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Speaker 1: Now from our nation's capital. This is Bloomberg Sound On.

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Speaker 1: If people think the country is on the wrong track

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Speaker 1: and are upset, it's usually really bad news to the party.

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Speaker 1: In pity, the Democrats had a very difficult challenge on

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Speaker 1: their hands when it comes to the mid term Bloomberg

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Speaker 1: Sound On, Politics, Policy and Perspective from DC's top names.

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Speaker 1: I pick there's a lot of head up demand for

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Speaker 1: electing a woman. Hand I could be the year of

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Speaker 1: the world, and I see this demand that he have

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Speaker 1: today as the baseline for the future, could means our

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Speaker 1: economy as a roaring bash. Bloomberg Sound On with Joe

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Speaker 1: Matthew on Bloomberg Radio. Thanks for joining us on the

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Speaker 1: fastest hour in politics as we focus today on one

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Speaker 1: of the biggest unfinished items of the year in Washington,

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Speaker 1: filling the empty seats on the Federal Reserve. Joining us

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Speaker 1: to talk about it is Joe Lafornia, chief Economist of

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Speaker 1: the Americas at Natixis and former chief economists on the

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Speaker 1: White House National Economic Council. Joe, it's good to have

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Speaker 1: you back. What's taken so long? That's a very good question.

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Speaker 1: I guess you'd have to ask the President. But there

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Speaker 1: are three open seats, and there are also to two

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Speaker 1: president seats that are open. And while the administration doesn't

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Speaker 1: have direct influence on those seats, I'm sure there are

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Speaker 1: people in the administration that would like those those filled

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Speaker 1: as well. What I can tell you, Joe, if you

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Speaker 1: look at the composition of the f O m C

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Speaker 1: in ver uh, you wind up losing some very debblish

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Speaker 1: or i should say market friendly presidents, and the committee

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Speaker 1: will become more hawkish. So there certainly is an incentive

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Speaker 1: for the administration to put forward the candidates they want,

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Speaker 1: and my guess is they would do so in a

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Speaker 1: way to try to blunt the the hawkishness or I

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Speaker 1: should say less delishness that's likely to be on the

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Speaker 1: committee next year. Well, that's going to be an interesting

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Speaker 1: line to walk, right, because here you have an administration

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Speaker 1: that wants to make good with progressive Democrats, looking for diversity,

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Speaker 1: looking for a new approach on the FED. But you've

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Speaker 1: also got inflation knocking on the door. Yes, you've got

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Speaker 1: inflation knocking on the door. I mean I remember that.

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Speaker 1: You know. When I studied monetary policy back in school,

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Speaker 1: we learned that the FED funds rate was a very

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Speaker 1: blunt tool. Since then, the FED tool kit has expanded

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Speaker 1: largely through asset purchases, but they're certainly limits to what

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Speaker 1: monetary policy can do. And one of the problems the

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Speaker 1: administration is going to face in twenty two if they

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Speaker 1: want to get all three uh people filled, is getting

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Speaker 1: Senate confirmation and if they wind them going with somebody

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Speaker 1: who is who is more extreme we saw, for example,

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Speaker 1: what happened with the control of the currency, that's going

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Speaker 1: to be very difficult for them to fill all three

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Speaker 1: of those spots. So they may have to pick more

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Speaker 1: of a centrist or maybe a center left leaning economist

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Speaker 1: type to maybe get it through the Congress, because it's

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Speaker 1: gonna be hard to get all three through right now.

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Speaker 1: I guess that's the good problem and having three seats

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Speaker 1: to fill here, although it does also seem that progressive

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Speaker 1: and namely Senator Elizabeth Warren, who's kind of driven this

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Speaker 1: as a political issue on Capitol Hill, are really zeroing

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Speaker 1: in on this supervisory role. That's the one that will

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Speaker 1: be judged. Joe, right, Yeah, the supervisory role is is important.

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Speaker 1: Having said that, Leo Brainer, who who basically had that role,

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Speaker 1: has not been elevated to the vice share, and she

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Speaker 1: does work quite closely and for everything I've seen and read,

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Speaker 1: works very well with m with Jay Powell, so that

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Speaker 1: that supervisor role is important. But you got some continuity

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Speaker 1: there in terms of the key people still running the

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Speaker 1: FED are there. So maybe that's the push. Maybe the

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Speaker 1: push is gonna be trying to get somebody on the

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Speaker 1: supervisory side. So if the p's one faction of the party, right,

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Speaker 1: but you still need good people on the monetary side. Ultimately,

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Speaker 1: I think that's what matters. Well, let's throw a couple

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Speaker 1: of names around, Joe Lavornia. We see the shortlists there,

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Speaker 1: they're they're pretty consistent based on where you're looking, or

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Speaker 1: depending on where you're looking, William Spriggs appears to be

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Speaker 1: on most all of them. Chief economists at the A

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Speaker 1: F l C I O Economics Professor Howard University gives

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Speaker 1: you good feelings or concerns about confirmation when you hear

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Speaker 1: that name. Look, the administration hasn't called me to ask

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Speaker 1: who who I would know? Certainly you did that exactly,

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Speaker 1: But there are some people who I think could be

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Speaker 1: very very good in the governor role, who who would

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Speaker 1: potentially be a lot less less provocative or much easier,

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Speaker 1: much less of a fight. I'm thinking someone, for example,

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Speaker 1: is hypothetical. I hadn't talked to him about this. I

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Speaker 1: don't know him, but but Jason Furman, for example, Jason,

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Speaker 1: to me seems very reasonable. I don't agree with with

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Speaker 1: everything he says by any means, but but Jason ran

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Speaker 1: the County Economic Advisors under President Obama, and he seems

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Speaker 1: like a very thoughtful, reasonable person. So someone like him

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Speaker 1: would be would be my choice. I know Jared Bernstey,

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Speaker 1: and I haven't talked to him in a while. I

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Speaker 1: know he's also now the County Exombic Advisors under under

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Speaker 1: President Biden. I kind of like, you're gonna go left,

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Speaker 1: I like sort of a little bit center left, and

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Speaker 1: um that that would kind of be my thought. I'm

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Speaker 1: not sure whether the gentleman you mentioned would go through

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Speaker 1: so easily. It would probably be a fight. And the

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Speaker 1: fact the cage you might only get one person through,

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Speaker 1: not not to others. Well, it's interesting because I was

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Speaker 1: going to ask you what you thought of those with

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Speaker 1: actual fed experience. When we talk about people like Sarah

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Speaker 1: Bloom Raskin, for instance, or even Raphael Bostic's name keeps

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Speaker 1: coming up as well. That's right. Uh, look to me,

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Speaker 1: you know, we we talk about diversity and things of

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Speaker 1: that sort, and you want breath, breath of experience. And

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Speaker 1: too often in the past we had sort of fed

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Speaker 1: people of just one similar ilk PhD s from you know,

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Speaker 1: salt water schools who had a lot of academic experience,

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Speaker 1: but but not the other stuff. So I picked somebody

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Speaker 1: maybe who has never been in academia. It's in the

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Speaker 1: private sector. Let's let's try that. There are a lot

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Speaker 1: of people I'm sure that would do it comes from

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Speaker 1: banking or not sure. I mean, you've got three spots.

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Speaker 1: But I would think banking. I mean, given the fact

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Speaker 1: that is the primary banking regulator effectively, with all due

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Speaker 1: respect to the fd I S in the control of

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Speaker 1: the currency the ft is the main you know, the

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Speaker 1: main entity, the main earning body, the main regulatory body.

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Speaker 1: I should say, wouldn't you want somebody from the private

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Speaker 1: sector to give you a different set of views that

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Speaker 1: would you know, not to say the private sector is

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Speaker 1: always right, but they would at least have some sympathy

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Speaker 1: or understanding with how the sector works. And I would

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Speaker 1: think you kind of want that breath the people seem

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Speaker 1: to like Jay Powey's almost certainly going to go through

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Speaker 1: with flying colors. Jay has a private sector background. He

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Speaker 1: doesn't fit that similar mold. Maybe should have another person

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Speaker 1: like them. What will these confirmations look like? We're not

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Speaker 1: talking about the FED share obviously, these are lower level

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Speaker 1: positions but very important ones within the Central Bank, but

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Speaker 1: not household names. These aren't household jobs like a secretary

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Speaker 1: of labor for instance, where people are going to be

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Speaker 1: sitting in their living room watching these confirmation hearings. But

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Speaker 1: of course, Joe, the markets will be watching. The markets

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Speaker 1: will be watching. And I think back my days when

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Speaker 1: I was at the set and when I learned sort

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Speaker 1: of how how government sometimes works, and it's sort of

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Speaker 1: like sometimes the smaller the stakes, the bigger the fight.

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Speaker 1: And while these people are very well, ultimately may not

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Speaker 1: be household name. There is a mid term coming next year.

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Speaker 1: We all know, we know there's a lot of division

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Speaker 1: and divisiveness, and I can't help but think, unfortunately we're

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Speaker 1: going to fight over this. Even though we like to

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Speaker 1: fill these spots, I think it's gonna be hard to

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Speaker 1: get all three. And my concern would be the administration

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Speaker 1: moves in a more progressive UH further left vein, and

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Speaker 1: that doesn't allow them to get the people they want

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Speaker 1: confirmed and by default will not allow them to fill

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Speaker 1: all the seats. So I basically, the mid terms, I

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Speaker 1: think are going to throw a kabash on things interesting. UH.

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Speaker 1: To extrapolate all of this and look ahead to the

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Speaker 1: actual policy and what the what the Fed might do

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Speaker 1: in the year ahead. We've been hearing, most recently about

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Speaker 1: three interest rate hikes. I just wonder, more broadly, when

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Speaker 1: you add three new members like this, assuming that they

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Speaker 1: get this done, and there's no guarantee that they will,

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Speaker 1: with the number of months that we've waited, what does

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Speaker 1: it mean for the Fed's overall posture in fighting inflation.

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Speaker 1: I'm of the view, Joe, that the FED will not

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Speaker 1: be be raising rates next year. If I'm wrong, maybe

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Speaker 1: they could squeeze one in. UM. You know the nice thing.

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Speaker 1: When I look at my Bloomberg, I can tell you

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Speaker 1: to go look at the yield curves two tens spread,

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Speaker 1: or even look at the two five spread, and the

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Speaker 1: great things. You could even do it in forward space.

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Speaker 1: Whereas the market two years from now, when you look

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Speaker 1: at those spreads now or two years from now. They

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Speaker 1: essentially are arguing the FED on the cusp of a

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Speaker 1: policy error, making a policy mistake by pushing rates upwards

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Speaker 1: three times, because when the FED goes three times, the

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Speaker 1: perceptions will go more. And given how sensitive asset prices

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Speaker 1: have been in the decision making process, and the fact

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Speaker 1: that I see the economy slowing very sharply next year

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Speaker 1: and that will take inflation a bit lower, it's going

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Speaker 1: to be very hard for the set to go three times.

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Speaker 1: And that's with the set that was already set to

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Speaker 1: be more hawkish relative to war we were this year.

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Speaker 1: So obviously, if the President gets some FED picks through,

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Speaker 1: that would make my my podcast look even better because

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Speaker 1: if they would lower the probabilities of any rate hikes. Boy,

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Speaker 1: do you not share the wides concern that many have

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Speaker 1: about inflation or do you do you think the market

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Speaker 1: has it wrong? Well, I would say the market has

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Speaker 1: it right. So for example, if we go back to

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Speaker 1: where the market was in early April, the market interest

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Speaker 1: rates for much higher the tenure note was about and

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Speaker 1: investors thought it was going to go to two percent

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Speaker 1: and above, and I said, wasn't expected to raise rates

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Speaker 1: until three Fast forward eight months later, inflations running more

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Speaker 1: than double near seven. Market has pulled forward the timing

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Speaker 1: of the rate cuts, but actually longer meals are lower,

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Speaker 1: and more importantly, where the market thinks short rates will

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Speaker 1: be over the next few years is actually lower. So basically,

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Speaker 1: the market saying that's going to go sooner, but they'll

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Speaker 1: all be gonna go less because they're raising race is

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Speaker 1: going to slow the economy so much they'll have to stop.

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Speaker 1: And I think, to me, that's the shift. So inflation

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Speaker 1: is a problem, no question, But the market tends to

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Speaker 1: look past inflation is focusing more Joe on the growth side.

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Speaker 1: And to me, when I look at the slope of

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Speaker 1: the yield curve, when I see commodity prices peaking, I

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Speaker 1: see the dollar strong, Uh, that tells me that there's

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Speaker 1: a very good chance economy freak it sharply. That means

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Speaker 1: lower rates in those inflation fears eventually will dissipate. But Joe,

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Speaker 1: if you're Joe Biden and not Joel Lavornia, you can't

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Speaker 1: say on a microphone what you just said. Right, Yes,

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Speaker 1: inflation is a problem, but don't worry. When they start

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Speaker 1: playing around with interest rate's gonna slow things down. So

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Speaker 1: much you wish you had an inflation problem. And that's

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Speaker 1: where we'll pick up next with Joe Lavornia, the chief

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Speaker 1: economist of the America's at natixis former White House official.

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Speaker 1: In fact, he was chief Economists on the White House

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Speaker 1: National Economic Council. Stay with us, we'll check markets, will

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Speaker 1: check traffic as well. On the way, this is sound on.

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Speaker 1: I'm Joe Matthew. This is Bloomberg. This is Bloomberg. So

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Speaker 1: long with Joe Mathew on Bloomberg Radio. It continue our

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Speaker 1: conversation with Joe Lavornia about filling empty seats on the

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Speaker 1: FED and his expectations for the economy in the new year.

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Speaker 1: But first we climb into the sound on time machine.

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Speaker 1: Bring you back to late November when President Biden announced

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Speaker 1: his plans to renominate j Powell as FED chair Leo

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Speaker 1: Brainered as Vice chare. We spoke that day with White

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Speaker 1: House Economic advisor Brian Deese about what went into the

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Speaker 1: decisions and where he sees inflation heading well. The President's

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Speaker 1: focus in nominating both j. Powell and Leo Brainer was

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Speaker 1: to focus on people with experience, expertise, and independent judgment,

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Speaker 1: and we feel very good that we found two individuals

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Speaker 1: with unmatched experience, UH, sound judgment, crisis tested, coming through

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Speaker 1: this crisis, and both of them together spent a lot

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Speaker 1: of time working on this new monetary policy framework, a

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Speaker 1: commitment to a strong, robust recovery that brings everybody along.

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Speaker 1: So we feel very good about these two individuals, We

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Speaker 1: feel good about the reaction to them, and we hope

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Speaker 1: that we will get them confirmed quickly here and in place.

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Speaker 1: The timing of this announcement, We've been talking about this,

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Speaker 1: of course for weeks. I wonder what took so long

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Speaker 1: to make what apparently was such a non controversial announcement

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Speaker 1: With Powel and Brainer, well the presidents delivered about these issues.

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Speaker 1: The stakes on these decisions are high, uh. And by

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Speaker 1: making the announcement now, what we're signaling is two very

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Speaker 1: strong individuals who we think will now have plenty of

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Speaker 1: time to be considered by the Senate and confirmed before

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Speaker 1: the end of these terms. So I think it's an

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Speaker 1: appropriate moment to get this rolling, and I think also

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Speaker 1: will be good for reinforcing something the President reinforced today,

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Speaker 1: which is the independence and the credibility of the FED.

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Speaker 1: It's incredibly important that we reinforce the independence of this

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Speaker 1: vital institution. I think the president. You see the President

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Speaker 1: prioritizing that in his announcements, and the timing helps to

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Speaker 1: reinforce that these folks can and will be confirmed in

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Speaker 1: time before their terms ex fire. Brian, how has your

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Speaker 1: own view on inflation evolved these past weeks with some

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Speaker 1: of the data that we have seen. It's become a

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Speaker 1: daily conversation, a full time job almost for this West Wing.

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Speaker 1: Do you see prices continuing to rise until the Fed

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Speaker 1: can knock them lower with interest rate hikes? The prices

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Speaker 1: are high now, no question, and that is affecting American consumers.

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Speaker 1: At the same time, we are looking at the actions

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Speaker 1: we can take as an administration to try to address those.

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Speaker 1: I think a lot of the drivers behind that is

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Speaker 1: that we still have COVID globally. It's affecting supply chains,

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Speaker 1: it's affecting the supply demand balances. We certainly expect that

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Speaker 1: to ease across time. So we're gonna do what we

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Speaker 1: can to try to address these issues head on, while

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Speaker 1: the Fed, we expect, we'll use its tools and make

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Speaker 1: those judgments independently. Was White House Economic Advisor Brian Deese

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Speaker 1: talking to us from the White House in late November,

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Speaker 1: and we turned back now to Joe Lavornia, chief economist

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Speaker 1: of the America's at natixis, Joe, you see inflation easing

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Speaker 1: next year? Well, I think the them Joe is, You've

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Speaker 1: had these supplied disruptions which have certainly aggravated the inflation.

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Speaker 1: And you had unnecessary, unneeded fiscal policy that we had

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Speaker 1: back in March and nearly two trillion dollar plan that

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Speaker 1: was done through reconciliation that listed the household savings rate,

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Speaker 1: that created access to me and pulled a lot of

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Speaker 1: activity forward, which further exacerbated the inflation problem. So I

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Speaker 1: think to figure out the mechanics or the history of

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Speaker 1: why we have this inflation there, there's some policy mistakes

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Speaker 1: that have been made along the way. What I would

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Speaker 1: advise the administration on certainly is to is to not

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Speaker 1: raise taxes, do not raise marginal rates, do not raise

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Speaker 1: capital gains rates, and do things to increase the supplied

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Speaker 1: capacity the economy, because ultimately you have strong demand, you

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Speaker 1: want to meet that with strong supply. I just don't

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Speaker 1: know if if anything I've seen to suggest the administration

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Speaker 1: is going to go that route. But a bit troubled

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Speaker 1: when they're looking at like anti competitive measures, there is

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Speaker 1: a way that like lower inflation. That's not why inflation size,

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Speaker 1: not because vanti competition, It's because of policy, uh rules

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Speaker 1: or policy decisions that were made that have exacerbated the inflation.

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Speaker 1: COVID is the wild card here, right. If we start

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Speaker 1: seeing shutdowns, that's a game changer for J. Powell, Right,

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Speaker 1: it is. I mean, unfortunately we're not going to go

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Speaker 1: to at least a hard lockdown, but that there might

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Speaker 1: be some softer lockdowns. The one thing that I'm very surprised,

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Speaker 1: I don't understand why people haven't observed this. It's something

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Speaker 1: that I observed and I was in the White House

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Speaker 1: over a year ago, and that is a seasonality to

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Speaker 1: the virus where you tend to get these cases spiking

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Speaker 1: in the warm months in the south and southeast, and

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Speaker 1: then of course the saint happens in the in the winter,

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Speaker 1: in the colder months because people are inside, they're packed

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Speaker 1: closely together. And that's the one thing that's been consistent

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Speaker 1: through and through. I'm hopeful that the omicron for everything

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Speaker 1: that I've seen suggests that it's virulence is nowhere near

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Speaker 1: is high it's nowhere near as lethal. Um. I believe

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Speaker 1: that's the case, and if so, then I don't think

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Speaker 1: we're going to go down that even more soft low.

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Speaker 1: I don't stay soft to lock of the term soft lockdown.

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Speaker 1: I don't think we'll go that route here. The issue, though,

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Speaker 1: my big concern is that if if places in Asia,

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Speaker 1: China is pursuing a zero COVID policy, if they shut down,

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Speaker 1: that just means that we're going to get our goods

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Speaker 1: longer from where we ordered them from from Asia, because

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Speaker 1: you noticed most of the poort issues have been on

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Speaker 1: the West coast Asian trade. That's right. So I think

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Speaker 1: the US is in reasonably good shape now. I think

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Speaker 1: we we we've you know, we've made some good progress

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Speaker 1: on the virus, and therapeutics are coming. But I'm what

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Speaker 1: we have to not worry about what other country's reactions

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Speaker 1: to do. And if that's the case, that will keep

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Speaker 1: inflation higher. But does the FED raise rates in that environment.

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Speaker 1: Probably not, But it's a good question. We'd have to

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Speaker 1: ask j Powell. Anywhere from zero to three sounds like

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Speaker 1: where we're settling in this conversation. Yeah, and I would

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Speaker 1: air closer Joe to zero and I would just one

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Speaker 1: other things for your listeners. When we look at the

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Speaker 1: history of of of tightening a monetary policy, they've always

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Speaker 1: tended to drag things out. And in fifteen the SET

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Speaker 1: thought it would raise rates four times, and the Set

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Speaker 1: only race rates once. It was in December, and they

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Speaker 1: waited another year to raise rates the second time. Now

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Speaker 1: the inevitable the pushback is but Joe, inflation was significantly

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Speaker 1: higher today than it was then, And that's exactly right.

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Speaker 1: But but but the yield curve today is much flatter,

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Speaker 1: and when the Fed does raise rates, the yield curve

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Speaker 1: maybe the flattest it has ever been when the Fed's

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Speaker 1: initially raised rates. That tells you the market is saying, look,

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Speaker 1: they're not going to get the chance to do that

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Speaker 1: many because again we're worried about the economy slowing. And

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Speaker 1: it could be for variety of reasons, could be administration policies,

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Speaker 1: that could be COVID, could be whatnot. But but I

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Speaker 1: like thinking we're closely the zero than rate. Joel Lavorgna

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Speaker 1: is chief economist of the America's at natixis former chief

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Speaker 1: economist as well at the White House National Economic Council.

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Speaker 1: In the Trump administration, and in advance of this weekend,

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Speaker 1: I will wish you a very happy new year. Come

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Speaker 1: back and see us since twenty two, will compare notes

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Speaker 1: on sound on. I'm Joe Matthew. This is Boomberg. You're

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Speaker 1: listening to Bloomberg. You sowned on with Joe Matthew on

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Speaker 1: Bloomberg Radio. So to think we're going into the new

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Speaker 1: year with empty seats on the Federal Reserve. At one

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Speaker 1: point we heard that names would be announced the beginning

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Speaker 1: of December, and even that was considered to be pushing it.

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Speaker 1: But the White House appears to be. As we were

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Speaker 1: just discussing with Joe Lavorgna in no real hurry, Let's

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Speaker 1: assemble the panel. See what Rick and Genie think about it.

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Speaker 1: As we spend time with Bloomberg Politics contributors Genie Chanzano

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Speaker 1: and Rick Davis. I'll start with you here, Jeannie. I

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Speaker 1: know this isn't something people are walking around talking about

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Speaker 1: in their households. Here, this is not likely table conversation

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Speaker 1: at least outside of the Beltway or financial circles, uh

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Speaker 1: at at the New Year's Eve bash, But this is

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Speaker 1: something that needs to get done. Why would why would

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Speaker 1: President Biden wait so long after announcing his nomination for

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Speaker 1: the FED share have Lail Brainerd his vice chair. We

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Speaker 1: thought that would be followed on by his vision, you know,

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Speaker 1: a broader vision for the Federal Reserve of the future.

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Speaker 1: You know, this is one of the things that I

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Speaker 1: think has been very perplexing. Um in particular because of course,

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Speaker 1: the issue of inflation is such a politically charged issue

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Speaker 1: right now. If the President was to make these appointments,

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Speaker 1: it would show he has wrapped his hands around it

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Speaker 1: and is moving forward. So, you know, I think it

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Speaker 1: is perplexing that they have taken quite this long. My

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Speaker 1: one guess is that they are trying to ensure that

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Speaker 1: whoever they appoint has the support that they need, and

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Speaker 1: they may feel like they have some work to do

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Speaker 1: in terms of keeping the progressives on board in that regard.

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Speaker 1: If inflation is the word here, Rick, wouldn't it look

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Speaker 1: good to be leaning into your your vision of the FED. Yeah,

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Speaker 1: And I think that's what he accomplished. When the President

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Speaker 1: appointed uh Terman pal for another term, right he was

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Speaker 1: you know, a little bit more aggressive hawkish, you know,

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Speaker 1: on on inflation. But I think that it really is

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Speaker 1: emanates the delays emanate from the point that Genie was

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Speaker 1: just making, which is he's got such a big constituency

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Speaker 1: on Capitol Hill. I mean, like a Lizza with Warren

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Speaker 1: thinks that these are her appointments and uh and and

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Speaker 1: he's probably trying to consult with all of them and

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Speaker 1: come up with some kind of a uh consensus. The

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Speaker 1: problem is there is no consensus in the appointment process.

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Speaker 1: You gotta pick your team and you've got to get

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Speaker 1: them through confirmation, and it just doesn't seem to be smart.

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Speaker 1: I think for the White House to delay these kinds

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Speaker 1: of appointments where they actually need the work done. You've

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Speaker 1: got three seats though, Rick, doesn't that make it easier,

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Speaker 1: you know, give someone like Elizabeth Warren a progressive maybe

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Speaker 1: even in the supervisory role, and that that that clear

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Speaker 1: space to do what you want with the other too.

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Speaker 1: You know. It's it's what you say, Joe, it's so important.

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Speaker 1: It is the Supreme Court of business. I mean, if

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Speaker 1: anyone said, oh, you've got three Supreme Court appointments, to

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Speaker 1: imagine you can actually form the consensus around FED policy.

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Speaker 1: Uh for the next you know, ten years. By these appointments,

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Speaker 1: he'll have made five fed appointments in the first year.

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Speaker 1: I mean, it's an extraordinary ability to influence you know,

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Speaker 1: that kind of monetary policy, and yet he seems reluctant

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Speaker 1: to do so. Well, maybe there's a calculation here, getting

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Speaker 1: back to your point, Genie, that if inflation is going

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Speaker 1: to be the overriding issue in the midterm election year,

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Speaker 1: maybe you hold off. You don't do this, uh in

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Speaker 1: the middle of the holidays when nobody's paying attention. Well,

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Speaker 1: that's a great point, because they may be waiting to say,

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Speaker 1: look at what we've done, we are addressing this, and

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Speaker 1: we want to do it to your point, when people

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Speaker 1: are actually paying attention and not otherwise occupied with the

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Speaker 1: holiday break. You know that said, I do think it

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Speaker 1: is critically important that they move on this. I'm not

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Speaker 1: sure to Rick's point that people are paying you know,

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Speaker 1: generally close attention in the you know, sort of public domain,

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Speaker 1: people interest in Wall Street are, and the President I

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Speaker 1: don't know that this makes sense to be waiting this

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Speaker 1: long on this, and I'm not sure it's a winning

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Speaker 1: strategy as he thinks about the mid term. I think

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Speaker 1: you're better off getting these up, getting them pushed through,

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Speaker 1: and showing that you are moving forward, Rick Davis, what

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Speaker 1: do you think of the shortlist or any the names

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Speaker 1: realistic that you've been hearing so far? You know, I

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00:22:03,200 --> 00:22:06,800
Speaker 1: think that most of them are appointable. I do believe

431
00:22:07,000 --> 00:22:11,720
Speaker 1: that um, uh, Biden will use a very strong commitment,

432
00:22:11,800 --> 00:22:15,240
Speaker 1: as he has said publicly, to diversity. He wants to

433
00:22:15,320 --> 00:22:20,639
Speaker 1: diversify the Federal Reserve, more women, more minorities. Uh. And

434
00:22:20,800 --> 00:22:23,200
Speaker 1: I think that's a very positive thing for him to do.

435
00:22:23,400 --> 00:22:27,520
Speaker 1: But uh, in the in the shortlist certainly approaches that

436
00:22:27,760 --> 00:22:30,960
Speaker 1: that goal. So again, I really don't think it's a

437
00:22:31,080 --> 00:22:33,239
Speaker 1: question of whether or not they have qualified candidates who

438
00:22:33,320 --> 00:22:36,480
Speaker 1: fit all the requirements that the Biden administration has. It

439
00:22:36,640 --> 00:22:39,480
Speaker 1: just doesn't seem like it's a priority for them. And

440
00:22:39,600 --> 00:22:42,639
Speaker 1: yet I think he's very vulnerable. I mean, if I

441
00:22:42,720 --> 00:22:46,280
Speaker 1: were running a campaign against Joe Biden in the mid terms,

442
00:22:46,359 --> 00:22:48,000
Speaker 1: which of course, you know, you don't have to, but

443
00:22:48,440 --> 00:22:51,800
Speaker 1: of course people will, I would say that the chairman

444
00:22:51,840 --> 00:22:54,879
Speaker 1: he picked, you know, said that inflation was transient, and

445
00:22:54,920 --> 00:22:57,360
Speaker 1: he didn't bother putting other people on board to try

446
00:22:57,400 --> 00:23:00,720
Speaker 1: and stop inflation. And and I think it's a it's

447
00:23:00,720 --> 00:23:03,320
Speaker 1: a commercial that writes itself. Jeannie We're hearing names like

448
00:23:03,400 --> 00:23:06,720
Speaker 1: William Spriggs, a f l c I O, like Lisa Cook.

449
00:23:06,760 --> 00:23:09,159
Speaker 1: They tend to emerge in all of these conversations as well.

450
00:23:09,280 --> 00:23:13,200
Speaker 1: Sarah Bloom raskin, Are any of these a problem to

451
00:23:13,320 --> 00:23:16,000
Speaker 1: the extent that Joel Lavornia says as a Republican, You're

452
00:23:16,040 --> 00:23:18,280
Speaker 1: just not going to get all of them approved. You know,

453
00:23:18,440 --> 00:23:21,160
Speaker 1: I think they are all well qualified. You look at Cook,

454
00:23:21,240 --> 00:23:24,120
Speaker 1: you look at Spriggs. You know, these are all well

455
00:23:24,240 --> 00:23:27,840
Speaker 1: known qualified people. They do help meet some of the

456
00:23:28,560 --> 00:23:31,200
Speaker 1: issues that I think are rightly to be considered in

457
00:23:31,359 --> 00:23:33,880
Speaker 1: terms of diversity, which has been lacking at the FED.

458
00:23:34,320 --> 00:23:37,320
Speaker 1: But I also think in a fifty fifty Senate, you

459
00:23:37,520 --> 00:23:40,280
Speaker 1: have to get consensus and that's probably what or at

460
00:23:40,359 --> 00:23:42,400
Speaker 1: least you have to get enough support to get them through,

461
00:23:42,440 --> 00:23:45,479
Speaker 1: and that's probably what the President and his team are

462
00:23:45,600 --> 00:23:49,160
Speaker 1: trying to ensure. But you're never gonna make everybody happy

463
00:23:49,240 --> 00:23:52,760
Speaker 1: when you're talking about people as varied as Elizabeth Warren

464
00:23:52,840 --> 00:23:55,359
Speaker 1: on the one hand, and then some of the Republicans

465
00:23:55,440 --> 00:23:56,720
Speaker 1: on the other who are going to have a large

466
00:23:56,800 --> 00:23:58,240
Speaker 1: voice on this. So I think he's going to have

467
00:23:58,359 --> 00:24:01,240
Speaker 1: to move forward recognizing they may not you know, any

468
00:24:01,280 --> 00:24:03,840
Speaker 1: one of these individuals qualified may not get the widespread

469
00:24:03,880 --> 00:24:06,399
Speaker 1: support they would like, but he's got a number of

470
00:24:06,480 --> 00:24:09,720
Speaker 1: appointments to fill all of these positions in a way

471
00:24:09,800 --> 00:24:12,120
Speaker 1: that at least you make people happy with at least

472
00:24:12,160 --> 00:24:13,760
Speaker 1: one or two of these. Rick, you want to see

473
00:24:13,800 --> 00:24:17,320
Speaker 1: an outsider, maybe somebody from the banking sector or even

474
00:24:17,400 --> 00:24:19,440
Speaker 1: not from the private sector. The list is full of

475
00:24:19,520 --> 00:24:21,639
Speaker 1: that kind of adversity. But I think the priorities have

476
00:24:21,760 --> 00:24:24,400
Speaker 1: got to be putting people of color on this board

477
00:24:24,480 --> 00:24:29,479
Speaker 1: as all white mes uh is the typical mantra. Now

478
00:24:29,600 --> 00:24:32,640
Speaker 1: it's all white men and women. Uh. And I think

479
00:24:32,680 --> 00:24:36,400
Speaker 1: that people like Lisa Cook, you know, from Michigan State University,

480
00:24:36,480 --> 00:24:39,959
Speaker 1: and and and Phil Jefferson. Uh. These are candidates who

481
00:24:40,000 --> 00:24:42,040
Speaker 1: I think deserve a look, and I think it's very

482
00:24:42,119 --> 00:24:44,840
Speaker 1: hard for Republicans to vote against them because there are

483
00:24:44,880 --> 00:24:48,200
Speaker 1: people of color and that they're qualified. And so I

484
00:24:48,320 --> 00:24:50,080
Speaker 1: think that I think that would be one of the

485
00:24:50,119 --> 00:24:53,480
Speaker 1: big impacts. It's a historical impact to the Federal Reserve Board.

486
00:24:53,760 --> 00:24:58,240
Speaker 1: Insights from our sound on Signature Panel Bloomberg Politics contributors

487
00:24:58,320 --> 00:25:01,640
Speaker 1: Genie Schanzano and Rick Davi. Many thanks to you both

488
00:25:01,720 --> 00:25:03,359
Speaker 1: as always and coming up, we look back on the

489
00:25:03,400 --> 00:25:07,080
Speaker 1: political stories that resonated most with registered voters this year,

490
00:25:07,640 --> 00:25:10,800
Speaker 1: based on rolling research from Morning Consult. We'll talk with

491
00:25:10,880 --> 00:25:15,400
Speaker 1: the firm's Cameron Easily about Morning Consults annual special report,

492
00:25:15,680 --> 00:25:19,560
Speaker 1: the headlines Most seen, read and heard in. We'll have

493
00:25:19,720 --> 00:25:23,720
Speaker 1: details ahead on sound On. I'm Joe Matthew. This is Bloomberg.

494
00:25:26,119 --> 00:25:31,520
Speaker 1: This is Bloomberg Sound On with Joe Matthew on Bloomberg Radio.

495
00:25:33,280 --> 00:25:35,879
Speaker 1: We of course talk politics every day here on sound On,

496
00:25:36,200 --> 00:25:39,160
Speaker 1: and it's always fascinating for us to see which stories

497
00:25:39,320 --> 00:25:43,120
Speaker 1: resonate the most with voters. New research from Morning Consult

498
00:25:43,240 --> 00:25:45,720
Speaker 1: gives us a good sense of that. An annual report

499
00:25:46,200 --> 00:25:49,080
Speaker 1: based on the firm's polling of registered voters over the

500
00:25:49,160 --> 00:25:52,399
Speaker 1: course of a year, the headlines most seen, read and

501
00:25:52,640 --> 00:25:57,200
Speaker 1: heard in. And we're joined by Cameron Easily, senior editor

502
00:25:57,359 --> 00:26:00,600
Speaker 1: at Morning Consult. Cameron, welcome back to Bloomberg. Rady, thanks

503
00:26:00,640 --> 00:26:02,800
Speaker 1: for having me, Joe. That we're winding down the year

504
00:26:02,880 --> 00:26:07,280
Speaker 1: here and the executive summary here on your analysis reads

505
00:26:07,320 --> 00:26:10,000
Speaker 1: like a scary story, Cameron, over the course of a

506
00:26:10,119 --> 00:26:13,720
Speaker 1: year that brought Americans the fallout from an insurrection, the

507
00:26:13,800 --> 00:26:17,520
Speaker 1: start of Joe Biden's presidency, a stubborn pandemic and a

508
00:26:17,640 --> 00:26:21,560
Speaker 1: fair amount of economic anxiety. Morning Consult asked, as you

509
00:26:21,680 --> 00:26:24,680
Speaker 1: point out roughly a hundred thousand registered voters, how much

510
00:26:24,720 --> 00:26:29,360
Speaker 1: they'd seen, read, or heard about hundreds of current events.

511
00:26:30,240 --> 00:26:35,760
Speaker 1: What story resonated the most. The top story was actually

512
00:26:36,160 --> 00:26:41,080
Speaker 1: President Joe Biden's signing of the so called American Rescue Plan,

513
00:26:41,280 --> 00:26:45,240
Speaker 1: that was the one point nine trillion dollar coronavirus relief

514
00:26:45,359 --> 00:26:49,399
Speaker 1: package back in March. That was obviously such a huge

515
00:26:49,520 --> 00:26:54,360
Speaker 1: point of discussion both uh, you know, on on Capitol

516
00:26:54,440 --> 00:27:00,480
Speaker 1: Hill between uh, you know, late into early and also

517
00:27:00,600 --> 00:27:03,320
Speaker 1: you know, just kind of a dominant topic on the

518
00:27:03,480 --> 00:27:06,960
Speaker 1: campaign trail as well. It was something that that now

519
00:27:07,119 --> 00:27:10,720
Speaker 1: President Joe Biden really ran on as a candidate challenging

520
00:27:10,800 --> 00:27:13,760
Speaker 1: Donald Trump. And you know, of course the perhaps the

521
00:27:14,160 --> 00:27:20,159
Speaker 1: hallmark of this legislation, um is the direct stimulus payment

522
00:27:20,600 --> 00:27:24,240
Speaker 1: to Americans, which we really saw breakthrough and and resonate

523
00:27:24,680 --> 00:27:27,120
Speaker 1: with the public in a way that that a lot

524
00:27:27,400 --> 00:27:31,840
Speaker 1: of legislation in policy, uh, in the in the power

525
00:27:31,920 --> 00:27:36,040
Speaker 1: quarters of Washington does not seem to to find folks

526
00:27:36,119 --> 00:27:40,040
Speaker 1: on Main Street. The American Rescue Plan the number one

527
00:27:40,119 --> 00:27:44,640
Speaker 1: story that resonates with Americans, even before we spent six

528
00:27:44,840 --> 00:27:49,520
Speaker 1: months debating the Build Back Better Plan, reconciliation, infrastructure, and

529
00:27:50,000 --> 00:27:52,960
Speaker 1: everything else that seemed to steal headlines. What do you

530
00:27:53,080 --> 00:27:54,600
Speaker 1: what do you make of that camera? Is it the

531
00:27:54,640 --> 00:27:57,400
Speaker 1: fact that it involved direct checks to Americans? I think

532
00:27:57,480 --> 00:28:02,800
Speaker 1: that's absolutely what we're seeing here, Joe. We did a

533
00:28:03,000 --> 00:28:07,000
Speaker 1: ton of pulling around the American Rescue Plan back in

534
00:28:07,119 --> 00:28:10,040
Speaker 1: the in the beginning of the year as it was

535
00:28:10,400 --> 00:28:14,760
Speaker 1: coming to fruition and and moving uh from chamber to

536
00:28:14,880 --> 00:28:18,040
Speaker 1: chamber on Capitol Hill. And you know, what we found

537
00:28:18,160 --> 00:28:20,600
Speaker 1: was that far and away of the of the very

538
00:28:20,760 --> 00:28:25,160
Speaker 1: many provisions tucked into that bill, voters were much more

539
00:28:25,320 --> 00:28:30,480
Speaker 1: likely to report, you know, recognizing the checks aspect of

540
00:28:30,600 --> 00:28:34,159
Speaker 1: it than than to than to realize many of the

541
00:28:34,280 --> 00:28:36,800
Speaker 1: other things like it did, such as, you know, create

542
00:28:36,880 --> 00:28:41,720
Speaker 1: the expanded child tax credit, or you know, a variety

543
00:28:41,760 --> 00:28:44,400
Speaker 1: of other kind of provisions as they relate to kind

544
00:28:44,440 --> 00:28:47,680
Speaker 1: of you know, the social safety net. So you know,

545
00:28:48,080 --> 00:28:52,840
Speaker 1: very very clear that money talks, and more importantly, it

546
00:28:53,320 --> 00:28:56,600
Speaker 1: resonates with the American public. I wonder if there's some

547
00:28:56,720 --> 00:28:59,000
Speaker 1: fatigue as well, And my gosh, it's hard to start

548
00:28:59,080 --> 00:29:01,480
Speaker 1: telling and let you're a real wonk like we are.

549
00:29:02,040 --> 00:29:04,440
Speaker 1: Some of these pieces of legislation apart they all have

550
00:29:04,600 --> 00:29:08,120
Speaker 1: weird names Build Back Better, American Rescue Plan, there's infrastructure,

551
00:29:08,200 --> 00:29:12,160
Speaker 1: hard infrastructure, soft infrastructure to people tune out during the summer.

552
00:29:12,960 --> 00:29:16,240
Speaker 1: Uh they do. And you know, really the other the

553
00:29:16,320 --> 00:29:18,920
Speaker 1: other important part of this is that you know, some

554
00:29:19,120 --> 00:29:22,240
Speaker 1: of those other pieces of legislation, uh, you know, kind

555
00:29:22,240 --> 00:29:27,080
Speaker 1: of as you mentioned, have been you know, installed on progress.

556
00:29:27,280 --> 00:29:31,040
Speaker 1: They've taken a really really long time to come together.

557
00:29:31,360 --> 00:29:34,200
Speaker 1: And you know, I think really just with with respect

558
00:29:34,240 --> 00:29:36,720
Speaker 1: to to the to the Democratic Party on Capitol Hill,

559
00:29:36,760 --> 00:29:40,320
Speaker 1: I think they've really had some messaging problems. Uh, you know,

560
00:29:40,520 --> 00:29:43,120
Speaker 1: talking about the benefits of the bill, really spending time

561
00:29:43,240 --> 00:29:46,120
Speaker 1: messaging the bill, especially as it relates to Build Back Better.

562
00:29:46,280 --> 00:29:49,400
Speaker 1: They didn't even really you know, know exactly what what

563
00:29:49,720 --> 00:29:52,800
Speaker 1: was in it. Uh, you know, Joe Mansion opposes in

564
00:29:52,920 --> 00:29:55,600
Speaker 1: its current form, and it probably looks like it's it's

565
00:29:55,640 --> 00:29:58,400
Speaker 1: going to change again if they are going to get

566
00:29:58,640 --> 00:30:01,480
Speaker 1: into any kind of a product. But you know, obviously,

567
00:30:01,960 --> 00:30:06,480
Speaker 1: whenever a president takes office with his party and control

568
00:30:06,520 --> 00:30:08,920
Speaker 1: of both Chambers and Capitol Hill at the very beginning

569
00:30:09,000 --> 00:30:11,520
Speaker 1: of the presidency. We see something of a of a

570
00:30:11,600 --> 00:30:16,200
Speaker 1: honeymoon period in terms of a popular appeal of the president,

571
00:30:16,440 --> 00:30:19,440
Speaker 1: but we also see a big focus on what that

572
00:30:19,640 --> 00:30:23,200
Speaker 1: new kind of governing majority, that new government of Washington

573
00:30:23,360 --> 00:30:26,320
Speaker 1: is going to do. And the way that Democrats were

574
00:30:26,360 --> 00:30:30,440
Speaker 1: able to move quickly and strike fast and get the

575
00:30:30,520 --> 00:30:34,160
Speaker 1: American rescue plan over the line and relatively short order

576
00:30:34,600 --> 00:30:39,080
Speaker 1: certainly helped create kind of a big media moment, uh

577
00:30:39,280 --> 00:30:43,520
Speaker 1: that you know, we really haven't seen replicated in the

578
00:30:43,640 --> 00:30:47,600
Speaker 1: months since. Then once things start to get drawn out here,

579
00:30:47,680 --> 00:30:51,120
Speaker 1: people stop paying attention in many cases. Cameron, how about

580
00:30:51,160 --> 00:30:53,640
Speaker 1: the Delta variant and COVID. This is on your list

581
00:30:53,720 --> 00:30:56,200
Speaker 1: among the top stories, and of course that shouldn't be

582
00:30:56,240 --> 00:30:59,000
Speaker 1: a surprise with the way it's impacted people on a

583
00:30:59,160 --> 00:31:02,560
Speaker 1: personal level. But I wonder if people's opinions are changing

584
00:31:02,760 --> 00:31:06,680
Speaker 1: about the way we're managing COVID. Well, you know, I

585
00:31:06,800 --> 00:31:09,840
Speaker 1: do think we are starting to see some indications, uh

586
00:31:10,000 --> 00:31:13,120
Speaker 1: that that is the case. But you know, first to

587
00:31:13,160 --> 00:31:15,800
Speaker 1: get back to your point about the Delta variant. Yes,

588
00:31:16,000 --> 00:31:21,960
Speaker 1: it was the uh fifth most scene read or heard

589
00:31:22,000 --> 00:31:26,880
Speaker 1: about story of the year, with nearly three and five

590
00:31:26,960 --> 00:31:30,160
Speaker 1: voters reporting hearing a lot about that. Back when we

591
00:31:30,280 --> 00:31:32,960
Speaker 1: pulled on it kind of late June early July, when

592
00:31:33,000 --> 00:31:38,560
Speaker 1: it was really starting to take off, Democrats uh significantly

593
00:31:38,760 --> 00:31:42,600
Speaker 1: more likely than Republicans, about about fifteen points more likely

594
00:31:42,640 --> 00:31:45,600
Speaker 1: to report hearing a lot about that, which I think,

595
00:31:45,680 --> 00:31:47,800
Speaker 1: you know, sees a little bit bit more into the

596
00:31:48,120 --> 00:31:50,240
Speaker 1: point that you're that you're trying to bank there. This

597
00:31:50,440 --> 00:31:53,360
Speaker 1: is something that we have seen kind of across the board,

598
00:31:53,400 --> 00:31:56,520
Speaker 1: is that well, Democrats are more likely than Republicans to

599
00:31:56,600 --> 00:31:59,680
Speaker 1: hear a lot about any particular news event, uh for

600
00:32:00,000 --> 00:32:03,560
Speaker 1: own news in particular, we see that effect is magnified,

601
00:32:03,760 --> 00:32:06,440
Speaker 1: and COVID happens to be one of them. You know,

602
00:32:06,560 --> 00:32:09,600
Speaker 1: since early on in the pandemic, uh, since you know

603
00:32:09,760 --> 00:32:12,880
Speaker 1: President Trump at the time kind of uh instructed the

604
00:32:12,920 --> 00:32:16,520
Speaker 1: country to to open up back in April, we've really

605
00:32:16,640 --> 00:32:23,280
Speaker 1: seen um an increasingly uh politicized perception of the virus,

606
00:32:23,440 --> 00:32:25,880
Speaker 1: where really your your stance on the virus is just

607
00:32:26,040 --> 00:32:31,560
Speaker 1: become really uh innately linked to to your own political identity.

608
00:32:32,040 --> 00:32:34,000
Speaker 1: And I think that's kind of something that we're that

609
00:32:34,080 --> 00:32:37,000
Speaker 1: we're seeing here with with these numbers. Uh. You know,

610
00:32:37,440 --> 00:32:40,840
Speaker 1: I do think with with the omicron variant. We are

611
00:32:41,720 --> 00:32:46,840
Speaker 1: starting to see perhaps maybe some some some COVID state

612
00:32:46,880 --> 00:32:52,160
Speaker 1: of emergency fatigue. Another really interesting and useful tool that

613
00:32:52,360 --> 00:32:55,280
Speaker 1: that Morning Console employees and tracks on a weekly basis

614
00:32:55,640 --> 00:32:59,760
Speaker 1: is tracking consumers comfort towards a variety of activities uh

615
00:32:59,800 --> 00:33:02,920
Speaker 1: in public sphere. And one thing that we have seen

616
00:33:03,040 --> 00:33:06,200
Speaker 1: in recent weeks is that as cases have have risen

617
00:33:06,240 --> 00:33:08,720
Speaker 1: with a macron and we're starting to see a lot

618
00:33:08,800 --> 00:33:12,920
Speaker 1: of media attention on the variant, UH, the share of

619
00:33:13,080 --> 00:33:17,880
Speaker 1: of of consumer comfort hasn't really declined or or reacted

620
00:33:17,960 --> 00:33:20,640
Speaker 1: in any way that that news coverage. So it is

621
00:33:20,720 --> 00:33:24,720
Speaker 1: certainly possible that we are, you know, starting to see

622
00:33:25,280 --> 00:33:29,280
Speaker 1: some kind of a different posture generally from the public

623
00:33:29,360 --> 00:33:32,520
Speaker 1: towards the virus. It's definitely too early to tell, uh.

624
00:33:32,560 --> 00:33:35,720
Speaker 1: And that's just one that's just one possibility, yeah, boy,

625
00:33:35,760 --> 00:33:37,640
Speaker 1: and I suspect that could change a few more times

626
00:33:37,840 --> 00:33:41,760
Speaker 1: in depending on the trajectory of the pandemic. I thought

627
00:33:41,800 --> 00:33:46,000
Speaker 1: gas prices would rank fairly high here, Cameron. How about

628
00:33:46,240 --> 00:33:48,920
Speaker 1: in terms of energy, you found that no news story

629
00:33:49,120 --> 00:33:52,600
Speaker 1: broke through like the Texas power crisis. What do you

630
00:33:52,680 --> 00:33:55,200
Speaker 1: make of that? Well, you know, I think we're seeing

631
00:33:55,440 --> 00:33:59,800
Speaker 1: a couple of things here. One thing is that we

632
00:34:00,040 --> 00:34:03,840
Speaker 1: are starting to see the media in general pay a

633
00:34:04,040 --> 00:34:11,480
Speaker 1: little closer attention, uh two to weather Traditionally weather stories

634
00:34:11,880 --> 00:34:15,560
Speaker 1: that may may or may not have have implications or

635
00:34:16,120 --> 00:34:18,960
Speaker 1: or be kind of I don't know, showing us some

636
00:34:19,239 --> 00:34:24,200
Speaker 1: kind of impact of the longer term changes that were

637
00:34:24,320 --> 00:34:27,160
Speaker 1: that were happening to see in the climate with with

638
00:34:27,920 --> 00:34:30,200
Speaker 1: as as it relates to the earth. But I think

639
00:34:30,239 --> 00:34:34,160
Speaker 1: what you're really seeing here with the Texas power blackouts

640
00:34:34,200 --> 00:34:38,120
Speaker 1: being the second most read, most being read heard about

641
00:34:38,160 --> 00:34:41,040
Speaker 1: story of the year, UH, is you're you're talking about

642
00:34:41,080 --> 00:34:44,279
Speaker 1: a story that was kind of made for for a

643
00:34:44,400 --> 00:34:48,880
Speaker 1: cable news cycle, right. Uh. It's something that uh is

644
00:34:49,000 --> 00:34:54,919
Speaker 1: happening for a extended period of time. Uh. And it's

645
00:34:55,000 --> 00:34:58,360
Speaker 1: also you know, it's a it's a legitimate crisis for

646
00:34:58,520 --> 00:35:02,680
Speaker 1: that entire period of time. And so which as you

647
00:35:03,080 --> 00:35:06,279
Speaker 1: as as a result, you you see a lot of

648
00:35:06,600 --> 00:35:10,800
Speaker 1: of steady media attention um paid to the topic. And

649
00:35:10,920 --> 00:35:13,640
Speaker 1: I really think that's kind of what what makes the

650
00:35:13,760 --> 00:35:17,160
Speaker 1: difference in a lot of cases, uh, with with these

651
00:35:17,280 --> 00:35:20,200
Speaker 1: news vests and standing out you know. On that note,

652
00:35:20,600 --> 00:35:23,480
Speaker 1: you know, another of the two of the other top

653
00:35:23,560 --> 00:35:26,319
Speaker 1: five stories here on our on our top stories left

654
00:35:26,719 --> 00:35:30,000
Speaker 1: are also really kind of you know, made for cable

655
00:35:30,160 --> 00:35:35,920
Speaker 1: TV stories, the condominium building collapse and serves that that

656
00:35:36,360 --> 00:35:39,480
Speaker 1: killed dozens and and kind of spawned, you know, weeks

657
00:35:39,560 --> 00:35:43,920
Speaker 1: and weeks of of of questions and coverage about what

658
00:35:44,080 --> 00:35:47,279
Speaker 1: went wrong, how could something like this happened? That was

659
00:35:47,400 --> 00:35:50,120
Speaker 1: also near the top. And then of course, you know

660
00:35:50,239 --> 00:35:54,200
Speaker 1: the trial of of Derek Chosen, the former Many Latist

661
00:35:54,239 --> 00:35:57,160
Speaker 1: police officer who was found guilty of murder an monte

662
00:35:57,160 --> 00:35:59,800
Speaker 1: manslaughter for the for the death of of George Floyd.

663
00:35:59,880 --> 00:36:03,080
Speaker 1: And you know, that's just another one of those drift

664
00:36:03,160 --> 00:36:06,680
Speaker 1: drift drift stories, uh, that happens in a relatively short

665
00:36:06,719 --> 00:36:09,400
Speaker 1: period of time where there's just a ton of of

666
00:36:09,680 --> 00:36:13,000
Speaker 1: media focus on what's happening. And so I think that's

667
00:36:13,120 --> 00:36:16,760
Speaker 1: that's a huge part of what makes those three stories,

668
00:36:16,840 --> 00:36:20,640
Speaker 1: the Texas blackouts, the Schovin verdicts, and and the Surf

669
00:36:20,719 --> 00:36:24,239
Speaker 1: Side condo collapse really resonate deeply is that they have

670
00:36:24,440 --> 00:36:26,840
Speaker 1: these legs in the news cycle and they really have

671
00:36:27,120 --> 00:36:30,480
Speaker 1: time and space to kind of embed themselves in American psyche.

672
00:36:31,000 --> 00:36:33,880
Speaker 1: Really interesting info from Cameron Easley. We thank you Cameron,

673
00:36:33,960 --> 00:36:37,880
Speaker 1: senior editor at morning consults with us on sound On.

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00:36:38,000 --> 00:36:40,120
Speaker 1: I'm Joe Matthew. This is Bloomba