1 00:00:01,920 --> 00:00:06,440 Speaker 1: Now from our nation's capital. This is Bloomberg sound On. 2 00:00:07,360 --> 00:00:09,520 Speaker 1: I ran for president because I believe we're in a 3 00:00:09,520 --> 00:00:12,479 Speaker 1: battle for the soul of this nation. I still believe 4 00:00:12,520 --> 00:00:15,680 Speaker 1: that to be true. Joe Biden has launched an assault 5 00:00:16,200 --> 00:00:19,040 Speaker 1: on the soul of the marriage. I was stunned at 6 00:00:19,040 --> 00:00:23,480 Speaker 1: al divisive. This speech was last night Bloomberg sound On Politics, 7 00:00:23,520 --> 00:00:27,800 Speaker 1: Policy and perspective from DC's tough name. Three and fifteen 8 00:00:27,840 --> 00:00:31,800 Speaker 1: thousand jobs created during the month of August. The labor 9 00:00:31,800 --> 00:00:34,120 Speaker 1: participation for what's number going up as well. So that's 10 00:00:34,520 --> 00:00:36,199 Speaker 1: that's a good way to enter the laby day week 11 00:00:36,240 --> 00:00:40,640 Speaker 1: at Bloomberg sound On with Joe Matthew on Bloomberg Radio. 12 00:00:41,720 --> 00:00:45,640 Speaker 1: President Biden calls MAGA a threat to democracy. Welcome to 13 00:00:45,680 --> 00:00:48,520 Speaker 1: the fastest hour in politics. This day. After the prime 14 00:00:48,560 --> 00:00:52,240 Speaker 1: time speech, we'll talk about the president's message to the 15 00:00:52,360 --> 00:00:55,880 Speaker 1: nation with Virginia Governor Glenn Youngcan and with our panel 16 00:00:55,920 --> 00:01:00,880 Speaker 1: Bloomberg Politics contributor Democratic analyst Gene Schanzano, joined today by 17 00:01:00,920 --> 00:01:04,960 Speaker 1: Republican analyst Boyd Mathieson, former chief of Staff the Senator 18 00:01:05,000 --> 00:01:08,400 Speaker 1: Mike Lee. The August jobs are board brings mostly smiles, 19 00:01:08,440 --> 00:01:10,640 Speaker 1: despite the way Wall Street finished the week, We'll get 20 00:01:10,640 --> 00:01:13,240 Speaker 1: the view of the White House with Jared Bernstein of 21 00:01:13,280 --> 00:01:17,000 Speaker 1: the Council of Economic Advisors. President Biden went straight after 22 00:01:17,240 --> 00:01:20,640 Speaker 1: so called Maga Republicans in the speech from Independence Hall 23 00:01:20,760 --> 00:01:24,040 Speaker 1: last night prime time, warning the nation as he said 24 00:01:24,040 --> 00:01:26,600 Speaker 1: that democracy is at risk. Here he is, I ran 25 00:01:26,680 --> 00:01:28,800 Speaker 1: for president because I believe we're in a battle for 26 00:01:28,840 --> 00:01:32,000 Speaker 1: the soul of this nation. I still believe that to 27 00:01:32,080 --> 00:01:37,520 Speaker 1: be true. I believe the soul is the breath, the life, 28 00:01:37,959 --> 00:01:40,679 Speaker 1: and the essence of who we are. And he called 29 00:01:40,720 --> 00:01:44,640 Speaker 1: out the former president by name, as you do. Happening 30 00:01:44,680 --> 00:01:49,040 Speaker 1: in our country today is not normal, Donald Trump and 31 00:01:49,080 --> 00:01:55,520 Speaker 1: the Maga Republicans representing extremism that threatens the very foundations 32 00:01:55,560 --> 00:02:00,520 Speaker 1: of our republic. Before the speech a prebuttle if we 33 00:02:00,560 --> 00:02:05,080 Speaker 1: can use that word from Minority Leader Kevin McCarthy, as 34 00:02:05,080 --> 00:02:07,560 Speaker 1: if he had already read the script. Still upset as 35 00:02:07,600 --> 00:02:11,200 Speaker 1: well about the President calling at this fundraiser last week 36 00:02:11,240 --> 00:02:15,080 Speaker 1: calling mega Republican semi fascists. Here's Kevin McCarthy. When the 37 00:02:15,120 --> 00:02:20,600 Speaker 1: President speaks tonight at Independence Hall, the first lines out 38 00:02:20,639 --> 00:02:25,840 Speaker 1: of his mouth should be to apologize for slandering tens 39 00:02:25,919 --> 00:02:31,120 Speaker 1: of millions of Americans as fascists, and there was quite 40 00:02:31,120 --> 00:02:35,880 Speaker 1: a bit of criticism from Republican corners this morning following 41 00:02:35,880 --> 00:02:37,880 Speaker 1: the speech last night. That was the backdrop of my 42 00:02:37,919 --> 00:02:42,120 Speaker 1: conversation today with Governor Glenn Youngcan of Virginia, of course, 43 00:02:42,160 --> 00:02:45,320 Speaker 1: one of the most prominent post Trump Republicans to hit 44 00:02:45,360 --> 00:02:48,320 Speaker 1: the national stage, and I started by asking him for 45 00:02:48,480 --> 00:02:51,080 Speaker 1: his reaction to the speech and whether President Biden was 46 00:02:51,200 --> 00:02:54,840 Speaker 1: right about this threat to democracy. I was stunned at 47 00:02:54,880 --> 00:02:58,160 Speaker 1: al divisive this speech was, and at a time where 48 00:02:58,400 --> 00:03:02,000 Speaker 1: people across America, and I know in Virginia are worried 49 00:03:02,040 --> 00:03:05,200 Speaker 1: about some of the most basic issues, rising inflation and 50 00:03:05,200 --> 00:03:08,440 Speaker 1: trying to make ends meet crime and oh, by the way, 51 00:03:08,560 --> 00:03:11,799 Speaker 1: education challenges, and it's a time when, in fact, we've 52 00:03:11,800 --> 00:03:15,359 Speaker 1: got to focus on these issues. And our president jumped 53 00:03:15,400 --> 00:03:19,560 Speaker 1: out and it was incredibly divisive, trying to pit Americans 54 00:03:19,600 --> 00:03:22,120 Speaker 1: against one another. And what we learned last year in 55 00:03:22,200 --> 00:03:26,720 Speaker 1: Virginia is that it's these most important kitchen table concerns 56 00:03:27,160 --> 00:03:29,840 Speaker 1: that when we bring when we bring common sense solutions 57 00:03:29,880 --> 00:03:31,920 Speaker 1: to them, we can bring people together. And when I 58 00:03:31,960 --> 00:03:35,840 Speaker 1: won last year, it wasn't Republicans against Democrats. We we 59 00:03:35,920 --> 00:03:38,360 Speaker 1: won the independent vote. We had lots of Democrats come 60 00:03:38,400 --> 00:03:40,360 Speaker 1: with us, and at the end of the day, this 61 00:03:40,480 --> 00:03:43,680 Speaker 1: is a time when we've got real issues. Runaway inflation. 62 00:03:43,920 --> 00:03:46,280 Speaker 1: I mean, let's be serious, We've got we've we've got 63 00:03:46,320 --> 00:03:49,040 Speaker 1: real challenges and inflation. We've got the Fed having to 64 00:03:49,120 --> 00:03:52,920 Speaker 1: move aggressively in order to slow things down, and Jpal 65 00:03:53,040 --> 00:03:56,040 Speaker 1: came out and said it's gonna hurt. And and yet 66 00:03:56,120 --> 00:03:58,520 Speaker 1: we've got our president trying to divide the nation. And 67 00:03:58,560 --> 00:04:00,680 Speaker 1: I just think it's time to put all that down 68 00:04:01,000 --> 00:04:04,160 Speaker 1: and to focus on these most important kitchen table concerns 69 00:04:04,160 --> 00:04:07,160 Speaker 1: that Americans and I know Virginians have, and we can 70 00:04:07,200 --> 00:04:09,800 Speaker 1: address them with common sense solutions like we're doing in 71 00:04:09,880 --> 00:04:13,200 Speaker 1: Virginia right now, getting taxes down, funding law enforcement, and 72 00:04:13,280 --> 00:04:16,400 Speaker 1: focusing on education. So you reject the president's message, but 73 00:04:16,440 --> 00:04:18,360 Speaker 1: that was a stark warning from the President of the 74 00:04:18,440 --> 00:04:21,360 Speaker 1: United States. Governor, do you believe there are anti democratic 75 00:04:21,400 --> 00:04:25,200 Speaker 1: forces in the Republican Party. I believe that we have 76 00:04:25,360 --> 00:04:30,400 Speaker 1: people who are searching for leadership, and leadership comes and 77 00:04:30,480 --> 00:04:32,520 Speaker 1: it comes at a time when we need to be 78 00:04:32,680 --> 00:04:37,000 Speaker 1: focused on these most important issues, not calling each other 79 00:04:37,160 --> 00:04:40,440 Speaker 1: names and trying to divide the country. I mean when 80 00:04:40,440 --> 00:04:42,280 Speaker 1: we look at when we look at what's happened over 81 00:04:42,320 --> 00:04:44,400 Speaker 1: the course of the last couple of years, we've seen 82 00:04:44,400 --> 00:04:47,040 Speaker 1: our economy fall from having been a good one to 83 00:04:47,160 --> 00:04:51,120 Speaker 1: a real challenged one. Inflation running away, crime really challenged. 84 00:04:51,120 --> 00:04:53,960 Speaker 1: We've got a crisis at the border. We watched America 85 00:04:54,120 --> 00:04:58,000 Speaker 1: actually really fall from the national from the international scene 86 00:04:58,000 --> 00:05:01,640 Speaker 1: in leadership, and I think America kins broadly recognized this. 87 00:05:01,760 --> 00:05:04,680 Speaker 1: We can see it in the president's job approval ratings. Uh, 88 00:05:04,800 --> 00:05:08,039 Speaker 1: he's got just terrible job approval ratings. And at a 89 00:05:08,120 --> 00:05:10,680 Speaker 1: time when we're heading into the mid terms, what do 90 00:05:10,720 --> 00:05:13,440 Speaker 1: you do You change that, You change the narrative. Well, 91 00:05:13,640 --> 00:05:16,000 Speaker 1: let's go back and talk about the economy. Let's go 92 00:05:16,040 --> 00:05:19,040 Speaker 1: back and talk about schools, let's talk about crime, let's 93 00:05:19,040 --> 00:05:21,559 Speaker 1: talk about the border, and let's come up with real 94 00:05:21,640 --> 00:05:24,360 Speaker 1: solutions to these most important issues. Let's not call each 95 00:05:24,360 --> 00:05:28,000 Speaker 1: other names. A new pull from Quinnipiac University Governor shows 96 00:05:28,040 --> 00:05:31,200 Speaker 1: seventy percent of Americans it was sixty to be exact, 97 00:05:31,480 --> 00:05:34,200 Speaker 1: I think democracy is in danger of collapse. When you 98 00:05:34,240 --> 00:05:36,880 Speaker 1: see a number that big, do you worry that our 99 00:05:36,920 --> 00:05:40,880 Speaker 1: institutions are under attack? Well, I just feel like that 100 00:05:40,880 --> 00:05:44,839 Speaker 1: that entire poll question is is an odd one. I mean, 101 00:05:45,200 --> 00:05:50,240 Speaker 1: America's democracy is not gonna collapse. We are we have 102 00:05:50,279 --> 00:05:53,800 Speaker 1: seen tough times historically where we've worked through it. This 103 00:05:53,880 --> 00:05:58,200 Speaker 1: is the most amazing form of government ever envisioned. America 104 00:05:58,400 --> 00:06:01,240 Speaker 1: is the best country in the world, and we're gonna 105 00:06:01,279 --> 00:06:03,640 Speaker 1: work our through our way through this. But what it 106 00:06:03,720 --> 00:06:08,840 Speaker 1: requires is leaders to focus on solutions to those most 107 00:06:08,839 --> 00:06:13,400 Speaker 1: important challenges for Virginians and for Americans again, not calling 108 00:06:13,440 --> 00:06:16,640 Speaker 1: each other names, not trying to divide us further, but 109 00:06:16,800 --> 00:06:19,760 Speaker 1: providing a place like we did in Virginia last year, 110 00:06:19,800 --> 00:06:22,120 Speaker 1: for people to come together. And you know what we've 111 00:06:22,160 --> 00:06:24,680 Speaker 1: done is we've delivered on what we promised and people 112 00:06:24,760 --> 00:06:27,600 Speaker 1: are happy and and I think that's what America needs 113 00:06:27,680 --> 00:06:30,600 Speaker 1: right now, is is a leader. And our president should 114 00:06:30,600 --> 00:06:33,680 Speaker 1: step up and put the rhetoric down and focused on 115 00:06:34,000 --> 00:06:37,400 Speaker 1: solutions to these to these kitchen table concerns. Well. Speaking 116 00:06:37,400 --> 00:06:40,080 Speaker 1: of calling names, Kevin McCarthy, the minority leader in the House, 117 00:06:40,560 --> 00:06:44,680 Speaker 1: says that President Biden should apologize to Republicans for referring 118 00:06:44,720 --> 00:06:48,080 Speaker 1: to mega Republicans as semi fascist. Do you believe the 119 00:06:48,080 --> 00:06:51,640 Speaker 1: President os Americans and apology. I do. I do I 120 00:06:51,640 --> 00:06:54,760 Speaker 1: I again. I just think the day of name calling 121 00:06:55,360 --> 00:06:58,560 Speaker 1: should be pressed down at a time when we're searching 122 00:06:58,640 --> 00:07:03,040 Speaker 1: for leadership and America needs needs to lead again, needs 123 00:07:03,080 --> 00:07:04,919 Speaker 1: to lead again. And this is a chance on on 124 00:07:04,960 --> 00:07:09,640 Speaker 1: the international stage and at home for us to recognize 125 00:07:09,720 --> 00:07:12,960 Speaker 1: that leadership is not a moment to divide, It's a 126 00:07:13,000 --> 00:07:16,119 Speaker 1: time to bring together. Governor, youcan It was widely noted 127 00:07:16,160 --> 00:07:19,680 Speaker 1: that Donald Trump supported your candidacy, which was amazingly less 128 00:07:19,680 --> 00:07:22,080 Speaker 1: than a year ago at this point, but you never 129 00:07:22,120 --> 00:07:25,000 Speaker 1: appeared on stage with him. Did you create the recipe 130 00:07:25,080 --> 00:07:28,880 Speaker 1: for Republicans to win in twenty two and twenty four. Well, 131 00:07:28,920 --> 00:07:34,240 Speaker 1: our campaign was focused on Virginia, and we campaigned as Virginians. 132 00:07:34,240 --> 00:07:38,280 Speaker 1: I'm homegrown. I cared deeply about the Commonwealth of Virginia 133 00:07:38,360 --> 00:07:41,760 Speaker 1: and the issues that we ran on on on crime, 134 00:07:41,840 --> 00:07:44,520 Speaker 1: on education, on cost of living, on a government that 135 00:07:44,560 --> 00:07:48,360 Speaker 1: needs to work for us, on protecting our constitutional rights. 136 00:07:48,440 --> 00:07:52,040 Speaker 1: These are issues that Virginians embraced, and I wanted to 137 00:07:52,080 --> 00:07:54,400 Speaker 1: make sure that they knew that they had someone running 138 00:07:54,400 --> 00:07:58,040 Speaker 1: for governor and then serving them as governor focused on them. 139 00:07:58,080 --> 00:08:01,520 Speaker 1: I do believe that that the candidates across the nation 140 00:08:01,560 --> 00:08:06,040 Speaker 1: Republican governors running need to focus on these issues because 141 00:08:06,360 --> 00:08:09,400 Speaker 1: these are the issues that voters are most concerned about. 142 00:08:09,720 --> 00:08:12,760 Speaker 1: And that's why I'm excited to have some time, not 143 00:08:12,840 --> 00:08:15,800 Speaker 1: a lot, because I'm very busy here to support some 144 00:08:15,880 --> 00:08:19,320 Speaker 1: candidates around the country who I think are in circumstances 145 00:08:19,440 --> 00:08:22,320 Speaker 1: much like I was in Virginia last year, where there's 146 00:08:22,360 --> 00:08:25,560 Speaker 1: republic there's Republican candidates who can take over a state 147 00:08:25,600 --> 00:08:27,840 Speaker 1: that's been run by Democrats and the states have not 148 00:08:27,960 --> 00:08:31,640 Speaker 1: been performing well, just like Virginia was not performing well, 149 00:08:31,840 --> 00:08:33,719 Speaker 1: and they can turn it around. And so I think 150 00:08:33,720 --> 00:08:36,440 Speaker 1: it's a chance for Republican governors to do what Republican 151 00:08:36,440 --> 00:08:39,120 Speaker 1: governors have been doing, which is leading. Well, let's talk 152 00:08:39,160 --> 00:08:41,839 Speaker 1: about the economy for a moment, Governor. We got the 153 00:08:41,920 --> 00:08:44,960 Speaker 1: jobs report better than expected. The unemployment rate in Virginia 154 00:08:45,080 --> 00:08:48,000 Speaker 1: is even lower than the national average at two point 155 00:08:48,120 --> 00:08:51,719 Speaker 1: seven percent. Do you believe it's possible to lower inflation 156 00:08:51,880 --> 00:08:54,920 Speaker 1: without damaging the job market we have right now? I 157 00:08:54,960 --> 00:08:57,560 Speaker 1: think this is a real challenge and it's one that 158 00:08:57,640 --> 00:09:01,400 Speaker 1: we are focused on in Virginia every single day. And 159 00:09:01,440 --> 00:09:04,280 Speaker 1: the key to this is getting people back into the 160 00:09:04,400 --> 00:09:08,080 Speaker 1: job market. You know, Virginia had labor had labor participation 161 00:09:08,240 --> 00:09:11,719 Speaker 1: of about sixty seven percent prior to the pandemic, and 162 00:09:11,960 --> 00:09:14,600 Speaker 1: we were ranked forty seven in the nation and job 163 00:09:14,640 --> 00:09:18,160 Speaker 1: recovery coming out of the pandemic, and so we've been 164 00:09:18,280 --> 00:09:22,120 Speaker 1: very focused on getting people back into the job market UM. 165 00:09:22,160 --> 00:09:25,439 Speaker 1: And since January, we've seen a hundred thousand more jobs 166 00:09:25,480 --> 00:09:28,880 Speaker 1: taken by Virginians and that's the fastest growth Virginia seen 167 00:09:29,320 --> 00:09:31,400 Speaker 1: h in memory. And in fact, we're now ranked in 168 00:09:31,440 --> 00:09:34,640 Speaker 1: the top fifteen in job recovery UM. But at the 169 00:09:34,720 --> 00:09:36,800 Speaker 1: end of the day, the key here is the strength 170 00:09:36,840 --> 00:09:40,240 Speaker 1: of that labor market. And I do have concerns that 171 00:09:40,240 --> 00:09:43,240 Speaker 1: that as the Federal Reserve takes its actions and real 172 00:09:43,400 --> 00:09:48,679 Speaker 1: concerns about economic growth uh manifest themselves into boardrooms and oh, 173 00:09:48,679 --> 00:09:51,280 Speaker 1: by the way, into families, that we're gonna see this 174 00:09:51,400 --> 00:09:54,679 Speaker 1: labor participation number stall and employment stall. That's why we're 175 00:09:54,679 --> 00:09:58,000 Speaker 1: working so hard in Virginia in order to bring regulations down, 176 00:09:58,160 --> 00:10:02,000 Speaker 1: invite new businesses in and joe grow the job market. 177 00:10:02,040 --> 00:10:05,160 Speaker 1: And when companies like Boeing and ray Theon come to 178 00:10:05,240 --> 00:10:08,040 Speaker 1: Virginia and Lego comes to Virginia and drone up who's 179 00:10:08,080 --> 00:10:11,959 Speaker 1: here and Hilton's who's here grow. It's great for Virginians, 180 00:10:11,960 --> 00:10:14,720 Speaker 1: but we're continuing to work to keep confidence high that 181 00:10:14,800 --> 00:10:17,600 Speaker 1: we can meet we we can navigate through the headwinds 182 00:10:18,040 --> 00:10:20,880 Speaker 1: that I think the national economic picture, which has been 183 00:10:20,880 --> 00:10:24,440 Speaker 1: caused by bad policies has created. Well, you've obviously got 184 00:10:24,480 --> 00:10:26,080 Speaker 1: a good story to tell in Virginia, but you come 185 00:10:26,120 --> 00:10:29,160 Speaker 1: from the business world, governor famously at Carlisle, and I 186 00:10:29,200 --> 00:10:32,000 Speaker 1: wonder with your background, are you more worried about inflation 187 00:10:32,080 --> 00:10:35,480 Speaker 1: today or a FED induced recession? Well, they go hand 188 00:10:35,480 --> 00:10:39,880 Speaker 1: in hand. And it is the inflation that was caused 189 00:10:39,960 --> 00:10:43,920 Speaker 1: by unbridled spending at the federal government, um that is 190 00:10:44,000 --> 00:10:47,600 Speaker 1: forcing the FED to take these actions. And and as 191 00:10:47,600 --> 00:10:50,160 Speaker 1: a result, they go hand in hand. And if we, 192 00:10:50,200 --> 00:10:52,400 Speaker 1: of course didn't have inflation, we wouldn't have the FED 193 00:10:52,480 --> 00:10:54,440 Speaker 1: doing what they're doing. So it sounds like you're more 194 00:10:54,520 --> 00:10:57,200 Speaker 1: concerned about a recession at this stage. Oh I am, 195 00:10:57,280 --> 00:11:00,800 Speaker 1: I'm I. I am concerned about economic slowdown. Uh. And 196 00:11:00,840 --> 00:11:05,040 Speaker 1: the anecdote to that is jobs and labor participation. And 197 00:11:05,200 --> 00:11:08,080 Speaker 1: in order to have jobs and labor participation, we've got 198 00:11:08,080 --> 00:11:11,120 Speaker 1: to keep confidence high in the business community. And we 199 00:11:11,240 --> 00:11:14,839 Speaker 1: know that and so I've been encouraged by the confidence 200 00:11:14,840 --> 00:11:18,520 Speaker 1: that Virginia businesses have been showing and expanding and adding 201 00:11:18,559 --> 00:11:21,559 Speaker 1: to their labor force. And I think that's the partnership 202 00:11:21,679 --> 00:11:25,160 Speaker 1: that we've created in Virginia. Governor Glen Youngcan Republican from 203 00:11:25,160 --> 00:11:28,760 Speaker 1: the Commonwealth, just across the Potomac here from the nation's capital, 204 00:11:28,800 --> 00:11:31,640 Speaker 1: I'm Joe Matthew and Washington, and we're gonna have a 205 00:11:31,640 --> 00:11:34,320 Speaker 1: lot more on the job's reports, specifically a little bit 206 00:11:34,400 --> 00:11:36,680 Speaker 1: later on this hour through the eyes of the White 207 00:11:36,679 --> 00:11:39,760 Speaker 1: House as we discussed the numbers and the trends with 208 00:11:39,960 --> 00:11:44,000 Speaker 1: Jared Bernstein of the White House Council of Economic Advisors. 209 00:11:44,000 --> 00:11:45,880 Speaker 1: But we're gonna get back to the speech last night 210 00:11:45,960 --> 00:11:48,839 Speaker 1: and where we started. What we also heard from glennyncan 211 00:11:48,960 --> 00:11:51,520 Speaker 1: his take on this as we play it against the panel. 212 00:11:51,559 --> 00:11:55,280 Speaker 1: Bloomberg Politics contributor Jeanie Chanzano is up next along with 213 00:11:55,320 --> 00:11:58,480 Speaker 1: Boyd Mathison, former chief of staff of Senator Mike Lee. 214 00:11:58,520 --> 00:12:00,920 Speaker 1: Will get the view from both sides on the fastest 215 00:12:00,920 --> 00:12:10,720 Speaker 1: hour in politics. This is Bloomberg. This is Bloomberg sound 216 00:12:10,800 --> 00:12:15,839 Speaker 1: on on Bloomberg Radio. It did feel like a campaign 217 00:12:15,960 --> 00:12:19,120 Speaker 1: style event last night, right with all of the trappings, 218 00:12:19,200 --> 00:12:23,320 Speaker 1: the the optics that clearly were well thought out, and 219 00:12:23,400 --> 00:12:28,160 Speaker 1: the prime time nature of the address. President Biden sticking 220 00:12:28,280 --> 00:12:30,680 Speaker 1: largely to scripts, although he did have a couple of 221 00:12:30,720 --> 00:12:35,280 Speaker 1: moments where he stepped off the the teleprompter as people 222 00:12:35,360 --> 00:12:39,080 Speaker 1: were shouting from across the street. A couple of reactions there, 223 00:12:39,080 --> 00:12:41,360 Speaker 1: as you saw, and what was roughly half an hour 224 00:12:41,480 --> 00:12:43,800 Speaker 1: was about twenty five minute long speech just about as 225 00:12:43,800 --> 00:12:47,280 Speaker 1: predicted it. Lets you know, he did stand or stick 226 00:12:47,360 --> 00:12:50,880 Speaker 1: to the script. So the big knock today was you 227 00:12:50,920 --> 00:12:53,520 Speaker 1: know that this was a political attack. Republicans say, you 228 00:12:53,600 --> 00:12:56,280 Speaker 1: just heard Glenn Youngan, you know, the fiery rhetoric, the 229 00:12:56,400 --> 00:12:59,800 Speaker 1: destructive rhetoric, and so forth. The reaction to that from 230 00:12:59,800 --> 00:13:02,840 Speaker 1: the White House Karine John Pierre, the White House Press Secretary, 231 00:13:03,000 --> 00:13:07,200 Speaker 1: standing up for democracy is not political. Denouncing political violence 232 00:13:07,440 --> 00:13:12,559 Speaker 1: is not political. Defending right uh and freedom is not political, 233 00:13:14,040 --> 00:13:16,400 Speaker 1: and so on and so forth. As we assemble the panel, 234 00:13:16,480 --> 00:13:18,880 Speaker 1: she had a longer answer than that. Actually. Bloomberg Politics 235 00:13:18,920 --> 00:13:21,839 Speaker 1: contributor Jennie Schanzano is here along with Boyd Mathis and 236 00:13:21,920 --> 00:13:24,720 Speaker 1: former chief of staff of Senator Mike Lee. Republican analyst 237 00:13:25,559 --> 00:13:28,320 Speaker 1: the panel, Jennie We talked a lot about this speech 238 00:13:28,400 --> 00:13:31,800 Speaker 1: going into it. Were you surprised by the reaction today? 239 00:13:32,080 --> 00:13:34,960 Speaker 1: You know, I was not surprised by the reaction. I 240 00:13:35,000 --> 00:13:38,360 Speaker 1: do think the criticism about the political nature of the speech, 241 00:13:38,400 --> 00:13:40,840 Speaker 1: or we should say the campaign nature, because everything a 242 00:13:40,920 --> 00:13:43,600 Speaker 1: president does is going to be political. I think that 243 00:13:43,760 --> 00:13:46,240 Speaker 1: is very real. When you're looking at two marines behind 244 00:13:46,280 --> 00:13:48,760 Speaker 1: the president, that is fairer criticism. And I think the 245 00:13:48,760 --> 00:13:51,360 Speaker 1: White House is trying to push back on that, but 246 00:13:51,400 --> 00:13:53,520 Speaker 1: they're going to be hit on that. But I also 247 00:13:53,600 --> 00:13:57,160 Speaker 1: think from a political perspective, Joe Biden, who can no 248 00:13:57,240 --> 00:13:59,600 Speaker 1: longer be referred to as sleepy Joe, I guess, because 249 00:13:59,600 --> 00:14:02,319 Speaker 1: he's any thing but sleepy on this issue. He is 250 00:14:02,400 --> 00:14:05,720 Speaker 1: wide awake. Um. You know, he was doing exactly what 251 00:14:06,000 --> 00:14:10,920 Speaker 1: Democrats wanted to do. He is taking to trolling Donald Trump, 252 00:14:10,960 --> 00:14:14,000 Speaker 1: and it worked because Donald Trump is coming out. He's 253 00:14:14,000 --> 00:14:16,800 Speaker 1: going to be in Pennsylvania tomorrow, and the more Trump 254 00:14:16,920 --> 00:14:19,760 Speaker 1: is out, the better for Democrats. And that really is 255 00:14:19,800 --> 00:14:23,000 Speaker 1: the political strategy here. I think Biden is right on 256 00:14:23,040 --> 00:14:26,400 Speaker 1: the substance about violence. I think there's a hypocrisy there 257 00:14:26,400 --> 00:14:29,120 Speaker 1: as well. But I do think politically he did what 258 00:14:29,200 --> 00:14:32,040 Speaker 1: he needed to do last night, and he is open 259 00:14:32,080 --> 00:14:34,480 Speaker 1: to the criticism because the more Trump is in the 260 00:14:34,480 --> 00:14:37,680 Speaker 1: news and people like McCarthy defending him, the better off 261 00:14:37,720 --> 00:14:40,640 Speaker 1: for Democrats. And Democrats know that well, Jennie. You know, 262 00:14:40,680 --> 00:14:43,640 Speaker 1: the criticism in advance from Democrats was that, hey, he's 263 00:14:43,680 --> 00:14:46,480 Speaker 1: not out there talking about his legislative accomplishments. Here he 264 00:14:46,520 --> 00:14:49,160 Speaker 1: goes on the soul of the nation and calling out MAGA. 265 00:14:49,240 --> 00:14:53,520 Speaker 1: But he did actually, uh, the speech lent itself quite 266 00:14:53,520 --> 00:14:56,160 Speaker 1: a bit to the accomplishments that have been had. He 267 00:14:56,240 --> 00:14:59,000 Speaker 1: kind of creatively walked through them, whether it was the 268 00:14:59,000 --> 00:15:01,600 Speaker 1: burn pits, legisla lation, inflation. I mean, he had it 269 00:15:01,640 --> 00:15:04,120 Speaker 1: all in there at one point or another, the Chips Act, 270 00:15:04,160 --> 00:15:09,560 Speaker 1: talking about competition and uh as as the Democratic strategists 271 00:15:10,200 --> 00:15:12,320 Speaker 1: with us today. Do you see that as a win 272 00:15:12,680 --> 00:15:15,520 Speaker 1: or was that part not heard? You know, I'm not 273 00:15:15,600 --> 00:15:17,840 Speaker 1: sure that part was heard. You're right, was almost like, 274 00:15:18,000 --> 00:15:20,480 Speaker 1: you know, two to three speeches in one and one. 275 00:15:20,560 --> 00:15:23,520 Speaker 1: Part of it was him celebrating his accomplishments, and right 276 00:15:23,600 --> 00:15:27,080 Speaker 1: he should. But of course, in this media environment, what 277 00:15:27,240 --> 00:15:30,880 Speaker 1: got the attention was the attacks, if you will, on 278 00:15:31,040 --> 00:15:34,520 Speaker 1: MAGA Republicans, and that's not a big surprise. So I 279 00:15:34,560 --> 00:15:36,840 Speaker 1: think he put that in there. He tried to talk 280 00:15:36,880 --> 00:15:39,760 Speaker 1: about his accomplishments. It's not going to get this kind 281 00:15:39,800 --> 00:15:42,680 Speaker 1: of attention that it really deserves. But the point of 282 00:15:42,680 --> 00:15:45,120 Speaker 1: the speech was not that. The point of the speech 283 00:15:45,200 --> 00:15:47,680 Speaker 1: was to say, this election coming up in ten weeks 284 00:15:47,760 --> 00:15:51,280 Speaker 1: is a choice between normalcy and extremism. If you vote 285 00:15:51,280 --> 00:15:54,440 Speaker 1: for Republicans who want to look back at you're voting 286 00:15:54,480 --> 00:15:57,520 Speaker 1: for Trump, You're voting for extremism. And so he is 287 00:15:57,520 --> 00:16:00,840 Speaker 1: issuing a warning shot across the bout. What I wish 288 00:16:00,880 --> 00:16:03,880 Speaker 1: he had also did was called out Democrats who were 289 00:16:03,880 --> 00:16:07,280 Speaker 1: supporting those very same MAGA candidates, because that's where the 290 00:16:07,360 --> 00:16:10,840 Speaker 1: hypocrisy comes in. Boyd Matheson, the President tried to draw 291 00:16:10,880 --> 00:16:14,840 Speaker 1: the line between maga Republicans and so called mainstream Republicans. 292 00:16:15,280 --> 00:16:17,600 Speaker 1: It's getting difficult with the labels around here. Do you 293 00:16:17,800 --> 00:16:20,640 Speaker 1: tell a difference? Do you draw that line yourself for 294 00:16:20,720 --> 00:16:24,120 Speaker 1: your own party? Yeah? I think the biggest challenge for 295 00:16:24,160 --> 00:16:26,560 Speaker 1: the President was he was he was kind of blocking everybody. 296 00:16:26,640 --> 00:16:30,000 Speaker 1: He would saying he was about uniting everyone under red, white, 297 00:16:30,040 --> 00:16:32,960 Speaker 1: and blue, and yet he gets continued to break it 298 00:16:33,000 --> 00:16:35,960 Speaker 1: down of well you're a maga. You're an extreme maga. 299 00:16:36,040 --> 00:16:38,680 Speaker 1: You're a regular republic You're an okay Republican, not a 300 00:16:38,840 --> 00:16:41,520 Speaker 1: horrible Republican. You're one of the eighty million people who 301 00:16:41,600 --> 00:16:43,560 Speaker 1: voted for me. You're on the good side. And so 302 00:16:43,600 --> 00:16:45,440 Speaker 1: there was a lot of division within that that I 303 00:16:45,720 --> 00:16:48,720 Speaker 1: just don't think played well. And I think the Genie's point, 304 00:16:48,720 --> 00:16:51,320 Speaker 1: I think the misses for the president, and he had 305 00:16:51,320 --> 00:16:53,520 Speaker 1: some lines in there that were very good. I loved 306 00:16:53,520 --> 00:16:56,480 Speaker 1: his line about I ran for president on this battle 307 00:16:56,560 --> 00:16:58,200 Speaker 1: for the soul of the nation, although I don't think 308 00:16:58,240 --> 00:17:00,920 Speaker 1: the soul of the nations dependent on who wins elections 309 00:17:01,000 --> 00:17:04,479 Speaker 1: or who's in Congress or the Oval office. But the speech, 310 00:17:04,520 --> 00:17:08,120 Speaker 1: he really went down this path. M Hey, we are 311 00:17:08,160 --> 00:17:10,199 Speaker 1: going to divide all of this up. And to me, 312 00:17:10,320 --> 00:17:13,119 Speaker 1: the sad part was this was a an address to 313 00:17:13,200 --> 00:17:15,840 Speaker 1: the nation, and to me, that's a different thing. That's 314 00:17:15,840 --> 00:17:17,600 Speaker 1: the sacred thing. I haven't missed an address to the 315 00:17:17,720 --> 00:17:20,280 Speaker 1: nation from any president of either party in the last 316 00:17:20,320 --> 00:17:24,880 Speaker 1: forty years, because they matter. This was taxpayer funded addressed 317 00:17:24,880 --> 00:17:27,439 Speaker 1: to the nation, and it was a campaign event, as 318 00:17:27,520 --> 00:17:30,399 Speaker 1: Genie pointed out, And I think that's the fact that 319 00:17:30,440 --> 00:17:34,320 Speaker 1: the main networks read the speech and said we won't 320 00:17:34,440 --> 00:17:39,280 Speaker 1: cover it. Uh. Said a real message there as well. Uh. 321 00:17:39,280 --> 00:17:41,119 Speaker 1: And what do you make of that, Genie? That's actually 322 00:17:41,320 --> 00:17:43,959 Speaker 1: it's a great point, Boyd, that the three letter networks 323 00:17:44,000 --> 00:17:45,800 Speaker 1: didn't carry it last night. At one point they were 324 00:17:45,840 --> 00:17:50,800 Speaker 1: expected to. Is that a meaningful rejection for this White House? 325 00:17:51,280 --> 00:17:53,159 Speaker 1: You know? I think it is. And I happened to 326 00:17:53,240 --> 00:17:55,720 Speaker 1: agree with Boyd on that, And what I think was 327 00:17:55,800 --> 00:17:59,320 Speaker 1: the miss is, yes, there is no place in American 328 00:17:59,400 --> 00:18:02,240 Speaker 1: politics or government or any government for violence. And that 329 00:18:02,400 --> 00:18:04,720 Speaker 1: is an important It's a fair point. That's why Joe 330 00:18:04,760 --> 00:18:07,760 Speaker 1: Biden said he ran for office. But the fact is 331 00:18:07,800 --> 00:18:10,639 Speaker 1: you've got to call it out on both sides. And 332 00:18:10,680 --> 00:18:13,400 Speaker 1: I think the miss here is to be seen as 333 00:18:13,400 --> 00:18:16,439 Speaker 1: a leader, it requires criticizing your own as much as 334 00:18:16,480 --> 00:18:18,840 Speaker 1: the other side. Otherwise it's a political speech made in 335 00:18:18,840 --> 00:18:21,720 Speaker 1: a political environment. And you know, another criticism is it 336 00:18:21,800 --> 00:18:24,880 Speaker 1: came in the context of no events, So what had 337 00:18:24,920 --> 00:18:28,320 Speaker 1: precipitated this speech is unclear, and that makes it seem 338 00:18:28,400 --> 00:18:31,960 Speaker 1: very political. Ten weeks before the election, Boyd Mathis and 339 00:18:32,040 --> 00:18:35,520 Speaker 1: Jennie Chanzano our panel for This Friday on the Fastest 340 00:18:35,520 --> 00:18:38,639 Speaker 1: Hour in Politics, It's going by too fast. We'll bring 341 00:18:38,760 --> 00:18:41,720 Speaker 1: him back after we check in with the White House 342 00:18:41,720 --> 00:18:45,200 Speaker 1: on the job's report next. With the Job's report in mind, 343 00:18:45,240 --> 00:18:48,040 Speaker 1: that was the big driver for news today. Now that 344 00:18:48,080 --> 00:18:51,640 Speaker 1: we have moved beyond the speech thousand, that's more than 345 00:18:51,840 --> 00:18:54,479 Speaker 1: we expected. Right And of course, as I mentioned, and 346 00:18:54,480 --> 00:18:57,680 Speaker 1: you've been hearing from Charlie throughout the day, Charlie Pellette, 347 00:18:57,720 --> 00:19:00,440 Speaker 1: that is that under the hood, things look pretty good 348 00:19:00,600 --> 00:19:03,680 Speaker 1: with regard to labor force participation. Especially Marty Walsh, the 349 00:19:03,760 --> 00:19:08,040 Speaker 1: Labor Secretary, was very pleased about that this morning. And 350 00:19:08,119 --> 00:19:11,840 Speaker 1: yet the markets finished lower, but somehow got a jobs 351 00:19:11,840 --> 00:19:13,960 Speaker 1: report that you know, made both the Fed and the 352 00:19:13,960 --> 00:19:17,359 Speaker 1: White House happy. And I talked about it earlier with 353 00:19:17,560 --> 00:19:20,760 Speaker 1: Jared Bernstein of the Council of Economic Advisors at the 354 00:19:20,760 --> 00:19:23,320 Speaker 1: White House. He joined us from the White House where 355 00:19:23,320 --> 00:19:27,240 Speaker 1: he has the ear of the President on economic policy, 356 00:19:27,240 --> 00:19:30,480 Speaker 1: and every data point like this, particularly the monthly jobs report, 357 00:19:30,760 --> 00:19:34,600 Speaker 1: goes a long way to informing their advice. Jared Bernstein 358 00:19:35,080 --> 00:19:39,960 Speaker 1: joins us with his first blush reaction. It's a very 359 00:19:40,000 --> 00:19:42,840 Speaker 1: good news report, no question. You don't have to even 360 00:19:42,840 --> 00:19:46,680 Speaker 1: go too far under the hood to figure that out. Now, Look, 361 00:19:46,720 --> 00:19:49,679 Speaker 1: it's one month. We never made two big, big a 362 00:19:49,720 --> 00:19:51,520 Speaker 1: deal out of a one month report. We like to 363 00:19:51,520 --> 00:19:54,600 Speaker 1: look at the trend. But when we talked, I remember 364 00:19:54,640 --> 00:19:56,840 Speaker 1: saying to you, one of the things I look at 365 00:19:56,920 --> 00:20:00,960 Speaker 1: first is labor force participation. It's just so important. Now 366 00:20:01,000 --> 00:20:04,080 Speaker 1: we know employers have talked about needing more workers to 367 00:20:04,119 --> 00:20:07,119 Speaker 1: come in to meet some of those eleven million open 368 00:20:07,240 --> 00:20:10,359 Speaker 1: vacancies right now. Of course the Suttle Reserve likes to 369 00:20:10,400 --> 00:20:14,520 Speaker 1: see that as well. It's potentially disinflationary. So that increase 370 00:20:14,640 --> 00:20:18,840 Speaker 1: that pop of of thirty basis points on the LFPR 371 00:20:19,440 --> 00:20:22,679 Speaker 1: very welcome. UH is stronger for prime age workers, by 372 00:20:22,680 --> 00:20:25,159 Speaker 1: the way, which is also a good educator with regard 373 00:20:25,160 --> 00:20:29,199 Speaker 1: to labor participation. Here there are famously two openings for 374 00:20:29,240 --> 00:20:31,680 Speaker 1: every person looking for a job in this country. We've 375 00:20:31,680 --> 00:20:35,679 Speaker 1: been waiting for a more pronounced return to work since COVID. 376 00:20:36,040 --> 00:20:38,119 Speaker 1: So what is it? Is it kids going back to school? 377 00:20:38,200 --> 00:20:40,880 Speaker 1: Is it inflation that's causing more people to seek a paycheck? 378 00:20:40,960 --> 00:20:43,679 Speaker 1: What's your take? Yeah, great question. So we we we 379 00:20:43,760 --> 00:20:47,600 Speaker 1: know that the pop that we got on labor force 380 00:20:47,640 --> 00:20:51,440 Speaker 1: participation is a little stronger for women, particularly primate women 381 00:20:51,440 --> 00:20:55,560 Speaker 1: in their working years, and UH one, one perfectly legitimate 382 00:20:55,640 --> 00:20:59,719 Speaker 1: hypothesis is that that does have to do with school reopening. Uh. 383 00:21:00,119 --> 00:21:02,960 Speaker 1: One of the long term agendas of the of the 384 00:21:02,960 --> 00:21:06,879 Speaker 1: Biden administration is to finally stand up a more affordable 385 00:21:06,920 --> 00:21:10,600 Speaker 1: and accessible care sector for childcare and eldercare. And you 386 00:21:10,640 --> 00:21:13,280 Speaker 1: maybe get an inkling as to how important that is. 387 00:21:13,640 --> 00:21:15,639 Speaker 1: But one thing I noted when I again when I 388 00:21:15,640 --> 00:21:17,879 Speaker 1: got into the data and looked at the flows data, 389 00:21:17,920 --> 00:21:22,280 Speaker 1: meaning how how labor market participants are flowing between different 390 00:21:22,320 --> 00:21:25,159 Speaker 1: states in the job market. Over half a million people 391 00:21:25,280 --> 00:21:28,560 Speaker 1: in August moved from out of the labor market too 392 00:21:28,720 --> 00:21:31,399 Speaker 1: into the labor market, which is exactly the flow we 393 00:21:31,480 --> 00:21:34,159 Speaker 1: need again one month. I don't want to over emphasize it, 394 00:21:34,359 --> 00:21:36,320 Speaker 1: but that's what we need to see more of. This 395 00:21:36,359 --> 00:21:40,280 Speaker 1: is a delicate balance we're talking about right now. Jared Bernstein, 396 00:21:40,320 --> 00:21:42,320 Speaker 1: how can you keep this momentum when the Fed is 397 00:21:42,400 --> 00:21:44,560 Speaker 1: hiking interest rates? And I'm not asking you to comment 398 00:21:44,600 --> 00:21:47,760 Speaker 1: on Fed policy, but we heard j Powell Warren that 399 00:21:47,880 --> 00:21:50,040 Speaker 1: that that we need softness in the labor market to 400 00:21:50,119 --> 00:21:52,679 Speaker 1: beat inflation. Is that the choice we're facing. Well, I 401 00:21:52,720 --> 00:21:55,119 Speaker 1: think what you're really referring to here is the soft 402 00:21:55,240 --> 00:21:58,840 Speaker 1: landing versus a hard landing, and obviously, uh, you know, 403 00:21:58,960 --> 00:22:02,000 Speaker 1: the FED is trying a track towards soft. I think 404 00:22:02,040 --> 00:22:04,520 Speaker 1: one of the things that is so important in this 405 00:22:04,640 --> 00:22:08,560 Speaker 1: regard is to see occur what the President actually talked 406 00:22:08,560 --> 00:22:10,880 Speaker 1: about a few months ago and up in the Wall 407 00:22:10,920 --> 00:22:14,439 Speaker 1: Street Journal. He said, we need to move from the 408 00:22:14,480 --> 00:22:18,359 Speaker 1: breakneck pace of growth that characterized one when shots and 409 00:22:18,440 --> 00:22:21,040 Speaker 1: arms and checks and pockets made such a difference to 410 00:22:21,119 --> 00:22:24,480 Speaker 1: standing up the uh, the strong labor market we're now enjoying. 411 00:22:25,080 --> 00:22:27,280 Speaker 1: We need that to slow to a more steady and 412 00:22:27,320 --> 00:22:30,040 Speaker 1: stable pace. If you kind of look at the flow chart, 413 00:22:30,040 --> 00:22:32,159 Speaker 1: and by the way, our friends that the folks I 414 00:22:32,200 --> 00:22:35,240 Speaker 1: know you talked to at Goldman Sachs often look at 415 00:22:35,240 --> 00:22:38,080 Speaker 1: this very flow start that kind of goes from slower 416 00:22:38,119 --> 00:22:41,280 Speaker 1: GDP growth that is moving from well above trend to 417 00:22:41,400 --> 00:22:44,240 Speaker 1: something closer to trend or a bit below trend, to 418 00:22:44,880 --> 00:22:48,159 Speaker 1: slower job growth, the slower wage growth, the slower price growth. 419 00:22:48,520 --> 00:22:51,159 Speaker 1: You know, that's kind of a flow chart that a 420 00:22:51,240 --> 00:22:54,240 Speaker 1: FED watcher might want to be paying attention to. One 421 00:22:54,240 --> 00:22:56,879 Speaker 1: of the things we see here in August is the 422 00:22:57,000 --> 00:22:59,280 Speaker 1: job market cooling in a way that we believe is 423 00:22:59,400 --> 00:23:02,560 Speaker 1: very consistent with the President's view of moving from break 424 00:23:02,640 --> 00:23:05,800 Speaker 1: neck pace to more steady, stable growth. I guess another 425 00:23:05,840 --> 00:23:08,520 Speaker 1: way of asking that would be, you know is this, 426 00:23:08,640 --> 00:23:11,120 Speaker 1: is this a value of good economic news now ahead 427 00:23:11,160 --> 00:23:12,680 Speaker 1: of what we know is going to be a tough winter, 428 00:23:12,800 --> 00:23:17,320 Speaker 1: energy costs rise that starts to push inflation back up again. Well, look, 429 00:23:17,359 --> 00:23:20,280 Speaker 1: I mean I was gonna say, my crystal ball is 430 00:23:20,720 --> 00:23:22,879 Speaker 1: just as cracked as anybody else's right now. So I 431 00:23:22,920 --> 00:23:25,840 Speaker 1: think looking at looking around corners is awfully hard. I 432 00:23:25,840 --> 00:23:28,679 Speaker 1: will say the following. We we have the client and 433 00:23:28,720 --> 00:23:31,680 Speaker 1: gas prices, and I think that that's a really important 434 00:23:31,680 --> 00:23:34,760 Speaker 1: backtrop to everything we've been talking about. We have pretty 435 00:23:34,800 --> 00:23:39,280 Speaker 1: strong consumer balance sheets. We've obviously got a an historically 436 00:23:39,720 --> 00:23:44,120 Speaker 1: stellar labor market. I think all of those create momentum. Now, look, 437 00:23:44,160 --> 00:23:48,119 Speaker 1: if there's some unforeseen circumstance that's going to jam the 438 00:23:48,160 --> 00:23:51,920 Speaker 1: price of oil, obviously that's uh, that's gonna be problematic. 439 00:23:52,000 --> 00:23:54,840 Speaker 1: But again, looking at the momentum, we have. Our job 440 00:23:54,840 --> 00:23:57,720 Speaker 1: as White House economist is keep our heads down steadies. 441 00:23:57,800 --> 00:24:00,480 Speaker 1: We go implement the policies at the Press that has 442 00:24:00,480 --> 00:24:03,720 Speaker 1: managed to legislate to help invest in this future economy, 443 00:24:03,720 --> 00:24:07,480 Speaker 1: and keep these trends going knowing this delicate balance exists 444 00:24:07,480 --> 00:24:10,600 Speaker 1: then and the challenges we could face next year. Does 445 00:24:10,640 --> 00:24:13,399 Speaker 1: that mean the White House and Congress hold off on 446 00:24:13,480 --> 00:24:18,720 Speaker 1: economic outlays following the student loan, the debt forgiveness plan, 447 00:24:19,200 --> 00:24:23,080 Speaker 1: and just let the Fed fix the inflation question? Well, 448 00:24:23,119 --> 00:24:27,240 Speaker 1: certainly when you hear the President tick off his three 449 00:24:27,320 --> 00:24:30,760 Speaker 1: tiered plan for fighting inflation. Tier one is an independent 450 00:24:30,840 --> 00:24:33,680 Speaker 1: FED that does what it needs to do. Tier two 451 00:24:34,160 --> 00:24:38,440 Speaker 1: our policies to help address a cost that a consumers space, 452 00:24:38,480 --> 00:24:40,920 Speaker 1: whether it's student debt costs or the cost of healthcare. 453 00:24:40,920 --> 00:24:44,160 Speaker 1: And we've obviously moved on all of those. And Part 454 00:24:44,160 --> 00:24:46,119 Speaker 1: three is deficit reduction. And that kind of gets to 455 00:24:46,160 --> 00:24:49,159 Speaker 1: your point a second ago. We're on track for historical 456 00:24:49,200 --> 00:24:51,680 Speaker 1: deficit reduction and we need to stay on that track. 457 00:24:52,080 --> 00:24:55,040 Speaker 1: And I'm confident that we will well over a trillion 458 00:24:55,080 --> 00:24:58,440 Speaker 1: dollars of deficit reduction in this fiscal year. That's a 459 00:24:58,480 --> 00:25:01,200 Speaker 1: kind of negative fiscal impulse, a very much compliments to 460 00:25:01,280 --> 00:25:05,399 Speaker 1: sad negative monetary impulse. Thanks to Jared Bernstein of the 461 00:25:05,400 --> 00:25:09,399 Speaker 1: White House Council of Economic Advisors for the deep dive, 462 00:25:09,480 --> 00:25:13,399 Speaker 1: there one that you will only hear on Bloomberg. Of course, 463 00:25:14,680 --> 00:25:17,240 Speaker 1: as I look to the terminal and see gosh go 464 00:25:17,480 --> 00:25:22,000 Speaker 1: figure two. A bit of pessimism here from former Treasury 465 00:25:22,040 --> 00:25:26,040 Speaker 1: Secretary Larry Summers. The headline Summers discounts rise in labor force. 466 00:25:26,080 --> 00:25:30,160 Speaker 1: As we were just discussing with Jared, former Treasury Secretary 467 00:25:30,280 --> 00:25:33,560 Speaker 1: Larry Summers discounting any optimism over an influx of people 468 00:25:33,560 --> 00:25:36,720 Speaker 1: in the US labor force in August, focusing instead on 469 00:25:36,800 --> 00:25:40,960 Speaker 1: the inflationary potential of continued strong employment gains. There's always 470 00:25:41,000 --> 00:25:44,320 Speaker 1: two ways to look at the data, a tendency, he says, 471 00:25:44,359 --> 00:25:48,680 Speaker 1: to exaggerate how much higher participation will reduce inflation. We'll 472 00:25:48,720 --> 00:25:51,600 Speaker 1: get the panels take on this and whether this was 473 00:25:51,640 --> 00:25:54,720 Speaker 1: a good news Friday for the White House. Jennie Chanzano 474 00:25:55,040 --> 00:25:57,880 Speaker 1: is up with us next in the panel today, along 475 00:25:57,880 --> 00:26:02,639 Speaker 1: with Boyd Mathison. I'm Joe Matthew. You in Washington, Welcome 476 00:26:02,680 --> 00:26:14,200 Speaker 1: to sound Off. This is Bloomberg. You're listening to Bloomberg 477 00:26:14,359 --> 00:26:20,400 Speaker 1: sound On on Bloomberg Radio, and Larry Summers pours cold 478 00:26:20,440 --> 00:26:23,840 Speaker 1: water on the job's report. Everyone was so excited about 479 00:26:23,920 --> 00:26:27,480 Speaker 1: this morning. It did seem like good news to most people. 480 00:26:27,560 --> 00:26:30,560 Speaker 1: Looking at this. We analyzed it earlier with Michael McKee 481 00:26:30,560 --> 00:26:33,920 Speaker 1: at Bloomberg. Higher than expected on the top line, more 482 00:26:34,040 --> 00:26:36,720 Speaker 1: jobs than predicted, more people looking for work in the 483 00:26:36,800 --> 00:26:40,280 Speaker 1: assumption it was we just talked about with that Jared Bernstein, 484 00:26:40,359 --> 00:26:43,640 Speaker 1: is that, you know, more people looking for work would 485 00:26:43,680 --> 00:26:48,120 Speaker 1: help to ease inflationary pressures in the labor market. Not so, 486 00:26:48,240 --> 00:26:51,960 Speaker 1: says the former Treasury secretary in an exclusive interview with Bloomberg. 487 00:26:52,080 --> 00:26:56,359 Speaker 1: Speaking in fact on Bloomberg's Wall Street Week, he says, 488 00:26:56,400 --> 00:26:59,399 Speaker 1: no more pain is going to be necessary. I'd be 489 00:26:59,480 --> 00:27:03,119 Speaker 1: surprised if we get to the six get to the 490 00:27:03,119 --> 00:27:08,880 Speaker 1: two percent inflation target without an unemployment rate uh that 491 00:27:09,040 --> 00:27:14,800 Speaker 1: approaches or exceeds uh six percent and unemployed. So we're 492 00:27:14,800 --> 00:27:17,080 Speaker 1: at three point seven today. That means we've got a 493 00:27:17,119 --> 00:27:21,160 Speaker 1: ways to go. Let's reassemble the panel Bloomberg Politics contributor 494 00:27:21,280 --> 00:27:25,480 Speaker 1: Democratic analyst Genie Chanzano along with Republican analyst Boyd Matheson. 495 00:27:26,560 --> 00:27:30,240 Speaker 1: So a Genie six percent or higher that's going to 496 00:27:30,320 --> 00:27:33,760 Speaker 1: happen before election? How does that change the conversation about 497 00:27:33,760 --> 00:27:37,920 Speaker 1: the economy and Democrats specifically though this Biden administration. Yeah, 498 00:27:37,920 --> 00:27:40,840 Speaker 1: it's certainly not what the Biden administration wants to hit here, 499 00:27:40,920 --> 00:27:42,840 Speaker 1: but you know, I'm looking at the terminal as well. 500 00:27:42,880 --> 00:27:45,800 Speaker 1: And Larry Summers makes a really good point. We think. 501 00:27:45,840 --> 00:27:48,800 Speaker 1: He says, we think extra labor supply, but we forget 502 00:27:48,920 --> 00:27:51,720 Speaker 1: the more people employed, the more incomes increase, and the 503 00:27:51,760 --> 00:27:54,640 Speaker 1: more spending and the more inflation. I mean, the logic 504 00:27:54,720 --> 00:27:58,199 Speaker 1: of his argument is really really important to pay attention to. 505 00:27:58,680 --> 00:28:01,359 Speaker 1: And so I think he's it's a message we have 506 00:28:01,520 --> 00:28:03,479 Speaker 1: to listen to. And when we heard the President come 507 00:28:03,480 --> 00:28:07,000 Speaker 1: out today, he said maybe maybe, and I think that 508 00:28:07,040 --> 00:28:10,520 Speaker 1: was the watchword of the day. He's seeing some positive signs, 509 00:28:10,520 --> 00:28:13,200 Speaker 1: but I think even Joe Biden has learned that he's 510 00:28:13,240 --> 00:28:15,760 Speaker 1: got to be cautious because if Summers is right, there's 511 00:28:15,760 --> 00:28:18,000 Speaker 1: a lot more pain ahead before we get to a 512 00:28:18,040 --> 00:28:21,120 Speaker 1: point where inflation slows. If that happens, though, that means 513 00:28:21,160 --> 00:28:24,280 Speaker 1: they I mean, assuming in this scenario, you've got six 514 00:28:24,320 --> 00:28:28,120 Speaker 1: percent unemployment and inflation is licked. So what's more important? Boy? 515 00:28:28,160 --> 00:28:30,120 Speaker 1: Do you know? People say, hey, look, prices are down 516 00:28:30,119 --> 00:28:32,280 Speaker 1: at least, but my neighbor doesn't have a job. That 517 00:28:32,320 --> 00:28:36,560 Speaker 1: doesn't sound like an improvement. Yeah, those are both tough messages, 518 00:28:36,600 --> 00:28:39,000 Speaker 1: I think for either political party to really deal with 519 00:28:39,040 --> 00:28:40,800 Speaker 1: the President. Of course, has got to walk that very 520 00:28:40,800 --> 00:28:44,360 Speaker 1: fine line, as Genie pointed out, to not being overly optimistic, 521 00:28:45,080 --> 00:28:47,760 Speaker 1: knowing that some of this pain is is still coming. 522 00:28:47,920 --> 00:28:50,160 Speaker 1: I think there's also some underlying things that are going 523 00:28:50,240 --> 00:28:53,880 Speaker 1: to be really interesting, especially moving into One of the 524 00:28:53,920 --> 00:28:56,320 Speaker 1: most interesting to me is the fact that you've got 525 00:28:56,360 --> 00:29:01,720 Speaker 1: for every one person, one man man in that fifty 526 00:29:01,800 --> 00:29:05,640 Speaker 1: four categories seeking employment, you've got four that aren't even 527 00:29:05,680 --> 00:29:08,440 Speaker 1: looking at all. You've got six million prime age men 528 00:29:08,520 --> 00:29:11,960 Speaker 1: who aren't working or looking for work, and they're also 529 00:29:12,080 --> 00:29:15,400 Speaker 1: not being active in civil society. They're not volunteering, they're 530 00:29:15,400 --> 00:29:18,040 Speaker 1: not worshiping, they're not giving to charity, they're watching things 531 00:29:18,040 --> 00:29:20,880 Speaker 1: in front of screens, they're dealing with pain. Medications is 532 00:29:20,920 --> 00:29:23,120 Speaker 1: a common thread there, and so I think there's a 533 00:29:23,200 --> 00:29:26,360 Speaker 1: societal component to this that's also going to play into 534 00:29:26,400 --> 00:29:30,360 Speaker 1: the politics of four. To your point, Joe, if my 535 00:29:30,360 --> 00:29:32,320 Speaker 1: neighbors out of work, I feel that one way, If 536 00:29:32,360 --> 00:29:34,800 Speaker 1: I'm staying higher prices at the gas, I'm feeling it. 537 00:29:35,120 --> 00:29:36,960 Speaker 1: This is an area where I think it's going to 538 00:29:37,080 --> 00:29:41,640 Speaker 1: impact society. It impacts single parents, especially single mothers, and 539 00:29:41,680 --> 00:29:43,800 Speaker 1: the load that they carry. So I think there's a 540 00:29:43,840 --> 00:29:46,600 Speaker 1: lot of things beneath the headline numbers that we've got 541 00:29:46,600 --> 00:29:49,120 Speaker 1: to get to. When we're looking at this. It's also 542 00:29:49,160 --> 00:29:51,520 Speaker 1: still this question, Jennie, about why people are coming back 543 00:29:51,560 --> 00:29:54,560 Speaker 1: to work. You know, we spent all of COVID saying okay, 544 00:29:54,600 --> 00:29:56,760 Speaker 1: once you know, the students go back to school, and 545 00:29:56,880 --> 00:29:59,360 Speaker 1: once labor Day hits, and it still hasn't quite clicked. 546 00:29:59,360 --> 00:30:01,640 Speaker 1: But now we're start to see it. And if the 547 00:30:01,720 --> 00:30:04,440 Speaker 1: reason is inflation, we also, by the way, saw a 548 00:30:04,440 --> 00:30:06,680 Speaker 1: big jump in people seeking part time work. If the 549 00:30:06,720 --> 00:30:08,880 Speaker 1: reason is you know what, I can't afford to fill 550 00:30:08,880 --> 00:30:10,760 Speaker 1: the gas tank here, I need a little bit of relief. 551 00:30:10,800 --> 00:30:13,280 Speaker 1: As the President likes to say, that's that's actually not 552 00:30:13,320 --> 00:30:16,200 Speaker 1: a good trend. No, it's not. And you know, one 553 00:30:16,280 --> 00:30:19,320 Speaker 1: number to look at is consumer sentiment. And while that 554 00:30:19,520 --> 00:30:23,480 Speaker 1: is still really low by you know, historical standards, the 555 00:30:23,560 --> 00:30:25,960 Speaker 1: trajectory is going in the right direction, just like the 556 00:30:26,000 --> 00:30:29,840 Speaker 1: presidential approval rating. But I think to urine to Boyd's point, 557 00:30:30,360 --> 00:30:33,240 Speaker 1: you know, when you get to sentiment indexes, I think 558 00:30:33,280 --> 00:30:35,479 Speaker 1: that tells you an awful lot because it tells you 559 00:30:35,520 --> 00:30:38,040 Speaker 1: not just about the people who are actively looking for work, 560 00:30:38,080 --> 00:30:40,400 Speaker 1: and what they're looking full or part time, but what 561 00:30:40,560 --> 00:30:45,000 Speaker 1: consumers are thinking as they approach the economy overall, and 562 00:30:45,080 --> 00:30:47,800 Speaker 1: that is up a little bit but still historically low, 563 00:30:48,120 --> 00:30:51,000 Speaker 1: which is and remains a problem for Democrats as they 564 00:30:51,000 --> 00:30:54,360 Speaker 1: go into this election. Well it's something to consider today. Though. 565 00:30:54,360 --> 00:30:57,240 Speaker 1: What about the news today? Uh, boyd, you can't really 566 00:30:57,280 --> 00:30:59,600 Speaker 1: put too much of a negative spin on this. The 567 00:30:59,600 --> 00:31:02,440 Speaker 1: White US wanted to get out there and talk about it. 568 00:31:02,640 --> 00:31:06,080 Speaker 1: The jobs since pre COVID have been recovered and a 569 00:31:06,200 --> 00:31:09,560 Speaker 1: three point seven percent unemployment rate might actually be what 570 00:31:09,680 --> 00:31:12,960 Speaker 1: saves us from a recession. Do you see it that way? Yeah? 571 00:31:13,360 --> 00:31:16,120 Speaker 1: The President is absolutely right and and going out and 572 00:31:16,120 --> 00:31:18,400 Speaker 1: and touting the numbers there, you can't say that that's 573 00:31:18,400 --> 00:31:21,040 Speaker 1: just a bad thing, it's good. I think the biggest 574 00:31:21,120 --> 00:31:24,920 Speaker 1: challenge is the communication strategy, because if you're touting the 575 00:31:25,000 --> 00:31:27,920 Speaker 1: success of what's going well, but the American people are 576 00:31:28,000 --> 00:31:32,120 Speaker 1: feeling or experiencing something different, it creates a really unique 577 00:31:32,160 --> 00:31:34,440 Speaker 1: disconnect and I think that's going to be the challenge 578 00:31:34,680 --> 00:31:36,840 Speaker 1: for the president. It has been over the last year 579 00:31:37,480 --> 00:31:41,240 Speaker 1: touting some things that actually are good that everybody should celebrate, 580 00:31:41,520 --> 00:31:44,080 Speaker 1: but the American people saying that's not what I'm feeling 581 00:31:44,160 --> 00:31:46,640 Speaker 1: or that's not what my neighbor is experiencing. And so 582 00:31:46,720 --> 00:31:49,240 Speaker 1: that's the balancing. The numbers are good, and we should 583 00:31:49,240 --> 00:31:51,360 Speaker 1: all celebrate good numbers. We want that for the country, 584 00:31:51,400 --> 00:31:53,560 Speaker 1: We want that for our our communities and our neighbors. 585 00:31:54,040 --> 00:31:58,720 Speaker 1: Getting that in alignment from a messaging standpoint is tricky. Well, 586 00:31:58,760 --> 00:32:01,280 Speaker 1: I'll tell you what. It's Labor Day weekend, Genie. And 587 00:32:01,320 --> 00:32:04,240 Speaker 1: this administration is one that has embraced labor, has embraced 588 00:32:04,320 --> 00:32:08,400 Speaker 1: organized labor, has made the Secretary Marty Walsh, uh, you know, 589 00:32:08,440 --> 00:32:10,960 Speaker 1: one of the bright lights of the administration in terms 590 00:32:11,000 --> 00:32:13,320 Speaker 1: of you know, doing media and getting him out there 591 00:32:13,360 --> 00:32:15,640 Speaker 1: with with his messaging. And the President is going to 592 00:32:15,720 --> 00:32:18,960 Speaker 1: be marching in a Labor Day parade by the way, 593 00:32:19,080 --> 00:32:22,920 Speaker 1: with John Fetterman on Monday in Pittsburgh. The head of 594 00:32:22,920 --> 00:32:24,560 Speaker 1: the a f l C. I Oh, who I spoke 595 00:32:24,560 --> 00:32:27,280 Speaker 1: with earlier this week, is also going to be there. 596 00:32:27,720 --> 00:32:31,800 Speaker 1: Does the sort of resurgence of interest and organized labor 597 00:32:31,840 --> 00:32:35,600 Speaker 1: at places like Amazon and Trader Joe's and uh another 598 00:32:35,800 --> 00:32:38,680 Speaker 1: Starbucks other big chains like that, is that also a 599 00:32:38,720 --> 00:32:42,239 Speaker 1: winning message for democrats? It is? And and this is 600 00:32:42,280 --> 00:32:46,960 Speaker 1: something that I don't think the Democratic Party has embraced enough. 601 00:32:47,280 --> 00:32:49,760 Speaker 1: And we've heard this to a certain extent, but it's 602 00:32:50,280 --> 00:32:53,320 Speaker 1: president has been pretty full throated. He has and he is, 603 00:32:53,480 --> 00:32:56,800 Speaker 1: you know, somebody who can really bring this to the forefront. 604 00:32:56,840 --> 00:32:58,560 Speaker 1: And this is the idea of the dignity of the 605 00:32:58,560 --> 00:33:01,280 Speaker 1: American worker, which is sort of the theme that we 606 00:33:01,400 --> 00:33:03,680 Speaker 1: understand he's going to go out with on Labor Day. 607 00:33:04,040 --> 00:33:07,360 Speaker 1: And that is critically important because it fits right in. 608 00:33:07,800 --> 00:33:10,600 Speaker 1: You know, you have to be paid what your work 609 00:33:10,760 --> 00:33:13,520 Speaker 1: is worth you, you're you have to be respected, you 610 00:33:13,560 --> 00:33:16,680 Speaker 1: have to have healthcare, all of the things that Democrats 611 00:33:16,720 --> 00:33:19,600 Speaker 1: believe in. So I do think it is critically important 612 00:33:19,640 --> 00:33:23,560 Speaker 1: and it is a winning message, particularly in these areas 613 00:33:23,600 --> 00:33:26,360 Speaker 1: that Democrats want to win in the rust belt that 614 00:33:26,440 --> 00:33:29,600 Speaker 1: quite frankly, Donald Trump did much better than expected in 615 00:33:30,640 --> 00:33:33,360 Speaker 1: and really you know, blew away some Democrats who didn't 616 00:33:33,400 --> 00:33:36,440 Speaker 1: expect Republicans could play there. He showed they can. They're 617 00:33:36,440 --> 00:33:39,040 Speaker 1: trying desperately to get those back in Ohio is a 618 00:33:39,040 --> 00:33:41,440 Speaker 1: really good example of that, as is Pennsylvania, where the 619 00:33:41,480 --> 00:33:44,280 Speaker 1: president will be Do you see that organizing trend as 620 00:33:44,400 --> 00:33:46,800 Speaker 1: as a real one, boyd as opposed to you know, 621 00:33:46,880 --> 00:33:49,880 Speaker 1: kind of a media narrative. We've also seen cut these 622 00:33:49,920 --> 00:33:52,640 Speaker 1: same chains that I mentioned, Starbucks, Amazon and so on 623 00:33:52,920 --> 00:33:56,760 Speaker 1: close a lot of stores where there was an organizing 624 00:33:56,800 --> 00:34:00,920 Speaker 1: effort beginning to happen. Yeah, I think the I think 625 00:34:00,920 --> 00:34:04,280 Speaker 1: the organizing message is the right is the right message. 626 00:34:04,280 --> 00:34:05,600 Speaker 1: I think they're doing that in a way. I think 627 00:34:05,600 --> 00:34:08,319 Speaker 1: they're doing that effectively in terms of hey, this this 628 00:34:08,360 --> 00:34:10,440 Speaker 1: does matter, as Genius had, the dignity of work, the 629 00:34:10,480 --> 00:34:13,000 Speaker 1: dignity of the worker. I think all of those are 630 00:34:13,040 --> 00:34:15,560 Speaker 1: are good, strong messages. Most of these things, however, have 631 00:34:15,640 --> 00:34:18,560 Speaker 1: been very local that you know, even the Amazon was 632 00:34:18,600 --> 00:34:21,480 Speaker 1: that was a local use doing that, and that's and 633 00:34:21,520 --> 00:34:24,080 Speaker 1: that's actually a really interesting thing. I actually support that. 634 00:34:24,080 --> 00:34:25,839 Speaker 1: I think that's a great thing that on the very 635 00:34:25,920 --> 00:34:28,360 Speaker 1: local level, as opposed to where I think some of 636 00:34:28,360 --> 00:34:32,759 Speaker 1: the distrust is, which is in the big national labor organizations, 637 00:34:32,800 --> 00:34:35,640 Speaker 1: where there's much more likelihood to have some you know, 638 00:34:35,719 --> 00:34:38,160 Speaker 1: some waste and frauds, some views or you know, whatever 639 00:34:38,200 --> 00:34:40,520 Speaker 1: it may be. It's just a big organization. I think 640 00:34:40,560 --> 00:34:42,480 Speaker 1: people filling it close to home. I think that's a 641 00:34:42,520 --> 00:34:44,560 Speaker 1: good message and I think it's an important part of 642 00:34:44,560 --> 00:34:46,680 Speaker 1: the labor market. Labor is going to have a say 643 00:34:46,719 --> 00:34:49,440 Speaker 1: in this selection. Of course, Genie as well is Schueler 644 00:34:50,080 --> 00:34:51,959 Speaker 1: again from the a f L c I O told 645 00:34:52,040 --> 00:34:55,360 Speaker 1: us they have very specific plans to have nine of 646 00:34:55,400 --> 00:34:58,960 Speaker 1: members registered to vote and ten of their local members 647 00:34:58,960 --> 00:35:02,560 Speaker 1: are going to be trained to be a poll watchers 648 00:35:02,600 --> 00:35:08,000 Speaker 1: for what they described as possible Republican shenanigans. I don't 649 00:35:08,000 --> 00:35:10,799 Speaker 1: know what that even really means. I tried to have 650 00:35:11,040 --> 00:35:14,680 Speaker 1: her define that, but I mean, what what kind of 651 00:35:14,719 --> 00:35:19,960 Speaker 1: an image is that for the Union in It's important. 652 00:35:20,080 --> 00:35:23,360 Speaker 1: You know, you had mentioned in your interview with the 653 00:35:23,440 --> 00:35:27,120 Speaker 1: governor earlier, you had mentioned some of these statistics about 654 00:35:27,160 --> 00:35:31,840 Speaker 1: how many Americans are concerned, concerned rather about threats to democracy. 655 00:35:31,880 --> 00:35:34,400 Speaker 1: You know, a CBS News poll found seven out of 656 00:35:34,400 --> 00:35:37,319 Speaker 1: ten Americans concerned, and this is both from the left 657 00:35:37,360 --> 00:35:39,800 Speaker 1: and the right that democracy is in danger, rule of 658 00:35:39,880 --> 00:35:43,839 Speaker 1: laws in danger, or elections are threatened. And so when 659 00:35:43,840 --> 00:35:47,120 Speaker 1: you're talking about poll workers and people trained to go 660 00:35:47,160 --> 00:35:50,200 Speaker 1: in as poll watchers, if you will, that is an 661 00:35:50,200 --> 00:35:54,239 Speaker 1: effort to address some of that concerned and concerned rather 662 00:35:54,320 --> 00:35:57,040 Speaker 1: and I think that's critically important at this time. The 663 00:35:57,120 --> 00:36:02,400 Speaker 1: more Americans engaged in our political process the better, particularly 664 00:36:02,440 --> 00:36:05,320 Speaker 1: at a time when so many poll workers are feeling 665 00:36:05,400 --> 00:36:07,359 Speaker 1: under threat that they don't even want to go to 666 00:36:07,400 --> 00:36:10,279 Speaker 1: work anymore. I think it's important that the unions, and 667 00:36:10,360 --> 00:36:14,839 Speaker 1: I think every organization, civic organizations overall, should support an 668 00:36:14,880 --> 00:36:18,120 Speaker 1: increased in poll workers and poll watchers. And that includes, 669 00:36:18,200 --> 00:36:20,920 Speaker 1: by the way, people in my line of work, faculty 670 00:36:21,160 --> 00:36:25,160 Speaker 1: working with young people who should be engaged in pole 671 00:36:25,200 --> 00:36:28,400 Speaker 1: watching and poll work. It's critically important service to the country. 672 00:36:28,600 --> 00:36:30,600 Speaker 1: I just hope people stay safe, Boyd. More than you know. 673 00:36:30,640 --> 00:36:32,480 Speaker 1: The more people start showing up at the polls with 674 00:36:32,560 --> 00:36:35,200 Speaker 1: the idea of looking for wrongdoing, somebody's going to find 675 00:36:35,239 --> 00:36:39,279 Speaker 1: something that may not necessarily be worth talking about. Yeah, 676 00:36:39,480 --> 00:36:42,680 Speaker 1: and just at a Genie's point that it's all about 677 00:36:42,840 --> 00:36:45,600 Speaker 1: having that trust and being engaged. Everybody's got to be engaged, 678 00:36:45,600 --> 00:36:48,760 Speaker 1: regardless of their line of work. We've we've stress tested 679 00:36:48,760 --> 00:36:52,399 Speaker 1: this democracy of ours under all kinds of situations world war, 680 00:36:52,680 --> 00:36:56,160 Speaker 1: famines and economic collapse and all of that. We've never 681 00:36:56,200 --> 00:37:00,320 Speaker 1: stress tested it in the absence of trust that seeing 682 00:37:00,320 --> 00:37:04,319 Speaker 1: our institutions because that trade we're getting close on some days, Boyd, 683 00:37:04,400 --> 00:37:07,160 Speaker 1: thanks for being here, Boyd. Matthis and Jeannie Chanzano great 684 00:37:07,160 --> 00:37:09,880 Speaker 1: conversation and a great panel for our Friday. As we 685 00:37:09,960 --> 00:37:12,880 Speaker 1: head into the weekend, be sure to stay with Bloomberg 686 00:37:12,920 --> 00:37:15,560 Speaker 1: tomorrow for the Artemis launch. They're going forward again. I 687 00:37:15,600 --> 00:37:17,759 Speaker 1: can't wait to watch this thing go up, and I'll 688 00:37:17,760 --> 00:37:19,600 Speaker 1: meet you back here after what I hope for you 689 00:37:19,719 --> 00:37:22,600 Speaker 1: is a long weekend. I'm Joe Matthew. This is Bloomberg.