1 00:00:02,200 --> 00:00:06,440 Speaker 1: Live from our nation's capital. This is Bloomberg Sound on 2 00:00:07,560 --> 00:00:10,639 Speaker 1: the fundamentals are there for inflation. I take for a 3 00:00:10,800 --> 00:00:14,720 Speaker 1: why we don't necessarily need free money and zero interest 4 00:00:14,800 --> 00:00:17,439 Speaker 1: rates forever. Washington at this point doesn't want to add 5 00:00:17,480 --> 00:00:22,599 Speaker 1: regulation to bitcoin. Bloomberg Sound on. The insiders, the influencers, 6 00:00:22,640 --> 00:00:25,919 Speaker 1: the insights. Let's look at the student loan debt, which 7 00:00:25,960 --> 00:00:29,400 Speaker 1: is absolutely staggering. In my view, you can't spend enough 8 00:00:29,480 --> 00:00:33,000 Speaker 1: on the infrastructure. Given the size of fiscal stimulus we've 9 00:00:33,040 --> 00:00:35,400 Speaker 1: already seen, this seems like a drop in the bucket. 10 00:00:35,479 --> 00:00:41,400 Speaker 1: Sloomberg sund On with Joe Mathew on Bloomberg Radio Live 11 00:00:41,479 --> 00:00:45,800 Speaker 1: from Washington. We're debate over infrastructure jobs and the COVID 12 00:00:45,920 --> 00:00:49,720 Speaker 1: recovery is only intensifying, and as we learn more about 13 00:00:49,720 --> 00:00:52,800 Speaker 1: the White House's strategy to pass a series of infrastructure 14 00:00:52,840 --> 00:00:56,920 Speaker 1: bills with a shortage of workers and materials. We are 15 00:00:57,000 --> 00:01:00,160 Speaker 1: joined today exclusively by a special guest and official the 16 00:01:00,200 --> 00:01:01,800 Speaker 1: center of it all, and that would be the U 17 00:01:01,960 --> 00:01:06,720 Speaker 1: S Secretary of Labor, Marty Walsh, Mr Secretary. Welcome to 18 00:01:06,720 --> 00:01:09,520 Speaker 1: Bloomberg sound On, and forgive me if I call you 19 00:01:09,640 --> 00:01:13,080 Speaker 1: mayor my good friends, it's great to hear your voice. 20 00:01:13,959 --> 00:01:16,160 Speaker 1: I didn't realize you doing the interview. I'm so excited 21 00:01:17,800 --> 00:01:21,120 Speaker 1: for those listening. Joe Is is a dear friend and 22 00:01:21,200 --> 00:01:23,800 Speaker 1: somebody who who covered Boston politics for a long time 23 00:01:23,840 --> 00:01:26,000 Speaker 1: and did an amazing job at a couple of different stations. 24 00:01:26,080 --> 00:01:28,600 Speaker 1: And I'm excited that you're at Bloomberg because you are. 25 00:01:28,680 --> 00:01:31,600 Speaker 1: You are a truly great American and a great reporter. 26 00:01:31,680 --> 00:01:34,240 Speaker 1: Oh my god, make me blush now. I still have 27 00:01:34,280 --> 00:01:36,880 Speaker 1: to ask you tough questions, Mr Secretary, but thank you 28 00:01:36,920 --> 00:01:39,600 Speaker 1: for being here. You did a great job. At some 29 00:01:39,600 --> 00:01:41,399 Speaker 1: point you'll have to tell me how this works going 30 00:01:41,440 --> 00:01:43,360 Speaker 1: home to Boston every weekend. But I want to start 31 00:01:43,920 --> 00:01:46,720 Speaker 1: with the biggest question that business owners and other employers 32 00:01:46,760 --> 00:01:50,120 Speaker 1: have been asking, and that's where are the workers? And 33 00:01:50,160 --> 00:01:52,960 Speaker 1: you know this debate. Some say unemployment benefits are keeping 34 00:01:52,960 --> 00:01:55,120 Speaker 1: people at home. O. There's point to a number of 35 00:01:55,160 --> 00:01:59,200 Speaker 1: other issues, Secretary, from fear of COVID to a lack 36 00:01:59,240 --> 00:02:02,400 Speaker 1: of child here. What do you think it is. I 37 00:02:02,440 --> 00:02:04,120 Speaker 1: think it's a little bit of all of that. I 38 00:02:04,160 --> 00:02:06,400 Speaker 1: think that I think also that a lot of a 39 00:02:06,440 --> 00:02:09,919 Speaker 1: lot of American workers when they when the pandemic hit, 40 00:02:10,400 --> 00:02:13,000 Speaker 1: they were in a certain industry in that industry or 41 00:02:13,000 --> 00:02:15,160 Speaker 1: that business that they worked in is no longer there. 42 00:02:15,560 --> 00:02:17,720 Speaker 1: Uh so, and I think that that's part of it 43 00:02:17,760 --> 00:02:20,240 Speaker 1: as well. Uh In the last four months, we've seen 44 00:02:20,800 --> 00:02:24,359 Speaker 1: an increase of jobs growth in this country by two 45 00:02:24,360 --> 00:02:27,480 Speaker 1: point one million jobs. Next Friday, obviously, is another big 46 00:02:27,560 --> 00:02:29,800 Speaker 1: day in America. We'll get a new jobs report to 47 00:02:29,840 --> 00:02:33,000 Speaker 1: see how we're doing. But President the President's plan, economic 48 00:02:33,040 --> 00:02:35,800 Speaker 1: plan is working moving forward. I think more people getting 49 00:02:35,840 --> 00:02:38,520 Speaker 1: vaccinated as important as well. Uh And and at the 50 00:02:38,560 --> 00:02:42,400 Speaker 1: beginning of the pandemic, you know, obviously it seemed like 51 00:02:42,520 --> 00:02:45,800 Speaker 1: we we literally shut things down overnight, which was over 52 00:02:45,840 --> 00:02:48,720 Speaker 1: a period of about three days. And restarting and getting 53 00:02:48,720 --> 00:02:50,720 Speaker 1: people back to work isn't just sliping a switch and 54 00:02:50,720 --> 00:02:52,960 Speaker 1: getting people back to work. But we are seen people 55 00:02:53,000 --> 00:02:55,120 Speaker 1: go back to work at big numbers, about five hundred 56 00:02:55,160 --> 00:02:58,359 Speaker 1: thousand per month. I'm sure you hate hearing the term 57 00:02:58,480 --> 00:03:01,079 Speaker 1: jobless recovery. We heard that a lot in two thousand 58 00:03:01,120 --> 00:03:03,760 Speaker 1: and eight, and I see now that more than half 59 00:03:03,760 --> 00:03:07,280 Speaker 1: the states, mostly states with Republican governors, are planning to 60 00:03:07,400 --> 00:03:11,600 Speaker 1: drop the weekly supplement, the three weekly supplement in unemployment 61 00:03:11,639 --> 00:03:14,480 Speaker 1: benefits before it's set to expire. In September. Do you 62 00:03:14,520 --> 00:03:16,680 Speaker 1: worry about the impact of that or will that in 63 00:03:16,760 --> 00:03:19,680 Speaker 1: fact bring people back to work? No, I do worry 64 00:03:19,680 --> 00:03:21,640 Speaker 1: about the impact of that. I was just in Indiana 65 00:03:22,240 --> 00:03:24,959 Speaker 1: yesterday and a lot of people when I was talking 66 00:03:24,960 --> 00:03:27,280 Speaker 1: to people on the ground there, what we're explaining to 67 00:03:27,400 --> 00:03:30,320 Speaker 1: concern that people that have still needed the unemployment benefit. 68 00:03:30,639 --> 00:03:33,760 Speaker 1: I just hope as as governors and states uh get 69 00:03:33,840 --> 00:03:36,200 Speaker 1: rid of the three hundred dollars or refuse the three 70 00:03:36,200 --> 00:03:39,840 Speaker 1: in of alls, that the impact on workers isn't too great. 71 00:03:39,880 --> 00:03:42,280 Speaker 1: The impact on people isn't too much, uh not to 72 00:03:42,280 --> 00:03:43,680 Speaker 1: be able to pay their bills and keep a roof 73 00:03:43,720 --> 00:03:48,120 Speaker 1: over their head. We learned today Secretary from the White 74 00:03:48,120 --> 00:03:50,760 Speaker 1: House that President Biden is going to be speaking about 75 00:03:50,840 --> 00:03:53,680 Speaker 1: jobs following the report, the monthly report that comes out 76 00:03:53,760 --> 00:03:56,520 Speaker 1: next Friday. They've been so closely watched over the last 77 00:03:56,600 --> 00:03:59,680 Speaker 1: year by the markets. I wonder if if there's any 78 00:03:59,680 --> 00:04:01,320 Speaker 1: reason for that, is it going to be good news? 79 00:04:01,400 --> 00:04:02,920 Speaker 1: Is that why the President is getting ahead of it? 80 00:04:03,920 --> 00:04:06,000 Speaker 1: I think the President has been talking generally as to 81 00:04:06,040 --> 00:04:08,280 Speaker 1: almost every job report he has had a head of 82 00:04:08,280 --> 00:04:11,880 Speaker 1: press conference and and announced that either a different uh 83 00:04:12,040 --> 00:04:14,480 Speaker 1: you know, still moo's plan to keep continue the economy 84 00:04:14,520 --> 00:04:17,800 Speaker 1: recovering or he's always commented on it. He did the 85 00:04:17,880 --> 00:04:19,960 Speaker 1: last month as well, So I think I think it's 86 00:04:19,960 --> 00:04:22,320 Speaker 1: important American people want to hear from the President, and 87 00:04:22,360 --> 00:04:25,200 Speaker 1: I think it's important for them to hear after after 88 00:04:25,560 --> 00:04:27,440 Speaker 1: a day like that happened, just to know where we're 89 00:04:27,440 --> 00:04:31,320 Speaker 1: headed with with what the plans out to continue the recovery. 90 00:04:31,480 --> 00:04:34,240 Speaker 1: We're joined by Labor Secretary Marty Walsh here on Bloomberg 91 00:04:34,320 --> 00:04:37,599 Speaker 1: Radio Today. A story by Bloomberg Business Week caught my attention. 92 00:04:38,200 --> 00:04:43,000 Speaker 1: Secretary says nine million Americans did not receive unemployment benefits 93 00:04:43,040 --> 00:04:46,000 Speaker 1: in the course of the last year, even a little 94 00:04:46,000 --> 00:04:47,760 Speaker 1: bit more than that, they did a lot of work 95 00:04:47,760 --> 00:04:49,760 Speaker 1: following a review of more than a year's worth of 96 00:04:49,839 --> 00:04:53,840 Speaker 1: labor data. Is that because does that number ring true 97 00:04:53,839 --> 00:04:57,000 Speaker 1: to you? Is that because so many people all tried 98 00:04:57,040 --> 00:04:58,760 Speaker 1: to sign up at the same time, or is there 99 00:04:58,760 --> 00:05:02,080 Speaker 1: more to this? There's a lot of different reasons, and 100 00:05:02,120 --> 00:05:06,120 Speaker 1: that's why when the President put forth his American Rescue Plan, 101 00:05:06,560 --> 00:05:09,720 Speaker 1: we made a two billion dollar investment there for us 102 00:05:09,760 --> 00:05:11,880 Speaker 1: to really look at, how do we make sure that 103 00:05:11,920 --> 00:05:14,800 Speaker 1: the unemployment systems working for everyone? Uh? And we're we're 104 00:05:14,839 --> 00:05:16,719 Speaker 1: going we're in the process now of looking at and 105 00:05:16,760 --> 00:05:20,000 Speaker 1: distributing that money. Uh, we're looking at reforming that system 106 00:05:20,120 --> 00:05:22,760 Speaker 1: that to sor it works for everybody. Certainly, we we 107 00:05:22,839 --> 00:05:26,960 Speaker 1: learned a lot during the pandemic when when when literally 108 00:05:27,160 --> 00:05:30,560 Speaker 1: tens of millions of Americans were out of work literally overnight. Uh. 109 00:05:30,720 --> 00:05:33,320 Speaker 1: And and there's lots of different challenges and reasons for that. 110 00:05:33,800 --> 00:05:38,080 Speaker 1: Partly were intiquated systems, Partly where states were prepared for it. Uh, 111 00:05:38,120 --> 00:05:40,480 Speaker 1: there's a whole bunch of reasons. So we're going to 112 00:05:40,560 --> 00:05:43,840 Speaker 1: be watching moving forward on that. And in more recent months, 113 00:05:43,839 --> 00:05:46,760 Speaker 1: some of the some of the concern was around some 114 00:05:46,839 --> 00:05:48,840 Speaker 1: of the fraud that happened during the election and not 115 00:05:49,000 --> 00:05:52,400 Speaker 1: elections should make the unemployment insurance to make sure that 116 00:05:53,200 --> 00:05:55,960 Speaker 1: the money that that's allocated for people for their benefit, 117 00:05:56,040 --> 00:05:58,240 Speaker 1: that it gets the people for their benefit. Yeah, well, 118 00:05:58,240 --> 00:06:01,840 Speaker 1: I guess this actually could be a lower number, uh 119 00:06:01,880 --> 00:06:04,480 Speaker 1: than than what is reality because a couple of states 120 00:06:04,480 --> 00:06:06,919 Speaker 1: were not part of our survey that all the data 121 00:06:07,000 --> 00:06:09,920 Speaker 1: is not available. Are you pointing to the need then 122 00:06:09,960 --> 00:06:13,560 Speaker 1: for a better system to calibrate this to track this? Uh? 123 00:06:13,800 --> 00:06:15,599 Speaker 1: Those who are working in those who are not in 124 00:06:15,600 --> 00:06:19,039 Speaker 1: the Labor Department. Yeah, we're gonna need a better system anyway. 125 00:06:19,040 --> 00:06:21,039 Speaker 1: I think as we move forward here on collecting data 126 00:06:21,080 --> 00:06:23,760 Speaker 1: when it comes to unemployment insurance, because that's one of 127 00:06:23,760 --> 00:06:27,160 Speaker 1: the frustrations, I think that's that I wouldn't necessarily call 128 00:06:27,160 --> 00:06:29,240 Speaker 1: the frustration, more of the concerns. I guess that the 129 00:06:29,279 --> 00:06:31,400 Speaker 1: Department Labor has had making sure that we have the 130 00:06:31,440 --> 00:06:34,120 Speaker 1: most accurate data so we can do the right assessions 131 00:06:34,160 --> 00:06:36,600 Speaker 1: there and make sure that the money that's been allocated 132 00:06:36,640 --> 00:06:39,320 Speaker 1: throughout the calm throughout the states that gets the people 133 00:06:39,400 --> 00:06:42,320 Speaker 1: that that's supposed to get people. Yeah, I got to 134 00:06:42,320 --> 00:06:45,560 Speaker 1: talk about infrastructure. You mentioned it already, and you're part 135 00:06:45,560 --> 00:06:49,200 Speaker 1: of the team secretary tasked with selling this, with with 136 00:06:49,320 --> 00:06:52,880 Speaker 1: making this reality. There was a big breakthrough announced yesterday 137 00:06:53,640 --> 00:06:56,280 Speaker 1: with this bipartisan deal, and of course we've got this 138 00:06:56,360 --> 00:07:00,240 Speaker 1: reconciliation happening potentially. At the same time, your department has 139 00:07:00,279 --> 00:07:04,440 Speaker 1: the authority to regulate and enforce how public works projects 140 00:07:04,440 --> 00:07:06,400 Speaker 1: are carried out, and I'm assuming we're about to have 141 00:07:06,440 --> 00:07:09,159 Speaker 1: a lot of them, and our existing rules sufficient to 142 00:07:09,240 --> 00:07:14,960 Speaker 1: be sure that construction wage standards are applied on future projects. 143 00:07:15,120 --> 00:07:18,120 Speaker 1: Or do you need to update them. As Secretary, well, 144 00:07:18,240 --> 00:07:20,080 Speaker 1: I think a lot of it's going to be incorporated 145 00:07:20,080 --> 00:07:22,040 Speaker 1: in the in the piece of legislation that's filed. You know, 146 00:07:22,200 --> 00:07:25,920 Speaker 1: the President spoke yesterday of good paying jobs, good paying 147 00:07:26,000 --> 00:07:30,480 Speaker 1: union jobs that will be available for people. Also making 148 00:07:30,520 --> 00:07:34,440 Speaker 1: sure that we create opportunities for equity, that these jobs 149 00:07:34,440 --> 00:07:37,520 Speaker 1: are easy accessible for all people, not just certain people. 150 00:07:37,600 --> 00:07:39,680 Speaker 1: I think that's going to be an important aspect of 151 00:07:39,680 --> 00:07:42,480 Speaker 1: what the final version is. What happens now is this 152 00:07:42,960 --> 00:07:47,680 Speaker 1: compromised framework by Protestant framework that happened yesterday, we'll turn 153 00:07:47,720 --> 00:07:50,040 Speaker 1: into a piece of legislation, it will be filed, it 154 00:07:50,040 --> 00:07:52,560 Speaker 1: will go through a process, uh and then it will 155 00:07:52,600 --> 00:07:55,360 Speaker 1: be voted on by the United States Senate, United States Congress, 156 00:07:55,400 --> 00:07:57,760 Speaker 1: and then the President obviously what will sign the sign 157 00:07:57,800 --> 00:07:59,760 Speaker 1: the law. Uh So, so there's still a bit of 158 00:07:59,800 --> 00:08:01,400 Speaker 1: a way. It's a goal. But yes, there was a 159 00:08:01,440 --> 00:08:03,120 Speaker 1: good I thought it was a good day for the 160 00:08:03,160 --> 00:08:06,360 Speaker 1: American people that that the President showed that we definitely 161 00:08:06,400 --> 00:08:10,040 Speaker 1: can can collectively work together to to get something on 162 00:08:10,080 --> 00:08:12,160 Speaker 1: the table. And what what was what was talked about 163 00:08:12,200 --> 00:08:14,920 Speaker 1: yesday was at one point two trillion dollar infrastructure bill. 164 00:08:15,640 --> 00:08:18,640 Speaker 1: Can you bring us into the conversation a little bit 165 00:08:18,640 --> 00:08:22,480 Speaker 1: here the process. Secretary. Obviously you have a great relationship 166 00:08:22,560 --> 00:08:25,640 Speaker 1: with Joe Biden predating this administration. But I wonder are 167 00:08:25,680 --> 00:08:28,239 Speaker 1: there work groups being created as there a labor group, 168 00:08:28,320 --> 00:08:31,520 Speaker 1: is is Secretary Boota Jaggs leading a transportation group. How 169 00:08:31,560 --> 00:08:34,679 Speaker 1: do you get all the heads together and and create 170 00:08:34,800 --> 00:08:38,320 Speaker 1: this what's going to be a massive piece of legislation. Well, 171 00:08:38,320 --> 00:08:40,040 Speaker 1: what the President did right in the beginning when he 172 00:08:40,080 --> 00:08:42,160 Speaker 1: when he when he announced his American Jaw's plan, he 173 00:08:42,480 --> 00:08:46,000 Speaker 1: tasked UH five secretaries to really go out and talk 174 00:08:46,040 --> 00:08:48,839 Speaker 1: about it. Primarily and other other other cabinet members did 175 00:08:48,840 --> 00:08:54,200 Speaker 1: as well, myself, Secretary Booty, Judge, Secretary Grandholm, UH Secretary Romando, 176 00:08:54,320 --> 00:08:57,480 Speaker 1: Secretary Fudge Um to make sure that the five of 177 00:08:57,600 --> 00:09:00,280 Speaker 1: us were out there talking about this and trying to 178 00:09:00,280 --> 00:09:03,000 Speaker 1: get this past. Now. What will happen is people UH, 179 00:09:03,280 --> 00:09:07,720 Speaker 1: particularly around transportations probably one in translation energy two of 180 00:09:07,720 --> 00:09:09,800 Speaker 1: the biggest parts of this, as far as the roads 181 00:09:09,840 --> 00:09:15,400 Speaker 1: and public transportation, electric vehicle, electric buses, broadband. So we'll 182 00:09:15,480 --> 00:09:17,439 Speaker 1: all be having input into what should be in the 183 00:09:17,480 --> 00:09:20,240 Speaker 1: final peace legislation, as well as working with members of 184 00:09:20,280 --> 00:09:23,679 Speaker 1: the members of both the Democrats Republicans in Congress and 185 00:09:23,720 --> 00:09:26,680 Speaker 1: the Senate. So uh, there'll be many, many conversations about 186 00:09:26,760 --> 00:09:28,600 Speaker 1: the language should look like, how we move forward here. 187 00:09:28,640 --> 00:09:31,120 Speaker 1: But yes yesterday I thought was a very big step 188 00:09:31,160 --> 00:09:33,400 Speaker 1: for the President did a really amazing job. A lot 189 00:09:33,400 --> 00:09:35,320 Speaker 1: of it was the President. He'll give us credit and 190 00:09:35,360 --> 00:09:37,199 Speaker 1: give us all credit for being part of it. But 191 00:09:37,320 --> 00:09:39,440 Speaker 1: quite honestly, I have to give most of the credit, 192 00:09:39,440 --> 00:09:41,040 Speaker 1: if not all, the credits to the President said to 193 00:09:41,080 --> 00:09:43,960 Speaker 1: America who who stayed at this and was very consistent 194 00:09:44,240 --> 00:09:46,600 Speaker 1: in the sense of wanting to get something by partisan done. 195 00:09:47,880 --> 00:09:52,000 Speaker 1: Secretary Walsh, with regard to reconciliation, you're a long time 196 00:09:52,080 --> 00:09:55,000 Speaker 1: union man. You're known in Boston and have been for 197 00:09:55,040 --> 00:09:59,080 Speaker 1: a long time as a union leader and someone from 198 00:09:59,080 --> 00:10:03,840 Speaker 1: the building trade specifically, will you and the administration push 199 00:10:04,559 --> 00:10:08,640 Speaker 1: to include provisions of the pro Act, the pro Labor 200 00:10:08,720 --> 00:10:11,920 Speaker 1: pro Act in the broader legislation. I still think it's 201 00:10:11,920 --> 00:10:14,199 Speaker 1: a little too early that there'll be everything. Everything will 202 00:10:14,240 --> 00:10:16,960 Speaker 1: be on the table, and honously we're gonna be moving forward. 203 00:10:17,000 --> 00:10:19,199 Speaker 1: I'm gonna be pushing to see what what what what 204 00:10:19,240 --> 00:10:21,959 Speaker 1: aspects of the pro acts we could get into the bill. Uh, 205 00:10:22,160 --> 00:10:25,000 Speaker 1: and we'll see I think just like this this first 206 00:10:25,400 --> 00:10:28,040 Speaker 1: I guess this first piece of of of the American 207 00:10:28,120 --> 00:10:31,559 Speaker 1: Joss Plan that the President was able to negotiate. We're 208 00:10:31,559 --> 00:10:33,520 Speaker 1: going to begin these conversations up again. We're going to 209 00:10:33,600 --> 00:10:36,240 Speaker 1: continue these conversations on as we move forward. So there's 210 00:10:36,320 --> 00:10:38,600 Speaker 1: lots of different pieces that people would like to see 211 00:10:39,280 --> 00:10:42,320 Speaker 1: in a reconciliation, but we'll we'll take this a step 212 00:10:42,320 --> 00:10:44,480 Speaker 1: at a time and day of time and continue down 213 00:10:44,480 --> 00:10:49,119 Speaker 1: this road. You've been here for a couple of months, Secretary. 214 00:10:49,120 --> 00:10:50,839 Speaker 1: You got down here a little earlier than I did, 215 00:10:50,840 --> 00:10:53,840 Speaker 1: from Boston to Washington, and I recall the lunch that 216 00:10:53,920 --> 00:10:57,560 Speaker 1: you had, uh somewhat famously at least in Boston at 217 00:10:57,600 --> 00:11:00,800 Speaker 1: the No Name restaurant with you and then I believe 218 00:11:00,960 --> 00:11:04,240 Speaker 1: Vice President Joe Biden. You guys have known each other 219 00:11:04,280 --> 00:11:06,240 Speaker 1: for a long time, and you've talked about a lot 220 00:11:06,240 --> 00:11:08,280 Speaker 1: of stuff. I wonder if you've had time to spend 221 00:11:08,320 --> 00:11:11,280 Speaker 1: with him since you've been here. Do you have regular meetings, 222 00:11:11,280 --> 00:11:14,120 Speaker 1: Do you guys have a chance to catch up. I've 223 00:11:14,160 --> 00:11:16,280 Speaker 1: spent a little time with the President. Obviously his schedule 224 00:11:16,320 --> 00:11:19,559 Speaker 1: is busier than it was that day. But but but 225 00:11:19,920 --> 00:11:23,600 Speaker 1: you know, he He's built a really amazing team around him. UH. 226 00:11:23,640 --> 00:11:26,160 Speaker 1: And I've had I've had the opportunity to spend some 227 00:11:26,160 --> 00:11:29,280 Speaker 1: some nice quiet time talking to the President and quite 228 00:11:29,320 --> 00:11:31,760 Speaker 1: honestly talking to the Vice President, as with the Vice 229 00:11:31,760 --> 00:11:35,160 Speaker 1: President Pittsburgh on Monday, UH and you know, just just 230 00:11:35,200 --> 00:11:37,640 Speaker 1: talking about how we continue to move America forward. And 231 00:11:37,960 --> 00:11:41,000 Speaker 1: it's it's really refreshing to have have two people so 232 00:11:41,160 --> 00:11:44,400 Speaker 1: dedicated uh to to two American people. So it's great 233 00:11:44,440 --> 00:11:46,720 Speaker 1: to work with them both and and and it's great 234 00:11:46,760 --> 00:11:50,200 Speaker 1: to you know, obviously, Joe Biden's a dear, dear friend. UH. 235 00:11:50,240 --> 00:11:52,400 Speaker 1: And you know, I'm on it to work with him 236 00:11:52,400 --> 00:11:56,640 Speaker 1: every day. This is a pro union administration, not unlike 237 00:11:56,720 --> 00:11:58,640 Speaker 1: your own when you were running the City of Boston. 238 00:11:58,679 --> 00:12:02,200 Speaker 1: Will that be codified in language in this infrastructure bill. 239 00:12:02,800 --> 00:12:04,280 Speaker 1: I think some of it might be. And I think 240 00:12:04,280 --> 00:12:06,880 Speaker 1: the one thing that people need to understand that, uh. 241 00:12:06,960 --> 00:12:08,800 Speaker 1: You know a lot of people have different emotions. And 242 00:12:09,160 --> 00:12:11,600 Speaker 1: you just mentioned the city of Austin. You know, I 243 00:12:11,600 --> 00:12:13,280 Speaker 1: I am the same person that was mayor of the 244 00:12:13,280 --> 00:12:16,080 Speaker 1: city of Buston uh. And I was a pro worker, 245 00:12:16,480 --> 00:12:19,160 Speaker 1: pro labor mayor. Uh. And we were able to do 246 00:12:19,200 --> 00:12:21,880 Speaker 1: some amazing things. Uh financially in the city, triple A 247 00:12:21,880 --> 00:12:26,280 Speaker 1: bond rating for seven consecutive years, able to approve you know, 248 00:12:26,320 --> 00:12:29,920 Speaker 1: forty eight billion dollars worth the development fully fund on 249 00:12:29,920 --> 00:12:32,200 Speaker 1: a way to fully fund our pension system. And there's 250 00:12:32,240 --> 00:12:35,840 Speaker 1: no reason why we can't collectively work together business and 251 00:12:35,920 --> 00:12:38,719 Speaker 1: labor as we move forward here and in Secretary of 252 00:12:38,760 --> 00:12:42,800 Speaker 1: Mondo and myself in Secretary Cardona quite honestly in Education 253 00:12:42,840 --> 00:12:45,400 Speaker 1: that have made a commitment to continue to work together 254 00:12:45,480 --> 00:12:48,160 Speaker 1: to create job opportunities. Because without business you don't have 255 00:12:48,280 --> 00:12:51,240 Speaker 1: you can't have labor. Without education and training, you can't 256 00:12:51,240 --> 00:12:53,079 Speaker 1: have a good train work force. So we're going to 257 00:12:53,120 --> 00:12:56,800 Speaker 1: collectively work together as a mcquodia the US Labor Secretary 258 00:12:56,840 --> 00:13:00,000 Speaker 1: Marty Walsh, many thanks for joining us today on Bloomberg 259 00:13:00,120 --> 00:13:02,280 Speaker 1: Sound On. It's great to hear your voice again. Let's 260 00:13:02,280 --> 00:13:04,880 Speaker 1: do it in person next time, and for all future guests, 261 00:13:04,960 --> 00:13:07,120 Speaker 1: you now know the best way to approach me when 262 00:13:07,120 --> 00:13:10,719 Speaker 1: you join us here on the air. This is Bloomberg 263 00:13:10,880 --> 00:13:16,760 Speaker 1: Sound On with Joe Matthew on Bloomberg Radio. As we 264 00:13:16,840 --> 00:13:21,280 Speaker 1: follow the bouncing ball on infrastructure, could take a lot 265 00:13:21,320 --> 00:13:24,479 Speaker 1: of directions. As we were just discussing with Labor Secretary 266 00:13:24,559 --> 00:13:29,040 Speaker 1: Marty Walsh. Our exclusive conversation today on Bloomberg Sound On. 267 00:13:29,080 --> 00:13:31,800 Speaker 1: I'm Joe Matthew in Washington, where we turned to White 268 00:13:31,840 --> 00:13:35,480 Speaker 1: House correspondent Josh wind Grove, who has also had quite 269 00:13:35,480 --> 00:13:38,520 Speaker 1: a week. Josh, it's great to have you with us. 270 00:13:38,559 --> 00:13:41,800 Speaker 1: The first question you were in the briefing room, the 271 00:13:41,880 --> 00:13:45,559 Speaker 1: first question to White House Press Secretary Jensaki this day 272 00:13:45,640 --> 00:13:53,000 Speaker 1: after the bipartisan deal was released was is the infrastructure 273 00:13:53,040 --> 00:13:56,560 Speaker 1: agreement already stuck in a pothole? This is what it 274 00:13:56,640 --> 00:14:02,160 Speaker 1: sounded like coming out of that question. You worked hard 275 00:14:02,200 --> 00:14:08,040 Speaker 1: on that. I like it, Uh, absolutely not. In our view. 276 00:14:08,520 --> 00:14:11,840 Speaker 1: The President uh is continuing too, as I said, as 277 00:14:11,840 --> 00:14:15,000 Speaker 1: he said yesterday, there's work ahead, There's no question about that. 278 00:14:15,080 --> 00:14:17,720 Speaker 1: But yesterday it was a significant moment when you saw 279 00:14:17,840 --> 00:14:21,040 Speaker 1: Democrats and Republicans and the President of the United States 280 00:14:21,360 --> 00:14:25,200 Speaker 1: stand outside together and say we've come to agreement to 281 00:14:25,200 --> 00:14:29,640 Speaker 1: to work for towards passing a historic investment in infrastructure. 282 00:14:30,480 --> 00:14:32,640 Speaker 1: And of course that's what the Press secretary is supposed 283 00:14:32,680 --> 00:14:35,920 Speaker 1: to say, Josh, But how difficult is this going to 284 00:14:35,960 --> 00:14:38,840 Speaker 1: be the first question the president got coming home from 285 00:14:38,880 --> 00:14:42,640 Speaker 1: North Carolina yesterday was his infrastructure d o A. This 286 00:14:42,720 --> 00:14:47,400 Speaker 1: is not the conversation they wanted to be having right now. Yeah, absolutely, 287 00:14:47,440 --> 00:14:49,600 Speaker 1: And I hate to disappoint you that our colleague Jen 288 00:14:49,680 --> 00:14:52,160 Speaker 1: Epstein within the chair today not me, But they're still 289 00:14:52,160 --> 00:14:54,520 Speaker 1: going here at the White House. So you're stuck with 290 00:14:54,560 --> 00:15:00,960 Speaker 1: me tonight on the phone. But the we're honored right now. Yeah, Well, 291 00:15:01,080 --> 00:15:03,280 Speaker 1: that's always the landscape right now. There's a bit of 292 00:15:03,280 --> 00:15:05,800 Speaker 1: gas landing going on the either side. Frankly, like Biden 293 00:15:05,840 --> 00:15:09,480 Speaker 1: has always signaled the reconciliation was on the table in 294 00:15:09,600 --> 00:15:13,480 Speaker 1: some form. Uh, But at the same time, his sort 295 00:15:13,520 --> 00:15:17,320 Speaker 1: of immediate veto threat was farther and sort of sharper 296 00:15:17,320 --> 00:15:19,640 Speaker 1: than he in the past. The Republicans are both right 297 00:15:19,880 --> 00:15:22,080 Speaker 1: that he kind of hit them with a hammer right 298 00:15:22,120 --> 00:15:24,880 Speaker 1: out of the gate. But I think it's not right 299 00:15:24,920 --> 00:15:27,120 Speaker 1: to say that this this is like totally out of 300 00:15:27,200 --> 00:15:29,280 Speaker 1: left field. So where does that leave us? The question 301 00:15:29,360 --> 00:15:32,800 Speaker 1: is what can they get safety votes on an infrastructure 302 00:15:32,800 --> 00:15:36,359 Speaker 1: package and can they get enough votes for the reconciliation 303 00:15:36,400 --> 00:15:38,480 Speaker 1: package that they want to do. If they moved too 304 00:15:38,600 --> 00:15:42,320 Speaker 1: much towards in front, towards compromise there, they could lose 305 00:15:42,640 --> 00:15:44,880 Speaker 1: both on one end and vice versa. So if they 306 00:15:44,960 --> 00:15:46,880 Speaker 1: think of the you know, they're trying to like, you know, 307 00:15:46,920 --> 00:15:49,360 Speaker 1: play Jenga on kind of a moving train, right, Like 308 00:15:49,400 --> 00:15:53,000 Speaker 1: there's two challenges going on here where, and you know, 309 00:15:53,080 --> 00:15:55,120 Speaker 1: trying to land both of these at the same time 310 00:15:55,160 --> 00:15:57,240 Speaker 1: as the President wants to do is just like a 311 00:15:57,320 --> 00:16:00,640 Speaker 1: shirky lean legislative task. You know, if this thing is 312 00:16:00,760 --> 00:16:04,320 Speaker 1: very much not baked yet, well, I don't. Is Jenga 313 00:16:04,480 --> 00:16:07,680 Speaker 1: on a train a strategy? And I ask you that 314 00:16:07,760 --> 00:16:11,680 Speaker 1: after talking with Secretary Walsh and it's clear that this 315 00:16:11,760 --> 00:16:15,040 Speaker 1: is still taking form. We asked about provisions of the 316 00:16:15,080 --> 00:16:19,520 Speaker 1: proact potentially going into the broader legislation, maybe authority to 317 00:16:19,600 --> 00:16:24,360 Speaker 1: regulate how public works projects are carried out, throwing another cliche, 318 00:16:24,400 --> 00:16:27,120 Speaker 1: are they building the plane in flight or what? Yeah? 319 00:16:27,160 --> 00:16:29,560 Speaker 1: A little bit, a little bit now, you know, I'm 320 00:16:29,640 --> 00:16:31,600 Speaker 1: my wife tells me where I'm too cynical on these 321 00:16:31,680 --> 00:16:34,120 Speaker 1: kinds of things. So so let me maybe take a 322 00:16:34,160 --> 00:16:37,840 Speaker 1: more generous interpretation. We had the last bill that that 323 00:16:38,160 --> 00:16:40,720 Speaker 1: Biden pushed through with only Democrat both that reigned a 324 00:16:40,760 --> 00:16:42,280 Speaker 1: lot of money down on a lot of parts of 325 00:16:42,320 --> 00:16:45,640 Speaker 1: the country. Republicans couldn't really do what a lot of 326 00:16:45,760 --> 00:16:47,600 Speaker 1: members of Congress like to do, which is show up, 327 00:16:47,720 --> 00:16:50,600 Speaker 1: you know, at a ribbon cutting ceremony and say, congratulations, 328 00:16:50,600 --> 00:16:52,640 Speaker 1: this money came from the sky and you have to 329 00:16:52,680 --> 00:16:54,760 Speaker 1: thank for it. They couldn't do that because they didn't 330 00:16:54,800 --> 00:16:56,560 Speaker 1: vote for it, or at least they shouldn't have done that. 331 00:16:56,640 --> 00:16:59,200 Speaker 1: Some of them tried to have it both ways. So 332 00:16:59,240 --> 00:17:02,760 Speaker 1: there's a world suppose where uh, enough Republicans want to 333 00:17:02,800 --> 00:17:04,280 Speaker 1: be able to do that, that they could vote for 334 00:17:04,320 --> 00:17:06,320 Speaker 1: this package. But I think that's a really generous I 335 00:17:06,359 --> 00:17:09,760 Speaker 1: think I'm trying stretching too hard to to to say that. 336 00:17:10,359 --> 00:17:13,200 Speaker 1: And on the flip side, you know, Biden my cynics 337 00:17:13,200 --> 00:17:15,960 Speaker 1: in the Biden administration might think, well, heck, we're gonna 338 00:17:15,960 --> 00:17:18,040 Speaker 1: have this to be good either way. You know, if 339 00:17:18,040 --> 00:17:20,040 Speaker 1: they ball, we'll be able to push through stuff in 340 00:17:20,040 --> 00:17:23,520 Speaker 1: reconciliation and just move on anyway. The two wabbly vote 341 00:17:23,600 --> 00:17:29,280 Speaker 1: those Centrists Senators Uh Christen Cinema and uh and Joe Mansion, 342 00:17:29,960 --> 00:17:33,000 Speaker 1: you know, they if Republicans walk away from the tables, 343 00:17:33,040 --> 00:17:35,199 Speaker 1: they'll have you know, they'll they'll be on good footing 344 00:17:35,200 --> 00:17:37,240 Speaker 1: to say well, hey, we tried, so you know, I 345 00:17:37,280 --> 00:17:39,119 Speaker 1: think there's still are a lot of avenues here. We 346 00:17:39,200 --> 00:17:41,240 Speaker 1: just absolutely don't know where it's gonna go. And they're 347 00:17:41,240 --> 00:17:43,000 Speaker 1: getting qute with this map too. I want to add, 348 00:17:43,040 --> 00:17:45,680 Speaker 1: remember it's at one point two million figures that they're 349 00:17:45,720 --> 00:17:48,520 Speaker 1: talking about. That is over eight years and includes stuff 350 00:17:48,560 --> 00:17:51,600 Speaker 1: that's going to happen already. The new money is something 351 00:17:51,600 --> 00:17:54,360 Speaker 1: in the five nine billion range. That's right, and we've 352 00:17:54,359 --> 00:17:56,399 Speaker 1: been consistent with that at Bloomberg. You'll see a lot 353 00:17:56,400 --> 00:17:58,600 Speaker 1: of different headlines that are in the one point two 354 00:17:58,640 --> 00:18:01,640 Speaker 1: trillion range. And we look across the next week or two. 355 00:18:01,920 --> 00:18:06,200 Speaker 1: Uh though, how how does this work with the calendar? 356 00:18:06,600 --> 00:18:08,320 Speaker 1: Got the fourth of July coming up, We've got an 357 00:18:08,240 --> 00:18:12,320 Speaker 1: August recess coming up. So will it be infrastructure summer 358 00:18:12,359 --> 00:18:15,679 Speaker 1: and fall? Yeah, I think that there's a world. I 359 00:18:15,720 --> 00:18:18,240 Speaker 1: was talking to an officially yesterday. They said there's a 360 00:18:18,280 --> 00:18:22,800 Speaker 1: world that this could happen in uh in August ideally, 361 00:18:22,960 --> 00:18:24,560 Speaker 1: you know, if they could land this in August, but 362 00:18:24,600 --> 00:18:27,480 Speaker 1: they said, probably more likely it's slides to September. I 363 00:18:27,520 --> 00:18:30,920 Speaker 1: certainly think that that is more likely. Um, and again, 364 00:18:30,960 --> 00:18:32,560 Speaker 1: I think we're really up in the air. You know 365 00:18:32,600 --> 00:18:35,320 Speaker 1: that the so called Gang of Senators and negotiated this. 366 00:18:35,440 --> 00:18:38,240 Speaker 1: We were watching to see whether any Republicans but that that 367 00:18:38,400 --> 00:18:41,720 Speaker 1: a walk away. That doesn't happen yet. But Mitch McConnell 368 00:18:42,480 --> 00:18:44,719 Speaker 1: and you know, other figures in the Republican Party are 369 00:18:44,720 --> 00:18:47,359 Speaker 1: sort of pressuring them, saying they feel carpet bags, they 370 00:18:47,359 --> 00:18:50,639 Speaker 1: feel like Biden has you know, you know, paraded them 371 00:18:50,640 --> 00:18:52,960 Speaker 1: in front of the camera said we gotta buipartisan deal 372 00:18:53,480 --> 00:18:55,040 Speaker 1: and oh, by the way, I'm only going to sign 373 00:18:55,040 --> 00:18:57,720 Speaker 1: it when I get my Democratic package on its own. 374 00:18:57,760 --> 00:19:00,720 Speaker 1: As well, we've had a lot of figure out. Please 375 00:19:01,800 --> 00:19:05,040 Speaker 1: say Happy Friday to your wife and explain that skeptics 376 00:19:05,080 --> 00:19:07,720 Speaker 1: become journalists. It's great to have you, as always, White 377 00:19:07,760 --> 00:19:12,600 Speaker 1: House corresponding, thank you, very good. She knows this. Josh 378 00:19:12,640 --> 00:19:14,280 Speaker 1: had quite a week, did a lot of great reporting, 379 00:19:14,280 --> 00:19:17,480 Speaker 1: our whole White House team did, and some long days 380 00:19:17,520 --> 00:19:19,840 Speaker 1: and looks like we have some long ones coming. Demand 381 00:19:19,880 --> 00:19:23,720 Speaker 1: for energy is rising as the economy recovers from COVID. 382 00:19:23,760 --> 00:19:26,080 Speaker 1: We hear about it all the time, gassing up cars, 383 00:19:26,840 --> 00:19:29,920 Speaker 1: filling up airplanes to go somewhere this summer. Low supplies 384 00:19:29,960 --> 00:19:33,280 Speaker 1: have been part of the story with crude oil futures today. 385 00:19:33,320 --> 00:19:36,000 Speaker 1: As you just heard rising above seventy four dollars of 386 00:19:36,080 --> 00:19:40,440 Speaker 1: barrel in New York, some betting the Biden administration now 387 00:19:42,720 --> 00:19:45,360 Speaker 1: is gonna send prices even higher. We're joined to talk 388 00:19:45,359 --> 00:19:48,600 Speaker 1: about it all with Bloomberg Washington correspondent and Marie Horder. 389 00:19:48,640 --> 00:19:50,879 Speaker 1: It's great to see you. Welcome to Bloomberg sound On. 390 00:19:52,040 --> 00:19:54,160 Speaker 1: It's great to have you in Washington as well. All 391 00:19:54,240 --> 00:19:56,560 Speaker 1: roads lead to infrastructure, right, even energy. I want to 392 00:19:56,560 --> 00:19:58,919 Speaker 1: ask you about this. In an exclusive interview today on 393 00:19:58,960 --> 00:20:04,080 Speaker 1: Bloomberg Surveillance, Energy Secretary Jennifer Granholm talked about a plan 394 00:20:04,840 --> 00:20:09,199 Speaker 1: to sell parts of the nation's Strategic Petroleum Reserve to 395 00:20:09,320 --> 00:20:12,560 Speaker 1: help pay for this plan. She was asked about it 396 00:20:13,040 --> 00:20:15,560 Speaker 1: on Surveillance. It is really it will be a limited 397 00:20:15,600 --> 00:20:18,480 Speaker 1: sale to be able to meet the goal, which is 398 00:20:18,960 --> 00:20:21,560 Speaker 1: too I mean, the president's goal was he did not 399 00:20:21,640 --> 00:20:24,080 Speaker 1: want any of these paid force as you know, to 400 00:20:24,240 --> 00:20:28,400 Speaker 1: raise taxes on those earning over under four hundred thousand. 401 00:20:28,480 --> 00:20:32,680 Speaker 1: He didn't want to see UH tax on electric vehicles 402 00:20:32,800 --> 00:20:37,280 Speaker 1: or gas tax. So this is one of several elements 403 00:20:37,400 --> 00:20:39,479 Speaker 1: that were used as a paid for and again it's 404 00:20:39,480 --> 00:20:43,040 Speaker 1: a limited sale, Okay. So I thought the Strategic Petroleum 405 00:20:43,080 --> 00:20:47,080 Speaker 1: Reserve was there for for times of emergency, and I 406 00:20:47,119 --> 00:20:49,760 Speaker 1: guess we're using this to raise money now. Yeah, and 407 00:20:49,800 --> 00:20:52,240 Speaker 1: it's not the first time it's been done. And Granholm 408 00:20:52,320 --> 00:20:55,080 Speaker 1: did say that it's Grahame didn't mention it has been 409 00:20:55,160 --> 00:20:57,320 Speaker 1: used as a piggy bank in the past, sell some 410 00:20:57,400 --> 00:21:00,359 Speaker 1: crude fund other things like medical research, et cetera. But 411 00:21:00,400 --> 00:21:02,960 Speaker 1: as you mentioned, it's for emergency funds. It's started in 412 00:21:02,960 --> 00:21:07,119 Speaker 1: the seventies. Started this was of course after the Arab 413 00:21:07,160 --> 00:21:09,439 Speaker 1: oil embargo. What they want to do is trying to 414 00:21:09,440 --> 00:21:11,920 Speaker 1: get some billions of dollars. Look where the prices now 415 00:21:12,200 --> 00:21:15,879 Speaker 1: we have brand I think above seventy six dollars a barrel. 416 00:21:16,000 --> 00:21:19,160 Speaker 1: This would be the time to start selling. But what's interesting, Joe, 417 00:21:19,320 --> 00:21:23,359 Speaker 1: is that Bloomberg News Jennifer Dalu has an amazing piece 418 00:21:23,400 --> 00:21:28,080 Speaker 1: out actually outlining that if the We're Democrats had taken 419 00:21:28,520 --> 00:21:31,960 Speaker 1: this push that the Trump administration actually wanted when prices 420 00:21:31,960 --> 00:21:35,159 Speaker 1: were negative and very very low lasted during the pandemic, 421 00:21:35,359 --> 00:21:39,280 Speaker 1: which is to fill up the Strategic Petroleum Reserve to 422 00:21:39,320 --> 00:21:42,440 Speaker 1: help the fossil fuel industry, then they could have made 423 00:21:42,560 --> 00:21:45,520 Speaker 1: their estimates that Bloomberg has six billion dollars if they 424 00:21:45,520 --> 00:21:48,720 Speaker 1: were to sell what they wanted to buy last year today. 425 00:21:49,119 --> 00:21:52,639 Speaker 1: So very interesting oil diplomacy happening right now in the 426 00:21:52,680 --> 00:21:55,919 Speaker 1: United States, that is for sure. Now add the rest 427 00:21:56,200 --> 00:21:59,440 Speaker 1: of what we're talking about here, the recovery, right, demand 428 00:21:59,520 --> 00:22:03,159 Speaker 1: is high. We learned this week in two separate reports 429 00:22:03,200 --> 00:22:09,080 Speaker 1: that inventories remain at multi year lows. And then you 430 00:22:09,119 --> 00:22:11,560 Speaker 1: add electric vehicles and this is where it gets interesting, 431 00:22:11,600 --> 00:22:13,440 Speaker 1: cause I'm gonna ask you about an OPEC meeting next 432 00:22:13,440 --> 00:22:16,560 Speaker 1: week as well. But the demand for e vs, and 433 00:22:16,600 --> 00:22:20,280 Speaker 1: as Graholm described this morning, uh, they're going to ask 434 00:22:20,320 --> 00:22:24,120 Speaker 1: for even more money in reconciliation to make evs more 435 00:22:24,160 --> 00:22:27,640 Speaker 1: affordable to people. But it takes fossil fuels to make 436 00:22:27,680 --> 00:22:31,439 Speaker 1: electric vehicles. And as four years up and GM and 437 00:22:31,440 --> 00:22:33,919 Speaker 1: the government puts more incentives out there, will that in 438 00:22:34,000 --> 00:22:37,439 Speaker 1: itself sent oil prices higher. It's a it's a good question. 439 00:22:37,680 --> 00:22:40,520 Speaker 1: I I think you know their push for fossil fuels 440 00:22:40,520 --> 00:22:44,280 Speaker 1: and infrastructure uses all kinds of commodities, right, and all 441 00:22:44,280 --> 00:22:48,359 Speaker 1: of that is using fossil fuels, charging stations, etcetera. Um, 442 00:22:48,400 --> 00:22:51,399 Speaker 1: it will also make the fact that those cars that 443 00:22:51,440 --> 00:22:55,840 Speaker 1: are still using fossil fuels potentially as more companies are 444 00:22:55,880 --> 00:22:58,439 Speaker 1: not going to want to invest as much money, and 445 00:22:58,480 --> 00:23:00,600 Speaker 1: you see this in Europe, especially so with the U 446 00:23:00,720 --> 00:23:03,160 Speaker 1: S energy companies that are going to invest as much 447 00:23:03,200 --> 00:23:04,920 Speaker 1: in oil and gas and drilling. They want to invest 448 00:23:04,960 --> 00:23:07,480 Speaker 1: in the shiny new things, which is the energy transition. 449 00:23:07,600 --> 00:23:10,480 Speaker 1: That in itself will also drive up the price of 450 00:23:10,480 --> 00:23:13,600 Speaker 1: oil because it will be less infrastructure into this fossil 451 00:23:13,640 --> 00:23:16,520 Speaker 1: fuel industry. There's only only a few companies and I'm 452 00:23:16,560 --> 00:23:18,920 Speaker 1: talking years down the road, but you have to think 453 00:23:18,920 --> 00:23:20,919 Speaker 1: about that, only a few companies in a few places 454 00:23:20,920 --> 00:23:22,800 Speaker 1: that are going to invest in that industry, and that 455 00:23:22,840 --> 00:23:25,320 Speaker 1: will in itself make the prices go higher. And what 456 00:23:25,320 --> 00:23:28,000 Speaker 1: you're seeing right now in the market, you have Traffic, 457 00:23:28,000 --> 00:23:31,440 Speaker 1: you're a top trading oil company, you have Bank of America. 458 00:23:31,600 --> 00:23:33,439 Speaker 1: All of them are saying we could see a hundred 459 00:23:33,440 --> 00:23:36,200 Speaker 1: dollars a barrel by the end of this year. So 460 00:23:36,359 --> 00:23:39,080 Speaker 1: triple digits on Brent. Well, that's what a lot of 461 00:23:39,080 --> 00:23:40,840 Speaker 1: people are betting on here. And as of course we 462 00:23:40,920 --> 00:23:43,520 Speaker 1: hear from investors of the investment community as well, is 463 00:23:43,520 --> 00:23:46,919 Speaker 1: that funds are underinvested in energy and if there's a 464 00:23:46,920 --> 00:23:49,639 Speaker 1: big FOMO move here, that could be really something but 465 00:23:49,760 --> 00:23:53,960 Speaker 1: tell me about the Opeque story next week or are 466 00:23:54,080 --> 00:23:58,320 Speaker 1: there good odds for more pumping to increase supplies, to 467 00:23:58,560 --> 00:24:01,359 Speaker 1: stabilize or even lower price. Speaking of FOMO, will be 468 00:24:01,400 --> 00:24:03,800 Speaker 1: the first OPEC meeting I'm not attending in a while, 469 00:24:03,920 --> 00:24:07,239 Speaker 1: as I used to cover ope very very closely. But 470 00:24:07,520 --> 00:24:09,919 Speaker 1: it is the main energy event of next week, and 471 00:24:09,960 --> 00:24:13,920 Speaker 1: this is when production policy will be decided by this group. Um, 472 00:24:14,040 --> 00:24:17,720 Speaker 1: there's already wrangling going on going into the meeting. You 473 00:24:17,760 --> 00:24:20,320 Speaker 1: have Russia, which pretty much always makes a play Joe 474 00:24:20,400 --> 00:24:22,480 Speaker 1: to pump more. That's what they want to do, especially 475 00:24:22,520 --> 00:24:24,919 Speaker 1: when you have these prices. I mean, Vladimir Putin has 476 00:24:24,960 --> 00:24:27,080 Speaker 1: a number of times Russia can balance its books at 477 00:24:27,080 --> 00:24:29,240 Speaker 1: sixty even forty dollars a barrel. Then you have some 478 00:24:29,320 --> 00:24:31,440 Speaker 1: of the Gulfs like Saudi, which need a much higher 479 00:24:31,480 --> 00:24:34,000 Speaker 1: prices than they love this. But what is interesting is 480 00:24:34,000 --> 00:24:37,199 Speaker 1: that even though Prince Abdulaziz, the Saudi oil minister, has 481 00:24:37,240 --> 00:24:40,600 Speaker 1: said recently he sees himself as an individual who should 482 00:24:40,600 --> 00:24:44,959 Speaker 1: help tame inflation, prices are going higher, that's obviously inflationary pressure. 483 00:24:44,960 --> 00:24:48,399 Speaker 1: At the same time, he's a very cautious person and 484 00:24:48,480 --> 00:24:51,959 Speaker 1: he's very worried about another wave. So what market watchers 485 00:24:52,000 --> 00:24:54,359 Speaker 1: are expecting in this very hot market at the moment 486 00:24:54,680 --> 00:24:57,520 Speaker 1: and as demands increasing, that they will have to put 487 00:24:57,720 --> 00:25:00,080 Speaker 1: some supplies back in the market, but they're not to 488 00:25:00,160 --> 00:25:03,640 Speaker 1: go full on in when potentially like India's calling for 489 00:25:03,760 --> 00:25:06,919 Speaker 1: and the I A e A Is calling for fascinating stuff. 490 00:25:06,960 --> 00:25:09,680 Speaker 1: Here are there members before you leave us? Are there 491 00:25:09,680 --> 00:25:13,159 Speaker 1: OPEC members that are reluctant to pump more and just 492 00:25:13,280 --> 00:25:16,800 Speaker 1: want to see prices rise. There's one story that is 493 00:25:16,840 --> 00:25:19,640 Speaker 1: overshadowing this OPEC plus meeting, and that's the other meeting 494 00:25:19,720 --> 00:25:22,439 Speaker 1: that's happening in Vienna, where OPEK is also headquarters, and 495 00:25:22,640 --> 00:25:26,600 Speaker 1: that is the Iranian That is the Iranian negotiations regarding 496 00:25:26,600 --> 00:25:29,439 Speaker 1: the nuclear deal. If Iran comes back on the market 497 00:25:29,800 --> 00:25:32,840 Speaker 1: and lift oil sanctions from the United States, we could 498 00:25:32,840 --> 00:25:35,640 Speaker 1: see potentially ramping up one point four million barrels a day. 499 00:25:35,640 --> 00:25:38,240 Speaker 1: OPEX I want to boot boost supply if Iran is 500 00:25:38,240 --> 00:25:41,520 Speaker 1: said to come back online. Iran the wild card A yes. 501 00:25:42,119 --> 00:25:43,639 Speaker 1: When are we going to find out next week? What 502 00:25:43,720 --> 00:25:46,920 Speaker 1: days the meeting um OPAC meeting is on the first. 503 00:25:46,920 --> 00:25:48,960 Speaker 1: We're still waiting to find out when the Iranian and 504 00:25:48,960 --> 00:25:51,200 Speaker 1: the US implomatical meta go. We're gonna be watching prices 505 00:25:51,280 --> 00:25:54,200 Speaker 1: between now and then. The is the does Wall Street think, 506 00:25:54,320 --> 00:25:56,560 Speaker 1: does the does the futures market believe that a hundred 507 00:25:56,680 --> 00:26:00,480 Speaker 1: dollars of barrel is realistic? Or or those outlying bets. No, 508 00:26:00,760 --> 00:26:02,880 Speaker 1: Walsh believes that. Traffic euro that's one of the top 509 00:26:02,960 --> 00:26:05,400 Speaker 1: oil traders certainly believes that. And you're seeing that across 510 00:26:05,480 --> 00:26:09,159 Speaker 1: all commonities. It's a supercycle, as some would say, a supercycle. 511 00:26:10,240 --> 00:26:13,679 Speaker 1: With Bloomberg's Washington Correspondence and Marie Horder and we'll let 512 00:26:13,720 --> 00:26:16,480 Speaker 1: you put the oil patch down now start covering Congress again. 513 00:26:16,880 --> 00:26:19,720 Speaker 1: I'll see on Pennsylvania Avenue. And Marie, thank you so 514 00:26:19,880 --> 00:26:21,639 Speaker 1: much for being here, and thank you for joining us 515 00:26:21,720 --> 00:26:26,119 Speaker 1: on Bloomberg Sound On. You're listening to Bloomberg you sound 516 00:26:26,200 --> 00:26:32,120 Speaker 1: on with Joe Matthew on Bloomberg Radio. Thanks for joining 517 00:26:32,200 --> 00:26:35,960 Speaker 1: us live from Washington. The report is out. A government 518 00:26:36,080 --> 00:26:41,720 Speaker 1: report on UFOs out a short time ago. In defense 519 00:26:41,760 --> 00:26:45,000 Speaker 1: and intelligence analysts say they don't have enough information, not 520 00:26:45,200 --> 00:26:48,960 Speaker 1: enough data, to determine the nature of these mysterious flying 521 00:26:49,040 --> 00:26:52,879 Speaker 1: objects that military pilots have been looking at and recording 522 00:26:53,760 --> 00:26:57,080 Speaker 1: for years. We're gonna get into this straight ahead. Bloomberg 523 00:26:57,200 --> 00:27:00,399 Speaker 1: sound On has brought to you by SEI Crises and Size, 524 00:27:00,520 --> 00:27:05,200 Speaker 1: Character and Partnership, One Mission, one Community, se I go 525 00:27:05,359 --> 00:27:11,800 Speaker 1: to SEI dot com slash I m S. We're joined 526 00:27:11,840 --> 00:27:14,920 Speaker 1: to talk about this in just a moment. By Billy 527 00:27:15,080 --> 00:27:19,440 Speaker 1: House Bloomberg Congressional reporter. The report, as I mentioned, came 528 00:27:19,480 --> 00:27:23,640 Speaker 1: out just in the last hour, submitted to Congress, released 529 00:27:23,680 --> 00:27:32,560 Speaker 1: to the public. Billy, welcome to Bloomberg's out on. Billy Hosek, 530 00:27:32,560 --> 00:27:36,800 Speaker 1: you glad to be here. Well, you're reading a report 531 00:27:36,880 --> 00:27:42,200 Speaker 1: on UFOs for crying out loud and this is no joke. Um. Interestingly, 532 00:27:42,280 --> 00:27:44,560 Speaker 1: a lot of us have seen these videos taken by 533 00:27:45,000 --> 00:27:49,840 Speaker 1: military pilots. There was a series of reports on this recently. 534 00:27:49,960 --> 00:27:51,560 Speaker 1: This was supposed to be the big one. Billy. It 535 00:27:51,960 --> 00:27:54,720 Speaker 1: it leaves a lot of information. They say they don't 536 00:27:54,760 --> 00:27:59,480 Speaker 1: have enough data to draw conclusions. Right. The report came out. 537 00:27:59,560 --> 00:28:02,720 Speaker 1: It's aye so so to speak, landed at Capitol Hill 538 00:28:02,800 --> 00:28:07,320 Speaker 1: this afternoon from the office uh Director of National Intelligence. 539 00:28:08,359 --> 00:28:11,000 Speaker 1: It's both fascinating and disappointing at the same time. And 540 00:28:11,119 --> 00:28:15,000 Speaker 1: it basically says that uh it doesn't mention the word 541 00:28:15,040 --> 00:28:18,000 Speaker 1: alien or extraterrestrial. But it does say there are five 542 00:28:18,119 --> 00:28:22,679 Speaker 1: or so categories of unexplained aerial phenomena, everything from clutter 543 00:28:22,840 --> 00:28:28,720 Speaker 1: birds uh to a catch all category uh that maybe 544 00:28:28,800 --> 00:28:32,959 Speaker 1: includes aliens, but they don't say so in the report. Okay, 545 00:28:33,359 --> 00:28:35,879 Speaker 1: Uh do they make any suggestion as to why we 546 00:28:35,960 --> 00:28:41,080 Speaker 1: don't know what these things are? Uh? They say that 547 00:28:41,200 --> 00:28:46,080 Speaker 1: they've only recently standardized the reporting. So what they're telling 548 00:28:46,160 --> 00:28:50,240 Speaker 1: us is that, uh, decades from the Cold War era 549 00:28:50,360 --> 00:28:54,080 Speaker 1: in the nineteen forties and Roswell don't count really any 550 00:28:54,920 --> 00:28:58,040 Speaker 1: as they uh. Now, let's say they rely on more 551 00:28:58,080 --> 00:29:03,720 Speaker 1: sophisticated UHU and standardized reporting only to to you know, 552 00:29:03,840 --> 00:29:07,760 Speaker 1: the last decade or so, and that's um. From there, 553 00:29:07,840 --> 00:29:11,120 Speaker 1: they haven't been able to conclusively make any decisions on 554 00:29:11,320 --> 00:29:13,479 Speaker 1: what it is these things are except for that they 555 00:29:14,680 --> 00:29:17,960 Speaker 1: they crossed by categories. So you get a sense that 556 00:29:18,000 --> 00:29:21,600 Speaker 1: there's a lot in this nine page report over decades 557 00:29:21,640 --> 00:29:24,800 Speaker 1: and that's not really in there, all right. Billy House 558 00:29:24,840 --> 00:29:27,920 Speaker 1: Bloomberg Congressional reporter, thanks for the initial read on this 559 00:29:29,320 --> 00:29:33,360 Speaker 1: statement from the Pentagon. You ap clearly posed a safety 560 00:29:33,440 --> 00:29:36,520 Speaker 1: of flight issue and may pose a challenge to US 561 00:29:36,920 --> 00:29:43,160 Speaker 1: national security let's bringing Nicholas Sunset as part of this conversation, 562 00:29:43,280 --> 00:29:46,640 Speaker 1: professor and director of the astronomy program at Texas A 563 00:29:46,800 --> 00:29:49,240 Speaker 1: and M. Professor. It's great to have you on Bloomberg Radio. 564 00:29:50,280 --> 00:29:52,440 Speaker 1: Thank you, it's great to be here. Do you ever 565 00:29:52,520 --> 00:29:56,760 Speaker 1: think you'd see this day? Yes? And no. I mean 566 00:29:56,840 --> 00:29:59,160 Speaker 1: UFOs have been around for a long time, so it's 567 00:29:59,160 --> 00:30:01,400 Speaker 1: not not a new subject. But the fact that a 568 00:30:01,560 --> 00:30:05,120 Speaker 1: report is coming out and it's them of the federal government, 569 00:30:05,240 --> 00:30:07,760 Speaker 1: that's that's pretty exciting. So what should this tell us 570 00:30:07,840 --> 00:30:12,280 Speaker 1: the government is providing this report. Have government officials confirmed 571 00:30:12,440 --> 00:30:16,520 Speaker 1: the fact that UFOs are real? It depends on what 572 00:30:16,600 --> 00:30:18,040 Speaker 1: you mean by real. Is certainly there are lots of 573 00:30:18,120 --> 00:30:21,960 Speaker 1: unidentified line objects. If you can't identify it's it's a 574 00:30:22,080 --> 00:30:24,880 Speaker 1: UFO by definition, well I should reframe the question. Then, 575 00:30:24,920 --> 00:30:30,360 Speaker 1: are UFOs coming from another world? That's well, that's a 576 00:30:30,440 --> 00:30:32,720 Speaker 1: hard question to answer. It seems unlikely to me. But 577 00:30:32,800 --> 00:30:34,360 Speaker 1: let let me phrase it in a different way. For 578 00:30:34,760 --> 00:30:37,880 Speaker 1: for a long time, you, UFOs have been been reported, 579 00:30:38,080 --> 00:30:40,640 Speaker 1: and there are lots of videos of women pictures and 580 00:30:40,720 --> 00:30:43,160 Speaker 1: they're always just barely at the edge of resolution. You 581 00:30:43,200 --> 00:30:46,480 Speaker 1: can't quite see what they're kind of fuzzy, and that 582 00:30:46,600 --> 00:30:49,560 Speaker 1: hasn't changed over time very much. But what has changed 583 00:30:49,720 --> 00:30:52,400 Speaker 1: with these videos and this information coming out is there's 584 00:30:52,440 --> 00:30:55,960 Speaker 1: now actual telemetry that is taken by the cameras that 585 00:30:56,080 --> 00:30:59,760 Speaker 1: pilots are using. So with the telemetry and a bunch 586 00:30:59,800 --> 00:31:03,640 Speaker 1: of smart engineers, one could sit down and actually begin 587 00:31:03,800 --> 00:31:07,440 Speaker 1: to measure things about these unidentified objects, which in the 588 00:31:07,520 --> 00:31:09,800 Speaker 1: past we just had to rely on kind of shaky 589 00:31:10,240 --> 00:31:13,120 Speaker 1: video camera work which really doesn't fill us anything. So 590 00:31:13,760 --> 00:31:17,400 Speaker 1: there's now information that scientists and engineers can look at 591 00:31:17,960 --> 00:31:21,600 Speaker 1: and and conclude some things about what these things are, 592 00:31:22,040 --> 00:31:24,239 Speaker 1: but they still are unknown. We don't know what they are. 593 00:31:24,640 --> 00:31:29,160 Speaker 1: The Pentagon is using the term unidentified aerial phenomena. You 594 00:31:29,400 --> 00:31:32,720 Speaker 1: a P. Is that the same as UFO? Yeah, I 595 00:31:32,760 --> 00:31:34,440 Speaker 1: think they're just trying to get away from kind of 596 00:31:34,560 --> 00:31:37,400 Speaker 1: the UFO craziness. There's there are lots and lots of 597 00:31:37,440 --> 00:31:40,720 Speaker 1: people that are fascinated by this subject, and some of 598 00:31:40,760 --> 00:31:43,440 Speaker 1: them are very speculative in what they're claiming. When you 599 00:31:43,600 --> 00:31:46,040 Speaker 1: hear the tape of these navy pilots looking at this 600 00:31:46,120 --> 00:31:51,040 Speaker 1: stuff essentially defying the laws of physics. Professor, someone like 601 00:31:51,120 --> 00:31:53,240 Speaker 1: yourself has been in this field for a long time, 602 00:31:53,360 --> 00:31:55,959 Speaker 1: must wonder what do you think it is? But I've 603 00:31:56,000 --> 00:31:57,520 Speaker 1: seen weird things in the sky that no one else 604 00:31:57,560 --> 00:32:00,440 Speaker 1: could identify. The later on identified now. I once saw 605 00:32:00,520 --> 00:32:02,960 Speaker 1: a string in the sky. There was about you know, 606 00:32:03,000 --> 00:32:04,920 Speaker 1: you hold out your hand. It was maybe twice the 607 00:32:05,000 --> 00:32:07,080 Speaker 1: size of your fifth and it was moving from west 608 00:32:07,120 --> 00:32:09,080 Speaker 1: to east, wholly rotating, and look up there and like, 609 00:32:09,200 --> 00:32:11,560 Speaker 1: what the heck is that? But then I went online 610 00:32:11,600 --> 00:32:13,560 Speaker 1: and I found out that it was an experiment that 611 00:32:13,680 --> 00:32:16,920 Speaker 1: was done where they took a mile mile or wire 612 00:32:17,040 --> 00:32:19,520 Speaker 1: and stretched it out for about a kilometer. They were 613 00:32:19,560 --> 00:32:22,760 Speaker 1: trying to create an electrical current across the wire. But 614 00:32:22,880 --> 00:32:24,320 Speaker 1: had I not read that, I would have had no 615 00:32:24,480 --> 00:32:27,360 Speaker 1: idea what a string is moving in the sky. But 616 00:32:27,440 --> 00:32:29,920 Speaker 1: there was an explanation and it was I found that 617 00:32:30,000 --> 00:32:33,120 Speaker 1: One out the problems with UFOs your throne, so many 618 00:32:33,240 --> 00:32:35,320 Speaker 1: things to try to explain it. If you can explain 619 00:32:35,400 --> 00:32:37,400 Speaker 1: one thing, then someone comes along and says, well what 620 00:32:37,480 --> 00:32:41,160 Speaker 1: about this? And it never ends. It's always what about this. 621 00:32:41,760 --> 00:32:45,120 Speaker 1: The difference now is that there's actual kilemetry on some 622 00:32:45,280 --> 00:32:47,720 Speaker 1: of these observations, but as far as I can tell, 623 00:32:47,800 --> 00:32:51,600 Speaker 1: no one has really carefully analyzed it in a neutral way. 624 00:32:51,720 --> 00:32:54,000 Speaker 1: There are a bunch of good websites which are trying 625 00:32:54,000 --> 00:32:55,960 Speaker 1: to take the numbers that appear in the videos and 626 00:32:56,080 --> 00:32:59,640 Speaker 1: turn them into inter actual distances and speeds and so forth. 627 00:33:00,320 --> 00:33:02,640 Speaker 1: And that's what we need. We just need a couple 628 00:33:02,680 --> 00:33:05,560 Speaker 1: of engineers to sit down with all the data that's 629 00:33:05,600 --> 00:33:08,600 Speaker 1: possible kind of tell us what what we know and 630 00:33:08,680 --> 00:33:11,720 Speaker 1: what's uncertain about these measurements. We haven't seen that yet. 631 00:33:12,440 --> 00:33:16,080 Speaker 1: Officials have made clear that their ability to draw conclusions 632 00:33:16,240 --> 00:33:18,760 Speaker 1: is limited by what they know. But Professor, we also 633 00:33:18,840 --> 00:33:21,720 Speaker 1: know that there is classified information that will not be 634 00:33:21,880 --> 00:33:26,720 Speaker 1: part of this public portion of the report. So we're 635 00:33:26,760 --> 00:33:29,760 Speaker 1: just going to keep going on guessing, aren't we. Oh? 636 00:33:29,840 --> 00:33:32,480 Speaker 1: I think so? Yes? Um. I also just want to 637 00:33:32,480 --> 00:33:35,360 Speaker 1: bring up something else has been not said in anything 638 00:33:35,640 --> 00:33:37,920 Speaker 1: in any of the articles, is that the US has 639 00:33:38,000 --> 00:33:41,520 Speaker 1: also looked into this. From rumors that I've heard to 640 00:33:41,760 --> 00:33:44,960 Speaker 1: a project called Jason's j s o N, which is 641 00:33:45,040 --> 00:33:47,560 Speaker 1: a group of scientists and engineers that is called together 642 00:33:47,680 --> 00:33:49,960 Speaker 1: used to be called together by the RAM Corporation to 643 00:33:50,120 --> 00:33:54,640 Speaker 1: look at unusual phenomena or or things that could be 644 00:33:54,880 --> 00:33:59,000 Speaker 1: interest technologically. And all of Jason's don't tell us what 645 00:33:59,560 --> 00:34:03,400 Speaker 1: they're working on. I certainly know people in the Jason's 646 00:34:03,640 --> 00:34:07,320 Speaker 1: and whatever they're concluding for the US government, which unfortunately 647 00:34:07,360 --> 00:34:10,720 Speaker 1: a secret. That is something that I would I would trust, 648 00:34:11,000 --> 00:34:12,880 Speaker 1: but I don't know what I don't want Jason's have 649 00:34:13,000 --> 00:34:16,440 Speaker 1: come up with yet. Well that's interesting because as long 650 00:34:16,480 --> 00:34:19,279 Speaker 1: as there's something classified, this conversation is going to go 651 00:34:19,400 --> 00:34:22,040 Speaker 1: on and there'll be a cottage industry wrapped around it. 652 00:34:22,880 --> 00:34:26,880 Speaker 1: Maybe this report will end up in a movie. Maybe, 653 00:34:26,960 --> 00:34:30,080 Speaker 1: but still number one fact everyone has to remember is 654 00:34:30,440 --> 00:34:34,319 Speaker 1: that we are actively searching for signs of life, which 655 00:34:34,520 --> 00:34:37,279 Speaker 1: is a different question of signs of intelligent life, but 656 00:34:37,400 --> 00:34:40,360 Speaker 1: both of them were searching for and so far we 657 00:34:40,480 --> 00:34:43,400 Speaker 1: have no evidence for intelligent life elsewhere in the universe. 658 00:34:43,719 --> 00:34:46,080 Speaker 1: No one's trying to contact us as far as we 659 00:34:46,160 --> 00:34:49,120 Speaker 1: can tell, and we are listening and we're watching. They're 660 00:34:49,120 --> 00:34:52,200 Speaker 1: watching with our telescopes. Not everyone, but there's some astronomers 661 00:34:52,280 --> 00:34:55,520 Speaker 1: that do this as their as their science, and so 662 00:34:55,680 --> 00:34:58,799 Speaker 1: far in fifty years, we found nothing. As I look 663 00:34:58,840 --> 00:35:03,759 Speaker 1: at the minary report now, Professor, it talks about these 664 00:35:04,000 --> 00:35:08,800 Speaker 1: unexplained areal objects you a os that displayed no visible 665 00:35:08,920 --> 00:35:13,600 Speaker 1: propulsion that use technology beyond the known capabilities of the 666 00:35:13,760 --> 00:35:16,880 Speaker 1: US or its adversaries. This is a senior US official 667 00:35:16,960 --> 00:35:21,160 Speaker 1: describing this new report and said some of those could 668 00:35:21,239 --> 00:35:24,440 Speaker 1: require some scientific advances in our part to allow us 669 00:35:24,480 --> 00:35:27,080 Speaker 1: to better understand what it is that we are observing. 670 00:35:27,680 --> 00:35:32,600 Speaker 1: With that said, does this usher in a new age 671 00:35:32,680 --> 00:35:37,960 Speaker 1: of exploration of scientific investigation into this Well, first of all, 672 00:35:37,960 --> 00:35:40,759 Speaker 1: I can't verify with that unnamed official said. I mean 673 00:35:40,960 --> 00:35:43,840 Speaker 1: it's also unnamed officials that said that we'd use psychic 674 00:35:43,920 --> 00:35:47,000 Speaker 1: phenomenon to attack our enemies. I mean there you'll get 675 00:35:47,040 --> 00:35:49,479 Speaker 1: crazy things coming out of the government too, if people 676 00:35:49,520 --> 00:35:52,600 Speaker 1: are unnamed. No, this is this is going to be 677 00:35:52,640 --> 00:35:55,680 Speaker 1: a new era in that if we are provided videos 678 00:35:56,239 --> 00:36:01,959 Speaker 1: with numbers, with radar numbers, the angles, speeds, and so forth, 679 00:36:02,400 --> 00:36:05,600 Speaker 1: then we can understand a little bit more about these phenomena. 680 00:36:05,960 --> 00:36:08,480 Speaker 1: I want to point out again that what is seen 681 00:36:08,560 --> 00:36:12,520 Speaker 1: in these films is still unresolved and barely see what 682 00:36:12,640 --> 00:36:15,600 Speaker 1: the thing is. And that's another frustration I have is 683 00:36:15,800 --> 00:36:18,719 Speaker 1: every video that I see, you actually can't see the thing. 684 00:36:18,760 --> 00:36:21,480 Speaker 1: It's almost just the point of life, which is kind 685 00:36:21,520 --> 00:36:24,160 Speaker 1: of suspicious that sooner or later we should have a 686 00:36:24,360 --> 00:36:27,000 Speaker 1: clear image of one, but we don't yet, and I 687 00:36:27,040 --> 00:36:31,640 Speaker 1: don't understand why unless much of these unidentified objects really 688 00:36:31,760 --> 00:36:35,560 Speaker 1: are spurience. I know, Professor, this is an obsession for 689 00:36:35,800 --> 00:36:37,840 Speaker 1: many people around the world, a great unknown. But with 690 00:36:38,000 --> 00:36:41,440 Speaker 1: regard to governments getting involved in this, are are other 691 00:36:41,520 --> 00:36:45,080 Speaker 1: countries investigating this and our other governments more public with 692 00:36:45,719 --> 00:36:49,640 Speaker 1: the public than ours, Yes, and no, there are there are. 693 00:36:49,719 --> 00:36:52,960 Speaker 1: For instance, the country of Chili released a video recently 694 00:36:53,080 --> 00:36:55,839 Speaker 1: of what they thought was the uf UFO. It turned 695 00:36:55,840 --> 00:36:58,080 Speaker 1: out that I don't recall what it was, but someone 696 00:36:58,160 --> 00:37:02,200 Speaker 1: explained it as a very pull fashioned But yeah, other countries, 697 00:37:02,280 --> 00:37:05,759 Speaker 1: when they have some information, they'll release it. Um. I can't, 698 00:37:05,880 --> 00:37:07,640 Speaker 1: but I don't know exactly what's going on in the 699 00:37:07,719 --> 00:37:13,400 Speaker 1: intelligence organizations of other countries. Um. But yeah. But also 700 00:37:13,719 --> 00:37:16,080 Speaker 1: there are just normal people that take images of the 701 00:37:16,160 --> 00:37:18,919 Speaker 1: sky and they're amateur astronomers. They're looking at the sky 702 00:37:19,080 --> 00:37:21,879 Speaker 1: all the time at night, and you rarely see any 703 00:37:21,920 --> 00:37:25,000 Speaker 1: of these videos from amateur astronomers or photographs a vollowge 704 00:37:25,040 --> 00:37:27,480 Speaker 1: from people who are not in the field. But that 705 00:37:27,560 --> 00:37:30,440 Speaker 1: also makes me suspicious that that many many of the 706 00:37:30,560 --> 00:37:34,320 Speaker 1: reports that people think they're solid UFOs that can't be 707 00:37:34,480 --> 00:37:38,799 Speaker 1: explained that defy the laws of physics really are are 708 00:37:39,600 --> 00:37:43,239 Speaker 1: are errors are made up? Or in some cases people 709 00:37:43,280 --> 00:37:45,040 Speaker 1: just want to get on radio and television, and so 710 00:37:45,120 --> 00:37:47,600 Speaker 1: they'll say things to be able to get on radio 711 00:37:47,640 --> 00:37:52,000 Speaker 1: and television. Something happened to them. Um So, I can't 712 00:37:52,000 --> 00:37:55,800 Speaker 1: speak further, but certain for other other countries, but certainly 713 00:37:56,640 --> 00:37:59,040 Speaker 1: I think that at this point it's clear that there's 714 00:37:59,160 --> 00:38:02,800 Speaker 1: information but our government and our military is interested in 715 00:38:03,000 --> 00:38:05,400 Speaker 1: That doesn't mean it has an eything to do with aliens, 716 00:38:05,800 --> 00:38:08,839 Speaker 1: doesn't even mean it's real, but there's no information they 717 00:38:08,880 --> 00:38:12,279 Speaker 1: can actually use to study this phenomenon. Does all this 718 00:38:12,440 --> 00:38:15,359 Speaker 1: make you look up to the sky a little more 719 00:38:15,440 --> 00:38:18,520 Speaker 1: often at night? Professor No, I'm always looking at the sky. 720 00:38:19,560 --> 00:38:24,080 Speaker 1: That's part of my job, Professor Nicholas. Sunset from Texas, 721 00:38:24,160 --> 00:38:25,680 Speaker 1: A and M. A lot to keep in mind as 722 00:38:25,760 --> 00:38:32,520 Speaker 1: you look up to the stars this weekend. Just look closely. 723 00:38:33,000 --> 00:38:38,239 Speaker 1: Could be Richard Branson or is that Jeff Bezos. We'll 724 00:38:38,280 --> 00:38:41,360 Speaker 1: meet you back here Monday for the next Bloomberg sound On. 725 00:38:41,760 --> 00:38:43,680 Speaker 1: Thanks for spending part of your Friday with us, and 726 00:38:43,760 --> 00:38:47,080 Speaker 1: have a great weekend. I'm Joe Matthew. This is Bloomberg. 727 00:38:54,160 --> 00:38:54,200 Speaker 1: H