WEBVTT - Surveillance: We Still Have Work To Do, Rep. Scalise Says 0:00:09.840 --> 0:00:13.800 Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jay Ley. 0:00:13.960 --> 0:00:17.560 We bring you insight from the best in economics, finance, investment, 0:00:18.000 --> 0:00:23.480 and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 0:00:23.600 --> 0:00:27.480 Bloomberg dot Com, and of course on the Bloomberg Jim 0:00:27.520 --> 0:00:29.920 Glassman joins us of JP Morgan, who has given us 0:00:30.320 --> 0:00:35.720 wonderful perspective over the years over jobs, over wages, and 0:00:35.840 --> 0:00:39.920 over this quote a fully employed America. One of your charms, 0:00:40.159 --> 0:00:42.800 Jim and your were way out front on this was 0:00:43.000 --> 0:00:48.000 seeing help wanted signs outside businesses. Even I'm seeing them 0:00:48.040 --> 0:00:51.400 now here in one zero zero two two. They're out there, 0:00:51.400 --> 0:00:53.760 aren't they. They're all over the place. UM. I had 0:00:53.760 --> 0:00:56.279 to travel a lot and talk to businesses that are 0:00:56.280 --> 0:00:58.280 trying to manage things, and this is the number one 0:00:58.680 --> 0:01:01.400 issue we're trying to find bow trying to figure out 0:01:01.440 --> 0:01:04.360 how to retain them. There's some clever things going on 0:01:04.400 --> 0:01:06.959 people are figuring out, like crazing their wages. Well, that 0:01:06.959 --> 0:01:09.880 would be one thing, but there, for example, it's hard 0:01:09.880 --> 0:01:13.040 to convince somebody give them a four one plan. Young 0:01:13.040 --> 0:01:16.880 people don't care about retirement plans. But point there's forty two, 0:01:16.959 --> 0:01:19.319 so student loans, student loans. Some of them are clever. 0:01:19.400 --> 0:01:22.600 Ones are talking about paying help paying down student loans 0:01:22.600 --> 0:01:25.520 for kids, like the nonprofits to do. And you get 0:01:25.560 --> 0:01:27.480 that benefit as long as you stay at the company. 0:01:27.640 --> 0:01:30.120 John and I, we're live in a rarefied atmosphere. I 0:01:30.160 --> 0:01:33.760 don't know if you know that, but okay, to to 0:01:33.959 --> 0:01:36.560 all the people coast to coast, listen to this. Somebody's 0:01:36.600 --> 0:01:40.280 making thirty eight five or forty two seven or whatever, 0:01:40.720 --> 0:01:43.280 and they really need to get up three or four 0:01:43.360 --> 0:01:48.360 thousand dollars. Why aren't those conversations happening in a sub 0:01:48.440 --> 0:01:52.720 four percent America job economy. Yeah, it's it's interesting. I mean, 0:01:52.760 --> 0:01:54.880 we're all. Anyone who grew up in the seventies and 0:01:54.920 --> 0:01:57.120 eighties and saw how this worked is surprised by it. 0:01:57.160 --> 0:01:59.200 But I think some of them is the problem is 0:01:59.200 --> 0:02:02.520 businesses are opera it in the same competitive environment that 0:02:02.640 --> 0:02:06.040 workers are. And I think businesses are just being really 0:02:06.120 --> 0:02:08.080 cautious about this because they don't know whether they can 0:02:08.280 --> 0:02:11.760 up their price. John jump in. I got my own theory. John, 0:02:11.840 --> 0:02:13.440 jump in here, and see what I think. Jim is 0:02:13.480 --> 0:02:16.520 touched on an important story that labor costs are going 0:02:16.639 --> 0:02:19.560 up for the employer. It costs small to employ someone 0:02:19.560 --> 0:02:21.760 in America. Now, there's a lot of benefits they pay 0:02:21.880 --> 0:02:24.720 for healthcare. Healthcare is one of them, and workers don't 0:02:24.760 --> 0:02:27.240 see that. And I keep asking people, well, why aren't 0:02:27.240 --> 0:02:29.760 you showing that in your paycheck. I know what the 0:02:29.800 --> 0:02:31.920 price of gas is that all my local gas stations. 0:02:31.960 --> 0:02:34.560 I don't really know what my company pays for benefits 0:02:34.639 --> 0:02:36.600 unless I go to the website. So it's not in 0:02:36.600 --> 0:02:39.200 everyone's face, and they tend to think, well, if you've 0:02:39.200 --> 0:02:41.040 got to pay more for my benefits, they don't tend 0:02:41.120 --> 0:02:43.080 to think of that as a pay as they're part 0:02:43.120 --> 0:02:45.200 of their pay. But it is from a company's point 0:02:45.200 --> 0:02:47.200 of view. So it's that a structural change. Jim that 0:02:47.200 --> 0:02:49.360 you just don't think he's being captured by the economic 0:02:49.440 --> 0:02:51.840 diight set. No, it is captured. We watch it in 0:02:51.919 --> 0:02:54.760 the employment cost index measures, for example. They capture a 0:02:54.760 --> 0:02:56.840 lot of the cost of benefits. But I think for 0:02:56.880 --> 0:02:59.600 the average worker, they don't see it. And what they 0:02:59.600 --> 0:03:03.160 don't dan is why their employers maybe are being so cautious, 0:03:03.200 --> 0:03:05.440 but maybe because they're not aware of what's going on 0:03:05.480 --> 0:03:07.840 with health care costs and all the other benefits that 0:03:07.840 --> 0:03:09.760 the companies pay for. Jim, let's talk about the week 0:03:09.800 --> 0:03:13.200 ahead as well. Cp I retail sales and the chairman 0:03:13.320 --> 0:03:17.160 Federals of Chairman j pal speaking likes this week as well. 0:03:17.200 --> 0:03:18.920 What's the highlight for you out of those three things. 0:03:19.080 --> 0:03:22.600 Retail sales I think are pretty impressive. Consumer trends are good. 0:03:23.480 --> 0:03:27.119 I think the CPI, to me, what's what's valuable, what's 0:03:27.160 --> 0:03:29.160 useful about what's going on with the dollar right now? 0:03:29.480 --> 0:03:31.600 It's helping to damp in some of the worries about 0:03:31.600 --> 0:03:33.799 inflation in the US. Maybe it's spreading it to your 0:03:33.840 --> 0:03:35.960 it will shift it to Europe a little bit, and 0:03:35.960 --> 0:03:38.119 and to China. But I think you know, of all 0:03:38.160 --> 0:03:40.840 the things I worry about in my list of and 0:03:41.240 --> 0:03:43.280 it's not a long list, the FED is not on 0:03:43.320 --> 0:03:46.120 that list. Interesting why because all the FT's trying to 0:03:46.160 --> 0:03:48.440 do is take their foot off the gas. And I 0:03:48.520 --> 0:03:50.560 know people have gotten used to zero interest rates in 0:03:50.600 --> 0:03:53.320 the last decade, but the fact is the FET is 0:03:53.320 --> 0:03:55.640 really just trying to move things back to something more normal. 0:03:55.680 --> 0:03:57.400 We never know what normal is, but they're not going 0:03:57.440 --> 0:04:01.280 to go overboard, particularly with inflation. Well behaved, you'll you'll 0:04:01.320 --> 0:04:04.280 know when the FED gets around and thinking about stepping 0:04:04.320 --> 0:04:06.120 on the brakes. That's not our word, you know. I 0:04:06.160 --> 0:04:09.960 know you thirty years ago were absolutely glued to what 0:04:10.080 --> 0:04:12.840 bon Jovi was doing, and they had they had the 0:04:12.920 --> 0:04:15.840 number one hear thirty years ago bat medicine. Okay, fine, 0:04:16.400 --> 0:04:19.120 now you mentioned those of us from twenty and thirty 0:04:19.200 --> 0:04:21.799 years ago. We're looking at this job economy and going, yeah, really, 0:04:22.400 --> 0:04:26.240 I would suggest what's changed is the direct linkage of 0:04:26.400 --> 0:04:32.320 bonus for executives to labor compensation. If they give labor 0:04:32.440 --> 0:04:36.120 a wage, now they feel it comes directly out of 0:04:36.200 --> 0:04:40.920 their large bonus compensation. Were thirty years ago, they didn't 0:04:40.920 --> 0:04:43.600 have that structure. Yeah, that you know. I think the 0:04:43.640 --> 0:04:47.560 bigger story, though, is innovation has been very disruptive for 0:04:47.600 --> 0:04:50.159 their workface. So if you look at the what happened 0:04:50.160 --> 0:04:52.880 to the share of income the goes to workers and 0:04:52.920 --> 0:04:54.840 the share of it goes to profits and other things. 0:04:55.160 --> 0:04:58.480 It really compressed back in the two decades ago, which 0:04:58.480 --> 0:05:00.960 is why all of us economists are talking about the 0:05:01.120 --> 0:05:04.440 superstar effect, the Amazon's you know, as all of us 0:05:04.440 --> 0:05:07.360 go shopping on our phones. It's transformed retail sector. And 0:05:07.400 --> 0:05:10.400 I really think it's innovation that is driving a lot 0:05:10.440 --> 0:05:14.240 of the challenges that workers face. Um and I think, 0:05:15.160 --> 0:05:16.680 you know, I don't know how you get around the 0:05:16.720 --> 0:05:18.240 way to get around that as you've got to figure 0:05:18.240 --> 0:05:19.600 out how to get people there. There are a lot 0:05:19.600 --> 0:05:21.400 of new jobs that have opened up because of that, 0:05:21.720 --> 0:05:24.720 but you gotta get it. Takes a lifetime sometimes to 0:05:24.760 --> 0:05:28.080 prepare for that kind of stuff. Okay, Jim Blassman, thank 0:05:28.120 --> 0:05:32.359 you so much. A good conversation here on on the 0:05:33.000 --> 0:05:34.960 I get more mail John in this than anything else. 0:05:37.640 --> 0:05:41.520 Kevin Book joining us now striding it's wrong with you? 0:05:41.839 --> 0:05:44.360 Kevin Book joining us now, Clay, have you Energy Partners 0:05:44.640 --> 0:05:47.880 head of research? Important? Seriously, what's important in Australia as 0:05:47.920 --> 0:05:50.920 we look at as a US story the Stratis it 0:05:51.080 --> 0:05:55.719 ran you know you're oil. Yeah, it's you know, you 0:05:55.760 --> 0:05:57.839 make a joke about it, but it's a huge deal 0:05:58.320 --> 0:06:01.480 away from West Texas Intermedia massively. Kevin Book joining us 0:06:01.480 --> 0:06:04.560 now clear for you? Energy Partner's head of research, Kevin, 0:06:04.920 --> 0:06:07.120 How have we gone from a situation where the Saudis 0:06:07.160 --> 0:06:10.200 is saying, pump baby, pump two. Maybe we cut through 0:06:10.240 --> 0:06:13.600 next year and we need it. Well, they're looking at 0:06:13.640 --> 0:06:17.560 a seasonal blow basically first quarter is always weak for demand. 0:06:17.880 --> 0:06:21.159 On top of that, you have currency adjusted prices hitting 0:06:21.200 --> 0:06:24.600 some of the non dollar importers harder, weaker GDP, and 0:06:24.680 --> 0:06:28.839 with that everybody pumping faster than ever expected, Russia rising 0:06:28.880 --> 0:06:31.640 to the challenge the US UH boils coming out of 0:06:31.640 --> 0:06:34.320 the premium basically on the backs of burrows, even though 0:06:34.360 --> 0:06:36.880 pipelines aren't there to carry it. UH. And that's bringing 0:06:36.880 --> 0:06:38.640 a lot of supply to the world. So they're looking 0:06:38.680 --> 0:06:42.159 at a lush world. They're seeing some some price weakness. UH. 0:06:42.200 --> 0:06:44.480 The question whether they really cut or whether they talked 0:06:44.480 --> 0:06:48.640 about cutting is a different question. We kissed below seventy Brent, 0:06:49.000 --> 0:06:52.040 the princes above seventy. Now, you know, words go far 0:06:52.080 --> 0:06:54.760 in this world. I mean, Kevin, what's so important hereon? 0:06:54.880 --> 0:06:57.520 And John brings it up with a discussion of Australian 0:06:57.680 --> 0:07:01.120 in folks out of the Asia or aust Asian coverage 0:07:01.120 --> 0:07:03.800 is very important in the New York Evening. But Kevin, 0:07:03.839 --> 0:07:07.000 what is so important here is we forget about nations 0:07:07.000 --> 0:07:13.080 like Australia that are completely dependent unimported oil. How are 0:07:13.080 --> 0:07:16.880 they doing in this latest mix? Well, you know, it 0:07:16.920 --> 0:07:19.080 depends on who's imported from where. If you were buying 0:07:19.080 --> 0:07:22.760 your oil from Iran, you definitely have a different sort 0:07:22.800 --> 0:07:25.160 of thinking to do. For India, you're talking about ten 0:07:25.240 --> 0:07:28.000 or fifteen percent of imports. For China, you're in the 0:07:28.040 --> 0:07:31.840 single digits. Really only Turkey massively exposed. For everyone else 0:07:31.880 --> 0:07:34.240 buying oil on the open market, quality is the question, 0:07:34.320 --> 0:07:36.080 and it's the question of whether you're going to get 0:07:36.080 --> 0:07:38.920 the mediums that are going to be extremely tight as 0:07:38.960 --> 0:07:41.920 the Iran oil sanctions ramp, or whether there's a there's 0:07:42.040 --> 0:07:44.840 refineries that can make good use of light with distillate 0:07:45.000 --> 0:07:48.040 demand being the thing that's leading the pail right now, Uh, 0:07:48.320 --> 0:07:50.160 you're probably going to see less of a bid for 0:07:50.160 --> 0:07:53.280 the light and see some of the margins compressed with 0:07:53.360 --> 0:07:56.480 the distillate driving up the medium barrels. And John has 0:07:56.480 --> 0:07:58.960 comes from a very smart article out of Sydney with 0:07:59.000 --> 0:08:02.840 the conversation is a title of the blog. Fifty two 0:08:02.880 --> 0:08:07.960 percent of imported petrol comes from Singapore, eighteen percent from 0:08:08.000 --> 0:08:12.560 South Korea, twelve from Japan. Well, you know, like introit's 0:08:12.800 --> 0:08:14.920 serious issue. Well, let's talk about some of the refining 0:08:14.960 --> 0:08:17.240 demand in China. Kevin, It's really difficult to get a 0:08:17.280 --> 0:08:19.080 few on what is happening with China at the moment, 0:08:19.120 --> 0:08:20.520 because many people will tell you a story of a 0:08:20.560 --> 0:08:24.040 slow down, deceleration and potentially weakening demand for commodities maybe 0:08:24.040 --> 0:08:26.840 in the future. In the here and now, we're looking 0:08:26.880 --> 0:08:28.800 at record crude demand arm WEA for some of the 0:08:28.840 --> 0:08:32.439 private refiners. Yeah, this is first of all, it's the 0:08:32.520 --> 0:08:35.520 opacity problem that I don't think we can circumvent here 0:08:35.559 --> 0:08:38.920 from the States. Maybe with drones and lasers you can 0:08:38.920 --> 0:08:42.160 do a better job of sighting China. But from from 0:08:42.200 --> 0:08:45.000 our perspective, certainly very strong crude demand looking like strong 0:08:45.080 --> 0:08:49.040 throughputs and not yet weakness. Uh, they are building reserves. 0:08:49.080 --> 0:08:51.480 There's always a chance that some of those barrels went 0:08:51.520 --> 0:08:53.920 into the ground and not into refineries. But right now 0:08:53.920 --> 0:08:56.320 what we're seeing looks like a lot of refinery throughputs. So, 0:08:56.400 --> 0:08:58.320 Kevin is three big stories that I think of really 0:08:58.360 --> 0:09:01.439 pressured crude over the last month. One is the issue 0:09:01.480 --> 0:09:04.200 with Saudi Arabia pumping a ton of crude, a lot 0:09:04.200 --> 0:09:07.080 of crude. The other issue is Iran and the waivers 0:09:07.080 --> 0:09:08.960 that have actually been introduced to allow some of the 0:09:09.000 --> 0:09:12.160 importers of Iranian crew to carry on importing Iranian crude, 0:09:12.360 --> 0:09:14.520 and then the demand picture as well, which is becoming 0:09:14.520 --> 0:09:17.160 increasingly much more of the concern on the margin as well. 0:09:17.320 --> 0:09:20.000 Kevin off those three issues, what is the most important 0:09:20.000 --> 0:09:23.040 issue right now for the your market? I think you 0:09:23.120 --> 0:09:26.240 probably should focus on number three. Demand. At the start 0:09:26.240 --> 0:09:28.880 of this year, we talked about the US driver flattening 0:09:28.880 --> 0:09:32.400 out and declining on consumption, not because of price response, 0:09:32.679 --> 0:09:36.199 but because of efficiency built into the fleet undercutting demand. 0:09:36.520 --> 0:09:39.680 That's happening around the world. You have a more price 0:09:39.800 --> 0:09:42.800 driven demand response the non O E c D buyers 0:09:42.800 --> 0:09:46.400 they buy with GDP as it rises to As GDP slackens, 0:09:46.559 --> 0:09:49.199 demand slackens, the O E c D buyers much more 0:09:49.200 --> 0:09:52.160 price sensitive. But we're seeing increased price sensitivity in the 0:09:52.240 --> 0:09:55.680 Chinese consumption of crude and petroleum now as well, which 0:09:55.720 --> 0:09:58.959 means that with a high currency adjusted import price, you're 0:09:59.000 --> 0:10:04.000 going to see a relenting in Chinese demand eventually. Within 0:10:04.040 --> 0:10:07.800 the eventually is what big oil does? I mean we 0:10:07.840 --> 0:10:09.599 had I guess we had hopes for a whisper of 0:10:09.600 --> 0:10:12.520 a hundred dollars a barrel. Bring it back from your 0:10:12.559 --> 0:10:17.079 international relations study to what American big oil does. Are 0:10:17.120 --> 0:10:21.120 they just assuming barrel oil? Can they actually set higher 0:10:22.480 --> 0:10:26.120 different companies have different capital discipline. The engineers. Think of 0:10:26.160 --> 0:10:28.560 the U S Oil companies as engineers. They build it 0:10:28.600 --> 0:10:31.000 to run for a long time. Think of the international 0:10:31.000 --> 0:10:34.760 super majors as traders, resource starved, prospecting into the world, 0:10:34.760 --> 0:10:37.480 will trade anything, just make a margin? And think of 0:10:37.480 --> 0:10:39.800 the U S, E and P s basically uh if 0:10:39.800 --> 0:10:42.600 you will, as sort of the high risk, high profile, 0:10:42.960 --> 0:10:46.160 high price, break even kind of companies. When you look 0:10:46.200 --> 0:10:48.600 at this sort of the low end of the range 0:10:48.600 --> 0:10:51.040 on the price range, you tend to see more durability 0:10:51.040 --> 0:10:53.280 in the U S Super majors because they have break 0:10:53.360 --> 0:10:56.079 even prices the blow end of the deck. That's been 0:10:56.080 --> 0:10:59.880 a story and for the big these companies of a 0:11:00.080 --> 0:11:03.959 just did so much in the last company years. We 0:11:04.040 --> 0:11:06.040 caught up with Bob Dudley this morning and the brake 0:11:06.120 --> 0:11:08.120 even I forget what he said specifically, but was in 0:11:08.160 --> 0:11:12.320 and around sixty dollars. Sixty dollars Kevin. We've seen big changes, 0:11:12.360 --> 0:11:16.240 haven't we. Oh yeah, I mean look the way that 0:11:16.280 --> 0:11:18.720 you can look at the labor force, last tidy these 0:11:18.760 --> 0:11:22.440 companies have they laid off, lots of folks still haven't 0:11:22.480 --> 0:11:25.240 hired back. Some are doing reductions in force. Still they're 0:11:25.280 --> 0:11:27.559 parrying all the way down every which way they can. 0:11:27.960 --> 0:11:30.640 They're gearing up for a much a much tougher environment 0:11:30.640 --> 0:11:32.679 than the one they're in right now. I should just 0:11:32.720 --> 0:11:35.320 correct myself. Not the brake even, it's what they budget for, 0:11:35.840 --> 0:11:37.720 and Kevin just to be specific about that. Not the 0:11:37.720 --> 0:11:41.040 brake even, but just what they're budgeting up. It's changed 0:11:42.280 --> 0:11:46.040 a healthy internal ready to return fives into that. What 0:11:46.280 --> 0:11:51.520 is the international oil relations that our cabinet officers should 0:11:51.520 --> 0:11:53.760 focus on. It's a run and run and run is 0:11:53.800 --> 0:11:56.440 that the way to go? Or they too focused on 0:11:56.480 --> 0:11:59.599 a run? Well, Iran is into an oil issue. I 0:11:59.720 --> 0:12:03.679 runs nuclear proliferation and nucional terror issue. Um. But if 0:12:03.720 --> 0:12:05.480 you want oil to come to market, you have to 0:12:05.480 --> 0:12:08.000 think about not just Saudi Arabia but Russia. And I 0:12:08.040 --> 0:12:10.120 think one of the stories that's under appreciated in the 0:12:10.200 --> 0:12:13.280 last six months is that the Trump administration did go 0:12:13.320 --> 0:12:16.320 to Russia and asked for more oil there as well. UH, 0:12:16.520 --> 0:12:19.560 three pillars to the market US Saudi Russia can't have 0:12:19.679 --> 0:12:23.120 an around policy that compresses buyers of ariding and crude 0:12:23.120 --> 0:12:27.640 without it. I mean, does Mr Putin want to deliver 0:12:27.720 --> 0:12:31.040 more oil he certainly doesn't seem to want to stop. 0:12:31.080 --> 0:12:33.760 Market share is good on you know, if they're buying 0:12:34.000 --> 0:12:38.040 services and in upstream costs in rubles and they're selling 0:12:38.080 --> 0:12:41.240 in dollars, then the world of u S sanctions compressing 0:12:41.280 --> 0:12:44.080 the ruble has been profitable for a lot of companies, 0:12:44.120 --> 0:12:47.200 plus healthy taxation on the outbound. I think we're at 0:12:47.200 --> 0:12:50.280 a pub Soviet record on we Haven for production. We 0:12:50.400 --> 0:12:53.360 are then they show no signs of of wanting to 0:12:53.400 --> 0:12:58.840 slack in anytime soon. Kevin, thank you, really smart, really 0:12:58.880 --> 0:13:04.120 smart this morning, on this veteran's day. It is important 0:13:04.120 --> 0:13:08.800 to speak to officials across this nation, and there's no 0:13:08.840 --> 0:13:13.000 one within the Republican Party, particularly with the passing of 0:13:13.080 --> 0:13:16.640 John McCain to speak to. And the gentleman from Louisiana, 0:13:16.679 --> 0:13:19.840 Steve Scalise, is of course a Republican. He has focused 0:13:19.880 --> 0:13:23.000 on a return to Congress, a lame duck Congress before 0:13:23.120 --> 0:13:27.280 a new minority moment for his Republicans. He's in the running, 0:13:27.280 --> 0:13:30.520 of course Wednesday for leadership position. And we are honor 0:13:30.600 --> 0:13:34.640 that the congressman visits us today. Back in the game, 0:13:34.840 --> 0:13:37.880 one gunman, countless heroes in the fight for my life 0:13:38.400 --> 0:13:40.960 and It's not the usual quick read. It is a 0:13:41.080 --> 0:13:45.560 carefully written effort about what he went through after an 0:13:45.559 --> 0:13:49.320 horrific shooting in Washington and farm more and always with 0:13:49.360 --> 0:13:53.319 Steve Scalize the view forward as well, What is your 0:13:53.400 --> 0:13:58.440 view forward, Congressman? Thank My view forward is is first 0:13:58.440 --> 0:14:01.319 of all, to keep getting better. I I'm down to 0:14:01.400 --> 0:14:03.680 one crutch now. I had to learn how to walk again, 0:14:04.200 --> 0:14:05.960 and of course I talked about that in the book, 0:14:05.960 --> 0:14:09.559 the whole process of going from almost dying to to now. 0:14:10.280 --> 0:14:12.120 I had a scooter I needed to use to get 0:14:12.120 --> 0:14:14.680 around on, and I had two crutches. Now I'm down 0:14:14.679 --> 0:14:17.040 to one crutch. And my next goal is to to 0:14:17.080 --> 0:14:20.080 be able to walk again without without crutches. I'm not 0:14:20.120 --> 0:14:22.720 sure if I'll be able to run again, but at least, 0:14:22.760 --> 0:14:25.160 you know, I talked about this too, that it really 0:14:25.160 --> 0:14:27.120 focuses you in the things that are important in life, 0:14:27.360 --> 0:14:29.200 you know. And I love my family. I get to 0:14:29.560 --> 0:14:31.800 do do a lot more. I've been hunting a lot 0:14:31.800 --> 0:14:33.960 more with my son, and you know, just spend a 0:14:34.040 --> 0:14:35.520 lot a lot of times on the weekends in New 0:14:35.640 --> 0:14:37.960 Orleans with my family. And I love my job, and 0:14:38.200 --> 0:14:40.520 I was so honored to be able to get back 0:14:40.560 --> 0:14:43.840 to work in September last year too, you know, to 0:14:43.880 --> 0:14:45.600 be in the middle of working with this president and 0:14:45.600 --> 0:14:47.960 getting things done and you know, getting the country back 0:14:48.000 --> 0:14:49.800 on track. It's it's a passion of mine and I 0:14:49.800 --> 0:14:53.000 get to do that as well. The medical debate became 0:14:53.040 --> 0:14:56.400 important in this election, and not not that it came 0:14:56.400 --> 0:14:59.800 out of nowhere, but certainly it became dominant across the 0:15:00.000 --> 0:15:03.200 eland of this country. How many doctors and nurses at 0:15:03.200 --> 0:15:05.840 one given moment did you have around you? Did you 0:15:05.880 --> 0:15:08.440 get over like twenty doctors and nurses at one time? 0:15:09.440 --> 0:15:11.720 It was ad You talked about a team effort. I 0:15:12.320 --> 0:15:14.280 you know, I had everybody from you know, all the 0:15:14.320 --> 0:15:17.920 trauma surgeons that were at the Star Hospital, from Dr 0:15:18.000 --> 0:15:21.440 Saven his old whole team there to uh my words, 0:15:21.440 --> 0:15:23.360 Apedic Dr Gold, and I got to know them all 0:15:23.400 --> 0:15:26.200 by name and um and then the wonderful nurses that's 0:15:26.240 --> 0:15:29.640 the care of me too. Were there any Democrats there were, 0:15:29.960 --> 0:15:32.640 and you know some of them, some of them would 0:15:32.640 --> 0:15:36.960 share their political affiliation. They would ask if you know, 0:15:37.000 --> 0:15:39.000 they would ask, you know, you would just talk along 0:15:39.040 --> 0:15:40.520 the way. I mean, You've get you know, a lot 0:15:40.560 --> 0:15:44.040 of conversations with people and um, you know, and just 0:15:44.080 --> 0:15:46.520 one of the people. To me, it's not about what 0:15:46.560 --> 0:15:49.800 their affiliation is, it's you know, they did they were 0:15:49.800 --> 0:15:52.920 incredible professionals, and uh it took great care of me. 0:15:53.040 --> 0:15:57.280 And look my physical therapist and occupational therapists. Uh, they 0:15:57.360 --> 0:16:00.720 did wonders and still put me on the steve. Like 0:16:00.760 --> 0:16:03.960 a lot of Americans, I've been fortunate. I've avoided the 0:16:04.040 --> 0:16:09.240 medical issue. You haven't. And how did it change your 0:16:09.280 --> 0:16:13.400 perception of the healthcare debate in this country? You went 0:16:13.480 --> 0:16:18.160 through the reality of our medical industry. How did it 0:16:18.240 --> 0:16:22.760 change your view forward? You know, I've always been to 0:16:22.760 --> 0:16:25.400 the belief that we have the best medical delivery system 0:16:25.440 --> 0:16:28.600 in the world, and it had some problems before Obamacare, 0:16:28.720 --> 0:16:32.200 mostly related around cost and access. But for people whether 0:16:32.360 --> 0:16:34.760 if you were on Medicare, you like Medicare, if you 0:16:35.080 --> 0:16:37.920 had private insurance through your company, most people really liked 0:16:38.280 --> 0:16:41.440 that coverage. It was you know, people that had to 0:16:41.440 --> 0:16:43.920 go by on their own. There was no real marketplace, 0:16:44.200 --> 0:16:47.040 and Medicaid was the most broken form of healthcare. So 0:16:47.080 --> 0:16:51.000 Obamacare doubled down by literally dumping millions more people on Medicaid. 0:16:51.680 --> 0:16:54.440 It took money away from Medicare, and then in the 0:16:54.480 --> 0:16:57.720 private marketplace, you literally had no options, and so healthcare 0:16:57.720 --> 0:17:00.280 got even more expensive. What I like to see us 0:17:00.320 --> 0:17:03.680 get back to its a system of real free market competition. 0:17:03.760 --> 0:17:07.040 There is no price transparency. Uh there. You know, there's 0:17:07.080 --> 0:17:10.600 great medical professionals, but doctors shouldn't have to go check 0:17:10.640 --> 0:17:13.879 with unelected bureaucrats in Washington to figure out how to 0:17:14.359 --> 0:17:16.800 take care of their patients. We've got to get Washington 0:17:16.880 --> 0:17:19.879 bureaucrats out of the way more. The paperwork that's involved 0:17:19.880 --> 0:17:22.960 in healthcare is unbelievable. People are scared to death of 0:17:23.000 --> 0:17:25.760 going to jail, so they spending time fill up paperwork 0:17:25.800 --> 0:17:29.440 that they're not using taking care patients. You you come 0:17:29.480 --> 0:17:32.399 from Louisiana, from the South, with their immense support, not 0:17:32.440 --> 0:17:37.000 only in the military, but starting with the Marines as well. 0:17:37.960 --> 0:17:41.760 I think I saw a media distillation of the president's 0:17:41.800 --> 0:17:46.720 efforts in Paris this weekend. Can you distill for us 0:17:46.760 --> 0:17:50.520 what the southern military of this nation thinks when a 0:17:50.560 --> 0:17:54.920 president because of rain, because of exhaustion, whatever the excuses, 0:17:55.280 --> 0:17:58.440 doesn't show up it below. I mean, that was an 0:17:58.440 --> 0:18:02.640 extraordinary moment, but I want to know what Louisiana thought 0:18:02.680 --> 0:18:06.439 of that. Well. First of all, the President has been 0:18:06.480 --> 0:18:09.880 incredibly supportive our military. I see it on a regular basis. 0:18:10.359 --> 0:18:13.720 Um from Look, the National World War Two Museum is 0:18:13.760 --> 0:18:17.119 in New Orleans. We love our military. Yesterday was Veterans Day. 0:18:17.119 --> 0:18:20.199 We were today we celebrated. But yes, we also have 0:18:20.320 --> 0:18:23.840 the hundredth anniversary of Armistic WORL World War One, and 0:18:24.119 --> 0:18:27.600 the President was very he went to the memorial. He's 0:18:27.600 --> 0:18:31.480 to uh so many military ceremonies, and you know what 0:18:31.600 --> 0:18:34.959 would happen in Paris. I know there there are some 0:18:35.040 --> 0:18:37.560 of the European leaders that still don't want to acknowledge 0:18:37.600 --> 0:18:40.560 that he's president United States and he is making our 0:18:40.640 --> 0:18:44.680 NATO allies finally contribute to what they you know, to 0:18:44.800 --> 0:18:47.120 what they were promising to do. And that's a good thing. 0:18:47.119 --> 0:18:51.840 But look, the President attended the American Commemoration ceremony. Uh 0:18:52.000 --> 0:18:54.679 in Look, he's been wonderful to our military. And by 0:18:54.680 --> 0:18:56.920 the way, just signed a bill to get the largest 0:18:57.280 --> 0:18:59.600 pay raise to our men and women in uniform that 0:18:59.640 --> 0:19:02.679 they had years and and to give them the tools 0:19:02.680 --> 0:19:05.000 they need. I mean, last year we lost more men 0:19:05.040 --> 0:19:08.160 and women in uniform to training depths than the combat 0:19:08.200 --> 0:19:13.199 depth before thin It's it's unreal. How many people. I mean, 0:19:13.320 --> 0:19:15.159 you saw planes falling out of the sky because they 0:19:15.160 --> 0:19:18.480 didn't have the training parts they needed because the military 0:19:18.560 --> 0:19:21.280 was underfunded. And the President made it a point to 0:19:21.400 --> 0:19:23.760 address that, and we in Congress passed to build to 0:19:23.840 --> 0:19:26.720 fix that. Just a few months ago, the President funded 0:19:26.760 --> 0:19:28.840 in the law. How are you going to respond to 0:19:28.880 --> 0:19:30.640 this new Congress? You need to get through a lame 0:19:30.720 --> 0:19:34.159 duck term and then you will enjoy being a minority 0:19:34.320 --> 0:19:36.520 in the House. How does that change your data? Well? 0:19:36.560 --> 0:19:39.439 What doce that enjoy being in the minority. But you know, 0:19:39.480 --> 0:19:41.520 we still have some work to do in these last 0:19:41.600 --> 0:19:44.000 few months in the majority. And what are you gonna do? 0:19:44.200 --> 0:19:46.280 What are you gonna do in this lame duck session. 0:19:47.040 --> 0:19:49.280 The first thing we've got to do is address funding 0:19:49.280 --> 0:19:52.720 of the wall. My strongest support securing our border and 0:19:53.320 --> 0:19:56.560 building the wall and using other technology to to make 0:19:56.560 --> 0:19:59.960 America safe and to give the president to the president 0:20:00.119 --> 0:20:03.840 get that through the Senate. Well, you know that the 0:20:03.960 --> 0:20:06.000 House is gonna do its job and let the Senate 0:20:06.040 --> 0:20:09.159 do its job. And you know the the Senate's got 0:20:09.200 --> 0:20:10.480 a lot of issues they're gonna have to deal with. 0:20:10.560 --> 0:20:11.879 But we've got to deal with ours. By the way, 0:20:11.920 --> 0:20:15.200 we also have a farm bill that hasn't been resolved. 0:20:15.200 --> 0:20:17.880 We have a negotiation going on on a conference committee 0:20:17.880 --> 0:20:20.800 on a farm bill. The biggest issue that's that's still 0:20:20.800 --> 0:20:23.040 out there and it hasn't been resolved as work requirements. 0:20:23.200 --> 0:20:24.879 And frankly, I think in a time when you see 0:20:25.160 --> 0:20:27.400 such a great economy, I mean, they're more job openings 0:20:27.400 --> 0:20:30.040 than people looking for work, and yet we're paying people 0:20:30.040 --> 0:20:33.199 not to work who are fully able bodied. So in 0:20:33.240 --> 0:20:35.200 the farm bill, one of the things we say is, look, 0:20:35.720 --> 0:20:38.719 if you're able to work, then you have to go 0:20:38.760 --> 0:20:40.720 look for a job, and if there's one out there 0:20:40.720 --> 0:20:42.800 for you, you you have to take it. Otherwise you're not 0:20:42.880 --> 0:20:46.080 eligible to keep getting uh food stamps and other kind 0:20:46.080 --> 0:20:48.240