1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple Coarckley and Android 4 00:00:17,160 --> 00:00:20,560 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:24,160 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,480 --> 00:00:26,560 Speaker 2: That's live from the White House. 7 00:00:26,560 --> 00:00:30,480 Speaker 3: President Trump in the Cabinet room, still in opening remarks 8 00:00:30,600 --> 00:00:33,000 Speaker 3: in a cabinet meeting that we wanted to bring you 9 00:00:33,080 --> 00:00:35,440 Speaker 3: live here, and we'll go back to the conversation once 10 00:00:35,479 --> 00:00:38,479 Speaker 3: the secretaries start to weigh in on the latest from 11 00:00:38,520 --> 00:00:41,960 Speaker 3: their agencies, and once reporters begin to ask questions of 12 00:00:42,000 --> 00:00:44,920 Speaker 3: the president. Of course, the whole story involving Lisa Cook 13 00:00:45,120 --> 00:00:47,040 Speaker 3: is the one that we're really all waiting to hear 14 00:00:47,080 --> 00:00:47,879 Speaker 3: about the president. 15 00:00:47,880 --> 00:00:49,040 Speaker 2: They're covering the waterfront. 16 00:00:49,080 --> 00:00:51,760 Speaker 3: He started by talking about the military, the strength of 17 00:00:51,760 --> 00:00:54,600 Speaker 3: the US economy did make a few headlines along the 18 00:00:54,600 --> 00:00:59,640 Speaker 3: way here, talking about the development of AI, the domestic 19 00:00:59,680 --> 00:01:02,520 Speaker 3: auto production that he says will be thrilling in two years. 20 00:01:03,080 --> 00:01:07,520 Speaker 3: Believes that oil prices will break sixty dollars a barrel soon, 21 00:01:07,840 --> 00:01:11,360 Speaker 3: and started talking more about furniture as a matter of fact, 22 00:01:11,400 --> 00:01:15,120 Speaker 3: having threatened furniture tariffs, he says will be done pretty quickly, 23 00:01:15,560 --> 00:01:19,919 Speaker 3: reiterating that the furniture tariff will be very substantial, suggesting 24 00:01:19,959 --> 00:01:23,560 Speaker 3: that generations of furniture makers in states like South Carolina 25 00:01:23,840 --> 00:01:26,280 Speaker 3: will benefit from all of this. I want to spend 26 00:01:26,319 --> 00:01:29,760 Speaker 3: some time with Stuart Paul just as we wait for 27 00:01:29,840 --> 00:01:31,360 Speaker 3: this to progress a little bit and to get some 28 00:01:31,400 --> 00:01:33,199 Speaker 3: news coming out of the White House. These can typically, 29 00:01:33,280 --> 00:01:36,160 Speaker 3: by the way, be our plus long affairs, and so 30 00:01:36,240 --> 00:01:38,640 Speaker 3: we will bring you back into the Cabinet room when 31 00:01:38,680 --> 00:01:41,640 Speaker 3: we have an opportunity to do that. He's Bloomberg Economics 32 00:01:41,760 --> 00:01:44,959 Speaker 3: US Economists, and of course Stuart's antenna's went up last 33 00:01:44,959 --> 00:01:48,520 Speaker 3: evening when the President announced on social media his intention 34 00:01:48,640 --> 00:01:52,320 Speaker 3: to have one of the FED governors fired. Lisa Cook 35 00:01:52,400 --> 00:01:56,680 Speaker 3: has since responded and Stuart, her lawyer, says they're going 36 00:01:56,720 --> 00:01:59,120 Speaker 3: to sue to challenge the president's move. 37 00:01:59,200 --> 00:02:00,800 Speaker 2: Here. So many questions. 38 00:02:00,880 --> 00:02:03,600 Speaker 3: Though the President says she is fired, we don't know 39 00:02:03,640 --> 00:02:05,600 Speaker 3: if she went to the office today, if she logged 40 00:02:05,640 --> 00:02:08,560 Speaker 3: into the email she badged in at the FED. Do 41 00:02:08,600 --> 00:02:10,960 Speaker 3: we have any idea about where any of this stands 42 00:02:10,960 --> 00:02:12,400 Speaker 3: on a procedural level. 43 00:02:12,480 --> 00:02:15,600 Speaker 4: Stewart well, now it's up to Governor Cook, as it 44 00:02:15,680 --> 00:02:18,400 Speaker 4: sounds like she is doing to file a case against 45 00:02:18,400 --> 00:02:21,560 Speaker 4: the administration. With that case, she's going to, I assume, 46 00:02:21,760 --> 00:02:25,720 Speaker 4: file a motion requesting stay so that she can remain 47 00:02:25,919 --> 00:02:31,040 Speaker 4: in her post pending further court proceedings. I imagine that 48 00:02:31,080 --> 00:02:34,239 Speaker 4: stay would also be granted, but that is up to 49 00:02:34,280 --> 00:02:37,120 Speaker 4: the judge, and if it is granted, she would be 50 00:02:37,240 --> 00:02:40,160 Speaker 4: able to continue working as a member of the Board 51 00:02:40,160 --> 00:02:45,760 Speaker 4: of Governors, voting on regulation, voting on monetary policy decisions. 52 00:02:46,200 --> 00:02:49,600 Speaker 4: What seems to be most interesting here is that it 53 00:02:49,639 --> 00:02:52,720 Speaker 4: will be up to the court to decide what constitutes 54 00:02:52,800 --> 00:02:58,200 Speaker 4: appropriate cause for dismissal. It sounds like from the former 55 00:02:58,240 --> 00:03:02,679 Speaker 4: General Counsel of the Federal Reserve that typically cause for 56 00:03:02,880 --> 00:03:09,880 Speaker 4: dismissal would come from failing to appropriately execute one's authority 57 00:03:10,000 --> 00:03:12,840 Speaker 4: in the post of governor of the Federal Reserve system. 58 00:03:13,440 --> 00:03:18,399 Speaker 4: This obviously, this attack on Governor Cook relates to allegations 59 00:03:18,400 --> 00:03:21,480 Speaker 4: of financial misfeasans before she was really on the Board 60 00:03:21,480 --> 00:03:24,440 Speaker 4: of Governors, and it even seems to be the case 61 00:03:24,480 --> 00:03:26,320 Speaker 4: based on the post that we saw last night and 62 00:03:26,360 --> 00:03:29,760 Speaker 4: the letter sent by Trump to Governor Cook that he 63 00:03:29,919 --> 00:03:36,360 Speaker 4: recognizes that these allegations relate to dealings outside of her 64 00:03:37,640 --> 00:03:40,680 Speaker 4: job essentially as a governor on the Board of Governors 65 00:03:40,760 --> 00:03:45,119 Speaker 4: of the Federal Reserve. But the allegations of financial misfeasans 66 00:03:45,200 --> 00:03:50,040 Speaker 4: relate to her ability to execute her authorities, essentially questioning 67 00:03:50,080 --> 00:03:53,640 Speaker 4: her competence. So it's going to be a really difficult 68 00:03:53,800 --> 00:03:57,840 Speaker 4: case for the administration to win based on this alone. 69 00:03:58,240 --> 00:04:00,160 Speaker 4: And so we're still just in a holding pattern and 70 00:04:00,200 --> 00:04:03,440 Speaker 4: waiting for additional insights from the Department of Justice in 71 00:04:03,480 --> 00:04:04,240 Speaker 4: their investigation. 72 00:04:05,320 --> 00:04:07,400 Speaker 2: Yeah, there's so criminal investigation underway. 73 00:04:07,600 --> 00:04:12,120 Speaker 3: DOJ You would have thought that that referral might be 74 00:04:12,160 --> 00:04:14,680 Speaker 3: allowed to play out here because we don't even have charges. 75 00:04:14,960 --> 00:04:17,560 Speaker 3: We have to remind everybody, Stuart, never mind a conviction. 76 00:04:18,160 --> 00:04:21,880 Speaker 3: These are just allegations that have come from within the administration. 77 00:04:21,960 --> 00:04:24,240 Speaker 3: And I don't know what the timing was that got 78 00:04:24,279 --> 00:04:27,120 Speaker 3: the President to write this letter last evening, but we 79 00:04:27,120 --> 00:04:30,840 Speaker 3: should note that a president has never fired a FED governor. 80 00:04:30,880 --> 00:04:33,680 Speaker 3: Before we heard from Senator Elizabeth Warren, of course, the 81 00:04:33,760 --> 00:04:35,680 Speaker 3: ranking member of the Banking Committee and in the Senate. 82 00:04:35,720 --> 00:04:38,240 Speaker 3: She was out with a statement about thirty seconds after 83 00:04:38,240 --> 00:04:40,839 Speaker 3: the President's letter, and she called it an illegal attempt 84 00:04:41,160 --> 00:04:44,160 Speaker 3: to fire Lisa Cook. Is that also true or does 85 00:04:44,160 --> 00:04:48,120 Speaker 3: the president have grounds here? If these allegations are correct. 86 00:04:48,080 --> 00:04:51,960 Speaker 4: It really depends what constitutes cause. If cause is narrowly 87 00:04:52,080 --> 00:04:57,040 Speaker 4: defined as failing to execute or failing to be able 88 00:04:57,080 --> 00:05:02,560 Speaker 4: to execute one's authority while in a role such as 89 00:05:02,960 --> 00:05:06,599 Speaker 4: governor of the Federal Reserve, then I don't think that 90 00:05:06,680 --> 00:05:10,400 Speaker 4: this would constitute grounds for or this would constitute cause 91 00:05:10,440 --> 00:05:15,400 Speaker 4: for dismissal. If cause is widely defined enough to include 92 00:05:15,920 --> 00:05:20,000 Speaker 4: any sort of criminal action and that were to be 93 00:05:20,120 --> 00:05:24,160 Speaker 4: proven by the Department of Justice and in the courts, 94 00:05:24,800 --> 00:05:29,560 Speaker 4: then I suppose so. But what's most useful right now, 95 00:05:29,839 --> 00:05:33,560 Speaker 4: I think, is to think through the judicial process, we 96 00:05:33,600 --> 00:05:37,240 Speaker 4: will get some additional insight from the court as to 97 00:05:37,680 --> 00:05:41,560 Speaker 4: what the threshold is for cause for dismissal. And I 98 00:05:41,600 --> 00:05:43,800 Speaker 4: think that in that sense, given the fact that we 99 00:05:43,880 --> 00:05:45,880 Speaker 4: knew that no matter what, Governor Cook was going to 100 00:05:45,880 --> 00:05:49,400 Speaker 4: file a case against the administration and file emotion to 101 00:05:49,560 --> 00:05:53,000 Speaker 4: stay in her current role, this essentially just speeds that 102 00:05:53,120 --> 00:05:58,040 Speaker 4: up and will shed some light on essentially the evidentiary 103 00:05:58,120 --> 00:06:01,360 Speaker 4: bar and what constant to its grounds for dismissal. 104 00:06:02,400 --> 00:06:02,599 Speaker 2: Well. 105 00:06:02,640 --> 00:06:05,360 Speaker 3: In the meantime, the market says call me when it matters, right, 106 00:06:05,400 --> 00:06:06,599 Speaker 3: I mean, what do you make of the lack of 107 00:06:06,640 --> 00:06:09,280 Speaker 3: reaction here in the bond in stock markets? 108 00:06:09,800 --> 00:06:13,960 Speaker 4: We essentially knew that this was coming, right, the Department 109 00:06:13,960 --> 00:06:18,680 Speaker 4: of Justice investigation was underway. President Trump was exerting political pressure, 110 00:06:18,800 --> 00:06:22,600 Speaker 4: He was demanding that she resigned, she was resisting. This 111 00:06:22,760 --> 00:06:24,840 Speaker 4: was always sort of the path that this was going 112 00:06:24,920 --> 00:06:27,359 Speaker 4: to take. What I'm a little bit more surprised about 113 00:06:27,480 --> 00:06:32,600 Speaker 4: is that rate cut odds for September haven't faded. I 114 00:06:32,640 --> 00:06:36,480 Speaker 4: think that, if anything, these additional political attacks on the 115 00:06:36,560 --> 00:06:40,680 Speaker 4: FED will encourage some members of the Board of Governors 116 00:06:40,680 --> 00:06:44,520 Speaker 4: and some of the branch presidents to want to assert 117 00:06:44,600 --> 00:06:49,360 Speaker 4: their independence, to say, look, when political pressure is mounting, consumers, 118 00:06:49,400 --> 00:06:53,240 Speaker 4: inflation expectations can become unanchored. We do not want that 119 00:06:53,400 --> 00:06:56,600 Speaker 4: to happen, and so we're more inclined to stand pat 120 00:06:56,640 --> 00:06:59,240 Speaker 4: in September. I would have expected to see more of 121 00:06:59,240 --> 00:07:02,120 Speaker 4: a fading of timber rate cut odds, but no, odds 122 00:07:02,120 --> 00:07:05,520 Speaker 4: still favor a rate cut in September despite these attacks 123 00:07:05,560 --> 00:07:06,520 Speaker 4: on the Board of Governor. 124 00:07:07,720 --> 00:07:10,400 Speaker 3: Incredible stuff, Stuart, Thank you for a great rate out here. 125 00:07:10,760 --> 00:07:13,920 Speaker 3: Of course, Stuart covers not just economics he is the 126 00:07:14,040 --> 00:07:17,320 Speaker 3: US economists at Bloomberg Economics with us from world headquarters 127 00:07:17,360 --> 00:07:20,040 Speaker 3: in New York. A balanced view from Stuart Paul. Let's 128 00:07:20,040 --> 00:07:22,600 Speaker 3: get into the politics behind all of this, because, of 129 00:07:22,600 --> 00:07:25,920 Speaker 3: course that's what Senator Elizabeth Warren would tell you. This 130 00:07:26,000 --> 00:07:29,440 Speaker 3: is all about. Right, If Donald Trump can pull this off, 131 00:07:30,000 --> 00:07:34,080 Speaker 3: have Lisa Cook fired, gain a majority on the board, 132 00:07:34,400 --> 00:07:37,840 Speaker 3: we could start cutting rates before you know it, maybe 133 00:07:37,880 --> 00:07:40,920 Speaker 3: have them significantly lower in time for the midterms. That's 134 00:07:40,960 --> 00:07:45,440 Speaker 3: the Machiavellian view here. Maybe Rick or Kristen share this view. 135 00:07:45,480 --> 00:07:48,400 Speaker 3: Let's put them together now. Rick Davis, Bloomberg Politics contributor, 136 00:07:48,440 --> 00:07:51,360 Speaker 3: partner at Stone Court Capital and Republican strategist with us 137 00:07:51,400 --> 00:07:56,080 Speaker 3: alongside Democratic strategist Kristin Hahn, partner at Rock Solutions. Great 138 00:07:56,120 --> 00:07:58,760 Speaker 3: to have you both with us. Rick, what's your view 139 00:07:59,200 --> 00:08:03,080 Speaker 3: on the president's decision to fire the first black female 140 00:08:03,160 --> 00:08:04,520 Speaker 3: to ever serve as a Fed governor. 141 00:08:05,360 --> 00:08:08,680 Speaker 5: Look, he's looking for ways to exert his authority across 142 00:08:08,720 --> 00:08:11,400 Speaker 5: the government. This is an exclusive at all to the 143 00:08:11,400 --> 00:08:15,000 Speaker 5: Federal Reserve. He's already done as to other independent agencies, 144 00:08:15,080 --> 00:08:17,840 Speaker 5: been backed up by the courts, the Supreme Court, you 145 00:08:18,160 --> 00:08:21,240 Speaker 5: cautioned him on his conduct around the FED because of 146 00:08:21,240 --> 00:08:26,280 Speaker 5: its unique independence. But this is all about presidential power 147 00:08:26,480 --> 00:08:31,960 Speaker 5: and his willingness to take risks with it to advance 148 00:08:32,000 --> 00:08:37,199 Speaker 5: it beyond what has been traditionally approval for a president. 149 00:08:37,559 --> 00:08:40,120 Speaker 5: And so he knows no limitations, and he's fine to 150 00:08:40,200 --> 00:08:43,360 Speaker 5: let this go to the Supreme Court and let them 151 00:08:43,480 --> 00:08:47,720 Speaker 5: tell him the extent to which a all powerful executive 152 00:08:47,760 --> 00:08:51,600 Speaker 5: branch can govern. And that's exactly what we're witnessing today. 153 00:08:52,679 --> 00:08:54,680 Speaker 3: That's the point of this, right, Kristen, don't wait to 154 00:08:54,760 --> 00:08:58,200 Speaker 3: find out, Just go for it. Write the letter. Maybe 155 00:08:58,240 --> 00:09:01,240 Speaker 3: she will be fired. If not, we'll have another day 156 00:09:01,240 --> 00:09:03,520 Speaker 3: in court here. That'll be news. And it all plays 157 00:09:03,800 --> 00:09:05,040 Speaker 3: to Donald Trump's benefit. 158 00:09:05,080 --> 00:09:05,640 Speaker 2: Am I warm? 159 00:09:07,200 --> 00:09:09,680 Speaker 6: I think that's exactly right. I mean, you know this 160 00:09:09,720 --> 00:09:12,520 Speaker 6: is all about intimidation. I couldn't agree more with Rick 161 00:09:12,600 --> 00:09:15,839 Speaker 6: when he says this is not just about the Federal Reserve. Now, 162 00:09:15,880 --> 00:09:18,120 Speaker 6: the Federal Reserve is unique in a lot of different ways. 163 00:09:18,160 --> 00:09:20,000 Speaker 6: It will be very interesting to see if it gets 164 00:09:20,040 --> 00:09:22,200 Speaker 6: to that point what the Supreme Court says, given their 165 00:09:23,240 --> 00:09:28,320 Speaker 6: earlier decisions a little earlier this year. But you know this, 166 00:09:28,320 --> 00:09:31,319 Speaker 6: this will extend beyond and he's testing the boundaries. That's 167 00:09:31,320 --> 00:09:33,360 Speaker 6: always what he does. You know, he doesn't like what 168 00:09:33,400 --> 00:09:36,640 Speaker 6: the Federal Reserve is doing, and so you know he's 169 00:09:37,080 --> 00:09:40,200 Speaker 6: he's going to extend this two other agencies already has 170 00:09:40,679 --> 00:09:41,560 Speaker 6: and it's dangerous. 171 00:09:43,240 --> 00:09:45,440 Speaker 3: I wonder what this court case is going to be 172 00:09:45,559 --> 00:09:48,360 Speaker 3: like here in the meantime, Rick, we need a functioning 173 00:09:48,400 --> 00:09:53,280 Speaker 3: Federal Reserve. We need a board of governors not seemed 174 00:09:53,360 --> 00:09:58,200 Speaker 3: as political. When the markets listen to FED speak, consider 175 00:09:58,280 --> 00:10:02,880 Speaker 3: FED statements, and interpret FED rate moves. If we get 176 00:10:02,880 --> 00:10:05,240 Speaker 3: to cut in September, is it going to be second guest? 177 00:10:05,320 --> 00:10:07,920 Speaker 3: After all of this, the President's visit to the Eccles building, 178 00:10:08,320 --> 00:10:11,360 Speaker 3: calls for j. Powell to be fired or to resign, 179 00:10:11,520 --> 00:10:13,720 Speaker 3: now an actual move to fire a governor. 180 00:10:13,720 --> 00:10:16,040 Speaker 5: At what point does this spill over into the markets? 181 00:10:16,480 --> 00:10:19,839 Speaker 5: You know, Joe, it's been amazingly benign so far. I mean, 182 00:10:19,920 --> 00:10:23,200 Speaker 5: like all those things you've mentioned and many many more. Right, 183 00:10:23,440 --> 00:10:26,720 Speaker 5: there was a cycle about three months ago where every 184 00:10:26,800 --> 00:10:31,160 Speaker 5: single day was bashing the Fed governor pale and even 185 00:10:31,200 --> 00:10:34,560 Speaker 5: threats against him losing his job. Right, and yet the 186 00:10:34,559 --> 00:10:40,079 Speaker 5: market reaction has been very muted. And so until the 187 00:10:40,120 --> 00:10:43,920 Speaker 5: president feels the heat from the market, I don't think 188 00:10:43,960 --> 00:10:46,160 Speaker 5: he's going to know his own limitations, because we do 189 00:10:46,320 --> 00:10:51,200 Speaker 5: know that the market has created some barriers for him. 190 00:10:51,600 --> 00:10:57,320 Speaker 5: When he went out on an incredibly aggressive tariff schedule, 191 00:10:58,200 --> 00:11:03,000 Speaker 5: the market crash and brought him back to a more 192 00:11:03,120 --> 00:11:07,360 Speaker 5: managed approach. And so whether or not that is capable 193 00:11:07,520 --> 00:11:11,280 Speaker 5: of doing now this deep into his first year, we're 194 00:11:11,320 --> 00:11:13,720 Speaker 5: going to see, because I don't have any doubt that 195 00:11:13,800 --> 00:11:17,080 Speaker 5: he's going to test that capability, and right now the 196 00:11:17,160 --> 00:11:19,640 Speaker 5: market doesn't seem to want to challenge him on it. 197 00:11:20,679 --> 00:11:22,679 Speaker 2: Well, and you wonder what does the retail trader think 198 00:11:22,720 --> 00:11:23,160 Speaker 2: of this? Right? 199 00:11:23,160 --> 00:11:27,040 Speaker 3: I mean, Christin, if you bought Nvidia last week and 200 00:11:27,080 --> 00:11:29,240 Speaker 3: you're waiting for earnings on Wednesday night, you just might 201 00:11:29,280 --> 00:11:32,360 Speaker 3: not care about what happens to Lisa Cook or Donald 202 00:11:32,400 --> 00:11:34,400 Speaker 3: Trump for that matter. But at some point we have 203 00:11:34,520 --> 00:11:37,160 Speaker 3: seen things connect in the markets, and if there's a 204 00:11:37,240 --> 00:11:39,880 Speaker 3: knock on the independence or credibility of the FED, that 205 00:11:39,960 --> 00:11:42,000 Speaker 3: really could in fact show up in interest rates or 206 00:11:42,000 --> 00:11:45,640 Speaker 3: in stock prices. Interesting to hear from Senator Elizabeth Warren. 207 00:11:45,640 --> 00:11:47,880 Speaker 3: You might have heard me mention her statement, Kristen. She 208 00:11:47,960 --> 00:11:50,640 Speaker 3: referred to it as an illegal attempt to fire Lisa Cook, 209 00:11:51,120 --> 00:11:55,920 Speaker 3: an authoritarian power grab blatantly violates the Federal Reserve Act. 210 00:11:56,000 --> 00:11:58,560 Speaker 3: She says must be overturned in court. That means there 211 00:11:58,559 --> 00:12:01,880 Speaker 3: will be no congressional response to this, right. 212 00:12:03,360 --> 00:12:05,760 Speaker 6: Yeah, and that's not surprising at all. On the first 213 00:12:05,800 --> 00:12:08,120 Speaker 6: step is the courts here, So I think that you know, 214 00:12:08,600 --> 00:12:11,800 Speaker 6: this will play out, you know, in the courts. It's 215 00:12:11,880 --> 00:12:14,680 Speaker 6: very clear that she's being very aggressive and pushing back 216 00:12:14,720 --> 00:12:18,720 Speaker 6: on the president's move, and for good reason. Not surprising 217 00:12:18,880 --> 00:12:23,280 Speaker 6: the statement that Senator Warren put out. She's an obviously 218 00:12:23,480 --> 00:12:26,520 Speaker 6: very very critical of this president. But I would also 219 00:12:26,600 --> 00:12:29,079 Speaker 6: extend this to say, you know, this is this is 220 00:12:29,120 --> 00:12:33,320 Speaker 6: a new, unprecedented move. He's threatened j Pell, you know, 221 00:12:33,480 --> 00:12:35,800 Speaker 6: for for a long time, but this is new, this 222 00:12:35,880 --> 00:12:36,360 Speaker 6: is different. 223 00:12:36,480 --> 00:12:38,240 Speaker 7: So you know, I would keep. 224 00:12:38,040 --> 00:12:41,160 Speaker 6: My eyes on, you know, on the markets, and you know, 225 00:12:41,880 --> 00:12:44,480 Speaker 6: what's the faith and confidence we have in you know, 226 00:12:44,520 --> 00:12:46,720 Speaker 6: the United States of America and the information that we 227 00:12:46,760 --> 00:12:50,200 Speaker 6: put out there. You know, that's very concerning as well. 228 00:12:51,320 --> 00:12:53,280 Speaker 3: What do you make of the timing here, Rick, I mean, 229 00:12:53,320 --> 00:12:56,000 Speaker 3: we knew that the investigation was underway, we knew that 230 00:12:56,040 --> 00:12:58,960 Speaker 3: this could spell trouble for Lisa Cook. But why why 231 00:12:59,080 --> 00:13:01,520 Speaker 3: last night did DM dinner with somebody who had a 232 00:13:01,559 --> 00:13:03,000 Speaker 3: problem with the Fed governor. 233 00:13:03,320 --> 00:13:06,880 Speaker 5: You know, look, I mean this president has been incredibly aggressive. 234 00:13:07,640 --> 00:13:09,680 Speaker 5: We call it flooding the zone, you can call it 235 00:13:09,720 --> 00:13:12,720 Speaker 5: whatever you want. But there are ten issues a day 236 00:13:12,880 --> 00:13:18,840 Speaker 5: that could rise to this level of import and they 237 00:13:19,280 --> 00:13:23,360 Speaker 5: lost for the ability to challenge the media to challenge them. 238 00:13:23,920 --> 00:13:26,760 Speaker 5: And so I have no doubt that this was just 239 00:13:26,920 --> 00:13:29,680 Speaker 5: the next thing in the queue that was waiting to 240 00:13:29,679 --> 00:13:33,240 Speaker 5: be done. Just amount of how much presidential time do 241 00:13:33,240 --> 00:13:36,280 Speaker 5: you have to put him on social media and get 242 00:13:36,320 --> 00:13:39,280 Speaker 5: him to make these pronouncements and frankly, have the rest 243 00:13:39,320 --> 00:13:42,280 Speaker 5: of the government prepared for the reaction to it. So 244 00:13:42,520 --> 00:13:45,000 Speaker 5: I don't think there's any art to the timing of 245 00:13:45,040 --> 00:13:48,360 Speaker 5: the things that President Trump does. It's more like what 246 00:13:48,559 --> 00:13:52,840 Speaker 5: is the latest amount of ammunition. We have to challenge 247 00:13:52,920 --> 00:13:56,040 Speaker 5: the orthodoxy of people's criticism to this government. I mean, 248 00:13:56,360 --> 00:13:59,200 Speaker 5: we need to understand this is the plan. It's going 249 00:13:59,240 --> 00:14:00,800 Speaker 5: to be the plan for the next three and a 250 00:14:00,840 --> 00:14:03,840 Speaker 5: half years, and we need to get used to it. 251 00:14:03,880 --> 00:14:06,840 Speaker 5: And there's all this kind of apology about well, you know, 252 00:14:06,880 --> 00:14:08,760 Speaker 5: but look at the good people who's appointed to some 253 00:14:08,800 --> 00:14:10,960 Speaker 5: of these jobs, and look at the ones that he hasn't. 254 00:14:11,120 --> 00:14:13,400 Speaker 5: I mean he just replace you know, the head of 255 00:14:13,440 --> 00:14:17,200 Speaker 5: Bureau of Standards, and that is an individual who by 256 00:14:17,280 --> 00:14:20,520 Speaker 5: all accounts has not got the backing to do this. 257 00:14:20,680 --> 00:14:23,400 Speaker 5: There are scores of those kind of individuals at the 258 00:14:23,440 --> 00:14:26,600 Speaker 5: Department of Defense, and now you're looking at the FED 259 00:14:26,680 --> 00:14:28,240 Speaker 5: to have the same kind of activity. 260 00:14:29,280 --> 00:14:34,640 Speaker 3: We haven't even mentioned BLS in this conversation, Kristin. It's 261 00:14:34,680 --> 00:14:38,040 Speaker 3: an interesting moment that we're in here in our remaining moment. 262 00:14:38,400 --> 00:14:41,880 Speaker 3: Where are you watching to come from the sort of 263 00:14:41,960 --> 00:14:45,080 Speaker 3: damage control corner. You're an expert on this. If you 264 00:14:45,120 --> 00:14:48,400 Speaker 3: were representing Lisa Cook or advising her, would you tell 265 00:14:48,400 --> 00:14:50,840 Speaker 3: her to start doing interviews? Should her lawyer, Abby Lowle 266 00:14:51,200 --> 00:14:52,560 Speaker 3: be all over TV tonight? 267 00:14:53,880 --> 00:14:58,200 Speaker 6: That's that's that is the big conversation that always goes 268 00:14:58,200 --> 00:15:01,200 Speaker 6: on between communications for professionals. 269 00:15:00,720 --> 00:15:01,880 Speaker 2: And the lawyers. 270 00:15:01,960 --> 00:15:04,640 Speaker 6: I think to take a comprehensive look at it, and 271 00:15:04,680 --> 00:15:06,960 Speaker 6: I think, you know, getting your legal dux in rows 272 00:15:07,000 --> 00:15:09,320 Speaker 6: and you know the number one most important thing. But 273 00:15:09,680 --> 00:15:12,240 Speaker 6: there can certainly be an argument to be made in 274 00:15:12,320 --> 00:15:15,240 Speaker 6: the court of public opinion and that may be what 275 00:15:15,280 --> 00:15:17,640 Speaker 6: she's you know, looking to do. 276 00:15:19,280 --> 00:15:21,480 Speaker 3: Fascinating We're going to find out together here and maybe 277 00:15:21,480 --> 00:15:25,200 Speaker 3: you'll hear some of these voices on Bloomberg. Great conversation 278 00:15:25,320 --> 00:15:28,320 Speaker 3: with our panel Kristen Hahn, Rock Solutions, Rick Davis, partner 279 00:15:28,320 --> 00:15:31,520 Speaker 3: at stone Core Capital, and Bloomberg Politics contributor with us 280 00:15:31,520 --> 00:15:33,680 Speaker 3: from the fish Bowl today in New York. Thank you 281 00:15:33,720 --> 00:15:36,560 Speaker 3: both for the insights. Stay with us on Balance of Power. 282 00:15:36,560 --> 00:15:38,320 Speaker 3: We'll have much more coming up after this. 283 00:15:42,840 --> 00:15:46,320 Speaker 1: You're listening to the Bloomberg Balance of Power Podcast. Catch 284 00:15:46,400 --> 00:15:49,440 Speaker 1: us live weekdays at noon and five pm Eastern on 285 00:15:49,560 --> 00:15:52,800 Speaker 1: Apple Cockway and Android Auto with the Bloomberg Business App. 286 00:15:52,840 --> 00:15:55,880 Speaker 1: You can also listen live on Amazon Alexa from our 287 00:15:55,880 --> 00:15:59,120 Speaker 1: flagship New York station, Just Say Alexa Play. 288 00:15:59,160 --> 00:16:00,160 Speaker 2: Bloomberg eleven. 289 00:16:01,800 --> 00:16:03,400 Speaker 3: Got our eyes on the bond market as well as 290 00:16:03,440 --> 00:16:06,200 Speaker 3: the stock market. Following this Lisa Cook news the President 291 00:16:06,200 --> 00:16:08,760 Speaker 3: moving to have the Federal Reserve governor fired. Of course, 292 00:16:09,400 --> 00:16:12,480 Speaker 3: she's not leaving that easily, and her lawyer Abbe Lowell 293 00:16:12,520 --> 00:16:15,120 Speaker 3: has already said today he will be filing a lawsuit 294 00:16:15,160 --> 00:16:18,600 Speaker 3: to challenge this move. It's unclear exactly what grounds the 295 00:16:18,640 --> 00:16:21,720 Speaker 3: president would have to fire Lisa Cook, as she has 296 00:16:21,720 --> 00:16:25,400 Speaker 3: not even been charged with anything. Allegations yes coming from 297 00:16:25,440 --> 00:16:29,880 Speaker 3: the administration, but the DOJ criminal investigation into her mortgage 298 00:16:29,880 --> 00:16:33,560 Speaker 3: applications is ongoing. The President has been speaking for almost 299 00:16:33,600 --> 00:16:35,920 Speaker 3: an hour from the White House. Inside the Cabinet room, 300 00:16:35,920 --> 00:16:38,240 Speaker 3: he's gathered his cabinet secretaries and they're doing a bit 301 00:16:38,240 --> 00:16:41,240 Speaker 3: of a round robin, as we've seen basically on a 302 00:16:41,280 --> 00:16:44,320 Speaker 3: monthly basis since the President has been in office, getting 303 00:16:44,360 --> 00:16:47,920 Speaker 3: updates on the agencies that of course correspond here. When 304 00:16:47,960 --> 00:16:50,680 Speaker 3: he starts taking questions from reporters and Bloomberg is in 305 00:16:50,720 --> 00:16:53,960 Speaker 3: the room, we're going to bring you there for this conversation. 306 00:16:54,200 --> 00:16:56,360 Speaker 3: I will note the name Lisa Cook I believe has 307 00:16:56,400 --> 00:16:59,320 Speaker 3: not been mentioned. Correct me if I'm wrong, James, since 308 00:16:59,360 --> 00:17:02,080 Speaker 3: this has begun, so we'll have reporters bring us to 309 00:17:02,160 --> 00:17:05,879 Speaker 3: the news when that begins. To that end, Tyler Kendall Bloomberg, 310 00:17:05,960 --> 00:17:08,080 Speaker 3: Washington correspondent, is on the north lawn of the White 311 00:17:08,080 --> 00:17:10,280 Speaker 3: House right now. Kind of bring us up to date 312 00:17:10,720 --> 00:17:13,000 Speaker 3: on things so far, Tyler, we've had a flurry of 313 00:17:13,080 --> 00:17:17,040 Speaker 3: headlines the President talking about everything from furniture tariffs to 314 00:17:17,119 --> 00:17:18,440 Speaker 3: Russia's war in Ukraine. 315 00:17:18,480 --> 00:17:19,119 Speaker 2: What else do you have? 316 00:17:20,160 --> 00:17:22,439 Speaker 8: Yeah, hey, Joe, Well, it really seemed that President Trump 317 00:17:22,480 --> 00:17:25,080 Speaker 8: started his remarks in the Cabinet room to tout his 318 00:17:25,160 --> 00:17:29,160 Speaker 8: economic and industrial policies. As you mentioned, tariffs have come 319 00:17:29,240 --> 00:17:32,040 Speaker 8: up a lot. In this conversation. He namecheck some of 320 00:17:32,080 --> 00:17:36,080 Speaker 8: these private sector companies, most notably related to automakers, including 321 00:17:36,200 --> 00:17:40,280 Speaker 8: Ford Installantis, applauding their efforts to reshore supply chain saying 322 00:17:40,280 --> 00:17:43,520 Speaker 8: that that will help to bolster the US workforce. Interesting 323 00:17:43,560 --> 00:17:45,240 Speaker 8: to point out that he did note that he is 324 00:17:45,320 --> 00:17:49,119 Speaker 8: expecting the next jobs report to show that government jobs 325 00:17:49,200 --> 00:17:53,120 Speaker 8: are down, something that he applauded, and private sector jobs 326 00:17:53,160 --> 00:17:56,720 Speaker 8: are up, in his words, just to sort of drill 327 00:17:56,800 --> 00:18:00,399 Speaker 8: down it seemed like from him on how this idea 328 00:18:00,440 --> 00:18:03,480 Speaker 8: of restoring supply chains he says is going to help 329 00:18:03,600 --> 00:18:07,360 Speaker 8: the domestic economy. He also importantly pointed out that furniture 330 00:18:07,400 --> 00:18:09,919 Speaker 8: tariffs are coming soon. Now we knew that this is 331 00:18:09,960 --> 00:18:13,240 Speaker 8: going to be happening. It's been widely expected after President 332 00:18:13,280 --> 00:18:15,840 Speaker 8: Trump posted about it last week on truth Social, but 333 00:18:15,880 --> 00:18:18,199 Speaker 8: perhaps he put a little bit finer of a point 334 00:18:18,280 --> 00:18:20,639 Speaker 8: on this, saying that they are going to be substantial 335 00:18:20,680 --> 00:18:23,720 Speaker 8: as we wait to see what those rates are going 336 00:18:23,760 --> 00:18:26,159 Speaker 8: to look like. I'll also put on your radar that 337 00:18:26,320 --> 00:18:28,560 Speaker 8: President Trump did say that they are still in active 338 00:18:28,600 --> 00:18:31,120 Speaker 8: negotiations with some of these trading partners when it comes 339 00:18:31,320 --> 00:18:33,480 Speaker 8: to the trade framework, but that they did make progress 340 00:18:33,520 --> 00:18:36,679 Speaker 8: with South Korea. The South Korean president was here yesterday. 341 00:18:36,720 --> 00:18:39,199 Speaker 8: But interesting to hear the president highlight that he is 342 00:18:39,240 --> 00:18:43,199 Speaker 8: working to get market access for US agricultural products with 343 00:18:43,359 --> 00:18:45,840 Speaker 8: our trading partners. And I bring that up because this 344 00:18:45,920 --> 00:18:48,600 Speaker 8: has repeatedly been a sticking point in some of these 345 00:18:48,600 --> 00:18:52,760 Speaker 8: negotiations Joe, including South Korea, but also importantly with India. 346 00:18:52,840 --> 00:18:55,679 Speaker 8: We know that this has really been a point of 347 00:18:55,760 --> 00:18:58,439 Speaker 8: contention between the two trading partners, which have not been 348 00:18:58,480 --> 00:19:01,760 Speaker 8: able to reach a more referential rate when it comes 349 00:19:01,960 --> 00:19:04,199 Speaker 8: to Indian exports. And of course, all eyes are on 350 00:19:04,240 --> 00:19:06,399 Speaker 8: tomorrow when we are expecting those tear freights to go 351 00:19:06,520 --> 00:19:09,399 Speaker 8: up even higher when the Trump administration imposes it's so 352 00:19:09,480 --> 00:19:13,320 Speaker 8: called secondary tarists on India over imports of Russian energy supplies. 353 00:19:14,480 --> 00:19:16,480 Speaker 3: As I mentioned, spinning a lot of places today with 354 00:19:16,520 --> 00:19:18,480 Speaker 3: the help of Tyler Kendall. Tyler, thank you so much 355 00:19:18,520 --> 00:19:21,679 Speaker 3: for weaving all that together. Bloomberg's Washington correspondent. We'll have 356 00:19:21,800 --> 00:19:25,040 Speaker 3: more at the conclusion of the cabinet meeting. As we 357 00:19:25,119 --> 00:19:27,120 Speaker 3: try to have a better sense of where the President 358 00:19:27,160 --> 00:19:29,639 Speaker 3: is pushing the agenda today. Some of us thought he 359 00:19:29,680 --> 00:19:33,560 Speaker 3: would begin with remarks about Lisa Cook, but he's apparently 360 00:19:33,600 --> 00:19:35,800 Speaker 3: going to wait for reporters to ask about this move. 361 00:19:35,840 --> 00:19:36,920 Speaker 2: An unprecedented move. 362 00:19:37,280 --> 00:19:39,440 Speaker 3: He would be the first president to fire a FED 363 00:19:39,520 --> 00:19:43,280 Speaker 3: governor if in fact this happens. With many questions about 364 00:19:43,280 --> 00:19:46,080 Speaker 3: how that would work, and we'll continue to explore them 365 00:19:46,119 --> 00:19:47,800 Speaker 3: a bit later on this hour, not only in this 366 00:19:47,840 --> 00:19:50,840 Speaker 3: conversation with the President of the United States, but Kitty 367 00:19:50,920 --> 00:19:53,440 Speaker 3: Richards from the Groundwork Collaborative is set to join us 368 00:19:53,680 --> 00:19:56,000 Speaker 3: a bit later on this hour as well. There was 369 00:19:56,040 --> 00:19:58,800 Speaker 3: a time we were using the term posse comma tatis 370 00:19:58,880 --> 00:20:01,399 Speaker 3: here on the program on a daily basis. That was 371 00:20:01,440 --> 00:20:05,159 Speaker 3: when President Trump deployed National Guard troops on the streets 372 00:20:05,160 --> 00:20:07,080 Speaker 3: of LA and there was a question about whether they 373 00:20:07,119 --> 00:20:11,879 Speaker 3: may be deployed elsewhere, confounding many at the time, because, 374 00:20:11,920 --> 00:20:15,320 Speaker 3: of course, the idea behind the Passcomatatas Act is that 375 00:20:15,440 --> 00:20:20,000 Speaker 3: US military troops cannot carry out civilian law enforcement actions. 376 00:20:20,480 --> 00:20:23,560 Speaker 3: It's become a daily fact of life for us here 377 00:20:23,600 --> 00:20:26,520 Speaker 3: in Washington, d C. Of course, over the past couple 378 00:20:26,600 --> 00:20:29,760 Speaker 3: of weeks with National Guard troops and many agencies I 379 00:20:29,760 --> 00:20:33,679 Speaker 3: believe a dozen federal law enforcement agencies helping to control 380 00:20:33,720 --> 00:20:36,520 Speaker 3: the streets of Washington and what the President describes as 381 00:20:36,560 --> 00:20:39,040 Speaker 3: a crime infested city. Of course, this comes against the 382 00:20:39,040 --> 00:20:42,360 Speaker 3: backdrop of crime in Washington following to a thirty year 383 00:20:42,400 --> 00:20:43,119 Speaker 3: low according to. 384 00:20:43,119 --> 00:20:44,520 Speaker 2: The Department of Justice. 385 00:20:45,000 --> 00:20:47,560 Speaker 3: But the fact that these National Guard troops are now 386 00:20:47,680 --> 00:20:51,520 Speaker 3: armed has brought a new wrinkle to this conversation, as 387 00:20:51,800 --> 00:20:54,640 Speaker 3: has as well the President's threats to send National Guard 388 00:20:54,720 --> 00:20:58,960 Speaker 3: troops to other cities, next expected to be Chicago. This 389 00:20:59,119 --> 00:21:03,040 Speaker 3: also will likely come up in this conversation today with reporters. 390 00:21:03,040 --> 00:21:05,000 Speaker 3: It certainly did yesterday, and it's why we wanted to 391 00:21:05,000 --> 00:21:09,080 Speaker 3: get back on the line with Robert mcwerder, constitutional law attorney, 392 00:21:09,119 --> 00:21:12,760 Speaker 3: practicing criminal defense, civil rights lawyer from Maricopa County, Arizona. 393 00:21:13,280 --> 00:21:16,040 Speaker 3: He's with us once again on Bloomberg TV and Radio. 394 00:21:16,160 --> 00:21:19,199 Speaker 3: Mister Micwerder, it's great to see you once again. What 395 00:21:19,280 --> 00:21:22,320 Speaker 3: does the Posse Commets Hotas Act think about armed National 396 00:21:22,320 --> 00:21:23,920 Speaker 3: Guard troops on the streets of DC. 397 00:21:24,119 --> 00:21:25,480 Speaker 2: Does it depend. 398 00:21:25,400 --> 00:21:27,840 Speaker 3: Entirely on what their mission is if they're helping to 399 00:21:27,880 --> 00:21:31,960 Speaker 3: protect federal property, for instance, as opposed to conducting arrests 400 00:21:32,280 --> 00:21:33,399 Speaker 3: here in the Federal City. 401 00:21:34,320 --> 00:21:35,760 Speaker 9: What does it mean, Well, first of all, I heard 402 00:21:35,760 --> 00:21:39,400 Speaker 9: you had a birthday, Joe, Happy birthday, Thank you. 403 00:21:40,400 --> 00:21:40,720 Speaker 7: Sure. 404 00:21:41,760 --> 00:21:45,440 Speaker 9: Posse commatatas you know, you know those old Western television 405 00:21:45,440 --> 00:21:48,520 Speaker 9: shows where said we got to form a posse way 406 00:21:48,560 --> 00:21:52,680 Speaker 9: after the bank. That's posse commatatus. It's an old kind 407 00:21:52,680 --> 00:21:55,639 Speaker 9: of common law back in the Middle Ages. It's power 408 00:21:55,640 --> 00:21:57,679 Speaker 9: of the county. It's getting the county together to go 409 00:21:57,720 --> 00:22:00,000 Speaker 9: after bed guys. That's where the term posse comes from. 410 00:22:00,000 --> 00:22:04,320 Speaker 9: It's possecomatatis. So he's trying to evoke this kind of 411 00:22:05,000 --> 00:22:07,720 Speaker 9: you lawlessness, We've got to get a posse together or 412 00:22:07,720 --> 00:22:12,520 Speaker 9: go after lawlessness. In DC, the president has more power 413 00:22:12,600 --> 00:22:15,000 Speaker 9: to do so because ultimately the president is the head 414 00:22:15,000 --> 00:22:18,400 Speaker 9: of the national Guard in the District of Columbia. When 415 00:22:18,400 --> 00:22:21,159 Speaker 9: he wants to go into the states like Chicago, know, 416 00:22:21,320 --> 00:22:23,119 Speaker 9: the governor is the head of the national Guard. And 417 00:22:23,200 --> 00:22:26,600 Speaker 9: the way that normally works, except for extraordinary circumstances, is 418 00:22:26,640 --> 00:22:29,399 Speaker 9: the governor has to request, like there's a big flood 419 00:22:29,440 --> 00:22:31,760 Speaker 9: or something and needed national help to deal with it. 420 00:22:31,840 --> 00:22:32,960 Speaker 7: Well, then the governor. 421 00:22:32,800 --> 00:22:36,920 Speaker 9: Will make the request or whatnot. So this is the 422 00:22:37,000 --> 00:22:40,560 Speaker 9: legal basis he's trying to go on. And you've got 423 00:22:40,560 --> 00:22:43,240 Speaker 9: to note, I mean most of these cities he's going 424 00:22:43,320 --> 00:22:47,040 Speaker 9: after crime rates are falling, but more importantly, the Republican 425 00:22:47,119 --> 00:22:50,320 Speaker 9: controlled major cities he's not talking about putting the National 426 00:22:50,320 --> 00:22:53,120 Speaker 9: Guard in with them. It's only the democratic controlled cities 427 00:22:53,119 --> 00:22:56,239 Speaker 9: that he's doing, which really makes this as just a 428 00:22:56,240 --> 00:22:59,240 Speaker 9: political move and a political stunt and kind of underscores 429 00:22:59,280 --> 00:23:01,720 Speaker 9: the ugliness of it, not the necessity to fight crime. 430 00:23:03,040 --> 00:23:08,320 Speaker 3: The President has used Federal Title thirty two orders to 431 00:23:08,400 --> 00:23:11,920 Speaker 3: get us this far because this is in Washington, and 432 00:23:12,000 --> 00:23:14,000 Speaker 3: to your point, he's got a little more leeway here 433 00:23:14,040 --> 00:23:16,840 Speaker 3: in the federal city with armed National Guard troops. Do 434 00:23:16,880 --> 00:23:19,199 Speaker 3: the guns make a difference, Robert or that's just a 435 00:23:19,240 --> 00:23:23,080 Speaker 3: development that the Secretary of Defense decided to move on. 436 00:23:24,359 --> 00:23:26,560 Speaker 9: I think it's just more for show than anything else. 437 00:23:26,640 --> 00:23:30,199 Speaker 9: It's this continual image that we're tough. Now, what the 438 00:23:30,240 --> 00:23:33,119 Speaker 9: guns do is you now have people who are not 439 00:23:33,359 --> 00:23:36,840 Speaker 9: trained in police work. These people, these men and women, 440 00:23:36,880 --> 00:23:39,840 Speaker 9: are National Guards who have done great service for this 441 00:23:39,880 --> 00:23:43,639 Speaker 9: country in foreign wars in Iraq and Ran etc. The 442 00:23:43,760 --> 00:23:44,520 Speaker 9: rack Really. 443 00:23:45,800 --> 00:23:46,880 Speaker 7: That's what they're trained to do. 444 00:23:47,640 --> 00:23:51,320 Speaker 9: Now they have guns in a situation where they're not trained. 445 00:23:51,359 --> 00:23:53,760 Speaker 9: Police get a great deal of training of when they 446 00:23:53,800 --> 00:23:56,760 Speaker 9: can pull their firearms and when they cannot. And that's 447 00:23:56,800 --> 00:24:00,160 Speaker 9: because the police serve us the citizens. Well, now yeeople 448 00:24:00,200 --> 00:24:02,280 Speaker 9: that are trained in a totally different way of using 449 00:24:02,320 --> 00:24:07,120 Speaker 9: their firearms walking around a city street with firearms. Frankly, 450 00:24:07,440 --> 00:24:09,800 Speaker 9: when Donald Trump says he wants to clean up Washington 451 00:24:09,880 --> 00:24:11,959 Speaker 9: d C, I think that's a really bad look for 452 00:24:12,480 --> 00:24:16,040 Speaker 9: Washington D Street because generally speaking, in a democracy, we 453 00:24:16,119 --> 00:24:18,840 Speaker 9: don't want armed troops all over the place. It's a 454 00:24:18,880 --> 00:24:23,760 Speaker 9: bad look for democracy. And the chance for something happening 455 00:24:24,840 --> 00:24:26,480 Speaker 9: is just much greater when you have a bunch of 456 00:24:26,560 --> 00:24:28,919 Speaker 9: guns with people not trained to use them in this context. 457 00:24:29,000 --> 00:24:31,000 Speaker 7: They are trying to use their partners, but not in 458 00:24:31,040 --> 00:24:31,840 Speaker 7: this context. 459 00:24:32,880 --> 00:24:35,919 Speaker 3: We're showing people that view on Bloomberg TV and on 460 00:24:35,960 --> 00:24:39,400 Speaker 3: YouTube right now. Some images taken the night before last 461 00:24:39,640 --> 00:24:44,480 Speaker 3: when these troops were first deployed with rifles and side arms. 462 00:24:45,119 --> 00:24:48,560 Speaker 3: Governor JB. Pritzker is waiting for something to happen in Chicago. 463 00:24:48,600 --> 00:24:50,520 Speaker 3: He's telling Trump not to come, not to deploy the 464 00:24:50,560 --> 00:24:54,000 Speaker 3: troops there. Robert he made a post on Twitter to 465 00:24:54,040 --> 00:24:56,639 Speaker 3: Donald Trump and his administration if you hurt my people. 466 00:24:56,680 --> 00:25:00,000 Speaker 3: And remember there are of course massive political overtones here 467 00:25:00,440 --> 00:25:03,960 Speaker 3: for what could be a future presidential candidate. Nothing will 468 00:25:04,000 --> 00:25:07,680 Speaker 3: stop me, not time or political circumstance for making sure 469 00:25:07,720 --> 00:25:11,560 Speaker 3: you face justice under our constitutional rule of law. A 470 00:25:11,560 --> 00:25:14,479 Speaker 3: political bluster maybe, But does the governor have any power 471 00:25:14,560 --> 00:25:17,199 Speaker 3: to keep the troops out of his city? 472 00:25:17,560 --> 00:25:18,800 Speaker 9: Well, it's going to be a power to go to 473 00:25:18,840 --> 00:25:21,960 Speaker 9: courts you could have if you get to the situation 474 00:25:22,040 --> 00:25:25,080 Speaker 9: where people are having this militia versus that militia. Well, 475 00:25:25,119 --> 00:25:27,480 Speaker 9: the last time that really happened was the American Civil War, 476 00:25:28,000 --> 00:25:29,920 Speaker 9: and I don't think we exactly want to go back 477 00:25:30,200 --> 00:25:33,719 Speaker 9: to that. Remember the firing on Fort Sumter in April 478 00:25:33,760 --> 00:25:37,680 Speaker 9: eighteen sixty one was the South Carolina National Guard essentially 479 00:25:37,800 --> 00:25:40,119 Speaker 9: that started the Civil War. So that's kind of what 480 00:25:40,200 --> 00:25:45,320 Speaker 9: he's invoking. Look, a president can invoke the National Guard 481 00:25:45,440 --> 00:25:49,399 Speaker 9: for a national interests and to protect a federal building. 482 00:25:49,760 --> 00:25:52,240 Speaker 9: The best example of that was during the civil rights 483 00:25:52,240 --> 00:25:57,159 Speaker 9: movement in Little Rock, Arkansas, where President Eisenhower nationalized National 484 00:25:57,160 --> 00:25:59,800 Speaker 9: Guard to affect the national interests of civil rights, which 485 00:26:00,160 --> 00:26:03,879 Speaker 9: directly under the Dictate of the Thirteenth Amendment, the fourteenth Amendment, 486 00:26:03,920 --> 00:26:06,840 Speaker 9: and ultimately the fifteenth Amendment, but mostly the fourteenth Amendment. 487 00:26:07,240 --> 00:26:10,440 Speaker 9: So there was a direct federal interest and a changing 488 00:26:10,560 --> 00:26:13,960 Speaker 9: value in this country about the importance of fairness and 489 00:26:14,080 --> 00:26:18,080 Speaker 9: education and racial equality. That's where we're talking about the 490 00:26:18,160 --> 00:26:21,800 Speaker 9: National Guard coming in and Donald Trump just saying, oh, 491 00:26:21,840 --> 00:26:25,400 Speaker 9: I'm going to fight crime. Well, fighting crime on American 492 00:26:25,400 --> 00:26:29,480 Speaker 9: streets belongs to mayors and governors who are crying for 493 00:26:29,600 --> 00:26:32,680 Speaker 9: maybe federal help to have more police officers to hire. 494 00:26:32,920 --> 00:26:36,200 Speaker 9: That's where it gets fight crime, more programs, not sitting 495 00:26:36,280 --> 00:26:38,679 Speaker 9: in the National Guard, which is all a show, so 496 00:26:38,760 --> 00:26:41,040 Speaker 9: the Secretary of Defense can play with a gun. 497 00:26:41,880 --> 00:26:42,560 Speaker 7: That's where we are. 498 00:26:42,600 --> 00:26:45,399 Speaker 3: I'm hearing those calls from governors and mayors as well. 499 00:26:45,840 --> 00:26:46,760 Speaker 2: Robert, I have to ask. 500 00:26:46,840 --> 00:26:48,840 Speaker 3: I never thought I would be asking you about the 501 00:26:48,840 --> 00:26:51,520 Speaker 3: Federal Reserve, but hey, you're on Bloomberg, so come on in. 502 00:26:51,560 --> 00:26:52,320 Speaker 2: The water is warm. 503 00:26:52,359 --> 00:26:56,199 Speaker 3: The President wants to fire a Federal Reserve governor. No 504 00:26:56,280 --> 00:27:00,520 Speaker 3: one has tried this from the Oval Office before. It's 505 00:27:00,600 --> 00:27:03,720 Speaker 3: unclear if he has the grounds. She's not been charged 506 00:27:03,720 --> 00:27:06,479 Speaker 3: with anything. What do you make of this salvo that 507 00:27:06,520 --> 00:27:08,000 Speaker 3: came from the White House last night? 508 00:27:08,880 --> 00:27:09,200 Speaker 7: Well, Joe. 509 00:27:09,240 --> 00:27:11,280 Speaker 9: Okay, I'm going to risk being a little too constitutionally 510 00:27:11,320 --> 00:27:13,879 Speaker 9: geeky here, so I'll apologize, right, Okay, let's do it. 511 00:27:13,920 --> 00:27:18,119 Speaker 9: What this really is about is your concept of the 512 00:27:18,119 --> 00:27:21,200 Speaker 9: presidency of the United States. Donald Trump and his people 513 00:27:21,400 --> 00:27:24,639 Speaker 9: talk about a strong, unitary executive. 514 00:27:24,960 --> 00:27:26,080 Speaker 7: Okay. 515 00:27:26,240 --> 00:27:29,520 Speaker 9: The Constitution gives all executive power to the president. 516 00:27:29,560 --> 00:27:31,520 Speaker 7: The president to Article one starts. 517 00:27:31,200 --> 00:27:33,080 Speaker 9: With the executive power of the United States will be 518 00:27:33,160 --> 00:27:35,560 Speaker 9: vested in the President of the United States. But it's 519 00:27:35,600 --> 00:27:37,920 Speaker 9: always been known to be what's called a weak unitary, 520 00:27:38,119 --> 00:27:40,480 Speaker 9: so there are checks and balances on the president. He 521 00:27:40,520 --> 00:27:44,119 Speaker 9: wants somebody to be a Commerce secretary or you know, 522 00:27:44,400 --> 00:27:47,000 Speaker 9: secretary of State, they got to go get approved by 523 00:27:47,040 --> 00:27:49,399 Speaker 9: the United States Senate, which is the legislative branch. 524 00:27:49,480 --> 00:27:49,680 Speaker 7: Right. 525 00:27:50,640 --> 00:27:54,320 Speaker 9: Well, okay, so they created the Federal Reserve Board as 526 00:27:54,359 --> 00:27:57,880 Speaker 9: an independent agency, and there's been several independent agencies because 527 00:27:58,400 --> 00:28:01,840 Speaker 9: presidents have a great interest in making the economy look 528 00:28:01,920 --> 00:28:05,640 Speaker 9: good while they're president, but they don't care when the other. 529 00:28:05,520 --> 00:28:07,280 Speaker 7: Guy has to make the economy look good. 530 00:28:07,280 --> 00:28:10,600 Speaker 9: Who follows the right which can be really terrible for 531 00:28:10,640 --> 00:28:13,119 Speaker 9: the economy. I mean, Donald Trump wants to make interest 532 00:28:13,160 --> 00:28:15,359 Speaker 9: rates as low as possible, which might be great to 533 00:28:15,359 --> 00:28:17,359 Speaker 9: make him look good, but that could be terrible and 534 00:28:17,400 --> 00:28:21,200 Speaker 9: couldn't cause inflation to increase and cause it ultimately employment 535 00:28:21,240 --> 00:28:23,000 Speaker 9: to go down. So the FED was created to be 536 00:28:23,119 --> 00:28:27,240 Speaker 9: independent of that. And the constitutional question is is Donald 537 00:28:27,280 --> 00:28:32,080 Speaker 9: Trump's strong executive theory enough to give him that kind 538 00:28:32,080 --> 00:28:34,720 Speaker 9: of control over the independent Federal Reserve? 539 00:28:35,600 --> 00:28:37,000 Speaker 7: Now, economists are. 540 00:28:36,880 --> 00:28:39,360 Speaker 9: Horrified at that idea because they want that decision to 541 00:28:39,400 --> 00:28:40,040 Speaker 9: be independent. 542 00:28:40,720 --> 00:28:42,160 Speaker 7: And I think the real. 543 00:28:42,040 --> 00:28:44,760 Speaker 9: Question for Republicans who want to go after Cook just 544 00:28:44,760 --> 00:28:47,040 Speaker 9: as an excuse, I think the case looks pretty pertectual 545 00:28:47,080 --> 00:28:47,600 Speaker 9: against her. 546 00:28:48,240 --> 00:28:51,120 Speaker 7: But the real question is, you know, if Barack Obama. 547 00:28:50,720 --> 00:28:53,680 Speaker 9: Is doing this with the Republicans like it because you 548 00:28:53,680 --> 00:28:56,120 Speaker 9: know you want to give the president all this power, Well, 549 00:28:56,560 --> 00:28:59,240 Speaker 9: Republicans aren't going to always be in power, at least 550 00:28:59,440 --> 00:29:01,920 Speaker 9: I hope not, and I hope Democrats aren't always in 551 00:29:01,920 --> 00:29:05,880 Speaker 9: power because we have a better system when there's balance. Right, Well, 552 00:29:06,240 --> 00:29:08,440 Speaker 9: do you really want to bark all these people yelling 553 00:29:08,560 --> 00:29:11,400 Speaker 9: about Donald Trump should have all this power? They were 554 00:29:11,440 --> 00:29:14,000 Speaker 9: the same one saying that some of BARACKA. Palma was 555 00:29:14,400 --> 00:29:17,960 Speaker 9: having an imperial presidency because he issued an executive order 556 00:29:18,000 --> 00:29:23,080 Speaker 9: related to DACA kids. So remember every constitutional argument, you 557 00:29:23,160 --> 00:29:24,480 Speaker 9: got to look at sausa the buz. 558 00:29:24,520 --> 00:29:26,280 Speaker 7: Sauce for the goose is sauce for the gander. 559 00:29:26,800 --> 00:29:29,240 Speaker 9: And you want to argue your position in Supreme Court, well, 560 00:29:29,280 --> 00:29:31,240 Speaker 9: just think if there's going to be another president there 561 00:29:31,240 --> 00:29:33,480 Speaker 9: someday who you don't like so much, do you really 562 00:29:33,520 --> 00:29:35,160 Speaker 9: want him to have that power? Or do you want 563 00:29:35,400 --> 00:29:38,000 Speaker 9: what the framers intended, which is a constitutional system of 564 00:29:38,120 --> 00:29:41,440 Speaker 9: checks and balances with a weak, unitary executive not a 565 00:29:41,480 --> 00:29:42,000 Speaker 9: strong one. 566 00:29:42,080 --> 00:29:44,200 Speaker 7: So that's the underlying you festinat. 567 00:29:45,960 --> 00:29:48,760 Speaker 3: Leave it to Robert mcborter to be our best guest 568 00:29:48,800 --> 00:29:50,680 Speaker 3: on the Federal Reserve today. How did I know this 569 00:29:50,760 --> 00:29:54,840 Speaker 3: was going to happen? So Robert, she's fighting back, She's 570 00:29:54,840 --> 00:29:57,320 Speaker 3: got Aby Lowell. They're going to file suit. Does this 571 00:29:57,360 --> 00:29:58,320 Speaker 3: go to the Supreme Court? 572 00:29:59,200 --> 00:29:59,360 Speaker 7: Oh? 573 00:29:59,440 --> 00:30:01,720 Speaker 9: Very well could. And here's the issue in the Supreme Court. 574 00:30:01,760 --> 00:30:04,720 Speaker 9: You know, the Supreme Court has been very This Supreme Court, 575 00:30:05,400 --> 00:30:09,280 Speaker 9: over the objections of for instance, Justice Kagan, Soto Mayor 576 00:30:09,760 --> 00:30:14,920 Speaker 9: and Justice Jackson have been very accommodating to the President 577 00:30:15,160 --> 00:30:19,360 Speaker 9: taking over these independent boards they were created to be independent. Well, 578 00:30:20,160 --> 00:30:22,960 Speaker 9: in the opinions, the conservative justice says well, this wouldn't 579 00:30:22,960 --> 00:30:24,920 Speaker 9: apply to the Thread, and Justice Kagan, in one of 580 00:30:24,920 --> 00:30:27,600 Speaker 9: her goodsent said, well, why doesn't your reasoning apply to 581 00:30:27,640 --> 00:30:30,640 Speaker 9: the thenate? You know this is coming down. If the 582 00:30:30,680 --> 00:30:34,880 Speaker 9: Supreme Courts underscores uphold the independence of the Federal Board, 583 00:30:34,920 --> 00:30:38,680 Speaker 9: which I believe they should, well then it begs the question, Gee, 584 00:30:38,720 --> 00:30:41,200 Speaker 9: Supreme Court justices, you like the Threed Board to be 585 00:30:41,200 --> 00:30:44,920 Speaker 9: independent because this helps the structure of our economy and 586 00:30:45,000 --> 00:30:48,640 Speaker 9: the way business works. But when it's Consumer Protection Board, 587 00:30:48,680 --> 00:30:51,080 Speaker 9: you don't like it. Maybe it's just because you don't 588 00:30:51,120 --> 00:30:53,080 Speaker 9: like the Consumer Protection Board, and you can say Donald 589 00:30:53,120 --> 00:30:55,520 Speaker 9: Trump can get rid of these people, but we want 590 00:30:55,560 --> 00:30:58,120 Speaker 9: to protect the Thread from Donald Trump. Even Donald Trump. 591 00:30:58,520 --> 00:31:01,880 Speaker 9: It makes these conservative justice on the Court look pretty bad. 592 00:31:02,120 --> 00:31:06,520 Speaker 9: But they should uphold the independence of this because the 593 00:31:06,560 --> 00:31:10,200 Speaker 9: world needs an independent central bank for the greatest economy 594 00:31:10,200 --> 00:31:12,400 Speaker 9: in the world, which still is the United States. And 595 00:31:12,400 --> 00:31:16,040 Speaker 9: that's why people invest their dollars with their foreign money 596 00:31:16,040 --> 00:31:19,120 Speaker 9: in US dollars, which strengthens our economy because we have 597 00:31:19,160 --> 00:31:22,200 Speaker 9: an independent Federal Board. And ninety five percent of all 598 00:31:22,200 --> 00:31:24,280 Speaker 9: econmoms will tell you exactly what I just. 599 00:31:24,240 --> 00:31:28,240 Speaker 3: Said, Robert, the President is talking to his cabinet. As 600 00:31:28,280 --> 00:31:31,320 Speaker 3: you and I are having this conversation and producer James 601 00:31:31,360 --> 00:31:35,440 Speaker 3: is keeping me tabbed, keeping me posted on what's happening 602 00:31:35,520 --> 00:31:38,680 Speaker 3: in that room. He just suggested the death penalty, and 603 00:31:38,720 --> 00:31:40,800 Speaker 3: we're doing this in real time, so just walk through 604 00:31:40,800 --> 00:31:44,480 Speaker 3: this with me. Here suggesting the death penalty for murderers 605 00:31:44,640 --> 00:31:47,840 Speaker 3: in DC. Here's the quote. If somebody kills somebody in 606 00:31:47,880 --> 00:31:50,480 Speaker 3: the Capitol, we're going to be seeking the death penalty. 607 00:31:50,520 --> 00:31:52,960 Speaker 3: And that's a very strong preventative and everyone that's heard 608 00:31:53,000 --> 00:31:54,360 Speaker 3: of it agrees with it. 609 00:31:54,120 --> 00:31:55,600 Speaker 2: Is this something he could do. 610 00:31:58,040 --> 00:31:59,880 Speaker 7: Dubious? He would have to have an Act of Congress. 611 00:32:00,000 --> 00:32:02,360 Speaker 9: And I think the best response to that is, well, 612 00:32:02,400 --> 00:32:07,160 Speaker 9: what about the what happened on January sixth with his 613 00:32:07,280 --> 00:32:10,760 Speaker 9: supporters who killed Capitol police officers, and maybe they should 614 00:32:10,760 --> 00:32:14,719 Speaker 9: get the death penalty. Now, you know, again, let's go 615 00:32:14,760 --> 00:32:17,280 Speaker 9: with sauce for the goose. You want to start doing that. 616 00:32:17,480 --> 00:32:20,480 Speaker 9: The death penalty, if you look at it in terms 617 00:32:20,560 --> 00:32:24,760 Speaker 9: of its efficacy, it doesn't reduce crime. There are too 618 00:32:24,840 --> 00:32:29,120 Speaker 9: many human behavior connect with crime is far too complicated. 619 00:32:29,520 --> 00:32:31,840 Speaker 9: People don't usually make that calculous when they're in the 620 00:32:31,840 --> 00:32:34,760 Speaker 9: middle of the situation where death results or connect the 621 00:32:34,800 --> 00:32:39,400 Speaker 9: crime of homicide. I have represented many people accused with homicide, 622 00:32:39,400 --> 00:32:41,320 Speaker 9: and I can tell you none of them all thought 623 00:32:41,320 --> 00:32:44,280 Speaker 9: that clearly at the time they were committing that act. 624 00:32:45,200 --> 00:32:47,760 Speaker 7: So this is another tough thing. 625 00:32:47,880 --> 00:32:51,120 Speaker 9: And what he's talking about with juveniles and any cash 626 00:32:51,120 --> 00:32:53,560 Speaker 9: bail are just things that are going to hurt people 627 00:32:53,800 --> 00:32:56,240 Speaker 9: and not make anybody any safer in the long run. 628 00:32:58,040 --> 00:33:00,840 Speaker 3: All right, before you go, Robert mcware, you saw they've 629 00:33:00,840 --> 00:33:05,760 Speaker 3: been setting up checkpoints here in Washington Ice. It could 630 00:33:05,760 --> 00:33:09,000 Speaker 3: be another federal agency, Department of Homeland Security DEA. In 631 00:33:09,040 --> 00:33:13,000 Speaker 3: some cases, we're seeing officers identified tell our listeners and 632 00:33:13,080 --> 00:33:15,640 Speaker 3: viewers what they should do if they run into one 633 00:33:15,680 --> 00:33:17,760 Speaker 3: of these checkpoints in the district of Columbia. 634 00:33:19,000 --> 00:33:20,280 Speaker 7: Well, you've got a couple choices. 635 00:33:20,400 --> 00:33:22,240 Speaker 9: What you have a right to do is say I 636 00:33:22,240 --> 00:33:23,960 Speaker 9: don't want to talk to you, I don't have to 637 00:33:24,000 --> 00:33:26,640 Speaker 9: talk to you. I can tell you my name, you know, 638 00:33:26,640 --> 00:33:28,840 Speaker 9: if they ask what's your name, you're pretty much required 639 00:33:28,880 --> 00:33:29,280 Speaker 9: to say that. 640 00:33:29,320 --> 00:33:30,920 Speaker 7: But you don't have to give into the statements. 641 00:33:30,920 --> 00:33:32,800 Speaker 9: And remember we have the Fifth Amendment of the Constitution, 642 00:33:32,960 --> 00:33:35,640 Speaker 9: which says you not be compelled to incriminate yourself in 643 00:33:35,640 --> 00:33:37,480 Speaker 9: any way, so you can say, go pound stand. The 644 00:33:37,520 --> 00:33:39,600 Speaker 9: trouble with that, of course, is if you just want 645 00:33:39,640 --> 00:33:42,240 Speaker 9: to get to the grocery store, you might not want 646 00:33:42,280 --> 00:33:46,760 Speaker 9: to spend the next three hours messing around with some checkpoint. 647 00:33:47,720 --> 00:33:49,840 Speaker 9: So you have the right to assert your rights, but 648 00:33:49,880 --> 00:33:52,080 Speaker 9: there's going to be consequences. 649 00:33:51,440 --> 00:33:52,000 Speaker 7: If you do so. 650 00:33:52,520 --> 00:33:56,080 Speaker 9: Ultimately you'll not suffer it, but they can detain you, 651 00:33:56,160 --> 00:33:58,840 Speaker 9: and that that could really make your day a mess. Right, 652 00:34:00,120 --> 00:34:01,920 Speaker 9: So that's where we are. But you're going to say something, 653 00:34:01,920 --> 00:34:06,040 Speaker 9: why are these DEA agents running around in washingt d c. 654 00:34:06,560 --> 00:34:09,080 Speaker 9: When you have a fentanyl crisis in Arizona and de 655 00:34:09,280 --> 00:34:14,560 Speaker 9: agents are being taken away from protecting the America from 656 00:34:14,560 --> 00:34:18,160 Speaker 9: the flow of fentanyl across the Arizona Mexico border. It's 657 00:34:18,200 --> 00:34:21,320 Speaker 9: a it's a total reworking the priority simply because he 658 00:34:21,360 --> 00:34:24,040 Speaker 9: wants to try to get his deportation numbers up, and frankly, 659 00:34:24,600 --> 00:34:26,880 Speaker 9: Biden's numbers are still beating them. 660 00:34:27,120 --> 00:34:29,120 Speaker 3: Yeah, that's a very real question. Do I have to 661 00:34:29,200 --> 00:34:32,040 Speaker 3: roll my window down if I get stopped at a checkpoint? 662 00:34:33,400 --> 00:34:33,760 Speaker 2: Serious? 663 00:34:33,800 --> 00:34:37,080 Speaker 9: What the loss is is your information about your name 664 00:34:37,160 --> 00:34:38,480 Speaker 9: is not constitutionally protected. 665 00:34:39,280 --> 00:34:41,160 Speaker 7: God, do you have to roll your window down. 666 00:34:41,600 --> 00:34:44,320 Speaker 9: It's probably a good idea because they might be massive 667 00:34:44,360 --> 00:34:47,680 Speaker 9: things to you that we don't. Okay, you know, there's 668 00:34:47,760 --> 00:34:49,960 Speaker 9: constitutional rights and then there's if you really want to, 669 00:34:50,040 --> 00:34:51,799 Speaker 9: you know, go ahead and get eggs at milk at 670 00:34:51,800 --> 00:34:52,479 Speaker 9: the grocery store. 671 00:34:52,560 --> 00:34:52,759 Speaker 3: Right. 672 00:34:53,239 --> 00:34:56,000 Speaker 9: But that being said, you have no you have no 673 00:34:56,640 --> 00:34:59,360 Speaker 9: constitutional obligation to incriminate yourself in the way, and you 674 00:34:59,360 --> 00:35:01,800 Speaker 9: don't need to answer to that question are you a citizen? 675 00:35:01,960 --> 00:35:03,840 Speaker 9: But of course, like I said, if you want to 676 00:35:03,840 --> 00:35:05,640 Speaker 9: get to the grocery floor, a lot of people just 677 00:35:05,640 --> 00:35:11,560 Speaker 9: saying the app I says, and hi, so. 678 00:35:09,600 --> 00:35:12,200 Speaker 2: We always learn a lot. That's an experience with Robert mcwurder. 679 00:35:12,280 --> 00:35:15,000 Speaker 3: Great to see you against sir from the Law Office 680 00:35:15,040 --> 00:35:18,240 Speaker 3: of Robert mcwurter live on Bloomberg TV and radio. 681 00:35:18,640 --> 00:35:21,080 Speaker 2: Thanks for listening to the Balance of Power podcast. 682 00:35:21,680 --> 00:35:24,120 Speaker 3: Make sure to subscribe if you haven't already, at Apple, 683 00:35:24,200 --> 00:35:27,279 Speaker 3: Spotify or wherever you get your podcasts, and you can 684 00:35:27,280 --> 00:35:30,360 Speaker 3: find us live every weekday from Washington, DC at noontime 685 00:35:30,440 --> 00:35:32,560 Speaker 3: Eastern at Bloomberg dot com.