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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keen with

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Speaker 1: David Gura. Daily we bring you insight from the best

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Speaker 1: of economics, finance, investment, and international relations. Find Bloomberg Surveillance

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Speaker 1: on Apple Podcasts, SoundCloud, Bloomberg dot Com, and of course

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Speaker 1: on the Bloomberg Rich Claida here with us in our

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Speaker 1: Bloomberg eleven three studios in the Ark of Columbia University,

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Speaker 1: UH and Pimpica. Let's start just by situating this decision

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Speaker 1: in the context of the UK economy at this point.

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Speaker 1: Tell us a bit about what these policy makers were

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Speaker 1: chewing over. I think we were focused, certainly on how

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Speaker 1: this vote would shake out. Would it be seven to

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Speaker 1: two or six to three. We'll look at the tone

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Speaker 1: of the statement here in just just a moment. But economically,

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Speaker 1: how do things look in the UK right now? Well,

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Speaker 1: I think economically what you see in the UK is

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Speaker 1: there has been a going in the UK economy compared

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Speaker 1: to the trend before Brexit. But it hasn't been a

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Speaker 1: train wreck. Uh. The economy is growing, you know, somewhere

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Speaker 1: in the one to two percent range. Uh. The problem

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Speaker 1: for the Bank of England, of course, there's huge Brexit uncertainty,

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Speaker 1: and they've had a big depreciation of the pound, which

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Speaker 1: is feeding through into the headline inflation rate. So the

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Speaker 1: challenge for them is, as Governor Carney says, they want

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Speaker 1: to think of this as a one off increase in

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Speaker 1: the price level from the exchange rate. The term of

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Speaker 1: art in central banking, David is they want to avoid

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Speaker 1: second round of facts, which means more inertia, UH and inflation.

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Speaker 1: But at the same time they also are cognizant of

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Speaker 1: the fact that inflation is above their target and they

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Speaker 1: don't want to be seen as being unaware of that.

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Speaker 1: Reading from the statement here, with the circumstances since the referendum,

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Speaker 1: money you membership in the accompanying depreciation of sterling have

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Speaker 1: been exceptional. In the words of the the MPC monetary

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Speaker 1: policy cannot prevent either. The necessary real adjustment is the

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Speaker 1: United Kingdom moves towards its new international training arrangements or

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Speaker 1: the weaker real income growth that is likely to a

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Speaker 1: company the adjustment over the next few years. I mentioned

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Speaker 1: that the way that this shook out, there there was

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Speaker 1: a sense here that maybe the chief economists might come

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Speaker 1: on board with with the hawks on on on the committee.

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Speaker 1: Are we starting to see some sort of shift, I

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Speaker 1: mean a seismic shift here, but a shift among the

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Speaker 1: membership of this committee? I think we are. You know,

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Speaker 1: Andrew Halliday very respected, uh and really part of the

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Speaker 1: He's a young guy who's been at the b o

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Speaker 1: E for twenty years, and I do think he's been

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Speaker 1: hinting uh that that he may tilt towards a rate hike.

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Speaker 1: We did not get that today, but I would be

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Speaker 1: watching him closely because so far, David, the people who

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Speaker 1: supported higher rates have been the so called external members. Um.

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Speaker 1: Andy Halden is you know, clearly part of of the

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Speaker 1: core groups. So were he'd a vote for a hike,

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Speaker 1: that would be a very very significant signal that they're

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Speaker 1: that they're going on that direction. But it hasn't happened yet.

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Speaker 1: How big a risk here is a risk of an overshoot.

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Speaker 1: Of course, as you point out in a note, you

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Speaker 1: overshoot the three percent mark. You got to send a

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Speaker 1: letter to Philip happened to explain why are we headed there?

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Speaker 1: Do you think? Well? It could be. I mean the

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Speaker 1: Bloomberg headline I see is boot b o E expects

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Speaker 1: inflation to exceed three in October. So as part of

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Speaker 1: their charter as inflation targeting, there's a formal requirement that

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Speaker 1: they send a public letter, so you've got to sort

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Speaker 1: of publish it on Bloomberg and elsewhere, explaining why inflation

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Speaker 1: is about three. I think in this case, if they

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Speaker 1: do exceed three, it won't be a hard letter to write.

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Speaker 1: You simply say, look, Brexit is an unusual situation. We've

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Speaker 1: got a big adjustment. It's fed through to inflation, but

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Speaker 1: we don't expect it to continue. Have you ever had

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Speaker 1: to write a letter to Pimcom management? I have, not

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Speaker 1: about three percent, but about other things. Yeah, I could say,

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Speaker 1: good morning everyone, David Green, Tom Keenan a most eventful morning,

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Speaker 1: and of course a lot going on Washington, David. Some

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Speaker 1: the tweets that we've seen so far, it's been, what

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Speaker 1: a backtrack from this important dinner last night. Yeah. So

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Speaker 1: on the heels of that decision, Nancy Pelosian Chuck Schumers

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Speaker 1: seemed to indicate there was some agreement that the lantmakers

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Speaker 1: worked together on something to to keep the doc A

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Speaker 1: program in place, the President saying no deal was reached

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Speaker 1: last night, the Present tweeting this morning about the wall

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Speaker 1: already under construction. Repairs are being made to the extant

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Speaker 1: parts of the wall aroung the US Mexico border. And

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Speaker 1: then he writes about Dacca. Does anybody really want to

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Speaker 1: throw out good, educated and accomplished young people of jobs,

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Speaker 1: some serving in the military. Really, He says that with

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Speaker 1: an expert across this nation, Professor Clarada, as you have

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Speaker 1: done before, there are smart people like you talking to

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Speaker 1: young cherubs at the undergraduate level and econ about the

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Speaker 1: most basics of basics. We're going to do that right now. Okay,

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Speaker 1: what does immigration mean for the American economy, Well, it

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Speaker 1: has a lot of impacts on the economy. It increases

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Speaker 1: the potential supply of labor, so that you know that

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Speaker 1: that's good for the economy. On the other hand, immigration

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Speaker 1: can compete with existing US workers and can potentially have

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Speaker 1: an impact on wages. Now that latter of fact has

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Speaker 1: been studied by labor economists. I'm not one, but certainly

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Speaker 1: I think that that that there's at least you know,

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Speaker 1: that is an issue that that there you know, and

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Speaker 1: everything in life is a trade, and with immigration, you

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Speaker 1: get more labor, you get you get in some cases

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Speaker 1: more educated labor, but there is an impact on wages

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Speaker 1: as well that needs to be factored in. But I

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Speaker 1: would respectfully suggest that the political divide between Ed Lazier

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Speaker 1: of Stanford and a guy named Krueger from Princeton is

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Speaker 1: a ven diagram of a lot of overlay that the

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Speaker 1: politics of economists are on a common ground. Yeah, about immigration,

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Speaker 1: why is it the third rail of President Trump's Washington? Well,

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Speaker 1: I think I think Tom that you know, more broadly,

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Speaker 1: you have to look at the trends of the last

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Speaker 1: twenty years, and you're aware of them, and we're all

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Speaker 1: aware of them. That and we've had economic growth in

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Speaker 1: the US, but it's not been it's not been you know,

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Speaker 1: white and widely shared, and in particular, wages for less

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Speaker 1: educated and and workers have not kept up with the economy.

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Speaker 1: And so I think this is really part of technology,

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Speaker 1: trade and immigration. They're all working together in ways that

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Speaker 1: are creating anxiety for a lot of America. Do people

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Speaker 1: like you understand that that interesting chemistry of technology, wages,

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Speaker 1: immigration the spirit of the economy or is it a

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Speaker 1: mystery that we're only going to learn about ten or

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Speaker 1: twenty years. Well, I think that's an excellent point. Because

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Speaker 1: I think unfortunately the economics profession devoted to little research attention,

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Speaker 1: to uh TO to these issues, and I'm in particular

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Speaker 1: I think in some ways the profession is playing catch

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Speaker 1: up with regards and again it's very complicated because there

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Speaker 1: are elements of trade, technology and immigration that are impacting

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Speaker 1: labor markets and it's hard to sort out the independent effects.

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Speaker 1: And David, this is a key insight of Begdon decide

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Speaker 1: of LLSE, as we underestimate within our models the tangible

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Speaker 1: complexities that are there each and every day. Of course,

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Speaker 1: they do that in spades in Washington. Let's look ahead

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Speaker 1: the next week. This Fed Reserve Board meeting taking place

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Speaker 1: next week Tuesday and Wednesday, will be a press conference

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Speaker 1: to follow. I imagine there will be some questions about

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Speaker 1: person eli Se if the FED chair answers them. But

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Speaker 1: certainly the departure of stand Fisher, the vice chair, just

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Speaker 1: about a month from now, I think he said on

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Speaker 1: or around the thirteenth of October, does stand to change

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Speaker 1: this group of policy makers that even more dramatically. A

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Speaker 1: lot of vacancies here, Yes, the FMC right now, what

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Speaker 1: do you make of it? Well, there are a lot

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Speaker 1: of vacancies um and um particular, you know Stan Fisher,

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Speaker 1: who was a professor of mine and and who have

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Speaker 1: admired for for decades, will be a big loss to

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Speaker 1: the FED in particular. Speaking more narrowly, I think most folks,

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Speaker 1: including myself sort of saw stand either at the center

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Speaker 1: or perhaps maybe a little bit to the hawkish side

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Speaker 1: of the committee. And to the extent that vote is

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Speaker 1: finally balanced than that I think does mean as we

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Speaker 1: move in towards the December meeting and perhaps the next

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Speaker 1: ray hike will be discussed, you know, that is one

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Speaker 1: that's one voice that will be absent from the discussion,

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Speaker 1: since it's very unlikely anyone will be reappointed by that.

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Speaker 1: With your interesting perspective here, the textbook dorn Bush Fisher

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Speaker 1: Stars really doesn't have in it a forced standard deviation

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Speaker 1: crisis stand for sure lived. How critical is it that

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Speaker 1: the new FED has to have a little bit of

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Speaker 1: a couple of people that have actually lived it instead

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Speaker 1: of studied it. No, I think I think that is important.

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Speaker 1: I think and and and obviously each crisis is different,

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Speaker 1: but that having that experience is important. Obviously. You know,

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Speaker 1: Cheri Yellin is still there, and she was certainly very

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Speaker 1: experienced in the Federal Reserve system during the crisis as

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Speaker 1: as well. You've obviously Bill Dudley at the New York Fed,

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Speaker 1: so the Fed is not absent that experience, but certainly

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Speaker 1: losing stand is is UH is notable. I've got to

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Speaker 1: ask the journalist question, if you were called upon by

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Speaker 1: the president, would you service chairman. I've not been called

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Speaker 1: upon by the president, but but obviously as a student

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Speaker 1: of monetary UH policy, you know, obviously that's a very

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Speaker 1: important job. But I've not been I've not been calling

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Speaker 1: dinner last night with the President. I was not Claire

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Speaker 1: to thank you so much for Columbia University and of

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Speaker 1: course with pimcoa truly one of the nation's leading theorists

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Speaker 1: and applied theory within monetary economics. From New York. This

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Speaker 1: is Bloomberg. Good morning, have you won Bloomberg Surveillance. We're

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Speaker 1: having a wonderful time here. What a great set of guests,

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Speaker 1: including just having Richard Clarida where this does does Mr

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Speaker 1: Wolsy understand this is radio and he can't talk when

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Speaker 1: we're on here until least telling us. I was telling

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Speaker 1: him how I had to pick up Bailliots school driver

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Speaker 1: to soccer practice. He wanted to see. I know he

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Speaker 1: had three. He was the little league coach. So we

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Speaker 1: were treating war stories about you know, driving kids. All

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Speaker 1: of this is the real Bloomberg. David Garrow, why don't

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Speaker 1: you bring in the esteem James will Sixt, director of

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Speaker 1: the the CIA, here with us in our Bloomberg eleven

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Speaker 1: three studios in New York. And there's so many directions

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Speaker 1: we could go any but let's let's talk a bit

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Speaker 1: about North Korea. Obviously, we saw the latest round of

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Speaker 1: u N sanctions a few weeks ago, and the Security

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Speaker 1: Council meeting after a recent nuclear tests, or their diplomatic

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Speaker 1: options available yet? Uh, you notice the change in rhetoric

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Speaker 1: from the South Koreans, who've been in favor of some

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Speaker 1: some diplomatic solution to this under their new president, starting

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Speaker 1: to erode some The timing might not be right there.

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Speaker 1: They're saying, what's the path forward? As you see it here?

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Speaker 1: I think there's only one diplomatic path forward. Theoretically there

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Speaker 1: could be to dealing with Russia and dealing with China,

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Speaker 1: but Russia is nothing in here except troublemaker. Uh and

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Speaker 1: working for more and more dominance more and more of Eurasia.

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Speaker 1: China is our only real shot. And the Chinese are

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Speaker 1: very cautious on this because they don't want anything war,

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Speaker 1: even disruption. They don't want a flow of refugees from

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Speaker 1: North Korea into China, and they don't mind making us

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Speaker 1: a bit bugged by their foreign policy. So um, but

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Speaker 1: they can be worked with. So if there is to

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Speaker 1: be a peaceful solution of this, it probably will involve

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Speaker 1: some very important work between the United States and China.

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Speaker 1: And uh, that's the only way I can see it

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Speaker 1: could come about without violence and your previous chomp imagine

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Speaker 1: you had to to do a bit of reading people.

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Speaker 1: And uh, when I look at Twitter and I see

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Speaker 1: what the present tweets, you can read a bit of

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Speaker 1: emotion into a lot of of what he's tweeting about.

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Speaker 1: On the heels of that nuclear test, he talked about

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Speaker 1: economic sanctions or changes to all countries doing business with

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Speaker 1: North Korea entirely. Of course, that would be China as well.

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Speaker 1: How how worried are you about the emotional reaction to

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Speaker 1: things like this by the president in a public form

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Speaker 1: like Twitter. Well, we've been here before. In June of

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Speaker 1: sixty four, we had two destroyers off Vietnam, the Turner

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Speaker 1: Joy and the Maddox. One of them took a shot

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Speaker 1: around from the North Vietnamese and rested. Lynda Johnson said,

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Speaker 1: you know, if they continue attacking us, we're going to

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Speaker 1: really let them have it. Our words to that effect. Um,

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Speaker 1: there was what it was first seemed to be another

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Speaker 1: round fired by the North Vietnamese. The next day turned

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Speaker 1: out that was not the case. It was a radar

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Speaker 1: glitch or some kind. UM. But the President thought on

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Speaker 1: his first impression that North Vietnamese had attacked us again,

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Speaker 1: And within three or four days the Tunking Golf resolution

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Speaker 1: had gone to the Congress and we were at war.

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Speaker 1: We went to war by mistake in in Vietnam. Um.

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Speaker 1: And Uh, you don't want to make decisions on Twitter

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Speaker 1: in the middle of the night. UM. If you're going

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Speaker 1: to do anything forceful, and especially if you're going to

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Speaker 1: go to war, UM, you want to get your best

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Speaker 1: advisors around you and take a bit of time and

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Speaker 1: consider this, and consider that, and and and have some

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Speaker 1: debate and discussion and research and so on. You you

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Speaker 1: don't want to jump the gun, so to speak. Last

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Speaker 1: question here about social media. There was a piece by

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Speaker 1: a Bloomberg reporter yesterday about Bob Mueller's investigation that he's

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Speaker 1: going to train some of his focus here on the

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Speaker 1: role that social media played in influencing the the election.

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Speaker 1: Of course, Facebook admitted I think a hundred thousand dollars

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Speaker 1: was spent by Russian troll farms on on ads during

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Speaker 1: the course of the campaign. Somebody in that piece said,

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Speaker 1: this is the soft underbelly of of counter intelligence these days,

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Speaker 1: that a country can do this without the U S

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Speaker 1: having much recourse. We're not prepared to deal with it.

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Speaker 1: How worried are you about the way that social media

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Speaker 1: is being used to influence politics and policy. It's a

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Speaker 1: serious problem. Uh. It's not new that the Russians are

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Speaker 1: interfering in elections. They haven't had much opportunity and interfere

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Speaker 1: with ours. But because he had to cross an ocean

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Speaker 1: to do it, to smuggle an agent and to do

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Speaker 1: x or one and that kind of thing. Um. But um,

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Speaker 1: in what's new is cyber They can now attack and

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Speaker 1: uh draw down our stocks of information and interfere and

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Speaker 1: create a false uh news. As people say, all of

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Speaker 1: that um is very doable and the Russians are good

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Speaker 1: at it. So we are now not protected by our

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Speaker 1: two oceans as we are used to being protected. The

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Speaker 1: cyber hackers don't care, and we have a serious, serious

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Speaker 1: problem on this never enough time. James Wilsey, thank you

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Speaker 1: so much. I got about ten more questions, so we'll

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Speaker 1: do that again next time. The former director of the CIA,

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Speaker 1: and of course at these important times, the news overnight

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Speaker 1: on North Korea. He was finished at Vanderbilt University. Why

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Speaker 1: don't you bring in our next guest say? He began

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Speaker 1: there heading to head it off to Charlottesville after that

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Speaker 1: for a lot of green to Oxford after that. The

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Speaker 1: man from Centerville, Mississippi, uh Than Baton Rouge at parish,

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Speaker 1: representing Louisiana in the U. S. Senate alongside Bill Casti,

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Speaker 1: succeeding David Vittor in the US and he's been on

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Speaker 1: the job here for about what eight nine months now.

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Speaker 1: Great to have with us, John Kennedy, Senator John Kennedy

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Speaker 1: on her phone line. Is great to have you with us.

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Speaker 1: Let me ask you a question. You're you're fairly new

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Speaker 1: to the job still, you just got back from a

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Speaker 1: in August recess. We're talking to your constituents back home

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Speaker 1: in Louisiana. What's uh. What surprised you the most about

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Speaker 1: this job since you started less than a year ago. Um,

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Speaker 1: the pace. I have a pretty uh, I have a

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Speaker 1: pretty decent work ethic. But but I'm I'm a very

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Speaker 1: policy oriented and I like to do a lot of reading.

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Speaker 1: And in my former job as state treasurer, I could

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Speaker 1: find during the time during the day to read. I

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Speaker 1: can't do it. Appear I had to do it at

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Speaker 1: nights on weekends. That I'm not I'm used to that.

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Speaker 1: But the other thing that has surprised me is about

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Speaker 1: is how how few lobbyists come in and I try

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Speaker 1: to meet with everyone within reason, but how few of

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Speaker 1: them come in and really seem to want you to

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Speaker 1: understand the issue. For many of them, it's almost like

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Speaker 1: just checking off a box. Okay, they've talked to Kennedy.

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Speaker 1: They start, they use a lot of acronyms. They start

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Speaker 1: at at in the weeds. I'd prefer to to start

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Speaker 1: at thirty feet and they can tell me how to

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Speaker 1: land the plane. Let it later, because they got to

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Speaker 1: get me in the plane and up in the air first.

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Speaker 1: And those have been my two biggest surprises. Um uh.

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Speaker 1: The people I've met are in the Senate, I've met

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Speaker 1: all of my colleagues. Are a few jerks, um there

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Speaker 1: their one or their one or two that think they're

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Speaker 1: one of the founding fathers. You know, you couldn't put

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Speaker 1: the fifth ego. The capital barely contains there. But for

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Speaker 1: the most part um that they're they've been all very cordial. Yeah,

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Speaker 1: they're interesting people. Hadn't met a Dumby yet. How fe

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Speaker 1: you found your way around the city. We've been paying attention,

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Speaker 1: of course, to the dinners. The president has been convening

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Speaker 1: at the White House, the one most recently with the

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Speaker 1: Democratic leadership. What's your sense of the strength of that relationship,

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Speaker 1: the robustness of that relationship between the legislative branch and

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Speaker 1: the executive branch right now? Well, there's you know the

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Speaker 1: I'll paraphrase an old joke, A liberal or conservative and

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Speaker 1: a moderate walk into a bar and the bartender says, high,

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Speaker 1: President Trump, you don't really know exactly. I mean, the

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Speaker 1: President is less of an ideologue and more of a

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Speaker 1: business person. He's like a lot of business people that

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Speaker 1: I've known. He he's a developer. I mean, his objective

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Speaker 1: is not to discuss the nuances of architecture. It's to

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Speaker 1: get something built. He hires people to handle the nuances

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Speaker 1: of the architecture. Um. I'm my meetings with him have

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Speaker 1: been very professional. Um, he's in the In the four

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Speaker 1: or five meetings I've been in with him, he knows

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Speaker 1: exactly what he's talking about, he knows what he wants.

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Speaker 1: He allows other people to talk. It doesn't bother me

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Speaker 1: that he is he is trying to work something out

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Speaker 1: with our friends on the Democratic side. I'm trying to

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Speaker 1: work something out with him too. But the way pumping

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Speaker 1: out with him is do everything they want you to do. Siator.

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Speaker 1: One of the great joys of your work is you've

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Speaker 1: lived off the east coast, off the west coast of

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Speaker 1: this nation. Out of East Baton Rouge and Zachary High School.

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Speaker 1: You made headlines across all of Washington with your comparison

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Speaker 1: of six mayonnaises at the local convenience store in Washington,

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Speaker 1: d C. Versus the choices for the kids of Zachary

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Speaker 1: High School in Louisiana. How do we bring prosperity to

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Speaker 1: your Louisiana that you grew up with. Well, let me

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Speaker 1: say about my man he's coming. I'm minute, I'll double

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Speaker 1: down on it. I think it's an embarrassment to us

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Speaker 1: as Americans that as a parent, I have more choices

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Speaker 1: of mayonnaise and I do where to send my kid

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Speaker 1: to school. Um, And I think that's that's a sad commentary.

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Speaker 1: You prosperity, But the most important thing for America's prosperity

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Speaker 1: right now, in my opinion, is to improve the economy.

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Speaker 1: And we've done everything we can do on the monetary side.

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Speaker 1: You're not going to get back to three growth unless

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Speaker 1: we do it on the fiscal side. The genesis of

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Speaker 1: most of the anger in America, I believe, is because

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Speaker 1: middle class Americans like me look around. They see too

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Speaker 1: many undeserving people at the top getting bailouts. They see

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Speaker 1: too many undeserving people at the bottom getting handouts, and

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Speaker 1: the folks in the middle get the bill and they

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Speaker 1: can't pay it anymore. In their way, just haven't gone up.

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Speaker 1: I'm fascinated. Mr Trump took fifty eight point one percent

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Speaker 1: of Louisiana's vote, Secretary Clinton thirty eight point How has

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Speaker 1: it changed when you go back and you're in the

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Speaker 1: or in you're you know, a pro at the Diner politics.

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Speaker 1: How is a Trump support changed in the Trump land

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Speaker 1: of Louisiana. I think, I think a small minority of

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Speaker 1: people in my state. Well, of course, some just don't

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Speaker 1: like him. Um, he didn't get a percent of the vote.

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Speaker 1: But but of of his supporters, a small minority or

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Speaker 1: find very curious the way he has approached the presidency.

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Speaker 1: But but a large number, probably the majority, of people

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Speaker 1: in my state are angry that more hasn't been done

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Speaker 1: in Washington. And they're not angry at the President about it.

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Speaker 1: They're angry at the universe United States Congress. Now you

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Speaker 1: can debate whether that's fair or not, but I'm just

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Speaker 1: telling you how they feel. Let me ask you about

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Speaker 1: two two big issues in the news right now. Of course,

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Speaker 1: there's this big data breacher continuing to follow the ramifications

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Speaker 1: of that Equifax saying more than a hunter forty million

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Speaker 1: Americans may have had their data compromise. To know, that's

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Speaker 1: something that you and your constituents must be worried about.

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Speaker 1: Let me ask you about DACA as well, so we'll

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Speaker 1: take them each in kind. I wonder how you react

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Speaker 1: with the President's been tweeting this morning. If you if

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Speaker 1: you think this program needs to to stay in existence.

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Speaker 1: And if you're optimistic here that the Congress is going

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Speaker 1: to do it, I think we do need to address

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Speaker 1: the doctor issue and the dreamers. I think we need

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Speaker 1: to address the whole immigration problem. There's been a fifteen

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Speaker 1: year bipartisan effort in UH in Washington to to pretend

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Speaker 1: to care, but but this place is ignored our immigration laws.

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Speaker 1: I don't think though, that's even close to being the

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Speaker 1: most important topic on our plate. Tax reform is no question.

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Speaker 1: Senator Brandon from Memphis, Tennessee emailed us in this morning

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Speaker 1: on Serious Next Time and loves listen to you out there.

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Speaker 1: Is it good that your president is taking dinner with

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Speaker 1: Speaker Pelosi and Senator Schumer from the Evil City of

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Speaker 1: New York work? You say your people want to get

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Speaker 1: things done. Isn't a bipartisan president breaking the eggshells of

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Speaker 1: Republican certitude? Is that a good thing for Senator Kennedy

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Speaker 1: of Louisiana. I'm I'm well, first, I don't think the

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Speaker 1: President is gonna check with me before he does the schedule.

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Speaker 1: But since you're asking my opinion, and I want to

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Speaker 1: be clear of the President hasn't asked my opinion. I

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Speaker 1: think it's great. I mean, what's wrong with having I

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Speaker 1: don't know Miss Pelosi. I know I know Chuck a

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Speaker 1: little bit. He's he's an interesting guy. I don't agree

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Speaker 1: with him with on a damn thing. But how can

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Speaker 1: it hurt for them to talk now if the President

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Speaker 1: starts giving away the store? Um, the way we negotiating

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Speaker 1: Louisiana is you get something and I get something really

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Speaker 1: I want, I want to make and I think that's

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Speaker 1: the way the President used to do his business deals. Um.

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Speaker 1: I mean, so far are my experience with our friends

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Speaker 1: and the Democratic side is it number one? They'll tell

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Speaker 1: you privately, Look, we'd like to work with you on this,

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Speaker 1: but we can't because our base is has white hot

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Speaker 1: anger at Donald Trump. We can't uh pretend to even

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Speaker 1: cooperate because we'll end up with a challenger in our primary.

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Speaker 1: And that's what the Republicans went through a few years

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Speaker 1: ago with the Tea Party. You can debate whether it

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Speaker 1: made this place better or worse, but that it is

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Speaker 1: what it is. And so far, I've had heard them

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Speaker 1: talk about by partisanship, but I haven't seen them do anything.

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Speaker 1: People around here talk a lot, so I've learned. You

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Speaker 1: got to watch what they know. Senator Kennedy, thank you

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Speaker 1: so much. We look forward to speaking but you you again,

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Speaker 1: and of course with our David Gura and his television

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Speaker 1: showing politics and of course from studios in Washington. He

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Speaker 1: is John Neely Kennedy and he is from Louisiana. David,

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Speaker 1: that was a joy. It was a joy. And you

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Speaker 1: know I went into that eager to get that. That

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Speaker 1: unique perspective he has is that one of the newest

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Speaker 1: members of the Senate. He delivered. We got some good perspective.

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Speaker 1: Thanks for listening Coast to coast particular, thanks gentlemen Memphis

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Speaker 1: listening on Sarah Sex. I'm greatly appreciate that this is Bloomberg.

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Speaker 1: Thanks for listening to the Bloomberg Surveillas podcast. Subscribe and

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Speaker 1: listen to interviews on Apple Podcasts, SoundCloud, or whichever podcast

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Speaker 1: platform you prefer. I'm on Twitter at Tom Keene. David

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Speaker 1: Gura is at David Gura. Before the podcast, you could

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Speaker 1: always catch us worldwide. I'm Bloomberg Radio.