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• 00:00> > FROM THE WORLD OF POLITICS TO THE WORLD OF BUSINESS, THIS IS “BALANCE OF POWER.” LIVE FROM WASHINGTON, D.C.. > > BLOOMBERG WASHINGTON, D.C., STUDIOS TO OUR TV AND RADIO OFFICES WORLDWIDE. > > THE FED HOLDS RATES STEADY AND CHAIRMAN POWELL SEEING A TREND OF TARIFF IMPACTS. AND FORMER TREASURY OFFICIAL IS HERE. > > PRESIDENT TRUMP TELLS PRESIDENT ZELENSKYY TO JOIN RUSSIA. FORMER GENERAL WESLEY CLARK WILL BE HERE. > > DEBBIE WASSERMAN SCHULTZ AND CALLS FOR NEW SENATE LEADERSHIP. THANKS FOR BEING WITH US, THE LATE EDITION OF BALANCE OF POWER. AND TODAY’S MEETING, NO CHANGE. AND UNCERTAINTY. THE IMPACT OF PRESIDENT TRUMP’S POLICIES ON GROWTH RAISING ESTIMATES FOR UNEMPLOYMENT AND TWO QUARTER-POINT CUTS AND YOU HEARD LIVE ON BLOOMBERG, FED CHAIR POWELL SPEAKING ABOUT THE THE INFLATION AND TARIFFS. > > IT IS GOING TO BE VERY DIFFICULT TO HAVE A PRECISE ASSESSMENT HOW MUCH INFLATION IS COMING FROM TARIFFS. A GOOD PART OF IT IS COMING FROM TARIFFS. INFLATION HAS STARTED TO MOVE UP NOW IN RESPONSE TO TARIFFS AND THERE MAY BE A DELAY IN FURTHER PROGRESS OVER THE COURSE OF THIS YEAR. > > FOR MORE, LET’S TURN TO MIKE MCKEE WHO WAS IN THE ROOM FOR THAT PRESS CONFERENCE. WE COULD HAVE ANTICIPATED WE WOULDN’T GET A LOT OF THAT T-WORD. WHAT DO YOU THINK? > > I WOULDN’T PUT MUCH TOO MUCH STOCK IN THAT. IT WAS SOMETHING STUCK IN HIS HEAD. HISTORICALLY TARIFFS HAVE RAISED THE PRICE LEVEL BUT ONE-TIME THING WHEN YOU RAISE THE PRICE LEVEL. THEY DON’T KNOW IF DONALD TRUMP IS GOING TO RAISE IT ON APRIL 2, MAY 3 OR JULY 23 BECAUSE HE KEEPS CHANGING HIS MIND AND TAKES TARIFFS ON AND TARIFFS OFF WITHIN A SINGLE DAY AND CAN’T SAY WHAT THE LONG-TERM EFFECT IS GOING TO BE AND THIS CENTRAL BANK IS FLYING BLIND. THEY DON’T KNOW WHAT’S GOING TO HAPPEN. TARIFFS ARE NOT GOOD FOR THE ECONOMY. SOME OF THE OTHER POLICIES ARE NOT GOOD, HOW BAD AND HOW THEY WILL AFFECT THE ECONOMY AND WHETHER THE FED SHOULD DO ABOUT IT IS UNCLEAR. > > LARRY SUMMERS TALKING TO DAVID WESTON TALKING ABOUT SHORT-TERM PAIN FOR LONG-TERM GAIN. HOW MUCH PROGRESS DID HE CALM THE WATERS? > > HE CALMED THE MARKETS AND THE TAKE-AWAY, HE WAS CALM, COOL AND COLLECTED AND SAID WE GOT THIS EITHER WAY AND RIGHT NOW WE ARE IN A GOOD SPOT. WE HAVE INFLATION MOVING UP A LITTLE BUT FAIRLY STEADY. UNEMPLOYMENT FAIRLY STEADY. AND THE ECONOMY SHOWING SIGNS OF REASONABLE GROWTH. NO REASON TO PANIC. AND CAN YOU READ THAT HOW YOU WANT ON WALL STREET AND THERE ARE PEOPLE WHO ARE GOING TO READ THAT AS HOPEFULLY WE ARE GOING TO GET A RATE CUT SOON. THE FED IS NOT PANICKED IS GOOD NEWS. > > GOOD TO HAVE YOU WITH US. WE HAVE CHRISTOPHER SMART, MANAGING PARTNER, FORMER SPECIAL ASSISTANT TO THE PRESIDENT. GREAT TO HAVE YOU BACK TO PICK UP ON MIKE’S POINT, HOW LONG WILL THE FED BE FLYING BLIND AND WILL THAT LAST AFTER APRIL 2? > > I WAS EXCITED I COULD GET OUT MY TEAM TRANSTOWER T-SHIRT OUT AGAIN. POWELL IS THE MASTER OF UNDERSTATEMENT WHEN HE TALKS ABOUT PROJECTING GROWTH RATES OR INFLATION TRAJECTORY FOR THE ECONOMY. IT IS GOING TO BE INCREASINGLY DIFFICULT. TARIFFS IN THEMSELVES, ONE-OFF ADJUSTMENT IS A TRANSTOWER EFFECT, BUT IT IS THE RESPONSE FROM CANADA, CHINA AND EUROPEAN UNION THAT MAKES IT UNPREDICTABLE. WHAT MARKETS ARE WATCHING ARE THE MEASURES OF INFLATION EXPECTATIONS AND RIGHT NOW THE FIVE-YEAR, FIVE-YEAR FORWARDS ARE STABLE AND THAT IS A REFLECTION IN THE MARKETS BUT THE FED WILL BE WATCHING CLOSELY. > > CHAIRMAN POWELL THREW COOL WATER THAT WE SHOULDN’T PUT TOO MUCH STOCK, BUT THE PEOPLE ARE LOOKING AT THEIR IN TANDEM WITH LOWER DPROAGHT EXPECTATIONS. IT COSTS A LOT OF PEOPLE TO SAY THE WORD STAG STAGFLATION. THIS IS WHAT SHE TOLD US EARLIER. > > NOW THEY ARE STILL WORKING TO GET THE INFLATION RATE BACK DOWN TO THEIR TARGET RATE AND AT THE SAME TIME, THE TARIFFS ARE LIKELY TO RAISE PRICES FOR CONSUMERS. BUT THEY ARE SEEING PEOPLE CUTTING BACK WITH DOAJ. YOU ARE SEEING THESE EFFECTS ON EMPLOYMENT. THE WORD THAT PEOPLE ARE GOING TO WONDERING IS THIS WORD STAGFLATION THAT WE WERE TALKING ABOUT AT THE END OF THE FIRST TRUMP TERM. > > IS THAT WARRANTED OR OVERDRAMATIC. > > YOU SAW IT IN THE ECONOMIC PROJECTIONS AND INFLATION TICK UP SLIGHTLY AND GROWTH CAME DOWN CERTAINLY THIS YEAR. I THINK THAT IS A REASONABLE SCENARIO. THERE ARE A LOT OF UNCERTAINTIES AROUND ANY OF THOSE ASSUMPTIONS WHICH MAKES THINGS EVEN MORE DIFFICULT FOR INVESTORS AND TO YOUR POINT OF WHAT LEVEL UNCERTAINTY OR SHOULD BE FED OR OTHER SURVEYS IN TERMS OF INFLATION PROJECTIONS, WE READ THE NEWS EVERY DAY AND FEEL THERE IS VERY LITTLE PREDICTABILITY IN U.S. ECONOMIC POLICY WHICH IS ROILG THE MARKETS. > > WE HEARD WORDS FROM KEVIN HAS EARTH. COMMENTS TODAY FROM JAY POWL. HE SAID HE RESPECTS THE INDEPENDENCE OF THE FID TOO MUCH TO WEIGH IN AND CHERRY-PICK THE CHAIRMAN’S STATEMENTS. IS THAT NEW? HOW WOULD YOU DESCRIBE IT? > > WELCOMED NONINTERFERENCE. THAT IS PROBABLY WHAT WE WOULD HOPE FOR IN TERMS OF NONCOMMENTS AND NONCHERRY-PICKING BUT I’M SURE THE PRESIDENT WON’T BE RESTRAINED IF THE ECONOMY DOES START TO SLOW AND TURNS HIS ATTENTION TO THE FED. AND WHAT IS A REASONABLE POLICY AND LET’S DO KNOWING UNTIL WE SHOULD MOVE UP OR DOWN, I’M NOT SURE THE PRESIDENT WILL BE SO RESTRAINED. > > THE PRESIDENT DIDN’T SEEM TO BE FOCUSED. NO TRUTH SOCIAL POSTS BUT WE DID GET A TRUTH SOCIAL POAFORTS RELATED TO HIS PHONE CALL WITH UKRAINIAN PRESIDENT ZELENSKYY AND REACH A CEASEFIRE IN THAT WAR. WHAT IS HAPPENING IN THE MIDDLE EAST. WHILE WE FACTOR IN THESE DOMESTIC RISKS AROUND TARIFFS, WHAT ABOUT THE GEO POLITICAL ATMOSPHERE? > > IT FACTORS IN THE BACKGROUND. ANY CEASEFIRE IN UKRAINE WILL HAVE BIGGER IMPLICATIONS FOR EUROPE IF THERE IS A LOWER OF ENERGY PRICES OR ACCESS TO RUSSIAN GAS IN THE YEAR OR TWO AHEAD. FRANKLY RIGHT NOW, TODAY IS A GOOD DAY IN THE SENSE THAT RUSSIA AND UKRAINE APPEAR TO BE RATCHETING THEIR HOSTILITIES IN TERMS OF A CEASEFIRE THAT AVOIDS ENERGY TARTS BUT THERE IS A LONG WAY TO GO FOR THEM TO AGREE TO A LONGER TERM SOLUTION. AND YOU ARE SEEING AN DIVERGENCE BETWEEN THE U.S. AND EUROPE AND UKRAINE AND RUSSIA. GETTING ALL FOUR OF THOSE PARTIES ALIGNED IS A TALL ORDER. THOSE THINGS WEIGH ON INVESTORS’ MINDS BUT SECONDARY TO THE GROWTH AND INFLATION THAT THE FED IS FOCUSED ON HERE. > > THANK YOU SO MUCH FOR JOINING US. WE’LL CONTINUE THIS CONVERSATION AHEAD IN THE AFTERMATH OF PRESIDENT TRUMP AND ZELENSKYY. WE’LL HAVE MORE ON THAT NEXT WITH FORMER GENERAL WESLEY CLARK. > > MINERALS DEAL IN THAT FIRST SET OF FRAMEWORK THAT YOU SAW IN THAT PUBLIC MEETING WITH PRESIDENT ZELENSKYY AND PRESIDENT TRUMP, WE ARE FOCUSED ON A LONG-TERM AND BEYOND MINERALS DEAL AND LOOKING AT A LASTING CEASEFIRE. THE PRESIDENT IS SENDING SKILLS TEAM TO SAUDI ARABIA LATER THIS WEEK TO CONTINUE FIGHTING FOR PEACE IN THIS CONFLICT. > > WHITE HOUSE PRESS SECT PROVIDING AN EFFORT ON EFFORTS TO REACH A CEASEFIRE. THIS COMES AFTER PRESIDENT TRUMP’S CALL WITH UKRAINIAN PRESIDENT THIS MORNING. AND JOINING US NOW MORE HERE IS RETIRED GENERAL WESLEY CLARK FORMER NATO SUPREME COMMANDER EUROPE. WELCOME BACK. WHEN WE CONSIDER WHERE THIS STARTING PLACE SEEMS TO BE A CEASEFIRE ON ENERGY AND INFRASTRUCTURE TARGETS SPECIFICALLY. HOW EASILY IN YOUR MIND CAN THIS BE EXPANDED INTO AN ACTUAL TRUCE OR IS THE HARD WORK JUST BEGINNING? > > I THINK THE HARD WORK IS JUST BEGINNING. THIS IS A CEASEFIRE IF IT HAPPENS IS FULLY IN RUSSIA’S FAVOR. UKRAINE HAS ACQUIRED THE ABILITY THROUGH ITS OWN EFFORTS TO TAKE OUT RUSSIAN OIL PRODUCTION FACILITIES. AND THEY HAVE DISRUPTED ABOUT A THIRD OF RUSSIA’S EXPORT PRODUCTION ON GOLD AND RUSSIA IS MAKING $180 MILLION A DAY ON THESE EXPORTS. IF YOU CUT OFF A THIRD, KEEPING THE ECONOMY GOING AND WAR GOING. ON THE ON THE OTHER HAND, IT’S SPRING TIME IN UKRAINE, RUSH ATTACKS DIDN’T SHUT THEM DOWN AND NOW IT’S SPRING. AND UKRAINIAN FORCES ARE SUFFERING FROM SHORTAGES IN AMMUNITION AND OTHER THINGS AND THE AMERICAN CUTOFF, EVEN THE CUTOFF THAT WAS A YEAR AGO FOR SIX MONTHS IN 2024. THAT WILL HAVE AN IMPACT ON THE SUPPLY CHAIN. THUS FAR, THIS IS IN RUSSIA’S FAVOR. > > PLAY THIS A LOT OF DIFFERENT WAYS. THE FACT THAT PUTIN DIDN’T ACCEPT A CEASEFIRE AND PRESIDENT TRUMP DIDN’T FINISH THIS ON THE FIRST DAY IN OFFICE. DOES HE DESERVE CREDIT FOR MAINTAINING THE FLOW OF AID TO UKRAINE? > > YES. AND THE INTELLIGENCE IS ALSO VERY IMPORTANT. AND AS FAR AS WE KNOW THAT INTELLIGENCE IS STILL GOING ON. > > AND AS WE CONSIDER WHETHER OR NOT THAT’S GOING TO CONTINUE, WE UNDERSTAND ONE OF THE CONDITIONS RUSSIA HAS TO REACH AN ABSOLUTE CEASEFIRE IT WANTS TO PROVIDE NO MORE AID TO UKRAINE. IS THAT THE ORDER TO MAINTAIN THE ACTUAL TRUCE IF IT CAN BE REACHED. IF WHAT RUSSIA IS ASKING FOR, WHAT KIND OF COMPROMISE. > > REALISTIC FOR RUSSIA TO ASK FOR IT AND NOT ACCEPTABLE FOR UKRAINE TO ACCEPT IT. AND THE LIFE BLOOD OF A PEACE AGREEMENT. INFORMATION ON BOTH SIDES. RUSSIA HAS IT. NO WAY TO SHUT IT OFF TO RUSSIA. RUSSIA’S SPY SATELLITES HAVE IT. AND UKRAINE WON’T HAVE IT UNLESS THE UNITED STATES PROVIDES IT. AND WHAT HAPPENS WHEN YOU DRUM UP THE INTELLIGENCE. RUSSIA PULLED FORCES OUT QUICKLY. AND OVERRAN IT. AND THAT WAS DURING A FEW DAYS IN WHICH THE UNITED STATES BLINDED UKRAINE. SO GOT TO HAVE THAT INTELLIGENCE FLOW. AND IT CAN’T BE CUT OFF. IF YOU WANT A SUSTAINABLE PEACE. > > GENERAL, I WANT YOUR TAKE ON THE READOUT KNOWING THAT PRESIDENT TRUMP SAID LAST WEEK ON AIR FORCE ONE THAT THIS CALL WITH PUTIN WAS ABOUT DIVIDING LAND AND POWER PLANTS AND HERE WE ARE WITH THIS ENERGY INFRASTRUCTURE CEASEFIRE AT HAND. IT SAID IN THE READOUT THAT PRESIDENT TRUMP DISCUSSED UKRAINE’S ELECTRICAL SUPPLY AND THAT THE UNITED STATES COULD BE HELPFUL IN RUNNING THOSE PLANTS. SAID AMERICAN OWNERSHIP WITH THOSE PLANTS WOULD BE THE BEST PROTECTION FOR THE INFRASTRUCTURE AND SUPPORT OF THE UKRAINIAN ENERGY INFRASTRUCTURE, WHAT DOES THAT MEAN? IS THAT THE SECURITY GUARANTEE THAT THE WHITE HOUSE PUTS FORWARD AND ARE WE SLOUCHING? > > IT MIGHT BE CONSIDERING THE SECURITY GUARANTEE. THOSE ARE OLD NUCLEAR PLANTS. WE DIDN’T DESIGN THOSE PLANTS. THEY ARE NOT OUR PLANTS. THEY NOT GOING TO TRANSPLANT AND SAY THIS IS THE GE DESIGN, TAKE CARE OF IT. NOW UKRAINE CAN TAKE CARE OF THOSE PLANTS. A PLANT HAS BEEN PARTIALLY OCCUPIED BY THE RUSSIANS. THEY HAVE THREATENED TO DAMAGE IT AND DESTROY IT AT VARIOUS TIMES. IT WOULDN’T BE A BAD THING THAT THE UNITED STATES SAYS YOU CAN’T TOUCH IT BECAUSE WE ARE IN. BUT IT’S ALSO A WAY OF JUST POSTPONING THE TOUGH DISCUSSION OF TELLING MR. PUTIN, STOP, YOU ARE THE AGRESSOR. PULL OUT, RETURN THE ABDUCTED CHILDREN AND PAY THE REPARATIONS AND GET ON WITH GLOBAL AFFAIRS. YOU JUST CAN’T WASH IT AWAY. HE HAS TO TAKE THE BURDEN OF GUILT FOR THE AGGRESSION. HE STARTED THE WAR. IT’S EASY FOR HIM TO STOP IT. ALL HE HAS TO SAY IS STOP. > > WE SAW REPORTING FROM NBC THAT THE U.S. IS CONSIDERING GIVING UP CONTROL OF THE POSITION OF NATO SUPREME ALLIED COMMAND EUROPE. YOU HELD THAT POSITION. IS IT VITAL THAT IT STAYS IN U.S. HANDS? > > IT IS THE CRITICAL LINKAGE BETWEEN THE UNITED STATES AND EUROPE MILITARILY. IT SERVES AS A DETERRENT PURPOSE AND DIPLOMATIC PURPOSE. AND WITHOUT IT THE U.S. IS DECOUPLED. NOTHING WOULD MAKE THE KREMLIN HAPPIER FOR THE UNITED STATES TO GIVE UP THAT POSITION. I WAS TOLD PRIVATELY THAT DISCUSSION WAS FLOATED AND SCWASHED. I — SQUASHED. I HOPE THAT IS CORRECT. > > THANK YOU GENERAL. DEMOCRATS ARE STRATEGIZING NEXT MOVE. AND LOOK AT IT WITH DEBBIE WASSERMAN SCHULZ. > > DON’T GIVE AWAY ANYTHING FOR NOTHING. AND I THINK THAT’S WHAT HAPPENED THE OTHER DAY. WE HAVE GOTTEN TO A THIRD — THEY MAY NOT HAVE AGREED TO IT. [INDISCERNIBLE] > > FORMER SPEAKER OF THE HOUSE NANCY PELOSI TALKING YESTERDAY TALKING ABOUT CHUCK SCHUMER’S HANDLING OF THE REPUBLICAN SPENDING PLAN. I DON’T GIVE ANYTHING AWAY FOR NOTHING. THE COMMENTS COMING AS DEMOCRATS ARE TRYING TO POSITION THEMSELVES FOR SUCCESS IN THE MIDTERMS AS WE CONSIDER THE POSTURE ANTONE. WE ARE JOINED BY DEEM DEMOCRATIC WASSERMAN SCHULTZ. I DON’T HAVE TO TELL YOU WHAT IS HAPPENING AT REPUBLICAN TOWN HALL MEETINGS AND SOME HAVE STOPPED BECAUSE OF THE BLOWBACK, YOU HELD A TELETOWN HALL IN FEBRUARY. IS THIS ABOUT GIVING THE ROPE, WHATEVER YOU ARE LOOKING FOR OR DEMOCRATS NEED TO BE BEATING THE DRUM ON THIS? > > WELL, WE ARE. I HAD 6,000 PEOPLE ON MY TOWN HALL. AND I HAD THE OPPORTUNITY TO HEAR FROM A WIDE RANGE OF OPINIONS AND NOT ALL OF THEM WERE THRILLED. BUT, YOU KNOW, OUR FOLKS WANT TO SEE WE ARE FIGHTING BACK AND WANT TO KNOW HOW WE ARE FIGHTING BACK. IT’S VERY FRUSTRATING FOR ALL OF US WE ARE IN THE MINORITY AND DON’T HAVE INSTITUTIONAL LEVERS OF POWER BUT WE ARE FIGHTING IN COURTS AND THE COMMUNITIES AND WE ALL HAVE YOU BEEN COMMUNICATING AND INTERACTING WITH OUR CONSTITUENTS AND THE NATIONAL REPUBLICAN NATIONAL COMMITTEE TOLD THE REPUBLICAN MEMBERS NOT TO DO TOWN HALLS AND NOT TAKE FEEDBACK AND HEAR FROM THEIR CONSTITUENTS IS SHOCKING. THEY ARE SLASHING MEDICAID AND TAKING HEALTH CARE FROM SENIORS, SENIORS AND CHILDREN. REPUBLICANS ARE GOING TO KICK MY SENIORS OUT OF NURSING HOMES AND CHILDREN OFF OF HEALTH CARE. PEOPLE WILL DIE. THAT IS RIGHT AT THEIR FEET AND SHOULD BE SHOWING UP TO TALK TO THEIR CONSTITUENTS ABOUT IT. > > I WOULD LIKE TO EXPAND ON THIS NOTION OF FIGHTING BACK BECAUSE ARGUABLY THE NOTION THAT SENATE MINORITY LEADER SCHUMER DIDN’T FIGHT BACK HARD ENOUGH IS WHAT HAS GOTTEN HIM BACK IN HOT WATER FOR CALLS FOR NEW LEADERSHIP IN THE SENATE. IS IT HELPFUL FOR THE PARTY TO BE HAVING THOSE CONVERSATIONS IN PUBLIC? > > LOOK, I DIDN’T AGREE WITH CHUCK SCHUMER’S DECISION AND I VOTED NO ON THE BUDGET BILL THAT REPUBLICANS HAD $23 BILLION IN CUTS TO OUR VETERANS AND CUTS TO INFRASTRUCTURE AND HEALTH CARE. BUT THAT’S WHAT WE ARE UNITED AROUND. WE ARE UNITED AGAINST THOSE KINDS OF CUTS, AGAINST MUSK AND HIS DOAJ — DOGI. WHERE YOU HAVE INFLATION AND SLOWING OF GROWTH, THAT IS A DEADLY COMBINATION WHEN WE ARE HEADED TOWARDS AND TRUMP IS DOING NOTHING TO LOWER PEOPLE’S PRICES AND GROCERY AND HEALTH CARE THAT IS STILL TOO HIGH. THAT’S OUR PRIORITIES. THE REPUBLICAN PRIORITIES IS TO MAKE ENOUGH ROOM TO GIVE TAX BREAKS TO MILLIONAIRES AND BILL KRON AIRS AND WEALTHY KORPGS AND WE HAVE TO PRESENT THAT TO OUR AND WINNING BACK THE HOUSE. > > DOGE BAGS IS ONE THING I DIDN’T HAVE ON MY BINGO CARD. > > YOU’RE WELCOME. > > THE LEGAL CHALLENGES AGAINST SOME OF DONALD TRUMP’S POLICIES WHETHER USAID OR TRANSGENDER MEMBERS OF THE MILITARY, IS THE CHECK GOING TO COME FROM THE GOVERNMENT AS OPPOSED TO CONGRESS. > > YES. WE HAVE MULTIPLE WAYS, CONGRESS, THE COURTS AND THE COMMUNITY THAT WE HAVE TO PUSH BACK ON THIS ADMINISTRATION THAT HAS RUN AMUCK. THEY HAVE RUN AFOUL OF THE CONSTITUTION. THEY ARE ACTING UNLAWFULLY THROUGH FIRINGS THROUGH MAKING CUTS THAT ARE LITERALLY UNDERCUTTING THE SPENDING THAT CONGRESS HAS REQUIRED BY LAW. THEY ARE GEARING UP TO CUT ALMOST A TRILLION DOLLARS OUT OF MEDICAID AND THOSE ARE ALL CUTS THAT WILL BE DEVASTATING TO OUR SENIORS, TO OUR VETERANS, TO CHILDREN, TO FAMILIES. AND WE HAVE TO FIGHT THEM IN THE COURTS. WE HAVE TO FIGHT THEM IN THE COMMUNITY BY SHINING A SPOTLIGHT OF WHAT THEY ARE DOING AND DEVASTATING PEOPLES’ LIVES AND FIGHT BACK. THEY HAVE A THREE-VOTE MAJORITY, THE REPUBLICANS DO IN THE HOUSE AND WE HAVE TO MAKE SURE THAT WE HOLD THEM ACCOUNTABLE. AND IT TAKES THREE REPUBLICANS WITH A SPINE TO STEP UP AND DECIDE NO, I’M NOT GOING TO PRIORITIZE BILLIONAIRES OVER REAL REGULAR PEOPLE WHO NEED TO MAKE SURE THEY CAN HAVE AN AFFORDABLE QUALITY OF LIFE AND GO TO THE DOCTOR WHEN THEY ARE SICK AND PUT FOOD ON THE TABLE AND DON’T HAVE TO CHOOSE AFFORDING PRESCRIPTION DRUGS AND PAYING THEIR RENT. THAT IS WHAT REPUBLICANS UNDER TRUMP AND MUSK AND EXTREME REPUBLICANS IN CONGRESS DON’T CARE ABOUT. > > AS WE CONSIDER WHAT IS AHEAD IN TERMS OF THE CONGRESSIONAL AGENDA KNOWING THEY ARE GOING TO CONSIDER A BUDGET RECONCILIATION PACKAGE A RAISING OF THE DEBT CEILING WILL BE INCLUDED IN THAT AND GOING THROUGH WITH THE CONTINUING RESOLUTION AND DEMOCRATS NOT BEING WILLING TO PROVIDE VOTES, WILL THE DEBT CEILING BE A DIFFERENT STORY? > > THE DEBT CEILING IS WHAT WE HAVE TO DO BUT DO IT AS PART OF THE REGULAR LEGISLATIVE PROCESS. REPUBLICANS CAN’T HIDE THEIR HEADS AND TUCK THEIR TAIL AND SNEAK THAT DEBT CEILING VOTE INTO A BILL THAT IS GOING TO THE PURPOSEFULLY DRAWN TO MAKE ENOUGH ROOM TO GIVE MASSIVE TAX BREAKS TO BILLIONAIRES AND MILLIONAIRES. THEY ARE GOING TO RAISE THE DEBT CEILING AND DON’T HAVE TO DEAL WITH IT AGAIN AND JUST HIDE THE DEBT CEILING INCREASE IN A LARGE PACKAGE AND NOT BE HELD ACCOUNTABLE AND THAT IS NOT ACCEPTABLE AND WE ARE GOING TO FIGHT THEM TOOTH AND NAIL ON IT. > > CONGRESSWOMAN, THANK YOU SO MUCH FOR JOINING US AND DISCUSSING WHAT IS HAPPENING BETWEEN THE EXECUTIVE AND JUDICIAL BRANCH AND SOMETHING WE HEARD FROM THE WHITE HOUSE PRESS SECRETARY TARGETING WHAT SHE CALLS ACTIVIST JUDGES ACCUSING THEM TO SLOW THE IMPLEMENTATION OF PRESIDENT TRUMP’S AGENDA. > > WE HAVE JUDGES WHO ARE ACTING AS PARTISAN ACTIVISTS AND TRYING TO DICTATE POLICY FROM FOR THE PRESIDENT OF THE UNITED STATES AND TRYING TO CLEARLY SLOW WALK THIS AGENDA AND IT’S UNACCEPTABLE. > > JOINING US RIGHT NOW IS GREG STORE AT THE TABLE. YOU ARE GETTING PRETTY BUSY IN THE PROSPECT OF THESE CASES TO THE SUPREME COURT THAT A JUDGE FOUND THAT ELON MUSK MAY HAVE VIOLATED THE CONSTITUTION WHEN IT CAME TO DISMANTLING USAID. AT WHAT POINT DOES THE SUPREME COURT STEP IN AND HOW SOON? > > WE ARE GOING TO HAVE A BARRAGE. AND WE HAVE THREE CASES TO THE SUPREME COURT AND ONE IS TO ALLOW ALLOW IMPLEMENT HIS BIRTHRIGHT CITIZENSHIP RESTRICTIONS. THE FIRING OF MEMBERS, DEMOCRATIC COMMISSIONERS ON THE F.T.C. THAT COULD GET TO THE SUPREME COURT AND WITHHOLD FUNDS APPROPRIATED BY CONGRESS. THAT WILL GET TO THE SUPREME COURT. IT’S ALL COMING JUST A QUESTION OF HOW QUICKLY. > > IF IT IS KIND OF INEVITABLE, THE QUESTION IS WHETHER OR NOT EVEN THE SUPREME COURT’S RULING WILL BE ABIDED BY, THAT IS THE LIVE QUESTION WE ARE HAVING, IF THE JUDGE’S DECISION MATTER TO THIS ADMINISTRATION. HAVE WE SEEN EVIDENCE THAT THEY ARE NOT WILLING TO FOLLOW COURT ORDERS? > > THEY SAY THEY ARE FOLLOWING COURT ORDERS AND DONALD TRUMP HAS SAID THEY ARE FOLLOWING COURT ORDERS BUT A LOT OF JUDGES SEEM TO THINK THEY ARE NOT. AND HAS COME TO A HEAD WITH THE JUDGE HERE IN WASHINGTON AND THE FLIGHT OF ALLEGED GANG MEMBERS AND DEPORTING THEM TO EL SALVADOR AND WHETHER THE ADMINISTRATION DEFIED A COURT ORDER TO REFUSE TO HAVE PLANES TURNED AROUND. > > GREG STORE IS GOING TO HAVE A LOT TO REPORT ABOUT. AS GREG MENTIONED, LAST NIGHT PRESIDENT TRUMP FIRED BOTH DEMOCRATIC MEMBERS OF THE FEDERAL TRADE COMMISSION. WHITE HOUSE PRESS SECRETARY DEFENDING THAT MOVE TODAY? > > THE TIME WAS RIGHT TO LET THESE PEOPLE GO AND THE PRESIDENT HAS THE AUTHORITY AND THEY WERE GIVEN AMPLE NOTICE. THE GOAL WAS TO LET THESE INDIVIDUALS GO AND IF WE HAVE TO TIGHT IT, WE WILL. > > ONE OF THOSE COMMISSIONERS REBECCA SLAUGHTER IS HERE NOW. THANK YOU FOR BEING HERE. I UNDERSTAND YOU DO PLAN TO SUE OVER YOUR FIRING. IS IT YOUR INTENTION TO TAKE IT TO THE SUPREME COURT AND IF THE COURT WERE TO RULE AGAINST YOU AND OVERTURN 90 YEARS OF PRECEDENT AND WHAT IT MIGHT MEAN FOR OTHER COMMISSIONERS OR EVEN THE FEDERAL RESERVE? > > YES, IT IS ABSOLUTELY MY INTENTION TO SIR AS THE OTHER COMMISSION’S. THESE FIRINGS WERE NOT LEGAL AND WERE NOT EFFECTIVE. I THINK IT IS IMPORTANT TO GO TO COURT TO VINDICATE THAT RIGHT AND MUCH WORRIED ABOUT A BAD DECISION FROM THE SUPREME COURT, I AM WORRIED ABOUT THE CONSEQUENCES OF LETTING EFFORTS LIKE THIS STAND AND WHAT THAT WILL MEAN FOR THE ENFORCEMENT OF THE LAW WITHOUT FEAR OR FAVOR ACROSS THE GOVERNMENT. > > YOU WERE FIRED VIA EMAIL, COMMISSIONER, IS THAT CORRECT? > > YES. > > WELL — > > THEY WERE ATTEMPTING TO FIRE US VIA EMAIL. > > I UNDERSTAND THE SPIRIT OF YOUR LANGUAGE. WHAT DID THAT EMAIL SAY AND DID YOU BOTH GET THE SAME ONE? > > I BELIEVE WE BOTH GOT THE SAME ONE. IT SAID EFFECTIVE IMMEDIATELY, YOU ARE TERMINATED. > > YOU SPOKE WITH CHAIR FERGUSON, WHAT IS HIS THOUGHT? > > WE DID NOT TALK ABOUT HIS OPINION ON THE MATTER. WE JUST TALKED ABOUT THE FACT THAT IT HAD HAPPENED AND WHAT NEXT STEPS LOOK LIKE FROM HIS POSITION ADMINISTRATIVELY. > > WELL, WHEN WE CONSIDER HIS PERSPECTIVE OR HIS VOICE AT THE F.T.C. AND ABSENCE OF YOU AND YOUR COLLEAGUE’S VOICE, HOW WILL THAT CHANGE THE WAY IN WHICH F.T.C. BUSINESS IS DONE? > > THAT IS THE IMPORTANT POINT HERE. IT DOESN’T CHANGE WHAT CHAIRMAN FERGUSON CAN DO. HE IS THE CHAIRMAN. THE REPUBLICANS ARE IN THE MAJORITY AND WE ARE IN THE MINORITY. WE CAN’T CONTROL THE ACTIONS OF THE AGENCY, BUT WE CAN ADD TRANSPARENCY AND ACCOUNTABILITY, AND THAT IS REALLY IMPORTANT FOR PROTECTING INTEGRITY OF THE MARKETS. > > THE STATUTE GOVERNING THE F.T.C. SAYS COMMISSIONERS CAN ONLY BE REMOVED FOR CAUSE. WAS THERE ANY INDICATION THAT YOU WERE FIRED FOR CAUSE OR YOUR ATTEMPTED FIRING WAS FOR CAUSE? > > THERE WAS NO CLAIM FOR CAUSE AND THE STATUTE SPECIFICALLY SAYS CAUSE MEANS NEGLECT, MALL FEENSANCE OR INEFFICIENCY AND NO CLAIMS OF THOSE. JUST THAT THE PRESIDENT HAD THE RIGHT TO FIRE US AND HE WAS DOING IT. THAT STATUTE IS OVER 100 YEARS OLD AND ONLY ONE TIME IN HISTORY HAS A PRESIDENT ATTEMPTED TO REMOVE AN F.T.C. COMMISSIONER OVER A POLICY DISAGREEMENT AND THAT WAS 90 YEARS WHEN PRESIDENT ROOSEVELT TRIED TO REMOVE A COMMISSIONER AND THE SUPREME COURT SAID IT IS ILLEGAL AND THE F.F.T.C. COMMISSIONERS CANNOT BE SIMPLY REMOVED BECAUSE THE PRESIDENT DOESN’T AGREE WITH THEM. > > AS WE TALK ABOUT SOME OF THOSE OTHER EXAMPLES KEEPING IN MIND WE ARE HAVING DISCUSSION ON THE DAY OF THE FED RATE DECISION. IS THIS APPLICABLE TO BE A CENTRAL BANK AND MARKET PARTICIPANTS SHOULD BE LOOKING AT THIS? AND MARKET PARTICIPANTS SHOULD BE SCARED. THERE IS NO DIFFERENCE BETWEEN JEROME POWELL AND ME. WE WERE BOTH APPOINTED AROUND 2018 AND IF THE PRESIDENT CAN REMOVE ME HE CAN REMOVE JEROME POWELL. AND THE MARKET DEPENDS ON THE INDEPENDENCE OF THE FED NOT TO DO FAVORS TO THE PRESIDENT’S POLITICAL ALLIES OR FORTUNES BUT TO PROTECT THE INTEGRITY OF THE THAT. > > THE PRESS SECRETARY WAS ASKED ABOUT THE TIMING TODAY AND THE REASONING, YOU WERE ONLY ONE OF TWO DEMOCRATS AT THE F.T.C. AND CLEARLY NOT STEERING POLICY HERE. THE CHAIR WAS IN CHARGE OF THAT. WHAT DOES YOUR REMOVAL CHANGE IN TERMS OF OUTCOMES BY THIS BODY? > > IT’S A GREAT QUESTION. IT DOESN’T CHANGE WHAT THE CHAIRMAN CAN DO BUT DOES CHANGE WHETHER TRANSPARENCY OR ACCOUNTABILITY WHEN HE DOES IT. IF YOU IMAGINE, WELL, WE BELIEVE IN THE SYSTEM. OUR SYSTEM IS GROUNDED THAT THE LAW CAN BE ENFORCED WITHOUT FEAR OR FAVOR. IT IS NOTABLE THAT OF THE COLLECTION OF C.E.O.’S THAT FLANKED THE PRESIDENT AT HIS INAUGURATION, THE F.T.C. IS LITIGATING AGAINST ALL OF THOSE COMPANIES AND IF YOU IMAGINE THE PRESIDENT CALLS THE CHAIRMAN DROP THIS LAWSUIT OR SUE SOMEONE ELSE THERE WON’T BE ANYONE AVAILABLE TO CALL THAT OUT AND PROVIDE TRANSPARENCY AND ACCOUNTABILITY. I APOLOGIZE FOR THE BACKGROUND NEWS AND I’M VOLUNTEERING. FAMILIES DO NOT STOP FOR POLITICAL ACTIVITY. > > WE UNDERSTAND YOU ARE JOINING IN YOUR PROFESSIONAL CAPACITY AND CAPACITY AS A MOM AND WE APPRECIATE YOU MAKING THE TIME. AND THE OUTSTANDING CASES, CASES THAT THE F.T.C. CASES ARE PURSUING. ARE YOU FEARING SOME MAY BE DISMISSED? > > SOME MAY BE DISMISSED OR SETTLED FOR INSUFFICIENT REMEDIES. I THINK AN IMPORTANT CASE IS THE F.T.C.’S CURRENT ACTIVE LAWSUIT AGAINST THE PHARMACY BENEFIT MANAGERS OVER THE PRICE OF INSULIN. THAT IS A CASE IN WHICH THE CHAIRMAN AND I ARE SITTING AND OTHER TWO OR. IF THE COMMISSIONER AND I ARE NOT THERE, I DON’T KNOW WHAT HAPPENS. BUT THIS IS IMPORTANT AND THOSE WHO DEPEND ON INSULIN AND OTHER DRUGS WHOSE PRICES HAVE BEEN RAISED BY THE WORK OF THE P.B.M ’S. > > THE COMMISSION OF WINNING YOUR CASE OR DO YOU WANT TO GO BACK IN THIS WORLD. > > THINKS NOT ABOUT ME OR ABOUT MY JOB. THIS IS ABOUT AN IMPORTANT PRESUME OF LAW ENFORCEMENT WITHOUT FEAR OR FAVOR AND TO BE CLEAR IT’S NOT EVEN JUST ABOUT THE F.T.C. BUT THE S. E! C. AND WE HAVE TALKED ABOUT THE FED. ALL OF THESE AGENCIES THESE MARKETS NEED STABILITY ARE AT RISK OF BECOMING POLITICAL PAWNS. I AM PERFECTLY FINE AND HAPPY TO SPEND TIME WITH MY CHILDREN BUT I CARE MUCH MORE ABOUT THE PRINCIPLES AT STAKE HERE. > > REBECCA KELLY SLAUGHTER. WE WILL BE TRACKING YOUR CASE. THANKS FOR US. DEMOCRATS TRY TO CAPATALIZE ON THE COLD RECEPTION THAT REPUBLICANS ARE RECEIVING. > > WE ARE GOING TO TAKE QUESTIONS AND HEAR FROM YOU AND I DON’T THINK IT’S GOING TO BE DIFFERENT THAN WHAT I’M HEARING FROM MY CONSTITUENTS ABOUT TRADE WARS AND MEDICARE BUT THIS IS WHAT YOUR REPRESENTATIVE NEEDS TO BE HERE. IF THEY WERE PROUD OF WHAT THEY DID. WHEN THEY DON’T WANT TO BE, YOU KNOW SOMETHING’S UP AND THE SOMETHING’S THAT UP, PEOPLE WHO VOTED FOR THIS DIDN’T VOTE FOR WHAT THEY ARE GETTING. > > HAVEN’T SEEN TIM WALZ, FORMER GOVERNOR OF MINNESOTA THERE IN IOWA OVER THE WEEKEND HOLDING TOWN HALLS IN REPUBLICAN-HOUSE DISTRICTS. THIS IS THE STRATEGY SOME DEMOCRATS ARE FOLLOWING AS THE PARTY IS PLOTTING FORWARD. SOME REPUBLICANS ARE FACING VERY ANGRY VOTERS AND MIKE FLOOD JUST LAST NIGHT, COLUMBUS, NEBRASKA. WATCH, LISTEN. > > FIRST TERM, PRESIDENT TRUMP SUCCESSFULLY USED TARIFFS — [CROWD BOOING] > > SOUNDS FUN. THISSENING’S POLITICAL PANEL. ROGER, OUR DEMOCRATIC STRATEGIST AND ROB WATERS, MANAGING PARTNER AT THE MADISON GROUP. GENTLEMEN, WHAT IS GOING ON HERE, MR. WATERS. YOU GO HOME AND GET SCREAMED IT OR BETTER OFF NOT HOLDING TOWN HALLS? > > LET THEM COME OUT THAT’S WHAT TOWN HALLS ARE FOR. > > CHANGES THE PERCEPTION OF THESE LAWMAKERS AND WE ARE TALKING ABOUT IT BACK HERE IN WASHINGTON. > > WHEN I WORKED HERE FOR A MEMBER OF CONGRESS, I GOT YELLED AT. > > IS IT IS WHAT IT IS OR DOES THIS IMPLICATIONS IF THEY ARE GETTING BLOW BACK KNOWING THAT THE MAJORITY IS VERY TIGHT. > > THANK YOU SO MUCH FOR HAVING ME AND I LOVE BEING HERE WITH ROB AND SEE IF IT TURNS TO ONE, TWO, THREE-QUARTERS OF ACTIVITY. THESE ARE KIND OF BLIPS AND WHETHER OR NOT THEY GET PRIME AREAD OR A ROBUST CHALLENGE. THAT, TO ME, WILL DEMONSTRATE THAT THESE THINGS ARE HAVING A MATERIAL IMPACT. BUT IT’S A NEED FOR SOCIAL MEDIA KIND OF MOMENT AND SEE IF THERE ARE DOZENS AND DOZENS OF DATA POINTS. LAWMAKERS IMPACTED POLICY. > > I’M IN A DIFFERENT AGE. IT’S FIRST QUARTER. I DON’T THINK ANYTHING MATTERS UNTIL THE ACTUAL EIGHT WEEKS BEFORE AN ELECTION TO 12 WEEKS BEFORE AN ELECTION. PEOPLE ARE BEING REACTIONARY. AND 100 PIMM DON’T MAKE THAT MUCH OF A DIFFERENCE. > > MAY I BUILD ON THAT? I THINK OF THE THINGS THAT AREN’T HAPPENING AND OBAMACARE TOWN HALLS. THERE IS ZERO DISCUSSION ABOUT THE AFFORDABLE CARE ACT WHICH HAS BEEN A MANTRA ON THE RIGHT FOR OVER 10 YEARS NOW TO DISMANTLE THAT. AND YOU WOULD THINK IN THIS MOMENT WHEN THERE IS THIS MOMENTUM TOWARDS CLOSING DOWN AGENCIES AND PROGRAMS, NOW WOULD BE THIS SHINING OPPORTUNITY TO DO THIS THING DOING WHAT THEY WANTED TO DO AND IT’S M. I. A. > > THEY DO HAVE FOUR YEARS AND EIGHT WEEKS IN AND MADE IT CLEAR WHAT HIS PRIORITIES INCLUSIVE OF TARIFFS, BUT TAX CUTS. > > WE ARE GETTING THE ASTRONAUTS HOME. > > WE HAD SPECIAL COVERAGE OF THAT. BUT IS HE GOING TO GET AROUND TO SOME OF THESE OTHER THINGS OR EVERYTHING HE IS TRYING TO FRONT LOAD THE ONLY THINGS HE WANTS TO ACCOMPLISH IN THE SECOND TERM? > > THE PRESIDENT HAS SIX MONTHS OF HIS SECOND TERM TO GET WHAT HE WANTS. YOU BECOME SOMEWHAT — AND I’M NOT GOING TO SAY IRRELEVANT BUT LESS POWERFUL AFTER 2026 BECAUSE PEOPLE ARE LOOKING AT 2028. YOU HIT IT HARD. > > ROGER, YOU WOULD AGREE. FIRST SIX TO NINE MONTHS TO ANY PRESIDENCY AND GO BACK TO THE REAGAN TAX CUTS AND THEIR SIGNATURE DOMESTIC LEGISLATIVE AGENDA. > > THIS IS A BUMPY WEEK FOR CHUCK SCHUMER. GETTING HIT IN THE HEAD WITH PRIMARY BATTLES AND CALLS FOR HIM TO STEP DOWN. AND DEMOCRATIC CONGRESSMAN FROM MARYLAND, I THOUGHT IT WAS EASIER TO BE IN THE MINORITY. > > I THINK THE DISORGANIZATION OF THE LEFT RIGHT NOW, IT WASN’T A STATE OF THE UNION. THERE WAS A SCATTER SHOT BUNCH OF REACTIONS, THERE IS A DESIRE FOR A COUPLE OF PEOPLE TO PAY THE PRICE FOR THIS. AND ONE OF THE THINGS THAT HAPPENS WITH LEADERSHIP IS THAT VERY OFTEN THEY HAVE TO ACT IN AN INSTITUTIONAL WAY WHICH CLEEIVES THEM OFF FROM THE CORE VALUES OF THEIR PARTY AND SEEING THIS PLAY OUT NOW. AND THROW IN THAT A GENERATIONAL ELEMENT AND HOME STATE DYNAMICS AND AMBITIOUS CONGRESSWOMAN THAT COULD POTENTIALLY CHALLENGE AND YOU HAVE A SITUATION WHERE SENATOR SCHUMER COULD BE THINKING THAT HE WOULD RATHER SPEND TIME WITH THE FAMILY. > > IS THIS GOOD FOR REPUBLICANS OR BAD. DO THEY NEED CHUCK SCHUMER AS A FOYLE AND WANT NEW MEMBER. > > IT IS A MEMBER IS A GIFT. BUT I’M GOING TO DEFEND THE INSTITUTION. THE SENATE DOESN’T CARE WHAT THE HOUSE HAS AND NEVER HAS. > > ARE WE IN A WORLD WHERE CHUCK SCHUMER IS GOING TO LOOSE HIS JOB AS A LEADER? > > NOT BEFORE 2026. > > WHY NOT? > > I JUST DON’T SEE IT REAL IN THE POLITICS OF NEW YORK. > > AND WE HAVE SEVERAL MORE YEARS. 2026 FIRST AND THEN YOU GET TO 2028. WHEN WE THINK ABOUT THE MORE IMMEDIATE FUTURE, THE BATTLES STILL AHEAD, WHERE IS THE NEXT OPPORTUNITY FOR THE ALL DEMOCRAT FIGHTING BACK SAYING THEY DIDN’T SEE ENOUGH FROM SCHUMER THIS GO-AROUND. > > PART OF THE FOOTAGE YOU SHOWED OF GOVERNOR WALDZ, INTENSE ORGANIC GRASS-ROOTS POLITICS AND GIVING PEOPLE A PLACE TO GO AND VENT AND EXPRESS AND BE HEARD, PART OF IT IS ALSO, I THINK THERE IS A VACUUM AND SOMEONE COULD STEP ALFORD CHRIS MURPHY, AND RAFAEL WARNOCK AND PUT TOGETHER A SUMMARY IN A CAMERA FORMAT SAYING THIS IS WHAT IS GOING IN THE COURTS, COMMUNITIES AND CHAMBERS AND WRAP IT INTO ONE ARC NOT ONLY OF RESISTANCE BUT AN AGENDA. IT IS GOING IN A THOUSAND DIRECTIONS AND MEANS THAT WE AREN’T GOING IN ANY ONE DIRECTION AT ALL. > > NEXT STEP IS THE DRIVE TO REK COALITION, TRUMP TAX CUTS. THE DRIVE ON K STREET HAS BEGUN. THIS IS A MASSIVE TIME OF PROFITABILITY BUT PROFITABLE TIME FOR LOBBYISTS IN WASHINGTON. > > I AGREE WITH ROGER THERE IS NO MESSAGE OR LEADERSHIP COMING OUT OF THE DEMOCRATIC PARTY AND I APPRECIATE THAT. LOOK, EVERYBODY IS LOOKING FOR THE TAX CUTS THAT IS NECESSARY TO PROMOTE OUR AGENDA AND NECESSARY FOR THE ECONOMY. HOW WE GET THERE, IT’S A WAIT AND SEE APPROACH. IT’S A MATHEMATICAL NUMBER. > > WILL LOBBYISTS OR POLITICIANS RIGHT THE BILL? > > AMERICANS WILL. WE’LL TWEET IT OUT. > > WHOEVER WRITES IT, IS IT DONE BEFORE THE AUGUST RECESS? > > YES. > > ONE OF THE ACHILES’ HEEL IS THE INABILITY TO LEGISLATE. HE IS GREAT ON THE MESSAGING STUFF AND GREAT ON TV AND EXECUTIVE ORDERS, HORNETS BUT THE INABILITY, TO GET THE WALL DONE OR HEALTH CARE INFRASTRUCTURE, ALL THOSE THINGS IN THE FIRST TERM THAT HE SAID WOULD BE EASY, WE ARE STARTING TO SEE NOW THAT AT SOME POINT, THE GAS RUNS OUT OF THE TANK OF THE EXECUTIVE ORDERS BECAUSE YOU CAN GET THROUGH THEM 60, 80 AND AT SOME POINT YOU HAVE TO LEGISLATE AND THAT WILL SHED A LIGHT ON THE PRESIDENCY BUT WILL BE QUITE WEAK. > > ROGER AND ROB, OUR POLITICAL PANEL. AND AS WE GET READY TO WRAP UP THE DAY IN WASHINGTON, WE ARE LOOKING FOR A BIG DAY ON BLOOMBERG TOMORROW. TURN INTO FOR THE SENIOR DIRECTOR OF QUANTUM COMPUTING AT 4:30 P.M. EASTERN TIME. > > WE WILL HAVE A LOT TO LEARN AS WE WATCH THE STOCK AND TALK ABOUT STOCK.