Now from our nation's capital. This is Bloomberg's Sound one nineties. Democrats have lost almost every major battle to Mitch McConnell and Republicans. When he claims credit for getting all the money for the Second Avenue subway, I wonder why didn't he get money for his freight tunnel that was in his district. Bloomberg Sound on Politics, Policy and Perspective from DC's top Name. Our country stands at a crush shows without democracy at state. We need to make sure that
that Ron De Santis is a one term governor. What's Everything Everything? Bloomberg Sound On with Joe Matthew on Bloomberg Radio. President Zelenski vows to take back Crimea as Ukraine prepares to celebrate its independence. Welcome to the fastest hour in politics, with fresh warnings of possible Russian attacks on Kiev as the war now hits the six month mark. Is this a turning point in the war. We'll discuss it with
Melinda Herring of the Atlantic Council's Eurasia Center. Primary day in New York, among other places, Today, at least one incumbent in New York will lose a seat thanks to redistricting and We're gonna run through some important races in
play tonight with former New York Congressman Joe Crowley. Analysis from the panel, Rick and Janie are with us Bloomberg Politics contributors Rick Davis and Jeanie Schanzano here for the hour and ever more confident posture today from President Vladimir's Lensky pledging on the eve of the war six month anniversary. Can you imagine the war that was supposed to be done in three days and tomorrow as well Ukrainian Independence Day, vowing to take back Crimea as part of this war
with Russia. That Selenski in a video address, of course, the people of Ukraine have grown very used to them, saying there's a feeling literally in Crimea's air, that its occupation is temporary and that Ukraine is coming back. He later said to a virtual conference of nations the Crimea platform,
that Ukraine must free Crimea from Russian occupation. As he talks here, he goes into the warn of possible Russian attacks tomorrow, that independence day, that six month mark, saying quote, Russia may try to do something particularly disgusting as Ukraine celebrates its thirty first independence day That's where we begin with Melinda Herring, Deputy director of the Atlantic Council's Euragius Center, former editor of the Atlantic Council's Ukraine Alert blog, which
a lot of people were relying on. Melinda, thank you for being with us. Somehow, this war has reached the six month mark. Russia has been largely incapable of capitalizing on ground that it's taken. So are we at a turning point for Ukraine as you hear President Zelenski speak, or is there another six months of attrition? Jo No, I have to be uh, I have to be the skunked at the garden party. It's going to be a lot more than six months. Wants to wrap everything up
by Christmas. This is going to drag on for a long long time. Unfortunately, Why does he think that crimea is in play? Obviously we saw a Ukrainian attack against some Russian forces there, we saw some mushroom clouds on the horizon. But why does he think he can retake that land in the middle of defending the rest of the country. Well, it's back up. There have been three
big phases of the war. The first phase of the war was Kiev, and like you said, the Russians had this crazy idea that they could come in and strike and take the capital and install a pro Russian leader in three or four days, and they got their bots kicked. Phase two was focused on the Dawn Boss and the Russians did better, but it wasn't an overwhelming victory. These three is going to be focused on the South, and we're waiting for this thing that her song counter offensive,
but it hasn't really materialized. And meanwhile, the Ukrainians have taken the initiative by bombing Crimea, and this is the first time it's happened. The Crimean peninsula was a vacation destination and it's been peaceful for eight years. So the message, look, you can take our lands, that they'll never be safe even if you take an annex her soon, even if you take these cities, we will come back and get them. That's a message to Zelinsky sending by these reconformings of Crimea.
The opening months of the war really wrote a story, told a story about bravery, about loyalty, about you know, the fighting spirit for someone defending their land as opposed to a group of conscripts or poorly trained Russian soldiers. Really didn't want to go. How much of that spirit remains the part of the recipe of success here for Yukrane versus the billions of dollars and weapons at the US has sent so I can't really isolate which one
is more important. I can I say both? Please? So the United States has sent an enormous amount of assistance. They just announced three billion more today. I think it's over. I think it's over thirteen billion dollars since Biden became president. It's it's a really big figure. But a of course, morale matters, and Ukrainians have been fighting since they know their territory better than the Russians too, and this is an existential fight. And the Ukrainians are really good and
really smart and technically minded. So it really annoys me when the White House and the presidential administration here in d C. Has said, oh, the Ukrainians can't learn these technical systems, they're too hard, they're too complicated. That's nonsense. The Ukrainians have proven time and time again that they can figure things out and that they can make huge progress if we give them what they need. We're joined
by Melinda Herring of the Atlantic Council. The message from the U S at least you know here in Washington, Uh, not only the Biden administration, but Senator Mitch McConnell today, we are still with you, and he sounded emboldened by what's happening in Crimea. Listen to the Senator, Senate Minority Leader McConnell. I've been waited to say they've been on offense in Crimea in the last a week or so. So they're trying to get on offense and to draw to regain territory. We need to be with them all
the way and give whatever weapons I need. So give them whatever weapons they need is something that has kind of been redefined consistently over the last six months. You can remember, Belinda, the argument about miggs and that was never really resolved, but there was concern about any sort of weapon that could be used in an offensive manner, and we seem to have you know, crossed the line
on that, having provided a number of defensive systems as well. So, you know, I keep asking the same question that keeps resulting in a different answer. What what does Ukraine need now? So President Zelinski said today he needs as many armored vehicles as possible, and he needs one mm ammunition. So that's the immediate request today. But they really need long range missiles that they can shoot from these high mar systems, and the White House has been reluctant to send it.
I love miss McConnell's statement that you just played give them what they need. Well, I hope that the White House will will take him seriously because it's long range missiles that can make them a major difference uh In put you know, enabling Ukraine to go on the offensive. Apparently Vladimir Putin is is very angry about this, this whole assassination story. This is the daughter of an ally of his, Daria Dugana. Whether or not she was targeted,
maybe they both were, is unclear. But there's going to be an apparent investigation in Russia. The State Department seems to be kind of smirking at that idea of it being a valid investigation. But how does that change the contours of this war? Does that make Vladimir Putin dig In evermore? Or is there no such thing with him? Okay, so let me dispel one rumor. The dugan and Putin are not besties. So Dugan is often called Putin's brain
and that's not exactly right. He is one of the people who helped create the environment that led to the war in Ukraine. But we're not sure that Putin and Dugan have ever met. He's important, but he's he's not a superstar intellectual. He's probably like a denish to SUSA, maybe as Steve Bannon in American term. Okay, but it brings it to the doormat a bit for Vladimir Putin though, right, Does that increase the risk of attacks in Kiev, say tomorrow,
I think it does. So I've been making phone calls all day and I've talked to people across the country and people are they don't know what to make of tomorrow. They're very nervous to the State Department put out a statement, the embassy and Kiev did sorry and they said get out of Kiev you can, and they're very concerned about it. So, yes, the murder or the death of Dugna, Alexander Dugan's daughter does raise the stakes, and also the strikes in Crimea
raise the stakes as well. Putin was not expecting that at all. But in terms of who's responsible, I don't have a good answer for you. I all I have are four guesses, and none of them are satisfactory. Four guesses. I have four guesses. So guests Number one is if you believe the Russians, which I never do. They say the Ukrainian Secret Services did it. Ukraine NWS that it doesn't make any sense. Ukraine does not benefit. And it was also done in the most secure neighborhood in Moscow.
So I'm going to give that zero percent, okay, and we're down to three. Okay. Number two is a financial beef with the Dougna family, Maybe I don't think so. Number three is a false flag operation. The Russian Secret Service did it to distract from something they planned to do, So let's wait and see. And then number four I think is also unlikely a growing armed rebellion within Russia because there have been strikes against military recruitment offices and
other acts of sabotage. But none of these are statisfactory answers. So you're not buying any of those. You're not telling me it's a false flag. No one knows. I I've I've called all the best Russian minds in Washington, and no one knows it. Well, boy, I didn't know we were going here today. This is fascinating, Linda. And now I look, I don't want to force you to to try to predict the future, because no one knows what's going to happen when the sun comes up in Ukraine.
But how concerned are you about the capital? What is Vladimir Putin have in mind that Zelenski describes deliberately here as uh, what's the word that he used? Something despicable, he said he It depends on how he translated, either said nasty or disgusting. That's what Putin has in mind tomorrow. So this is the thirty first anniversary of Ukrainian independence. It's probably the biggest holiday, one of the biggest holidays in the country, and I think it's particularly meaningful because
of everything that's happened this year. So we don't know. I think it's gonna be lots of missile strikes across the country, and I think it may include Kiev, but no one knows. Like I said, I call people in north in Kiev and then in in Adva, and people are sheltering in place, They're planning to work from home. They know where their bomb shelters are and they're gonna wait and see and Honestly, what kind of life is
this school is about to start in Ukraine. Uh, it's really really hard to to make a life in everything to go up in the clouds in minutes. So you don't see this as a turning point. This is going to be a single day kind of spasm potentially by Russia. Not not a new offensive against the capital. No. I think they can turn up the heat. But you have to remember the city of Kiev is the best a defended city in the country. It has a phenomenal commander, it has very strong security, it has the best air
defenses in the city. It is not going to be easy to take the city of Kiev. So the worst they can do is menaced the city, but with missile shelling, and as we've seen, if they can even if they can get in, they can't get out. Melinda, I'm delighted you could join us. Melinda Herring, Deputy Director the Atlantic Council's Eurasia Center, starting off the fastest hour in politics. We have a lot to talk about this eve of
the anniversary as we assemble the panel. Next six months in an independence Day, the thirty one for Ukraine, as the US continues to send billions of dollars in weapons and what some people call a proxy war. Rick Davis and Jeanie Schanzano were up next. We'll check traffic and markets for you on the way to I'm Joe Matthew in Washington. This is Bloomberg. You're listening to Bloomberg. You
sound on with Joe Matthew on Bloomberg Radio. The latest from Ukraine, US warrens of fresh Russian strikes near civilians, Bloomberg reporting that Russia is preparing to launch intensified strikes against Ukraine's government facilities in the coming days. Is Vladimir Prutin called the car bomb that killed the daughter of an ally a dastardly crime. All this and the eve of the six month anniversary and the thirty first Independence
Day of crimea. Thanks for being with us on sound on the Signature panel is with us, Rick Davis and Jennie Chanzano, Bloomberg Politics contributors. Rick, this is quite a moment that you have reminded us of. This was supposed to be over in three to five days, so there are a couple of different ways to look at this. But having just spoken with Melinda Herring, more than six months of attrition. UH, sounds pretty tough. How long can US support continue as Ukraine tries to fight Russia. Well,
I think it's indefinite. I mean, you heard the comments that you played earlier by Mitch McConnell. He sounds all in. And the president's announcement of three billion dollars today in further aid from the US on it literally is long term aid improving infrastructure of the security. So yeah, I mean, I think they're planning on a long term, multi year UH situation where bolstering the security of Ukraine is going
to be an important priority for the Biden administration. How do you keep the American people, with some long wars in their recent memories, Genie, supporting this for that duration. That's the challenge. And I think we see a real need for the Ukraine to prove to people in the United States and into the West that this aid is needed and they have to keep making that case. And that's what Vladimir's Olenski has been so, you know, incredibly good about doing and able to do, but it's hard
to keep this up in a sustained way. They have the benefit of having bipartisan support so far on that, but one you know, sort of warning sign is the impact on the global economy, because as people outside of Ukraine feel pressure economically, there will be questions raised. Three billion in aid today, a lot of aid has been given by the United States in the West. How long do you keep that up and how much? And are
they getting what they need? To Melinda's point, are they going to get the long range missiles that they say they so desperately need. Zelenski vows that the war will end in Crimea. Another line from him at this meeting today, the Crimea platform. Rick Davis's c right, Well, that's certainly what he's been saying really since the war began, is that they consider status quo anti right, They're not just going back to where the lines were drawn when the
Russians after they invaded in two thousand fourteen. But they want it all back. They want Cremea back, they want the done boss back and and right now, I mean he's got an argument to do that. I mean, you talked about earlier the attacks in Crimea shocking, I think the Russians because it was a level of uh penetration into that space that they hadn't seen before. So he seems to be making his claim on that property, and I think that uh probably gonna elicit a equal and
opposite reaction. Unfortunately, tomorrow around Ukraine Independence Day. How worried should the US be about this? Obviously there's uh, they're they're taking some protective measures for our diplomatic corps or the small number of folks who are there right now, Genie, But we could see some pretty difficult images tomorrow, and of course that could only uh, you know, reinforce the
case here for US involvement. Yeah, I mean, I mean, exactly what Melinda said and Zelinski has said, particularly nasty is what we're expecting. That's why the United States has made this case. You know, one thing I think we should be cognizant of, is we there is a surprise that Russia didn't, um wasn't able to at least on their part, run in there in three to five days and end this thing. But on the flip side of that,
we should also note that too many people surprised. Russia's economy is also been able to bear the brunt of really really tough sanctions, at least so far, and they've done it on the back of places like India, China. So that's something we should also keep in mind that a lot of people weren't expecting after sanctions this tough
sell in real cheap oil, rick, you know. We we know, however, that Vladimir Putin does not have access to semiconductors or a lot of the hardware that he needs to continue to replenish his military. The Pentagon says, Russian casualties are in the area of eighty thousand. You know, at what point can Vladimir Putin, you know, not continue this? You know,
it's a great question. I mean, when we were looking at the build up before the invasion on the border of Ukraine and the Dune Boss, we were talking about like a hundred and twifty thousand people, and now more than half of those are dead. Now, if someone had told Vladimir Putin it it's gonna cost him half the army. He's got a raid on the border and more than that in equipment, and and and and ammo, I wonder if he'd really thought it through, what would that have
been a deterrent to him? But this is this is still I think early stages in a war that could We were just talking about it last a very long time. What price is Vladimir Putin willing to pay in blood and treasure to sustain this adventure, and how much will his population allow him to do it? Maybe these assassinations that occurred yesterday or an indication that the population is getting restless. So you've forecast another six months out, Jennie
Melinda said, it's gonna be years that. Look, the first presidential debate is next June, so the war in Ukraine is going to be a major issue at that period of time. Will there be a Democrat and Republicans split on this? Will the nominees be able to agree? You know, I think it's going to be interesting. I think we're gonna see sort of um a split in the parties, if you will. So, I think you do have some Republicans who say we've got challenges at home, you know,
we should be more focused here. You also have that on the Democratic side as well, So there may be some strange bedfellows in that regard. By and large, so far, there has been widespread bipartisan support for for this, But again that depends on what happens economically, and it depends on you know, if if there is something nuclear for instance, at this nuclear facility. How long does the United States, people and the West continue to support this presidential Canada
afford to oppose this war? Rick, I don't think so. I think this is a patriotic message to America that we have to sustain democracies around the world. US is the one that's most under attack. It's all coming, Rick and Jennie, stay with us our signature panel. I'm Joe, Matthew and Washington. This is sound on, this is Bloomberg. You don't have to be from New York to appreciate
some of the races playing out in today's primary. None more compelling, at least for me, than what some are calling the Clash of the Titans, because it pits two former allies and long time Democratic leaders against each other from if you're from New York is certainly know who they are. And this is all essentially thanks to a redrawn map. Sometimes it pits two people of great experience and with a long relationship against one another. So here
we are on the Upper East Side. It's Congresswoman Caroline Maloney being at the forefront of remus, writes, has taught me we can fight back and then if we just don't quit. I approved this message because they also taught you cannot send a man to do a woman's job. You cannot send a man to do a woman's job, she says. In the campaign, they got a lot of traction. And of course that man staring from across the park
from the upper west side is Congressman Jerry Nataline. Our country stands at a crossroads without democracy at stake, with a runaway Supreme Court up ending fifty years of precedent and eliminating women's right to choose, and an insurrection is to Republican Party, uh for the first time in our history, trying to stop the peaceful transfer of power. That's Nadler at recent New York One debate. So you can you know, look, these are both very well known candidates around here. As
I mentioned, I don't know former allies. Is this kind of blown up in the media, But they were elected together. They were freshmen together in fresh faces, and both rose to big roles. She was the first woman to chair oversight, is the first woman to chair the Oversight Committee. In Nadler, of course, the Judiciary Committee sixty years of combined experience, somebody's not going to make it here. Joe Crowley is
probably getting heartburn listening to all of this. The former congressman, Democrat from New York is with us right now on Bloomberg Radio. It's great to have you back, Congressman. Is this tough for you to watch? No, not really, not at all. It's uh, it's interesting, There's no question about it. I've been there, I've done that. I know what they're going through to some degree. Um, but your characterization of
the clash of the Titans is pretty accurate. I mean you have to going at it, and you know they really have been political allies throughout the years, um, minus the notion or idea that they might possibly be thrown into the same district, because that's always been a possibility, and so um, you know this day may may have been coming. I think after thirty years of service, you thought those days behind you being thrown in with another company. You know, New York is supposed to be the big
Blue Wall. I was supposed to stop the losses, that we're gonna seal the parts of the country and push back on that. But instead you have just not this happening, but some other interesting races in New York as well well. The other incumbent that I that you know, we're watching of all of us here, of course Sean Patrick Maloney, who's you know, he's not just any candidate either. He leads the House Democratic Campaign Committee. That's New York seventeen. Right.
He's backed by uh Nancy Pelosi, by the establishment. Uh. You looked at the very noisy numbers on this one. Does he keep his job? Well? I think he does. Um. You know, Sean is running in the district that his home is in, and so I know there's been a lot of talk about you know, what was this really his district to run in? You know, when your house is in that district, that makes it makes it makes
it kind of obvious when you're gonna run. He's running against an up and coming Paul in uh this uh, by the way, who was a former intern of mine years ago. Okay, so we have to just stop right there because that means your former intern is being backed by Alexandria Seo Cortes, which means everything life is interesting. Yeah, everything right side up is now upside down. Joe Crowley, what a business? Uh? What does that mean you when you see when you see that attack? Oh god, I can't.
I want to hear what you just said. When you see an attack like that from the progressive left, if I don't even know if I'm supposed to call it that the AOC versus Pelosi, what does that tell you about the district? Well, I think you know, it says more about this notion idea that Democrats aren't progressive enough, which is I think, especially especially being in New York, is pretty absurd. But um, I think you know, this district itself is not an inner city district by any
stretch of the imagination. The ocean of defund the police, um is not something that's welcomed in this district at all. So I do think that there are advantages here, that this is not my old district, that there are advantages here. And I think that Sean Patrick Loone is going to take advantage of Are you supporting him? Shan's an old friend, I understand, and I think he's going to win this selection. I have not No one was asking for an endorsement
so in any of these races, quite perfectly, So that's okay. Well, they look there have been quite a number of interesting races and and one that is being looked at as a bit of a proxy for the general as as you well know, is is New York nineteen here, and what a what a bizarre situation to think that you're electing somebody to have the job for what three months, and then the district moves again. But Pat Ryan, the Democrat a county exactly, he's got a you know, good resume.
West Point Grad has gotten into a real argument over issues with Mark Mullnaro, the Republican. This is being framed as an actual above board argument over political issues that could give us a glimpse. I don't want to overplay it into what we might see in November, do you
think so? Well? I think in terms of the power of the decision by the Supreme Court to overturn Row, that many eyebawls are watching this particular race because the first opportunity to have a real head to head Democratic Republican in the district, as you say, that won't really exist in the same format in a couple of months. In fact, Molnaro will be running in a different district November,
as will Pat Ryan for two different seats. Um But I think because this was a district where both Biden won the last election, narrowly, and Trump won narrowly in the election before. The people are looking at this as a really swing district, and so uh, in this off year election for president, Democrats should struggle more in a district like this, And so that's why people looking at this if if if Ryan is to win, it makes say this makes say something very powerfully about that Supreme
Court decision. It's the definition of a toss up here, Congressmen, I have less than a minute here, But when when you're running, when you're in this business, when you're watching your districts move around, you are you just out on a regular basis walking the outer reaches of the district to know where the heck the lines start and stop. I'm not going it's almost impossible to do that, but I think you know, you gotta be careful not to disparage other parts of the great city of New York
where you might one day represents. That's that's one thing you should do. Little device from former Congressman Joe Crowley. Great to have you back with us, sir, and happy primary day in New York. As I mentioned, some folks will be hitting the polls on their way to work and because it's New York, you know, on their way home from work and all things in between. Will reassemble the panel next and here from Rick Davis and Jeanie Schanzano.
I'm Joe Matthew This he's Bloomberg. This is Bloomberg sound on on Bloomberg Radio, the fastest hour in politics on a primary day. What else could you ask for? You know what voice we did not hear in that great conversation with Joe Crowley was one of the other candidates in this race. That's pit the two Titans against one another. Right,
this is the Caroline Maloney Jerry Nadler race. Well, there's another candidate in this race that's actually made it to the debate stage, and an up and comer almost beat Caroline Maloney as a matter of fact, in name is Surge Patel, a former Obama aide uh that's frequently part of the bio here and running on generational change. Before we reassemble the panel, I want you to listen to his message as he was standing next to these two
thirty year veterans. Look, Democrats have lost almost every major battle to Mitch McConnell and Republicans. Trump is um is on the rise, even if we defeated Trump. To defeat it, we need people with new ideas and energy. Now tonight, you're gonna hear two distinct arguments from three candidates. Two of them are gonna be talking about the past, and
I'm gonna be talking about the future. Interesting speaking of the past that at that same New York One debate, Congress Vann Adler starts rattling off his bona fides, including, you know, a lot of people say, well, gosh, she's so well known in name recognition because of well, the Trump impeachments, the impeachment trials. But here listen to how he put it. And I have passed the end uh two impeachments, and my in leaving this, I've impeached Bush twice.
I've passed the Bush the strongest, and another subject, I've passed the strongest gun control legislation in thirty years. I've passed through Respect for Marriage Act. It's just interesting to me how these things can work out. As we reassemble the panel, here noting the New York Times endorsement, the Chuck Schumer endorsement, Elizabeth Warren endorsements of Jerry Nadler is
he the best candidate for New York. Rick Davis is with US Jennie Chanzano Bloomberg Politics Contributors as the Democrat in US UH in this panel here, Jeanie, your thought on that, you know New York, well, is the seniority the important part? Or does Mr Patel have a point nineties Democrats need to at some point get out of
the way. Yeah, I mean Serge Patel. You know, he is thirty eight years old, and he certainly does make a case and we know this looking at the age quite frankly of democratic leadership in the House in particular, that we do need to think about generational change as Democrats. But you know, this issue of Nadler's health is something
that Maloney has brought up a lot. She described him as half dead at one point, making the Bush remark, right, he didn't forgot which president said he won't be suggests he won't be healthy enough to finish the term. They said he lost consciousness at one point. It's getting very very ugly out there for two people who have been you know, friends at least for thirty years. Um. But but you know, in Nadler's defense, he back when Patel made this case and said, that's not how Washington works.
You need seniority in Congress to get things done. I can pick up the phone and call the president. And that is a you know, an important point to be had. Is that an argument for voters? And when it comes down to it, Rick, or or for a different audience, when you start talking about uh, seniority, the voters actually care about the fact that you know, somebody's a chair on a committee or does that just mean bigger endorsements and more money. Well, for sure, voters care about bringing
home the bacon. Uh and uh. And so if you're in a position where you can help the district by being in a seniority position, Alphonse de Motto was probably one of the best at that, a New Yorker vintage candidate and elected official senator and and and that was
the standard and it still is. If you are in a powerful position, as long as you don't forget what district you're from or what state you're from, then you can use that power to featherbed your strict and ensure that people will want to return you and a new candidate like Patel who's coming, you know, with the basics of smart and aggressive and youthful, doesn't have any ability within the seniority system of the House Representatives to have a chairmanship of a committee or to be able to
bring home appropriations to his district of New York City has a new freshman in that case. I asked Joe Crowley about this, Uh Sean Patrick Maloney race? Does he keep his job tonight? Genie? You know it is looking it's hard to know. The polls are are not uh really telling in this race. I don't think um, I think he's got a good shot. Um that Pelosi endorsement due for him what it did for Jerry Nadler or appears to be doing. Um it could you know? Bai
is also a really really attractive candidate. I was listening to some of her supporters today and there is a lot of energy on her side. But I have to tell you, this is New York's second primary. Is really really hard to get people out to vote on the twenty three of August when people are thinking about going away for vacation. So I think it's going to be
a turnout battle. And Maloney has both the establishment support, the money, the name recognition, so it's an uphill battle for her for certain, but it does you know, really, I think really raised the prospect again about this sort of generational change and what we've seen consistently in New York and the country and the democratic side about progressives versus the more moderate establishments. This time tomorrow we get to distill the results and hear about it from Rick
and Genie. I'm looking forward to that, not just uh New York, but hopefully we'll have solid results from Florida. I don't mean to get into the comedy portion of the program, so uh well, sometimes we wait. What can I say now? Big breaker today? This is gonna be happening tomorrow, and I'd love to hear from you both on this. Joe Biden apparently making good on a campaign promise. Let's go back to the campaign trail. If you can use magical harp in your head here, we're going back
to Broward County. Remember when he was doing the drive ins and like during COVID instead of clapping people honking their horns. It just it'll bring you back. Here's Joe Biden, candidate Joe Biden. We're gonna make sure you can wipe out your college debt as well. Hank, that horn, we get more help to race horses than we do college students who wrote that line. But here we have on the terminal Biden to unveiled student loan plan. As allies fret it's too meager advocates pushing for more than ten
thousand dollars in debt forgiveness. But isn't that what he's been talking about. We're not exactly sure how this is gonna go and where the limit will be. It had been pitched before as uh capping it at incomes or family incomes at a hundred and twenty five dollars. We'll see if that ends up be in the case tomorrow. Rick. I keep seeing on Twitter from Biden critics that there he goes boy talk about this is like, this is bare knuckle buying votes. Is that the politics here or
is it better than that? Now? I can't figure it out. I mean, the only thing that's different between that campaign promise him today is nine inflation and and and I hate waking up and reading Larry Summers and agreeing with him. It drives me nuts. But he said this is inflationary. Why would we add fuel to the fire at this moment?
And I think he's right, and so you know, I hate to say it, but, um, the fact that Biden has not understood that his job today politically is to bring down inflation, and he opens him up as his help up to that argument is crazy right before an election like this. I'm glad you mentioned Larry Summers, Genie. You probably saw the tweets that's where he dropped his
opinion on this quote. I hope the administration does not contribute to inflation macro economically by offering unreasonable generous student loan relief, or micro economically by encouraging college tuition increases. And he went on to write more. He's replying to himself to make the case, is this a risky move for the White House? Or does the President have a slam dunk here for the mid terms. It's a very risky move for the White House. Um, you know, he
did promise it. And and students in this country carry one point six trillion dollars in debt. I faced them just next week. It is an astronomical amount. And what frustrates me about this issue is there's very little discussion about why our college universities cost so much money. And that's something that has to be tackled. Larry is right, there is a real risk of exacerbating inflation. Biden administration already canceled more student loan debt than any other administration
in history, thirty two point thirty two billion dollars. And so I think he does take a step. I think I'll try to moderate it, but I do think a real discussion needs to be had about why we have so much debt towards students in this country, as you know, having having children. It is a real, real problem in our system. Well, the end double a CP is concerned about what At least these are just reports. We don't
know where the numbers are going to be. But if the ten thousan dollar number is on there, uh, you can count the end double a CP a critic. Uh. If the rumors are true. This is from President Derrick Johnson. We've got a problem, he says, And tragically we've experienced this so many times before. This is not how you treat black voters who turned out in record numbers and provided their vote to again save democracy in That's pretty heavy stuff, Rick, Yeah, it's uh, it's it's full of
criticism this policy. I'm actually assuming that they've got polling that shows them somehow benefiting from this. Because from a public policy point of view, how about all the people who weren't able to go to college, who you know, as described in this last segment, who who also have been slaving a way to try and make a living and advance themselves, and and and so you know, it's just it's it creates a division within his own caucus,
but also in the country. And I just I think it's too easy a political ploy, right, I mean, it's just naked politics. Uh, the chief executive of the country writing a check to people who went to college. I mean you think it's buying votes. I think it's buying votes. Every dollar spent Larry Summers rights, Jennie, and you work in academia, every dollar spent on student loan relief as a dollar that could have gone to support those without the opportunity to go to college. As you write, he's
absolutely right. And this has been the challenge, and this is going to be the criticism that the administration is going to have to face up. And it's an old story. You make promises on the campaign trail and then you're held to them, and they've been pushing this can down the road. Now that's come time tomorrow that we're going to hear what he has to say about it. But it's a real challenge. You said it. We set up
tomorrow perfectly. We will have more on this. The President will have spoken, will have results from New York and Florida with the best panel in the business, Rick Davis and Jeanie Schanzino year on the fastest hour in politics. If you showed up late, subscribe to the podcast it's called sound Off, and I'll see you back here tomorrow. I'm Joe Matt Washington. This is Bloomberg m H.