1 00:00:00,360 --> 00:00:02,840 Speaker 1: So here's the latest pressure mounting on President Joe Biden 2 00:00:02,920 --> 00:00:05,200 Speaker 1: to prove last week's debate was just a bad night. 3 00:00:05,400 --> 00:00:08,600 Speaker 1: Worries in the Democratic Party grumming after pup News published 4 00:00:08,600 --> 00:00:12,320 Speaker 1: a leaked poll which showed Biden's favorability ratings plummeting the 5 00:00:12,320 --> 00:00:16,840 Speaker 1: most in nearly three years. Major Biden donor Charles myerser 6 00:00:16,960 --> 00:00:20,480 Speaker 1: Signum Global Advisors, writing this, I'm all in on Biden. 7 00:00:20,600 --> 00:00:23,160 Speaker 1: His performance in the debate was weak, but his performance 8 00:00:23,160 --> 00:00:24,920 Speaker 1: as president for three and a half years has been 9 00:00:25,120 --> 00:00:27,360 Speaker 1: very strong. Charles and police to say, Jod just now 10 00:00:27,360 --> 00:00:29,320 Speaker 1: for more Chiles, great to catch up with you, sir. 11 00:00:29,560 --> 00:00:32,920 Speaker 1: As you know, for many people after Thursday night, it's 12 00:00:32,960 --> 00:00:34,960 Speaker 1: not about the last three and a half years. It's 13 00:00:34,960 --> 00:00:37,600 Speaker 1: about the next four and a half years. And let's 14 00:00:37,680 --> 00:00:40,159 Speaker 1: run with the Pelosi question. How do we know that 15 00:00:40,280 --> 00:00:42,879 Speaker 1: was just a bad episode and not just a condition. 16 00:00:44,600 --> 00:00:47,320 Speaker 2: Yeah. Look, I think the president and his team have 17 00:00:47,360 --> 00:00:49,319 Speaker 2: a lot of work to do to get him out there, 18 00:00:49,400 --> 00:00:52,440 Speaker 2: to show the American people that he is a fit, 19 00:00:52,640 --> 00:00:54,760 Speaker 2: that he is alert, and that he can not only 20 00:00:54,840 --> 00:00:56,480 Speaker 2: run the rest of this campaign, but that he can 21 00:00:56,520 --> 00:00:59,320 Speaker 2: govern the country for another four years. So you know, again, 22 00:00:59,360 --> 00:01:00,840 Speaker 2: I think that they have worked to do. I think 23 00:01:00,880 --> 00:01:04,160 Speaker 2: what Nancy said is absolutely accurate, and the things are 24 00:01:04,200 --> 00:01:06,360 Speaker 2: moving a little faster than I expected. I thought they'd 25 00:01:06,400 --> 00:01:08,240 Speaker 2: have at least truth. We were telling our clients they 26 00:01:08,319 --> 00:01:11,640 Speaker 2: have two or three weeks of polling before they would 27 00:01:11,640 --> 00:01:13,280 Speaker 2: have to make a decision. I thought, this is a 28 00:01:13,319 --> 00:01:16,679 Speaker 2: personal opinion. I think they've got probably another five to 29 00:01:16,720 --> 00:01:19,160 Speaker 2: six days. I think that things are moving much faster 30 00:01:19,240 --> 00:01:23,119 Speaker 2: against the president, and we'll see. But they are getting 31 00:01:23,160 --> 00:01:25,080 Speaker 2: him out this weekend into the Swing States and we'll 32 00:01:25,080 --> 00:01:28,640 Speaker 2: see how he does. On the ABC interview with Stephanopolis. 33 00:01:28,080 --> 00:01:30,440 Speaker 1: What do you think Chelsea needs to accomplish in those 34 00:01:30,480 --> 00:01:31,960 Speaker 1: five days? What does he need to do. 35 00:01:33,400 --> 00:01:37,200 Speaker 2: I think he needs to be unscripted and show people 36 00:01:37,560 --> 00:01:42,160 Speaker 2: that he is fully there and can make decisions interact 37 00:01:42,200 --> 00:01:44,120 Speaker 2: with people. I was with him on Friday night in 38 00:01:44,160 --> 00:01:46,640 Speaker 2: New York one on one at a big event, but 39 00:01:46,680 --> 00:01:49,480 Speaker 2: then had about a three, three or four minute interaction 40 00:01:49,520 --> 00:01:52,000 Speaker 2: with him one on one. He was very together, very alert. 41 00:01:53,320 --> 00:01:55,480 Speaker 2: So he needs to show that to the American people 42 00:01:55,520 --> 00:01:58,640 Speaker 2: instead of this perception that has been lingering of him 43 00:01:58,960 --> 00:02:02,240 Speaker 2: host debate, of someone that is, you know, really out 44 00:02:02,240 --> 00:02:03,120 Speaker 2: of it. Charles. 45 00:02:03,200 --> 00:02:06,120 Speaker 3: Isn't the damage done given the fact that people are 46 00:02:06,120 --> 00:02:09,400 Speaker 3: really questioning whether they're being told the truth, especially from 47 00:02:09,440 --> 00:02:12,000 Speaker 3: some of his advisors. And you have a number of 48 00:02:12,280 --> 00:02:16,240 Speaker 3: Democratic Congressmen, including one from Texas, now verbally saying that 49 00:02:16,280 --> 00:02:19,320 Speaker 3: they hope he steps down. Does that mean that there 50 00:02:19,360 --> 00:02:23,160 Speaker 3: already has been too much to shake his re election chances. 51 00:02:24,360 --> 00:02:26,120 Speaker 2: Yeah, so I'd say a couple of things. One, the 52 00:02:26,200 --> 00:02:28,880 Speaker 2: campaign expected polling, you know, to take a hit, and 53 00:02:29,440 --> 00:02:32,240 Speaker 2: you know the puck stuff that was leaked. We you know, 54 00:02:32,280 --> 00:02:34,600 Speaker 2: it was pretty damaging. But again, I think you need 55 00:02:34,600 --> 00:02:36,880 Speaker 2: to see more than just one poll. You need to 56 00:02:36,880 --> 00:02:38,640 Speaker 2: see a set of polls over a week or so 57 00:02:39,440 --> 00:02:41,119 Speaker 2: and see if they can turn it around. But yes, 58 00:02:41,160 --> 00:02:43,240 Speaker 2: I think a lot of damage was done. I'm fully 59 00:02:43,240 --> 00:02:45,799 Speaker 2: on board with that, I understand it. So far, only 60 00:02:45,800 --> 00:02:48,480 Speaker 2: one member of Congress, when sitting member of Congress, has 61 00:02:48,520 --> 00:02:50,240 Speaker 2: called for him to step down. I do think that 62 00:02:50,280 --> 00:02:52,799 Speaker 2: could be the next shoe to fall, though, meaning I'm 63 00:02:52,840 --> 00:02:56,040 Speaker 2: you know, there's reporting this morning that there's potentially forty 64 00:02:56,160 --> 00:02:58,520 Speaker 2: additional elected Democrats that are going to come out and 65 00:02:58,560 --> 00:03:01,760 Speaker 2: call for him to step down. That is probably the 66 00:03:01,800 --> 00:03:05,960 Speaker 2: most serious issue that, in addition to further deterioration in polling, 67 00:03:06,639 --> 00:03:09,720 Speaker 2: because once you've got you know, elected members of your 68 00:03:09,720 --> 00:03:12,520 Speaker 2: own party asking you to step aside, it's hard to 69 00:03:12,560 --> 00:03:13,160 Speaker 2: recover from that. 70 00:03:13,480 --> 00:03:16,200 Speaker 3: There's also a question of who potentially would take his place, 71 00:03:16,520 --> 00:03:18,359 Speaker 3: and this has been one of the arguments from some 72 00:03:18,400 --> 00:03:21,480 Speaker 3: people who are saying that, you know, he's the best shot. 73 00:03:21,880 --> 00:03:25,040 Speaker 3: Sort of to your point, because the other potential candidates, 74 00:03:25,120 --> 00:03:28,560 Speaker 3: whether it's Kamala Harris, whether it's Gretchen Whitmore, whether it's 75 00:03:28,600 --> 00:03:31,920 Speaker 3: Gavin Newsom, kind of pulls similarly in a head to 76 00:03:31,960 --> 00:03:35,360 Speaker 3: head matchup with Donald Trump. Do you feel like there 77 00:03:35,400 --> 00:03:38,440 Speaker 3: is sufficient polling to really make that decision, given the 78 00:03:38,440 --> 00:03:40,880 Speaker 3: fact that some of it isn't that extensive. 79 00:03:42,080 --> 00:03:44,600 Speaker 2: Pulling to make a decision on who should replace him 80 00:03:44,720 --> 00:03:46,240 Speaker 2: or if anyone should replace him? 81 00:03:46,280 --> 00:03:48,120 Speaker 1: Both Okay, so. 82 00:03:48,120 --> 00:03:50,880 Speaker 2: Yes, so on on. You know, Plan B. Plan B 83 00:03:51,000 --> 00:03:53,680 Speaker 2: is absolutely the vice president. I'm here to tell everybody that, 84 00:03:53,720 --> 00:03:56,080 Speaker 2: and that she may not be the favorite of every donor. 85 00:03:56,120 --> 00:03:58,120 Speaker 2: You know, most you know, a lot of donors come 86 00:03:58,120 --> 00:03:59,920 Speaker 2: from financial services, and we tend to be a se 87 00:04:00,120 --> 00:04:05,120 Speaker 2: to write industry. But any notion that the White House, 88 00:04:05,200 --> 00:04:09,520 Speaker 2: the DNC, or the Democratic congressional leadership is just going 89 00:04:09,560 --> 00:04:12,760 Speaker 2: to overlook the vice president and go to some other 90 00:04:13,000 --> 00:04:16,600 Speaker 2: candidate or have an open, contested convention. I think as 91 00:04:16,640 --> 00:04:18,440 Speaker 2: a misread of the situation, the whole point of the 92 00:04:18,480 --> 00:04:22,880 Speaker 2: vice president is to step in in the case of death, incapacitation, resignation, 93 00:04:23,120 --> 00:04:26,400 Speaker 2: or in this case, the president stepping aside. And I 94 00:04:26,400 --> 00:04:27,840 Speaker 2: can tell you they're going to try to do everything 95 00:04:27,880 --> 00:04:30,880 Speaker 2: they can to avoid a contested convention. Given what happened 96 00:04:30,880 --> 00:04:35,159 Speaker 2: in nineteen sixty eight, lbj's VP did ultimately win that nomination. 97 00:04:35,279 --> 00:04:37,560 Speaker 2: He was so weakened they lost the White House to 98 00:04:37,640 --> 00:04:40,400 Speaker 2: Richard Nixon. I think that if Biden steps aside, they 99 00:04:40,400 --> 00:04:43,400 Speaker 2: will try to engineer it so that Kamala the vice president, 100 00:04:44,839 --> 00:04:46,200 Speaker 2: ultimately locks up the nomination. 101 00:04:46,560 --> 00:04:48,400 Speaker 1: Chams, I think it's worth pointing out to our audience 102 00:04:48,400 --> 00:04:51,160 Speaker 1: that you're wearing two hats in this conversation as both 103 00:04:51,160 --> 00:04:54,400 Speaker 1: a donor and an individual running a global advisory firm. 104 00:04:54,440 --> 00:04:55,840 Speaker 1: And forgive me for saying this, and I hope you 105 00:04:55,920 --> 00:04:58,120 Speaker 1: take this in the spirit in which it's intended. When 106 00:04:58,160 --> 00:04:59,960 Speaker 1: you said you had a five minute exchange with Hi 107 00:05:00,720 --> 00:05:03,080 Speaker 1: when it's behind closed doors, and you tell people that 108 00:05:03,560 --> 00:05:06,800 Speaker 1: his sharp coaching. These are things we've heard a million times, 109 00:05:06,839 --> 00:05:08,240 Speaker 1: and then we all see him in public and not 110 00:05:08,279 --> 00:05:11,280 Speaker 1: just Thursday night, for a length of time now and 111 00:05:11,320 --> 00:05:13,760 Speaker 1: we see something else. And I just wonder how much 112 00:05:13,760 --> 00:05:16,320 Speaker 1: tension the risk between you as a donor and the 113 00:05:16,320 --> 00:05:19,039 Speaker 1: opinion you offer on a program like this and the 114 00:05:19,120 --> 00:05:21,120 Speaker 1: kind of advice that you've give into clients right now. 115 00:05:22,160 --> 00:05:23,640 Speaker 2: Yeah, so I'm giving you the same advice. You know, 116 00:05:23,680 --> 00:05:25,960 Speaker 2: we've had a base case that Biden would win. We 117 00:05:26,000 --> 00:05:28,080 Speaker 2: haven't changed that yet because he's still in the race, 118 00:05:28,120 --> 00:05:30,960 Speaker 2: and you know, Thursday was less than a week ago. 119 00:05:31,520 --> 00:05:33,160 Speaker 2: So you know, at the firm, we don't whip our 120 00:05:33,160 --> 00:05:34,720 Speaker 2: calls around. We want to, you know, try to look 121 00:05:34,720 --> 00:05:36,839 Speaker 2: at data and make a good assessment. The reason we 122 00:05:36,839 --> 00:05:38,720 Speaker 2: thought he would the reason we believed you would win 123 00:05:39,640 --> 00:05:41,600 Speaker 2: is he'd already beaten him once in twenty twenty. He's 124 00:05:41,640 --> 00:05:45,000 Speaker 2: got powered the incumbency, and we think as a firm 125 00:05:45,120 --> 00:05:47,760 Speaker 2: we will see higher than average turnout by both women 126 00:05:48,400 --> 00:05:52,360 Speaker 2: and the Democratic based women because of abortion rights and Democrats. 127 00:05:52,400 --> 00:05:54,600 Speaker 2: Because Trump's on the ballot now, I think the race 128 00:05:54,640 --> 00:05:58,400 Speaker 2: has changed fundamentally since Thursday Night. Absolutely, we want to 129 00:05:58,400 --> 00:05:59,960 Speaker 2: see if he's going to stay in the race before 130 00:06:00,080 --> 00:06:03,440 Speaker 2: we make any additional call from here. So I'm sitting 131 00:06:03,440 --> 00:06:06,359 Speaker 2: here both as a donor watching this very closely, but 132 00:06:06,360 --> 00:06:08,720 Speaker 2: also as the head of a firm that advises clients 133 00:06:08,720 --> 00:06:10,840 Speaker 2: on what to do. I think it's hard to make 134 00:06:10,880 --> 00:06:12,560 Speaker 2: a decision till we know to we have a little 135 00:06:12,560 --> 00:06:15,240 Speaker 2: more clarity on what the president intends to do. And 136 00:06:15,279 --> 00:06:17,640 Speaker 2: I think, as I said, we were telling clients yesterday 137 00:06:17,680 --> 00:06:19,719 Speaker 2: on a call that we thought there was three weeks 138 00:06:19,720 --> 00:06:21,719 Speaker 2: for the White House or for the Biden Airs campaign, 139 00:06:21,920 --> 00:06:23,600 Speaker 2: I think they got five or six days to make 140 00:06:23,600 --> 00:06:24,080 Speaker 2: a decision. 141 00:06:24,240 --> 00:06:26,080 Speaker 1: Let's lean on the last just a little bit. Your 142 00:06:26,120 --> 00:06:28,320 Speaker 1: position as an advisor, can we just lean on that 143 00:06:28,320 --> 00:06:30,400 Speaker 1: a little bit more. I want to understand from your perspective, 144 00:06:30,600 --> 00:06:34,440 Speaker 1: Traditionally the accumbent would have some advantages. I just wonder 145 00:06:34,440 --> 00:06:37,640 Speaker 1: if it's actually a disadvantage for Biden. If you think 146 00:06:37,640 --> 00:06:40,360 Speaker 1: about how twenty twenty played out. He got to make 147 00:06:40,400 --> 00:06:43,279 Speaker 1: this a referendum on the former president. This feels like 148 00:06:43,320 --> 00:06:46,599 Speaker 1: a referendum on him and not what he's delivered in 149 00:06:46,640 --> 00:06:49,440 Speaker 1: three and a half years, but whether he can last four, 150 00:06:49,800 --> 00:06:52,840 Speaker 1: whether he can actually keep this job for that long, 151 00:06:53,120 --> 00:06:54,200 Speaker 1: How do they change that. 152 00:06:55,240 --> 00:06:56,720 Speaker 2: Yeah, I think that's going to be the hardest part 153 00:06:56,720 --> 00:06:59,200 Speaker 2: of the narrative to change, because I think up until Thursday, 154 00:06:59,800 --> 00:07:03,320 Speaker 2: this in fact, had been still partly a referendum on 155 00:07:03,360 --> 00:07:06,880 Speaker 2: the former president, on Trump, you know, as opposed to 156 00:07:06,880 --> 00:07:09,640 Speaker 2: the sitting president. Now I think it's really a referendum 157 00:07:09,720 --> 00:07:12,960 Speaker 2: on can the sitting president not only you know, campaign 158 00:07:13,040 --> 00:07:15,360 Speaker 2: for the next four months, but Kenny serve for four 159 00:07:15,400 --> 00:07:18,120 Speaker 2: more years? And relatedly, you know what if people think 160 00:07:18,120 --> 00:07:20,880 Speaker 2: of the vice president. So again, I think in politics 161 00:07:21,000 --> 00:07:25,000 Speaker 2: everything is fair. The race changed fundamentally on Thursday night, 162 00:07:25,440 --> 00:07:28,080 Speaker 2: And you know, as I said, I think we're going 163 00:07:28,120 --> 00:07:30,320 Speaker 2: to find out in the next four to five days 164 00:07:31,080 --> 00:07:33,080 Speaker 2: whether the president is still in this race. I don't 165 00:07:33,120 --> 00:07:34,160 Speaker 2: think he's got three weeks. 166 00:07:34,280 --> 00:07:36,680 Speaker 3: The dam is breaking, as John said, when it looked 167 00:07:36,720 --> 00:07:39,520 Speaker 3: when it comes to different Democratic Congress members, when it 168 00:07:39,560 --> 00:07:41,560 Speaker 3: comes to advisors, when it comes to people who are 169 00:07:41,600 --> 00:07:45,200 Speaker 3: starting to leak their feelings to a number of different outlets. 170 00:07:45,600 --> 00:07:48,240 Speaker 3: Is the dam breaking within the inner circle of Joe 171 00:07:48,280 --> 00:07:51,040 Speaker 3: Biden that we keep hearing about, that keep saying keep 172 00:07:51,080 --> 00:07:52,040 Speaker 3: going run. 173 00:07:53,520 --> 00:07:55,640 Speaker 2: So no, I'm not part of the inner circle, but 174 00:07:55,680 --> 00:07:58,760 Speaker 2: I would from everything I'm seeing and picking up. Is that. No. 175 00:07:58,880 --> 00:08:01,400 Speaker 2: The inner circle, which is his family and his closest 176 00:08:01,440 --> 00:08:04,280 Speaker 2: advisors and the campaign team who've been with him a 177 00:08:04,440 --> 00:08:08,679 Speaker 2: very long time, still absolutely believe he should keep fighting. 178 00:08:09,040 --> 00:08:11,960 Speaker 2: You know, again, this is a man who's dedicated his 179 00:08:12,080 --> 00:08:14,160 Speaker 2: entire life to public service and reached the pinnacle of 180 00:08:14,160 --> 00:08:17,240 Speaker 2: world power. To drop out after a really bad debate 181 00:08:17,360 --> 00:08:20,600 Speaker 2: or a terrible stumble on the campaign trail, it would 182 00:08:20,600 --> 00:08:22,680 Speaker 2: be highly unlikely. By the way, I wouldn't advise any 183 00:08:22,680 --> 00:08:25,520 Speaker 2: politician to drop out after that. You know, there's always 184 00:08:25,520 --> 00:08:27,880 Speaker 2: a chance to turn things around in a campaign, and 185 00:08:28,160 --> 00:08:31,280 Speaker 2: they're trying very hard. It's just that, again, the pressure 186 00:08:31,320 --> 00:08:35,120 Speaker 2: is building faster on him to drop out of the race, 187 00:08:35,200 --> 00:08:37,320 Speaker 2: and I think that that's probably been a bit of 188 00:08:37,320 --> 00:08:40,480 Speaker 2: a surprise of the campaign, and I think we will 189 00:08:40,520 --> 00:08:44,040 Speaker 2: see more electeds coming out saying he needs to. And 190 00:08:44,200 --> 00:08:46,760 Speaker 2: the biggest risk, in a way, is his liability down 191 00:08:46,800 --> 00:08:50,200 Speaker 2: ballot right with elected Democrats in vulnerable seats both in 192 00:08:50,240 --> 00:08:52,719 Speaker 2: the House and the Senate in really tough races. That's 193 00:08:52,720 --> 00:08:56,479 Speaker 2: where we're hearing, and I'm hearing the most pressure and 194 00:08:56,600 --> 00:08:58,880 Speaker 2: much more panic actually than amongst the donors. 195 00:08:58,960 --> 00:09:01,320 Speaker 1: I've got thirty seconds left from the clock, Childs just 196 00:09:01,320 --> 00:09:03,800 Speaker 1: to fit this in. Do you think people are underestimating 197 00:09:03,840 --> 00:09:07,160 Speaker 1: Kamala Harris, it's almost becoming uit. Do you think she 198 00:09:07,160 --> 00:09:07,920 Speaker 1: can win for them? 199 00:09:08,480 --> 00:09:12,000 Speaker 2: Oh? Absolutely, Look, you know, Kamala Harris has three advantages. One, 200 00:09:12,080 --> 00:09:15,280 Speaker 2: she'll be totally underestimated in politics. Having low expectations is 201 00:09:15,320 --> 00:09:17,280 Speaker 2: one of the greatest advantages you could have. Secondly, she 202 00:09:17,320 --> 00:09:20,120 Speaker 2: gets all the Biden Harris money, which is not able 203 00:09:20,160 --> 00:09:22,880 Speaker 2: to be transferred to any other candidate, so she gets 204 00:09:22,960 --> 00:09:25,600 Speaker 2: the war chest. She'll be very well funded. Third, look 205 00:09:25,600 --> 00:09:28,920 Speaker 2: at her approvalreating with Democrats eighty four percent. She's much 206 00:09:28,920 --> 00:09:31,280 Speaker 2: more popular with than the president. With young voters, she's 207 00:09:31,400 --> 00:09:34,120 Speaker 2: very popular with black voters, and she'll help drive women 208 00:09:34,960 --> 00:09:37,880 Speaker 2: turn out by women, I think people will totally underestimate 209 00:09:37,920 --> 00:09:39,480 Speaker 2: the vice president. I put my money on her. 210 00:09:39,800 --> 00:09:42,360 Speaker 1: Let's do this again soon, Chiles. Thank you, sir, Charles Males. 211 00:09:42,400 --> 00:09:44,679 Speaker 1: There a Sygonum Global Advisors