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Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us

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Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the

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Speaker 1: iHeartRadio app, and the Bloomberg Business App, or listen on

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Speaker 1: demand wherever you get your podcast.

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Speaker 2: The State Visits is officially underway. Sound from the South

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Speaker 2: Lawn of the White House a bit earlier today, as

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Speaker 2: the President of South Korea arrive for a day of talks,

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Speaker 2: big meeting in the Oval at a bilateral news conference

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Speaker 2: that was originally set to begin a half an hour ago.

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Speaker 2: It's been delayed, and we will bring that to you

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Speaker 2: from the Rosegarden in roughly a half hour's time. What's

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Speaker 2: a beautiful spring day here in the nation's capital. We

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Speaker 2: know how to do these really well in Washington, by

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Speaker 2: the way, complete with the soundtrack the Color Garden. And

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Speaker 2: there's already news. Bloomberg is reporting the US will deploy

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Speaker 2: a nuclear arms submarine to South Korea in exchange for

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Speaker 2: a pledge from Seoul to honor commitments to not pursue

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Speaker 2: its own nuclear arsenal. This is the first such visit

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Speaker 2: to South Korea in terms of a submarine like this

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Speaker 2: in forty years. According to the US reinforcing the importance

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Speaker 2: of that region here when it comes to geopolitics and

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Speaker 2: the view of this administration. And that's where we begin

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Speaker 2: with Max Bauchus, the former US Ambassador to China, of course,

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Speaker 2: former US senator from Montana, who's got eyes on what's

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Speaker 2: happening today here in Washington. Mister ambassador, it's great to

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Speaker 2: have you back. How important is this relationship as the

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Speaker 2: Biden administration tries to get its arms around Beijing.

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Speaker 3: It's critical obviously, as Kim Jong on North Green present

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Speaker 3: very significantly builds up as nuclear arsenal facts, so much

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Speaker 3: so that it's hard for US analysts to keep track

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Speaker 3: of it.

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Speaker 4: Same time, add attention between US and China.

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Speaker 3: At one point did have the United States did have

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Speaker 3: a fad missile launchers in South Korea against China. China

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Speaker 3: like that at all, in fact, protested so vigorously that

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Speaker 3: United States kindly back down, and so did South Korea. No,

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Speaker 3: this is important meeting a supportant agreement. It's basically designed

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Speaker 3: to soothe anxiety in South Korea about North Korean build up.

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Speaker 3: It's pretty symbolic, frankly. It basically it says that South

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Speaker 3: Korea will have a seat at the table, although any

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Speaker 3: decisions regarding nuclear forces will be made by the US President.

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Speaker 3: At the same time, though, there's going to be another

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Speaker 3: side agreement here. I think at least will be pressured

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Speaker 3: by the United States and South Korea to put pressure

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Speaker 3: on South Korean companies chip companies.

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Speaker 4: Do not sell chips to China.

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Speaker 3: There's some major companies in China, excuse me, and South Korea.

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Speaker 3: I want to sell chips to China. But China's now

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Speaker 3: basically saying to Micron it's not going to buy any

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Speaker 3: Micron chips. It wants to buy chips from South Korea.

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Speaker 3: With US presidents during this session and is meeting with

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Speaker 3: a South Korean president encourage South Korea. Do not sell

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Speaker 3: South Korean ships to China.

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Speaker 4: So that's a part of this, okay.

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Speaker 2: So just to pick through a couple of the items

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Speaker 2: here that we have on the table and an ambassador

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Speaker 2: we are going to carry the bilateral news conference whenever

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Speaker 2: it begins. I'm sure we'll learn a lot more. But

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Speaker 2: what do you make of this commitment from the US

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Speaker 2: to send a nuclear armed submarine to South Korea. How

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Speaker 2: much does this have to do with South Korea's pledge

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Speaker 2: to not pursue its own arsenal versus very real threats

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Speaker 2: in the region.

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Speaker 4: Well, that's part of the deal.

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Speaker 3: South Grean president wanted to build up its own nuclear arsenal.

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Speaker 3: South Grean presence made that pretty clear. We don't like that.

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Speaker 3: America doesn't like that. So we're pushing back and saying no, no, no,

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Speaker 3: we don't want you to do that. But in exchange,

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Speaker 3: we'll send warships to South Korea talk them there, including

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Speaker 3: a ballistic missile, just to show that we really care.

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Speaker 4: We're in the area, we're in the red and we're

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Speaker 4: there to help you.

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Speaker 2: Sure, okay, this makes sense. I don't know. If there's

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Speaker 2: a further ask when it comes to security, ambassador, you

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Speaker 2: would probably have a better sense of that. But before

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Speaker 2: we even get any further in accomplishments here on this visit,

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Speaker 2: how much of this is a cleanup? Having seen these

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Speaker 2: documents from the Pentagon classified documents leaked that made it

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Speaker 2: clear that we were in fact spying on the President's

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Speaker 2: office in Seoul.

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Speaker 3: Well, I think that's part of it. It's a little

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Speaker 3: embarrassing that revelation, but you know, the United States spies

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Speaker 3: in all countries, including.

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Speaker 4: Just what it is. But when it's public, it.

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Speaker 3: Gets embarrassing, and we have often, as in this case,

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Speaker 3: we try to make amends.

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Speaker 2: Well as someone who's served in the role of ambassador.

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Speaker 2: What's that meeting? Like, I mean, is this an apology

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Speaker 2: or just to hey, come on, let's acknowledge reality everybody.

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Speaker 3: Oh, I think that there's not much is going to

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Speaker 3: be said about the revelation that US has spired on

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Speaker 3: South Korea. I think that asking me pretty much up

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Speaker 3: under the rug. It'll be a eight hundred pounds grill

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Speaker 3: in the room, but it will not be discussed much

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Speaker 3: at all. Rather, there will be many assurances by the

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Speaker 3: US president how much we like South Korea, many assurances

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Speaker 3: by the South Korean presidents how much we appreciate And

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Speaker 3: I said, America, we appreciate this agreement.

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Speaker 4: It's a really good agreement. That's basically going to be.

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Speaker 2: The discussion understood. How much of the conversation today between

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Speaker 2: these two presidents will be dedicated to China versus North Korea.

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Speaker 4: I think some of it will be.

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Speaker 3: US President President Biden is going to encourage South Korean

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Speaker 3: president to encouraged South Korean companies to not sell certain

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Speaker 3: chips to China. China wants certain ships either mainstream chips,

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Speaker 3: they're not high end chips. But still, whether the US

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Speaker 3: does not want those chips sold to China and Franklin

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Speaker 3: is all part of the US effort to organize our

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Speaker 3: allies that is Japan, South Korea, Philippines of Australia sponsored

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Speaker 3: against China. Now this very much upsets China because China

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Speaker 3: feels is being more and more contained. It's a double

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Speaker 3: edged sword. But still this effort on part of the

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Speaker 3: United States is part of effort to bring in.

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Speaker 4: South Korea as part of the allies effort to contain China.

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Speaker 2: Understood, Ambassador, I'm sure you saw news today that Hijinping

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Speaker 2: met with Vladimir Zelenski, their first conversation since the Russian

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Speaker 2: invasion last year. He said, the only way to achieve

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Speaker 2: peace for Ukraine is through negotiations with Russia. We know

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Speaker 2: China has been trying to play a role in finding

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Speaker 2: piece in Ukraine. Is it a credible actor in this conversation?

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Speaker 2: In your view?

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Speaker 4: I think it is.

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Speaker 3: I think it is credible, but that begs the question

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Speaker 3: how credible China wants to be perceived as a role

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Speaker 3: player broke with the deal between Iran Saudi Arabia, that's

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Speaker 3: a feather and it's cap. Now wants to try to

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Speaker 3: broke between Russia and Ukraine. That would be a feather,

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Speaker 3: another feather in its cap. Now, it's not really widely

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Speaker 3: believed to be very credible because part of the preconditions

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Speaker 3: of China's negotiations with Ukraine are the absence of all

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Speaker 3: Russian soldiers. Now, of course Boot's not going to agree

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Speaker 3: to that, but you know, at one level, I think

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Speaker 3: it's it's it's it's it's interesting. Zelensky and she spoke

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Speaker 3: for an hour and a Halfski afterwards said it was

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Speaker 3: a very credible, very good conversation for exchange, their exchanging

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Speaker 3: ambassadors China ambassador to Ukraine, Ukraine ambassador to to China.

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Speaker 4: So it's it's China is a player, and I think

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Speaker 4: that's welcome. That's good.

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Speaker 3: Now we'll see how far it goes, because China clearly

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Speaker 3: has a very very strong interest in maintaining and supporting Russia.

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Speaker 4: China does not want Russia to collapse rushwar to collapse.

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Speaker 3: That would be very detrimental to China's long term strategic

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Speaker 3: of interest. So that it's China's kind of playing at

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Speaker 3: both ways here.

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Speaker 2: Well, as you mentioned, China will send an envoy to Kiev.

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Speaker 2: That seems like a pretty important development for better or

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Speaker 2: worse here You're not going to see Russian missile attacks

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Speaker 2: in an area that might that might hurt or kill

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Speaker 2: a Chinese diplomat like that, are you? I mean, does

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Speaker 2: that does that start to bring some protection to Kiev

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Speaker 2: as this is figured out?

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Speaker 4: I think it does.

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Speaker 3: But more important it's the symbolic They need symbolism all this.

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Speaker 3: It's really as important that their exchange ambassadors, you know.

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Speaker 3: That's that shows that they're talking to each other, they're

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Speaker 3: working at each other.

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Speaker 4: Yeah, and the more we I'll talk, the better.

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Speaker 3: More likely is we're going to bring it into this

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Speaker 3: not awful war in Ukraine.

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Speaker 2: This is only the second to get back to where

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Speaker 2: we began, only the second state visit for this Biden administration. Ambassador.

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Speaker 2: It speaks volumes that he chose South Korea, Does it not?

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Speaker 4: It does? It does.

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Speaker 3: We did have missiles in Korea until the end of

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Speaker 3: the Cold War, but they're gone now. But now that

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Speaker 3: Skim has become so strong with development of his missiles,

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Speaker 3: that makes important for us to go back now, I

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Speaker 3: must say it kind of it reminds me of a

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Speaker 3: conversation or a statement that President She made to me

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Speaker 3: and to others at one point when I was serving

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Speaker 3: as ambassaard, namely that he was quite frustrated with and

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Speaker 3: upset with Kim Jongo and he basically said that I

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Speaker 3: can't I can't control that boy. It's not that's a

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Speaker 3: bit of an overstatement. He's got a lot of leverage

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Speaker 3: over Kim John Gon, but you could tell that at

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Speaker 3: North Korea is very much a thorn in the side

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Speaker 3: of President She.

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Speaker 2: You know, before you leave, Abassador, I have to ask

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Speaker 2: you about a story today in the Washington Post's pretty

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Speaker 2: fascinating showing the level of investment that China is making

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Speaker 2: in space and while that may in fact be the

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Speaker 2: next frontier when it comes to geopolitical threats, threats to

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Speaker 2: our hardware and space are access to space. Do we

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Speaker 2: need to play catch up here or do we have

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Speaker 2: the upper hand when comes to the space force against China.

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Speaker 4: I think we're doing well. We can always do better,

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Speaker 4: But frankly.

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Speaker 3: I think that a lot of this conversation about are

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Speaker 3: we stronger than China?

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Speaker 4: Is China stronger than us.

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Speaker 3: It's important because clearly we want to protect our national security.

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Speaker 4: That comes first.

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Speaker 3: But you know, there comes a point when we've got

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Speaker 3: to figure out a way to get along with China.

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Speaker 3: We or at least work with China, deal with China,

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Speaker 3: and China's not going away. China's always going to be there.

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Speaker 3: The United States isn't going away. We're always going to

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Speaker 3: be there, and we have to just kind of figure

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Speaker 3: out a way where we've been to live with each other.

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Speaker 3: It was Janney Yellen and our speech a few days ago,

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Speaker 3: a long speech about US policy toroid China, included that phrase,

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Speaker 3: we need to learn to live with each other and

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Speaker 3: work with each other, and I think we need to

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Speaker 3: spend more time on that when we're also talking about

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Speaker 3: these other issues.

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Speaker 2: Great to spend some time with you, Ambassador, Thanks for

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Speaker 2: coming in, Max Boks, the former US Ambassador to China

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Speaker 2: or US Senator from Montana. As we assemble our panel

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Speaker 2: for their take on all of this. Rick Davis and

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Speaker 2: Gen Shanzano, of course Bloomberg Politics contributors, and our signature

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Speaker 2: panel here on sound On. Rick is with us in Washington.

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Speaker 2: It's great to see you sir. As the state visit

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Speaker 2: gets underway, this is going to be an opportunity here

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Speaker 2: if they're on time, roughly fifteen minutes from now, with

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Speaker 2: these two presidents in the world watching.

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Speaker 5: Yeah, absolutely, I mean Biden was in South Korea last May,

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Speaker 5: so a year ago. He went there and now you know,

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Speaker 5: the president of South Korea is here at the White House.

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Speaker 5: And as former Sara and Bacchus mentioned, is a really

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Speaker 5: important geopolitical relationship that spans you know, security and the economy,

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Speaker 5: relations with China, the defensive measures against North Korea. I

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Speaker 5: mean like they are intertwined with our geopolitics of the

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Speaker 5: region in a way that maybe only rivals by Japan.

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Speaker 5: And so this is this this meeting needs to really

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Speaker 5: go well. And there are some stress points, you know,

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Speaker 5: I mean some of the IR language that was just

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Speaker 5: passed that the Biden administration likes to herald, you know,

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Speaker 5: kind of makes it difficult for South Korea to do

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Speaker 5: business on things like EV batteries and whatnot, because it

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Speaker 5: actually prohibits them from being able to do business with China.

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Speaker 5: So they're going to try and iron some of those

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Speaker 5: things out. And we want South Korea to be a

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Speaker 5: close strategic partner with our critical materials and things like semiconductors,

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Speaker 5: but we don't want them too close to China, who

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Speaker 5: they see as a very important trading partner for South Korea. Yeah,

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Speaker 5: it's pretty remarkable actually to see the amount of business

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Speaker 5: going to the US from South Korea versus China. Right now, Genie,

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Speaker 5: how much of this is an economic conversation versus a

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Speaker 5: security one?

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Speaker 6: You know, we have long known that, you know, South

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Speaker 6: Korea has wanted protection from North Korea, so that's a

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Speaker 6: security conversation. But of course they also don't want to

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Speaker 6: be caught up in this competition with China, so you

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Speaker 6: know that is going to continue. We know that China

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Speaker 6: is conducting a national secureecurity review at Micron, the chip manufacturer,

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Speaker 6: and US is pressuring South Korea not to have its

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Speaker 6: chip manufacturers take Micron's market share, but of course that's

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Speaker 6: getting pushed back from South Korea as chip makers. So

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Speaker 6: it's a very contentious meeting and conversation in that regard.

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Speaker 6: But there are things that we can do jointly together

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Speaker 6: and that we do need to do. This is a

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Speaker 6: relationship seventy years in the making.

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Speaker 2: Bloomberg reporting, Rick that the US may surpass China this

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Speaker 2: year as the top destination for South Korean exports for

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Speaker 2: the first time in two decades. That reinforces your view here, right,

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Speaker 2: we're talking about doing more business so they can rely

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Speaker 2: less on China.

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Speaker 5: That's right. I mean we are reshoring, you know, and

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Speaker 5: meaning taking things out of China and bring them back

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Speaker 5: to the United States. But we are also doubling down

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Speaker 5: on our approach to countries that we have strategic security

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Speaker 5: relationships with, in other words, trusted foundry relationship.

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Speaker 2: We trust the chips that come.

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Speaker 5: From South Korea because we don't believe that China has

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Speaker 5: a way to penetrate them. We trust the technology coming

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Speaker 5: in from places like South Korea because we can actually

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Speaker 5: put eyes on it, you know, and we have a

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Speaker 5: close trust relationship there. So we want to expand those relationships.

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Speaker 5: And frankly, it's in the South Korean interests to do

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Speaker 5: the same thing because they have the same strategic concerns

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Speaker 5: about China's hegeonomy in the region, and of course they're

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Speaker 5: right next door, so it even applies more to them.

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Speaker 2: Spending time with Rick and Jeanie here as we wait

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Speaker 2: to hear from the presidents yes, plural. We're going to

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Speaker 2: be hearing from, of course, Joe Biden and the President

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Speaker 2: of South Korea. This is Bloomberg.

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Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch the

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Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the

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Speaker 1: tune in app, Bloomberg dot Com, and.

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Speaker 4: The Bloomberg Business App.

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Speaker 1: You can also listen live on Amazon Alexa from our

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Speaker 1: flagship New York station. Just say Alexa, play Bloomberg eleven thirty.

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Speaker 2: Well, just a beautiful day in the nation's capital. You

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Speaker 2: should be here inside the bubble as we wait for

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Speaker 2: the two presidents to merge from the Oval Office, with

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Speaker 2: eyes now on the Rose Garden here from the Bloomberg

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Speaker 2: Washington DC Bureau. It's probably hot out there. I'm thinking

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Speaker 2: sitting in the sun. But that's the deal when you

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Speaker 2: go to events like these. I'm Joe, Matthew and Washington,

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Speaker 2: joined by the panel. Rick Davis is with me in Washington,

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Speaker 2: Genie Schanzeno in New York, and we are going to

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Speaker 2: bring this news conference to you. At least we'll get

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Speaker 2: to the meat of the Q and A, the stuff

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Speaker 2: that you want to hear, and bring it to you

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Speaker 2: live from the Rose Garden as soon as they begin.

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Speaker 2: This is originally scheduled to start about an hour ago.

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Speaker 2: And Rick, I guess that tells us they have some

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Speaker 2: things to talk about, doesn't it.

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Speaker 5: Yeah, they may be having a cold sweat session in

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Speaker 5: the Oval office right now, you know. But like, look,

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Speaker 5: we've also grown accustomer to the fact that this White

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Speaker 5: House doesn't really work on a normal time schedule, and

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Speaker 5: so when they say they're going to start at a

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Speaker 5: certain time usually means thirty or forty minutes later.

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Speaker 2: How important is this a dialogue here, Genie? It's happening

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Speaker 2: in the middle of the workday. Of course, not everyone

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Speaker 2: has an opportunity to listen to Bloomberg or watch it

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Speaker 2: on the terminal. Here, they're going to be looking to

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Speaker 2: get a little bits out there in the news later on,

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Speaker 2: create maybe some moments that are that are tweetable to

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Speaker 2: try to get the messaging across.

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Speaker 6: Yeah, that's right. First of all, everybody should be listening

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Speaker 6: to Bloomberg. I don't care if they're working.

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Speaker 2: Who cares to assume things?

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Speaker 6: Yeah, but you know, I would also say this is

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Speaker 6: critically important for President Biden. You know, we've been hearing

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Speaker 6: a lot of criticism in the last day or two.

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Speaker 6: I'm just noting in the New York Times they had

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Speaker 6: a piece saying Biden held fewest news conferences since Reagan.

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Speaker 6: So you've even got a lot of press talking about

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Speaker 6: the fact that he has not been out there answering

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Speaker 6: questions from reporters, And they cited the fact that when

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Speaker 6: he was in Ireland last week, he didn't hold a

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Speaker 6: news conference, which is standard practice. When the President of

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Speaker 6: Columbia was visiting, he was forced to go out and

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Speaker 6: hold it solo. So the fact we're going to hear

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Speaker 6: from both the presidents in just a few minutes, we hope,

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Speaker 6: is big news, both domestically and internationally. So I think

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Speaker 6: we're going to, you know, potentially hear an awful lot

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Speaker 6: about what's coming out of these talks with South Korea,

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Speaker 6: and also I think the president may have to field

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Speaker 6: some questions about the debt ceiling, about his campaign announcement,

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Speaker 6: and other things. So it's a big news conference all around.

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Speaker 2: You know, you mentioned the other major story that's floating

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Speaker 2: in Washington. We'd haven't had a chance to get to you,

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Speaker 2: and that is the debt ceiling. We are expecting a

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Speaker 2: vote today and Speaker Kevin McCarthy says he's gonna hell, well,

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Speaker 2: by god, by the time it hits the floor, we'll

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Speaker 2: have two hundred and eighteen votes that could coincide with

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Speaker 2: balance of power a little bit later on. We'll let

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Speaker 2: you know when it happens. As it happens, of course.

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Speaker 2: But the Rules Committee rick went til two o'clock in

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Speaker 2: the morning, and they did make changes to that bill,

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Speaker 2: even after McCarthy said it was locked down. You got

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Speaker 2: the ethanol changes we talked about revoking some of those,

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Speaker 2: were putting back some of those subsidies, I guess in

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Speaker 2: the end, and then the increased work requirements. I guess

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Speaker 2: the Speaker had no choice.

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Speaker 5: Yeah, absolutely, you know, as much as he said he

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Speaker 5: was not going to change this bill, that he wanted

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Speaker 5: everybody to walk the plank on the draft that he had.

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Speaker 5: You know, they choked at midnight and started making changes,

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Speaker 5: and I think the biggest one was trying to buy

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Speaker 5: in the you know, basically the Iowa delegation who were

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Speaker 5: really upset about the biofuel's credits being taken out. But

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Speaker 5: but at the end of the day, so you know,

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Speaker 5: Andy Biggs isn't from Iowa.

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Speaker 2: He was complaining. Mc gates, Gates, he was complaining.

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Speaker 5: So I mean, like, look, there were there were six

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Speaker 5: or eight U Republicans that were, you know, twice as

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Speaker 5: many as you you you you you you you can

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Speaker 5: afford to lose, uh to get a bill passed. So

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Speaker 5: clearly they panicked last night. Now I'm not exactly sure

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Speaker 5: these changes are all that were needed, but and it's

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Speaker 5: gonna upset some of the others who were not complaining

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Speaker 5: about the bill that they didn't get anything extra out

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Speaker 5: of it.

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Speaker 2: And so right now.

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Speaker 5: It's gonna be a real task as to whether or

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Speaker 5: not he can pull this off the floor. And and

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Speaker 5: and he's basically saying, I'm gonna I'm gonna vote even

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Speaker 5: if I don't think I have the votes. And uh

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Speaker 5: so we could actually see a situation where the vote

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Speaker 5: is taken and they actually don't have the votes.

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Speaker 2: We've seen this movie before when he was fighting for

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Speaker 2: the speaker's gavel here at Genie And it's all the

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Speaker 2: same characters pretty much who are giving him trouble now.

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Speaker 2: But even Nancy May says she doesn't know if she

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Speaker 2: can vote for this thing. What's gonna happen later?

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Speaker 6: Yeah, you know, he desperate they are to get this

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Speaker 6: vote today, because of course we're hearing they have attendance

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Speaker 6: problems on Thursday, they're out by Friday. He's headed to

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Speaker 6: the Middle East to give a really historic address on

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Speaker 6: Monday in Israel, So he wants to go out on

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Speaker 6: a good, positive note. But he's got a you know,

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Speaker 6: careful not to lose more than four And of course

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Speaker 6: you mentioned him Gates, Birch At Perry Biggs, all the

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Speaker 6: old you know standbys, and then Mace and some others

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Speaker 6: who are giving him trouble. But let's remember we're talking

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Speaker 6: about a wish list, a bill that is a message bill. It's,

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Speaker 6: by all intents and purposes, a bill that will never

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Speaker 6: see the light of day if he can't push this through.

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Speaker 6: Can you imagine how bad this gets in June and

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Speaker 6: July when we're talking about raising the debt ceiling when

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Speaker 6: it really matters, Because right now, quite frankly, everybody knows

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Speaker 6: it doesn't matter, and they're still giving him a hard time.

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Speaker 6: So I don't think this bodes well for what's coming

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Speaker 6: in June and July when we hit that debt ceiling.

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Speaker 2: I think I might also have attendance issues on Thursday.

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Speaker 2: By the way, if somebody could sell my boss that Rick,

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Speaker 2: he's going to the president. That is President Biden's going

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Speaker 2: to have to answer questions, I presume on this that's

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Speaker 2: the first thing they're going to ask. It's not going

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Speaker 2: to be about South Korea today.

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Speaker 5: So yeah, the only thing that would be really bad

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Speaker 5: news for Joe Biden is that they pass this and

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Speaker 5: they get there to eighteen and then he's forced to

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Speaker 5: have to make a decision saying, oh, I'm not going

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Speaker 5: to negotiate, I want to clean bill. And now you know,

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Speaker 5: it looks like an endorsement of the Speaker's position. In

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Speaker 5: the House, they'll have a bill out there that says

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Speaker 5: here's how you raise the debt ceiling, and Biden's going

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Speaker 5: to have to react to that. And there's no question,

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Speaker 5: I don't think anybody I've talked to in Washington says

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Speaker 5: the same thing, which is Biden's going to have to

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Speaker 5: come off of this position. So how artfully or artfully

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Speaker 5: he does that is going to dictate whether or not

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Speaker 5: he goes in in a strong position to negotiate with

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Speaker 5: the Speaker or a lessoned position. And right now, if

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Speaker 5: the speaker gets his vote, he's going to have some momentum.

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Speaker 2: The other big story that we're following today, and I

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Speaker 2: want to get both of you on this before the

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Speaker 2: news conference begins. Here is in Florida, as Walt Disney

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Speaker 2: Company sues Governor Ronda Santis. They're actually filing suit here

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Speaker 2: in federal court and Florida alleging that he is retaliating

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Speaker 2: against the company for speaking against his policies, threatening billions

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Speaker 2: of dollars in business. This is government versus corporate. Remembering,

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Speaker 2: of course, it wasn't that long ago that he wasn't

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Speaker 2: only going after the zoning status of the Reedy Creek district,

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Speaker 2: but you know, even threatening to start toying with the

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Speaker 2: business in any number of ways. Remember the whole prison

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Speaker 2: joke here, well, what should we do with this land? Right?

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Speaker 5: And so you know it's like okay, kids, I mean

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Speaker 5: people have said, you know, maybe have another maybe create a.

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Speaker 2: State parks, maybe how to do more amusement parks.

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Speaker 5: Someone even said like maybe you need another state prison.

437
00:21:54,440 --> 00:21:57,360
Speaker 2: Who knows. I mean, I just think that the possibilities

438
00:21:57,400 --> 00:21:59,960
Speaker 2: are are endless. And so that is now going to

439
00:21:59,960 --> 00:22:04,000
Speaker 2: be analyzed to see what would make the most sensibilities

440
00:22:04,000 --> 00:22:07,359
Speaker 2: are now endless. Rick, including a lawsuit that reads, quote,

441
00:22:07,359 --> 00:22:11,560
Speaker 2: a targeted campaign of government retaliation orchestrated at every step

442
00:22:12,000 --> 00:22:16,240
Speaker 2: by Governor DeSantis as punishment for Disney's protected speech now

443
00:22:16,400 --> 00:22:21,000
Speaker 2: threatens Disney's business operations and jeopardizes its economic future in

444
00:22:21,040 --> 00:22:25,720
Speaker 2: the region, violating its constitutional rights. This is going to

445
00:22:25,760 --> 00:22:27,520
Speaker 2: be a landmark case, isn't it.

446
00:22:27,800 --> 00:22:30,600
Speaker 5: Yeah, this can be landmark case. It could wind up. Look,

447
00:22:30,600 --> 00:22:33,280
Speaker 5: it's in a federal court for reason. They didn't take

448
00:22:33,280 --> 00:22:36,520
Speaker 5: it to state court in Florida. That means that it

449
00:22:36,520 --> 00:22:38,240
Speaker 5: could be appealed all the way to the Supreme Court

450
00:22:38,280 --> 00:22:38,919
Speaker 5: pretty quickly.

451
00:22:39,040 --> 00:22:39,399
Speaker 1: Wow.

452
00:22:39,440 --> 00:22:42,800
Speaker 5: And it really supercharges this whole concept of you know,

453
00:22:42,880 --> 00:22:46,480
Speaker 5: the war on Woke that that Governor DeSantis likes to

454
00:22:46,520 --> 00:22:47,440
Speaker 5: talk about so much.

455
00:22:47,680 --> 00:22:49,120
Speaker 2: Well, Woke is now fighting back.

456
00:22:49,520 --> 00:22:52,560
Speaker 5: And I think one of the things that's really interesting

457
00:22:52,560 --> 00:22:54,919
Speaker 5: in their approach is they've said that Governor DeSantis is

458
00:22:55,040 --> 00:22:59,919
Speaker 5: weaponizing government against corporations, against their corporation. And it's the

459
00:23:00,119 --> 00:23:02,840
Speaker 5: same thing that Republicans say about the Biden administration, that

460
00:23:02,920 --> 00:23:06,840
Speaker 5: they've used the Justice Department to weaponize government against people.

461
00:23:06,960 --> 00:23:10,080
Speaker 5: So I think it's now you've got the top is

462
00:23:10,119 --> 00:23:14,040
Speaker 5: turned over, and now Governor de Santis has to defend

463
00:23:14,520 --> 00:23:17,280
Speaker 5: the weaponization of his administration against companies.

464
00:23:17,960 --> 00:23:20,160
Speaker 2: What do you think on this one, GINI this could

465
00:23:20,240 --> 00:23:25,000
Speaker 2: either undo Ron DeSantis' presidential dreams or confirm them.

466
00:23:25,640 --> 00:23:28,119
Speaker 6: It could. This is a big part of the theory

467
00:23:28,160 --> 00:23:30,520
Speaker 6: of his case. This is what he has stood on,

468
00:23:30,640 --> 00:23:34,119
Speaker 6: is this battle against Disney. And you hear many even Republicans,

469
00:23:34,600 --> 00:23:37,440
Speaker 6: very frustrated that he is taking this to the mat

470
00:23:37,480 --> 00:23:39,920
Speaker 6: that he will not give up. And what are we

471
00:23:40,040 --> 00:23:43,760
Speaker 6: talking about. It's stunning. We're talking about a Republican saying

472
00:23:43,800 --> 00:23:47,320
Speaker 6: the government should be more powerful than businesses. And what

473
00:23:47,400 --> 00:23:50,119
Speaker 6: Disney has said here is we have the right to

474
00:23:50,280 --> 00:23:53,679
Speaker 6: free speech. Why is the government stepping in and trying

475
00:23:53,720 --> 00:23:57,040
Speaker 6: to thwart that? That is a very moving argument for

476
00:23:57,200 --> 00:24:01,080
Speaker 6: many Republicans and many Democrats. I think Disney has done

477
00:24:01,080 --> 00:24:03,639
Speaker 6: a very smart thing here and they have really taken

478
00:24:03,680 --> 00:24:07,040
Speaker 6: it to Ronda Santis. He's going to have to either

479
00:24:07,359 --> 00:24:09,600
Speaker 6: give up, which we doubt because it will upend his

480
00:24:09,720 --> 00:24:12,320
Speaker 6: chances of running, or he's gonna have to push back.

481
00:24:12,359 --> 00:24:14,639
Speaker 6: And I think either way this is a losing battle

482
00:24:14,680 --> 00:24:15,520
Speaker 6: for Ronda Santis.

483
00:24:15,560 --> 00:24:18,440
Speaker 2: Would you rather be Ronda Santis or Bob Iger right now. Rick, Oh,

484
00:24:18,480 --> 00:24:21,200
Speaker 2: I've always wanted to run Disney. You kidding me. I'm

485
00:24:21,240 --> 00:24:24,879
Speaker 2: the Mickey man, Rick Davis and Genie Shanzano. As we

486
00:24:24,920 --> 00:24:27,320
Speaker 2: wait for the two presidents to emerge, we've got eyes

487
00:24:27,359 --> 00:24:29,160
Speaker 2: on the Rose Garden and this is supposed to start

488
00:24:29,200 --> 00:24:32,840
Speaker 2: the original time more than an hour ago. So obviously

489
00:24:32,920 --> 00:24:37,000
Speaker 2: this meeting in the Oval Office is something that's going

490
00:24:37,359 --> 00:24:40,840
Speaker 2: not only over time, but probably of incredible import and

491
00:24:40,880 --> 00:24:42,600
Speaker 2: we'll hear about it when they come out. We'll bring you,

492
00:24:42,680 --> 00:24:46,480
Speaker 2: of course, portions of that news conference from the White House.

493
00:24:46,600 --> 00:24:49,520
Speaker 2: Here on Bloomberg Radio, I'm Joe, Matthew and Washington.

494
00:24:50,400 --> 00:24:53,879
Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us

495
00:24:53,920 --> 00:24:57,040
Speaker 1: live weekdays at one Eastern on Bloomberg dot Com, the

496
00:24:57,160 --> 00:25:01,120
Speaker 1: iHeartRadio app, and the Bloomberg Business App non demand wherever

497
00:25:01,160 --> 00:25:02,480
Speaker 1: you get your podcasts.

498
00:25:03,520 --> 00:25:06,440
Speaker 2: Rick Davis says, whether that's along with Jeanie Shanzino Bloomberg

499
00:25:06,480 --> 00:25:09,040
Speaker 2: Politics contributors, as we talk through the issues of the day.

500
00:25:09,119 --> 00:25:12,080
Speaker 2: Not only this important conversation that's actually happening as we

501
00:25:12,119 --> 00:25:15,560
Speaker 2: speak between these two presidents in the Oval Office, but

502
00:25:15,600 --> 00:25:19,040
Speaker 2: Whialt Disney's lawsuit against Ron De Santis, something that just

503
00:25:19,080 --> 00:25:22,160
Speaker 2: emerged today, a massive story, and the way it plays

504
00:25:22,160 --> 00:25:26,360
Speaker 2: into the presidential campaign is a whole other matter. And

505
00:25:26,440 --> 00:25:31,400
Speaker 2: with that said, the ad wars have begun. It's funny, though,

506
00:25:31,400 --> 00:25:33,880
Speaker 2: President Biden and Donald Trump not actually targeting each other

507
00:25:33,960 --> 00:25:35,920
Speaker 2: in these new ads, not directly at least. This is

508
00:25:35,960 --> 00:25:38,240
Speaker 2: the first Biden super pac had to hit the airwaves

509
00:25:39,000 --> 00:25:41,840
Speaker 2: one day after he announced his re election campaign. Pretty

510
00:25:41,840 --> 00:25:42,560
Speaker 2: classic approach.

511
00:25:42,560 --> 00:25:46,440
Speaker 7: Here, as the sun rises, we raise the flag, a

512
00:25:46,560 --> 00:25:49,120
Speaker 7: symbol of all that we hold most dear as American

513
00:25:49,359 --> 00:25:56,240
Speaker 7: voiceover courage, opportunity, democracy, freedom are the values and beliefs

514
00:25:56,280 --> 00:25:59,679
Speaker 7: that built this country and still beat in our hearts,

515
00:26:00,119 --> 00:26:03,879
Speaker 7: under attack by an extreme movement that seeks to overturn elections.

516
00:26:04,240 --> 00:26:06,800
Speaker 2: So pretty consistent with the announcement yesterday, It's kind of

517
00:26:06,840 --> 00:26:09,399
Speaker 2: what you expected. He does not mention Donald Trump in

518
00:26:09,440 --> 00:26:12,080
Speaker 2: this ad. They you know, they may show images and stuff,

519
00:26:12,080 --> 00:26:15,000
Speaker 2: but not targeting him by name. Remembering yesterday he was

520
00:26:15,040 --> 00:26:18,520
Speaker 2: campaigning against MAGA, and the latest Trump ad does not

521
00:26:18,600 --> 00:26:20,560
Speaker 2: mention Joe Biden. It does show him again, but it

522
00:26:21,320 --> 00:26:24,920
Speaker 2: does mention the governor of Florida, who, of course Trump endorsed.

523
00:26:25,080 --> 00:26:29,000
Speaker 8: Just two days after the endorsement, DeSantis took a commanding

524
00:26:29,119 --> 00:26:31,640
Speaker 8: lead and it propelled him to being elected.

525
00:26:31,680 --> 00:26:34,360
Speaker 5: Now, I'd like to thank our president for standing by

526
00:26:34,440 --> 00:26:38,360
Speaker 5: me when it wasn't necessarily the smart thing to do.

527
00:26:38,520 --> 00:26:39,480
Speaker 1: You're welcome, Bron.

528
00:26:40,000 --> 00:26:44,200
Speaker 8: Unfortunately, instead of being grateful, DeSantis is now attacking the

529
00:26:44,320 --> 00:26:46,280
Speaker 8: very man who saved his career.

530
00:26:46,400 --> 00:26:48,800
Speaker 2: And they're all like the fattest pictures they can find

531
00:26:48,800 --> 00:26:51,359
Speaker 2: of Ron de Santis, at one point zeroing in on

532
00:26:51,480 --> 00:26:55,080
Speaker 2: his stomach. Then they pull out and you see him

533
00:26:55,119 --> 00:27:00,520
Speaker 2: standing there waving with Donald Trump right behind him. Wars

534
00:27:00,520 --> 00:27:04,160
Speaker 2: have begun, Rick Davis a pretty good production work here.

535
00:27:04,680 --> 00:27:06,760
Speaker 2: How's each side doing in its own approach?

536
00:27:07,080 --> 00:27:09,840
Speaker 5: Yeah, I think on the Biden side, it's exactly what

537
00:27:09,840 --> 00:27:12,359
Speaker 5: you would expect. Almost starts with sort of a good

538
00:27:12,359 --> 00:27:16,920
Speaker 5: morning America and has this, you know, very positive feeling.

539
00:27:17,040 --> 00:27:18,760
Speaker 5: That's what I would have expected out of the Biden

540
00:27:18,840 --> 00:27:23,520
Speaker 5: campaign and the pivot onto the sort of extreme movement,

541
00:27:23,680 --> 00:27:27,000
Speaker 5: you know again, kind of the MAGA attack without putting

542
00:27:27,000 --> 00:27:28,960
Speaker 5: their name on it, I mean, and that was very

543
00:27:29,000 --> 00:27:32,840
Speaker 5: consistent with his announcement video, where he's almost attacking a

544
00:27:32,920 --> 00:27:36,440
Speaker 5: movement more than a person more than a candidate, and

545
00:27:36,520 --> 00:27:39,159
Speaker 5: so I think we're in store for that kind of

546
00:27:39,240 --> 00:27:42,320
Speaker 5: campaign where he's going to sort of paint the Republican

547
00:27:42,359 --> 00:27:45,919
Speaker 5: Party as this extremist element controlled by the Mega Movement,

548
00:27:45,960 --> 00:27:49,160
Speaker 5: and that that's going to be his opponent for a while.

549
00:27:49,240 --> 00:27:52,600
Speaker 2: Yeah, yeah, yeah. And as far as the Trump ad goes,

550
00:27:53,119 --> 00:27:55,320
Speaker 2: he's not even paying attention to Joe Biden right now.

551
00:27:55,320 --> 00:27:57,040
Speaker 2: I suppose he doesn't need to if he wants to

552
00:27:57,080 --> 00:27:58,000
Speaker 2: first win the nomination.

553
00:27:58,160 --> 00:28:00,600
Speaker 5: Yeah, he's doing something that I would encourage all you

554
00:28:00,760 --> 00:28:03,399
Speaker 5: cannons to do in a Republican primary, is try to

555
00:28:03,520 --> 00:28:06,960
Speaker 5: kill off the candidate before he even announces. And I

556
00:28:07,040 --> 00:28:08,919
Speaker 5: don't think that's gonna be possible in this case. But

557
00:28:08,960 --> 00:28:13,120
Speaker 5: they're clearly trying to create a narrative around around DeSantis

558
00:28:13,119 --> 00:28:15,800
Speaker 5: that is gonna make it hard for him to jump

559
00:28:15,840 --> 00:28:18,760
Speaker 5: off and have a good, stolid announcement period of time

560
00:28:19,400 --> 00:28:21,400
Speaker 5: once he does get into the race. I don't think

561
00:28:21,400 --> 00:28:23,040
Speaker 5: they're going to disuade him from running, you don't, but

562
00:28:23,040 --> 00:28:24,919
Speaker 5: they're certainly gonna make it hard for him to do so.

563
00:28:25,000 --> 00:28:27,120
Speaker 2: I don't know, Jeannie, would you jump in a race

564
00:28:27,160 --> 00:28:28,679
Speaker 2: with this kind of stuff going on? This is just

565
00:28:28,720 --> 00:28:31,320
Speaker 2: the beginning. Is it possible he keeps Ron DeSantis from

566
00:28:31,400 --> 00:28:31,920
Speaker 2: jumping in.

567
00:28:32,560 --> 00:28:34,680
Speaker 6: You know, it is possible, but I am not sure

568
00:28:34,720 --> 00:28:38,280
Speaker 6: it's in Trump's interest. My view is this, Trump wants

569
00:28:38,320 --> 00:28:41,560
Speaker 6: a weakened DeSantis in this race. He wants you and

570
00:28:41,600 --> 00:28:43,840
Speaker 6: me and everybody else he can get in this race,

571
00:28:43,920 --> 00:28:46,680
Speaker 6: because the more people in this race, the more likely

572
00:28:47,000 --> 00:28:49,760
Speaker 6: he wins the nomination. If it's a head to head,

573
00:28:50,000 --> 00:28:52,440
Speaker 6: it's gonna be a little tougher for Trump. So I

574
00:28:52,480 --> 00:28:55,680
Speaker 6: think he's doing everything he can to weaken and he

575
00:28:55,760 --> 00:28:58,400
Speaker 6: already has. If you look at the polls round DeSantis.

576
00:28:58,440 --> 00:29:00,920
Speaker 6: We saw today Asa Hutchinson now in the race. So

577
00:29:00,960 --> 00:29:02,960
Speaker 6: the more of these guys that get in there, the

578
00:29:03,080 --> 00:29:06,000
Speaker 6: better for Trump. We've always known that, so you know,

579
00:29:06,080 --> 00:29:08,320
Speaker 6: I think he'd like a weekend run De Santas. We're

580
00:29:08,360 --> 00:29:10,680
Speaker 6: even hearing inklings and I can't believe I'm gonna say

581
00:29:10,680 --> 00:29:14,160
Speaker 6: this that there's talk that he might could think about

582
00:29:14,240 --> 00:29:17,360
Speaker 6: Ron De Santis as vice president. Could you imagine. I'm

583
00:29:17,360 --> 00:29:20,680
Speaker 6: not saying that it would happen, but gosh, probably a

584
00:29:20,680 --> 00:29:22,000
Speaker 6: better choice than Carrie Lake.

585
00:29:22,280 --> 00:29:22,479
Speaker 8: You know.

586
00:29:22,560 --> 00:29:25,080
Speaker 6: So between Ron DeSantis and Tucker Carlson, he's got some

587
00:29:25,120 --> 00:29:27,880
Speaker 6: people to choose. But you know, I think he does

588
00:29:27,960 --> 00:29:31,360
Speaker 6: want a weekend field, but a large field to help

589
00:29:31,440 --> 00:29:34,520
Speaker 6: him secure this thirty thirty five percent that's never gonna

590
00:29:34,560 --> 00:29:35,160
Speaker 6: leave Trump.

591
00:29:35,480 --> 00:29:38,440
Speaker 2: There's a second Trump ad that's out today as well.

592
00:29:38,520 --> 00:29:38,680
Speaker 4: Rick.

593
00:29:38,720 --> 00:29:41,760
Speaker 2: There were two that were unleashed at the same time,

594
00:29:41,840 --> 00:29:45,040
Speaker 2: and this one's a little bit more casually. You see

595
00:29:45,040 --> 00:29:46,840
Speaker 2: a guy in his kitchen, he's looking up at the wall.

596
00:29:46,840 --> 00:29:48,480
Speaker 2: He's got a red hat and a blue hat hanging

597
00:29:48,480 --> 00:29:50,000
Speaker 2: near the door. Of course we know the red hat,

598
00:29:50,040 --> 00:29:52,240
Speaker 2: the blue hat, says DeSantis, so on.

599
00:29:52,360 --> 00:29:54,760
Speaker 7: It this no one looks pretty good partially.

600
00:29:55,280 --> 00:29:58,200
Speaker 5: Did you know Ron DeSantis backed deep cuts to Social

601
00:29:58,240 --> 00:30:00,040
Speaker 5: Security and medicaing.

602
00:29:59,520 --> 00:30:00,840
Speaker 2: After him titles here.

603
00:30:01,040 --> 00:30:04,240
Speaker 5: Yeah, he voted to cut Social Security or Medicare not once,

604
00:30:04,320 --> 00:30:05,800
Speaker 5: not twice, but three times.

605
00:30:05,880 --> 00:30:08,760
Speaker 2: So that's gonna be a major theme of this initial

606
00:30:08,880 --> 00:30:12,280
Speaker 2: campaign between Trump and DeSantis. He's framing him every day.

607
00:30:12,360 --> 00:30:14,840
Speaker 2: Is the guy who wants to cut Social Security for

608
00:30:14,960 --> 00:30:15,640
Speaker 2: your grandma?

609
00:30:15,840 --> 00:30:18,240
Speaker 5: Yeah, No, there's no question that he's going to tag

610
00:30:18,680 --> 00:30:21,480
Speaker 5: DeSantis as the guy in Congress who is part of

611
00:30:21,520 --> 00:30:25,080
Speaker 5: the Freedom Caucus who is after those entitlement programs, right,

612
00:30:25,280 --> 00:30:27,080
Speaker 5: And that's just one piece of it right. I mean,

613
00:30:27,120 --> 00:30:29,960
Speaker 5: he's gonna go after him on abortion at some point

614
00:30:30,000 --> 00:30:33,400
Speaker 5: in time, probably because it's inconsistent with Trump's view. I mean,

615
00:30:33,440 --> 00:30:37,880
Speaker 5: like there's a wide range of differences between DeSantis and Trump.

616
00:30:38,120 --> 00:30:40,600
Speaker 5: And what's really interesting is he's doing as will DeSantis

617
00:30:40,640 --> 00:30:42,520
Speaker 5: is out of the country. So it's really going to

618
00:30:42,600 --> 00:30:46,040
Speaker 5: upset the DeSantis team that they can't, like immediately fire back.

619
00:30:46,280 --> 00:30:49,160
Speaker 5: But I would say one thing, Donald Trump, he's not

620
00:30:49,360 --> 00:30:51,800
Speaker 5: proven that he can expand his base any further than

621
00:30:51,840 --> 00:30:54,240
Speaker 5: it is now, So the last thing he needs is

622
00:30:54,360 --> 00:30:58,520
Speaker 5: anybody being a rival to that number. And DeSantis has shown,

623
00:30:58,640 --> 00:31:01,720
Speaker 5: even before he's launched a camp with hundreds of millions

624
00:31:01,720 --> 00:31:03,960
Speaker 5: of dollars in the bank, that he can actually meet

625
00:31:04,000 --> 00:31:07,120
Speaker 5: those numbers in places like Iowa, New Hampshire, and South Carolina,

626
00:31:07,120 --> 00:31:09,800
Speaker 5: and certainly exceed them in Florida. So even though the

627
00:31:09,920 --> 00:31:13,600
Speaker 5: national polls don't show DeSantis as being competitive to actually

628
00:31:13,640 --> 00:31:17,520
Speaker 5: win in a national race, he has got all the

629
00:31:17,560 --> 00:31:21,440
Speaker 5: capability right now to contest and win in these early

630
00:31:21,480 --> 00:31:24,080
Speaker 5: primary states. And that's the only thing that matters. And

631
00:31:24,160 --> 00:31:26,720
Speaker 5: that's why Donald Trump is using this time right now

632
00:31:26,760 --> 00:31:27,680
Speaker 5: to take him down a notch.

633
00:31:28,040 --> 00:31:30,480
Speaker 2: It's really something and Donald Trump has a way of

634
00:31:30,520 --> 00:31:33,680
Speaker 2: doing this, Jennie, by taking your strengths and turning them

635
00:31:33,720 --> 00:31:36,440
Speaker 2: into weaknesses. These are all the issues that put Rond

636
00:31:36,440 --> 00:31:37,640
Speaker 2: De Santis on the map.

637
00:31:38,080 --> 00:31:41,000
Speaker 6: That's right, and this is very smart politics because of

638
00:31:41,040 --> 00:31:43,960
Speaker 6: course we know that it is still the third rail

639
00:31:44,000 --> 00:31:47,600
Speaker 6: of politics. Don't touch social security and medicare. The Biden

640
00:31:47,640 --> 00:31:49,640
Speaker 6: team knows that, and the Trump team knows that, and

641
00:31:49,680 --> 00:31:52,280
Speaker 6: they are calling Ronda Santis out on his vote when

642
00:31:52,320 --> 00:31:54,760
Speaker 6: he was in Congress. I don't think he's been able

643
00:31:54,800 --> 00:31:57,560
Speaker 6: to respond in a coherent way. Yet we have to

644
00:31:57,640 --> 00:31:59,680
Speaker 6: go forward and see if he will. But you know

645
00:32:00,080 --> 00:32:02,480
Speaker 6: another thing I would just watch for is we saw

646
00:32:02,560 --> 00:32:06,320
Speaker 6: in the last couple of days Steve Danes endorse Donald Trump,

647
00:32:06,600 --> 00:32:09,560
Speaker 6: the chair of the NRSC. That is big, big news.

648
00:32:09,960 --> 00:32:13,440
Speaker 6: Signals to me that like Joe Biden, he sees Trump

649
00:32:13,560 --> 00:32:16,600
Speaker 6: as the leader obviously in the polls and potentially going

650
00:32:16,600 --> 00:32:19,440
Speaker 6: to capture this nomination, and he doesn't want to get

651
00:32:19,480 --> 00:32:22,760
Speaker 6: too far afield of Donald Trump as this Republicans try

652
00:32:22,800 --> 00:32:25,440
Speaker 6: to take back the Senate. But of course Donald Trump

653
00:32:25,480 --> 00:32:27,920
Speaker 6: is going to have his litmus test. Twenty twenty was

654
00:32:27,920 --> 00:32:30,880
Speaker 6: stolen and is Steve Danes going to allow him to

655
00:32:30,880 --> 00:32:34,040
Speaker 6: pick candidates in states like Montana, Ohio, and West Virginia

656
00:32:34,440 --> 00:32:37,560
Speaker 6: that will abide by that litmus test. It's going to

657
00:32:37,600 --> 00:32:39,840
Speaker 6: be fascinating as we go forward to see how many

658
00:32:39,880 --> 00:32:41,640
Speaker 6: of these senators come out with him.

659
00:32:41,840 --> 00:32:43,280
Speaker 2: How do you interpret that move?

660
00:32:43,440 --> 00:32:43,600
Speaker 4: Rick?

661
00:32:43,720 --> 00:32:48,000
Speaker 2: Is this the establishment coalescing around Donald Trump? Or is

662
00:32:48,040 --> 00:32:49,520
Speaker 2: that how you'd frame it a view or him? No,

663
00:32:49,680 --> 00:32:50,040
Speaker 2: not really.

664
00:32:50,120 --> 00:32:52,640
Speaker 5: I mean I don't think Danes is really that representative

665
00:32:52,840 --> 00:32:55,680
Speaker 5: of the establishment, and I think it's more home state politics, right,

666
00:32:55,720 --> 00:32:58,400
Speaker 5: I mean, his state's going to be overwhelmingly for Trump.

667
00:32:58,440 --> 00:33:00,640
Speaker 5: I mean that's sort of the deep Trump bred state,

668
00:33:01,160 --> 00:33:04,280
Speaker 5: and I think that what you really want to hear is,

669
00:33:04,680 --> 00:33:06,920
Speaker 5: you know what the McConnell's superPAC, which has much more

670
00:33:06,920 --> 00:33:10,120
Speaker 5: money than the NRSC, does you know, does in these

671
00:33:10,160 --> 00:33:12,480
Speaker 5: primaries that Genie mentioned, because they're not going to set

672
00:33:12,520 --> 00:33:14,440
Speaker 5: them out right. The lesson they learned in the last

673
00:33:14,440 --> 00:33:17,040
Speaker 5: cycle and the reason he's a minority leader is Mitch

674
00:33:17,120 --> 00:33:20,440
Speaker 5: McConnell didn't get actively enough in the primaries. He regrets it,

675
00:33:20,520 --> 00:33:23,240
Speaker 5: and he's not going to let that opportunity pass. He's

676
00:33:23,280 --> 00:33:25,360
Speaker 5: not going to let Donald Trump pick the candidates who

677
00:33:25,360 --> 00:33:27,560
Speaker 5: are going to serve in the Senate and potentially lose

678
00:33:27,600 --> 00:33:29,240
Speaker 5: another opportunity to regain power.

679
00:33:29,840 --> 00:33:32,720
Speaker 2: Just to remind our listeners, were standing by for the

680
00:33:32,920 --> 00:33:35,640
Speaker 2: Q and A to begin as this bilateral news conference

681
00:33:35,640 --> 00:33:37,480
Speaker 2: gets underway in the Rose Garden at the White House,

682
00:33:37,520 --> 00:33:39,680
Speaker 2: Joe Biden at the podium, the President of South Korea

683
00:33:39,720 --> 00:33:41,960
Speaker 2: at the other And once they wrap up their formal

684
00:33:42,040 --> 00:33:44,520
Speaker 2: opening remarks and get through the formalities, we'll dive into

685
00:33:44,560 --> 00:33:46,160
Speaker 2: that for you and bring it to you live here

686
00:33:46,920 --> 00:33:49,360
Speaker 2: on Bloomberg Radio. As you would expect, I'm Joe, Matthew

687
00:33:49,440 --> 00:33:52,120
Speaker 2: and Washington with our panel, Rick Davis and Genie Shanzano.

688
00:33:52,160 --> 00:33:54,160
Speaker 2: When you're Rick, you've made a lot of political az

689
00:33:54,200 --> 00:33:57,240
Speaker 2: or directed them over the years. Here, what's the process

690
00:33:57,280 --> 00:33:59,560
Speaker 2: when you sit down and figure who's the voiceover going

691
00:33:59,560 --> 00:34:02,240
Speaker 2: to be the difference between the Joe Biden ad that

692
00:34:02,280 --> 00:34:02,680
Speaker 2: we just.

693
00:34:02,680 --> 00:34:05,840
Speaker 7: Heard as the sun rises, we raise the.

694
00:34:05,800 --> 00:34:09,320
Speaker 8: Flag and the Trump ad just two days after the endorsement,

695
00:34:09,760 --> 00:34:11,600
Speaker 8: the sand just took a commanding lead.

696
00:34:11,719 --> 00:34:13,640
Speaker 2: You have to figure out music, You have to kind

697
00:34:13,640 --> 00:34:15,920
Speaker 2: of establish the tone. What is the process How does

698
00:34:15,960 --> 00:34:17,960
Speaker 2: that meeting go well? When you have time?

699
00:34:18,080 --> 00:34:20,400
Speaker 5: First of all, you're directed by the survey research, right,

700
00:34:20,400 --> 00:34:23,440
Speaker 5: you're looking at what are the issues that pop? Are

701
00:34:23,480 --> 00:34:26,400
Speaker 5: there any that like have over sixty percent of the

702
00:34:26,400 --> 00:34:28,520
Speaker 5: people saying yeah, I changed my vote, you know if

703
00:34:28,560 --> 00:34:30,680
Speaker 5: I knew that about the guy? And those are your

704
00:34:30,719 --> 00:34:33,960
Speaker 5: ads that you basically create the script, and that comes

705
00:34:34,000 --> 00:34:35,960
Speaker 5: out of who are you trying to influence? Are you're

706
00:34:35,960 --> 00:34:42,520
Speaker 5: trying to influence core suburban voters? Men, you know, rural voters,

707
00:34:43,760 --> 00:34:47,800
Speaker 5: women's suburban voters. It just depends upon who you're targeting

708
00:34:47,960 --> 00:34:51,040
Speaker 5: in any particular ad, and each one's going to have

709
00:34:51,080 --> 00:34:54,360
Speaker 5: its own feature to that, and then you cobble together

710
00:34:54,440 --> 00:34:56,960
Speaker 5: what you think is the sort of art side of it,

711
00:34:57,080 --> 00:35:01,040
Speaker 5: the grainy images, you know, as you said the first

712
00:35:01,080 --> 00:35:03,120
Speaker 5: and you know, like we're gonna remind everybody this guy's

713
00:35:03,160 --> 00:35:05,640
Speaker 5: you know, eat and pudding with his fingers and way

714
00:35:05,680 --> 00:35:08,200
Speaker 5: too much putting and and it's all part of that

715
00:35:08,320 --> 00:35:10,439
Speaker 5: sort of theme of how were we going to take him down?

716
00:35:10,640 --> 00:35:13,279
Speaker 2: And if you have a stable of voices and others

717
00:35:13,320 --> 00:35:14,880
Speaker 2: that you work with, or it's like who's right for

718
00:35:14,960 --> 00:35:17,719
Speaker 2: this one, it's a different answer every time. It's always a.

719
00:35:17,640 --> 00:35:21,239
Speaker 5: Bit of a bonus contention. As campaign manager, you know,

720
00:35:21,280 --> 00:35:23,200
Speaker 5: I get to have final cut on the ads. But

721
00:35:23,400 --> 00:35:26,440
Speaker 5: like the the ad makers, their artists, you know, and

722
00:35:26,480 --> 00:35:29,120
Speaker 5: they've got their preferences and and and they.

723
00:35:29,160 --> 00:35:30,480
Speaker 2: They have certain people they like.

724
00:35:30,560 --> 00:35:33,000
Speaker 5: And I remember having a lot of fights over trying

725
00:35:33,000 --> 00:35:35,080
Speaker 5: to get a woman voice over because you know a

726
00:35:35,080 --> 00:35:37,680
Speaker 5: lot of these guys that want to use a woman voiceover.

727
00:35:37,640 --> 00:35:38,759
Speaker 2: But we had a gender gap.

728
00:35:38,800 --> 00:35:42,040
Speaker 5: It was huge, and I wanted women talking to women voters,

729
00:35:42,160 --> 00:35:45,959
Speaker 5: and and that was sort of not typical. And it's

730
00:35:46,000 --> 00:35:47,839
Speaker 5: the kind of thing where you just have to make

731
00:35:47,880 --> 00:35:51,280
Speaker 5: a decision on what you think the best possible message

732
00:35:51,280 --> 00:35:51,680
Speaker 5: is Sure.

733
00:35:51,760 --> 00:35:54,080
Speaker 2: The political science that goes into this is fascinating to

734
00:35:54,120 --> 00:35:56,600
Speaker 2: me a genie. Although there's a lot of art, as

735
00:35:56,719 --> 00:35:58,120
Speaker 2: Rick just mentioned as well, isn't.

736
00:35:57,960 --> 00:36:00,400
Speaker 6: There there is? And thank you to Rick Davis for

737
00:36:00,480 --> 00:36:03,839
Speaker 6: pushing for the women. Thank you, Rick. We need women voiceovers,

738
00:36:04,320 --> 00:36:07,759
Speaker 6: There absolutely is, and we're seeing this now. There's a

739
00:36:07,880 --> 00:36:10,160
Speaker 6: lot of research going on. We're seeing a lot of

740
00:36:10,200 --> 00:36:13,239
Speaker 6: data collected both in surveys and focus groups that can

741
00:36:13,280 --> 00:36:16,400
Speaker 6: be incredibly helpful to these campaign teams as they design

742
00:36:16,440 --> 00:36:19,719
Speaker 6: their messages. And political scientists are a big part of that.

743
00:36:19,920 --> 00:36:23,080
Speaker 6: So here here for the political scientists. But there's also big,

744
00:36:23,200 --> 00:36:25,960
Speaker 6: big money here, and we saw this in the twenty

745
00:36:26,040 --> 00:36:28,120
Speaker 6: twenty campaign, and we're going to see it in twenty

746
00:36:28,160 --> 00:36:29,800
Speaker 6: twenty two. We're going to see it in twenty twenty

747
00:36:29,840 --> 00:36:33,160
Speaker 6: four in terms of the media that they generate, and

748
00:36:33,480 --> 00:36:37,040
Speaker 6: especially for these smaller mid sized markets, get a lot

749
00:36:37,080 --> 00:36:39,319
Speaker 6: of money out of these ads. So it is a

750
00:36:39,360 --> 00:36:42,759
Speaker 6: really fascinating conversation about how these are put together and

751
00:36:42,800 --> 00:36:45,120
Speaker 6: the impact across the country.

752
00:36:45,160 --> 00:36:47,799
Speaker 2: Really, Yeah, it sure is. Should we assume that these

753
00:36:47,800 --> 00:36:49,719
Speaker 2: are indicators for what we get, Rick, It's going to

754
00:36:49,719 --> 00:36:51,560
Speaker 2: be kind of a traditional to your point, winning an

755
00:36:51,560 --> 00:36:54,719
Speaker 2: America approach from Joe Biden this campaign, and you're going

756
00:36:54,800 --> 00:36:57,799
Speaker 2: to have more sort of guerrilla warfare coming from the

757
00:36:57,840 --> 00:37:01,680
Speaker 2: Trump and DeSantis camps, more humor, more irony, more insults.

758
00:37:02,000 --> 00:37:05,040
Speaker 5: Yeah, I think it's the script is flipped, right. I mean,

759
00:37:05,400 --> 00:37:08,479
Speaker 5: Joe Biden was the insurgent last time around. He was like, hey,

760
00:37:08,520 --> 00:37:10,160
Speaker 5: look at this guy. He's been president. He's done a

761
00:37:10,160 --> 00:37:12,759
Speaker 5: crappy job. You know, that's why we got to and

762
00:37:12,800 --> 00:37:17,120
Speaker 5: he's out of control and there's instability and I'm stability.

763
00:37:17,440 --> 00:37:19,120
Speaker 2: And now you have Donald Trump.

764
00:37:19,200 --> 00:37:21,000
Speaker 5: Actually, when you listen to him speak, say you know,

765
00:37:21,760 --> 00:37:25,400
Speaker 5: I'm the insurgence now, you know, the Biden administration is

766
00:37:25,400 --> 00:37:26,000
Speaker 5: out of control.

767
00:37:26,120 --> 00:37:27,800
Speaker 2: There's instability all over the world.

768
00:37:27,840 --> 00:37:28,800
Speaker 1: I mean like they're.

769
00:37:28,640 --> 00:37:32,799
Speaker 5: Actually reversing roles in this election cycle. And that is

770
00:37:32,840 --> 00:37:35,359
Speaker 5: the difference between an incumbent and a challenger. And having

771
00:37:35,400 --> 00:37:37,880
Speaker 5: been mostly on the challenger side, you know in the

772
00:37:37,960 --> 00:37:40,520
Speaker 5: later half of my career in politics, I would tell

773
00:37:40,520 --> 00:37:44,239
Speaker 5: you it's awful tough to take shots that are meaningful

774
00:37:44,400 --> 00:37:47,759
Speaker 5: into an incumbent president because they just have so much

775
00:37:47,800 --> 00:37:51,920
Speaker 5: bigger infrastructure to work with, so advantage Biden in this case.

776
00:37:52,120 --> 00:37:55,040
Speaker 2: Well, and he's likely Joe Biden that is going to

777
00:37:55,040 --> 00:37:58,160
Speaker 2: be taking a question on the campaign. I'm guessing maybe

778
00:37:58,200 --> 00:38:01,560
Speaker 2: the debt ceiling as well, as we discussed earlier, Rick, Jeanie,

779
00:38:01,600 --> 00:38:03,319
Speaker 2: we're just about to get into the portion of Q

780
00:38:03,440 --> 00:38:05,440
Speaker 2: and A here in this bilateral news conference we're going

781
00:38:05,480 --> 00:38:08,520
Speaker 2: to bring our listeners to in the Rose Garden. If

782
00:38:08,560 --> 00:38:11,359
Speaker 2: you're Joe Biden, if you're preparing for this little session here,

783
00:38:11,800 --> 00:38:14,759
Speaker 2: those are the questions you're brasen for today, not so

784
00:38:14,880 --> 00:38:16,960
Speaker 2: much geopolitics.

785
00:38:16,120 --> 00:38:19,560
Speaker 6: Right, that's right, And you know he has not spoken

786
00:38:19,640 --> 00:38:22,759
Speaker 6: to the press, and the press is getting antsy he

787
00:38:22,920 --> 00:38:25,360
Speaker 6: has not, you know, according to all reports, had a

788
00:38:25,440 --> 00:38:28,160
Speaker 6: one on one sit down with a news organization like

789
00:38:28,200 --> 00:38:30,719
Speaker 6: the New York Times or the Washington Post. And that

790
00:38:30,960 --> 00:38:36,040
Speaker 6: is stunning because since taking office, so he doesn't answer

791
00:38:36,040 --> 00:38:37,640
Speaker 6: a lot of questions. A lot of the questions he

792
00:38:37,680 --> 00:38:40,560
Speaker 6: does answer are by the helicopter, and so you can't

793
00:38:40,600 --> 00:38:43,160
Speaker 6: hear very well. So he is going to be peppered

794
00:38:43,160 --> 00:38:45,920
Speaker 6: with questions about his announcement about as you mentioned, the

795
00:38:45,960 --> 00:38:48,120
Speaker 6: debt ceiling, is he going to negotiate if they passed

796
00:38:48,120 --> 00:38:50,840
Speaker 6: this thing today? And certainly you know some things about

797
00:38:50,840 --> 00:38:53,760
Speaker 6: the the what's happening with South Korea, but I also

798
00:38:53,760 --> 00:38:56,200
Speaker 6: think he may hear some about China, about Ukraine. So

799
00:38:56,239 --> 00:38:58,640
Speaker 6: there's a host of things people are itching to ask him,

800
00:38:58,800 --> 00:39:01,120
Speaker 6: and this thing could go on quite a long time

801
00:39:01,160 --> 00:39:03,640
Speaker 6: if they don't cut it off, because reporters are really

802
00:39:03,680 --> 00:39:05,839
Speaker 6: really looking forward to being able to pepper him a

803
00:39:05,840 --> 00:39:06,840
Speaker 6: host of questions.

804
00:39:06,920 --> 00:39:08,880
Speaker 2: So frequently we get the two and two is the

805
00:39:08,920 --> 00:39:11,520
Speaker 2: agreement for a bilateral like this with a foreign dignitary.

806
00:39:11,600 --> 00:39:15,200
Speaker 2: So we will have a couple from each delegation here,

807
00:39:15,280 --> 00:39:17,160
Speaker 2: and then of course you're going to have translation. They

808
00:39:17,200 --> 00:39:20,040
Speaker 2: each get to ask both leaders questions, So if you

809
00:39:20,120 --> 00:39:23,200
Speaker 2: do the math, it could be a minute. As Genie mentioned,

810
00:39:23,800 --> 00:39:25,759
Speaker 2: will of course again bring this to you live when

811
00:39:25,800 --> 00:39:28,000
Speaker 2: they begin. And we're getting to that point here Rick,

812
00:39:28,000 --> 00:39:31,960
Speaker 2: where the President is again being criticized for not enough

813
00:39:31,960 --> 00:39:34,440
Speaker 2: news conferences. To Genie's point, he's always talking in the

814
00:39:34,480 --> 00:39:36,359
Speaker 2: driveway about to get on the chopper. We can't even

815
00:39:36,360 --> 00:39:38,640
Speaker 2: play half of it on the air because it's so loud.

816
00:39:38,640 --> 00:39:40,400
Speaker 2: Would it behoove him to do a long Q and

817
00:39:40,480 --> 00:39:41,040
Speaker 2: a here.

818
00:39:41,400 --> 00:39:43,239
Speaker 5: Yeah, I think that he needs to air it out,

819
00:39:43,239 --> 00:39:45,560
Speaker 5: And of course it's helpful to him to have a

820
00:39:45,600 --> 00:39:48,120
Speaker 5: foil like the president from South Korea that he can

821
00:39:48,160 --> 00:39:51,960
Speaker 5: actually use as an excuse for not getting too long

822
00:39:51,960 --> 00:39:55,680
Speaker 5: winded into these answers. That being said, we've never seen

823
00:39:55,680 --> 00:39:57,960
Speaker 5: a press conference where Joe Biden doesn't get long winded

824
00:39:58,320 --> 00:40:01,560
Speaker 5: answers and let them go hey too long for any stretch,

825
00:40:01,640 --> 00:40:05,680
Speaker 5: you know, staff purposes where they're like, holy smokes, you know,

826
00:40:05,680 --> 00:40:06,320
Speaker 5: we should.

827
00:40:06,040 --> 00:40:08,360
Speaker 2: Have got three of us a couple of hours around.

828
00:40:08,360 --> 00:40:11,200
Speaker 5: Indeed, so it's always a high wire act for Joe

829
00:40:11,200 --> 00:40:13,440
Speaker 5: Biden when he's in front of a group of reporters.

830
00:40:13,520 --> 00:40:15,400
Speaker 5: And that's probably the reason we don't see.

831
00:40:15,239 --> 00:40:17,400
Speaker 2: Him do it very often. Yeah, you know, and this

832
00:40:17,480 --> 00:40:19,520
Speaker 2: is of course a formal setting. I suspect that the

833
00:40:19,640 --> 00:40:22,960
Speaker 2: campaign will need to do something beyond this genie where

834
00:40:23,000 --> 00:40:25,839
Speaker 2: he's really talking about his plans for the next year

835
00:40:25,840 --> 00:40:27,840
Speaker 2: and now he wants to keep his job at the

836
00:40:27,840 --> 00:40:28,360
Speaker 2: White House.

837
00:40:29,080 --> 00:40:31,600
Speaker 6: Yeah, and you know, they have had task ahead of

838
00:40:31,640 --> 00:40:34,240
Speaker 6: them because, as Rick was just talking about, Joe Biden

839
00:40:34,400 --> 00:40:36,680
Speaker 6: likes to talk and he often says things that then

840
00:40:36,760 --> 00:40:39,000
Speaker 6: they have to walk back. I mean, look at what

841
00:40:39,040 --> 00:40:42,920
Speaker 6: he said four times about if China invaded Taiwan. They

842
00:40:43,000 --> 00:40:45,319
Speaker 6: keep having to walk these things back. So you know,

843
00:40:45,360 --> 00:40:48,000
Speaker 6: they don't like to put him off script as much

844
00:40:48,080 --> 00:40:49,839
Speaker 6: as they could, like to keep him on script rather

845
00:40:49,840 --> 00:40:52,239
Speaker 6: as much as possible, but it's not easy. This is

846
00:40:52,239 --> 00:40:55,160
Speaker 6: the Joe Biden we've known for fifty sixty years.

847
00:40:56,120 --> 00:40:59,480
Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch the

848
00:40:59,520 --> 00:41:03,400
Speaker 1: program live weekdays at one Eastern on Bloomberg Radio, the

849
00:41:03,480 --> 00:41:05,480
Speaker 1: tune in alf, Bloomberg dot Com, and.

850
00:41:05,480 --> 00:41:06,799
Speaker 4: The Bloomberg Business App.

851
00:41:06,960 --> 00:41:09,799
Speaker 1: You can also listen live on Amazon Alexa from our

852
00:41:09,800 --> 00:41:14,320
Speaker 1: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

853
00:41:15,640 --> 00:41:18,160
Speaker 2: The really big story inside the bubble. Despite the state visit,

854
00:41:18,239 --> 00:41:20,680
Speaker 2: they're gonna have a gorgeous state dinner over there tonight, Kaylee.

855
00:41:20,800 --> 00:41:23,800
Speaker 2: I'm sure that you're going. I get the gown ready.

856
00:41:24,640 --> 00:41:28,400
Speaker 2: But the debt ceiling proposal put forth by Speaker McCarthy

857
00:41:28,440 --> 00:41:31,640
Speaker 2: tweaked as recently as two o'clock in the morning. Apparently

858
00:41:31,680 --> 00:41:33,960
Speaker 2: he folded during the Rules committee hearing and they did

859
00:41:34,000 --> 00:41:36,680
Speaker 2: get changes. We talked about this earlier with Rick and

860
00:41:36,760 --> 00:41:39,759
Speaker 2: Jeanie when it comes to work requirements and when it

861
00:41:39,800 --> 00:41:42,279
Speaker 2: comes to the ethanol subsidies. So there's going to be

862
00:41:42,280 --> 00:41:43,840
Speaker 2: a vote. We don't know if he has two eighteen.

863
00:41:43,880 --> 00:41:46,120
Speaker 2: And that's the big question right now. What time is

864
00:41:46,120 --> 00:41:48,840
Speaker 2: it going to happen and what will be the outcome?

865
00:41:49,320 --> 00:41:52,200
Speaker 2: And I'd love to hear what Libby Kantrell thinks about this,

866
00:41:52,239 --> 00:41:56,080
Speaker 2: The head of public policy at Pacific Investment Management Company PIMCO.

867
00:41:56,160 --> 00:41:58,719
Speaker 2: Libby is back with us, Kaylee here on Bloomberg Sound On.

868
00:41:58,800 --> 00:42:00,839
Speaker 2: Thanks for hanging on. Libby. All been sort of waiting

869
00:42:00,880 --> 00:42:02,439
Speaker 2: all day to find out what was going to happen

870
00:42:02,480 --> 00:42:04,880
Speaker 2: there in the Rose Garden. But the president is making

871
00:42:04,920 --> 00:42:08,319
Speaker 2: headlines on the debt limit. The Republican majority in the

872
00:42:08,360 --> 00:42:10,240
Speaker 2: House is as well, is this going to pass tonight?

873
00:42:11,760 --> 00:42:13,360
Speaker 9: Hi, Joe A nice to be with you again. It

874
00:42:13,400 --> 00:42:17,919
Speaker 9: looks like it's going to. It just cleared a very

875
00:42:17,960 --> 00:42:23,440
Speaker 9: important procedural hurdle passing the rule pass, which, as you know,

876
00:42:23,600 --> 00:42:27,240
Speaker 9: is sort of the first big step to ultimate passage

877
00:42:27,280 --> 00:42:29,160
Speaker 9: of a bill. If you look at the vote, two

878
00:42:29,200 --> 00:42:31,560
Speaker 9: hundred and nineteen, so just squeaked it out. Of course,

879
00:42:31,600 --> 00:42:35,560
Speaker 9: you need two hundred and eighteen to pass anything these

880
00:42:35,680 --> 00:42:39,440
Speaker 9: days in the House. That's sort of setting up probably

881
00:42:39,440 --> 00:42:43,160
Speaker 9: final passage of this bill by this evening now, as

882
00:42:43,160 --> 00:42:45,280
Speaker 9: you're sort of indicating this is kind of the beginning

883
00:42:45,360 --> 00:42:49,000
Speaker 9: of the dance, if you will, the opening salvo. But

884
00:42:49,040 --> 00:42:51,759
Speaker 9: it is important, even though this is symbolic and has

885
00:42:51,800 --> 00:42:54,480
Speaker 9: no chance to pass and the Senator besign into law,

886
00:42:54,960 --> 00:42:58,360
Speaker 9: it is symbolically important for Speaker McCarthy to show some

887
00:42:58,560 --> 00:43:01,799
Speaker 9: unanimity along the caucus as they try to begin this

888
00:43:01,920 --> 00:43:03,240
Speaker 9: negotiation with the President.

889
00:43:03,680 --> 00:43:07,160
Speaker 10: But on that point, Libby, it is clear that this

890
00:43:07,360 --> 00:43:09,799
Speaker 10: was difficult for him. I mean, to Joe's point, he

891
00:43:09,880 --> 00:43:12,960
Speaker 10: did have to cave on some things again, just like

892
00:43:13,000 --> 00:43:15,560
Speaker 10: he had to cave to certain members of his party

893
00:43:15,600 --> 00:43:19,160
Speaker 10: to get the speakership position in the first place. I mean,

894
00:43:19,160 --> 00:43:24,000
Speaker 10: what does this signal more broadly about the factions within

895
00:43:24,080 --> 00:43:27,239
Speaker 10: the Republican Party and McCarthy's ability to get them all

896
00:43:27,280 --> 00:43:27,720
Speaker 10: in line.

897
00:43:29,080 --> 00:43:32,120
Speaker 9: Well, that there are factions. There are five, you know,

898
00:43:32,200 --> 00:43:35,440
Speaker 9: these five families so to speak, and kind of Washington speak,

899
00:43:35,719 --> 00:43:40,400
Speaker 9: these are different factions within the caucus, including House Freedom

900
00:43:40,400 --> 00:43:43,240
Speaker 9: Caucus members and then some more centrist folks, the problem

901
00:43:43,280 --> 00:43:46,880
Speaker 9: solver folks who are more in the more in the center.

902
00:43:47,000 --> 00:43:49,480
Speaker 9: I mean, his strategy. Some of us, you know, you

903
00:43:49,560 --> 00:43:53,200
Speaker 9: might question it. Why would you come to up here

904
00:43:53,239 --> 00:43:57,080
Speaker 9: to New York and announce a deal when you don't

905
00:43:57,080 --> 00:44:00,560
Speaker 9: necessarily have two eighteen. That may have kind of weakened

906
00:44:00,920 --> 00:44:04,359
Speaker 9: his hand a little bit, But the most important thing

907
00:44:05,160 --> 00:44:07,160
Speaker 9: is that he will be able to It looks like

908
00:44:07,239 --> 00:44:09,759
Speaker 9: he will be able to pass this. And again this

909
00:44:09,920 --> 00:44:13,160
Speaker 9: is just the kind of the opening bid, if you will,

910
00:44:13,239 --> 00:44:16,160
Speaker 9: in a broader negotiation. But this is a really important

911
00:44:16,200 --> 00:44:18,440
Speaker 9: first step for him. And the fact that he was

912
00:44:18,480 --> 00:44:20,640
Speaker 9: able to get this and you know, not makes too

913
00:44:20,680 --> 00:44:24,200
Speaker 9: many concessions. You know, there were some tweaks, as you

914
00:44:24,239 --> 00:44:27,680
Speaker 9: all mentioned. Again, this is all theoretical because this is

915
00:44:27,680 --> 00:44:29,239
Speaker 9: not going to be signed into a law. But of

916
00:44:29,280 --> 00:44:31,560
Speaker 9: course members are very cautious of what they're going to

917
00:44:31,600 --> 00:44:34,200
Speaker 9: vote forks and vote forks, and they're on the record,

918
00:44:34,760 --> 00:44:36,759
Speaker 9: and that of course can be used against them, you know,

919
00:44:36,760 --> 00:44:39,800
Speaker 9: come twenty twenty four when they're running for re election, Libby.

920
00:44:39,800 --> 00:44:49,200
Speaker 2: Here's President Biden talking about this a short time ago.

921
00:44:47,000 --> 00:44:48,160
Speaker 11: Figured out the dead limit.

922
00:44:48,239 --> 00:44:50,960
Speaker 4: Yet, I want to say.

923
00:44:54,719 --> 00:44:57,480
Speaker 11: Happy to maybe recards you, but not on whether or

924
00:44:57,560 --> 00:45:02,960
Speaker 11: not the dead limit gets e that's not negotiable. I

925
00:45:03,040 --> 00:45:06,120
Speaker 11: noticed they quote Reagan and they quote they quote Reagan

926
00:45:06,160 --> 00:45:08,640
Speaker 11: all the time, and they quote Trump, both of which

927
00:45:08,640 --> 00:45:12,000
Speaker 11: said it says, I'm paraphrasing, it would be an absolute

928
00:45:12,080 --> 00:45:13,879
Speaker 11: crime to not extend the.

929
00:45:13,840 --> 00:45:17,080
Speaker 2: Debt paraphrasing Livy, you know that they tend to quote

930
00:45:17,120 --> 00:45:19,799
Speaker 2: Donald Trump and Ronald Reagan in this Democratic White House

931
00:45:19,800 --> 00:45:22,920
Speaker 2: when it comes to this. So let's advance here a

932
00:45:22,920 --> 00:45:26,799
Speaker 2: couple of steps. Whether this gets past today or not,

933
00:45:27,040 --> 00:45:30,640
Speaker 2: the debt limit will need to be addressed. How likely

934
00:45:30,719 --> 00:45:33,880
Speaker 2: is a short term solution, because everyone's talking about, you know,

935
00:45:33,920 --> 00:45:36,400
Speaker 2: their forever home here, how likely is it that we

936
00:45:36,440 --> 00:45:38,640
Speaker 2: find a way to suspend the debt ceiling until fall?

937
00:45:38,719 --> 00:45:40,160
Speaker 2: So it coincides with the budget.

938
00:45:40,800 --> 00:45:42,960
Speaker 9: Yeah, I mean, I think, as you know, I think

939
00:45:43,000 --> 00:45:45,399
Speaker 9: folks are going to be very reluctant to take two

940
00:45:45,640 --> 00:45:49,440
Speaker 9: debt ceiling votes before the November twenty twenty four election.

941
00:45:50,200 --> 00:45:52,360
Speaker 9: So I think if you know, if and when this

942
00:45:52,520 --> 00:45:55,600
Speaker 9: negotiation starts, and I do think that there will have

943
00:45:55,640 --> 00:45:58,959
Speaker 9: to be some engagement from Democrats in order to find

944
00:45:59,000 --> 00:46:01,239
Speaker 9: a resolution here or this will be one of the

945
00:46:01,280 --> 00:46:04,000
Speaker 9: things that they will likely negotiate. Again, I think President

946
00:46:04,040 --> 00:46:06,680
Speaker 9: Biden will be very inclined, in addition to a lot

947
00:46:06,680 --> 00:46:09,400
Speaker 9: of members on both sides of the aisle, including some Republicans,

948
00:46:09,440 --> 00:46:11,360
Speaker 9: who don't want to have to take two debt sailing

949
00:46:11,440 --> 00:46:14,640
Speaker 9: votes again before the November election to try to push

950
00:46:15,160 --> 00:46:18,160
Speaker 9: that deadline back, you know again, So I'm of the

951
00:46:18,280 --> 00:46:22,040
Speaker 9: view that a short term extension seems quite unlikely. Again,

952
00:46:22,080 --> 00:46:23,920
Speaker 9: why would you want to try to force folks to

953
00:46:23,920 --> 00:46:26,480
Speaker 9: take two votes if you can just take one vote?

954
00:46:27,120 --> 00:46:30,080
Speaker 9: But clearly is you know, is an option. I do think, Joe,

955
00:46:30,120 --> 00:46:32,719
Speaker 9: it's going to be somewhat dependent though, when this X

956
00:46:32,800 --> 00:46:34,319
Speaker 9: state is and I think this is where where you're

957
00:46:34,320 --> 00:46:36,200
Speaker 9: seeing a lot of uncertainty in the markets, especially on

958
00:46:36,239 --> 00:46:39,360
Speaker 9: the front end of the curve right now is that

959
00:46:39,400 --> 00:46:41,200
Speaker 9: there is a lot of uncertainty about when this X

960
00:46:41,239 --> 00:46:43,239
Speaker 9: state is going to fall. Not only, of course, are

961
00:46:43,280 --> 00:46:47,000
Speaker 9: capital gain receipts lower and just tax receipts lower in general.

962
00:46:47,280 --> 00:46:49,480
Speaker 9: You also have this has been so a little bit underreported,

963
00:46:49,719 --> 00:46:53,440
Speaker 9: you have sort of these special disaster zones that have

964
00:46:53,719 --> 00:46:56,800
Speaker 9: allowed taxpayers to not file in April, but to actually

965
00:46:56,880 --> 00:47:01,359
Speaker 9: extend the filing into October. That's a lot of California

966
00:47:01,760 --> 00:47:05,359
Speaker 9: because of these wildfire fires and floods and storms. Unfortunately,

967
00:47:05,719 --> 00:47:08,640
Speaker 9: a lot of California is sort of under this ability

968
00:47:08,640 --> 00:47:10,600
Speaker 9: to file and October. The reason I bring that up

969
00:47:10,640 --> 00:47:13,320
Speaker 9: is California is about fifteen percent of the tax receipts.

970
00:47:13,680 --> 00:47:16,960
Speaker 9: So if Californians are not filing, though they will file,

971
00:47:17,000 --> 00:47:20,000
Speaker 9: they'll just file later. That is also another headwind to

972
00:47:20,080 --> 00:47:23,320
Speaker 9: tax receipts. So all just saying that we don't know

973
00:47:23,360 --> 00:47:25,080
Speaker 9: when the X date is, it could be as early

974
00:47:25,120 --> 00:47:28,239
Speaker 9: as you know, early June, in which case then it's

975
00:47:28,239 --> 00:47:31,160
Speaker 9: probably a short term debt ceiling increases a little bit

976
00:47:31,200 --> 00:47:33,600
Speaker 9: more likely just to kind of get everyone's you know,

977
00:47:33,960 --> 00:47:35,960
Speaker 9: ducks in a row to so to speak. But if

978
00:47:36,000 --> 00:47:38,719
Speaker 9: the X state is more probably that kind of end

979
00:47:38,760 --> 00:47:41,440
Speaker 9: of July August, as we've talked about before, then I

980
00:47:41,440 --> 00:47:44,279
Speaker 9: think a longer term resolution, a longer term extension will

981
00:47:44,320 --> 00:47:45,520
Speaker 9: be part of the negotiation.

982
00:47:46,360 --> 00:47:48,960
Speaker 10: Yeah, well, in theory, we should get more clarity about

983
00:47:49,000 --> 00:47:51,600
Speaker 10: what the Treasury actually thinks the X state is, even

984
00:47:51,640 --> 00:47:54,399
Speaker 10: in just the next couple of days. And really it's

985
00:47:54,440 --> 00:47:56,320
Speaker 10: going to be about whether they can get to June

986
00:47:56,360 --> 00:47:59,440
Speaker 10: fifteenth or not, because if it's early June, of course,

987
00:47:59,520 --> 00:48:03,440
Speaker 10: this is an entirely different equation. And Libby, you were

988
00:48:03,480 --> 00:48:06,279
Speaker 10: just referencing the idea of twenty twenty four in the

989
00:48:06,360 --> 00:48:10,040
Speaker 10: role that that election plays in this entire dynamic. We

990
00:48:10,120 --> 00:48:12,680
Speaker 10: also have to keep in mind that the president finally

991
00:48:12,760 --> 00:48:16,640
Speaker 10: formally announced he is seeking re election this week. So

992
00:48:16,680 --> 00:48:19,040
Speaker 10: how does that color how he approaches this?

993
00:48:20,880 --> 00:48:23,360
Speaker 9: Yeah, I mean it is, yes, Yeah, he has just

994
00:48:23,400 --> 00:48:25,920
Speaker 9: as you all know, kind of the worst kept secret

995
00:48:26,000 --> 00:48:28,239
Speaker 9: in Washington. Folks have been talking about this. Now.

996
00:48:28,200 --> 00:48:30,880
Speaker 6: We all knew it was coming, but it's coming exactly.

997
00:48:31,080 --> 00:48:33,640
Speaker 9: We all knew if it was coming. It was just

998
00:48:33,640 --> 00:48:37,239
Speaker 9: a question of when not if. Yeah, I mean I

999
00:48:37,320 --> 00:48:40,120
Speaker 9: definitely think that you know, this is we're getting in.

1000
00:48:40,320 --> 00:48:42,280
Speaker 9: We will get closer to kind of the silly season,

1001
00:48:42,320 --> 00:48:46,160
Speaker 9: if you will. In some ways, though, because of course,

1002
00:48:46,200 --> 00:48:48,760
Speaker 9: as we know that you know, these elections, these national

1003
00:48:48,800 --> 00:48:52,520
Speaker 9: elections on the presidential side had been elected, have been

1004
00:48:52,560 --> 00:48:55,319
Speaker 9: determined just by a handful of states, including in kind

1005
00:48:55,320 --> 00:48:59,920
Speaker 9: of more of these swing states, Michigan, Wisconsin, Pennsylvania, North Carolina, Georgia.

1006
00:49:00,520 --> 00:49:03,680
Speaker 9: It may actually behoove him to try to kind of

1007
00:49:03,800 --> 00:49:09,560
Speaker 9: lean towards the kind of more fiscally responsible arguments. This

1008
00:49:09,680 --> 00:49:12,719
Speaker 9: is actually kind of the playbook that he used when

1009
00:49:12,760 --> 00:49:15,400
Speaker 9: he was vice president, when he was senator, he was

1010
00:49:15,920 --> 00:49:17,960
Speaker 9: you know, at least gave rhetorick to being more kind

1011
00:49:17,960 --> 00:49:21,279
Speaker 9: of fiscally restrained. And you may actually see him think

1012
00:49:21,320 --> 00:49:24,160
Speaker 9: that it's a political benefit, But I do also think

1013
00:49:24,200 --> 00:49:26,960
Speaker 9: he's really trying to draw aline in the sand between

1014
00:49:26,960 --> 00:49:29,480
Speaker 9: the dead ceiling, which of course we're only raising dat

1015
00:49:29,560 --> 00:49:32,040
Speaker 9: in order to pay for spending that we've already agreed

1016
00:49:32,120 --> 00:49:35,200
Speaker 9: upon to kind of negotiations around future spending. So he

1017
00:49:35,680 --> 00:49:38,920
Speaker 9: behooves him to try to separate those conversations, but it

1018
00:49:38,960 --> 00:49:42,080
Speaker 9: actually might also behoove them politically to be sort of

1019
00:49:42,200 --> 00:49:46,600
Speaker 9: viewed as maybe more reasonable or responsible from a fiscal perspective,

1020
00:49:47,200 --> 00:49:49,040
Speaker 9: kind of open question on that would.

1021
00:49:48,800 --> 00:49:51,319
Speaker 2: Be canceled from Pimco with us on Bloomberg Radio out

1022
00:49:51,360 --> 00:49:53,760
Speaker 2: with a fascinating note today for clients. By the way, Libby,

1023
00:49:53,760 --> 00:49:56,400
Speaker 2: thank you for sharing it. As you write, Equity markets

1024
00:49:56,400 --> 00:49:59,080
Speaker 2: typically are later to react and usually don't get skittish

1025
00:49:59,120 --> 00:50:02,240
Speaker 2: until days or week weeks before the X date, remembering,

1026
00:50:02,239 --> 00:50:04,640
Speaker 2: of course twenty eleven when we got the downgrade two

1027
00:50:04,640 --> 00:50:07,280
Speaker 2: weeks before the X date. So I wonder your thoughts

1028
00:50:07,400 --> 00:50:10,040
Speaker 2: on when the freak out begins in the market here,

1029
00:50:10,120 --> 00:50:13,840
Speaker 2: because your bottom line view is that the destination is

1030
00:50:13,920 --> 00:50:16,440
Speaker 2: known bumpy ride, albeit but the US will not.

1031
00:50:16,440 --> 00:50:20,880
Speaker 9: Default, Livy, Yeah, exactly. I mean we've seen this movie before.

1032
00:50:21,000 --> 00:50:23,800
Speaker 9: We know how it ends, but we know the destination,

1033
00:50:23,880 --> 00:50:25,560
Speaker 9: but it will be it will be bumpy, and of

1034
00:50:25,560 --> 00:50:27,719
Speaker 9: course that's fiduciary, is right. Which we which can go

1035
00:50:27,840 --> 00:50:31,080
Speaker 9: is we have to take this threat seriously and so

1036
00:50:31,320 --> 00:50:34,359
Speaker 9: and you're already seen, as I alluded to before, some

1037
00:50:34,480 --> 00:50:37,360
Speaker 9: dislocation in the treasury bill market as folks try to

1038
00:50:37,400 --> 00:50:39,520
Speaker 9: get out of that three month position into the one

1039
00:50:39,520 --> 00:50:42,680
Speaker 9: month position because it's a more certain there's more certainty

1040
00:50:43,040 --> 00:50:44,960
Speaker 9: that they can avoid the X date if they're that

1041
00:50:45,000 --> 00:50:48,080
Speaker 9: one month month position. So we're starting to see it

1042
00:50:48,080 --> 00:50:51,520
Speaker 9: in the CDs market. That is a very very thinly

1043
00:50:51,600 --> 00:50:54,560
Speaker 9: traded liquid market, so I would put too much stock

1044
00:50:54,600 --> 00:50:56,319
Speaker 9: into it, but it does sort of show you that

1045
00:50:57,040 --> 00:50:59,120
Speaker 9: kind of the fear factor in that in that very

1046
00:50:59,160 --> 00:51:02,520
Speaker 9: small market is high. Equity markets are kind of the

1047
00:51:02,600 --> 00:51:05,920
Speaker 9: last to react. They usually don't react until kind of

1048
00:51:05,960 --> 00:51:08,719
Speaker 9: the weeks, if not days before the X state. So

1049
00:51:09,040 --> 00:51:10,879
Speaker 9: as we sort of talked about, once we get more

1050
00:51:10,880 --> 00:51:13,200
Speaker 9: clarity around the X state, I think kind of markets

1051
00:51:13,560 --> 00:51:17,120
Speaker 9: will sort of shift and reprice based on that. If

1052
00:51:17,160 --> 00:51:19,759
Speaker 9: it's closer, expect a kind of a sooner freak out.

1053
00:51:20,239 --> 00:51:22,279
Speaker 9: If it's more kind of in the August timeframe, I

1054
00:51:22,280 --> 00:51:25,480
Speaker 9: think you'll sort of expect markets to be a little

1055
00:51:25,480 --> 00:51:27,600
Speaker 9: bit more sanguine until that point.

1056
00:51:27,800 --> 00:51:30,520
Speaker 10: That's kind of the near term, Libby, But I also

1057
00:51:30,600 --> 00:51:34,680
Speaker 10: wonder longer term how you think about how this affects

1058
00:51:35,120 --> 00:51:39,760
Speaker 10: the investment thesis for investing in the US in US assets.

1059
00:51:39,800 --> 00:51:42,400
Speaker 10: When we do this dance time and time again, and

1060
00:51:42,440 --> 00:51:44,960
Speaker 10: there is always this lingering question of whether or not

1061
00:51:45,840 --> 00:51:49,640
Speaker 10: we are going to pay out all of our obligations

1062
00:51:49,840 --> 00:51:52,560
Speaker 10: and not default on our debt, I mean, I can't

1063
00:51:52,560 --> 00:51:57,120
Speaker 10: imagine that that kind of overhang lends support to the

1064
00:51:57,160 --> 00:52:00,239
Speaker 10: idea that this is a safe place to park your money.

1065
00:52:00,560 --> 00:52:03,800
Speaker 9: Yeah, and I think that has been the concern among

1066
00:52:03,920 --> 00:52:06,799
Speaker 9: folks who you do take this seriously. And there you know,

1067
00:52:06,880 --> 00:52:09,680
Speaker 9: as we may, we may, you know, hear folks who

1068
00:52:09,800 --> 00:52:13,479
Speaker 9: have a minority view, but there are many serious folks

1069
00:52:13,560 --> 00:52:15,920
Speaker 9: in Washington, many adults in the room, so to speak,

1070
00:52:16,320 --> 00:52:19,520
Speaker 9: who I do think are concerned about how this may

1071
00:52:19,680 --> 00:52:24,680
Speaker 9: undermine our credibility and undermine just the assumption that the

1072
00:52:24,800 --> 00:52:28,480
Speaker 9: US dollar will continue to be the reserve currency. Now

1073
00:52:28,520 --> 00:52:31,640
Speaker 9: with that said, what that said, And and Bill Gross,

1074
00:52:31,719 --> 00:52:33,480
Speaker 9: the founder of UMCO, used to have a saying of

1075
00:52:33,920 --> 00:52:36,320
Speaker 9: you know that the US was the cleanest dirty shirt,

1076
00:52:36,920 --> 00:52:39,880
Speaker 9: and that kind of continues, you know, it continues. It

1077
00:52:39,920 --> 00:52:41,759
Speaker 9: was a bit depression thing to say when he said it,

1078
00:52:41,800 --> 00:52:44,239
Speaker 9: you know, fifteen years ago, and I think it still

1079
00:52:44,280 --> 00:52:49,719
Speaker 9: applies today that there really isn't necessarily a viable alternative.

1080
00:52:49,760 --> 00:52:52,279
Speaker 9: Of course, you know, most assets are are lots of

1081
00:52:52,320 --> 00:52:57,120
Speaker 9: assets are priced in dollar. Uh and and you know,

1082
00:52:57,160 --> 00:52:59,560
Speaker 9: the just the in terms of the rule of law

1083
00:52:59,640 --> 00:53:03,680
Speaker 9: and a lot of property that the dynamism of our economy,

1084
00:53:03,840 --> 00:53:09,239
Speaker 9: it still means the US is quite attractive and is

1085
00:53:09,239 --> 00:53:11,680
Speaker 9: still viewed as a safe haven. Now to your point, though,

1086
00:53:11,719 --> 00:53:13,920
Speaker 9: I'm not sure that we can you know, rest on

1087
00:53:13,920 --> 00:53:16,920
Speaker 9: our laurels. But for the kind of intermediate time period,

1088
00:53:17,360 --> 00:53:19,359
Speaker 9: you know, we think this the kind of the d

1089
00:53:19,440 --> 00:53:23,200
Speaker 9: dollarization is a little bit overstated. We are seeing central

1090
00:53:23,200 --> 00:53:25,799
Speaker 9: banks diversify away from the dollar, but that's much more

1091
00:53:25,840 --> 00:53:29,799
Speaker 9: incremental than it is you know, widespread, and again we

1092
00:53:29,840 --> 00:53:32,759
Speaker 9: don't think and at least the intermediate time frame, that's

1093
00:53:32,800 --> 00:53:34,600
Speaker 9: not really a real risk.

1094
00:53:35,200 --> 00:53:37,480
Speaker 2: Libby, thank you so much for the insights today, and

1095
00:53:37,800 --> 00:53:40,359
Speaker 2: thanks for waiting through the news conference. Lebby Cantrill, head

1096
00:53:40,400 --> 00:53:42,359
Speaker 2: of public Policy at PIMCO, with a lot to think

1097
00:53:42,360 --> 00:53:45,080
Speaker 2: about today in a really fascinating note on what might

1098
00:53:45,120 --> 00:53:48,400
Speaker 2: come from this whole debate, never mind just the vote today, Kaylee.

1099
00:53:48,600 --> 00:53:52,800
Speaker 2: So if it passes, which of the five families wins?

1100
00:53:53,600 --> 00:53:54,360
Speaker 2: Is my question?

1101
00:53:54,560 --> 00:53:55,960
Speaker 10: It's very game of thronesy.

1102
00:53:56,320 --> 00:54:00,960
Speaker 2: I'm thinking Godfather, oh that too, I mean, does the

1103
00:54:01,000 --> 00:54:06,359
Speaker 2: Freedom Caucus win in that case? Who gets Sunny? And

1104
00:54:07,440 --> 00:54:11,319
Speaker 2: what's wrong with Michael? Today We'll be following the vote

1105
00:54:11,360 --> 00:54:13,480
Speaker 2: through the day for you here of course, here on

1106
00:54:13,520 --> 00:54:15,560
Speaker 2: Bloomberg and you know. By the time we're on Balance

1107
00:54:15,560 --> 00:54:18,279
Speaker 2: of Power at five o'clock on Bloomberg TV, we may

1108
00:54:18,360 --> 00:54:22,200
Speaker 2: have an answer. Does the five families sit down at

1109
00:54:22,239 --> 00:54:27,520
Speaker 2: the table together to hash it out? Thanks for listening

1110
00:54:27,560 --> 00:54:29,880
Speaker 2: to The Sound on Podcast. Make sure to subscribe if

1111
00:54:29,920 --> 00:54:32,719
Speaker 2: you haven't already, at Apple, Spotify, and anywhere else you

1112
00:54:32,760 --> 00:54:35,480
Speaker 2: get your podcasts. And you can find us live every

1113
00:54:35,520 --> 00:54:38,879
Speaker 2: weekday from Washington, DC at one pm Eastern Time at

1114
00:54:38,880 --> 00:54:41,359
Speaker 2: Bloomberg dot com.