1 00:00:00,080 --> 00:00:10,080 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple Corkley and Android 4 00:00:17,160 --> 00:00:20,560 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:23,760 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,320 --> 00:00:28,160 Speaker 2: Not getting any easier around here, and Susie Wiles does 7 00:00:28,160 --> 00:00:31,200 Speaker 2: not appear to be helping. Well, this is a story today, 8 00:00:31,240 --> 00:00:33,600 Speaker 2: isn't it. I woke up to this having been emailed 9 00:00:33,600 --> 00:00:34,960 Speaker 2: to me from multiple people. 10 00:00:35,840 --> 00:00:37,320 Speaker 3: The chief of staff at. 11 00:00:37,159 --> 00:00:41,040 Speaker 2: The White House, known widely as having the second most 12 00:00:41,080 --> 00:00:45,400 Speaker 2: important job, the second most powerful person in Washington politics, 13 00:00:45,479 --> 00:00:49,480 Speaker 2: Susie Wiles, the one who never gives a speech. Remember 14 00:00:49,479 --> 00:00:52,600 Speaker 2: when Donald Trump called her up to the microphone the 15 00:00:52,720 --> 00:00:56,120 Speaker 2: night he won the election. Even Dana White got up there, 16 00:00:56,320 --> 00:01:02,120 Speaker 2: not Susie Wiles. She is said to be in the background, disciplined, 17 00:01:03,160 --> 00:01:07,839 Speaker 2: keeping the core group together after getting Donald Trump reelected. 18 00:01:10,160 --> 00:01:15,520 Speaker 2: Fast forward to Vanity Fair magazine. People do still read magazines. 19 00:01:16,360 --> 00:01:21,600 Speaker 2: Vanity Fair Daily Exclusive. Susie Wiles speaks her mind. What 20 00:01:21,800 --> 00:01:27,720 Speaker 2: could go wrong here? Remembering, of course that Friday, Yeah, 21 00:01:27,720 --> 00:01:29,880 Speaker 2: a couple days from now, three day Friday is the 22 00:01:29,959 --> 00:01:32,039 Speaker 2: day that the Epstein Files are supposed to come out. 23 00:01:32,680 --> 00:01:37,240 Speaker 2: Speaking openly about a range of controversial topics, including the 24 00:01:37,280 --> 00:01:47,000 Speaker 2: aforementioned Epstein files, Susie Wiles, speaking to Vanity Fair, Wiles 25 00:01:47,040 --> 00:01:50,280 Speaker 2: told me she read what she calls the Epstein file. 26 00:01:51,120 --> 00:01:53,880 Speaker 2: Check this out, and she said, Trump is in the file. 27 00:01:54,520 --> 00:01:56,920 Speaker 2: And we know he's in the file, she said, and 28 00:01:56,960 --> 00:01:59,920 Speaker 2: he's not in the file doing anything awful. Wiles said, 29 00:02:00,000 --> 00:02:03,600 Speaker 2: Trump was on Epstein's plane, He's on the manifest they were. 30 00:02:03,680 --> 00:02:06,720 Speaker 2: She says, you know, sort of young single whatever. I 31 00:02:06,760 --> 00:02:10,360 Speaker 2: know it's passe, but sort of young single playboys together. 32 00:02:11,160 --> 00:02:15,160 Speaker 2: Trump started dating Milania, just as a reminder, whom he 33 00:02:15,240 --> 00:02:19,120 Speaker 2: married in two thousand and five, sometime in nineteen ninety eight. 34 00:02:19,440 --> 00:02:21,440 Speaker 2: So how does she think Pam Bondi is doing with 35 00:02:21,560 --> 00:02:23,120 Speaker 2: this whole thing. You might have just seen it on 36 00:02:23,120 --> 00:02:26,160 Speaker 2: the screen if you're with us on YouTube. Susie Wiles 37 00:02:26,200 --> 00:02:30,960 Speaker 2: talking about the Epstein files and specifically the Attorney General quote. 38 00:02:30,960 --> 00:02:34,320 Speaker 2: I think she completely whiffed on appreciating that that was 39 00:02:34,360 --> 00:02:36,919 Speaker 2: the very targeted group that cared about this. While said 40 00:02:36,919 --> 00:02:39,040 Speaker 2: of Bondi, remembering the binders that went out to the 41 00:02:39,040 --> 00:02:44,600 Speaker 2: MAGA influencers and included nothing new. So everybody's saying, what's 42 00:02:44,639 --> 00:02:46,639 Speaker 2: going on here? Is this the exit interview? I mean, 43 00:02:46,639 --> 00:02:49,840 Speaker 2: what's Susie Wiles thinking? Talking out of school? There's way 44 00:02:49,840 --> 00:02:53,200 Speaker 2: more where this came from about tariffs, comparing Donald Trump's 45 00:02:53,240 --> 00:02:59,760 Speaker 2: personality to that of an alcoholic. Well maybe not on Twitter, 46 00:03:00,120 --> 00:03:03,880 Speaker 2: Susie Wiles this morning. The article published early this morning 47 00:03:04,240 --> 00:03:07,600 Speaker 2: is a disingenuously framed hit piece on me and the 48 00:03:07,639 --> 00:03:12,280 Speaker 2: finest president, white House staff, and cabinet in history. Significant 49 00:03:12,320 --> 00:03:14,760 Speaker 2: context was disregarded, and much of what I and others 50 00:03:14,760 --> 00:03:17,200 Speaker 2: said about the team and the president was left out 51 00:03:17,240 --> 00:03:19,760 Speaker 2: of the story. I assume after reading it this was 52 00:03:19,800 --> 00:03:22,880 Speaker 2: done to paint an overwhelmingly chaotic and negative. 53 00:03:22,560 --> 00:03:25,200 Speaker 3: Narrative about the president and our team. 54 00:03:27,120 --> 00:03:30,120 Speaker 2: Genie Shanzano Morag Gillespie been reading this all morning, and 55 00:03:30,120 --> 00:03:33,639 Speaker 2: they're with us now our political panel today. Bloomberg Politics contributor. 56 00:03:33,720 --> 00:03:36,840 Speaker 2: Genie Shanzano is Democracy Visiting fellow at Harvard Kennedy School's 57 00:03:36,840 --> 00:03:40,760 Speaker 2: Ash Center. Republican strategist Mora Gillespie is founder of Bluestack Strategy. 58 00:03:40,800 --> 00:03:43,480 Speaker 3: It's great to see you both, hear Mara. 59 00:03:44,520 --> 00:03:47,760 Speaker 2: Was this an exit interview or did Susie Wiles not 60 00:03:47,880 --> 00:03:48,840 Speaker 2: know they were recording. 61 00:03:50,360 --> 00:03:53,760 Speaker 4: It's really fascinating to read through this and to here 62 00:03:54,160 --> 00:03:58,119 Speaker 4: now to Susie Wiles defending herself and attacking the Vanity Fair. 63 00:03:58,360 --> 00:04:02,160 Speaker 4: She let on precedent access to herself for the better 64 00:04:02,200 --> 00:04:04,160 Speaker 4: part of a year, and so I don't know what 65 00:04:04,200 --> 00:04:06,720 Speaker 4: she was thinking. I'm not sure the strategy behind this, 66 00:04:07,320 --> 00:04:10,600 Speaker 4: because it is telling two different stories, both what we 67 00:04:10,680 --> 00:04:12,800 Speaker 4: read in Vanity Fair versus what she's saying on Twitter 68 00:04:12,880 --> 00:04:14,720 Speaker 4: now calling it a hit piece. It's not as though 69 00:04:14,760 --> 00:04:16,320 Speaker 4: she didn't know they were talking to her. She was 70 00:04:16,320 --> 00:04:19,120 Speaker 4: talking to them pretty frequently by the sounds of it. 71 00:04:19,520 --> 00:04:23,280 Speaker 4: So perhaps she's looking at aspirations beyond the Trump White House. 72 00:04:23,320 --> 00:04:25,359 Speaker 4: There are plenty of offerings for watching play out for 73 00:04:25,400 --> 00:04:27,599 Speaker 4: Republicans to be taking to get away from Donald Trump 74 00:04:27,839 --> 00:04:30,200 Speaker 4: and the chaos that he has been creating, especially the 75 00:04:30,360 --> 00:04:32,400 Speaker 4: last few months. But I don't know that this is 76 00:04:32,440 --> 00:04:33,560 Speaker 4: one of them. 77 00:04:34,040 --> 00:04:36,880 Speaker 2: Well, you know, Jeanie throughout the first year, it says, 78 00:04:36,960 --> 00:04:40,440 Speaker 2: of Donald Trump's second administration, Vanity Fair writer Chris Whipple 79 00:04:40,800 --> 00:04:45,000 Speaker 2: has interviewed Wiles made each moment of crisis. These guys 80 00:04:45,000 --> 00:04:47,680 Speaker 2: were even doing laundry together. At one point, accordingly the 81 00:04:47,720 --> 00:04:51,000 Speaker 2: Insider's account, joins a portfolio of portraits for an unflinching, 82 00:04:51,080 --> 00:04:52,680 Speaker 2: up close look at power and peril. 83 00:04:53,120 --> 00:04:55,800 Speaker 3: Is this a hit piece, Genie? Because these are all 84 00:04:55,800 --> 00:04:57,600 Speaker 3: direct quotes, aren't they? 85 00:04:58,760 --> 00:05:02,800 Speaker 5: Chris Whipple is the new Bob Woodward. Every administration we say, 86 00:05:03,200 --> 00:05:04,919 Speaker 5: why did you talk to Bob Woodward? 87 00:05:05,000 --> 00:05:06,080 Speaker 6: Why let him in? Now? 88 00:05:06,120 --> 00:05:11,240 Speaker 5: It's you know, they not only spoke about eleven times, 89 00:05:11,279 --> 00:05:14,080 Speaker 5: as you mentioned, they also all sat for a big, 90 00:05:14,120 --> 00:05:20,440 Speaker 5: glossy photo spread. She apparently was well aware, as were 91 00:05:20,520 --> 00:05:23,919 Speaker 5: most journalists in DC, at least by yesterday, that this 92 00:05:24,120 --> 00:05:28,240 Speaker 5: was coming out. She gave incredible access. According to The 93 00:05:28,240 --> 00:05:31,240 Speaker 5: New York Times, this is all on tape. Even when 94 00:05:31,279 --> 00:05:34,760 Speaker 5: she pushes back on social media today, she doesn't deny 95 00:05:34,920 --> 00:05:38,080 Speaker 5: saying things. She says they were taken out of context. 96 00:05:38,200 --> 00:05:41,159 Speaker 5: So Joe, I don't know when, if you ever, Joe, 97 00:05:41,200 --> 00:05:43,719 Speaker 5: I guess maybe you haven't. Being a guy, you haven't 98 00:05:43,720 --> 00:05:46,479 Speaker 5: seen mean girls, but in mean girls more than I 99 00:05:46,600 --> 00:05:50,960 Speaker 5: probably there's a burn book. This reads to me like 100 00:05:51,040 --> 00:05:55,320 Speaker 5: a burn book, and it's fascinating. And we thought Epstein 101 00:05:55,480 --> 00:05:58,600 Speaker 5: was going to be our week, and now Susie Wild's delivering. 102 00:05:59,000 --> 00:05:59,800 Speaker 3: It's incredible. 103 00:06:00,080 --> 00:06:00,279 Speaker 7: Wow. 104 00:06:00,640 --> 00:06:03,520 Speaker 2: We you know you saw the photograph there, Genie is 105 00:06:03,520 --> 00:06:05,320 Speaker 2: You're They're all sitting on the desk, you know, or 106 00:06:05,440 --> 00:06:09,200 Speaker 2: leaning on the bookcase. They're they're brooding. There's sort of 107 00:06:09,520 --> 00:06:12,599 Speaker 2: dramatic lighting. How do we can we get a shot 108 00:06:12,680 --> 00:06:15,240 Speaker 2: like that for the show, James? I mean like when 109 00:06:15,320 --> 00:06:17,479 Speaker 2: Kaylee comes back. I feel like the whole team, we 110 00:06:17,520 --> 00:06:20,960 Speaker 2: could have Genie and more all sort of leaning brooding. 111 00:06:21,240 --> 00:06:24,760 Speaker 2: No one's smiling, very looking, very serious about what we do. 112 00:06:25,120 --> 00:06:28,560 Speaker 2: What's the push and pull here? Yeah, James is working 113 00:06:28,600 --> 00:06:30,359 Speaker 2: on it, Moro. When it comes to you work for 114 00:06:30,360 --> 00:06:32,480 Speaker 2: a Speaker of the House, everybody wants to have that 115 00:06:32,560 --> 00:06:34,520 Speaker 2: cover shot. They want any lib of itz to come 116 00:06:34,520 --> 00:06:36,960 Speaker 2: by and take their picture, and they want to be 117 00:06:37,000 --> 00:06:38,880 Speaker 2: a big shot sometimes in the interview. And I'm not 118 00:06:38,880 --> 00:06:41,480 Speaker 2: suggesting that's what Susie Wilds did, but politicians have a 119 00:06:41,560 --> 00:06:44,160 Speaker 2: history of doing this, only to be shocked and outraged 120 00:06:44,200 --> 00:06:45,039 Speaker 2: when it's published. 121 00:06:45,640 --> 00:06:50,560 Speaker 3: What is that syndrome in Washington? I would say just 122 00:06:50,560 --> 00:06:51,200 Speaker 3: a caveat that. 123 00:06:51,240 --> 00:06:54,360 Speaker 4: It's not every member, it's not every leader that wants 124 00:06:54,360 --> 00:06:57,960 Speaker 4: that big, splashy profile piece. I'll just speak on in 125 00:06:58,000 --> 00:07:00,800 Speaker 4: my experience, we had to moral a you know, not 126 00:07:00,960 --> 00:07:03,159 Speaker 4: beg John Bayner to do interviews, but it was not 127 00:07:03,720 --> 00:07:07,680 Speaker 4: he was primarily focused on So yeah, well, I think 128 00:07:07,800 --> 00:07:09,760 Speaker 4: James was gonna deliver for you. I don't know that 129 00:07:09,760 --> 00:07:12,040 Speaker 4: I could have ever gotten John Bayner to do a 130 00:07:12,120 --> 00:07:15,360 Speaker 4: brooding you know, leaning on the bookcase style. 131 00:07:15,120 --> 00:07:19,760 Speaker 2: Of riography crete, I would have loved that. Elizabeth says 132 00:07:19,800 --> 00:07:22,400 Speaker 2: it's main character syndrome. But of course John Bayner was 133 00:07:22,400 --> 00:07:24,920 Speaker 2: a main character. So it just does it have to 134 00:07:24,920 --> 00:07:27,240 Speaker 2: do with their background or their taste for celebrity? 135 00:07:27,240 --> 00:07:27,640 Speaker 3: What is it? 136 00:07:28,720 --> 00:07:28,880 Speaker 6: Well? 137 00:07:28,880 --> 00:07:30,360 Speaker 4: And I think in this case, what I would say 138 00:07:30,400 --> 00:07:32,760 Speaker 4: is that Susie Wiles, she has been so behind the scenes, 139 00:07:33,000 --> 00:07:35,920 Speaker 4: right she has. She is the first female chief of staff. 140 00:07:35,960 --> 00:07:39,080 Speaker 4: And I think as she's looking at really, I will say, 141 00:07:39,160 --> 00:07:41,280 Speaker 4: what's happening with Donald Trump? He is lame deck. She 142 00:07:41,360 --> 00:07:43,960 Speaker 4: knows that this is kind of the Swan song, or 143 00:07:44,000 --> 00:07:46,360 Speaker 4: it's supposed to be at least uh, and she is 144 00:07:46,360 --> 00:07:49,000 Speaker 4: looking to make her own mark. She has been behind 145 00:07:49,000 --> 00:07:52,920 Speaker 4: the scenes during these you know, cabinet meetings. She's not featured, 146 00:07:53,000 --> 00:07:57,640 Speaker 4: she's not usually within sight of the cameras, and maybe 147 00:07:57,680 --> 00:07:59,560 Speaker 4: she thought that this was her way to tell her 148 00:08:00,160 --> 00:08:03,360 Speaker 4: side of things and to share her experience and to 149 00:08:03,840 --> 00:08:06,320 Speaker 4: play a more pivotal role in getting people behind the 150 00:08:06,360 --> 00:08:08,200 Speaker 4: scenes of what it's like to be the first female 151 00:08:08,240 --> 00:08:10,240 Speaker 4: chief of staff. If that was her intentions, I don't 152 00:08:10,240 --> 00:08:12,720 Speaker 4: know that it came out that way, but I think 153 00:08:12,720 --> 00:08:15,600 Speaker 4: that may have been part of her agreeing to do 154 00:08:15,640 --> 00:08:18,320 Speaker 4: it and wanting to make her mark in a legacy 155 00:08:18,600 --> 00:08:19,240 Speaker 4: kind of style. 156 00:08:20,560 --> 00:08:22,480 Speaker 2: What do you think about this, Genie. Do we look 157 00:08:22,520 --> 00:08:25,360 Speaker 2: back at this as a major revealing moment or is 158 00:08:25,360 --> 00:08:28,360 Speaker 2: maybe Susie Wiles reinventing the role of chief of staff, 159 00:08:28,800 --> 00:08:30,560 Speaker 2: Maybe she could say whatever she wants. 160 00:08:32,200 --> 00:08:35,280 Speaker 5: Yeah, I think we look at it as disorienting. I mean, 161 00:08:35,320 --> 00:08:38,120 Speaker 5: that's the word that comes to mind, because Susie Wiles 162 00:08:38,240 --> 00:08:41,240 Speaker 5: is well beloved, well known, and was supposed to be 163 00:08:41,280 --> 00:08:44,360 Speaker 5: the grown up in this White House, keeping the president 164 00:08:44,440 --> 00:08:47,600 Speaker 5: on track, and all the while, Joe Matthew she was 165 00:08:47,640 --> 00:08:51,600 Speaker 5: giving interviews that were not secret to Chris Whitball from 166 00:08:51,679 --> 00:08:56,360 Speaker 5: Vanity Fair, posing for glossy photo spreads. So I think 167 00:08:56,440 --> 00:08:59,520 Speaker 5: disorienting is the word that comes to mind. And if 168 00:08:59,559 --> 00:09:02,120 Speaker 5: she was doing this to sort of give us a 169 00:09:02,160 --> 00:09:04,079 Speaker 5: behind the scenes look at what it's like to be 170 00:09:04,120 --> 00:09:06,400 Speaker 5: a chief of staff, female or otherwise. 171 00:09:07,040 --> 00:09:08,040 Speaker 3: I'm not so sure. 172 00:09:08,200 --> 00:09:12,439 Speaker 5: The words that she used to describe the president alcoholic personality, 173 00:09:12,840 --> 00:09:17,120 Speaker 5: elon the world's wealthiest man, taking drugs, sleeping and sleeping 174 00:09:17,160 --> 00:09:21,120 Speaker 5: bags in the White House, the vice president a conspiracy theorist. 175 00:09:21,120 --> 00:09:23,959 Speaker 3: I mean, the list goes on and on and so again. 176 00:09:24,040 --> 00:09:28,319 Speaker 5: Disorienting because that's not a very controlled message. And then 177 00:09:28,480 --> 00:09:31,400 Speaker 5: you know we're talking personality. Look at the policy issues. 178 00:09:31,679 --> 00:09:36,200 Speaker 5: She says on the Venezuela boat issue. Well, he's just 179 00:09:36,280 --> 00:09:39,280 Speaker 5: trying to get Maduro to cry uncle. 180 00:09:40,040 --> 00:09:40,920 Speaker 6: That's what we all knew. 181 00:09:40,960 --> 00:09:44,120 Speaker 5: It's regime change. But that's not what they've been saying. 182 00:09:44,559 --> 00:09:50,440 Speaker 5: So this is a disaster from a perspective of controlling 183 00:09:50,520 --> 00:09:53,680 Speaker 5: and managing your message at a time when the president 184 00:09:53,720 --> 00:09:56,360 Speaker 5: needs anything but and so I am curious to see 185 00:09:56,360 --> 00:09:58,040 Speaker 5: what Donald Trump says about all of this. 186 00:09:59,080 --> 00:10:01,760 Speaker 2: Well, beautifore you, yes, I am as well. That's why 187 00:10:01,760 --> 00:10:03,920 Speaker 2: I had asked Tyler if we have anything public on 188 00:10:03,960 --> 00:10:07,800 Speaker 2: the schedule today, Whipple writes Mora when I asked her 189 00:10:07,840 --> 00:10:10,720 Speaker 2: what she thought about Musk Elon Musk reposting a tweet 190 00:10:10,760 --> 00:10:15,160 Speaker 2: about public sector workers killing millions under Hitler, Stalin and Mao. 191 00:10:15,559 --> 00:10:19,920 Speaker 2: She replied, quote, I think that's when he's micro dosing unquote. 192 00:10:20,280 --> 00:10:22,640 Speaker 2: Is this kind of honesty good for the executive or not? 193 00:10:24,320 --> 00:10:26,200 Speaker 4: I think he's of Elon Musk. I really don't know. 194 00:10:26,240 --> 00:10:28,120 Speaker 4: I mean, I don't think it is just across the 195 00:10:28,120 --> 00:10:29,920 Speaker 4: board for our chief of staff of the White House 196 00:10:29,960 --> 00:10:33,120 Speaker 4: to be that flippant in her remarks, but in her 197 00:10:33,160 --> 00:10:37,080 Speaker 4: comments to a member of the press, true. But what 198 00:10:37,200 --> 00:10:40,400 Speaker 4: I also took from that segment of talking about Elon Musk, 199 00:10:40,800 --> 00:10:42,839 Speaker 4: it also showed it again if we're looking at this, 200 00:10:42,920 --> 00:10:44,760 Speaker 4: or if I'm looking at this as her attempt to 201 00:10:44,760 --> 00:10:46,439 Speaker 4: have a profile piece of what it's like to be 202 00:10:46,480 --> 00:10:48,040 Speaker 4: the cheapest staff to the White House. In the White 203 00:10:48,080 --> 00:10:51,200 Speaker 4: House first female, she starts off talking about Elon Musk 204 00:10:51,360 --> 00:10:54,400 Speaker 4: and his cuts to Pep far and Usaid, saying that 205 00:10:54,440 --> 00:10:56,080 Speaker 4: she didn't know that he was doing it and that 206 00:10:56,120 --> 00:10:58,600 Speaker 4: he just did it. That shows a complete life of control, 207 00:10:58,800 --> 00:11:03,440 Speaker 4: a complete abdication of keeping the team unified and having 208 00:11:03,480 --> 00:11:05,960 Speaker 4: the president be in charge of decision making. That makes 209 00:11:06,320 --> 00:11:08,280 Speaker 4: such a massive impact. But when she went on to 210 00:11:08,320 --> 00:11:10,240 Speaker 4: talk about that with Chris Whipple, she said she didn't 211 00:11:10,240 --> 00:11:13,280 Speaker 4: know one that he was doing it. And two, you know, 212 00:11:13,280 --> 00:11:15,120 Speaker 4: she didn't necessarily agree with it, but she didn't know 213 00:11:15,360 --> 00:11:17,720 Speaker 4: how bad it was going to be. I mean, that's 214 00:11:17,760 --> 00:11:20,800 Speaker 4: really stark, and I almost couldn't believe that she would 215 00:11:20,840 --> 00:11:22,480 Speaker 4: be so heavilier in saying that. 216 00:11:23,160 --> 00:11:25,840 Speaker 2: Yeah, well, she calls it a disingenuous hit piece. Now 217 00:11:26,200 --> 00:11:28,280 Speaker 2: pretty remarkable, guys. We could do five hours on this. 218 00:11:28,360 --> 00:11:30,720 Speaker 2: We barely scratch the surface. It's two parts long. You'll 219 00:11:30,720 --> 00:11:34,040 Speaker 2: have to read for yourself at Vanity Fair. Stay with 220 00:11:34,160 --> 00:11:36,320 Speaker 2: us on Balance of Power. We'll have much more coming 221 00:11:36,440 --> 00:11:37,079 Speaker 2: up after this. 222 00:11:41,360 --> 00:11:44,840 Speaker 1: You're listening to the Bloomberg Balance of Power podcasts. Catch 223 00:11:44,920 --> 00:11:48,000 Speaker 1: us live weekdays at noon and five pm Eastern on 224 00:11:48,080 --> 00:11:51,320 Speaker 1: Apple Cockway and Android Auto with the Bloomberg Business app. 225 00:11:51,360 --> 00:11:54,400 Speaker 1: You can also listen live on Amazon Alexa from our 226 00:11:54,440 --> 00:11:59,599 Speaker 1: flagship New York station, Just say Alexa play Bloomberg eleven thirty. 227 00:12:00,400 --> 00:12:02,720 Speaker 2: We're also keeping tabs on what's happening in the House 228 00:12:02,760 --> 00:12:06,400 Speaker 2: of Representatives today with a very important Republican party a 229 00:12:06,480 --> 00:12:08,920 Speaker 2: Republican conference meeting with the Speaker of the House. We 230 00:12:08,960 --> 00:12:11,760 Speaker 2: discussed this earlier with Jonathan Tamari as we try to 231 00:12:11,760 --> 00:12:14,600 Speaker 2: figure out exactly how leaders are going to fill up 232 00:12:14,640 --> 00:12:15,559 Speaker 2: the next four days. 233 00:12:15,600 --> 00:12:17,439 Speaker 3: That's going to be it here. As we told you, we've. 234 00:12:17,240 --> 00:12:20,000 Speaker 2: Got four legislative days left to go, and there will 235 00:12:20,040 --> 00:12:24,080 Speaker 2: likely be a vote to some extent on healthcare. It's 236 00:12:24,120 --> 00:12:27,959 Speaker 2: not going to be a vote on extending Obamacare premium subsidies, 237 00:12:28,000 --> 00:12:31,200 Speaker 2: which have been all the talk recently here and of 238 00:12:31,200 --> 00:12:34,200 Speaker 2: course the debate surrounding them led to a government shutdown. No, 239 00:12:34,320 --> 00:12:37,720 Speaker 2: the Speaker of the House has put forth a Republican plan. 240 00:12:38,280 --> 00:12:40,520 Speaker 3: That would take a very different approach here. 241 00:12:40,559 --> 00:12:42,880 Speaker 2: We saw the legislation first on Friday, and now that 242 00:12:42,920 --> 00:12:46,440 Speaker 2: we understand the Bloomberg is reporting that moderate lawmakers will 243 00:12:46,440 --> 00:12:49,160 Speaker 2: not be voting on the Obamacare premium subsidies before the 244 00:12:49,240 --> 00:12:49,679 Speaker 2: end of the year. 245 00:12:49,760 --> 00:12:51,280 Speaker 3: Some thought that would be the case in the form 246 00:12:51,320 --> 00:12:51,960 Speaker 3: of an amendment. 247 00:12:52,720 --> 00:12:54,400 Speaker 2: And we're joined right now to talk about this and 248 00:12:54,440 --> 00:12:57,040 Speaker 2: a lot more by the chair of the House Ways 249 00:12:57,080 --> 00:13:00,600 Speaker 2: and Means Committee, Republican Congressman Jason Smith of Zouri. It's 250 00:13:00,640 --> 00:13:03,479 Speaker 2: great to see you, mister chairman. Welcome back to Bloomberg 251 00:13:03,520 --> 00:13:05,719 Speaker 2: TV and Radio. Do you expect there will be a 252 00:13:05,800 --> 00:13:09,920 Speaker 2: vote then on a standalone Republican plan before this week 253 00:13:10,000 --> 00:13:10,320 Speaker 2: is over? 254 00:13:11,679 --> 00:13:13,440 Speaker 7: You know, what we have been working on for some 255 00:13:13,640 --> 00:13:16,720 Speaker 7: time is how can we lower the cost of health 256 00:13:16,720 --> 00:13:21,359 Speaker 7: care and how can we lower premiums for all Americans. 257 00:13:21,360 --> 00:13:24,640 Speaker 7: That's three hundred and forty seven million Americans when people 258 00:13:24,679 --> 00:13:28,760 Speaker 7: talk about the premium tax credit subsidies, that is seven 259 00:13:28,920 --> 00:13:33,600 Speaker 7: percent of the entire population. But every American's facing high 260 00:13:33,600 --> 00:13:35,800 Speaker 7: cost of health care. And what we are doing today 261 00:13:37,040 --> 00:13:39,959 Speaker 7: in the Rules Committee and tomorrow on the floor are 262 00:13:40,240 --> 00:13:44,160 Speaker 7: just different examples of health care policies and changes that 263 00:13:44,200 --> 00:13:46,959 Speaker 7: we can do that will lower the cost and lower 264 00:13:47,000 --> 00:13:52,560 Speaker 7: the premiums for all Americans, whether it's PBM reforms creating 265 00:13:52,600 --> 00:13:56,680 Speaker 7: more transparency, or whether it is codifying choice accounts to 266 00:13:56,720 --> 00:14:03,600 Speaker 7: allow small businesses to give their employees health give their 267 00:14:03,640 --> 00:14:06,280 Speaker 7: employees money so they can purchase their own healthcare option 268 00:14:06,320 --> 00:14:08,120 Speaker 7: at tax free. 269 00:14:09,240 --> 00:14:11,360 Speaker 2: I know that, of course, the bills that hit the 270 00:14:11,360 --> 00:14:13,840 Speaker 2: floor are the purview of the majority, and it comes 271 00:14:13,920 --> 00:14:16,839 Speaker 2: when it comes down to it the speaker. But we've 272 00:14:16,880 --> 00:14:20,960 Speaker 2: seen some swing district Republicans bristole at this idea of 273 00:14:21,120 --> 00:14:25,240 Speaker 2: not allowing a vote on the Obamacare extension amendment. Mike Lawler, 274 00:14:25,800 --> 00:14:28,800 Speaker 2: your colleague from New York, called it idiotic. Mister Chairman, 275 00:14:29,040 --> 00:14:32,920 Speaker 2: why not just allow both and see where the chips fall. 276 00:14:33,040 --> 00:14:35,120 Speaker 7: I'll just say that we all have different opinions, but 277 00:14:36,200 --> 00:14:39,360 Speaker 7: what the Democrats have been pushing. In fact, there was 278 00:14:39,400 --> 00:14:41,880 Speaker 7: a vote last Thursday in the United States Senate that 279 00:14:42,000 --> 00:14:45,080 Speaker 7: felled fifty one to forty eight, I believe is what 280 00:14:45,120 --> 00:14:49,400 Speaker 7: it was on a three year current extension. The waste, 281 00:14:49,400 --> 00:14:53,440 Speaker 7: fraud and abuse within the Obamacare exchanges just in the 282 00:14:53,480 --> 00:14:56,280 Speaker 7: last two weeks was highlighted by the GAO report that 283 00:14:56,360 --> 00:15:00,240 Speaker 7: said fifty nine thousand dead people were being subsidized. One 284 00:15:00,280 --> 00:15:03,200 Speaker 7: social Security number had one hundred and twenty seven different 285 00:15:03,240 --> 00:15:07,720 Speaker 7: policies attached to it, and the GOO also attempted with 286 00:15:07,880 --> 00:15:11,560 Speaker 7: fake identities and fake social Security numbers to enroll in 287 00:15:11,600 --> 00:15:13,960 Speaker 7: the program. At one hundred percent of them were accepted 288 00:15:14,280 --> 00:15:17,720 Speaker 7: and ninety percent were still being subsidizing a year later. 289 00:15:17,880 --> 00:15:22,400 Speaker 7: This year, these reforms have to be addressed. You cannot 290 00:15:22,640 --> 00:15:25,720 Speaker 7: just extend it. And you know, the worst statistic that 291 00:15:25,720 --> 00:15:28,960 Speaker 7: people should be paying attention to the twenty four million 292 00:15:29,000 --> 00:15:33,200 Speaker 7: people on the exchanges last year alone, nearly twelve million 293 00:15:33,360 --> 00:15:36,200 Speaker 7: never even filed a medical claim. You cannot tell me 294 00:15:36,520 --> 00:15:39,200 Speaker 7: that they didn't have a medical claim. They simply were 295 00:15:39,280 --> 00:15:41,840 Speaker 7: automatically enrolled and didn't even know they have it. But 296 00:15:41,880 --> 00:15:44,880 Speaker 7: guess what those insurance companies, they were still subsidized. 297 00:15:46,600 --> 00:15:49,320 Speaker 2: You know, of course, and I hear you, Congressman. We've 298 00:15:49,360 --> 00:15:51,560 Speaker 2: heard a lot of your Republican colleagues make these arguments. 299 00:15:51,600 --> 00:15:53,440 Speaker 2: But what do you say when somebody calls from Missouri 300 00:15:53,480 --> 00:15:55,280 Speaker 2: and you've got a constituent on the line, and they say, 301 00:15:55,800 --> 00:15:56,720 Speaker 2: how can you help me out? 302 00:15:56,760 --> 00:15:58,320 Speaker 3: My premiums are going to double next. 303 00:15:58,200 --> 00:16:02,840 Speaker 7: Month's Exactly the case is the person who would be 304 00:16:02,880 --> 00:16:06,560 Speaker 7: calling me from Missouri would be someone on employer sponsored healthcare, 305 00:16:06,960 --> 00:16:10,520 Speaker 7: And everything the Democrats is talking about has nothing to 306 00:16:10,600 --> 00:16:14,800 Speaker 7: do with lowering the cost of premiums for people who 307 00:16:14,840 --> 00:16:17,280 Speaker 7: are on employee sponsored healthcare. And that's one hundred and 308 00:16:17,280 --> 00:16:20,840 Speaker 7: sixty four million Americans. All that they're talking about is 309 00:16:20,880 --> 00:16:24,400 Speaker 7: the twenty four million people on exchanges. We need to 310 00:16:24,440 --> 00:16:27,320 Speaker 7: lower the cost of health care for every single American, 311 00:16:27,800 --> 00:16:30,600 Speaker 7: not just the people on ACA. 312 00:16:30,720 --> 00:16:33,600 Speaker 2: Are you not hearing from people on Obamacare, mister chairman, 313 00:16:33,680 --> 00:16:34,680 Speaker 2: or remain misunderstanding? 314 00:16:34,680 --> 00:16:38,000 Speaker 7: You look at my congressional district. We have roughly eight 315 00:16:38,120 --> 00:16:41,800 Speaker 7: hundred thousand people in it. We have less than five 316 00:16:41,960 --> 00:16:46,040 Speaker 7: percent that are on Obamacare, and we're the ninth poorest 317 00:16:46,120 --> 00:16:49,360 Speaker 7: congressional district out of four hundred and thirty five, so 318 00:16:49,960 --> 00:16:54,000 Speaker 7: it is a very very small small population. In fact, 319 00:16:54,400 --> 00:16:57,520 Speaker 7: even the people on the exchanges, even the people on 320 00:16:57,560 --> 00:17:02,440 Speaker 7: the exchanges ninety nine zero point seven percent of the 321 00:17:02,480 --> 00:17:05,560 Speaker 7: people in my congressional district that are in the exchanges 322 00:17:05,920 --> 00:17:10,520 Speaker 7: will have generous subsidies to help them with their payments. 323 00:17:12,200 --> 00:17:14,280 Speaker 2: You know, we just got a word from the president, 324 00:17:14,800 --> 00:17:17,399 Speaker 2: mister chairman, and this is just breaking. I'll share it 325 00:17:17,440 --> 00:17:19,320 Speaker 2: with you as I read it from Truth Social I 326 00:17:19,320 --> 00:17:21,560 Speaker 2: will be giving an address to the nation tomorrow night, 327 00:17:22,040 --> 00:17:24,280 Speaker 2: live from the White House, nine pm Eastern. I look 328 00:17:24,320 --> 00:17:26,320 Speaker 2: forward to seeing you then. It's been a great year 329 00:17:26,359 --> 00:17:28,120 Speaker 2: for our country and the best has yet to come. 330 00:17:28,400 --> 00:17:31,959 Speaker 2: So we've got a presidential address, primetime address tomorrow night. 331 00:17:32,000 --> 00:17:35,399 Speaker 2: It's been a while, Chairman Smith, do you suspect that 332 00:17:35,480 --> 00:17:39,280 Speaker 2: he'll provide some guidance when it comes to healthcare reform? 333 00:17:40,040 --> 00:17:42,320 Speaker 7: You know, I'm thankful that we have a president who 334 00:17:42,840 --> 00:17:47,040 Speaker 7: in fact communicates with the general public on a NonStop basis. 335 00:17:47,280 --> 00:17:50,439 Speaker 7: Having an address tomorrow is just another example for the 336 00:17:50,480 --> 00:17:54,399 Speaker 7: president to talk and speak to the American public directly 337 00:17:54,840 --> 00:17:58,120 Speaker 7: of the accomplishments that's been happening over the last eleven 338 00:17:58,160 --> 00:18:01,880 Speaker 7: months of his presidency. Will he be announcing the other 339 00:18:02,720 --> 00:18:06,840 Speaker 7: new initiatives and new ideas. Wouldn't surprise me, because this 340 00:18:06,920 --> 00:18:08,119 Speaker 7: man's working all the time. 341 00:18:09,480 --> 00:18:12,480 Speaker 2: I know that there was another meeting this morning, mister Chairman. 342 00:18:12,520 --> 00:18:15,040 Speaker 2: I don't know if you were in this briefing with 343 00:18:15,840 --> 00:18:18,639 Speaker 2: the Secretary of Defense, the Secretary of State, and the 344 00:18:18,680 --> 00:18:21,800 Speaker 2: Chairman of the Joint Chiefs about the president's policy, his 345 00:18:21,880 --> 00:18:25,720 Speaker 2: strategy in the Caribbean. We understand from the Secretary of 346 00:18:25,760 --> 00:18:29,080 Speaker 2: Defense that will the footage of the double tap strike 347 00:18:29,400 --> 00:18:31,879 Speaker 2: will never made public. Do you agree that that's a 348 00:18:31,920 --> 00:18:35,120 Speaker 2: smart move? And have you received enough information to make 349 00:18:35,160 --> 00:18:35,880 Speaker 2: a judgment here? 350 00:18:37,359 --> 00:18:39,439 Speaker 7: I have not been part of any of those briefings. 351 00:18:39,760 --> 00:18:43,440 Speaker 7: We've been today the last couple of days focused on 352 00:18:43,480 --> 00:18:46,679 Speaker 7: the healthcare legislation that's moving off the House floor and 353 00:18:46,760 --> 00:18:50,119 Speaker 7: working with that and meeting with members and colleagues to 354 00:18:50,160 --> 00:18:52,480 Speaker 7: make sure that the votes are there. But I haven't 355 00:18:52,480 --> 00:18:55,840 Speaker 7: been a part of any of those briefings or those discussions. 356 00:18:56,400 --> 00:19:00,159 Speaker 2: Understood, Could you, then, because of your focus on the 357 00:19:00,200 --> 00:19:02,280 Speaker 2: healthcare legislation, have a sense of when we will see 358 00:19:02,280 --> 00:19:03,040 Speaker 2: a vote this week. 359 00:19:04,520 --> 00:19:07,720 Speaker 7: I think you'll see a vote tomorrow on the healthcare 360 00:19:07,760 --> 00:19:12,199 Speaker 7: items that we suggested today at two o'clock. Right after this, 361 00:19:12,359 --> 00:19:15,720 Speaker 7: in fact, I will be presenting before the House Rules Committee, 362 00:19:15,760 --> 00:19:17,359 Speaker 7: and that is the first step before it goes to 363 00:19:17,400 --> 00:19:17,800 Speaker 7: the floor. 364 00:19:19,320 --> 00:19:21,919 Speaker 2: The House of Representatives, I was reading will set a 365 00:19:21,960 --> 00:19:25,439 Speaker 2: non COVID record for fewest role call votes on record 366 00:19:25,960 --> 00:19:28,800 Speaker 2: in this session. Of course, that was exacerbated by the 367 00:19:28,840 --> 00:19:32,520 Speaker 2: longest government shut down in history. I just wonder if 368 00:19:32,520 --> 00:19:37,159 Speaker 2: Speaker Johnson deserves some criticism for this, and if you 369 00:19:37,200 --> 00:19:39,240 Speaker 2: expect a more productive year ahead. 370 00:19:40,359 --> 00:19:42,960 Speaker 7: You know, President Trump shows us that we can always 371 00:19:43,119 --> 00:19:45,199 Speaker 7: do more and work harder. If you look at just 372 00:19:45,240 --> 00:19:47,399 Speaker 7: the Ways and Means Committee, which I'm chairman of and 373 00:19:47,400 --> 00:19:50,719 Speaker 7: that we've been pushing through this year, We've passed one 374 00:19:50,800 --> 00:19:54,919 Speaker 7: hundred and twenty three different pieces of legislation out of 375 00:19:54,960 --> 00:20:00,560 Speaker 7: our committee. That beats the numbers of any prior Congress 376 00:20:00,920 --> 00:20:04,879 Speaker 7: by far in recent history. So we've been working hard. 377 00:20:04,880 --> 00:20:07,879 Speaker 7: We did deliver on the largest tax cut in US history, 378 00:20:08,080 --> 00:20:11,439 Speaker 7: the largest investment in border security in US history, the 379 00:20:11,480 --> 00:20:15,280 Speaker 7: most significant welfare reforms in US history, all within the 380 00:20:15,280 --> 00:20:19,320 Speaker 7: Big beautiful bill which affected one hundred and three different 381 00:20:19,480 --> 00:20:21,560 Speaker 7: tax chapters. 382 00:20:23,400 --> 00:20:28,280 Speaker 2: Well, you know, we keep hearing very quietly, and I'm 383 00:20:28,280 --> 00:20:30,760 Speaker 2: sure that you're reading and hearing the same stuff that 384 00:20:30,840 --> 00:20:34,679 Speaker 2: I am. That if the discord continues in the House, Congressman, 385 00:20:34,680 --> 00:20:36,560 Speaker 2: that we could have a funding problem again at the 386 00:20:36,640 --> 00:20:39,760 Speaker 2: end of January. As Chairman of the Ways and Means Committee, 387 00:20:39,760 --> 00:20:42,320 Speaker 2: point us forward here, what's going to happen when we 388 00:20:42,359 --> 00:20:44,879 Speaker 2: creep up on that deadline. I know that we won't 389 00:20:44,880 --> 00:20:47,200 Speaker 2: have a full blown budget with regular order, but will 390 00:20:47,240 --> 00:20:49,160 Speaker 2: there be a plan to avert another shutdown? 391 00:20:50,520 --> 00:20:50,960 Speaker 3: I'll tell you. 392 00:20:51,000 --> 00:20:55,600 Speaker 7: It's been very difficult cooperating with the Democrats. We've had 393 00:20:55,720 --> 00:21:01,680 Speaker 7: bipartisan markups within arcmmittee, and you're talking about bipartisan pieces 394 00:21:01,640 --> 00:21:04,080 Speaker 7: of the legislation. For example, we had nine bills last 395 00:21:04,080 --> 00:21:07,800 Speaker 7: week that it took ten hours for nine bipartisan bills, 396 00:21:07,800 --> 00:21:09,199 Speaker 7: and if you counted up the votes, it was three 397 00:21:09,240 --> 00:21:12,120 Speaker 7: hundred and forty seven yes votes and nineteen no votes 398 00:21:12,119 --> 00:21:16,920 Speaker 7: over nineteen bills. So super bipartisan. But the obstruction has 399 00:21:16,960 --> 00:21:20,119 Speaker 7: been real and the delay has been real, and so 400 00:21:20,200 --> 00:21:25,639 Speaker 7: the negotiations within the government. Funding is a huge, huge issue, 401 00:21:25,680 --> 00:21:28,080 Speaker 7: and I hope that the Democrats have learned from their 402 00:21:28,119 --> 00:21:30,679 Speaker 7: lesson that they're not going to shut down government like 403 00:21:30,720 --> 00:21:33,160 Speaker 7: what they did last time. They shut down government last time, 404 00:21:33,200 --> 00:21:35,320 Speaker 7: and they were very clear they wanted to spend one 405 00:21:35,359 --> 00:21:39,159 Speaker 7: point five trillion dollars in new money, including providing healthcare 406 00:21:39,560 --> 00:21:40,280 Speaker 7: for illegals. 407 00:21:41,840 --> 00:21:43,879 Speaker 3: It's good to have you back, Congressman Jason Smith. 408 00:21:43,880 --> 00:21:45,879 Speaker 2: He's chair of the House Ways and Means Committee, and 409 00:21:45,920 --> 00:21:49,000 Speaker 2: we appreciate your insights, mister Chairman, as we get closer 410 00:21:49,000 --> 00:21:52,560 Speaker 2: to voting, he said, as early as tomorrow, important news 411 00:21:52,560 --> 00:21:55,359 Speaker 2: there for you here on Bloomberg TV and radio that 412 00:21:55,440 --> 00:21:58,080 Speaker 2: you have not heard anywhere else yet. The chairman pointing 413 00:21:58,200 --> 00:22:01,000 Speaker 2: us to tomorrow would be the seven teenth of December 414 00:22:01,040 --> 00:22:04,000 Speaker 2: for a vote on a Republican led healthcare plan, that 415 00:22:04,200 --> 00:22:07,840 Speaker 2: same bill that was unveiled late Friday. Stay with us 416 00:22:07,880 --> 00:22:10,080 Speaker 2: on Balance of Power. We'll have much more coming up 417 00:22:10,119 --> 00:22:10,600 Speaker 2: after this. 418 00:22:14,880 --> 00:22:18,359 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 419 00:22:18,440 --> 00:22:21,480 Speaker 1: us live weekdays at noon and five pm Eastern on 420 00:22:21,600 --> 00:22:24,840 Speaker 1: Apple Cocklay and Android Auto with the Bloomberg Business app. 421 00:22:24,880 --> 00:22:27,879 Speaker 1: You can also listen live on Amazon Alexa from our 422 00:22:27,920 --> 00:22:32,440 Speaker 1: flagship New York station. Just say Alexa played Bloomberg eleven thirty. 423 00:22:33,920 --> 00:22:35,800 Speaker 2: We just got breaking news from the White House. If 424 00:22:35,840 --> 00:22:39,679 Speaker 2: you didn't hear us break this in our conversation with 425 00:22:39,720 --> 00:22:41,840 Speaker 2: the Chairman of the Ways and Means Committee, the President 426 00:22:41,880 --> 00:22:48,399 Speaker 2: has just scheduled a prime time national address, writing on 427 00:22:48,440 --> 00:22:50,879 Speaker 2: true social my fellow Americans, I will be giving an 428 00:22:50,920 --> 00:22:53,480 Speaker 2: address to the nation tomorrow night, live from the White 429 00:22:53,520 --> 00:22:57,600 Speaker 2: House at nine pm Eastern. Okay, nine o'clock set. Your 430 00:22:57,680 --> 00:23:00,240 Speaker 2: clocks will of course be watching, so you don't have to. 431 00:23:00,359 --> 00:23:02,800 Speaker 2: I look forward to seeing you. Then, he says, it 432 00:23:02,840 --> 00:23:05,159 Speaker 2: has been a great year for our country and the 433 00:23:05,200 --> 00:23:08,840 Speaker 2: best is yet to come. President speaking in the throes 434 00:23:08,840 --> 00:23:11,840 Speaker 2: of Hanakah here with so many issues that he could 435 00:23:11,840 --> 00:23:14,560 Speaker 2: touch upon, including the healthcare debate that we were just 436 00:23:14,640 --> 00:23:18,600 Speaker 2: talking about with Congressman Jason Smith, the future of his 437 00:23:18,760 --> 00:23:21,639 Speaker 2: economic agenda, maybe he'll does he announce a pick for 438 00:23:21,720 --> 00:23:25,600 Speaker 2: fed James We think tomorrow night. Unclear what he might 439 00:23:25,640 --> 00:23:30,400 Speaker 2: bring forward, if not some reassuring words for the holidays. 440 00:23:30,440 --> 00:23:32,919 Speaker 2: He talks a lot about the price of gas these days. 441 00:23:33,280 --> 00:23:35,400 Speaker 2: In fact, yesterday said it was a dollar ninety nine 442 00:23:35,400 --> 00:23:37,840 Speaker 2: and a bunch of different places in the country. We're 443 00:23:37,880 --> 00:23:40,200 Speaker 2: having a little trouble finding those. But indeed the gas 444 00:23:40,240 --> 00:23:43,160 Speaker 2: prices have been lower, and as Charlie Pella just said, 445 00:23:43,160 --> 00:23:45,880 Speaker 2: we've got a fifty five handle once again on crude 446 00:23:45,920 --> 00:23:49,520 Speaker 2: West Texas Intermediate. Yeah, look at that, fifty five, fifty 447 00:23:49,560 --> 00:23:51,560 Speaker 2: five down a little more than two percent. 448 00:23:52,520 --> 00:23:55,439 Speaker 3: Just like Mike McLoone said it was going to happen. 449 00:23:56,080 --> 00:23:57,920 Speaker 2: He's a great American and he's with us right now, 450 00:23:57,920 --> 00:24:02,680 Speaker 2: Bloomberg Intelligence, Senior Commodity strategist, live from Miami. Mike, you 451 00:24:02,720 --> 00:24:04,439 Speaker 2: said it was going to go down maybe to forty 452 00:24:04,440 --> 00:24:06,040 Speaker 2: as a matter of fact. And I'm wondering if you 453 00:24:06,040 --> 00:24:07,880 Speaker 2: can remind us of the trends that we're seeing here 454 00:24:07,880 --> 00:24:10,280 Speaker 2: because this is supposed to be winter season. Isn't oil 455 00:24:10,320 --> 00:24:11,000 Speaker 2: more expensive? 456 00:24:12,119 --> 00:24:13,680 Speaker 6: Yeah, it's nice to get a few right. 457 00:24:13,840 --> 00:24:16,280 Speaker 8: Well, if you want to talk about winter season, natural 458 00:24:16,280 --> 00:24:17,920 Speaker 8: gas is absolutely collapsed from. 459 00:24:17,800 --> 00:24:19,560 Speaker 6: Where it was just three weeks ago. It was up 460 00:24:19,600 --> 00:24:21,879 Speaker 6: forty percent in the year that it's only five percent. 461 00:24:21,920 --> 00:24:22,560 Speaker 6: What's tilted over? 462 00:24:22,760 --> 00:24:26,280 Speaker 8: Like you started with crude oil, fifty five dollars of 463 00:24:26,320 --> 00:24:28,480 Speaker 8: barrow just made a new loaf for the year today. 464 00:24:28,520 --> 00:24:31,200 Speaker 8: I think it's more likely to be towards forty next 465 00:24:31,280 --> 00:24:34,440 Speaker 8: year than above seventy. That's just a trend of oversupply 466 00:24:34,560 --> 00:24:38,440 Speaker 8: and superabundance, and the key thing to get it much lower, Joe, 467 00:24:38,520 --> 00:24:40,719 Speaker 8: is just a little bit of what people would call 468 00:24:40,760 --> 00:24:43,399 Speaker 8: a healthy correction in stock market, which might have started. 469 00:24:44,760 --> 00:24:49,200 Speaker 2: What does oversupply and healthy abundance mean for drill baby 470 00:24:49,280 --> 00:24:50,600 Speaker 2: drill in the new year? 471 00:24:50,680 --> 00:24:52,399 Speaker 6: Well, well, that's the significance. 472 00:24:52,400 --> 00:24:54,919 Speaker 8: It's not just crude oil, it's natural gas, it's corn, 473 00:24:54,960 --> 00:24:56,919 Speaker 8: it's soybeans, it's sweet, it's the whole space. 474 00:24:57,200 --> 00:24:59,440 Speaker 6: And that's the timing of mister Trump's presidency. 475 00:24:59,440 --> 00:25:01,520 Speaker 8: He came into the perfect time to say these kind 476 00:25:01,520 --> 00:25:04,000 Speaker 8: of things and have them happen, just because we had 477 00:25:04,000 --> 00:25:06,160 Speaker 8: that big spike up to the peak in twenty twenty 478 00:25:06,200 --> 00:25:08,720 Speaker 8: two that brought on all the supply, kicked in the 479 00:25:08,760 --> 00:25:12,359 Speaker 8: technology and shifted over to evs, and now they're heading lower. 480 00:25:12,440 --> 00:25:14,680 Speaker 6: So Superabundance is just a. 481 00:25:14,640 --> 00:25:17,760 Speaker 8: Great book I read and I enjoy what the proponent 482 00:25:17,800 --> 00:25:21,880 Speaker 8: of it shows that when you have humans like guys 483 00:25:21,920 --> 00:25:24,640 Speaker 8: who create more with less every day, you don't want 484 00:25:24,720 --> 00:25:27,679 Speaker 8: don't we want to embrace that technology, but not the 485 00:25:27,720 --> 00:25:31,880 Speaker 8: price and the price continues decline in crude oils, corn, soybeans, wheat, 486 00:25:32,000 --> 00:25:32,760 Speaker 8: natural gas. 487 00:25:32,960 --> 00:25:35,560 Speaker 6: And I don't know what stops it other than lower. 488 00:25:35,800 --> 00:25:39,439 Speaker 2: That's the true understood Triple A's got the national average 489 00:25:39,440 --> 00:25:41,680 Speaker 2: at two dollars ninety cents right now, so we are 490 00:25:41,680 --> 00:25:45,200 Speaker 2: decidedly below three dollars. Where's the president seeing a dollar 491 00:25:45,320 --> 00:25:46,600 Speaker 2: ninety nine or lower? 492 00:25:46,640 --> 00:25:47,120 Speaker 3: Is that real? 493 00:25:47,880 --> 00:25:49,800 Speaker 6: Well, they can see that in some places. 494 00:25:50,040 --> 00:25:53,879 Speaker 8: I've heard anecdotal, but I think the national average price 495 00:25:54,040 --> 00:25:56,480 Speaker 8: at two ninety is going to head towards two dollars 496 00:25:56,520 --> 00:25:59,200 Speaker 8: by this time next year. And the key canalyst set 497 00:25:59,359 --> 00:26:01,560 Speaker 8: that for that show. You know, we haven't handled down 498 00:26:01,600 --> 00:26:03,480 Speaker 8: year for the S and P five hundred total return. 499 00:26:03,520 --> 00:26:06,080 Speaker 8: We've only had two since two thousand and eight. Maybe 500 00:26:06,080 --> 00:26:07,520 Speaker 8: we're due for a little bit of that. And that's 501 00:26:07,560 --> 00:26:10,399 Speaker 8: every single time that gas has got to above four, 502 00:26:10,680 --> 00:26:12,280 Speaker 8: got to five two a couple of years ago. It's 503 00:26:12,280 --> 00:26:15,440 Speaker 8: always bottom there too. And I asked myself, what stops that? 504 00:26:15,600 --> 00:26:17,800 Speaker 8: To me, it's accelready now. The US is a net 505 00:26:17,880 --> 00:26:21,320 Speaker 8: export of crude oil, liquid fuels, natural gas. 506 00:26:21,840 --> 00:26:24,159 Speaker 6: We're just a net export of almost most of those. 507 00:26:24,000 --> 00:26:27,000 Speaker 8: Commodities who really need, which means we're dependent on exports. 508 00:26:27,040 --> 00:26:29,800 Speaker 6: So it's a good sign that prices will all go down. 509 00:26:30,680 --> 00:26:34,600 Speaker 8: But it's also the classic example of post inflation deflation. 510 00:26:34,960 --> 00:26:36,880 Speaker 8: And the question is how long can that stay away 511 00:26:36,920 --> 00:26:39,000 Speaker 8: from things like the stock market, because it certainly is 512 00:26:39,080 --> 00:26:40,119 Speaker 8: hitting cryptocurrencies. 513 00:26:41,119 --> 00:26:42,720 Speaker 3: Well, it sure is, and I guess I need to 514 00:26:42,720 --> 00:26:43,320 Speaker 3: ask you about that. 515 00:26:43,400 --> 00:26:44,800 Speaker 2: It is remarkable, by the way, I'm going to be 516 00:26:44,800 --> 00:26:47,320 Speaker 2: talking to Gene Harmon in just a moment, Mike mcgloan 517 00:26:47,359 --> 00:26:50,080 Speaker 2: that all the saber rattling down around Venezuela is doing 518 00:26:50,119 --> 00:26:52,280 Speaker 2: nothing to elevate the price of oil. But I guess 519 00:26:52,320 --> 00:26:55,639 Speaker 2: that tells us a lot about Venezuela's contribution to your 520 00:26:55,680 --> 00:26:56,360 Speaker 2: points earlier. 521 00:26:56,400 --> 00:26:58,480 Speaker 3: What's bitcoin doing? It's one of the only green things 522 00:26:58,480 --> 00:26:58,960 Speaker 3: on the screen. 523 00:26:59,040 --> 00:27:01,480 Speaker 2: Is this just a little bit of a bottom fishing 524 00:27:01,520 --> 00:27:02,600 Speaker 2: year or something else going on? 525 00:27:03,320 --> 00:27:06,640 Speaker 8: The biggest rallies typically happen in bear markets, and bitcoin 526 00:27:06,680 --> 00:27:09,160 Speaker 8: and cryptos are clearly in a bear market. The Bloomberg 527 00:27:09,160 --> 00:27:12,520 Speaker 8: Galaxy Crypto Index is now down about twenty percent of 528 00:27:12,600 --> 00:27:12,920 Speaker 8: the year. 529 00:27:13,119 --> 00:27:16,040 Speaker 6: It was up over twenty percent. That wasn't supposed to happen. 530 00:27:16,240 --> 00:27:18,480 Speaker 8: Bitcoin is down about six percent in the year, was 531 00:27:18,560 --> 00:27:20,680 Speaker 8: up about thirty percent in the year, but it put 532 00:27:20,680 --> 00:27:22,600 Speaker 8: in a key peak top. 533 00:27:22,400 --> 00:27:24,680 Speaker 6: That I think is going to resonate for a long time. 534 00:27:24,720 --> 00:27:26,680 Speaker 8: So I think bitcoin is going to head initially towards 535 00:27:26,720 --> 00:27:29,400 Speaker 8: fifty thousand. I don't know what makes it go higher, 536 00:27:29,400 --> 00:27:31,480 Speaker 8: but key thing is it's the leading. 537 00:27:31,200 --> 00:27:33,760 Speaker 6: Indicator factor, Joe that I really Keith think this matter. 538 00:27:33,840 --> 00:27:35,520 Speaker 8: I mean, it's the tip of the iceberg of risk 539 00:27:35,560 --> 00:27:38,240 Speaker 8: assets and it's heading downward. I think it's the d 540 00:27:38,440 --> 00:27:41,240 Speaker 8: risking that's probably hitting the stock market today that might. 541 00:27:41,160 --> 00:27:42,560 Speaker 6: Continue into year end. 542 00:27:42,600 --> 00:27:43,960 Speaker 8: So I'm really worried that this is all going to 543 00:27:44,000 --> 00:27:46,199 Speaker 8: trickle down into the stock market as we had to 544 00:27:46,280 --> 00:27:47,439 Speaker 8: year end, and by the way, that's to be five 545 00:27:47,520 --> 00:27:49,400 Speaker 8: hundred did drop about five percent in the last couple 546 00:27:49,400 --> 00:27:51,400 Speaker 8: of weeks of twenty twenty four, but had a lot 547 00:27:51,400 --> 00:27:53,399 Speaker 8: of good, good things to look forward to. Now everything 548 00:27:53,520 --> 00:27:57,600 Speaker 8: is looking forward to is rolling over, particularly crypto. 549 00:27:58,119 --> 00:27:59,880 Speaker 2: I'm just wondering when Santa Claus is going to show 550 00:27:59,920 --> 00:28:01,320 Speaker 2: up if an't we running out of days here? Mike, 551 00:28:01,359 --> 00:28:03,240 Speaker 2: It's good to see you come back again before the 552 00:28:03,320 --> 00:28:03,719 Speaker 2: end of the year. 553 00:28:03,760 --> 00:28:05,359 Speaker 3: The Great Mike mcloonan live in Miami. 554 00:28:05,400 --> 00:28:09,919 Speaker 2: Bloomberg Intelligence are senior commodities strategist with crude oil now 555 00:28:09,920 --> 00:28:12,480 Speaker 2: at a fifty five handle. It's just like he told 556 00:28:12,520 --> 00:28:14,560 Speaker 2: us it was going to happen. When that thing hits forty, 557 00:28:14,560 --> 00:28:18,840 Speaker 2: you'll know to call Mike McLoone News from Capitol Hill 558 00:28:18,840 --> 00:28:22,880 Speaker 2: today from the Secretary of Defense. Forget the video, it's 559 00:28:22,920 --> 00:28:26,720 Speaker 2: not going public, Pete Hegseth on the Hill to brief 560 00:28:26,800 --> 00:28:31,840 Speaker 2: lawmakers today about the administration's overall strategy in the Caribbean. 561 00:28:32,280 --> 00:28:32,880 Speaker 3: Never mind the. 562 00:28:32,800 --> 00:28:36,199 Speaker 2: Double tap strike in the waters off Venezuela. Here's what 563 00:28:36,240 --> 00:28:37,560 Speaker 2: hag Seth said earlier. 564 00:28:37,760 --> 00:28:41,120 Speaker 7: In keeping with long standing Department of War policy, Department 565 00:28:41,120 --> 00:28:42,040 Speaker 7: of Defense policy. 566 00:28:42,240 --> 00:28:43,120 Speaker 3: Of course, we're not going. 567 00:28:43,080 --> 00:28:46,760 Speaker 6: To release a top secret, full. 568 00:28:46,640 --> 00:28:48,840 Speaker 3: Unedited video of that to the general public. 569 00:28:48,920 --> 00:28:52,200 Speaker 2: Haskin saskin appropriate committees will see it, but not the 570 00:28:52,240 --> 00:28:55,920 Speaker 2: general public, which is important because the President of the 571 00:28:56,000 --> 00:28:58,960 Speaker 2: United States, the commander in chief himself, had said that 572 00:28:59,040 --> 00:29:02,120 Speaker 2: he was fine with going public when reporters asked him. 573 00:29:02,480 --> 00:29:04,720 Speaker 2: When they followed up, I believe it was Rachel Scott 574 00:29:04,760 --> 00:29:07,560 Speaker 2: at ABC he claimed to have never said that with 575 00:29:07,680 --> 00:29:10,000 Speaker 2: US Now live from World Headquarters in New York, bringing 576 00:29:10,040 --> 00:29:13,200 Speaker 2: her voice of experience to our conversation today is Jane Harmon, 577 00:29:13,280 --> 00:29:16,720 Speaker 2: the former Democratic congresswoman from California, a former ranking member 578 00:29:16,720 --> 00:29:19,640 Speaker 2: of the House Intelligence Committee and author of Insanity Defense. 579 00:29:20,040 --> 00:29:23,360 Speaker 2: Why our failure to confront hard national security problems makes 580 00:29:23,440 --> 00:29:24,200 Speaker 2: us less safe? 581 00:29:24,600 --> 00:29:25,680 Speaker 3: Jane, it's great to see you. 582 00:29:25,760 --> 00:29:27,600 Speaker 2: I'm sorry you're not with us in person, but I'm 583 00:29:27,640 --> 00:29:30,760 Speaker 2: just wondering, first what you think of this decision, because well, 584 00:29:30,800 --> 00:29:32,920 Speaker 2: the President had already said it would be made public, 585 00:29:32,960 --> 00:29:33,280 Speaker 2: didn't they. 586 00:29:34,640 --> 00:29:35,200 Speaker 6: Well, first of. 587 00:29:35,240 --> 00:29:39,080 Speaker 9: All, Joe, next time in person, I promise as for this, 588 00:29:39,480 --> 00:29:42,480 Speaker 9: well today it won't be made public. Tomorrow, maybe it'll 589 00:29:42,520 --> 00:29:46,200 Speaker 9: be made public. It'll consume a lot of attention, which 590 00:29:46,240 --> 00:29:49,880 Speaker 9: should be paid for a lot of other things. First 591 00:29:49,880 --> 00:29:52,080 Speaker 9: of all, we're doing those boat strikes again, and I'm 592 00:29:52,080 --> 00:29:56,920 Speaker 9: with Laura Lumer. I think they're unimportant in terms of 593 00:29:56,960 --> 00:29:59,920 Speaker 9: achieving the objection the President had or said he had, 594 00:30:00,160 --> 00:30:02,960 Speaker 9: which is to stop a fentanyl coming into the United States. 595 00:30:03,000 --> 00:30:05,280 Speaker 9: They have nothing to do with that. But I think 596 00:30:05,320 --> 00:30:08,400 Speaker 9: that now that we may have a healthcare strategy, I 597 00:30:08,480 --> 00:30:13,320 Speaker 9: still think we need a national security strategy that is meaningful, 598 00:30:13,560 --> 00:30:17,480 Speaker 9: especially a rise of ISIS strategy, because while all this 599 00:30:17,560 --> 00:30:21,560 Speaker 9: is going on, to remind ISIS killed a few of 600 00:30:21,600 --> 00:30:26,640 Speaker 9: our soldiers in Syria and the president is vowing revenge. 601 00:30:26,800 --> 00:30:29,600 Speaker 9: I hope he is going to be talked off the 602 00:30:29,640 --> 00:30:33,240 Speaker 9: cliff because bombing or doing some kind of action in 603 00:30:33,960 --> 00:30:37,560 Speaker 9: Syria will undermine the regime we're trying to support and 604 00:30:37,600 --> 00:30:41,880 Speaker 9: will probably promote ISIS rather than hurt ISIS. So ISIS 605 00:30:41,960 --> 00:30:45,880 Speaker 9: is Elsewhere isis is in Australia? Maybe ISIS is in 606 00:30:45,920 --> 00:30:49,880 Speaker 9: the United States, And we need a much better strategy 607 00:30:49,920 --> 00:30:54,440 Speaker 9: worldwide against the rise of radical Islamic groups. 608 00:30:55,360 --> 00:30:57,520 Speaker 2: It's really interesting you take the conversation there after what 609 00:30:57,560 --> 00:30:59,840 Speaker 2: we did see in Australia, knowing that they had apparently 610 00:30:59,840 --> 00:31:03,040 Speaker 2: been radicalized. At least the thought is in the Philippines. 611 00:31:03,600 --> 00:31:06,120 Speaker 2: Jane Harmon I had that same thought. The President had 612 00:31:06,120 --> 00:31:08,200 Speaker 2: a lot to be upset about last weekend with two 613 00:31:08,240 --> 00:31:11,680 Speaker 2: mass shootings. He was upset about the Reiner killings. He's 614 00:31:11,760 --> 00:31:13,760 Speaker 2: upset about a lot of things. So one place to 615 00:31:13,800 --> 00:31:17,040 Speaker 2: take that out would be in Syria. He has promised 616 00:31:18,320 --> 00:31:21,760 Speaker 2: a heavy damage and a concerted response. Where would he 617 00:31:21,880 --> 00:31:24,520 Speaker 2: target in response to ISIS? 618 00:31:24,640 --> 00:31:27,800 Speaker 9: Well, I don't know, but I'm sure we have good 619 00:31:27,840 --> 00:31:31,760 Speaker 9: intel on where ISIS is organizing in Syria. We should 620 00:31:31,760 --> 00:31:34,600 Speaker 9: have had a lot better intel on the fact. 621 00:31:34,360 --> 00:31:35,680 Speaker 3: That you don't think we should struct. 622 00:31:36,640 --> 00:31:39,920 Speaker 9: No, I don't think we should attack. I think we 623 00:31:39,920 --> 00:31:43,320 Speaker 9: should have a counter ISIS strategy which includes Syria. Of 624 00:31:43,320 --> 00:31:46,719 Speaker 9: course I do, but I think attacking the country we 625 00:31:46,760 --> 00:31:51,640 Speaker 9: are hoping has changed its ways. Remember, the new president 626 00:31:51,680 --> 00:31:56,880 Speaker 9: of Syria was formerly a terrorist himself, and President Trump 627 00:31:56,960 --> 00:32:01,000 Speaker 9: stepped up to his credit. I think and recognize him 628 00:32:01,120 --> 00:32:03,280 Speaker 9: and his new country. He was in New York being 629 00:32:03,400 --> 00:32:07,720 Speaker 9: lauded during the UN General Assembly, and he's trying to 630 00:32:07,760 --> 00:32:10,960 Speaker 9: put a fragile government together. It ain't perfect, but certainly 631 00:32:11,040 --> 00:32:17,400 Speaker 9: bombing his country while he is trying to right size 632 00:32:17,440 --> 00:32:20,760 Speaker 9: this country makes absolutely no sense, and it points out 633 00:32:20,800 --> 00:32:24,680 Speaker 9: that we really don't have an effective strategy. This new NSS, 634 00:32:24,800 --> 00:32:28,239 Speaker 9: I think is extremely polemic and ineffective. And oh, by 635 00:32:28,280 --> 00:32:31,640 Speaker 9: the way, we've also just announced, according to the Washington Post, 636 00:32:31,840 --> 00:32:35,240 Speaker 9: a unified command structure. I think this means taking the 637 00:32:35,360 --> 00:32:40,360 Speaker 9: power away from the heads of European commands. Central Command, 638 00:32:40,360 --> 00:32:44,760 Speaker 9: which has jurisdiction over Syria and others. Very experienced four 639 00:32:44,800 --> 00:32:49,440 Speaker 9: stars will now lose some traction to some central thing 640 00:32:49,520 --> 00:32:53,560 Speaker 9: at the Pentagon, which, according to everything I read, has 641 00:32:54,320 --> 00:32:58,400 Speaker 9: decimated its top leadership and we're making mistakes there and 642 00:32:59,640 --> 00:33:04,320 Speaker 9: it's amateur hour, and unfortunately we need our best brains 643 00:33:04,400 --> 00:33:08,520 Speaker 9: and best experienced military and civilians on problems like the 644 00:33:08,600 --> 00:33:09,640 Speaker 9: rise of Isis. 645 00:33:10,320 --> 00:33:12,720 Speaker 2: Well, that reorg is a big story that you refer to, 646 00:33:13,120 --> 00:33:15,280 Speaker 2: you know. All the while, the President says he's planning 647 00:33:15,400 --> 00:33:18,880 Speaker 2: land strikes in Venezuela Jane harmon a new phase that 648 00:33:18,920 --> 00:33:23,480 Speaker 2: will include additional seizures of oil tankers and land strikes 649 00:33:23,720 --> 00:33:29,560 Speaker 2: potentially targeting drug labs somewhere deep in the jungle of Venezuela. 650 00:33:29,600 --> 00:33:32,160 Speaker 2: What would be the international reaction to such a move. 651 00:33:32,400 --> 00:33:35,960 Speaker 9: I don't think that would play well internationally. I think 652 00:33:36,000 --> 00:33:39,360 Speaker 9: there would be a claim of declaring war. Again. Back 653 00:33:39,400 --> 00:33:43,480 Speaker 9: to Laura Lumer, whom I seldom agree with, she says, 654 00:33:43,560 --> 00:33:45,600 Speaker 9: eight percent of the drug trade coming to the US 655 00:33:45,680 --> 00:33:50,720 Speaker 9: has anything to do with Venezuela, and it's not. It's 656 00:33:50,760 --> 00:33:53,840 Speaker 9: not ventanyl, And that's what Trump has said we wanted 657 00:33:53,840 --> 00:33:57,240 Speaker 9: to do. Of course, we haven't said we're for regime change. 658 00:33:57,400 --> 00:34:01,560 Speaker 9: In fact, his foreign policy strategy is for strategy, which 659 00:34:01,920 --> 00:34:05,480 Speaker 9: is for sovereignty, which seems to me not for regime change. 660 00:34:05,760 --> 00:34:08,800 Speaker 9: But why else would we be in Venezuela at this point, 661 00:34:08,920 --> 00:34:13,160 Speaker 9: so I think there's a little chaos going on. And 662 00:34:13,280 --> 00:34:16,080 Speaker 9: for my two cents, let me say it again, the 663 00:34:16,200 --> 00:34:20,400 Speaker 9: rise of terrorism should concern us much more than it does, 664 00:34:20,880 --> 00:34:25,600 Speaker 9: and our focus should be worldwide on finding ways using 665 00:34:25,680 --> 00:34:29,080 Speaker 9: our best talent to combat it. 666 00:34:29,080 --> 00:34:31,839 Speaker 2: It's been historically wise to listen to Gene Harmon when 667 00:34:31,840 --> 00:34:33,680 Speaker 2: she points to you to a point of concern more 668 00:34:33,719 --> 00:34:35,279 Speaker 2: than once in an interview, Jane, I've. 669 00:34:35,200 --> 00:34:36,200 Speaker 3: Got about a minute left. 670 00:34:36,280 --> 00:34:39,600 Speaker 2: President Trump says he's delivering a national address tomorrow night. 671 00:34:39,640 --> 00:34:42,480 Speaker 2: This just happened on social media live from the White 672 00:34:42,520 --> 00:34:44,000 Speaker 2: House at nine pm Eastern. 673 00:34:44,440 --> 00:34:46,360 Speaker 3: Does an announcement like that make you nervous? 674 00:34:47,560 --> 00:34:47,759 Speaker 5: No. 675 00:34:48,040 --> 00:34:51,440 Speaker 9: I would like the President to offer leadership and explain 676 00:34:51,520 --> 00:34:53,719 Speaker 9: to the American people what he's doing. I hope he 677 00:34:53,719 --> 00:34:58,120 Speaker 9: stays focused on whatever the topic is. I'm imagining the 678 00:34:58,200 --> 00:35:03,239 Speaker 9: topic is healthcare, the need to find again some resolution there. 679 00:35:03,920 --> 00:35:08,120 Speaker 9: The Republican suggestions are sounding more sensible now, but an 680 00:35:08,160 --> 00:35:11,640 Speaker 9: ACA extension seems to me the easiest thing we could do. 681 00:35:11,760 --> 00:35:15,560 Speaker 9: The ACA ain't perfect, but if something doesn't happen in 682 00:35:15,600 --> 00:35:18,719 Speaker 9: the next four days, a whole bunch of Americans, many 683 00:35:18,719 --> 00:35:21,440 Speaker 9: of whom voted for this President in the last election 684 00:35:21,600 --> 00:35:23,839 Speaker 9: are going to be miserable, and that's going to play 685 00:35:23,880 --> 00:35:26,640 Speaker 9: out in the twenty twenty six elections, and I don't 686 00:35:26,680 --> 00:35:28,840 Speaker 9: think that's going to be a good look for him. 687 00:35:29,600 --> 00:35:33,239 Speaker 2: The former Democratic congresswoman from California, top Democrat on the 688 00:35:33,280 --> 00:35:38,759 Speaker 2: House Intel Committee. That's Jane Harmon. There's only one Thanks 689 00:35:38,800 --> 00:35:41,920 Speaker 2: for listening to the Balance of Power podcast. Make sure 690 00:35:41,960 --> 00:35:44,840 Speaker 2: to subscribe if you haven't already, at Apple, Spotify, or 691 00:35:44,880 --> 00:35:47,560 Speaker 2: wherever you get your podcasts, and you can find us 692 00:35:47,600 --> 00:35:51,160 Speaker 2: live every weekday from Washington, DC at noontime Eastern at 693 00:35:51,160 --> 00:35:52,400 Speaker 2: Bloomberg dot com.