1 00:00:00,800 --> 00:00:04,360 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 2 00:00:04,360 --> 00:00:07,560 Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the 3 00:00:07,600 --> 00:00:10,719 Speaker 1: iHeartRadio app, and the Bloomberg Business App. We're listening on 4 00:00:10,760 --> 00:00:14,840 Speaker 1: demand wherever you get your podcast to Begin today with 5 00:00:14,880 --> 00:00:17,280 Speaker 1: breaking news from the White House, as President Biden urges 6 00:00:17,320 --> 00:00:22,720 Speaker 1: Congress to pass legislation that toughens punishments for banking executives 7 00:00:22,760 --> 00:00:26,320 Speaker 1: who run their institutions into failure, as we've seen well 8 00:00:26,360 --> 00:00:29,360 Speaker 1: twice in the last week. The Press Secretary Karen John 9 00:00:29,400 --> 00:00:31,800 Speaker 1: Pear says the administration cannot do it alone. There's quite 10 00:00:31,840 --> 00:00:35,519 Speaker 1: a bit that we can do administratively, but without Congress, 11 00:00:35,840 --> 00:00:39,200 Speaker 1: there's not. Without Congress, we can't fully deal with this issue. 12 00:00:39,640 --> 00:00:41,879 Speaker 1: This following the deal to rescue First Republic Bank you've 13 00:00:41,880 --> 00:00:44,640 Speaker 1: been hearing about on Bloomberg since yesterday, orchestrated by the 14 00:00:44,680 --> 00:00:49,240 Speaker 1: Treasury Department and including eleven major banks together parking a 15 00:00:49,360 --> 00:00:53,360 Speaker 1: combined thirty billion dollars in deposits in the lender. I 16 00:00:53,440 --> 00:00:57,040 Speaker 1: spoke earlier today with the Treasury's Deputy Secretary, while the Audiyama, 17 00:00:57,080 --> 00:00:59,360 Speaker 1: who helped us secure that deal, I think yesterday's action 18 00:00:59,520 --> 00:01:02,240 Speaker 1: by into the large institutions in our country to put 19 00:01:02,280 --> 00:01:04,680 Speaker 1: money in the First Republic well than only a show 20 00:01:04,760 --> 00:01:08,000 Speaker 1: support for that institution before the entire banking system by 21 00:01:08,040 --> 00:01:10,800 Speaker 1: the largest banks in our country, to demonstrate that our 22 00:01:10,840 --> 00:01:14,440 Speaker 1: system is safe. He says, he's planning a working weekend. 23 00:01:14,600 --> 00:01:17,440 Speaker 1: And that's where we begin with our panel Bloomberg Politics 24 00:01:17,480 --> 00:01:21,440 Speaker 1: contributors Jeannie Schanzano and Rick Davis with us Ricky going 25 00:01:21,480 --> 00:01:23,360 Speaker 1: to a weekend like this, I mean, I'm not surprised 26 00:01:23,360 --> 00:01:25,360 Speaker 1: to see the markets lower, just on the fact that 27 00:01:25,560 --> 00:01:27,760 Speaker 1: people are going to be afraid to go along because 28 00:01:27,760 --> 00:01:29,600 Speaker 1: anything can happen in the next two days. And I'm 29 00:01:29,600 --> 00:01:32,200 Speaker 1: not trying to suggest something, but after we've we've seen 30 00:01:32,200 --> 00:01:36,479 Speaker 1: the last week, investors are keeping their options open. Would 31 00:01:36,480 --> 00:01:39,479 Speaker 1: you say, yeah, for sure. I think that investors are, 32 00:01:39,560 --> 00:01:42,920 Speaker 1: you know, basically been trying to find some clarity in 33 00:01:43,040 --> 00:01:48,320 Speaker 1: the current situation. And nobody has any perfect knowledge that. 34 00:01:48,480 --> 00:01:51,440 Speaker 1: Nobody knows whether there's still contagient in the system, nobody 35 00:01:51,480 --> 00:01:54,640 Speaker 1: knows where there are other systemic failures that are likely 36 00:01:54,640 --> 00:01:57,320 Speaker 1: to happen. The reporting on this is all over the place, 37 00:01:57,480 --> 00:02:01,720 Speaker 1: and obviously the FED, the Treasure Apartment, and the FDIC 38 00:02:01,840 --> 00:02:04,720 Speaker 1: are trying to lend confidence back in the system and 39 00:02:04,760 --> 00:02:08,160 Speaker 1: have the cooperation of the country's big banks. But if 40 00:02:08,280 --> 00:02:11,239 Speaker 1: I'm the President United States and my advisors hunkering down 41 00:02:11,240 --> 00:02:14,639 Speaker 1: over the weekend, I'm very nervous about what next week 42 00:02:14,639 --> 00:02:16,600 Speaker 1: will bring. So you don't think this is over, Rick, 43 00:02:16,680 --> 00:02:18,320 Speaker 1: or at least you're allowing for it not to be. 44 00:02:18,760 --> 00:02:20,320 Speaker 1: I think you have to allow for it to not be. 45 00:02:20,600 --> 00:02:24,240 Speaker 1: This has been surprisingly widespread. I mean, what was originally 46 00:02:24,240 --> 00:02:26,880 Speaker 1: thought would be contained to just a couple of banks 47 00:02:27,160 --> 00:02:31,800 Speaker 1: Standard and SVB looks like it's extended beyond, not just 48 00:02:32,080 --> 00:02:36,160 Speaker 1: those but domestically but overseas, and so you know, we 49 00:02:36,200 --> 00:02:40,200 Speaker 1: could see some serious problems with other banks around the country, 50 00:02:40,240 --> 00:02:42,680 Speaker 1: but also around the world. There are already others that 51 00:02:42,720 --> 00:02:46,080 Speaker 1: are being affected on the markets. So I think that 52 00:02:46,280 --> 00:02:49,800 Speaker 1: it probably was a stop gap today with Biden's announcement 53 00:02:49,800 --> 00:02:54,160 Speaker 1: that he wants to punish the bank executives who mismanage, 54 00:02:54,240 --> 00:02:56,480 Speaker 1: But at the end of the day, there may be 55 00:02:56,600 --> 00:03:01,480 Speaker 1: much broader questions to ask over the weekend. Wali Yadiyamo 56 00:03:01,600 --> 00:03:04,160 Speaker 1: says every weekends a working weekend, but he knows he's 57 00:03:04,200 --> 00:03:06,839 Speaker 1: on call for this one. He remembers last weekend, of course, 58 00:03:06,880 --> 00:03:08,320 Speaker 1: and there were things going on that we were not 59 00:03:08,400 --> 00:03:12,600 Speaker 1: privy to. How much confidence can this administration project knowing 60 00:03:13,000 --> 00:03:15,480 Speaker 1: that there's still a great deal of uncertainty out there. Yeah, 61 00:03:15,520 --> 00:03:18,280 Speaker 1: there is no rest for this administration, and you know, 62 00:03:18,400 --> 00:03:22,280 Speaker 1: I think this is a very tenuous time for them, 63 00:03:22,560 --> 00:03:25,160 Speaker 1: and I think in my mind, the biggest question and 64 00:03:25,200 --> 00:03:27,639 Speaker 1: the biggest fear, quite frankly, they are facing is their 65 00:03:27,720 --> 00:03:31,240 Speaker 1: promise of a soft landing may not, given what has 66 00:03:31,280 --> 00:03:34,000 Speaker 1: gone on the last week, be something that we can achieve. 67 00:03:34,400 --> 00:03:38,120 Speaker 1: You know, there is now and think increasing speculation that 68 00:03:38,160 --> 00:03:41,680 Speaker 1: we're either going to see a rise in interest rates 69 00:03:41,920 --> 00:03:44,440 Speaker 1: and that's going to lead to financial instability and recession, 70 00:03:44,680 --> 00:03:46,600 Speaker 1: or they're going to pause, or they're going to reduce 71 00:03:47,000 --> 00:03:49,000 Speaker 1: and that also is going to lead to a rise 72 00:03:49,040 --> 00:03:52,080 Speaker 1: in inflation and instability. And that is what I think 73 00:03:52,160 --> 00:03:54,960 Speaker 1: has the White House pretty freaked out at this point, 74 00:03:55,200 --> 00:03:57,640 Speaker 1: and they're looking to lay blame at the hands of 75 00:03:57,680 --> 00:04:00,360 Speaker 1: these executives. Certainly there's a lot of blame to go around, 76 00:04:00,600 --> 00:04:03,720 Speaker 1: but their bigger problem is what happens to this economy overall. 77 00:04:04,360 --> 00:04:08,800 Speaker 1: Really interesting work today from Bloomberg Intelligence asking the question 78 00:04:08,880 --> 00:04:13,560 Speaker 1: how many FED hikes did SVB and Credit Suisse replace 79 00:04:13,920 --> 00:04:16,120 Speaker 1: Based on what we've seen over the past week, the 80 00:04:16,160 --> 00:04:19,680 Speaker 1: impact has been the equivalent of a fifty basis point hike. 81 00:04:20,800 --> 00:04:22,599 Speaker 1: And you know they do great work at BI. You 82 00:04:22,600 --> 00:04:24,520 Speaker 1: can check it out on the terminal. It's a remarkable 83 00:04:24,520 --> 00:04:26,720 Speaker 1: piece of work. Here, we want to bring in Congressman 84 00:04:26,760 --> 00:04:30,279 Speaker 1: Brad Sherman a conversation. We've been looking forward to a 85 00:04:30,360 --> 00:04:33,160 Speaker 1: Democrat from California, and I'm guessing his phone has been 86 00:04:33,160 --> 00:04:35,120 Speaker 1: melting for the last week. Here he serves on the 87 00:04:35,120 --> 00:04:38,320 Speaker 1: House Financial Services Committee. Congressman, welcome back. It's great to 88 00:04:38,320 --> 00:04:41,120 Speaker 1: have you can. Congress give President Biden what he's asking 89 00:04:41,160 --> 00:04:45,000 Speaker 1: for in tougher penalties for senior bank executives. Yes, I 90 00:04:45,080 --> 00:04:48,520 Speaker 1: think will modify them a bit. But clearly there's a 91 00:04:48,640 --> 00:04:54,880 Speaker 1: misalignment in the compensation package, the incentive package that bank 92 00:04:54,960 --> 00:05:02,359 Speaker 1: executives have, and the risks that were taken by Silicon 93 00:05:02,480 --> 00:05:05,960 Speaker 1: Valley Bank. I don't think it's because the CEO didn't 94 00:05:06,040 --> 00:05:10,880 Speaker 1: know that long term treasury bonds could go down. I 95 00:05:11,000 --> 00:05:15,360 Speaker 1: think he just determined that his quarterly bonus would be 96 00:05:15,360 --> 00:05:18,960 Speaker 1: better if the bank continued to hold them well. S 97 00:05:19,000 --> 00:05:23,400 Speaker 1: two one five five is becoming a household name. This week, 98 00:05:23,440 --> 00:05:25,240 Speaker 1: people have learned a lot more about what happened in 99 00:05:25,240 --> 00:05:28,840 Speaker 1: twenty eighteen than they might have realized when it all unfolded. 100 00:05:29,120 --> 00:05:31,760 Speaker 1: We've been talking to any number of lawmakers this week, Congressman, 101 00:05:31,800 --> 00:05:33,640 Speaker 1: and everyone's got a different take on this, whether in 102 00:05:33,680 --> 00:05:36,720 Speaker 1: fact that led to SVB, whether the original version of 103 00:05:36,800 --> 00:05:39,320 Speaker 1: Dodd Frank would have prevented what happened. And I want 104 00:05:39,360 --> 00:05:42,799 Speaker 1: you to listen to Patrick McHenry, who chairs the committee. 105 00:05:42,839 --> 00:05:45,760 Speaker 1: He had a very strong take on this when we 106 00:05:45,800 --> 00:05:48,360 Speaker 1: spoke to him yesterday. The first studies of this, and 107 00:05:48,440 --> 00:05:51,400 Speaker 1: the indication from bank analysts is that that's not the case. 108 00:05:51,640 --> 00:05:56,200 Speaker 1: The liquidity cover ratio this bank would have passed if 109 00:05:56,200 --> 00:06:00,479 Speaker 1: it had been applied to them, and so the key 110 00:06:00,520 --> 00:06:05,800 Speaker 1: provisions that change would not have affected the supervision of 111 00:06:05,880 --> 00:06:10,000 Speaker 1: this bank, nor are their performance in this moment of stress. 112 00:06:10,080 --> 00:06:13,000 Speaker 1: Where are you on this, Congressman Sherman, In terms of 113 00:06:13,480 --> 00:06:20,039 Speaker 1: regulations versus enforcement, enforcement is unfair unless you publish the 114 00:06:20,120 --> 00:06:23,839 Speaker 1: regulations and tell banks what they'll be held accountable to. 115 00:06:24,640 --> 00:06:27,560 Speaker 1: Any this bank would have been subject to a stress 116 00:06:27,600 --> 00:06:31,200 Speaker 1: test under Dodd Frank. Republicans are trying to take their 117 00:06:31,240 --> 00:06:35,800 Speaker 1: fingerprints off the bill that took the medium sized banks 118 00:06:35,880 --> 00:06:39,520 Speaker 1: out of stress test. That being said, you can always 119 00:06:39,560 --> 00:06:44,080 Speaker 1: argue that the FED could always make the mistake of 120 00:06:44,160 --> 00:06:46,440 Speaker 1: not including one of the most obvious parts of a 121 00:06:46,480 --> 00:06:48,880 Speaker 1: stress test, which is how does the bank deal with 122 00:06:49,080 --> 00:06:52,640 Speaker 1: rising and declining interest rates? I mean, that would be 123 00:06:52,720 --> 00:06:55,880 Speaker 1: like going to the cardiologists for stress test and he 124 00:06:55,920 --> 00:07:01,960 Speaker 1: doesn't put you on the treadmill. I mean, this is not, 125 00:07:02,560 --> 00:07:08,360 Speaker 1: you know, a bizarre unicorn flying through there. You've been 126 00:07:08,400 --> 00:07:10,480 Speaker 1: in this business for a long time. Interest rates go up, 127 00:07:10,520 --> 00:07:15,000 Speaker 1: interest rates so down. It can be stressful, that is correct. 128 00:07:15,200 --> 00:07:18,720 Speaker 1: And so the question becomes restoring like we have seen 129 00:07:18,920 --> 00:07:23,080 Speaker 1: in the Warren Porter bill, restoring the elements of Dodd Frank. 130 00:07:23,200 --> 00:07:25,880 Speaker 1: Is there a path for that in this Republican controlled House? 131 00:07:26,800 --> 00:07:29,680 Speaker 1: I hope. So they're so desperate to take their fingerprints 132 00:07:29,720 --> 00:07:34,440 Speaker 1: off they the bill they passed in twenty eighteen, they 133 00:07:34,480 --> 00:07:37,520 Speaker 1: may pass this, and I think just for good measure, 134 00:07:37,560 --> 00:07:42,160 Speaker 1: we need to specify that the testing includes the stress 135 00:07:42,240 --> 00:07:45,040 Speaker 1: of interest rates going up, it interest rates going down, 136 00:07:45,200 --> 00:07:49,840 Speaker 1: because I mean, you shouldn't have to say that. But clearly, 137 00:07:51,400 --> 00:07:55,360 Speaker 1: regardless of what the statute was, the FED should have 138 00:07:55,440 --> 00:07:58,960 Speaker 1: done more here, And there's also a signaling though. The 139 00:07:59,000 --> 00:08:03,080 Speaker 1: twenty eighteen law not only contains its provisions, but also 140 00:08:03,240 --> 00:08:06,560 Speaker 1: was a signal to the regulators. Congress wants you to 141 00:08:06,600 --> 00:08:10,880 Speaker 1: ease up on the accelerator, and I think they took 142 00:08:11,520 --> 00:08:13,760 Speaker 1: They may have taken that signal. They didn't do the 143 00:08:13,800 --> 00:08:16,239 Speaker 1: stress tests. And I think you and I would agree 144 00:08:16,240 --> 00:08:18,840 Speaker 1: that any stress test work worth its name would include 145 00:08:18,840 --> 00:08:22,600 Speaker 1: the stress of interest rates going up or down. I 146 00:08:22,680 --> 00:08:28,840 Speaker 1: know you love yourself some crypto, Congressman, what role do 147 00:08:28,920 --> 00:08:32,040 Speaker 1: you think it played, if any, in these cases, specifically 148 00:08:32,080 --> 00:08:36,959 Speaker 1: with an eyon Signature Bank. I think Signature Bank is 149 00:08:37,040 --> 00:08:42,920 Speaker 1: part of this crypto ecosystem that is pernicious and undermines 150 00:08:43,000 --> 00:08:46,560 Speaker 1: the whole idea of safety and soundness, and I think 151 00:08:46,600 --> 00:08:49,679 Speaker 1: we ought to provide that for banks on their balance sheet. 152 00:08:49,880 --> 00:08:54,880 Speaker 1: Crypto is listed at zero because it's an electronic pet rock. 153 00:08:56,200 --> 00:08:58,200 Speaker 1: It might you might be able to sell it to 154 00:08:58,280 --> 00:09:03,840 Speaker 1: some bigger fool tomorrow, but ultimately it's not something you 155 00:09:03,880 --> 00:09:06,520 Speaker 1: can use. It's not a building, it's not the right 156 00:09:06,559 --> 00:09:10,800 Speaker 1: to collect us cash from a loan customer. It's a 157 00:09:10,840 --> 00:09:15,280 Speaker 1: pet rock. Should Congress pass a law to guarantee all deposits, 158 00:09:15,800 --> 00:09:19,600 Speaker 1: since it seems like we're doing that anyway that would 159 00:09:19,600 --> 00:09:23,560 Speaker 1: be expensive for banks and ultimately for their depositors, because 160 00:09:23,600 --> 00:09:26,440 Speaker 1: we would need to then charge insurance on the full 161 00:09:26,440 --> 00:09:32,200 Speaker 1: amount being insured. It is. It's certainly something we ought 162 00:09:32,200 --> 00:09:36,800 Speaker 1: to consider, and you're right, maybe it's better to collect 163 00:09:36,840 --> 00:09:40,560 Speaker 1: the insurance premium upfront rather than doing what we're doing now, 164 00:09:40,640 --> 00:09:44,920 Speaker 1: which is providing the full insurance and then collecting it 165 00:09:44,960 --> 00:09:48,319 Speaker 1: from the banks after the meltdown. How long do you 166 00:09:48,360 --> 00:09:50,440 Speaker 1: think it'll take before we really find out what happened here, 167 00:09:50,440 --> 00:09:53,240 Speaker 1: because a lot of the answers I'm getting from Capitol Hill, 168 00:09:53,480 --> 00:09:55,240 Speaker 1: a lot of the answers we're getting from the Treasury, 169 00:09:55,240 --> 00:09:56,880 Speaker 1: would say, you know, at first, we need to figure 170 00:09:56,880 --> 00:09:59,480 Speaker 1: out what really happened. Where's this autopsy going to be 171 00:09:59,520 --> 00:10:03,760 Speaker 1: made of? Fish, Congressman, I think they'll always be conjecture 172 00:10:03,760 --> 00:10:06,439 Speaker 1: about this or that, certainly about the state of mind 173 00:10:06,480 --> 00:10:12,200 Speaker 1: and knowledge of the bank CEOs. But I think the 174 00:10:12,280 --> 00:10:15,160 Speaker 1: autopsy will be done in a few months. I expect 175 00:10:15,160 --> 00:10:18,760 Speaker 1: it will include hearings before our committee. And I think 176 00:10:18,800 --> 00:10:23,520 Speaker 1: that the CEO seems not to have understood that long 177 00:10:23,640 --> 00:10:27,640 Speaker 1: term treasuries could go down, because as hl Monkin said, 178 00:10:27,720 --> 00:10:30,439 Speaker 1: nothing prevents a man from understanding something so much as 179 00:10:30,520 --> 00:10:35,440 Speaker 1: his livelihood depends upon him not understanding it. I'm going 180 00:10:35,480 --> 00:10:38,440 Speaker 1: to use that again later, Congressman, bring us in on 181 00:10:38,440 --> 00:10:40,600 Speaker 1: this last week for you. You're a member of Congress 182 00:10:40,679 --> 00:10:43,880 Speaker 1: who serves on the Financial Services Committee, and your district 183 00:10:43,920 --> 00:10:48,160 Speaker 1: is in California. Does your phone still work? The phone works, although, 184 00:10:48,200 --> 00:10:50,679 Speaker 1: believe it or not, in my area, First Republic is 185 00:10:50,720 --> 00:10:54,520 Speaker 1: a bigger presence than Silicon Valley Bank. People forget that 186 00:10:55,360 --> 00:10:58,960 Speaker 1: there's as much distance from San Francisco to Los Angeles 187 00:10:59,000 --> 00:11:02,520 Speaker 1: as from Austin to Baltimore, So I understand the First 188 00:11:02,520 --> 00:11:06,920 Speaker 1: Republic is based there. Yeah, First First Republic has a 189 00:11:06,960 --> 00:11:09,800 Speaker 1: footprint in my district. And I heard more about that. 190 00:11:09,880 --> 00:11:12,040 Speaker 1: I also heard from businesses that had their money at 191 00:11:12,080 --> 00:11:18,120 Speaker 1: Silicon Valley concerned about deposits or what were you hearing? Oh, 192 00:11:18,160 --> 00:11:22,959 Speaker 1: how are we going to make payroll and deposits? And yeah, 193 00:11:23,000 --> 00:11:24,840 Speaker 1: that's a good point you make though employers all over 194 00:11:24,840 --> 00:11:26,760 Speaker 1: the country. Doesn't matter if you're in California or not. 195 00:11:27,640 --> 00:11:32,040 Speaker 1: We're on pins and needles going into payday this week. Absolutely, 196 00:11:32,120 --> 00:11:35,559 Speaker 1: and we need to clarify because you have these payroll processors. 197 00:11:35,720 --> 00:11:39,720 Speaker 1: So they might, depending upon their business model, might have 198 00:11:39,760 --> 00:11:42,079 Speaker 1: the money for a hundred of their clients in one bank, 199 00:11:42,960 --> 00:11:45,320 Speaker 1: all for payroll. Well, that should be regarded as one 200 00:11:45,360 --> 00:11:51,319 Speaker 1: hundred accounts for the two fifty limit. But we need 201 00:11:51,679 --> 00:11:56,000 Speaker 1: some system that prioritizes the liquidity of payroll accounts. And 202 00:11:56,120 --> 00:11:59,080 Speaker 1: also we need to modify our labor laws so that 203 00:11:59,160 --> 00:12:02,319 Speaker 1: you don't there's a law in California that if you're 204 00:12:02,320 --> 00:12:04,280 Speaker 1: not sure you can pay people on pay day, you 205 00:12:04,320 --> 00:12:08,199 Speaker 1: can't let them work today, and so businesses we're getting 206 00:12:08,200 --> 00:12:10,520 Speaker 1: advice to bar the door on Monday, even though payday 207 00:12:10,559 --> 00:12:13,280 Speaker 1: was until Wednesday. We'll keep an eye on your hearing 208 00:12:13,320 --> 00:12:14,920 Speaker 1: schedule because I'm sure you're going to be doing your 209 00:12:14,920 --> 00:12:18,120 Speaker 1: own investigation into all of this on financial services. Congressman 210 00:12:18,120 --> 00:12:20,560 Speaker 1: Brad Sherman, thank you so much for the insights and 211 00:12:20,640 --> 00:12:22,599 Speaker 1: come back to talk to us on Bloomberg Radio. The 212 00:12:22,640 --> 00:12:25,400 Speaker 1: Democrat from California brings us back to our panel, Rick 213 00:12:25,440 --> 00:12:27,600 Speaker 1: Davis and Jeanie Schanzana. What do you think, Genie the 214 00:12:27,600 --> 00:12:31,280 Speaker 1: Democratic view there? He says, sure, we can probably toughen 215 00:12:31,360 --> 00:12:35,880 Speaker 1: penalties for bank executives, but what's really possible here? Yeah, 216 00:12:35,920 --> 00:12:37,760 Speaker 1: you know, and it is hurtening to hear that he 217 00:12:37,760 --> 00:12:39,760 Speaker 1: thinks there is a way forward on that, and I 218 00:12:39,800 --> 00:12:42,240 Speaker 1: hope he is right. I think people across the board 219 00:12:42,280 --> 00:12:44,920 Speaker 1: would agree that there is a there is room to 220 00:12:44,920 --> 00:12:48,079 Speaker 1: toughen the penalties, there is room to move on that. 221 00:12:48,440 --> 00:12:50,400 Speaker 1: I think my concern has always been it would not 222 00:12:50,480 --> 00:12:52,760 Speaker 1: get through this Congress. So to hear that he thinks 223 00:12:52,760 --> 00:12:55,560 Speaker 1: it might that is a positive thing. But I have 224 00:12:55,600 --> 00:12:59,240 Speaker 1: to tell you, you know, when you listen to him talk, 225 00:12:59,320 --> 00:13:01,559 Speaker 1: and you listen to a lot of the people in Congress, 226 00:13:01,600 --> 00:13:04,959 Speaker 1: the administration and elsewhere talk, I think from the perspective 227 00:13:04,960 --> 00:13:07,280 Speaker 1: of the public, you're hearing a lot of blame. It's 228 00:13:07,320 --> 00:13:09,439 Speaker 1: at the hands of these executives. It's at the president, 229 00:13:09,480 --> 00:13:12,360 Speaker 1: it's Congress, it's regulars, it's the Fed, it's Jerome Powell 230 00:13:12,400 --> 00:13:15,120 Speaker 1: and Yellen and so on. And yet what that does 231 00:13:15,320 --> 00:13:18,240 Speaker 1: is it sours in the minds of the American public 232 00:13:18,320 --> 00:13:21,920 Speaker 1: the views about our financial institutions and health overall, and 233 00:13:22,040 --> 00:13:25,440 Speaker 1: that I think is bad for everybody. And so this 234 00:13:25,559 --> 00:13:29,360 Speaker 1: is where I really thought. Perhaps Janet Yellen yesterday and 235 00:13:29,440 --> 00:13:33,040 Speaker 1: her testimony, you know, she tried to reassure the American public, 236 00:13:33,080 --> 00:13:35,560 Speaker 1: but like in response to her question to the question 237 00:13:35,600 --> 00:13:38,680 Speaker 1: by Jim Langford, she basically said she doesn't really think 238 00:13:38,760 --> 00:13:42,440 Speaker 1: that they would be able to support a bank in Kansas. 239 00:13:42,720 --> 00:13:45,559 Speaker 1: These kinds of answers, I think the administration, everybody has 240 00:13:45,559 --> 00:13:47,679 Speaker 1: to get on the same page and show that what 241 00:13:47,720 --> 00:13:50,120 Speaker 1: they're doing is in the interest of the entire country 242 00:13:50,120 --> 00:13:53,320 Speaker 1: and financial system, not just the big banks. That is 243 00:13:53,360 --> 00:13:55,760 Speaker 1: something that I don't think we've heard yet. Rick. We've 244 00:13:55,760 --> 00:13:58,520 Speaker 1: been remarking on how some of the answers we're hearing 245 00:13:58,559 --> 00:14:01,080 Speaker 1: from lawmakers have cool debil and the blame game has 246 00:14:01,640 --> 00:14:03,080 Speaker 1: kind of slowed down a little bit in the last 247 00:14:03,080 --> 00:14:07,920 Speaker 1: couple of days as they learn more. Are members of Congress, House, 248 00:14:07,960 --> 00:14:12,160 Speaker 1: and Senate hearing things that we don't know about that 249 00:14:12,280 --> 00:14:15,920 Speaker 1: might be steering them in a new direction. Well, certainly 250 00:14:16,000 --> 00:14:19,240 Speaker 1: they have access to more data than we've got initially 251 00:14:19,320 --> 00:14:23,240 Speaker 1: about what decisions were being made at these banks, what 252 00:14:23,360 --> 00:14:26,320 Speaker 1: decisions were being made over the last weekend with the 253 00:14:26,360 --> 00:14:29,200 Speaker 1: Fed and the FDIC in the Treasury Department, and they 254 00:14:29,280 --> 00:14:32,680 Speaker 1: might have questions that really haven't seen the light of day. 255 00:14:32,720 --> 00:14:35,680 Speaker 1: We really don't know what happened with the auction process 256 00:14:35,760 --> 00:14:38,960 Speaker 1: that seemed to collapse last weekend resulted in not being 257 00:14:39,000 --> 00:14:42,960 Speaker 1: able to have a buyer takeout SVB, And there are 258 00:14:43,000 --> 00:14:44,840 Speaker 1: lots of those kinds of questions. So I think this 259 00:14:44,920 --> 00:14:47,240 Speaker 1: will be ripe for public hearings over the course of 260 00:14:47,280 --> 00:14:49,240 Speaker 1: the next six months. Oh, it's going to be hearing 261 00:14:49,280 --> 00:14:51,800 Speaker 1: Heaven and Washington, that's for sure. Rick and Jeanie. Stay 262 00:14:51,880 --> 00:14:55,440 Speaker 1: with us as we turn next to twenty years since 263 00:14:55,480 --> 00:14:58,800 Speaker 1: the invasion of Iraq in a special conversation with Congressman 264 00:14:59,120 --> 00:15:03,320 Speaker 1: Seth Molton, who served four combat tours as a marine. 265 00:15:03,360 --> 00:15:06,360 Speaker 1: It's only here on the Fastest Show in Politics. I'm 266 00:15:06,440 --> 00:15:10,920 Speaker 1: Joe Matthew. This is Bloomberg. You're listening to The Bloomberg 267 00:15:11,040 --> 00:15:14,680 Speaker 1: Sound on podcast. Catch the program live weekdays at one 268 00:15:14,760 --> 00:15:18,720 Speaker 1: Eastern on Bloomberg Radio, the tune in app, Bloomberg dot Com, 269 00:15:18,760 --> 00:15:21,680 Speaker 1: and the Bloomberg Business App. You can also listen live 270 00:15:21,800 --> 00:15:24,920 Speaker 1: on Amazon Alexa from our flagship New York station, Just 271 00:15:25,080 --> 00:15:30,640 Speaker 1: say Alexa play Bloomberg eleven thirty. Thanks for joining us 272 00:15:30,640 --> 00:15:33,360 Speaker 1: on the fastest show in politics, coming to you live 273 00:15:33,440 --> 00:15:37,360 Speaker 1: from Washington. On Monday, we marked twenty years since the 274 00:15:37,480 --> 00:15:42,160 Speaker 1: US invaded Iraq, twenty years a war led by the 275 00:15:42,280 --> 00:15:46,040 Speaker 1: US and justified largely by claims that Saddam Hussein had 276 00:15:46,080 --> 00:15:48,600 Speaker 1: weapons of mass destruction. Of course, that did not turn 277 00:15:48,600 --> 00:15:52,160 Speaker 1: out to be the case. Among the more than hundred 278 00:15:52,160 --> 00:15:55,040 Speaker 1: and seventy thousand Americans who deployed du Iraq was Congressman 279 00:15:55,040 --> 00:15:58,920 Speaker 1: Seth Moulton, the Democrat from Massachusetts, led an infantry platoon 280 00:15:59,040 --> 00:16:02,520 Speaker 1: in the first marine company to enter Baghdad. He wanted 281 00:16:02,600 --> 00:16:06,000 Speaker 1: to serve four tours and become a critic of the war. 282 00:16:07,200 --> 00:16:09,360 Speaker 1: And I sat down with the Congressman in his Washington 283 00:16:09,440 --> 00:16:14,600 Speaker 1: office and asked him why he chose to serve Because 284 00:16:14,600 --> 00:16:17,640 Speaker 1: I didn't want anyone to go in my place. That's 285 00:16:17,640 --> 00:16:21,480 Speaker 1: a simple answer, and it's an answer that probably just 286 00:16:21,520 --> 00:16:25,280 Speaker 1: about everyone I served with had as well. I mean, 287 00:16:25,320 --> 00:16:29,040 Speaker 1: I remember the story of my friend Joe, not you, 288 00:16:29,160 --> 00:16:32,960 Speaker 1: but another friend who came out of the Marine Corps 289 00:16:33,000 --> 00:16:35,160 Speaker 1: after deploying himself. And when he got out of the 290 00:16:35,200 --> 00:16:38,240 Speaker 1: Marine Corps, he came out of the closet. This was 291 00:16:38,320 --> 00:16:41,760 Speaker 1: under don't ask, don't tell, so he had to be 292 00:16:41,800 --> 00:16:44,880 Speaker 1: in the closet to be in the Marines. But then 293 00:16:45,000 --> 00:16:48,560 Speaker 1: as a civilian he got called back for the surge, 294 00:16:48,920 --> 00:16:50,920 Speaker 1: and all he needed to do was pick up the phone, 295 00:16:51,440 --> 00:16:54,400 Speaker 1: call the Defense Department and say I'm gay. Just two 296 00:16:54,440 --> 00:16:56,800 Speaker 1: words and he wouldn't have had to go, But instead 297 00:16:56,840 --> 00:16:59,680 Speaker 1: he went back into the closet so that no one 298 00:16:59,720 --> 00:17:01,840 Speaker 1: would have to go in his place, and he'd already been. 299 00:17:02,920 --> 00:17:05,440 Speaker 1: But that's just the way that we look at service. 300 00:17:06,119 --> 00:17:10,320 Speaker 1: So with two decades somehow behind us, now, how do 301 00:17:10,359 --> 00:17:15,000 Speaker 1: you rationalize the justification for the war and for your 302 00:17:15,040 --> 00:17:17,920 Speaker 1: own mission. I think it's important to understand that when 303 00:17:17,920 --> 00:17:21,680 Speaker 1: this war kicked off, I don't I wasn't necessarily opposed 304 00:17:21,720 --> 00:17:23,439 Speaker 1: to it. I didn't know. I mean, I had been 305 00:17:23,480 --> 00:17:25,840 Speaker 1: in training throughout all the debates of two thousand and two. 306 00:17:25,960 --> 00:17:31,800 Speaker 1: I didn't see, you know, Colin Powell's speech at the UN. Frankly, 307 00:17:31,800 --> 00:17:34,160 Speaker 1: when we got to Kuwait, I didn't think that bush 308 00:17:34,200 --> 00:17:37,360 Speaker 1: Wood invade. We took Bets all the lieutenants, and I say, 309 00:17:37,400 --> 00:17:39,159 Speaker 1: he'll come on, he's not really going to do this. 310 00:17:40,160 --> 00:17:43,240 Speaker 1: I lost that bet. I was in the first company 311 00:17:43,240 --> 00:17:47,720 Speaker 1: of marines into Baghdad, and at that time the Iraqis 312 00:17:47,880 --> 00:17:51,840 Speaker 1: actually did greet us with flowers. They were thrilled that 313 00:17:51,920 --> 00:17:57,280 Speaker 1: we had kicked out this ruthless dictator. Saddam Hussein. But 314 00:17:57,400 --> 00:18:01,000 Speaker 1: then as more things unfolded, as the intelligence was revealed 315 00:18:01,000 --> 00:18:03,840 Speaker 1: that we didn't really know that there were weapons of 316 00:18:03,880 --> 00:18:06,399 Speaker 1: mass destruction there, that we couldn't find them, that we 317 00:18:06,480 --> 00:18:10,760 Speaker 1: had no plan for the occupation, This whole story unraveled, 318 00:18:11,240 --> 00:18:14,840 Speaker 1: and then I was very critical, openly critical even of 319 00:18:15,200 --> 00:18:17,440 Speaker 1: the war and how it was being carried out. Were 320 00:18:17,440 --> 00:18:20,720 Speaker 1: those conversations happening in the fields, Yeah, you guys saying, hey, 321 00:18:20,720 --> 00:18:23,679 Speaker 1: what's going on here? They were, I mean one of 322 00:18:23,680 --> 00:18:27,399 Speaker 1: the hardest questions that I've ever gotten in my life 323 00:18:28,880 --> 00:18:33,000 Speaker 1: from you know, great eighteen year old Americans looking up 324 00:18:33,040 --> 00:18:36,200 Speaker 1: at me as their twenty four year old platoon commander 325 00:18:37,040 --> 00:18:41,760 Speaker 1: saying sir, why are we here? And when they know 326 00:18:41,920 --> 00:18:47,840 Speaker 1: that they could lose their life tonight, or when they 327 00:18:47,920 --> 00:18:51,520 Speaker 1: know that they could lose their lives tonight, that's our 328 00:18:51,640 --> 00:18:53,680 Speaker 1: question to answer. So what do you tell young man 329 00:18:53,840 --> 00:18:55,880 Speaker 1: or a young woman that when they ask you, Well, 330 00:18:55,920 --> 00:19:02,240 Speaker 1: I didn't defend the policy. I just reminded them that, 331 00:19:02,840 --> 00:19:05,600 Speaker 1: you know, we're here so that their friends and loved 332 00:19:05,640 --> 00:19:08,960 Speaker 1: ones don't don't have to you know, someone's gonna go. 333 00:19:09,040 --> 00:19:11,160 Speaker 1: I mean, even in the height of the Vietnam war protests. 334 00:19:11,200 --> 00:19:13,800 Speaker 1: Right when when someone you know burned their draft card 335 00:19:13,800 --> 00:19:16,480 Speaker 1: and went to Canada. It wasn't like there was just 336 00:19:16,520 --> 00:19:19,280 Speaker 1: an empty seat on the plane to Vietnam. Someone else, 337 00:19:19,359 --> 00:19:23,080 Speaker 1: some other American went in their place. You saw some 338 00:19:23,119 --> 00:19:28,560 Speaker 1: of the most intense combat of the war, particularly in 339 00:19:28,680 --> 00:19:33,240 Speaker 1: the cemetery in Najaff. Half of your men, I understand, 340 00:19:33,280 --> 00:19:36,520 Speaker 1: had never seen combat before. What do you remember from 341 00:19:36,520 --> 00:19:40,320 Speaker 1: that day? It was brutally hot, the hottest I've ever 342 00:19:40,359 --> 00:19:43,720 Speaker 1: been in my life. We were low on ammunition, low 343 00:19:43,760 --> 00:19:50,760 Speaker 1: on water, low on food. That night we were hit 344 00:19:50,800 --> 00:19:54,920 Speaker 1: from both directions, you know, tracers going on criss crossing 345 00:19:54,920 --> 00:19:59,840 Speaker 1: over our heads. You know, there are a lot of 346 00:19:59,840 --> 00:20:02,480 Speaker 1: time times when I think we thought we might not 347 00:20:02,720 --> 00:20:05,159 Speaker 1: make it out of there, And there are a lot 348 00:20:05,200 --> 00:20:09,040 Speaker 1: of times that I was lucky, you too. I'm here 349 00:20:09,080 --> 00:20:12,240 Speaker 1: today because Russians don't make great weapons, and the Russian 350 00:20:12,280 --> 00:20:15,520 Speaker 1: mortar landed right next to me and didn't explode. About that, 351 00:20:15,840 --> 00:20:20,480 Speaker 1: But again, you know, I think that there are moments 352 00:20:20,560 --> 00:20:23,280 Speaker 1: when you find yourself in a terrible place like that 353 00:20:23,320 --> 00:20:25,639 Speaker 1: and you just have to go back to the first 354 00:20:25,640 --> 00:20:31,280 Speaker 1: principles for why why you're here. And I remember one 355 00:20:31,320 --> 00:20:35,240 Speaker 1: of those nights early in the war, we were the 356 00:20:35,240 --> 00:20:38,600 Speaker 1: opposite of being boiling hot. We were freezing cold, shivering 357 00:20:38,600 --> 00:20:40,639 Speaker 1: the mut during the invasion, and we had been told 358 00:20:40,680 --> 00:20:43,600 Speaker 1: that an a rocky tank battalion was headed our way. 359 00:20:43,720 --> 00:20:49,000 Speaker 1: We didn't have any tanks with us, and that's not 360 00:20:49,040 --> 00:20:51,840 Speaker 1: a situation you want to be in. And I remember thinking, 361 00:20:51,880 --> 00:20:55,800 Speaker 1: for a moment, here I am in some town nobody's 362 00:20:55,800 --> 00:20:58,159 Speaker 1: ever heard of, on the other side of the globe. 363 00:20:58,200 --> 00:21:02,000 Speaker 1: All my friends are back in Boston bars, and I'm 364 00:21:02,040 --> 00:21:04,680 Speaker 1: going to die in this patch of mud for what. 365 00:21:07,320 --> 00:21:09,560 Speaker 1: And I had that thought for about thirty seconds, and 366 00:21:09,600 --> 00:21:12,399 Speaker 1: then I and then I remembered why I signed up. 367 00:21:12,960 --> 00:21:15,639 Speaker 1: That I didn't want someone else fighting for my freedom, 368 00:21:15,680 --> 00:21:18,600 Speaker 1: and if someone had to be here, I'd rather it 369 00:21:18,680 --> 00:21:20,200 Speaker 1: be me. That I didn't want to be back in 370 00:21:20,280 --> 00:21:24,600 Speaker 1: the bar in Boston. Knowing that my friends were over 371 00:21:24,640 --> 00:21:26,679 Speaker 1: in Iraq. Whether do you agreed with the war or not, 372 00:21:27,600 --> 00:21:30,560 Speaker 1: and I don't know, that made me feel just a 373 00:21:30,560 --> 00:21:34,399 Speaker 1: little bit happier, a little bit a little bit warmer 374 00:21:34,440 --> 00:21:39,440 Speaker 1: that night. You on your fourth tour, I believe, went 375 00:21:39,520 --> 00:21:43,760 Speaker 1: back through Iraq to help rebuild ties or to establish 376 00:21:43,840 --> 00:21:47,479 Speaker 1: ties between the US military and tribal leaders who were 377 00:21:47,520 --> 00:21:50,600 Speaker 1: working for General petray Us at the time. Are those 378 00:21:50,640 --> 00:21:55,439 Speaker 1: ties still in place today? Some of them are. You know, 379 00:21:55,520 --> 00:21:59,600 Speaker 1: we had the strategy of getting the tribal leaders in 380 00:21:59,640 --> 00:22:03,000 Speaker 1: the the tribes themselves to fight for their own security 381 00:22:03,320 --> 00:22:07,120 Speaker 1: i'd rather than relying on us. And it was tough, 382 00:22:07,520 --> 00:22:10,560 Speaker 1: but ultimately it was successful. And and in in large 383 00:22:10,560 --> 00:22:13,560 Speaker 1: part that's the way the whole strategy of our of 384 00:22:13,560 --> 00:22:16,920 Speaker 1: our war fighting overseas has shifted more, you know, partnering 385 00:22:17,400 --> 00:22:19,719 Speaker 1: with local forces rather than thinking that we're just going 386 00:22:19,760 --> 00:22:23,399 Speaker 1: to do it all ourselves as Americans. But what's most 387 00:22:23,480 --> 00:22:27,040 Speaker 1: meaningful from that time are the friendships that I made, 388 00:22:28,160 --> 00:22:34,639 Speaker 1: some amazing friendships, like my friend Alex right there. I 389 00:22:34,680 --> 00:22:36,679 Speaker 1: mean i'd known him for a while. We were in 390 00:22:36,680 --> 00:22:40,159 Speaker 1: the same platoon together during the invasion, but um, but 391 00:22:40,240 --> 00:22:42,640 Speaker 1: I mean we worked hand in hand every single day, 392 00:22:43,520 --> 00:22:47,320 Speaker 1: often just the two of us with Iraqis on that deployment, 393 00:22:48,000 --> 00:22:51,480 Speaker 1: but also the Iraqi friends. And I made some great 394 00:22:51,600 --> 00:22:57,040 Speaker 1: Iraqi friends that trusted me with their lives and I 395 00:22:57,080 --> 00:23:01,399 Speaker 1: trusted them with mine. And you know that's not a 396 00:23:01,400 --> 00:23:04,280 Speaker 1: bond you ever give up. You had a wonderful relationship 397 00:23:04,320 --> 00:23:07,120 Speaker 1: and I believe you still do with Mohammed, your translator 398 00:23:07,359 --> 00:23:10,840 Speaker 1: and one of my many translators. Okay, sure, some people 399 00:23:10,880 --> 00:23:13,600 Speaker 1: may not realize that you co hosted a TV show together. 400 00:23:13,680 --> 00:23:16,840 Speaker 1: There you were, you guys were local celebrities talking about 401 00:23:17,480 --> 00:23:21,560 Speaker 1: the successes and in some cases the failures of that 402 00:23:21,800 --> 00:23:23,800 Speaker 1: stage of the war. What did you learn about the 403 00:23:23,800 --> 00:23:28,400 Speaker 1: Iraqi people through that? It was extraordinary and a lot 404 00:23:28,440 --> 00:23:31,679 Speaker 1: of that was through Mohammed, and Mohammed was by translator 405 00:23:31,720 --> 00:23:35,760 Speaker 1: and Hilla. He had introduced himself and wanted to work 406 00:23:35,800 --> 00:23:40,120 Speaker 1: with the Americans, I mean, his heroes, George W. Bush 407 00:23:40,119 --> 00:23:42,640 Speaker 1: for just having this invasion and saving him from Sadan. 408 00:23:43,680 --> 00:23:46,879 Speaker 1: And Mohammed and I were trying to teach the principles 409 00:23:46,920 --> 00:23:50,080 Speaker 1: of a free press to Iraqis who had never known it. 410 00:23:50,119 --> 00:23:52,359 Speaker 1: I mean, this TV station had just played tapes from 411 00:23:52,359 --> 00:23:54,760 Speaker 1: the Ministry of Information in Baghdad. They had no idea 412 00:23:54,800 --> 00:23:58,640 Speaker 1: how to put together just a basic evening newscast, and 413 00:23:58,680 --> 00:24:01,120 Speaker 1: so really just to show them how it was done, 414 00:24:01,200 --> 00:24:04,360 Speaker 1: Mohammed and I hosted this program Welt and Mohammed and 415 00:24:04,440 --> 00:24:06,760 Speaker 1: I mean really we just did as a demonstration project, 416 00:24:06,760 --> 00:24:09,480 Speaker 1: but it became extraordinarily popular and I used to have 417 00:24:09,560 --> 00:24:12,119 Speaker 1: to sign autographs in the street. I mean, when I 418 00:24:12,160 --> 00:24:13,760 Speaker 1: go home to Boston today, no one asked me for 419 00:24:13,800 --> 00:24:15,720 Speaker 1: the autograph. No one has to be for my autograph. 420 00:24:15,800 --> 00:24:20,440 Speaker 1: But but in Baghdad, um and uh and in Gosh. 421 00:24:20,480 --> 00:24:23,359 Speaker 1: I mean I when I was back in Baghdad, probably 422 00:24:23,359 --> 00:24:26,000 Speaker 1: ten years after the war, there are people who still 423 00:24:26,040 --> 00:24:29,520 Speaker 1: looked at me and recognized my face. You left the 424 00:24:29,640 --> 00:24:32,800 Speaker 1: mark in a lot of different ways than most marines 425 00:24:32,880 --> 00:24:35,480 Speaker 1: or soldiers would be able to. Well, I don't know 426 00:24:35,520 --> 00:24:38,040 Speaker 1: about that. I had some you know, unique opportunities. But 427 00:24:38,080 --> 00:24:40,840 Speaker 1: I think any marine or soldier fighting on the ground 428 00:24:40,840 --> 00:24:42,480 Speaker 1: in a rock not just you know, sitting at a 429 00:24:42,520 --> 00:24:48,600 Speaker 1: base analyzing intelligence or something. They made relationships with our 430 00:24:48,680 --> 00:24:51,520 Speaker 1: rocky partners, with our with our friends. That's why you know, 431 00:24:51,600 --> 00:24:56,600 Speaker 1: veterans are so passionate today about getting our translators and 432 00:24:56,680 --> 00:25:02,359 Speaker 1: other allies out of Afghanistan after our tumultuous withdrawal, because 433 00:25:02,359 --> 00:25:08,320 Speaker 1: we understand what it means to put trust another human 434 00:25:08,359 --> 00:25:10,280 Speaker 1: being with your life, even if it's someone that you 435 00:25:10,320 --> 00:25:12,680 Speaker 1: never imagine meeting. On the other side of the world. 436 00:25:13,359 --> 00:25:16,439 Speaker 1: We're now seeing Congress bring the authorization for the use 437 00:25:16,480 --> 00:25:20,040 Speaker 1: of military force to an end. Twenty years after the fact. 438 00:25:20,080 --> 00:25:21,800 Speaker 1: You and I have talked a number of times about 439 00:25:22,920 --> 00:25:26,520 Speaker 1: your calls for this to finally come to an end. 440 00:25:27,240 --> 00:25:31,240 Speaker 1: How should we learn from this? Should they be written 441 00:25:31,280 --> 00:25:34,439 Speaker 1: in a way that they cannot be exploited or creeped 442 00:25:34,480 --> 00:25:37,240 Speaker 1: into other missions. Well, let's be clear. This isn't about 443 00:25:37,800 --> 00:25:41,239 Speaker 1: the military taking advantage of the authorization for the use 444 00:25:41,280 --> 00:25:44,720 Speaker 1: of military force. This is Congress failing to do its job, 445 00:25:44,760 --> 00:25:48,480 Speaker 1: failing to uphold our basic constitutional responsibility. Has laid out 446 00:25:48,560 --> 00:25:51,960 Speaker 1: very clearly that we decide when the nation goes to war. 447 00:25:52,600 --> 00:25:54,760 Speaker 1: We gave a blank check so that we wouldn't have 448 00:25:54,840 --> 00:25:57,360 Speaker 1: to have the tough political debates in Washington. And look, 449 00:25:58,080 --> 00:26:00,840 Speaker 1: every one of the thousands of young amy Americans who 450 00:26:00,920 --> 00:26:05,480 Speaker 1: deployed to the Middle East, they did their job. The 451 00:26:05,560 --> 00:26:08,439 Speaker 1: Congress has refused to do. It's here and it's so 452 00:26:09,000 --> 00:26:13,040 Speaker 1: much simpler. You know, you're worried about a tough political debate, 453 00:26:13,480 --> 00:26:15,840 Speaker 1: Try being worried about coming home to your family because 454 00:26:15,840 --> 00:26:18,399 Speaker 1: you're not sure you're going to survive tonight. That's what 455 00:26:18,440 --> 00:26:21,600 Speaker 1: we ask of young Americans. We send a fight, and 456 00:26:21,680 --> 00:26:23,880 Speaker 1: yet we haven't been willing to debate it here in Washington. 457 00:26:23,960 --> 00:26:27,360 Speaker 1: It's it's shameful. So what needs to be different next time? 458 00:26:28,040 --> 00:26:31,000 Speaker 1: What needs to be different is we need to force 459 00:26:31,080 --> 00:26:33,760 Speaker 1: a debate on these issues. We're not going to just 460 00:26:33,880 --> 00:26:36,880 Speaker 1: give a blank check the next time we allow am 461 00:26:37,359 --> 00:26:40,080 Speaker 1: Americans to go to war. I think there should be 462 00:26:40,119 --> 00:26:44,520 Speaker 1: time limits, if not to limit wars, just to limit 463 00:26:44,560 --> 00:26:47,959 Speaker 1: the idea that Congress can abrogate its duty and refuse 464 00:26:48,040 --> 00:26:50,679 Speaker 1: to be accountable not just to the American people, not 465 00:26:50,720 --> 00:26:54,320 Speaker 1: just to the voters, but to the troops. That said, 466 00:26:54,359 --> 00:26:59,240 Speaker 1: twenty years after the facts, does the United States oh Iraq? 467 00:27:06,280 --> 00:27:09,879 Speaker 1: Even though it's been twenty years. I don't think we 468 00:27:10,000 --> 00:27:15,080 Speaker 1: yet know the full costs of this war, nor maybe 469 00:27:15,119 --> 00:27:17,960 Speaker 1: even the benefits. I mean, look, if Iraqi is a 470 00:27:18,000 --> 00:27:20,240 Speaker 1: thriving democracy in ten years, there will be a lot 471 00:27:20,240 --> 00:27:23,280 Speaker 1: of Iraqis who probably look back and say that was 472 00:27:23,320 --> 00:27:25,879 Speaker 1: a horrendous time and there are a lot of lives lost. 473 00:27:26,000 --> 00:27:30,480 Speaker 1: But this is better than being under a ruthless dictator 474 00:27:30,520 --> 00:27:33,960 Speaker 1: like one of Saddam Hussein's sons. But on the other hand, 475 00:27:34,600 --> 00:27:39,160 Speaker 1: there are tremendous costs to this war, and although thousands 476 00:27:39,160 --> 00:27:43,639 Speaker 1: of Americans tragically died, a lot more Iraqis died as 477 00:27:43,640 --> 00:27:50,479 Speaker 1: a result. What would you tell a young man in 478 00:27:50,480 --> 00:27:53,439 Speaker 1: a place like Boston thinking about joining the military that 479 00:27:53,520 --> 00:27:57,000 Speaker 1: we need good Americans to serve. That you may be 480 00:27:57,080 --> 00:28:03,000 Speaker 1: disillusioned by our government or by these wars, but the 481 00:28:03,080 --> 00:28:05,399 Speaker 1: reality is that when our government is broken, when our 482 00:28:05,440 --> 00:28:10,440 Speaker 1: politics aren't working, when we're in tough worse, we need 483 00:28:10,480 --> 00:28:13,520 Speaker 1: good people to go and serve. You know. I always 484 00:28:13,520 --> 00:28:17,440 Speaker 1: thought that when I disagreed with the war, I could 485 00:28:17,480 --> 00:28:20,080 Speaker 1: be back in Boston protesting. But I had much more 486 00:28:20,119 --> 00:28:23,400 Speaker 1: effect on how this war was actually fought, the decisions 487 00:28:23,400 --> 00:28:26,640 Speaker 1: that mattered on the ground, often decisions over life and death. 488 00:28:26,760 --> 00:28:30,200 Speaker 1: By being there, I mean, every single day in Iraq, 489 00:28:30,760 --> 00:28:34,440 Speaker 1: my work impacted the lives of other people. I mean, 490 00:28:34,480 --> 00:28:38,640 Speaker 1: even when I terribly disagreed with our policy, that was 491 00:28:38,680 --> 00:28:43,200 Speaker 1: a powerful and meaningful place to be. And to be honest, Joe, 492 00:28:43,280 --> 00:28:47,840 Speaker 1: that's the part that I miss, you know, having a job, 493 00:28:48,000 --> 00:28:51,760 Speaker 1: having a mission where you really made a difference in 494 00:28:51,800 --> 00:28:55,920 Speaker 1: people's lives. How is this one different? You're still serving 495 00:28:55,920 --> 00:28:58,720 Speaker 1: the country, It's just not quite as good. This is 496 00:28:58,760 --> 00:29:01,680 Speaker 1: an amazing job. Honored to be a United States Congressman 497 00:29:01,680 --> 00:29:03,840 Speaker 1: and I and I love this work because of the 498 00:29:03,880 --> 00:29:08,040 Speaker 1: same reason, because you can impact other people's lives. It's 499 00:29:08,080 --> 00:29:10,480 Speaker 1: not always over questions of life or death, though, and 500 00:29:10,640 --> 00:29:13,160 Speaker 1: you don't have a group of some of the greatest 501 00:29:13,160 --> 00:29:16,760 Speaker 1: Americans you've ever met, you know, relying on you for 502 00:29:16,800 --> 00:29:20,200 Speaker 1: their safety and success. So I've often said that this 503 00:29:20,240 --> 00:29:23,920 Speaker 1: is a great job, being a congressman, but it's the 504 00:29:23,960 --> 00:29:27,680 Speaker 1: second best job I've ever had Congressman Seth Molton, the 505 00:29:27,720 --> 00:29:32,560 Speaker 1: Democrat from Massachusetts and marine. And if you spend time 506 00:29:32,600 --> 00:29:37,719 Speaker 1: in his office, there's no missing the memorabilia that he 507 00:29:37,800 --> 00:29:41,640 Speaker 1: carried from Iraq back home, the photos of Mohammed and 508 00:29:41,720 --> 00:29:44,160 Speaker 1: his brothers in arms, and you'll have a chance to 509 00:29:44,160 --> 00:29:47,960 Speaker 1: see them as well. You're listening to The Bloomberg Sound 510 00:29:48,040 --> 00:29:52,000 Speaker 1: on podcast. Catch the program live weekdays at one Eastern 511 00:29:52,160 --> 00:29:55,360 Speaker 1: on Bloomberg Radio, the tun in app, Bloomberg dot Com, 512 00:29:55,400 --> 00:29:58,320 Speaker 1: and the Bloomberg Business App. You can also listen live 513 00:29:58,440 --> 00:30:01,560 Speaker 1: on Amazon Alexa from our ship New York station. Just 514 00:30:01,760 --> 00:30:06,320 Speaker 1: say Alexa playing Bloomberg eleven thirty. I want to hear 515 00:30:06,360 --> 00:30:08,719 Speaker 1: twenty years later, My god, I think the actual anniversary 516 00:30:08,840 --> 00:30:11,320 Speaker 1: is on Monday. I want to hear from our panel 517 00:30:11,360 --> 00:30:15,440 Speaker 1: on this Rick Davis and Genie Chanzanol Bloomberg Politics Contributors, Rick, 518 00:30:16,120 --> 00:30:18,320 Speaker 1: It's amazing that this is coinciding. And I know some 519 00:30:18,360 --> 00:30:20,880 Speaker 1: of this is intentional now with the twentieth anniversary, but 520 00:30:20,960 --> 00:30:24,680 Speaker 1: the Senate is poised early next week as we were 521 00:30:24,680 --> 00:30:29,120 Speaker 1: just discussing with the Congressman to end the authorization the 522 00:30:29,200 --> 00:30:32,040 Speaker 1: use of military force in Iraq that should have happened 523 00:30:32,040 --> 00:30:34,680 Speaker 1: a long time ago. Probably should have happened a long 524 00:30:34,720 --> 00:30:40,720 Speaker 1: time ago, and as Congressman Moulton points out, it probably 525 00:30:40,720 --> 00:30:43,360 Speaker 1: should have been something they had actively been involved in 526 00:30:43,400 --> 00:30:45,800 Speaker 1: at the paget go and not had given a blank 527 00:30:45,880 --> 00:30:49,920 Speaker 1: check to the Bush administration to wedge war. And I 528 00:30:49,960 --> 00:30:52,000 Speaker 1: think that this is a part of a much brighter 529 00:30:52,000 --> 00:30:58,520 Speaker 1: conversation that's been going on in our three areas of power, 530 00:30:58,640 --> 00:31:02,280 Speaker 1: the Supreme Court and Congress, about putting some checks on 531 00:31:02,320 --> 00:31:06,680 Speaker 1: presidential power and frankly doing their constitutional duty. So I'm 532 00:31:06,680 --> 00:31:08,720 Speaker 1: glad he brought it up. I think it's really important 533 00:31:08,720 --> 00:31:13,520 Speaker 1: to to pace this moment in time to remind Americans 534 00:31:13,560 --> 00:31:16,680 Speaker 1: that we do have a process if the people we 535 00:31:16,720 --> 00:31:20,080 Speaker 1: elect actually bide by it. But I think it is 536 00:31:20,360 --> 00:31:23,280 Speaker 1: a good coincidence in that regard that vote. Genie has 537 00:31:23,280 --> 00:31:26,680 Speaker 1: been hung around the necks of many politicians since then 538 00:31:26,720 --> 00:31:28,680 Speaker 1: to think that it lasted this long. Do they need 539 00:31:28,720 --> 00:31:31,959 Speaker 1: to be written in a way where they cannot go 540 00:31:32,040 --> 00:31:35,000 Speaker 1: beyond the scope of a war they're written for, They 541 00:31:35,040 --> 00:31:38,280 Speaker 1: absolutely do, and I think Representative Multon and boy was 542 00:31:38,320 --> 00:31:40,960 Speaker 1: that a chilling interview when he talked about the fact 543 00:31:41,000 --> 00:31:43,040 Speaker 1: has said to you. He was asked, sir, why are 544 00:31:43,080 --> 00:31:46,440 Speaker 1: we here? So much of what he had to recall 545 00:31:46,560 --> 00:31:50,040 Speaker 1: is just chilling. Yeah, they do have to be written 546 00:31:50,080 --> 00:31:53,520 Speaker 1: in a way that the Congress sets limits, as he said, 547 00:31:53,560 --> 00:31:57,480 Speaker 1: both time limits, and retains its power so it can 548 00:31:57,480 --> 00:32:01,360 Speaker 1: curb executive authority, you know. But I think this speaks 549 00:32:01,360 --> 00:32:03,680 Speaker 1: to a broader issue we have in the United States. 550 00:32:04,000 --> 00:32:08,120 Speaker 1: Anytime there is a crisis, we see this happen where 551 00:32:08,200 --> 00:32:12,840 Speaker 1: Congress gives to the executive branch outsized authority to act 552 00:32:12,880 --> 00:32:15,440 Speaker 1: in response and then comes to regret it later. And 553 00:32:15,480 --> 00:32:18,040 Speaker 1: we've seen this over and over again. And that is 554 00:32:18,080 --> 00:32:21,280 Speaker 1: just one of the many, many lessons we really should 555 00:32:21,360 --> 00:32:25,640 Speaker 1: learn from the Iraq War, but unfortunately, I think have 556 00:32:25,840 --> 00:32:27,720 Speaker 1: not learned yet, and that is one of the most 557 00:32:27,720 --> 00:32:30,880 Speaker 1: frustrating parts of this. It has been twenty years, very 558 00:32:30,920 --> 00:32:34,480 Speaker 1: little you know, key lessons have been learned from that war, 559 00:32:34,640 --> 00:32:38,040 Speaker 1: and the after effects are dramatic. We're living with them 560 00:32:38,080 --> 00:32:41,440 Speaker 1: today as we see you know, Jiji and Ping head 561 00:32:41,480 --> 00:32:44,480 Speaker 1: off to meet Putin next week. That is one of 562 00:32:44,520 --> 00:32:47,680 Speaker 1: the many long term after effects of the Iraq War 563 00:32:47,800 --> 00:32:51,400 Speaker 1: that ended up in Afghanistan, that emboldened Putin. All of 564 00:32:51,400 --> 00:32:54,320 Speaker 1: these things have had this sort of ripple effect, and 565 00:32:54,480 --> 00:32:58,560 Speaker 1: we still don't have a public, concerted, public conversation. What's frustrating, 566 00:32:58,600 --> 00:33:01,520 Speaker 1: I think is the oversight Congress should be doing is 567 00:33:01,560 --> 00:33:05,360 Speaker 1: oftentimes focused on things like Hunter, Biden and other things. Sure, 568 00:33:05,440 --> 00:33:08,120 Speaker 1: go ahead and do that, but you really should combine 569 00:33:08,160 --> 00:33:11,600 Speaker 1: that with a thorough investigation as to what happened, how 570 00:33:11,640 --> 00:33:13,960 Speaker 1: we got here with the Iraq War, and what we 571 00:33:14,000 --> 00:33:16,120 Speaker 1: could do to ensure we don't end up here again 572 00:33:16,240 --> 00:33:18,960 Speaker 1: going forward. Rick, it's really something listening to Seth Moulten, 573 00:33:19,000 --> 00:33:20,440 Speaker 1: and I know you've worked with the congressman at the 574 00:33:20,480 --> 00:33:25,120 Speaker 1: McCane Institute. The Iraq War has gone down as the 575 00:33:25,160 --> 00:33:28,400 Speaker 1: bad war, where Afghanistan has gone down as the good war. 576 00:33:28,480 --> 00:33:32,160 Speaker 1: Although the withdrawal seemed to have maybe cast a paul 577 00:33:32,320 --> 00:33:37,080 Speaker 1: on that, but twenty years later, knowing that the justification 578 00:33:37,160 --> 00:33:40,400 Speaker 1: for this war was corrupt, if I can use that word, 579 00:33:40,560 --> 00:33:44,680 Speaker 1: or at least misguided. Hearing Seth Moulton talk reminds us 580 00:33:45,360 --> 00:33:48,800 Speaker 1: that American heroes went over there, one hundred and seventy 581 00:33:48,840 --> 00:33:51,560 Speaker 1: thousand heroes because they thought they were doing what was right. 582 00:33:51,680 --> 00:33:55,360 Speaker 1: As he put it, they went so others didn't have to. Yeah, 583 00:33:55,440 --> 00:33:58,000 Speaker 1: I think it's really actually a stark contrast because not 584 00:33:58,080 --> 00:34:01,400 Speaker 1: only that, but eight thousand of those heroes gave their 585 00:34:02,000 --> 00:34:06,320 Speaker 1: life in that effort, you know, the military, regular forces 586 00:34:06,320 --> 00:34:10,600 Speaker 1: and contractors, and by the way, three hundred thousand Iraqis 587 00:34:10,600 --> 00:34:13,520 Speaker 1: gave their life in that fight. And so it is 588 00:34:13,560 --> 00:34:16,520 Speaker 1: interesting though that in an aftermath, like looking back on 589 00:34:16,560 --> 00:34:21,800 Speaker 1: it now, you have a multicultural, free society operating in Iraq, 590 00:34:22,160 --> 00:34:25,719 Speaker 1: very positively predisposed to the United States and exactly the 591 00:34:25,760 --> 00:34:30,040 Speaker 1: opposite that exists in Afghanistan. So, you know, time is 592 00:34:30,040 --> 00:34:32,959 Speaker 1: actually one of those things that you learn most about, 593 00:34:33,080 --> 00:34:35,800 Speaker 1: you know, what was the impact on these communities, And 594 00:34:35,960 --> 00:34:38,680 Speaker 1: having an ally in the region like Iraq, which I 595 00:34:38,680 --> 00:34:41,279 Speaker 1: don't think anybody would have expected toward the end of 596 00:34:41,320 --> 00:34:43,799 Speaker 1: the Iraq War, has turned out to be a huge 597 00:34:43,800 --> 00:34:46,839 Speaker 1: advantage for US in that region. It's an important thing 598 00:34:46,840 --> 00:34:50,560 Speaker 1: to consider on this anniversary, Genie, before we cast this 599 00:34:50,680 --> 00:34:54,640 Speaker 1: story aside. It is and I thought your final question 600 00:34:54,680 --> 00:34:57,920 Speaker 1: to Representative moll In and you could just hear him 601 00:34:57,960 --> 00:35:01,000 Speaker 1: struggling to address this because it's a very emotional question 602 00:35:01,080 --> 00:35:03,759 Speaker 1: I think is do we as the United States owe 603 00:35:03,800 --> 00:35:06,839 Speaker 1: anything to Iraq? And you know, Rick is right, there 604 00:35:06,880 --> 00:35:09,239 Speaker 1: have been some positives to come out of it, but 605 00:35:09,360 --> 00:35:12,600 Speaker 1: the loss alone of three hundred thousand iraqis coupled with 606 00:35:12,640 --> 00:35:15,880 Speaker 1: the amount of lives lost it from American lives, it 607 00:35:16,080 --> 00:35:19,239 Speaker 1: is dramatic and the impact and are standing in the 608 00:35:19,280 --> 00:35:21,880 Speaker 1: Middle East right now as we look again at Jijon 609 00:35:21,960 --> 00:35:24,480 Speaker 1: paying around and Saudi Arabia coming together in this sort 610 00:35:24,520 --> 00:35:28,960 Speaker 1: of strange access is a really big issue for the 611 00:35:29,040 --> 00:35:31,520 Speaker 1: United States to consider. So much of that goes back 612 00:35:31,560 --> 00:35:35,040 Speaker 1: to that early decision to go into Iraq. Happy Saint 613 00:35:35,040 --> 00:35:37,520 Speaker 1: Patrick's Day, you know, the t shock is in town. 614 00:35:37,640 --> 00:35:43,319 Speaker 1: Good to have your back office, especially on Saint Patrick's Day, 615 00:35:43,480 --> 00:35:51,520 Speaker 1: and it's a big day. Grandparents' household, our household here. 616 00:35:52,239 --> 00:35:55,839 Speaker 1: I know President Biden in the Oval office, jam rock 617 00:35:55,920 --> 00:35:59,200 Speaker 1: in his pocket, the green and white polka dot tie. 618 00:35:59,360 --> 00:36:01,279 Speaker 1: This is what we do every year. Actually it's been 619 00:36:01,280 --> 00:36:04,120 Speaker 1: a couple because of COVID. But he's back Leo Varadkur 620 00:36:04,920 --> 00:36:08,600 Speaker 1: talking about our relationship, but specifically when they let reporters 621 00:36:08,640 --> 00:36:10,359 Speaker 1: into the Oval Office Yere, and you know, he does 622 00:36:10,600 --> 00:36:12,200 Speaker 1: a visit to the White House, he goes up to 623 00:36:12,239 --> 00:36:15,440 Speaker 1: Capitol Hill for a nice party there. You know what 624 00:36:15,560 --> 00:36:18,759 Speaker 1: was on his mind today was Ukraine. Really profoundly want 625 00:36:18,800 --> 00:36:22,840 Speaker 1: to thank you and America for your leadership in relation 626 00:36:22,880 --> 00:36:25,759 Speaker 1: to Ukraine. I never thought we'd see a war like 627 00:36:25,800 --> 00:36:31,560 Speaker 1: this happened in Europe in my lifetime. And America is 628 00:36:31,560 --> 00:36:34,200 Speaker 1: at its best when it stands with its European partners 629 00:36:34,280 --> 00:36:37,719 Speaker 1: to defend freedom and democracy. And thank you for that. 630 00:36:37,800 --> 00:36:40,719 Speaker 1: And I know you'll stay the course for us with us, 631 00:36:40,719 --> 00:36:43,040 Speaker 1: and we will stand with Mukrane for as long as 632 00:36:43,040 --> 00:36:46,719 Speaker 1: it takes. And also really looking forward to your visit. 633 00:36:47,440 --> 00:36:48,880 Speaker 1: I promise you that we're going to roll out the 634 00:36:48,880 --> 00:36:51,360 Speaker 1: red carpet and it's going to be a visit like 635 00:36:51,680 --> 00:36:53,880 Speaker 1: no other that we believe. They'll no date on that 636 00:36:54,000 --> 00:36:56,240 Speaker 1: visit yet. Some final thoughts from Rick Davis and Jeanie 637 00:36:56,280 --> 00:36:58,480 Speaker 1: Schanzano on the Saint Patrick's Day with an Eye in 638 00:36:58,640 --> 00:37:03,160 Speaker 1: Ukraine here Rick, it's a reminder of how vast this 639 00:37:03,239 --> 00:37:06,840 Speaker 1: alliance is supporting Ukraine. Right now, we obsess over the 640 00:37:06,960 --> 00:37:10,640 Speaker 1: voices in Washington that doubt this mission, but hearing a 641 00:37:10,719 --> 00:37:13,440 Speaker 1: leader come to this country to say thank you as meaningful. 642 00:37:14,080 --> 00:37:18,000 Speaker 1: Absolutely and as you say, we sometimes diminish quote Europe 643 00:37:18,080 --> 00:37:21,000 Speaker 1: is our ally on this and we don't include exactly 644 00:37:21,040 --> 00:37:25,800 Speaker 1: what that means, but incredible coalition that has been unified 645 00:37:25,840 --> 00:37:30,839 Speaker 1: around the Ukraine and frankly likely will stay together under 646 00:37:30,840 --> 00:37:34,759 Speaker 1: this kind of context long after the Ukraine attacks are over, 647 00:37:34,920 --> 00:37:38,479 Speaker 1: because they've realized what value they create for each other. 648 00:37:38,560 --> 00:37:42,360 Speaker 1: And no better sense of that than today's meeting with 649 00:37:43,080 --> 00:37:46,520 Speaker 1: between the US and in Ireland. As we learned as 650 00:37:46,520 --> 00:37:48,640 Speaker 1: well that NATO is going to get bigger. A Turdio 651 00:37:48,680 --> 00:37:51,120 Speaker 1: at least looks like a Turkey says it will ratify 652 00:37:51,400 --> 00:37:56,720 Speaker 1: Finland's accession accession into NATO, bringing the Alliance a step 653 00:37:56,719 --> 00:38:00,120 Speaker 1: closer to its thirty first members. GENI. That's something that 654 00:38:00,160 --> 00:38:02,200 Speaker 1: a lot of people didn't think they'd ever see, is it. 655 00:38:02,800 --> 00:38:06,200 Speaker 1: That's right. It's one of the unintended consequences of what 656 00:38:06,600 --> 00:38:08,920 Speaker 1: Vladimir Putin has done in Ukraine is that it has 657 00:38:08,960 --> 00:38:13,040 Speaker 1: expanded NATO in a way you know, was unthinkable before 658 00:38:13,320 --> 00:38:16,600 Speaker 1: he invaded Ukraine. And of course, by the way, happy 659 00:38:16,600 --> 00:38:20,839 Speaker 1: Saint Patrick's day to you, Joe Matthew. I am wearing green. 660 00:38:20,960 --> 00:38:24,000 Speaker 1: Of course I am half Irish, you know. But but 661 00:38:24,040 --> 00:38:27,040 Speaker 1: I think this the timing here is critically important because 662 00:38:27,080 --> 00:38:30,240 Speaker 1: again you do have g visiting Russia, only a second 663 00:38:30,280 --> 00:38:33,960 Speaker 1: trip since zero COVID ended, and this is the thirty 664 00:38:34,200 --> 00:38:37,760 Speaker 1: ninth meeting between these two. There is nobody that Vladimir 665 00:38:37,800 --> 00:38:41,200 Speaker 1: Putin seems to, you know, defer to, at least as 666 00:38:41,239 --> 00:38:44,200 Speaker 1: in terms of a world leader, like he does jij 667 00:38:44,280 --> 00:38:47,680 Speaker 1: and Ping. And this of course is following their you know, 668 00:38:47,800 --> 00:38:50,520 Speaker 1: no limits partnership. And I think the big question about 669 00:38:50,560 --> 00:38:53,320 Speaker 1: this meeting is it going to lead to this lethal 670 00:38:53,360 --> 00:38:56,480 Speaker 1: aid that we heard the United States was warning about. 671 00:38:56,480 --> 00:38:58,719 Speaker 1: So I think a lot is going to happen next 672 00:38:58,719 --> 00:39:00,680 Speaker 1: week that we've got to keep our eyes. She will 673 00:39:00,719 --> 00:39:03,919 Speaker 1: be in Russia Monday through Wednesday. Rick they're calling it 674 00:39:04,360 --> 00:39:07,200 Speaker 1: a journey of friendship. How should the White House react 675 00:39:07,239 --> 00:39:09,760 Speaker 1: to though? I think a little bit of wait and see. 676 00:39:10,280 --> 00:39:12,440 Speaker 1: I don't think that they need to preempt the meeting. 677 00:39:13,040 --> 00:39:15,799 Speaker 1: I think that everybuddy knows this is cheeze effort to 678 00:39:15,840 --> 00:39:21,480 Speaker 1: try and bolster the failed leadership of Vladimir Putin. And 679 00:39:21,480 --> 00:39:23,480 Speaker 1: and that's a heavy lift. So let's see if he's 680 00:39:23,600 --> 00:39:26,200 Speaker 1: really got it in him. This is not a slam 681 00:39:26,280 --> 00:39:28,520 Speaker 1: dunk chee and it's not going to really make any 682 00:39:28,560 --> 00:39:32,880 Speaker 1: difference to people who already oppose Vladimir Putin. So I 683 00:39:32,920 --> 00:39:34,799 Speaker 1: think this is a very tricky thing for them to 684 00:39:34,840 --> 00:39:36,760 Speaker 1: pull off, and I think we ought to take advantage 685 00:39:36,800 --> 00:39:38,480 Speaker 1: of it. Yeah, those optics are going to make a 686 00:39:38,480 --> 00:39:41,200 Speaker 1: lot of people angry. Rick Davis, thank you, Jeanie Schanzano, 687 00:39:41,320 --> 00:39:44,239 Speaker 1: thank you. Happy Saint Patrick's dating you both, and have 688 00:39:44,320 --> 00:39:47,279 Speaker 1: a great weekend. Our signature panel here on Bloomberg sound On. 689 00:39:47,320 --> 00:39:49,799 Speaker 1: I've Joe Matthew in Washington. Thanks for listening to the 690 00:39:49,840 --> 00:39:54,000 Speaker 1: sound On podcast. Make sure to subscribe if you haven't already, Apples, Spotify, 691 00:39:54,040 --> 00:39:56,920 Speaker 1: anywhere else you get the podcast. You can find us 692 00:39:56,960 --> 00:40:00,280 Speaker 1: live every weekday from Washington, DC at one p Western 693 00:40:00,360 --> 00:40:01,800 Speaker 1: type Littleburg dot Co.