GOP Is Struggling to Sew Up Divides From Within, O'Brien Says

Um Kama Charmer was with us from Bank of American Maryland today and he really discussed the ambiguity of the dollar right now. Is it imbute, is it ambiguous dollar direction right now or do you have a strong conviction in the next year. Well, one of the themes I've had at is that we have far more advanced in the hiking second the US and in your zone. But unlike what everybody else is saying that the dollars should go to the roof because of that, I'm actually thinking

the opposite. I think quantitative tightening if anything, is going to expand with premia, which is going to cause treasuries to rally, which means the interstructor referention is going to be get less. I also think Drugg is hopelessly behind, and while he's not going to change his mind tomorrow, it means the dynamics are shifting more favor of the

europe Treasury is rarely. We've got a collar treasury rarely up to two fifty to sixty, and then we've got others that says suggests we could migrate to three percent. Where are you? I don't think we're gonna go that high anytime soon. And partially is that at some point we're gonna get volatilion the markets. That's gonna get treasures to rally. I think the tax reform is going to be disappointing and uh, and just look at the election

last night. I think that Republicans are going to be less inclined to kind of align with the the current administration. And so all of that doesn't speak for higher yells. Now, maybe maybe inflation near pressure is going to pick up a tad, but I do think that the um if the feed is an autopilot, that means higher rates that's going to flatten the yield curve and the flattened yeld curve can happen various ways, but I don't think treasures

are gonna actually move all that much. But later this morning, Michael McKee is going to sit down with the Steve Manusian, and I imagine a question he could ask. I don't know if he's gonna ask it, is that what this administration's dollar policy is? Have you detected the change in it? Do you have a clear sense of whether we're seeing a continuation of that Ruben dollar policy. Well, it used to be after rum in any way that if you were able to aufer those words that we have a

strong dollar policy, that you qualified for the job. Um. And and nowadays those the treasure sectary minution has has a stronger view of what they want to do. Clearly they want to boost the exports, so clearly they want to have a week or dollar from that point of view. Um. But they of course they want to always want to have it both ways, and and so ultimately the policies matter. And he had a quick question, is that we're going to get a trade war or not? Um? Is it

all just talk or something gonna happen? Um. I continue to think the biggest tail risk. I'm not saying it's the most likely risk, because but something's gonna gong with China, some dispute over the South China Sea, and they're going to retaliate with some trade policy. Right now. Of course, everybody is trying to put up a happy face with with the president's visit Overada, and so in the meet Tom, there's nothing on the horizon. We're broadcasting a day from

the yearhead. Someone I saw from across the way that you were sitting down with David co talks someone I know he is thinking a lot about cryptocurrencies versus gold. Uh, he's considering himself maybe a bit of a neo Luddite here as he struggles to embrace cryptocurrencies and bitcoin in particular. Where do you fall in all of this? Probably in this, in this still nascent argument about the worth of cryptocurrency, I'm based in Santrtisco. I get called about cryptocurrency's probably

once a week by venture capitalists, loyals, all kinds of folks. Um. I do think if you had a bitcoin tied to gold, say, um, it's an interesting way to to trade it. I think the blockchain technology is fascinating A bitcoin bad by nothing. It's ninety nine all over again. That's that's kind of fun too, if you want to get into adrenaline. Is ninety nine all over again? Or is it seventeen thirty whatever in tulips all over again? Which is it? Well,

the tulips without to Bitcoin. That said, I compare a cryptocurren is a bit like Netscape to the Internet. Netscape isn't around anymore, but the Internet certainly is. And so I think there's a lot to be done with a blockchain technology. There's gonna be a lot of this hype is going to translate the value somewhere. Go on your hard currency, guy, can you go along Bitcoin? Let's cut to this. It's not a currency, uh, And so it is.

It is something called the currency. Um. It is a TOOLIP and that's gonna well, just like many fiat currencies will UM. But I think the question David had is linking it to something else. There is a blockchain technology linking contracts um to to the decentralized ledger. And you can do that with securities. You can do that with gold, you can do that with the real estate. Um. Not all of these things are gonna happen but very smart minds are putting the brain into it and and something

is going to come of it. I don't think there's any stock or cryptocurrency you can buy right now due to to enjoy that, especially not a good value that I'm not suggesting anybody by a bitcoin um but if I were to, for example, one thing I've been contemplating is built an interface between a cryptocontract and to secure at these world UM say have a UM gold etf link it to a crypto and then go to your broke and saying, hey, I want to take delivery and

facilitate that. That would say something of interest. You know. It used to be easier, but it shares the general electric and the president is In China, I did trade weighted rend mimby today, which is up up. It's a thirty three percent trade weted red mimby. Since that a storic July two thousand five days, the Chinese done their fair share to go strong you wan weaker dollar. The Chinese just had the People's Congress. They wanted everything to

look good. They wanted a strong currency, and that's the policy of the day. When you look at China, it's always a step forward and reform and then two steps backwards. As long as the economy is running, they talk open markets. I mean, the most telling thing was that President she had a speech about opening the world up, and then towards the end of the speech, um in the p F that there was market intervention to make sure the

market goes higher. Now that is China for you. Um, it is a market that's still not being driven by the bye, by the by the broad masses, but by the fame all drive. And as long as that's the case, it's anew unsustainable in the right here where it's right now, Axel murk out a Brown University. And of course, as you mentioned earlier abouting in San Francisco, I want to rip up the script here for a couple of minutes. How do mere mortals live in your San Francisco. You're

a prosperous guy. And this has come up in conversation four times in the last ten days of of well meeting people saying ignorance, ignation, just got a job in San Francisco. Where are they gonna live kind of thing. I mean, there was a photo on Twitter of a woman with a legitimate job sleeping in a car in a parking garage. And I'm not talking about homeless. I'm talking about you know, professional class slash front class. What's

gonna happen to your city? Well, I live in about what in Sanma says good fellow who cuts my hYP periodically, lived in Tracy. That's like a ninety minute drive a good day. Um. And and absolutely if you if you'll firefight a police officer, it is very difficult to live locally. Any service provider cannot. So yeah, price is going to

go up. Um. But at the same time, yes, you do have people sleep and my my daughter, one of my kids, is going to community colleges high school student and a third of the students don't have a permanent home. They do couch not they don't sleep under the bridge, but they hop between friends to to just get by and did my first three years exactly. But it's happening to an ever greater part of the population, not just down the privileged compaims of the world. Are you seeing

cultural fishers as a result of that? I think back a year year plus ago when we had a very stark divide between uh, those new wealthy people in San Francisco and those who were in these service jobs, who've been in San Francisco for a long time, who were in the artist community. Are we seeing that play out as acutely as it did. I'm probably not the expert on on local politics in San Francisco from what I can tell. Although I listened to blew my radios and

the local RADIANC I already these things. There was this big wave about the Google bosses and so forth, and clearly they always discussions dispute that said home would home a San Francisco has always been a magnet for the homeless and others because they provide many services amongst others, and so day it is very, very visible, especially when I walked to the office every morning and before dawn. Um it is. It is very the contrast of various one final question when you're on it. So we get

a huge turnout from the Austrian economic screw. They love it when you come on. Do you sense any Austrian in the new Federal Reserve? Absolutely not, Mr Powell. I down't doubt his intellect, I down't doubt his integrity, but I happen to believe he's completely agnostic to monetary a policy and what I mean with that, does that mean he can become Austrians And it means it means that he's on autopilot, and if something happens, autopia is gonna

come off, he's gonna have a route awakening. And what I mean is that historically the lawyers on the govern us who allaw us, which on most of them, historically, they don't know monitory policy. They don't have their own staff, so they look at awe at the presentation of the fat and sign of what the chair does. Now the guys in charge, and I've no doubt he'll do something, but I don't think he has experienced that. If everybody says he does, um, it's going to be very interesting

securities right over here in our food parts. So they're when to come get you. Is the Phillips curve dead? Yes? In some ways. How would you respond to Mr Manutian today saying that Philip's curve is alive and will Well, he's a trade of secretary. I guess his word counts, but I I can trade. I can buy ourselves, so

I can always take an opposing you. It's very good, excellent, Thank you so much for joining us on the dollar with some thoughts there of a lesser, not strong dolor and of course that somewhere those are great comments in San Francisco. It's the brightest of the social tests of our society. No one, no one can look. Then we've talked about in the context of real estate. People are getting out of college. I want to move there. Well, exactly.

This is a very important interview, particularly those at Global Wall Street. You know Stephen Major, he's an HSBC and he has been uh smarter than most about saying no rates won't go up. Now is a particularly good time to speak to Mr Major from our studios in London. UM this morning. This is people begin to percolate of a higher rate environment. Stephen, have you changed your call? Do you give way to two point four, two point

six or three percent ten year yield? No? Our forecast, but the end of two thousand eighteen, Tommy is two point three UM. We haven't hits our one point nine and seventeen forecast, but we're not there yet. It's still possibilit of course. But I I I completely reject the idea that yields are going higher. People have been calling for two and a half to sixty UM from a

break above two forty. At the start of the year, people were calling a break of to sixty would mean three percent or three and a half and they're going to have to wait a long time. What is the why of that? Is it an economic analysis? I think a Michael foul yet JP Morrigan with one point four potential g d P? Is it a yield analysis? Is fluor dynamics? What's the y well? The ten year rate is a function of longer term growth. It's much more global in nature. So the Fed doesn't have a great

deal of influence over the ten year rate. Ten year bonds of priced off of the five year rate five year forward if you like. So we're thinking about five year start for a five year bond, the yield shouldn't be that dramatically above current levels. And I think this is what people are missing, is that the Feds almost certainly gonna experience a turn in the economy to the

worse at some point in the next few years. The peak in the rate cycle is much nearer than they probably want to think, so in five years time we could well be in an easing environment. In that case, it's appropriate to look at five year rates that are lower than today's spot rate. That's how you can get a ten year year that doesn't want to go above two point four And to me, we're stuck in that range maybe two percent to two and a half for

the next year or so. And Stephen, let me ask you about how your prices in geo political risk at this point in Europe in particularly, been watching what's been happening in northern Spain, certainly paying attention to Italy as well. How much other this should we make, How big a deal is what we've seen that in those two countries in particular, what we have to we have to build

an internal process, there's no doubt about that. But just just just as a quick comment on this, the ten year rate ten years forward, so again, the ten year rates starting in ten years time has gone below four percent and is pushing three seventy in both Italy and Spain. And this has been happening in the last month or so.

So whilst you've got all of the disruption that you can imagine in Spain around Catalan in particular, and the concern about Italian politics for two thousand and eighteen, the longer dated bondyards have been falling. Now that tells me all I need to know. The ECB has confirmed that they are low for longer. The ECB policy rate is going nowhere until two thousand nineteen earliest, and we'll wait and see what the world looks like in two thousand nineteen.

I suspect the ECB has missed the chance to hike this cycle. The data is good, right, The growth data is good looking back the last year, but it doesn't tell you where the next year is going to be. It could be that we're as good as it gets at the moment. And I think that many economists are finding this frustrating because they're trying to use whatever, some kind of neo classic call or Cansian framework to to try and guess where the growth rate is and then

from that guess on the growth rate. They're trying to figure out what it means for bonds. Now, the ten year German government bond is not point three. It doesn't reflect a three point zero growth rate and hasn't done for a long time. It looks much more like a Japanese yield that is a handful of basis points, and so you know, the Japanese yield has been stuck there

for years it's going to stay there for years. The German yield has got more in common with the Japanese yield than it does with what's happening in Brazil or Mexico. So so, so that's the frustration for economists who find themselves somewhat disenfranchised from the process because they're looking at cyclical patterns, trying to guess where the growth is, and then trying to link the bond yield to that growth rate.

The two are disconnected. In fact, the three things are disconnected. Okay, So so focusing on cyclical patterns when you've got structural and secular drivers seems a bit naive. That's if you've try an distinction here listening to what we've hear an ECB speeches between a focus on stark as opposed to to flower face. Why is that significant what the ECB

has been focusing on talking about. Yeah, I pointed it out in the Asset Allocation that was published today because I was quite moved by a couple of recent speeches, most most recently Peter Pratt, the Chief Economist. He's emphasizing the stock effect, and he's doing this with some authority. Markets have focused on flow because they're looking at monthly patterns and nets supply outlooks. The stock is not just the bonds held inside the central banks, which, by the way,

and never coming back out. That the non reinvestment decision in the US, which will later be faced by the ECB is not the same as selling bonds at all. Okay, so those bonds are not coming out. That The important thing is that the stock is not just the bonds held inside the central bank. It's the impact that the buctresses have on the flute. So the diminished float is the main is the main explanation for why Japan trades at three or four basis points and why Burns trade

where they are. Steve Major one final question. If we look at Navarro Ross economics, ross Naviro economics or zero some society and antagonism towards China, if you were the advisor president the United States today, would you tell them that China is never going to start buying our paper and it's priced up yield down as a China tendency. China in the US have a relationship that's very strong

behind the scenes. Let's forget all the noise because the two countries need each other so the Chinese by US paper as a choice because they are basically importing a monetary policy from outside, whilst they choose to peg their currency and actually deny their people of concer umption if you like that. The two countries are in a in

a relationship that works very well for both sides. So there may be some phony games going on on the outside, but I think behind the closed doors, when the serious people are talking, they all realize how much they need each other. So so the fear of their being a wall of money coming out of China that would somehow disrupt the treasury market, I don't think is one that

we have to worry about for now. Steve Major, thank you so much, greatly appreciated from HSBC's just incredibly pressure about Laurie's of course said I think the biggest interview of the days make McKee's interview with the Treasury Secretary sty Moolution down in Washington, d C. A little bit later this morning, and it is a changed interview from twenty four hours ago. To give us perspective on that.

Right now, timothy'r uh joins us, I can say he's with Bloomberg view, I can say he's done this, He's done that. All you need to know, whatever your politics is, he is definitive on the finances of the citizen Donald Trump, who has become president and in China right now, Tim, the Bloomberg View team is a sprawling team of of political experts, economic experts. How is your task changed today

off the election results of last night? Well, you know, I think there's a lot of sentiment this morning that Virginia and the results they're represented a wave. I I want to I guess can genitally want to step back from received wisdom a little bit in moments like this. I I'm sort of waiting for the mid terms to be the real bell weather if we're gonna see whether or not there's a ground swell uh in response to

Trump and Trump is um um. You know, just on the data alone, the demographics have gonna change in Virginia and you've got big turnout. You had a you know, a a cast scade in the suburbs, so it was an interesting race on the numbers. To review here, I don't want to go Michael Brown on the two of you, you're the political experts, but to review in November eighth of two thousand sixteen was the turnout issue that the Democrats didn't show up for Secretary Clinton. Uh, for sure.

I mean particularly I mean voters of color. That was that was a huge issue, and I think you saw voters of color turnout in this race. Now, Virginia is also home to Charlotte'sville obviously, and there was a huge, uh controversy around the riots there that were racially charged. So yeah, I mean I think you saw a change that. I don't know if that's a change that translates to

other states. I just don't know. We saw the president tweet yesterday after these election jolts Kim in he tweeting from South Korea or in transit that glassbe worked hard, but did not embrace me or what I stand for. What does that look like as we look ahead to the mid terms, as you say, are we see more and more candidates on the Republican side doing that? What is that? What is what is embracing this president fully?

You know, David, I think the first thing it says is the President Trump in the in the batting of and I will throw someone under the bus if it suits. How he wants to spend an event because there's no question that Ed Gillespie clothed himself fully in Trump is um law and order, um hm, immigration, embracing the Confederate statues, um, and and that's not escapable. He presented himself as a

proxy for Trump and he got thumped. But again, whether that's going to translate to other races, I don't know. You know, I think every GOP candidate has to think back to Mike what happened to Mike Huckabee in Arkansas when he went was proceeded consoft on crime and and he paid for to the polls, and it killed a presidential candidacy for him. I think you're gonna see that continue to be a theme that Republicans al hits regardless

of Trump. What are you watching for after we saw the indictments last week, as the investigation by Bob Mueller continues, as we've seen UH Secretary of Commerce Wolver Ross I dont want say implicated, but brought up in these Paradise papers. What are you watching for on the money side of things going forward? Well? I think that you know, I've always kind of thought, David that the collusion stuff is not a real threat to Trump. I don't think he's

worried about it. I think where this may come home to roost for him and the Bob Muller investigation is money, particularly around bribery and quid pro quos or whether or not there was obstruction of justice to mask collusion or bribery. Um. But I think that we're in the very early innings

of all of this, you know. I think again, the Trump moment raises people's temperature so high, but there's sort of a wishful thinking around issues like impeachment or indictments, or is this a wave in Virginia when we still have a little empirical evidence of where any of this will go. What do you observe of the retirements? I was looking at CBS had a great summary of all the different retirements and how's people becoming Senate, running for

office for senate, governor whatever. Is it normal to see the sequence of Republican retirements or is there something special? I think it's something special, and I don't think it's normal. And I think what it speaks to is that the GOP right now is struggling to establish a consistent and agreed upon identity around contemporary conservatism. And I think there's members of the GOP who are uncomfortable with the populist wing of the party, and and they haven't sewn up

those divides. And I think, okay, some some Republicans are saying they don't they don't want to be part of that. Bloomberg Savannah spoke to the Lieutenant Governor of Virginia yesterday who is now the governor elect uh mr North from uh doctor I should say North Austria and and and the idea here of did we see last night the same shift in the Democratic Party from no Bernie Sanders. It's really not gonna work, and we need a more

centrist tendency. Can you take that nationwide? Well? I mean that's and that's a debate that goes back to to to Bill Clinton and uh the the DLC, going back into the you of the eighties and nineties. Um. I think both parties have always struggled with this issue of you campaign to your base, which is more ignited, more ignited than than the national electorate. But you have to govern and campaign at the national level as a centerist. I think both parties have struggled with that, and they're

both somewhat um at sea about it right now. Tim o brian, thank you so much to Bloomberg View writing up a storm. Do we see an essay today from you? Not today? It makes you feel November. Tim O'Brian, thank you so much, and I really should say Bloomberg View with great overnight work, including an important essay from Al Hunt with his uh decades as heritage of Washington. What

do you got? The President Obama just tweeting a moment ago, picking up on what we're just talking about that is turned out, and he said, quota, this is what happens when the people vote. Congrats Ralph Northman, film Murphy New Jersey. Congratulations to all the victors and state legislative, county and mayor's races, every office in the democracy accounts. So he

pushing against didn't anybody under the bus? Mr sait Tavia and Tom Keen here at the Bloomberg You're Ahead event at a Bloomberg headquarters in New York, looking ahead to Michael mckeees interview a little later this morning with the Secretary of the Treasury Stephen manution down and watching d see.

A big focus of that is going to be on tax from That's a big focus for every legislator in Washington right now, including our next guest, who was born in Glendale, West Virginia, took a detour down to North Carolina. Was a zoology major at Duke University. Eager to hear how that training prepared her for the zoo of Washington, d C. Navigating she has to Shelley Moore. Capito joins us now by from the junior Senator from the state of West Virginia. Republican Senator from West Virginia. Great to

have you with us. Tell us a bit about how much how often do you draw up on that BS degree from down to Duke, how many years ago? Every day only in Washington. Very good. Let's let me ask you sort of where things stand when it comes to tax before. We've seen the reports out this morning indicating that there might be a year delay here on corporate tax reform. In particular, we've been paying so much attention Center Capital to what's been happening on the House side.

Give us an update on what's been going on in the Senate side and where things stand. Well it certainly first of all, applaud our house co works for plowing through. They've been hard at work on ways and means and uh, you know, doing amendments and listening to arguments and and I think making good progress. They're over here. We're gonna be releasing the bill. The Finance Committee will release the bill around noon, not believe on tomorrow. I believe that

early reports. I wouldn't put too much stock into what it looks. What you know, the the rumors are that it's going to be until it's actually out. I think that it's it's still I wouldn't say a moving target, but there's still tweaks being being done to the bill. It will be explained to all of us in great details tomorrow morning. All right, So that's that's gonna happen. There's there's a lot of pressure to get this done by Thanksgiving, by the the calendar year. Are you optimistic

that's gonna happen? What are the indicators you're looking for that things are preceding a pace that they're on track. You know, I'm really optimistic on this. I think that the fact that the House is moving quickly and is expected to have it on the floor and passed next week.

Our Finance Committee will be uh considering this all week next week and hopefully have a vote out of their committee next week, which really sets up the Senate floor for a vote either right before Thanksgiving or shortly thereafter. And um, I think that's the pace we're on. I think we'll stay on that. I don't see any leakage. I don't see any wabbly wabbly needs and and and shaking knees here. I think we're ready to move forward,

to move big and make a difference in in the country. Senator, you received great acclaim a while back with the President of the United States where you said, quote, he should re examine his candidacy that was in the distant past, before a year ago. Do the Republicans have of this election yesterday, do they have to re examine their method to find the middle of this nation? You've been adept at that in West Virginia, do the Republicans have to

re examine how they're going to get re elected? You know, I I see the elections that occurred yesterday as really Virginia has become more and more blue, and a lot of that is about where the vote comes out in Virginia. You know that if you look at northern Virginia and uh, Southwest Virginia is like West Virginia, so it's it's much more red, uh. And then of course New Jersey has

always been a very blue state. I think we do need to keep examining all the time how we're presenting our message and what kind of UH promises we've made that we haven't that we can come come through on. And I think that reform is that see that thing? And so I think, you know, for me and looking at it, I don't really it's another election. You know, two months ago the Democrats were having to re examine what they were doing, you know, southern I look at

this senator from Main Olympia. Snow you've been able to find a middle ground. And we saw yesterday the Democrats, whatever the minutia is, they had to turn out and they seem to find a middle ground with the Lieutenant governor of Virginia, the doctor and you know his election here governor electon and all that. I mean, where is the middle ground for the Republican Party or does it stay polarized? Well, I think that's a really good question. I think that UM our party and the Democrats are

having the same sort of issues. I think, but our party is UH is and should be a bigger tent where we have all different kinds of u uh, you know, more far right and more more moderate, and regional differences and all that. I don't think we're losing that, but I think we have to be careful not to because we can't carry the election at the end of the day with one or for the other parts of our party.

It has to be a united front. And I think that's what you'll see people sort of tightening their belt here looking at that. We have to appeal to independent voters. That means uh that you you know, you have to approve you can get things done. And I think that's the challenge for everybody. Shelley more Capital with us here on Bloomberg Surveillance. Help us understand the particular brand of Republicanism you see in in West Virginia. It is something different.

This is a state that was a Democratic stalwart for for so long. What is a Republican voter like in West Virginia versus Virginia or North Carolina or Maine for for that matter. What makes republican West Virginia different. Well, I mean I can go back through when I was elected that when I was elected in two thousands of the House of Representatives. I was the first Republican in twenty years. It took another ten years before another Republican

was elected. Now the only Democrat really left standing is Senator Joe Manchin. What has happened here is but the thing is, if you look at the registration numbers in our state, it's still heavily registered Democrats. So I think what people have started to figure out, at least the Democrats that star to figure out, is that while they're still registered Democrat, they don't agree with the direction that

the party has gone at the national level. We still have a very vibrant local Democrat party that carries a lot of courthouses and things. So I think, um, we were you know, and we've West Virginia was one of those states that was flown over, forgotten. Our industries were just basically shunted to the side. We lost tens of thousands of jobs, and people basically just stood up and said,

I can't, I can't take this anymore. And that's why you see Donald Trump who tapped into that, winning our state by overt Senator I want to take you back to the last week of August, and I think of robbed Portman of Ohio and his leadership as well. You hosted Chip New York General Counsel and Chief of Staff of the Office of National Drug Control Policy. You've had the courage to be in the trenches on heroin and opioid.

What have you learned and what are they at the federal level in Washington need to do to address what you and Senator Reportman are providing leadership on. Well. I think the opioid and drug crisis is just, um, it's an enormous problem. Where we are I mean we're at the tip of the sphere Ohio, and and and Rob and I sort of have been leading to charge with more funding. I think that's key. Is anyone listening? Is anyone really listening? Or is it just a social issue? No? No, Uh.

The one thing when you asked me, what have I learned? I've learned that it needs a spectrum of solutions. You can't just say, Okay, we're gonna fund treatment or okay, we're gonna fund law enforcement. It's got to be everything. And I think the President touched on this when he made the Declaration of Public Health Emergency. People sort of um said, oh, that's not enough. But it does it does bring the focus in and around uh, a horrible problem.

I mean, I would recommend to anybody who listening and to you all to watch it half an hour next like program what's called Heroin, and it is set in Huntington, West Virginia, and it will show you exactly where and how the problem is and and the strains on a small town and families. So we are focused on it. Uh. And and I'm an appropriator, so a lot of it now is focusing the dollars where we need to put them. Uh. Let me ask you lastly here what more the U. S.

Congress can do? You mentioned the President declaring a public health emergency. We've seen action at the local and state level. What are you what are you telling your colleagues needs to happen in the Senate? Well, I think there's a couple of things. I think in terms of we need to put the money into research. We need to find a non addictive pain medicine. I just had a meeting yesterday all about with the v A and the d

D and pain and all the studies. But if you know, if we could find a way to address pain without the addiction aspects of an opioid. That's that's pretty key. I think also, um, we need to fund drug courts. We need to fund um, you know, make sure the locks is in the hands of our first responders. I mean,

there's just it's everything and all things that we need. Uh, but you know, we want to make sure also that the next generation, the education aspect of it, I think is something that we need to put a heavier emphasis on that. We sort of we're focusing on the folks that are afflicted now, but we've got to make sure that that earlier generation understands, you know, when they make a decision to do something like that, how dangerous it is. Appreciate the time, Thank you very much. Let's talk again.

Assume that Shellley Moore Capital. She's a junior Senator from West Virginia, Republican senator, as she mentioned in West Virginia as well. I'm good to get her perspective on the hopioid crisis, the election, and indeed, uh, this taxiphorone process. That's I'm going I don't know any wisdom on the move to moderate of the move to the middle, but maybe we saw a little bit of that yesterday, to

say the least. Thanks for listening to the Bloomberg Surveillance podcast, Subscribe, ribe and listen to interviews on Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. I'm on Twitter at Tom Keene. David Gura is at David Gura. Before the podcast, you can always catch us worldwide. I'm Bloomberg Radio