1 00:00:02,440 --> 00:00:08,079 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Governor Rabbit, thanks so 2 00:00:08,200 --> 00:00:09,200 Speaker 1: much for being with us. 3 00:00:09,400 --> 00:00:10,760 Speaker 2: Always a pleasure, Thank you, Julie. 4 00:00:10,800 --> 00:00:14,280 Speaker 1: The Texas Stock Exchange, what specifically do you expect it 5 00:00:14,320 --> 00:00:17,119 Speaker 1: to do for this economy? It's electric, it doesn't necessarily 6 00:00:17,120 --> 00:00:18,959 Speaker 1: bring a lot of jobs here, but what do you 7 00:00:19,040 --> 00:00:20,080 Speaker 1: expect it to do? 8 00:00:20,480 --> 00:00:24,639 Speaker 3: Listen, For one, it is going to completely transform Dallas, Texas. Dallas, 9 00:00:24,840 --> 00:00:28,319 Speaker 3: Texas is already a massive financial center, but when you 10 00:00:28,400 --> 00:00:31,200 Speaker 3: put a stock exchange in there, that will make it 11 00:00:31,240 --> 00:00:35,440 Speaker 3: really the financial heartbeat of the entire country. Importantly, Julie, 12 00:00:35,440 --> 00:00:38,640 Speaker 3: one thing that it does is this, it's so important 13 00:00:38,680 --> 00:00:42,239 Speaker 3: to all different types of businesses to have access to capital. 14 00:00:42,640 --> 00:00:45,360 Speaker 3: This will be a stock exchange that will ensure any 15 00:00:45,440 --> 00:00:47,640 Speaker 3: type of business is going to have access to capital 16 00:00:48,000 --> 00:00:51,080 Speaker 3: in a business friendly state like the great state of Texas. 17 00:00:51,200 --> 00:00:53,520 Speaker 1: You know, I've talked to people about the Texas Stock 18 00:00:53,560 --> 00:00:55,680 Speaker 1: Exchange who say this is just a pipe dream, it's 19 00:00:55,720 --> 00:00:57,600 Speaker 1: not going to happen. What do you say to them? 20 00:00:58,120 --> 00:00:59,360 Speaker 2: They simply don't know the fact. 21 00:00:59,400 --> 00:01:01,400 Speaker 3: So let's run through a couple of facts like this 22 00:01:01,720 --> 00:01:04,200 Speaker 3: and that is as you know, but the others may 23 00:01:04,240 --> 00:01:08,839 Speaker 3: not know Texas is the dominant economy in the United States. 24 00:01:09,120 --> 00:01:11,280 Speaker 3: A lot of people are still locked in to the 25 00:01:11,319 --> 00:01:15,039 Speaker 3: perception that New York is the leading economy. They have 26 00:01:15,120 --> 00:01:17,120 Speaker 3: fallen behind for many years. 27 00:01:17,160 --> 00:01:17,440 Speaker 2: Now. 28 00:01:18,200 --> 00:01:22,280 Speaker 3: The economy that's moving the country is the state of Texas. 29 00:01:22,480 --> 00:01:25,400 Speaker 3: For the last month and last year, Texas ranks number 30 00:01:25,400 --> 00:01:26,640 Speaker 3: one for the most new jobs. 31 00:01:26,959 --> 00:01:29,000 Speaker 2: For the past twelve years. 32 00:01:28,840 --> 00:01:31,600 Speaker 3: Texas is ranked number one for the most new economic 33 00:01:31,680 --> 00:01:35,280 Speaker 3: development projects where businesses are coming from other states or 34 00:01:35,360 --> 00:01:37,959 Speaker 3: expanding within the state of Texas. But then look at 35 00:01:38,000 --> 00:01:42,759 Speaker 3: the financial sector itself. There are more financial sector employees 36 00:01:42,840 --> 00:01:46,160 Speaker 3: in Texas than there are in New York. Something that's 37 00:01:46,319 --> 00:01:50,600 Speaker 3: very important to a stock exchange is rapid transactions. The 38 00:01:50,680 --> 00:01:53,560 Speaker 3: thing that provides those rapid transactions are data centers. 39 00:01:54,000 --> 00:01:55,520 Speaker 2: Already, the Dallas. 40 00:01:55,160 --> 00:01:58,120 Speaker 3: Area has enough data centers to make sure that the 41 00:01:58,120 --> 00:02:02,360 Speaker 3: transactions will take place at the accurate speed. However, Texas 42 00:02:02,400 --> 00:02:05,920 Speaker 3: has the ease and the speed to add even more 43 00:02:06,000 --> 00:02:09,120 Speaker 3: data centers than do places like New York and New Jersey. 44 00:02:09,400 --> 00:02:12,600 Speaker 3: And then look at what's going on with the creation 45 00:02:13,240 --> 00:02:17,320 Speaker 3: of the stock exchange. It's the best funded stock exchange 46 00:02:17,560 --> 00:02:21,119 Speaker 3: to go seek permission from the SEC. Ever, and then 47 00:02:21,280 --> 00:02:23,600 Speaker 3: look at the leaders of it. Leaders of it have 48 00:02:23,720 --> 00:02:27,200 Speaker 3: come from the NASDAQ, come from the New York Stock 49 00:02:27,200 --> 00:02:30,960 Speaker 3: Exchange parent company, have come from businesses like Charles Schwab, 50 00:02:31,520 --> 00:02:35,680 Speaker 3: and also Julie. Very importantly, the lead investors in this 51 00:02:36,200 --> 00:02:41,400 Speaker 3: are all of the most significant traders of stocks and 52 00:02:41,800 --> 00:02:44,840 Speaker 3: other things like that in the entire country. And so 53 00:02:45,320 --> 00:02:48,680 Speaker 3: all of the elements have come together to really ensure 54 00:02:48,680 --> 00:02:51,040 Speaker 3: that Texas is going to kick off the stock exchange 55 00:02:51,360 --> 00:02:52,160 Speaker 3: very prolifically. 56 00:02:52,560 --> 00:02:55,880 Speaker 1: You know you talked about data centers here in Dallas. 57 00:02:55,960 --> 00:02:58,079 Speaker 1: I do want to ask you this though, those take 58 00:02:58,120 --> 00:02:59,840 Speaker 1: a lot of power, and there have been a lot 59 00:02:59,840 --> 00:03:02,480 Speaker 1: of questions about our power grid here. Are you confident 60 00:03:02,520 --> 00:03:05,520 Speaker 1: that the power grid can support data centers to support 61 00:03:05,560 --> 00:03:07,000 Speaker 1: this Texas Stock Exchange. 62 00:03:07,200 --> 00:03:08,919 Speaker 2: So, Julie, let me bring you up to date. 63 00:03:09,560 --> 00:03:13,800 Speaker 3: So with what we've done, with the laws that I've signed, 64 00:03:13,800 --> 00:03:17,040 Speaker 3: which is more than a dozen of them, Texas now 65 00:03:17,120 --> 00:03:20,160 Speaker 3: has the stable power grid that ever since I signed 66 00:03:20,160 --> 00:03:22,639 Speaker 3: those laws, no Texas has lost power because of the. 67 00:03:22,560 --> 00:03:23,639 Speaker 2: Texas power grid. 68 00:03:24,000 --> 00:03:27,640 Speaker 3: Right now, Texas provides more than one hundred thousand megawatts 69 00:03:27,639 --> 00:03:29,600 Speaker 3: of power on any particular summer date. 70 00:03:30,000 --> 00:03:31,600 Speaker 2: You may not know what that means. But here's what 71 00:03:31,639 --> 00:03:32,160 Speaker 2: it does mean. 72 00:03:32,720 --> 00:03:37,600 Speaker 3: Texas provides more power than New York and California combined, 73 00:03:38,160 --> 00:03:40,480 Speaker 3: and so we have far more power than the study 74 00:03:40,480 --> 00:03:44,280 Speaker 3: of New York As. But I signed laws that invest 75 00:03:44,560 --> 00:03:48,280 Speaker 3: more and more power generation. Between now and twenty thirty, 76 00:03:48,760 --> 00:03:52,600 Speaker 3: Texas is going to increase our power generation by fifty percent. 77 00:03:53,040 --> 00:03:53,960 Speaker 2: Add to that. 78 00:03:54,080 --> 00:03:59,000 Speaker 3: This component, we're providing economic incentives for dispatchable power such 79 00:03:59,000 --> 00:04:02,200 Speaker 3: as natural gas fed power, and we are we are 80 00:04:02,240 --> 00:04:05,960 Speaker 3: seeking to have data centers come and provide their own 81 00:04:06,120 --> 00:04:08,880 Speaker 3: power source so that it will not be taking power 82 00:04:08,920 --> 00:04:11,160 Speaker 3: away from homeowners or business owners. 83 00:04:11,480 --> 00:04:14,600 Speaker 1: Elon Musk, very well known Texan now has got a 84 00:04:14,600 --> 00:04:17,520 Speaker 1: lot of business here. Do you expect him when he 85 00:04:17,640 --> 00:04:21,640 Speaker 1: goes public to put his companies on the stock exchange? 86 00:04:22,080 --> 00:04:22,279 Speaker 2: You know? 87 00:04:22,360 --> 00:04:24,760 Speaker 3: This obviously is the kind of thing that Elin is 88 00:04:24,760 --> 00:04:30,000 Speaker 3: is very interesting. He's into innovation, He's into things involving Texas. 89 00:04:30,000 --> 00:04:33,880 Speaker 3: He's into uh the need for speed and recognizes that 90 00:04:33,920 --> 00:04:40,200 Speaker 3: this delivers the type of less regulation, more speed uh 91 00:04:40,279 --> 00:04:44,479 Speaker 3: than well than maybe some other options. And this really 92 00:04:44,720 --> 00:04:47,240 Speaker 3: dovetails with the way that Elon must does business. 93 00:04:47,560 --> 00:04:49,680 Speaker 1: Have you discussed it yet with him? 94 00:04:49,720 --> 00:04:49,960 Speaker 2: Sure? 95 00:04:50,000 --> 00:04:52,560 Speaker 3: I have and and I think I think it's the 96 00:04:52,640 --> 00:04:55,360 Speaker 3: kind of thing that really is up his alley. 97 00:04:55,920 --> 00:04:57,640 Speaker 1: I want to ask you a little bit about the 98 00:04:57,680 --> 00:05:00,760 Speaker 1: port strike now. Are you concerned about what will happen 99 00:05:00,839 --> 00:05:03,600 Speaker 1: in Houston and what plan does Texas have in place 100 00:05:04,120 --> 00:05:07,080 Speaker 1: to help if this really comes to fruition for a 101 00:05:07,080 --> 00:05:08,120 Speaker 1: long period of time. 102 00:05:08,480 --> 00:05:11,359 Speaker 3: Well, listen, Julie, this is a disaster. It is a 103 00:05:11,400 --> 00:05:15,800 Speaker 3: disaster caused by the Biden Harris administration. They've seen this 104 00:05:15,920 --> 00:05:18,560 Speaker 3: coming for months. They've had months, if not close to 105 00:05:18,600 --> 00:05:21,599 Speaker 3: a year, to be able to negotiate it. And during 106 00:05:21,600 --> 00:05:24,880 Speaker 3: the time when they had the ability to negotiate a 107 00:05:24,920 --> 00:05:27,120 Speaker 3: solution of this, they were either on the beach or 108 00:05:27,120 --> 00:05:29,480 Speaker 3: they were out fundraising, not taking care of it the 109 00:05:29,520 --> 00:05:32,160 Speaker 3: way they should. And know this, Julie, and that is 110 00:05:32,400 --> 00:05:34,760 Speaker 3: when you look at the magnitude of the porch, you know, 111 00:05:34,880 --> 00:05:37,120 Speaker 3: ranging from New York all the way down to the 112 00:05:37,120 --> 00:05:40,120 Speaker 3: Gulf Coast, and see that the products they're going to 113 00:05:40,120 --> 00:05:43,080 Speaker 3: be stuck on docks because of this, once again is 114 00:05:43,160 --> 00:05:46,040 Speaker 3: going to be Biden and Harris in their neglect here. 115 00:05:46,360 --> 00:05:50,320 Speaker 2: That's going to lead to more inflation shortages in stores. 116 00:05:50,480 --> 00:05:53,200 Speaker 3: People going to be paying more for groceries more for 117 00:05:53,600 --> 00:05:58,000 Speaker 3: items like clothing and things like that. Americans are already 118 00:05:58,120 --> 00:06:00,320 Speaker 3: saying that the economy is the number one in the 119 00:06:00,400 --> 00:06:03,440 Speaker 3: United States. They're angry at the Harris and Biden administration. 120 00:06:03,800 --> 00:06:06,160 Speaker 3: This is going to stoke that anger even more and 121 00:06:06,200 --> 00:06:08,640 Speaker 3: it could tilt the scales and the upcoming. 122 00:06:08,320 --> 00:06:11,480 Speaker 1: Election, even though you have an election coming up and 123 00:06:11,720 --> 00:06:15,960 Speaker 1: whether who is responsible on like at this point though, 124 00:06:16,320 --> 00:06:18,640 Speaker 1: what is the plan? Is there a plan in Texas 125 00:06:18,680 --> 00:06:20,320 Speaker 1: to help in terms of the ports or do you 126 00:06:20,360 --> 00:06:23,240 Speaker 1: believe this is just one that's up to the federal government. 127 00:06:23,440 --> 00:06:25,680 Speaker 3: Well, listen, the federal government has been in charge of 128 00:06:25,680 --> 00:06:29,280 Speaker 3: this the entire time, and for obvious reasons. There's an NLRB, 129 00:06:29,520 --> 00:06:32,560 Speaker 3: there's a Department of Labor, there's the negotiations that the 130 00:06:32,600 --> 00:06:35,880 Speaker 3: President has already talked about that he was involved in. 131 00:06:36,360 --> 00:06:40,120 Speaker 3: But the negotiations the President was involved in have been fruitless. 132 00:06:40,560 --> 00:06:43,320 Speaker 3: And so this is something that will fall heavily upon 133 00:06:43,880 --> 00:06:48,280 Speaker 3: the Biden and Harris administration because this doesn't involve Texas. 134 00:06:48,640 --> 00:06:53,159 Speaker 3: This involves the country and the countries leaders in charge 135 00:06:53,200 --> 00:06:56,000 Speaker 3: of this, whether it be Biden, Harris, whether it be 136 00:06:56,040 --> 00:06:59,080 Speaker 3: the Secretary of Commerce who says she really wasn't involved 137 00:06:59,080 --> 00:07:01,880 Speaker 3: in this, whether it be the Secretary of Transportation Buddha 138 00:07:01,960 --> 00:07:05,320 Speaker 3: Judge who was doing nothing but trying to prepare walls 139 00:07:05,400 --> 00:07:09,560 Speaker 3: for the debate. They have abandoned ship, abandoned their responsibility 140 00:07:09,760 --> 00:07:12,920 Speaker 3: to address what's going to be a pressing issue that's 141 00:07:12,960 --> 00:07:15,840 Speaker 3: going to come back to haunt them because the unlike 142 00:07:16,360 --> 00:07:21,040 Speaker 3: COVID that disrupted the supply chain, this is directly caused 143 00:07:21,560 --> 00:07:23,360 Speaker 3: by the Harris Biden administration. 144 00:07:23,560 --> 00:07:26,120 Speaker 1: Last question is, as you bring up the election, you 145 00:07:26,160 --> 00:07:29,040 Speaker 1: have a Senate race here in Texas, one that poll 146 00:07:29,160 --> 00:07:31,520 Speaker 1: show is extremely close. Are you concerned how this will 147 00:07:31,520 --> 00:07:32,240 Speaker 1: be down ballot? 148 00:07:32,400 --> 00:07:35,920 Speaker 3: Listen, what we've seen is in the most recent three polls, 149 00:07:36,240 --> 00:07:38,120 Speaker 3: Ted Cruz is beginning to pull away. 150 00:07:38,120 --> 00:07:39,280 Speaker 2: And there's a reason for that. 151 00:07:39,640 --> 00:07:42,400 Speaker 3: His opponent had been advertising on TV for something like 152 00:07:42,480 --> 00:07:45,960 Speaker 3: five months, in advertising on TV when Ted Cruz was 153 00:07:46,000 --> 00:07:50,640 Speaker 3: not Now Ted Cruz is doing advertising pointing out to 154 00:07:50,720 --> 00:07:57,760 Speaker 3: Texans exactly why Ted Cruse's opponent is not a right 155 00:07:57,880 --> 00:07:59,120 Speaker 3: fit for the state of Texas. 156 00:07:59,200 --> 00:08:00,800 Speaker 2: He holland All read. 157 00:08:01,160 --> 00:08:05,800 Speaker 3: Ted Quiz's opponent is against the border wall, against border security, 158 00:08:06,400 --> 00:08:10,160 Speaker 3: He's in favor of men participating in women's sports. All 159 00:08:10,200 --> 00:08:13,440 Speaker 3: of those things are hostile to the value sets not 160 00:08:13,480 --> 00:08:16,640 Speaker 3: just of Republicans, but also of independence and even some Democrats. 161 00:08:16,960 --> 00:08:18,880 Speaker 1: Devor Rabbit, thanks so much for being with us. We 162 00:08:18,920 --> 00:08:21,080 Speaker 1: appreciate your time today my pleasure. 163 00:08:21,080 --> 00:08:22,240 Speaker 2: Thank you. Take care, Julie