Sound On: Guns Deal Framework, Jan 6 Hearing Recap

on guns. Welcome to the fastest hour in politics with details today on the framework just weeks after the shooting in Uvaldi, and as the House committee investigating January six builds its case against Donald Trump, will discuss both with Congressman Stephen Lynch, Democrat from Massa choose it's member of the Gun Violence Prevention Task Force. Later, stocks tumble on

the latest inflation shock. President Biden says he'd like to pop someone, and we'll talk about the messaging on prices with Greg Valier, a g F Investments our panel today Bloomberg Politics contributor Democratic analyst Genie Chanzano along with Republican strategist Doug High, former Communications director at the Republican National Committee. We've got a great hour ahead, but first the damage done. An update on the markets. There's nowhere to hide today.

Let's go a bit deeper with Bloomberg Equities reporter Jess Meant and Jess thanks for being here on a busy after hours. There are a lot of broken charts out there. How damaging was today From a technical standpoint, it was very damaging. One of the key levels that technicians were keeping a close eye on was thirty eight ten, which the SMP five hundred broke today, and that was the intro day low on me when we had that big

sell off. At that point, the SMP five hundred had dropped more than intra day from its January third high at that session, but paired back losses and did not officially close in the bear market that day. But today it did and it was one of the most powerful bull market runs that we've ever seen. Wow, So it's to sell everything market here. Even Energy was lower today, Huh,

everything was and interesting with energy. I spoke with a number of strategies to get a sense of why energy was one of the among leading to groups in the sectors in the SMP five hundred, that was lower if that was something that was tied to global growth concerns

and recessionary fears. But something that did come up was as far as when I was talking with technicians, one of those things where energy has been the best performing sector by far this year, and it's a sign that potentially investors were starting to sell even some of their winners, in liquidating some of those positions to raise some of

their cash levels. And that's something that has been a bit missing this year in the sell off when you're looking at the SMP five versus some of these say more tech growth oriented indexes like the NASTAC and then it's like one because a lot of people say when it comes to Apple some of these other really big favorites that people don't want to go off. We saw signs of those stocks cracking in the last month, and again maybe when you're looking at energy some of those

signs as well. Interesting this is all about a recalibration, right that that that inflation data on Friday recalibrated the expectation for the FED. Now we're talking seventy basis points again, maybe even more right the Wall Street Journal journal pointing out that we might see a potential surprise move of

seventy five basis points from the Fed on Wednesday. And a lot of it has to do, especially when we're looking at the stock market, what's going on with the bond market, when you're looking at the US tenure treasury yield spiking again about three point one per cent, and just the speed in which that it has moved so quickly.

It's really going to pressure the stock market and enforcing stocks and investors to recalibrate their expectations as far as what that means for valuations, corporate earnings, and obviously the Fed's trajectory with the economy analysis. Jess, great to have you. Thank you for the insights. Jess metten with us getting things rolling on the fastest hour in politics, My god,

that was something to watch. Meantime, here inside the bubble, Senate Majority Leader Chuck Schumer says he will bring a gun bill to the floor as soon as it's finished. The President says he's going to sign it. He put a statement out yesterday after negotiators in the Senate announced

the framework for a gun safety bill. It includes what we've been talking about, a red flag incentive for states, more comprehensive background check, says we learned as well over the weekend for people under twenty one who want to buy a gun, White House calling it an historic agreement.

Today Otherwise, we've told you as well, lawmakers in the House have been working on much more strict legislation, further reaching that includes hiking the age to buy an assault rifle to one, which was approved by a pretty wide majority of people in a series of polls conducted since Valdi. Now. Congressman Stephen Lynch, a Democrat from Massachusetts Boston, mass who serves on the Gun Violence Vention Task Force, urged his colleagues in committee last week as they were marking up

those bills to make that law. Here, he is, I respect my colleagues rights to defend the Second Amendment, but I will note when when in defending the Second Amendment, you have to go to military experts and battlefield commanders for advice on how to protect our kids while they're in school. We got a problem. We've got a problem, Congressman Lynch joins us now on Bloomberg Radio. It's great to have you, Congressman, greetings to South Beat. Does the

Senate bill go far enough? Would you vote for it. Well, Joe, that's that's the that's the dilemma. Right now. We have a framework, but there there is no language yet, there's no text. So I understand that that both sides. There were ten Republican members and ten UH Democratic members who

agreed to a basic framework. But it's an agreement on principles, and so you know, as you know, the the the devil is in the details, and so when we get down to actually putting pent to paper and getting those provisions down, then then we'll be able to be a better judge of it. But look, I don't want to I don't want to discourage them. I am glad that they are coming to a framework. I am glad what we that we're having progress in the Senate, and UH

I look forward to supporting UH that bill. Of course, we we we think Moore is needed as opposed to some of our other colleagues. But but that's what legislation is about. It's about compromise. So let's see what we can do to make this make Americans safer, make these kids in school safer. That's that's the end goal for

all of us here. You recently quoted the new York Times a report that found that if the proposals being considered in Congress had been lost, since four gunmen younger than twenty one would have been blocked from buying the rifles they used in mass shootings. The Senate bill, as I mentioned, is not is the age for buying a gun the way the House does, but will it help to have background checks that include juvenile records as this

apparently will include. Do you like that idea? Well? The the idea is that, you know, as as what happened in Evaldi, when the kid turns eighteen, that should not give him, uh, the the unmitigated right to to own a an assault weapon. Right. There should be something else that is required there. So I think the Senate agrees with us on that. You know, how much added protection

do we need? I think it is wildly popular in the you know, the general population, I think especially among those who have eighteen year olds, and uh, you know, they recognized the need for more maturity there, and uh, you know, I think that's that's the point we can agree on, and let's let's sit down and figure out what what restrictions are reasonable under the circumstances. Massachusetts past a red flag law inen. I was there. I remember

the debate. It was surprisingly protracted. People might not assume for liberal so called Massachusetts. But reports say that since then the order has not been used often, and when it's used, it's actually been police more often than family members or spouses. Has has the law health? Has it made a difference in your state, Congressman, I think at

this point it would just be anecdotal. So in some cases we do recognize that, you know, it's it's tough to prove a crime, a crime that was not committed, right, It's it's tough to prove, you know, the negative. So we think that there were there were many instances of a bad situation being averted by the removal of a gun from from a home. But again it's it's not it's not as widespread as as we thought might be

the case. But there are instances where you know, families will come forward or police will, uh will intervene to say that an individual should not, under their current condition, should not have access to a firearm, and it's it's adjudicated in this case so that you have an impartial judge recognizing recognizing, you know, the Second Amendment as well Yeah,

what happens from here. Do you have a sense of there will there be negotiations with the House or will you essentially get a product from the Senate that you need to decide up or down on. Well, Uh, there's always one for negotiation. And because you're pretty far apart

in your versions here, obviously they are. They are. But but I think either either our Senate colleagues Democratic Senate colleagues will carry some of our initiatives forward in those negotiations with their Republican colleagues, or there may be a requirement for for a conference of some sort or some negotiations between the Senate and the House. But again, I am encouraged that there is this framework and we do seem to be moving forward. This gives you a sense

of how fresh this is. As we discussed it with Congressman Stephen Lynch from Massachusetts on Bloomberg Sound On, I want to ask you about the January six Committee while you're here quickly. Congressman had its second hearing today. We heard at length today from former Attorney General Bill Barr, along with a number of other top ranking White House officials,

including the president's former president's daughter. Uh. They described repeated attempts to tell Donald Trump that he had lost the election in the day of In days following, listen to Bill barr and testimony today, I was somewhat tomorrow ours because I thought, boy, if he really believes this stuff, he has you know, lost contact with with He's become detached from reality, detached from reality. This of course led to Bill Barr's departure Congressman. This committee is bringing forward

some very troubling allegations. We're told that there is evidence that will show even worse as they begin to connect the dots that the president essentially attempted a coup. Is anything going to come from these hearings beyond trying to set the record straight and set history straight. At some

point will there be charges? So what I'm anticipating, and this is just me from from reviewing the evidence, is that there will be I think there will be based on all of the evidence, and we have more evidence to come that hasn't been made public. Um that a criminal referral will be made and that the Department of Justice will have to make a decision at that point, but they will have ample evidence and uh and again it won't be a you won't be a congressional effort.

It will be the Justice Department that takes that up. Should Kevin McCarthy that is the main purpose there, understood? Do you think they should refer as I mean they did already for the minority leader. Should Kevin McCarthy have been charged for refusing to cooperate? In your opinion? I'm not quite sure. I didn't dive into that in terms of, you know what what he's legally bounding? Do Um? He

does have, you know, some rights against self incrimination. Um, But um, I think it was the right thing to do to come and cooperate and testify. But um, talking about busting a lot of conventions here these days, I don't have to tell you that as someone who's been on Capitol Hill for a minute. It should Donald Trump himself be charged? Uh, that's what the criminal referral would be for for him specifically. You mean, yeah, yeah, he's behind us? All right, Well, there could be if it's

a conspiracy, A lot of names. I'm curious what you think it could be. It could be that could be. Let's let's let the rest of the evidence come out. I know there are some members that came forward and asked for for pardons as well. That that's surely an indication of at least their own belief that they might be guilty of something. Did you know that before they announced that last week? Had you heard that before I did? Yeah? Yeah,

so that's true. Then we've been arguing about this for the last four or five days as to whether it happened, and you know, I know the committee is gonna do. Who are not remains to be seen, but that that's what I was told. Fascinating five to six lawmakers, Congressman. I'm not sure if it's as high as six, but there were several. I saw the price for a gallon of gasoline in Massachusetts today top five dollars, just like where I am here in Washington it was five dollars

and four tenths or something like that. I don't know what you're paying in the city, Congressman. But how worried are you this that this is actually the story that is making headlines as opposed to what's happening in that committee room. Yeah, that that is a concern. Um. It seems that you know, Ukraine has dropped off the the uh, you know, the front pages as well to a certain extent, and uh, people are looking at the price of basic goods. You know, inflation is h is uh the most regressive

tax there is. So it's hitting the people worse who can LEAs afford it, right, Um so yeah, I think I think people are seeing that upfront every day in their in their lives, and and it's occupying a big part of their worry. It's getting to be almost, uh a comedy routine though, with the way this is being covered, isn't it, with every single day asking about what are you gonna do to beat inflation? If this is a global phenomenon, are we not overstating the role that Washington

plays and controlling consumer prices, particularly energy prices. I know that's its own conversation, but this is like, these are long term trends, no, right, you need you know, you do not replace the oil supply that was taken off

the market with Russia's invasion of Ukraine, Um, any time quickly. Uh. I also think that as as well meaning as some of the measures we've put forward, and that involves transition, shipping and things like that, I don't think there's any quick six here that we're gonna be in for a slow slog here, and if history is any indicator, it takes a while to turn this around, and and I

think that will be true in this case. I hope you've had a chance to get down to Sullivan's, uh for a hot dog, and I hope your summer is going well at Congressman, thank you for coming to talk to us. Thank you, Joe, thanks for having me on. It's a pleasure here on Bloomberg Sound On, we assemble our panel Bloomberg Politics contributors Genie Schanzano Doug Hides with us as well, Republican strategist, former deputy chief of staff to Eric Cander, former communications director for the r n CE.

Doug Greetings, welcome back, and Genie, I hope you had a great weekend as we consider. I don't even know where to begin after everything we just covered with Congressman Lynch, but I think we'll just do this in order. And that's a deal. On guns, Genie, this is the incremental stuff we've been talking about, but it looks like it's actually going to happen, and maybe even a bit more on the background checks that that you might not have expected. Does this sound like success to you? It sounds like

something to be optimistic about and hopeful about. But this is far from a done deal. And I think the Congressman just stressed what what everybody in Washington is saying, which is we don't have language yet. Well, you know me, I'm a little bit of a skeptic, but you know, well yeah, and and so the question is going to be, you know, what does that language look like? How long does this take? They supposedly want to get this done

before July four, which is a challenge but doable. But don't forget and I keep mentioning this to people with too may mansion. It was the language that destroyed that deal because once the language came out, people were able to look at it, pick at it, and that's what drove senators away from supporting it. And I don't think they did that fairly. So the language is going to matter an awful lot because you're a far cry from

that when you're talking framework. So I am hopeful it would be wonderful if they could push this through, but there's still a ways to go. Doug, you've been in the room when the bill writing happens, when this process arts. What are your thoughts on how many changes could happen. Are you skeptical like Genie? Look, I've been hopeful and

skeptical the entire time. Hopeful that this time indeed is different. Um, which we've we've heard before but seems to be true, and also skeptical because the old adagees is very true. Here the devil is in the details. And this is where we're getting at right now. Is that detail part where you're putting legislative text together. This is where disagreements happen. This is where agreements that happen on a Monday disagreements on Tuesday, and that as well. Um. And so you know,

we have a ways to go. But you know, obviously if if this is a marathon not a sprint, you know we're at least at the thirteen point one mile mark and you know, hopefully we can get to the finish line. The President has largely allowed this to happen, Genie, And it came up a few times at the White House Press briefing today whether he was going to become more directly involved and whether he would actually engage with Republican is not just the Democrats who are part of this.

We know he's met with with with Chris Murphy, the Democrat from Connecticut. But is it time to stand up and say, you know, I can influence this, here's what I'd like to see. Um. I think he should do what he's been doing, which has let these senators work this out. If they need him to step in, I think he absolutely should do that. But at this point they seem to have forward movement, so I wouldn't want

him to step in into that doesn't. And you know, Joe, you mentioned something critically important to the congressman about the red flag laws in Massachusetts, and I remember this, Well, that's what we mean. You know, in theory, these sound very good, but when you get to those details that Doug was just talking about, that's where the rubber hits the road. It can be very tough for people to sign on. And by the way, not just Republicans. You've got to hold all the Democrats. We've got Warnock hass

and we've got Cortez master O'Kelly. These people in purple states have voters they need who feel very strongly about the Second Amendment. And I'm not saying they're going to vote against it, but you've got to keep them on

board as well. Doug when you consider the idea of you know, they couldn't get a federal red flag together, we're incentivizing states under the language in this legislation, or I guess I can't even say that, but not under the handshake language going forward here, how many red states are going to take the money to adopt read state laws, red flag laws. The short answer, the short answers, we

don't know. UM. You know, what we've often seen is, you know, money is available to states for various purposes, and some some states take the money, some states don't. It sometimes is remarkable when Republican governor UM expands a you know, medicare for instance, UM, where we've seen more Republican governors accepting that money where they haven't in the past.

But at this point, we just don't know. And you know, this is I think emphasizes what's really been a challenge, not just on this issue, but but on so many issues of letting the perfect be the enemy of the good, and so often we hear, whether it's on this bill or on other issues, the answer that this isn't the solution. We all We often then lose sight of trying to find a solution because something isn't the final solution, and if if we can't get to the perfect, let's accept

some good. And it's one of the reasons why it's been so significant that leadership has stayed out of it. Mitch McConnell's not involved in this process. Schumer is not involved in this process. And that's a good thing in this case. And behold, there's something to show for it. I'm just curious, though, Doug, where the red flag law

kind of falls on the partisan scale here. Is that seen as you know, sort of conte damaging gun control in in the conservative sort of Second Amendment world, or is that something after this series of shootings that everyone seems to be kind of open to. Well more people

were certainly open to it. And as Congressman said, you know, it's hard to prove a crime before it has happened, and you know that that's a legitimate issue as as we move forward and how to you know, consider red flag laws and and you know, warnings and so forth. Starting to see some members change on this, some minds

on the Republican side, but it's clearly not universal. Do you need the idea of going through juvenile criminal records and mental health records when applicable in a background check, gives you more hope than you had in the effectiveness of this legislation or not it does. I think for me that a proportion is probably the biggest surprise that there was, you know, this bipartisan support for that, and it would be profoundly important if they were able to

push it through. But I think there is sort of a through line in both of these. You know, you look at the incentives for red flag laws, you look at these more extended background checks with mental health checks and other things for younger people under twenty one, and there are real and serious and profound questions that people have about the denial of due process as it pertains to red flags, and then as it pertains to the

juvenile records, to privacy. So those are the kinds of nitty gritty things that they're going to have to address, because people to rightly, so very seriously that we have due process in this country, we have a right to privacy language, yeah when it comes to healthcare, mental health in those things, and so you know, it's one thing to in you know, in a thirty thousand foot level, say yeah, I want a red flag law. When you look at how it works, people do have serious questions. Jennie,

how about the boyfriend loophole? Though we only have thirty seconds, but that is actually something that's not really come up in this conversation nationally. That gets to the idea of domestic violence, not just school shootings. Yeah, and again really critically important a way to stop this, but also raises questions about due process and about people being wrongly accused.

Those are real concerns people have just forever complicated. Great conversation though, and great to have Doug High with us. Jennie Chanzana with us for the hour. Our panel here on Bloomberg Sound On. I'm Joe Matthew in Washington. Coming up. Inflation is a bear for the White House. Will gauge the level of panic ahead with Greg Valier. This is Bloomberg MH. So many blockbusters this week, writes Gregg Valiere. The January six committee going for the jugular gun reform

bill finally moving. Kind of sounds like this hour so far at an Iranian nuclear deal apparently dead. But the big story, he writes, is the Washington panic over inflation, which may lead the Federal Reserve to consider more aggressive tightening. That's actually where we started this hour, of course, talking about that with Jess. The market reaction today has been brutal at the gasoline price spike. I'm going down the note from Greg Valiere and the increasingly angry president. You

heard him in Los Angeles on Friday. He's at the Port of l A. Remember we talked to the director of the port a little while after about shipping industry profits and he got really upset. Listen to Joe Biden at the port. Every once in a while, something that you learned makes viscerally angry. If you had the person in front of you, you'd want to pop him. No, I really mean it. Dre are nine nine major ocean line shipping companies that shipped from Asia to the United States.

Nine they formed three consortium. These companies have raised their prices by as much as one thousand percent, and he wants to pop him. It's like a Y I oughta um. Greg Valier always great to have you. Do you think that was in the prompter or was that was that spontaneous? No, it's spontaneous. That is why Joe they don't let him do very many press conferences because when he's unscripted. Who

knows what he's gonna say. Talked about ex on Mobile as well, is that they're making more money than God, pay your fair share and so forth. I mean, is this kind of what it's come to? And I got to this a little bit earlier with Congressman Lynch Greg You know, we're all it's part partly on us, right, We're asking them every single day, what are you gonna do about inflation? When the White House has kind of used every tool it's got, right, maybe there's something I'm

not thinking of. I guess there's China tariffs. They've deferred to the FED argue with their late or not. But my goodness that you know what else is Joe Biden going to say? At this point? The cupboard is pretty bare when it comes to policies. There's a leak this evening that they may revive their idea of a gasoline price rebate. I wouldn't rule it out. I mean, it's going to cost money, but I think people might like seeing that. But there's not a lot that he can do.

And to rely on the FED is ironic because an incumbent president doesn't want to have a FED raising rates and that's what we're going to see. Well, that's for sure. We're well on our way there, of course, But what do you make of the messaging. It's been very deliberate lately. Defer to the FED. Talk about the independence of the Fed. Karine John Fare was doing that just an hour ago

in the briefing room. And then remind everybody that you know, you've got this China competes bill, you've got the chip ACKed waiting, and you've got ideas from build back better that might be good to lower prescription drug prices and

so forth. But that's going to be the answer tomorrow, next week and in the month after right, and before you know it, Joe, we're going to have the July four break, and then there's a five week August break going into early September, and then there's the election, and I think there's not a lot of time left to get much done. I think that relying on the FED is risky because the Fed is going to do some

real damage to interest sensitive things. Does the gunbelt chock up to be a win if this thing gets past, Yeah, it does. I think he could claim it's better than nothing we've done something. Of course, that's going to take another week or two before it gets done. But yeah, he desperately needs a victory and this would be one. Let me ask you this, Does a trip to Saudi Arabia end up being a win if it actually lowers

oil prices? That's unclear. I think he's got two constituents that won't be happy, won't his people who don't like the way Saudis the Saudi's treat people in terms of human rights. The others the environmentalists who don't like fossil fuels, And Joe Biden is going to go to Saudi Arabia trying to get more fossil fuels. Does that angry talk work the you know show, show him you're mad? Mad as hell? I'm not going to take it anymore? Or is is that why we're in the thirties for approval ratings.

I'm not sure it's constructive. I understand that he's frustrated, and frankly, Joe, I think that he has to be thinking about only one term. I've been writing this. It's controversial, but you were ahead of the New York Times on this. Yes, as I pointed out to people today. But I think that there's there's some there there. I think that, well, you went further than that, you said maybe not finish this term. Uh, let's let's just jump right to it.

What do you what's making you think that? I think there's going to be a show acking on November eight. The Democrats are going to take terrible losses in the House. They'll lose the House and losses in the Senate as well. And I think that the Democrats are seeing in Joe Biden somebody who has lost a couple of miles off his fastball. I don't. I'm not a doctor. I can't say anything for sure, but I think he's not quite as sharp as he was. That's becoming a very common theme. Uh.

And he hasn't been anything done. But that means a resignation or how do you mean not not not capable serving the rest of this term. I think that he may be in a position where he would step down, maybe after after Thanksgiving. I don't. I don't rule that out at all. I will say for I feel quite strongly that he will not seek a second term. This is coming from Greg Valier with us today on Bloomberg.

This has been quite an hour, I'll tell you. Um with regard to the gun legislation, you said, a couple of weeks, is anything in the pipe? After that, I mentioned the rem and some build back better. We started hearing the word reconciliation a little more often. The last couple of weeks, do they go for it? Uh? They may. The key if you've you've heard this before, The key is Joe Manchin and we'll see if he's willing to

do anything on build back better. Don't you love being asked that question over and over and over again by people like me? He said, Well, you could play the tape back from a year ago. It's the same exactly. There might be something I can't you can't rule it up. I think I'm intrigued by this gas gasoline rebate idea that might gain some traction in the next few days. But again, the cupboard is pretty bare. January six Committee.

I have to admit, Greg, I felt like it was more effective today in in the way the tape was edited, in the way things were rolled out. Maybe they weren't trying as hard. I'm not sure exactly, but boy, hearing these top ranking Trump officials in their own words has been pretty damaging. A devastating day for Donald Trump. Uh. William Barr certainly made it quite clear what he said

he thought Trump maybe was an alternate universe. Uh. And I think there was the other story that probably will get a lot of play in the next day or so, is that Trump's people raised a lot of money based on they did. We're gonna talk about that next try two and fifty million dollars. Great talk with Greg Valier. We appreciated Greg a g F Investments. Will reassemble the panel next. I'm Joe Matthew. This is Bloomberg. You're listening to Bloomberg. You sound on with Joe Matthew on Bloomberg Radio.

And the redhead on the terminal not what this White House wants to see. In following our conversation just now with Greg Valier, you might want to pop someone inflation data likely to push FED to consider seventy fits on Wednesday. This was supposed to be further down the road, right. It's based on a lot of the conversations we were having beginning with surveillance this morning. We'll talk more about out that, of course coming up on daybreak. Asia. I'm

Joe Matthew and Washington. This is Bloomberg. Sound on as we reassemble our panel today. The top witness set to testify before the the January six Committee today was a no show, as you may have heard, and he had well, he had a really good excuse. Donald Trump's former campaign manager, Bill Stepien's wife went into labor this morning. The chairman of the committee, Tho, says he was in town this. Stepien was prepared to answer the panel's questions before life happened.

But it was amazing to see the plan B come together or I'm not sure was this the backup plan on the behalf of the committee. I mean, the committee opens at ten thirty this morning. They put it back half an hour. They open with video of Stepian from his three hours of testimony, edited carefully into bites and in some cases strung together with cuts of other people testifying to create a story all on its own, like

a documentary. There was no narration from lawmakers or anybody else, so you hear the questions from the lawyers, the answers from these top ranking Trump officials. Was this James Scoldstone, the former president of ABC News. We heard about He's hired by the panel to help produce content for the hearings. I thought that was for prime time, but I don't know. I wonder, and today they focused on what was going on in the Trump White House on election night, how

the mood changed when Arizona was called for Joe Biden. Remember, of course it was called by Fox. And the conflicting advice that the president received from his campaign manager, from Jared Kushner, and as we learned today from an intoxicated Rudy Giuliani, that's direct from the committee. Jason Miller confirmed Giuliani was drinking and intoxicated that night. It went late, of course, after midnight, and Rudy Giuliani got some time

with the presidents. Let's listen. There are suggestions by I believe it was Marrior Giuliani to go and declare victory and say that we wanted out right. Was arts too early to be making any calls like that, UM. Ballots, ballots were still being counted, ballots were still going to be counted for days, UM, And it was far too early to be making any properation like that. I remember saying that the best of my memory, and I was saying that we should not go and declare victory until

we had a better sense of the numbers. Okay, can you be more specific about that conversation, in particular what Mayor Giuliani said, your response, and then anybody else in the rooms response. I think effectively, Mayor Giuliani was saying, we wanted they're stealing it from us where all the votes come from. We need to go say that we won, and essentially that anyone who didn't agree with that position was being weak. And so it began. That's Jason Miller again,

they're the presidential advisor answering questions from the lawyers. You also heard the voice of Bill Stepian, the campaign manager, who told the press it in that night. You know, you might want to go out there say they're counting the vote still will check back here tomorrow, and of course that is not how it went. We reassemble the panel on sound on Genie is back with Us today Jeannie Chantano along with Doug High, Republican strategist. Doug, what

did you make of this today? Watching not just the information come out a lot of this stuff we've heard, but hearing it in their voices. These are the people in the room repeatedly, including Donald Trump's daughter telling him that he had lost. It's it's a very different context when you hear these words directly from from somebody, whether it's you know, in person testimony or or video. And obviously what the committee is doing is they are laying out you know, this is all political, but this is

also very much of essentially a legal proceeding. They are building a case, um, and it seems clear that they'll be making a lot of criminal referrals um, you know, to the Department of Justice. Will have to see how high and how far that goes. So they bring it back to April today, any when the president at the time, Donald Trump, was talking about, hey, if I lose this election, it's only because it's rigged. And it went right up until that night when they decided, all right, let's go

for it. Let's say that we won before they start finding votes in in their words and Rudy Giuliani's words at four o'clock in the morning, Uh, important to start here at the source, right this, This is not a president who was confused about what was going on. That's right. And you know, I had a bit of, you know, a sort of surreal experience listening to this, because of course we all lived through this we pay, you know,

fairly close attention to these things. But you know, as you think about what was going on the April before the election and going forward, we knew he was making these statements. You would hear him on and off, but to see it laid out the way they did today, starting back in April, going through to getting inside the room in election night, and then continuing, it's it's a

stunning reality. And you know this idea that there was this quote unquote team normal versus Trump, and they were people who were enormously supportive of him and wanted him to win, but telling him the reality and he wasn't accepting it. It was I think a very very effective day.

And the most important thing is they are debunking this claim that the election was stolen, and they are making the case that the president himself knew that it wasn't stolen, and he continued making this case anyways, which results in the violence on January six, and so many people he trusted, so many loyal uh Trump staffers, including his own family,

were telling him this. As it turns out, that was really something to behold along with Bill Barr, I want to hear this next portion here because it was remarkable. The former Attorney General here loom large in the proceedings today again not in person video testimony as and he described as he began to give up on Donald Trump.

He describes a visit to the White House November twenty three, his first visit after the election, spoke with Donald Trump in person the first time, who was describing massive fraud and question why the Department of Justice was not doing more. As Bill Barr leaves the oval, he's with Jared Kushner and Dan Scovino, the the social media director, and he approaches them to ask the question here he is, how long is how long is he gonna carry on with

this stolen election stuff? Where is this going to go? And by that time A. Meadows had caught up with me and uh leaving the office and caught up to me and said, uh that uh uh. He said, look, I I think that he's becoming more realistic and knows that a limit how far he can take this. And then Jared said, you know, yeah, we're working on this.

We're working on it. We're working on it. Doug Hi that it's it's incredible to think that his his nearest advisors at the time thought he was about to come around, that Donald Trump would kind of drop the stolen election thing that was Thanksgiving. It's now summer of two. Yeah, I don't know what they expected him to come around on. You know, If if anything, Trump has been remarkably as wrong as he's been, has been remarkably consistent on this. There has been no change in any of his rhetoric.

Um he's pushed list since before the election. You know. He we often say about public speaking, tell people what you're going to tell them, say it, and then tell him what you just told him. That's essentially what Trump did. He said the election was was rigged before he lost, he said it while he lost, and he's continuing to

say it now. And you know, for for AIDS to be surprised at this or to think that he would somehow turn around says that they were either engaged massively wishful thinking, or they don't know the guy at all. They of course would be replaced by Rudy Giuliani and in Sydney Powell and Company shortly thereafter. With regard to the I guess what we'd call the the inner circle, uh Genie. But to think that everyone in the Oval office thought the President was going to probably drop this.

His supporters still believe it. Large percentages of Americans still believe it. As this January six Committee does its work, they do. I mean today there isn't a primary election in Nevada, just as an example, and you've got somebody running on the Republican side, Sam Brown, who has raised an enormous amount of money on the big lie against Adam Laxell, who is likely to win that primary, who actually filed a lawsuit claiming that the election was stolen.

One of these two people is likely to be the Republican nominee from Nevada, and very well could be the next Senator from the state of Nevada. As Katherine Corti's master face. Is a really tough election. So these that's just one state, one primary where this very real lie about this election has continued to resonate. And that's why this is the most important thing the January six Committee can do to underscore from the mounds of people who know the President and who told him that this was

indeed a lie. By the way, Bill Stepien, again this was Trump's campaign manager at the Times, is that he was supposed to testify today wife when the labor I'm sure Doug you might even know each other or work together, but he's currently advising the Republican candidate. This is incredible, who's running to unsee Liz Cheney, endorsed by Donald Trump, continues to say the election was stolen? How can you

do both right now with a straight face? Doug, Well, you know, certainly in politics you make different arguments for different purposes and in different places. Um, But you know this, this is obviously, you know, a stretch and and something that I don't think anybody was really paying much attention to until obviously this week. No, of course, you know, we'll we'll have to see, you know, we'll have to see if he's if he says anything about this, or

his candidate UM says anything about this. But it obviously, you know, creates more and again this this is very political proceeding, you know, more things for Liz Cheney to talk about, um when she's campaigning back home. Well, boy, I guess so do you think that would affect his performance? Or as this Washington genie and we're cooler than that, you know, you're very cool, Joe Matthew right down there

in Washington you know up here in New York. We of course no Bill Stepion because he was enormously involved in Bridgegate with Chris Christie, so he has a long history with with those of us in the Northeast. Wait, there's just there's so many layers. Genie, Doug, Thank you, Doug. Comeback soon. Genie will of course, she's part of the family here on Bloomberg Sound on the fastest hour in politics.

We'll meet you back here tomorrow. We'll get two more hearings this week and a lot more to follow from this White House. This is Bloomberg