1 00:00:00,040 --> 00:00:04,920 Speaker 1: Bloomberg Sound On the insiders, the influencers, the insights pars, 2 00:00:04,960 --> 00:00:07,000 Speaker 1: and Biden likes to be the big thing. He likes 3 00:00:07,000 --> 00:00:09,360 Speaker 1: to put out the big concept. There's still a long 4 00:00:09,400 --> 00:00:13,600 Speaker 1: way to go with this flat tax. This isn't a 5 00:00:13,600 --> 00:00:19,079 Speaker 1: democratic this is a Schloomberg Sound On with Joe Matthew 6 00:00:19,480 --> 00:00:24,159 Speaker 1: on Bloomberg Radio. Good Friday. Thanks for joining us on 7 00:00:24,200 --> 00:00:26,759 Speaker 1: a busy, if not historic day in politics, as the 8 00:00:26,840 --> 00:00:30,680 Speaker 1: G seven gets underway officially and President Biden moves towards 9 00:00:30,720 --> 00:00:33,240 Speaker 1: the main event of his trip through Europe, next week's 10 00:00:33,240 --> 00:00:36,360 Speaker 1: meeting with Vladimir Putin. This hour, we talk about it 11 00:00:36,440 --> 00:00:39,760 Speaker 1: with Bloomberg National Security reporter Nick Wadhams, and will be 12 00:00:39,840 --> 00:00:43,879 Speaker 1: joined later by Bloomberg Politics contributors Genie she Inzano and 13 00:00:44,000 --> 00:00:46,599 Speaker 1: Rick Davis. Today together to better understand the White House 14 00:00:46,600 --> 00:00:49,880 Speaker 1: strategy on the world stage this weekend and whether anything 15 00:00:50,120 --> 00:00:52,760 Speaker 1: will come of it. Bloomberg sound On his Live Today 16 00:00:52,760 --> 00:00:56,720 Speaker 1: from Hyah Top, Bloomberg's Boston bureau with a gorgeous view 17 00:00:56,720 --> 00:01:00,560 Speaker 1: of the Golden Dome on Beacon Hill. On Monday, Bloomberg 18 00:01:00,640 --> 00:01:03,080 Speaker 1: sound On makes its return to the nation's capital, where 19 00:01:03,080 --> 00:01:06,160 Speaker 1: I will be base covering politics and Bloomberg's Washington bureau, 20 00:01:06,520 --> 00:01:10,080 Speaker 1: bringing you stories and voices that matter every day here 21 00:01:10,160 --> 00:01:13,440 Speaker 1: on Bloomberg Radio. I'm Joe Matthew. Thanks for sharing part 22 00:01:13,440 --> 00:01:15,800 Speaker 1: of your Friday with us. Now with an eye Overseas, 23 00:01:15,800 --> 00:01:19,080 Speaker 1: we bring in Bloomberg National Security reporter Nick Wadhams, who's 24 00:01:19,120 --> 00:01:22,320 Speaker 1: preparing for next week's meeting between President Biden and Vladimir 25 00:01:22,319 --> 00:01:24,440 Speaker 1: Putin in Geneva. Nik, it is great to have you, 26 00:01:24,480 --> 00:01:27,240 Speaker 1: Thanks for being here, Thanks for heaving me. It's already 27 00:01:27,240 --> 00:01:29,480 Speaker 1: been a lot of bluster, a lot of chess thumping 28 00:01:29,480 --> 00:01:31,480 Speaker 1: ahead of this meeting, and that comes with the territory, right. 29 00:01:31,480 --> 00:01:34,520 Speaker 1: But Joe Biden says he's got a message for Vladimir Putin. 30 00:01:34,560 --> 00:01:38,280 Speaker 1: What is it, Well, it's what he's been saying for 31 00:01:38,360 --> 00:01:41,759 Speaker 1: some time. The US wants to establish what Biden calls 32 00:01:41,800 --> 00:01:46,280 Speaker 1: a quote unquote stable and predictable relationships. So what you're 33 00:01:46,319 --> 00:01:49,400 Speaker 1: hearing from this administration is they don't really think there's 34 00:01:49,440 --> 00:01:52,960 Speaker 1: any realistic chance that the relationship with Russia can get 35 00:01:53,000 --> 00:01:56,520 Speaker 1: any better. There's gonna be no Obama error reset or 36 00:01:56,600 --> 00:02:00,000 Speaker 1: no uh sort of romance the way that don't Trump will, 37 00:02:00,040 --> 00:02:03,760 Speaker 1: he said. He wanted to be friends with Vladimir Putin. UH. Instead, 38 00:02:03,840 --> 00:02:05,760 Speaker 1: what we're sort of getting is that they're saying they 39 00:02:05,760 --> 00:02:08,680 Speaker 1: want to establish guard rails really to keep things from 40 00:02:08,680 --> 00:02:11,640 Speaker 1: getting any worse. Let's I guess the place to start. 41 00:02:11,680 --> 00:02:15,160 Speaker 1: At least we heard this morning earlier today from a 42 00:02:15,240 --> 00:02:19,760 Speaker 1: conversation with Bloomberg's David Weston and Amanda Slope, specialist since 43 00:02:19,840 --> 00:02:22,960 Speaker 1: Assistant to the President and National Security Council Senior Director 44 00:02:23,040 --> 00:02:27,000 Speaker 1: for Europe, about President Biden's agenda for the G seven summit. 45 00:02:27,080 --> 00:02:29,040 Speaker 1: Let's listen to that first with sound On, and I'll 46 00:02:29,040 --> 00:02:30,959 Speaker 1: ask you about it. I think he's really going to 47 00:02:31,040 --> 00:02:33,280 Speaker 1: have the wind at his back as he goes into 48 00:02:33,360 --> 00:02:36,520 Speaker 1: this meeting with President Putin. He will have engaged with 49 00:02:36,600 --> 00:02:39,680 Speaker 1: the world's leading industrial nations. He also will have engaged 50 00:02:39,720 --> 00:02:43,679 Speaker 1: with our closest military and political allies. And I think 51 00:02:43,800 --> 00:02:45,919 Speaker 1: very much a part of the messaging coming out of 52 00:02:46,000 --> 00:02:49,000 Speaker 1: NATO is going to be continued commitment to the Alliance, 53 00:02:49,040 --> 00:02:52,679 Speaker 1: to its Article five, commitment to the deterrence in defense 54 00:02:52,800 --> 00:02:56,200 Speaker 1: initiatives of NATO, which really are at its core. UH, 55 00:02:56,240 --> 00:03:00,480 Speaker 1: continued consultation with our allies, including those on the eastern flank, 56 00:03:00,720 --> 00:03:02,360 Speaker 1: and I think all of this will put the President 57 00:03:02,360 --> 00:03:04,400 Speaker 1: in a very strong position when he sits down with 58 00:03:04,440 --> 00:03:06,960 Speaker 1: President Putin at the end of this trip. Amanda Slow 59 00:03:07,040 --> 00:03:10,399 Speaker 1: speaking exclusively earlier today with Bloomberg's David West and Nick 60 00:03:10,440 --> 00:03:14,000 Speaker 1: the timeline strikes me then as being critical. Here Putin 61 00:03:14,080 --> 00:03:16,799 Speaker 1: is watching Joe Biden go through this G seven every day, 62 00:03:16,800 --> 00:03:19,040 Speaker 1: and he will for the weekend leading up to the meeting. 63 00:03:19,800 --> 00:03:23,800 Speaker 1: What does that do for Joe Biden's credibility? Well, I 64 00:03:23,840 --> 00:03:26,600 Speaker 1: think what you're seeing is that Biden is essentially trying 65 00:03:26,600 --> 00:03:29,720 Speaker 1: to show everybody that he is not Trump. So there, obviously, 66 00:03:29,840 --> 00:03:32,720 Speaker 1: as Amanda mentioned, they're trying to send a very clear 67 00:03:32,760 --> 00:03:36,440 Speaker 1: symbolic message. The question I have is whether it matters 68 00:03:36,480 --> 00:03:40,360 Speaker 1: at all. US leaders before Donald Trump were very much 69 00:03:40,440 --> 00:03:46,000 Speaker 1: united with European allies, very firmly believed in in NATO 70 00:03:46,040 --> 00:03:49,280 Speaker 1: and UH and the same sort of symbolism showing unity 71 00:03:49,360 --> 00:03:51,760 Speaker 1: with Europe and using that to confront Russia, and that 72 00:03:51,840 --> 00:03:56,120 Speaker 1: really has not tempered Gladimir Putin's behavior for many years. 73 00:03:56,120 --> 00:03:59,320 Speaker 1: I mean, look at the invasion of Ukraine in and 74 00:03:59,360 --> 00:04:03,960 Speaker 1: then cyber attacks, the election hacking and all sorts of things. So, uh, 75 00:04:04,040 --> 00:04:06,920 Speaker 1: the wind maybe it is back from a symbolic perspective 76 00:04:07,280 --> 00:04:10,320 Speaker 1: for for European leaders who were no doubt relieved that 77 00:04:10,320 --> 00:04:13,360 Speaker 1: that Joe Biden is talking talk, that's sort of what 78 00:04:13,440 --> 00:04:16,680 Speaker 1: they want to hear. Whether that changes Putin's calculus, on 79 00:04:16,720 --> 00:04:20,400 Speaker 1: the other hand, is something else entirely understand. There are 80 00:04:20,400 --> 00:04:22,160 Speaker 1: reports today and maybe you know a little bit more 81 00:04:22,160 --> 00:04:25,560 Speaker 1: about this, that there may not be the traditional joint 82 00:04:25,600 --> 00:04:29,039 Speaker 1: news conference following the bilateral meeting. And god knows, most 83 00:04:29,040 --> 00:04:32,839 Speaker 1: people remember the one with Trump and Putin that made 84 00:04:32,880 --> 00:04:35,320 Speaker 1: so much news and led to so much controversy. But 85 00:04:35,400 --> 00:04:39,600 Speaker 1: what would that say about this relationship if Vladimir Putin 86 00:04:39,720 --> 00:04:42,360 Speaker 1: or Joe Biden didn't end up standing together at podium, 87 00:04:42,400 --> 00:04:45,760 Speaker 1: side by side, talking with reporters. You know, I've been 88 00:04:45,760 --> 00:04:48,279 Speaker 1: talking to folks about this in the last couple of days, 89 00:04:48,279 --> 00:04:51,160 Speaker 1: because we heard a couple of days ago, indeed, that 90 00:04:51,160 --> 00:04:53,280 Speaker 1: that that that Joe Biden did not want to do 91 00:04:53,440 --> 00:04:55,520 Speaker 1: a press conference or was thinking of not doing a 92 00:04:55,520 --> 00:04:57,960 Speaker 1: press conference with Vladimir Putin. I think there are a 93 00:04:58,000 --> 00:05:00,120 Speaker 1: couple of issues there. One is from the U S. 94 00:05:00,279 --> 00:05:03,400 Speaker 1: There's a question of, well, why give Vladimir Putin this stage? 95 00:05:04,040 --> 00:05:07,240 Speaker 1: Obviously they want to avoid one of those Helsinki moments 96 00:05:07,640 --> 00:05:10,719 Speaker 1: when that that press conference of Donald Trump was was 97 00:05:10,800 --> 00:05:13,080 Speaker 1: so disastrous. But you know, the other thing is this 98 00:05:13,120 --> 00:05:14,919 Speaker 1: is going to be a long trip for Joe Biden, 99 00:05:14,960 --> 00:05:18,559 Speaker 1: and Russian state media and officials there have have sought 100 00:05:18,640 --> 00:05:22,440 Speaker 1: to highlight you know, his past gas and his age 101 00:05:22,440 --> 00:05:24,560 Speaker 1: and things like that, and any slip up could be 102 00:05:24,760 --> 00:05:27,720 Speaker 1: used against him. But really, I think the big thing 103 00:05:27,800 --> 00:05:30,920 Speaker 1: is when when Putin has such a tough necessary when 104 00:05:30,920 --> 00:05:33,400 Speaker 1: Biden has such a tough message to deliver on human 105 00:05:33,480 --> 00:05:37,599 Speaker 1: rights and other things, what what sort of unified message 106 00:05:37,600 --> 00:05:39,920 Speaker 1: would they possibly have to give it? It's just going 107 00:05:39,960 --> 00:05:43,960 Speaker 1: to be a conflict ridden situation, UH where the US 108 00:05:44,080 --> 00:05:46,560 Speaker 1: essentially has nothing to gain and Putin has everything to 109 00:05:46,640 --> 00:05:49,680 Speaker 1: gain from that lest it's a lot of good points there, 110 00:05:49,760 --> 00:05:52,560 Speaker 1: and when we talk about issues that they may discuss, 111 00:05:53,120 --> 00:05:55,760 Speaker 1: are any of them being aired out in this G seven. 112 00:05:55,760 --> 00:05:58,080 Speaker 1: As we look at the agenda the communicate from the 113 00:05:58,120 --> 00:06:02,640 Speaker 1: G seven, I'm hearing things about cybersecurity, obviously, the effort 114 00:06:02,680 --> 00:06:06,960 Speaker 1: to vaccinate UH nations in need when it comes to COVID. 115 00:06:07,000 --> 00:06:10,400 Speaker 1: But in terms of the undoing of Trump, I think, 116 00:06:10,440 --> 00:06:12,880 Speaker 1: as you put it in and trying to leverage the 117 00:06:12,920 --> 00:06:16,240 Speaker 1: G seven against Vladimir Putin. What are the issues that 118 00:06:16,960 --> 00:06:20,320 Speaker 1: President Biden's talking about with European leaders that matter at 119 00:06:20,360 --> 00:06:23,039 Speaker 1: this moment. Well, there are two big ones. One is 120 00:06:23,040 --> 00:06:26,000 Speaker 1: obviously cyber security, so they want Russia to cut out 121 00:06:26,080 --> 00:06:30,440 Speaker 1: the state sponsored attacks that have happened so many times 122 00:06:30,480 --> 00:06:33,359 Speaker 1: in recent years. But they also want Russia to crack 123 00:06:33,400 --> 00:06:39,560 Speaker 1: down more on companies, on outfits, on malign actors based 124 00:06:39,560 --> 00:06:43,520 Speaker 1: in Russia that essentially are given a free hand even 125 00:06:43,600 --> 00:06:46,479 Speaker 1: if the government is not involved in what they're actually doing. 126 00:06:46,520 --> 00:06:48,039 Speaker 1: So that's a big one. The other the other is 127 00:06:48,040 --> 00:06:53,200 Speaker 1: strategic stability arms control. The New Start Arms Control agreement 128 00:06:53,240 --> 00:06:56,520 Speaker 1: expires in a few years. Those sorts of negotiations take 129 00:06:56,600 --> 00:07:01,279 Speaker 1: ages uh to work on. So there's a lot of 130 00:07:01,640 --> 00:07:04,800 Speaker 1: desire from the G seven, from from European nations, certainly 131 00:07:04,839 --> 00:07:07,039 Speaker 1: from NATO, for the for the US and Russia to 132 00:07:07,160 --> 00:07:10,680 Speaker 1: get get their their hands dirty and really get into 133 00:07:10,680 --> 00:07:13,080 Speaker 1: the nitty gritty of a negotiation that would look at 134 00:07:13,600 --> 00:07:17,000 Speaker 1: a longer lasting arms control regime. So that's that's gonna be. 135 00:07:17,200 --> 00:07:19,960 Speaker 1: I think two of the big potential deliverables that come 136 00:07:20,000 --> 00:07:24,240 Speaker 1: out of the Putin by me we're talking with Bloomberg 137 00:07:24,320 --> 00:07:28,960 Speaker 1: national security reporter Nick Wadhams specializes in foreign policy, and 138 00:07:29,000 --> 00:07:31,040 Speaker 1: that's why we're talking about the G seven here on 139 00:07:31,120 --> 00:07:33,480 Speaker 1: Bloomberg sound On on the way to the beating with 140 00:07:33,600 --> 00:07:37,120 Speaker 1: Vladimir Putin? Uh is it a little bit cute at 141 00:07:37,120 --> 00:07:39,440 Speaker 1: the same time here for Putino, Nick, when we talk about, 142 00:07:39,840 --> 00:07:43,360 Speaker 1: you know, the G seven calling on Russia to hold 143 00:07:43,400 --> 00:07:45,960 Speaker 1: two account groups that conduct ransomware, I can sort of 144 00:07:45,960 --> 00:07:51,800 Speaker 1: see him smirking from here. I mean, that is the 145 00:07:51,880 --> 00:07:54,360 Speaker 1: issue and what you've seen for the last couple of 146 00:07:54,400 --> 00:07:59,680 Speaker 1: years as leaders like Vladimir Putin jun Pink looking increasingly emboldened. 147 00:07:59,680 --> 00:08:01,320 Speaker 1: I mean, was only a couple of days ago that 148 00:08:01,360 --> 00:08:06,880 Speaker 1: a Russian court declared opposition leader Alexei Navalny's entire group 149 00:08:07,360 --> 00:08:11,200 Speaker 1: essentially an extremist group. So they've only continued to crack 150 00:08:11,280 --> 00:08:15,320 Speaker 1: down more to uh uh commit human rights violations things 151 00:08:15,360 --> 00:08:17,560 Speaker 1: like that. I mean that that issue where that where 152 00:08:17,640 --> 00:08:21,920 Speaker 1: Telarus with Russia's back and Yanks that opposition journalists off 153 00:08:21,920 --> 00:08:24,880 Speaker 1: a plane flying from threes to listen to me. I mean, 154 00:08:25,160 --> 00:08:26,960 Speaker 1: you know, those are the kind of moves that that 155 00:08:27,040 --> 00:08:30,880 Speaker 1: an emboldened leader takes, not someone who's cowed by the 156 00:08:31,000 --> 00:08:33,560 Speaker 1: US and Europe. So I expect there will be lots 157 00:08:33,559 --> 00:08:36,679 Speaker 1: of urging, lots of pressure, lots of calling upon blad 158 00:08:36,720 --> 00:08:39,920 Speaker 1: Berry putin. Big question is whether it moderates his behavior 159 00:08:40,040 --> 00:08:43,560 Speaker 1: so far, the evidence is known. Well, President Biden certainly 160 00:08:43,559 --> 00:08:45,559 Speaker 1: has his work caught out for him on a couple 161 00:08:45,600 --> 00:08:49,079 Speaker 1: of these issues. Uh, and and as we're discussing their 162 00:08:49,080 --> 00:08:50,840 Speaker 1: airing out here at the G seven, but he'll have 163 00:08:50,960 --> 00:08:52,520 Speaker 1: a little bit of time in between. Right. Do you 164 00:08:52,520 --> 00:08:55,480 Speaker 1: have a sense, Nick, of what the beginning of Biden's 165 00:08:55,520 --> 00:08:58,840 Speaker 1: week is going to look like heading to Wednesday, Well, 166 00:08:58,880 --> 00:09:00,520 Speaker 1: the big thing is going to be an know summit. 167 00:09:00,640 --> 00:09:03,760 Speaker 1: So this is the G seven meetings are really supposed 168 00:09:03,760 --> 00:09:07,400 Speaker 1: to be economic and focused and also obviously the pandemic 169 00:09:07,440 --> 00:09:11,920 Speaker 1: has dominated that. But you're gonna see Biden repeating this message. 170 00:09:11,960 --> 00:09:14,439 Speaker 1: That's that's happened throughout his that happened throughout his campaign 171 00:09:14,559 --> 00:09:18,760 Speaker 1: of real support and commitment to NATO. UM that wavered 172 00:09:18,800 --> 00:09:21,520 Speaker 1: a little bit under Donald Trump when when he threatened 173 00:09:21,559 --> 00:09:26,640 Speaker 1: in early in his presidency behind closed doors to pull out. So, uh, 174 00:09:26,880 --> 00:09:29,080 Speaker 1: that's really going to be the emphasis. And then he's 175 00:09:29,080 --> 00:09:31,440 Speaker 1: going to be meeting with U leaders. So again, you know, 176 00:09:31,480 --> 00:09:34,600 Speaker 1: it's this it's this message that they keep ringing throughout 177 00:09:34,640 --> 00:09:37,360 Speaker 1: there for the early days of the administration. None of 178 00:09:37,360 --> 00:09:40,520 Speaker 1: the things the US wants to do, uh, it can't 179 00:09:40,520 --> 00:09:44,199 Speaker 1: it can do without the support of allies partners. And 180 00:09:44,200 --> 00:09:47,920 Speaker 1: and these are the big ones, France, the UK, Germany. Uh, 181 00:09:47,960 --> 00:09:51,960 Speaker 1: they really want them on side as they go about 182 00:09:52,400 --> 00:09:55,679 Speaker 1: pursuing the commitments that the priorities that are most important 183 00:09:55,720 --> 00:09:59,480 Speaker 1: to them. And that's confronting China's confronting Russia. It's you know, 184 00:09:59,600 --> 00:10:02,280 Speaker 1: the otomy getting the economy back back on track in 185 00:10:02,320 --> 00:10:05,840 Speaker 1: the pandemic. So it's really this whole symbolic I see 186 00:10:05,840 --> 00:10:08,440 Speaker 1: this visit is much more of a symbolic issue, you know, 187 00:10:08,520 --> 00:10:11,600 Speaker 1: really showing his commitment, as he said many times you 188 00:10:11,720 --> 00:10:14,320 Speaker 1: quote unquote, America is back. So that's what that's the 189 00:10:14,320 --> 00:10:16,120 Speaker 1: theme that he's gonna be getting. At the NATO summer. 190 00:10:16,320 --> 00:10:19,640 Speaker 1: We even heard Boris Johnson using his tagline, uh to 191 00:10:19,640 --> 00:10:22,400 Speaker 1: to build back better today. And I suspect not a 192 00:10:22,440 --> 00:10:25,880 Speaker 1: coincidence that the announcement that that Unga La Marco would 193 00:10:25,920 --> 00:10:28,280 Speaker 1: visit the White House in the middle of July, all 194 00:10:28,320 --> 00:10:32,160 Speaker 1: of this kind of leading up to the big showdown 195 00:10:32,440 --> 00:10:36,240 Speaker 1: next week. That's right. I mean, none of these announcements 196 00:10:36,280 --> 00:10:39,240 Speaker 1: are made in a vacuum, and and usually they're timed 197 00:10:39,320 --> 00:10:42,240 Speaker 1: very precisely to send a very distinct message to the U. S. 198 00:10:42,280 --> 00:10:44,720 Speaker 1: And Germany. They're having a little bit of tension over 199 00:10:44,760 --> 00:10:48,120 Speaker 1: the Nord Stream to pipeline. They disagree on that, but 200 00:10:48,200 --> 00:10:52,000 Speaker 1: the Biden administration decided it would not directly challenge Germany. 201 00:10:52,160 --> 00:10:54,640 Speaker 1: It's going to be a topic of discussion. But you know, 202 00:10:54,720 --> 00:10:57,280 Speaker 1: whether it works or not, the message he wants to 203 00:10:57,320 --> 00:10:59,920 Speaker 1: project is, yes, we have differences, but we're gonna deal 204 00:11:00,040 --> 00:11:03,079 Speaker 1: with them, uh, in a good natured way. You know, 205 00:11:03,120 --> 00:11:05,560 Speaker 1: a lot of critics, Republicans for example, say well, if 206 00:11:05,559 --> 00:11:07,320 Speaker 1: you do that, you're not going to get everything. What 207 00:11:07,480 --> 00:11:09,880 Speaker 1: you're going to sacrifice some of your your biggest national 208 00:11:09,920 --> 00:11:13,920 Speaker 1: security priorities. That's that's something that the Biden administration still 209 00:11:13,960 --> 00:11:16,440 Speaker 1: hasn't been able to settle. Well, you know, thirty seconds here, 210 00:11:16,640 --> 00:11:20,800 Speaker 1: Nick wadhams, are we then drawing battle lines? Here? Are 211 00:11:20,840 --> 00:11:25,880 Speaker 1: we moving towards some sort of reconciliation with Russia? That 212 00:11:26,040 --> 00:11:29,800 Speaker 1: is the thing we will all be watching for. Uh. 213 00:11:29,840 --> 00:11:33,640 Speaker 1: Biden says, not not battle line, not Reckon affiliated, but somewhere. 214 00:11:37,320 --> 00:11:42,920 Speaker 1: This is Bloomberg Sound On on Bloomberg Radio, Bloomberg Sound 215 00:11:43,000 --> 00:11:46,320 Speaker 1: Online from Boston. I'm Joe Matthew overlooking the back bay 216 00:11:46,440 --> 00:11:49,640 Speaker 1: this afternoon, including Boston Common where the fireworks we have 217 00:11:49,760 --> 00:11:51,960 Speaker 1: learned we'll actually go off on the fourth of July. 218 00:11:52,040 --> 00:11:54,760 Speaker 1: As you've been hearing throughout the day on Bloomberg Radio. 219 00:11:54,880 --> 00:11:57,559 Speaker 1: Even if the Boston Pops are going to be playing 220 00:11:57,559 --> 00:11:59,800 Speaker 1: in Tanga Wood, you'll hear all about it on Bloomberg. 221 00:11:59,840 --> 00:12:02,240 Speaker 1: Can wait for the fourth? All right's bringing the panel. 222 00:12:02,240 --> 00:12:06,000 Speaker 1: Bloomberg political contributors Genie she and Zano and Rick Davis 223 00:12:06,000 --> 00:12:08,360 Speaker 1: are together today to talk about a number of the 224 00:12:08,400 --> 00:12:11,960 Speaker 1: issues that we just talked about with Nick Wottams, the 225 00:12:12,000 --> 00:12:15,600 Speaker 1: G seven and the implications, the policy implications. It's great 226 00:12:15,640 --> 00:12:18,200 Speaker 1: to have both of you here. Genie, I want to 227 00:12:18,280 --> 00:12:21,360 Speaker 1: start with you and talk taxes and a new agreement 228 00:12:21,360 --> 00:12:24,680 Speaker 1: in the works here to establish a fifteen percent minimum 229 00:12:24,679 --> 00:12:28,040 Speaker 1: corporate tax. Are we talking about an agreement on taxes 230 00:12:28,120 --> 00:12:32,120 Speaker 1: or actual implementation? We are talking about an agreement and 231 00:12:32,280 --> 00:12:35,920 Speaker 1: implementation is of course a long way off, so we've 232 00:12:35,960 --> 00:12:37,800 Speaker 1: got a ways to go on that we not only 233 00:12:37,880 --> 00:12:40,000 Speaker 1: you know we did get a G seven agreement, but 234 00:12:40,040 --> 00:12:42,520 Speaker 1: then next you have a G twenty agreement that's got 235 00:12:42,559 --> 00:12:44,680 Speaker 1: to be had. And then of course you've got a 236 00:12:44,800 --> 00:12:47,720 Speaker 1: number about a hundred other hundred and twenty other countries 237 00:12:47,760 --> 00:12:49,120 Speaker 1: that've got to get on board to get to that 238 00:12:49,160 --> 00:12:52,520 Speaker 1: one forty number. And of course we and the US 239 00:12:52,640 --> 00:12:55,280 Speaker 1: remain one of the most difficult as we think about 240 00:12:55,640 --> 00:12:58,319 Speaker 1: you know, is there a will in the US Congress 241 00:12:58,360 --> 00:13:03,000 Speaker 1: today to move to that corporate tax. I'm not so 242 00:13:03,040 --> 00:13:05,719 Speaker 1: sure it's there with a fifty fifty split Senate, so 243 00:13:05,720 --> 00:13:07,560 Speaker 1: a ways to go. But of course it was a 244 00:13:07,640 --> 00:13:10,040 Speaker 1: historic step forward that the G seven got there in 245 00:13:10,040 --> 00:13:12,640 Speaker 1: the first place. What are we thinking about this, Rick 246 00:13:12,720 --> 00:13:16,280 Speaker 1: Davis fifteen percent better than you know, I've always liked 247 00:13:16,320 --> 00:13:19,880 Speaker 1: flat tax sounds a lot of Republicans. So the fact 248 00:13:19,880 --> 00:13:22,320 Speaker 1: that we're gonna have a global flat tax for corporation, 249 00:13:22,360 --> 00:13:23,920 Speaker 1: is that what they should call it? Yeah, That's what 250 00:13:23,960 --> 00:13:27,520 Speaker 1: I'd call it. Uh, you know, it makes some sense. 251 00:13:27,600 --> 00:13:30,200 Speaker 1: You know. The biggest concern that you hear on Capitol 252 00:13:30,280 --> 00:13:33,120 Speaker 1: Hill from any increase in a corporate taxes that we're 253 00:13:33,120 --> 00:13:36,920 Speaker 1: gonna run our company's overseas and uh and find havens 254 00:13:36,960 --> 00:13:40,200 Speaker 1: to operate more efficiently. So uh, you know, it'll it'll 255 00:13:40,240 --> 00:13:42,080 Speaker 1: be interesting if they can tackle it. You and he's right, 256 00:13:42,120 --> 00:13:45,160 Speaker 1: it's they got a lot ahead of them to uh 257 00:13:45,520 --> 00:13:48,280 Speaker 1: to do advocacy wise. But uh, it's a heck of 258 00:13:48,320 --> 00:13:52,240 Speaker 1: a gate get for Joe Biden in his finance team 259 00:13:52,280 --> 00:13:53,839 Speaker 1: coming out of this G seven and it may be 260 00:13:53,960 --> 00:13:56,000 Speaker 1: one of the few things that he actually can claim 261 00:13:56,400 --> 00:13:59,880 Speaker 1: victory on. So um, I think that this will started 262 00:13:59,880 --> 00:14:03,440 Speaker 1: to eight mostly in Europe until we get some more 263 00:14:03,559 --> 00:14:06,920 Speaker 1: velocity behind it. And do we assume that legislatures are 264 00:14:06,920 --> 00:14:09,440 Speaker 1: going to go along with this, Jennie, I would not 265 00:14:09,520 --> 00:14:12,679 Speaker 1: assume anything at this point. You know, you look at 266 00:14:12,720 --> 00:14:15,440 Speaker 1: just the case of Ireland, for instance. There's a long 267 00:14:15,480 --> 00:14:18,360 Speaker 1: way to go to get countries like Ireland on board 268 00:14:18,760 --> 00:14:21,920 Speaker 1: because of course they have benefited from being able to 269 00:14:21,960 --> 00:14:24,840 Speaker 1: lower their tax rate and to attract companies over there, 270 00:14:24,840 --> 00:14:29,120 Speaker 1: particularly tech companies. And as we see this legislation introduced 271 00:14:29,160 --> 00:14:31,960 Speaker 1: today in a very different context in the US Congress, 272 00:14:32,240 --> 00:14:34,600 Speaker 1: which may rain in some of these tech companies in 273 00:14:34,600 --> 00:14:37,360 Speaker 1: the US, it's hard to say whether there's going to 274 00:14:37,480 --> 00:14:40,480 Speaker 1: be an appetite for that in the number of nations 275 00:14:40,480 --> 00:14:42,400 Speaker 1: that would need to get on board, So a while 276 00:14:42,520 --> 00:14:45,320 Speaker 1: to go, but it is I want to stress it 277 00:14:45,400 --> 00:14:47,800 Speaker 1: was a very good day for Jenny Yell and she 278 00:14:47,960 --> 00:14:51,240 Speaker 1: lowered expectations on her way over. She said, you know, 279 00:14:51,360 --> 00:14:53,880 Speaker 1: it's probably a long ways down the road, and they 280 00:14:53,920 --> 00:14:56,600 Speaker 1: were able to get there, so a big wind as 281 00:14:56,640 --> 00:14:59,640 Speaker 1: a first step. If you will, Rick Davis, what does 282 00:14:59,680 --> 00:15:01,400 Speaker 1: it mean here at home? What's that debating to be 283 00:15:01,480 --> 00:15:04,960 Speaker 1: like on Capitol Hill? And will will Republicans use the 284 00:15:05,000 --> 00:15:09,240 Speaker 1: sort of European angle here to to somehow appear anti American? Well, 285 00:15:09,280 --> 00:15:11,280 Speaker 1: there's a lot of a lot of would to chop 286 00:15:11,360 --> 00:15:13,840 Speaker 1: on taxes, right, I mean, they're gonna look first as 287 00:15:13,880 --> 00:15:16,720 Speaker 1: to how all these things are gonna affect the domestic situation, 288 00:15:16,760 --> 00:15:19,680 Speaker 1: and especially these big ticket items that the Biden administrations 289 00:15:19,720 --> 00:15:22,440 Speaker 1: trying to get past Congress, all of which have been 290 00:15:22,480 --> 00:15:26,320 Speaker 1: presented as tax increases as a funny mechanism. So I 291 00:15:26,360 --> 00:15:28,480 Speaker 1: think that when you start looking at these things in 292 00:15:28,480 --> 00:15:31,120 Speaker 1: a vacuum, you know, will there be support for you know, 293 00:15:31,240 --> 00:15:34,920 Speaker 1: global fiftcent minimum corporate tax, Well that depends on what 294 00:15:34,960 --> 00:15:37,520 Speaker 1: it's gonna look like in the domestic corporate tax world, 295 00:15:37,720 --> 00:15:39,720 Speaker 1: or you know, what real rates are going to be 296 00:15:39,720 --> 00:15:42,040 Speaker 1: for individuals, or what are they gonna do with a 297 00:15:42,360 --> 00:15:45,840 Speaker 1: you know, other other tax issues like gas taxes to 298 00:15:45,960 --> 00:15:49,880 Speaker 1: fund infrastructure. So I think I think taxes will be 299 00:15:50,120 --> 00:15:53,560 Speaker 1: probably one of the singular, most hotly debated topics on 300 00:15:53,680 --> 00:15:56,320 Speaker 1: Capitol Hill between now and certainly the end of this 301 00:15:56,360 --> 00:15:59,520 Speaker 1: budget cycle. We talk a little bit yesterday, Genie about 302 00:16:00,000 --> 00:16:03,120 Speaker 1: extric vehicles, about climate change and that aspect of the 303 00:16:03,120 --> 00:16:05,960 Speaker 1: community that will come from the G seven outlining a 304 00:16:06,040 --> 00:16:09,240 Speaker 1: plan essentially to accelerate the shift to e v S 305 00:16:09,360 --> 00:16:12,960 Speaker 1: or or or zero emissions vehicles in the coming year, 306 00:16:13,000 --> 00:16:15,840 Speaker 1: as much as GM and FORD are already doing. But 307 00:16:15,920 --> 00:16:18,440 Speaker 1: I keep hearing every day about the cost of raw material, 308 00:16:18,520 --> 00:16:20,040 Speaker 1: so we don't have the stuff to make this That 309 00:16:20,080 --> 00:16:22,800 Speaker 1: there's going to be a major economic implication here, and 310 00:16:22,840 --> 00:16:25,640 Speaker 1: it might not be an easy one for a while. 311 00:16:26,160 --> 00:16:28,600 Speaker 1: I think that's right. And and as we look at 312 00:16:28,600 --> 00:16:31,840 Speaker 1: the impact that COVID in particular has had on the 313 00:16:31,880 --> 00:16:35,120 Speaker 1: supply chain, it makes it that much more difficult to 314 00:16:35,240 --> 00:16:37,440 Speaker 1: ramp that sort of thing up if there is an 315 00:16:37,440 --> 00:16:41,000 Speaker 1: agreement quickly. That said, if they are talking as I've heard, 316 00:16:41,080 --> 00:16:44,240 Speaker 1: you know, five ten years down the road, and they 317 00:16:44,320 --> 00:16:47,760 Speaker 1: set a target It is an important first step, you know, 318 00:16:47,880 --> 00:16:49,920 Speaker 1: and for the United States, and I think for Joe 319 00:16:49,920 --> 00:16:53,320 Speaker 1: Biden in particular, if the US can take the lead 320 00:16:53,400 --> 00:16:57,720 Speaker 1: on something after like that, particularly after the Trump administration 321 00:16:57,800 --> 00:17:00,240 Speaker 1: and after the pull out of the climate A word. 322 00:17:00,280 --> 00:17:02,400 Speaker 1: I think it's an important way for the United States 323 00:17:02,480 --> 00:17:06,400 Speaker 1: following up on Joe Biden's environmental summit that he successfully 324 00:17:06,400 --> 00:17:09,879 Speaker 1: held online not in person, like this, UM, it's an 325 00:17:09,920 --> 00:17:12,560 Speaker 1: important way for them to say the United States is 326 00:17:12,680 --> 00:17:16,880 Speaker 1: changed under the Biden administration. We are committed to dealing 327 00:17:16,960 --> 00:17:18,920 Speaker 1: with the issues of the environment, and I think that's 328 00:17:18,920 --> 00:17:21,480 Speaker 1: going to be a welcome message to our allies overseas. 329 00:17:22,240 --> 00:17:24,720 Speaker 1: How does this how does this move forward? Rick Davis? 330 00:17:24,720 --> 00:17:26,439 Speaker 1: You've obviously got to get a lot of companies that 331 00:17:26,440 --> 00:17:28,439 Speaker 1: could benefit from this as well, and that's good for 332 00:17:28,480 --> 00:17:31,520 Speaker 1: people who have automakers and parts makers and suppliers in 333 00:17:31,560 --> 00:17:35,360 Speaker 1: their districts. Yeah, this is a real infrastructure play, right. 334 00:17:35,400 --> 00:17:39,040 Speaker 1: I mean, the the digital economy on the financial side 335 00:17:39,080 --> 00:17:41,719 Speaker 1: is getting a lot of our attention, but the reality 336 00:17:41,760 --> 00:17:44,879 Speaker 1: is we are transforming a lot of the infrastructure we 337 00:17:44,920 --> 00:17:48,600 Speaker 1: have around mobility. UM. It's already happening in cities and 338 00:17:49,000 --> 00:17:52,399 Speaker 1: municipalities across the country, where does this have bipartisan support? 339 00:17:52,440 --> 00:17:54,680 Speaker 1: Before we take a break there there will be some 340 00:17:54,720 --> 00:17:57,800 Speaker 1: Republicans who will want to join this. This this this movement. 341 00:18:02,480 --> 00:18:07,560 Speaker 1: Broadcasting live from our nation's capital, Bloomberg to New York, 342 00:18:07,680 --> 00:18:12,320 Speaker 1: Bloomberg eleven, Frio to San Francisco, Bloomberg nine six, to 343 00:18:12,440 --> 00:18:16,359 Speaker 1: the country Sirius xm Chtel one nineteen and around the 344 00:18:16,400 --> 00:18:20,600 Speaker 1: globe the Bloomberg Business app and Bloomberg Radio dot Com. 345 00:18:20,600 --> 00:18:25,560 Speaker 1: This is Bloomberg's sound On. I'm Joe Matthew. Welcome to 346 00:18:25,640 --> 00:18:28,840 Speaker 1: Friday and Bloomberg sound On. Thanks for joining us as 347 00:18:28,840 --> 00:18:32,040 Speaker 1: we turn to what is arguably the biggest debate to 348 00:18:32,080 --> 00:18:35,720 Speaker 1: be had the rest of this year in Washington and yes, 349 00:18:35,920 --> 00:18:39,719 Speaker 1: that's infrastructure. Can't get enough of it, and joining us 350 00:18:39,720 --> 00:18:42,240 Speaker 1: to talk about a US Congresswoman Washington d C is 351 00:18:42,320 --> 00:18:46,399 Speaker 1: Delegate to the U. S. House of Representatives, Eleanor Holmes Norton. 352 00:18:47,119 --> 00:18:50,040 Speaker 1: A great opportunity to speak with you. Thanks for being 353 00:18:50,040 --> 00:18:53,000 Speaker 1: with us on Bloomberg of course. Well, we wanted to 354 00:18:53,000 --> 00:18:55,040 Speaker 1: talk to you about infrastructure here and I think the 355 00:18:55,040 --> 00:18:56,919 Speaker 1: best place to start at the moment, because we have 356 00:18:57,000 --> 00:18:59,919 Speaker 1: so much yet to figure out, is how to defy 357 00:19:00,000 --> 00:19:03,600 Speaker 1: in it, and that seems to be what's kind of 358 00:19:03,640 --> 00:19:06,400 Speaker 1: circling this debate. Here. We can talk about bridges, roads, 359 00:19:06,400 --> 00:19:09,640 Speaker 1: and tunnels, but when you start moving on from those, uh, 360 00:19:09,680 --> 00:19:12,879 Speaker 1: those sort of more obvious elements of the infrastructure debate, 361 00:19:12,920 --> 00:19:15,760 Speaker 1: things start to get into the gray area. Is that 362 00:19:15,800 --> 00:19:17,680 Speaker 1: really what needs to be hammered out at this point? 363 00:19:17,760 --> 00:19:20,200 Speaker 1: As opposed to dollars and cents? What we actually call 364 00:19:20,680 --> 00:19:24,920 Speaker 1: infrastructure only part of it, even with what we call 365 00:19:25,200 --> 00:19:31,960 Speaker 1: classic infrastructure. Their their bid was low. The President wanted 366 00:19:32,000 --> 00:19:39,919 Speaker 1: to add in other areas that we concede are not 367 00:19:40,080 --> 00:19:46,520 Speaker 1: typical infrastructure, and the finally the talks broke down altogether. 368 00:19:47,560 --> 00:19:50,440 Speaker 1: He's now dealing with the so called problem solving care 369 00:19:50,480 --> 00:19:53,199 Speaker 1: because I don't remember that call because as well, but 370 00:19:53,280 --> 00:19:56,159 Speaker 1: it consists of Democrats and Republicans who look for a 371 00:19:56,240 --> 00:19:59,040 Speaker 1: third way. So does what what is that third way? 372 00:19:59,080 --> 00:20:02,280 Speaker 1: And is it actually taking to find out? We don't 373 00:20:02,320 --> 00:20:04,160 Speaker 1: know what the third way is yet that's what we're 374 00:20:04,160 --> 00:20:06,000 Speaker 1: trying to find out. Well, we saw a number, I 375 00:20:06,000 --> 00:20:08,080 Speaker 1: think it was one point two trillion dollars. Should we 376 00:20:08,160 --> 00:20:11,320 Speaker 1: be obsessing over numbers? Here? Is this about dollars and 377 00:20:11,400 --> 00:20:14,639 Speaker 1: cents or is it a conceptual debate At this point, Frankly, 378 00:20:14,680 --> 00:20:19,439 Speaker 1: it's become both because their number, even for infrastructure, was 379 00:20:19,520 --> 00:20:23,639 Speaker 1: far too low. But when you add in the additional 380 00:20:23,680 --> 00:20:27,800 Speaker 1: matters that the President hope to cover, the numbers really 381 00:20:27,840 --> 00:20:31,760 Speaker 1: fall apart. So we're going to need some kind of 382 00:20:31,920 --> 00:20:38,960 Speaker 1: a compromise. There is a uh bipartisan group of senators 383 00:20:39,040 --> 00:20:44,240 Speaker 1: that they haven't indicated what they're uh what their deal is, 384 00:20:44,480 --> 00:20:47,760 Speaker 1: but that could help us get through this. I was 385 00:20:47,880 --> 00:20:52,919 Speaker 1: on a markup night and the next morning went to 386 00:20:52,920 --> 00:20:54,760 Speaker 1: bed at five o'clock in the morning. Because we have 387 00:20:54,880 --> 00:20:58,959 Speaker 1: marked up a traditional infrastructure bill already in the House 388 00:20:59,760 --> 00:21:02,280 Speaker 1: and that is going to the floor. It's got to 389 00:21:02,400 --> 00:21:07,360 Speaker 1: be done this session because the bill runs out this session. 390 00:21:07,480 --> 00:21:09,880 Speaker 1: We need a new bill. We need to do something. 391 00:21:10,760 --> 00:21:13,640 Speaker 1: Does talk of reconciliation encourage you or make you nervous? 392 00:21:15,280 --> 00:21:22,080 Speaker 1: I'm not sure that this fits reconciliation, uh, because of 393 00:21:22,920 --> 00:21:27,960 Speaker 1: the parameters around reconciliation. But it does not. It doesn't 394 00:21:27,960 --> 00:21:32,280 Speaker 1: bother me. However, it gets done, is your point? Exactly? 395 00:21:32,840 --> 00:21:36,640 Speaker 1: As we spend time with congresswomen ellanor Holmes Norton, I'm 396 00:21:36,680 --> 00:21:39,719 Speaker 1: just curious to ask you what you're looking at in 397 00:21:39,800 --> 00:21:41,840 Speaker 1: your own district. If you could talk to us about 398 00:21:41,880 --> 00:21:44,160 Speaker 1: the district of Columbia in this case and maybe bring 399 00:21:44,200 --> 00:21:46,600 Speaker 1: that home to some specifics. What are what what do 400 00:21:46,640 --> 00:21:52,399 Speaker 1: your constituents need? The district is a city that people 401 00:21:53,160 --> 00:21:56,800 Speaker 1: drive through in order often to get someplace else and 402 00:21:56,840 --> 00:22:03,160 Speaker 1: what we call the DMV the this area. We don't 403 00:22:03,240 --> 00:22:09,760 Speaker 1: want to see our highways widened, but we would like 404 00:22:09,880 --> 00:22:13,760 Speaker 1: the bill to take into account teller working. We believe 405 00:22:14,040 --> 00:22:19,560 Speaker 1: that a revolution has been made before our eyes UH 406 00:22:19,680 --> 00:22:23,480 Speaker 1: during this pandemic, and that there will be less use 407 00:22:23,720 --> 00:22:27,159 Speaker 1: of the roads altogether as people tell a work already. 408 00:22:27,200 --> 00:22:30,480 Speaker 1: We're seeing that happen in the Congress, and I think 409 00:22:30,480 --> 00:22:32,720 Speaker 1: we're going to see it throughout the country. That will 410 00:22:33,160 --> 00:22:36,879 Speaker 1: take some of the pressure off of this UH bill 411 00:22:37,280 --> 00:22:40,960 Speaker 1: that is now pending. I'd like to ask you while 412 00:22:40,960 --> 00:22:44,040 Speaker 1: you're with us, and it ties into this infrastructure debate 413 00:22:44,200 --> 00:22:49,200 Speaker 1: about the reopening about the return of the economy, because 414 00:22:49,240 --> 00:22:52,320 Speaker 1: it seems you can't necessarily have one without the other. 415 00:22:52,359 --> 00:22:57,280 Speaker 1: In the efforts to vaccinate people get businesses reopened, does 416 00:22:57,320 --> 00:22:59,440 Speaker 1: that help to create a better backdrop for this debate 417 00:22:59,520 --> 00:23:01,760 Speaker 1: to have the BID in this community involved to have workers. 418 00:23:01,760 --> 00:23:06,600 Speaker 1: Like you said, going back into the district, it certainly 419 00:23:06,680 --> 00:23:15,280 Speaker 1: helps because there's this a suffering enormously because our restaurants 420 00:23:16,359 --> 00:23:20,880 Speaker 1: and other retail is not being used. Now, I think 421 00:23:20,920 --> 00:23:25,000 Speaker 1: everybody better start readjusting now because of what I've just 422 00:23:25,080 --> 00:23:27,119 Speaker 1: said about teleworking, I don't think it'll have to be 423 00:23:27,280 --> 00:23:31,119 Speaker 1: used in the way it was used before. Find out 424 00:23:31,200 --> 00:23:34,160 Speaker 1: what the new normal is, and so we need everybody 425 00:23:34,160 --> 00:23:39,120 Speaker 1: to get vaccinated. There's obviously another big one that's right 426 00:23:39,200 --> 00:23:42,720 Speaker 1: in your district, and that is the capital complex itself. 427 00:23:42,760 --> 00:23:45,520 Speaker 1: And I wonder if you could speak to security infrastructure 428 00:23:45,600 --> 00:23:49,440 Speaker 1: around the US capital and and what the reality there 429 00:23:49,440 --> 00:23:53,560 Speaker 1: should be in your opinion. Well, I had a bill 430 00:23:53,720 --> 00:23:56,320 Speaker 1: to make sure there would be no permanent fencing. That 431 00:23:56,400 --> 00:24:00,639 Speaker 1: bill is likely to become It is very close to 432 00:24:00,720 --> 00:24:06,080 Speaker 1: becoming law. There will be underground fencing in case of emergencies. 433 00:24:06,320 --> 00:24:11,280 Speaker 1: We do not need to despoil the capital by fencing it. 434 00:24:12,359 --> 00:24:15,399 Speaker 1: And that bill had bipartisan support in the House and 435 00:24:15,480 --> 00:24:20,840 Speaker 1: the Senate. So I do expect that my bill to 436 00:24:20,880 --> 00:24:25,320 Speaker 1: eliminate any possibility of a permanent fence around the capital 437 00:24:25,359 --> 00:24:28,920 Speaker 1: will become law shortly. What should be there to keep 438 00:24:28,920 --> 00:24:32,600 Speaker 1: the capital safe. What should be there is underground fencing 439 00:24:33,440 --> 00:24:36,879 Speaker 1: that in case of emergency could be put up, and 440 00:24:36,920 --> 00:24:40,880 Speaker 1: that would require infrastructure spending. Essentially, even if it came 441 00:24:40,920 --> 00:24:43,840 Speaker 1: in a different piece of legislation, it certainly would require 442 00:24:43,880 --> 00:24:47,920 Speaker 1: infrastructure spending and it would be well worth it. Well 443 00:24:47,960 --> 00:24:51,600 Speaker 1: as as you consider that is there is there more 444 00:24:51,640 --> 00:24:54,040 Speaker 1: to the conversation of securing the capital. We're coming at 445 00:24:54,040 --> 00:24:56,560 Speaker 1: this from a point of infrastructure spending, of course, but 446 00:24:56,680 --> 00:24:59,440 Speaker 1: there have been a lot of proposals not only to 447 00:24:59,560 --> 00:25:01,920 Speaker 1: physically secure the building, but to go even further and 448 00:25:02,200 --> 00:25:05,920 Speaker 1: investigate how some of this ever began and what kind 449 00:25:05,960 --> 00:25:11,760 Speaker 1: of threats still exist. That will be important. But Republicans 450 00:25:11,800 --> 00:25:18,520 Speaker 1: have resisted a bipartisan investigation. So what you will see 451 00:25:18,600 --> 00:25:22,720 Speaker 1: now are the committees doing investigations which will be less bipartisans. 452 00:25:23,400 --> 00:25:27,119 Speaker 1: They should have agreed to the proposal that would have 453 00:25:27,240 --> 00:25:32,320 Speaker 1: divided equally between Republicans and Democrats, and now you're going 454 00:25:32,359 --> 00:25:37,000 Speaker 1: to see since Democrats control, you're going to see a 455 00:25:37,760 --> 00:25:41,320 Speaker 1: that they will have fewer witnesses when they didn't take 456 00:25:41,359 --> 00:25:46,280 Speaker 1: the best deal. Mhm elenor Holmes Norton is with US 457 00:25:46,359 --> 00:25:49,560 Speaker 1: Congress went from the district of Columbia, d C. Delegate 458 00:25:49,600 --> 00:25:52,439 Speaker 1: to the House, on Bloomberg Sound On, I only have 459 00:25:52,520 --> 00:25:55,440 Speaker 1: a minute left, but I have to ask you. I'm 460 00:25:55,480 --> 00:25:58,920 Speaker 1: moving back to Washington next week after having been out 461 00:25:58,920 --> 00:26:01,280 Speaker 1: of town for a while, and the last time I 462 00:26:01,359 --> 00:26:03,920 Speaker 1: was there it was cicada time, and I'm wondering if 463 00:26:03,920 --> 00:26:05,640 Speaker 1: you can just give me a sense of what I'm 464 00:26:05,640 --> 00:26:09,760 Speaker 1: in for. Everybody hears them, but me. I go on 465 00:26:09,840 --> 00:26:13,920 Speaker 1: my half. I'll walk every day and I don't know 466 00:26:14,000 --> 00:26:18,679 Speaker 1: if I'm hearing cicadas or if I'm hearing birds. But 467 00:26:19,160 --> 00:26:23,320 Speaker 1: I want to assure you, uh that the cicadas don't bite. 468 00:26:23,480 --> 00:26:30,119 Speaker 1: So come on back to Washington. This is Bloomberg sound 469 00:26:30,160 --> 00:26:36,080 Speaker 1: On on Bloomberg Radio. I'm Joe Matthew. Thanks for being 470 00:26:36,080 --> 00:26:38,840 Speaker 1: with us on Bloomberg Sound On. You made it to Friday. 471 00:26:39,040 --> 00:26:40,960 Speaker 1: As we loosen the tie here a little bit on 472 00:26:40,960 --> 00:26:42,800 Speaker 1: the ride home, I hope you're not stuck in traffic 473 00:26:42,880 --> 00:26:45,440 Speaker 1: too much longer. We get to talk politics as well 474 00:26:45,440 --> 00:26:49,400 Speaker 1: with Bloomberg political contributors Genie Sheenzano and Rick Davis. They're 475 00:26:49,440 --> 00:26:51,320 Speaker 1: both here now. I didn't think i'd be talking about 476 00:26:51,359 --> 00:26:54,480 Speaker 1: cicadas with Eleanor Holmes Norton when I woke up this morning. 477 00:26:54,480 --> 00:26:56,480 Speaker 1: But some things you cannot predict. Genie, Are you seeing 478 00:26:56,480 --> 00:27:00,600 Speaker 1: cicadas everywhere? How bad is it? Well? No, in New York, thankfully, 479 00:27:00,640 --> 00:27:03,480 Speaker 1: as you know you were just here. We haven't seen them, 480 00:27:03,520 --> 00:27:05,960 Speaker 1: but we keep hearing about them. And I know Rick 481 00:27:06,040 --> 00:27:10,600 Speaker 1: down in d C. You, I got a few cicadas 482 00:27:10,600 --> 00:27:12,960 Speaker 1: around here, but my dog thinks their protein chips, so 483 00:27:13,240 --> 00:27:15,600 Speaker 1: you know, he keeps them clear in my yard. Don't 484 00:27:15,600 --> 00:27:18,479 Speaker 1: get me started on the cicada killers. I remember this 485 00:27:18,520 --> 00:27:20,800 Speaker 1: as well from the last time they emerged. There's a 486 00:27:20,800 --> 00:27:23,360 Speaker 1: whole other bug that is even scarier than they are 487 00:27:23,440 --> 00:27:26,040 Speaker 1: that eats the cicadas. You heard it here first. That 488 00:27:26,080 --> 00:27:28,440 Speaker 1: will be the next batch of stories. Now, we were 489 00:27:28,480 --> 00:27:31,800 Speaker 1: just talking about securing the capital as an element of 490 00:27:31,840 --> 00:27:35,960 Speaker 1: infrastructure spending in that conversation with Eleanor Holmes Norton. Both 491 00:27:35,960 --> 00:27:38,080 Speaker 1: of you have spent a lot of time in that building, 492 00:27:38,480 --> 00:27:40,399 Speaker 1: and it seems to me that this conversation, and of 493 00:27:40,400 --> 00:27:45,000 Speaker 1: course Eleanor Holmes Norton got to this herself, goes beyond fencing. 494 00:27:45,560 --> 00:27:48,240 Speaker 1: That we need more answers and there will likely be 495 00:27:48,320 --> 00:27:52,159 Speaker 1: more charges as this whole thing unfolds, Rick Davis, what 496 00:27:52,200 --> 00:27:54,000 Speaker 1: do you want to see happen? What should it look 497 00:27:54,040 --> 00:27:57,200 Speaker 1: like when a tourist or even a member of Congress 498 00:27:57,200 --> 00:28:00,200 Speaker 1: walks up to the complex. Yeah, you know, it would 499 00:28:00,200 --> 00:28:02,760 Speaker 1: been nice to have had a bipartisan commission, much like 500 00:28:02,880 --> 00:28:05,640 Speaker 1: we've done in other crisises, to determine, you know, what 501 00:28:05,720 --> 00:28:08,879 Speaker 1: the what the optics and the reality should be as 502 00:28:08,920 --> 00:28:10,359 Speaker 1: far as being able to get in and out of 503 00:28:10,400 --> 00:28:13,680 Speaker 1: the public's house. But um, look, I mean the Congress 504 00:28:13,720 --> 00:28:16,800 Speaker 1: just spent hundreds of billion, hundreds of millions of dollars 505 00:28:16,800 --> 00:28:19,240 Speaker 1: on a brand new visitor center. I mean it's really nice. 506 00:28:19,280 --> 00:28:23,560 Speaker 1: I mean, uh, tourists, legitimate tourists, don't have any problem 507 00:28:23,680 --> 00:28:26,000 Speaker 1: getting in and out of the capital. In fact, it's 508 00:28:26,040 --> 00:28:29,879 Speaker 1: better than it's ever been. Uh, it's really um, just 509 00:28:30,040 --> 00:28:33,160 Speaker 1: a effort right now to figure out how to protect 510 00:28:33,160 --> 00:28:37,320 Speaker 1: it in case of domestic attack, and since we've just 511 00:28:37,400 --> 00:28:40,080 Speaker 1: had one, it's top of mind for many congress people. 512 00:28:40,120 --> 00:28:42,480 Speaker 1: And and it's not a big ticket item, you know, 513 00:28:42,520 --> 00:28:45,120 Speaker 1: money wise, I mean compared to the infrastructure budgets at 514 00:28:45,200 --> 00:28:48,480 Speaker 1: one point two trillion dollars, it's nickels and dimes. So 515 00:28:49,160 --> 00:28:52,360 Speaker 1: I think it's all about architecture and security and what 516 00:28:52,400 --> 00:28:54,480 Speaker 1: makes people feel safe for work in the building. To 517 00:28:54,640 --> 00:28:56,520 Speaker 1: just think about the way rich just said that Genie 518 00:28:56,640 --> 00:29:01,200 Speaker 1: to protect against the next attack, What should we be 519 00:29:01,240 --> 00:29:04,000 Speaker 1: doing to prevent the next attack? And and and he 520 00:29:04,160 --> 00:29:07,880 Speaker 1: couched that domestic attack, which is obviously the right way 521 00:29:07,960 --> 00:29:11,040 Speaker 1: because we just saw one. But it's absolutely stunning. I 522 00:29:11,080 --> 00:29:14,240 Speaker 1: was very, very happy to hear to your question to 523 00:29:14,320 --> 00:29:17,400 Speaker 1: Representative Holmes Norton that she had pushed and there was 524 00:29:17,480 --> 00:29:22,280 Speaker 1: bipartisan support for underground fencing, because I would hate, as 525 00:29:22,320 --> 00:29:25,280 Speaker 1: as she said, to see permanent fencing at the Capitol, 526 00:29:25,360 --> 00:29:27,840 Speaker 1: the People's House. You know, I think back to the 527 00:29:27,920 --> 00:29:30,200 Speaker 1: nineties seventies when we used to be able to go 528 00:29:30,280 --> 00:29:33,120 Speaker 1: there and you could, you know, just everything was open 529 00:29:33,160 --> 00:29:35,880 Speaker 1: in d C. And since nine eleven that has changed 530 00:29:35,920 --> 00:29:38,440 Speaker 1: a good deal and hate to see that change even 531 00:29:38,480 --> 00:29:41,880 Speaker 1: more so I was. I do hope she's she's right 532 00:29:41,880 --> 00:29:44,280 Speaker 1: and that legislation goes forward and they find funding to 533 00:29:44,360 --> 00:29:47,160 Speaker 1: do that. As Rick mentioned, it's really pennies compared to 534 00:29:47,200 --> 00:29:50,680 Speaker 1: what they're talking about either side in terms of infrastructure. Well, 535 00:29:50,720 --> 00:29:52,720 Speaker 1: they're gonna be back on Monday. I know we're going 536 00:29:52,760 --> 00:29:55,800 Speaker 1: into what could be a hot and potentially slow summer 537 00:29:55,840 --> 00:29:59,040 Speaker 1: on Capitol Hill, but lawmakers in the House will be back. 538 00:29:59,040 --> 00:30:02,000 Speaker 1: And we learned today that big tech may have more 539 00:30:02,000 --> 00:30:04,480 Speaker 1: to worry about than just taxes. This is a really 540 00:30:04,520 --> 00:30:07,360 Speaker 1: important story and it's a it's a great Bloomberg story, 541 00:30:07,360 --> 00:30:09,280 Speaker 1: and I want to get your take on this as 542 00:30:09,320 --> 00:30:13,200 Speaker 1: lawmakers in the House today drop five bills aimed at 543 00:30:13,200 --> 00:30:17,840 Speaker 1: cracking down on the big fang companies right think Amazon, Apple, Facebook, Google, 544 00:30:18,480 --> 00:30:20,400 Speaker 1: and would make it easier for the government to break 545 00:30:20,480 --> 00:30:22,160 Speaker 1: up big tech. And it would also make it more 546 00:30:22,160 --> 00:30:24,440 Speaker 1: difficult for big tech to get bigger it will acquire 547 00:30:24,800 --> 00:30:26,720 Speaker 1: other companies. You can read about it on the terminal 548 00:30:26,880 --> 00:30:31,040 Speaker 1: right now. These bills were announced by a Democrat, right, 549 00:30:31,120 --> 00:30:33,760 Speaker 1: David Cicillini of Rhoe Island. He chairs the Antitrust Committee. 550 00:30:33,800 --> 00:30:36,840 Speaker 1: And we've been hearing from months, maybe years, from conservatives 551 00:30:36,880 --> 00:30:41,720 Speaker 1: about the power of big tech. Rick. This is fielding bipartisan. Yeah. 552 00:30:41,840 --> 00:30:43,680 Speaker 1: We we've talked on the show many times about there 553 00:30:43,680 --> 00:30:47,000 Speaker 1: are two things that unify Congress, UH, China and big 554 00:30:47,040 --> 00:30:50,480 Speaker 1: tech and UH. And so today was Big Tech Day 555 00:30:50,560 --> 00:30:53,760 Speaker 1: and and the Democrats are after them on on these 556 00:30:53,960 --> 00:30:57,720 Speaker 1: um monopoly laws that you described but that doesn't end 557 00:30:57,720 --> 00:31:00,880 Speaker 1: the story. Um, We've heard all throughout the year hearings 558 00:31:00,880 --> 00:31:03,760 Speaker 1: and hearings about Section two thirty, you know, in the 559 00:31:03,800 --> 00:31:08,560 Speaker 1: protections that big tech has. Jim Jordan's Republicans congressant dropped 560 00:31:08,560 --> 00:31:12,080 Speaker 1: a bill, you know, because he claims that big tech 561 00:31:12,120 --> 00:31:15,640 Speaker 1: has been centering conservative speech. So everybody's got an angle 562 00:31:15,720 --> 00:31:18,680 Speaker 1: on this, but there's only one target, and that's the facts. 563 00:31:19,240 --> 00:31:21,840 Speaker 1: Of course, these are two very different angles, right Jenie. 564 00:31:21,920 --> 00:31:26,600 Speaker 1: You've got conservatives uh complaining about censorship, accusing these companies 565 00:31:26,600 --> 00:31:31,040 Speaker 1: of censoring conservative voices. Democrats are more concerned about too 566 00:31:31,040 --> 00:31:34,320 Speaker 1: big to fail. Is that fair? That's absolutely fair, and 567 00:31:34,320 --> 00:31:37,120 Speaker 1: and they are, as you were just talking about, joined together. 568 00:31:37,200 --> 00:31:40,160 Speaker 1: And I think what is stunning to me is you 569 00:31:40,200 --> 00:31:42,520 Speaker 1: look back the number of years and now we're going 570 00:31:42,520 --> 00:31:45,959 Speaker 1: on decades that these organizations, these tech companies have been 571 00:31:46,000 --> 00:31:51,640 Speaker 1: allowed to thrive without much control, regulation, restraint from Congress, 572 00:31:51,880 --> 00:31:55,520 Speaker 1: even as our our you know, our nation's overseas we 573 00:31:55,560 --> 00:31:59,360 Speaker 1: look to Europe has have been regulating tech we had 574 00:31:59,400 --> 00:32:02,080 Speaker 1: not here in US do much. And I think today 575 00:32:02,520 --> 00:32:05,400 Speaker 1: is a really important day because for the first time 576 00:32:05,440 --> 00:32:08,760 Speaker 1: I think we may see not in you know, next week, 577 00:32:08,800 --> 00:32:11,440 Speaker 1: But we may see in the short term, we may 578 00:32:11,480 --> 00:32:13,960 Speaker 1: see a bill or a set of bills go through 579 00:32:14,320 --> 00:32:17,360 Speaker 1: that make this monopolistic behavior on the part of whether 580 00:32:17,400 --> 00:32:20,480 Speaker 1: it's Apple or Google or Facebook or Amazon come to 581 00:32:20,560 --> 00:32:22,680 Speaker 1: an end. So it is the end of an era, 582 00:32:22,840 --> 00:32:25,080 Speaker 1: if you will. If these bills are one version of 583 00:32:25,080 --> 00:32:27,280 Speaker 1: them passes, boy, that would be a big one. And 584 00:32:27,360 --> 00:32:29,280 Speaker 1: then we'll have to hear from Charlie Pellett of course, 585 00:32:29,320 --> 00:32:31,840 Speaker 1: on how the stocks would respond, because that's a story 586 00:32:31,880 --> 00:32:36,000 Speaker 1: that would continue to echo back on itself on Wall Street. Uh. 587 00:32:36,040 --> 00:32:39,000 Speaker 1: I want to get to the big showdown with both 588 00:32:39,000 --> 00:32:40,520 Speaker 1: of you guys. That's how we started the hours. How 589 00:32:40,520 --> 00:32:42,640 Speaker 1: we're gonna finish the hour here as we had a 590 00:32:42,640 --> 00:32:47,360 Speaker 1: great conversation about Joe Biden's looming meeting here with Vladimir Putin. 591 00:32:47,400 --> 00:32:49,680 Speaker 1: We spoke with Nick Wadhams about it. He's packing his bag, 592 00:32:49,760 --> 00:32:51,480 Speaker 1: is going to be over there covering it next week. 593 00:32:51,880 --> 00:32:54,720 Speaker 1: It will have the attention of the world and Jennie 594 00:32:54,760 --> 00:32:58,520 Speaker 1: the big pressure here obviously for President Joe Biden, but 595 00:32:58,560 --> 00:33:00,280 Speaker 1: he's been going through a lot of motions, some of 596 00:33:00,280 --> 00:33:03,400 Speaker 1: which we discussed yesterday to try to kind of create 597 00:33:03,400 --> 00:33:07,240 Speaker 1: a backdrop of credibility in this European alliance before that meeting, 598 00:33:07,720 --> 00:33:10,160 Speaker 1: And I think as we look at this summit, and 599 00:33:10,200 --> 00:33:12,560 Speaker 1: I am anxious to see how this pans out. As 600 00:33:12,600 --> 00:33:14,880 Speaker 1: you were talking to Nick, we're hearing there may not 601 00:33:15,000 --> 00:33:18,440 Speaker 1: even be a press conference afterwards. Who instead he may 602 00:33:18,480 --> 00:33:21,080 Speaker 1: go it alone if Biden chooses not to. But I 603 00:33:21,120 --> 00:33:23,920 Speaker 1: think the stakes are higher for Biden than they are 604 00:33:24,040 --> 00:33:26,880 Speaker 1: for putting on this And a big question I hear 605 00:33:27,080 --> 00:33:30,280 Speaker 1: people in foreign policy debating about is what is success 606 00:33:30,360 --> 00:33:33,440 Speaker 1: out of this meeting for Biden and the US. And 607 00:33:33,520 --> 00:33:36,920 Speaker 1: I do agree with the side that is saying Russia 608 00:33:37,080 --> 00:33:40,480 Speaker 1: needs to be reined in. A return to normalcy in 609 00:33:40,560 --> 00:33:44,360 Speaker 1: my mind on Russia's part, will be success for Biden. 610 00:33:44,640 --> 00:33:47,320 Speaker 1: And yet how you get them to turn their behavior 611 00:33:47,360 --> 00:33:50,160 Speaker 1: and to quote unquote good behavior is going to be 612 00:33:50,280 --> 00:33:53,080 Speaker 1: very difficult for Biden to achieve. So I don't think 613 00:33:53,120 --> 00:33:57,040 Speaker 1: it's enough that the Biden administration talks about a sort 614 00:33:57,080 --> 00:34:00,520 Speaker 1: of you know, return to normalcy and predictability and stability 615 00:34:00,960 --> 00:34:04,360 Speaker 1: unless you get you get the Russians to be reigned in, 616 00:34:04,560 --> 00:34:07,680 Speaker 1: both at home with their neighbors and in terms of 617 00:34:07,720 --> 00:34:10,560 Speaker 1: their attacks on US, both cyber and otherwise. When I 618 00:34:10,600 --> 00:34:13,000 Speaker 1: heard Rick Davis was going to be on with us today, 619 00:34:13,080 --> 00:34:17,680 Speaker 1: I thought of only well, three letters. This meeting coming 620 00:34:17,760 --> 00:34:20,719 Speaker 1: up with Joe Biden and Vladimir Putin, the stakes are high. 621 00:34:20,719 --> 00:34:23,360 Speaker 1: But I'm I'm thinking back to I Believe two thousand 622 00:34:23,320 --> 00:34:26,960 Speaker 1: and eight, and we have sound on with late Senator 623 00:34:27,040 --> 00:34:31,400 Speaker 1: John McCain. Well, no, that boone is following us trouble 624 00:34:31,560 --> 00:34:34,319 Speaker 1: in many parts of the world because he's acting in 625 00:34:34,440 --> 00:34:38,800 Speaker 1: what he perceives as his country's national interest. How close 626 00:34:39,200 --> 00:34:43,759 Speaker 1: and the friendships between him so and President Bush. I 627 00:34:43,800 --> 00:34:47,720 Speaker 1: looked at the bubuge eyes, I saw three letters, okay, Gene, 628 00:34:47,800 --> 00:34:53,279 Speaker 1: And I looked into Putin's eyes and saw three letters. That, 629 00:34:53,360 --> 00:34:57,560 Speaker 1: of course following the famous statement from President George W. 630 00:34:57,680 --> 00:35:01,120 Speaker 1: Bush that he looked into Putin's soul and saw something 631 00:35:01,160 --> 00:35:04,960 Speaker 1: better than kg N b Rick Davis, you saw the 632 00:35:05,360 --> 00:35:10,879 Speaker 1: front of Time magazine, the sunglasses. Joe Biden, What would 633 00:35:10,920 --> 00:35:14,919 Speaker 1: John McCain tell him before this meeting? Now? I think 634 00:35:14,920 --> 00:35:16,959 Speaker 1: he would give him the same advice that I think 635 00:35:17,040 --> 00:35:20,360 Speaker 1: instinctively Joe Biden has. And they've they've they've talked about 636 00:35:20,840 --> 00:35:24,760 Speaker 1: Vladimir Putin for a long time in their relationship and 637 00:35:24,760 --> 00:35:27,480 Speaker 1: and that would be you can't trust this man. He 638 00:35:27,560 --> 00:35:31,160 Speaker 1: has not got the the world's interests in mind, only 639 00:35:31,320 --> 00:35:35,920 Speaker 1: his own, uh quest for the return of the motherland. 640 00:35:36,160 --> 00:35:39,480 Speaker 1: And uh. And I think that that Biden's instinct anyway, 641 00:35:39,800 --> 00:35:43,120 Speaker 1: I don't think that he's naive about it. And uh. 642 00:35:43,360 --> 00:35:46,799 Speaker 1: And look, I mean Biden upped at one. It's one 643 00:35:46,800 --> 00:35:49,120 Speaker 1: thing to say you look in his eyes and saw KGB. 644 00:35:49,719 --> 00:35:53,319 Speaker 1: Biden's already called him a killer. So I mean like 645 00:35:53,520 --> 00:35:57,280 Speaker 1: he's making McCain look like a piker on this. Of course, 646 00:35:57,400 --> 00:36:00,319 Speaker 1: Rick was a long time advisor and close it onto 647 00:36:00,360 --> 00:36:04,759 Speaker 1: John McCain. I bet they talked about Vladimir Putin, Joe 648 00:36:04,760 --> 00:36:07,600 Speaker 1: Biden and John McCain, did they not? For sure? It 649 00:36:07,680 --> 00:36:12,000 Speaker 1: was a constant conversation, um, both when Joe Biden was 650 00:36:12,040 --> 00:36:14,720 Speaker 1: in the Senate and uh and when he was Vice president. 651 00:36:14,800 --> 00:36:19,040 Speaker 1: And so this is not a current topic. It's as 652 00:36:19,080 --> 00:36:21,640 Speaker 1: you pointed out in two thousand and eight. Uh, you 653 00:36:21,640 --> 00:36:24,600 Speaker 1: could say the same thing about Vladimir Puttin today that 654 00:36:24,680 --> 00:36:27,200 Speaker 1: John McCain said at that time. And Uh, and for 655 00:36:27,280 --> 00:36:29,160 Speaker 1: many years prior to that. Not a heck of a 656 00:36:29,160 --> 00:36:32,160 Speaker 1: lot has changed since then in this relationship Jennie saved 657 00:36:32,200 --> 00:36:35,440 Speaker 1: for Donald Trump. That that's right, Donald Trump in between 658 00:36:35,600 --> 00:36:37,960 Speaker 1: and and you know, I do think you Rick was 659 00:36:38,000 --> 00:36:40,239 Speaker 1: mentioning some of the harsh rhetoric that's gone back and 660 00:36:40,280 --> 00:36:43,279 Speaker 1: forth and Joe Biden calling him a killer. And as 661 00:36:43,280 --> 00:36:45,120 Speaker 1: we think about whether there's going to be a press 662 00:36:45,120 --> 00:36:47,600 Speaker 1: conference afterwards, this is one of the things we're hearing 663 00:36:48,080 --> 00:36:52,320 Speaker 1: is a concern from Biden's people that he may go off, 664 00:36:52,719 --> 00:36:55,000 Speaker 1: you know, off script if you will, as Joe Biden 665 00:36:55,040 --> 00:36:57,880 Speaker 1: has been known to do. And these are two tough 666 00:36:57,960 --> 00:37:00,440 Speaker 1: talking guys, so as much as I would love to 667 00:37:00,440 --> 00:37:03,040 Speaker 1: see them in a press conference, it's interesting to hear 668 00:37:03,080 --> 00:37:05,560 Speaker 1: that they may want to keep Biden off the stage 669 00:37:05,600 --> 00:37:08,120 Speaker 1: for that reason. I'm sure there's other reasons as well, 670 00:37:08,280 --> 00:37:10,920 Speaker 1: but he has been known to use really choice wreteric 671 00:37:11,000 --> 00:37:15,440 Speaker 1: that could amp up a contest between Biden and putin 672 00:37:15,600 --> 00:37:18,920 Speaker 1: versus clamp it down real quick in our in our 673 00:37:18,960 --> 00:37:21,319 Speaker 1: remaining thirty six seconds, Rick, do you think they're going 674 00:37:21,360 --> 00:37:24,160 Speaker 1: to have a news conference after that meeting? I doubt 675 00:37:24,200 --> 00:37:26,240 Speaker 1: if it's a news conference, there may be some reports, 676 00:37:26,280 --> 00:37:29,000 Speaker 1: but hopefully they get something done on nuclear power. Nuclear 677 00:37:29,160 --> 00:37:32,920 Speaker 1: don't expect a bilateral Rick Davis and Jennie she and Zano, 678 00:37:33,040 --> 00:37:35,600 Speaker 1: as always Bloomberg Political contributors. Thank you so much for 679 00:37:35,640 --> 00:37:37,719 Speaker 1: being here. I look forward to picking up this conversation 680 00:37:37,760 --> 00:37:41,839 Speaker 1: next week. Broadcast is produced by Christine Barata Matt Shirley. 681 00:37:41,880 --> 00:37:44,440 Speaker 1: I'm Joe Matthew, stay with us, will check traffic next, 682 00:37:44,600 --> 00:37:47,759 Speaker 1: and a whole lot more ahead on Bloomberg. Sound on. 683 00:37:48,360 --> 00:37:50,160 Speaker 1: I'm Joe Matthew. This is Bloomberg.