WEBVTT - Vivek Ramaswamy Talks Presidential Debate

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Let's break down the presidential debate from last night with

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<v Speaker 2>Vivek Ramaswami, a former Republican candidate himself. He joins me

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<v Speaker 2>now from Atlanta. Mister Ramaswami, good morning to you this

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<v Speaker 2>Morningberg Technology. We're a technology show, and I've wanted to

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<v Speaker 2>ask you to come on following the debate because of

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<v Speaker 2>your background, because of the reporting of your relationship with

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<v Speaker 2>former President Trump and the Trump campaign team. But we

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<v Speaker 2>should talk about last night, So the floor is yours.

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<v Speaker 2>Your reaction to that debate.

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<v Speaker 3>Well, look, I was in Atlanta last night, got back

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<v Speaker 3>to my home in Columbus today, and after sleeping on it,

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<v Speaker 3>my conclusion is the same as what we saw last night,

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<v Speaker 3>which is this was sad for the United States of

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<v Speaker 3>America to see the current President, Joe Biden in the

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<v Speaker 3>mental state that he is actually in.

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<v Speaker 4>There was a lot of joking.

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<v Speaker 3>About drug testing or were they going to drug him up?

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<v Speaker 3>It looked more like he had a lobotomy, and I

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<v Speaker 3>just think that that's a sad thing, speaking as an

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<v Speaker 3>American regardles of partisanship, when you think about the country

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<v Speaker 3>that has produced the greatness of innovation and the leaders

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<v Speaker 3>leading companies in the private sector. To see the person

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<v Speaker 3>who's leading the federal government himself be as absent as

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<v Speaker 3>he was yesterday, I think is really a damning indictment

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<v Speaker 3>of the.

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<v Speaker 4>Modern Democratic Party the president.

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<v Speaker 2>Yep, mister Ramswami, may I just jump in, and it's

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<v Speaker 2>interesting that that you ran as as a president's candidate

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<v Speaker 2>for the Republican Party. You you're representing former President Trump,

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<v Speaker 2>but you started by speaking about President Biden's performance.

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<v Speaker 1>Many are frustrated this morning.

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<v Speaker 2>That we actually didn't hear any answers to the questions

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<v Speaker 2>posed to former President Trump about what he would do

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<v Speaker 2>if re elected, what some of his policy platforms were.

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<v Speaker 2>What did you learn about what former President Trump might

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<v Speaker 2>do were he to be re elected to the White House.

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<v Speaker 3>Well, he asked me about my impressions, and I think

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<v Speaker 3>the number one most salient thing about the debate for

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<v Speaker 3>anybody who watched it was in need the surprise of

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<v Speaker 3>Biden's performance, which is why I can't on it in

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<v Speaker 3>response to your question, But I agree with you it's

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<v Speaker 3>much more productive to talk about the policy vision of

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<v Speaker 3>the man who's likely to be the next president, which

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<v Speaker 3>is Donald Trump, and I think one of the things

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<v Speaker 3>we took away from yesterday was talking about the revival

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<v Speaker 3>of American success and a focus on the economy. The

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<v Speaker 3>fact of the matter is President Trump, I think demonstrated

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<v Speaker 3>that despite being a member of a different economic class

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<v Speaker 3>than most Americans, is a billionaire, he is still somebody

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<v Speaker 3>who understands prices have gone up but wages have remained flat.

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<v Speaker 3>And I think that part really landed. I wish the

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<v Speaker 3>debate had gone into greater depth on policy. Frankly, if

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<v Speaker 3>Biden had shown up with greater mental acuity, we might

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<v Speaker 3>have had that opportunity. In many cases, the things he

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<v Speaker 3>said were incoherent. That stopped that debate for me as

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<v Speaker 3>useful as it could. But what do we learned last

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<v Speaker 3>night and then the combination of recent speeches that President

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<v Speaker 3>Trump has given. Economic growth is a core objective for

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<v Speaker 3>Donald Trump. That's not a left leaning message or right

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<v Speaker 3>leaning message. Economic growth is an inherent and worthy objective.

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<v Speaker 3>From bringing down the tax burden to the regulatory burden,

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<v Speaker 3>to drilling for oil and natural gas and increasing the

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<v Speaker 3>supply of energy to bring down costs, those are core

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<v Speaker 3>issues that I think matter not only to business owners,

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<v Speaker 3>and economically minded voters. It's a factor that matters to

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<v Speaker 3>all voters. And that was one of the more powerful

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<v Speaker 3>things that came out of last night was the discussion

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<v Speaker 3>about the economy and the economic vision for the.

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<v Speaker 4>Next four years.

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<v Speaker 2>Mister ramswamme, may I just point out what you said

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<v Speaker 2>on prices and also wage inflation. You said prices have

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<v Speaker 2>gone up, what wages have remained flat? That is no

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<v Speaker 2>longer true if you look today. We saw inflation in

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<v Speaker 2>May down fractionally, almost comman to be, but wages were

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<v Speaker 2>up seven tenths of a percent. I just want to

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<v Speaker 2>get the latest dates to me out.

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<v Speaker 3>Let me just comment on that in direct response to

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<v Speaker 3>so your numbers, guy, I like that, as you well know.

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<v Speaker 4>I believe you well know.

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<v Speaker 3>Inflation is accumulative, right, So that is the inflation rate.

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<v Speaker 3>But inflation over the course of the last several years,

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<v Speaker 3>you want to look at actual mini consumer goods and

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<v Speaker 3>products are up by over fifty percent since the.

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<v Speaker 4>Time Biden took office. How much does a cart and

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<v Speaker 4>a egg cost, how much does a car cost? How

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<v Speaker 4>much is your electric bill? Those are undoubtedly higher than

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<v Speaker 4>when Joe Biden took office.

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<v Speaker 3>And it is a hard fact that we just have

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<v Speaker 3>not gone up at the same rate. So I don't

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<v Speaker 3>want to play this verbal jiu jitsu of the last

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<v Speaker 3>month's numbers. If you want to get into facts, I'm

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<v Speaker 3>all in favor of it. Those are the hard, indisputable facts,

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<v Speaker 3>and we don't have to argue the facts because most

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<v Speaker 3>Americans who pay those bills already have a deep understanding

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<v Speaker 3>of that, and I do think that that is going

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<v Speaker 3>to be a guiding force in what we see this November.

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<v Speaker 2>Mister Ramasami, you and I both agreed on one thing,

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<v Speaker 2>which is that we will talk about technology and policy

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<v Speaker 2>from it. From a technology standpoint, you mentioned energy and

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<v Speaker 2>oil in particular. One of the things that I reported

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<v Speaker 2>was that you act as almost an intermediary between former

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<v Speaker 2>President Trump and Elon Musk, and it seems as if

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<v Speaker 2>the former president in Elon Musk are now speaking, or

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<v Speaker 2>at least have spoken. Where do you see them finding

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<v Speaker 2>middle ground and an influence if former President Trump were

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<v Speaker 2>to return to the White House.

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<v Speaker 3>I respect the two of them individually, both as people

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<v Speaker 3>who have succeeded in this country through the private sector.

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<v Speaker 3>I think we all share a belief, all three of us,

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<v Speaker 3>that we need more of those voices in American politics

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<v Speaker 3>driving change, not as professional politicians, but people who look

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<v Speaker 3>at political problems through the lens of an entrepreneur and

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<v Speaker 3>a business leader objectively.

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<v Speaker 4>And so I think that.

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<v Speaker 3>That's a common cause that I would say is form

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<v Speaker 3>my basis for the friendship with both of them.

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<v Speaker 4>The reality is one.

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<v Speaker 3>Of the things that we're all rooting for as well

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<v Speaker 3>is not only an economic revitalization of the US, but

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<v Speaker 3>a revitalization of innovation in the United States of America.

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<v Speaker 3>I think we have seen a decline in the rate

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<v Speaker 3>of innovation in the US, but that is ultimately our

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<v Speaker 3>competitive advantage in the end is the ultimate innovation and

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<v Speaker 3>the innovative spark of starting the greatest companies known to mankind,

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<v Speaker 3>generally here in the United States, which then has collateral

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<v Speaker 3>benefits of creating jobs and creating wealth. But it's also

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<v Speaker 3>the founding spark of American exceptionalism. Right Our founding fathers

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<v Speaker 3>were the likes of Time Thomas Jefferson, who not only

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<v Speaker 3>wrote the Declaration of Independence, he also invented the swivel

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<v Speaker 3>chair and the polygraph test.

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<v Speaker 4>Benjamin Franklin.

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<v Speaker 3>I think of Elon Musk as a modern Benjamin Franklin

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<v Speaker 3>type of figure invented the lightning rod and the Franklin stove.

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<v Speaker 3>Yet these were also the people who led the country

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<v Speaker 3>politically and set it into motion. So I think we

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<v Speaker 3>have a chance to revive that seventeen seventy six kind

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<v Speaker 3>of spirit. And I think there's a role for a

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<v Speaker 3>modern Washington, a modern Jefferson, a modern Benjamin Franklin. I

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<v Speaker 3>think in many ways, Donald Trump is stepping up to

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<v Speaker 3>be the modern George Washington of our time. Elon Musk

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<v Speaker 3>reminds me of the Benjamin Franklins of their day, and

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<v Speaker 3>so I think we found different common cause in our

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<v Speaker 3>love of this country to revitalize that founding spirit, even

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<v Speaker 3>though each of us have had our own successes separately

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<v Speaker 3>in the private sector.

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<v Speaker 4>And I'm biased, but I'm of.

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<v Speaker 3>The view that we need actually more of those people

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<v Speaker 3>stepping up to play different roles in defining the future

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<v Speaker 3>of our politics in America.

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<v Speaker 2>Mister Ramswami, can I ask, just very quickly, as a

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<v Speaker 2>matter of checking, have you spoken to the former president

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<v Speaker 2>since last night?

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<v Speaker 4>I haven't spoken to him since last night. No.

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<v Speaker 2>The reason I ask is about your role with him

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<v Speaker 2>directly and also his team you know, one of the

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<v Speaker 2>areas of reporting of focuses been discussions you may have

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<v Speaker 2>had with him around crypto and the role that crypto

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<v Speaker 2>may play if former President Trump returned to the White House.

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<v Speaker 2>Could you tell me a bit about that and the

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<v Speaker 2>conversations that you've had.

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<v Speaker 3>Some of that started actually after I left the race.

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<v Speaker 3>I left the race after the Iowa caucus, but before

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<v Speaker 3>the New Hampshire primary, and I could tell you one

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<v Speaker 3>part that was sort of totally public on that stage

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<v Speaker 3>was in New Hampshire, I began my conversations with Donald

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<v Speaker 3>Trump about why in my campaign I had been opposed

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<v Speaker 3>to a central bank digital currency as CBDC. And one

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<v Speaker 3>of the things that impressed me about President Trump was

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<v Speaker 3>this intellectual curiosity about that issue. I've met a lot

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<v Speaker 3>of politicians, including Republicans, who have heard the vague acronyms CBDC,

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<v Speaker 3>but don't know the first thing about what it actually means,

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<v Speaker 3>but they pretend like they do. Donald Trump was the

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<v Speaker 3>opposite of that. He actually said, what the heck is that?

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<v Speaker 3>Tell me what it is? And then he asked, what

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<v Speaker 3>are the best arguments for why they're actually supporting it?

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<v Speaker 3>And I thought that was a mark of a good

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<v Speaker 3>leader who wanted to understand the best arguments for the

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<v Speaker 3>other side, and later on he said it from the

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<v Speaker 3>campaign stage and from an event, So I feel comfortable

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<v Speaker 3>sharing this part of it where he came out then

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<v Speaker 3>after a thoughtful consideration, after careful study of the issue

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<v Speaker 3>of his opposition to a central bank digital currency, and

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<v Speaker 3>he explained why.

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<v Speaker 4>It's a threat to liberty.

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<v Speaker 3>The flip side of that is why you might favor

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<v Speaker 3>decentralization and alternative options from people just staying tethered to

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<v Speaker 3>the dollar of holding the Fed accountable by having other

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<v Speaker 3>options in.

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<v Speaker 4>The marketplace of alternative currencies.

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<v Speaker 3>So I think there's been a number of productive conversations

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<v Speaker 3>he and I have had. And one of the things

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<v Speaker 3>that I look at this for is it's not a sector.

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<v Speaker 4>I don't look at cryptocurrency as a sector.

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<v Speaker 3>To the contrary, I look at the first principles of

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<v Speaker 3>the United States of America, founded on competition and choice

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<v Speaker 3>and financial freedom, and I think those principles are certainly

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<v Speaker 3>what motivated my interest in these issues in the campaign,

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<v Speaker 3>and I think that's what's also helped a lot of

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<v Speaker 3>my conversations with the President Trump. Is let's start with

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<v Speaker 3>first principle, what's right for America, not what's good for

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<v Speaker 3>one sector or another. But then let's adopt the kinds

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<v Speaker 3>of policies that actually allow America to remain the beachhead

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<v Speaker 3>of innovation rather than playing from behind.

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<v Speaker 2>Mister Ramaswami, just one item on the idea. The president

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<v Speaker 2>has to block anything or anyone from doing CBDC. I

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<v Speaker 2>think the FED has said clearly many times that it's

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<v Speaker 2>not going to introduce one unless mandated by Congress. Now

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<v Speaker 2>that's the Fed's position on that. I want a little

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<v Speaker 2>bit about artificial and just.

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<v Speaker 3>Since we're closing the loop on that, Janet Yellen has

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<v Speaker 3>certainly stood for her advocacy in the executive branch, off

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<v Speaker 3>in sponsors legislation that goes through Congress.

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<v Speaker 4>That's other things work in Washington, DC.

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<v Speaker 3>But I do think it's good to have a president,

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<v Speaker 3>one way or another that's clear about his position, and

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<v Speaker 3>I think that Donald Trump adopted the right position in

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<v Speaker 3>his clarity.

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<v Speaker 2>I would like to talk about artificial intelligence, and I

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<v Speaker 2>appreciate that this was not a question posed last night,

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<v Speaker 2>but any of the policy questions posed weren't really answered

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<v Speaker 2>by either participant. But when former President Trump was in

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<v Speaker 2>We weren't talking about the idea of an existential threat

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<v Speaker 2>from a large language model in the many hundreds of

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<v Speaker 2>billions of parameters. We weren't talking about the need to

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<v Speaker 2>regulate AI. So former President Trump doesn't have the experience

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<v Speaker 2>of that. But do you think that he has the

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<v Speaker 2>sort of academic study enough or he's thought about it

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<v Speaker 2>because going into office if he were to regain the

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<v Speaker 2>White House would be an issue to consider.

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<v Speaker 3>I do wish this had been a topic both of

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<v Speaker 3>that debate and even in the Republican primary debates, where

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<v Speaker 3>this issue did not come up once as well, even

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<v Speaker 3>though I suggested it many times. It's an important issue

0:10:40.440 --> 0:10:43.719
<v Speaker 3>for the future, and it falls outside of traditional partisan boundaries, So.

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<v Speaker 4>I'm glad you're bringing it up.

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<v Speaker 3>Is President Trump going to claim to be a domain

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<v Speaker 3>expert in AI or something that he's not a domain

0:10:49.200 --> 0:10:50.040
<v Speaker 3>expert in knowing that's.

0:10:49.960 --> 0:10:51.600
<v Speaker 4>What I love about him. But I think he's going

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<v Speaker 4>to be able.

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<v Speaker 3>To attrack the best minds around him to set rational

0:10:55.160 --> 0:10:58.040
<v Speaker 3>policy that at once allows the US to be a

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<v Speaker 3>leader in innovation while at the same time acknowledging a

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<v Speaker 3>different kind of risk than we've faced in the past

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<v Speaker 3>from different types of generative AI.

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<v Speaker 4>Personally, one of the things that I think.

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<v Speaker 3>Makes a lot of sense as a first step rather

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<v Speaker 3>than creating some sort of central government bureaucracy to handle this,

0:11:13.760 --> 0:11:16.520
<v Speaker 3>is just treat it the same way you treat other sectors,

0:11:16.559 --> 0:11:19.120
<v Speaker 3>just in the same way that you're a chemical's manufacturer

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<v Speaker 3>and you can't dump in somebody else's river.

0:11:21.320 --> 0:11:22.480
<v Speaker 4>If you're the developer of a.

0:11:22.400 --> 0:11:26.439
<v Speaker 3>Protocol or an algorithm that has unpredictable but nonetheless realized

0:11:26.520 --> 0:11:30.880
<v Speaker 3>negative effects, that you're liable for those effects. Basic principles

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<v Speaker 3>of the law that we already use elsewhere, but to

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<v Speaker 3>use them in this new domain as well.

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<v Speaker 4>And what I have seen from.

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<v Speaker 3>President Trump, it's the same question that came up even

0:11:38.920 --> 0:11:41.200
<v Speaker 3>in the last topic we discussed, is a level of

0:11:41.240 --> 0:11:45.080
<v Speaker 3>intellectual curiosity somebody who has been an executive, somebody who,

0:11:45.200 --> 0:11:47.760
<v Speaker 3>unlike Joe Biden frankly, from seeing what we saw last night,

0:11:48.160 --> 0:11:50.680
<v Speaker 3>is still intellectually with it enough to be able to

0:11:50.720 --> 0:11:53.880
<v Speaker 3>go deep on the details, attract the best people, and

0:11:53.920 --> 0:11:56.920
<v Speaker 3>make the rational policy decision. Not in an ideological or

0:11:56.960 --> 0:11:59.520
<v Speaker 3>ideologue driven manner when it comes to AI, but in

0:11:59.520 --> 0:12:01.800
<v Speaker 3>a manner of this it's driven by our actual understanding

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<v Speaker 3>of the facts, and so I do have confidence in

0:12:03.760 --> 0:12:04.520
<v Speaker 3>his ability to lead.

0:12:04.559 --> 0:12:07.000
<v Speaker 2>Here, mister Ramaswami, I'm sorry to instruct you a shorter time,

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<v Speaker 2>and I want to make the most of it. Have

0:12:09.000 --> 0:12:13.520
<v Speaker 2>you been asked to submit documentation for vetting for a

0:12:13.520 --> 0:12:16.920
<v Speaker 2>potential cabinet position in the event of a Trump white House.

0:12:17.880 --> 0:12:19.760
<v Speaker 4>We've got a lot of conversations about the future.

0:12:19.800 --> 0:12:21.880
<v Speaker 3>I have not been asked to be the vice president,

0:12:21.920 --> 0:12:24.040
<v Speaker 3>but whatever it is, I'm going to look at what

0:12:24.120 --> 0:12:26.400
<v Speaker 3>maximizes impact on the country and how we make sure

0:12:26.440 --> 0:12:28.800
<v Speaker 3>that second Trump term is as good as it possibly

0:12:28.880 --> 0:12:31.120
<v Speaker 3>can be. And I am hopeful that we're going to

0:12:31.120 --> 0:12:33.560
<v Speaker 3>see the strongest ticket not just of this century, but

0:12:33.600 --> 0:12:36.160
<v Speaker 3>of my lifetime. And I think after last night, we

0:12:36.200 --> 0:12:38.600
<v Speaker 3>have a unique opportunity in this country.

0:12:38.520 --> 0:12:40.920
<v Speaker 4>For this not to just be a fifty point one election.

0:12:41.120 --> 0:12:44.199
<v Speaker 3>We've had a lot of thin margin, thin ice elections.

0:12:44.679 --> 0:12:48.000
<v Speaker 3>This could be a Reagan nineteen eighty nineteen eighty four

0:12:48.160 --> 0:12:53.280
<v Speaker 3>style landslide, remixing minorities, Hispanics, Blacks, young people, creating a

0:12:53.280 --> 0:12:56.680
<v Speaker 3>new coalition in this country that's pro American and goes

0:12:56.720 --> 0:13:00.679
<v Speaker 3>beyond the boundaries of the traditional Republican Party wall streams

0:13:00.679 --> 0:13:02.559
<v Speaker 3>from those America First principles that Trump ran on.

0:13:02.640 --> 0:13:05.120
<v Speaker 1>So that's what I'm rooting for. I appreciate that answer.

0:13:05.800 --> 0:13:07.520
<v Speaker 2>I am out of time, but I need to ask

0:13:07.600 --> 0:13:11.280
<v Speaker 2>you about BuzzFeed, but also the idea I'm being told

0:13:11.320 --> 0:13:14.319
<v Speaker 2>over and over your interests in a media company something

0:13:14.480 --> 0:13:17.160
<v Speaker 2>like a vice. You know you've been buying up BuzzFeed shares.

0:13:17.440 --> 0:13:21.160
<v Speaker 2>It's reported your statement, what happens? What are you aiming

0:13:21.200 --> 0:13:21.679
<v Speaker 2>to do here?

0:13:22.720 --> 0:13:24.920
<v Speaker 3>Well, look, I'm now the second largest Class A shareholder

0:13:24.920 --> 0:13:27.360
<v Speaker 3>at BuzzFeed. I've been very public in my letter that

0:13:27.400 --> 0:13:30.120
<v Speaker 3>this is a company that has struggled and failed for

0:13:30.240 --> 0:13:32.160
<v Speaker 3>reasons that I still think are fixable.

0:13:32.320 --> 0:13:33.719
<v Speaker 4>A lot of people know what BuzzFeed is.

0:13:33.760 --> 0:13:36.199
<v Speaker 3>They don't know what the what the brand actually stands for,

0:13:36.559 --> 0:13:38.560
<v Speaker 3>and I think they have a historic opportunity to do

0:13:38.600 --> 0:13:40.800
<v Speaker 3>what many in the mainstream media have an opportunity to do,

0:13:41.200 --> 0:13:43.960
<v Speaker 3>build a brand centered on trust and the pursuit of

0:13:44.000 --> 0:13:46.160
<v Speaker 3>truth by saying that you know what we platform all

0:13:46.240 --> 0:13:50.400
<v Speaker 3>voices left right, doesn't matter across the cultural spectrum, and

0:13:50.559 --> 0:13:54.280
<v Speaker 3>use that to define a coherent and powerful brand that

0:13:54.320 --> 0:13:57.800
<v Speaker 3>I think audiences are hungry for, especially of younger audiences

0:13:57.800 --> 0:14:00.720
<v Speaker 3>today that are sick and tired of yesterday's legacy, but

0:14:00.840 --> 0:14:03.440
<v Speaker 3>want authenticity, want to trust content creators.

0:14:03.679 --> 0:14:05.280
<v Speaker 4>So I've given in the context.

0:14:04.960 --> 0:14:06.839
<v Speaker 3>Of the letter that I sent to their board, I've

0:14:06.840 --> 0:14:08.000
<v Speaker 3>also proposed three directors.

0:14:08.080 --> 0:14:09.760
<v Speaker 1>Mister Rames joined the board, a.

0:14:09.760 --> 0:14:11.720
<v Speaker 4>Direction strategy that I hope will create.

0:14:11.520 --> 0:14:16.600
<v Speaker 3>The value of a company that sadly has I'm sorry

0:14:16.640 --> 0:14:17.160
<v Speaker 3>to cut you off.

0:14:17.160 --> 0:14:19.160
<v Speaker 1>We are out of time. Did that, Ramaswami? Thank you.

0:14:19.200 --> 0:14:19.960
<v Speaker 1>This is Bloomberg