1 00:00:04,640 --> 00:00:09,479 Speaker 1: From our nation's capital. This is Bloomberg Sound On. I 2 00:00:09,640 --> 00:00:14,600 Speaker 1: know there are a lot of Republicans. Let me say this. 3 00:00:15,000 --> 00:00:20,759 Speaker 1: If that ship three targain Joe and Hunter Biden, their 4 00:00:20,800 --> 00:00:25,800 Speaker 1: actions demanded. I think frankly, the Pentagon and Norad. Where's 5 00:00:25,800 --> 00:00:29,360 Speaker 1: sleep at the switch? Bloomberg Sound On, Politics, Policy and 6 00:00:29,440 --> 00:00:33,919 Speaker 1: Perspective from DC's top name. This resolution is going nowhere. 7 00:00:34,240 --> 00:00:36,519 Speaker 1: They have admitted it. They are going to try to 8 00:00:36,600 --> 00:00:39,000 Speaker 1: push this as it is a messaging push. I don't 9 00:00:39,000 --> 00:00:40,959 Speaker 1: know why the White House is even engaging on this 10 00:00:41,120 --> 00:00:45,080 Speaker 1: right there's going to be no solution. Bloomberg Sound On 11 00:00:45,280 --> 00:00:50,440 Speaker 1: with Joe Matthew on Bloomberg Radio. The U S shoots 12 00:00:50,479 --> 00:00:53,760 Speaker 1: down a UFO over Alaska. Just don't call it a balloon. 13 00:00:54,000 --> 00:00:56,800 Speaker 1: Welcome to the fastest hour in politics with breaking news 14 00:00:56,880 --> 00:01:00,080 Speaker 1: from the Pentagon. Today, fighter jets down an object that 15 00:01:00,240 --> 00:01:03,160 Speaker 1: forty thousand feet less than a week after the U 16 00:01:03,240 --> 00:01:05,600 Speaker 1: S shot down the Chinese by balloon off the East coast. 17 00:01:05,600 --> 00:01:08,120 Speaker 1: Here we're gonna talk about it ahead with Max Bauchus, 18 00:01:08,280 --> 00:01:12,280 Speaker 1: former US Ambassador to China and former Senator from Montana. 19 00:01:12,520 --> 00:01:15,320 Speaker 1: The chair of the SEC now signals a new crackdown 20 00:01:15,319 --> 00:01:18,800 Speaker 1: on crypto trading platforms after they announced this settlement with 21 00:01:18,880 --> 00:01:22,039 Speaker 1: cracking today. We'll be joined later by former SEC Chair 22 00:01:22,080 --> 00:01:24,760 Speaker 1: Harvey Pitt on where all of this is going and 23 00:01:24,800 --> 00:01:28,320 Speaker 1: as President Biden accuses Republicans are trying to kill Social Security, 24 00:01:28,640 --> 00:01:30,960 Speaker 1: the GOP is pushing back. We'll discuss it all with 25 00:01:31,000 --> 00:01:35,680 Speaker 1: our signature panel Bloomberg Politics contributors ganiue Chantano and Rick Davis. 26 00:01:36,000 --> 00:01:38,480 Speaker 1: You learned pretty quickly in Washington that it pays to 27 00:01:38,520 --> 00:01:42,199 Speaker 1: ask questions, because John Kirby today at the White House 28 00:01:42,200 --> 00:01:45,880 Speaker 1: did not announce the UFO. In the briefing room, the 29 00:01:45,959 --> 00:01:49,360 Speaker 1: National Security Council spokesmen brought up a few other important 30 00:01:49,880 --> 00:01:53,920 Speaker 1: geopolitical topics, including the war in Ukrainians, and prepared remarks, 31 00:01:54,000 --> 00:01:57,400 Speaker 1: talked about the earthquake in Turkey, but it was only 32 00:01:57,440 --> 00:02:00,520 Speaker 1: when asked that he confirmed that the US shot down 33 00:02:00,520 --> 00:02:04,000 Speaker 1: another aircraft over US territory. Here he is so I 34 00:02:04,040 --> 00:02:07,080 Speaker 1: can confirm that the Department of Defense was tracking a 35 00:02:07,160 --> 00:02:09,839 Speaker 1: high altitude object over Alaska air space in the last 36 00:02:09,840 --> 00:02:15,320 Speaker 1: twenty four hours out The object was flying at an 37 00:02:15,320 --> 00:02:20,440 Speaker 1: altitude of forty feet and posed a reasonable threat to 38 00:02:20,480 --> 00:02:23,799 Speaker 1: the safety of civilian flight out of an abundance of caution, 39 00:02:23,840 --> 00:02:27,720 Speaker 1: and at the recommendation of the Pentagon, President Biden ordered 40 00:02:27,760 --> 00:02:31,600 Speaker 1: the military to down the object, and they did, and 41 00:02:31,639 --> 00:02:35,480 Speaker 1: it came in inside our territorial waters. Those waters right 42 00:02:35,480 --> 00:02:39,799 Speaker 1: now are frozen, but inside the territorial airspace and over 43 00:02:39,880 --> 00:02:44,680 Speaker 1: territory waters. Fighter aircraft assigned to US Northern Command took 44 00:02:44,720 --> 00:02:48,680 Speaker 1: down the object within the last hour, within the last 45 00:02:48,960 --> 00:02:52,120 Speaker 1: that changed the subject that the White House briefing pretty quickly. 46 00:02:52,880 --> 00:02:55,840 Speaker 1: So a high altitude object is the object a balloon? 47 00:02:55,919 --> 00:02:59,040 Speaker 1: No one is actually using that word. More on this 48 00:02:59,240 --> 00:03:03,160 Speaker 1: from Curbu lets him. He ordered it at their recommendation 49 00:03:03,280 --> 00:03:07,000 Speaker 1: of Pentagon leaders. H he wanted it taken down, and 50 00:03:07,160 --> 00:03:09,800 Speaker 1: they did that. They did it using fighter aircraft assigned 51 00:03:09,800 --> 00:03:12,280 Speaker 1: the US Northern Command. The Pentagon will have more to 52 00:03:12,280 --> 00:03:15,440 Speaker 1: say about the details of this later on this afternoon. 53 00:03:15,480 --> 00:03:18,840 Speaker 1: It's only just within the last hour. Uh. We're calling 54 00:03:18,840 --> 00:03:21,960 Speaker 1: this an object because that's the best description we have 55 00:03:22,120 --> 00:03:26,360 Speaker 1: right now. We do not know who owns it, whether 56 00:03:26,400 --> 00:03:30,359 Speaker 1: it's a whether it's state owned or or corporate owned 57 00:03:30,440 --> 00:03:34,040 Speaker 1: or privately owned. We just don't know, The Pentagon says. 58 00:03:34,080 --> 00:03:37,960 Speaker 1: The Secretary of Defense did not call his counterpart in China, 59 00:03:38,840 --> 00:03:42,400 Speaker 1: and then again they wouldn't even confirm where the object originated. Now, 60 00:03:42,400 --> 00:03:44,040 Speaker 1: as we wait to learn more here, we're lucky to 61 00:03:44,040 --> 00:03:46,880 Speaker 1: have the insights of Max Bauchus, the former US Ambassador 62 00:03:46,920 --> 00:03:49,400 Speaker 1: to China, and of course the former senator from the 63 00:03:49,400 --> 00:03:52,200 Speaker 1: state of Montana, where, of all places, they know a 64 00:03:52,280 --> 00:03:55,960 Speaker 1: little bit about balloon watching. Uh lately, Mr Ambassador, I 65 00:03:55,960 --> 00:03:58,640 Speaker 1: really appreciate your being with us here. Do we need 66 00:03:58,680 --> 00:04:01,120 Speaker 1: to be on the line with China now? And I 67 00:04:01,160 --> 00:04:04,720 Speaker 1: ask you that knowing that we don't have access to 68 00:04:04,760 --> 00:04:08,000 Speaker 1: the direct line of communication that the US, for instance, 69 00:04:08,040 --> 00:04:11,520 Speaker 1: had with the with the former Soviet Union, is communication 70 00:04:11,560 --> 00:04:15,320 Speaker 1: a problem tonight? It's a huge problem. In fact, that 71 00:04:15,360 --> 00:04:18,279 Speaker 1: I was serving as ambassador, there was some communication back 72 00:04:18,279 --> 00:04:22,400 Speaker 1: and forth, and US military would talk with Chinese military, 73 00:04:22,480 --> 00:04:27,080 Speaker 1: but unfortunately the last gosh several years had virtually been 74 00:04:27,120 --> 00:04:30,599 Speaker 1: cut off, not not just military to military, it's also 75 00:04:30,680 --> 00:04:33,760 Speaker 1: other forms of communication, and that is a huge problem. 76 00:04:34,040 --> 00:04:37,760 Speaker 1: Ignorance breeds fear, and if we don't communicate, we get fearful, 77 00:04:37,880 --> 00:04:40,680 Speaker 1: and that's the problem. Are you assuming this thing, whatever 78 00:04:40,760 --> 00:04:45,320 Speaker 1: it was, was from China? I have no idea. Um 79 00:04:45,400 --> 00:04:49,560 Speaker 1: The Pentagon has not indicated what is yet, Kirby said, 80 00:04:49,600 --> 00:04:52,880 Speaker 1: it's an object unidentified object. We don't have the balloon 81 00:04:53,320 --> 00:04:55,000 Speaker 1: as aircraft or what in the world it is or 82 00:04:55,000 --> 00:04:57,920 Speaker 1: where it's from that. But you know, we pride ourselves 83 00:04:58,000 --> 00:05:02,400 Speaker 1: in America getting the facts, and this is an instance 84 00:05:02,400 --> 00:05:06,359 Speaker 1: where we have to dig down and the media must 85 00:05:06,839 --> 00:05:11,159 Speaker 1: be a there's a Congress, ask questions, keep asking questions 86 00:05:11,200 --> 00:05:14,960 Speaker 1: because sometimes if the an administration, not just this one, 87 00:05:15,160 --> 00:05:18,480 Speaker 1: tend not to give all the fast because they sometimes 88 00:05:18,320 --> 00:05:22,400 Speaker 1: it's fearful it might be something. But this case, we 89 00:05:22,440 --> 00:05:25,960 Speaker 1: have to get the fact obvious national security implications with 90 00:05:26,040 --> 00:05:28,359 Speaker 1: a story like this, the fact that it landed on ice. 91 00:05:28,400 --> 00:05:32,279 Speaker 1: Though ambassador might be encouraging that that they actually got 92 00:05:32,320 --> 00:05:36,040 Speaker 1: this thing, we'll maybe we'll actually see it, no question, 93 00:05:36,279 --> 00:05:39,240 Speaker 1: Um we see the de brave. That's gonna help. Let's 94 00:05:39,240 --> 00:05:40,960 Speaker 1: know what in the world it is. We just don't 95 00:05:40,960 --> 00:05:45,520 Speaker 1: know yet. Coming off of this whole exercise with the balloon, 96 00:05:46,080 --> 00:05:48,600 Speaker 1: how how how bad is it? How strange are our 97 00:05:48,640 --> 00:05:51,480 Speaker 1: relations with China? The President tried to kind of shrug 98 00:05:51,480 --> 00:05:53,640 Speaker 1: it off the other day in an interview with PBS 99 00:05:53,720 --> 00:05:57,320 Speaker 1: to heyl, nothing's changed in our relationship. This happened the 100 00:05:57,320 --> 00:06:00,520 Speaker 1: way it did. But obviously you've got you a very 101 00:06:00,560 --> 00:06:05,239 Speaker 1: prickly uh. President she in An easily offended a group 102 00:06:05,240 --> 00:06:07,160 Speaker 1: of people in Beijing, and they could be looking at 103 00:06:07,200 --> 00:06:11,760 Speaker 1: this very differently right now. Yeah. I praise President Biden 104 00:06:11,839 --> 00:06:14,159 Speaker 1: for trying to play it down because the things should know, 105 00:06:14,240 --> 00:06:17,440 Speaker 1: pun intended to be blown out of proportion. Um. But 106 00:06:17,480 --> 00:06:19,920 Speaker 1: because it's it's an object, you can see it, you know, 107 00:06:20,000 --> 00:06:22,800 Speaker 1: that makes it blown out of proportion. I mean, it's 108 00:06:23,040 --> 00:06:26,160 Speaker 1: it's not just in China, it's also in the United States. Um. 109 00:06:26,200 --> 00:06:28,160 Speaker 1: I think there's a lot of hawks in China who 110 00:06:28,160 --> 00:06:30,279 Speaker 1: are putting a lot of pressure on President ji Jinping, 111 00:06:30,720 --> 00:06:33,320 Speaker 1: and so they're making it difficult for him to cooperate 112 00:06:33,400 --> 00:06:35,760 Speaker 1: with the United States. But it's also in the US too. 113 00:06:35,880 --> 00:06:38,240 Speaker 1: There are a lot of hawks in the US Congress 114 00:06:38,279 --> 00:06:43,240 Speaker 1: like nothing better than the criticized President by and so 115 00:06:43,360 --> 00:06:46,680 Speaker 1: that just raises the tension in the rhetoric. Well, the 116 00:06:46,720 --> 00:06:49,839 Speaker 1: politics behind all of this came up in the briefing today. 117 00:06:49,920 --> 00:06:53,760 Speaker 1: Ambassador here's John Kirby again talking about our China policy. 118 00:06:54,240 --> 00:07:00,679 Speaker 1: I wouldn't derive from these two incidents some sort of policy, uh, 119 00:07:00,800 --> 00:07:05,320 Speaker 1: that comes out of it that the President will always 120 00:07:05,400 --> 00:07:08,599 Speaker 1: act in the best interests of the American people in 121 00:07:08,640 --> 00:07:13,000 Speaker 1: international security um. Last week we were talking about a 122 00:07:13,040 --> 00:07:19,400 Speaker 1: surveillance asset um that was purposely flown over the continental 123 00:07:19,480 --> 00:07:24,000 Speaker 1: United States. In the case today, we're talking about an object. 124 00:07:24,040 --> 00:07:26,680 Speaker 1: Again we don't know a lot about it, but but 125 00:07:26,800 --> 00:07:30,400 Speaker 1: that at its altitude represented a potential threat to the 126 00:07:30,440 --> 00:07:34,520 Speaker 1: safety of flying customers, you know, civil air traffic. Is 127 00:07:34,560 --> 00:07:39,880 Speaker 1: that level of caution warranted? Obviously China is listening. I 128 00:07:40,280 --> 00:07:43,520 Speaker 1: think there probably is. You have to take your kurby 129 00:07:44,800 --> 00:07:47,120 Speaker 1: a good faith. He probably is accurate what he said 130 00:07:47,120 --> 00:07:50,200 Speaker 1: about potential problems that's still in aircraft, but they're real. 131 00:07:50,760 --> 00:07:54,920 Speaker 1: Point I'm gonna make is that we Americans have to 132 00:07:55,560 --> 00:07:57,960 Speaker 1: realize that China is not going anywhere. China is always 133 00:07:57,960 --> 00:08:00,520 Speaker 1: going to be there, and it's a port for us 134 00:08:00,960 --> 00:08:03,640 Speaker 1: to figure out how we're going to deal with China 135 00:08:03,760 --> 00:08:06,360 Speaker 1: in in a respectful way. Now. We have to protect 136 00:08:06,400 --> 00:08:09,560 Speaker 1: our national security clearly, just as China is trying to 137 00:08:09,600 --> 00:08:13,400 Speaker 1: protect its own national security. Whatever. We're letting these little 138 00:08:13,480 --> 00:08:16,480 Speaker 1: incidents get bigger and bigger and bigger, and they're really 139 00:08:16,640 --> 00:08:19,920 Speaker 1: starting to cause the attention which in the two countries 140 00:08:19,960 --> 00:08:23,080 Speaker 1: to grow even greater. We should do our best not 141 00:08:23,160 --> 00:08:25,840 Speaker 1: to be critical the other country, but to be but 142 00:08:25,960 --> 00:08:28,360 Speaker 1: to be honest when we see something that they're doing 143 00:08:28,400 --> 00:08:30,920 Speaker 1: they should not be doing. But let's let's be careful here. 144 00:08:30,920 --> 00:08:32,720 Speaker 1: And you're trying to calm a little bit here because 145 00:08:32,760 --> 00:08:36,040 Speaker 1: otherwise we're going to Well to your point, the administration 146 00:08:36,040 --> 00:08:38,280 Speaker 1: does tend to try to, you know, tamp this down. 147 00:08:38,320 --> 00:08:41,839 Speaker 1: They like to say competition instead of conflict. But there 148 00:08:41,880 --> 00:08:43,880 Speaker 1: are a lot of hawks on both sides of the Aisle, 149 00:08:44,120 --> 00:08:46,640 Speaker 1: on Capitol Hill and at the Pentagon. My gosh, you 150 00:08:47,000 --> 00:08:48,880 Speaker 1: what did you think about this story from the Air 151 00:08:48,920 --> 00:08:52,319 Speaker 1: Force General Mike Minahan and his memo that that ended 152 00:08:52,400 --> 00:08:55,319 Speaker 1: up leaking suggesting that we would be at war or 153 00:08:55,480 --> 00:08:57,640 Speaker 1: need to be at least prepared for war with China 154 00:08:57,679 --> 00:09:02,439 Speaker 1: by Well, I was a bit surprised at that memo. 155 00:09:03,080 --> 00:09:08,040 Speaker 1: I think that he showed insufficient exercise of discipline um 156 00:09:08,360 --> 00:09:12,560 Speaker 1: writing it. The more any general makes comments like that, 157 00:09:12,880 --> 00:09:16,280 Speaker 1: the more it's gonna tend to happen. UM. I think 158 00:09:16,400 --> 00:09:20,600 Speaker 1: rather we should be looking for ways to find uh 159 00:09:21,880 --> 00:09:24,880 Speaker 1: United States can work with China. Just we haven't done 160 00:09:24,880 --> 00:09:27,760 Speaker 1: that yet. We didn't want we did. It's a very 161 00:09:27,880 --> 00:09:31,760 Speaker 1: very um how can I say it? A point? But 162 00:09:32,000 --> 00:09:35,800 Speaker 1: the United States and China have agreed to accounting standards 163 00:09:35,840 --> 00:09:39,640 Speaker 1: so that two hundred Chinese companies listed on American stock 164 00:09:39,679 --> 00:09:42,920 Speaker 1: exchanges will not now be delisted. That's an agreement. That's 165 00:09:43,160 --> 00:09:46,000 Speaker 1: where two countries work together, and I think we should 166 00:09:46,160 --> 00:09:48,600 Speaker 1: be looking for more things like that. Can I ask 167 00:09:48,600 --> 00:09:50,960 Speaker 1: the ambassador were you home in Montana when the balloon 168 00:09:51,080 --> 00:09:54,880 Speaker 1: went over? I was, I was? Did you see it? 169 00:09:55,840 --> 00:09:57,439 Speaker 1: I did not know? I was over in billions of 170 00:09:57,440 --> 00:10:00,000 Speaker 1: mont time another part of the state. I teased by 171 00:10:00,280 --> 00:10:03,240 Speaker 1: former colleague John Tester because it flew over his ranch 172 00:10:03,280 --> 00:10:06,560 Speaker 1: in Montana. She gave a hard time about that. He 173 00:10:06,600 --> 00:10:10,680 Speaker 1: had some pretty tough questions for Pentagon officials yesterday. Are 174 00:10:10,679 --> 00:10:13,920 Speaker 1: you allowing for the possibility that this actually was a mistake, 175 00:10:14,000 --> 00:10:16,880 Speaker 1: that this somehow got blown off course and China was 176 00:10:17,200 --> 00:10:19,480 Speaker 1: sort of caught in an embarrassing situation. I mean, they 177 00:10:19,520 --> 00:10:24,079 Speaker 1: said it was it was a controllable aircraft. I think 178 00:10:24,120 --> 00:10:28,520 Speaker 1: there's a real possibility that the p l A sent 179 00:10:28,600 --> 00:10:31,240 Speaker 1: that boving over and did not communicate with foreign minister 180 00:10:31,400 --> 00:10:35,000 Speaker 1: or others in the Chinese government, and as an example 181 00:10:35,120 --> 00:10:38,360 Speaker 1: of discommunication. You know, we tend to think that China's 182 00:10:38,400 --> 00:10:40,960 Speaker 1: kind of modelistic. It isn't. My god, it's a huge, 183 00:10:40,960 --> 00:10:44,560 Speaker 1: big country, lots of different agencies, and they make mistakes too, 184 00:10:44,679 --> 00:10:46,719 Speaker 1: and I think this could well have been a big one. Well, 185 00:10:46,800 --> 00:10:50,400 Speaker 1: my goodness, what's what's the punishment for that? And President 186 00:10:50,480 --> 00:10:55,080 Speaker 1: Chess World, Well, it's probably gonna have someone's head. Um 187 00:10:55,480 --> 00:10:59,800 Speaker 1: literally yeah, almost literally, not quite litely obviously, but is 188 00:10:59,840 --> 00:11:02,720 Speaker 1: he he's gonna be he is he has says either 189 00:11:03,480 --> 00:11:07,040 Speaker 1: is a miscommunication within the government, which is says that 190 00:11:07,080 --> 00:11:09,640 Speaker 1: he's got a problem always. I got his face because 191 00:11:09,679 --> 00:11:11,520 Speaker 1: he ordered it, and that's another problem that shows his 192 00:11:11,640 --> 00:11:16,239 Speaker 1: politically to death. It's is a big mistake for them. 193 00:11:16,360 --> 00:11:19,400 Speaker 1: I've asked you this before. I think you said, no, Ambassador, 194 00:11:19,600 --> 00:11:22,880 Speaker 1: do you call us a cold war? Um, it's getting 195 00:11:23,120 --> 00:11:26,000 Speaker 1: it's very cool, it's cooling down. It's getting close to 196 00:11:26,080 --> 00:11:29,040 Speaker 1: cold war. And that's the concern I have. We're moving 197 00:11:29,080 --> 00:11:32,000 Speaker 1: more and more toward the Cold War, and with instance 198 00:11:32,080 --> 00:11:33,920 Speaker 1: like this, if we don't cool it, trying to figure 199 00:11:33,920 --> 00:11:37,319 Speaker 1: out what's going on, try to build those lines of 200 00:11:37,360 --> 00:11:40,360 Speaker 1: communications between their two countries where we're going to get 201 00:11:40,360 --> 00:11:42,760 Speaker 1: a Cold War. I'm guessing you'll be relieved if this 202 00:11:42,840 --> 00:11:46,280 Speaker 1: was not from China. The second one will be very relate. 203 00:11:48,120 --> 00:11:49,760 Speaker 1: I appreciate you coming on and talk to us. You're 204 00:11:49,760 --> 00:11:51,959 Speaker 1: always good to accept. Bloomberg, Max Bochus, Thank you, sir, 205 00:11:52,000 --> 00:11:55,160 Speaker 1: former US Ambassador to China. Of course, the Senator from 206 00:11:55,160 --> 00:12:03,800 Speaker 1: Montana Friday. We need them both. Rick Davis and Jennie 207 00:12:03,840 --> 00:12:07,560 Speaker 1: Chanzano Bloomberg Politics contributors. What do we think here, Rick, 208 00:12:07,600 --> 00:12:09,840 Speaker 1: we're calling it a UFO. They say it's the size 209 00:12:09,880 --> 00:12:11,679 Speaker 1: of a car. It's sitting on the ice somewhere. That 210 00:12:11,800 --> 00:12:15,360 Speaker 1: photos ought to be incredible when they recover this. Are 211 00:12:15,400 --> 00:12:18,360 Speaker 1: you just assuming it's China? Finally the White House has 212 00:12:18,360 --> 00:12:23,040 Speaker 1: agreed their UFOs. Yeah, I'm assuming it's China until i'm 213 00:12:23,040 --> 00:12:25,720 Speaker 1: told otherwise. I'm using that firm. They weren't calling it that, 214 00:12:25,760 --> 00:12:28,480 Speaker 1: but we'll say an object that I love it um 215 00:12:28,520 --> 00:12:31,400 Speaker 1: an object. But the bottom line is, you gotta assume 216 00:12:31,440 --> 00:12:33,280 Speaker 1: it is until you're told it's not right. I mean, 217 00:12:33,320 --> 00:12:35,960 Speaker 1: because now we've learned that they're you know, been lots 218 00:12:36,000 --> 00:12:39,240 Speaker 1: of these things floating around for probably exactly the same 219 00:12:39,320 --> 00:12:43,160 Speaker 1: purposes that this latest one that was shot down was doing, 220 00:12:43,200 --> 00:12:46,520 Speaker 1: which is spying on us and other countries. Uh. And 221 00:12:46,559 --> 00:12:50,000 Speaker 1: so you probably not the ability in China to even 222 00:12:50,040 --> 00:12:52,040 Speaker 1: turn it off. You know, by the time they got 223 00:12:52,480 --> 00:12:54,720 Speaker 1: they got found out, right, these things are slow moving 224 00:12:54,760 --> 00:12:57,720 Speaker 1: over the airwaves. So I would say one thing that 225 00:12:57,720 --> 00:13:00,960 Speaker 1: that that Centator Baca said that I find very important 226 00:13:01,000 --> 00:13:03,520 Speaker 1: and and and just to reiterate, is the p l 227 00:13:03,520 --> 00:13:05,319 Speaker 1: A may have been doing this on their own, that 228 00:13:05,440 --> 00:13:07,960 Speaker 1: she might not have known anything about this program. And 229 00:13:07,960 --> 00:13:10,920 Speaker 1: the more people I've talked to study Russia, I think 230 00:13:10,920 --> 00:13:13,360 Speaker 1: that there is quite a bit of a gulf China, 231 00:13:13,559 --> 00:13:15,480 Speaker 1: quite a bit of a gulf between the p l 232 00:13:15,559 --> 00:13:18,559 Speaker 1: A and the civilian leadership. And if that's the case, 233 00:13:18,600 --> 00:13:22,600 Speaker 1: then then as as Center Baka says, it's a whole 234 00:13:22,640 --> 00:13:26,320 Speaker 1: different dynamic that we have to consider when dealing with China. Absolutely, 235 00:13:26,360 --> 00:13:28,800 Speaker 1: I mean, that's that's a that's a level of uncertainty 236 00:13:28,840 --> 00:13:32,520 Speaker 1: that we didn't have before, Genie, and I'm surprised to 237 00:13:32,520 --> 00:13:36,400 Speaker 1: hear it myself. You know that too. To the Ambassador's point, 238 00:13:36,840 --> 00:13:41,120 Speaker 1: people just think of this regime that has it locked down, uh, 239 00:13:41,160 --> 00:13:43,760 Speaker 1: and that that's clearly not the case. That is not 240 00:13:43,920 --> 00:13:46,880 Speaker 1: and and the US at least the Biden administration has 241 00:13:46,920 --> 00:13:49,000 Speaker 1: tried to make the case that this could have gone 242 00:13:49,040 --> 00:13:52,440 Speaker 1: out without G's knowledge, But of course, the reality is, 243 00:13:52,559 --> 00:13:55,400 Speaker 1: and what we've talked about before is we are getting 244 00:13:55,520 --> 00:13:58,760 Speaker 1: drips and drips of information. And you know, it was 245 00:13:58,800 --> 00:14:01,480 Speaker 1: stunning what you said at the top, that Kirby came 246 00:14:01,520 --> 00:14:04,319 Speaker 1: out to talk about other things and then was asked 247 00:14:04,360 --> 00:14:10,320 Speaker 1: a question about this. It strikes Yeah, it's almost like 248 00:14:10,480 --> 00:14:14,760 Speaker 1: the administration, the Department of Defense, the military, the government 249 00:14:14,840 --> 00:14:19,080 Speaker 1: has not sort of accepted the reality that these are balloons, 250 00:14:19,120 --> 00:14:21,840 Speaker 1: that people can see them when they're shot down, they 251 00:14:21,840 --> 00:14:24,960 Speaker 1: can film them. This is not like some high tech 252 00:14:25,080 --> 00:14:27,640 Speaker 1: thing you know that we don't know, you know, that's 253 00:14:27,720 --> 00:14:30,680 Speaker 1: going on with TikTok or whatever. We can all see this, 254 00:14:30,800 --> 00:14:33,400 Speaker 1: and it has added a new dimension. And it's almost 255 00:14:33,440 --> 00:14:35,960 Speaker 1: as if they haven't wrapped their heads around that and 256 00:14:36,120 --> 00:14:38,800 Speaker 1: haven't figured out a way to address it. And you know, 257 00:14:39,000 --> 00:14:42,120 Speaker 1: even to say that, you know, for security reasons, we 258 00:14:42,160 --> 00:14:44,840 Speaker 1: can't discuss this, but there has been an incident that occurred. 259 00:14:45,080 --> 00:14:47,440 Speaker 1: They don't seem to be able to get out on front. 260 00:14:47,440 --> 00:14:49,200 Speaker 1: And you know, another thing, just to add to what 261 00:14:49,280 --> 00:14:51,440 Speaker 1: Rick said that I thought the ambassador made such an 262 00:14:51,440 --> 00:14:54,120 Speaker 1: important point, and I've heard this from several people. The 263 00:14:54,160 --> 00:14:57,440 Speaker 1: fact that the communication between the United States and China, 264 00:14:57,520 --> 00:15:01,040 Speaker 1: military to military and otherwise has been cut off is 265 00:15:01,080 --> 00:15:04,280 Speaker 1: something that is very, very alarming. The most important thing 266 00:15:04,360 --> 00:15:06,520 Speaker 1: is we're able to communicate and talk, and for the 267 00:15:06,600 --> 00:15:09,200 Speaker 1: President to say in an interview that our relations haven't 268 00:15:09,240 --> 00:15:12,640 Speaker 1: been impacted by this is hard to believe given what 269 00:15:12,680 --> 00:15:15,280 Speaker 1: we're hearing. Well, yeah, I mean, I guess he's got 270 00:15:15,280 --> 00:15:17,480 Speaker 1: to play it up on on on TV a little bit. 271 00:15:17,520 --> 00:15:19,680 Speaker 1: But we also have to be honest here, Rick, And 272 00:15:20,640 --> 00:15:23,080 Speaker 1: how would you have handled that today? Shouldn't the the 273 00:15:23,120 --> 00:15:25,800 Speaker 1: administration or the Pentagon to be calling a news conference 274 00:15:25,840 --> 00:15:29,320 Speaker 1: to say, hey, we just shot something down in US 275 00:15:29,440 --> 00:15:32,360 Speaker 1: airspace or over US territory as opposed to waiting for 276 00:15:32,400 --> 00:15:36,000 Speaker 1: it to come up in another conversation. Yeah, surprised me. 277 00:15:36,320 --> 00:15:38,320 Speaker 1: I would have thought they'd learned the hard way on 278 00:15:38,400 --> 00:15:41,320 Speaker 1: the last week's you know, as this balloon gate has 279 00:15:41,440 --> 00:15:44,880 Speaker 1: dominated Washington. Uh, it's it's it's been in the press 280 00:15:44,960 --> 00:15:47,600 Speaker 1: every hour on the hour, and and the idea that 281 00:15:47,640 --> 00:15:49,680 Speaker 1: they can sort of whistle past the graveyard and say, well, 282 00:15:49,720 --> 00:15:51,680 Speaker 1: you know, don't say anything unless someone brings it up 283 00:15:51,880 --> 00:15:54,480 Speaker 1: like Kelly Donald brings up in the first question, Hey, 284 00:15:54,520 --> 00:15:57,960 Speaker 1: what's going on? You guys shoot something down? Um, I'm 285 00:15:58,000 --> 00:16:01,080 Speaker 1: sure Dan Sullivan was doing backflips. Yeah, finally they're shooting 286 00:16:01,080 --> 00:16:06,400 Speaker 1: stuff over Alaska. And but I mean, yeah, I I 287 00:16:06,400 --> 00:16:08,760 Speaker 1: don't that's and he was prepared for the question. He 288 00:16:08,800 --> 00:16:13,920 Speaker 1: had all the information that you just heard as an answer. Uh, Genie, 289 00:16:13,920 --> 00:16:16,560 Speaker 1: how would you do that differently? I think exactly what 290 00:16:16,600 --> 00:16:19,800 Speaker 1: you said. And it is reminiscent of the documents debacle. 291 00:16:20,240 --> 00:16:23,000 Speaker 1: There is a level of transparency. You you wait and 292 00:16:23,040 --> 00:16:25,680 Speaker 1: wait and wait, and then when it comes up, this happened. 293 00:16:25,680 --> 00:16:28,120 Speaker 1: It is this drip, drip, drip. They need to get 294 00:16:28,120 --> 00:16:30,360 Speaker 1: out in front, Joe Matthew. If they listen to what 295 00:16:30,440 --> 00:16:32,200 Speaker 1: you just said, this would all have been avoided. And 296 00:16:32,520 --> 00:16:35,600 Speaker 1: that's how exactly how it should be done. Rick and 297 00:16:35,680 --> 00:16:37,840 Speaker 1: Genie with us for the hour on this Friday, and 298 00:16:37,880 --> 00:16:40,600 Speaker 1: delighted to be underway here on the fastest hour in politics. 299 00:16:41,000 --> 00:16:44,680 Speaker 1: Quick breaker on the terminal. Senator Fetterman has been discharged 300 00:16:44,720 --> 00:16:47,160 Speaker 1: from the hospital. His office just announced that we're gonna 301 00:16:47,200 --> 00:16:50,200 Speaker 1: talk to Harvey Pits today about this new settlement crypto 302 00:16:50,280 --> 00:16:57,960 Speaker 1: settlement with the SEC. This is Bloomberg. This is Bloomberg. 303 00:16:58,120 --> 00:17:03,960 Speaker 1: So long with Joe Matthew you on Bloomberg Radio. The 304 00:17:04,080 --> 00:17:07,640 Speaker 1: chair of the SEC makes news and puts crypto trading 305 00:17:07,760 --> 00:17:12,240 Speaker 1: firms on notice with the major settlement here announced today 306 00:17:12,359 --> 00:17:15,359 Speaker 1: as you likely heard or saw on Bloomberg with the 307 00:17:15,400 --> 00:17:19,439 Speaker 1: crypto exchange. Kraken over, do you do you know about this? 308 00:17:19,640 --> 00:17:24,520 Speaker 1: You've got all the buzzwords here. It's called staking. Here's 309 00:17:24,560 --> 00:17:27,960 Speaker 1: Gary Gensler explaining what they were doing with the coins 310 00:17:28,000 --> 00:17:30,920 Speaker 1: that led to the settlement here in a conversation today 311 00:17:30,960 --> 00:17:33,720 Speaker 1: with David Weston on Balance of Power. They asked the 312 00:17:33,800 --> 00:17:36,720 Speaker 1: public and they solicit the public for their funds, their 313 00:17:36,760 --> 00:17:39,439 Speaker 1: crypto and they say we'll give you a return, and 314 00:17:39,480 --> 00:17:41,800 Speaker 1: they might call it lending. In this case it was 315 00:17:41,840 --> 00:17:44,360 Speaker 1: called staking as a service, and we'll give you four, 316 00:17:45,200 --> 00:17:50,080 Speaker 1: eight percent or even one percent returns. And there in 317 00:17:50,200 --> 00:17:55,080 Speaker 1: lies the issue. They were doing this without the proper disclosure. 318 00:17:56,320 --> 00:17:59,320 Speaker 1: And that's the important part of this. It's not that 319 00:17:59,400 --> 00:18:03,840 Speaker 1: the practice this was in it self breaking rules, but 320 00:18:03,920 --> 00:18:09,200 Speaker 1: they were not fully disclosing them as securities. And Gensler says, 321 00:18:09,320 --> 00:18:12,880 Speaker 1: this is the moment for everyone to change their act 322 00:18:12,960 --> 00:18:16,920 Speaker 1: because Kraken is not the only one. Listen. They need 323 00:18:16,920 --> 00:18:20,960 Speaker 1: to come into compliance and there are generally non compliant 324 00:18:21,080 --> 00:18:23,920 Speaker 1: right now. The investing public is not only at risk 325 00:18:24,080 --> 00:18:28,359 Speaker 1: by the speculative nature of crypto, but their risk of 326 00:18:28,520 --> 00:18:31,280 Speaker 1: ending up in line in a bankruptcy court because a 327 00:18:31,280 --> 00:18:35,360 Speaker 1: lot of these platforms are doing things they're not disclosing. 328 00:18:37,080 --> 00:18:38,920 Speaker 1: We're joining out to talk about it. By Harvey Pitt, 329 00:18:39,000 --> 00:18:42,199 Speaker 1: CEO of Calorama Partners and the former Chair of the 330 00:18:42,240 --> 00:18:45,439 Speaker 1: Securities and Exchange Commission. Mr Chairman, it's great to have 331 00:18:45,480 --> 00:18:49,200 Speaker 1: you on Bloomberg Radio. Gary Gnsler made the point that 332 00:18:49,240 --> 00:18:51,280 Speaker 1: there have been a hundred actions. They've taken a hundred 333 00:18:51,320 --> 00:18:56,440 Speaker 1: actions against various crypto firms and entities and practices since 334 00:18:57,240 --> 00:19:03,400 Speaker 1: he's been in the chair. Is the SEC moving fast enough? Well? Um, 335 00:19:03,520 --> 00:19:07,600 Speaker 1: the right question. Maybe are they moving too fast? Um? 336 00:19:08,160 --> 00:19:14,200 Speaker 1: But they're certainly moving quite rapidly. And uh, they are 337 00:19:14,400 --> 00:19:24,240 Speaker 1: creating a very dangerous character cryptocurrency firms. Why too fast? Well, 338 00:19:24,280 --> 00:19:30,600 Speaker 1: the difficulty is that we're dealing with a trend and 339 00:19:30,880 --> 00:19:37,080 Speaker 1: with um activities that are not well defined. And what 340 00:19:37,119 --> 00:19:41,920 Speaker 1: the SEC is doing is they're bringing enforcement actions as 341 00:19:42,040 --> 00:19:46,800 Speaker 1: their way of telling people what the rules may be, 342 00:19:47,640 --> 00:19:52,080 Speaker 1: but the right way to regulate this would be to 343 00:19:52,160 --> 00:19:58,800 Speaker 1: put out information that allows people to understand what the 344 00:19:58,880 --> 00:20:02,760 Speaker 1: rules of the road are, how they can comply, and 345 00:20:02,880 --> 00:20:06,879 Speaker 1: then if they don't comply and force the law, that's 346 00:20:06,920 --> 00:20:10,920 Speaker 1: not happening. So the SEC is failing and not communicating 347 00:20:10,960 --> 00:20:15,040 Speaker 1: with the crypto universe? Is your point? I think so? 348 00:20:15,280 --> 00:20:22,639 Speaker 1: And UMU Commissioner Peers um uh put out a statement 349 00:20:22,680 --> 00:20:28,880 Speaker 1: which said the SEC is none about staking transactions for example, 350 00:20:29,560 --> 00:20:33,480 Speaker 1: for quite a long time, and never bothered to tell 351 00:20:33,520 --> 00:20:39,560 Speaker 1: anyone what was required. This is what a thirty million 352 00:20:39,600 --> 00:20:43,960 Speaker 1: dollar settlement here impacts customers in the US. Haver you 353 00:20:44,040 --> 00:20:46,399 Speaker 1: pit this firm crack and says it'll still do the 354 00:20:46,600 --> 00:20:50,560 Speaker 1: same staking with customers from outside of the US. So 355 00:20:50,640 --> 00:20:54,560 Speaker 1: doesn't that kind of defeat the purpose? Well? It does, 356 00:20:54,920 --> 00:20:58,920 Speaker 1: because first of all, if this is worth doing, why 357 00:20:59,040 --> 00:21:04,840 Speaker 1: are America is not allowed to participate? And secondly, um 358 00:21:05,359 --> 00:21:09,000 Speaker 1: the real fear is that if people think this is 359 00:21:09,080 --> 00:21:14,760 Speaker 1: something we're doing, they will find a way to um 360 00:21:15,560 --> 00:21:22,120 Speaker 1: uh uh and get involved in these programs going through 361 00:21:22,240 --> 00:21:25,879 Speaker 1: fine inter mediaries, all of which will cut out the 362 00:21:26,119 --> 00:21:33,160 Speaker 1: SEC as a relevant regulator. Are you worried about regulation 363 00:21:33,880 --> 00:21:37,840 Speaker 1: stifling or killing a nascent technology or whatever you want 364 00:21:37,840 --> 00:21:41,760 Speaker 1: to call it, currency or store of value? Am I 365 00:21:41,840 --> 00:21:47,119 Speaker 1: hearing you? Right? I am? Um. Let me say that 366 00:21:47,200 --> 00:21:52,200 Speaker 1: I think the concerns that have been articulated about full 367 00:21:52,280 --> 00:22:00,320 Speaker 1: disclosure about registration and like our legitimate concerns. The question, Stune, 368 00:22:00,520 --> 00:22:05,040 Speaker 1: is how do you get people to follow the rules. 369 00:22:05,080 --> 00:22:07,840 Speaker 1: The best way to do that, in my view, is 370 00:22:07,880 --> 00:22:11,280 Speaker 1: to tell them what the rules are, and then if 371 00:22:11,320 --> 00:22:15,600 Speaker 1: they don't follow the rules, she throwed the book at them. 372 00:22:15,760 --> 00:22:21,320 Speaker 1: This is your rule for parenting as well. Yeah, it follows, 373 00:22:21,400 --> 00:22:24,120 Speaker 1: but I've learned with parents and that all bets are 374 00:22:24,160 --> 00:22:27,879 Speaker 1: off and anything is always my fault. I have a 375 00:22:27,880 --> 00:22:29,720 Speaker 1: fifteen year old. I'm gonna call you off the air, 376 00:22:30,480 --> 00:22:35,320 Speaker 1: Mr Chairman. I really appreciate your insights today. Harvey Pitt 377 00:22:35,440 --> 00:22:37,800 Speaker 1: is the CEO of Calorama Partners, former chair of the 378 00:22:38,000 --> 00:22:40,920 Speaker 1: SEC and in a good dad. I'm sure we reassembled 379 00:22:40,920 --> 00:22:43,480 Speaker 1: our panel with Rick and Genie on this. Here we 380 00:22:43,520 --> 00:22:46,600 Speaker 1: go again, Jeannie with crypto regulation and just never seems 381 00:22:46,640 --> 00:22:49,120 Speaker 1: to settle quite the right with people here. I don't 382 00:22:49,119 --> 00:22:52,560 Speaker 1: know if this uh settlement leads to better behavior, but 383 00:22:52,720 --> 00:22:56,760 Speaker 1: is is Harvey Pitt onto something Chairman Gainsler could maybe 384 00:22:56,840 --> 00:22:59,480 Speaker 1: use of get to know your tour with the with 385 00:22:59,520 --> 00:23:02,280 Speaker 1: the crypto world. You know, I think it's a really 386 00:23:02,320 --> 00:23:05,920 Speaker 1: important point, and you know, it would not hurt if 387 00:23:05,920 --> 00:23:08,600 Speaker 1: they would tell us what the rules are. And I 388 00:23:08,600 --> 00:23:10,719 Speaker 1: shouldn't say us because I am not a part of this, 389 00:23:10,800 --> 00:23:14,040 Speaker 1: but for people in this game what the rules are 390 00:23:14,119 --> 00:23:16,560 Speaker 1: and and be very clear about it. And I understand 391 00:23:16,560 --> 00:23:19,000 Speaker 1: that's easier said than done, but it's important. And I 392 00:23:19,040 --> 00:23:21,960 Speaker 1: also think it's important because we're hearing pushback on this 393 00:23:22,119 --> 00:23:26,600 Speaker 1: from within. I mean Hester Pierce saying it's paternalistic, it's lazy. 394 00:23:26,640 --> 00:23:30,080 Speaker 1: I mean that those are alarming descriptors, and so I 395 00:23:30,160 --> 00:23:32,679 Speaker 1: do think they have to take this criticism the f 396 00:23:33,240 --> 00:23:37,120 Speaker 1: SEC rather seriously and to think about the best way 397 00:23:37,160 --> 00:23:41,200 Speaker 1: for the government to approach this. It is important that 398 00:23:41,280 --> 00:23:44,800 Speaker 1: we have regulation. It is important that we secure people, 399 00:23:44,840 --> 00:23:46,840 Speaker 1: but it's also important we do it in a way 400 00:23:47,040 --> 00:23:51,280 Speaker 1: that we allow these uh the crypto technology to develop 401 00:23:51,560 --> 00:23:55,320 Speaker 1: and people to engage in it, particularly Americans who are 402 00:23:55,400 --> 00:23:58,800 Speaker 1: really excited to do that. Rick, you obviously work in 403 00:23:58,840 --> 00:24:01,760 Speaker 1: the investment worlds with your role as a partner at 404 00:24:01,800 --> 00:24:05,760 Speaker 1: Stone Court Capital, You've you've seen obviously both sides of this, 405 00:24:05,840 --> 00:24:08,600 Speaker 1: the political side, and and and the investment side. Do 406 00:24:08,600 --> 00:24:14,040 Speaker 1: you worry that that the squash an important nascent currency? 407 00:24:14,280 --> 00:24:16,720 Speaker 1: You know, it's highly unlikely. I think that the actions 408 00:24:16,760 --> 00:24:21,000 Speaker 1: taken today would would would amount to the SEC overregulating 409 00:24:21,359 --> 00:24:24,119 Speaker 1: primarily because of what Harvey pit just said, which is 410 00:24:24,600 --> 00:24:28,120 Speaker 1: they actually haven't given a clear field of regulation for 411 00:24:28,200 --> 00:24:30,679 Speaker 1: the industry to follow. It's kind of like whack a mole, right, 412 00:24:30,720 --> 00:24:33,240 Speaker 1: you see something you don't like your whack itt and 413 00:24:33,240 --> 00:24:39,080 Speaker 1: and and so it's much more rulemaking by prosecution. And 414 00:24:39,119 --> 00:24:41,440 Speaker 1: then lawyers get in and say, well, look here's what 415 00:24:41,480 --> 00:24:44,040 Speaker 1: they did to the Winklevosses last week. You've got the 416 00:24:44,080 --> 00:24:47,360 Speaker 1: same problem. You may be vulnerable. And the first call 417 00:24:47,440 --> 00:24:50,000 Speaker 1: goes to the SEC saying, hey, am I in trouble? 418 00:24:50,080 --> 00:24:52,399 Speaker 1: I mean what if you know there's no rule against 419 00:24:52,400 --> 00:24:55,000 Speaker 1: what I'm doing? Uh? And now if you're gonna set 420 00:24:55,040 --> 00:24:57,000 Speaker 1: new ones, could you let us know before I have 421 00:24:57,080 --> 00:25:00,959 Speaker 1: to get prosecuted. So that is one thing Wall Street hates, right, 422 00:25:01,040 --> 00:25:04,240 Speaker 1: They love rules. And so if there are rules to 423 00:25:04,320 --> 00:25:07,240 Speaker 1: bye bye, then there's a legional lawyers and and and 424 00:25:07,320 --> 00:25:11,440 Speaker 1: compliance people who will make sure that that happens, but uh, 425 00:25:11,560 --> 00:25:16,560 Speaker 1: not having clarity, and frankly, both legislatively and administratively, there 426 00:25:16,560 --> 00:25:19,560 Speaker 1: hasn't been much clarity to what government's position is on 427 00:25:19,600 --> 00:25:22,080 Speaker 1: the crypto industry. And it still comes down to, you know, 428 00:25:22,160 --> 00:25:24,520 Speaker 1: defining what a security is. I mean, we we still 429 00:25:24,560 --> 00:25:28,399 Speaker 1: haven't really even crossed that hurdle Genie when he says, no, 430 00:25:28,680 --> 00:25:31,399 Speaker 1: you you have to get disclosure because in this case, 431 00:25:31,880 --> 00:25:35,680 Speaker 1: that counts as a security in our eyes. Uh, my goodness. 432 00:25:35,800 --> 00:25:37,919 Speaker 1: There could be There could be many more settlements like 433 00:25:38,000 --> 00:25:40,399 Speaker 1: this to follow if that's the case. Yeah, and there 434 00:25:40,520 --> 00:25:43,240 Speaker 1: certainly sounds like there might be. And the reality is, 435 00:25:43,320 --> 00:25:45,480 Speaker 1: you know, we're looking at the SEC. But the reality 436 00:25:45,560 --> 00:25:48,879 Speaker 1: is Congress has a role here, and you know, I 437 00:25:48,960 --> 00:25:51,399 Speaker 1: don't feel confident. I don't know. Maybe Rick and you 438 00:25:51,440 --> 00:25:54,000 Speaker 1: are more optimistic that we may see some action on 439 00:25:54,040 --> 00:25:56,760 Speaker 1: this this year and the eighth or next year, and 440 00:25:56,800 --> 00:26:00,600 Speaker 1: we certainly may, but Congress really does have a role here, 441 00:26:00,880 --> 00:26:04,280 Speaker 1: and so far we haven't seen much movement in that regards. 442 00:26:04,359 --> 00:26:08,040 Speaker 1: And as you're saying, there are basic issues here of definition. 443 00:26:08,400 --> 00:26:10,399 Speaker 1: And I also think we have to be careful as 444 00:26:10,440 --> 00:26:14,000 Speaker 1: to who's coming in to help set these regulations. You know, 445 00:26:14,040 --> 00:26:16,120 Speaker 1: you don't want the Sam BigMan freeds of the world 446 00:26:16,400 --> 00:26:20,040 Speaker 1: coming in with big money funding campaigns, funding candidates and 447 00:26:20,080 --> 00:26:23,800 Speaker 1: senators and House of Representatives and members and then using 448 00:26:23,840 --> 00:26:26,239 Speaker 1: that as a sort of bid. And we saw this 449 00:26:26,280 --> 00:26:30,600 Speaker 1: in two which is scary um to impact the regulatory 450 00:26:30,640 --> 00:26:33,640 Speaker 1: scheme that comes out of Congress. It's kind of amazing, actually, Rick, 451 00:26:33,720 --> 00:26:36,840 Speaker 1: with all the news, not not only the downturn in prices, 452 00:26:36,880 --> 00:26:40,640 Speaker 1: but all the news uh sort of threatening crypto over 453 00:26:40,640 --> 00:26:43,480 Speaker 1: the last year to a year and a half, the 454 00:26:43,520 --> 00:26:46,440 Speaker 1: fact that it's still viable for some investors is kind 455 00:26:46,440 --> 00:26:49,080 Speaker 1: of incredible. We've seen a pretty good increase over the 456 00:26:49,160 --> 00:26:51,280 Speaker 1: last a couple of weeks as a matter of fact, 457 00:26:51,280 --> 00:26:54,040 Speaker 1: despite this whole conversation. Yeah, absolutely, I mean, this is 458 00:26:54,080 --> 00:26:57,320 Speaker 1: a really growth area in in the finance business, and 459 00:26:57,600 --> 00:26:59,760 Speaker 1: and there everyone's trying to figure out, you know, what 460 00:27:00,000 --> 00:27:02,560 Speaker 1: impact it's gonna make. And when you pull some of 461 00:27:02,560 --> 00:27:04,760 Speaker 1: the greatest minds in Wall Street, they're gonna come at 462 00:27:04,880 --> 00:27:08,200 Speaker 1: it from two different locations. So the more we debate, 463 00:27:08,240 --> 00:27:10,720 Speaker 1: the more we understand. But the government has to take 464 00:27:10,760 --> 00:27:13,199 Speaker 1: a position in this, right. They can't just be the 465 00:27:13,240 --> 00:27:16,000 Speaker 1: prosecution of blast resort and and I think this would 466 00:27:16,000 --> 00:27:19,920 Speaker 1: be a really good thing for Joe Biden to pick 467 00:27:20,000 --> 00:27:22,160 Speaker 1: up on in the last two years of his first term, 468 00:27:22,560 --> 00:27:24,160 Speaker 1: you know, when it's going to be very political out 469 00:27:24,160 --> 00:27:26,000 Speaker 1: there and start talking about, you know, how do you 470 00:27:26,000 --> 00:27:29,400 Speaker 1: regulate this industry? Helps steer the conversation that we'll keep 471 00:27:29,440 --> 00:27:33,480 Speaker 1: having right here, of course, on Bloomberg Radio. This is 472 00:27:33,520 --> 00:27:41,120 Speaker 1: Bloomberg So On with Joe Matthew On Bloomberg Radio. President 473 00:27:41,119 --> 00:27:43,760 Speaker 1: Biden was booed at Heckles in the State of the 474 00:27:43,840 --> 00:27:47,960 Speaker 1: Union for saying Republicans want to sunset social Security right. 475 00:27:47,960 --> 00:27:49,880 Speaker 1: He was referring to with this proposal that we've talked 476 00:27:49,920 --> 00:27:53,320 Speaker 1: about from Senator Rick Scott, knowing all the while that 477 00:27:53,359 --> 00:27:57,119 Speaker 1: Republican leadership had no plans to do this, and since 478 00:27:57,119 --> 00:27:59,320 Speaker 1: Tuesday night, the President has not let oh. Here he 479 00:27:59,400 --> 00:28:02,960 Speaker 1: is yesterday in Tampa, and we're offended. Liar, liar. By 480 00:28:02,960 --> 00:28:05,680 Speaker 1: the way, the last person said that in Florida Senate 481 00:28:05,720 --> 00:28:09,400 Speaker 1: got sensured by the Senate by the Congress. But they're 482 00:28:09,400 --> 00:28:13,399 Speaker 1: about four or five, I don't know how many. I 483 00:28:13,480 --> 00:28:16,359 Speaker 1: reminded them that Florida's own Rick Scott is the guy 484 00:28:16,400 --> 00:28:20,040 Speaker 1: who ran the Senate campaign committee for Republicans last year 485 00:28:20,840 --> 00:28:24,080 Speaker 1: had a plan to sunset. Maybe he's changed his mind, 486 00:28:24,119 --> 00:28:29,040 Speaker 1: maybe seeing the Lord, but but he's you wanted a sunset, 487 00:28:29,160 --> 00:28:33,600 Speaker 1: meaning if you don't reauthorize it, it goes away. Republicans 488 00:28:33,760 --> 00:28:36,359 Speaker 1: have pushed back hard on this since Tuesday night because 489 00:28:36,359 --> 00:28:38,920 Speaker 1: they say, you know, Rick Scott is one person. It 490 00:28:39,040 --> 00:28:44,160 Speaker 1: doesn't represent our views among them. The Senate Minority Leader 491 00:28:44,240 --> 00:28:47,720 Speaker 1: Mitch McConnell today, as I read on the terminal, renewing 492 00:28:47,760 --> 00:28:51,240 Speaker 1: his feud with Rick Scott, criticizing the Florida Senator's proposal 493 00:28:51,320 --> 00:28:56,320 Speaker 1: here in a local radio interview, listen to Mitch McConnell. Well, unfortunately, 494 00:28:56,400 --> 00:28:58,880 Speaker 1: that was the Scott plan. That's got a Republican plan. 495 00:28:59,040 --> 00:29:02,640 Speaker 1: That was the Rick Scott one. The Republican plan, as 496 00:29:02,720 --> 00:29:05,960 Speaker 1: I pointed out last fall, if we were to come 497 00:29:06,000 --> 00:29:10,440 Speaker 1: to the majority, there were no plans a de raised 498 00:29:10,480 --> 00:29:13,520 Speaker 1: taxes on happy Meca people, or the sunset Medicare are 499 00:29:13,600 --> 00:29:18,680 Speaker 1: so security, Okay, then Rick Scott must be having a 500 00:29:18,680 --> 00:29:22,120 Speaker 1: good weekend ahead. Here right, let's reassembled our panel. Rick Davis, 501 00:29:22,160 --> 00:29:27,360 Speaker 1: Genie Schanzano are with us Bloomberg Politics contributors. Uh, it 502 00:29:27,440 --> 00:29:29,720 Speaker 1: was hard to tell. On Tuesday night because people were 503 00:29:29,760 --> 00:29:32,680 Speaker 1: really offended by this. Republicans in the room, Genie, But 504 00:29:32,800 --> 00:29:35,000 Speaker 1: is this a good bead for President Biden to to 505 00:29:35,160 --> 00:29:38,040 Speaker 1: continue on here? Some say it's disingenuous, but it seems 506 00:29:38,040 --> 00:29:41,320 Speaker 1: to be resonating. It is resonating, and ouch, it's getting 507 00:29:41,320 --> 00:29:44,520 Speaker 1: silly on the Republican it's chili rather on the Republican 508 00:29:44,600 --> 00:29:47,920 Speaker 1: side of the Senate. Yeah. Um, you know, he did say, 509 00:29:48,000 --> 00:29:50,920 Speaker 1: in fairness to the President that some Republicans and the 510 00:29:50,960 --> 00:29:53,880 Speaker 1: reality is Rick Scott said it in his twelve point plan. 511 00:29:54,040 --> 00:29:56,640 Speaker 1: He still has not pulled it down from the website. 512 00:29:57,000 --> 00:29:59,680 Speaker 1: The White House is now showing that Governor de Santis 513 00:29:59,680 --> 00:30:03,520 Speaker 1: said it in his campaign for Congress. They also are 514 00:30:03,520 --> 00:30:07,440 Speaker 1: pointing to clips by Republican Mike Lee of Utah. So 515 00:30:07,640 --> 00:30:10,880 Speaker 1: there are Republicans, to the President's point, who have said this. Now, 516 00:30:11,040 --> 00:30:14,600 Speaker 1: McConnell is right, that is not the Republican plan, but 517 00:30:14,720 --> 00:30:17,480 Speaker 1: that's not what the President said. And so it is 518 00:30:17,560 --> 00:30:19,800 Speaker 1: something we are going to hear over and over again 519 00:30:19,840 --> 00:30:22,280 Speaker 1: as we go through this campaign. It is something the 520 00:30:22,320 --> 00:30:26,320 Speaker 1: President has latched onto well before the two campaign, since 521 00:30:26,400 --> 00:30:28,760 Speaker 1: Rick Scott made that sort of unforced air of putting 522 00:30:28,800 --> 00:30:30,720 Speaker 1: this idea out there. We just didn't hear such a 523 00:30:30,800 --> 00:30:34,560 Speaker 1: visceral reaction until Tuesday night. Rick Pure politics, Rick Davis, 524 00:30:34,600 --> 00:30:38,320 Speaker 1: is is it a good strategy? Uh? Yeah, you know, 525 00:30:38,400 --> 00:30:41,640 Speaker 1: I mean it's it's early stages, so why not ruffles 526 00:30:41,640 --> 00:30:44,959 Speaker 1: some feathers. Uh. What's a little unique about this is? 527 00:30:45,440 --> 00:30:48,200 Speaker 1: Um not so much that that that President Biden has 528 00:30:48,240 --> 00:30:51,320 Speaker 1: gone after Rick Scott, who produced that ridiculous plan that 529 00:30:51,360 --> 00:30:55,920 Speaker 1: nobody embraced, but that, uh, Rick Scott gets thrown under 530 00:30:55,920 --> 00:30:59,080 Speaker 1: the bus by the Minority Leader Mitch McConnell on the 531 00:30:59,240 --> 00:31:03,400 Speaker 1: same day Scott's on CNN trying to defend his plans. 532 00:31:03,560 --> 00:31:06,520 Speaker 1: Oh no, there's nothing in there about that, and encounter 533 00:31:06,600 --> 00:31:10,160 Speaker 1: attacks the Biden administration for cuts and Medicare when all 534 00:31:10,200 --> 00:31:12,560 Speaker 1: they were trying to do was save three hundred billion 535 00:31:12,600 --> 00:31:16,840 Speaker 1: dollars in the price of prescriptions. Then they finally got 536 00:31:16,880 --> 00:31:21,400 Speaker 1: through legislation. So this is turned into a silly season 537 00:31:21,600 --> 00:31:25,320 Speaker 1: where h everyone's kind of like just playing politics with 538 00:31:25,440 --> 00:31:28,560 Speaker 1: these issues that that actually are meaningless because there's no 539 00:31:28,680 --> 00:31:31,440 Speaker 1: bill that's going to be considered in the next two 540 00:31:31,520 --> 00:31:33,640 Speaker 1: years of the Biden administration to make any cuts to 541 00:31:33,720 --> 00:31:38,440 Speaker 1: Medicare and Social Security. He separately told reporters Rick that 542 00:31:38,520 --> 00:31:42,880 Speaker 1: Mitch McConnell is quote backing up Biden again unquote nobody 543 00:31:42,920 --> 00:31:46,240 Speaker 1: ever beats Mitch McConnell when they go up against him. Right, Well, 544 00:31:47,040 --> 00:31:50,440 Speaker 1: certainly there's no evidence that Rick Scott's making any progress 545 00:31:50,560 --> 00:31:56,440 Speaker 1: in his independent effort to frame the Republican ideology against entitlements. 546 00:31:57,160 --> 00:31:59,840 Speaker 1: But yeah, my money is on Mitch McConnell all the time. 547 00:31:59,840 --> 00:32:02,720 Speaker 1: He is the ultimate survivor. And and I don't think 548 00:32:02,720 --> 00:32:06,160 Speaker 1: he's actually trying to help President Biden. I think what 549 00:32:06,200 --> 00:32:08,120 Speaker 1: he's trying to do is make sure that his party, 550 00:32:08,160 --> 00:32:10,760 Speaker 1: the Republican Party, doesn't get tagged with a policy that 551 00:32:10,800 --> 00:32:13,360 Speaker 1: they don't embrace. But this was personal too, wasn't it. Rick. 552 00:32:13,400 --> 00:32:15,760 Speaker 1: I don't mean to keep coming back on coming back 553 00:32:15,800 --> 00:32:18,400 Speaker 1: at you here, but but Rick Scott wanted to be 554 00:32:18,560 --> 00:32:20,800 Speaker 1: the leader. I mean he was. He was seen as 555 00:32:20,880 --> 00:32:23,640 Speaker 1: a challenging Mitch McConnell and now he's paying for it, right. 556 00:32:24,080 --> 00:32:26,440 Speaker 1: You know. I don't think Mitch McConnell took his challenge 557 00:32:26,520 --> 00:32:28,920 Speaker 1: very seriously. I mean, the reality is it was not 558 00:32:29,000 --> 00:32:31,440 Speaker 1: even a contest, and it actually helps guys like Mitch 559 00:32:31,520 --> 00:32:35,240 Speaker 1: McConnell solidify their their power when they know, like, Okay, 560 00:32:35,280 --> 00:32:38,000 Speaker 1: who's walking the plank against me? Uh? And then you 561 00:32:38,040 --> 00:32:41,400 Speaker 1: hear the saw cutting through that plane. Um and and 562 00:32:41,440 --> 00:32:43,560 Speaker 1: so Mitch McConnell has been around the track a long time. 563 00:32:43,640 --> 00:32:46,400 Speaker 1: He was not fearful of his position is leader of 564 00:32:46,440 --> 00:32:49,400 Speaker 1: the Republican Caucus in the Senate. And it kind of 565 00:32:49,440 --> 00:32:51,760 Speaker 1: does him a favor by showing how strong he is 566 00:32:51,800 --> 00:32:54,520 Speaker 1: continuously year in and year out when these kinds of 567 00:32:54,520 --> 00:32:59,480 Speaker 1: offenses come. But like, look, Mitch McConnell's also very savvy politician, 568 00:32:59,480 --> 00:33:03,000 Speaker 1: and he knows that revenge is best sold served cold 569 00:33:03,600 --> 00:33:06,920 Speaker 1: and uh and and I'm quite sure that that that 570 00:33:07,080 --> 00:33:12,680 Speaker 1: there's not likely a leadership job coming Rick Scott's way again. Yeah, boy, 571 00:33:12,840 --> 00:33:15,360 Speaker 1: I can only imagine to be a fly on the wall, Jennie. 572 00:33:15,400 --> 00:33:19,959 Speaker 1: How does the White House continue uh to exploit this story? 573 00:33:20,160 --> 00:33:23,360 Speaker 1: And how long can this last? Oh, it's gonna last 574 00:33:23,400 --> 00:33:25,560 Speaker 1: as long as they can keep it alive. This has 575 00:33:25,600 --> 00:33:27,880 Speaker 1: been a boon for them. You know, you've got a 576 00:33:27,920 --> 00:33:31,400 Speaker 1: divided Republicans in the Senate going after each other. You 577 00:33:31,480 --> 00:33:34,640 Speaker 1: do have Republicans on the record making this claim. And 578 00:33:34,680 --> 00:33:37,040 Speaker 1: I think it's important for us to say there is 579 00:33:37,280 --> 00:33:40,360 Speaker 1: real serious debate to be had. I mean, we've talked 580 00:33:40,360 --> 00:33:43,480 Speaker 1: countless times on this program about the deficit and the 581 00:33:43,520 --> 00:33:46,600 Speaker 1: amount of spending and blow in the federal government. If 582 00:33:46,640 --> 00:33:50,720 Speaker 1: that's the reality, we do have to have a discussion 583 00:33:50,720 --> 00:33:54,200 Speaker 1: about Social Security, Medicare and Medicaid and the fact that 584 00:33:54,240 --> 00:33:57,120 Speaker 1: they might be may not be around much longer unless 585 00:33:57,160 --> 00:33:59,760 Speaker 1: we address them. That's all been left by the wayside 586 00:34:00,000 --> 00:34:02,000 Speaker 1: while we have this political debate, and we tried to 587 00:34:02,000 --> 00:34:04,200 Speaker 1: get everyone on the record saying they won't be touched. 588 00:34:04,240 --> 00:34:07,239 Speaker 1: If they're not touched, how can we salvage them. So 589 00:34:07,360 --> 00:34:10,080 Speaker 1: the reality is there's a real serious discussion to be had, 590 00:34:10,239 --> 00:34:12,960 Speaker 1: but we're not going to have that before if not, 591 00:34:13,120 --> 00:34:17,680 Speaker 1: probably not after that either. Oh my god, you're probably right, Bloomberg. 592 00:34:17,760 --> 00:34:20,399 Speaker 1: Sound on with our panel, Rick and Genie, and we've 593 00:34:20,400 --> 00:34:22,560 Speaker 1: got just a couple of minutes here for a breaking 594 00:34:22,600 --> 00:34:27,200 Speaker 1: news story. Good lord. First, FBI agents find additional classified 595 00:34:27,239 --> 00:34:31,240 Speaker 1: document in Mike Pence's home. Now the headline Trump lawyers 596 00:34:31,320 --> 00:34:35,400 Speaker 1: turned in folder with classified markings. ABC News has this 597 00:34:35,520 --> 00:34:39,480 Speaker 1: federal agents. Rick also received a laptop belonging to a 598 00:34:39,560 --> 00:34:42,239 Speaker 1: Trump Aid. Well that got as much attention as the 599 00:34:42,640 --> 00:34:47,239 Speaker 1: hunter Biden laptop. Uh, not with the House Republicans. Um, 600 00:34:47,280 --> 00:34:50,320 Speaker 1: but I certainly think the media will cover pretty harshly 601 00:34:50,440 --> 00:34:53,200 Speaker 1: and uh and they should. I mean this, this has 602 00:34:53,239 --> 00:34:56,320 Speaker 1: gone on for a long time, and it's no evidence 603 00:34:56,360 --> 00:34:59,239 Speaker 1: that this is the pace of this investigation or the 604 00:34:59,320 --> 00:35:01,680 Speaker 1: disclosure is that are happening because of it are going 605 00:35:01,719 --> 00:35:04,440 Speaker 1: to slow down. If anything. It's just it's a constant 606 00:35:04,440 --> 00:35:07,279 Speaker 1: reminder about how loose the rules or how loose the 607 00:35:07,440 --> 00:35:11,920 Speaker 1: discipline has been around the treatment of uh, these kinds 608 00:35:11,920 --> 00:35:14,280 Speaker 1: of classified documents. I mean here we are all freaking 609 00:35:14,320 --> 00:35:18,160 Speaker 1: out over you know, like this balloon at sixty feet 610 00:35:18,200 --> 00:35:20,840 Speaker 1: listening to what we're saying. And and the reality is 611 00:35:21,280 --> 00:35:23,000 Speaker 1: if you just go through the garbage and any one 612 00:35:23,040 --> 00:35:26,080 Speaker 1: of these former presidents, presidents, you probably pick up all 613 00:35:26,120 --> 00:35:29,040 Speaker 1: the nationals you're looking for. Rick Davis puts his finger 614 00:35:29,080 --> 00:35:31,680 Speaker 1: on it again here, Jeanie, this is a huge problem. 615 00:35:32,000 --> 00:35:35,200 Speaker 1: Maybe we should be less concerned with balloons and more documents. 616 00:35:35,239 --> 00:35:38,040 Speaker 1: That's right, And you know, can we all agree that 617 00:35:38,120 --> 00:35:41,040 Speaker 1: there is a real discussion to be had about classified 618 00:35:41,040 --> 00:35:44,720 Speaker 1: documents in this country and it's not political. Every side 619 00:35:44,719 --> 00:35:47,279 Speaker 1: has apparently done it. We have a problem that needs 620 00:35:47,280 --> 00:35:52,719 Speaker 1: to be addressed. Trump Pence Biden, Trump Pence Biden keeps 621 00:35:52,760 --> 00:35:56,239 Speaker 1: going around. How about George Santos? He sits down for 622 00:35:56,280 --> 00:35:59,120 Speaker 1: a formal interview. It actually confesses a little bit. We'll 623 00:35:59,560 --> 00:36:01,640 Speaker 1: do that, of course. Next with the panel, I'm Joe 624 00:36:01,680 --> 00:36:10,520 Speaker 1: Matthew and this is Bloomberg. This is Bloomberg son On 625 00:36:11,040 --> 00:36:17,920 Speaker 1: with Joe Matthew on Bloomberg Radio. Bloomberg Sound On is 626 00:36:17,960 --> 00:36:21,360 Speaker 1: brought to you by Innovation Refunds. This is your daily 627 00:36:21,400 --> 00:36:24,360 Speaker 1: reminder from Innovation Refunds. The e r C is not alone. 628 00:36:24,360 --> 00:36:27,560 Speaker 1: It's money. You're small, medium sized business may be eligible 629 00:36:27,600 --> 00:36:33,680 Speaker 1: to receive for keeping employees on payroll. In you remember, 630 00:36:33,760 --> 00:36:36,640 Speaker 1: get an estimate of your company's potential refunds. They learned 631 00:36:36,640 --> 00:36:40,920 Speaker 1: more at get refunds dot com. Is George Santos getting 632 00:36:40,960 --> 00:36:45,400 Speaker 1: closer to the truth? It sure sounded like it at 633 00:36:45,480 --> 00:36:48,560 Speaker 1: one point in a one on one interview. This is 634 00:36:48,600 --> 00:36:51,439 Speaker 1: not being chased down a hallway a one on one 635 00:36:51,560 --> 00:36:56,279 Speaker 1: satellite interview with news Max, the congressman presumably trying to 636 00:36:56,280 --> 00:36:58,279 Speaker 1: clean up the mess here with what he thought would 637 00:36:58,280 --> 00:37:00,520 Speaker 1: be a friendly crowd. It was in fact vallenged in 638 00:37:00,520 --> 00:37:04,160 Speaker 1: the interview, but revealed I don't know if on purpose 639 00:37:04,280 --> 00:37:08,680 Speaker 1: or unknowingly that you know well he was lying about 640 00:37:08,680 --> 00:37:11,120 Speaker 1: the college thing. Listen to his words. You can be 641 00:37:11,160 --> 00:37:13,839 Speaker 1: the judge. He was asked about, Uh, you know, if 642 00:37:13,840 --> 00:37:16,279 Speaker 1: you lied about where you went to college, which came 643 00:37:16,360 --> 00:37:18,319 Speaker 1: up again this week in his argument on the House 644 00:37:18,360 --> 00:37:20,400 Speaker 1: floor at the State of the Union with none of 645 00:37:20,480 --> 00:37:22,000 Speaker 1: the Mitt Romney. We'll get to that in a minute. 646 00:37:22,040 --> 00:37:24,440 Speaker 1: Listen to George Santos. Here's a deal. I would have 647 00:37:24,520 --> 00:37:27,520 Speaker 1: never gotten the nomination from Nassau County GOP if I 648 00:37:27,520 --> 00:37:30,480 Speaker 1: had not concluded college. That was really the main driver 649 00:37:30,719 --> 00:37:33,760 Speaker 1: because of the way of the nature of their politics 650 00:37:33,760 --> 00:37:37,000 Speaker 1: over there. It's it's just plain and simple, right. So 651 00:37:37,280 --> 00:37:41,480 Speaker 1: I made that bad decision. I stand by my work experience. 652 00:37:41,560 --> 00:37:43,759 Speaker 1: I I walked the walk, I talked to talk. I 653 00:37:43,800 --> 00:37:48,200 Speaker 1: know what I'm doing. Oh so, UH would never have 654 00:37:48,280 --> 00:37:51,360 Speaker 1: gotten the nomination from the Nassau County GOP if I 655 00:37:51,400 --> 00:37:55,759 Speaker 1: had lied, Genie, I mean you understand, don't you? Oh? 656 00:37:55,840 --> 00:37:58,560 Speaker 1: I do. I've never been allowed to practice medicine if 657 00:37:58,600 --> 00:38:01,040 Speaker 1: I hadn't gone to medical school. Well, so I just said, 658 00:38:01,120 --> 00:38:04,360 Speaker 1: let me in the operating at it and Joe, I 659 00:38:04,400 --> 00:38:07,320 Speaker 1: thought you might play some simple minds like don't forget 660 00:38:07,360 --> 00:38:10,400 Speaker 1: about me. So that was just a little segment idea 661 00:38:10,440 --> 00:38:12,680 Speaker 1: for some thank you, we gotta do it. Let's riff 662 00:38:12,719 --> 00:38:15,600 Speaker 1: on this more often. Um does that hurt him? And 663 00:38:16,520 --> 00:38:18,520 Speaker 1: this guy's being investigated right now. I mean there's all 664 00:38:18,520 --> 00:38:20,279 Speaker 1: they have to do is watch news Max to to 665 00:38:20,360 --> 00:38:24,000 Speaker 1: prepare the case. Rick, Yeah, I mean look, I mean 666 00:38:24,280 --> 00:38:27,280 Speaker 1: there's nothing that can explain the conduct of George Santos 667 00:38:27,320 --> 00:38:29,600 Speaker 1: and the fact that Caitlyn Sinclair was able to interview 668 00:38:29,680 --> 00:38:32,000 Speaker 1: him and sit down and actually have a conversation with 669 00:38:32,160 --> 00:38:34,600 Speaker 1: I mean, honestly, the fact that she did not crack 670 00:38:34,680 --> 00:38:38,360 Speaker 1: a laugh and just like or get hysterically piste off. 671 00:38:38,440 --> 00:38:41,279 Speaker 1: It was amazing to me. I mean, like just just 672 00:38:41,360 --> 00:38:44,680 Speaker 1: that interview was it was. It was like taking fingernails 673 00:38:44,719 --> 00:38:48,359 Speaker 1: and rubbed them right down the chalkboard. Uh and and 674 00:38:48,360 --> 00:38:50,160 Speaker 1: and and I love it. I mean, oh yeah, I 675 00:38:50,160 --> 00:38:52,600 Speaker 1: had to lie about my background, but like I walk 676 00:38:52,680 --> 00:38:56,239 Speaker 1: the walk we walk is that I don't know how 677 00:38:56,280 --> 00:38:58,960 Speaker 1: they walk in NASA County. I don't think it's the 678 00:38:59,000 --> 00:39:03,440 Speaker 1: what he's ring too. Again on the Romney interaction, he 679 00:39:03,520 --> 00:39:06,239 Speaker 1: was asked about this, uh, this interaction that we talked 680 00:39:06,239 --> 00:39:08,439 Speaker 1: about the state of the union because Mitt Romney said 681 00:39:08,480 --> 00:39:12,080 Speaker 1: he didn't hear right when he when he told George 682 00:39:12,080 --> 00:39:14,600 Speaker 1: Santos he was an embarrassment. He didn't hear the response. 683 00:39:15,719 --> 00:39:18,279 Speaker 1: So he was asked if that was the case, and 684 00:39:18,480 --> 00:39:20,759 Speaker 1: what he's what he said in response, he're Santos again 685 00:39:20,760 --> 00:39:23,160 Speaker 1: on Newsmax. I'll put it this way. It's not meant 686 00:39:23,200 --> 00:39:25,960 Speaker 1: for television what I said back to him, but I 687 00:39:26,000 --> 00:39:28,680 Speaker 1: can tell you one thing. He did hear me and 688 00:39:28,800 --> 00:39:32,600 Speaker 1: curse Kirsen cinema. As she was walking by the Senator 689 00:39:32,640 --> 00:39:35,480 Speaker 1: from Arizona, she said something to the effects of hanging 690 00:39:35,480 --> 00:39:37,160 Speaker 1: their buddy or something like that. I said, thank you, 691 00:39:37,280 --> 00:39:41,280 Speaker 1: thank you, madame Senator. She was very polite, very kind hearted, 692 00:39:41,320 --> 00:39:44,799 Speaker 1: as as I've learned to to see her. She's a 693 00:39:44,840 --> 00:39:48,000 Speaker 1: good person. Unlike Mr. Romney, who thinks he's above it 694 00:39:48,040 --> 00:39:51,560 Speaker 1: all and is in a whole whole mighty white horse 695 00:39:51,680 --> 00:39:54,560 Speaker 1: trying to talk to us down on morality. The reality 696 00:39:54,680 --> 00:39:56,920 Speaker 1: is he's always been a prejudice and he's always has 697 00:39:56,920 --> 00:39:59,840 Speaker 1: prejudice towards minority. He had it in his twelve A 698 00:39:59,840 --> 00:40:02,240 Speaker 1: life shouldn't and that is why he didn't become president. 699 00:40:02,480 --> 00:40:05,760 Speaker 1: Oh my god, So he's declared war apparently on Mitt Romney. 700 00:40:05,840 --> 00:40:09,439 Speaker 1: Jennie uh and is allied now with Kirston Cinema. Yeah, 701 00:40:09,440 --> 00:40:13,400 Speaker 1: except that Kirston Cinema spokesperson came out and said, big shocker, 702 00:40:13,719 --> 00:40:18,239 Speaker 1: this is a lie. George Santos Senator never said any such. 703 00:40:18,280 --> 00:40:23,080 Speaker 1: I know, it's shocking of Mitt Romney. My god, why 704 00:40:23,080 --> 00:40:25,600 Speaker 1: did he wait into this? Rick? Does he just stay quiet? Now? 705 00:40:25,920 --> 00:40:28,759 Speaker 1: You know? I think I'm sure I've gotten to know Matty. 706 00:40:28,760 --> 00:40:31,600 Speaker 1: He's just a really good soul. And I'm sure of 707 00:40:31,680 --> 00:40:34,600 Speaker 1: just being in the same room with him, just happened 708 00:40:34,600 --> 00:40:36,960 Speaker 1: to be the House of Representatives was enough to like 709 00:40:37,080 --> 00:40:39,439 Speaker 1: just get him to have to say something to the guy. 710 00:40:39,719 --> 00:40:42,560 Speaker 1: He's not going to hold back. And and kudos to you, Mitt, 711 00:40:42,600 --> 00:40:45,640 Speaker 1: I mean, you've said what everybody's thinking. It's the last 712 00:40:45,640 --> 00:40:49,040 Speaker 1: time he goes on the House floor. Rick. Thanks, Jennie, 713 00:40:49,320 --> 00:40:52,040 Speaker 1: You're great. Have a lovely weekend. I'll meet you back 714 00:40:52,080 --> 00:40:54,520 Speaker 1: here next week. On the fastest hour in politics, this 715 00:40:54,600 --> 00:40:55,200 Speaker 1: is Bloomberg