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Trump Seeks To Jolt GOP; US Payrolls Miss Forecast · Balance of Power

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Speaker 1: Bloomberg Audio Studios.
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Speaker 4: You're listening to the Bloomberg Balance of Power podcast. Catch
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Speaker 4: us live on YouTube.
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Speaker 5: Watching the markets for us on this Jobs Friday.
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Speaker 6: Thank you so much.
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Speaker 5: Those markets, of course, taking very little time to react
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Speaker 5: to the softer than expected nonfarm payrolls report.
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Speaker 6: Someone who does seem.
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Speaker 5: To be taking some time to digest the figures, decide
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Speaker 5: what he wants to say about them, though, is the
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Speaker 5: president of the United States, who has yet to post
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Speaker 5: anything on True Social pertaining to the latest economic figures. Instead,
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Speaker 5: his missives this morning pertain more to things like daylight
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Speaker 5: savings time and specifically unemployment. getting rid of it, which
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Speaker 5: he would like the United States Senate to vote on
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Speaker 5: at their earliest convenience. Maybe we'll hear from the president
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Speaker 5: about this jobs reporter, the overall state of the economy
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Speaker 5: when he takes the stage in Mobile, Alabama later this evening.
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Speaker 5: But we did have the chance to hear from the
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Speaker 5: National Economic Council director, Kevin Hassett, who joined our colleagues
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Speaker 5: Danny Berger and Michael McKee on Bloomberg earlier today and
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Speaker 5: characterized the figures this way.
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Speaker 7: There's been a lot of news this week that's been very,
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Speaker 7: very positive. The last jobs report was through the roof.
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Speaker 7: And it's natural, as you know, to be a little
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Speaker 7: bit of negative serial correlation, like in a big number
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Speaker 7: and then you get a slightly smaller number. This jobs
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Speaker 7: report was just about as expected because one thing that
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Speaker 7: maybe folks haven't been factoring in is that we've reduced
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Speaker 7: federal government employment by more than 300,000 workers. And so
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Speaker 7: like private sector jobs were up a lot. And the
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Speaker 7: thing that I look for and you and I have
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Speaker 7: talked about for years is It's just that the construction
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Speaker 7: of factories, factory construction workers was up about 12,000 this month,
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Speaker 7: which means it's up 112,000 since President Trump took office.
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Speaker 7: So think about it, 112,000 people. Like that's what about
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Speaker 7: the Michigan football stadium? That many people are out there
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Speaker 7: building factories to create future jobs in the U.S.
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Speaker 8: And that's about as bullish.
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Speaker 7: A sign as I've seen for the economy since I've
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Speaker 7: been watching it.
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Speaker 9: Keeping that stadium full of jobs in mind, we go
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Speaker 9: to the North Lawn of the White House. Standing in
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Speaker 9: the same spot Kevin Hassett was this morning is Bloomberg
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Speaker 9: Washington correspondent Tyler Kendall.
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Speaker 1: Tyler, that's a remarkable statement.
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Speaker 9: The most bullish I've seen for the economy since I've
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Speaker 9: been watching it. That's the balance of his career. Is
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Speaker 9: that the statement effectively from the White House today?
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Speaker 10: At this point, Joe, the NEC director, Kevin Hassett, is
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Speaker 10: really the only official that we have heard from, though
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Speaker 10: not surprising, right, considering that this is a White House
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Speaker 10: that at the moment is trying to convince the American
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Speaker 10: public to feel good about the economy and about their
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Speaker 10: prospects going forward as we get closer. to November and
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Speaker 10: cost of living remains the number one issue for voters
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Speaker 10: when they do eventually get to the polls. He touted
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Speaker 10: construction jobs as a whole. He pointed to other positive
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Speaker 10: data like strong consumer spending that we got earlier this week.
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Speaker 10: Instead of focusing on that downside surprise, I will mention
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Speaker 10: our own analysts at Bloomberg Economics talk about how there
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Speaker 10: are often swings back and forth in the labor market.
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Speaker 10: The three-month moving average right now for payrolls is at 50,000,
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Speaker 10: which which represents solid growth but not hot, like we
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Speaker 10: often hear from the NEC director there. But to your
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Speaker 10: point at the top of the program, this is causing
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Speaker 10: traders to pair their bets that there will be a
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Speaker 10: rate hike at the next FOMC meeting, because Joe and Kayleigh,
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Speaker 10: that's going to be something President Trump very likely will
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Speaker 10: weigh in on, considering yesterday he spent a large part
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Speaker 10: of the day talking about the Fed chair Kevin Hassett
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Speaker 10: at first saying he disagreed with his unanimous decision of
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Speaker 10: the FOMC to hike rates the last time they met,
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Speaker 10: then tempering those comments and saying he wants Kevin Warsh
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Speaker 10: to do whatever he wants to do.
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Speaker 5: Kevin Warsh, Kevin Hassett, two key individuals here. And as
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Speaker 5: you say, Tyler, we did hear from Kevin Hassett on
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Speaker 5: the jobs report today, but not from the president. What
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Speaker 5: we have heard from the president about posting victoriously on
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Speaker 5: True Social is Europe agreeing to release stockpiled diesel and oil,
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Speaker 5: some hundred million barrels. Tyler, does this fend off a
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Speaker 5: diesel export ban here in the United States?
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Speaker 6: The president has openly been teasing.
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Speaker 10: It does appear that this is part of the pressure
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Speaker 10: campaign from this White House. We had first reported that
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Speaker 10: this was happening privately behind the scenes, but then officials
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Speaker 10: were coming out publicly saying that they wanted to work
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Speaker 10: with our European allies to get more supply to market.
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Speaker 10: There's a few important points of context here. This is 100%.
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Speaker 10: million barrels of oil and diesel reserves among the G7 countries.
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Speaker 10: We should say that back in March, there was a
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Speaker 10: coordinated release among the 32 countries that are part of
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Speaker 10: the International Energy Agency for 400 million barrels. We heard
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Speaker 10: from the IEA director that only about a third of
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Speaker 10: that has so far actually reached the market. And people
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Speaker 10: familiar with the matter tell us here at Bloomberg News
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Speaker 10: that this release of $ 100 million is part of those
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Speaker 10: pledged barrels back from March that haven't actually gotten to
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Speaker 10: market yet. So just an interesting part of this, because
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Speaker 10: it does appear that this may be part of a
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Speaker 10: previous commitment that other countries haven't made good on. We
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Speaker 10: can say that the U.S. did fulfill its commitments as
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Speaker 10: part of that coordinated release earlier this week, actually.
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Speaker 6: It just happened.
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Speaker 10: So a few different threads to pull on here, but
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Speaker 10: it's very clear that the administration does need more supply
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Speaker 10: to get to market. We continuously hear that higher diesel
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Speaker 10: prices today, $ 6. 37 a gallon, those hit the red states
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Speaker 10: and the rural states particularly hard, as farmers are sounding
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Speaker 10: the alarm in places where there's really tight Senate races,
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Speaker 10: like Nebraska and Iowa, with Republicans defending what had been
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Speaker 10: considered reliably red seats.
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Speaker 5: Yep, maybe one of the reasons why President Trump will
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Speaker 5: be visiting Nebraska on Monday after he finishes up in
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Speaker 5: Alabama today and Ohio tomorrow.
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Speaker 6: Bloomberg's Tyler Kendall live at the White House. Thank you
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Speaker 6: so much.
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Speaker 5: And as we continue to digest the jobs figures from
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Speaker 5: this morning, we turn now to Kitty Richards, who joins
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Speaker 5: us from the Groundwork Collaborative, where she's senior fellow. She's
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Speaker 5: also a former Treasury Department official during the Biden administration.
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Speaker 5: And she's here with us in our Washington, D.C.
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Speaker 6: Studio.
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Speaker 5: Kitty, welcome back to Bloomberg TV and radio. It's nice
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Speaker 5: to have you, especially on a jobs day. So let's
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Speaker 5: just begin with your reaction to a softer than expected
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Speaker 5: twenty nine thousand.
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Speaker 6: What does it mean?
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Speaker 11: You know, I think we're sort of seeing a very
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Speaker 11: stable jobs situation. In some ways, I think expectations were
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Speaker 11: raised by last month's print, which came in well above expectations.
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Speaker 6: It was downwardly revised.
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Speaker 1: It was downwardly revised.
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Speaker 11: And actually, even at the time, many analysts were saying
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Speaker 11: this does not seem consistent with what we're seeing in
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Speaker 11: other markers of the labor market.
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Speaker 12: And so.
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Speaker 11: We saw the unemployment rate take up ever so slightly.
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Speaker 11: We're still kind of trucking along. Labor force participation is
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Speaker 11: down below where it was.
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Speaker 6: 18 months ago.
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Speaker 11: The thing that I think is causing the biggest problem
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Speaker 11: for families, because 4.2% unemployment rate is pretty good, but
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Speaker 11: we're seeing real wages continue to decline.
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Speaker 6: Year over year, we saw wages go up.
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Speaker 11: By 3%, but that has been significantly less than the
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Speaker 11: inflation that people are facing at the pump and at
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Speaker 11: the grocery store. And so I think that's really squeezing families.
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Speaker 11: We're also seeing consumer confidence is down. Now consumer spending
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Speaker 11: has continued, though we're seeing rising debt, rising household debt,
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Speaker 11: rising delinquencies on some of that consumer credit. Families are
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Speaker 11: still being squeezed. Workers' paychecks aren't keeping up with inflation.
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Speaker 11: It's a story we've been seeing for a while now.
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Speaker 9: We heard from Kevin Hassett before you walked in the room,
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Speaker 9: and it was remarkable to hear him frame all of
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Speaker 9: this this morning on Bloomberg. He pointed specifically to construction workers,
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Speaker 9: up 12,000 this month, he says, which means 112,000 since
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Speaker 9: the president took office. As bullish a sign as I
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Speaker 9: have seen for the economy since I've been watching it.
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Speaker 1: Is that how you would describe this?
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Speaker 11: I am surprised to hear Mr. Hassett describe it in
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Speaker 11: that way for quite some time. In fact, didn't he
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Speaker 11: write Dow 36,000 in the early aughts? So he saw
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Speaker 11: some pretty bullish signs for the economy back then.
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Speaker 6: Yeah. Obviously, the White.
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Speaker 11: House is going to spin the jobs numbers as the
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Speaker 11: greatest thing since sliced bread every month.
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Speaker 1: Of course, that's his job.
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Speaker 11: I'll say it's been interesting to observe the degree to
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Speaker 11: which market reactions and even the way that we talk
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Speaker 11: about the jobs numbers have really shifted to this world
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Speaker 11: of primarily thinking about jobs being a little soft, but
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Speaker 11: not too soft is perfect. great because it means that
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Speaker 11: the Fed won't keep hiking rates. And so, you know,
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Speaker 11: I think we saw that reaction throughout the market this morning.
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Speaker 11: But I think it also points to the degree to
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Speaker 11: which the stock market has become a little bit decoupled
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Speaker 11: from consumer expenditures, from the real economy and workers.
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Speaker 10: And, you.
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Speaker 6: Piece is part of that, right?
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Speaker 11: GDP has been really, really driven recently by the AI
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Speaker 11: build out. That has delivered some jobs. It's not delivering
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Speaker 11: housing and other things that construction workers could be building.
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Speaker 11: It's also driving interest rates higher because there's just a
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Speaker 11: ton of demand.
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Speaker 1: But aren't they also temporary jobs?
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Speaker 9: Once the data center is built, we've talked about this, Kaylee,
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Speaker 9: it takes like 50 people to run this massive plant.
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Speaker 6: That's exactly right. There's also a.
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Speaker 11: Lot of upward pressure on debt finance from that.
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Speaker 6: There's a lot of concern.
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Speaker 11: About the nesting game that we saw in the housing
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Speaker 11: market before the financial crisis of different companies loaning each
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Speaker 11: other money, banks loaning each other money, based on this
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Speaker 11: AI build-out that right now feels like a boon to GDP,
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Speaker 11: at least, whether that's actually helping workers or not, is
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Speaker 11: to be seen. But also, the debt really relies on
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Speaker 11: these astronomical revenue projections into the future. And if those
10:23
Speaker 11: don't come true, we might have some significant financial problems.
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Speaker 10: Boy.
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Speaker 5: So let's talk more about the Fed, which you raised
10:30
Speaker 5: the market interpreting a softer print as evidence that the
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Speaker 5: Fed is maybe less likely to tighten policy next month.
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Speaker 5: But if I'm the Fed looking at not the headline
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Speaker 5: payrolls figure, but at the wage figure you were talking about,
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Speaker 5: where there clearly isn't upward pressure. in wages to the
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Speaker 5: same extent that there is in overall inflation. Is that
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Speaker 5: not a sign that maybe you don't need to tighten
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Speaker 5: policy right now because there is no wage price spiral
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Speaker 5: in the works right now?
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Speaker 11: I mean, it's an interesting, you know, we have been
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Speaker 11: talking about inflation for years now and the question of
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Speaker 11: the degree to which the wage price spiral was operant
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Speaker 11: at all during the pandemic supply shocks. I think there
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Speaker 11: are really big questions about how the Fed should be
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Speaker 11: thinking about monetary policy. That said, they're in a really
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Speaker 11: tough position right now because of the kind of chaotic
11:19
Speaker 11: tariffs and the war in Iran, which are driving up,
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Speaker 11: as we just heard, diesel prices, which filter through the
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Speaker 11: rest of the economy. And when you couple that with
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Speaker 11: Supply shocks don't just drive up prices. They also create
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Speaker 11: the opportunity for price gouging, for corporations to increase their
11:41
Speaker 11: profit margin, because it sort of creates like a tiny
11:44
Speaker 11: little monopoly for everything where there's a supply disruption. And
11:48
Speaker 11: so we saw that during the pandemic supply disruptions. And
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Speaker 11: I think that we're going to keep seeing this inflation
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Speaker 11: driven by all of this chaos. And that is a
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Speaker 11: difficult thing for the Fed to grapple with.
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Speaker 9: You know, the administration would argue, and Peter Navarro has
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Speaker 9: said it on this program, you never hike interest rates
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Speaker 9: in the face of an energy shock. As long as
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Speaker 9: we have $ 100 a barrel oils, 650 diesel and so on,
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Speaker 9: 450 at the gas pump. Is there some truth to that?
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Speaker 9: No one's going to get relief from the energy prices.
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Speaker 9: And now consumers are paying more for everything else with
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Speaker 9: a higher interest rate on top of it?
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Speaker 11: Yeah, I mean, I probably wouldn't expect the Fed to hike,
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Speaker 11: given the jobs numbers we're seeing and the inflation numbers
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Speaker 11: we're seeing.
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Speaker 6: But the Fed has... had to step.
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Speaker 11: Away in some ways from the 2% target. And I
12:38
Speaker 11: know that they're not doing that through forward guidance. And unfortunately,
12:42
Speaker 11: I think that the administration's attacks on Fed independence also
12:46
Speaker 11: put the Fed in an uncomfortable position where markets are
12:50
Speaker 11: looking for reassurance that they are going to continue to
12:52
Speaker 11: take inflation seriously. and not be motivated by politics, by
12:56
Speaker 11: the upcoming election, et cetera. And so they're having to
13:00
Speaker 11: try to signal that firmly while also be careful about
13:04
Speaker 11: their dual mandate. And as you said, debt is also,
13:08
Speaker 11: it's squeezing workers and families. Mortgage rates hitting 7%, that
13:15
Speaker 11: is really tough. And it's also causing problems in the
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Speaker 11: housing market.
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Speaker 10: Mm-hmm.
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Speaker 5: Well, so many of these things are interconnected, obviously. And
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Speaker 5: to Joe's point on not hiking into an energy shock,
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Speaker 5: also could end up not being energy in isolation that
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Speaker 5: is the shock if it's diesel prices that remain at
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Speaker 5: these elevated levels and that means everything that's loaded onto
13:34
Speaker 5: a truck or needs to be harvested this harvest season
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Speaker 5: the cost of that could go up right kitty by
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Speaker 5: how much what would you expect here so that's very
13:44
Speaker 5: difficult to predict and it's also difficult to predict the
13:47
Speaker 5: short-term effects of um some of these measures that are
13:51
Speaker 5: being taken so It seems as if the Trump administration
13:54
Speaker 5: was essentially trying to bully Europe into increasing.
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Speaker 11: Their diesel releases through the threat of an export ban.
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Speaker 11: All of these things honestly create more chaos and uncertainty.
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Speaker 11: It's possible that we'll see diesel prices moderate somewhat. But
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Speaker 11: those diesel prices, as you said, they feed through the
14:15
Speaker 11: rest of the economy. And another thing that I'm really
14:18
Speaker 11: concerned about is heating oil prices. And in Europe, they
14:22
Speaker 11: were really concerned about the export ban because They are
14:26
Speaker 11: already suffering from the effects of the war in Ukraine
14:29
Speaker 11: and the disruption to those supplies of natural gas, heating oil,
14:33
Speaker 11: et cetera. Add in what's going on in the Strait
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Speaker 11: of Hormuz, and they're really concerned about their own people.
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Speaker 11: But being bullied into releasing more diesel right now when
14:44
Speaker 11: winter is coming is a difficult position to be in.
14:49
Speaker 11: And we have a lot of homes in the Northeast
14:52
Speaker 11: that are still heated with heating oil, and that's a
14:55
Speaker 11: big expense for those families.
14:56
Speaker 9: A lot of people who are watching in New England
14:59
Speaker 9: and listening on 92.9 in Boston are locking in prices now.
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Speaker 9: They need to fill the tank now, and heating oil
15:07
Speaker 9: is essentially diesel.
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Speaker 1: So this is.
15:09
Speaker 9: a very real factor for a lot of our audience, Kitty.
15:12
Speaker 9: It's great to have you back, and we appreciate it.
15:14
Speaker 9: Happy Jobs Day. Kitty Richards, Senior Fellow at the Groundwork Collaborative,
15:17
Speaker 9: with us live on Bloomberg TV and radio. Alongside Kaylee Lyons,
15:21
Speaker 9: I'm Joe Matthew. Thanks for coming along. We'll assemble our
15:23
Speaker 9: political panel next. Rick Davis and Jeanne Shanzano on the
15:26
Speaker 9: way in. As we consider the politics of the economy,
15:29
Speaker 9: the President's travel plans, and news on spending to the midterms.
15:33
Speaker 1: Stay with us on Balance of Power. We'll have much
15:36
Speaker 1: more coming up after this.
15:40
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15:59
Speaker 5: Here on Balance of Power, we're following the money in
16:01
Speaker 5: politics as well because, of course, we're in a new quarter.
16:04
Speaker 5: Happy October 2nd to everyone. And we're getting third quarter
16:07
Speaker 5: fundraising figures from a number of groups. We told you
16:10
Speaker 5: yesterday that House Majority PAC, the Democratic main party engine,
16:17
Speaker 5: in the house raised 230 million dollars last quarter if
16:20
Speaker 5: you thought that was a big number how's 833 million
16:24
Speaker 5: dollars that's how much act blue the democratic fundraising organization
16:28
Speaker 5: says was raised for its party's candidates in the third
16:31
Speaker 5: quarter now this kind of spans the whole gamut here
16:33
Speaker 5: joe this is federal races local races as well from
16:36
Speaker 5: progressives to The bulk of this money, though, was for
16:40
Speaker 5: federal candidates, some $ 600 million. And ActBlue says this is
16:44
Speaker 5: a record amount for the midterms. The previous midterm record
16:47
Speaker 5: was $ 586 million in the second quarter.
16:50
Speaker 1: Yeah, you can't argue with this late surge.
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Speaker 9: Federal candidates raised over $ 600 million specifically. That's a more
16:56
Speaker 9: than 100% increase from the previous quarter. Big halls in
17:00
Speaker 9: California and New York where we're watching House races, but
17:02
Speaker 9: also Texas. We can't say enough about the Senate race
17:06
Speaker 9: there between James Talrico.
17:08
Speaker 1: And Ken Paxton. Let's play it to the panel.
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Speaker 9: Rick Davis and Jeannie Shanzano join us on the Friday
17:13
Speaker 9: edition of Balance of Power. Our Bloomberg Politics contributors, she
17:16
Speaker 9: is our Democratic analyst. and Democracy Visiting Fellow at Harvard
17:19
Speaker 9: Kennedy School's Ash Center, Rick, Republican strategist and partner at
17:23
Speaker 9: Stonecourt Capital. Jeannie, I'll start with you. $ 833 million. Big
17:29
Speaker 9: news for Democrats. Some would say a dollar short and
17:32
Speaker 9: a day late here. The fact of the matter is
17:34
Speaker 9: Republicans have consistently outraised Democrats in this cycle.
17:38
Speaker 1: What do you make of this?
17:41
Speaker 6: You're right.
17:41
Speaker 3: I mean, the advantage on the money has been Republicans,
17:45
Speaker 3: and that has been, you know, maybe one of the
17:48
Speaker 3: biggest bright spots they've had in an otherwise pretty so
17:51
Speaker 3: far difficult cycle. But I think these numbers and you
17:55
Speaker 3: and Kayleigh just went through them. They show that there
17:58
Speaker 3: is increasing enthusiasm and also an increasing sense amongst donors,
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Speaker 3: both big and small, that Democrats can win this election.
18:09
Speaker 3: Not just the House, maybe the Senate, but also state
18:13
Speaker 3: and local races across the country. And we're seeing that
18:15
Speaker 3: enthusiasm at the polls. We've been seeing it in the
18:18
Speaker 3: off-year elections. We're seeing it in the early voting requests
18:22
Speaker 3: and early voting numbers. And now we're finally seeing it
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Speaker 3: in the money.
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Speaker 1: You know, you're right. It may not be enough.
18:29
Speaker 3: They maybe would have wanted to have this earlier. But
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Speaker 3: I think they'll take it as a really good sign
18:35
Speaker 3: for them that they may be catching up.
18:38
Speaker 6: Well, it's not earlier.
18:39
Speaker 5: It's now, Rick Davis, 32 days out from an election.
18:42
Speaker 5: So 32 days out. What does money buy you?
18:46
Speaker 2: Well, first of all, I think it's important to note
18:48
Speaker 2: that not all money is equal. This money goes directly
18:51
Speaker 2: into campaign campaigns. And Democrats have been outracing Republicans at
18:56
Speaker 2: the campaign level. They have been getting swamped by money
19:00
Speaker 2: at the national party level.
19:02
Speaker 8: Where you can write big checks.
19:04
Speaker 2: But in this case, this is typical for what this
19:07
Speaker 2: election cycle has indicated, which is the grassroots donors into
19:12
Speaker 2: the campaign committees really have a lot more energy on
19:17
Speaker 2: the part of the Democrats than they do the Republicans.
19:20
Speaker 2: There's another aspect of this that money isn't equal. Party
19:23
Speaker 2: committees don't get the discounts on the advertising that a
19:28
Speaker 2: campaign committee does.
19:30
Speaker 8: In some cases, it costs.
19:31
Speaker 2: Four times more dollars to place an ad if you're
19:35
Speaker 2: a party committee than it does if you're a campaign
19:38
Speaker 2: committee or an outside group. And so, you know, you
19:42
Speaker 2: think about that, you know, $ 600 million raised for federal candidates,
19:45
Speaker 2: that could translate to $ 2. 5 billion worth of TV advertising.
19:50
Speaker 2: And so is it too late? It's never too late
19:53
Speaker 2: to get money in a campaign. I can tell you
19:55
Speaker 2: that for sure. And the last three or four weeks
19:58
Speaker 2: of this campaign, which we're in now, is going to
20:01
Speaker 2: be very decisive for Democrats around the country.
20:04
Speaker 1: Great context, Rick.
20:06
Speaker 9: The ActBlue chief executive is talking about small dollar democracy
20:12
Speaker 9: at scale. The average contribution, they processed 19 million donations.
20:18
Speaker 1: The average amount was $ 44.
20:21
Speaker 9: Campaigns love talking about this because it sounds grassroots.
20:24
Speaker 1: Rick, how do you interpret it?
20:26
Speaker 2: Yeah, no, look, I mean, you know, we've been talking
20:28
Speaker 2: a lot lately about the energy that the Democrats have
20:32
Speaker 2: around their vote versus the Republicans. And this is an indication,
20:36
Speaker 2: as Jeannie said, that you've got a lot of good energy.
20:40
Speaker 2: If you're writing checks to a candidate, you're more likely
20:43
Speaker 2: to vote for them than any other test in the
20:46
Speaker 2: political process. So if you're a get out the vote debate,
20:50
Speaker 2: and we've been hearing all month about how Republicans have
20:52
Speaker 2: a better operation to turn out the vote. But Democrats
20:56
Speaker 2: have some life at their base, and that's indicated by
20:59
Speaker 2: the amount of money in small dollar donations they're getting.
21:02
Speaker 2: And so, you know, it's the kind of thing where
21:05
Speaker 2: you now look at that and say, gee, what would
21:07
Speaker 2: you rather have, a well-oiled turnout machine that may not
21:10
Speaker 2: get you out of the bed or a bunch of
21:13
Speaker 2: motivated donors who will do it on their own?
21:17
Speaker 5: Well, when we consider where these donors actually are, we've
21:20
Speaker 5: seen Republican candidates hitting out at Democratic candidates who have
21:24
Speaker 5: proved to be powerful fundraisers like James Tallarico or John Ossoff, Jeannie,
21:28
Speaker 5: and said, well, yeah, are those donors actually in the.
21:30
Speaker 6: States at which they need the votes?
21:32
Speaker 5: Or is this rich people on the coast pouring money
21:35
Speaker 5: into races that they would like to see blue?
21:37
Speaker 6: How much does that matter?
21:41
Speaker 8: You know, it does matter.
21:43
Speaker 3: It's a campaign argument that we hear, to your point,
21:46
Speaker 3: over and over again. But the candidates and the campaigns
21:50
Speaker 3: will take the money wherever it's coming from. They would
21:53
Speaker 3: love to have small donors in-state for the reasons that
21:57
Speaker 3: Rick just described. It indicates that these people will get
22:00
Speaker 3: out to vote. There's an enthusiasm there. But of course,
22:03
Speaker 3: when you're talking Democrats potentially competing in a state like Texas—
22:09
Speaker 3: And being within a margin of error, which now seems
22:13
Speaker 3: to be a dead heat or race down there, they
22:16
Speaker 3: will take and need the money. That's also an expensive
22:19
Speaker 3: media market down there. So it is a campaign argument
22:23
Speaker 3: that's made. But Tallarico and I see Kayleigh every time
22:27
Speaker 3: I turn on my Internet, listen to a podcast. He
22:30
Speaker 3: is on the air asking for requests. And I don't
22:33
Speaker 3: live in Texas.
22:35
Speaker 1: Interesting. Boy, isn't that something? Speaker Johnson was out west yesterday.
22:39
Speaker 9: This week, as we told you, Washington State in California
22:41
Speaker 9: and Hakeem Jeffries is heading west this weekend to tap
22:45
Speaker 9: the ATM, a three-day fundraising swing, California and Nevada.
22:51
Speaker 1: Jeannie, this is interesting.
22:52
Speaker 9: You've got eight fundraising events with three frontline Democrats. Does
22:56
Speaker 9: Hakeem Jeffries have the fundraising prowess to make this worth it?
23:02
Speaker 1: It is worth it.
23:03
Speaker 3: You know, he has long sort of lived in the
23:06
Speaker 3: shadow of Nancy Pelosi. It is a long shadow. She
23:10
Speaker 3: was an amazing leader of the party and the speaker
23:13
Speaker 3: of the House. But he is coming into his own
23:16
Speaker 3: and he is out there to prove himself, to prove
23:18
Speaker 3: that he has what it takes if Democrats win, that
23:21
Speaker 3: he indeed should be elected speaker of the House. And
23:24
Speaker 3: a big part of that is going to be, can
23:27
Speaker 3: he fundraise and help these people win or keep their seats?
23:31
Speaker 3: And there are a lot of Democrats across the country
23:34
Speaker 3: who are in tighter than expected races in some cases because,
23:38
Speaker 3: for instance, of the gerrymandering and other issues that have occurred.
23:42
Speaker 3: So he is out there and he is going to
23:44
Speaker 3: do his best to prove he has what it takes
23:46
Speaker 3: to win, to become speaker, and then to keep them
23:49
Speaker 3: there in 2028.
23:53
Speaker 5: Speaking of who has what it takes to win, it
23:55
Speaker 5: seems that the Senate leadership fund, Rick, is deciding Michael
23:57
Speaker 5: Watley maybe doesn't have what it takes this cycle. They've
24:00
Speaker 5: already spent some $ 30 million on his race in North Carolina.
24:05
Speaker 5: Now they're pulling out and instead sending more than $ 8
24:09
Speaker 5: million to Kansas. Does that tell you more about Michael
24:12
Speaker 5: Watley or Roger Marshall, Rick?
24:15
Speaker 2: It actually tells you a lot about both, and none
24:18
Speaker 2: of it's good. They're not going to waste any more money.
24:21
Speaker 2: I think they've already spent close to $ 10 million on Whatley,
24:26
Speaker 2: and they didn't get their money's worth.
24:28
Speaker 8: But the fact that.
24:29
Speaker 2: They have to spend money now in Kansas to save
24:32
Speaker 2: an incumbent or create a chance to is remarkable. I mean, Kansas,
24:38
Speaker 2: I mean, this is a state that went overwhelmingly for
24:42
Speaker 2: Donald Trump in 2024-2024. And now we're having to pump
24:46
Speaker 2: scarce money into that state.
24:49
Speaker 8: It's a fascinating race to watch.
24:51
Speaker 2: I mean, the Democrat Hamilton, he was a Republican in
24:54
Speaker 2: April and turned around and became a Democrat.
24:56
Speaker 8: To run against Marshall.
24:59
Speaker 2: So I love this race. And the fact that we've
25:02
Speaker 2: got a competitive Kansas, that's the first time in like
25:05
Speaker 2: 100 years that we've seen this kind of competition.
25:08
Speaker 1: Unreal. Unbelievable. Rick, what do you do if you're Michael Watley?
25:13
Speaker 1: You've seen this happen.
25:14
Speaker 9: It happens in every cycle when they say, you know what,
25:16
Speaker 9: we're turning the money off and effectively turning our back
25:19
Speaker 9: on you.
25:20
Speaker 1: You just keep campaigning.
25:21
Speaker 9: You just you just get up and watch the sunrise
25:24
Speaker 9: and hope for the best. Or does it actually change
25:26
Speaker 9: operations inside the campaign?
25:29
Speaker 10: Well, no.
25:29
Speaker 2: I mean, you've got through it. It depends on the
25:32
Speaker 2: kind of campaign he's running, right? I mean, it's all
25:34
Speaker 2: about the people around him. And I've been on losing
25:37
Speaker 2: campaigns where you knew you were going to lose, and
25:39
Speaker 2: you really did the best you possibly could.
25:41
Speaker 8: And in some cases, it helps the down ticket, right?
25:44
Speaker 2: So, you know, you're campaigning behind you or state legislative,
25:48
Speaker 2: state senate races, mayors. So you want to do whatever
25:51
Speaker 2: you can for the party at that level. But, yeah,
25:55
Speaker 2: you're not getting a tee time. you know, at the
25:59
Speaker 2: country club between now and election day.
26:03
Speaker 5: Well, so if that's what the Watley campaign is doing, Jeannie,
26:06
Speaker 5: what about if you're Roy Cooper and you see the
26:08
Speaker 5: resources fleeing for your opponent? Do you need to keep
26:12
Speaker 5: spending money, especially when you're a former governor of the
26:14
Speaker 5: state with super high name recognition?
26:17
Speaker 3: Yeah, two-term governor, I think you keep doing what you
26:21
Speaker 3: have been doing. And, you know, the Republicans went into
26:24
Speaker 3: this race a little bit concerned about Whatley. He has
26:27
Speaker 3: proven not to be such a great candidate. And this
26:30
Speaker 3: fleeing of the money is a sign of that. And then,
26:33
Speaker 3: of course, you get to Marshall, the idea that an
26:35
Speaker 3: incumbent senator of any party could lose potentially shows just
26:40
Speaker 3: what a good candidate Hamilton is. And he is, remember,
26:44
Speaker 3: by my count, the third pastor on the Democratic side.
26:49
Speaker 1: We have Georgia.
26:50
Speaker 3: We have Texas now with Tallarico.
26:52
Speaker 8: We have Hamilton.
26:54
Speaker 3: And they are showing Democrats in the mid-portion of this
26:57
Speaker 3: country and the South that if they're moderate, they can
27:01
Speaker 3: indeed be competitive in these states. And of course, Doc
27:04
Speaker 3: Marshall has had a hard time since he's been suing
27:06
Speaker 3: his own constituents who were his former patients. It's been
27:10
Speaker 3: a really ugly time for him.
27:13
Speaker 5: All right, Jeanne Shanzano and Rick Davis, our political panel,
27:16
Speaker 5: thank you so much for helping us work through the
27:19
Speaker 5: politics around who voters might be voting for.
27:22
Speaker 6: But we're going to.
27:22
Speaker 5: Get into how they vote and legal barriers to it
27:27
Speaker 5: as we turn to Elizabeth Frost up next on Bloomberg
27:30
Speaker 5: TV and Dream.
27:31
Speaker 1: Stay with us on Balance of Power. We'll have much
27:33
Speaker 1: more coming up after this.
27:39
Speaker 4: You're listening to the Bloomberg Balance of Power podcast. Catch
27:42
Speaker 4: us live weekdays at noon and 5 p.m. Eastern on
27:46
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27:49
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27:52
Speaker 4: us live on YouTube.
27:53
Speaker 1: 32 days left.
27:56
Speaker 9: We've said this a number of times before we're all voting,
27:58
Speaker 9: and you better believe we are planning special coverage of
28:01
Speaker 9: the midterms for you here. There's much to understand between
28:04
Speaker 9: now and then, though. Much of it coming from fundraising. Kayleigh,
28:07
Speaker 9: there's a huge story about election security and voter fraud.
28:11
Speaker 9: We're going to talk in a moment with Elizabeth Frost
28:13
Speaker 9: about some of the litigation that's already happening and will
28:16
Speaker 9: likely follow this election cycle. But then there's the matter
28:19
Speaker 9: of messaging. And as we consider the way lawmakers left town,
28:22
Speaker 9: there are pretty big questions about the message of affordability
28:25
Speaker 9: and whether or not they can actually make the argument
28:28
Speaker 9: on the campaign trail to get in voters' minds with
28:33
Speaker 9: diesel at record highs. It's not just energy, of course, Kayleigh.
28:37
Speaker 9: When you talk about diesel prices, that brings you straight
28:39
Speaker 9: to the grocery store.
28:41
Speaker 12: Yep.
28:41
Speaker 5: And affordability becomes front and center, which is why there
28:44
Speaker 5: were some Republican senators who were pushing for votes before
28:46
Speaker 5: they left town on things like the Right Payer Protection Act.
28:49
Speaker 5: But also Susan Collins, for example, wanted to vote on
28:51
Speaker 5: her bill to cap insulin costs. They were trying to
28:54
Speaker 5: get a permitting reform together that may wait until after
28:56
Speaker 5: the election. And in the long term, proponents of it
29:00
Speaker 5: would say could help bring down prices. But there's not
29:02
Speaker 5: a lot to give voters immediately.
29:04
Speaker 6: Or that will affect them in the 32 days between
29:07
Speaker 6: now and when they go to the polls.
29:08
Speaker 5: So let's get into this now as we turn to
29:10
Speaker 5: Megan Scully, who leads our capital influence team here at
29:13
Speaker 5: Bloomberg and is with us in our DC studio. So Megan,
29:16
Speaker 5: when we consider what they couldn't get accomplished before leaving town,
29:20
Speaker 5: they have left town. to go sell what they have
29:23
Speaker 5: been able to get accomplished. So what's the pitch? And
29:25
Speaker 5: is it the same one that the president is delivering
29:28
Speaker 5: as he makes this swing largely through red states, including
29:31
Speaker 5: Alabama later today?
29:32
Speaker 6: It's a pretty hard sell.
29:33
Speaker 13: Their biggest achievement was, of course, the one big, beautiful
29:36
Speaker 13: bill that was enacted last July. So we're talking more
29:41
Speaker 13: than a year now. And that didn't even really resonate
29:44
Speaker 13: with voters to the extent that they wanted it to. Sure,
29:47
Speaker 13: some people, particularly those who could take advantage of the
29:50
Speaker 13: SALT deduction, were very happy with their tax returns last year.
29:54
Speaker 13: But most Americans, while their tax returns were bigger, they
29:56
Speaker 13: weren't as big as they had hoped. So, and at
30:00
Speaker 13: the same time, you know, then that increase was paying for,
30:03
Speaker 13: as you mentioned, higher gasoline prices, you know, higher electric bills,
30:08
Speaker 13: et cetera, et cetera.
30:09
Speaker 9: Enter Lisa McLean then. And then the talking point is
30:13
Speaker 9: Democrats are crazy. They're crazy people is what we're hearing,
30:16
Speaker 9: which is a very different argument than vote for Republicans
30:20
Speaker 9: again because we'll lower your prices.
30:22
Speaker 6: Absolutely.
30:22
Speaker 13: And we heard that play out again and again just
30:24
Speaker 13: last month at the Republican National Convention. And certainly that's
30:30
Speaker 13: something that can resonate with certain parts of the MAGA base.
30:34
Speaker 13: But the biggest issue of this midterm election, beyond the
30:38
Speaker 13: shadow of a doubt, is not socialism.
30:41
Speaker 1: It is affordability.
30:43
Speaker 6: It is what people are paying at the grocery store.
30:45
Speaker 5: Well, and of course, President Trump says that the issue
30:48
Speaker 5: should be whether or not he is on the ballot.
30:51
Speaker 5: He says voters should pretend that he is, and he
30:54
Speaker 5: is putting himself front and center as he makes trips
30:56
Speaker 5: to all of these different states. Who does he help
31:01
Speaker 5: by going back? to Alabama today, or to Ohio tomorrow?
31:05
Speaker 5: Or does he actually risk hurting people in Ohio, like
31:08
Speaker 5: John Husted and some vulnerable Republican Congress people?
31:11
Speaker 8: Sure.
31:11
Speaker 13: It's going to be very interesting to see what happens there, exactly.
31:15
Speaker 13: Of course, the Ohio Senate race is a toss-up race,
31:19
Speaker 13: and it is between John Husted.
31:21
Speaker 8: It is J.D.
31:22
Speaker 13: Vance's old seat. He's running against longtime senator who lost
31:26
Speaker 13: in the last cycle, Sherrod Brown.
31:28
Speaker 10: So.
31:30
Speaker 6: Who has widespread name recognition.
31:33
Speaker 13: Of course, Trump's biggest selling point in going to that
31:36
Speaker 13: state is rallying that MAGA base. But he does so
31:41
Speaker 13: at the risk, potentially, of alienating those moderates that he
31:45
Speaker 13: said is really going to need to win in November.
31:49
Speaker 9: Kayleigh mentioned the Ratepayers Protection Act and permitting reform. I
31:53
Speaker 9: don't know if either see the light of day in
31:56
Speaker 9: the lame duck session, Megan, but we're told permitting reform
32:00
Speaker 9: is the only real way to get to this long-term
32:03
Speaker 9: energy price issue. Could mean more pipelines, could mean more refineries.
32:08
Speaker 9: Do Democrats warm up to that idea and the lame
32:11
Speaker 9: duck or try to make it their own in the
32:13
Speaker 9: next Congress?
32:14
Speaker 13: I think you're going to see them, Democrats, should they
32:17
Speaker 13: win one or both chambers of Congress, which is seeming
32:21
Speaker 13: more likely by day, I think you're going to see
32:23
Speaker 13: them more aggressive and demanding more concessions from Republicans on
32:27
Speaker 13: everything from energy permitting to potentially even the debt ceiling
32:30
Speaker 13: in the lame duck.
32:31
Speaker 10: Okay.
32:32
Speaker 1: Bill or the agreement as we understand could continue to morph.
32:35
Speaker 6: I believe so.
32:36
Speaker 1: Yeah future Megan.
32:37
Speaker 9: It's great to have you back Thank you as always
32:39
Speaker 9: Megan Scully runs our capital influence team with some of
32:42
Speaker 9: the best coverage on Capitol Hill Where you can of
32:44
Speaker 9: course find more on the terminal and online and with
32:47
Speaker 9: regard to midterm elections We've talked so much about the
32:50
Speaker 9: litigation around this the the concerns that many people have
32:54
Speaker 9: of voting irregularities the president's concerns about mail-in ballots and
32:58
Speaker 9: Elizabeth Frost does this for a living as litigation chair
33:01
Speaker 9: at the Elias Law Group and joins us now on
33:03
Speaker 9: Bloomberg TV and radio. 32 days to go, Elizabeth. You
33:07
Speaker 9: don't need me to tell you that. Will this be
33:09
Speaker 9: the most litigated election ever?
33:12
Speaker 12: You know, right now, the 2020 election holds that honor or.
33:16
Speaker 1: Yeah, sure does.
33:19
Speaker 12: And, you know, it's hard to say. I will say
33:21
Speaker 12: that we are busier than we have been in an
33:24
Speaker 12: election cycle at this point in the cycle. We have
33:27
Speaker 12: no less than six oral arguments in my group this
33:30
Speaker 12: month alone, which is really unusual for October. And of course,
33:33
Speaker 12: we're monitoring and ready to go in effectively every direction
33:37
Speaker 12: you could possibly imagine in the event of litigation.
33:42
Speaker 5: Well, so we'll talk about what happens after the votes
33:45
Speaker 5: are tallied in a minute. But let's talk about what's
33:47
Speaker 5: happening right now. Can you set the baseline for us
33:50
Speaker 5: as to where the broad legal picture stands in regard
33:54
Speaker 5: to people's ability to either register to vote, be able
33:57
Speaker 5: to vote in the means at which they decide they
33:59
Speaker 5: want to be a mail in ballot or at the polls?
34:04
Speaker 5: whether or not there are going to be restrictions in
34:07
Speaker 5: place for any of this, knowing that the president, of course,
34:09
Speaker 5: wanted to change the way the Postal Service, for example,
34:11
Speaker 5: distributed mail-in ballots, and the Supreme Court struck that down.
34:14
Speaker 5: What changes have been pursued that, as of right now,
34:17
Speaker 5: are holding?
34:19
Speaker 8: Well, so the.
34:20
Speaker 12: Big one, of course, is the president's attempt through his
34:23
Speaker 12: executive order to effectively commandeer the Postal Service to decide
34:27
Speaker 12: whether who gets to vote and who doesn't get to
34:29
Speaker 12: vote by absentee ballot. The Supreme Court, lower court entered
34:34
Speaker 12: an injunction and the Supreme Court stayed that.
34:37
Speaker 8: So that is done.
34:39
Speaker 6: I mean, there will.
34:39
Speaker 12: Be voting by mail in the election. That's going to happen.
34:46
Speaker 12: I think the bigger question is, are we going to
34:48
Speaker 12: see sort of widespread attempts to challenge.
34:51
Speaker 8: Voters eligibility to vote?
34:54
Speaker 12: There's a lot of indicators that this is what the
34:56
Speaker 12: Trump administration very much wants to do. And in fact,
35:01
Speaker 12: they started last spring by demanding the unredacted voter rolls
35:06
Speaker 12: of every state in the nation, which has never.
35:08
Speaker 8: Been something that they have done before.
35:11
Speaker 12: Some number of Republican states cooperated them to some degree.
35:15
Speaker 12: It's unclear exactly how much cooperated or exactly who they are.
35:19
Speaker 12: But at least 30 states, Republican and Democrat controlled, refused
35:24
Speaker 12: to turn over private voter information. An unredacted voter roll
35:27
Speaker 12: has a lot of information about you, including your full
35:30
Speaker 12: or partial social security number, your full date of birth, right?
35:33
Speaker 12: The kinds of stuff that states and individual voters guard
35:37
Speaker 12: very closely for good reason. They sued 30 states. They
35:41
Speaker 12: sued 31. One was settled. Because it turned out they'd
35:45
Speaker 12: been emailing the wrong address in Oklahoma to try and
35:48
Speaker 12: get a concession there. And once they sued, Oklahoma settled.
35:52
Speaker 12: But the other 30 went to the lower courts and
35:54
Speaker 12: they have so far lost 26 of them. So I
35:57
Speaker 12: think those lawsuits are probably dead in the water. But
36:00
Speaker 12: what's really telling is that when the lawsuit strategy didn't
36:05
Speaker 12: work out, the Trump administration started trying to get this
36:08
Speaker 12: through a variety of other ways, including the executive order
36:11
Speaker 12: that I just mentioned. Part of the initial attempt of
36:15
Speaker 12: using the Postal Service to decide who could vote was
36:17
Speaker 12: they were considering asking states to just upload their unredacted
36:21
Speaker 12: voter files, right? We've obviously seen threats to election officials
36:25
Speaker 12: come from the administration saying, if you let someone vote
36:27
Speaker 12: who shouldn't be voting, we're going to prosecute you. So
36:31
Speaker 12: I think we're seeing them try and get this data
36:33
Speaker 12: in a million different ways. And the question really is why?
36:38
Speaker 12: And Harmeet Dhillon, the assistant attorney general of the Civil
36:42
Speaker 12: Rights Division, has indicated they would like to remove.
36:44
Speaker 8: Voters from the rolls.
36:47
Speaker 9: We should note Elias Law Group is focused on representing
36:51
Speaker 9: the Democratic Party, Democratic campaigns.
36:55
Speaker 1: Elizabeth, what do you tell people?
36:56
Speaker 9: And you've heard this narrative before that the president is
36:59
Speaker 9: planning to declare a state of emergency.
37:01
Speaker 1: What would that allow him to do on election day?
37:04
Speaker 12: So he has no basis to declare a state of emergency.
37:07
Speaker 12: Whether he will attempt it, you know, is sort of
37:11
Speaker 12: anyone's guess at this point. I think thus far, saner
37:15
Speaker 12: minds have held. But in the current timeline that we're on,
37:18
Speaker 12: that is certainly not a given. It would be litigated
37:21
Speaker 12: in court, and I expect that he would lose. I
37:24
Speaker 12: would also want to point out, you're absolutely right that
37:26
Speaker 12: we represent Democrats, but we also represent, we do a
37:29
Speaker 12: lot of nonpartisan litigation. And actually, the majority of my
37:32
Speaker 12: docket now is nonpartisan litigation, including all of the interventions
37:36
Speaker 12: that we filed on behalf of voters and voter organizations
37:39
Speaker 12: in these attempts to acquire private voter data and I
37:44
Speaker 12: think one of the things that's quite interesting about those
37:46
Speaker 12: cases is I think that, I mean, obviously DOJ doesn't
37:49
Speaker 12: include me in its text chains or strategy discussions, but
37:53
Speaker 12: I suspect that they thought that it was data, it
37:57
Speaker 12: was sort of boring, it would fly under the radar.
37:59
Speaker 12: But in fact, it's been just the opposite. Americans have
38:02
Speaker 12: been irate about the idea of their data being taken
38:05
Speaker 12: in this way. And in fact, we represent a former
38:08
Speaker 12: Republican legislature in one of these states, and we represent
38:10
Speaker 12: a wide variety of Americans who fought back against this.
38:15
Speaker 5: Well, as you mentioned, the DOJ and Harmee Dillon, she
38:17
Speaker 5: actually joined us on this program not too long ago
38:20
Speaker 5: and talked to us about the DOJ's plans to send
38:23
Speaker 5: out election monitors to a number of states. across the
38:26
Speaker 5: country for the midterms. If they are present at the polls,
38:30
Speaker 5: who else other than obviously voters and people, electoral officials,
38:34
Speaker 5: people who have volunteered to spend their time there, who
38:37
Speaker 5: is legally allowed to be present? To Joe's question around
38:40
Speaker 5: the state of emergency, under what grounds could we see
38:42
Speaker 5: the deployment of law enforcement or the military or say ICE,
38:46
Speaker 5: for example?
38:48
Speaker 12: So the only way that you could deploy the military
38:52
Speaker 12: would be to repel enemies against the United States. This
38:55
Speaker 12: is why I feel like this is one of these
38:57
Speaker 12: more far-fetched ideas that we've seen come out of the administration.
39:01
Speaker 8: And don't get me wrong, a lot.
39:02
Speaker 12: Of the ideas they've tried have been far-fetched as well.
39:05
Speaker 12: But that's a very, very narrow lane that it's just
39:11
Speaker 12: not feasible they find themselves in it. There is actually
39:15
Speaker 12: very strict federal law that that makes clear that armed
39:21
Speaker 12: federal officers and federal officers in general are not allowed
39:24
Speaker 12: to be at the polls, present at the polls. And
39:26
Speaker 12: so there's actually several lawsuits, including one that my firm
39:30
Speaker 12: is involved on, this one on behalf of several of
39:32
Speaker 12: the Democratic Party committees and Democratic leaders in Congress, because
39:37
Speaker 12: of some of the concerning things the administration has said
39:39
Speaker 12: that indicates that, in fact, contrary to that law, they
39:43
Speaker 12: have internally adopted a policy that they believe they could
39:48
Speaker 12: send federal officers to the polls. So those lawsuits are
39:53
Speaker 12: already pending. We've also, of course, heard Assistant Attorney General
39:58
Speaker 12: Dillon say that she is planning on sending observers to
40:03
Speaker 12: the polls. There are very, very strict limitations on what
40:06
Speaker 12: DOJ can do there, and effectively they can't interfere. And
40:10
Speaker 12: I'm sure you all saw the news that came out
40:12
Speaker 12: of Wyoming when there was sort of a test run
40:16
Speaker 12: recently And the Wyoming governor was quite upset with some
40:18
Speaker 12: of the behavior of some of the Department of Justice employees.
40:22
Speaker 12: So it's definitely something to look out for. And it's
40:24
Speaker 12: definitely something that our clients are planning to be prepared for.
40:29
Speaker 5: Well, and we hope to stay in touch with you, Elizabeth,
40:31
Speaker 5: as these legal fights leading up to and then after
40:34
Speaker 5: ultimately the vote play out. Elizabeth Frost is the chair
40:37
Speaker 5: of litigation at Elias Law Group here with us on
40:40
Speaker 5: Balance of Power on this Friday.
40:44
Speaker 9: Thanks for listening to the Balance of Power podcast. Make
40:47
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40:50
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40:52
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40:55
Speaker 1: at noontime Eastern at Bloomberg.com.