Sound On: Hotter Than Expected CPI, LA Port Update

ongoing threat to democracy. Bloomberg Sound On with Joe Matthew on Bloomberg Radio. Inflation hits a new forty year high, just as President Biden touts progress at the Port of l A. Welcome to the fastest hour in politics. Welcome to Friday, with a strong reaction to the CPI dated today. My goodness from the markets and from Washington, and we'll have details ahead from Bloomberg's Eric Weiner, and we'll talk

out unwinding the kinks in the supply chain. Was someone who knows a lot about it, Gene Sikora, executive director of the Port of l A, the busiest port in America. Later, the January six Committee gets inside Americans living rooms at last, did they make a difference? What happens next week? You know, we're not done. We have several more to go, and we'll have an update from Bloomberg Government's Jack Fitzpatrick, who was in the Capitol last night for some pretty dramatic moments.

Analysis from the panel. Bloomberg Politics contributors Jeannie Chanzano and Rick Davis are with us for the hour. The markets say at all, I guess the hunter than expected CPI report not what anyone wanted or was apparently prepared for. And we wanted to take a deeper dive with Eric Weener, who leads Bloomberg's North American market coverage, author of What Goes Up and the Shadow Market. And it's great to have you, Eric. Are we now were in a new

world at this point. A lot of people who called a peak for inflation a couple of weeks ago or throwing out their forecast right now, that's pretty much what's going on. I don't know if it's a new world or we're just figuring out what the old one. I

understand American. Yeah, uh, you got consumer discretionary stocks that really got killed today, and that means that people are afraid that or the market is afraid that people aren't going to be able to spend uh and technology got hit hard, same sort of thing where people are just not going to have the amount of money that it takes to spend on goods. This recalibrates the forecast for

the FED. It could. I mean, they're traders are betting that you're going to see fifty basis point hikes or half an interest rate, half an interest um basis point hike over the next three months, so through September. But they had to raise that a little bit to seventy five basis points for one of the meetings because traders are starting to expect that the Fed's going to have to get a little bit more aggressive. That's the scary part. I guess we did here. You'd here Joe Biden try

to interrupt us. Just now, the President that the Port of l A today talking about this. Let's hear what he actually said. I understand Americans are anxious, and the anxious a good reason. I was raising a household when the price of gasolane rose precipitously, it was the discussion at the table. It made a difference when food prices

went up. That's the word anxious, right for investors as well as consumers, that's exactly the word, and really uncertain because people thought that this was going to be over by now, or at least we'd start seeing some improvement by now, and it just keeps getting worse. Today's cp I print, as you guys pointed out, was just you know,

as bad as it could possibly be. So everybody was hoping, you know, by the time we get the summer, maybe we'll start seeing some normalcy and doesn't really look that way right now. This plays into earnings of course, right that's the that's the concern right now, is that companies are not going to be able to earn as much in a higher inflationary environment that these tech companies, even though they have a lot of cash. It just it's

going to cost them more to do business. But they're taking down the whole market, right, you know, people are throwing out good companies with bad companies. At some point, Eric, do we start to tell the difference. That's ultimately what happens. That there's a pattern to this to a certain extent. It never is exactly the same, but there there are threads that you can see. Basically what you're looking for is what they call capitulation, where the market just basically

sort of throws up. And once that happens, and we're getting close to that, it would appear. Once that happens, you start looking at things like, well, is apple really worth you know, less than it was a few weeks ago, and then people step in and start buying uh. And it's eventually what happens is it's the quality that people look at and value that people look at, and you start going again. But there was a lot of euphoria.

I mean there there is no mistaking that there was a lot of euphore you going on, and some of that has to come out and people have It's this is no surprise. People have been talking about this for a year, the idea that this has to happen. It's just now what's happening. And it's not fun when it does. Perfect voice on a daylight today. Eric quener I really appreciate it. He leads Bloomberg's North American market coverage team

and the man behind the books. What goes up in the shadow market getting things rolling on the fastest hour in politics. There's the market, then there's the port that data that CPI reported just a couple of hours before, President Biden spoke at the Port of l A talking about strides made at America's busiest port. Remembering images last year of ships lined up to the horizon, President says, no more, but the port, all the ports on the West Coast are bracing for some new challenges here in

the second half of the year. And we're joined by the man who runs the Port of l A right now, Director Jean Soroka. Welcome, Geen, Welcome back to big day with the President today. Do you feel like you've got this licked. It's almost a victory sounding speech, even as we got some tough inflation data this morning. From the supply chain standpoint, Joe, I'd say we're in the bottom of the fifth inning. We're past the worst, but there

still is much more to do. We're focused today on getting our rail cargo moved to the interior of the country, building up our agricultural exports, and really making sure that we have certainty in this American supply chain. You're preparing for an early peak season this year, retailers stocking up on back to school other seasonal goods coming from overseas. Will that create a new batch of bottlenecks in the fall, I don't think so. We've done a lot of work

here this year on bringing that backlog down. At its worst point back in January, a hundred and nine vessels were waiting outside the twin ports of southern California to begin work. Today, that's under twenty. The cargo is sitting for less time than normal, and we're pushing the cargo up quicker to the interior of the country. The landings for peaks eason will begin at the end of this month. We're already seeing a little bit of an uptick in

the vessels leaving Asia coming our way. So everything is happening as we had stated it would. Why is it early this year? Folks are trying to make sure they don't get caught behind when it comes to inventory seasonal goods. They know that the transit times might need a little extra time to get to their warehouse store floors, so

they're not going to take any chances. The majority of retailers have told me not only the year and holiday goods, but the back to school products, seasonal goods as well as those four fall will all be coming at the same time. So let's stretch this out a little bit and have a better line of sight on the shipment's coming in. Way. Doesn't that say you something, Gene, When the average American consumer has become an expert on the supply chain, Oh, it's like it's never been before. The

spotlight is on us. But it can never be too brave. We've got to continue to approve delivery to the American consumer. Well, you know, to speak about that that leg that comes from the port. There was a lot of talk last year. One of the most concrete things the Biden administration did to unclogged supply chain issues was was make the ports of l A and Long Beach seven. Not that it was in order, but he worked with you on doing that.

I wonder, Jeane, how close are you at this point? Well, we're prepared, we're open all the time, our dock workers are ready to go to work. We've had very few takers this largely private sector supply chain, and rightly so, it doesn't work the same hours that the ports do. We need more truckers on the ground to be able to work around the clock, and we still have a lower level of employment and our warehousing system that we

would like. Please remember, they're about two billion square feet of warehousing from the shores of the Pacific out to the desert region of southern California, and they accommodate about one third of all of our imports here from the ports of l A and Long Beach. We've got to beat the talent up in that area, so the worker shortage remains an issue. You've got a lot of jobs to fill, and we're not immune. Nationwide, eleven point four million jobs open, even here in our supply chain and

around the port. It's Adjacency's same story. We've got to do a better job to attract, recruit, and retain workers in these areas. Make it a profession once again. One of the other challenges on your horizon and all of our horizons as consumers a possible dock workers strike. Geene, Do you see that happening next month? I do not. The longshore dock workers have not gone on strike since

nineteen seventy two. Yes, at this time, we've got seasoned negotiators on both sides of the table, from the Employers Association and the Longshore Union. Each understands how important these twenty nine West Coast ports are to the American economy. They account for about nine per cent of our nation's g d P. The President himself was here today, as was Labor Secretary Marty Walsh. The administration is keeping a very close watch while being so respectful of the collective

bargaining process between both sides. Would like to see the Labor Secretary get involved in those negotiations, or is it not at that point. It's not at that point. But he's created some very strong relationships early on in his tenure. He started talking to both sides just after taking office. He's a well known commodity on the ground to the labor movement as well as a fairman to the employers associations that he's dealt with in the past. The right

guy on the case. But they're going to give these two sides room to negotiate through the collective bargaining process. Jean Sioko, you sound energized from a day outside with the President. You've had the cameras and microphones pointed your way,

but there's a storm coming from overseas. I understand what is a reopening China, a post COVID China mean for the port of l a you'll see a consistent blow of goods Joe, And unlike what some observers have reported, the central government China and the ports specifically have really prioritized that long haul cargo that which comes here to Los Angeles. We never saw the precipitous drop in goods

as some had predicted. Now as we moved towards a reopening of Shanghai, it's been interesting because the port of Ningbo and neighboring Jong Sue Province is up twenty per cent stance the lockdowns winning place eleven weeks ago, and the young Shaun Deep Seaport in Shanghai is operating at about an eighty five to nine clip. Right now, the goods continue to move and we'll start to see those seasonal and year end products hitting our docks by the

end of this month. As we look forward, not every factory was closed, not every trucking firm had to stop doing business. But the reopening is a positive sign, and we'll see a little bit of an uptick to catch up, but nothing that will overwhelm us. Well, he's on the front lines of the supply chain crisis. Jean Siroca, director of AMOR Erica's biggest port, the Port of l A. Jean, thank you for your time as always on Bloomberg. Always could talking with you. Joe, thank you. Coming up, we

assemble the panel. Rick and Jeannie are here. Rick Davis and Jeannie Chanzano help us make sense of things on a Friday. We'll check markets and traffic on the way. Joe Matthew, this is Bloomberg. You're listening to Bloomberg. You

sound on with Joe Matthew on Bloomberg Radio. So President Biden is still not making any friends on the issue of inflation, even as he discussed progress today at the Port of l A. Just echoed by Jeans Siroka right here on sound on the Larry Summers is talking a very different tune, not just about the administration but the Federal Reserve. Of course, he's been kind of ahead of the curve on this whole matter for some time, and he talked about it with David Weston on Bloomberg Wall

Street Week. Listen to Larry Summers. I think the FEDS forecast from March saying that in play would be coming down to the twos by the end of the year was frankly delusional. When issued and looks even more ridiculous today. And that's the Fed that this administration is deferring to, of course, even while talking about its own attempts to lower prices, delineating evermore between the two. Let's assemble the

panel on a Friday afternoon. It's always great to have Rick Davis and Jeannie Chanzano help us make sense of things. As I say, Genie, this was kind of a tough day for this White House. A lighter than expected report would have been well received. This blew the doors off right as the President was trying to execute a presidential events on inflation. Yeah, that's right, you know the emoji

where the person's head pops off. Hearing Larry Summers say that they were, you know, forecasting two percent and describing as delusional and probably an understatement, and we should underscore that horrible day for this White House. This, after all, is inflation month. Let's not forget we are ten days into it. We had, you know, Jerome Powell at the White House on the hot seat, and this comes out, and the President is trying to talk about the progress

they've made at the ports, but everything is up. I mean, somebody was just telling me, soup is up four, So yeah, soup Joe, do you eat a lot of soup? Soups? Apparently up? So you know, it is bad and it's getting worse for this White House. And quite frankly, the President is race right that there's a lot of anxiety. People are anxious, but that is not enough to hear from the White House, particularly in inflation month. I thought that that he was Mr. Feel your pain, Rick Davis,

that he was just the man for this job. He talks about growing up in a household where gas prices were talked about at the kitchen table, as dad's up at night for crying out loud, staring at the ceiling every night. How come it's not resonating with anyone. Well, I think he's sitting at the kitchen table and he's having the same complaints that uh, you know, most family have. All gas prices are out of sorts. You know, chicken up, if you have chicken soup, it's really expensive. Um apparently so.

But but I think one of the things he's not doing is saying, and here's how we're gonna fix it. We're gonna pull together as a country. You know, we're gonna see this through. Here's my five point plan to defeat you know, and and help defeat inflation and help the American economy and help the American consumer. And and that's the part that's missing. I mean, where's the beef? I mean, you're sitting at the table, you're having that conversation.

You feel bad for, you know, for people. So what you're the president, You're supposed to actually been doing something about it. The beef is even more expensive, Genie, You're gonna be stuck with the chicken soup this weekend. That's the that's the economy that we're in here. Uh so, so what do you do about it? Then we're coming off another big night of primaries this week in which crime, gun violence took a lot of the attention. Then we went to this January sixth mode with the hearing reminding

us of our darkest moment. How does the president get out of this hole? Yeah, don't eat the beef. Apparently eggs up, it's just fat out there. He's at the kitchen table, as Rick says, but apparently he's not eating that much. Um, you know, I think Rick Rick is absolutely right. You know the problem is, it feels to me a bit like the president. The White House has internalized this idea, which you know, I understand, but there's

not a lot they can do about this. We heard this in the context when he was on Jimmy Kimmel about gun violence. You know, Jimmy Kimmel asked him, you know, can you do anything visa via executive order? And he's explaining, no, that probably won't work. Well, the President has got to have a better message than there's not a lot I

can do. I understand your anxious but and you know, one thing we need to underscore is a big problem for this Democratic Party and for the White House right now is was Joe Mansion right when he said, don't pass that build back Better? Could you imagine had they passed that at you know, two trillion whatever it was

gonna be, how much worse the situation could be. And you look at the President's answer to inflation, beyond putting Jerome Powell on the hot seat, he's talking about fundamental aspects of build back Better under another name, and that is where people have to go back and scratch their head. Does he have a plan here and is it one that's going to lower inflation or address it? Versus increase it that Jimmy Kimmel appearance, the talking about inflation the

bane of our existence. Rick Davis, you questioned the choice of doing that before he went was that or could it end up going down as Joe Biden's malaise speech. You know, I think it has some potential. He's he's he's a little you know, uh sad these days as president United States. I mean, he's trying to feel everybody's pain, but he's not given him an aspirin in the process. And and and I guess the point I was trying

to make about the Jimmy Kimmel thing. He hasn't talked to the American press, he hasn't had a national interview in hundred and almost twenty days, and yet his one I'm going to relieve the pressure by going on Jimmy Kimmel. That's not news, it's entertainment. Give me a break. I mean, like, you know, if I was handling this candidate, uh and and and been that long since we talked to the press, we'd be getting killed. And this guy seems to we're getting away with it. And I would say to you know,

we started this segment by talking about Larry Summers. Larry Summers has been all over this administration for their lackluster handling of inflation, and he's one of them. I mean, you can't have your anti trust chief going out to break up meat fact, you know, meat distributors and and and people like that, at the same time you're trying to actually create a better supply chain of that product. And so like the right hand doesn't know what the

left hands doing in this administration. Here the full interview with Larry Summers, by the way, coming up in the very next hour on Bloomberg Wall Street Week with David West, and he had a lot more to say than that. Rick and Genie have a lot more to say as well, and they're going to stay with us for the hour as we turned to January six and the primetime hearing.

Next time, Joe Matthew, this is Bloomberg broadcasting live from our nation's capital, Bloomberg to New York, Bloomberg eleven, Trio to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine six to the country, Serious x M General one, and around the globe, the Bloomberg Business app and Bloomberg Radio dot Com This is Bloomberg Sound On with Joe Matthew. The headline on the terminal jan six panel weaves tale

of lying Trump, raging mob, cops, valor. It also brought back a lot of tough memories through that new video. Through the testimony, we're gonna talk about the January six committees first night in prime time. It was quite a show last night went a lot longer than ninety minutes, as it turned out. My goodness, the opening statements took almost an hour by the time Benny Thompson and Liz Janey were done. We're looking at nine o'clock, and I'll be deeply curious if we get ratings on this kind

of thing. It's They're gonna be another several hearings and then the final one they say will be in prime time as well. But quite a quite a moment right up front to hear the chairman, Congressman Benny Thompson, lay it down here he is January six was the culmination of an attempted coup, a brazen attempt, as one riot to put it shortly after January six, to overthrow the government. Also incredible to hear from not just Liz Cheney's opening statement.

But they were doing this, you know, kind of like I do here with playing cuts of people talking interspersed. You heard Ivanka Trump, you heard Bill Barr, the former attorney general. Hearing these former high ranking officials in the Trump administration testifying their own words was impactful, as were the witnesses. Bloomberg Government's Jack Fitzpatrick was at the Capitol last night, had a late night as all this unfolded in We're lucky to have him with this right now.

Jacket was the first outing here and we don't need to necessarily review everything that happened, but significant, as lisz Cheney pointed out, a meeting in the White House on December in which Donald Trump got together with former General Michael Flynn, Rudy Giuliani, Sydney Powell, and they talked about the idea of martial law, having the military sees voting machines before they were joined by other members of the staff.

And it was about an hour later that the come to d C January six, It's going to get wild, uh tweet went out. Can this committee connect the dots between that meeting, that tweet and groups like the Proud Boys and the Oath Keepers that is exactly what they're gonna try to do. It was really interesting that moment because we knew there were theories being proposed by people like Mike Flynn, uh, that that were a little bit out there in terms of sees in voting machines or

something along those lines. But the committee really described that. Liz Cheney described that as a pivotal point in everything they're laying out, uh, and it ties in then to the far right groups, the Proud Boys and oath Keepers that they're they're clearly going to follow through on in

in subsequent meetings, in subsequent hearings. So I yeah, I mean that was that was one point of I think basically a three pronged approach, saying making the argument that the then President Trump absolutely must have known that these legal theories were without merit, that his own attorney general was arguing against them directly to him, that through those kinds of meetings with Flynn and others, he was pushing the envelope further and further, got to the point where

he probably knew there would be violence at the Capitol on January six, and then when it happened, did nothing despite the calls from people like Kevin McCarthy for help. So that that needing that you just described is essentially at the center of this whole narrative, uh, chronologically that they're going to lay out that they laid out and will continue to lay out over the course of we think six hearings overall. Annie Thompson says there will be

actual evidence of conversations. He told CNN with those groups and people in Trump's so called orbit. We wonder how close to the sun this whole thing gets. But really interesting to hear when when these these uh testimony were delivered. Bill Barr, for instance, the former Attorney General, speaking very bluntly in this video, is one of the first things that we saw when he told Donald Trump that there was there was no significant election for that it had

not been stolen. Here's what he said. I did not agree with the idea of saying the election was stolen and putting out this stuff, which I told the president was both and uh, you know, I didn't want to be a part of it, and that's one of the

reasons that went into me deciding to leave. When I did, I observed, I think it was on December first, that you know, how can we you can't live in a world where where the incumbent administration stays in power based on its view unsupported by specific evidence that the election, that there was fraud in the election. You gotta love when you have to bleep the the attorney general. Uh. Then we heard from Ivanka Trump who said, yeah, I I took him at his word. Essentially, I had respect

for Bill Barr's view. President Trump. Former President Trump has since sent out a a statement on his own truth social saying that Ivanka was was it disconnected or had checked out? He said by that there was thrower under the bus. I guess Jack a little bit. But Uh, the idea that he was being told on a daily basis by people he trusted that there was there was no theft, there was no fraud that would change the outcome of the election really makes it amazing when you

consider what he was saying publicly. Yeah, and that's going to be key to their argument that he knew what he was doing. And the the implication, or even something more direct than than implying that the committee is making is that, Okay, if he knew that there was no legal merit to these claims he was making, he was

doing something extra judicial. He must have essentially been calling on people to go to the capital not to conduct a legal argument, but through violence or or some extra judicial means to overturn the election in ways that a court would not side with. That's the the early part of the chronology and really pivotal part of what the

committee is laying out and on on that. You know, it was very interesting the Ivanka Trump clip, but also Jared Kushner then downplaying the threats of legal advisors to the president of they threatened to resign. They showed a clip from Kushner saying he chucked that up to whining

in his words. So on one hand, the president had people very close to him saying there's no legal merit, and yet potentially there are other people like Jared Kushner who nudged him along or or downplayed all of these complaints. Everyone's asking the same question here in our last minute, Jack, you know, what does this lead to? Is it going to be up to the Department of Justice to decide if they pursue charges that you know, the committee's work

can only go so far. Yeah, legally you would expect this to be essentially handed off to the Justice Department in the sense that they already have handed some of that off when people have not complied with subpoenas. But politically, they're making their case to the American people. It plays into the mid terms, it plays into our longer term understanding of our own history. Uh. And so the importance of this kind of seems to go beyond Okay, what do they do. It doesn't come down to a vote

in committee. It's a much broader issue and argument that they're making men that More hearings ahead next week. Great work is always with our colleague Jack sitz Patrick Bloomberg, Government's Congress reporter, will reassemble the panel next for more. This is Bloomberg. Any legal jargon you hear about, seditious, conspiracy, obstruction of an official proceeding, conspiracy to the fraud the

United States boils down to this. January six was the culmination of an attempted coup, a brazen attempt, as one ride to put it shortly after January six, to overthrow the government. What I saw was just a war seene. It was something like I had seen out of the movies. I couldn't believe my eyes. There were officers on the ground I mean I saw friends with blood all over

their faces. I was slipping in people's blood. They are scrambling to change the headlines, praying that the nation will focus on their partisan witch hunt instead of our pocketbooks. It will not work, and aware of the rioters chance to hang Mike Pence, the President responded with this sentiment, quote, maybe our supporters have the right idea Mike Pence quote deserves it. Just this week, Nancy Pelosi's illegitimate January six committee secretly hired the former president of ABC News to

produce these shameless primetime show. This was the same producer that covered up victims of Jeff Epstein. I did not agree with the idea of saying the election was stolen and putting out this stuff, which I told the President was both. President Trump sent the tweet on the screen now telling people to come to Washington on January six. Be there, He instructed them, will be wild. Trump has only asked me for two things. He asked me for my vote, and he asked me to come on January six.

I know why I was there, and that's because we called me there. I did believe, you know that the election was being stolen. Um and Trump asked us, this committee is not about seeking the truth. It is a smear campaign against President Donald Trump, against Republican members of Congress, and against Trump voters across this country. This committee is unconstitutional, it is illegitimate. I say this to my Republican colleagues

who are defending the indefensible. There will come a day when Donald Trump is gone, but your dishonor will remain. In a hearing person by Benny Thompson, the chair of Congresswoman Liz Cheney, who you heard, and criticism as you also heard by Representative at least Defanek, who did not like what she saw or heard last night. How about the panel? Rick Davis and Jeanie Schanzano are with us Bloomberg Politics contributors. I was thinking about you guys last night.

We talked about it coming up into this, uh Rick Davis from a production standpoint, I remember you wanted them to get into this a little bit quicker than they did. We had extended opening statements that lasted the better part of an hour, but they were also very well written and very poignant for a lot of people. As I heard throughout the day to day, how did they do Joe, I totally agree with you, longer than I would have put them out, But they were really good opening statements.

They laid out the whole thing in a comprehensive way. So if all you saw or the opening statements, you pretty much knew what the rest of the hearings were going to be about. Uh. But I would have gotten to the video earlier because that was really compelling stuff, things that I had not seen before. And I must say the way this has did a great job, so um sure I watched whole two hours of it. I

thought it was compelling. Twenty million people joined me. But I think that, uh, we'll see where it goes from here. And they have oft to a good start. You brought back some really tough memories, Uh, Genie, what sort of surprise myself. And that was the whole point of putting this video together. But some of that footage, the first hand stuff, the p o V stuff from the police, especially from law enforcement, just taking enormous amounts of abuse

for such an extended period of time. Of course, we heard from the Capitol police officer who experienced brain brain injury, was trampled and knocked unconscious, and we've heard a lot of scary stories like that. Before we get into some of the details, Genie, what was your sort of top line. How did they do as you sat there with high expectations. Well, first of all, Joe, I think they should have hired you to do the best recap ever with the best music and put that out for the young people. That's

only our Yeah, that'll reach the young people. Um, you know, I I think they did a fairly good job. You compare it to other, you know, congressional hearings. This was you know, far and away, um, very well done. But of course it's a difficult thing to do. And so I think they did reach the point of giving some new information. And I agree that the video was, you know, startling something we hadn't seen before. We did get some

new information. I think the most startling thing for me was the idea that Donald Trump had essentially abdicated his responsibility as president during those hours. Um, you know the comments about Mike Penn's maybe he deserves it. But one thing that I was looking for that they did not

get to. And they're promising and Jack talked about this to get to future hearings, but I think they should have last night was the connection between the Proud Boys and the oath Keepers and the White House and the President. You know, Bennie Thompson goes on TV after the hearing and says, they're going to connect those dots. I'm not sure why they're waiting on that. They should have connected that last night. In my lot of this, especially Liz

Cheney's opening statement was really a preview as well. Off, Hey, listen, you're you're gonna hear and see evidence of this. We're also going to show you how this happened. So I'm deeply curious to see how they roll things out in the next couple of days. We've got a couple more hearings next week, and then you know, there'll be another one on TV at the end of this. But I'm glad you mentioned Mike Pence. I want to bring us back to a moment in that video where they actually

show talking about connecting the dots. Here, Jennie, they show UH, with almost no time to spare. President Trump sends a tweet about Mike Pence. You know, shame on Mike Pence, and it's being UH for not standing up for whatever they were planning to do, and it's being read by one of the protesters, one of the rioters over a megaphone almost you know, a radio from Donald Trump here and it's getting the crowd in a froth listen succurate one which they were asked to previously. He's reading that

directly from the Trump tweet. And now you here bring out Pence and they go into the hang Mike Pence chance that we've heard before. Absolutely shocking just to relive that, Rick Davis, and then to hear that it was Mike Pence who was making the phone calls to General Mark Milly, to the leadership at the Pentagon asking for help, and not a single call came from Donald Trump. Yeah. I thought it was really a compelling part of the video.

And you have to keep reminding yourself that Donald Trump is sitting in the White House watching the riot unfold, breaking through barriers and barriers heading into the capital to disrupt the election certification, and he writes that tweet. I mean is it's literally a madman reacting to what should be the opposite, which is trying to get people to calm down and read out by a bull horn to juice the crowd up that then immediately turn on Mike

Pens and start talking about hanging him. I mean when you see that, you're reminded of the day, right, the shock of the day. You didn't you didn't have that much detailed information or how it all fit into what was happening in the Oval office. And I think that's why they're gonna need seven sessions to outline all the level of detail and and to this point about putting together these these uh extremist groups who really helped manage

the violence. Uh, that is the entire sixth and seventh tiering, right, is the connection between them? And the key thing isn't that they have a connection between the Proud Boys and the Oathkeepers. It's what's the connection between the Proud Boy, the Oathkeepers and Donald Trump? And how far out of the orbit is? How close did they get to the sun? As I said earlier, Genie, how about Trump asked me

to come. You know, we saw the video of members of those groups and other other insurrectionists telling uh this documentary maker who testified why they decided to show up. Let's listen to a little bit of that. Trump has only asked me for two things. He asked me for my vote and he asked me to come on January six. I know why I was there, and that's because he called me there and he laid out what is happening

in our government. He laid it out. What really made me want to come was the fact that, you know, I had supported Trump all that time. I did believe, you know, that the election was being stolen um and Trump asked us to come, asked us to come. We heard that a lot of times in that video, Genie. It's not just connecting dots between the White House and those who who attacked the capital. These groups were hearing about, but also how he instigated a crowd. Does that count?

It does count? I mean it is. Liz Cheney talked about he summoned them, he assembled them, and he lit the flame. And after that flame was lit again, he abdicated his responsibility as president. He did nothing. His chief of staff was calling about how he looked politically. Donald Trump didn't call Mike Pence under attack, was trying to handle it. It's constitutionally a stunning revelation to have a president in office not doing anything. And the other part,

you know, we should just mention that. Liz Janey also talked about was you had GOP members of Congress who tried to help the president steal the election, and then they appealed for pardons. She named Representative Scott Perry last night. Now he has subsequently said that's not true because more names are coming. More names are coming either talking Andy Biggs, Moe Brooks all ghost er. But you know, he says,

we should say that that's not true. But there's got to be some documentation of that, and we're gonna the truth will come out, but that would be a you know, real stark revelation. Genie Chanzano, Rick Davis. The more charges come from these hearings, It's too early to tell, but the Justice Department is going to have a hot POTATA. Let's get back here next week. I'm Joe Matthew. This is Bloomberg.