Sound On: The Balance of Energy and Politics

a reason a lot of us are not optimistic. We will not. Bloomberg Sound On with Joe Matthew on Bloomberg Radio. The Biden administration tries to change the narrative on inflation, will OPEC threatens to squeeze out Russia just as the Europeans shut off the oil spigot. Welcome to the fastest

hour in politics. After a Memorial Day weekend with record high gas prices and as you just heard from Doug Chrisner, Texas crude back above a hundred and fifteen dollars on the way to a hundred and twenty today, we're gonna talk just ahead with the sage of the oil patch. Daniel Jurgen will be with as vice chairman of SNP Global and as President Biden sits down today with J Powell,

the FED Chair in the Oval Office. We're gonna talk about the fight to lower prices with Presidential advisor Jene Spurling, a veteran of three administrations, although the scenario he's facing now is quite unlike any other. The sound on panel is back from an extra long weekend. Bloomberg Politics contributors Genie Chantino and Rick Davis are with us for the hour. So here we go, the White House turning its attention back to the economy now that we're all back from

the long weekend. I hope you had one just driving around in circles. See if the news reports are correct. That's what we do right Memorial Day. We just drive driving around, calling each other, refilling our tanks with gas and with the taste of five dollar gas in our mouths. The administration is turning to a full court summer press on the issue that they see mattering most, inflation. The

President met today with FED share J Powell. Treasury Secretary Janet Yellen was in the room as well, comfortable on the couch as the presidents sitting near the fireplace. They let reporters in the room. I'm not sure what people expected by all this, but here's President Biden today in the Oval. My plan is addressed inflation starts with a simple proposition, Respect the FED. Respect the Fed's independent, which I have done and will continue to do. So what

we've been saying, independent Fed. And I'll remind you that we're talking later this hour with Jeane Spurling on this. Of course, even the FED can't really impact the price of oil, though, and that's been a big issue. One of the big stories of the day, West Texas Intermediate approaching a hundred and twenty dollars a barrel as the Europeans agreed to band Russian oil at least almost all of it gave back the gains. On this headline, though,

opek ways exempting Russia from oil production deal. And that's where we start with a voice of experience in the oil market and the politics that surrounded. Daniel Jorgan is Vice chair S and p Global, author of the Polister winning book The Prize The Epic Quest for Oil, Money and Power, and he's with us now. Daniel, welcome back. When you consider a China that is re emerging from its latest COVID shutdown on top of everything else I just mentioned. Can oil prices go anywhere but up this summer?

I think the only thing that would bring him down is a is a big downturn in the economy. But with Chinese demands, some of it has been shut off because of COVID and the shutdown, and if China opens up, that can add more demand and more pressure in oil prices. I mentioned OPEC maybe squeezing out Russia. So is the report from earlier today because of the European ban? What

would that mean for Moscow? Well, I think it's it's kind of inevitable because the idea of this OPEC plus field that was put together was that they would progressively bring more oil back into the market for hundred thousand barrels a day. But Russian production is headed in the opposite direction. It's going down, so it's kind of irrelevant to be part of this deal. And I think, uh so it would mean stepping back from Russia's engagement and

that might give the OPEC country some more flexibility. But you know, one thing, Joe that gets lost in the discussion. There isn't a lot of more. There is not a lot more oil to squeeze out of OPEC, is not much of what they call spare capacity, and it's just really in two countries at Arabia and the UAE. Well can those two countries make up the difference? Though? Would

that would that keep prices stable? Well? I think if they said, for instance, they announced that they're going to put more on the market, that would affect the psychology of the market. But it's a sort of it's a double edged sword because on the one hand, they have some more oil they could put in the market, but then people are in the market would say, oh, my gosh, there's no virtually no spare capacity, which is a sort of the security blanket, and say this market is really tight,

and if something happens, prices will shoot up anyway. I mean it would be well contented, would be psychologically significant. Uh. And you know, if they get divorced in effect from Russia as part of this OPEC plus deal, that would give them more flexibility to ease more oil into the market. Does that also encourage Russia to sell more discount oil to China and India? I mean, it's got to come out the other end at some point right. Well, well, particularly I think that what we saw today with the

European announcement. It's taken a few weeks to get it done, but it's basically what they're doing is dismantling Russia's status is an energy superpower. And so Russia will still move its oil, but you know, it took a week to send oil by tanker to Europe, will take a month, uh and the and it will be at a big discount. You know, the Indians are paying less for oil than people are parent paying elsewhere in the world, and so

that will cup Russia. It doesn't automatically mean that tomorrow rushes uh energy revenues are gonna go down, but it certainly means that Russia is not going to be a player in the same way it was in the past. There'll still be a big producer, but it's not going to be an energy superpower over after the next few months. Daniel, what's your thought when when President Biden mentions the Putin price hike or some of the other names that he

has for we were talking about high oil prices. The last time that that w C I was I think at these levels was before the invasion or just shortly after I guess at the beginning of March. But we've been talking about this for months, Daniel. Is it fair for President Biden to to to make this a war only phenomenon. Well, it's certainly, you know, the war is

an important part of it. But I think you've you've actually made a point that has gotten lost in the discussion we were going into uh Basically this global energy crisis started last autumn. It's because something I talked about in The New Map, which is my new book, which is that there's been like a preemptive under investment in UH in energy supplies. So we had very tight markets

going into this, into this crisis. And so you're absolutely right, those prices were already up basically starting the round October. It started whole natural gas and then oil. So is it is it possible to answer this question? And I realized there are a lot of cross currents and and frankly, prices I realized can move in anticipation of things happening. But what would be the price of oil if Russia had not invaded Ukraine? Where would w T I B today?

Oh boy, that's a good question. I think it would have you know, the price would not probably would not be as high, it would not be as high as as it is right now. Uh. I mean you have to look at sort of what's happening to the overall economy. But you know you did. I mean basically going into this, you had the three big three of oil or Russia, the United States, in Saudi Arabia, and Russia's production is going to go down, uh inevitably the result of this, and uh so, I think what this has done is

made it more protracted. And what it's also doing is, uh is kind of uh upsetting, sort of destabilizing the way oil is slowed around the world, you know, the system. And I'll give you one example. You talked about gasoline prices, Well, Russia. I mean a lot of refiners have closed down in the US and elsewhere because it's thought these other refineries, like you know, Russia is provided as part of this global system. So we've got a refining bottleneck on top

of it. Yes, exactly what does that mean for gas prices this summer? I realize you're you're focused on on the oil market here, but retail gasoline in this country could see new highs than based on this. This backrop. Yeah, yeah, I think that, uh, unless something really changes that it's gonna not gonna be a Motors are going to feel the front of it. And if they feel the front of it this summer, it will reverberate under November elections.

And that's of course what the Biden administration is very worried about up. It was really when gasoline prices started going at last November that they started saying, well, can we get production up? Instead of not paying attention to it. Daniel, you'regan leave it to me to ask you the hard question with a minute left, But but you know, you know who you're talking to here right With that said, is there anything then Joe Biden can do this summer.

We've already tapped the reserve or even talking about refilling it at this point. Is there anything they can do to make a meaningful change in oil prices or is that getting to be a question too cute for you? Well? I think that a better you know, a better coordination on a global basis would certainly help to deal with what you talked about the bottlenext before. And it's quite possible that they'll release more oil from the strategic reserve and if they hadn't released the oil that they have

done with the higher prices. So it's a tough problem for the Biden administration, be tough for any administration. Man, Daniel, you'regan great to have you back. As always, Vice chair SMP Global and a true expert runs the Serio week conference as well down in Houston, where we spent some time, of course a couple of months ago, and boy, this was the same conversation then, and the prices are a lot higher now. We're gonna assemble the panel next and see where Rick and Genie are on all of this.

As we kind of morphed this into a bigger conversation about inflation. Gene Spirling is going to join us a bit later on this hour from the White House. Of course, a veteran, as I mentioned, of three administrations and has the ear of this president on all things economic, he knows about this new push into the issue of inflation today. If you didn't mention or didn't notice the full Court Press, it is underway. We'll check markets and traffic for you

as well. Welcome to the fastest hour in politics. We're back from the long weekend and joining you live from the nation's capital. Rick and Genie are up next. I'm Joe Matthew. This is Bloomberg. This is Bloomberg. So long with Joe Matthew on Bloomberg Radio. You do start feeling like we're setting up a road warrior moving here right forget about top gun for a second. The gas is too expensive. Let's assemble the panel now for some insights

into all of this. Bloomberg Politics contributors Jeanie Chantano and Rick Davis an essential part of the fastest hour in politics. Genie, I hope you had a great and long weekend. If Daniel Jurgen is our advisor here as we map out of all of our solutions to the world's problems, he is a pretty good one. There's nothing, if I heard correctly, there's really just nothing the White House can do but watch the oil market, much like the rest of us. Yeah,

you you saved that last difficult question. And he he said, you know, maybe release some more oil. They've already done that. Better coordination on a global scale. And you know one thing I think it's important to note. Um, you know, he said rightly. So we're looking at two available sources.

We're really looking at the UAE and Saudi Arabia, and you look at what the West has done visa v those two countries and the last you know, five plus years Biden describing you know, Saudi Arabia as a parias state. There was you know, the notion that the oil industry is dying. You had Europe focusing on you know, solar hydrogen, all those kinds of things, and so you really don't see much incentive for Saudi Arabia to cooperate at this point,

which is a big problem. Now. I'm not suggesting that we shouldn't have called him a parias state for the human rights violations, but you know, you have a policy that makes it now in Saudi Arabia's you know, gives them little incentive to cooperate with the West at this point, and that's a huge, huge problem when they are one of the two sources out there. Therefore, Rick Davis, call it the Putin price hike and get on with it, right if this is not something that we can really

affect between now in November. Yeah, I noticed today in the meeting with Chairman Pal there was very little conversation about gasoline prices, dancing around sort of the most obvious problem that American consumers are having right now. I mean, Americans are on the move. They spent two years sitting in COVID waiting for this moment to gas up the car and head for the road. And now they no longer fear COVID. That they fear is the price of gas.

And today the retail price, according to Triple A, hit its highest ever for unleaded UH in the last five or four dollars and sixty two cents. Well, it's a

horrible report card for this administration. That is an average four dollars point six one nine per gallon, to Rick Davis's point here, a record high from Triple A. And we're going to get more record high as if Daniel Daniel Jurgen's thesis is correct here, right, Jeanie, So you've got to start deflecting if you're going to handle this from a political standpoint, and unless you're finding new sources of energy, that's right, And you know they are, you

know we as we talked about last week, they're trying to with Saudi Arabia. They're trying to take some steps. But you know, I thought, gosh, did I feel badly for Jerome Powell to a certain extent today because you know, you had the President parading him in front of everybody's

saying he won't interfere with the Fed. This guy now has the toughest job maybe in the world, because he has now been pointed as the poster child for if you don't do this, it's your fault you and putin quite frankly, and but what else can the president do because his hands are basically tied, and so you know you're gonna saying prices go up. There's no political win here for the White House but to try to deflect and to say that they're looking towards the people who

have the power. I love the President's quote today when he said he wouldn't interfere. Of course, you're not gonna interfere with the Fed. You have nothing that you can do at your disposal. Man, you're giving me harper And here, Genie, imagine Rick being that guy. You're sitting on the couch the presidents saying, you know, I I defer entirely to Rick.

Faith is here when it comes to inflation, the number one issue for Americans at home, and you're thinking, oh my god, I think my mom's called Yeah, who knew there was a trap door in the Oval Office. I mean like Pal fell right through it today. I mean, you know, how would you like to sit there with

the president? I mean, just one thing. It's worth it though, Uh you know I I think that the abject failure of leadership today in the Oval Office with Chairman Pale on on behalf of Joe Biden was not worth the price of admission. I mean, basically, what Joe Biden told the American public is pound sound. This is a guy who's unelected, he reports to Congress. I have no influence on on Chairman Pale, and I wouldn't want to have

any influence on Chairman Pal. But he is the reason you're gonna have so much pain in the grocery stores and at the pump at the gas station. I mean, don't blame me. I mean, like that's the biggest buck passing. I thought the buck stopped on the Oval Office desk, didn't get passed over to Chairman pal desk. But what's he gonna do though sending out tweets like Donald Trump and say what's wrong with your hike? It interest rates at a time like this, or I mean the alternative

brings criticism as well. Right, No, Look, I mean, if he agrees with Pal's strategy of tightening, then he should say so. Obviously, giving support and an effort to the Chairman of the FED is always a positive thing. He's not immune from being able to comment. But but at the end of the day, the balls in his court.

I mean, like I disagree with Jennie. Why wouldn't you get the you know, head of Saudi Arabia, the head of you a e you know, in a meeting somewhere on zoom or in person, dropped the pretense that somehow all these people are bad folks. They do only one thing, They pump gas, and so if we have a gas problem, we should be talking to them at some level of government. Doesn't have to be Biden. We are approaching the Saudia's right,

and they're taking criticism for that. Genie. The obviously, the whole Kashogi story is going to come up again as soon as we start talking NBS. It absolutely will. And you know, I wasn't suggesting we shouldn't engage with them. What I was saying was from Saudi Arabia's perspective. Both the United States and Europe's treatment of them over the last five to seven years has been given them little

incentive to cooperate with more production at this point. And by the way, they're making a lot of money given the current pricing situation. So you know, this is a misstep from a policy perspective, but probably the right stance from a human rights perspective. And the Biden administration Europe walked right into it. And it's not just human rights. They also did it over climate and other things. So this is where we find ourselves today. I kind of

like this conversation. I like where this hour is going. Rick and Genie each got an extra hour. They got their wheaties and they're here for the hour. The sound on panel, Genie Tanzano and Rick Davis. I'm Joe Matthew. We bring in Gene Sperling next from the White House

and his view on inflation. This is Bloomberg Broadcasting line from our nation's capital, Bloomberg to New York, Bloomberg van Frio to Boston, Bloomberg one oh six one to San Francisco Bloomberg nine six, to the Country Serious x M General one nine and around the globe. The Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Sound On with Joe Matthew. It is getting hot in Washington. That is not clever writing. It's actually really hot in Washington.

Ninety six degrees right now. Yeah, still ninety six degrees humid in the Capitol. You can hear the air conditioners buzzing, helping to remind us all of our thirst for energy. Record high gas prices today. Energy could be the stickiest part of the inflation story. And we're going to get into all of this coming up with the President's senior adviser, Gene Sperling. Rarely has so much been made of a single meeting Biden in rare Powell meat. I see the

headline on the terminal seeks to deflect inflation blame. We did discuss this in the Indo. Endn't fed earlier this hour. President Biden has not changed as two And I'm just not sure what people were imagining was going to happen. You know, they're gonna sit there and sort of solve this today in the Oval Office, maybe light of fire.

I don't know what people thought would happen. But the Treasury Secretary was there as well, Janet Yellen, and so we're still we're still moving forward here with the plan that the administration has laid out, and there appears to be a much more focused conversation now coming out of the long holiday weekend, which is why it's a pleasure to welcome Jeene Spirling back to the program, the White House American Rescue Plan Coordinator, more importantly, senior advisor to

this president and of course his third administration here. Gene, it's really great to have you back. This kind of inflation is new to everybody. I guess it doesn't matter how many White Houses you've been in, maybe if you were running things back in the seventies, but I know you're a much younger man. That said, the energy component here is of great concern realizing the administration and is differing price control and into the war on inflation to

the Federal Reserve. There's only so much you can do in a global oil market that seems to be shrinking. Do you feel that way? Well, I think that when

something's your top priority, you do everything you can. You're right, this is quite a unique period, right, You've had You've you've had a Biden recovery that had the greatest job growth in the history of the country, best growth since uh forty years, the largest drop of in unemployment ever, and yet you're doing that is not helping you to necessarily escape from what is a very serious global inflation problem. We just saw it. The euro that's an eight point

one percent, the UK is at nine. So you know that's and that's a little comfort to an American families here going that it's a global problem when they're going through the gas at the at the grocery line. So I think that you know, the President started day with basically saying that this was going to be a presidency that was not just going to say it respects the independence of the FED. It was not going to be bullying them or you know, trying to intimidate them publicly.

Which is funny if I say that, people think I'm talking about Trump, but it's actullent. Five different presidents since nineteen sixty have have sixty four have have participated in in kind of been trying to intimidate the FED. So first of all, you start and you make clear this is top priority. I respect the independence of the FED, because of course monetary policy is going to be the

most powerful tools. Secondly, you recognize that one, you know, one of the strong outgrows of this recovery is that it's surge growth and revenues, and it made it possible to roll off a lot of the emergency spending programs like u I and and and the Economic Impact Payment. So we're seeing one and a half early in valor decline and the deficit that damned inflationary pressures. And then the president you know, and I could do it, but

I'll stop to give questions. You know, goes through all the different things, from the historic release of the strategic petroleum reserve to trying to bring down prescription drug costs, and so every single one of those somebody could say, well,

that's not a silver bullet. But of course, and you know that this audience hears about these steps, Gene, and I hate to interrupt, we have such little time, but this this audience is pretty sophisticated with with exactly what you're talking about, the stages and the steps that have that have been taken here. Um, what are your what is it damned if you do, damned if you don't.

In a way though, what's your reaction of those who you know you heard me mention the headline, UH that the President was essentially deflecting inflation blame by having J. Powell on the couch and the other the other extreme is is Donald Trump tweeting at J. Powell telling him what to do with interest rates? Is there something in the middle here we can find? No. I don't think this is about being in the middle. I think this is about the importance of respecting the independence of the

Federal Reserve, particularly when they're doing something. You know, we understand that our Federal Reserve is independent and has while they have a dual mandate at times where inflation becomes the highest concern, that they're going to take steps to dampen that inflation, and that's going to be raising interest rates. And the President is making very clear that he is

going to respect that independence. Respecting that independence, as I've seen in my past presidencies, whether it was with you know, Alan Green's fan or or Ben Bernaki, UH, makes it easier for presidents and heads and FED chairs to talk into to share, you know, insights, so that we all understand the direction that we're rowing in philosophical question for you you try to about the economy here, it's just philosophical question when it comes to fighting inflation. We saw

a German inflation at a fresh record high. You've made the point this is a global phenomenon. The President and the administration have also made the point that it's driven by the war in Ukraine, and then it's driven by COVID. These are all completely different factors than the Federal Reserve has countered before with the sledge hammer of tightening of raising interest rates. Do we need to not be more

delicate with our response here? If these are specific issues supply chain, war in Ukraine, if you fix those, then inflation goes away. No, Well, you know you're gonna put me in a bind because obviously I just would and said that those of us in the White House, you know, shouldn't be commenting or trying to influence the Federal Reserve. I would say the following, Um, I do think you know, I don't think this is about deflection of blame. This is a global crisis, you know, it is everywhere. It's

not the one head of states fault. And there's no doubt that delta omicron made it harder to have that supply, uh, you know, to correct some of the supply constraints, and of course the war in Ukraine didn't cause all the inflation, but it is true that gas prices were at three dollars and thirty one cents on January seventeen when food moved treat troops to the border of Belarus. So it's clearly a dollar thirty or more worse. So that's just

recognizing that. Yes, I don't think this is the fault of any particular head of state, but I think every head of state, including Joe Biden, feels it's their responsibility to do what they can. Now, I think it's just basic economics to know that the federal reserves monetary tools are going to have a greater impact on UH dampening inflation than a lot of things that can be done by an administration, even if you had a poperative Congress

said clearly having a major decline in the deficits. It's something that there is Jeane spoiling, I'm out of time, Come back and see us on Bloomberg. This is Bloomberg, So long with Joe Matthew on Bloomberg Radio. As we reassemble the panel on the Fastest Hour in Politics, Rick and Jennie are with us for the rest of the hour. Rick Davis and Jennie Shannon Zeno, Bloomberg Politics contributors fascinating

conversation with Jeane Spoiling. Rick Davis, I'm curious if you still feel the same way after what we discussed in trying to tackle the issue of inflation not just practically but also through messaging optically with the FED chair in the Oval office today. Is this going to be something we're talking about for the rest of this administration. Well, first of all, we don't know how long this is

gonna last. So I think the assumption you have to have, especially in this administration, which you know sort of bought inflation into this, you know it's transient. It's not gonna last long if it if it lasts six months, it could last a year, and and and and the one thing you don't want to do is stop talking about inflation and start talking about a recession. Right, that's the only time it gets worse than when it currently is. So so absolutely they have to be committed to a

long term fix. In the long term means you know that we have to reinvest in these resources we have in our country. I mean, and I thought, you know it was really interesting to note that there are three big oil producers in the world, US, Russia, and Saudi Arabia. Well, why don't we look at US as an option here?

And so rather than having to worry about everybody else that has to be reinvested that wasn't invested in during the Trump administration, even though we talked a good game, there wasn't like this excess capacity available to this administration when they took office. And this administration has got to get over the bug a booze of of uh, you know, making an investment in that, in that industry, and then and then I think they are all these other things

that you described. I thought very well, um, you know, supply chain and and and infrastructure, and some of that is being done. So you have to have a longer term point of view, and you've got to take the political short term impact to that, and so suck it up. Genie looked no further than the front page of the Washington Post that was struck by this this morning. US policy makers misjudged inflation threat until it was too late.

That's what people woke up to this morning. Not everybody listens to and watches Bloomberg in is as deep as we are in these conversations where it's fifty versus seventy five basis points. No, the post here says policy makers blew it on inflation, and then it was coupled with an inflation timeline genie that goes back to February of one. Is this now the way the White House gets to the living rooms the mainstream conversation about inflation. We're not

talking to the markets anymore. We're you need to talk to real people. Yeah, I mean, and and you know, people should listen to Bloomberg because we talked about this going back, but the White House simply wouldn't even say the word for many many months. And you know, obviously they were hoping it didn't happen. But it did. And you look at the President's op ed out in the Wall Street Journal, and it's interesting, he is he is right.

There is good news on the economy, quite frankly, but you can't overcome what people are facing, you know, as they go to the to the gas station to fill up. And the problem with with what Spurling said, quite frankly, is you can only blame putin so far. Yes, oil prices did rise after the invasion, but inflation impacts more

than oil. People are paying more for everything, and so these macro you know, realities you know down and you know, unemployment is down, supply chain is better than most other countries, business investment up. People don't feel that, and so the White House is stuck in this problem. And I thought one of the interesting things about the President's plan is he doesn't talk about bill back better in this op ed, but every single idea he has to address it is

incompassed in build back Better. Yeah, it's it's a flashback to the whole build back Better debate. And I'm not sure that's something well, I know, like the State of the Union. Yeah, it's it's probably not going to pass Congress, I would suggest. So you're back to square one. And the problem even you know, Rick's idea invest in the US is a great idea, but that's not going to help them for the mid term. It's not going to

help them short term, and that's their big problem. Well, the President did not get high remarks at the big rally over the weekend in Wyoming Saturday night in Casper, Wyoming, But then again, Liz Cheney didn't either. Here's former President Donald Trump ripping into Liz Cheney. As I read here on the terminal, Trump stages rally in his quest to defeat Cheney. Here he is, Liz Cheney hates the voters of the Republican Party, and she has for longer than

you would know. Wyoming deserves a congresswoman who stands up for you and your values, not one who spend ends all over time putting you down, going after your president in the most vicious way possible, and loving endless, nonsensical, bloody, horrible wars that never end. They just never end. The Cheney's are die hard globalists and warmongers. How do you really feel? And by putting you down, I mean going

after your favorite president? Rick Davis, I guess the several people who were at the rally, including Congresswoman Bobert, had trouble pronouncing the name of the woman running against, have been sort of recruited to run against Liz Cheney. But this isn't until August six. Does that mean that that's the that's the next thing that matters to Donald Trump and the campaign cycle. Well, after licking his wounds coming out of Georgia last week, he wanted to do something

that sort of change the message. And this was a great, great way to do that, go and attack one of your own. Um, you know. It's the thing that needs reminding is Liz Cheney voted with Trump of the time. She she is one of his best advocates inside the

House of Representatives for his agenda. That being said, her argument with him is related to his conduct during January six and the subsequent stop the Steel campaign and and and and so when he says that she's been not a good Republican for a long time, that parts not true. What is true is that she doesn't like Donald Trump and has made it a caused celeb and a career

move to to try and beat that. She's got a lot of time left in this primary, She's got a lot of money in the bank, much more than than her opponent primary opponent, Harriet Hageman. And and and so this is not a done deal. And that's why Donald Trump showed up because the last thing he needs is for for Liz Cheney to win reelection. And that would be seen as the biggest rebuke of this election cycle. Honestly,

sure would And I by would you get on a committee, Genie? Yeah, you know, the reality is if Trump can't win in Yoming, where he got his largest margin out of any state in twenty and did it incredibly well into its sixteen, he can't win anywhere. So you know, this is a do or die place for him. And of course Liz Cheney is his number one opponent on this question of

whether the election was stolen. So I think this is the definitive referendum on this question of whether the Republican Party is going to be focused on looking back to relitigating that or whether they're going to look forward. And I would suggest, even if many members the Republican Party won't say it, some of them secretly hope that she wins because they don't want their party to be about

looking back. They wanted to be about looking forward. And you know what was funny to me at this rally was, you know, Trump claiming that he swept to Georgia. I'm not sure he saw those results, but sweeping Georgia was not amongst the things he accomplished. There. Just say it. At least half the people will believe it here, Rick, what do people think of Dick Cheney in the Republican Party? Rick? Is there really a split here? The way that the

Trump really he went for the warmongering. Uh. There there is obviously an element of the Republican Party, the nationalist streak that helped Donald Trump get elected that feels that way. But how how wide is that Well, I don't think it's very wide, and I think it's pretty much forgotten. I mean, the reality is it's been a long time since Dick Cheney held office as Vice president uh and arguably helped get us into the war in Iraq, and

and so I think that's beating a dead horse. I really don't think that there's anything that someone's gonna find in a poll in Wyoming, certainly where he's still seen as a very popular figure. I mean, you assume this attack by Trump is going to be effective, but the Cheneys are political gold in Wyoming, and so going after her father is really missing the mark. I mean, he might have a shot on go with her, but going after Dick Cheney and Wyoming, Wow, I mean, like that's

a waste of time. Fascinating conversation with our panel. Rick and Jennie of course are here, and I don't know if you guys have had a chance to weigh in on the peach tree scandal, The peach the peach tree, The peach tree scandal. Marjorie Taylor Green have you seen this thing? Has been viewed over a million times now. Of course, just off her primary win was talking during

her latest broadcast of MTG Live. Remember we talked about lawmakers, their podcast, their shows, things happen, uh And in this case, the congresswoman was talking about how the government wants to monitor everything in your life, including what you eat. Listen to Congresswoman Marjorie Taylor Green. The government totally wants to

provide surveillance on every part of your life. They want to know when you're eating, which they want to know if you're eating a cheeseburger, which is very bad because Bill Gates wants you to eat his fake meat that grows in a peach tree dish. WHOA okay, did you get that pete tree dish? Sebastian get the short one. Just that. Listen closely when she says it peach tree dish. It's like Peach Tree Street in Georgia, the peach treat dish. This is, of course the same woman who introduced us

though to the Gaspacho police. Remember, go for its Sebastian. Not only do we have the DC Jail, which is the d C goolog but now we have Nancy Pelosi's Gaspacho police spine on members of Congress. Watch out for the gaspacho, don't mix it with the peach genie. This is the kind of programming that you get in the age of podcasting and YouTube from our elected officials. I think we need to focus exclusively, like once a week on these public officials, and their podcasts are the best.

You're right, we are, did you hear Petrie there? Petrie Dish Rick Davis. Uh. I don't even know how to comment about Marjorie Taylor Green and most of what she talks about, but it's all a you know, wonderful scandal that she's obviously you know, giving us information about that in our bellies, there's some kind of a bug that's, you know, reporting to the government on what we eat for That bug in my belly is Bill Gates making fake meat. I didn't know he was even in that business.

This whole thing has been fascinating to me. Put the caspaco in the peach tree dish and see what you get for dessert. The best panel in the business, Rick and Jennie back here tomorrow. Will meet you again on the fastest hour in politics. I'm hungry now, I'm Joe Matthew. This is Bloomberg