1 00:00:01,639 --> 00:00:06,160 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On, 2 00:00:06,960 --> 00:00:08,920 Speaker 1: and I don't see any reason to think that we 3 00:00:08,960 --> 00:00:12,559 Speaker 1: will have a serious recession. When the recession hits, which 4 00:00:12,560 --> 00:00:16,840 Speaker 1: will be event, Demarcot will find the bottom Floomberg sound 5 00:00:16,880 --> 00:00:21,439 Speaker 1: On Politics, Policy and perspective from DC's top names. This 6 00:00:21,600 --> 00:00:24,560 Speaker 1: legislation Israel progress. The more has to be done. He's 7 00:00:24,600 --> 00:00:27,720 Speaker 1: going to Saudi Arabia to esk for ail. He didn't 8 00:00:27,720 --> 00:00:30,640 Speaker 1: like Saudi Arabia. I did. I always like to. I 9 00:00:30,800 --> 00:00:33,800 Speaker 1: am a mama grizzly and I'll rear up on my 10 00:00:34,000 --> 00:00:37,920 Speaker 1: hind legs where somebody comes after my put Bloomberg Sound 11 00:00:37,960 --> 00:00:43,239 Speaker 1: On with Joe Matthew on Bloomberg Radio. Most Democrats do 12 00:00:43,320 --> 00:00:46,000 Speaker 1: not want Joe Biden to run for re election, so 13 00:00:46,120 --> 00:00:48,800 Speaker 1: says The New York Times. Welcome to the fastest hour 14 00:00:48,880 --> 00:00:52,960 Speaker 1: in politics. As talk about a possible recession grows louder 15 00:00:53,440 --> 00:00:56,560 Speaker 1: and more than six Democrats tell posters they want a 16 00:00:56,600 --> 00:00:59,240 Speaker 1: new face in the White House. We talk about the 17 00:00:59,240 --> 00:01:03,160 Speaker 1: communications strategy and the historic headwinds facing the Biden agenda. 18 00:01:03,200 --> 00:01:07,880 Speaker 1: Coming up with Jane Hall, political science professor at American University. 19 00:01:08,000 --> 00:01:10,440 Speaker 1: Later one of the biggest economic stories that no one 20 00:01:10,600 --> 00:01:13,880 Speaker 1: is talking about Obamacare. Subsidies expire at the end of 21 00:01:13,920 --> 00:01:16,920 Speaker 1: the year and Democrats may not be able to prevent it. 22 00:01:16,920 --> 00:01:19,240 Speaker 1: We'll talk about it with the architect of the Affordable 23 00:01:19,319 --> 00:01:22,480 Speaker 1: Care Act, Professor John Gruber of m I T and 24 00:01:22,520 --> 00:01:25,440 Speaker 1: our signature panel in place here on a Monday, Bloomberg 25 00:01:25,480 --> 00:01:28,679 Speaker 1: Politics contributors Rick Davis and Jeannie Schanzano are with US 26 00:01:28,959 --> 00:01:33,039 Speaker 1: President Biden speaking to the benefits of bipartisanship today in 27 00:01:33,080 --> 00:01:37,200 Speaker 1: a sunny White House ceremony to celebrate the gun safety 28 00:01:37,280 --> 00:01:39,760 Speaker 1: legislation that past weeks ago. Here he is on the 29 00:01:39,800 --> 00:01:44,800 Speaker 1: south lawn. Make no mistake about it. This legislation israel progress, 30 00:01:44,800 --> 00:01:47,319 Speaker 1: but more has to be done. The provision of this 31 00:01:47,400 --> 00:01:52,960 Speaker 1: new legislation is gonna save lives. It's true that today's politics, 32 00:01:53,000 --> 00:01:56,320 Speaker 1: we can come together on a bipartisan base to get 33 00:01:56,480 --> 00:01:59,520 Speaker 1: the basics to get important things done, even on an 34 00:01:59,560 --> 00:02:02,120 Speaker 1: issue is office guns. While on the other side of 35 00:02:02,160 --> 00:02:06,400 Speaker 1: Pennsylvania Avenue, Democrats and Republicans arguing over a reconciliation bill, 36 00:02:06,960 --> 00:02:10,160 Speaker 1: Senator Chuck Schumer is pushing by the way, Schumer testing 37 00:02:10,280 --> 00:02:14,280 Speaker 1: positive for COVID last night, even as that bill this 38 00:02:14,360 --> 00:02:18,200 Speaker 1: Reconciliation Bill, build back Better Light, as I've been calling it, 39 00:02:18,200 --> 00:02:21,160 Speaker 1: threatens to derail the China Competes legislation that includes the 40 00:02:21,240 --> 00:02:23,560 Speaker 1: CHIP AC. We've got these two things. Democrats want them 41 00:02:23,600 --> 00:02:27,200 Speaker 1: both passed. Mitch McConnell, though he says no to reconciliation. 42 00:02:27,240 --> 00:02:28,960 Speaker 1: You guys do that. I'm out on the Chip deal. 43 00:02:29,520 --> 00:02:33,520 Speaker 1: Commerce Secretary Genet Romando telling Bloomberg today the Chip Act, 44 00:02:33,520 --> 00:02:35,680 Speaker 1: that China Competes Act, you sicco whatever you want to 45 00:02:35,680 --> 00:02:38,240 Speaker 1: call it. It's got about fifty different names, will pass. 46 00:02:38,320 --> 00:02:40,920 Speaker 1: Despite what you've been hearing. This just a day after 47 00:02:41,000 --> 00:02:44,240 Speaker 1: she told ABC News that the US is not going 48 00:02:44,240 --> 00:02:47,440 Speaker 1: into a recession. Here she is. I do think at 49 00:02:47,480 --> 00:02:51,600 Speaker 1: some point, you know, we will see a less rapid 50 00:02:51,639 --> 00:02:54,040 Speaker 1: growth in the economy. But I don't see any reason 51 00:02:54,080 --> 00:03:00,200 Speaker 1: to think that we will have a serious recession. Will 52 00:03:00,240 --> 00:03:02,720 Speaker 1: not have a serious recession. A lot of people do 53 00:03:02,800 --> 00:03:06,120 Speaker 1: think we are As a matter of fact, Lee Cooperman 54 00:03:06,240 --> 00:03:08,520 Speaker 1: is one of them. He told Bloomberg today that a 55 00:03:08,600 --> 00:03:11,920 Speaker 1: recession is coming, not this year, but next not a 56 00:03:11,919 --> 00:03:14,600 Speaker 1: great recipe for November. And when we talk later on 57 00:03:14,639 --> 00:03:17,400 Speaker 1: this hour with Jonathan Gruber, will add another iron to 58 00:03:17,440 --> 00:03:23,359 Speaker 1: the fire here with the prospect of Obamacare subsidies expiring 59 00:03:23,400 --> 00:03:26,480 Speaker 1: by the end of the year. Now, a new poll 60 00:03:26,520 --> 00:03:29,399 Speaker 1: from the New York Times at Siena College find six 61 00:03:30,240 --> 00:03:35,680 Speaker 1: Democratic voters would prefer a different nominee than Joe Biden. Now, 62 00:03:35,680 --> 00:03:38,240 Speaker 1: we've got a long way to go before but this 63 00:03:38,320 --> 00:03:40,920 Speaker 1: is not the headline the White House wanted today. The 64 00:03:40,960 --> 00:03:44,320 Speaker 1: president in this poll, I had to double check. This 65 00:03:45,440 --> 00:03:50,240 Speaker 1: has a thirty three percent job approval rating. Now is 66 00:03:50,280 --> 00:03:53,640 Speaker 1: this all about inflation or does this White House have 67 00:03:53,800 --> 00:03:57,400 Speaker 1: a major messaging problem? We talked about it right now 68 00:03:57,400 --> 00:04:00,240 Speaker 1: with Jane Hall, political science professor in the Community Asian 69 00:04:00,280 --> 00:04:03,560 Speaker 1: School at American University here in Washington, author of the 70 00:04:03,560 --> 00:04:08,640 Speaker 1: new book Politics and the Media, Intersections and New Directions. Jane, 71 00:04:08,680 --> 00:04:10,720 Speaker 1: thank you for being here. When you see a thirty 72 00:04:10,800 --> 00:04:15,440 Speaker 1: three approval rating, has the White House lost the narrative? 73 00:04:17,400 --> 00:04:21,080 Speaker 1: I think that they have a very difficult task ahead 74 00:04:21,080 --> 00:04:25,720 Speaker 1: of him and them. They did initially have trouble getting 75 00:04:25,720 --> 00:04:28,839 Speaker 1: credit for a lot of the legislation that he got 76 00:04:28,880 --> 00:04:32,560 Speaker 1: through early on that were pieces of legislation that helped 77 00:04:32,960 --> 00:04:37,640 Speaker 1: the American people through covid um. The job's report is 78 00:04:37,760 --> 00:04:43,400 Speaker 1: very strong, but people are concerned about inflation, and people 79 00:04:43,440 --> 00:04:46,800 Speaker 1: are concerned about a coming recession possibility. I mean, it 80 00:04:46,800 --> 00:04:51,960 Speaker 1: couldn't being more uh stark in the sense that, Um, 81 00:04:52,080 --> 00:04:55,360 Speaker 1: he is facing a challenge from progressives to his left 82 00:04:55,800 --> 00:04:58,200 Speaker 1: saying they want him to do more on guns. So 83 00:04:58,360 --> 00:05:01,240 Speaker 1: he's just touting a new bi but a lot of 84 00:05:01,279 --> 00:05:04,640 Speaker 1: people feel it should include a ban on assault weapon, 85 00:05:05,320 --> 00:05:09,960 Speaker 1: including some of the families that were involved in this legislation. Uh. 86 00:05:10,240 --> 00:05:12,040 Speaker 1: You know, he was interrupted today. I don't know if 87 00:05:12,040 --> 00:05:14,640 Speaker 1: you saw this on the South Lawn Man Well Oliver 88 00:05:14,839 --> 00:05:17,760 Speaker 1: interrupted the the event. This is, of course, father of 89 00:05:17,800 --> 00:05:20,760 Speaker 1: one of the Parkland victims. He was disgusted. He showed 90 00:05:20,839 --> 00:05:23,200 Speaker 1: up there just to yell at the president and told 91 00:05:23,200 --> 00:05:25,520 Speaker 1: the Miami Herald after that this whole thing was the 92 00:05:25,640 --> 00:05:30,719 Speaker 1: event itself was a bad idea. Um, this is a 93 00:05:30,720 --> 00:05:32,640 Speaker 1: president that can't seem to win at the moment as 94 00:05:32,640 --> 00:05:36,599 Speaker 1: he prepares to go abroad to Saudi Arabia, that's going 95 00:05:36,640 --> 00:05:40,600 Speaker 1: to upset both progressives who think that he's you know, 96 00:05:40,680 --> 00:05:43,320 Speaker 1: forgetting the human rights record they're not acknowledging it and 97 00:05:43,400 --> 00:05:46,839 Speaker 1: Republicans who wanted to drill more here Jane. So he 98 00:05:46,960 --> 00:05:50,480 Speaker 1: literally can't win it's it's really he is. And if 99 00:05:50,520 --> 00:05:52,440 Speaker 1: we say in the South Cat between the rock and 100 00:05:52,480 --> 00:05:55,479 Speaker 1: a hard play, I mean he is facing people who 101 00:05:55,480 --> 00:05:58,320 Speaker 1: are concerned in his party over what they see as 102 00:05:58,480 --> 00:06:02,040 Speaker 1: a two tepid risk once to the Supreme Court decisions 103 00:06:02,120 --> 00:06:05,800 Speaker 1: on abortion, on the environment, to what a lot of 104 00:06:05,800 --> 00:06:09,080 Speaker 1: people on his side of the ledger UH are concerned 105 00:06:09,120 --> 00:06:12,200 Speaker 1: about is a route UH in Congress in the mid 106 00:06:12,279 --> 00:06:16,040 Speaker 1: term elections. I mean, Uh, this would not be unprecedented, 107 00:06:16,080 --> 00:06:18,760 Speaker 1: of course for a president and his party to lose 108 00:06:19,080 --> 00:06:22,080 Speaker 1: UH feats after being elected in a mid term. But 109 00:06:22,440 --> 00:06:26,919 Speaker 1: the Republicans are so well organized and and so well 110 00:06:27,279 --> 00:06:30,279 Speaker 1: there's a lot of enthusiasm on their side for what 111 00:06:30,400 --> 00:06:33,480 Speaker 1: I think of his more cultural issues. UH, and a 112 00:06:33,520 --> 00:06:35,800 Speaker 1: lot of people are saying that they want a Biden 113 00:06:35,839 --> 00:06:40,159 Speaker 1: administration to take the lead. UM. And he's got a 114 00:06:40,360 --> 00:06:42,720 Speaker 1: very very difficult situation. He is a man who is 115 00:06:42,800 --> 00:06:48,599 Speaker 1: seeped in bipartisanship, still speaks of his Republican friends, and Um, 116 00:06:48,640 --> 00:06:51,440 Speaker 1: he's not. He's not. Even when he makes a very 117 00:06:51,480 --> 00:06:55,679 Speaker 1: forceful statement about gun control right after a mass shooting, 118 00:06:55,760 --> 00:06:59,160 Speaker 1: right after you bald Um, there's still people who think 119 00:06:59,200 --> 00:07:02,920 Speaker 1: including that that man whose child was killed. It's not enough, 120 00:07:03,040 --> 00:07:05,920 Speaker 1: need to do more. You shouldn't be congratulating yourself. I 121 00:07:05,960 --> 00:07:09,200 Speaker 1: think we're in a very unusual situation also in terms 122 00:07:09,200 --> 00:07:11,680 Speaker 1: of our media environment. Joe. Well, that's what I want 123 00:07:11,720 --> 00:07:14,440 Speaker 1: to talk to you about. Absolutely. Now, you've covered a 124 00:07:14,560 --> 00:07:16,720 Speaker 1: number a number of as a newsperson. As a journalist, 125 00:07:16,720 --> 00:07:19,520 Speaker 1: you covered a number of administrations. You've seen the malaise. 126 00:07:19,680 --> 00:07:21,840 Speaker 1: I hate to always use that word because everybody says 127 00:07:21,880 --> 00:07:24,440 Speaker 1: Jimmy Carter, but this kind of, you know, this difficult 128 00:07:24,520 --> 00:07:26,880 Speaker 1: historical period as you go into the mid terms following 129 00:07:27,280 --> 00:07:29,680 Speaker 1: the election of a new president not so new at 130 00:07:29,720 --> 00:07:32,800 Speaker 1: this point. But how much of this is the responsibility 131 00:07:32,800 --> 00:07:35,680 Speaker 1: of the communications office? How much of this actually is 132 00:07:35,720 --> 00:07:38,520 Speaker 1: the messaging, the lack of victory lap or whatever it 133 00:07:38,600 --> 00:07:39,840 Speaker 1: is that you want to call it. When you look 134 00:07:39,880 --> 00:07:42,880 Speaker 1: at this New York Times pole, something is off here. 135 00:07:42,920 --> 00:07:46,840 Speaker 1: Because you started our conversation talking about, uh, some of 136 00:07:46,840 --> 00:07:52,000 Speaker 1: the major accomplishments. Nobody even remembers the infrastructure bill at 137 00:07:52,040 --> 00:07:55,200 Speaker 1: this point that was supposed to be historic. Jane. How 138 00:07:55,280 --> 00:07:57,559 Speaker 1: much of this is the story then that the White 139 00:07:57,560 --> 00:08:02,120 Speaker 1: House is telling? I think I think initially their messaging 140 00:08:02,720 --> 00:08:06,240 Speaker 1: was not good and I had a journalist tell me 141 00:08:06,320 --> 00:08:09,320 Speaker 1: that they that they thought to Biden administration expected them 142 00:08:09,320 --> 00:08:12,160 Speaker 1: to be more favorable. And I think that people were 143 00:08:12,200 --> 00:08:14,920 Speaker 1: determined to prove they were they were going to be 144 00:08:14,960 --> 00:08:17,200 Speaker 1: as tough on Biden as they were on Trump. I 145 00:08:17,520 --> 00:08:20,440 Speaker 1: happen to believe that's true. But I think that now 146 00:08:20,600 --> 00:08:23,720 Speaker 1: we're in a situation where half the country's not paying 147 00:08:23,760 --> 00:08:27,320 Speaker 1: attention to the very serious allegations against Donald Trump, with 148 00:08:27,360 --> 00:08:30,720 Speaker 1: a Congressional committee hearings not being watched by people who 149 00:08:30,720 --> 00:08:34,480 Speaker 1: watch box news and being watched by other people. Um, 150 00:08:34,520 --> 00:08:36,760 Speaker 1: you know, he there's a lot that he can point to. 151 00:08:36,920 --> 00:08:40,760 Speaker 1: There's a long time between now and I think that 152 00:08:41,000 --> 00:08:44,560 Speaker 1: Another concern is a generational one. You know, whom do 153 00:08:44,600 --> 00:08:47,520 Speaker 1: they have on the bench? Uh, if it's not Biden, 154 00:08:47,840 --> 00:08:49,760 Speaker 1: you know, whom did they have to run? And what 155 00:08:49,840 --> 00:08:53,360 Speaker 1: will they do in you know, will my students come 156 00:08:53,400 --> 00:08:58,559 Speaker 1: out to vote? And how will they vote in twenty two? 157 00:08:59,040 --> 00:09:01,960 Speaker 1: How will they come out to in November? Sorry, you know, 158 00:09:02,000 --> 00:09:04,400 Speaker 1: how will they come out? Will they come out? When 159 00:09:04,400 --> 00:09:06,360 Speaker 1: you speak to a lot of young people, they are 160 00:09:06,559 --> 00:09:09,440 Speaker 1: very disturbed by the state of the world, and you 161 00:09:09,480 --> 00:09:12,319 Speaker 1: can't blame them, you know, that's right. And President Biden 162 00:09:12,360 --> 00:09:15,200 Speaker 1: seems to think that there'll be a female revolution at 163 00:09:15,480 --> 00:09:18,240 Speaker 1: the polls and and and maybe the pollsters aren't capturing 164 00:09:18,280 --> 00:09:21,160 Speaker 1: that right now. But you're the one who grabbed onto inflation. 165 00:09:21,160 --> 00:09:23,240 Speaker 1: And that's what everyone seems to agree, is the fact. 166 00:09:23,240 --> 00:09:26,360 Speaker 1: The driving principle here what people will carry into the 167 00:09:26,920 --> 00:09:30,040 Speaker 1: voting booth with them, which doesn't leave a lot. My gosh, 168 00:09:30,080 --> 00:09:33,080 Speaker 1: so what if they get this Reconciliation bill or maybe 169 00:09:33,080 --> 00:09:36,000 Speaker 1: the Chips Act happens. Some CEOs are happy about that. 170 00:09:36,600 --> 00:09:40,240 Speaker 1: Wall Street likes that, but people aren't talking about Yuseka 171 00:09:40,360 --> 00:09:44,760 Speaker 1: around the dinner table. Jane, Well, you're you're right there 172 00:09:44,800 --> 00:09:47,080 Speaker 1: not And I think it's up to the Democrats and 173 00:09:47,160 --> 00:09:51,839 Speaker 1: the Biden administration to find ways to better count you know, 174 00:09:52,160 --> 00:09:55,200 Speaker 1: the jobs report. Uh. I mean, when you're dealing with 175 00:09:55,360 --> 00:09:59,080 Speaker 1: fear of what might happen psychologically, that is a pretty 176 00:09:59,080 --> 00:10:01,960 Speaker 1: powerful thing. As opposed to, hey, look what we've just 177 00:10:02,160 --> 00:10:04,800 Speaker 1: done for you. They have to somehow say this is 178 00:10:04,840 --> 00:10:07,920 Speaker 1: what we've done for you. We're on it regarding inflation, 179 00:10:08,360 --> 00:10:11,840 Speaker 1: We're doing the right moves. And you know, somehow he's 180 00:10:11,840 --> 00:10:14,800 Speaker 1: getting blamed and the Republicans are blaming him, So if 181 00:10:14,800 --> 00:10:17,559 Speaker 1: they don't find a way to tout their own achievements 182 00:10:17,640 --> 00:10:20,000 Speaker 1: and also to capitalize on what is a lot of 183 00:10:20,040 --> 00:10:23,199 Speaker 1: anger in this country among women over the over the 184 00:10:23,240 --> 00:10:25,920 Speaker 1: abortion ruling. That's where I think a lot of a 185 00:10:25,920 --> 00:10:30,040 Speaker 1: lot of the Democratic operatives are hoping that this can 186 00:10:30,080 --> 00:10:32,240 Speaker 1: be something people will come out and vote on. But 187 00:10:32,360 --> 00:10:35,439 Speaker 1: if but Biden struggling, I think to find his way 188 00:10:35,600 --> 00:10:37,840 Speaker 1: on on what he's going to do about that? What 189 00:10:37,960 --> 00:10:42,120 Speaker 1: can you do what will make a difference? When you 190 00:10:42,160 --> 00:10:46,960 Speaker 1: look at this pole, you see Democratic voters this again 191 00:10:47,000 --> 00:10:49,760 Speaker 1: New York Times prefer a different nominee in twenty four. 192 00:10:50,160 --> 00:10:52,800 Speaker 1: I'm curious for your view on this. You see sometimes 193 00:10:52,800 --> 00:10:56,280 Speaker 1: how poles evolve through an election cycle. This sort of 194 00:10:56,400 --> 00:10:59,959 Speaker 1: generic test that we're doing at this stage of the game. 195 00:11:00,400 --> 00:11:02,880 Speaker 1: What if it's Biden versus Trump. What if there's a 196 00:11:03,000 --> 00:11:04,719 Speaker 1: name on the other side of the gene? How does 197 00:11:04,760 --> 00:11:10,199 Speaker 1: that change people's feelings? Oh? That totally changes people feelings. 198 00:11:10,240 --> 00:11:13,600 Speaker 1: If you know, when when it's somebody against nobody, that's 199 00:11:13,600 --> 00:11:16,840 Speaker 1: a different story. Um, when you have a poll that 200 00:11:16,840 --> 00:11:21,280 Speaker 1: that that puts Donald Trump in four against Joe Biden, 201 00:11:21,320 --> 00:11:23,720 Speaker 1: then I think you you know the polling is showing 202 00:11:23,760 --> 00:11:27,200 Speaker 1: that that Biden would would beat Trump. I think what 203 00:11:27,320 --> 00:11:31,920 Speaker 1: you're seeing now is people trying to figure out what 204 00:11:32,040 --> 00:11:34,960 Speaker 1: about his age, how this factor is that? But it's 205 00:11:35,000 --> 00:11:36,560 Speaker 1: a factor for both of them. Right? Are we going 206 00:11:36,600 --> 00:11:38,840 Speaker 1: to relive the last election? Are we doing this again? 207 00:11:39,640 --> 00:11:42,520 Speaker 1: I hope not. I mean, you know again, I think 208 00:11:42,520 --> 00:11:46,320 Speaker 1: of my students. You know, I heard um aoc talk 209 00:11:46,400 --> 00:11:48,040 Speaker 1: on one of the talk shows a couple of weeks 210 00:11:48,040 --> 00:11:50,559 Speaker 1: ago about what she thought was the need for new 211 00:11:50,640 --> 00:11:56,920 Speaker 1: veathor was a delicate way of saying, that's right. Amtrak, Joe, 212 00:11:57,080 --> 00:11:59,720 Speaker 1: it's a one way ride home. I don't know. We'll 213 00:11:59,760 --> 00:12:01,800 Speaker 1: see Jane. I'm glad you could come in. I've been 214 00:12:01,840 --> 00:12:04,160 Speaker 1: looking forward to the conversation Jane Hall with this American 215 00:12:04,280 --> 00:12:08,119 Speaker 1: University of the book Politics and the Media Intersections, New Directions, 216 00:12:08,679 --> 00:12:11,360 Speaker 1: and we assemble our panel. Next to pick up right 217 00:12:11,360 --> 00:12:15,240 Speaker 1: here with Rick Davis and Jeanie Chanzano on the Fastest 218 00:12:15,280 --> 00:12:19,000 Speaker 1: Hour in Politics. I'm Joe Matthew in Washington. This is Bloomberg. 219 00:12:22,280 --> 00:12:27,720 Speaker 1: This is Bloomberg. So long with Joe Matthew on Bloomberg Radio. 220 00:12:29,640 --> 00:12:31,920 Speaker 1: The White House says again the economy is not going 221 00:12:31,960 --> 00:12:35,880 Speaker 1: into a recession at least not a bad one, and 222 00:12:35,920 --> 00:12:39,640 Speaker 1: there's always a chance of that. Wall Street seems to 223 00:12:39,679 --> 00:12:45,640 Speaker 1: think differently, as articulated by legendary investor Leon Cooperman, chair 224 00:12:45,679 --> 00:12:49,320 Speaker 1: of Omega Advisers. He was on Bloomberg Surveillance talking about 225 00:12:49,320 --> 00:12:52,160 Speaker 1: this this morning. Give him a listen. I think that 226 00:12:52,320 --> 00:12:57,160 Speaker 1: ultimately the price of oil, or the FED or maybe 227 00:12:57,160 --> 00:13:00,280 Speaker 1: the strong dolla, we'll lead us into a reset, Shan. 228 00:13:00,760 --> 00:13:04,160 Speaker 1: And when the recession hits, which will be event when 229 00:13:04,200 --> 00:13:08,880 Speaker 1: it is that, the market will find the bottom somewhere 230 00:13:08,880 --> 00:13:15,920 Speaker 1: between thirty below it's peak. So next year worse than 231 00:13:15,920 --> 00:13:20,040 Speaker 1: this year? What does that mean for twenty four Let's 232 00:13:20,080 --> 00:13:23,679 Speaker 1: assemble the panel, Rick Davis, Jeannie Chanzano with us here 233 00:13:23,679 --> 00:13:26,760 Speaker 1: on the Monday edition or signature panel Bloomberg Politics contributors 234 00:13:26,760 --> 00:13:28,880 Speaker 1: on sound on. Is what I meant to say, Jeannie, 235 00:13:29,760 --> 00:13:32,920 Speaker 1: We've got some trouble here. If that's the case, people 236 00:13:32,960 --> 00:13:35,600 Speaker 1: are feeling the impact of inflation now and we'd see 237 00:13:35,600 --> 00:13:39,120 Speaker 1: the results, according to Lee Cooperman, by next year in 238 00:13:39,160 --> 00:13:41,440 Speaker 1: the form of a recession. Of course, some people think 239 00:13:41,720 --> 00:13:45,040 Speaker 1: we are already in one. The Governor of New Hampshire 240 00:13:45,040 --> 00:13:46,959 Speaker 1: over the weekend on the Sunday talk shows was calling 241 00:13:47,000 --> 00:13:50,040 Speaker 1: for the firing of Janet Yellen for misleading the American people. 242 00:13:51,000 --> 00:13:54,600 Speaker 1: The messaging again seems to come back into our conversation 243 00:13:54,800 --> 00:13:57,520 Speaker 1: on an almost daily basis. What does the White House 244 00:13:57,559 --> 00:13:59,719 Speaker 1: need to be saying about it? You know, they need 245 00:13:59,760 --> 00:14:02,000 Speaker 1: to be addressing it head on. And you know, we 246 00:14:02,120 --> 00:14:04,840 Speaker 1: heard Sonno, as you mentioned over the weekend. You know, 247 00:14:04,920 --> 00:14:07,559 Speaker 1: it is astonishing to me because when the job numbers 248 00:14:07,679 --> 00:14:10,760 Speaker 1: came out, Oh what was that Friday, what we were 249 00:14:10,840 --> 00:14:13,679 Speaker 1: told in a you know, briefly in the minute that 250 00:14:13,760 --> 00:14:17,319 Speaker 1: Joe Biden talked about them was this eased recession fears. 251 00:14:17,640 --> 00:14:20,680 Speaker 1: And yet over the weekend, Gina Romando aside, there was 252 00:14:20,720 --> 00:14:24,120 Speaker 1: this drumbeat that that's not the case. And so you know, 253 00:14:24,320 --> 00:14:27,240 Speaker 1: they need to come out and address this, and they 254 00:14:27,320 --> 00:14:31,200 Speaker 1: need to stop stepping on their own good messages. And 255 00:14:31,240 --> 00:14:34,640 Speaker 1: I'll give you another one. Gas prices, gas prices, gas prices, 256 00:14:34,680 --> 00:14:38,360 Speaker 1: oil prices going down. Why aren't they talking more about that? 257 00:14:38,480 --> 00:14:40,760 Speaker 1: So they've got to do that. And you know I 258 00:14:40,800 --> 00:14:43,880 Speaker 1: said on Friday, they should not have melded this the 259 00:14:43,920 --> 00:14:46,800 Speaker 1: EO with the jobs numbers. They should have done both 260 00:14:47,040 --> 00:14:49,840 Speaker 1: if they could have. Yeah, the Roe v Wade the 261 00:14:49,880 --> 00:14:53,200 Speaker 1: job speech, because that does muddy the waters there. And 262 00:14:53,240 --> 00:14:55,000 Speaker 1: the one thing I heard, I will tell you from 263 00:14:55,040 --> 00:14:58,800 Speaker 1: progressives through today was they didn't listen to a word 264 00:14:58,880 --> 00:15:01,320 Speaker 1: about the jobs. All I heard was the President say 265 00:15:01,400 --> 00:15:04,960 Speaker 1: go vote, and that annoyed them, you know, and annoyed 266 00:15:05,000 --> 00:15:06,840 Speaker 1: as a kind way of saying how they felt about 267 00:15:06,880 --> 00:15:11,400 Speaker 1: that message. Rick, You you've spent a career advising politicians 268 00:15:11,480 --> 00:15:15,120 Speaker 1: sometimes when they were not doing well. Is it time 269 00:15:15,200 --> 00:15:19,600 Speaker 1: for like a victory parade down Pennsylvania Avenue to draw 270 00:15:19,680 --> 00:15:24,920 Speaker 1: people's attention to what has happened? Well, I'm not exactly 271 00:15:24,960 --> 00:15:28,640 Speaker 1: sure declaring victory at this stage is going to actually 272 00:15:28,720 --> 00:15:31,760 Speaker 1: reconnect Joe Biden with the American people. You've got all 273 00:15:31,760 --> 00:15:34,560 Speaker 1: the jobs back that were lost in COVID. Isn't that 274 00:15:34,760 --> 00:15:38,280 Speaker 1: at least in it self worth something? I think it is. Uh, 275 00:15:38,400 --> 00:15:41,000 Speaker 1: this administration has chosen to sort of, you know, kick 276 00:15:41,040 --> 00:15:44,080 Speaker 1: it to the curb. As Jeanie said, they spent more 277 00:15:44,120 --> 00:15:47,280 Speaker 1: time frankly, talking about abortion than the just success of 278 00:15:47,280 --> 00:15:50,520 Speaker 1: their jobs initiatives. Um, but the problem is you're in 279 00:15:50,560 --> 00:15:53,080 Speaker 1: this weird pinch, right because in order to ensure that 280 00:15:53,080 --> 00:15:56,520 Speaker 1: we don't have a recession, joblessness has to go up. 281 00:15:56,680 --> 00:16:00,680 Speaker 1: Our our dear friend Larry Summers talks about the sacrifice 282 00:16:00,760 --> 00:16:03,880 Speaker 1: ratio and we need to lose ten million jobs in 283 00:16:04,000 --> 00:16:07,240 Speaker 1: order to stop from having a recession and calls pal 284 00:16:07,440 --> 00:16:11,080 Speaker 1: to optimistic. So, I mean, we're in a very strange 285 00:16:11,160 --> 00:16:14,680 Speaker 1: environment where success is failure and failure would be success. 286 00:16:15,320 --> 00:16:21,040 Speaker 1: Uh More, unemployment will encourage us not to go into recession. 287 00:16:21,120 --> 00:16:24,720 Speaker 1: And so uh the minute Joe Biden goes out there, 288 00:16:25,040 --> 00:16:27,800 Speaker 1: his own team is saying things that are sort of 289 00:16:27,800 --> 00:16:31,360 Speaker 1: the antithesis of declaring success on the jobs front. We 290 00:16:31,400 --> 00:16:33,360 Speaker 1: had kind of the opposite today, the President of the 291 00:16:33,400 --> 00:16:38,160 Speaker 1: South lawn to celebrate the new gun safety bill. Uh 292 00:16:38,200 --> 00:16:41,040 Speaker 1: it was a huge ceremony, my goodness. Half of Capitol 293 00:16:41,080 --> 00:16:44,360 Speaker 1: Hill was there along with stakeholders, along with victims of 294 00:16:44,480 --> 00:16:48,640 Speaker 1: family members from from mass shootings. And one of them 295 00:16:48,640 --> 00:16:52,280 Speaker 1: showed up talked about this briefly with Jane Hall to 296 00:16:52,440 --> 00:16:55,000 Speaker 1: heckle the president to stand up and interrupt this event. 297 00:16:55,040 --> 00:16:58,480 Speaker 1: That's Manuel Oliver, the father one of the students killed 298 00:16:59,400 --> 00:17:02,640 Speaker 1: at the march Stoneman Douglas High School. He is now 299 00:17:02,640 --> 00:17:05,280 Speaker 1: an activist. Of course, I want you to listen to 300 00:17:05,280 --> 00:17:07,520 Speaker 1: hear President Biden's gonna be talking about the signing of 301 00:17:07,560 --> 00:17:10,920 Speaker 1: this bill, and you'll hear what happens from there. Today's 302 00:17:10,960 --> 00:17:14,240 Speaker 1: many things. It's proof that despite the naysayers, we can 303 00:17:14,440 --> 00:17:18,520 Speaker 1: make meaningful progress. I'm dealing with gun violence because make 304 00:17:18,760 --> 00:17:21,000 Speaker 1: no mistake, sad down, you'll hear what I have to say. 305 00:17:21,040 --> 00:17:25,159 Speaker 1: If you think Manuel Oliver now stands up, we cannot 306 00:17:25,200 --> 00:17:27,520 Speaker 1: hear what he's saying. Nobody picked it up on the microphones. 307 00:17:27,560 --> 00:17:31,440 Speaker 1: Wearing a T shirt and a jacket right there, he says, 308 00:17:31,440 --> 00:17:35,200 Speaker 1: I've been trying to tell you this for years. Let 309 00:17:35,240 --> 00:17:39,000 Speaker 1: him talk, Let him talk, no one, Okay, well they 310 00:17:39,000 --> 00:17:41,960 Speaker 1: didn't let him talk. The Secret Service dragged him out 311 00:17:41,960 --> 00:17:44,120 Speaker 1: of the ceremony, which stands to happen when you stand up, 312 00:17:44,600 --> 00:17:48,040 Speaker 1: uh and interrupt the president. Genie, this again is what 313 00:17:48,080 --> 00:17:51,480 Speaker 1: you're talking about. Progressives are not getting enough. Even as 314 00:17:51,520 --> 00:17:54,879 Speaker 1: Republicans say they're going nowhere with this president, the left 315 00:17:54,960 --> 00:17:57,480 Speaker 1: of his party is sounding a lot like they are 316 00:17:58,480 --> 00:18:00,520 Speaker 1: they are. And you know, that was sort of a 317 00:18:00,680 --> 00:18:03,359 Speaker 1: perfect example of what we've been seeing. Here was the 318 00:18:03,359 --> 00:18:06,080 Speaker 1: president trying to celebrate the work he's done. You know, 319 00:18:06,200 --> 00:18:08,640 Speaker 1: I was not a big fan of this. You know, bill, 320 00:18:08,800 --> 00:18:10,879 Speaker 1: which I can hardly call a gun bill. I I 321 00:18:10,960 --> 00:18:13,879 Speaker 1: agree with Mr Oliver, but you know, it was a 322 00:18:13,920 --> 00:18:17,480 Speaker 1: step forward. It was bipartisan to Rick davids point. Yet 323 00:18:17,800 --> 00:18:20,320 Speaker 1: they're trying to celebrate it and the President gets heckled 324 00:18:20,400 --> 00:18:25,080 Speaker 1: at his own event. Progressives are outraged, they're frustrated, they're disappointed, 325 00:18:25,280 --> 00:18:27,800 Speaker 1: and you know, just briefly back to inflation. If the 326 00:18:27,800 --> 00:18:30,320 Speaker 1: president wants to know what happens when people get frustrated 327 00:18:30,359 --> 00:18:32,480 Speaker 1: by inflation, look at what's going on in Sri Lanka 328 00:18:32,600 --> 00:18:35,440 Speaker 1: right now. They have descended to the palace to out 329 00:18:35,680 --> 00:18:38,120 Speaker 1: there in the swimming pool. Right now, they're in the pool, 330 00:18:38,160 --> 00:18:40,280 Speaker 1: and and that's I'm afraid where we're headed, although I 331 00:18:40,400 --> 00:18:43,320 Speaker 1: should not say that, so God forbid a Rick uh 332 00:18:43,359 --> 00:18:46,080 Speaker 1: in thirty seconds? Here was that an opportunity missed to 333 00:18:46,119 --> 00:18:48,680 Speaker 1: the president of gone out and hugged him. Um well, 334 00:18:49,000 --> 00:18:51,480 Speaker 1: I think what the opportunity was is they hadn't det 335 00:18:51,520 --> 00:18:54,160 Speaker 1: with the guy well in advance of this, and this 336 00:18:54,240 --> 00:18:57,560 Speaker 1: is another missed by the administration. Boy Rick and Genie 337 00:18:57,640 --> 00:19:00,800 Speaker 1: or with us for the hour, our magnature panel, of 338 00:19:00,800 --> 00:19:04,919 Speaker 1: course you're on Bloomberg. Sound on to the next potential 339 00:19:05,280 --> 00:19:08,160 Speaker 1: problem for this White House. Next, it's about Obamacare. We'll 340 00:19:08,160 --> 00:19:12,120 Speaker 1: have Jonathan Bruber with us on Bloomberg. There's another deadline 341 00:19:12,160 --> 00:19:17,320 Speaker 1: hanging over Democrats in Washington, the expiration of enhanced subsidies 342 00:19:17,840 --> 00:19:20,560 Speaker 1: for people who get health insurance through the Affordable Care Act. 343 00:19:20,680 --> 00:19:24,520 Speaker 1: They were enhanced during COVID and they expire the end 344 00:19:24,520 --> 00:19:27,560 Speaker 1: of this year unless Democrats can find a solution. They 345 00:19:27,680 --> 00:19:30,600 Speaker 1: may have, but we want to talk about how this 346 00:19:30,640 --> 00:19:33,280 Speaker 1: all works and how much of an impact it would 347 00:19:33,280 --> 00:19:37,200 Speaker 1: actually have. With the architects of Obamacare, M I T 348 00:19:37,400 --> 00:19:41,320 Speaker 1: economist professor Jonathan Gruber. He's with us now on Bloomberg. 349 00:19:41,400 --> 00:19:45,600 Speaker 1: Sound On, Jonathan, Welcome back to Bloomberg. Good. The Washington 350 00:19:45,640 --> 00:19:49,800 Speaker 1: Post calls it a looming disaster and a ticking time bomb. 351 00:19:50,640 --> 00:19:54,880 Speaker 1: What do you call this? I call this a real 352 00:19:55,000 --> 00:19:59,160 Speaker 1: failure of government policy to take advantage of an opportunity 353 00:20:00,000 --> 00:20:03,160 Speaker 1: to u to ensure that health insurance affordable for millions 354 00:20:03,160 --> 00:20:05,639 Speaker 1: of Americans. Look, I think it's useful Joe of a 355 00:20:05,640 --> 00:20:08,920 Speaker 1: little background. So, when we passed the Affordable Care Act 356 00:20:08,960 --> 00:20:13,120 Speaker 1: back in President Obama was very serious about making sure 357 00:20:13,160 --> 00:20:15,520 Speaker 1: that it was not only deficit neutral, but deficit reducing. 358 00:20:16,240 --> 00:20:19,440 Speaker 1: And what that meant was the subsidies were the subsidies 359 00:20:19,840 --> 00:20:22,440 Speaker 1: that people could use to buy health insurance on the exchanges, 360 00:20:23,000 --> 00:20:24,680 Speaker 1: We're not quite as generous as they should have been. 361 00:20:25,119 --> 00:20:27,520 Speaker 1: I think the feeling was, look, let's get this ball rolling, 362 00:20:27,920 --> 00:20:32,440 Speaker 1: and eventually that we made more generous. That followed after 363 00:20:33,640 --> 00:20:37,560 Speaker 1: with the Trump administration undercutting the A C exchanges in 364 00:20:37,600 --> 00:20:42,040 Speaker 1: ways that dramatically raised the premiums on the exchanges, leading 365 00:20:42,080 --> 00:20:45,080 Speaker 1: to situation where basically, unless you get a government subsidy, 366 00:20:45,320 --> 00:20:48,199 Speaker 1: it's pretty hard to afford coverage on these exchanges. So 367 00:20:48,320 --> 00:20:52,800 Speaker 1: COVID brought the subsidies so so in response to covid UH, 368 00:20:52,920 --> 00:20:58,120 Speaker 1: the Biden administration added h subsidies, which made it more 369 00:20:58,160 --> 00:21:00,919 Speaker 1: affordable for people to get insurance on the change. In particular, 370 00:21:01,240 --> 00:21:04,560 Speaker 1: it ended the so called subsidy cliff above, which where 371 00:21:04,560 --> 00:21:07,160 Speaker 1: people above four times the poverty line. So the fixed 372 00:21:07,200 --> 00:21:09,159 Speaker 1: ideas that's about a hundred grand for a family of 373 00:21:09,200 --> 00:21:11,800 Speaker 1: four hundred grand is it is not nothing that that 374 00:21:11,880 --> 00:21:14,840 Speaker 1: that's above the average income in America, but it's also 375 00:21:14,960 --> 00:21:17,480 Speaker 1: a point at which health insurance can still be a 376 00:21:17,560 --> 00:21:19,879 Speaker 1: large share of income if you're older in an expensive 377 00:21:19,880 --> 00:21:23,000 Speaker 1: area of the country. So basically the situation where you 378 00:21:23,040 --> 00:21:27,280 Speaker 1: have people who really were uh, could see the premiums 379 00:21:27,320 --> 00:21:29,800 Speaker 1: go up a hundred percent or more uh if we 380 00:21:29,960 --> 00:21:31,720 Speaker 1: if we get rid of these subsidies are put in 381 00:21:31,760 --> 00:21:35,400 Speaker 1: by the by the administration or more. The Urban Institute 382 00:21:35,520 --> 00:21:39,159 Speaker 1: estimates the expiration could add hundreds of dollars to the 383 00:21:39,200 --> 00:21:42,320 Speaker 1: annual premium payments for the lowest earners and leave over 384 00:21:42,440 --> 00:21:46,760 Speaker 1: three million people uninsured. Jonathan, do you see those numbers 385 00:21:46,840 --> 00:21:49,600 Speaker 1: that way? Look, the numbers are hard to predict, but 386 00:21:49,640 --> 00:21:53,520 Speaker 1: the direction is unbelievably clear. And I think remember two 387 00:21:53,560 --> 00:21:55,600 Speaker 1: things will happen with these expired It's very important to 388 00:21:55,600 --> 00:21:59,800 Speaker 1: separate them. First of all, many low income people we 389 00:22:00,400 --> 00:22:05,320 Speaker 1: pay more money and some will lose insurance. More relevant 390 00:22:05,400 --> 00:22:08,800 Speaker 1: is the middle income people for whom before the exchanges 391 00:22:08,800 --> 00:22:11,200 Speaker 1: were unaffordable, because, as I said, the sabotage that was 392 00:22:11,280 --> 00:22:14,280 Speaker 1: undertaken or in the Trump administration really raised premiums to 393 00:22:14,359 --> 00:22:16,640 Speaker 1: the roof. They will lose act they will it will 394 00:22:16,640 --> 00:22:18,520 Speaker 1: become simply unaffordable for them. Won't be a matter of 395 00:22:18,600 --> 00:22:21,840 Speaker 1: hundreds of a matter of thousands. And so really these 396 00:22:21,840 --> 00:22:24,199 Speaker 1: are both problems. It's both about making these premiums more 397 00:22:24,200 --> 00:22:26,760 Speaker 1: affordable for the lowest income people who are in these 398 00:22:26,760 --> 00:22:30,080 Speaker 1: A C exchanges, but also giving really getting access for 399 00:22:30,200 --> 00:22:33,760 Speaker 1: middle income people to this important government program. A group 400 00:22:33,800 --> 00:22:36,399 Speaker 1: of Democratic governors sent a letter to Congress over a 401 00:22:36,440 --> 00:22:39,439 Speaker 1: week ago urging them to act on this as we 402 00:22:39,520 --> 00:22:42,800 Speaker 1: head for the mid term elections. It's not just Congress, 403 00:22:42,920 --> 00:22:45,080 Speaker 1: of course being reelected here. Is there anything that can 404 00:22:45,119 --> 00:22:48,840 Speaker 1: be done on the state level that governors themselves could do? 405 00:22:49,760 --> 00:22:52,760 Speaker 1: You know, um, yes, I mean governors could do what 406 00:22:52,760 --> 00:22:55,280 Speaker 1: we do in Massachusetts, which is in Massachusetts we actually 407 00:22:55,320 --> 00:22:58,240 Speaker 1: top up the federal premiums to make the program more 408 00:22:58,240 --> 00:23:02,439 Speaker 1: generous varsity residents. But that's expensive, uh, and that's not 409 00:23:02,480 --> 00:23:04,159 Speaker 1: really not the job of the states that the federal 410 00:23:04,160 --> 00:23:05,960 Speaker 1: program in the federal revern should be making it happen 411 00:23:06,080 --> 00:23:08,840 Speaker 1: not likely to be duplicated, So I I don't think 412 00:23:08,840 --> 00:23:12,280 Speaker 1: it's likely to happen. Like you're no stranger to politics here, professor. 413 00:23:12,400 --> 00:23:15,159 Speaker 1: It's to solve this in the weeks and months ahead 414 00:23:15,200 --> 00:23:20,680 Speaker 1: of the midterm elections may well be impossible. That would 415 00:23:20,760 --> 00:23:24,560 Speaker 1: leave almost no time following November to get this done 416 00:23:24,600 --> 00:23:27,720 Speaker 1: before the end of the year. You know, this should 417 00:23:27,720 --> 00:23:30,399 Speaker 1: be a major talking point in the campaigns for for 418 00:23:30,520 --> 00:23:32,920 Speaker 1: you know, in the election if if we cannot get 419 00:23:32,960 --> 00:23:38,760 Speaker 1: this done, the voters should understand that electing turning Congress 420 00:23:38,840 --> 00:23:42,040 Speaker 1: over the Republicans means it simply will not happen. While 421 00:23:42,080 --> 00:23:44,720 Speaker 1: leaving Congress hands the Democrats at least leave some chance 422 00:23:44,760 --> 00:23:48,040 Speaker 1: it will. So it's clear who's for the news against it. 423 00:23:48,680 --> 00:23:51,440 Speaker 1: It's clear that the Democratic Party would like this to happen. 424 00:23:52,040 --> 00:23:55,960 Speaker 1: It remains there remains conversations on on the Reconciliation Act. 425 00:23:56,040 --> 00:23:58,520 Speaker 1: That is a bill that you pass with only Democratic votes, 426 00:23:59,240 --> 00:24:04,320 Speaker 1: which would include extending these subsidies. Um. But um, they 427 00:24:04,400 --> 00:24:07,080 Speaker 1: have to do that on a partisan basis because Republicans 428 00:24:07,119 --> 00:24:11,360 Speaker 1: have been uniformly opposed to extending these subsidies which make 429 00:24:11,359 --> 00:24:14,000 Speaker 1: insurance affordable for millions of Americans. And I think that's 430 00:24:14,040 --> 00:24:15,840 Speaker 1: something voters need to think hard about as they cast 431 00:24:15,840 --> 00:24:18,160 Speaker 1: their votes in November. Professor Grewber, I want to ask 432 00:24:18,160 --> 00:24:20,480 Speaker 1: you about some of the comments that President Biden made. 433 00:24:20,520 --> 00:24:23,360 Speaker 1: Is he was discussing reproductive rights for women as part 434 00:24:23,359 --> 00:24:26,720 Speaker 1: of an executive order he was signing. Here, he talked 435 00:24:26,720 --> 00:24:29,960 Speaker 1: about the the A c A and what it does 436 00:24:30,080 --> 00:24:33,720 Speaker 1: your guarantees coverage of contraception. But what policies do insurers 437 00:24:33,760 --> 00:24:37,080 Speaker 1: have to honor with when it comes to reproductive rights? 438 00:24:37,119 --> 00:24:39,920 Speaker 1: Are there any Well? No, I mean this is this 439 00:24:40,000 --> 00:24:42,280 Speaker 1: is this is the next big battle coming, Joe, And 440 00:24:43,119 --> 00:24:47,800 Speaker 1: which is that basically there is a mandate on insurers 441 00:24:47,840 --> 00:24:51,520 Speaker 1: that they must cover contraception, but it does not spell 442 00:24:51,600 --> 00:24:55,879 Speaker 1: out exactly what that means. If they're on the exchange, 443 00:24:55,920 --> 00:24:58,119 Speaker 1: that does spell out what it means. So on the exchanges, 444 00:24:58,200 --> 00:25:00,920 Speaker 1: its specifically spells a set of benefits, one of which 445 00:25:00,960 --> 00:25:04,480 Speaker 1: is the so called Plan B bill. Um, what happens 446 00:25:04,880 --> 00:25:08,200 Speaker 1: if a state suddenly says the Plan B bill they've 447 00:25:08,200 --> 00:25:10,520 Speaker 1: decided as abortion, not going to cover it. Well, then 448 00:25:10,520 --> 00:25:13,639 Speaker 1: suddenly you have state law in conflict with the federal 449 00:25:13,760 --> 00:25:16,239 Speaker 1: law and it's going to go to the courts. Uh. 450 00:25:16,440 --> 00:25:19,760 Speaker 1: And the federal law doesn't automatically override the state law. 451 00:25:19,960 --> 00:25:23,680 Speaker 1: That that's that's a legal problem. No, I mean, insurers, 452 00:25:23,800 --> 00:25:27,320 Speaker 1: our insurance regulations are truly not the state level. Is 453 00:25:27,359 --> 00:25:31,800 Speaker 1: plan be considered contraception from the lego? That's exactly the question. 454 00:25:31,840 --> 00:25:34,800 Speaker 1: Because contraception that I think we're a very different situation 455 00:25:34,800 --> 00:25:38,119 Speaker 1: than if the state declares it abortion, where they've just 456 00:25:38,160 --> 00:25:40,680 Speaker 1: outlawed abortion. If they start rolling plan being into their 457 00:25:40,680 --> 00:25:44,080 Speaker 1: definition of abortion, then suddenly they can say insures shouldn't 458 00:25:44,119 --> 00:25:47,120 Speaker 1: cover it, and insures, you know, state law typically takes 459 00:25:47,119 --> 00:25:50,119 Speaker 1: precedence here, So suddenly you could see millions of women 460 00:25:50,160 --> 00:25:52,920 Speaker 1: who have had tens of millions of women who have 461 00:25:53,040 --> 00:25:58,560 Speaker 1: had this reproductive um right allowed to them take if 462 00:25:58,560 --> 00:26:00,600 Speaker 1: you could have it taken away, things are about to 463 00:26:00,640 --> 00:26:04,000 Speaker 1: get confusing here. Professor Jonathan Gruber, economist at M I 464 00:26:04,080 --> 00:26:08,200 Speaker 1: T and architect of Romney Care and Obamacare. It's great 465 00:26:08,200 --> 00:26:11,280 Speaker 1: to have you back on Bloomberg. Thanks good to be here. Anytime. 466 00:26:11,960 --> 00:26:14,639 Speaker 1: We've got the panels take on this next. Can Democrats 467 00:26:14,680 --> 00:26:18,560 Speaker 1: handle this in reconciliation? As Jonathan suggests, that might be 468 00:26:18,720 --> 00:26:22,400 Speaker 1: the one swing at the ball that they're going to get. 469 00:26:22,840 --> 00:26:25,480 Speaker 1: And President Biden's packing bags, well, somebody is at the 470 00:26:25,480 --> 00:26:27,679 Speaker 1: White House. Two days from now they head to Israel 471 00:26:27,720 --> 00:26:31,639 Speaker 1: and then on to Saudi Arabia. Well it results in 472 00:26:31,720 --> 00:26:34,600 Speaker 1: more oil. Will reassemble the panel next, and here from 473 00:26:34,800 --> 00:26:37,800 Speaker 1: Rick and Jennie on the Fastest Hour in Politics, sound on, 474 00:26:38,000 --> 00:26:47,240 Speaker 1: This is Bloomberg. This is Bloomberg. Sound on on Bloomberg Radio. 475 00:26:49,040 --> 00:26:51,600 Speaker 1: So based on what we've learned this hour. The best 476 00:26:51,760 --> 00:26:55,159 Speaker 1: case scenario for Democrats in Washington ahead of the mid 477 00:26:55,359 --> 00:26:59,000 Speaker 1: terms is passing that China Competes bill with the chip 478 00:26:59,000 --> 00:27:02,679 Speaker 1: backs with the hell of some Republicans, and also finding 479 00:27:02,680 --> 00:27:05,840 Speaker 1: a way to pass a reconciliation bill that includes a 480 00:27:05,840 --> 00:27:08,679 Speaker 1: prescription drug component we've already heard about but now also 481 00:27:08,800 --> 00:27:13,160 Speaker 1: extends subsidies for the Affordable Care Act. The worst case, 482 00:27:13,560 --> 00:27:17,160 Speaker 1: nothing gets done. Let's reassemble the panel with Bloomberg Politics 483 00:27:17,200 --> 00:27:22,119 Speaker 1: contributors Jeanie Chanzano and Rick Davis. Ricky's reconciliation suddenly then 484 00:27:22,160 --> 00:27:24,800 Speaker 1: the most important item on the list for this White House. 485 00:27:24,840 --> 00:27:28,520 Speaker 1: We know lawmakers are gone the better part of of August. 486 00:27:28,560 --> 00:27:31,840 Speaker 1: Then it's back to campaigning. I'm assuming after that this 487 00:27:31,920 --> 00:27:34,159 Speaker 1: is the time now, right, Yeah, you're right, Joe. I 488 00:27:34,160 --> 00:27:36,720 Speaker 1: mean they are running down the clock and and and 489 00:27:36,800 --> 00:27:41,000 Speaker 1: even though reconciliation can be hot burnered, uh, it's it's 490 00:27:41,000 --> 00:27:43,359 Speaker 1: still going to require some effort to convince Democrats and 491 00:27:43,400 --> 00:27:46,840 Speaker 1: including our friend Joe Mansion from West Virginia to buy in. 492 00:27:47,000 --> 00:27:50,320 Speaker 1: But it is their number one talking point right now 493 00:27:50,400 --> 00:27:52,199 Speaker 1: is to what they want to try and sell to 494 00:27:52,440 --> 00:27:55,520 Speaker 1: the American public in advance of the elections in November. 495 00:27:55,880 --> 00:27:58,479 Speaker 1: So my guess is, yes, they're gonna put all their 496 00:27:58,520 --> 00:28:02,320 Speaker 1: chips in this basket. Did frameless properly, Genie, because this 497 00:28:02,560 --> 00:28:05,480 Speaker 1: a c a issue that we just discussed with Jonathan Ruber, 498 00:28:05,560 --> 00:28:08,880 Speaker 1: is something that's not in the mainstream conversation yet. There's 499 00:28:08,920 --> 00:28:11,800 Speaker 1: been a couple of columns, a couple of op eds. 500 00:28:11,800 --> 00:28:14,159 Speaker 1: But this has to get a lot louder for people 501 00:28:14,160 --> 00:28:18,040 Speaker 1: to respond. Right, that's right, and it is critically important, 502 00:28:18,119 --> 00:28:21,560 Speaker 1: and that's why it's so important. You had that conversation. Um. 503 00:28:21,600 --> 00:28:24,800 Speaker 1: You know, for the Democrats, this has been something that 504 00:28:24,840 --> 00:28:27,119 Speaker 1: they have been wanting to do. They have talked an 505 00:28:27,160 --> 00:28:31,600 Speaker 1: awful lot about it, but I still am skeptical. Number 506 00:28:31,640 --> 00:28:34,840 Speaker 1: one because of the calendar. Number two is Rick mentioned 507 00:28:34,960 --> 00:28:38,000 Speaker 1: because not just Joe mentioned, but Kristen Cinema as well. 508 00:28:38,480 --> 00:28:41,600 Speaker 1: And then number three, imagine this, even if they get 509 00:28:41,640 --> 00:28:43,880 Speaker 1: a deal in the Senate, and that would be a 510 00:28:43,880 --> 00:28:46,600 Speaker 1: big deal if they get something, how do they get 511 00:28:46,640 --> 00:28:49,680 Speaker 1: something like this through the House. Just look at my state, 512 00:28:49,720 --> 00:28:53,280 Speaker 1: for instance, the salt issue that has been a critical issue. 513 00:28:53,640 --> 00:28:55,920 Speaker 1: I don't know that Democrats are going to accept changes 514 00:28:55,960 --> 00:28:58,880 Speaker 1: to the tax code without changes to sault in the House. 515 00:28:59,240 --> 00:29:02,680 Speaker 1: So there's a number of of of curdles here. Obviously, 516 00:29:02,760 --> 00:29:05,920 Speaker 1: in a very short period of time, Ricky spent a 517 00:29:05,960 --> 00:29:09,000 Speaker 1: good chunk of your career in the upper Chamber. What 518 00:29:09,080 --> 00:29:12,720 Speaker 1: about that wild West chamber known as the House. Look, 519 00:29:12,760 --> 00:29:15,240 Speaker 1: I think that no matter what comes out of the Senate, 520 00:29:15,280 --> 00:29:17,680 Speaker 1: if something came out of the Senate, and especially if 521 00:29:17,680 --> 00:29:19,920 Speaker 1: it includes this fix to the A C A, which 522 00:29:20,000 --> 00:29:23,920 Speaker 1: is really important that democratic constituencies, Uh, they got to 523 00:29:24,000 --> 00:29:25,920 Speaker 1: eat it. Uh, and they got to eat it quick 524 00:29:26,000 --> 00:29:28,160 Speaker 1: because they are running out of time, as we've talked about. 525 00:29:28,200 --> 00:29:31,960 Speaker 1: So actually, I think it's the best possible strategy is 526 00:29:32,000 --> 00:29:33,920 Speaker 1: to force the House to have to act on it 527 00:29:33,960 --> 00:29:37,000 Speaker 1: without any time available and get their backs up against 528 00:29:37,040 --> 00:29:38,680 Speaker 1: the wall and say either take it or leave it, 529 00:29:38,680 --> 00:29:41,480 Speaker 1: and don't be the ones that beat this deal. So Uh, 530 00:29:41,520 --> 00:29:44,360 Speaker 1: they will come under incredible pressure by the Biden administration 531 00:29:44,360 --> 00:29:46,560 Speaker 1: to give him something he can sign before Labor Day. 532 00:29:46,880 --> 00:29:49,000 Speaker 1: We haven't talked about the trip very much yet, but 533 00:29:49,040 --> 00:29:51,080 Speaker 1: we need to get into it because there are a 534 00:29:51,080 --> 00:29:52,920 Speaker 1: lot of reporters on their way to the Middle East 535 00:29:53,000 --> 00:29:55,040 Speaker 1: right now. Not to mention the White House Advanced crew 536 00:29:55,080 --> 00:29:57,800 Speaker 1: that's been there for some time. The president is coming. 537 00:29:57,840 --> 00:30:01,160 Speaker 1: It's gonna be Israel, and yes, it's gonna me Saudi Arabia. 538 00:30:01,280 --> 00:30:03,240 Speaker 1: And you know who was talking about it over the weekend, 539 00:30:03,240 --> 00:30:06,160 Speaker 1: not just White House surrogates trying to tamp down this 540 00:30:06,280 --> 00:30:09,280 Speaker 1: image of the president going hat in hand begging for 541 00:30:09,400 --> 00:30:13,200 Speaker 1: oyl but Donald Trump went up to Alaska to do 542 00:30:13,400 --> 00:30:15,680 Speaker 1: an event and he got to it. Here's the former 543 00:30:15,720 --> 00:30:20,520 Speaker 1: president instead of energy independence the US who's becoming an 544 00:30:20,520 --> 00:30:23,640 Speaker 1: absolute beggar for energy. You see what they're doing. He's 545 00:30:23,680 --> 00:30:27,440 Speaker 1: going to Saundi Arabia to ask for oil. He didn't 546 00:30:27,480 --> 00:30:31,160 Speaker 1: like Saundi Arabia. I did. I always liked him, but 547 00:30:31,240 --> 00:30:33,320 Speaker 1: he didn't like him. Now he's going there and he's 548 00:30:33,400 --> 00:30:36,920 Speaker 1: asking for oil. Please give us energy. That's how the 549 00:30:36,960 --> 00:30:39,920 Speaker 1: country is going to be looking at this right, Jeanie. 550 00:30:39,920 --> 00:30:41,640 Speaker 1: Why is the White House going out of its way 551 00:30:41,640 --> 00:30:44,000 Speaker 1: to sort of frame this as a security trip. Why 552 00:30:44,000 --> 00:30:46,800 Speaker 1: not just say this president is getting on an airplane 553 00:30:46,800 --> 00:30:49,280 Speaker 1: to get your gas prices lower. Yeah, we heard the 554 00:30:49,280 --> 00:30:51,520 Speaker 1: President over the weekend with this op ed that they 555 00:30:51,560 --> 00:30:54,920 Speaker 1: put out, and he's trying to you know, sort of defend, 556 00:30:55,080 --> 00:30:56,960 Speaker 1: you know, a sort of walk back. I guess or 557 00:30:57,040 --> 00:30:59,400 Speaker 1: defend the statements he made as a campaigner, and now 558 00:30:59,440 --> 00:31:01,560 Speaker 1: that he is isn't And the message seems to be 559 00:31:02,200 --> 00:31:04,360 Speaker 1: that he is not going to give the Saudis a 560 00:31:04,400 --> 00:31:08,120 Speaker 1: blank check like the Trump administration did. But he understands 561 00:31:08,160 --> 00:31:10,880 Speaker 1: there a strategic partner of you know, a number of years, 562 00:31:10,880 --> 00:31:14,200 Speaker 1: eight plus years, and the goal is to reorient those relationships, 563 00:31:14,240 --> 00:31:16,600 Speaker 1: not rupture them. That's the message coming out of the 564 00:31:16,640 --> 00:31:19,959 Speaker 1: White House. Whether it sells is another question, because of 565 00:31:19,960 --> 00:31:23,800 Speaker 1: course one big question is it going to you know, uh, 566 00:31:23,960 --> 00:31:26,360 Speaker 1: is it going to succeed in reducing gas prices which 567 00:31:26,360 --> 00:31:28,840 Speaker 1: are already going down to a certain extent. But then, 568 00:31:28,880 --> 00:31:30,960 Speaker 1: of course there's the optics of this. You know, does 569 00:31:31,000 --> 00:31:33,080 Speaker 1: he shake hands with the Prince? You know, does he 570 00:31:33,160 --> 00:31:35,840 Speaker 1: say anything about the killing of Jamal ka Shogi all 571 00:31:35,880 --> 00:31:38,480 Speaker 1: of these things which should be fascinating to watch. Well, 572 00:31:38,520 --> 00:31:41,040 Speaker 1: that's true. So you know, we heard from Terry Haynes today, 573 00:31:40,920 --> 00:31:46,120 Speaker 1: the founder of Pangaea Policy, and he was talking about 574 00:31:47,080 --> 00:31:49,680 Speaker 1: what's waiting for Joe Biden there that that it might 575 00:31:49,680 --> 00:31:52,360 Speaker 1: not actually be what he thinks, that that things are 576 00:31:52,400 --> 00:31:56,120 Speaker 1: pretty tapped out already. Here's Terry Haynes, Billpack is already 577 00:31:56,160 --> 00:32:01,040 Speaker 1: at the Saudiast behalf increased tomping slightly. Uh something that 578 00:32:01,160 --> 00:32:03,240 Speaker 1: was seen as both kind of a welcome match for 579 00:32:03,360 --> 00:32:07,160 Speaker 1: Biden and a pushback at the Russians a bit. Uh So, 580 00:32:07,400 --> 00:32:10,840 Speaker 1: the benefit on oil that the United States and the 581 00:32:10,840 --> 00:32:14,840 Speaker 1: President gets out of this has already happened. So what's 582 00:32:14,880 --> 00:32:16,760 Speaker 1: the point if that's the case? Rick, he said that 583 00:32:16,800 --> 00:32:19,200 Speaker 1: on Bloomberg today, there's gonna be a big disappointment when 584 00:32:19,200 --> 00:32:21,520 Speaker 1: he comes home. Well, I hate to call it a 585 00:32:21,600 --> 00:32:24,240 Speaker 1: quid pro quote, but it sounds like a quid pro quote. 586 00:32:24,280 --> 00:32:27,200 Speaker 1: You know, you get those oil prices down, you manipulate OPEC, 587 00:32:27,360 --> 00:32:31,040 Speaker 1: you knocked the Russians out, and I'll come shake your hand. 588 00:32:31,400 --> 00:32:33,680 Speaker 1: The reality, too, is it's not to be missed here. 589 00:32:34,160 --> 00:32:37,320 Speaker 1: The buy not beed did lay out this, you know, large, 590 00:32:37,560 --> 00:32:40,320 Speaker 1: very broad initiative that the US has been involved in 591 00:32:40,400 --> 00:32:43,560 Speaker 1: to bring allied groups together, you know, in the region 592 00:32:43,720 --> 00:32:49,280 Speaker 1: as a deterrence to the Iranian UH activity throughout the world. 593 00:32:49,320 --> 00:32:52,920 Speaker 1: And and and it is a legitimate argument to say 594 00:32:52,960 --> 00:32:54,920 Speaker 1: that part of this is to go and unite that 595 00:32:55,000 --> 00:32:57,520 Speaker 1: Now he's gonna need some kind of an announcement out 596 00:32:57,560 --> 00:33:00,320 Speaker 1: of that. You know that that we've created. Many people 597 00:33:00,320 --> 00:33:04,360 Speaker 1: called it the the Middle East NATO. But getting all 598 00:33:04,400 --> 00:33:08,400 Speaker 1: these countries, especially Saudi Arabian Israel, to talk to one another, 599 00:33:08,680 --> 00:33:11,480 Speaker 1: uh is going to be a high priority. Uh And 600 00:33:11,480 --> 00:33:14,160 Speaker 1: and it's not to be missed by anybody that that 601 00:33:14,280 --> 00:33:17,880 Speaker 1: we're still not hearing any progress on the Iranian nuclear deal. 602 00:33:18,080 --> 00:33:20,720 Speaker 1: Old time called j C p O A because I 603 00:33:20,760 --> 00:33:23,040 Speaker 1: don't think the Israelis would show up for this meeting 604 00:33:23,080 --> 00:33:26,000 Speaker 1: if there was progress there. So uh, he might have 605 00:33:26,080 --> 00:33:28,720 Speaker 1: a moment in time here to actually draw attention away 606 00:33:28,760 --> 00:33:32,200 Speaker 1: from the oil discussion and in the Middle East a 607 00:33:32,280 --> 00:33:35,080 Speaker 1: lot here. Why why not call this then the trip 608 00:33:35,120 --> 00:33:38,680 Speaker 1: to Israel? Well, I think that he would probably like 609 00:33:38,760 --> 00:33:40,680 Speaker 1: to call it the trip to Israel, except none of 610 00:33:40,760 --> 00:33:43,560 Speaker 1: us are gonna let him. Uh And And the reality 611 00:33:43,680 --> 00:33:48,040 Speaker 1: is that he's he's walking into not a totally secure situation. 612 00:33:48,080 --> 00:33:50,720 Speaker 1: You've got politics in Israel. They have taken a turn 613 00:33:50,760 --> 00:33:52,880 Speaker 1: for the worst. They write smack dab in the middle 614 00:33:52,880 --> 00:33:56,800 Speaker 1: of elections, you know, in a very complicated situation, Saudi 615 00:33:56,840 --> 00:34:01,240 Speaker 1: Arabia about publicly opening new relations with Israel, even though 616 00:34:01,360 --> 00:34:05,640 Speaker 1: they've been ongoing conversations with Israel on creating a deterrence 617 00:34:05,720 --> 00:34:08,879 Speaker 1: to Iran for quite some time. So if he can 618 00:34:08,880 --> 00:34:11,920 Speaker 1: get Saudi Arabia, if Biden can get Saudi Arabia to 619 00:34:12,000 --> 00:34:16,279 Speaker 1: join the Abraham Accords or create some kind of a 620 00:34:16,320 --> 00:34:18,880 Speaker 1: diplomatic relations with Israel, you know, it could be an 621 00:34:18,880 --> 00:34:22,440 Speaker 1: interesting trip. Would that make it worthwhile? Jeannie? Would people 622 00:34:22,440 --> 00:34:26,520 Speaker 1: maybe not complain as much about the ask for oil? Uh, 623 00:34:26,560 --> 00:34:29,000 Speaker 1: They're going to complain either way, I think, you know, 624 00:34:29,440 --> 00:34:31,920 Speaker 1: and you know, listen, this is this is the challenge. 625 00:34:31,920 --> 00:34:33,560 Speaker 1: You know. It's one thing to be a candidate and 626 00:34:33,600 --> 00:34:36,800 Speaker 1: talk about people as pariah's and having no socially redeeming value. 627 00:34:37,000 --> 00:34:39,840 Speaker 1: The reality is, when you're president, you have to balance 628 00:34:39,920 --> 00:34:42,120 Speaker 1: these values and these interests. And that's what he is 629 00:34:42,120 --> 00:34:44,319 Speaker 1: going to do. But he's walking a tight rope because 630 00:34:44,360 --> 00:34:47,200 Speaker 1: of things that he said. The reality is Saudi Arabia 631 00:34:47,280 --> 00:34:50,560 Speaker 1: is a critical is a critical partner for the United States, 632 00:34:50,719 --> 00:34:53,239 Speaker 1: and the president has no choice but to suck it 633 00:34:53,320 --> 00:34:55,319 Speaker 1: up and go over there there. That's what he's doing. 634 00:34:55,400 --> 00:34:57,520 Speaker 1: We know he doesn't want to, but the assessment is 635 00:34:57,680 --> 00:35:00,400 Speaker 1: he has to get over there for Ron, for China, 636 00:35:00,640 --> 00:35:03,080 Speaker 1: for all of these different reasons, for Israel that that 637 00:35:03,160 --> 00:35:05,000 Speaker 1: Rick just laid out. He's got to get over there, 638 00:35:05,000 --> 00:35:07,000 Speaker 1: and he's doing it, but the optics are going to 639 00:35:07,080 --> 00:35:09,719 Speaker 1: be very difficult for them to handle. Does that op 640 00:35:09,920 --> 00:35:13,640 Speaker 1: ed uh, influence anyone? Rick? The President has started doing 641 00:35:13,680 --> 00:35:17,880 Speaker 1: this more often when things get difficult. It's it tends 642 00:35:17,920 --> 00:35:20,440 Speaker 1: to a big speech or a trip will be preceded 643 00:35:20,440 --> 00:35:23,720 Speaker 1: by an op ed in what the Wall Street Journal 644 00:35:23,719 --> 00:35:25,439 Speaker 1: of the New York Times based on what we've seen, 645 00:35:25,480 --> 00:35:28,760 Speaker 1: it's the Times this time around. People don't read newspapers anymore. 646 00:35:28,800 --> 00:35:33,080 Speaker 1: Is it is this a letter to Washington? Who's the audience? Well, 647 00:35:33,080 --> 00:35:36,160 Speaker 1: we're talking about it. We are, but we're weird. We're weird, 648 00:35:36,320 --> 00:35:39,400 Speaker 1: and uh, we're nerds. But the reality is that it 649 00:35:39,520 --> 00:35:41,840 Speaker 1: is a way to get your message out without the 650 00:35:42,600 --> 00:35:45,279 Speaker 1: without the filter of the media, and the media is 651 00:35:45,280 --> 00:35:49,400 Speaker 1: gonna start and stop every conversation about Saudi Arabia, about 652 00:35:50,160 --> 00:35:53,480 Speaker 1: Kashogi and and and this was a way of actually 653 00:35:53,840 --> 00:35:56,160 Speaker 1: doing something in the media that he didn't have to 654 00:35:56,200 --> 00:35:58,319 Speaker 1: get framed that way, and he was able to get 655 00:35:58,440 --> 00:36:02,400 Speaker 1: some of that discussion about security deterrence in the region 656 00:36:02,680 --> 00:36:06,800 Speaker 1: into an article. Um, how does he handle the situation? 657 00:36:07,320 --> 00:36:08,640 Speaker 1: He said, He's going to bring it up how do 658 00:36:08,640 --> 00:36:10,200 Speaker 1: you prove that you brought it up when nobody was 659 00:36:10,200 --> 00:36:13,200 Speaker 1: in the room. Basically, you gotta bring it up and 660 00:36:13,200 --> 00:36:16,359 Speaker 1: and then you gotta have both members walk out and 661 00:36:16,440 --> 00:36:19,840 Speaker 1: give a readout where it was discussed. You can't have 662 00:36:19,920 --> 00:36:22,160 Speaker 1: one party that said it wasn't talked about and another 663 00:36:22,160 --> 00:36:24,960 Speaker 1: party said it was. MBS is not going to say 664 00:36:25,000 --> 00:36:27,200 Speaker 1: that though as a genie, No, but you know this 665 00:36:27,239 --> 00:36:29,160 Speaker 1: is Joe Biden. Didn't he look at Puttin in the 666 00:36:29,160 --> 00:36:31,879 Speaker 1: face and call him a killer? So you know he's 667 00:36:32,000 --> 00:36:33,680 Speaker 1: He's done this before and now you agree. I think 668 00:36:33,680 --> 00:36:35,399 Speaker 1: he has to do it again. And I'm gonna wear 669 00:36:35,440 --> 00:36:37,920 Speaker 1: my nerd hat with pride. I did read the op ed. 670 00:36:38,040 --> 00:36:41,560 Speaker 1: Thank you Joe Matthews. Of course you look fantastic with 671 00:36:41,680 --> 00:36:44,560 Speaker 1: that hat as well. Um, I don't know where where 672 00:36:44,600 --> 00:36:46,600 Speaker 1: this is going to end up here, Rick, It's it's 673 00:36:46,600 --> 00:36:48,080 Speaker 1: going to take him a couple of days to get 674 00:36:48,120 --> 00:36:50,200 Speaker 1: to Jetta, right, He's going to be a couple of 675 00:36:50,239 --> 00:36:53,080 Speaker 1: days in Israel and then it's down to Saudi Arabia. 676 00:36:53,120 --> 00:36:55,640 Speaker 1: There's gonna be a lot of media waiting for him. 677 00:36:56,040 --> 00:36:59,680 Speaker 1: To your point, though this is a very carefully choreographed event, 678 00:37:00,160 --> 00:37:02,480 Speaker 1: will there be much speech offinds he needs to be 679 00:37:02,520 --> 00:37:05,720 Speaker 1: talking on this trip, you know, I think he'll he'll 680 00:37:05,840 --> 00:37:10,279 Speaker 1: frame the trip and and talk about what success is uh. 681 00:37:10,320 --> 00:37:14,320 Speaker 1: And then and then ideally is pre baked and and 682 00:37:14,320 --> 00:37:17,360 Speaker 1: and everybody sort of plays their role in making whatever 683 00:37:17,400 --> 00:37:21,240 Speaker 1: public statements they can to reinforce that. Look, the region 684 00:37:21,360 --> 00:37:25,400 Speaker 1: wants us there for security to Terrence, it really needs it. 685 00:37:25,480 --> 00:37:27,840 Speaker 1: We need to be there to be a factor in 686 00:37:27,880 --> 00:37:30,720 Speaker 1: the region. We cannot seed the Middle East to China, 687 00:37:31,239 --> 00:37:34,359 Speaker 1: and Saudi Arabia is the cog in the wheel. And 688 00:37:34,440 --> 00:37:40,680 Speaker 1: so hopefully this is all orchestrated diplomatic diplomatic ways should prevail. 689 00:37:41,480 --> 00:37:44,480 Speaker 1: It's gonna be delicate staging, Genie. No bicycles, no bike 690 00:37:44,600 --> 00:37:47,239 Speaker 1: riding on this trip, right, that's right, but lots of 691 00:37:47,360 --> 00:37:50,759 Speaker 1: not so nerd hats Jeff. Fair enough, all right, So 692 00:37:50,880 --> 00:37:53,080 Speaker 1: this is where we pick it up tomorrow with Rick 693 00:37:53,120 --> 00:37:56,200 Speaker 1: and Genie our signature panel on the Fastest Hour in Politics. 694 00:37:56,200 --> 00:38:00,000 Speaker 1: Subscribe to the podcast I Joe Matthew, this is blue 695 00:38:00,040 --> 00:38:00,080 Speaker 1: but