1 00:00:00,880 --> 00:00:04,360 Speaker 1: You're listening to the Bloomberg Sound On podcast. Catch us 2 00:00:04,400 --> 00:00:07,560 Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the 3 00:00:07,640 --> 00:00:10,760 Speaker 1: iHeartRadio app and the Bloomberg Business app, or listen on 4 00:00:10,800 --> 00:00:13,800 Speaker 1: demand wherever you get your podcast. 5 00:00:13,960 --> 00:00:17,280 Speaker 2: You had the voice now of Congresswoman Chrissy Hulahan. We've 6 00:00:17,280 --> 00:00:19,279 Speaker 2: been looking forward to the conversation. It's been a couple 7 00:00:19,320 --> 00:00:21,759 Speaker 2: of weeks now that everybody's back in town. It's really 8 00:00:21,760 --> 00:00:24,680 Speaker 2: interesting to gauge sentiment on a lot of these issues, 9 00:00:24,680 --> 00:00:27,000 Speaker 2: and of course, nothing is bigger than this potential shutdown 10 00:00:27,400 --> 00:00:29,600 Speaker 2: At the moment, the news has not been getting easier 11 00:00:29,640 --> 00:00:34,120 Speaker 2: from Pennsylvania's sixth district. It's wonderful to have you back, Congresswoman. 12 00:00:34,200 --> 00:00:36,440 Speaker 2: Thank you for the time. I don't know what's going 13 00:00:36,479 --> 00:00:38,720 Speaker 2: on in the House of Representatives, and maybe you don't either. 14 00:00:38,760 --> 00:00:41,440 Speaker 2: There's talk about a motion to vacate a government shutdown. 15 00:00:42,000 --> 00:00:45,520 Speaker 2: Apparently the military funding bill has bumped into a wall 16 00:00:45,560 --> 00:00:49,000 Speaker 2: because of objections from some hardline Republicans in this caseize 17 00:00:49,040 --> 00:00:52,479 Speaker 2: on the Freedom Caucus. Are you bracing for a shutdown 18 00:00:52,520 --> 00:00:55,360 Speaker 2: or is this what it feels like last minute negotiations 19 00:00:55,400 --> 00:00:56,200 Speaker 2: if we can call it that. 20 00:00:57,840 --> 00:01:00,560 Speaker 3: I'm not certain what the future holds either. I will 21 00:01:00,560 --> 00:01:02,760 Speaker 3: say that I was sworn in about five years ago 22 00:01:02,920 --> 00:01:06,360 Speaker 3: now into the longest shutdown as you might recall, in 23 00:01:06,400 --> 00:01:09,919 Speaker 3: twenty nineteen, I think it was. So I've seen this before, 24 00:01:09,920 --> 00:01:12,240 Speaker 3: and it's not pretty and it's very, very harmful to 25 00:01:12,280 --> 00:01:15,480 Speaker 3: people when it happens. So of course, the vast majority 26 00:01:15,520 --> 00:01:17,319 Speaker 3: of us would like to make sure that we avert that, 27 00:01:17,400 --> 00:01:20,919 Speaker 3: and frankly avert a continuing resolution, which is basically kicking 28 00:01:20,959 --> 00:01:23,160 Speaker 3: the can down the road as well. But if I 29 00:01:23,200 --> 00:01:25,479 Speaker 3: had to guess, we will end up with a continuing 30 00:01:25,560 --> 00:01:30,080 Speaker 3: resolution and of some length of time. I've heard anywhere 31 00:01:30,080 --> 00:01:33,360 Speaker 3: from one week to several months, and that is preferred 32 00:01:33,400 --> 00:01:36,240 Speaker 3: over a shutdown, but certainly not an optimal choice. I 33 00:01:36,400 --> 00:01:39,160 Speaker 3: very much hope that we can calm our heads will prevail, 34 00:01:39,200 --> 00:01:40,760 Speaker 3: and I hope that we can find our way to 35 00:01:41,000 --> 00:01:42,520 Speaker 3: keeping the government open and funded. 36 00:01:43,280 --> 00:01:47,360 Speaker 2: Yeah, you know, the Speaker talked about his frustration with 37 00:01:47,440 --> 00:01:51,880 Speaker 2: a few members earlier today. Do the Matt gateses of 38 00:01:51,920 --> 00:01:55,520 Speaker 2: the House take up too much oxygen to really understand 39 00:01:56,160 --> 00:01:58,960 Speaker 2: what the Republican Conference or your conference for that matter, 40 00:01:59,040 --> 00:02:00,720 Speaker 2: believes here or we are are we listening to the 41 00:02:00,760 --> 00:02:03,600 Speaker 2: right people or is it just the fringe voices that 42 00:02:03,640 --> 00:02:04,280 Speaker 2: are getting through. 43 00:02:04,680 --> 00:02:06,800 Speaker 3: You know, with all respect to the Speaker, I would 44 00:02:06,800 --> 00:02:08,880 Speaker 3: push back and say, there are four hundred and thirty 45 00:02:08,880 --> 00:02:11,239 Speaker 3: five of us here, and as I mentioned, the majority 46 00:02:11,280 --> 00:02:13,960 Speaker 3: of us would like very much to properly fund the government. 47 00:02:14,400 --> 00:02:16,720 Speaker 3: And I think he needs to kind of look beyond 48 00:02:16,760 --> 00:02:19,919 Speaker 3: his own party and beyond those people on the far 49 00:02:20,080 --> 00:02:23,000 Speaker 3: far right and understand that we're all here to serve 50 00:02:23,040 --> 00:02:25,960 Speaker 3: our people in our community. And so I hope that 51 00:02:26,040 --> 00:02:28,400 Speaker 3: he's thinking hard about the next steps. And I know 52 00:02:28,400 --> 00:02:31,360 Speaker 3: it's at his peril, at his political peril, but there's 53 00:02:31,400 --> 00:02:33,400 Speaker 3: just too many lives that are at take in terms 54 00:02:33,400 --> 00:02:35,960 Speaker 3: of making sure people are able to go home with 55 00:02:36,000 --> 00:02:39,919 Speaker 3: paychecks for us to continue to screw around with our parties. 56 00:02:40,200 --> 00:02:41,919 Speaker 3: We really need to find each other in the middle. 57 00:02:43,160 --> 00:02:45,000 Speaker 4: Is this talk of a motion to vacate reel? 58 00:02:45,080 --> 00:02:47,760 Speaker 2: Do you think you could be a house without a 59 00:02:47,800 --> 00:02:49,400 Speaker 2: speaker in a couple of weeks. 60 00:02:49,840 --> 00:02:52,960 Speaker 3: I'm confident the talk of motion into vacate is reel. 61 00:02:53,000 --> 00:02:55,680 Speaker 5: And that's the position that the Speaker put himself into 62 00:02:55,720 --> 00:02:59,120 Speaker 5: when he was voted in. There are you know, it 63 00:02:59,160 --> 00:03:01,720 Speaker 5: only takes one frankly, and not a whole lot of 64 00:03:01,800 --> 00:03:04,920 Speaker 5: votes to actually vacate the chair. And I don't know, 65 00:03:05,120 --> 00:03:07,400 Speaker 5: you know, we would certainly be as if we're not 66 00:03:07,480 --> 00:03:11,200 Speaker 5: already an unprecedented territory and unprecedented times, we would be 67 00:03:11,240 --> 00:03:14,760 Speaker 5: in really unprecedented times at that point in time. So 68 00:03:15,280 --> 00:03:17,359 Speaker 5: I believe that I believe the Matt Gates is of 69 00:03:17,400 --> 00:03:18,680 Speaker 5: the world when they speak. 70 00:03:19,720 --> 00:03:22,000 Speaker 2: I guess you believe the Tommy Tubberville's of the world 71 00:03:22,000 --> 00:03:24,280 Speaker 2: as well. We talked to you about this on Bloomberg TV, 72 00:03:24,360 --> 00:03:26,640 Speaker 2: and I know it was something you were very passionate 73 00:03:26,639 --> 00:03:29,080 Speaker 2: about as someone who's served your country. He has not, 74 00:03:29,200 --> 00:03:31,640 Speaker 2: although I know that he's told us repeatedly he was 75 00:03:31,639 --> 00:03:35,119 Speaker 2: a military brat growing up. But he's not pulling back 76 00:03:35,160 --> 00:03:40,440 Speaker 2: on this blockade of military promotions, flag officers, general officers, 77 00:03:40,560 --> 00:03:45,840 Speaker 2: an objection to the Pentagon's abortion travel policy here. We 78 00:03:45,920 --> 00:03:49,200 Speaker 2: actually spoke with him congresswoman two days ago, and he 79 00:03:49,280 --> 00:03:52,600 Speaker 2: pushed back on the idea that this was impacting military readiness. 80 00:03:52,760 --> 00:03:54,800 Speaker 2: A brief remark from him here, and we'll have you reply. 81 00:03:54,880 --> 00:03:55,600 Speaker 4: Here's what he said. 82 00:03:55,800 --> 00:03:58,840 Speaker 6: They have no clue of what this policy is. They 83 00:03:58,920 --> 00:04:01,680 Speaker 6: just wanted to change it. Let the American people know, Hey, 84 00:04:01,920 --> 00:04:03,800 Speaker 6: we can do what we want to, and I'm not 85 00:04:03,800 --> 00:04:05,360 Speaker 6: going to allow them to do it now. If they 86 00:04:05,360 --> 00:04:07,520 Speaker 6: continue to do it, we're going to have the same 87 00:04:07,560 --> 00:04:10,920 Speaker 6: people in place as admirals and generals. Again, there's no 88 00:04:11,000 --> 00:04:13,720 Speaker 6: readiness problem. We got people in place that are doing 89 00:04:13,760 --> 00:04:14,360 Speaker 6: their jobs. 90 00:04:14,480 --> 00:04:17,800 Speaker 2: I know that you're concerned about a recruitment deterrent about 91 00:04:17,800 --> 00:04:21,839 Speaker 2: military families and temporary housing because of this, but speak 92 00:04:21,880 --> 00:04:24,240 Speaker 2: to that issue of readiness. Is he right you keep 93 00:04:24,279 --> 00:04:26,360 Speaker 2: the same people. They're doing great now, you keep them there. 94 00:04:26,360 --> 00:04:28,280 Speaker 2: It's not going to be an interruption in the chain 95 00:04:28,320 --> 00:04:28,839 Speaker 2: of command. 96 00:04:28,960 --> 00:04:32,240 Speaker 3: What do you think that's positively asinine? I was in 97 00:04:32,360 --> 00:04:37,440 Speaker 3: Hawaii and Indo pecon com recently over the August work period, 98 00:04:37,760 --> 00:04:40,360 Speaker 3: and there are four star generals and admirals who are 99 00:04:40,360 --> 00:04:44,400 Speaker 3: retiring with no one named and knobs as their successor, 100 00:04:44,560 --> 00:04:46,279 Speaker 3: nobody approved as their successor. 101 00:04:46,720 --> 00:04:48,800 Speaker 5: This is an absolute. 102 00:04:48,200 --> 00:04:51,359 Speaker 3: Readiness issue, And of course it's a deterrent for people 103 00:04:51,360 --> 00:04:54,400 Speaker 3: who want to work in a functioning organization and they're 104 00:04:54,440 --> 00:04:57,640 Speaker 3: not necessarily seeing the military as functioning. And it's also 105 00:04:57,680 --> 00:05:01,280 Speaker 3: a deterrent when you're basically going again against the majority 106 00:05:01,279 --> 00:05:05,000 Speaker 3: of the will of the people. Most people support women's 107 00:05:05,080 --> 00:05:08,520 Speaker 3: right to be in charge of their own body. Most 108 00:05:08,600 --> 00:05:12,440 Speaker 3: people believe in reproductive freedom. And so when you're looking 109 00:05:12,480 --> 00:05:16,080 Speaker 3: at an all volunteer and military, it can't help but 110 00:05:16,320 --> 00:05:19,760 Speaker 3: affect recruiting and readiness. But it's insane for him to 111 00:05:19,800 --> 00:05:23,760 Speaker 3: say that several hundred positions that now remain unconfirmed or 112 00:05:23,800 --> 00:05:25,479 Speaker 3: not affecting our readiness right now. 113 00:05:25,800 --> 00:05:28,320 Speaker 2: So what's the off ramp here? He's showing no signs 114 00:05:28,320 --> 00:05:31,320 Speaker 2: of backing down. We talked to a Congressman Michael McCall, 115 00:05:31,960 --> 00:05:34,200 Speaker 2: the chair of the House Foreign Affairs Committee, last evening. 116 00:05:34,240 --> 00:05:37,279 Speaker 2: He's one of the few higher ranking Republicans have called 117 00:05:37,360 --> 00:05:40,599 Speaker 2: him out. He said, this is paralyzing our military. Is 118 00:05:40,640 --> 00:05:43,359 Speaker 2: that what it's going to take more Republicans to pressure 119 00:05:43,400 --> 00:05:44,440 Speaker 2: him to stand down? 120 00:05:44,600 --> 00:05:47,719 Speaker 3: Yeah, I'm under no illusions that what I'm saying about 121 00:05:47,760 --> 00:05:50,560 Speaker 3: Senator Tuberville matters that one wit to him. 122 00:05:51,040 --> 00:05:52,200 Speaker 7: What will take. 123 00:05:52,400 --> 00:05:55,000 Speaker 3: What it will take is certainly more Republicans and elected 124 00:05:55,000 --> 00:05:58,920 Speaker 3: office and frankly more constituents of his as well as 125 00:05:58,920 --> 00:06:02,120 Speaker 3: people around the country to really lay to Baar what's 126 00:06:02,160 --> 00:06:05,560 Speaker 3: happening here. Perhaps more pressure from the military itself. If 127 00:06:05,600 --> 00:06:09,000 Speaker 3: there hasn't already been enough. So it is kind of 128 00:06:09,520 --> 00:06:14,200 Speaker 3: worrisome that this one person can hold several hundred nominations 129 00:06:14,440 --> 00:06:17,239 Speaker 3: at Bay right now. And that's something that is really 130 00:06:17,240 --> 00:06:18,479 Speaker 3: concerning for many of us. 131 00:06:18,560 --> 00:06:21,839 Speaker 2: I think, what does it mean to have a military 132 00:06:21,960 --> 00:06:24,240 Speaker 2: without a Chairman of the Joint Chiefs, Because it looks 133 00:06:24,279 --> 00:06:25,360 Speaker 2: like that's about to happen. 134 00:06:25,720 --> 00:06:28,680 Speaker 3: You have to be just a person who's watched a movie, 135 00:06:28,880 --> 00:06:31,560 Speaker 3: you know, to know that you can't have you can't 136 00:06:31,560 --> 00:06:35,680 Speaker 3: have a military without it's brass or somebody who just 137 00:06:35,839 --> 00:06:37,960 Speaker 3: has worked at a company to know that if you're 138 00:06:38,000 --> 00:06:40,719 Speaker 3: rudderless without leadership, it's going to matter. We just talked 139 00:06:40,720 --> 00:06:43,600 Speaker 3: about vacating the chair in the House of Representatives. That 140 00:06:43,640 --> 00:06:46,280 Speaker 3: will impact the ability of us to get our jobs done. 141 00:06:46,320 --> 00:06:48,320 Speaker 3: Regardless of what side of the aisle you are on, 142 00:06:49,279 --> 00:06:52,200 Speaker 3: it's common sense that we can't hold this up like this. 143 00:06:53,160 --> 00:06:55,960 Speaker 2: We're spending some time with Congressman chrisy Hulihan, a Democrat 144 00:06:55,960 --> 00:06:59,360 Speaker 2: from Pennsylvania, and you might not realize this, but you've 145 00:06:59,360 --> 00:07:02,839 Speaker 2: actually had your eyes on her districts for some time. 146 00:07:02,880 --> 00:07:06,720 Speaker 2: Here in the story involving this escaped fugitive, who of 147 00:07:06,760 --> 00:07:10,040 Speaker 2: course generated headlines around the country captured at least in 148 00:07:10,160 --> 00:07:13,720 Speaker 2: the congresswoman's district, and it brings us congresswomen to your 149 00:07:13,760 --> 00:07:16,240 Speaker 2: invest to Protect Act. And I'd like to ask you 150 00:07:16,280 --> 00:07:18,720 Speaker 2: about that as we remember a couple of years ago 151 00:07:18,880 --> 00:07:21,800 Speaker 2: the theme of defunding the police. You're a Democrat who 152 00:07:21,880 --> 00:07:23,960 Speaker 2: wants to fund the police? Where would the money go? 153 00:07:25,160 --> 00:07:25,520 Speaker 7: Sure? 154 00:07:25,560 --> 00:07:28,600 Speaker 3: And importantly, this is not my Investor Protect Act, but 155 00:07:28,640 --> 00:07:31,400 Speaker 3: it is supported by dozens and dozens of Republicans and 156 00:07:31,440 --> 00:07:33,760 Speaker 3: Democrats alike, and I am one of them. And the 157 00:07:33,840 --> 00:07:37,720 Speaker 3: Investor Protect Act basically invests in places that we have 158 00:07:37,920 --> 00:07:41,280 Speaker 3: traditionally not been as able or interested in investing in 159 00:07:41,320 --> 00:07:45,160 Speaker 3: police forces. The vast majority of us, myself included, come 160 00:07:45,160 --> 00:07:48,120 Speaker 3: from districts where most of our police forces are very 161 00:07:48,240 --> 00:07:51,520 Speaker 3: very small, sometimes fewer than a dozen people. And the 162 00:07:51,600 --> 00:07:56,640 Speaker 3: Investor Protect Act allows more competitive bidding processes and funding 163 00:07:56,680 --> 00:07:59,360 Speaker 3: for people in those smaller communities, in those smaller police 164 00:07:59,400 --> 00:08:01,440 Speaker 3: forces to be able to afford things that they don't 165 00:08:01,480 --> 00:08:04,640 Speaker 3: normally compete for, and be able to recruit in a 166 00:08:04,640 --> 00:08:06,840 Speaker 3: different way as well, so that they can compete with 167 00:08:06,880 --> 00:08:09,960 Speaker 3: the Philadelphias. You know, my community is very rural in 168 00:08:10,000 --> 00:08:12,880 Speaker 3: some areas, and very small police forces. And you know, 169 00:08:12,920 --> 00:08:15,360 Speaker 3: if you won't watching the news, you've been watching my community. 170 00:08:15,640 --> 00:08:18,040 Speaker 3: And so this Investor Protect Act would do exactly what 171 00:08:18,080 --> 00:08:20,600 Speaker 3: it's talking about, which is help our policemen protect us 172 00:08:20,600 --> 00:08:22,880 Speaker 3: and be able to be as responsive as possible in 173 00:08:23,480 --> 00:08:25,280 Speaker 3: situations such as we've just been watching. 174 00:08:26,200 --> 00:08:28,840 Speaker 2: Do you worry about this leading to over policing or 175 00:08:28,920 --> 00:08:32,840 Speaker 2: military hardware getting into police departments? Sometimes these get to 176 00:08:32,880 --> 00:08:34,600 Speaker 2: be very gray lines. 177 00:08:35,240 --> 00:08:38,000 Speaker 3: No, I understand. I understand the argument. And this bill 178 00:08:38,400 --> 00:08:41,000 Speaker 3: is supported by partisanly, by a lot of people who 179 00:08:41,280 --> 00:08:43,480 Speaker 3: want to invest, of course in our police force, but 180 00:08:43,520 --> 00:08:46,040 Speaker 3: also want to protect our citizenry. And I think this 181 00:08:46,120 --> 00:08:48,640 Speaker 3: particular piece of legislation does a really good job of 182 00:08:48,679 --> 00:08:52,320 Speaker 3: making sure that we're educating police, creating databases for police, 183 00:08:52,880 --> 00:08:55,240 Speaker 3: making sure that we have a good relationship from citizen 184 00:08:55,320 --> 00:08:58,640 Speaker 3: to police. And I think that there can be both. 185 00:08:58,720 --> 00:09:04,360 Speaker 3: You can have a protected citizenry and also a strengthened 186 00:09:04,559 --> 00:09:05,640 Speaker 3: police force as well. 187 00:09:05,960 --> 00:09:07,959 Speaker 2: Can I just ask before I let you go, Congress women, 188 00:09:08,000 --> 00:09:10,080 Speaker 2: are you glad to be back in Washington? 189 00:09:10,520 --> 00:09:12,040 Speaker 4: Have you been dreading it all August? 190 00:09:13,720 --> 00:09:15,840 Speaker 3: I feel as though that this is a really important 191 00:09:15,880 --> 00:09:18,920 Speaker 3: time to be here in Washington or in my community. 192 00:09:19,640 --> 00:09:21,880 Speaker 3: I'm fortunate that my community is just up the road 193 00:09:21,920 --> 00:09:23,600 Speaker 3: a few hours, so I can kind of get back 194 00:09:23,640 --> 00:09:24,680 Speaker 3: and forth pretty easily. 195 00:09:25,280 --> 00:09:26,040 Speaker 7: I'm not going to lie. 196 00:09:26,080 --> 00:09:29,880 Speaker 3: I wish Congress and Washington were much more a highly 197 00:09:29,880 --> 00:09:32,920 Speaker 3: functional or functional at all in some cases. But I 198 00:09:32,960 --> 00:09:35,640 Speaker 3: do think it's really important that I represent our community, 199 00:09:35,640 --> 00:09:37,120 Speaker 3: and then I'm physically here to do that. 200 00:09:38,240 --> 00:09:38,400 Speaker 8: Well. 201 00:09:38,440 --> 00:09:40,440 Speaker 2: I appreciate that, and I hope you'll stay in touch 202 00:09:40,480 --> 00:09:43,480 Speaker 2: with us. The congresswoman from Pennsylvania, Christy could hand. We 203 00:09:43,480 --> 00:09:47,120 Speaker 2: thank you as always for talking with us today on Bloomberg, 204 00:09:47,240 --> 00:09:49,120 Speaker 2: joining us from Capitol Hill. If you were with us 205 00:09:49,160 --> 00:09:50,880 Speaker 2: on the YouTube feed, you would have seen that. We 206 00:09:50,960 --> 00:09:54,400 Speaker 2: invite you search Bloomberg Global News on YouTube and join 207 00:09:54,520 --> 00:09:56,880 Speaker 2: the party here. Of course, we always welcome you on 208 00:09:56,920 --> 00:09:59,600 Speaker 2: the radio, on the satellite and on the podcast as well. 209 00:10:00,480 --> 00:10:03,960 Speaker 4: Here on sound on Nation, I'm Joe, Matthew and Washington. 210 00:10:04,000 --> 00:10:04,880 Speaker 4: We assemble our panel. 211 00:10:04,920 --> 00:10:08,880 Speaker 2: Genie Shanzano and Rick Davis are with us Bloomberg Politics contributors. 212 00:10:09,440 --> 00:10:14,160 Speaker 2: As we count down to a couple of potentially ugly headlines. Genie, 213 00:10:14,200 --> 00:10:17,920 Speaker 2: where's your head right now? Where's Joe Biden's head sitting 214 00:10:17,960 --> 00:10:20,840 Speaker 2: in the west wing watching the potential strike of a 215 00:10:20,880 --> 00:10:23,280 Speaker 2: lifetime here in Detroit, apparently all three of the Big 216 00:10:23,320 --> 00:10:25,920 Speaker 2: Three is the last thing that Sean Fain said, and 217 00:10:25,960 --> 00:10:29,480 Speaker 2: the government shutdown could soon follow. How does he message 218 00:10:29,480 --> 00:10:29,839 Speaker 2: around this? 219 00:10:30,880 --> 00:10:33,680 Speaker 9: It is difficult to be president, you know, following on 220 00:10:33,800 --> 00:10:36,360 Speaker 9: your question to the representative about is she happy or 221 00:10:36,400 --> 00:10:38,600 Speaker 9: a little bit sad to be back in Washington. 222 00:10:38,760 --> 00:10:39,680 Speaker 7: Yeah, he's got. 223 00:10:39,640 --> 00:10:42,200 Speaker 9: A lot on his plate. And you know, I think 224 00:10:42,240 --> 00:10:45,559 Speaker 9: we've seen and Jordan mentioned that the president has already 225 00:10:45,679 --> 00:10:49,880 Speaker 9: been engaging with the automaker leaders, with Sean Fain, with 226 00:10:50,000 --> 00:10:52,920 Speaker 9: the union. I think we've seen in the past when 227 00:10:52,920 --> 00:10:55,480 Speaker 9: this has come up, with the railway strike and MLB 228 00:10:55,720 --> 00:10:58,800 Speaker 9: and others, that he engages sort of at the last minute. 229 00:10:58,840 --> 00:11:01,640 Speaker 9: So I think we may hear about more of that 230 00:11:01,760 --> 00:11:04,559 Speaker 9: today as we come up to this deadline. But at 231 00:11:04,559 --> 00:11:06,760 Speaker 9: this point, it looks like he is going to be 232 00:11:06,920 --> 00:11:10,720 Speaker 9: facing this strike. And for those reasons that Jordan went 233 00:11:10,760 --> 00:11:14,320 Speaker 9: through both the ev push and then also of course, 234 00:11:14,440 --> 00:11:17,760 Speaker 9: because you know, Joe Biden really does need Michigan and 235 00:11:17,800 --> 00:11:20,960 Speaker 9: this can really ground those local economies in the Midwest 236 00:11:21,000 --> 00:11:24,400 Speaker 9: to a hult. This could be potentially very very difficult 237 00:11:24,400 --> 00:11:26,600 Speaker 9: for him to handle. So I do think we're going 238 00:11:26,640 --> 00:11:28,760 Speaker 9: to hear more about him working the phone trying to 239 00:11:28,760 --> 00:11:31,280 Speaker 9: get this together. But it looks like we are going 240 00:11:31,320 --> 00:11:34,600 Speaker 9: to see a targeted strike by midnight tonight. And I 241 00:11:34,720 --> 00:11:37,000 Speaker 9: have to say, Sean Fain is one of the most 242 00:11:37,120 --> 00:11:42,080 Speaker 9: interesting union leaders we have seen in years, mainly, you know, 243 00:11:42,360 --> 00:11:46,439 Speaker 9: because he is one of the first democratically elected union 244 00:11:46,520 --> 00:11:49,920 Speaker 9: leaders to the UAW and boy to watch him speak 245 00:11:49,960 --> 00:11:53,200 Speaker 9: and his activism out there, it is truly he is 246 00:11:53,240 --> 00:11:56,200 Speaker 9: a force of nature. So Biden has a lot on 247 00:11:56,240 --> 00:11:58,200 Speaker 9: his plate trying to get these two to find some 248 00:11:58,320 --> 00:11:58,960 Speaker 9: common ground. 249 00:11:59,320 --> 00:12:01,880 Speaker 2: I didn't have to bleep him today, Rick, What does 250 00:12:01,960 --> 00:12:04,760 Speaker 2: Joe Biden think of Sean Fain? 251 00:12:05,080 --> 00:12:05,760 Speaker 4: What do you think? 252 00:12:06,559 --> 00:12:08,680 Speaker 10: You know, look, I think it's probably a nightmare every 253 00:12:08,760 --> 00:12:10,960 Speaker 10: night for the last week since he got back from 254 00:12:11,000 --> 00:12:14,600 Speaker 10: Asia thinking about him. I mean, as Genie says, he's untethered. 255 00:12:14,640 --> 00:12:17,959 Speaker 10: He's a democratically elected union boss, not even sure you 256 00:12:18,000 --> 00:12:21,240 Speaker 10: can call him a union boss. And he is one 257 00:12:21,240 --> 00:12:24,439 Speaker 10: of the very few big union heads who hadn't endorsed 258 00:12:25,120 --> 00:12:28,400 Speaker 10: Joe Biden right now, so this union is up for grabs. 259 00:12:28,440 --> 00:12:31,440 Speaker 10: I mean, Republicans are sitting around you know, with their 260 00:12:31,480 --> 00:12:35,360 Speaker 10: hands rubbing together, going come on strike. Let's show those 261 00:12:35,559 --> 00:12:38,360 Speaker 10: nasty corporations you know how to deal with you. I mean, 262 00:12:38,400 --> 00:12:40,160 Speaker 10: look at what Donald Trump is doing. He's trying to 263 00:12:40,160 --> 00:12:43,360 Speaker 10: cultivate the union head. I mean, since when has a 264 00:12:43,400 --> 00:12:47,240 Speaker 10: Republican done that? Not since the nineteen seventies with Richard Nixon. 265 00:12:47,679 --> 00:12:52,480 Speaker 10: So I mean, it's really quite phenomenal. And it makes 266 00:12:52,520 --> 00:12:55,080 Speaker 10: me worry that there is going to be a strike 267 00:12:55,160 --> 00:12:57,440 Speaker 10: and if it starts out targeted it admit it ends 268 00:12:57,480 --> 00:13:00,880 Speaker 10: that way. And so we'll see tonight, but I suspect 269 00:13:00,960 --> 00:13:02,720 Speaker 10: we'll be talking about this all next week and what 270 00:13:02,840 --> 00:13:06,280 Speaker 10: impact it will have on some very key targeted states. 271 00:13:06,720 --> 00:13:10,720 Speaker 2: Well, let's let's pull on that thread a little bit here, Genie. 272 00:13:10,720 --> 00:13:13,200 Speaker 2: It's pretty interesting. We talked to Kevin Walling last evening 273 00:13:13,280 --> 00:13:15,880 Speaker 2: on Balance of Power, and you know, he's spent time 274 00:13:16,120 --> 00:13:21,079 Speaker 2: doing some polling for union labor here in Washington, d C. 275 00:13:21,280 --> 00:13:24,280 Speaker 2: And it's pretty clear that the rank and file are 276 00:13:24,360 --> 00:13:28,960 Speaker 2: leading Republican while the union leadership is very much democratic. 277 00:13:29,679 --> 00:13:36,000 Speaker 2: Is Rick forecasting a very important, potentially tectonic shift here 278 00:13:36,000 --> 00:13:40,120 Speaker 2: in which union labor sides with Republicans. Donald Trump's asking 279 00:13:40,120 --> 00:13:42,560 Speaker 2: for the uaw's endorsement in this race. 280 00:13:43,559 --> 00:13:46,120 Speaker 9: Yeah, I mean he has been working hard for that 281 00:13:46,280 --> 00:13:49,800 Speaker 9: and rightly so. I mean that is what our politicians 282 00:13:49,840 --> 00:13:53,320 Speaker 9: should be doing, and if it happens, it would be 283 00:13:53,400 --> 00:13:57,080 Speaker 9: an enormous shift. But let's not forget and I think 284 00:13:57,080 --> 00:14:00,480 Speaker 9: this is critical if the union is successful full here, 285 00:14:00,520 --> 00:14:03,120 Speaker 9: if they get even a part of what they're asking for. 286 00:14:03,240 --> 00:14:05,920 Speaker 9: I mean, let's remember, on pay alone, they're asking for 287 00:14:06,000 --> 00:14:09,840 Speaker 9: a forty percent increase to match what the CEOs have 288 00:14:10,040 --> 00:14:13,600 Speaker 9: made as they in twenty fifteen and twenty sixteen got 289 00:14:13,679 --> 00:14:17,720 Speaker 9: this huge boon in terms of these auto worker CEOs. 290 00:14:17,880 --> 00:14:20,680 Speaker 9: He's asking that the workers get matched and a whole 291 00:14:20,680 --> 00:14:23,280 Speaker 9: bunch of other things. If he gets even a portion 292 00:14:23,600 --> 00:14:27,080 Speaker 9: of that, that may be seen as a big success. 293 00:14:27,200 --> 00:14:31,080 Speaker 9: And you may see people who have looked at unions, 294 00:14:31,120 --> 00:14:34,400 Speaker 9: and particularly as we see openings of plants and others 295 00:14:34,480 --> 00:14:37,800 Speaker 9: in the South and have not been particularly friendly to unions, 296 00:14:38,080 --> 00:14:40,200 Speaker 9: they may say, hey, you know what, I want some 297 00:14:40,320 --> 00:14:43,320 Speaker 9: of that. So if Fain is successful, if the union 298 00:14:43,360 --> 00:14:46,160 Speaker 9: is successful, I don't know if we're going to see 299 00:14:46,160 --> 00:14:48,840 Speaker 9: that shift, but it is possible. We really don't know. 300 00:14:48,880 --> 00:14:51,680 Speaker 9: We are in unchartered territory here, and I think one 301 00:14:51,680 --> 00:14:53,640 Speaker 9: of the brilliant things Faine has done, and I think 302 00:14:53,680 --> 00:14:56,960 Speaker 9: Biden has to have some grudging respect for him, is 303 00:14:57,040 --> 00:15:00,320 Speaker 9: he kept he is holding his fire into terms of 304 00:15:00,320 --> 00:15:03,080 Speaker 9: who he's going to support, and he is making the case, 305 00:15:03,160 --> 00:15:05,760 Speaker 9: look at, you need to win us over, and we 306 00:15:05,880 --> 00:15:08,120 Speaker 9: want what we want, and we're going to push for it. 307 00:15:08,440 --> 00:15:10,560 Speaker 9: And if he goes out there and other people and 308 00:15:10,640 --> 00:15:14,320 Speaker 9: manufacturing sectors follow and workers follow, that could be a 309 00:15:14,440 --> 00:15:17,040 Speaker 9: huge boon for the union. So I think this is 310 00:15:17,040 --> 00:15:19,840 Speaker 9: all waiting to be decided, but he has become quickly 311 00:15:19,880 --> 00:15:23,680 Speaker 9: a powerful figure in the labor movement and in manufacturing 312 00:15:23,720 --> 00:15:25,000 Speaker 9: across the country, if. 313 00:15:24,880 --> 00:15:25,480 Speaker 11: Not the world. 314 00:15:25,960 --> 00:15:30,880 Speaker 2: Yeah, Rick, should every Republican candidate here for Congress for 315 00:15:31,000 --> 00:15:34,120 Speaker 2: president be asking for Union Labour's endorsement? 316 00:15:34,680 --> 00:15:37,080 Speaker 10: Well, look, there's certainly a strain of the party who's 317 00:15:37,280 --> 00:15:41,640 Speaker 10: much more populous than in the past and appeal to 318 00:15:41,920 --> 00:15:46,640 Speaker 10: these rank and file quasi Democrats, quasi Republicans and rural districts. 319 00:15:46,960 --> 00:15:47,280 Speaker 1: Sure. 320 00:15:47,440 --> 00:15:49,680 Speaker 10: I mean, that's what Donald Trump has brought into the 321 00:15:49,720 --> 00:15:54,200 Speaker 10: Republican party. That's how he's won election in twenty sixteen, 322 00:15:54,440 --> 00:15:58,040 Speaker 10: and that's how people like Glenn Youngkin won the governorship 323 00:15:58,080 --> 00:16:01,680 Speaker 10: of Virginia by appealing to what was historically rank and 324 00:16:01,680 --> 00:16:06,560 Speaker 10: file Democratic voters in the rural areas and said, hey, 325 00:16:06,960 --> 00:16:08,800 Speaker 10: what have they done for you lately? And you know, 326 00:16:09,280 --> 00:16:12,080 Speaker 10: we are going to go out there and work hard 327 00:16:12,120 --> 00:16:15,200 Speaker 10: for you. And so, yeah, that's happening right now. It's 328 00:16:15,200 --> 00:16:17,880 Speaker 10: not the whole party, but it's a big strain of it, 329 00:16:17,240 --> 00:16:20,080 Speaker 10: and it also shows a decline in the support for 330 00:16:20,120 --> 00:16:22,880 Speaker 10: the Republican Party for corporate America. Corporate America has been 331 00:16:22,880 --> 00:16:24,840 Speaker 10: thrown under the bus by both parties now, and so 332 00:16:24,880 --> 00:16:26,440 Speaker 10: it'll be interesting to see where they turn. 333 00:16:27,480 --> 00:16:29,840 Speaker 2: Boy, all right, so let's go from one countdown clock 334 00:16:29,880 --> 00:16:33,240 Speaker 2: to another. We'll find out about the strike before midnight tonight, 335 00:16:33,240 --> 00:16:36,040 Speaker 2: although Fane again is talking at ten pm and it 336 00:16:36,120 --> 00:16:40,000 Speaker 2: might be a couple of hours before that. On the 337 00:16:40,040 --> 00:16:42,440 Speaker 2: other side, we have a countdown to a potential government 338 00:16:42,480 --> 00:16:44,040 Speaker 2: shutdown at the end of this month is the end 339 00:16:44,040 --> 00:16:44,840 Speaker 2: of the fiscal year. 340 00:16:44,960 --> 00:16:45,960 Speaker 4: We told you yesterday. 341 00:16:47,080 --> 00:16:50,000 Speaker 2: Republicans in the House blocked a couple of them, at 342 00:16:50,080 --> 00:16:55,160 Speaker 2: least blocked debate from even beginning on the military funding bill, 343 00:16:55,760 --> 00:16:57,640 Speaker 2: and there are concerns that we might be a lot 344 00:16:57,640 --> 00:16:59,760 Speaker 2: closer to a shutdown now than when we're even twenty 345 00:16:59,800 --> 00:17:00,560 Speaker 2: four hours ago. 346 00:17:00,600 --> 00:17:02,480 Speaker 4: The Speaker is not happy. 347 00:17:02,680 --> 00:17:05,000 Speaker 12: I showed frustration in here because I am frustrated with 348 00:17:05,040 --> 00:17:07,560 Speaker 12: the committee. I frustrated with some people in the conference. 349 00:17:08,560 --> 00:17:12,840 Speaker 12: We had the DoD appropriation bill yesterday. I couldn't put 350 00:17:12,880 --> 00:17:16,680 Speaker 12: it on the floor. I don't have one complaint by 351 00:17:16,840 --> 00:17:18,400 Speaker 12: any member of what's wrong with this bill. 352 00:17:19,200 --> 00:17:23,800 Speaker 2: Can't imagine who he's referring to. Matt Gates on MSNBC 353 00:17:24,040 --> 00:17:27,480 Speaker 2: last evening asked if he was looking for special treatment 354 00:17:27,960 --> 00:17:33,720 Speaker 2: around his ethics issue in his leveraging of whatever social 355 00:17:33,800 --> 00:17:36,480 Speaker 2: power he has here against the Speaker. Of course, he 356 00:17:36,560 --> 00:17:38,840 Speaker 2: keeps calling for the motion of VAC. He wants Kevin 357 00:17:38,920 --> 00:17:39,720 Speaker 2: McCarthy fire. 358 00:17:39,800 --> 00:17:43,200 Speaker 13: That is an abject lie from a sad and pathetic 359 00:17:43,280 --> 00:17:46,520 Speaker 13: man who lies to hold on to power. He lied 360 00:17:46,560 --> 00:17:48,920 Speaker 13: to get power in January when he made this agreement, 361 00:17:49,080 --> 00:17:51,800 Speaker 13: and he's lying now about the basis for breach. And 362 00:17:51,840 --> 00:17:54,320 Speaker 13: you know what, Eventually the lion has to come to 363 00:17:54,359 --> 00:17:55,960 Speaker 13: an end and the votes are going to start on 364 00:17:56,000 --> 00:17:59,119 Speaker 13: a motion of VAK. I certainly hope that instead of 365 00:17:59,119 --> 00:18:02,320 Speaker 13: that path to speak, comes into compliance on term limits, 366 00:18:02,560 --> 00:18:05,439 Speaker 13: balanced budgets and single subject spending bills and guess what 367 00:18:05,840 --> 00:18:08,280 Speaker 13: if that happens, there will be no motion of vacate. 368 00:18:08,760 --> 00:18:12,040 Speaker 2: That's all you've got to do, mister speaker. Are the 369 00:18:12,080 --> 00:18:13,280 Speaker 2: walls closing in Jeannie? 370 00:18:13,800 --> 00:18:13,960 Speaker 4: Are? 371 00:18:14,240 --> 00:18:17,680 Speaker 9: I mean, total compliance is what Matt Gates wants. And 372 00:18:17,720 --> 00:18:21,720 Speaker 9: you know, can you just imagine Nancy Pelosi or any 373 00:18:21,760 --> 00:18:24,639 Speaker 9: of our strong speakers in the past putting up with 374 00:18:24,760 --> 00:18:30,120 Speaker 9: this kind of nonsense really from Matt Gates. I mean, 375 00:18:30,160 --> 00:18:33,200 Speaker 9: you know, Matt Gates has made himself sort of the 376 00:18:33,240 --> 00:18:35,720 Speaker 9: head of the Republican party in the House, and he 377 00:18:35,800 --> 00:18:37,880 Speaker 9: is going to tell the Speaker exactly what he has 378 00:18:37,960 --> 00:18:41,119 Speaker 9: to do. You know, at some point we are gonna 379 00:18:41,160 --> 00:18:44,600 Speaker 9: have to see Kevin McCarthy stand up to Matt Gates 380 00:18:44,920 --> 00:18:48,240 Speaker 9: and shut this down. And of course Matt Gates has 381 00:18:48,280 --> 00:18:50,360 Speaker 9: a point. He made this deal. We don't know what's 382 00:18:50,400 --> 00:18:52,440 Speaker 9: in the deal quite frankly, because it was never released, 383 00:18:52,600 --> 00:18:55,440 Speaker 9: but there was some deal made so we can become speaker. 384 00:18:55,760 --> 00:18:58,080 Speaker 9: And now he is at the whim of Matt Gates 385 00:18:58,080 --> 00:19:01,000 Speaker 9: going around telling him total plump fiance or you're out. 386 00:19:01,320 --> 00:19:04,280 Speaker 9: It is a disaster for Kevin McCarthy. It's a disaster 387 00:19:04,400 --> 00:19:08,240 Speaker 9: for the Republican party. We are facing an imminent shut down. 388 00:19:08,480 --> 00:19:11,840 Speaker 9: If they're going to do that on military appropriations, how 389 00:19:11,880 --> 00:19:13,600 Speaker 9: are they going to get through the rest of the 390 00:19:13,640 --> 00:19:16,720 Speaker 9: spending in a measly fourteen days. It's unthinkable. 391 00:19:16,800 --> 00:19:17,080 Speaker 7: Really. 392 00:19:18,040 --> 00:19:22,439 Speaker 2: You imagine Rick a member calling the Speaker a sad, 393 00:19:22,560 --> 00:19:26,199 Speaker 2: pathetic man on national television. They're in the same party. 394 00:19:26,760 --> 00:19:29,000 Speaker 10: Yeah, what do you need a Democrat for in the House. 395 00:19:29,040 --> 00:19:33,240 Speaker 10: You've gotten Republicans attacking each other. I mean, honestly, it's 396 00:19:33,280 --> 00:19:36,040 Speaker 10: like just a great day for the Democratic leadership in 397 00:19:36,080 --> 00:19:38,760 Speaker 10: the House. All their job is being done for them. 398 00:19:38,800 --> 00:19:44,840 Speaker 10: And it is an incredible failure of the Speaker's leadership 399 00:19:44,880 --> 00:19:46,760 Speaker 10: not to be able to get a vote on the NDAA. 400 00:19:46,800 --> 00:19:49,200 Speaker 10: I mean, this is a bill that is a must pass. 401 00:19:49,600 --> 00:19:52,000 Speaker 10: They are far behind the Senate on it. It needs 402 00:19:52,040 --> 00:19:56,440 Speaker 10: to happen, and the Speaker let a number of these 403 00:19:56,440 --> 00:19:58,800 Speaker 10: guys in the Freedom Caucus loaded up with all these 404 00:19:58,960 --> 00:20:02,119 Speaker 10: you know, anti wocome and now nobody will vote for it. 405 00:20:02,160 --> 00:20:04,399 Speaker 10: Republicans won't vote for it, Democrats won't vote for it. 406 00:20:04,440 --> 00:20:07,560 Speaker 10: I mean, it's dead on arrival, and yet they've got 407 00:20:07,600 --> 00:20:09,720 Speaker 10: to pass one in order to get into a conference 408 00:20:09,760 --> 00:20:12,200 Speaker 10: with the Senate to get a bill out. I mean, 409 00:20:12,240 --> 00:20:14,640 Speaker 10: it's the most messed up. I mean we're not even 410 00:20:14,680 --> 00:20:17,800 Speaker 10: talking about the government shutdown, or the Ukraine spending bill, 411 00:20:17,920 --> 00:20:20,800 Speaker 10: or the other supplemental the administration asked for, or any 412 00:20:20,800 --> 00:20:23,760 Speaker 10: of the app any of the appropriations bills that they're 413 00:20:23,800 --> 00:20:27,560 Speaker 10: waiting to pass. I mean, it is a disaster inside 414 00:20:27,920 --> 00:20:29,399 Speaker 10: the Republican leadership. 415 00:20:29,960 --> 00:20:34,000 Speaker 2: Wow, that's coming from Rick Davis. We've got breaking news, 416 00:20:34,160 --> 00:20:37,520 Speaker 2: and sometimes the breaker is just not a surprise, but 417 00:20:37,600 --> 00:20:41,199 Speaker 2: the headline just crossed the terminal. Hunter Biden indicted on 418 00:20:41,320 --> 00:20:44,800 Speaker 2: federal firearms charges in Delaware. I didn't think we're going 419 00:20:44,840 --> 00:20:46,720 Speaker 2: to talk about this today, guys, but we did see 420 00:20:46,720 --> 00:20:47,080 Speaker 2: it coming. 421 00:20:47,119 --> 00:20:48,320 Speaker 4: Special Council David. 422 00:20:48,080 --> 00:20:50,200 Speaker 2: Whies told us, by the way, about a week ago 423 00:20:50,240 --> 00:20:51,439 Speaker 2: that by the end of the month he was going 424 00:20:51,480 --> 00:20:53,720 Speaker 2: to do this. So this could be a bit of 425 00:20:53,720 --> 00:20:55,400 Speaker 2: a tree falling in the woods. I don't know if 426 00:20:55,440 --> 00:20:58,720 Speaker 2: this is a huge deal for the White House, Genie, 427 00:20:58,760 --> 00:20:59,120 Speaker 2: since it. 428 00:20:59,119 --> 00:21:01,840 Speaker 4: Was already out there. But does this make. 429 00:21:01,760 --> 00:21:04,720 Speaker 2: The case for the impeachment inquiry a bit? 430 00:21:04,720 --> 00:21:04,960 Speaker 7: Say? 431 00:21:05,040 --> 00:21:08,240 Speaker 9: No, it doesn't, No, it doesn't. I mean Hunter Biden 432 00:21:08,359 --> 00:21:10,879 Speaker 9: lied on the form. He published a book saying he 433 00:21:10,960 --> 00:21:12,960 Speaker 9: was doing drugs and he lied on the form saying 434 00:21:13,000 --> 00:21:15,639 Speaker 9: he wasn't. Any of us who did that would be 435 00:21:15,680 --> 00:21:18,320 Speaker 9: held responsible. That has nothing to do with his father 436 00:21:18,680 --> 00:21:21,000 Speaker 9: beyond the fact he must feel horrible as a parent. 437 00:21:21,240 --> 00:21:23,399 Speaker 9: And so Hunter Biden is going to have to if 438 00:21:23,440 --> 00:21:25,000 Speaker 9: the deal is not on the table, as it no 439 00:21:25,080 --> 00:21:27,320 Speaker 9: longer is, he's going to have to face the law 440 00:21:27,359 --> 00:21:30,080 Speaker 9: on that. But it has nothing to do with Joe Biden. 441 00:21:30,480 --> 00:21:32,600 Speaker 9: If they are able to show a quid pro quo 442 00:21:32,920 --> 00:21:35,960 Speaker 9: when Joe Biden was vice president, that would be a 443 00:21:36,000 --> 00:21:38,919 Speaker 9: different story. But the fact that an adult signed a 444 00:21:39,000 --> 00:21:41,760 Speaker 9: gun form saying he wasn't doing drugs and he was, 445 00:21:42,320 --> 00:21:43,679 Speaker 9: that is up to him and he's going to have 446 00:21:43,720 --> 00:21:44,399 Speaker 9: to pay the price. 447 00:21:45,560 --> 00:21:46,760 Speaker 4: What do you think of this rick? 448 00:21:47,280 --> 00:21:49,200 Speaker 2: Is it the type of headline that lands with a 449 00:21:49,240 --> 00:21:50,800 Speaker 2: thud here? I expect it's all we're going to hear 450 00:21:50,840 --> 00:21:53,600 Speaker 2: about for the rest of the day on Newsmax and 451 00:21:53,640 --> 00:21:55,160 Speaker 2: the rest of the conservative networks. 452 00:21:55,280 --> 00:21:58,200 Speaker 10: Yeah, every day that Hunter Biden is in the news 453 00:21:58,359 --> 00:22:01,560 Speaker 10: is a bad day for the President Biden reelection campaign. 454 00:22:01,680 --> 00:22:04,119 Speaker 10: I mean, regardless of what else is happening around the world, 455 00:22:04,400 --> 00:22:07,480 Speaker 10: is there's no upside, there's no positive associated with a 456 00:22:07,560 --> 00:22:10,280 Speaker 10: Hunter Biden's story and in this case, as Genie said, 457 00:22:10,359 --> 00:22:12,159 Speaker 10: has nothing to do with the president, but it just 458 00:22:12,240 --> 00:22:15,359 Speaker 10: reminds us of the trials and tribulations of Hunter Biden 459 00:22:15,880 --> 00:22:19,160 Speaker 10: and the potential indictment that looms in front of the 460 00:22:19,200 --> 00:22:20,280 Speaker 10: President in the House. 461 00:22:20,760 --> 00:22:23,840 Speaker 2: Does the White House say nothing on this, Genie, It's 462 00:22:23,880 --> 00:22:25,440 Speaker 2: all they'll be asked about in the briefing or on 463 00:22:25,480 --> 00:22:26,120 Speaker 2: Air Force one. 464 00:22:26,160 --> 00:22:29,080 Speaker 9: Now, yeah, they're going to be pressure to respond, and 465 00:22:29,119 --> 00:22:31,000 Speaker 9: I think they say the same thing they have. The 466 00:22:31,000 --> 00:22:34,280 Speaker 9: President feels horrible his adult son has battled with a 467 00:22:34,359 --> 00:22:37,159 Speaker 9: drug addiction, and he is going to stand up and 468 00:22:37,320 --> 00:22:39,240 Speaker 9: he is going to have to pay for what he did, 469 00:22:39,640 --> 00:22:43,040 Speaker 9: and that, you know, both Joe Biden and the First 470 00:22:43,119 --> 00:22:46,840 Speaker 9: Lady feel horrible and they are feeling like he is 471 00:22:46,880 --> 00:22:50,240 Speaker 9: getting better and that he is going to take this responsibility. 472 00:22:50,480 --> 00:22:52,520 Speaker 9: But there's not much else to say beyond that they 473 00:22:52,520 --> 00:22:55,400 Speaker 9: have to do what Joe Biden said yesterday in Virginia, 474 00:22:55,480 --> 00:22:58,199 Speaker 9: which is to say, we're working for the American people 475 00:22:58,600 --> 00:22:59,800 Speaker 9: and we love our son. 476 00:23:00,560 --> 00:23:02,760 Speaker 2: So you have it from Genie Shanzana. When Rick Davis 477 00:23:02,840 --> 00:23:05,200 Speaker 2: on a breaking story, We've just learned that Hunter Biden 478 00:23:05,840 --> 00:23:09,000 Speaker 2: indicted on federal firearms charges in Delaware. 479 00:23:09,040 --> 00:23:10,440 Speaker 4: The headline crossed the terminal. 480 00:23:11,520 --> 00:23:14,879 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch the 481 00:23:14,920 --> 00:23:18,800 Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the 482 00:23:18,880 --> 00:23:22,200 Speaker 1: tune in app, Bloomberg dot Com, and the Bloomberg Business App. 483 00:23:22,320 --> 00:23:25,200 Speaker 1: You can also listen live on Amazon Alexa from our 484 00:23:25,200 --> 00:23:29,680 Speaker 1: flagship New York station. Just say Alexa play Bloomberg eleven thirty. 485 00:23:30,880 --> 00:23:35,600 Speaker 2: How to follow the five hundred billion dollar meeting as 486 00:23:35,720 --> 00:23:39,040 Speaker 2: Washington plans its next move on artificial intelligence. After the 487 00:23:39,080 --> 00:23:42,479 Speaker 2: big meeting yesterday with the titans of tech behind closed doors, 488 00:23:43,160 --> 00:23:46,200 Speaker 2: we're joining a moment by Senator Marshall Blackburn of Tennessee, 489 00:23:46,359 --> 00:23:50,120 Speaker 2: who's working with Chuck Schumer now on a bipartisan approach 490 00:23:50,640 --> 00:23:53,679 Speaker 2: to this fast evolving technology. Will be very curious to 491 00:23:53,680 --> 00:23:56,160 Speaker 2: hear what she has to say. Coming up next later 492 00:23:56,200 --> 00:23:59,200 Speaker 2: a special conversation with Almos Hochstein, the White House Senior 493 00:23:59,280 --> 00:24:02,600 Speaker 2: Advisor for Energy and Investment. Will be joined for that 494 00:24:02,680 --> 00:24:05,520 Speaker 2: by Bloomberg's and Marie hor Dern for the conversation. So 495 00:24:05,640 --> 00:24:08,439 Speaker 2: let's get to it here, Kayley Lynes, it's great to 496 00:24:08,480 --> 00:24:11,080 Speaker 2: see you. Welcome back of course to the program, fresh 497 00:24:11,080 --> 00:24:15,040 Speaker 2: off the crypto conversation, and it's an interesting thing because 498 00:24:15,280 --> 00:24:17,639 Speaker 2: Congress is trying to get its arms around crypto as well. 499 00:24:18,040 --> 00:24:21,760 Speaker 2: This artificial intelligence story though yesterday it just reminds us 500 00:24:21,800 --> 00:24:24,800 Speaker 2: of how kind of abstract this is as an issue 501 00:24:24,840 --> 00:24:25,400 Speaker 2: to regulate. 502 00:24:25,560 --> 00:24:29,720 Speaker 14: Yeah, both technology oriented issues that Senators have been trying 503 00:24:29,760 --> 00:24:31,919 Speaker 14: to get their arms around those in the House as 504 00:24:31,920 --> 00:24:34,280 Speaker 14: well the differences in the House. We actually have some 505 00:24:34,760 --> 00:24:38,000 Speaker 14: sees of legislation passed out of committee in regard to 506 00:24:38,080 --> 00:24:42,560 Speaker 14: regulating crypto in the Senate AI regulation and actual bills 507 00:24:42,600 --> 00:24:45,280 Speaker 14: being produced. Maybe we're not quite there yet. Even if 508 00:24:45,320 --> 00:24:46,600 Speaker 14: there was a big summit that took. 509 00:24:46,400 --> 00:24:48,920 Speaker 2: Place yesterday, well that's true. We can call it a summit, right. 510 00:24:49,080 --> 00:24:49,879 Speaker 2: It was not a hearing. 511 00:24:49,920 --> 00:24:53,760 Speaker 4: We know that, no closed door. The senator from Tennessee's 512 00:24:53,760 --> 00:24:54,679 Speaker 4: with us to talk about it. 513 00:24:54,960 --> 00:24:58,960 Speaker 2: We've talked AI before with Marshall Blackburn, but it takes 514 00:24:58,960 --> 00:25:03,200 Speaker 2: on new meeting after this meeting yesterday, Senator, welcome back 515 00:25:03,200 --> 00:25:03,800 Speaker 2: to Bloomberg. 516 00:25:03,800 --> 00:25:05,320 Speaker 4: We appreciate your time here. 517 00:25:05,680 --> 00:25:08,760 Speaker 2: I wonder to what extent this was an important moment, 518 00:25:08,880 --> 00:25:11,639 Speaker 2: not so much for the drive to regulate, but just 519 00:25:11,640 --> 00:25:14,600 Speaker 2: to get everyone's attention on a critical matter. 520 00:25:14,680 --> 00:25:16,040 Speaker 4: What was it like to be in the room. 521 00:25:17,160 --> 00:25:20,840 Speaker 8: Well, it was good to have everyone assembled before us. 522 00:25:21,000 --> 00:25:25,119 Speaker 8: It was appropriate that we turn our attention in a 523 00:25:25,160 --> 00:25:29,639 Speaker 8: more fulsome way to the issue of emerging technologies and 524 00:25:30,280 --> 00:25:36,440 Speaker 8: whether it is blockchain or quantum computing or AI, the US, 525 00:25:36,600 --> 00:25:40,280 Speaker 8: if we're going to maintain our leadership, we need to 526 00:25:40,359 --> 00:25:44,000 Speaker 8: step up and say what can we do that is 527 00:25:44,119 --> 00:25:47,720 Speaker 8: going to be helpful so that the private sector does 528 00:25:47,880 --> 00:25:50,960 Speaker 8: what they do best, which is to innovate and to 529 00:25:51,000 --> 00:25:55,640 Speaker 8: bring forth these ideas, build these companies and then create 530 00:25:55,720 --> 00:26:01,560 Speaker 8: those jobs and that tech leadership that is globally. 531 00:26:01,800 --> 00:26:04,359 Speaker 14: So, Senator, as you say, it was important to just 532 00:26:04,480 --> 00:26:06,760 Speaker 14: kind of highlight the need to do something here. It 533 00:26:06,800 --> 00:26:09,680 Speaker 14: just becomes a question of how quickly something is actually 534 00:26:09,760 --> 00:26:12,640 Speaker 14: going to be able to be done. Senator Schumer said 535 00:26:12,640 --> 00:26:15,399 Speaker 14: he would like to see this addressed in months, not years. 536 00:26:15,440 --> 00:26:20,040 Speaker 14: What's your degree of confidence that an actual regulatory framework 537 00:26:20,160 --> 00:26:22,840 Speaker 14: legislation is going to be passed by the Senate anytime soon. 538 00:26:24,000 --> 00:26:27,920 Speaker 8: Well, we have to realize that the EU does have 539 00:26:27,960 --> 00:26:31,520 Speaker 8: a federal privacy standard which we are yet to pass, 540 00:26:31,640 --> 00:26:35,600 Speaker 8: and everyone says that's got to be building block number one, 541 00:26:36,359 --> 00:26:41,720 Speaker 8: and the EU is ready to pass their AI Act 542 00:26:41,960 --> 00:26:45,400 Speaker 8: as they're calling it, and this will put their framework 543 00:26:45,480 --> 00:26:49,320 Speaker 8: in place. So the US does over the next few months, 544 00:26:49,800 --> 00:26:54,800 Speaker 8: need to do a National Online Consumer Privacy Bill which 545 00:26:54,880 --> 00:26:59,639 Speaker 8: allows people to keep their information out of that open 546 00:26:59,720 --> 00:27:02,879 Speaker 8: source network, that would allow them to build a firewall 547 00:27:03,400 --> 00:27:06,120 Speaker 8: around their content. We also need to do a data 548 00:27:06,160 --> 00:27:10,040 Speaker 8: security bill, and then we need the rules of the 549 00:27:10,160 --> 00:27:15,679 Speaker 8: road for AI and making certain that the environment that 550 00:27:15,800 --> 00:27:19,000 Speaker 8: you've got a referee as it was referred to many 551 00:27:19,119 --> 00:27:23,159 Speaker 8: times yesterday that is there to call those balls and 552 00:27:23,240 --> 00:27:29,800 Speaker 8: strikes and make certain that that environment stays healthy for innovators. 553 00:27:29,880 --> 00:27:32,280 Speaker 8: We've talked to people over the last couple of days 554 00:27:32,640 --> 00:27:37,359 Speaker 8: that have chosen to establish their country their company in 555 00:27:37,440 --> 00:27:42,160 Speaker 8: the US rather than elsewhere because they want to protect 556 00:27:42,200 --> 00:27:46,160 Speaker 8: their intellectual property. So they have chosen here. We need 557 00:27:46,160 --> 00:27:49,720 Speaker 8: to make certain that we keep that robust environment. 558 00:27:50,880 --> 00:27:53,160 Speaker 2: Senator, I know that you've not always been a fan 559 00:27:53,600 --> 00:27:57,080 Speaker 2: of big tech, particularly the social media companies. I wonder 560 00:27:57,200 --> 00:28:01,919 Speaker 2: was yesterday's exercise an opportunity to learn from these executives 561 00:28:02,000 --> 00:28:04,200 Speaker 2: or to put them on notice. 562 00:28:04,480 --> 00:28:08,240 Speaker 8: It was a wonderful opportunity to learn from them, to 563 00:28:08,320 --> 00:28:13,239 Speaker 8: see how they see the utilizations of AI. You know, 564 00:28:13,280 --> 00:28:16,800 Speaker 8: we have lived with AI for years. We've talked about 565 00:28:17,240 --> 00:28:26,880 Speaker 8: AI and applications, facial recognitions, auto correct, auto fill, voice assists, 566 00:28:27,280 --> 00:28:30,520 Speaker 8: all of those things are AI applications. And in my 567 00:28:30,680 --> 00:28:35,679 Speaker 8: state of Tennessee, whether it's the healthcare industry, the logistics industry, 568 00:28:35,760 --> 00:28:40,480 Speaker 8: auto manufacturing, there are so many utilizations of AI. 569 00:28:41,160 --> 00:28:42,120 Speaker 7: Also, we have. 570 00:28:42,200 --> 00:28:49,480 Speaker 8: Our entertainers, songwriters, singers, musicians, authors, publishers who are very 571 00:28:49,520 --> 00:28:53,440 Speaker 8: concerned about what is going to happen with voice cloning, 572 00:28:54,040 --> 00:29:00,360 Speaker 8: with concepts like chat, GPT or jute box, and how 573 00:29:00,400 --> 00:29:05,480 Speaker 8: that may rob them of the potential their constitutional right 574 00:29:05,600 --> 00:29:11,880 Speaker 8: to benefit from their creations. So getting everybody in the room, 575 00:29:11,880 --> 00:29:16,560 Speaker 8: giving everyone some education. Not everybody works on these issues 576 00:29:17,040 --> 00:29:21,440 Speaker 8: all the time like members like I have, and it 577 00:29:21,520 --> 00:29:24,640 Speaker 8: is important for people to have an understanding, so they 578 00:29:24,680 --> 00:29:28,240 Speaker 8: have that foundation and we can begin to move forward 579 00:29:28,320 --> 00:29:33,320 Speaker 8: on this legislation with an understanding of why it is important. 580 00:29:34,920 --> 00:29:37,880 Speaker 14: Senator, we could continue this conversation with you all day, 581 00:29:37,920 --> 00:29:41,200 Speaker 14: but as the AI conversation is moving forward, there are 582 00:29:41,200 --> 00:29:43,360 Speaker 14: some things that just aren't moving at all in the 583 00:29:43,480 --> 00:29:47,520 Speaker 14: US Senate right now, including military promotions and nominations thanks 584 00:29:47,560 --> 00:29:51,240 Speaker 14: to your Republican colleague, Senator Tommy Tupperville. What's your message 585 00:29:51,320 --> 00:29:53,240 Speaker 14: to him right now should this continue? 586 00:29:53,600 --> 00:29:57,840 Speaker 8: Well, the message is to Leader Schumer, who, as even 587 00:29:57,880 --> 00:30:00,120 Speaker 8: some of the Democrats have said, look, let's begin and 588 00:30:00,200 --> 00:30:02,560 Speaker 8: to put these on the floor and let's call the 589 00:30:02,640 --> 00:30:06,120 Speaker 8: vote today. We have had one vote that we had 590 00:30:06,200 --> 00:30:11,240 Speaker 8: one vote on Monday. There have been opportunities to put 591 00:30:11,240 --> 00:30:15,480 Speaker 8: these nominations on the floor and call them. And also 592 00:30:15,680 --> 00:30:20,160 Speaker 8: Senator Tuberville has said, if you've got the command team 593 00:30:20,320 --> 00:30:23,760 Speaker 8: over at DoD that would sit down with him discuss 594 00:30:23,800 --> 00:30:26,840 Speaker 8: the policy, that they could probably work this out. 595 00:30:28,800 --> 00:30:32,000 Speaker 2: Do you worry about military families in Tennessee who are 596 00:30:32,520 --> 00:30:36,640 Speaker 2: in temporary housing or might have missed a pay increase 597 00:30:37,080 --> 00:30:38,080 Speaker 2: because of these delays. 598 00:30:39,640 --> 00:30:44,920 Speaker 8: We are always concerned about our military families, and we 599 00:30:45,200 --> 00:30:49,280 Speaker 8: continue to work with our military families. That's one of 600 00:30:49,280 --> 00:30:52,320 Speaker 8: the reasons we work so hard on getting the NDAA 601 00:30:52,880 --> 00:30:56,360 Speaker 8: across the finish line because of the pay increase for 602 00:30:56,680 --> 00:30:58,400 Speaker 8: our men and women in uniform. 603 00:30:58,960 --> 00:31:02,040 Speaker 2: I've going to ask you about the matter of impeachment, Senator. 604 00:31:02,080 --> 00:31:06,360 Speaker 2: I wonder if you're preparing to receive an impeachment referral 605 00:31:06,440 --> 00:31:08,320 Speaker 2: and I'm asking you this as we just learned that 606 00:31:08,440 --> 00:31:11,440 Speaker 2: Hunter Biden has been indicted on gun charges. I know 607 00:31:11,480 --> 00:31:13,960 Speaker 2: these two are not related, but it's hard to ask 608 00:31:14,000 --> 00:31:15,200 Speaker 2: you about one and not the other. 609 00:31:16,440 --> 00:31:21,680 Speaker 8: Yes, And on the impeachment, I appreciate why Leader McCarthy 610 00:31:21,880 --> 00:31:24,240 Speaker 8: felt like he needed to move forward with this and 611 00:31:24,280 --> 00:31:25,800 Speaker 8: why the House members. 612 00:31:25,440 --> 00:31:28,600 Speaker 7: Who are on these committees wanted to move forward with 613 00:31:28,720 --> 00:31:29,520 Speaker 7: the inquiry. 614 00:31:30,120 --> 00:31:35,040 Speaker 8: They need to preserve their ability to issue subpenis and 615 00:31:35,120 --> 00:31:39,280 Speaker 8: to have those acted upon, and because of that, they 616 00:31:39,360 --> 00:31:40,360 Speaker 8: needed to move. 617 00:31:40,240 --> 00:31:42,440 Speaker 7: Forward with the impeachment inquiry. 618 00:31:42,640 --> 00:31:46,480 Speaker 8: I think that you will see them continue to gather 619 00:31:46,600 --> 00:31:52,800 Speaker 8: information and to determine what is alleged, what actually transpired, 620 00:31:53,040 --> 00:31:57,160 Speaker 8: and really kind of build those threads out. The American 621 00:31:57,280 --> 00:32:01,680 Speaker 8: people want answers on this. They want to know what 622 00:32:01,760 --> 00:32:06,640 Speaker 8: the then vice president did in conjunction with Hunter Biden 623 00:32:06,880 --> 00:32:08,560 Speaker 8: and also with. 624 00:32:10,240 --> 00:32:11,640 Speaker 7: Biden incorporated. 625 00:32:12,320 --> 00:32:15,840 Speaker 8: And when it comes to under Hunter Biden and these indictments, 626 00:32:15,920 --> 00:32:19,120 Speaker 8: I am certain that they chose to go with the 627 00:32:19,120 --> 00:32:23,360 Speaker 8: gun charges first, the three charges that are in this indictment, 628 00:32:23,880 --> 00:32:28,120 Speaker 8: because they don't want to be pulling the president in 629 00:32:28,640 --> 00:32:29,920 Speaker 8: for depositions. 630 00:32:30,600 --> 00:32:33,120 Speaker 14: Senator just quickly, do you not worry about the president 631 00:32:33,160 --> 00:32:35,760 Speaker 14: that could be being set here just impeaching one president 632 00:32:35,800 --> 00:32:38,000 Speaker 14: after another depending on what party is in control of 633 00:32:38,000 --> 00:32:38,400 Speaker 14: the House. 634 00:32:38,680 --> 00:32:43,160 Speaker 8: We always worry about precedent that is set, and many 635 00:32:43,200 --> 00:32:44,720 Speaker 8: of us try to continue to. 636 00:32:44,720 --> 00:32:47,200 Speaker 7: Work across the aisle, and. 637 00:32:48,600 --> 00:32:53,040 Speaker 8: I spend a good bit of time working on legislation 638 00:32:53,600 --> 00:32:56,320 Speaker 8: and efforts that I have to make them by partisan 639 00:32:56,800 --> 00:33:02,320 Speaker 8: because bipartisan legislation is going to stay. And making certain 640 00:33:02,680 --> 00:33:06,640 Speaker 8: that you are writing legislation that is going to be 641 00:33:07,200 --> 00:33:11,080 Speaker 8: good for Tennesseeans in all Americans, that is going to 642 00:33:11,120 --> 00:33:15,520 Speaker 8: improve the quality of life for Tennesseeans and all Americans. 643 00:33:15,640 --> 00:33:17,520 Speaker 7: That is something vitally important to me. 644 00:33:18,240 --> 00:33:18,600 Speaker 4: Senator. 645 00:33:18,640 --> 00:33:21,320 Speaker 2: We appreciate your coming to talk to us about all 646 00:33:21,760 --> 00:33:25,680 Speaker 2: matters of import including artificial intelligence. That's a conversation that 647 00:33:25,720 --> 00:33:27,320 Speaker 2: will not be going away, and we'll stay in touch 648 00:33:27,360 --> 00:33:28,840 Speaker 2: with Marshall Blackburn from Tennessee. 649 00:33:29,760 --> 00:33:33,280 Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch us 650 00:33:33,320 --> 00:33:37,560 Speaker 1: live weekdays at one Eastern, Bloomberg dot Com, Theheart Radio app, 651 00:33:37,560 --> 00:33:40,520 Speaker 1: and the Bloomberg Business App, or listen on demand wherever 652 00:33:40,560 --> 00:33:41,680 Speaker 1: you get your podcasts. 653 00:33:42,800 --> 00:33:45,080 Speaker 2: She's back, Anne Marie Hordurn with us in studio. 654 00:33:45,120 --> 00:33:45,920 Speaker 4: It's great to see you. 655 00:33:46,200 --> 00:33:49,360 Speaker 2: I love the way this works. Almost hogsteam shows up 656 00:33:49,440 --> 00:33:50,080 Speaker 2: and so do you. 657 00:33:50,240 --> 00:33:50,920 Speaker 4: This is excellent. 658 00:33:50,960 --> 00:33:53,320 Speaker 2: We've got another opportunity to spend some time. It's great 659 00:33:53,360 --> 00:33:56,920 Speaker 2: to see you as we try to decipher the takeaways 660 00:33:56,920 --> 00:33:57,560 Speaker 2: from the G twenty. 661 00:33:57,800 --> 00:33:58,320 Speaker 15: Yeah, that's right. 662 00:33:58,360 --> 00:34:00,800 Speaker 16: Almost as back from this trip the G twenty and 663 00:34:00,840 --> 00:34:02,640 Speaker 16: on the sidelines they were able to get this deal 664 00:34:02,720 --> 00:34:05,800 Speaker 16: done that I know that he looks after broader infrastructure 665 00:34:05,800 --> 00:34:07,840 Speaker 16: connecting the dots, but this will go through the Middle 666 00:34:07,880 --> 00:34:11,399 Speaker 16: East into Southeast Asia, also to Europe. But I think 667 00:34:11,400 --> 00:34:14,239 Speaker 16: there's broader implications what the US is trying to do 668 00:34:14,440 --> 00:34:17,160 Speaker 16: in the region, specifically with Saudi Arabia and Israel, and 669 00:34:17,200 --> 00:34:20,759 Speaker 16: maybe deals like this potentially help the US get to 670 00:34:20,800 --> 00:34:22,959 Speaker 16: that final broader policy goal. 671 00:34:23,200 --> 00:34:26,480 Speaker 2: The White House Senior Advisor for Energy and Investment almost 672 00:34:26,520 --> 00:34:26,880 Speaker 2: welcome back. 673 00:34:26,920 --> 00:34:28,680 Speaker 11: It's wonderful to see you. Thank you, it's good to 674 00:34:28,719 --> 00:34:28,920 Speaker 11: be here. 675 00:34:28,960 --> 00:34:31,080 Speaker 2: Apparently this is a very good trip for the administration. 676 00:34:31,200 --> 00:34:34,760 Speaker 2: President she wasn't there. President Putin wasn't there. President Biden 677 00:34:35,000 --> 00:34:38,279 Speaker 2: was there. And as we consider this deal that Anne 678 00:34:38,280 --> 00:34:42,680 Speaker 2: Mariegis describes that hasn't gotten enough attention, is this year 679 00:34:42,760 --> 00:34:46,040 Speaker 2: answer to Belton wrote well, first, thank you for having me. 680 00:34:46,080 --> 00:34:49,000 Speaker 15: It's good to be back on the show. Look, I 681 00:34:49,000 --> 00:34:51,200 Speaker 15: think it was a very good G twenty. I think 682 00:34:51,239 --> 00:34:53,800 Speaker 15: the world came together on a number of very important issues, 683 00:34:53,840 --> 00:34:56,720 Speaker 15: specifically on economic issues and what the world is facing 684 00:34:56,760 --> 00:35:00,480 Speaker 15: as we are reaching so many inflection points. Your point 685 00:35:00,520 --> 00:35:03,360 Speaker 15: the president, President Biden said he wished that President she 686 00:35:03,600 --> 00:35:07,400 Speaker 15: was there, but nonetheless there was a It was a 687 00:35:07,480 --> 00:35:10,839 Speaker 15: very good summit and underscore the importance of the G 688 00:35:10,960 --> 00:35:13,520 Speaker 15: twenty itself and that we can the world can come 689 00:35:13,560 --> 00:35:18,959 Speaker 15: together and resolve some specific issues and tough questions within 690 00:35:19,000 --> 00:35:20,680 Speaker 15: the context of the G twenty. So I think the 691 00:35:20,719 --> 00:35:23,560 Speaker 15: G twenty was strengthened by this, by this summit, and 692 00:35:23,600 --> 00:35:26,440 Speaker 15: we're looking forward to future work. Look, the event that 693 00:35:26,520 --> 00:35:30,560 Speaker 15: we held at the G twenty with President with Prime 694 00:35:30,560 --> 00:35:34,360 Speaker 15: Minster Modi, with President Biden, the Crown Prince of Saudi Arabia, 695 00:35:34,640 --> 00:35:37,480 Speaker 15: Sheik Muhammad of UAE, together with the President of the 696 00:35:37,520 --> 00:35:41,640 Speaker 15: EU Commission and the presidents and heads of state of France, Germany, 697 00:35:41,680 --> 00:35:44,440 Speaker 15: Italy and Japan, underscored what. 698 00:35:44,320 --> 00:35:45,320 Speaker 11: We can all do together. 699 00:35:45,920 --> 00:35:50,759 Speaker 15: We've talked for decades about connecting Asia to Europe, and 700 00:35:50,840 --> 00:35:54,799 Speaker 15: this is finally for the first time actually putting this 701 00:35:54,920 --> 00:35:58,560 Speaker 15: infrastructure together. So from the connecting the ports of India 702 00:35:58,560 --> 00:36:02,080 Speaker 15: and the UAE, India by rail to Vietnam and Me 703 00:36:02,160 --> 00:36:05,040 Speaker 15: and mar so that you really have Southeast Asia to 704 00:36:05,120 --> 00:36:08,160 Speaker 15: South Asia to the Middle East, and then from ship 705 00:36:08,200 --> 00:36:12,960 Speaker 15: to rail UAE, Saudi Arabia, Jordan, Israel, and then from 706 00:36:13,000 --> 00:36:15,520 Speaker 15: thereby ship to Europe. That cuts down on the cost 707 00:36:15,640 --> 00:36:19,120 Speaker 15: of shipping products and goods, reducing costs, making them more 708 00:36:19,160 --> 00:36:22,040 Speaker 15: efficient and cleaner less diesel when you do a lot 709 00:36:22,080 --> 00:36:25,080 Speaker 15: less shipping time and more on rail, which is both 710 00:36:25,120 --> 00:36:28,800 Speaker 15: faster and cleaner. So connecting that then and putting subse 711 00:36:29,000 --> 00:36:33,760 Speaker 15: cables for high speed data for hydrogen and electricity. Instead 712 00:36:33,760 --> 00:36:36,759 Speaker 15: of transporting molecules of oiler gas, we're going to be 713 00:36:36,800 --> 00:36:41,840 Speaker 15: transporting electrons of electricity. And this way, Saudi Arabia UAE 714 00:36:41,920 --> 00:36:46,359 Speaker 15: can produce enormous amounts of clean energy, but they don't 715 00:36:46,400 --> 00:36:48,680 Speaker 15: have the markets to be able to sell that to. 716 00:36:48,880 --> 00:36:51,720 Speaker 15: So now if we can connect these dots and connect 717 00:36:51,719 --> 00:36:54,719 Speaker 15: that to Europe that wants to buy more crean electricity 718 00:36:54,760 --> 00:36:57,360 Speaker 15: but doesn't have the ability to produce it, suddenly this 719 00:36:57,520 --> 00:37:00,759 Speaker 15: is a match that works. So we've been working for 720 00:37:00,800 --> 00:37:04,080 Speaker 15: many months on putting this together, making sure we have 721 00:37:04,120 --> 00:37:07,000 Speaker 15: the financing, the arrangements. This is not an easy thing 722 00:37:07,000 --> 00:37:10,840 Speaker 15: to do diplomatically. There are not everybody is a natural ally, 723 00:37:11,200 --> 00:37:14,000 Speaker 15: but I think putting it together, that event really underscored 724 00:37:14,040 --> 00:37:14,880 Speaker 15: what we can do when. 725 00:37:14,719 --> 00:37:15,320 Speaker 11: We work together. 726 00:37:15,400 --> 00:37:17,960 Speaker 17: Well, Saudi Arabia at this moment doesn't even recognize Israel. 727 00:37:18,280 --> 00:37:19,720 Speaker 7: Do you see this as a first. 728 00:37:19,600 --> 00:37:24,200 Speaker 17: Step for potentially that normalization between Riad and Jerusalem. 729 00:37:24,480 --> 00:37:25,920 Speaker 15: Well, as you know, the President when he went to 730 00:37:25,920 --> 00:37:30,239 Speaker 15: Saudi Arabia last year, talked about his wish to be 731 00:37:30,280 --> 00:37:34,680 Speaker 15: able to facilitate more at regional integration. We had announced 732 00:37:34,680 --> 00:37:38,400 Speaker 15: he President announced during his visit the first overflights from Israel. 733 00:37:38,920 --> 00:37:41,480 Speaker 15: He himself was the first flight to fly from Israel 734 00:37:41,520 --> 00:37:44,279 Speaker 15: direct to Jedda on that trip. And since then, there's 735 00:37:44,280 --> 00:37:46,160 Speaker 15: been a lot of reports of some of the conversations 736 00:37:46,160 --> 00:37:49,000 Speaker 15: that we're working on. I think that there's a lot 737 00:37:49,000 --> 00:37:52,000 Speaker 15: of work still to do where we have a long 738 00:37:52,040 --> 00:37:54,279 Speaker 15: way to go. Some of the reports are a little 739 00:37:54,280 --> 00:37:55,040 Speaker 15: bit ahead of where the. 740 00:37:54,960 --> 00:37:56,600 Speaker 7: Discussion's done in this administration. 741 00:37:56,719 --> 00:37:59,800 Speaker 15: You think, you know, I think if the parties come together, 742 00:38:00,080 --> 00:38:04,960 Speaker 15: can achieve what we're trying. But again maybe but we're 743 00:38:05,040 --> 00:38:08,319 Speaker 15: working towards that goal and we have to see if 744 00:38:08,360 --> 00:38:12,000 Speaker 15: we can get there. But this arrangement that allows for 745 00:38:12,360 --> 00:38:16,560 Speaker 15: infrastructure that connects Saturday but ultimately Europe through Israel is 746 00:38:16,600 --> 00:38:19,839 Speaker 15: definitely a big step forward. It is not part of normalization, 747 00:38:20,520 --> 00:38:23,560 Speaker 15: and they're not going to be direct conversation between in 748 00:38:23,600 --> 00:38:26,040 Speaker 15: Isel and Saturday, but that's clearly can't happen at this point. 749 00:38:26,760 --> 00:38:29,880 Speaker 15: But the idea of the United States can facilitate this conversation. 750 00:38:30,239 --> 00:38:32,800 Speaker 15: While we signed the MoU with all of the countries 751 00:38:32,840 --> 00:38:36,279 Speaker 15: I mentioned, we also signed the separate MoU of just 752 00:38:36,320 --> 00:38:39,440 Speaker 15: between the United States and Saudi that allows us to 753 00:38:39,480 --> 00:38:41,680 Speaker 15: be that sort of direct the United States, and we 754 00:38:41,719 --> 00:38:46,279 Speaker 15: acknowledge that will facilitate this entire transaction, including how to 755 00:38:47,000 --> 00:38:47,760 Speaker 15: work out. 756 00:38:47,640 --> 00:38:49,520 Speaker 11: The differences that we can go through Israel. 757 00:38:49,800 --> 00:38:52,800 Speaker 2: Spending some time with Almost Hochstein, White House Senior Advisor 758 00:38:52,920 --> 00:38:56,480 Speaker 2: for Energy and Investment, and Marie hort Dern is with 759 00:38:56,560 --> 00:38:59,399 Speaker 2: me here on Bloomberg's sound on. We have to ask 760 00:38:59,440 --> 00:39:01,520 Speaker 2: you about energy prices right now, because there's so much 761 00:39:01,560 --> 00:39:04,160 Speaker 2: talk about crude oil at ninety dollars a barrel. We've 762 00:39:04,160 --> 00:39:06,359 Speaker 2: had any number of forecasters tell us we could see 763 00:39:06,360 --> 00:39:09,960 Speaker 2: one hundred. Did you miss an opportunity to refill the 764 00:39:10,000 --> 00:39:13,200 Speaker 2: SPR while prices were, say in the sixties, or were 765 00:39:13,280 --> 00:39:16,879 Speaker 2: your hands tied by the bidding process. 766 00:39:17,120 --> 00:39:18,400 Speaker 11: I don't think we missed that opportunity. 767 00:39:18,440 --> 00:39:22,719 Speaker 15: The President said very clearly that when prices came down 768 00:39:22,760 --> 00:39:26,160 Speaker 15: to the lower seventies, we would be opportunistic and buy 769 00:39:26,880 --> 00:39:29,160 Speaker 15: oil on the market in order to refill the SPR, 770 00:39:29,200 --> 00:39:32,879 Speaker 15: which is a strategic asset. We did that, and in fact, 771 00:39:32,880 --> 00:39:36,000 Speaker 15: we made a number of purchases during that time when 772 00:39:36,040 --> 00:39:39,120 Speaker 15: prices were lower. We will continue to take that approach 773 00:39:39,120 --> 00:39:43,120 Speaker 15: that when prices are right, we will continue to purchase 774 00:39:43,200 --> 00:39:47,000 Speaker 15: crude and make sure that we refill the SPR. The 775 00:39:47,040 --> 00:39:49,840 Speaker 15: SPR has an enorm you know, still has significant amount 776 00:39:49,920 --> 00:39:53,799 Speaker 15: of resource in it, which we need for emergencies. But 777 00:39:54,080 --> 00:39:57,359 Speaker 15: we are in a position of buying in as soon 778 00:39:57,400 --> 00:39:57,879 Speaker 15: as we can. 779 00:39:58,480 --> 00:40:01,480 Speaker 18: So we have crude prices w above ninety today, so 780 00:40:01,520 --> 00:40:03,759 Speaker 18: that's a significant development. The IEA says, we're going to 781 00:40:03,800 --> 00:40:07,240 Speaker 18: see a significant shortfall and we're past peak driving season 782 00:40:07,280 --> 00:40:10,600 Speaker 18: here in America and we have prices approaching four dollars 783 00:40:10,640 --> 00:40:13,880 Speaker 18: a gallon. What does the administration have in its toolbox 784 00:40:13,960 --> 00:40:17,200 Speaker 18: potentially insulate consumers at the pump. 785 00:40:17,719 --> 00:40:19,439 Speaker 15: So I'm gonna make a couple of points, because you're right, 786 00:40:19,760 --> 00:40:22,279 Speaker 15: the facts are there. The President has been clear that 787 00:40:22,320 --> 00:40:26,080 Speaker 15: he wants to make sure that American families have less 788 00:40:26,080 --> 00:40:29,520 Speaker 15: of a burden and that costs don't hurt American families, 789 00:40:29,560 --> 00:40:32,799 Speaker 15: especially families that have one or two drivers, and he's 790 00:40:32,800 --> 00:40:36,719 Speaker 15: still committed to them. We see a couple of factors 791 00:40:36,719 --> 00:40:38,800 Speaker 15: that are coming into the oil price increase. 792 00:40:39,480 --> 00:40:41,880 Speaker 11: One is, obviously you've stated it yourself. 793 00:40:42,200 --> 00:40:47,160 Speaker 15: OPEK has decreased supply and constrained supply, and they did 794 00:40:47,160 --> 00:40:50,560 Speaker 15: that when prices were significantly lower than they are today. 795 00:40:51,840 --> 00:40:55,239 Speaker 15: Since then, since that decision, prices have come back up 796 00:40:55,360 --> 00:40:58,319 Speaker 15: to some degree because of that. The other factor is 797 00:40:58,360 --> 00:41:02,520 Speaker 15: that bidnomics works. We have a economy that is strong, 798 00:41:03,560 --> 00:41:05,919 Speaker 15: and we have a labor market that is strong where 799 00:41:06,000 --> 00:41:07,680 Speaker 15: wages are higher than. 800 00:41:07,600 --> 00:41:11,560 Speaker 11: Costs, and we want when that happens. 801 00:41:11,600 --> 00:41:14,640 Speaker 15: When you have a strong economy and stronger than people 802 00:41:14,640 --> 00:41:17,839 Speaker 15: had expected to have at this point, as resilient as 803 00:41:17,840 --> 00:41:20,280 Speaker 15: it has, then you also have demand growth. 804 00:41:20,520 --> 00:41:21,840 Speaker 11: So there is stronger demand. 805 00:41:21,840 --> 00:41:26,719 Speaker 15: When you have stronger manufacturing and stronger productivity, it comes 806 00:41:26,719 --> 00:41:27,400 Speaker 15: to demand growth. 807 00:41:27,440 --> 00:41:28,759 Speaker 11: So between the supply. 808 00:41:28,760 --> 00:41:31,520 Speaker 17: But people don't feel it because of inflation, and pump 809 00:41:31,560 --> 00:41:34,279 Speaker 17: prices is one of them. The latest inflation report more 810 00:41:34,320 --> 00:41:35,320 Speaker 17: than ten percent. 811 00:41:35,680 --> 00:41:38,040 Speaker 18: The biggest increase in inflation report was gasoline. 812 00:41:38,280 --> 00:41:40,560 Speaker 15: So, as I said, we're seeing the factors for it. 813 00:41:40,640 --> 00:41:44,040 Speaker 15: For oil prices coming up. We think that we're just 814 00:41:44,120 --> 00:41:47,680 Speaker 15: in the process of ending driving season. Temperatures are still high, 815 00:41:47,840 --> 00:41:52,200 Speaker 15: we should see some inventory build up over the coming days. 816 00:41:52,800 --> 00:41:56,880 Speaker 15: We've seen record production in the United States. And again 817 00:41:56,920 --> 00:42:01,239 Speaker 15: there's been this idea that somehow clean energy policies or 818 00:42:01,360 --> 00:42:02,440 Speaker 15: energy transition. 819 00:42:02,160 --> 00:42:04,160 Speaker 11: Policies are related. 820 00:42:04,560 --> 00:42:06,400 Speaker 15: The President has been able to say the United States 821 00:42:06,400 --> 00:42:08,319 Speaker 15: can do two things at the same time. Number one, 822 00:42:08,360 --> 00:42:11,440 Speaker 15: accelerate the energy transition so that we're not as reliant 823 00:42:11,600 --> 00:42:14,600 Speaker 15: on fossil fuels. At the same time, recognizing a transition 824 00:42:14,640 --> 00:42:17,080 Speaker 15: takes time, and we need fossil fuels at the moment 825 00:42:17,400 --> 00:42:20,319 Speaker 15: to power our economy and to power our families. So 826 00:42:20,360 --> 00:42:22,759 Speaker 15: to do that, we're still looking at production in the 827 00:42:22,840 --> 00:42:25,799 Speaker 15: United States. We're seeing record production in the United States. 828 00:42:25,800 --> 00:42:28,920 Speaker 15: So there's nothing this administration is doing that is restricting 829 00:42:29,400 --> 00:42:32,840 Speaker 15: production to the point that it's hurting the manufacturing side 830 00:42:33,000 --> 00:42:36,879 Speaker 15: or the energy system. So we're seeing record production. We're 831 00:42:36,920 --> 00:42:41,120 Speaker 15: seeing a more production coming on. We've seen some curtailment 832 00:42:41,160 --> 00:42:43,920 Speaker 15: out of Libya out of the heartbreaking disaster of the 833 00:42:43,960 --> 00:42:46,959 Speaker 15: floods there. So I think that as we come into 834 00:42:46,960 --> 00:42:49,360 Speaker 15: the next several days, we're going to continue to monitor 835 00:42:49,360 --> 00:42:52,359 Speaker 15: these prices very very carefully and look at what our 836 00:42:52,400 --> 00:42:55,719 Speaker 15: options are. I think we will see some reduction and 837 00:42:55,760 --> 00:42:58,200 Speaker 15: some relief at the price is what we're hoping to 838 00:42:58,200 --> 00:43:01,520 Speaker 15: see as we make this trendransition from summer into fall 839 00:43:01,840 --> 00:43:05,839 Speaker 15: and seasonality plays into it, and we'll continue to monitor 840 00:43:05,880 --> 00:43:07,760 Speaker 15: and see what we can do as we go forward. 841 00:43:07,880 --> 00:43:09,440 Speaker 2: I know we're just about out of time, but I 842 00:43:09,480 --> 00:43:12,520 Speaker 2: wonder to what extent you remain in touch with the 843 00:43:12,520 --> 00:43:15,520 Speaker 2: oil companies. There's been so much talk about the friction 844 00:43:15,680 --> 00:43:21,680 Speaker 2: between this administration and drillers. You talked about record production levels, though, 845 00:43:21,719 --> 00:43:24,080 Speaker 2: so what extent are you in touch on this and 846 00:43:24,200 --> 00:43:25,640 Speaker 2: encouraging this look. 847 00:43:25,680 --> 00:43:27,560 Speaker 15: I'm not going to break any news by saying that 848 00:43:28,520 --> 00:43:31,480 Speaker 15: we don't the Biden administration and the oil companies are 849 00:43:31,520 --> 00:43:34,759 Speaker 15: not in agreement on many issues. However, having said that, 850 00:43:34,800 --> 00:43:37,719 Speaker 15: we do have a We're all adults and we have 851 00:43:37,800 --> 00:43:40,279 Speaker 15: conversations to understand where it is. The President has been 852 00:43:40,320 --> 00:43:43,600 Speaker 15: clear last year. We want to accelerate the energy transition. 853 00:43:43,680 --> 00:43:46,360 Speaker 15: We want oil companies to be a part of the 854 00:43:46,480 --> 00:43:50,040 Speaker 15: energy transition of decarbonizing what they're doing and to invest 855 00:43:50,120 --> 00:43:52,800 Speaker 15: in renewable energy. They know the energy system they're probably 856 00:43:52,920 --> 00:43:54,920 Speaker 15: is as good as anyone else to do it. But 857 00:43:55,000 --> 00:43:57,440 Speaker 15: at the same time we've told them, the President has 858 00:43:57,440 --> 00:43:59,960 Speaker 15: told them, you need to invest in America at a 859 00:44:00,120 --> 00:44:01,440 Speaker 15: time of this energy transition. 860 00:44:01,920 --> 00:44:04,319 Speaker 11: And I think that as. 861 00:44:03,840 --> 00:44:07,040 Speaker 15: We look at the facts work record production, there's not 862 00:44:07,120 --> 00:44:10,080 Speaker 15: much more that we can argue that the administration is 863 00:44:10,120 --> 00:44:13,359 Speaker 15: restricting it or the prices are there because somehow we're 864 00:44:13,360 --> 00:44:16,120 Speaker 15: doing something in the United States to restrict it. So 865 00:44:16,239 --> 00:44:18,440 Speaker 15: we have to look at the domestic factors. We are 866 00:44:18,440 --> 00:44:20,319 Speaker 15: in touch with the old companies, I promise you several 867 00:44:20,360 --> 00:44:22,719 Speaker 15: people in the administration talk to them regularly, and we 868 00:44:22,760 --> 00:44:26,600 Speaker 15: do the same thing with the international oil producers as well. 869 00:44:27,280 --> 00:44:29,680 Speaker 15: And again, this is the United States. We can do 870 00:44:29,719 --> 00:44:31,600 Speaker 15: both things at the same time. We don't have to 871 00:44:31,680 --> 00:44:34,520 Speaker 15: only do one thing. And I think again, with the 872 00:44:34,560 --> 00:44:37,040 Speaker 15: economy as strong as it is at the moment, with 873 00:44:37,160 --> 00:44:39,400 Speaker 15: a labor market as strong as it is, we have 874 00:44:39,480 --> 00:44:42,520 Speaker 15: to manage the balance here of making sure that inflation 875 00:44:42,600 --> 00:44:45,720 Speaker 15: doesn't cost American families, and that's what we are singularly 876 00:44:45,760 --> 00:44:46,279 Speaker 15: focused on. 877 00:44:46,600 --> 00:44:47,719 Speaker 4: We're really glad you came over. 878 00:44:47,840 --> 00:44:50,520 Speaker 2: Thanks for the update on all these important issues, and 879 00:44:50,600 --> 00:44:52,040 Speaker 2: glad to have you back from the G twenty. 880 00:44:52,040 --> 00:44:54,239 Speaker 4: I'm a Cockstein money. Thanks for being with us here 881 00:44:54,280 --> 00:44:54,880 Speaker 4: on Bloomberg. 882 00:44:54,920 --> 00:44:56,120 Speaker 11: Thanks for having me and Marie. 883 00:44:56,160 --> 00:44:58,480 Speaker 2: It reminds us that this is and you know it 884 00:44:58,520 --> 00:45:00,600 Speaker 2: as well as anyone, having spent as much time as 885 00:45:00,640 --> 00:45:03,800 Speaker 2: you had covering oil and the energy markets. This is 886 00:45:03,840 --> 00:45:06,840 Speaker 2: a global market and this administration can only have so 887 00:45:06,920 --> 00:45:07,640 Speaker 2: much of an impact. 888 00:45:07,680 --> 00:45:08,440 Speaker 4: This country can only have. 889 00:45:08,640 --> 00:45:08,839 Speaker 15: Yeah. 890 00:45:08,840 --> 00:45:10,560 Speaker 16: One thing almost does say that I think gets. 891 00:45:10,360 --> 00:45:11,480 Speaker 17: A lost a lot when you speak to a lot 892 00:45:11,480 --> 00:45:13,360 Speaker 17: of individuals as well on Capitol Hill is that the 893 00:45:13,480 --> 00:45:16,240 Speaker 17: US is the number one when it comes to production. 894 00:45:16,480 --> 00:45:19,040 Speaker 17: So Saturi Arabia does something, they're in the top three, 895 00:45:19,200 --> 00:45:21,640 Speaker 17: but we are still number one. I think the issue 896 00:45:21,719 --> 00:45:23,600 Speaker 17: is at the moment is that when you have Sati 897 00:45:23,600 --> 00:45:26,600 Speaker 17: Arabia and Russia working together to cut which we thought 898 00:45:26,640 --> 00:45:28,640 Speaker 17: was going to be a month but now into three months, yes, 899 00:45:28,800 --> 00:45:30,680 Speaker 17: and then the IA coming out and saying they see 900 00:45:30,680 --> 00:45:33,960 Speaker 17: a significant disconnect and they see that we're going to 901 00:45:34,000 --> 00:45:35,680 Speaker 17: be short in the market. Then you have prices go 902 00:45:35,800 --> 00:45:38,080 Speaker 17: up and we have to see how much that actually 903 00:45:38,120 --> 00:45:39,880 Speaker 17: trickles down though into gasoline prices. 904 00:45:39,920 --> 00:45:42,880 Speaker 4: Yeah, that's for sure. Don't be a stranger. Almost. 905 00:45:42,920 --> 00:45:43,560 Speaker 11: Great to see you. 906 00:45:43,600 --> 00:45:45,440 Speaker 4: Great to have you backgam Marie or during This is 907 00:45:45,480 --> 00:45:46,160 Speaker 4: like a daily. 908 00:45:45,960 --> 00:45:46,880 Speaker 1: See five pm. 909 00:45:47,000 --> 00:45:47,200 Speaker 11: Wow. 910 00:45:47,600 --> 00:45:48,960 Speaker 4: I can't thank you much. 911 00:45:49,040 --> 00:45:55,160 Speaker 2: I'm Joe Matthew in Washington. Thanks for listening to the 912 00:45:55,200 --> 00:45:58,160 Speaker 2: Sound On podcast. Make sure to subscribe if you haven't already, 913 00:45:58,239 --> 00:46:01,120 Speaker 2: at Apple, Spotify, and anywhere else to get your podcasts. 914 00:46:01,480 --> 00:46:04,160 Speaker 2: And you can find us live every weekday from Washington, 915 00:46:04,239 --> 00:46:08,719 Speaker 2: DC at one pm Eastern Time at Bloomberg dot com