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Speaker 1: Why from our nation's capital, this budget thing is going

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Speaker 1: to do nothing space forts. I still think it's interesting

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Speaker 1: President Trump not playing his cards yet. Headlines Policy and

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Speaker 1: Politics Colliding Floomberg Sound On, The Insiders, the Influencers, the insides.

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Speaker 1: I would rather see a congressional solution. It's part of

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Speaker 1: my DNA. The Senate map in looks a lot different

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Speaker 1: than it looked in. You really have a divide within

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Speaker 1: Team Trump. The President has to do exactly what people

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Speaker 1: send him here to do, which is to get it done.

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Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg

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Speaker 1: and one oh five point seven fm h D two.

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Speaker 1: Did you read the report? The i G Report, not

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Speaker 1: the Mueller report, the IG report. Department of Justice comes

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Speaker 1: out with the i G Report, and President Trump says

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Speaker 1: that the probe was justified, while the d o j

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Speaker 1: i G is saying that the FBI acted efficiently. We're

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Speaker 1: gonna a lot dive into all of it. If you're

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Speaker 1: not following it, I promise I will break it down

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Speaker 1: all of the specifics. But the Department of Justice Inspector

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Speaker 1: General releasing a report earlier this afternoon saying that the

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Speaker 1: FBI behaved appropriately and their investigation into President Trump and

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Speaker 1: his Republican allies have pushed back against that. Meanwhile, new

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Speaker 1: developments on the trade front U S m c A,

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Speaker 1: this time the latest on whether or not we are

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Speaker 1: inching ever closer to a new NAFTA two point oh agreement.

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Speaker 1: All of this comes as the final showdown continues ahead

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Speaker 1: of the December tariff deadline that President Trump has set

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Speaker 1: for the U. S. And China on Phase one. I'll

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Speaker 1: give you that, And we're gonna check in with Congressman

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Speaker 1: Chris Stewart, a Republican from Utah, the latest on all

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Speaker 1: of the developments on Capitol Hill, plus a new development

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Speaker 1: that he says will bridge the divide between the lgbt

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Speaker 1: Q community and the religious right. How can he do that?

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Speaker 1: I'm gonna ask him about his new bill. And George,

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Speaker 1: this is your first time on the program, and I

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Speaker 1: gotta say you're getting the first question because you complimented me.

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Speaker 1: I'm easy. You complimented me on the theme song, which

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Speaker 1: I got to choose for this program of elevation by

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Speaker 1: you two. And then you tell me that your friends

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Speaker 1: with Banno. I am. I met Botto about fifteen years ago,

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Speaker 1: and he came to lunch at my house, and one

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Speaker 1: of the guests at the lunch, even though there was

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Speaker 1: no ask, gave a million and a half bucks to

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Speaker 1: the One campaign. So, first of all, the one campaign

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Speaker 1: is amazing. And when I was a high school student,

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Speaker 1: I had the one white band that like the equivalent

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Speaker 1: would have been the Lift Ronk thing. But the burning

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Speaker 1: question on everyone's mind, what did Bonno eat for lunch?

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Speaker 1: Bono ate a steak because he was in Texas. He

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Speaker 1: had meat. We served meat down there, all right, no

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Speaker 1: plant base I'll meet. They're gonna get me in trouble

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Speaker 1: with the vegans, all right. So big developments up on

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Speaker 1: Capitol Hill. Chris Shawn on the Bloomberg terminal reporting for

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Speaker 1: the Bloomberg Terminal. The Federal Bureau of Investigation acted properly

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Speaker 1: when it began a broad investigation until whether then candidate

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Speaker 1: Donald Trump or people around him conspired with Russia to

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Speaker 1: interfere in the election. According to the Justice Department's Inspector

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Speaker 1: General Quote, the FBI had an authorized purpose when it

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Speaker 1: opened the probe to obtain information about, or to protect

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Speaker 1: against a national security threat or federal crime. Even though

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Speaker 1: the investigation also had the potential to impact constitutionally protected activity.

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Speaker 1: President Trump, however, well he read differently into the IG report.

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Speaker 1: Take a listen to the President of the United States

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Speaker 1: following the release of this report. It's a disgrace what's happened,

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Speaker 1: uh with respect to the things that were done to

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Speaker 1: our country and should never again happen to another president.

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Speaker 1: Kevin Welling come in here. As the impeachment proceedings up

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Speaker 1: on Capitol Hill continued today and articles of impeachment now

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Speaker 1: we're learning could be coming as early as Wednesday. This

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Speaker 1: i G Report does what, uh well, it should put

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Speaker 1: to bed all of the conspiracy theories about the start

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Speaker 1: of the Russia probe. This was an exhaustive independent examination

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Speaker 1: into the origins of the Russian probe that then became

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Speaker 1: the Mole Report. Over a million documents were reviewed, a

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Speaker 1: hundred and seventy interviews of participants going back to the

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Speaker 1: former Attorney General Lauretta Lynch, Jim Comey. They even got

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Speaker 1: Mr Steele to come sit for an interview. And it

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Speaker 1: says as as you said, that the FBI had authorized purpose,

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Speaker 1: which is a statement of the FBI saying that there

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Speaker 1: were credible evidence to launch this investigation. There was no

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Speaker 1: political bias whatsoever, there was no violation of FBI rules

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Speaker 1: with regards to informants UH, and that the Russia investigation

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Speaker 1: was a valid investigation into UH, into probing what the

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Speaker 1: Trump administra of the Trump campaigns contacts with Russia. Well,

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Speaker 1: what this does, George is we got to think back

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Speaker 1: back to where remember whether or not there should have

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Speaker 1: been an investigation into the Trump campaign at the time.

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Speaker 1: That was the big question, Michael Horrow. It's the Inspector

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Speaker 1: General of Department of Justice coming out today with a

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Speaker 1: four and thirty four page report and saying that they

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Speaker 1: acted okay. ABC News caught up with Christopher Ray, the

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Speaker 1: FBI director. Take a listen to Chris Ray. This isn't

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Speaker 1: a serious report. We take it extremely seriously, but it

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Speaker 1: does not impugne the integrity of the FBI as a

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Speaker 1: whole or our workforce across the board. I'm just not

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Speaker 1: sure that the developments of the IG report today do

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Speaker 1: anything to shift the narrative of impeachment. It doesn't. He's

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Speaker 1: going to be impeached and then he's not going to

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Speaker 1: be convicted in the Senate. And I've never been more

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Speaker 1: ready for an election to come into my entire life.

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Speaker 1: I'm ready for the American people to speak and either

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Speaker 1: put him back in there or put somebody else in there.

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Speaker 1: It's we've talked about this long enough, and I think

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Speaker 1: that FBI director is in a defensive posture because it's

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Speaker 1: clear that there was a lot of political activity going

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Speaker 1: on there and it's a sad day for America because

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Speaker 1: the FBI needs to be completely non political. So what

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Speaker 1: what's really interesting in terms of where this weeks and

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Speaker 1: where the headlines go, Because I think if you're if

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Speaker 1: you're in your car on your way home from work

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Speaker 1: and you're trying to number one, drive safely on these

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Speaker 1: extra slick roads here inside of the Beltway. So but

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Speaker 1: number two and all seriousness is you try to navigate

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Speaker 1: through the headline risk and coming up on the program,

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Speaker 1: we'll talk about the market volatility as it relates to

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Speaker 1: policy and trade. But the noise coming out of Washington

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Speaker 1: over the next three weeks is going to be incredibly,

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Speaker 1: incredibly loud. Wednesday, you're likely going to get articles of

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Speaker 1: impeachment from there. Before the end of the year, there

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Speaker 1: will likely be a vote in the House of Representatives

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Speaker 1: on the articles of impeachment. Assuming that the Democratic controlled

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Speaker 1: House votes to impeach President Trump, the next development will

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Speaker 1: be Senate Majority Leader Mitch McConnell, the top Republican in

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Speaker 1: the Senate, trying to work with Senate Minority Leader Truck

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Speaker 1: Shumer to develop the rules. Think of it as like

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Speaker 1: the referee the rules for the set trial. Now, if Democrats,

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Speaker 1: and this is a real possibility, keV, if Schumer and

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Speaker 1: and the Dems don't go off with McConnell to get

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Speaker 1: this rules package, then McConnell's going to have to work

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Speaker 1: specifically with the some conservative Supreme Court justices to get

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Speaker 1: some some wisdom and some guidance. Wisdom is a political word, guidance,

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Speaker 1: and then he's gonna have to work with Republicans. That

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Speaker 1: will be the next vote in the Senate is on

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Speaker 1: the rules and then a six to eight week trial. Procedurally,

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Speaker 1: we're in this for the long hall. And of course

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Speaker 1: you know, and and the one variable also too is

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Speaker 1: John Roberts then becomes the uh, the judge responsible for

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Speaker 1: carrying out that impeachment hearing in the Senate, and that

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Speaker 1: then actually becomes more of a courtroom kind of atmosphere

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Speaker 1: where you have witnesses called by both sides. The impeachment

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Speaker 1: articles are presented by members of the House, likely members

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Speaker 1: of the House Judiciary Committee that are responsible for that.

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Speaker 1: One other key thing this week to keV is we've

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Speaker 1: got actually Michael Horowitz before the Senate Judiciary Committee on Wednesday,

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Speaker 1: just talking about this in your business circles. They know

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Speaker 1: what's going to happen. It's obvious, and the markets have

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Speaker 1: priced it in. I mean, you know, Kevi Walling and

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Speaker 1: Kevin s really over here me we love this stuff,

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Speaker 1: we love we live for this, but no one's blinking.

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Speaker 1: The markets aren't. Batto doesn't care about this stuff. I

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Speaker 1: don't want to. I would never listen Bano, if you're listening,

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Speaker 1: I would never put words in your mouth just put in.

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Speaker 1: You are the theme song to the program. We love

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Speaker 1: that album, my all time favorite album. But enough about me.

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Speaker 1: Who cares about me? But markets aren't moving on this.

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Speaker 1: They care about trade absolutely, So coming up, we're gonna

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Speaker 1: talk about trade. How about that? That That sounds great? Are u? S?

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Speaker 1: M c A the latest developments plus some breaking news

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Speaker 1: headlines crossing the Bloomberg terminal. McKenzie. McKenzie has released Pete

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Speaker 1: Buddha Gedge from the Non Disclosure Wow. Download the Bloomberg

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Speaker 1: is Out on podcasts on Apple, ituons at Bloomberg dot com,

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Speaker 1: or by downloading the Bloomberg Business App. You can also

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Speaker 1: find us on the radio dot com, I Heart Radio

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Speaker 1: and Spotify. My name is Kevin Sirelei. I'm the chief

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Speaker 1: Washington correspondent for Bloomberg Television and Radio. Kevin Walling stays.

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Speaker 1: George C YouTube's very own fan stays, and I'll stay too.

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Speaker 1: If you're listening to Bloomberg, you're listening to Bloomberg. Sound

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Speaker 1: On with Kevin sirel on Bloomberg one and one on

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Speaker 1: five point seven f m h D two. For the

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Speaker 1: first time in my eight years of Washington, I am

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Speaker 1: taking four days of vacation and I am I'm told

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Speaker 1: by Christine Barrada, our executive producer, that June Grasso is

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Speaker 1: going to be filling in for this week, but I'll

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Speaker 1: be back one week from today. My name is Kevin Sirelei.

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Speaker 1: I'm the chief Washington correspondent for Bloomberg TV and Radio.

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Speaker 1: Kevin Walling is here. Democratic strategist Kevin, what should I

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Speaker 1: do on my vacation? Uh, well, I just found out

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Speaker 1: that you joined the gym right around the corner. Sometimes

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Speaker 1: it's a good way to clear your head. Uh and

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Speaker 1: and put things back in perspective. So stay away away

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Speaker 1: from those peloton bikes and uh and just go to

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Speaker 1: the gym. Wow, that was some aggressive pining when you

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Speaker 1: put me on the spot. That's what we do here,

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Speaker 1: keV and George c is here uh, CEO of Annandale Capital,

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Speaker 1: Texas businessman. He's the former Texas financial chairman to Rick

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Speaker 1: Perry twelve campaign and the senior advisor of the Rubio

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Speaker 1: sixteen campaign. George, what should do on my vacation? Go

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Speaker 1: to Grand Cayman and go scuba diving and sit on

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Speaker 1: the beach. That's a bit more fun, George wins. So, George,

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Speaker 1: you're getting the first question for this segment, tariffs. Let's

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Speaker 1: talk tariffs s right. So, there's some really major new

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Speaker 1: developments on U S, M C A, and we're hearing

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Speaker 1: that they're inching closer to a handshake deal between President

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Speaker 1: Trump as well as Speaker of the House Nancy Pelosi.

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Speaker 1: They might even vote on it by the end of

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Speaker 1: the year. Let's start there and then we'll expand out

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Speaker 1: to the US China front. But how important is passing

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Speaker 1: U S M C A George from your all of

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Speaker 1: the conversation that you have with the business community, how

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Speaker 1: important is that for getting ratified by the end of

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Speaker 1: the year. Well, I think most people are unaware that

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Speaker 1: Mexico and Canada are number one and number two trading partners.

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Speaker 1: China is a distant, distant third, So it's much more

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Speaker 1: important than the Terra for with China. We've got to

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Speaker 1: get it done. Forty of the benefits of NAP to

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Speaker 1: flow through Texas, So we're very biased about this, and

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Speaker 1: it would render economy of what from of our of

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Speaker 1: the trade benefit that we get from the NAPA trader

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Speaker 1: reamate flow through Texas because of all the traffic through

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Speaker 1: from Mexico coming through Texas. So it's critical. It's critical

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Speaker 1: for our economy in the country. So I'm very biased

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Speaker 1: about this. They need to get it done, and it's

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Speaker 1: something that many Democrats are also supportive of, as they

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Speaker 1: should be. It's good for the country. And it's ironic

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Speaker 1: though when you pivot to China and look at China,

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Speaker 1: because I'm a free trader to the core, but I

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Speaker 1: love the Terra for the Chinese have lied, cheated and

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Speaker 1: steel for decades and it's time to hold them account

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Speaker 1: for that. And most people, I think don't understand as

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Speaker 1: well that the terra fors are my miniscule fraction of

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Speaker 1: our economy. They don't affect our economy very much. They're

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Speaker 1: really affecting the Chinese. So it's an effective weapon. I'm

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Speaker 1: gonna get there. I do just want to give some

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Speaker 1: these different trade fronts and we try to manage them.

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Speaker 1: But today Monday, really driven by the developments on the

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Speaker 1: leader Richard Trumpka of the a f l C i

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Speaker 1: that had not been the case just two weeks ago.

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Speaker 1: But now Richard Trumpka, a leading labor force, the president

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Speaker 1: Representative Bob Lightheizer and how Speaker Nancy Pelosi, as well

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Speaker 1: as Mexico Democrats had been talking with Canadian counterparts on

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Speaker 1: the trade front the other week as well, President Trump

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Speaker 1: again securing approval for the U s m c A

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Speaker 1: trade agreement from Richard Trump, Kevin, that's a big deal.

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Speaker 1: It's a huge deal, and and George made some great

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Speaker 1: support of the the agreement over the weekend, spending many

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Speaker 1: hours with her members, with negotiators behind this. She knows

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Speaker 1: this is a good policy for this country. It's good

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Speaker 1: for the Caucus, it's good for Republicans, and it also

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Speaker 1: demonstrates that government, at least on this level, can get

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Speaker 1: things done while impeachment is going on. You know, you

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Speaker 1: saw Mark Penn, who spearheaded Clinton's response to the peachman,

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Speaker 1: telling the President, You've got to get things done while

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Speaker 1: you're also being impeached as a good campaign tool so

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Speaker 1: that voters see that you're actually getting things done. This

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Speaker 1: is a slam dunk, I think for Democrats and Republicans alike,

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Speaker 1: and hopefully it will be signed by the end of

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Speaker 1: the year. Bob Lenheizer and Jared Kushner going to travel

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Speaker 1: to Mexico tomorrow in an effort to finalize that deal.

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Speaker 1: My colleagues reporting on the Bloomberg terminal. Great reporting by

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Speaker 1: my by my colleagues, Eric Wasson, Joshua and Grow, Jenny Leonard,

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Speaker 1: and of course Jennifer Jacobs. By the way, I was

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Speaker 1: with Jen Jacobs yesterday at the African American History Museum, keV.

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Speaker 1: Have you been there yet? I have been many times

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Speaker 1: and it's a really second time. It's a really cool place.

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Speaker 1: Is the Oprah exhibit still there? Yeah, there were pieces

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Speaker 1: that she donated, so they had like a long time

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Speaker 1: Opra exhibit with like all of her Emmy's, all of

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Speaker 1: her dresses, a lot of her interviews. It's a really

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Speaker 1: incredible placed time I went, and I think that is

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Speaker 1: the way to do it, and to go in pieces

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Speaker 1: because you spend, because you've got the history down below,

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Speaker 1: and then you've got all the pop culture, sports music.

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Speaker 1: That's almost its own museum. That yeah year like when

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Speaker 1: it opened, and then I got up to them until

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Speaker 1: exhibit that's just so powerful. A coming up, We're gonna

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Speaker 1: talk to us China Trade Policy Panel stays George C.

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Speaker 1: Kevin Walling. Download the Bloomberg Sound On podcast on Apple iTunes,

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Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business app.

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Speaker 1: You can also find me on Radio dot com, I

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Speaker 1: Heart Radio and Spotify. I'm Kevin CEREALI again key developments.

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Speaker 1: U s m c A. As lawmakers inching closer with

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Speaker 1: the backing of the A f l C I O,

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Speaker 1: inching closer to potentially getting that completed by the end

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Speaker 1: of the year. U s m c A now inches

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Speaker 1: for from from getting it in the end zone you

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Speaker 1: getting the Bloomberg. This is Bloomberg Sound On with Kevin

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Speaker 1: Surley on Bloomberg and one oh five point seven f

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Speaker 1: M h D two. I'm Kevin Cirelli, chief Washington correspondent

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Speaker 1: for Bloomberg Television and Radio. Congressman Chris Stewart, Republican from

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Speaker 1: Utah is going to call in and a couple of

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Speaker 1: minutes will give you the we'll bring it that interview.

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Speaker 1: He's got this this new legislation that he says is

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Speaker 1: gonna make a bridge between the religious right and the

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Speaker 1: l g B t Q community. You don't want to

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Speaker 1: miss this bill. This interview on this bill because it

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Speaker 1: is really interesting to see how they're going to navigate.

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Speaker 1: Uh this for typical this particular issue. I do need

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Speaker 1: a vacation, Kevin struggling a little bit. You need some

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Speaker 1: time off. George Easier as well, CEO of Annandale Capital,

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Speaker 1: What does Annandale Capital do? We manage money all over

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Speaker 1: the world for institutions and individuals across private equity, public

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Speaker 1: stocks and bonds, real estate, oil and gas, you name it. So,

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Speaker 1: how is the US China trade back and forth been

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Speaker 1: impacting the the people that you serve? Almost no impact whatsoever,

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Speaker 1: because we don't do a whole lot of business in China.

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Speaker 1: It's mainly in Hong Kong where we do business, so

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Speaker 1: that has some impact. But we don't do business on

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Speaker 1: the mainland because there's no rules and they cheat, lines

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Speaker 1: steal all the time, and we don't want to put

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Speaker 1: money there. You said something interesting earlier in the show

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Speaker 1: when we were talking about U S M c A

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Speaker 1: that I want to come back to, which was you

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Speaker 1: don't mind these tariffs against China. I really don't know.

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Speaker 1: There are a lot of people in the business community

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Speaker 1: who's that's like nails on the chalkboard for that, So

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Speaker 1: tell me why they're wrong. I think they're wrong because

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Speaker 1: it's past due. We we called China to account for

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Speaker 1: cheating in the global trading system. If you want to

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Speaker 1: have access to the w t O and productive relationships

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Speaker 1: with other countries on trade, you gotta play fair, and

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Speaker 1: they don't play fair, and it's time for us to

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Speaker 1: roast them until they do. Phase one, the President says,

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Speaker 1: will not be impacted by the continued protests, the democratic

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Speaker 1: lowercase D protests in Hong Kong. Now, there's been legislation

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Speaker 1: that the past nearly unanimously by Republicans and Democrats, with

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Speaker 1: someone that you previously worked with, Senator Marco Rubio, Republican

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Speaker 1: from Florida, really pushing forward that legislation that would allow

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Speaker 1: for the United States to add additional sanctions to folks

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Speaker 1: in Hong Kong that are trying to squash the protests

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Speaker 1: and Chinese officials who are trying to squash there's again,

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Speaker 1: lower case, the democratic protests. You do business with a

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Speaker 1: lot of folks in Hong Kong. Tell me take us

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Speaker 1: to their reality right now and how those Hong Kong

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Speaker 1: protests are impacting the business community or if they're not

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Speaker 1: having an impact huge impact on Hong Kong. It's really

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Speaker 1: scary and people are afraid over there, and it's total

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Speaker 1: bologna for the administration to say it has no impact

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Speaker 1: on the trade talks. It's it's has a big impact.

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Speaker 1: The Trump administration tried to ignore it for a long time,

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Speaker 1: and the Congress gave a full throated defense of Hong

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Speaker 1: Kong democracy, which they should have been, and injected it

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Speaker 1: and now they have to deal with it now. The

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Speaker 1: good news is the Chinese need to deal so bad

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Speaker 1: because their econotomies being hurt. They will do a deal anyway,

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Speaker 1: but they're they're going to try to deflect that as

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Speaker 1: much as they can. But it's a little bit out

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Speaker 1: of control at this point. So so if again, help

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Speaker 1: help us understand this, because we're in such a bubble

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Speaker 1: here number one inside of Washington Beltway, but number two

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Speaker 1: in America in terms of understanding the protests. Obviously there

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Speaker 1: is it's a non partisan issue, support for the protesters

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Speaker 1: in Hong Kong. But you said that that is having

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Speaker 1: a huge effect on on the business community in Hong Kong.

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Speaker 1: How give us I know you can't tell us specifically

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Speaker 1: who but give us an anecdote almost of how Hong

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Speaker 1: Kong businesses are being impacted by the protests. Well, they

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Speaker 1: can't they can't run effectively when there's millions of people

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Speaker 1: in the street, clogging traffic, shutting people down, not letting

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Speaker 1: them get to work. And it also affects the business climate,

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Speaker 1: which is the biggest part of it. There's a huge

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Speaker 1: psychological impact in foreign businesses that want to do business

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Speaker 1: in Hong Kong and all of a sudden say this

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Speaker 1: is an unstable environment. I can't participate here anymore, or

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Speaker 1: I need to pull back at a minimum. So it's

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Speaker 1: it's having a really serious bad impact, but it's worth

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Speaker 1: it to fight for democracy. And in terms of investments,

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Speaker 1: what's the number one sector in Hong Kong? What sectors are?

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Speaker 1: Finance and trade? There's there's a huge shipping industry there

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Speaker 1: and trading industry, Kevin Wahland. You hear George c talking

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Speaker 1: about this in terms of the economic impact that the

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Speaker 1: US and China trade relations are having. Broaden out from

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Speaker 1: the political lens in terms of where when we're gonna

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Speaker 1: start hearing about this, And I don't know the contrast

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Speaker 1: between how a democratic administration would negotiate with China as

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Speaker 1: opposed to a second term of the Trump administration. Yeah,

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Speaker 1: it's a good question, Kevin. I'm actually really loving that

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Speaker 1: the insights provided by George. You know, you have some

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Speaker 1: Democrats today that have actually supported the president, you know,

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Speaker 1: talking tough on Shina, center Elizabeth Warren, Mark Warner, Bernie Sanders,

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Speaker 1: even we're seeing you know, I do think there's a

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Speaker 1: realistic impact for a lot of sectors here in this country.

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Speaker 1: The down was down over a hundred points today on

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Speaker 1: the new economic data that choose to decline in Chinese exports. Um.

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Speaker 1: I think it's gonna be a pivotal, pivotal week for

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Speaker 1: the economy and markets this week as we get more indications.

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Speaker 1: We saw in real time when the President was at

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Speaker 1: the NATO conference speaking about the timeline potential timeline for

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Speaker 1: this first phase or any kind of deal with China,

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Speaker 1: and you saw the down down four hundred five hundred

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Speaker 1: points nearly as the President was speaking. So the markets

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Speaker 1: react very closely to what this president is saying on

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Speaker 1: this uh. And I'm hopeful that we'll get some kind

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Speaker 1: of arrangement and then it won't be after the election. Yeah,

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Speaker 1: let's let's uh, let's rip up the script. Is my

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Speaker 1: good friend here and mentor Tom Keene always tells me,

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Speaker 1: rip up the script. I don't want to conflate stories,

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Speaker 1: but we got to because again we're staring down the

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Speaker 1: next three weeks of volatility coming out of Washington, d C. December.

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Speaker 1: December is when the President has said he would raise

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Speaker 1: tariffs on China should they not finalize the US China

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Speaker 1: Phase one deal. Then we're getting rumblings that we could

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Speaker 1: if you read through all the headlines today, though CNBC

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Speaker 1: did walk back their initial report of the December eighteen

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Speaker 1: signage of U S M c A. So you've got

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Speaker 1: a potential a lot of trade headlines that week in December.

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Speaker 1: Then impeachment, but that hasn't moved in the markets. But

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Speaker 1: the cr you throw impeachment, it's like a bad joke.

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Speaker 1: Georgia cr in the wall walk into Congress. What happens

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Speaker 1: to chaos? Total chaos? I mean, in terms of all

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Speaker 1: of this volatility, it's it's as unpredictable as my beloved

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Speaker 1: Philadelphia Eagles, who I know we're going to beat the

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Speaker 1: giants tonight coming up, Congressman Chris Stewart calls him for

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Speaker 1: an interview, and we'll check in with what's on the

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Speaker 1: panel's radar. Download the Bloomberg Sound Of podcast on Apple iTunes,

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Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business App.

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Speaker 1: You can also find me on Radio dot Com, I

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Speaker 1: Heart Radio and Spotify. I'm Kevin Sirelli, and today Bloomberg

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Speaker 1: remembers Paul Vulker has passed away. He was the inflation

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Speaker 1: tamer who set the risk rule and passed away at

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Speaker 1: ninety two. Paul Volker, the former Federal Reserve chairman who

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Speaker 1: broke the back of US inflation in the nineteen eighties

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Speaker 1: and three decades later led President Barack Obama's bid to

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Speaker 1: reign in the investment risk taking of commercial banks, has died.

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Speaker 1: He was two. You're listening to Bloomberg. This is Bloomberg

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Speaker 1: Sound On with Kevin Surreley on Bloomberg and one oh

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Speaker 1: five point seven F M h D two. I'm Kevin Cirelli,

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Speaker 1: Chief Washington correspondent for Bloomberg Television and Bloomberg Radio and

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Speaker 1: Peachman hearings continuing on Capitol Hill. Earlier today, it was

429
00:22:57,600 --> 00:23:01,080
Speaker 1: like a ping pound match back and forth, back and forth,

430
00:23:01,160 --> 00:23:05,679
Speaker 1: the Republicans defending Trump, the Democrats attacking Trump. I don't see,

431
00:23:05,800 --> 00:23:09,960
Speaker 1: based upon my reporting, how the calculus changes at all.

432
00:23:10,240 --> 00:23:13,160
Speaker 1: Kevin wallings here, democratic strategist at h G Creative Media.

433
00:23:13,200 --> 00:23:16,560
Speaker 1: George C's also here. He's the CEO of Annandale Capital,

434
00:23:16,840 --> 00:23:20,359
Speaker 1: a Texas businessman and has advised everyone from Rick Perry

435
00:23:20,440 --> 00:23:23,800
Speaker 1: to Marco Rubio. And we talked a little bit earlier

436
00:23:23,800 --> 00:23:28,520
Speaker 1: about the impeachment Kevin Walling. But I mean, I just

437
00:23:28,800 --> 00:23:30,679
Speaker 1: I don't know. I mean, take us inside a speaker

438
00:23:30,680 --> 00:23:34,080
Speaker 1: Pelosi's political orbit. Do you think that maybe she wanted

439
00:23:34,119 --> 00:23:35,680
Speaker 1: to get this done by the end of the year

440
00:23:35,720 --> 00:23:39,119
Speaker 1: because it's starting to feel like groundhog Day? Yeah, I

441
00:23:39,160 --> 00:23:41,000
Speaker 1: think so. I think, you know, there's always a focus

442
00:23:41,040 --> 00:23:44,479
Speaker 1: on the timeline. I think your your impressions are are

443
00:23:44,560 --> 00:23:46,800
Speaker 1: spot on in terms of, you know, our politics are

444
00:23:46,800 --> 00:23:50,520
Speaker 1: so tribal, especially with these two committees, Intelligence and Judiciary,

445
00:23:51,160 --> 00:23:53,920
Speaker 1: that everything is for show. I mean that the vast

446
00:23:53,920 --> 00:23:56,800
Speaker 1: majority of folks that ask questions of the members today

447
00:23:57,480 --> 00:24:01,320
Speaker 1: took their time to make statements rather than actually asking

448
00:24:01,400 --> 00:24:05,199
Speaker 1: Majority and Minority Council on this. I think the the

449
00:24:05,280 --> 00:24:07,520
Speaker 1: interesting thing will come will be when it comes to

450
00:24:07,560 --> 00:24:10,720
Speaker 1: the Senate, where you have seen you know, you have

451
00:24:10,840 --> 00:24:12,679
Speaker 1: the the House members that have said the President has

452
00:24:12,720 --> 00:24:14,920
Speaker 1: done nothing wrong. Right in the American people believe that's

453
00:24:14,960 --> 00:24:17,680
Speaker 1: not true. You know, say it was wrong that he

454
00:24:17,720 --> 00:24:19,439
Speaker 1: made that phone call. Right, so we can agree that,

455
00:24:19,800 --> 00:24:22,800
Speaker 1: and you've seen some centers say what the president did

456
00:24:22,920 --> 00:24:25,600
Speaker 1: was wrong. Does it rise to the level of impeachment?

457
00:24:25,640 --> 00:24:28,639
Speaker 1: I don't know yet, right as potential jurors uh in

458
00:24:29,000 --> 00:24:32,320
Speaker 1: uh in a hearing. So you know, you go from

459
00:24:32,840 --> 00:24:36,200
Speaker 1: zero to a hundred from the House to the Senate,

460
00:24:36,640 --> 00:24:40,159
Speaker 1: and that will be the interesting calculus in my mind. Okay,

461
00:24:40,160 --> 00:24:43,040
Speaker 1: so from based upon what's out there in terms of

462
00:24:43,080 --> 00:24:46,000
Speaker 1: the timeline, final versions of articles of impeachment as soon

463
00:24:46,040 --> 00:24:48,840
Speaker 1: as Thursday might be the end of the week, the

464
00:24:48,960 --> 00:24:52,720
Speaker 1: vote for the full House the following week with regards

465
00:24:52,720 --> 00:24:55,639
Speaker 1: of impeachment, the president poised to become only the third

466
00:24:55,760 --> 00:24:59,040
Speaker 1: US president to be impeached ever, and then it would

467
00:24:59,040 --> 00:25:00,720
Speaker 1: of course go to the s it now in terms

468
00:25:00,760 --> 00:25:03,840
Speaker 1: of what they're actually going to impeach him for, likely

469
00:25:03,920 --> 00:25:10,400
Speaker 1: obstruction of justice, obstructive congress uh and anything else. Yeah,

470
00:25:10,440 --> 00:25:12,480
Speaker 1: I mean, you know you kind of read through the

471
00:25:12,480 --> 00:25:14,920
Speaker 1: tea leaves On on the Sunday shows, and Chairman Shift

472
00:25:14,960 --> 00:25:17,280
Speaker 1: of the Intelligence Committee has said that he would like

473
00:25:17,320 --> 00:25:21,280
Speaker 1: to see a tailor really specifically to the Ukraine situation

474
00:25:21,400 --> 00:25:23,879
Speaker 1: and less so when it came to the Mueller probe

475
00:25:23,880 --> 00:25:27,600
Speaker 1: in the ten or twelve instances of a potential obstruction

476
00:25:27,640 --> 00:25:29,200
Speaker 1: of justice. So I think you're going to see a

477
00:25:29,240 --> 00:25:31,399
Speaker 1: really you know that that is a pretty good indication

478
00:25:31,440 --> 00:25:34,240
Speaker 1: of where the caucus is, where Speaker plosing your leadership

479
00:25:34,280 --> 00:25:37,840
Speaker 1: team is, uh, you know, deputizing a Chairman Shift to

480
00:25:37,960 --> 00:25:39,719
Speaker 1: to lead a lot of this. So I think it's

481
00:25:39,760 --> 00:25:42,720
Speaker 1: gonna be very specific to Ukraine. On those likely three

482
00:25:42,800 --> 00:25:45,120
Speaker 1: articles down there in Texas, they're not talking about this

483
00:25:45,640 --> 00:25:47,800
Speaker 1: not a not a bid, and what are they talking about?

484
00:25:48,040 --> 00:25:51,600
Speaker 1: Talking about cowboys? The cowboys and business and family. So

485
00:25:52,400 --> 00:25:54,680
Speaker 1: they probably are talking a little bit about impeachment because

486
00:25:54,680 --> 00:25:58,199
Speaker 1: everybody's talking about I never hear about it the business.

487
00:25:58,359 --> 00:26:00,320
Speaker 1: I'm telling like, he's not lying. If look at the

488
00:26:00,320 --> 00:26:04,280
Speaker 1: Bloomberg terminal, that's all we care about here in the swamp.

489
00:26:04,359 --> 00:26:06,280
Speaker 1: That's all we're talking about in the swamp. I'm not

490
00:26:06,400 --> 00:26:08,280
Speaker 1: making this up. If you look at the Bloomberg terminal

491
00:26:08,320 --> 00:26:12,000
Speaker 1: and you see the headlines coming out as it relates

492
00:26:12,040 --> 00:26:15,320
Speaker 1: to trade up down, up down up now, the market's

493
00:26:15,359 --> 00:26:20,320
Speaker 1: up now. But then the impeachment stuff leg nothing anything

494
00:26:20,359 --> 00:26:23,800
Speaker 1: about the shutdown, potential shut No, no, no, not that

495
00:26:24,520 --> 00:26:26,439
Speaker 1: I would step back a minute and jump at the

496
00:26:26,520 --> 00:26:28,800
Speaker 1: historical precedent, and you look at what Harry Reid did

497
00:26:28,800 --> 00:26:31,080
Speaker 1: on Judges about less than a decade ago, and what

498
00:26:31,119 --> 00:26:33,840
Speaker 1: the effect that has been, the boomerang effect. I think

499
00:26:33,840 --> 00:26:36,560
Speaker 1: you may get something similar here where a Democratic president

500
00:26:36,600 --> 00:26:38,760
Speaker 1: who should not be impeached, no matter what you think

501
00:26:38,760 --> 00:26:40,840
Speaker 1: about whether Trump should be in peach or not, is

502
00:26:40,880 --> 00:26:43,280
Speaker 1: impeached anyway because it's more of a food fight in

503
00:26:43,320 --> 00:26:45,400
Speaker 1: the in the Congress, and I don't think that's good

504
00:26:45,400 --> 00:26:48,080
Speaker 1: for the country. So that the Democrats later on, I'm

505
00:26:48,119 --> 00:26:52,480
Speaker 1: about to throw a gauntlet. Should Bill Clinton have been impeached?

506
00:26:52,600 --> 00:26:55,359
Speaker 1: I don't think so. Oh well, maybe the perjury he

507
00:26:55,400 --> 00:26:59,159
Speaker 1: did that's a real serious should we have got? But

508
00:26:59,200 --> 00:27:08,879
Speaker 1: should we be kid into a Firehouse Strategies has this incredible?

509
00:27:09,119 --> 00:27:12,160
Speaker 1: Not incredible? It has an interesting, incredible ground brig as

510
00:27:12,200 --> 00:27:15,960
Speaker 1: a poll out as a poll out today. Firehouse Strategies

511
00:27:16,000 --> 00:27:20,480
Speaker 1: are friends over there. Scott Traner and uh Terry Sullivan,

512
00:27:20,960 --> 00:27:23,760
Speaker 1: have this poll out in Michigan, Wisconsin, and Pennsylvania. You're

513
00:27:23,760 --> 00:27:29,200
Speaker 1: ready for this? Sixty eight percent of nonpartisans in Wisconsin

514
00:27:29,359 --> 00:27:34,000
Speaker 1: think that Congress should focus on policy and not impeachment.

515
00:27:34,280 --> 00:27:39,080
Speaker 1: In Pennsylvania, fifty of nonpartisans think that Congress should focus

516
00:27:39,160 --> 00:27:41,920
Speaker 1: on policy and not impeachment. And in Michigan, are you

517
00:27:42,000 --> 00:27:45,639
Speaker 1: ready for this, sixty eight percent of nonpartisans think that

518
00:27:45,680 --> 00:27:49,440
Speaker 1: Congress should focus on policy not impeachment. Let's crunch those

519
00:27:49,520 --> 00:27:53,800
Speaker 1: numbers even further. In Wisconsin, fifty one percent of Democrats

520
00:27:54,600 --> 00:27:59,280
Speaker 1: focus on policy not impeachment, and patent of Democrats focus

521
00:27:59,359 --> 00:28:05,480
Speaker 1: on policy not impeachment Michigan. This if if you subscribe

522
00:28:05,480 --> 00:28:07,800
Speaker 1: to the school of thought, which would agree, which would

523
00:28:07,880 --> 00:28:10,679
Speaker 1: argue that this election will be decided in those battleground states.

524
00:28:11,880 --> 00:28:14,640
Speaker 1: This poll number, these poll numbers are scary for Speaker Pelosi.

525
00:28:14,720 --> 00:28:16,600
Speaker 1: Well to two comments on that. First of all, you

526
00:28:16,640 --> 00:28:19,600
Speaker 1: go back to Bill Clinton and his his approval rating

527
00:28:19,600 --> 00:28:21,960
Speaker 1: went up after he got impeached because everybody thought it

528
00:28:21,960 --> 00:28:24,520
Speaker 1: was nonsense after a while. And back to Speaker Pelosi.

529
00:28:24,520 --> 00:28:26,680
Speaker 1: Whether you like her or don't don't like her, she's

530
00:28:26,680 --> 00:28:29,359
Speaker 1: one of the consummate politicians and legislative leaders of this day,

531
00:28:29,400 --> 00:28:31,080
Speaker 1: and she didn't want to do this, but now that

532
00:28:31,119 --> 00:28:32,560
Speaker 1: she is doing it, she's trying to get it out

533
00:28:32,600 --> 00:28:35,040
Speaker 1: of the way as quickly as possible because it has

534
00:28:35,040 --> 00:28:37,760
Speaker 1: the vast potential to hurt Democrats if it drags out

535
00:28:37,760 --> 00:28:40,400
Speaker 1: too long. A joining us on the telephone line is

536
00:28:40,440 --> 00:28:45,320
Speaker 1: Congressman Chris Stewart. He is a Republican representing Utah. He

537
00:28:45,400 --> 00:28:48,480
Speaker 1: is also a member of the Intelligence Committee. Congressman, thank

538
00:28:48,520 --> 00:28:51,120
Speaker 1: you for calling in. I appreciate your time, and I

539
00:28:51,120 --> 00:28:53,360
Speaker 1: want to talk about a new piece of legislation that

540
00:28:53,400 --> 00:28:55,960
Speaker 1: you are proposing, But first we have to ask you

541
00:28:56,000 --> 00:29:00,320
Speaker 1: about impeachment. What is the timetable, Congressman, that you were

542
00:29:00,360 --> 00:29:03,720
Speaker 1: hearing for when that vote might happen in the House

543
00:29:03,760 --> 00:29:07,880
Speaker 1: of Representatives. Oh my gosh, you tell me right this

544
00:29:08,360 --> 00:29:11,640
Speaker 1: this thing changes day to day to hour to hour. Uh.

545
00:29:11,720 --> 00:29:14,520
Speaker 1: You know, we've been doing this impeachment thing for three

546
00:29:14,600 --> 00:29:16,960
Speaker 1: years on the Intelligence Committee. First it was the Russian

547
00:29:17,160 --> 00:29:22,120
Speaker 1: collusion and now this Ukrainian thing. I think we're likely

548
00:29:22,160 --> 00:29:25,240
Speaker 1: to vote on it before Christmas, and the reason being,

549
00:29:25,440 --> 00:29:27,160
Speaker 1: and I know there'll be some who disagree with this,

550
00:29:27,840 --> 00:29:29,959
Speaker 1: but the reason being is I think my Democratic colleagues

551
00:29:29,960 --> 00:29:32,160
Speaker 1: have realized the longer this goes on, the worst it

552
00:29:32,240 --> 00:29:35,520
Speaker 1: is for them, and the less people support it. I

553
00:29:35,600 --> 00:29:37,280
Speaker 1: think they want to get this out of the House

554
00:29:37,320 --> 00:29:39,400
Speaker 1: and off their table and over to the Senate as

555
00:29:39,480 --> 00:29:42,200
Speaker 1: quickly as possible. And there's nothing more to learn. That's

556
00:29:42,240 --> 00:29:44,480
Speaker 1: the remarkable thing is there's I mean, look, we knew

557
00:29:44,520 --> 00:29:46,560
Speaker 1: everything that wants to learn about this within the first

558
00:29:46,600 --> 00:29:50,400
Speaker 1: week of this whole thing. So I'll be surprised, I'll

559
00:29:50,440 --> 00:29:52,880
Speaker 1: be really surprised if we don't vote on it, not

560
00:29:53,080 --> 00:29:55,240
Speaker 1: this week, but the week after this, you know, the

561
00:29:55,240 --> 00:29:58,200
Speaker 1: week before Christmas. Congressman Chris Stewart's on the line. I

562
00:29:58,200 --> 00:30:00,400
Speaker 1: didn't know this about you, but you actually the hold

563
00:30:00,480 --> 00:30:03,600
Speaker 1: three world speed records. You are the you hold the

564
00:30:03,640 --> 00:30:07,680
Speaker 1: world record for the fastest NonStop flight around the world. Yeah.

565
00:30:08,440 --> 00:30:10,480
Speaker 1: A lot more fun than being in Congress. By the way,

566
00:30:11,800 --> 00:30:14,000
Speaker 1: all right, well, let me ask you about this new legislation,

567
00:30:14,000 --> 00:30:15,960
Speaker 1: because you've got a bill out, but you say we'll

568
00:30:16,000 --> 00:30:20,040
Speaker 1: bridge the gap between the LGBTQ community and the religious right.

569
00:30:20,040 --> 00:30:22,400
Speaker 1: How are you going to do that? Yeah, I mean,

570
00:30:22,440 --> 00:30:24,360
Speaker 1: this really is this is a This is an effort.

571
00:30:24,400 --> 00:30:27,640
Speaker 1: We've been working with this coalition for three years. LGBTQ

572
00:30:27,960 --> 00:30:31,640
Speaker 1: community or some religious groups, UH really know from across

573
00:30:31,680 --> 00:30:34,440
Speaker 1: the spectrum of religious community. And what it does is

574
00:30:34,440 --> 00:30:37,520
Speaker 1: it just says, look, you shouldn't discriminate against someone based

575
00:30:37,560 --> 00:30:41,040
Speaker 1: on their on their sexual identification. And you also should

576
00:30:41,080 --> 00:30:44,480
Speaker 1: not compel someone who has sincerely held religious beliefs that

577
00:30:44,520 --> 00:30:46,800
Speaker 1: are based on the foundations and teachings of their church

578
00:30:47,240 --> 00:30:49,480
Speaker 1: in many cases go back, you know, thousands of years.

579
00:30:49,520 --> 00:30:52,120
Speaker 1: You shouldn't compel them to do things which they feel

580
00:30:52,160 --> 00:30:54,960
Speaker 1: are against the teachings and the basic tenants to their church.

581
00:30:55,040 --> 00:30:58,200
Speaker 1: And what this bill does is it protects both. And

582
00:30:58,280 --> 00:31:02,080
Speaker 1: it's so obvious and it's to u such a great compromise.

583
00:31:02,120 --> 00:31:04,720
Speaker 1: We just held a press conference here where we had

584
00:31:04,720 --> 00:31:08,640
Speaker 1: members from national lgbt Q groups, We had leaders from

585
00:31:08,920 --> 00:31:14,080
Speaker 1: a diverse uh number of organisms organized religions UH. And

586
00:31:14,120 --> 00:31:15,680
Speaker 1: we think it's going to help produce some of the

587
00:31:15,720 --> 00:31:18,600
Speaker 1: contention and strife in our society. Who as we fight

588
00:31:18,680 --> 00:31:20,800
Speaker 1: these things out in the courts, we think that's the

589
00:31:20,840 --> 00:31:23,840
Speaker 1: worst outcome is just a fight for this for another generation,

590
00:31:24,520 --> 00:31:26,760
Speaker 1: have more certainty about it. We're just so pressed for

591
00:31:26,760 --> 00:31:28,440
Speaker 1: something I mean, first of all, thanks for calling it,

592
00:31:28,480 --> 00:31:31,800
Speaker 1: but it would protect it would protect the gay community

593
00:31:31,840 --> 00:31:34,680
Speaker 1: from being fired for a job for being gay. Correct,

594
00:31:35,680 --> 00:31:38,000
Speaker 1: But it wouldn't. It wouldn't if it was a small

595
00:31:38,040 --> 00:31:43,840
Speaker 1: business under the size of fifteen people. I'm sorry, are

596
00:31:43,840 --> 00:31:46,360
Speaker 1: you asking what? Yeah? If if if a small business

597
00:31:46,440 --> 00:31:49,960
Speaker 1: fifteen people are less, it wouldn't apply to those. No,

598
00:31:50,120 --> 00:31:52,600
Speaker 1: it doesn't, It doesn't play it allows for family business

599
00:31:52,680 --> 00:31:55,440
Speaker 1: is realizing that there's a difference between to use a

600
00:31:55,480 --> 00:31:56,880
Speaker 1: case that we hear about all the time, there's a

601
00:31:56,880 --> 00:32:00,760
Speaker 1: difference between a small bakery in color at all and

602
00:32:00,960 --> 00:32:05,160
Speaker 1: say Sarah Lee or McDonald's, you know, national corporations, and

603
00:32:05,200 --> 00:32:07,920
Speaker 1: allows a carve out for you know, small businesses that

604
00:32:08,040 --> 00:32:10,360
Speaker 1: you know they have and they may not have the

605
00:32:10,440 --> 00:32:13,280
Speaker 1: number employees where they can accommodate these kinds of things

606
00:32:13,280 --> 00:32:15,200
Speaker 1: that allows them to operate a small business. At the

607
00:32:15,200 --> 00:32:18,680
Speaker 1: same time, we generally say you can't discriminate against someone

608
00:32:19,040 --> 00:32:22,640
Speaker 1: just because they're gay. Alright, Well, Congressman, I gotta leave

609
00:32:22,680 --> 00:32:24,240
Speaker 1: it there because we are so pressed for time, but

610
00:32:24,320 --> 00:32:26,280
Speaker 1: come back on the program because I want to talk

611
00:32:26,640 --> 00:32:28,440
Speaker 1: Number one, how you flir around the world so fast?

612
00:32:28,440 --> 00:32:30,560
Speaker 1: And I do want to give more time to this

613
00:32:30,640 --> 00:32:32,880
Speaker 1: particular topic as well, and of course all the of

614
00:32:33,040 --> 00:32:36,760
Speaker 1: the developments on Intel. But thank you Congressman for calling in.

615
00:32:36,840 --> 00:32:40,560
Speaker 1: Appreciate your time. It's a fascinating bill. Kevin Walling, Democratic

616
00:32:40,600 --> 00:32:44,320
Speaker 1: strategist and George c CEO of Annandale Capital, And unfortunately

617
00:32:44,360 --> 00:32:46,440
Speaker 1: we're pressed for time. But George, here's your first time

618
00:32:46,480 --> 00:32:48,640
Speaker 1: on the show. Would you ever come back? Absolutely would

619
00:32:48,640 --> 00:32:51,120
Speaker 1: be glad to and even you're going to root for

620
00:32:51,120 --> 00:32:53,480
Speaker 1: the Eagles tonight. I am going to root for the Eagles.

621
00:32:53,480 --> 00:32:56,120
Speaker 1: Actually it will make the Cowboys game more fun interesting,

622
00:32:56,160 --> 00:32:58,120
Speaker 1: all right, I appreciate that. I'm Kevin Sally. I'm going

623
00:32:58,160 --> 00:33:00,040
Speaker 1: on vacation. I'll be back next week. You're listening a

624
00:33:00,040 --> 00:33:00,520
Speaker 1: bloom bird