WEBVTT - Daybreak Weekend: Disney Set to Report, Republicans Prepare to Debate 0:00:02.279 --> 0:00:04.720 This is Bloomberg day Break Weekend, our global look at 0:00:04.720 --> 0:00:07.160 the top stories in the coming week from our Daybreak 0:00:07.160 --> 0:00:10.119 anchors all around the world, and straight ahead on the program, 0:00:10.560 --> 0:00:13.520 Investors await another batch of earnings, and we'll tell you 0:00:13.560 --> 0:00:17.040 what to expect from Disney. I'm Tom Busby in New York. 0:00:17.160 --> 0:00:19.960 I'm Kaylie Lines in Washington, where we're looking forward to 0:00:20.000 --> 0:00:22.960 the third Republican presidential primary debate. 0:00:23.160 --> 0:00:25.600 I'm kallen Hecker here in London, where we're looking ahead 0:00:25.640 --> 0:00:28.280 to earnings from the Swiss banky Giant Ubs. 0:00:28.440 --> 0:00:31.160 I'm Brian Curtis in Hong Kong. We look at possible 0:00:31.240 --> 0:00:35.479 deliverables on the Australian Prime Minister Anthony Albanisi's trip to China. 0:00:35.520 --> 0:00:39.239 That's all straight ahead on Bloomberg Daybreak Weekend, the business 0:00:39.280 --> 0:00:41.600 news you need to wrap up your week in just 0:00:41.760 --> 0:00:46.320 one fifteen minute podcast, available on Apple, Spotify, The Bloomberg 0:00:46.360 --> 0:00:49.040 Business Appen everywhere you get your podcasts. 0:00:51.920 --> 0:00:54.440 Good day to you. I'm Tom Busby. We begin today's 0:00:54.440 --> 0:00:57.560 program with earnings. They continue with more than fifty companies 0:00:57.600 --> 0:00:59.720 in the S and P five hundred reporting this week 0:01:00.080 --> 0:01:03.560 and heading that list Disney, and for a preview, we 0:01:03.560 --> 0:01:07.840 welcome Bloomberg Intelligence US media analyst Getha Raganathan. Well, now, 0:01:07.840 --> 0:01:10.920 before we dive into Disney's upcoming earnings, let's talk about 0:01:10.959 --> 0:01:14.200 some big moves that the world's biggest media company just 0:01:14.480 --> 0:01:19.360 made this past week, announcing ESPN Bet, its official sports 0:01:19.360 --> 0:01:23.160 betting platform. That's a partnership with Penn Entertainment. It'll begin 0:01:23.200 --> 0:01:26.840 taking bets in seventeenth States November fourteenth. What does this 0:01:27.080 --> 0:01:28.319 mean for Disney? 0:01:28.560 --> 0:01:33.960 Yeah, it's It was a really important move by ESPN, Tom. 0:01:33.959 --> 0:01:35.640 I mean, they had kind of been putting this off 0:01:35.640 --> 0:01:39.320 for years. They'd been exploring deals with different sports betting partners, 0:01:39.360 --> 0:01:43.440 including you know, DraftKings. They finally did this deal with 0:01:43.480 --> 0:01:46.319 Pen Entertainment in August, and of course now Penn is 0:01:46.440 --> 0:01:50.760 rebranding its Barstool sportsbook as ESPN Bet. I think what 0:01:50.800 --> 0:01:54.000 it really tells us is the power of the ESPN brand. 0:01:54.360 --> 0:01:58.040 I mean this move comes just as Disney actually disclosed 0:01:58.600 --> 0:02:02.200 standalone financials for ESPN for the very first time in 0:02:02.240 --> 0:02:05.800 its history. And what we get to know about ESPN is, 0:02:06.080 --> 0:02:08.720 you know, it is of course, you know, the top 0:02:08.760 --> 0:02:11.359 line is under pressure, but it is still a very, 0:02:11.480 --> 0:02:14.880 very profitable business. This is This is a business that 0:02:15.000 --> 0:02:19.440 is generating roughly about sixteen seventeen billion dollars in revenue, 0:02:19.720 --> 0:02:22.680 but more importantly around three billion dollars than EBITDA, So 0:02:22.720 --> 0:02:25.799 it is definitely a cash cow. It is the biggest, 0:02:26.120 --> 0:02:29.720 one of the biggest linear TV properties for ESPN, and 0:02:29.760 --> 0:02:32.800 I think, you know, with when ESPN bet kind of 0:02:32.840 --> 0:02:35.800 goes out, you'll again get to see, you know, the 0:02:35.840 --> 0:02:37.920 power of that ESPN brand and it's going to be 0:02:37.919 --> 0:02:40.560 interesting to see how it kind of plays out for Disney. Remember, 0:02:40.560 --> 0:02:44.280 Disney is getting about two billion dollars over ten years 0:02:44.320 --> 0:02:48.400 for the use of that ESPN name. So again, I 0:02:48.440 --> 0:02:51.480 think it really plays into, you know, kind of what 0:02:51.639 --> 0:02:54.680 the strategic direction could be for ESPN in the future. 0:02:54.960 --> 0:02:58.080 Yeah, and another direction Disney's taking is a bigger bet 0:02:58.120 --> 0:03:02.200 into streaming by obtaining the one third stake in Hulu 0:03:02.360 --> 0:03:05.160 that it didn't already own. And what's what's the strategy there? 0:03:05.320 --> 0:03:08.320 Yea, I think it's really important for Disney to kind 0:03:08.320 --> 0:03:11.120 of consolidate its streaming properties. Obviously it has a huge 0:03:11.160 --> 0:03:14.760 powerhouse in Disney Plus, but with Hulu it's kind of 0:03:14.840 --> 0:03:16.800 been a little bit of a head scratcher because of 0:03:16.840 --> 0:03:19.320 the sixty six percent ownership that Disney owns, but the 0:03:19.360 --> 0:03:21.240 thirty three percent that it doesn't own, which you know, 0:03:21.240 --> 0:03:23.960 which is still kind of owned by Comcast. And so 0:03:24.080 --> 0:03:27.480 I think it's essential for Disney to kind of go 0:03:27.520 --> 0:03:31.160 ahead and acquire that remaining thirty three percent because then 0:03:31.200 --> 0:03:33.720 they kind of get to have, you know, a singular 0:03:33.760 --> 0:03:36.360 streaming strategy with all of their different products, whether it's 0:03:36.400 --> 0:03:39.400 Disney Plus, whether it's ESPN Plus, and then Hulu. And 0:03:39.440 --> 0:03:42.320 then of course the more important thing is you not 0:03:42.360 --> 0:03:46.160 only get to sell you know, an integrated product, an 0:03:46.200 --> 0:03:50.120 integrated bundle, but also you get to realize some really 0:03:50.280 --> 0:03:53.560 huge cost and revenue savings. I mean, we're estimating about 0:03:53.560 --> 0:03:55.480 anywhere from about one to one and a half billion 0:03:55.520 --> 0:03:58.640 dollars in cost savings once they're able to kind of 0:03:58.680 --> 0:04:01.800 bring Hulu under complete control and. 0:04:02.240 --> 0:04:04.920 Fifty million subscribers is nothing to sneeze that either. 0:04:05.040 --> 0:04:09.400 Absolutely. Plus, remember Hulu has a very very robust advertising business. 0:04:09.400 --> 0:04:11.240 I mean, this is a business that all regenerates about 0:04:11.240 --> 0:04:13.400 three and a half billion dollars in advertising. It is 0:04:13.480 --> 0:04:17.240 the most successful streaming ad product out there. Just as 0:04:17.279 --> 0:04:19.640 everybody else is kind of trying to get into that 0:04:19.720 --> 0:04:22.320 ad based tear, whether it's Netflix, whether it's Amazon Prime, 0:04:22.480 --> 0:04:24.160 and even Disney Plus. I mean, none of them have 0:04:24.320 --> 0:04:26.720 had the success that Hulu has had, so it's kind 0:04:26.760 --> 0:04:29.640 of really critical for Disney to build on that success 0:04:29.720 --> 0:04:32.240 that Hulu already has in the marketplace. 0:04:32.520 --> 0:04:35.279 Well, let's turn to earnings then. For last quarter, we expect, 0:04:35.600 --> 0:04:39.440 as always, Theme Parks Cruise division having another blockbuster quarter, 0:04:40.000 --> 0:04:42.280 but there's a lot more to the company. And what 0:04:42.520 --> 0:04:44.640 are you expecting to see this coming. 0:04:44.440 --> 0:04:48.000 Weekam, It's really interesting. So it's not really the results 0:04:48.040 --> 0:04:50.719 so much, but it's just this whole barrage of other 0:04:50.920 --> 0:04:54.960 issues that is kind of weighing on the Disney stock 0:04:55.080 --> 0:04:57.680 right now. I mean, whether it is the ESPN strategic 0:04:57.680 --> 0:05:01.080 direction as you just spoke about, or Hulu. They're even 0:05:01.160 --> 0:05:03.840 looking at getting rid of some of their linear TV assets, 0:05:04.160 --> 0:05:06.320 you know, they were looking at the ABC network, the 0:05:06.360 --> 0:05:09.640 ABC stations for instance. They're looking to get out of 0:05:09.680 --> 0:05:12.400 their India business. So there's just so many different things. 0:05:13.040 --> 0:05:15.240 There's so much of different work that needs to be done. 0:05:15.279 --> 0:05:18.000 But I would say arguably the most important thing for 0:05:18.120 --> 0:05:20.040 them to do right now is to kind of really 0:05:20.120 --> 0:05:24.040 rev up their content engine. Right We've seen them kind 0:05:24.040 --> 0:05:26.039 of put out a whole bunch of movies, whether it 0:05:26.160 --> 0:05:29.480 was you know, Indiana Jones or Elemental that didn't really 0:05:29.640 --> 0:05:33.280 perform or live up to expectations at the global box office. 0:05:33.600 --> 0:05:36.440 And so they're really kind of rethinking their content strategy 0:05:36.520 --> 0:05:39.640 right now, looking at how to kind of reinvigorate a 0:05:39.680 --> 0:05:42.359 lot of you know, the existing franchises, a lot of 0:05:42.360 --> 0:05:45.920 the sequels, so you know, there's a lot going on. 0:05:46.760 --> 0:05:49.640 And of course I think, you know, obviously bar Bieger 0:05:49.720 --> 0:05:52.080 has made considerable progress on a lot of the different things, 0:05:52.080 --> 0:05:54.880 whether it's restructuring, whether it's bringing down costs. They're doing 0:05:54.960 --> 0:05:58.279 everything that they can whatever seems fixable. But again a 0:05:58.320 --> 0:05:59.960 lot of questions still remain. 0:06:00.720 --> 0:06:03.880 And they've had talks about shedding some of those media 0:06:03.920 --> 0:06:07.680 assets as not ESPN, but as you mentioned, the Disney Channel, 0:06:07.760 --> 0:06:11.280 National Geographic, A and E Lifetime, a whole bunch of 0:06:11.360 --> 0:06:15.960 linear assets. But have we seen any progress on that. 0:06:16.040 --> 0:06:18.599 I know we've seen Byron Allen saying he made a bid, 0:06:18.920 --> 0:06:22.080 some others in talks, but is there any movement not. 0:06:22.279 --> 0:06:25.880 Since you know, those pieces of news came out, there 0:06:25.880 --> 0:06:29.279 hasn't been any significant movement. The only thing that we've 0:06:29.279 --> 0:06:31.000 heard in the meantime is that they're really kind of 0:06:31.040 --> 0:06:34.760 looking hard at, you know, getting somebody to buy out 0:06:34.800 --> 0:06:37.880 their India business, which which could be worth upwards of 0:06:37.920 --> 0:06:40.200 ten billion dollars. So that would be a huge cash 0:06:40.279 --> 0:06:43.120 in flux in for Disney. But we really haven't seen 0:06:43.160 --> 0:06:45.760 any movement on the rest of the linear TV portfolio. 0:06:45.920 --> 0:06:49.240 Well, let's talk about Disney also playing hardball this past 0:06:49.320 --> 0:06:53.320 quarter with Charter Communications Spectrum cable platform on a carriage deal, 0:06:53.960 --> 0:06:57.720 and Spectrum says they lost one hundred thousand subscribers. That's 0:06:57.760 --> 0:07:00.560 after a ten day blackout of all Disney channel just 0:07:00.600 --> 0:07:03.520 as including ESPN, just as college football was starting up. 0:07:03.560 --> 0:07:07.680 But could this change or maybe accelerate the implementation of 0:07:07.680 --> 0:07:10.040 an alla carte menu from cable providers. 0:07:10.280 --> 0:07:14.320 I definitely think that deal had huge ramifications across the 0:07:14.400 --> 0:07:18.520 PATV landscape. You know, one thing that we definitely got 0:07:18.560 --> 0:07:21.080 to know is I think when we have these carriage 0:07:21.120 --> 0:07:23.360 deals come up in the future between the content owners 0:07:23.400 --> 0:07:25.760 and the PATV distributors, it is going to be a 0:07:25.800 --> 0:07:28.080 hybrid distribution model. I mean, it is going to be 0:07:28.120 --> 0:07:31.560 a combination of both linear TV and streaming. And you 0:07:31.600 --> 0:07:34.200 bring up a very very good point in terms of, 0:07:34.240 --> 0:07:38.200 you know, does that kind of expedite this whole transition 0:07:38.360 --> 0:07:41.120 into ESPN going a la carte And I think to 0:07:41.160 --> 0:07:43.400 a certain extent it does. I mean, they've already kind 0:07:43.400 --> 0:07:47.840 of secured carriage with Charter for when that actually does happen. Now, 0:07:47.880 --> 0:07:50.200 of course, we don't know the date just yet. One 0:07:50.240 --> 0:07:52.560 of the things that is spending is the renewal of 0:07:52.600 --> 0:07:56.120 the NBA deal because they do need to secure digital rights, 0:07:56.880 --> 0:07:59.080 you know, for the NBA game. So that will happen 0:07:59.120 --> 0:08:01.760 only sometime in twenty two, twenty twenty five, but it 0:08:01.840 --> 0:08:03.800 is definitely going to happen, and Disney has said this 0:08:03.920 --> 0:08:07.800 multiple times and yes, so you know they are trying 0:08:07.840 --> 0:08:10.480 to I mean, the PATV bundle is obviously not going 0:08:10.480 --> 0:08:14.320 to go away completely, but it is definitely losing its its, 0:08:14.400 --> 0:08:18.120 you know, relevance in some ways, at least the linear 0:08:18.160 --> 0:08:21.080 TV portion of it, as more and more consumers move 0:08:21.120 --> 0:08:21.600 to streaming. 0:08:21.680 --> 0:08:21.880 Wow. 0:08:21.920 --> 0:08:24.239 Well, let's shift it back then to what you're looking 0:08:24.520 --> 0:08:27.560 forward to this week in Disney earning. So all these 0:08:27.600 --> 0:08:31.560 moving parts, all these different divisions they have, what does 0:08:31.600 --> 0:08:34.320 it mean for investors? What are we expecting to see? 0:08:34.480 --> 0:08:36.920 I think the biggest thing that we're really looking for, 0:08:37.360 --> 0:08:39.360 and I think this could be a huge catalyst for 0:08:39.360 --> 0:08:43.480 the stock if there's any language surrounding streaming profitability and 0:08:43.640 --> 0:08:46.520 how quickly Disney can kind of cut costs. Remember, they 0:08:46.559 --> 0:08:51.079 have made a lot of progress on you know, reducing 0:08:51.120 --> 0:08:54.520 streaming losses, but they still did lose about four billion 0:08:54.600 --> 0:08:57.760 dollars last year on Disney Plus, and they are still 0:08:57.760 --> 0:09:00.880 set to lose about two point seven billion dollars again 0:09:00.920 --> 0:09:03.400 this year. Yes, they're making progress, but if they can 0:09:03.440 --> 0:09:05.280 get there faster, if they can get to a break 0:09:05.320 --> 0:09:07.800 even faster, if they can get to positive profits faster, 0:09:08.280 --> 0:09:11.600 that would bring investors a lot of cheer. We also 0:09:11.600 --> 0:09:13.920 know that they did raise their streaming prices for the 0:09:13.960 --> 0:09:17.000 second time this year. They upped the monthly price of 0:09:17.080 --> 0:09:20.400 the ad free Disney Plus by about twenty twenty five percent. 0:09:20.480 --> 0:09:22.360 So again it would be interesting to see if there's 0:09:22.400 --> 0:09:25.720 been some increasing cancelations because of that, you know, how 0:09:25.760 --> 0:09:29.040 that has been trending, and if that really had made 0:09:30.000 --> 0:09:33.199 you know, some significant dent in terms of their you know, 0:09:33.640 --> 0:09:34.760 revenue numbers as well. 0:09:35.040 --> 0:09:37.360 Now, one more thing I want to talk about, and 0:09:37.400 --> 0:09:42.480 that is Bob Iger, the former and president CEO. Any 0:09:42.600 --> 0:09:45.800 idea on how long he's going to stay there succession plans? 0:09:45.880 --> 0:09:49.320 Are we going to see another big drama unfold if 0:09:49.679 --> 0:09:50.960 it doesn't work out the first time? 0:09:52.679 --> 0:09:54.760 Yeah, this has just been such a constant pain point 0:09:54.760 --> 0:09:56.920 for Disney. So we know that Bob Iger has another 0:09:56.960 --> 0:10:00.600 two years. He definitely needs those extra two years. We 0:10:00.640 --> 0:10:03.000 know Disney definitely needs the two years to kind of 0:10:03.040 --> 0:10:08.800 get there this whole turnaround in motion. The immediate thing 0:10:08.840 --> 0:10:10.840 that they do need as a permanent CFO because we 0:10:10.880 --> 0:10:14.559 know the current CFO is just temporary, So they definitely 0:10:14.600 --> 0:10:18.840 need that. You know, about the succession drama, I mean, Tom, 0:10:18.840 --> 0:10:21.319 it's any anybody's guess is as good as mine. I mean, 0:10:22.640 --> 0:10:24.400 you know, they do have a little bit of time, 0:10:24.960 --> 0:10:27.480 you know, but we'll have to really see how it 0:10:27.559 --> 0:10:29.120 kind of plays out. I know it is top of 0:10:29.160 --> 0:10:31.080 mind for Bob Bieger, and I'm sure he has a 0:10:31.080 --> 0:10:32.920 lot of candidates that he's lined up. 0:10:33.160 --> 0:10:35.960 Oh yeah, he's retired before, so I'm sure he's already 0:10:35.960 --> 0:10:39.319 thinking about it again. Well, our thanks to Bloomberg Intelligence 0:10:39.400 --> 0:10:43.200 US media analyst Githa Raganathin and coming up bom Bloomberg 0:10:43.240 --> 0:10:47.240 day Break Weekend Republicans get set for their third presidential debate, 0:10:47.520 --> 0:10:51.560 Will Donald Trump participate? I'm Tom Busby and this is Bloomberg. 0:11:01.840 --> 0:11:04.560 This is Bloomberg Daybreak weekend, our global look ahead at 0:11:04.559 --> 0:11:07.080 the top stories for investors in the coming week. I'm 0:11:07.120 --> 0:11:09.680 Tom Busby in New York. Up later in our program 0:11:09.800 --> 0:11:12.600 we take you to Europe and preview earnings from ubs. 0:11:12.640 --> 0:11:16.840 But first, the third Republican presidential debate taking place this 0:11:16.960 --> 0:11:19.880 Wednesday in Miami. For more, let's add to our Bloomberg 0:11:19.960 --> 0:11:23.320 ninety nine to one newsroom in Washington and Bloomberg Sound On. 0:11:23.520 --> 0:11:25.160 Co host Kaylee Lines. 0:11:25.480 --> 0:11:28.520 That's right, Tom, We're gearing up for round three, the 0:11:28.559 --> 0:11:32.520 third primary debate between the Republican presidential hopefuls. It takes 0:11:32.559 --> 0:11:35.959 place in Miami this coming Wednesday, and despite it being 0:11:36.080 --> 0:11:39.360 in his adoptive home state, No, the former president and 0:11:39.400 --> 0:11:42.439 front runner Donald Trump will not be in attendance again, 0:11:43.080 --> 0:11:45.080 and a few others who had been on the stage 0:11:45.080 --> 0:11:47.640 in the prior debates will not be on this one, 0:11:47.880 --> 0:11:51.199 partially because the threshold to qualify was raised. A candidate 0:11:51.240 --> 0:11:53.360 needs to have multiple polls that show them at four 0:11:53.400 --> 0:11:55.880 percent or higher and need to have at least seventy 0:11:56.000 --> 0:11:59.680 thousand unique donors, so that might be a bummer for some. Plus, 0:12:00.080 --> 0:12:04.000 former Vice President Pence won't be there because well, he 0:12:04.080 --> 0:12:06.439 dropped out of the race entirely last weekend. 0:12:06.800 --> 0:12:09.960 The Bible tells us that there's a time for every 0:12:10.000 --> 0:12:13.400 purpose under heaven. Traveling across the country over the past 0:12:13.440 --> 0:12:16.120 six months, I came here to say, it's become clear 0:12:16.120 --> 0:12:18.040 to me this is not my time. 0:12:18.280 --> 0:12:20.880 So with that, it's going to be a much smaller 0:12:20.920 --> 0:12:23.680 group on the third stage here with a preview before 0:12:23.720 --> 0:12:26.080 she makes the trip to Florida, herself as Nancy Cook, 0:12:26.080 --> 0:12:28.959 who covers national politics for US here at Bloomberg and 0:12:29.040 --> 0:12:33.040 All Things twenty twenty four. So Nancy first question of 0:12:33.080 --> 0:12:35.040 the five were expecting to be on the stage, that 0:12:35.080 --> 0:12:39.520 would be DeSantis, Haley, Ramaswami, Christi and Senator Tim Scott. 0:12:39.720 --> 0:12:41.920 Who has the most to gain and who has the 0:12:41.960 --> 0:12:42.559 most to lose? 0:12:42.720 --> 0:12:45.840 Well, I would say Nikki Haley probably has the most 0:12:45.880 --> 0:12:49.920 to gain. She has had two really good prior debates. 0:12:50.200 --> 0:12:53.120 We've seen her poll numbers rising. A lot of donors 0:12:53.160 --> 0:12:57.360 who have become disenchanted with a DeSantis's campaign have been 0:12:57.440 --> 0:12:59.960 flocking towards her, and I do think that she has 0:13:00.080 --> 0:13:04.120 as a real chance to emerge as the alternative to 0:13:04.320 --> 0:13:07.520 Donald Trump. She's also been spending a ton of time 0:13:07.520 --> 0:13:10.200 in New Hampshire over the past six months, and we've 0:13:10.200 --> 0:13:12.560 seen her poll numbers go up in Iowa, and so 0:13:12.679 --> 0:13:15.160 she is definitely on the rise. And if she can 0:13:15.200 --> 0:13:17.040 have a good debate, and she has shown that she 0:13:17.160 --> 0:13:20.640 is a good debater, she really could capitalize on that momentum, 0:13:20.720 --> 0:13:24.360 impress more donors, and sort of continue to reintroduce herself 0:13:24.360 --> 0:13:25.280 to the American public. 0:13:25.960 --> 0:13:29.200 So is Nikki Hayley's gain than kind of on the 0:13:29.240 --> 0:13:32.320 other side of the coin, Ron DeSantis's loss, because you 0:13:32.360 --> 0:13:34.520 mentioned how she's been gaining in say polls in Iowa 0:13:34.640 --> 0:13:37.200 won this past week showed them tied exactly. 0:13:37.240 --> 0:13:40.079 And the other interesting data points from that Iowa poll 0:13:40.240 --> 0:13:42.720 was that she know she's doing really well with suburban 0:13:42.840 --> 0:13:47.080 voters and she's also appealing to independence. So one hundred 0:13:47.120 --> 0:13:50.880 percent her gain is DeSantis's loss. And speaking of him, 0:13:50.920 --> 0:13:52.520 I do think that he is the one that has 0:13:52.559 --> 0:13:55.559 the most to lose. He has not managed to land 0:13:55.640 --> 0:13:58.560 a breakout performance or even really a breakout moment in 0:13:58.600 --> 0:14:02.160 the last two debates, although he has tried, and I 0:14:02.280 --> 0:14:05.520 just think his debates have been performances have been sort 0:14:05.520 --> 0:14:08.560 of meh. And I think that if he has sort 0:14:08.559 --> 0:14:11.800 of registered a third one and Haley sort of is 0:14:11.840 --> 0:14:14.760 taking off again, donors are just going to keep going 0:14:14.800 --> 0:14:17.760 towards her. And I think the challenge for him is, 0:14:18.559 --> 0:14:20.920 you know, the donor space. The donors are sort of 0:14:21.280 --> 0:14:23.840 souring on him. They already have soured on him a bit. 0:14:23.920 --> 0:14:26.120 And at some point you have to have enough money 0:14:26.160 --> 0:14:27.560 to stay in the race for a while. 0:14:27.720 --> 0:14:29.440 And we know he's had a bit of a money 0:14:29.480 --> 0:14:32.480 management problem over the course of his campaign as well. 0:14:32.400 --> 0:14:34.560 Right, Like, he has taken a lot of money in 0:14:34.800 --> 0:14:37.320 and his super pack has money. But part of the 0:14:37.360 --> 0:14:39.960 problem is is that they spend a lot of money. 0:14:40.000 --> 0:14:43.160 You know, he flies private everywhere. You know, he has 0:14:43.200 --> 0:14:46.120 to charter planes to go wherever he goes. And so 0:14:46.240 --> 0:14:48.600 that really which is his own choice. I should say 0:14:49.720 --> 0:14:52.680 it's a choice, but it's definitely they they you know, 0:14:52.960 --> 0:14:55.200 go through money more so than other folks, and so 0:14:55.360 --> 0:14:57.640 you're really trying to see, well, can he lasts not 0:14:57.720 --> 0:15:00.520 just through Iowa, but like could he last through Super 0:15:00.560 --> 0:15:03.880 Tuesday in March? And so that that's really what I'll 0:15:03.880 --> 0:15:04.560 be looking. 0:15:04.320 --> 0:15:07.600 For So we talk about lasting through Iowa. And it's 0:15:07.600 --> 0:15:11.240 interesting that South Carolina Senator Tim Scott qualified for this 0:15:11.280 --> 0:15:14.080 debate this past week after he really has shifted his 0:15:14.160 --> 0:15:18.080 campaign strategy to essentially focus only on Iowa. I believe 0:15:18.120 --> 0:15:21.520 he's been recently quoted as saying it's Iowa or bust. 0:15:21.880 --> 0:15:25.040 Is there really any oxygen for him in this race, 0:15:25.160 --> 0:15:27.240 on this debate stage when so much of the focus 0:15:27.320 --> 0:15:29.000 is on Nikki Haley and Rond DeSantis. 0:15:29.400 --> 0:15:32.800 Not really, he hasn't a Senator, Scott has not distinguished 0:15:32.880 --> 0:15:35.760 himself on the debate stage at all so far. I 0:15:35.800 --> 0:15:38.880 do think that he could, you know, pick up some 0:15:39.160 --> 0:15:43.160 Penns voters in Iowa. You know, Tim Scott really has 0:15:43.200 --> 0:15:46.160 made a play for evangelical voters. He really plays up 0:15:46.160 --> 0:15:48.880 his faith on the campaign trail. So Penns dropping out, 0:15:49.200 --> 0:15:53.120 particularly in Iowa where there are so many evangelical voters, 0:15:53.160 --> 0:15:56.120 could help Scott, But I don't think enough so at 0:15:56.160 --> 0:15:58.800 this point to earn the nomination. 0:15:59.280 --> 0:16:01.440 Well, you say that Scott hasn't really been able to 0:16:01.480 --> 0:16:04.360 distinguish himself in one of these candidates who was able 0:16:04.360 --> 0:16:06.520 to at least suck up a lot of oxygen in 0:16:06.560 --> 0:16:09.760 the prior debates we've seen as viviak Ramaswami. Where is 0:16:09.800 --> 0:16:11.720 his campaign right now? I feel like we heard so 0:16:11.840 --> 0:16:14.120 much about him after the first debate because he really 0:16:14.120 --> 0:16:16.400 did kind of make a mark. He took a lot 0:16:16.440 --> 0:16:18.920 of attacks from the other candidates as well, and then 0:16:18.920 --> 0:16:20.000 I feel like it kind of faded. 0:16:20.680 --> 0:16:23.320 Yeah, he's been out and about lately. He was up 0:16:23.360 --> 0:16:26.600 in New Hampshire. You know, for some appearances, he has 0:16:26.680 --> 0:16:28.400 spent a lot of time in New Hampshire. So he's 0:16:28.400 --> 0:16:31.640 still definitely out there campaigning. I will it will be 0:16:31.640 --> 0:16:34.080 interesting to see what he does in the debate, because 0:16:34.600 --> 0:16:36.600 you know, he did suck up so much oxygen in 0:16:36.640 --> 0:16:40.200 the first debate and people were sort of impressed by that. 0:16:40.320 --> 0:16:43.680 But then also he annoyed people because people felt like 0:16:43.720 --> 0:16:46.600 he was sort of the kid brother, you know, harassing 0:16:46.640 --> 0:16:49.280 people and taking attention by the end of it, and 0:16:49.400 --> 0:16:51.040 so I felt like it was sort of a double 0:16:51.160 --> 0:16:54.720 edged sword there. You know, he is a very skilled debater. 0:16:54.840 --> 0:16:58.520 He was a college debater. You know, he is articulate. 0:16:59.040 --> 0:17:01.760 The interesting thing about him is that he loves Trump, 0:17:01.800 --> 0:17:04.399 and so he sort of refuses to break from Trump, 0:17:04.640 --> 0:17:07.359 whereas the other candidates on the stage are really trying 0:17:07.359 --> 0:17:10.919 to distinguish themselves from the former president, and that's a 0:17:11.040 --> 0:17:12.440 sort of difference between them. 0:17:12.359 --> 0:17:15.480 Or just go after them intentionally, like Governor Chris Christy 0:17:15.560 --> 0:17:18.280 has done in the past couple debates. Remember in the 0:17:18.280 --> 0:17:20.800 second debate, he looked directly at the camera and said, Trump, 0:17:20.840 --> 0:17:24.080 I know you're watching, So I'll be interested to see 0:17:24.080 --> 0:17:26.520 if we get some kind of reiteration of that in 0:17:26.560 --> 0:17:28.600 the third go around. But on the subject of the 0:17:28.600 --> 0:17:32.159 former president, how heavily is he going to feature? He 0:17:32.280 --> 0:17:35.000 still very much as the front runner, perhaps even cemented 0:17:35.040 --> 0:17:37.879 even more so in the lead up to this, So 0:17:38.080 --> 0:17:39.880 once again unavoidable topic. 0:17:39.680 --> 0:17:41.960 I think, an unvotable topic. I felt like in the 0:17:42.040 --> 0:17:44.719 last debate, you know, they covered so much ground. I 0:17:44.800 --> 0:17:47.840 was just reading some coverage of it to remind myself yesterday. 0:17:48.119 --> 0:17:51.480 You know, they talked about inflation and housing and China 0:17:52.119 --> 0:17:55.240 and you know, the flow of LYSID drugs over the border. 0:17:55.600 --> 0:17:58.679 They did talk about Trump, and some people went after Trump, 0:17:58.760 --> 0:18:01.560 but you know, it wasn't like everybody wanted to take 0:18:01.600 --> 0:18:04.600 down the former president, even though he's really the front 0:18:04.640 --> 0:18:07.919 runner and loomed over the debate. His absence loomed over it. 0:18:08.320 --> 0:18:10.359 What will be interesting Wednesday night is that he is 0:18:10.400 --> 0:18:13.679 holding a counter program made event also in Florida, like 0:18:13.800 --> 0:18:15.399 not that far away from the debate. 0:18:15.480 --> 0:18:19.160 Yeah, the two Florida men in Florida, in their home 0:18:19.200 --> 0:18:22.080 state essentially, So this will be an interesting dynamic. You 0:18:22.119 --> 0:18:24.520 mentioned there, Nancy, how a lot of ground was covered 0:18:24.560 --> 0:18:28.400 in the second debate topic wise, from inflation, to schools, 0:18:28.440 --> 0:18:31.439 to other aspects of it. One thing that hadn't happened 0:18:31.520 --> 0:18:34.760 yet though, was October seventh and the conflict erupting between 0:18:34.800 --> 0:18:37.199 Israel and Hamas. So I would imagine they're going to 0:18:37.200 --> 0:18:40.040 face some questions about that this time around. Do we 0:18:40.119 --> 0:18:43.200 have a sense of where the different candidates are on 0:18:43.240 --> 0:18:43.960 that issue. 0:18:44.119 --> 0:18:47.199 Well, that's a great point. And the candidates really have 0:18:47.400 --> 0:18:51.280 tried to appear all over this conflict, particularly DeSantis and 0:18:51.359 --> 0:18:54.959 Nikki Haley. So DeSantis made this big show of you know, 0:18:55.080 --> 0:18:58.199 trying like sending a plane from Florida to try to 0:18:58.240 --> 0:19:01.200 get you know, Americans, or really is bring them back 0:19:01.200 --> 0:19:03.440 to Florida and try to appear on top of it. 0:19:03.680 --> 0:19:06.320 You know, Haley has really you know, she was the 0:19:06.480 --> 0:19:09.720 UN ambassador and the Trump administration, she does have some 0:19:09.840 --> 0:19:13.399 concrete foreign policy experience. She has really tried to appear 0:19:13.600 --> 0:19:15.600 very out front of that. So I do feel like 0:19:15.680 --> 0:19:19.440 foreign policy not just the Israeli Hamas war, but also 0:19:19.480 --> 0:19:21.600 the Ukraine war. Do you whatny mean, what this means 0:19:21.600 --> 0:19:23.919 for Iran? I feel like this will be potentially a 0:19:24.119 --> 0:19:25.840 very foreign policy heavy debate. 0:19:26.080 --> 0:19:28.280 One of the most memorable moments of the first debate 0:19:28.280 --> 0:19:30.720 for me was Nikki Haley telling Vive Grumswami that he 0:19:30.760 --> 0:19:33.080 had no foreign policy experience, and it showed. So I 0:19:33.119 --> 0:19:36.119 wonder how he might address that this time around, because 0:19:36.160 --> 0:19:38.960 he has been in the prior debates pretty vocal about 0:19:39.119 --> 0:19:41.760 not wanting to provide further support for Ukraine, and a 0:19:41.760 --> 0:19:43.520 lot of people see these issues as tied together. 0:19:43.840 --> 0:19:46.479 They do, and I mean that's sort of a divide 0:19:46.520 --> 0:19:49.320 in the Republican Party at this point about who wants 0:19:49.359 --> 0:19:52.320 to support Israel financially. I would say that there's more 0:19:52.359 --> 0:19:55.280 broad support for that, and who wants to keep giving 0:19:55.359 --> 0:19:58.000 aid to Ukraine. And there's a ton of Republicans who 0:19:58.000 --> 0:20:02.120 feel like the A to Ukraine shoul should stop. Ramaswami 0:20:02.240 --> 0:20:04.160 is one of them. DeSantis has sort of gone back 0:20:04.160 --> 0:20:06.600 and forth on that and then there's a bunch of 0:20:06.600 --> 0:20:10.200 House Republicans, including the new Speaker, who are much more 0:20:10.240 --> 0:20:13.040 skeptical of ongoing a to Ukraine. 0:20:13.160 --> 0:20:15.320 Yep, it's a hot topic on Capitol Hill, and I 0:20:15.320 --> 0:20:17.840 would imagine it'll be a hot topic on the stage 0:20:17.880 --> 0:20:20.440 this coming week as well. Safe travels to Florida. Nancy, 0:20:20.480 --> 0:20:23.400