was 246 00:13:26,160 --> 00:13:29,960 Speaker 1: going to really shift. But um, nobody really believed that 247 00:13:30,000 --> 00:13:32,600 Speaker 1: inside the RNC that I spoke to. So why did 248 00:13:32,600 --> 00:13:36,720 Speaker 1: he even get in right? Why say anything about the race? Um? So, 249 00:13:37,320 --> 00:13:39,080 Speaker 1: I think this is one of these things where people 250 00:13:39,080 --> 00:13:41,320 Speaker 1: are gonna look at this and go, h maybe he's 251 00:13:41,400 --> 00:13:45,720 Speaker 1: not as you know much Teflon, governor of Florida, as 252 00:13:45,720 --> 00:13:48,000 Speaker 1: we thought he was right and and and this was 253 00:13:48,040 --> 00:13:52,440 Speaker 1: a judgment mistake. Uh So. I think a lot of 254 00:13:52,440 --> 00:13:55,360 Speaker 1: Republicans tend to put him up on a pedestal right now, 255 00:13:55,400 --> 00:13:57,680 Speaker 1: and I think this, this takes that pedestal down a 256 00:13:57,679 --> 00:14:01,080 Speaker 1: little notch. So is Donald Trump looking pretty good today? Jennie? 257 00:14:01,720 --> 00:14:05,319 Speaker 1: Oh yes, I think comparison. Don't I agree with Rick 258 00:14:05,400 --> 00:14:07,520 Speaker 1: on this? You know, I am not sure why he 259 00:14:07,600 --> 00:14:11,200 Speaker 1: decided to even enter into this fray. Um, you know 260 00:14:11,360 --> 00:14:12,920 Speaker 1: the way I read it when you listen to the 261 00:14:12,960 --> 00:14:15,520 Speaker 1: longer form of this with Charlie Kirk. Since Charlie Kirk 262 00:14:15,559 --> 00:14:18,200 Speaker 1: was such a major supporter of her in a major surrogate, 263 00:14:18,600 --> 00:14:20,920 Speaker 1: this was round to Santa sort of, you know, chatting 264 00:14:20,960 --> 00:14:23,240 Speaker 1: with somebody who likes her saying, you know, there are 265 00:14:23,280 --> 00:14:25,560 Speaker 1: good things, but it was read a sort of a 266 00:14:25,600 --> 00:14:29,680 Speaker 1: semi mild endorsement, if you will, questioning round and McDaniel, 267 00:14:29,760 --> 00:14:34,040 Speaker 1: and it is I think a political miscalculation onto santa'ss part. 268 00:14:34,120 --> 00:14:35,760 Speaker 1: And I think it is going to give some people 269 00:14:35,880 --> 00:14:38,120 Speaker 1: a little bit of pause about whether he's ready for 270 00:14:38,160 --> 00:14:40,160 Speaker 1: prime time or not. But I think we're still a 271 00:14:40,160 --> 00:14:42,360 Speaker 1: long way off from that as well. What does this 272 00:14:42,400 --> 00:14:45,560 Speaker 1: mean for fundraising? Rick Ron McDaniel got a lot of 273 00:14:45,600 --> 00:14:48,000 Speaker 1: credit for reason, a lot of money. Uh, and that 274 00:14:48,000 --> 00:14:50,200 Speaker 1: that is something that she's known to be good at. 275 00:14:50,280 --> 00:14:53,360 Speaker 1: Is that why she keeps the gavel? Yeah? I think 276 00:14:53,400 --> 00:14:56,200 Speaker 1: that that certainly there's a confidence that that's something she 277 00:14:56,240 --> 00:14:58,680 Speaker 1: knows how to do. Winning elections. Maybe not, but certainly 278 00:14:58,760 --> 00:15:01,800 Speaker 1: raising money and uh. And so we'll see if this 279 00:15:01,880 --> 00:15:05,520 Speaker 1: actually helps Trump, because certainly he was you know, she 280 00:15:05,680 --> 00:15:09,200 Speaker 1: was his puppet during the previous two terms that she serves. So, 281 00:15:09,960 --> 00:15:12,160 Speaker 1: but this is supposed to be a competitive primary. So 282 00:15:12,320 --> 00:15:14,960 Speaker 1: is she gonna put her finger on the balance, uh, 283 00:15:15,000 --> 00:15:17,040 Speaker 1: to help Trump in any way that you know, the 284 00:15:17,040 --> 00:15:19,760 Speaker 1: rest of candidates are really gonna be upset about. Yeah, 285 00:15:20,040 --> 00:15:22,600 Speaker 1: spending time with our panel, Rick and Genie on a Friday, 286 00:15:22,640 --> 00:15:24,640 Speaker 1: as we do have news if you're just joining us fronto. 287 00:15:24,720 --> 00:15:27,800 Speaker 1: McDaniel keeps the job as chair of the r n C. 288 00:15:28,040 --> 00:15:30,960 Speaker 1: What does that mean about all of the leaks and 289 00:15:31,120 --> 00:15:33,080 Speaker 1: in the efforts to get her out of this theme 290 00:15:33,080 --> 00:15:36,520 Speaker 1: where we were talking about the receipts Genie for spending 291 00:15:36,520 --> 00:15:39,440 Speaker 1: on entertainment and alcohol and all this stuff that she 292 00:15:39,560 --> 00:15:43,440 Speaker 1: was as completely irresponsible leader, that's just water under the 293 00:15:43,440 --> 00:15:46,000 Speaker 1: bridge today. Well, I do think that seems to have 294 00:15:46,120 --> 00:15:48,520 Speaker 1: turned off some of the people who might have supported 295 00:15:48,560 --> 00:15:51,800 Speaker 1: her opponent. Um, you know, all of those leaks, you know, 296 00:15:51,840 --> 00:15:56,200 Speaker 1: including apparently leaking some of their contact information online. Um, 297 00:15:56,240 --> 00:15:58,360 Speaker 1: you know that's for boden in in you know, sort 298 00:15:58,400 --> 00:16:00,920 Speaker 1: of a family, if you were a functional family to 299 00:16:00,960 --> 00:16:03,200 Speaker 1: say the least at this point. But I do think 300 00:16:03,240 --> 00:16:05,080 Speaker 1: it's a wake up call for her. That said, I 301 00:16:05,160 --> 00:16:08,120 Speaker 1: think we should remember Ronna McDaniel, if I'm not mistaken, 302 00:16:08,200 --> 00:16:10,200 Speaker 1: is now going to be one of the longest serving 303 00:16:10,320 --> 00:16:12,800 Speaker 1: chairs in the r n C. And I think this 304 00:16:12,880 --> 00:16:15,400 Speaker 1: is something we're seeing on both sides. It almost seems 305 00:16:15,400 --> 00:16:18,080 Speaker 1: in this day and age, losing doesn't seem to get 306 00:16:18,080 --> 00:16:20,240 Speaker 1: you out. You can keep your job if you lose, 307 00:16:20,520 --> 00:16:23,760 Speaker 1: and that is a change we keep with the panel 308 00:16:23,800 --> 00:16:27,200 Speaker 1: as we turn to and take a look at the field. 309 00:16:27,240 --> 00:16:29,960 Speaker 1: Imagine this, we could all be in New Hampshire, visit 310 00:16:30,000 --> 00:16:33,760 Speaker 1: South Carolina. I don't know in one year. That means 311 00:16:33,760 --> 00:16:37,000 Speaker 1: debates in like six months. We'll look at the most 312 00:16:37,040 --> 00:16:39,640 Speaker 1: recent numbers and surveyed the field with our panel. I'm 313 00:16:39,720 --> 00:16:45,840 Speaker 1: Joe Matthew and Washington. This is Bloomberg. This is Bloomberg. 314 00:16:46,000 --> 00:16:52,440 Speaker 1: So long with Joe Matthew on Bloomberg Radio. Now that 315 00:16:52,520 --> 00:16:56,040 Speaker 1: Ronna McDaniel seals the deal to remain chair of the 316 00:16:56,200 --> 00:16:58,840 Speaker 1: r n C, focused shifts on well to who will 317 00:16:58,880 --> 00:17:01,960 Speaker 1: be the nominee for president. There's only one and of 318 00:17:02,000 --> 00:17:05,240 Speaker 1: course declared candidate here to be taken seriously, and that's 319 00:17:05,280 --> 00:17:07,679 Speaker 1: Donald Trump. But a lot could change here in the 320 00:17:07,720 --> 00:17:11,080 Speaker 1: next year. And that's basically all we're dealing with. It's 321 00:17:11,119 --> 00:17:13,000 Speaker 1: kind of strange when you turn the corner here into 322 00:17:13,040 --> 00:17:15,600 Speaker 1: that year beforehand and it's like, wow, we're really almost there, 323 00:17:17,320 --> 00:17:20,040 Speaker 1: is on and we know that Donald Trump is running. 324 00:17:20,040 --> 00:17:23,560 Speaker 1: The most recent poll that I at least I got 325 00:17:23,560 --> 00:17:26,720 Speaker 1: my eyes on here was the Harvard Caps Harris poll 326 00:17:26,800 --> 00:17:28,840 Speaker 1: that they did for The Hill, and it looks pretty 327 00:17:28,920 --> 00:17:33,960 Speaker 1: darn good for Donald Trump, uh, up significantly over Rhonda Santis. 328 00:17:33,960 --> 00:17:36,680 Speaker 1: As we reassembled our panel, Rick Davis and Jeannie Chanzano 329 00:17:36,760 --> 00:17:40,240 Speaker 1: or with us Bloomberg Politics contributors, h Rick, these numbers 330 00:17:40,320 --> 00:17:43,399 Speaker 1: pretty convincing. Twenty points for Donald Trump, forty eight percent 331 00:17:43,760 --> 00:17:47,040 Speaker 1: would back him, twenty eight percent would support to Santis. 332 00:17:47,080 --> 00:17:49,719 Speaker 1: I know it's early, but that's got to be uh 333 00:17:50,080 --> 00:17:52,720 Speaker 1: encouraging for someone who's got a relatively quiet campaign at 334 00:17:52,720 --> 00:17:55,920 Speaker 1: the moment. Well yeah, I mean, look, I mean Donald 335 00:17:55,920 --> 00:17:59,080 Speaker 1: Trump is the eight pound guerrilla in the Republican Party, 336 00:17:59,240 --> 00:18:01,879 Speaker 1: right and regard so what the polls say, Um, you 337 00:18:01,960 --> 00:18:05,280 Speaker 1: gotta beat him to be the nominee, and nobody has 338 00:18:05,320 --> 00:18:09,240 Speaker 1: done that yet, so uh, for sure, that's the that's 339 00:18:09,280 --> 00:18:12,440 Speaker 1: the target, and Donald Trump should be reassured that everybody 340 00:18:12,440 --> 00:18:15,040 Speaker 1: believes that. And so his target is on his back, 341 00:18:15,080 --> 00:18:18,359 Speaker 1: it's not on anybody else's. And uh, but that being said, 342 00:18:18,400 --> 00:18:21,000 Speaker 1: these are state by state elections, right, None of these 343 00:18:21,080 --> 00:18:24,600 Speaker 1: national polls really mean anything other than to get a 344 00:18:24,640 --> 00:18:27,840 Speaker 1: sense of your popularity. And so you know, when you 345 00:18:27,840 --> 00:18:31,119 Speaker 1: look at Iowa, New Hampshire, South Carolina, Florida. I mean, 346 00:18:31,119 --> 00:18:33,200 Speaker 1: you've got a lot of competition for Donald Trump there. 347 00:18:33,240 --> 00:18:36,520 Speaker 1: I mean, Donald Trump stays very popular in Iowa. But 348 00:18:36,680 --> 00:18:39,399 Speaker 1: you know, snow new Governor SnO in New Hampshire is 349 00:18:39,720 --> 00:18:42,120 Speaker 1: much more popular than Donald Trump if he got into 350 00:18:42,160 --> 00:18:45,800 Speaker 1: this race. Uh. NICKI. Haley, former governor of South Carolina, 351 00:18:46,240 --> 00:18:49,800 Speaker 1: is incredibly popular in South Carolina, as is Tim Scott, 352 00:18:50,040 --> 00:18:52,880 Speaker 1: another person who's been talked about as a presidential candidate. 353 00:18:53,040 --> 00:18:55,240 Speaker 1: And of course you go to Florida and I don't know, 354 00:18:55,520 --> 00:18:57,640 Speaker 1: pick them. You know, who do you like in Florida? 355 00:18:58,200 --> 00:19:00,880 Speaker 1: You know you gotta you gotta go with the Santis. 356 00:19:01,000 --> 00:19:03,040 Speaker 1: So can Donald Trump be the nominee of the party 357 00:19:03,200 --> 00:19:06,320 Speaker 1: if he loses three out of the first four election 358 00:19:06,400 --> 00:19:09,439 Speaker 1: cycles or election contests. I mean, it's really something to 359 00:19:09,480 --> 00:19:12,560 Speaker 1: think about. And uh, and yet that's the only the beginning. 360 00:19:12,640 --> 00:19:14,920 Speaker 1: There are the really good candidates and the Republican Party 361 00:19:14,920 --> 00:19:18,920 Speaker 1: who haven't spoken up. Brian Kemp from Georgia is incredibly well. 362 00:19:18,960 --> 00:19:22,080 Speaker 1: Like when you ask Republicans who do you like? Brian 363 00:19:22,160 --> 00:19:27,160 Speaker 1: Kemp gets an approval rating, guess what Donald Trump's is. So, 364 00:19:27,200 --> 00:19:29,000 Speaker 1: I mean, there's a there's a lot of work to 365 00:19:29,040 --> 00:19:33,439 Speaker 1: be done before anybody's crowned uh nominated Republican Party this 366 00:19:33,520 --> 00:19:36,920 Speaker 1: next cycle, well, the Santis outperforms Genie when when Donald 367 00:19:36,920 --> 00:19:39,479 Speaker 1: Trump is taken out of the mix, which it's an 368 00:19:39,480 --> 00:19:41,480 Speaker 1: interesting way of looking at this. You know, he gets 369 00:19:42,680 --> 00:19:45,880 Speaker 1: when you don't have Donald Trump in the field, uh, 370 00:19:45,920 --> 00:19:49,359 Speaker 1: and the next in line here it's is Mike Pence. 371 00:19:49,400 --> 00:19:53,240 Speaker 1: At what does that tell you so early in the game. 372 00:19:53,880 --> 00:19:56,119 Speaker 1: You know, I do think an awful lot is in 373 00:19:56,200 --> 00:19:59,840 Speaker 1: terms of name recognition, um. And I think that there 374 00:20:00,119 --> 00:20:03,120 Speaker 1: is a lot of excitement around Ronda Santis and he 375 00:20:03,200 --> 00:20:06,600 Speaker 1: did perform very well in the state of Florida last 376 00:20:06,640 --> 00:20:10,600 Speaker 1: time around. I think he beat almost everybody's expectations, So 377 00:20:10,840 --> 00:20:14,159 Speaker 1: you know he is uh promising in that regard. But 378 00:20:14,320 --> 00:20:16,320 Speaker 1: you know, I'm looking at this U n H pole 379 00:20:16,760 --> 00:20:21,119 Speaker 1: you have de Santis beating Trump by forty two to thirty. Yeah, 380 00:20:21,359 --> 00:20:23,840 Speaker 1: And you know, I do think when you go on 381 00:20:23,920 --> 00:20:27,760 Speaker 1: a nationwide pole this early, of course, the person who 382 00:20:27,800 --> 00:20:31,000 Speaker 1: has declared the only person really should take the cake, 383 00:20:31,160 --> 00:20:33,280 Speaker 1: right because nobody else has said they want to do it. 384 00:20:33,520 --> 00:20:35,760 Speaker 1: But you get them out and you go to some 385 00:20:35,840 --> 00:20:38,359 Speaker 1: of these states where people are really paying attention, like 386 00:20:38,440 --> 00:20:41,800 Speaker 1: New Hampshire and you see a far different sort of breakdown. 387 00:20:42,080 --> 00:20:44,440 Speaker 1: And I was also fascinated by some of the reporting 388 00:20:44,440 --> 00:20:46,000 Speaker 1: out of the New York Times and others in the 389 00:20:46,040 --> 00:20:49,720 Speaker 1: last couple of days talking to real inside party members 390 00:20:49,880 --> 00:20:53,680 Speaker 1: who are really looking around for potentially other candidates there 391 00:20:53,920 --> 00:20:57,480 Speaker 1: and are you know, exemiting some signs of exhaustion about 392 00:20:57,520 --> 00:21:01,000 Speaker 1: Donald Trump And so you know, they don't determine the 393 00:21:01,000 --> 00:21:04,200 Speaker 1: primaries obviously, but they do have some sway on that. 394 00:21:04,480 --> 00:21:07,960 Speaker 1: When we try to look at the president's approval ratings, 395 00:21:08,000 --> 00:21:10,639 Speaker 1: I guess that's the ultimate national pull. Rick Gallops got 396 00:21:10,680 --> 00:21:14,479 Speaker 1: him at forty one approval, fifty four disapproved. Can we 397 00:21:14,640 --> 00:21:16,520 Speaker 1: can we sort of get anything out of that in 398 00:21:16,600 --> 00:21:18,199 Speaker 1: terms or can you can you help us put that 399 00:21:18,240 --> 00:21:20,960 Speaker 1: in context in terms of where he would stand if 400 00:21:20,960 --> 00:21:24,200 Speaker 1: he did announce Now, yeah, you know, look, I mean 401 00:21:24,280 --> 00:21:26,920 Speaker 1: you really look at the reelect number. Uh, it tends 402 00:21:26,960 --> 00:21:29,080 Speaker 1: to track job approval, So it's going to be in 403 00:21:29,119 --> 00:21:31,600 Speaker 1: that sort of area. And it's not great, right, I mean, 404 00:21:31,680 --> 00:21:34,800 Speaker 1: like incumbents want to be higher than that, They want 405 00:21:34,840 --> 00:21:39,480 Speaker 1: to be closer and and and and yet um, you 406 00:21:39,520 --> 00:21:44,000 Speaker 1: can't count out Joe Uh, he's uh, he's a resilient politician. Uh, 407 00:21:44,160 --> 00:21:46,399 Speaker 1: and and hasn't made his case to the market voters 408 00:21:46,480 --> 00:21:49,000 Speaker 1: yet except that every day he's great at as president. 409 00:21:49,359 --> 00:21:52,880 Speaker 1: So so what is unique about a president is he 410 00:21:53,000 --> 00:21:57,040 Speaker 1: really campaigns at the whim of the economy, international events, 411 00:21:57,440 --> 00:22:00,920 Speaker 1: you know, the performance of his cabinet. Uh. He has 412 00:22:00,440 --> 00:22:04,680 Speaker 1: a much more complex campaign to run than anybody running 413 00:22:04,720 --> 00:22:06,920 Speaker 1: against him, who basically looks at him and says, well, 414 00:22:06,920 --> 00:22:08,840 Speaker 1: we're just gonna be the other guy, right and so 415 00:22:09,520 --> 00:22:12,040 Speaker 1: um So whether or not Biden and his team or 416 00:22:12,119 --> 00:22:14,880 Speaker 1: up for that challenge will be interesting. Uh. It will 417 00:22:14,880 --> 00:22:16,760 Speaker 1: be interesting to see how long he waits before he 418 00:22:16,880 --> 00:22:20,040 Speaker 1: becomes an announced candidate. And I'll be honest, Uh, in 419 00:22:20,160 --> 00:22:23,160 Speaker 1: most election cycles, you pretty much have a pretty good 420 00:22:23,200 --> 00:22:27,520 Speaker 1: sense by now in the cycle of who the likely 421 00:22:27,680 --> 00:22:30,679 Speaker 1: contestants will be. And I would say this sounds like 422 00:22:31,080 --> 00:22:34,800 Speaker 1: a campaign where where even though Donald trumpson announced candidate, 423 00:22:35,040 --> 00:22:39,120 Speaker 1: I think there are many other Republicans and potentially Democrats 424 00:22:39,520 --> 00:22:42,600 Speaker 1: who are yet to announce who probably will. So I 425 00:22:42,640 --> 00:22:45,520 Speaker 1: think we'll be into you know, February, March, in April 426 00:22:45,560 --> 00:22:47,199 Speaker 1: by the time we have a sense of what this 427 00:22:47,240 --> 00:22:49,800 Speaker 1: field is gonna look like. You mentioned a couple of 428 00:22:49,960 --> 00:22:54,520 Speaker 1: important names, Hailey and Son. Nicki Haley actually doesn't register, 429 00:22:54,640 --> 00:22:57,320 Speaker 1: I think, or I should say a christ Nuna doesn't 430 00:22:57,640 --> 00:23:00,879 Speaker 1: register in this Hill survey. But Kei Haley ties for 431 00:23:00,960 --> 00:23:04,719 Speaker 1: fourth place at three. Jeanie the unh pull you mentioned 432 00:23:04,720 --> 00:23:08,120 Speaker 1: has her at eight. Is she a sleep or candidate here? 433 00:23:08,840 --> 00:23:10,919 Speaker 1: You know, she very well might be. I mean, she 434 00:23:11,000 --> 00:23:14,000 Speaker 1: does have the benefit of being from South Carolina and 435 00:23:14,080 --> 00:23:16,560 Speaker 1: that is an important state. She has the benefit of 436 00:23:16,600 --> 00:23:19,600 Speaker 1: having served in a variety of offices, she has a 437 00:23:19,640 --> 00:23:21,719 Speaker 1: benefit of being very well like I mean, she's got 438 00:23:21,760 --> 00:23:24,560 Speaker 1: a lot of things going for her. It certainly will 439 00:23:24,600 --> 00:23:27,399 Speaker 1: be an uphill battle, and I think that's you know, 440 00:23:27,480 --> 00:23:30,280 Speaker 1: one of the questions I have is how long can 441 00:23:30,359 --> 00:23:34,240 Speaker 1: these people wait to contest formally Trump and say they're 442 00:23:34,240 --> 00:23:36,320 Speaker 1: putting their hat in the ring, Because they have to 443 00:23:36,400 --> 00:23:39,760 Speaker 1: raise enormous amounts of money to make a go at 444 00:23:39,800 --> 00:23:42,160 Speaker 1: this thing. So there's gonna come a point at which 445 00:23:42,200 --> 00:23:44,960 Speaker 1: they're going to have to either be in or out 446 00:23:45,400 --> 00:23:48,879 Speaker 1: in terms of fundraising. And so somebody like Nicki Haley, 447 00:23:48,920 --> 00:23:51,200 Speaker 1: who she's got to start, but she's got a lot 448 00:23:51,240 --> 00:23:54,080 Speaker 1: of you know, a lot of you know, space to 449 00:23:54,119 --> 00:23:56,760 Speaker 1: make up. There she's going to have to get in. UM. 450 00:23:56,800 --> 00:23:59,560 Speaker 1: I would think sooner rather than later. But you know, 451 00:23:59,640 --> 00:24:02,280 Speaker 1: who wants to take on Trump in this direct way? 452 00:24:02,320 --> 00:24:05,320 Speaker 1: I think is gonna be the big question. And that's 453 00:24:05,359 --> 00:24:08,440 Speaker 1: the other thing is that if you know, if there 454 00:24:08,440 --> 00:24:11,360 Speaker 1: are more candidates, that is going to make it easier 455 00:24:11,400 --> 00:24:13,800 Speaker 1: for Donald Trump, because he does have a base of 456 00:24:13,880 --> 00:24:16,840 Speaker 1: like thirty percent or so who looked like they'll be 457 00:24:16,920 --> 00:24:19,560 Speaker 1: with him regardless. The more people in this race, the 458 00:24:19,600 --> 00:24:21,440 Speaker 1: better off he will be. But if it's a head 459 00:24:21,480 --> 00:24:23,280 Speaker 1: to head, he's going to have a harder time. You 460 00:24:23,320 --> 00:24:26,359 Speaker 1: mentioned that autopsy that the Republican Party did a few 461 00:24:26,440 --> 00:24:31,080 Speaker 1: years back under Ryan's previous Rick NICKI. Haley would fulfill 462 00:24:31,240 --> 00:24:33,960 Speaker 1: a lot of the desires that came from it in 463 00:24:34,080 --> 00:24:36,840 Speaker 1: terms of widening the tent as a person of color, 464 00:24:36,920 --> 00:24:39,720 Speaker 1: having a woman be the nominee. She has a pretty 465 00:24:39,720 --> 00:24:44,960 Speaker 1: powerful story, Toself. Yeah, she's a compelling UH candidate. I 466 00:24:44,960 --> 00:24:48,199 Speaker 1: would remind everybody that chasman on a ballot in a 467 00:24:48,240 --> 00:24:51,919 Speaker 1: long time. And so when you haven't been in the game, 468 00:24:52,560 --> 00:24:55,760 Speaker 1: you run the risk of uh not being sharp. And 469 00:24:55,840 --> 00:24:59,560 Speaker 1: this is a performance UH contest, right, You've got to 470 00:24:59,560 --> 00:25:01,760 Speaker 1: be really good at what you do. We saw that 471 00:25:01,800 --> 00:25:03,959 Speaker 1: with Jeff Bush Right, he hadn't been on a ballot 472 00:25:04,000 --> 00:25:07,280 Speaker 1: for ten years, you know, decided to run for president sixteen. 473 00:25:07,320 --> 00:25:09,480 Speaker 1: Everyone thought, oh my god, it's gotta be Jeff Jeff, 474 00:25:09,520 --> 00:25:12,000 Speaker 1: you know, he's son of the president, I mean brother 475 00:25:12,040 --> 00:25:13,840 Speaker 1: of the president. I mean, you can't get a better 476 00:25:13,840 --> 00:25:17,399 Speaker 1: deal for Republicans and it, and he bombed because he 477 00:25:17,440 --> 00:25:20,320 Speaker 1: really wasn't ready. He had got the skill set at 478 00:25:20,359 --> 00:25:23,680 Speaker 1: that time. So um so, I think that Nicky's got 479 00:25:23,680 --> 00:25:25,359 Speaker 1: a lot to prove to people who haven't seen her 480 00:25:25,400 --> 00:25:27,359 Speaker 1: on a ballot a long time. And I think one 481 00:25:27,359 --> 00:25:29,560 Speaker 1: of the things Genie mentioned, which is really critical for 482 00:25:29,560 --> 00:25:31,919 Speaker 1: her is can't you put the money together? We know 483 00:25:32,080 --> 00:25:34,800 Speaker 1: Donald Trump can raise an enormous amount of money. We 484 00:25:34,920 --> 00:25:38,199 Speaker 1: know that Ron De Santis can also follow suit and 485 00:25:38,320 --> 00:25:41,920 Speaker 1: raised just as much. The contest now is going to 486 00:25:42,040 --> 00:25:46,320 Speaker 1: be can Nicky Haley? Can you know? Mike Pence? Can 487 00:25:46,320 --> 00:25:48,560 Speaker 1: Brian Kemp? I mean, these guys are gonna have to 488 00:25:48,600 --> 00:25:52,320 Speaker 1: compete with campaigns that are going to have hundreds of 489 00:25:52,359 --> 00:25:56,119 Speaker 1: millions of dollars in the back. Mike Pompeio hasn't come 490 00:25:56,200 --> 00:26:02,760 Speaker 1: up yet. Are we underestimating that potential genie, you know zero, 491 00:26:04,320 --> 00:26:07,680 Speaker 1: you know, I think Mike Pompeo has a hard road 492 00:26:07,800 --> 00:26:10,480 Speaker 1: ahead of him. Um. You know when wren Ricks talking 493 00:26:10,480 --> 00:26:13,879 Speaker 1: about being on the ballot, um, you know, really literally, 494 00:26:13,880 --> 00:26:16,439 Speaker 1: when is the last time Mike Pompeo has been on 495 00:26:16,480 --> 00:26:19,760 Speaker 1: the ballot. He also comes, I think with some baggage 496 00:26:19,800 --> 00:26:22,479 Speaker 1: which makes it hard. Um. That's not to say he 497 00:26:22,560 --> 00:26:24,719 Speaker 1: can't do it, but he would have to make up, 498 00:26:24,720 --> 00:26:27,960 Speaker 1: in my mind, a good amount of ground to move 499 00:26:28,000 --> 00:26:30,359 Speaker 1: forward to the top of a path like this. But again, 500 00:26:30,480 --> 00:26:34,680 Speaker 1: if we see you know, six two candidates in this thing, 501 00:26:34,800 --> 00:26:37,159 Speaker 1: you know, some pulling one to two and some pulling 502 00:26:37,200 --> 00:26:40,280 Speaker 1: six to ten. That helps Donald Trump. And that is 503 00:26:40,320 --> 00:26:44,320 Speaker 1: what the Democrats are hoping happens once again. And so 504 00:26:44,440 --> 00:26:46,800 Speaker 1: I think this is where the leadership of the Republican 505 00:26:46,880 --> 00:26:49,280 Speaker 1: Party is going to be critical. Can they get a 506 00:26:49,280 --> 00:26:52,960 Speaker 1: head to head where somebody can get coalesced that's kind 507 00:26:53,000 --> 00:26:55,800 Speaker 1: of anti Trump or you know, moving into a new 508 00:26:55,920 --> 00:26:58,760 Speaker 1: future for the Republican Party even if it's not anti 509 00:26:58,800 --> 00:27:01,239 Speaker 1: Trump and put together are a winning coalition that can 510 00:27:01,280 --> 00:27:04,520 Speaker 1: beat him in these primaries, It's not going to be easy. Yeah, Well, 511 00:27:04,840 --> 00:27:06,879 Speaker 1: I suspect that some of these names are gonna bubble 512 00:27:06,960 --> 00:27:09,240 Speaker 1: much closer to the surface once they potentially get some 513 00:27:09,320 --> 00:27:12,160 Speaker 1: name recognition. Because it's so early in the game. Here 514 00:27:12,160 --> 00:27:14,720 Speaker 1: a great conversation with Rick and Jennie will be back 515 00:27:14,800 --> 00:27:17,040 Speaker 1: with the idea of a trillion dollar coin. You want 516 00:27:17,040 --> 00:27:19,480 Speaker 1: to end the debt limit situation today, it would actually 517 00:27:19,840 --> 00:27:23,159 Speaker 1: be possible. Joe Wisenthal has been writing about it and 518 00:27:23,160 --> 00:27:26,080 Speaker 1: he's going to join us next from the Odd Lots podcast, 519 00:27:26,520 --> 00:27:31,359 Speaker 1: The Stalwart Ahead on Sound On This is Bloomberg so 520 00:27:31,680 --> 00:27:37,600 Speaker 1: On with Joe Matthew on Bloomberg Radio. So it's back 521 00:27:37,640 --> 00:27:40,959 Speaker 1: to the trillion dollar coin debate Rehmever, from when they 522 00:27:40,960 --> 00:27:43,680 Speaker 1: had to raise the debt ceiling a couple of years ago, 523 00:27:43,760 --> 00:27:48,000 Speaker 1: some suggested the president simply meant a trillion dollar platinum 524 00:27:48,040 --> 00:27:51,840 Speaker 1: coin and get on with life. Well, that idea is back, 525 00:27:51,920 --> 00:27:54,159 Speaker 1: of course, as we debate the debt ceiling again and 526 00:27:54,200 --> 00:27:58,439 Speaker 1: there's no clear path. Bloomberg's Joe Wisenhall likes this idea 527 00:27:58,520 --> 00:28:01,480 Speaker 1: more than ever. I've been watching this tweets and not 528 00:28:01,600 --> 00:28:04,760 Speaker 1: everyone agrees, and I wanted to talk to him about 529 00:28:04,800 --> 00:28:08,119 Speaker 1: his side of this argument here. Joe, Welcome back to 530 00:28:08,160 --> 00:28:12,720 Speaker 1: your safe space here on sound off. I've been watching 531 00:28:12,720 --> 00:28:15,480 Speaker 1: you on Twitter. Uh, you can talk about the trillion 532 00:28:15,480 --> 00:28:17,720 Speaker 1: dollar coin all you want, your no criticism. In fact, 533 00:28:17,760 --> 00:28:22,600 Speaker 1: I'm here to learn from you and osters might remember. Yeah, 534 00:28:22,640 --> 00:28:25,359 Speaker 1: that's where that's my goal here. Um, it's not a 535 00:28:25,359 --> 00:28:27,760 Speaker 1: new idea, it's not a new fascination for the stalwart 536 00:28:28,080 --> 00:28:30,720 Speaker 1: bringing us back to the last debt ceiling battle. This 537 00:28:30,760 --> 00:28:33,199 Speaker 1: is October twenty one. Janet Yellen was asked about it 538 00:28:33,240 --> 00:28:37,200 Speaker 1: by George Stephanopolis on ABC this Week, the trillion dollar coin? 539 00:28:37,600 --> 00:28:40,880 Speaker 1: What say you, Madame Secretary. Well, I wouldn't be supportive 540 00:28:40,920 --> 00:28:44,000 Speaker 1: of a trillion dollar coin. I think it's a gimmick. 541 00:28:44,440 --> 00:28:48,680 Speaker 1: And um, it jeopardizes the independence of the Federal Reserve. 542 00:28:49,080 --> 00:28:52,600 Speaker 1: You would be asking to essentially print money to cover 543 00:28:52,760 --> 00:28:56,719 Speaker 1: the deficit. This is a responsibility, it's a shared by 544 00:28:56,840 --> 00:29:02,040 Speaker 1: partisan responsibility. A gimmick, Joe. I mean, look, so I've 545 00:29:02,040 --> 00:29:04,880 Speaker 1: been obsessed with this story for twelve years now, really 546 00:29:04,880 --> 00:29:08,400 Speaker 1: since the dead ceiling fight, which was the first sort 547 00:29:08,440 --> 00:29:11,440 Speaker 1: of like kind of the modern era of dead sailing 548 00:29:11,560 --> 00:29:14,880 Speaker 1: politics where people really start to worry that uh, that 549 00:29:15,120 --> 00:29:17,680 Speaker 1: the that it's not gonna get raised, triggering the risk 550 00:29:17,680 --> 00:29:20,560 Speaker 1: of a default and there is this statute in the 551 00:29:20,640 --> 00:29:25,479 Speaker 1: law that says that under the Treasury Secretary's discretion that uh, 552 00:29:25,840 --> 00:29:30,320 Speaker 1: a coin of any denomination, any denomination, provided its platinum 553 00:29:30,640 --> 00:29:34,920 Speaker 1: and provided its proof quality, meaning shiny uh can be 554 00:29:35,280 --> 00:29:38,840 Speaker 1: can be minted. And so the idea is, uh, well, 555 00:29:38,880 --> 00:29:41,840 Speaker 1: you know, look, if you run out of borrowing authority, 556 00:29:42,000 --> 00:29:44,400 Speaker 1: which is what the dead sailing means, and you still 557 00:29:44,440 --> 00:29:47,600 Speaker 1: have obligations to meet your spending authority because the Congress 558 00:29:47,640 --> 00:29:50,720 Speaker 1: has also passed a budget, what do you do? Uh? 559 00:29:50,880 --> 00:29:54,120 Speaker 1: Rather than default, you could met this coin, say, put 560 00:29:54,120 --> 00:29:56,600 Speaker 1: a trillion dollars on it, right the word one trillion 561 00:29:56,680 --> 00:29:59,800 Speaker 1: deposit at the Treasury's account at the New York Fed, 562 00:30:00,080 --> 00:30:02,760 Speaker 1: the Treasury General account. And now you have a trillion 563 00:30:02,760 --> 00:30:06,160 Speaker 1: dollars in there that you can then spend. And the 564 00:30:06,240 --> 00:30:09,080 Speaker 1: law looks pretty unambiguous to me. Is it a gimmick? Yeah, 565 00:30:09,080 --> 00:30:11,160 Speaker 1: of course writing a trillion on a coin. But on 566 00:30:11,200 --> 00:30:13,880 Speaker 1: the other hand, you know, the idea that we would 567 00:30:13,920 --> 00:30:16,680 Speaker 1: have this like sort of fiction called the dead ceiling 568 00:30:17,160 --> 00:30:19,920 Speaker 1: in which we arbitrarily threatened publicly is like, wait, we 569 00:30:20,000 --> 00:30:23,440 Speaker 1: might default on our obligations is also pretty silly. And 570 00:30:23,520 --> 00:30:26,000 Speaker 1: so it's like Okay, here's this silly thing that exists. 571 00:30:26,360 --> 00:30:29,040 Speaker 1: It can be solved with as other silly things that exists. 572 00:30:29,400 --> 00:30:31,360 Speaker 1: And no one really likes to do silly things when 573 00:30:31,360 --> 00:30:33,800 Speaker 1: it comes to the US government. But if the alternative 574 00:30:33,880 --> 00:30:36,920 Speaker 1: is a default, most people think that would be pretty 575 00:30:36,960 --> 00:30:39,400 Speaker 1: bad because the history of default is whether it's Lehman 576 00:30:39,440 --> 00:30:43,400 Speaker 1: Brothers in two thousand and eight Russia or things like that, 577 00:30:43,600 --> 00:30:45,920 Speaker 1: tend to be pretty bad. If the prospect is you're 578 00:30:45,960 --> 00:30:51,240 Speaker 1: defaulting on the the largest liquid fixed income asset class 579 00:30:51,280 --> 00:30:54,040 Speaker 1: in the entire world that the entire world considers to 580 00:30:54,080 --> 00:30:58,080 Speaker 1: be the definition of safety, that maybe it's okay to 581 00:30:58,160 --> 00:31:00,960 Speaker 1: use the gimmick in that case, because in a catastrophe, 582 00:31:01,080 --> 00:31:02,800 Speaker 1: maybe we warm up to the idea of a gimmick. 583 00:31:03,080 --> 00:31:05,600 Speaker 1: It's like, come on, It's like, you know, look, I 584 00:31:05,640 --> 00:31:07,840 Speaker 1: don't want to do silly things either. I want to 585 00:31:07,840 --> 00:31:10,160 Speaker 1: have a serious government that operates. But like, you know, 586 00:31:10,240 --> 00:31:12,000 Speaker 1: I was just in a conversation with the other day, 587 00:31:12,000 --> 00:31:14,120 Speaker 1: It's like, okay, if like, if it's a choice between 588 00:31:14,160 --> 00:31:16,400 Speaker 1: going over a cliff and the Grand Canyon or pressing 589 00:31:16,400 --> 00:31:19,520 Speaker 1: a silly button, why is this so hard? Right? Since 590 00:31:19,520 --> 00:31:24,160 Speaker 1: it's a self imposed debt ceiling with someone suggests it 591 00:31:24,280 --> 00:31:27,480 Speaker 1: is a gimmick. Yeah, it still looks like you can say, like, oh, 592 00:31:27,560 --> 00:31:30,000 Speaker 1: the dead ceiling, like if you're if you're gonna really 593 00:31:30,040 --> 00:31:33,160 Speaker 1: insist that the dead ceiling is this sort of like 594 00:31:33,880 --> 00:31:37,600 Speaker 1: you know, catastrophic apocalyptic moment right where if you don't 595 00:31:37,680 --> 00:31:40,640 Speaker 1: raise it, something very bad happened. How can you totally 596 00:31:40,680 --> 00:31:43,120 Speaker 1: dismiss the idea of using gimmicks as a way to 597 00:31:43,200 --> 00:31:46,120 Speaker 1: avoid that catastrophe? You know, when you listen to that 598 00:31:46,160 --> 00:31:49,200 Speaker 1: answer from Janet Ail, remembering she's a former FED chair 599 00:31:49,560 --> 00:31:52,920 Speaker 1: her basically her argument was with two things. One, hey, 600 00:31:52,920 --> 00:31:55,360 Speaker 1: don't just look at us. There's other people here to 601 00:31:55,440 --> 00:31:58,520 Speaker 1: fix this too. We gotta do it together, teamwork, which 602 00:31:58,560 --> 00:31:59,840 Speaker 1: is a little bit of a laugh with what we're 603 00:31:59,880 --> 00:32:01,560 Speaker 1: here ring right now, but of course that was back 604 00:32:01,600 --> 00:32:04,760 Speaker 1: in twenty one. But also it was somehow compromise the 605 00:32:04,800 --> 00:32:08,160 Speaker 1: authority of the FED that I don't I don't get that. 606 00:32:08,240 --> 00:32:10,240 Speaker 1: And now let me say two things about her answer, 607 00:32:10,240 --> 00:32:12,120 Speaker 1: because she was also interviewed about a week ago boy 608 00:32:12,200 --> 00:32:14,400 Speaker 1: the Wall Street Journal and she basically said the same thing, 609 00:32:14,440 --> 00:32:15,840 Speaker 1: And she's that I don't know if the FED would 610 00:32:15,880 --> 00:32:18,800 Speaker 1: even accepted a positive of the coin. So here's all. 611 00:32:18,840 --> 00:32:21,960 Speaker 1: I'll say, there's two in so I say there's two. 612 00:32:22,840 --> 00:32:25,400 Speaker 1: There's two interesting things about her answer to me. One 613 00:32:25,560 --> 00:32:28,480 Speaker 1: is it's notable she actually has not said it's illegal, 614 00:32:28,640 --> 00:32:30,680 Speaker 1: because she could say, like if someone asked her about 615 00:32:30,680 --> 00:32:32,560 Speaker 1: the trillion dollar Collins, she's like, what are you talking about? 616 00:32:32,720 --> 00:32:35,440 Speaker 1: Of course, we can't just stamp a trillion dollars on 617 00:32:35,520 --> 00:32:37,640 Speaker 1: the platinum disc and say it's illegal. So I think 618 00:32:37,640 --> 00:32:40,560 Speaker 1: it's notable that she never actually says that. And what 619 00:32:40,680 --> 00:32:43,640 Speaker 1: that What that means to me, and I'm just speculating here, 620 00:32:43,720 --> 00:32:47,240 Speaker 1: is that you know, in some contingencies, some lawyers at 621 00:32:47,280 --> 00:32:49,600 Speaker 1: the Treasury say, actually this might be legal, and they 622 00:32:49,640 --> 00:32:52,680 Speaker 1: don't want to be on record is saying it's illegal 623 00:32:52,720 --> 00:32:54,280 Speaker 1: in case they actually have to do it at some point. 624 00:32:54,320 --> 00:32:56,120 Speaker 1: So that's But then the other thing, I don't get 625 00:32:56,120 --> 00:32:58,400 Speaker 1: this view about compromise the independence of the FED. And 626 00:32:58,480 --> 00:33:02,120 Speaker 1: here's why would we talk out Fed independence? What do 627 00:33:02,200 --> 00:33:05,760 Speaker 1: we mean by that value? The value that we're trying 628 00:33:05,760 --> 00:33:09,440 Speaker 1: to express is that the decision to lower and raise 629 00:33:09,600 --> 00:33:13,920 Speaker 1: interest rates is a process, a process that exists outside 630 00:33:13,960 --> 00:33:16,760 Speaker 1: of normal elected officials, and there might be good reasons 631 00:33:16,760 --> 00:33:20,120 Speaker 1: for that process to exist outside of elected officials, presumably 632 00:33:20,200 --> 00:33:22,440 Speaker 1: because no one you know, wants to say, vote to 633 00:33:22,520 --> 00:33:24,680 Speaker 1: hike interest rates. Do people want to vote to hike 634 00:33:24,720 --> 00:33:27,400 Speaker 1: your mortgage, Probably not. Do people want to vote to 635 00:33:27,480 --> 00:33:31,160 Speaker 1: slow down the labor market? Probably not? And uh, you know, 636 00:33:31,400 --> 00:33:34,280 Speaker 1: so if you if they're it might make sense to 637 00:33:34,400 --> 00:33:37,360 Speaker 1: have some of these policy choices exist outside of the 638 00:33:37,400 --> 00:33:40,400 Speaker 1: direct realm of elected officials. Okay, we can debate that, 639 00:33:40,440 --> 00:33:43,360 Speaker 1: but that makes sense. Nothing about the coin precludes that, 640 00:33:43,720 --> 00:33:46,080 Speaker 1: because you could deposit the trillon dollar coin, but at 641 00:33:46,080 --> 00:33:48,440 Speaker 1: the FED fields that needs to hike another hundred basis 642 00:33:48,440 --> 00:33:51,200 Speaker 1: points because of inflation that exists in the economy. Nothing 643 00:33:51,200 --> 00:33:53,680 Speaker 1: about the existence of a coin on its balance sheet 644 00:33:53,960 --> 00:33:58,080 Speaker 1: precludes that possibility. If the FED wanted to, say, you know, 645 00:33:58,320 --> 00:34:00,719 Speaker 1: they could sell the fedist troy of dollars on its 646 00:34:00,760 --> 00:34:03,120 Speaker 1: balance sheet or treasuries. If it wanted to hold the 647 00:34:03,120 --> 00:34:05,240 Speaker 1: size of its balance sheet stable, it could sell a 648 00:34:05,280 --> 00:34:08,920 Speaker 1: trillion dollars of its holdings of treasuries into the market 649 00:34:09,320 --> 00:34:11,600 Speaker 1: so that its balance sheet remains the same stize. So 650 00:34:11,719 --> 00:34:14,640 Speaker 1: to the extent that FED independence is something that we 651 00:34:14,719 --> 00:34:17,480 Speaker 1: believe is important and has a high value, it does 652 00:34:17,520 --> 00:34:19,839 Speaker 1: not like in the way that we should understand that 653 00:34:20,000 --> 00:34:22,799 Speaker 1: term FED independence. It does not make sense to me 654 00:34:23,200 --> 00:34:25,719 Speaker 1: the idea that, Okay, suddenly they have this coin that 655 00:34:25,760 --> 00:34:28,919 Speaker 1: exists in their vaults somewhere, maybe at the New York FED, 656 00:34:29,280 --> 00:34:32,480 Speaker 1: that somehow that becomes a problem for its ability to 657 00:34:32,560 --> 00:34:37,920 Speaker 1: exercise monetary policy in an independent, nonpolitical ban. Yeah. And 658 00:34:37,960 --> 00:34:40,959 Speaker 1: we're not even talking politics here because people would freak 659 00:34:41,000 --> 00:34:42,239 Speaker 1: out if this. You know that. I don't know what 660 00:34:42,280 --> 00:34:45,319 Speaker 1: that would mean for Joe Biden's potential second term. But 661 00:34:45,440 --> 00:34:48,120 Speaker 1: the the last big question I have for you is 662 00:34:48,760 --> 00:34:51,839 Speaker 1: what do we put on the coin? Oh? You know, 663 00:34:52,040 --> 00:34:56,080 Speaker 1: my vote. I've heard many, many suggestions. So Philip deal 664 00:34:56,440 --> 00:34:59,839 Speaker 1: Is the thirty five was the director of the U S. Mint, 665 00:35:00,280 --> 00:35:02,560 Speaker 1: and he was the one that helped craft the legislation 666 00:35:02,640 --> 00:35:05,879 Speaker 1: in the mid nineties. Um uh yeah, in the mid 667 00:35:05,960 --> 00:35:09,719 Speaker 1: nineties to that enabled the coin. So I but you know, 668 00:35:09,760 --> 00:35:12,960 Speaker 1: in addition to having written this helping drafted this legislation, 669 00:35:13,160 --> 00:35:15,200 Speaker 1: he's also kind of a visionary. He was actually like 670 00:35:15,239 --> 00:35:17,920 Speaker 1: talking about the need for the Mint to think about 671 00:35:18,120 --> 00:35:23,200 Speaker 1: digital money like twenty years Yeah, so I think and uh, 672 00:35:23,360 --> 00:35:25,200 Speaker 1: he's he modernized the man. He was the one that 673 00:35:25,320 --> 00:35:31,759 Speaker 1: spearheaded the fifties State Quarter project write that massive success. Uh. 674 00:35:31,800 --> 00:35:35,080 Speaker 1: And he's also a bipartisan figure, so he was a Democrat, 675 00:35:35,160 --> 00:35:37,840 Speaker 1: but he also worked well with Republicans, and he takes 676 00:35:37,880 --> 00:35:41,239 Speaker 1: pride in that he worked with Mike Castle to draft 677 00:35:41,280 --> 00:35:45,359 Speaker 1: the legislation. A Republican from Delaware and Philip Deal says, yeah, 678 00:35:45,400 --> 00:35:47,879 Speaker 1: of course, Uh, the law. He's like, I wrote the law, 679 00:35:47,920 --> 00:35:49,919 Speaker 1: and so the t he's supportive of the trillion dollar 680 00:35:49,960 --> 00:35:52,000 Speaker 1: coin idea. So I would say he would be a 681 00:35:52,000 --> 00:35:54,759 Speaker 1: good figure. He would be a savior. You know. He 682 00:35:55,000 --> 00:35:57,799 Speaker 1: his idea saved the country from default. So let's put 683 00:35:57,880 --> 00:36:00,880 Speaker 1: him on the coin. I love this. I love talking 684 00:36:00,920 --> 00:36:04,319 Speaker 1: to someone who believes in what they're saying. Yeah, I 685 00:36:04,400 --> 00:36:06,880 Speaker 1: take this, you know, like, look, I'm a journalist, you know, 686 00:36:06,960 --> 00:36:08,880 Speaker 1: like you are, and so you know we're not. But 687 00:36:08,960 --> 00:36:11,240 Speaker 1: this is like one topic I really believe. It's absolutely 688 00:36:11,520 --> 00:36:14,680 Speaker 1: I find it difficult to remain neutral when the coin 689 00:36:14,840 --> 00:36:19,120 Speaker 1: comes up. Joe Wisenthal always a great pleasure. He co hosts, 690 00:36:19,160 --> 00:36:22,080 Speaker 1: of course, the famous Odd Lots podcast for us here 691 00:36:22,080 --> 00:36:25,040 Speaker 1: at Bloomberg, and we love comparing notes with Joe. We 692 00:36:25,080 --> 00:36:28,359 Speaker 1: need to do this like a regular Friday thing. Uh, 693 00:36:28,560 --> 00:36:30,720 Speaker 1: I'm not going to pull the panel into a debate 694 00:36:30,760 --> 00:36:33,520 Speaker 1: on the trillion dollar coin, Rick Davis and Jeannie Chanzano 695 00:36:34,280 --> 00:36:36,600 Speaker 1: or of course with us here on sound On. But Genie, 696 00:36:36,840 --> 00:36:39,680 Speaker 1: the fact that we're having this conversation again tells us 697 00:36:39,719 --> 00:36:42,960 Speaker 1: everything about the state of affairs in Washington, right, Oh, 698 00:36:43,000 --> 00:36:45,760 Speaker 1: it really does. And I was looking back at Barack Obama. 699 00:36:45,840 --> 00:36:48,680 Speaker 1: He said when they discussed it back in the day, 700 00:36:49,360 --> 00:36:51,560 Speaker 1: he said it was like something out of the Stone Age, 701 00:36:51,600 --> 00:36:54,839 Speaker 1: and he pictured somebody rolling in some big coin. And 702 00:36:54,880 --> 00:36:57,560 Speaker 1: I mean, I Joe was just making me laugh your 703 00:36:57,560 --> 00:37:01,239 Speaker 1: whole conversation, because he's absolutely right. The gimmicks, this is 704 00:37:01,280 --> 00:37:04,080 Speaker 1: all gimmicky. It is all theater. There's no such thing 705 00:37:04,080 --> 00:37:07,040 Speaker 1: as a debt ceiling, although there is, So why can't 706 00:37:07,040 --> 00:37:08,839 Speaker 1: you roll in a coin from the Stone Age? I'm 707 00:37:08,880 --> 00:37:11,399 Speaker 1: not sure there's a good answer to that at this point. Well, look, 708 00:37:11,480 --> 00:37:13,560 Speaker 1: the story is always a big hit on social media. 709 00:37:13,600 --> 00:37:15,439 Speaker 1: It's a big I mean, you can read all about 710 00:37:15,440 --> 00:37:18,320 Speaker 1: it on the terminal. Rick, everyone's got a an opinion. 711 00:37:18,360 --> 00:37:22,759 Speaker 1: Has anyone in Washington seriously considered it? No, I don't 712 00:37:22,760 --> 00:37:25,320 Speaker 1: think this is something anybody wants to put their stamp 713 00:37:25,360 --> 00:37:28,640 Speaker 1: on so to speak, Um, and what would coin sale? 714 00:37:28,680 --> 00:37:31,200 Speaker 1: I like like his approach. What a deal, right, I 715 00:37:31,200 --> 00:37:35,680 Speaker 1: mean with a question mark one trillion dollars. Um. No, 716 00:37:35,920 --> 00:37:39,640 Speaker 1: I think anybody who would consider it would realize that 717 00:37:40,320 --> 00:37:44,480 Speaker 1: by the time the court challenges occurred, we'd already be 718 00:37:44,520 --> 00:37:48,239 Speaker 1: in default and we've got bigger problems. And you know 719 00:37:48,280 --> 00:37:50,600 Speaker 1: who to put on a coin it's worth a trillion dollars. 720 00:37:50,600 --> 00:37:54,600 Speaker 1: So I don't think this is likely to make his 721 00:37:54,719 --> 00:37:59,120 Speaker 1: way into the administration's decision making. Uh. And if anything, 722 00:37:59,200 --> 00:38:01,080 Speaker 1: you know, the last thing want to do is give 723 00:38:01,160 --> 00:38:03,880 Speaker 1: people am out where, Oh, we don't have to negotiate 724 00:38:03,880 --> 00:38:05,960 Speaker 1: with Congress on this because we've just meant a coin. 725 00:38:06,320 --> 00:38:08,279 Speaker 1: I think we gotta keep pressure on Congress to come 726 00:38:08,360 --> 00:38:11,279 Speaker 1: up with their plan and get a negotiation with administration 727 00:38:11,320 --> 00:38:15,279 Speaker 1: and get this done like adults. But I must say, um, 728 00:38:15,760 --> 00:38:18,160 Speaker 1: I would I would volunteer to be on a trillion 729 00:38:18,160 --> 00:38:22,680 Speaker 1: dollar coin only if I got a copy, right. Yeah. 730 00:38:22,719 --> 00:38:24,280 Speaker 1: I like the idea of that. You know, you're rolling 731 00:38:24,280 --> 00:38:26,360 Speaker 1: it into the room like that, Genie. I think that 732 00:38:26,400 --> 00:38:29,239 Speaker 1: would be just just great optics for a news conference. 733 00:38:30,120 --> 00:38:32,640 Speaker 1: Joe seems to think they're keeping this in their pocket. 734 00:38:32,719 --> 00:38:35,760 Speaker 1: You know, it's it's two days before, it's the night before, 735 00:38:35,800 --> 00:38:38,120 Speaker 1: we're about the default, and they pull this thing out. 736 00:38:38,120 --> 00:38:41,040 Speaker 1: But is it just a gimmick? Yeah, you know, I'm 737 00:38:41,080 --> 00:38:44,480 Speaker 1: just picturing I don't know, Janet yelling Joe Biden hanging 738 00:38:44,480 --> 00:38:46,959 Speaker 1: onto this coin as it's rolling into the White House 739 00:38:47,000 --> 00:38:52,080 Speaker 1: briefing room. I don't know. Um, you know it's Barack 740 00:38:52,080 --> 00:38:54,840 Speaker 1: Obama did say they seriously kept it in their pocket. 741 00:38:54,920 --> 00:38:57,680 Speaker 1: We heard, you know, we heard from the Press secretary 742 00:38:57,719 --> 00:39:00,560 Speaker 1: say everything's on the table. We have many mccrats and 743 00:39:00,600 --> 00:39:03,279 Speaker 1: Republicans pushing for this, but I think it just tells 744 00:39:03,360 --> 00:39:06,040 Speaker 1: us in the long term how far we have fallen 745 00:39:06,080 --> 00:39:08,960 Speaker 1: in this country that we can't simply just raise the 746 00:39:09,000 --> 00:39:11,880 Speaker 1: debt ceiling, pay our debts and have a conversation about 747 00:39:12,280 --> 00:39:15,640 Speaker 1: rational spending, which is, to Rick's point, exactly what should 748 00:39:15,640 --> 00:39:18,680 Speaker 1: be happening in Congress with the executive branch. You and 749 00:39:18,719 --> 00:39:22,040 Speaker 1: your rational thought genius Chanzano and Rick Davis back with 750 00:39:22,160 --> 00:39:26,400 Speaker 1: some final thoughts. So elon musk tweets just met with 751 00:39:26,440 --> 00:39:30,640 Speaker 1: Speaker McCarthy and Rep. Jeffreyes to discuss ensuring that this 752 00:39:30,719 --> 00:39:34,000 Speaker 1: platform is fair to both parties. You know, he showed 753 00:39:34,080 --> 00:39:36,600 Speaker 1: up on Capitol Hill, but we learned more today that 754 00:39:36,719 --> 00:39:41,719 Speaker 1: he actually also met with members of the administration. Here's 755 00:39:41,760 --> 00:39:44,000 Speaker 1: Koine Jean Pierre, the Press secretary at the White House. 756 00:39:44,280 --> 00:39:48,440 Speaker 1: So I can I can confirm that that Mitch Landrew 757 00:39:48,520 --> 00:39:51,400 Speaker 1: and also John Podesta met with Elon must to discuss 758 00:39:51,680 --> 00:39:55,880 Speaker 1: electrification and how the Biparson infrastructure on the Inflation Reduction 759 00:39:55,920 --> 00:39:59,840 Speaker 1: Act can advance EVS and increase the electrifications more broadly. 760 00:40:00,480 --> 00:40:03,439 Speaker 1: So that meeting did happen today, and so for sure 761 00:40:03,480 --> 00:40:05,319 Speaker 1: I can I can confirm that to all of you. 762 00:40:05,600 --> 00:40:08,320 Speaker 1: Mark Attorney out the page of the relationship between this 763 00:40:08,440 --> 00:40:11,640 Speaker 1: White passing laws. UM, I will say that I think 764 00:40:11,880 --> 00:40:14,920 Speaker 1: the the outreach and the meeting says a lot of 765 00:40:14,920 --> 00:40:19,440 Speaker 1: how important the President thinks that by person infrastructure legislation is, 766 00:40:19,480 --> 00:40:22,400 Speaker 1: and how the Inflation Reduction Act is, especially as we 767 00:40:22,480 --> 00:40:25,960 Speaker 1: it relates to E V's and his commitment. And so 768 00:40:26,239 --> 00:40:29,040 Speaker 1: I will leave it there. Nothing like a couple of 769 00:40:29,040 --> 00:40:33,200 Speaker 1: guys hanging around talking about electrification. That's how we're going 770 00:40:33,239 --> 00:40:35,759 Speaker 1: to frame this genie. After he was not invited to 771 00:40:35,800 --> 00:40:39,120 Speaker 1: any of the ev CAR events, when Mary Barra and 772 00:40:39,160 --> 00:40:42,400 Speaker 1: others were on the South lawn a major Their cars 773 00:40:42,440 --> 00:40:48,040 Speaker 1: are being filmed by every news organization. What's changing, Yeah, 774 00:40:48,080 --> 00:40:51,600 Speaker 1: a sign of thawing tensions. You know, I think the 775 00:40:51,640 --> 00:40:54,640 Speaker 1: Democrats may have forgiven, forgiven him for saying it's a 776 00:40:54,640 --> 00:40:57,919 Speaker 1: party of hate and asking his Twitter followers to vote Republicans. 777 00:40:59,000 --> 00:41:01,680 Speaker 1: And you know, I do think an awful lot of 778 00:41:01,719 --> 00:41:05,080 Speaker 1: this has to do with the Biden administrations insistence and 779 00:41:05,160 --> 00:41:10,000 Speaker 1: focus on getting the infrastructure bill moving, obviously moving that forward, 780 00:41:10,040 --> 00:41:12,840 Speaker 1: and so we're seeing some of that here. But you know, 781 00:41:12,960 --> 00:41:16,120 Speaker 1: it seems that Hakim Jefferies may not be as forgiving 782 00:41:16,160 --> 00:41:18,799 Speaker 1: since he said no, there was no plan meeting with me. 783 00:41:19,280 --> 00:41:21,799 Speaker 1: So you know, I think he's got Elon Musk has 784 00:41:21,800 --> 00:41:24,360 Speaker 1: some work to do on the Democratic side at this point. 785 00:41:24,880 --> 00:41:27,000 Speaker 1: What does this tell you about the administration here is 786 00:41:27,120 --> 00:41:30,000 Speaker 1: gearing up for reelection mode? Why why spend the time 787 00:41:30,000 --> 00:41:35,200 Speaker 1: and Rick? Were they really talking about electrification? Yeah? Probably? 788 00:41:35,239 --> 00:41:39,360 Speaker 1: I mean, look, it's a legitimate problem. Uh, Tesla electric 789 00:41:39,400 --> 00:41:42,560 Speaker 1: charges don't work with other cars. The White Houses of 790 00:41:43,320 --> 00:41:47,680 Speaker 1: sitting on a plan that Mitch landreu is implementing along 791 00:41:47,680 --> 00:41:53,480 Speaker 1: with John Podesta, to install five hundred thousand electric car 792 00:41:53,600 --> 00:41:56,640 Speaker 1: charges around the country. Uh, you know, you've got to 793 00:41:56,640 --> 00:41:59,200 Speaker 1: figure out how you're gonna fit that, um, that Tesla 794 00:41:59,280 --> 00:42:02,520 Speaker 1: charger into that plan. And uh, I'm not sure there's 795 00:42:02,520 --> 00:42:05,000 Speaker 1: a good solution to that. So there's a good reason 796 00:42:05,040 --> 00:42:08,000 Speaker 1: to have that conversation, uh, if we're going to really 797 00:42:08,000 --> 00:42:10,960 Speaker 1: be serious about the distributional electrical picles around the country. 798 00:42:11,120 --> 00:42:15,160 Speaker 1: But they have to well, optics matter. I mean, like, 799 00:42:15,239 --> 00:42:18,080 Speaker 1: notice he didn't meet at the White House with these cats. 800 00:42:18,120 --> 00:42:22,319 Speaker 1: They went over to the Tesla office DC office, and 801 00:42:22,400 --> 00:42:25,120 Speaker 1: so I think that matters, right, I mean he I 802 00:42:25,160 --> 00:42:27,440 Speaker 1: would say, my read on this is he's still person 803 00:42:27,560 --> 00:42:30,600 Speaker 1: a non crata inside the White House. Uh, and yet 804 00:42:30,680 --> 00:42:32,560 Speaker 1: there are things that they have to deal with him on. 805 00:42:32,719 --> 00:42:34,840 Speaker 1: So they they're not going to give them benefit of 806 00:42:34,840 --> 00:42:39,279 Speaker 1: walking through the gates at Pennsylvania Avenue. They're gonna they're 807 00:42:39,280 --> 00:42:41,000 Speaker 1: gonna go over there and maybe check out the new 808 00:42:41,280 --> 00:42:45,359 Speaker 1: plaid model at the Tesla factory there and have a meeting. Well, 809 00:42:45,440 --> 00:42:48,160 Speaker 1: he wasn't strutting around the Capitol yesterday either when he 810 00:42:48,200 --> 00:42:49,959 Speaker 1: went to meet with the new Speaker of the House. 811 00:42:50,000 --> 00:42:53,319 Speaker 1: Listen to Kevin McCarthy emerging from what was apparently his 812 00:42:53,440 --> 00:42:56,400 Speaker 1: sit down meeting with Elon Musk. All the reporters are 813 00:42:56,400 --> 00:43:06,720 Speaker 1: getting him in the hallway here he came to wish 814 00:43:06,760 --> 00:43:09,799 Speaker 1: me happy birthday, Jeanie. What was he talking about with 815 00:43:09,840 --> 00:43:13,040 Speaker 1: the speaker? You think that this really was a Twitter chat? 816 00:43:14,560 --> 00:43:16,759 Speaker 1: I would imagine a Twitter chat or it had to 817 00:43:16,800 --> 00:43:20,000 Speaker 1: do with Tesla again. Um, but you know again, it 818 00:43:20,080 --> 00:43:23,000 Speaker 1: was Hakeem Jeffreys who came out publicly and said, you know, 819 00:43:23,239 --> 00:43:25,439 Speaker 1: Elon Musk tweeted that he met with both of them, 820 00:43:25,480 --> 00:43:28,120 Speaker 1: and I was surprised at came. Jeffreys Camp said, no 821 00:43:28,280 --> 00:43:31,280 Speaker 1: such doing. We bumped into each other. Nothing was planned. 822 00:43:31,360 --> 00:43:34,120 Speaker 1: So again there is some tension there and it's hard 823 00:43:34,160 --> 00:43:36,880 Speaker 1: to know exactly what he met with McCarthy about. I 824 00:43:36,960 --> 00:43:39,960 Speaker 1: have my suspicions it wasn't only to wish Kevin McCarthy 825 00:43:39,960 --> 00:43:42,640 Speaker 1: a happy birthday, although we all wish him a happy birthday. 826 00:43:42,880 --> 00:43:45,160 Speaker 1: I can't imagine that was Elon Musk's top on the 827 00:43:45,200 --> 00:43:47,680 Speaker 1: top of his agenda. Well, you know, look, I don't 828 00:43:47,719 --> 00:43:49,919 Speaker 1: know though they could be political allies in a number 829 00:43:49,960 --> 00:43:54,160 Speaker 1: of different ways over the next two years here Rick now, oh, 830 00:43:54,200 --> 00:43:57,000 Speaker 1: they have been. I think you can assume that that's 831 00:43:57,000 --> 00:44:00,080 Speaker 1: going to continue. Elon Musk was a major contributor to 832 00:44:00,640 --> 00:44:04,560 Speaker 1: UH Kevin McCarthy's efforts to regain the House of Representatives. 833 00:44:04,680 --> 00:44:07,680 Speaker 1: This was kind of a victory lap for for UH 834 00:44:07,960 --> 00:44:11,879 Speaker 1: for Musk because he really wanted those Republicans in charge 835 00:44:11,880 --> 00:44:16,560 Speaker 1: of those committees. I mean, his platform, whether it's Tesla 836 00:44:16,680 --> 00:44:22,400 Speaker 1: SpaceX or or or UH Twitter are going to be 837 00:44:22,480 --> 00:44:26,319 Speaker 1: under enormous assault by Congress this year and he needs 838 00:44:26,360 --> 00:44:28,399 Speaker 1: all the friends you can get, and having the friend 839 00:44:28,440 --> 00:44:30,319 Speaker 1: as a speaker is not a bad deal. We're going 840 00:44:30,360 --> 00:44:32,279 Speaker 1: to see more of him in d C over the 841 00:44:32,360 --> 00:44:36,000 Speaker 1: year ahead, just like Rick and Jennie the best panel 842 00:44:36,040 --> 00:44:38,359 Speaker 1: in the business. I'm Joe Matthews to see you next week. 843 00:44:38,400 --> 00:44:39,160 Speaker 1: This is Bloomberg