1 00:00:00,000 --> 00:00:05,359 Speaker 1: Word with Dreams Bloomberg sound On, the Insiders, the influencers, 2 00:00:05,400 --> 00:00:09,239 Speaker 1: the insides. Biden has comment again and again he will 3 00:00:09,400 --> 00:00:12,720 Speaker 1: unite the country. Who do you think Biden has to 4 00:00:12,800 --> 00:00:17,320 Speaker 1: watch in terms of moderate defectors? Introductor has always been 5 00:00:17,440 --> 00:00:21,480 Speaker 1: by part of the Zloomberg sound On on Bloomberg Radio. 6 00:00:23,280 --> 00:00:26,480 Speaker 1: President Biden hit the road today to pitch his infrastructure 7 00:00:26,520 --> 00:00:28,960 Speaker 1: plan in the all important state of Virginia. We'll talk 8 00:00:29,000 --> 00:00:31,800 Speaker 1: about that, plus Republicans and Donald Trump got a big 9 00:00:31,800 --> 00:00:34,560 Speaker 1: win in Texas over the weekend. We're gonna be speaking 10 00:00:34,560 --> 00:00:37,400 Speaker 1: with Rick Davis and Scott Bolden and welcome to sound 11 00:00:37,440 --> 00:00:39,800 Speaker 1: On on this first Monday in May. I hope you 12 00:00:39,840 --> 00:00:43,200 Speaker 1: had a great weekend. I am Jeanie Schanzano, and joining 13 00:00:43,200 --> 00:00:47,319 Speaker 1: me today is Bloomberg political contributor Rick Davis, as well 14 00:00:47,360 --> 00:00:52,680 Speaker 1: as Scott Bolden, Democratic strategist and former DC Democratic Party Chairman. 15 00:00:53,440 --> 00:00:56,520 Speaker 1: Last week, Rick and I and most people in the 16 00:00:56,560 --> 00:01:00,320 Speaker 1: world got to watch President Biden give his first joint 17 00:01:00,320 --> 00:01:03,640 Speaker 1: addressed to Congress. He announced, in a sort of a 18 00:01:03,760 --> 00:01:07,720 Speaker 1: really stark contrast not just to his GOP predecessors but 19 00:01:07,760 --> 00:01:11,680 Speaker 1: the last two Democratic presidents, that big government is back, 20 00:01:11,800 --> 00:01:15,959 Speaker 1: and he laid out two massive infrastructure plans totaling four 21 00:01:16,080 --> 00:01:18,480 Speaker 1: trillion dollars, which he said will be paid for by 22 00:01:18,480 --> 00:01:21,800 Speaker 1: the ultra wealthy and corporations who have gotten away with it, 23 00:01:21,880 --> 00:01:24,880 Speaker 1: according to Joe Biden, with not paying their fair share 24 00:01:25,000 --> 00:01:28,240 Speaker 1: for so long, and following a trip last week to 25 00:01:28,319 --> 00:01:31,760 Speaker 1: Georgia and Pennsylvania, today he hit the road, traveling with 26 00:01:31,840 --> 00:01:34,920 Speaker 1: First Lady Jill Biden too the all important state of Virginia, 27 00:01:35,240 --> 00:01:38,760 Speaker 1: where in the morning they visited Yorktown Elementary School and 28 00:01:38,800 --> 00:01:43,080 Speaker 1: then they headed to Tidewater Community College. And here's what 29 00:01:43,160 --> 00:01:46,120 Speaker 1: President Biden had to say today. We have sound on 30 00:01:46,200 --> 00:01:49,600 Speaker 1: that there's an awful lot of possibilities, an awful lot. 31 00:01:50,000 --> 00:01:52,880 Speaker 1: And the good news is, I think there's overwhelming bipartisan 32 00:01:52,960 --> 00:01:55,200 Speaker 1: support for this. If you look at the poly dead 33 00:01:55,760 --> 00:01:59,280 Speaker 1: Republican voters overwhelmingly supported. Now, I just got to get 34 00:01:59,280 --> 00:02:02,360 Speaker 1: some of my repub In colleagues support of it, and 35 00:02:02,440 --> 00:02:05,240 Speaker 1: that's what he is aiming to do. And over the weekend, 36 00:02:05,640 --> 00:02:09,080 Speaker 1: some of our Bloomberg colleagues, Nancy Cook and Laura Davison 37 00:02:09,200 --> 00:02:12,960 Speaker 1: and Eric Wasson, they were reporting that Biden is not 38 00:02:13,040 --> 00:02:16,480 Speaker 1: only open to negotiating with Republicans and willing to consider 39 00:02:16,600 --> 00:02:20,440 Speaker 1: various passed to getting these plans passed, including breaking them 40 00:02:20,480 --> 00:02:23,200 Speaker 1: up into multiple bills. But he's also said to be 41 00:02:23,280 --> 00:02:26,240 Speaker 1: taking a leading role in the strategy to that end, 42 00:02:26,680 --> 00:02:29,600 Speaker 1: and we heard ron Klain tell CBS that Biden has 43 00:02:29,639 --> 00:02:33,600 Speaker 1: invited moderate Republican senators to meet this week, including West 44 00:02:33,639 --> 00:02:37,440 Speaker 1: Virginia Senator Shelley Moore. Capital One thing the President said 45 00:02:37,480 --> 00:02:41,440 Speaker 1: he's not willing to do, however, is nothing, And one 46 00:02:41,560 --> 00:02:44,400 Speaker 1: big question that came up over the weekend is whether 47 00:02:44,480 --> 00:02:48,400 Speaker 1: Biden is willing to consider what one Republican senator suggested, 48 00:02:48,800 --> 00:02:52,000 Speaker 1: and that was GOP Senator John Barrasso, who was on 49 00:02:52,120 --> 00:02:55,800 Speaker 1: ABC's This Week on Sunday, where he told host Martha 50 00:02:55,880 --> 00:03:00,600 Speaker 1: radit's that a number of the more environmentally friendly assets 51 00:03:00,639 --> 00:03:03,880 Speaker 1: of the Biden proposal should be cut to save money. 52 00:03:04,200 --> 00:03:07,160 Speaker 1: We have sound on that. I actually believe there's a 53 00:03:07,200 --> 00:03:09,400 Speaker 1: deal to be had if we leave out things like 54 00:03:09,480 --> 00:03:14,760 Speaker 1: the Green New Deal and recyclable cafeteria trays and climate justice. 55 00:03:14,880 --> 00:03:18,080 Speaker 1: This is a staggering amount of spending, like someone with 56 00:03:18,160 --> 00:03:21,120 Speaker 1: a new credit card, and these are for things that 57 00:03:21,160 --> 00:03:24,079 Speaker 1: we don't necessarily need, We certainly can't afford, but they're 58 00:03:24,120 --> 00:03:27,480 Speaker 1: going to delight the liberal left of the party. So 59 00:03:27,720 --> 00:03:31,040 Speaker 1: Rick Davis, let me go to you and ask, do 60 00:03:31,160 --> 00:03:33,760 Speaker 1: you think Joe Biden is going to not only be 61 00:03:33,840 --> 00:03:36,560 Speaker 1: willing to compromise or think about compromising on some of 62 00:03:36,600 --> 00:03:39,480 Speaker 1: what Barasso had to say, but whether the left flank 63 00:03:39,520 --> 00:03:42,640 Speaker 1: of his party is going to be willing to consider that. Well, 64 00:03:42,680 --> 00:03:45,160 Speaker 1: I think that's the intersection where if there's a deal, 65 00:03:45,360 --> 00:03:47,560 Speaker 1: it's where the left is willing to accept it and 66 00:03:47,560 --> 00:03:50,320 Speaker 1: a right is willing to spend on it. Um It'll 67 00:03:50,360 --> 00:03:52,080 Speaker 1: be interesting. I mean, they're talking up a good game 68 00:03:52,200 --> 00:03:54,400 Speaker 1: right now. Everything that's coming out of the White House 69 00:03:54,560 --> 00:03:56,800 Speaker 1: is we want Republican votes. We don't want to try 70 00:03:56,800 --> 00:03:59,440 Speaker 1: to do this on reconciliation. We don't have the Democratic 71 00:03:59,480 --> 00:04:02,880 Speaker 1: support for that, and so we really need a bipartisan plan. 72 00:04:03,240 --> 00:04:06,120 Speaker 1: And the bipartisan planets banging around, as you mentioned earlier, 73 00:04:06,560 --> 00:04:12,200 Speaker 1: is the capital plan, which is substantially smaller than what 74 00:04:12,360 --> 00:04:16,480 Speaker 1: Joe Biden is offering. And those things that Senator Barrasso 75 00:04:16,560 --> 00:04:20,520 Speaker 1: talks about, I mean, you know, maybe not just climate related, 76 00:04:20,600 --> 00:04:22,640 Speaker 1: but there are a lot of other issues that aren't 77 00:04:22,720 --> 00:04:26,359 Speaker 1: what Republicans are calling hard infrastructure, you know something, you 78 00:04:26,400 --> 00:04:29,480 Speaker 1: put a rivet in and uh, and so it'll be 79 00:04:29,520 --> 00:04:32,080 Speaker 1: interesting to see where that rubber hits the road, because 80 00:04:32,160 --> 00:04:35,760 Speaker 1: even in a bipartisan deal, you still need all the 81 00:04:35,760 --> 00:04:38,840 Speaker 1: Democrats to vote for you, and and and so the 82 00:04:38,920 --> 00:04:41,160 Speaker 1: question is Kenny hold them all while cutting deals with 83 00:04:41,200 --> 00:04:44,080 Speaker 1: the Republicans. So so, Scott, it's so good to talk 84 00:04:44,120 --> 00:04:47,600 Speaker 1: to you. As a Democratic strategist and former DC Democratic 85 00:04:47,600 --> 00:04:52,599 Speaker 1: Party chairman. Can Joe Biden hold together this very big 86 00:04:52,680 --> 00:04:57,039 Speaker 1: and and very energetic Democratic caucus as he tries to 87 00:04:57,080 --> 00:05:02,000 Speaker 1: negotiate with Republicans? I think Richard right, Um, they're gonna 88 00:05:02,040 --> 00:05:04,360 Speaker 1: have to be some deals cut. And I don't think 89 00:05:04,360 --> 00:05:08,000 Speaker 1: it's a problem with holding the Democratic Party together. The 90 00:05:08,040 --> 00:05:11,960 Speaker 1: liberal the progressive left of the party likes what Joe 91 00:05:12,000 --> 00:05:14,279 Speaker 1: Biden is talking about and what he's done so far, 92 00:05:14,720 --> 00:05:17,680 Speaker 1: and so their deals to be cut with them. I 93 00:05:17,720 --> 00:05:21,240 Speaker 1: think this Bill of infrastructure is so important to America, 94 00:05:21,560 --> 00:05:25,400 Speaker 1: and I think it's got bipartisans support conceptually that if 95 00:05:25,440 --> 00:05:27,320 Speaker 1: he's got to break it down, if he's got to 96 00:05:27,360 --> 00:05:29,560 Speaker 1: cut it up in the separate bills, or if he 97 00:05:29,600 --> 00:05:32,680 Speaker 1: can get the the hardcore what you're gonna put a 98 00:05:32,760 --> 00:05:35,160 Speaker 1: rivet in. If he can get a deal on that 99 00:05:35,320 --> 00:05:38,800 Speaker 1: right there, which is substantially less than what he's proposing, 100 00:05:39,160 --> 00:05:41,440 Speaker 1: then you've got something to work with. Because then what 101 00:05:41,560 --> 00:05:44,360 Speaker 1: you're left with is what the Republicans are willing to 102 00:05:44,400 --> 00:05:47,440 Speaker 1: pay for, as Rick said, and what the Democrats are 103 00:05:47,440 --> 00:05:50,560 Speaker 1: willing to conceive, at least on the progressive side. And 104 00:05:50,600 --> 00:05:52,920 Speaker 1: then you put it all in a in a cake bowl, 105 00:05:53,000 --> 00:05:55,359 Speaker 1: basically as my grandmother used to do. You mix it 106 00:05:55,440 --> 00:05:58,520 Speaker 1: up and see what comes out. Essentially, that's what he's 107 00:05:58,560 --> 00:06:02,520 Speaker 1: doing because the therastructure build. Everybody knows that you've gotta 108 00:06:02,560 --> 00:06:04,880 Speaker 1: have it. What it looks like, and what comes out 109 00:06:04,880 --> 00:06:07,560 Speaker 1: of that cake bowl after mixing is what they've got 110 00:06:07,600 --> 00:06:10,160 Speaker 1: to agree on. Scott, I wanted to ask you a 111 00:06:10,240 --> 00:06:13,320 Speaker 1: quick question about the public support for this, because Joe 112 00:06:13,320 --> 00:06:15,040 Speaker 1: Biden likes to talk about it, did so in the 113 00:06:15,120 --> 00:06:20,440 Speaker 1: quote today on our Sound on Actuality and and and 114 00:06:20,440 --> 00:06:23,640 Speaker 1: and in his pandemic relief bill, he had a stiff 115 00:06:23,680 --> 00:06:25,839 Speaker 1: win of public support at his back. I mean, people 116 00:06:25,880 --> 00:06:29,880 Speaker 1: were significantly in favor of spending at two trillion dollars 117 00:06:29,880 --> 00:06:33,480 Speaker 1: to fight COVID. But last week, when when Jennie and 118 00:06:33,520 --> 00:06:37,080 Speaker 1: I were on UM, we talked to Frank Luntz as 119 00:06:37,160 --> 00:06:40,119 Speaker 1: part of the president's speech, and he told me something 120 00:06:40,160 --> 00:06:43,599 Speaker 1: that was fascinating, which is that the American public doesn't 121 00:06:43,600 --> 00:06:47,200 Speaker 1: mind so much the taxing of the rich to spend 122 00:06:47,240 --> 00:06:51,280 Speaker 1: that money. What they were concerned about is a overreach 123 00:06:51,920 --> 00:06:55,320 Speaker 1: by government in getting into all these various programs that 124 00:06:55,320 --> 00:06:57,599 Speaker 1: that Joe Biden was talking about. And that's kind of 125 00:06:57,640 --> 00:07:00,880 Speaker 1: the opposite of everything I've ever experienced in politics, where 126 00:07:01,080 --> 00:07:03,680 Speaker 1: the programs are always very popular, but like, how are 127 00:07:03,680 --> 00:07:06,400 Speaker 1: we gonna pay for these things? What's your what's your 128 00:07:06,400 --> 00:07:09,479 Speaker 1: reaction to that? Because I find that fascinating and potentially 129 00:07:09,840 --> 00:07:13,920 Speaker 1: a problem for Biden as he sells his program. Yeah, 130 00:07:13,960 --> 00:07:19,280 Speaker 1: you know, that's a pretty sophisticated analysis by freak Luck. 131 00:07:20,080 --> 00:07:23,760 Speaker 1: I don't think the average voter Democratic Republican gets that 132 00:07:23,880 --> 00:07:27,720 Speaker 1: sophisticated in their analysis. I will say this, then, seasons 133 00:07:27,760 --> 00:07:31,520 Speaker 1: support support COVID because whatever programs you've got, people believe 134 00:07:31,560 --> 00:07:35,520 Speaker 1: in the herd immunity. Once you've got the vaccination here 135 00:07:35,520 --> 00:07:39,120 Speaker 1: with the infrastructure, the key will be jobs, jobs, jobs. 136 00:07:39,360 --> 00:07:42,400 Speaker 1: Will this infrastructure proman put people back to work? And 137 00:07:42,520 --> 00:07:46,679 Speaker 1: Kenny tap into that white middle class, uh, non college 138 00:07:46,760 --> 00:07:52,320 Speaker 1: educated voter who supports Trump, Lionley Kenny, pull off of 139 00:07:52,400 --> 00:07:57,000 Speaker 1: them that can get their Republican representatives to buy into 140 00:07:57,400 --> 00:08:01,280 Speaker 1: some or all or significant portions of the infrastructure A 141 00:08:01,840 --> 00:08:04,840 Speaker 1: bill and see what that see if that works. Because 142 00:08:04,840 --> 00:08:08,240 Speaker 1: remember all of this is about we just had a 143 00:08:08,240 --> 00:08:11,640 Speaker 1: really significant election down in Texas, I think the sixth 144 00:08:11,680 --> 00:08:14,960 Speaker 1: set of districts, and the Republicans showed up and showed out, 145 00:08:15,280 --> 00:08:17,720 Speaker 1: and the Democrats could not even compete at the top 146 00:08:17,760 --> 00:08:20,520 Speaker 1: two levels. This is all about picking off Trump voters 147 00:08:20,720 --> 00:08:23,480 Speaker 1: and seeing whether he can build a coalition. He thinks 148 00:08:23,520 --> 00:08:26,320 Speaker 1: the infrastructure bill can do that. We'll just have to 149 00:08:26,400 --> 00:08:29,040 Speaker 1: keep a close watch on it and see. And as 150 00:08:29,080 --> 00:08:32,600 Speaker 1: Scott says, jobs, jobs, jobs, And here was President Biden 151 00:08:32,679 --> 00:08:37,040 Speaker 1: today again at Tidewater Community College in Norfolk, Virginia, talking 152 00:08:37,080 --> 00:08:40,720 Speaker 1: about planning how to fund this bill. We have sound 153 00:08:40,760 --> 00:08:43,520 Speaker 1: on that. I think it's about time we start giving 154 00:08:43,559 --> 00:08:46,959 Speaker 1: tax breaks and tax credits to working class families and 155 00:08:47,000 --> 00:08:50,640 Speaker 1: middle class families instead of just the very wealthy. And 156 00:08:50,679 --> 00:08:53,680 Speaker 1: here's what the American family fan doesn't do. It doesn't 157 00:08:53,720 --> 00:08:56,720 Speaker 1: add a single penny to our deficit. It's paid for 158 00:08:56,880 --> 00:08:59,880 Speaker 1: by making sure corporate America and the wealthiest one percent 159 00:09:00,480 --> 00:09:04,720 Speaker 1: just pay and Rick, we are hearing of a late 160 00:09:04,960 --> 00:09:07,880 Speaker 1: some Democrats starting to get a bit nervous about all 161 00:09:07,920 --> 00:09:11,120 Speaker 1: these tax increases and saying, you know, perhaps we don't 162 00:09:11,120 --> 00:09:14,360 Speaker 1: have to pay for this upfront. It's infrastructure, after all. 163 00:09:14,600 --> 00:09:17,200 Speaker 1: Do you think they're going to go that route? You know, 164 00:09:17,240 --> 00:09:19,560 Speaker 1: it's hard to tell what that final funding bill is 165 00:09:19,559 --> 00:09:21,880 Speaker 1: going to look like. Depends on how big it is. Right, 166 00:09:21,920 --> 00:09:24,959 Speaker 1: if it's more along the six billion level that the 167 00:09:25,160 --> 00:09:28,000 Speaker 1: capital bill looks like, then there's gonna be an easier 168 00:09:28,080 --> 00:09:31,200 Speaker 1: road to to find funding for that. That's that's less 169 00:09:31,200 --> 00:09:33,400 Speaker 1: than half of what the kind of spending that that 170 00:09:33,480 --> 00:09:37,000 Speaker 1: Joe Biden's arguing for, which means probably less than half 171 00:09:37,000 --> 00:09:39,720 Speaker 1: of the kind of taxes UH that he wants to levy. 172 00:09:39,760 --> 00:09:41,240 Speaker 1: But one of the things he was talking about in 173 00:09:41,280 --> 00:09:44,280 Speaker 1: that clip is that he's giving not only tax increases 174 00:09:44,280 --> 00:09:48,079 Speaker 1: to those UH corporations and wealthy families, but he's also 175 00:09:48,160 --> 00:09:51,600 Speaker 1: cutting the taxes of working class Americans. So it's a 176 00:09:51,640 --> 00:09:55,000 Speaker 1: massive bogey between what he's giving away in credits and 177 00:09:55,040 --> 00:09:58,559 Speaker 1: support payments UH to what he's also adding to the 178 00:09:59,080 --> 00:10:03,040 Speaker 1: to the tax bill for other other Americans. And so 179 00:10:03,080 --> 00:10:05,520 Speaker 1: I think all of that has got to get rationalized down. 180 00:10:05,640 --> 00:10:08,040 Speaker 1: Once we know what the spending is going to be, 181 00:10:08,520 --> 00:10:12,000 Speaker 1: then you'll find a tax bill potentially that could meet 182 00:10:12,040 --> 00:10:15,280 Speaker 1: those needs. But you know what he's doing, if I may, 183 00:10:15,400 --> 00:10:18,600 Speaker 1: what he's doing is he's being unabashed about raising the 184 00:10:18,720 --> 00:10:22,200 Speaker 1: taxes on corporations as well as those who make more 185 00:10:22,200 --> 00:10:25,840 Speaker 1: than four hundred thousands. He's betting that the wealthy in 186 00:10:25,880 --> 00:10:28,040 Speaker 1: this country won't mind because it's for the good of 187 00:10:28,080 --> 00:10:31,600 Speaker 1: the country, and corporations won't mind it. I gotta tell you, 188 00:10:31,920 --> 00:10:35,439 Speaker 1: as a lawyer, I represent a number of large corporations 189 00:10:35,480 --> 00:10:38,600 Speaker 1: and talked to CEOs and gcs, and I'll tell you 190 00:10:39,280 --> 00:10:42,160 Speaker 1: this year I've heard more and more, Well, you know, 191 00:10:42,440 --> 00:10:45,280 Speaker 1: we're just gonna have to generate more income as opposed 192 00:10:45,320 --> 00:10:47,440 Speaker 1: to trying to worry about the taxes that we're going 193 00:10:47,480 --> 00:10:50,719 Speaker 1: to pay, because whether it's twenty or twenty one, you 194 00:10:50,880 --> 00:10:53,839 Speaker 1: simply have to do more. I've been hearing that. Now. 195 00:10:53,880 --> 00:10:56,400 Speaker 1: I can't speak for all of corporate America, but I 196 00:10:56,440 --> 00:10:59,280 Speaker 1: gotta tell you, Uh, there's a lot of infrastructure that 197 00:10:59,320 --> 00:11:02,400 Speaker 1: needs to be done. Where do you define it? And Uh, 198 00:11:02,559 --> 00:11:04,840 Speaker 1: the corporations of the up and they're gonta want to help. 199 00:11:05,040 --> 00:11:07,120 Speaker 1: So Scott, we are gonna, we are gonna come back 200 00:11:07,120 --> 00:11:10,920 Speaker 1: and talk about that. I love your Grandma's cake bowl analogy. 201 00:11:11,040 --> 00:11:15,240 Speaker 1: And as you raised the important Texas election over the weekend. 202 00:11:15,640 --> 00:11:23,800 Speaker 1: I am Janie Schanzano and this is Bloomberg. This is 203 00:11:23,840 --> 00:11:30,040 Speaker 1: Bloomberg sound On on Bloomberg Radio. Welcome back to sound On. 204 00:11:30,200 --> 00:11:33,920 Speaker 1: I am Genie Schanzano, and I'm accompanied today by Bloomberg 205 00:11:33,960 --> 00:11:38,600 Speaker 1: political contributor Rick Davis, as well as Scott Bolden, Democratic 206 00:11:38,640 --> 00:11:43,240 Speaker 1: strategist and former d C party chairman. And as Charlie 207 00:11:43,320 --> 00:11:46,280 Speaker 1: Pellett just mentioned, the f d A saying they're going 208 00:11:46,280 --> 00:11:49,360 Speaker 1: to approve the Fiser vaccine for ages twelve to fifteen 209 00:11:49,559 --> 00:11:53,360 Speaker 1: next week. That on top of other good news regarding 210 00:11:53,400 --> 00:11:56,560 Speaker 1: the pandemic in the United States, more than a hundred 211 00:11:56,559 --> 00:12:01,240 Speaker 1: million Americans already fully vaccinated, COVID cases continuing to drop, 212 00:12:01,640 --> 00:12:03,880 Speaker 1: and the head of the CDC saying we may be 213 00:12:04,000 --> 00:12:08,000 Speaker 1: able to reopen by July one. And of course, earlier 214 00:12:08,080 --> 00:12:11,120 Speaker 1: today in the northeast, New York, New Jersey, and Connecticut 215 00:12:11,160 --> 00:12:14,200 Speaker 1: all announced that major businesses are going to reopen by 216 00:12:14,320 --> 00:12:18,440 Speaker 1: mid May. So while things look positive for the US, 217 00:12:18,480 --> 00:12:21,719 Speaker 1: and the President is expected to talk about COVID tomorrow. 218 00:12:22,080 --> 00:12:25,440 Speaker 1: That's not true in other parts of the world, as 219 00:12:25,520 --> 00:12:29,400 Speaker 1: the news keeps coming in of a particularly deepening crisis 220 00:12:29,440 --> 00:12:33,199 Speaker 1: in India, and we have started restricting travel on India 221 00:12:33,320 --> 00:12:37,600 Speaker 1: starting tomorrow, with mass cremation sites set up in many 222 00:12:37,640 --> 00:12:40,200 Speaker 1: cities to handle the bodies of those who have succumbed 223 00:12:40,240 --> 00:12:44,400 Speaker 1: to the virus, Hospitals running out of oxygen, medicine, and supplies. 224 00:12:44,760 --> 00:12:47,880 Speaker 1: The rate of vaccination is still below five per cent, 225 00:12:48,040 --> 00:12:52,240 Speaker 1: leaving millions vulnerable to the spread. U S National Security 226 00:12:52,240 --> 00:12:56,120 Speaker 1: Advisor Jake Sullivan was on ABC's This Week on Sunday, 227 00:12:56,120 --> 00:12:59,360 Speaker 1: where he told host Martha rad It's the US this 228 00:12:59,400 --> 00:13:02,280 Speaker 1: week was to send more military planes full of supplies 229 00:13:02,280 --> 00:13:05,040 Speaker 1: to India and plans to do more even after that. 230 00:13:05,240 --> 00:13:08,920 Speaker 1: We have sound on that we are continuing to work 231 00:13:08,960 --> 00:13:12,800 Speaker 1: to source additional critical materials to move them as fast 232 00:13:12,840 --> 00:13:15,040 Speaker 1: as we can, both directly from the United States and 233 00:13:15,080 --> 00:13:19,480 Speaker 1: also galvanizing partners around the world. So Scott Bolden, let 234 00:13:19,480 --> 00:13:22,600 Speaker 1: me bring you in here on this um. What do 235 00:13:22,720 --> 00:13:25,319 Speaker 1: you want to hear the presidents say as we expect 236 00:13:25,400 --> 00:13:29,160 Speaker 1: him to be speaking about COVID tomorrow, particularly as it 237 00:13:29,240 --> 00:13:32,839 Speaker 1: relates to what we should be doing vis a vis 238 00:13:32,960 --> 00:13:35,880 Speaker 1: our our friends and neighbors around the world, like India 239 00:13:35,920 --> 00:13:39,360 Speaker 1: who are suffering so much still well, I would expect 240 00:13:39,360 --> 00:13:43,119 Speaker 1: the President to talk about the status of this pathogen, 241 00:13:43,600 --> 00:13:47,280 Speaker 1: how we've stopped it herd immunity. Over a hundred million 242 00:13:47,360 --> 00:13:51,480 Speaker 1: people have the vaccination Johnson and Johnson had a burp 243 00:13:51,679 --> 00:13:55,040 Speaker 1: or hiccup and they're back being used, and then fiser 244 00:13:55,720 --> 00:13:59,360 Speaker 1: uh and their progress on approval. UH. So I hope 245 00:13:59,400 --> 00:14:01,720 Speaker 1: you will sought off by talking about the progress we've 246 00:14:01,720 --> 00:14:04,000 Speaker 1: made in this country and how we can see the 247 00:14:04,080 --> 00:14:06,120 Speaker 1: light at the end of the tunnel. But we must 248 00:14:06,120 --> 00:14:09,760 Speaker 1: remain digital. Secondly, we are a world community. As part 249 00:14:09,800 --> 00:14:12,760 Speaker 1: of the world community, we certainly have to share because 250 00:14:12,760 --> 00:14:15,600 Speaker 1: it's in our health interests, our political interests, and our 251 00:14:15,679 --> 00:14:20,040 Speaker 1: national security interests to help others who are partners around 252 00:14:20,040 --> 00:14:22,840 Speaker 1: the country, whether they're part of NATO or not. UH. 253 00:14:22,880 --> 00:14:26,160 Speaker 1: It is a world community, and if we are sufficiently 254 00:14:26,680 --> 00:14:31,880 Speaker 1: grounded here with vaccinations and vaccines, UH, then to talk 255 00:14:31,920 --> 00:14:35,160 Speaker 1: about a plan to share with India and others who 256 00:14:35,240 --> 00:14:37,840 Speaker 1: need it. Because we're a world community that we need 257 00:14:37,880 --> 00:14:40,880 Speaker 1: to all get back to world travelers, whether it's business 258 00:14:41,000 --> 00:14:44,720 Speaker 1: or socialize in the family. Yeah, I can't agree more, Scott. 259 00:14:44,800 --> 00:14:47,200 Speaker 1: I mean, the idea that we can somehow tackle the 260 00:14:47,280 --> 00:14:50,000 Speaker 1: vaccine in our borders but not worry about it in 261 00:14:50,000 --> 00:14:52,360 Speaker 1: the rest of the world betrays how we got it 262 00:14:52,400 --> 00:14:54,400 Speaker 1: in the first place, right, And the and the fact 263 00:14:54,480 --> 00:14:57,720 Speaker 1: that you're your your senior staff of the National Security 264 00:14:57,760 --> 00:14:59,840 Speaker 1: Council in the White House is out talking about in 265 00:15:00,040 --> 00:15:02,920 Speaker 1: you today and the need for critical materials related to 266 00:15:02,960 --> 00:15:06,960 Speaker 1: fighting COVID tells you that the United States and and 267 00:15:06,960 --> 00:15:10,040 Speaker 1: and probably every other country of the world that has 268 00:15:10,400 --> 00:15:14,320 Speaker 1: uh excess capacity to help needs to come to their 269 00:15:14,640 --> 00:15:21,000 Speaker 1: alliance because unless the Indian population is able to fight COVID, 270 00:15:21,080 --> 00:15:23,720 Speaker 1: we're never going to effectively fight COVID. And I would 271 00:15:23,720 --> 00:15:26,680 Speaker 1: say too, I mean, you know, the one thing Present 272 00:15:26,680 --> 00:15:29,640 Speaker 1: Biden has been is empathetic. And I think there are 273 00:15:29,720 --> 00:15:34,560 Speaker 1: still communities in the country who are fighting this epidemic 274 00:15:34,600 --> 00:15:37,400 Speaker 1: in a way that's so far not resulting in the 275 00:15:37,440 --> 00:15:40,680 Speaker 1: positive aspects of much of the other parts of this country. 276 00:15:40,760 --> 00:15:43,880 Speaker 1: And I wouldn't be surprised that he still echoes their 277 00:15:43,920 --> 00:15:46,920 Speaker 1: sentiments that they're still a fight going on. This we 278 00:15:47,000 --> 00:15:50,600 Speaker 1: haven't won. And until all our communities are included in 279 00:15:50,640 --> 00:15:54,760 Speaker 1: this group that which are creating some level of immunity 280 00:15:54,880 --> 00:15:57,560 Speaker 1: and going back to work, it doesn't it doesn't make 281 00:15:57,600 --> 00:16:00,320 Speaker 1: any sense that parts of our country are still successful 282 00:16:00,320 --> 00:16:03,600 Speaker 1: and others aren't. And Scott, I just wanted to follow 283 00:16:03,680 --> 00:16:05,840 Speaker 1: up on that. We we have a little period of 284 00:16:05,880 --> 00:16:10,239 Speaker 1: time here. Um, just briefly, are you seeing m vaccine 285 00:16:10,320 --> 00:16:13,720 Speaker 1: hesitancy with any of the people that you work with 286 00:16:13,800 --> 00:16:16,560 Speaker 1: in d C and around the country. We know it's 287 00:16:16,600 --> 00:16:19,720 Speaker 1: out there, are you seeing any of it? Um? Not 288 00:16:19,840 --> 00:16:24,240 Speaker 1: necessarily in Washington, d C. I have friends and colleagues, 289 00:16:24,440 --> 00:16:28,520 Speaker 1: not many who refuse to take the vaccine. They either 290 00:16:28,600 --> 00:16:32,560 Speaker 1: have some alternative theory, or they don't trust the government, 291 00:16:33,040 --> 00:16:35,080 Speaker 1: or they want to wait and see how the vaccine 292 00:16:35,160 --> 00:16:40,359 Speaker 1: is affecting UH, their their circle friends and family and community. 293 00:16:40,760 --> 00:16:43,640 Speaker 1: But those are exceptions to the rule. At the same time, 294 00:16:44,080 --> 00:16:47,480 Speaker 1: I still have friends and friends of friends and family 295 00:16:47,960 --> 00:16:52,200 Speaker 1: of friends who are still have people dying of COVID. 296 00:16:52,560 --> 00:16:54,960 Speaker 1: This thing is not over. Those who are in the hospital, 297 00:16:55,000 --> 00:16:57,920 Speaker 1: those who are still sick. And while we're getting better, 298 00:16:58,600 --> 00:17:01,320 Speaker 1: as Rick said, we cannot for get that we're still 299 00:17:01,320 --> 00:17:05,240 Speaker 1: in this fight and families around this country. Pockets of 300 00:17:05,359 --> 00:17:08,960 Speaker 1: communities are still losing people to COVID. It's still very 301 00:17:09,000 --> 00:17:11,399 Speaker 1: difficult as well as those will finally being able to 302 00:17:11,480 --> 00:17:13,600 Speaker 1: hunt their loved ones and mother and fathers for the 303 00:17:13,640 --> 00:17:15,760 Speaker 1: first time in a year. So we have to be 304 00:17:15,800 --> 00:17:19,719 Speaker 1: ever vigilant. Very well said, we cannot forget people are 305 00:17:19,760 --> 00:17:22,480 Speaker 1: still suffering in the United States and around the world. 306 00:17:23,080 --> 00:17:26,640 Speaker 1: More on that, and I am Jennie Chanzo and this 307 00:17:26,800 --> 00:17:32,399 Speaker 1: is Bloomberg and I am back with Rick Davis, fellow 308 00:17:32,400 --> 00:17:36,480 Speaker 1: Bloomberg political contributor and Scott Bolden, a Democratic strategist and 309 00:17:36,600 --> 00:17:41,160 Speaker 1: former DC Democratic Party chairman. And earlier Scott had mentioned 310 00:17:41,160 --> 00:17:44,480 Speaker 1: I think, Scott, you said this is all about two 311 00:17:44,720 --> 00:17:48,280 Speaker 1: as we talked about infrastructure, and you know you're speaking 312 00:17:48,359 --> 00:17:52,720 Speaker 1: my language. That's right, that's right here, the two of 313 00:17:52,760 --> 00:17:56,520 Speaker 1: you strategists. And of course he Scott was referencing the 314 00:17:56,560 --> 00:18:00,720 Speaker 1: big Texas special election over the weekend in which the 315 00:18:00,960 --> 00:18:04,239 Speaker 1: Democrats did not get the results that they wanted and 316 00:18:04,400 --> 00:18:07,960 Speaker 1: Donald Trump did as two Republicans advanced to the runoff. 317 00:18:08,400 --> 00:18:11,880 Speaker 1: UM one is the widow of run right, that Susan Wright, 318 00:18:11,920 --> 00:18:17,200 Speaker 1: who's gonna face fellow Republican Jake Elz in the special election. 319 00:18:17,440 --> 00:18:20,240 Speaker 1: In the runoff for the special election. So Scott, let 320 00:18:20,280 --> 00:18:22,360 Speaker 1: me just ask you. A lot of people have been 321 00:18:22,400 --> 00:18:26,399 Speaker 1: talking about why didn't Democrats turn out? The flip side 322 00:18:26,400 --> 00:18:29,719 Speaker 1: of this is, of course, it's not a district. Democrats 323 00:18:29,760 --> 00:18:33,680 Speaker 1: tend to win, So are we asking too much of them? Well, 324 00:18:33,720 --> 00:18:36,159 Speaker 1: after the big wins in Georgia for the two Senis 325 00:18:36,160 --> 00:18:39,760 Speaker 1: seats as well as the Biden win, Uh, it gets uh, 326 00:18:39,800 --> 00:18:42,520 Speaker 1: it gets tough. But you're right about one thing. I mean, 327 00:18:42,520 --> 00:18:45,000 Speaker 1: I've seen some columnists say this is a bell weather 328 00:18:45,240 --> 00:18:47,920 Speaker 1: for what's to come in I'm not convinced as a 329 00:18:48,000 --> 00:18:51,960 Speaker 1: Democrat just yet. The two biggest counties in in uh 330 00:18:52,080 --> 00:18:54,760 Speaker 1: district seven. I think there's six at six or seven, 331 00:18:55,040 --> 00:18:59,080 Speaker 1: the two biggest counties Republican base. Uh, they were highly 332 00:18:59,119 --> 00:19:02,119 Speaker 1: motivated the key that seat. And even though the Dems 333 00:19:02,119 --> 00:19:05,520 Speaker 1: have have hopes and wishes of seeing blue for the 334 00:19:05,560 --> 00:19:08,520 Speaker 1: state of Texas, were simply not there yet even on 335 00:19:08,560 --> 00:19:12,240 Speaker 1: the federal side when it comes to presidential elections. But 336 00:19:12,320 --> 00:19:15,359 Speaker 1: the population changes, we still got some time to go there. 337 00:19:15,720 --> 00:19:17,680 Speaker 1: But in the end, the Republicans did what they had 338 00:19:17,680 --> 00:19:20,440 Speaker 1: to do. They're going to keep that seat, and um, 339 00:19:20,480 --> 00:19:22,239 Speaker 1: that's a good thing for them. They did what they 340 00:19:22,240 --> 00:19:24,560 Speaker 1: had to do, and so we'll see what happens in 341 00:19:24,600 --> 00:19:27,520 Speaker 1: the UH with with the runoff. And of course Scott 342 00:19:27,560 --> 00:19:31,119 Speaker 1: mentioned the changes in the census count as. Texas was 343 00:19:31,200 --> 00:19:34,120 Speaker 1: one of the states that picked up seats. My home 344 00:19:34,200 --> 00:19:37,359 Speaker 1: state of New York wasn't so lucky losing a seat. 345 00:19:37,640 --> 00:19:40,280 Speaker 1: And in New York City yesterday, the state's U S 346 00:19:40,280 --> 00:19:43,880 Speaker 1: Senator majority leader, Chuck Schumer said that officials in the 347 00:19:43,920 --> 00:19:48,119 Speaker 1: Empire State are considering legal steps and other options, fueled 348 00:19:48,160 --> 00:19:52,119 Speaker 1: by concerns that Sence census funding was misused and we 349 00:19:52,200 --> 00:19:55,680 Speaker 1: have sound on that. There's a lawsuit and we are 350 00:19:55,760 --> 00:19:58,359 Speaker 1: looking if there are other recourses. Now, we put about 351 00:19:58,359 --> 00:20:03,160 Speaker 1: three billion dollars I think it us and um uh 352 00:20:03,280 --> 00:20:07,000 Speaker 1: they didn't use it adequately. Um. At the federal level, 353 00:20:07,040 --> 00:20:08,679 Speaker 1: Trump tried to get in the way, and I do 354 00:20:08,760 --> 00:20:11,440 Speaker 1: have concerns. I think if there were a fairer administration, 355 00:20:11,480 --> 00:20:15,320 Speaker 1: we wouldn't be in this position. Rick Davis, the fact 356 00:20:15,440 --> 00:20:19,280 Speaker 1: that New York missed keeping its seat by eighty nine people, 357 00:20:19,760 --> 00:20:21,639 Speaker 1: as I keep saying, I think there's eighty nine people 358 00:20:21,640 --> 00:20:24,600 Speaker 1: in my house at any given time, how could they 359 00:20:24,760 --> 00:20:27,840 Speaker 1: lose by that number? First, I'm glad I don't live 360 00:20:27,880 --> 00:20:32,120 Speaker 1: in yours. Oh you're so glad. But look, I mean 361 00:20:32,720 --> 00:20:35,760 Speaker 1: there there anytime you have account, you got winners and losers, 362 00:20:35,920 --> 00:20:38,359 Speaker 1: right and uh and and look, you be careful about 363 00:20:38,359 --> 00:20:40,680 Speaker 1: a recount because you may actually lose by more. It's 364 00:20:40,680 --> 00:20:44,160 Speaker 1: not automatic that you pick up bodies in this regard. 365 00:20:44,320 --> 00:20:46,400 Speaker 1: But but look, I mean it's it's a big deal. 366 00:20:47,200 --> 00:20:50,920 Speaker 1: Why is New York even in this position? Because high taxes, 367 00:20:51,720 --> 00:20:55,359 Speaker 1: lack of investment in infrastructure, you know, lack of ability 368 00:20:55,400 --> 00:21:00,000 Speaker 1: to attract high tech jobs, and people are people are leaving. Um. 369 00:20:59,800 --> 00:21:01,880 Speaker 1: I do want to go back to this Texas race 370 00:21:01,920 --> 00:21:04,600 Speaker 1: once because I mean there's a question I have as 371 00:21:04,600 --> 00:21:08,120 Speaker 1: a strategist. I mean, the Democrat who they thought could 372 00:21:08,119 --> 00:21:11,200 Speaker 1: compete on this gentle and Sanchez, who ran against ron 373 00:21:11,240 --> 00:21:14,240 Speaker 1: Wright in the last election, had name I d only 374 00:21:14,400 --> 00:21:18,119 Speaker 1: loss getting in this runoff by four votes, and and 375 00:21:18,160 --> 00:21:21,960 Speaker 1: so like. As I understand it from reporting, the Democrats 376 00:21:22,000 --> 00:21:25,120 Speaker 1: didn't do anything to support her, nothing as far as 377 00:21:25,880 --> 00:21:30,080 Speaker 1: money from the national parties, no big endorsements from national 378 00:21:30,080 --> 00:21:33,959 Speaker 1: Democratic leaders, no involvement by the president. I mean, if 379 00:21:33,960 --> 00:21:37,000 Speaker 1: you're going to compete in suburbs in Texas where Biden 380 00:21:37,040 --> 00:21:40,159 Speaker 1: only lost this district by three points. Why wouldn't you 381 00:21:40,200 --> 00:21:43,400 Speaker 1: play in this district with with the amount of power 382 00:21:43,520 --> 00:21:47,520 Speaker 1: that they currently have in Washington right now, and with 383 00:21:47,640 --> 00:21:50,960 Speaker 1: money in the d m C there cash rich, and 384 00:21:51,000 --> 00:21:54,520 Speaker 1: they still didn't invest in this race. Okay, so you 385 00:21:54,600 --> 00:21:58,680 Speaker 1: agree that there's a question markus judgment here. Well, yeah, 386 00:21:58,720 --> 00:22:01,359 Speaker 1: I mean, listen, we all pick our poison, right, we 387 00:22:01,440 --> 00:22:03,520 Speaker 1: all picked where we're gonna put our money, whether you're 388 00:22:03,560 --> 00:22:06,280 Speaker 1: state party chair, you're the d n C chair, right, 389 00:22:06,880 --> 00:22:10,280 Speaker 1: But at the same time, whoever is making those decisions, 390 00:22:10,680 --> 00:22:13,119 Speaker 1: this is one that was right for the Dems to 391 00:22:13,200 --> 00:22:16,040 Speaker 1: pick off. But I but I I bet you that 392 00:22:16,119 --> 00:22:19,800 Speaker 1: the d n C and others calculated the overwhelming number 393 00:22:19,800 --> 00:22:23,840 Speaker 1: of Republican votes, and then they calculated whether the Republicans 394 00:22:24,160 --> 00:22:26,440 Speaker 1: in the race they were like six or seven of them, 395 00:22:26,800 --> 00:22:29,520 Speaker 1: we're actually going to cancel each other out or were 396 00:22:29,520 --> 00:22:33,640 Speaker 1: they wasn't a winnable race through whatever calculations they make, 397 00:22:34,040 --> 00:22:37,480 Speaker 1: and clearly whatever they calculated said this was not a 398 00:22:37,480 --> 00:22:40,439 Speaker 1: winnable race. But but but look and look at the 399 00:22:40,520 --> 00:22:42,880 Speaker 1: vicious cycle here. Once you decide that and you don't 400 00:22:42,920 --> 00:22:46,600 Speaker 1: invest in that you're guaranteeing that wins were the Republicans 401 00:22:46,840 --> 00:22:51,719 Speaker 1: and the loss by the Dems. I think you'd agreed that, right, 402 00:22:51,760 --> 00:22:55,240 Speaker 1: if your cash rich, then you invest and see what happens. Yeah, 403 00:22:55,280 --> 00:22:57,399 Speaker 1: I think you'd agree that politics is like the lottery. 404 00:22:57,400 --> 00:23:04,280 Speaker 1: You gotta play to win. Rightly, and Rick Davis and 405 00:23:04,320 --> 00:23:07,000 Speaker 1: the time we have remaining, was this as big of 406 00:23:07,040 --> 00:23:10,840 Speaker 1: a win for Donald Trump as has been reported? Not really. 407 00:23:10,880 --> 00:23:14,000 Speaker 1: I mean, Susan Wright was the favorite of the state 408 00:23:14,040 --> 00:23:18,440 Speaker 1: party and all the grassroots. She was definitely, uh, the 409 00:23:18,480 --> 00:23:23,560 Speaker 1: one that the traditional Republicans and the Trump Republicans all supported, um, 410 00:23:23,600 --> 00:23:26,280 Speaker 1: you know, and so so the fact that Donald Trump 411 00:23:26,280 --> 00:23:29,560 Speaker 1: got into this race kind of late, sure claim credit. 412 00:23:29,680 --> 00:23:33,240 Speaker 1: She won. She still gotta beat Jake Elsley, who who 413 00:23:33,280 --> 00:23:36,359 Speaker 1: has lost three times now to the Right Family, twice 414 00:23:36,640 --> 00:23:39,399 Speaker 1: to her husband and now once to her So maybe 415 00:23:39,440 --> 00:23:42,879 Speaker 1: fourth time is his charm. But that guy's gonna if 416 00:23:42,920 --> 00:23:45,199 Speaker 1: he loses again, he's gonna have a complex about the 417 00:23:45,280 --> 00:23:49,560 Speaker 1: Right Family. And and we should we should remind everybody 418 00:23:49,600 --> 00:23:51,720 Speaker 1: that this was, of course a race. The seat opened 419 00:23:51,800 --> 00:23:56,280 Speaker 1: up because unfortunately Representative Ron Right of Texas passed away 420 00:23:56,359 --> 00:23:59,480 Speaker 1: after an eighteen day battle with COVID at the age 421 00:23:59,480 --> 00:24:01,919 Speaker 1: of just six d seven years old. I believe that 422 00:24:01,960 --> 00:24:04,639 Speaker 1: was last February. I may have the date wrong, but 423 00:24:05,040 --> 00:24:07,680 Speaker 1: he passed away and was the first member of Congress 424 00:24:07,720 --> 00:24:10,719 Speaker 1: to die of COVID, opening up this seat and of 425 00:24:10,760 --> 00:24:14,280 Speaker 1: course eventually his widow, Susan Wright, one of the two 426 00:24:14,320 --> 00:24:16,919 Speaker 1: that is uh you know, going to be in this 427 00:24:17,040 --> 00:24:20,800 Speaker 1: special um who made it to the runoff is in 428 00:24:20,800 --> 00:24:23,760 Speaker 1: in the running to fill his seat. UM. Coming up, 429 00:24:23,880 --> 00:24:25,680 Speaker 1: we are going to be talking about the big news 430 00:24:25,680 --> 00:24:28,280 Speaker 1: of the day of the day, the divorced by Bill 431 00:24:28,320 --> 00:24:31,120 Speaker 1: and Melinda Gates. And I want to thank so much 432 00:24:31,200 --> 00:24:36,320 Speaker 1: Scott Bolden, Democratic strategist and former DC Democratic Party Chairman. 433 00:24:36,640 --> 00:24:43,879 Speaker 1: I am Jenie Schanzano, and this is Bloomberg. This is 434 00:24:43,920 --> 00:24:50,760 Speaker 1: Bloomberg sound on on Bloomberg Radio. I am Janie Schanzano 435 00:24:51,000 --> 00:24:55,879 Speaker 1: along with Bloomberg political contributor Rick Davis, and of course, 436 00:24:55,920 --> 00:24:59,920 Speaker 1: as Charlie just mentioned, the news just breaking that Bill 437 00:25:00,080 --> 00:25:04,200 Speaker 1: and Melinda Gates have decided to divorce after twenty seven 438 00:25:04,280 --> 00:25:07,600 Speaker 1: years of marriage. And joining us to walk us through 439 00:25:07,960 --> 00:25:11,560 Speaker 1: what type of impact this may have on the Foundation 440 00:25:11,840 --> 00:25:18,120 Speaker 1: and Microsoft is Sophie Alexander Bloomberg News Wealth reporter. So, Sophie, 441 00:25:18,119 --> 00:25:20,359 Speaker 1: thank you so much for joining us. What can you 442 00:25:20,440 --> 00:25:24,520 Speaker 1: tell us about what you're hearing? Right So? We don't 443 00:25:24,560 --> 00:25:27,960 Speaker 1: know very much right now. We got a Twitter post 444 00:25:28,040 --> 00:25:32,439 Speaker 1: from Bill saying that they have decided to split and UM. 445 00:25:32,480 --> 00:25:35,520 Speaker 1: The big news that we got on the foundation is 446 00:25:35,560 --> 00:25:39,760 Speaker 1: that they will continue to run the foundation together, so 447 00:25:39,840 --> 00:25:42,840 Speaker 1: that is their biggest philanthropic endeavor. They also have the 448 00:25:42,880 --> 00:25:46,679 Speaker 1: giving pledge with which they founded together UM. But you know, 449 00:25:46,760 --> 00:25:49,520 Speaker 1: this is a hundreds and forty five billion dollars at stake, 450 00:25:49,600 --> 00:25:52,480 Speaker 1: a hundred forty six billion dollars at stake UM, so 451 00:25:52,560 --> 00:25:55,760 Speaker 1: it'll be interesting to see how they actually split that 452 00:25:55,920 --> 00:25:59,520 Speaker 1: up and what becomes of that money and and what 453 00:25:59,520 --> 00:26:01,320 Speaker 1: what are you hearing? And I know this is all 454 00:26:01,320 --> 00:26:04,720 Speaker 1: breaking and very early. So are you hearing anything about 455 00:26:04,760 --> 00:26:10,359 Speaker 1: his future role as chair of a Microsoft No, we 456 00:26:10,359 --> 00:26:14,200 Speaker 1: we haven't heard back on that yet. You know, UM, 457 00:26:14,880 --> 00:26:18,679 Speaker 1: Bill has sort of kept down before UM, but we 458 00:26:18,800 --> 00:26:21,240 Speaker 1: don't know how the divorce is going to impact that. 459 00:26:21,320 --> 00:26:25,119 Speaker 1: You know, most of his fortune isn't Harold in Microsoft 460 00:26:25,200 --> 00:26:29,439 Speaker 1: shares UM. It's Harold and UM, an investment company that 461 00:26:29,480 --> 00:26:33,280 Speaker 1: he founded or he created with the proceeds from his 462 00:26:33,320 --> 00:26:36,280 Speaker 1: whole things in Microsoft. Um, but only he only only 463 00:26:36,320 --> 00:26:41,680 Speaker 1: about one of Microsoft, Sophie. I was curious, let's get, 464 00:26:42,040 --> 00:26:45,119 Speaker 1: let's get what's really what people want to know? Was 465 00:26:45,119 --> 00:26:48,119 Speaker 1: there a pretty nuptial? And if not, what are the 466 00:26:48,200 --> 00:26:51,240 Speaker 1: rules in Washington? Is Melinda going to get half of 467 00:26:51,280 --> 00:26:56,600 Speaker 1: that fortune? Um? Well, Washington is a community property state, 468 00:26:56,760 --> 00:26:59,679 Speaker 1: and so what that means is that everything that they 469 00:27:00,000 --> 00:27:06,720 Speaker 1: are during marriage, UM is you know, fair game for split. Um. 470 00:27:07,040 --> 00:27:09,879 Speaker 1: That could change if there is a prenuptial agreement. But 471 00:27:09,960 --> 00:27:12,480 Speaker 1: of course we don't know at this point whether there 472 00:27:12,600 --> 00:27:14,840 Speaker 1: was a pre nup and it's going to take some 473 00:27:14,960 --> 00:27:18,520 Speaker 1: time for this to actually process. UM. So there's a 474 00:27:18,520 --> 00:27:20,720 Speaker 1: as far as I know, there's a ninety day holding 475 00:27:21,400 --> 00:27:24,840 Speaker 1: period before they can actually uh split, And we don't 476 00:27:24,880 --> 00:27:27,320 Speaker 1: know that if they've already done that um and that 477 00:27:27,480 --> 00:27:32,120 Speaker 1: the split is finalized, or if that's starting just now. Um. 478 00:27:32,119 --> 00:27:34,639 Speaker 1: But we won't find out for a little bit, uh 479 00:27:34,880 --> 00:27:37,879 Speaker 1: what what God actually used for the fortune? I was 480 00:27:37,920 --> 00:27:40,800 Speaker 1: curious too, how long does something like this take to 481 00:27:40,840 --> 00:27:43,919 Speaker 1: resolve itself? I mean they talked about in their tweet 482 00:27:43,960 --> 00:27:46,960 Speaker 1: that announced the split. You know that they want privacy 483 00:27:47,000 --> 00:27:49,600 Speaker 1: for their families as they begin to navigate their new life. 484 00:27:49,600 --> 00:27:53,520 Speaker 1: But they're wildly globally public figures. I mean, this is 485 00:27:53,520 --> 00:27:56,239 Speaker 1: going to rivet people's intention, whether it's healthy or not. 486 00:27:56,920 --> 00:27:59,479 Speaker 1: Uh too for some time. Is Is this the kind 487 00:27:59,520 --> 00:28:02,320 Speaker 1: of thing that sort of comes to a quick end? 488 00:28:02,359 --> 00:28:04,600 Speaker 1: I mean when we saw the Bezos divorce, it seemed 489 00:28:04,600 --> 00:28:07,280 Speaker 1: to be over before it started. Can we expect that 490 00:28:07,359 --> 00:28:10,760 Speaker 1: kind of speed with this one? Uh? Yeah, I mean 491 00:28:10,800 --> 00:28:14,240 Speaker 1: it'll be interesting. I think the basest one did take months, 492 00:28:14,240 --> 00:28:16,679 Speaker 1: so this could still play out over the next the 493 00:28:16,720 --> 00:28:20,080 Speaker 1: course of months. Um. Of course, they already have this 494 00:28:20,200 --> 00:28:22,960 Speaker 1: foundation set up. The Bill and Lander Gates Foundation is 495 00:28:23,000 --> 00:28:27,040 Speaker 1: one of the most influential filmthropic organizations in the world. 496 00:28:27,480 --> 00:28:30,960 Speaker 1: And this is the fourth biggest fortune in the world, 497 00:28:31,080 --> 00:28:34,680 Speaker 1: so there are billions of dollars at stake here. Um. 498 00:28:35,000 --> 00:28:39,640 Speaker 1: The difference with the Bezos divorce was, uh, Jeff and 499 00:28:39,720 --> 00:28:43,560 Speaker 1: Mackenzie didn't have a foundation like that set up. Um. 500 00:28:43,840 --> 00:28:47,000 Speaker 1: And so once they actually did split up, and it 501 00:28:47,200 --> 00:28:50,960 Speaker 1: ended up shaking out to be seventy five for jeffcent 502 00:28:51,080 --> 00:28:54,960 Speaker 1: for Mackenzie, we started seeing a huge amount of philanthropy. 503 00:28:55,120 --> 00:28:59,720 Speaker 1: Philanthropy from McKenzie herself. Um, you know, she gave almost 504 00:28:59,760 --> 00:29:03,240 Speaker 1: seven billion dollars or almost six billion dollars UH last 505 00:29:03,320 --> 00:29:07,200 Speaker 1: year alone, which was unheard of for a billionaire philanthropy. 506 00:29:07,520 --> 00:29:11,480 Speaker 1: So the impact of this divorce might be smaller just 507 00:29:11,600 --> 00:29:15,400 Speaker 1: because they're already so establishing the philanthrops game. Um. But 508 00:29:15,720 --> 00:29:17,560 Speaker 1: it will be interesting to see how it shakes out. 509 00:29:18,080 --> 00:29:21,160 Speaker 1: And on that point of the Bezos divorce, are there 510 00:29:21,200 --> 00:29:25,160 Speaker 1: any other lessons to be learned from that divorce? I mean, obviously, 511 00:29:25,200 --> 00:29:27,600 Speaker 1: as you mentioned, they didn't have a foundation like the 512 00:29:27,640 --> 00:29:30,840 Speaker 1: Gates do at when they when they filed. But are 513 00:29:30,880 --> 00:29:34,200 Speaker 1: there other takeaways from how that went that may sort 514 00:29:34,240 --> 00:29:36,760 Speaker 1: of predict how we're going to see this pan out 515 00:29:36,840 --> 00:29:42,600 Speaker 1: as particularly as it concerns the foundation and also Microsoft. Yeah, 516 00:29:42,600 --> 00:29:45,000 Speaker 1: well they thought it would take to continue to run 517 00:29:45,000 --> 00:29:48,760 Speaker 1: the foundation together. UM, so maybe there won't be much 518 00:29:48,800 --> 00:29:51,600 Speaker 1: of a change there, um in terms of how the 519 00:29:51,720 --> 00:29:56,560 Speaker 1: McKenzie um Jeff divorce plays out. You know that that 520 00:29:56,760 --> 00:29:59,160 Speaker 1: was also in Washington, so that goes to show that 521 00:29:59,240 --> 00:30:04,680 Speaker 1: we shouldn't miss fairly expect here this happened between couples. 522 00:30:04,720 --> 00:30:08,240 Speaker 1: You know, they've probably already have um discussed what they're 523 00:30:08,240 --> 00:30:10,360 Speaker 1: going to do with the fortune. It's just going to 524 00:30:10,440 --> 00:30:14,520 Speaker 1: be anmount of time before we find out. Obviously, Sophie, 525 00:30:14,680 --> 00:30:17,320 Speaker 1: a lot of the giving at the foundation level has 526 00:30:17,360 --> 00:30:21,040 Speaker 1: been along the lines of, you know, battling various UH 527 00:30:21,120 --> 00:30:25,480 Speaker 1: diseases like um uh, covid as uh as as. I mean, 528 00:30:25,480 --> 00:30:28,640 Speaker 1: I think Bill Gates had announced many years ago that 529 00:30:28,720 --> 00:30:32,920 Speaker 1: he was worried about this kind of pandemic UH all 530 00:30:33,040 --> 00:30:37,760 Speaker 1: kinds of support for Africa around uh these kinds of 531 00:30:37,880 --> 00:30:41,320 Speaker 1: diseases and pandemics. Is it is it your sense, and 532 00:30:41,360 --> 00:30:43,520 Speaker 1: I know this is very early on, but is it 533 00:30:43,600 --> 00:30:46,520 Speaker 1: your sense that there could be any kind of a 534 00:30:46,640 --> 00:30:49,880 Speaker 1: shift regardless of whether there's a change in the way 535 00:30:49,960 --> 00:30:54,800 Speaker 1: the foundation is run, uh, just from you know, maybe 536 00:30:55,800 --> 00:30:59,600 Speaker 1: Bill or Melinda exerting some independence, a shift in what 537 00:30:59,800 --> 00:31:02,760 Speaker 1: the priorities might be at the foundation level, any special 538 00:31:02,800 --> 00:31:07,640 Speaker 1: interests that haven't been accumulated at the foundation. Ah, that's 539 00:31:07,640 --> 00:31:11,320 Speaker 1: a good question, and I'm not sure. I mean, something 540 00:31:11,360 --> 00:31:14,200 Speaker 1: that we see with billionaire philanthropists if they don't really 541 00:31:14,440 --> 00:31:17,240 Speaker 1: you know, take their plancrop you very seriously, until they 542 00:31:17,240 --> 00:31:20,920 Speaker 1: sort of stepped down from the rules that made them 543 00:31:20,920 --> 00:31:23,480 Speaker 1: so wealthy in the first place, and you know Bill 544 00:31:23,520 --> 00:31:26,760 Speaker 1: has already done that. Um, so what we're seeing with 545 00:31:27,040 --> 00:31:32,200 Speaker 1: the foundation could continue on just as it has been. Um. 546 00:31:32,320 --> 00:31:34,680 Speaker 1: But but yeah, we we don't know right now. We're 547 00:31:34,680 --> 00:31:37,480 Speaker 1: sort of just sitting and waiting and um hoping Francis 548 00:31:37,560 --> 00:31:41,760 Speaker 1: in and can I ask you you cover wealth? Um, 549 00:31:41,840 --> 00:31:45,440 Speaker 1: how wealthy are the Gates. I mean you said, I 550 00:31:45,480 --> 00:31:48,760 Speaker 1: think the fourth wealthiest couple in the world. I think 551 00:31:48,800 --> 00:31:52,000 Speaker 1: you said, Um, what is that? How? How what are 552 00:31:52,000 --> 00:31:54,320 Speaker 1: we talking about in terms of the size and scope 553 00:31:54,520 --> 00:31:56,680 Speaker 1: of what they of what they indeed have in terms 554 00:31:56,720 --> 00:32:01,880 Speaker 1: of wealth. Yeah, so the the Bill Gates fortune, we 555 00:32:01,880 --> 00:32:04,720 Speaker 1: attributed it to Bill right now, but I'm sure that 556 00:32:04,840 --> 00:32:06,840 Speaker 1: once we have more clarity on how that was is 557 00:32:06,880 --> 00:32:09,120 Speaker 1: going to be split up, will create a profile for 558 00:32:09,240 --> 00:32:12,760 Speaker 1: Melinda as well. But right now, the couple of fortune 559 00:32:12,880 --> 00:32:15,840 Speaker 1: is a hundred and forty five point eight billion dollars, 560 00:32:15,880 --> 00:32:20,160 Speaker 1: which makes them the fourth richest in the world. And 561 00:32:20,520 --> 00:32:23,120 Speaker 1: it's kind of mind boggling to think of these numbers, 562 00:32:23,120 --> 00:32:25,400 Speaker 1: you know, because there aren't just billionaires anymore. There are 563 00:32:25,520 --> 00:32:29,160 Speaker 1: hundreds of billionaires. And with a hundred and forty five 564 00:32:29,160 --> 00:32:31,480 Speaker 1: billion dollar fortune, you're not even the richest person in 565 00:32:31,520 --> 00:32:37,520 Speaker 1: the world anymore. Um. But the divorce of Jeff and Mackenzie. Um. Also, 566 00:32:37,720 --> 00:32:41,720 Speaker 1: you know, put Mackenzie in the spotlight because before Jeff 567 00:32:41,760 --> 00:32:44,320 Speaker 1: was sort of the face of the couple, the face 568 00:32:44,360 --> 00:32:47,280 Speaker 1: of the couple's fortune, because he was running Amazon, and 569 00:32:47,360 --> 00:32:49,960 Speaker 1: people didn't know much about Mackenzie. She sort of laid low. 570 00:32:50,240 --> 00:32:53,360 Speaker 1: It's different for Bill and Melinda because she is really 571 00:32:53,360 --> 00:32:56,280 Speaker 1: the face of this foundation too. Um. But it could 572 00:32:56,320 --> 00:32:59,040 Speaker 1: be interesting to see what happens when she, you know, 573 00:32:59,400 --> 00:33:02,840 Speaker 1: has them in her own name and her own right. Um. 574 00:33:03,000 --> 00:33:06,880 Speaker 1: Not that it's uh not hers right now, obviously, it is. 575 00:33:06,960 --> 00:33:08,920 Speaker 1: It's such a good point. First of all, you're right, 576 00:33:09,000 --> 00:33:11,760 Speaker 1: it is mind boggling, But it's such a good point 577 00:33:11,800 --> 00:33:15,560 Speaker 1: about how we've gotten to know Mackenzie Bezos in a 578 00:33:15,600 --> 00:33:18,960 Speaker 1: way that we didn't prior to that divorce. To your point, 579 00:33:19,040 --> 00:33:21,680 Speaker 1: Melinda Gates has been out there and she's been very 580 00:33:21,720 --> 00:33:24,800 Speaker 1: active and working and writing books and other things. But 581 00:33:25,200 --> 00:33:27,840 Speaker 1: do you think there's a chance that she will be, 582 00:33:28,000 --> 00:33:30,680 Speaker 1: you know, more public than she even has been after 583 00:33:30,720 --> 00:33:33,880 Speaker 1: this divorce, given she's going to have a substantial amount 584 00:33:33,920 --> 00:33:37,120 Speaker 1: of wealth to potentially give away to causes she cares about, 585 00:33:38,600 --> 00:33:41,000 Speaker 1: you know, that's that's the hope, and I think that 586 00:33:41,120 --> 00:33:44,760 Speaker 1: you know, the Gates have been fairly transparent, at least 587 00:33:44,920 --> 00:33:50,440 Speaker 1: very relatively transparent in their giving. UM. With the Mackenzie 588 00:33:50,480 --> 00:33:54,440 Speaker 1: and Jeff giving, it was all pretty much behind closed doors. 589 00:33:54,480 --> 00:33:57,120 Speaker 1: There wasn't very much of it, and that changed after 590 00:33:57,160 --> 00:34:00,200 Speaker 1: the divorce too, So that was interesting to happen to 591 00:34:00,760 --> 00:34:03,960 Speaker 1: that happened. But with the giving pledge, you know, they've 592 00:34:04,000 --> 00:34:07,080 Speaker 1: been very vocal about wanting to give away the majority 593 00:34:07,120 --> 00:34:10,200 Speaker 1: of their wealth away in their lifetimes and not giving 594 00:34:10,600 --> 00:34:13,319 Speaker 1: um that much to their kids. UM, not much by 595 00:34:13,360 --> 00:34:15,400 Speaker 1: their standards. I think their kids are all each getting 596 00:34:15,440 --> 00:34:19,440 Speaker 1: still a ten million dollars apiece. UM. But we we 597 00:34:19,520 --> 00:34:23,399 Speaker 1: could see more of from her UM. You know, Bill 598 00:34:23,480 --> 00:34:26,759 Speaker 1: is very active with his blogging, but Melinda is also 599 00:34:27,040 --> 00:34:31,120 Speaker 1: very public, a very public stage here. So it's it's 600 00:34:31,200 --> 00:34:34,480 Speaker 1: kind of a different conversation, UM, when we're talking about 601 00:34:34,480 --> 00:34:38,040 Speaker 1: this couple and Sophie, just quickly before we let you 602 00:34:38,080 --> 00:34:39,600 Speaker 1: go and get back to work, do you have any 603 00:34:39,640 --> 00:34:42,000 Speaker 1: sense of timing on this? Is there any indication how 604 00:34:42,040 --> 00:34:45,840 Speaker 1: long this is going to take? Uh, it's a matter 605 00:34:46,120 --> 00:34:48,920 Speaker 1: of what they've already done. They announced it today, but 606 00:34:48,960 --> 00:34:52,600 Speaker 1: that doesn't mean that they haven't already finalized their divorce. 607 00:34:53,200 --> 00:34:56,160 Speaker 1: UM So depending where they are on that process, it 608 00:34:56,200 --> 00:34:59,760 Speaker 1: could be days, weeks, or it could be months. Wow, 609 00:35:00,120 --> 00:35:04,040 Speaker 1: it's going to be fascinating. Sophie Alexander, Bloomberg News Wealth Reporter, 610 00:35:04,200 --> 00:35:07,000 Speaker 1: Thank you so much for joining us with this breaking news, 611 00:35:07,200 --> 00:35:10,960 Speaker 1: and of course I want to thank Scott Bolden, Democratic strategist, 612 00:35:11,080 --> 00:35:15,640 Speaker 1: and Rick Davis, Bloomberg political contributor. I am Jeanie Zano 613 00:35:15,800 --> 00:35:18,400 Speaker 1: and this is sound On on Bloomberg Radio