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With a very important conversation with the chairman on this GDP day. The headline, as I mentioned, US economy grew faster than expected last quarter on firm demand. And so we turned to the chairman, Jared Bernstein, live from the White House, of course, Chair of the White House Council of Economic Advisors. Mister chairman, welcome back to Bloomberg Radio. It's great to see you and appreciate the time here. This is a beautiful headline for you. The first word I heard in the newsroom when I walked in this morning was goldilocks. But then I talked to Stuart Paul at Bloomberg Economics and he says, but Joe, it says all about inventory rebuilding, that this is their one time factors prices went up a little bit. You need to slow the enthusiasm, and so I ask you, Jared, how we should be interpreting these data.

With a very important conversation with the chairman on this GDP day. The headline, as I mentioned, US economy grew faster than expected last quarter on firm demand. And so we turned to the chairman, Jared Bernstein, live from the White House, of course, Chair of the White House Council of Economic Advisors. Mister chairman, welcome back to Bloomberg Radio. It's great to see you and appreciate the time here. This is a beautiful headline for you. The first word I heard in the newsroom when I walked in this morning was goldilocks. But then I talked to Stuart Paul at Bloomberg Economics and he says, but Joe, it says all about inventory rebuilding, that this is their one time factors prices went up a little bit. You need to slow the enthusiasm, and so I ask you, Jared, how we should be interpreting these data.

Well, it's a great question. First of all, always great to be with you, Joe. You don't want to overtrqu or over index on any one report. And so what we did here at the Council of Economic Advisors, and you can see the blog on our website, is we looked at where GDP has gone since President Biden took office in comparison to a couple of prominent forecasts, and it just kept our GDP path just kept beating the forecast. You well remember predictions that we would be in a recession or a deep recession by now, and yet the strong labor market, strong consumer spending, and in this report, you know, some really nice business investment. So I take the point about inventory. It's the most volatile component of the report. But even if you shave those by half, you still beat expectations.

Well, it's a great question. First of all, always great to be with you, Joe. You don't want to overtrqu or over index on any one report. And so what we did here at the Council of Economic Advisors, and you can see the blog on our website, is we looked at where GDP has gone since President Biden took office in comparison to a couple of prominent forecasts, and it just kept our GDP path just kept beating the forecast. You well remember predictions that we would be in a recession or a deep recession by now, and yet the strong labor market, strong consumer spending, and in this report, you know, some really nice business investment. So I take the point about inventory. It's the most volatile component of the report. But even if you shave those by half, you still beat expectations.

Solid report, solid report, And it adds to the mosaic here. If I can use that term that we're seeing as a potential soft landing.

Solid report, solid report, And it adds to the mosaic here. If I can use that term that we're seeing as a potential soft landing.

You know, it's my job. I've been asking you this for a year.

You know, it's my job. I've been asking you this for a year.

I think I'm a monthly if this is it, and it sure feels like it, Jared, am I wrong?

I think I'm a monthly if this is it, and it sure feels like it, Jared, am I wrong?

Well, I think that the way to look at that question is from the perspective of where we are and where we are about where we're going. So where we are is we have a job market that has almost since this president has gotten here, since it was such a strong intention of his to get back to full employment as soon as possible, that has consistently, persistently been by in the neighborhood of full employment, and as inflation has eased, that generates real wage gains, that supports strong consumer spending about sixty eight percent of our GDP. So underlying this report, this is kind of my sane point about not you don't have to overtorque on one report as significant as a beat as it is to understand the fact that we have some very nice momentum, a kind of a perpetual motion forward kind of story with strong labor market, easing prices, real wage gains, real incomes rising, feeding into good consumer spending that in turn helps to get investors back into the act. And I do think that that is very much the characteristic of a steady, solid, ongoing recovery. Call it whatever you want, but that's the way I would take it.

Well, I think that the way to look at that question is from the perspective of where we are and where we are about where we're going. So where we are is we have a job market that has almost since this president has gotten here, since it was such a strong intention of his to get back to full employment as soon as possible, that has consistently, persistently been by in the neighborhood of full employment, and as inflation has eased, that generates real wage gains, that supports strong consumer spending about sixty eight percent of our GDP. So underlying this report, this is kind of my sane point about not you don't have to overtorque on one report as significant as a beat as it is to understand the fact that we have some very nice momentum, a kind of a perpetual motion forward kind of story with strong labor market, easing prices, real wage gains, real incomes rising, feeding into good consumer spending that in turn helps to get investors back into the act. And I do think that that is very much the characteristic of a steady, solid, ongoing recovery. Call it whatever you want, but that's the way I would take it.

Yeah, Well, but it kind of sounds like it, although I will ask you about government spending jared quite a bit, contributing more here to GDP compared to the first three months of the year. Defense spending a big part of it, helped to offset lower residential investment.

Yeah, Well, but it kind of sounds like it, although I will ask you about government spending jared quite a bit, contributing more here to GDP compared to the first three months of the year. Defense spending a big part of it, helped to offset lower residential investment.

Is that sustainable?

Is that sustainable?

I think when you're talking about sustainability and government spending, you're really not talking about a month or a quarter or even a year. You're talking about the long term. I mean, the sustainability question in the near term is really a question of how liquid is the market for borrowing, for selling government bonds, and you know the auction You look at the auctions, look at the bid covers, and you know you see that those are still very robust, and that there's a persistent and deep global demand for US debt. That's all great, but the sustainability question asks what about over the long term if outlays continue to outrun receipts revenues Eventually, that arithmetic can be extremely constricting, especially if you believe we're in somewhat of a higher interest rate environment, so that debt service is pressured. And that's why our budget in the long term over ten years, has very significant deficit reduction based on both revenue and increases to the very top of the scale and cutting spending. So I think the sustainability question is a longer term question. You have to address it. Our budget does that, but we need Congress to work with us on it.

I think when you're talking about sustainability and government spending, you're really not talking about a month or a quarter or even a year. You're talking about the long term. I mean, the sustainability question in the near term is really a question of how liquid is the market for borrowing, for selling government bonds, and you know the auction You look at the auctions, look at the bid covers, and you know you see that those are still very robust, and that there's a persistent and deep global demand for US debt. That's all great, but the sustainability question asks what about over the long term if outlays continue to outrun receipts revenues Eventually, that arithmetic can be extremely constricting, especially if you believe we're in somewhat of a higher interest rate environment, so that debt service is pressured. And that's why our budget in the long term over ten years, has very significant deficit reduction based on both revenue and increases to the very top of the scale and cutting spending. So I think the sustainability question is a longer term question. You have to address it. Our budget does that, but we need Congress to work with us on it.

Well, yeah, Jared, they just went home.

Well, yeah, Jared, they just went home.

I'm trying to figure out the next move here, because they're going to come back in September. We're going to be talking about the potential for a government shutdown all over again. History repeats itself. How should we be preparing ourselves for this?

I'm trying to figure out the next move here, because they're going to come back in September. We're going to be talking about the potential for a government shutdown all over again. History repeats itself. How should we be preparing ourselves for this?

It's a great It's a really great point. I mean, just well, Jared, they just went home kind of says a lot, right, because you're like, I'm telling you a very clear arithmetic way forward here. You know, this is not rocket science. It's it's bluses and minuses, you know, with some interest rates and some compounding thrown in. And if people are not going to if members of policy makers are not going to take this seriously, of course we're going to have a problem. Look. I am not going to get political here because that's not my job. But I do think that people who are concerned about this should look at the record and at the budget of what people are proposing. Now, you know, we know that the guy we're running against wants to pass an unfunded five trillion dollar tax cut, and you know we know that the the other side, the Republicans, have you signed pledges never to raise revenues and the only spending they've cut has been in some very narrow areas. So again, I think, look to the budgets and you get a sense of who's serious and who isn't.

It's a great It's a really great point. I mean, just well, Jared, they just went home kind of says a lot, right, because you're like, I'm telling you a very clear arithmetic way forward here. You know, this is not rocket science. It's it's bluses and minuses, you know, with some interest rates and some compounding thrown in. And if people are not going to if members of policy makers are not going to take this seriously, of course we're going to have a problem. Look. I am not going to get political here because that's not my job. But I do think that people who are concerned about this should look at the record and at the budget of what people are proposing. Now, you know, we know that the guy we're running against wants to pass an unfunded five trillion dollar tax cut, and you know we know that the the other side, the Republicans, have you signed pledges never to raise revenues and the only spending they've cut has been in some very narrow areas. So again, I think, look to the budgets and you get a sense of who's serious and who isn't.

You know, I've been asking you for months and months a couple of years, I guess, Jared about what the economy would look like for Joe Biden in a second term.

You know, I've been asking you for months and months a couple of years, I guess, Jared about what the economy would look like for Joe Biden in a second term.

I can't ask you that anymore.

I can't ask you that anymore.

But when you look at the trajectory of data here, I want to ask you what the Fed's going to be doing.

But when you look at the trajectory of data here, I want to ask you what the Fed's going to be doing.

But if you.

But if you.

Map this out six to nine months, Kamala Harris is the next president, what will she be inheriting?

Map this out six to nine months, Kamala Harris is the next president, what will she be inheriting?

Well, I think one answer to that is to look at a document that probably hasn't gotten a lot of attention, which is the Session Review that we published last Friday, because that has our forecast in it. It's nothing revolutionary. It's pretty much a similar forecast. If you looked at blue chip or CBO for that matter. A few differences here and there, but that's our answer to that question, and it says pretty much, you know, what you're seeing now steady stable growth around inflation back to something that looks like the target. And it's that latter part that's so important. You know, I'm giving a speech next week where I'm going to focus on the almost round trip of inflation, the fact that inflation, you know, went up to peak at nine plus percent in June of twenty two, we're now looking at three percent year over year. We'll learn more about PC inflation tomorrow, but you know, if you listen to the language of the FED, they're pretty much telling you that they view themselves on their way back to the target and that the kind of pause in disinflation that characterized Q one seems to be largely behind us, and that the forces of disinflation are in play again. And I think that's key for the economy, that a President Harris would inherit one where inflation was was back down. And some of the factors that that led to the to the high inflation, particularly UH snarled supply chains and and misalignments of that type relative pandemic are solidly behind us.

Well, I think one answer to that is to look at a document that probably hasn't gotten a lot of attention, which is the Session Review that we published last Friday, because that has our forecast in it. It's nothing revolutionary. It's pretty much a similar forecast. If you looked at blue chip or CBO for that matter. A few differences here and there, but that's our answer to that question, and it says pretty much, you know, what you're seeing now steady stable growth around inflation back to something that looks like the target. And it's that latter part that's so important. You know, I'm giving a speech next week where I'm going to focus on the almost round trip of inflation, the fact that inflation, you know, went up to peak at nine plus percent in June of twenty two, we're now looking at three percent year over year. We'll learn more about PC inflation tomorrow, but you know, if you listen to the language of the FED, they're pretty much telling you that they view themselves on their way back to the target and that the kind of pause in disinflation that characterized Q one seems to be largely behind us, and that the forces of disinflation are in play again. And I think that's key for the economy, that a President Harris would inherit one where inflation was was back down. And some of the factors that that led to the to the high inflation, particularly UH snarled supply chains and and misalignments of that type relative pandemic are solidly behind us.

Pretty remarkable answer, Jared.

Pretty remarkable answer, Jared.

So the timing sounds like it could be impeccable for a Kamala Harris presidency if she wins on target. Is what you're saying. I know your time is tight. I want to ask you about let's go ahead.

So the timing sounds like it could be impeccable for a Kamala Harris presidency if she wins on target. Is what you're saying. I know your time is tight. I want to ask you about let's go ahead.

I think that you know, every forecast has a confidence interval around it, but that is I think that is. I think the you know, the central the central forecast.

I think that you know, every forecast has a confidence interval around it, but that is I think that is. I think the you know, the central the central forecast.

Yeah, I love that term confidence interval. Joe Biden spoke to the nation last evening. Jared, you've known him for a really long time. Wee at the White House last night. How did you watch the speech?

Yeah, I love that term confidence interval. Joe Biden spoke to the nation last evening. Jared, you've known him for a really long time. Wee at the White House last night. How did you watch the speech?

Yeah? I was around and extremely moving. And you're right, I've been close to the president for decades. The guy we saw last night is the guy I've known and loved for a long time. It's been an absolute it continues to be an absolute honor to work with him, and I should tell you that the message from him to our team is we are not done, folks. We got six months of work to do under this president where we're going to continue delivering for the American people. So you know, my shirt sleeves remain rolled up.

Yeah? I was around and extremely moving. And you're right, I've been close to the president for decades. The guy we saw last night is the guy I've known and loved for a long time. It's been an absolute it continues to be an absolute honor to work with him, and I should tell you that the message from him to our team is we are not done, folks. We got six months of work to do under this president where we're going to continue delivering for the American people. So you know, my shirt sleeves remain rolled up.

That would imply then that you are confident he can finish the job. You see him and talk to him more than most Americans.

That would imply then that you are confident he can finish the job. You see him and talk to him more than most Americans.

Oh, unquestionably he is. He is ready to get back to work. He's here, he's meeting today as you just discussed foreign leaders and on the economy. I know he liked that GDP report, so he and I'll have more to say about that, and he is. As I said, our marching orders are very clear. We're going to keep building on the progress we've made thus far. We've got a great GDP report, we have inflation coming down, sixteen million jobs and counting manufacturing domestic. You know, one of the message from him is implement, implementation. Implementing the Infrastructure Act, the Chips Act, the Inflation Reduction Act. That's real work. And Biden has always been an implementation guy. He is not a president who says, sign the bill and let's move on. He wants to make sure that what we said we're going to do for the American people is what we're going to do. So our work is still cut out for us.

Oh, unquestionably he is. He is ready to get back to work. He's here, he's meeting today as you just discussed foreign leaders and on the economy. I know he liked that GDP report, so he and I'll have more to say about that, and he is. As I said, our marching orders are very clear. We're going to keep building on the progress we've made thus far. We've got a great GDP report, we have inflation coming down, sixteen million jobs and counting manufacturing domestic. You know, one of the message from him is implement, implementation. Implementing the Infrastructure Act, the Chips Act, the Inflation Reduction Act. That's real work. And Biden has always been an implementation guy. He is not a president who says, sign the bill and let's move on. He wants to make sure that what we said we're going to do for the American people is what we're going to do. So our work is still cut out for us.

You know, we talk about good news and bad news, Jerry, but it always means a lot to us to get some time with you.

You know, we talk about good news and bad news, Jerry, but it always means a lot to us to get some time with you.

We appreciate it very much.

We appreciate it very much.

Jared Bernstein, chairs the White House Council of Economic Advisors and one of Joe Biden's closest advisors certainly.

Jared Bernstein, chairs the White House Council of Economic Advisors and one of Joe Biden's closest advisors certainly.

When it comes to the economy. Thank you. As always.

When it comes to the economy. Thank you. As always.

You're listening to the Bloomberg Balance of Power podcast kens Just Live weekdays at noon Eastern on Apple car Play and then.

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Back alongside Joe Matthew here in Washington, where it's been a busy week, to say the least, a week that started Sunday with the announcement that Joe Biden was no longer seeking re election to a second term, something that he formally announced to the nation in an address from the Oval Office in prime time last night. But if you were looking for an explanation as to why exactly he did this, what convinced him to leave the race, you may not have gotten that answer, But we did get this.

Back alongside Joe Matthew here in Washington, where it's been a busy week, to say the least, a week that started Sunday with the announcement that Joe Biden was no longer seeking re election to a second term, something that he formally announced to the nation in an address from the Oval Office in prime time last night. But if you were looking for an explanation as to why exactly he did this, what convinced him to leave the race, you may not have gotten that answer, But we did get this.

I've decided the best way forward is the past, the torch for a new generation that's the best way to unite our nation. You know, there is a time and a place for long years of experience in public life. There's also a time and a place for new voices, fresh voices, Yes, younger voices.

I've decided the best way forward is the past, the torch for a new generation that's the best way to unite our nation. You know, there is a time and a place for long years of experience in public life. There's also a time and a place for new voices, fresh voices, Yes, younger voices.

Of course, one of those voices belonging to Kamala Harris, and we'll be talking a lot more about her campaign.

Of course, one of those voices belonging to Kamala Harris, and we'll be talking a lot more about her campaign.

They're out with their.

They're out with their.

First video today, with questions about why they're not up on the air even though it's been only three days, But we want to stick with this for one moment. While it may have been anti climactic several days after Joe Biden sent the letter stating his intentions, last evening was important and we're joined to talk about it. By Josh Wingrove Bloomberg, White House correspondent, Josh, it's great to have you. He's spent only eleven minutes talking to the American people. Give us a sense of what went into this speech. There were a lot of questions to Kayley's point. I think about why he didn't speak to the actual reason why he was leaving this race. Did they think they did a good job, did they get their job done through the eyes of the administration.

First video today, with questions about why they're not up on the air even though it's been only three days, But we want to stick with this for one moment. While it may have been anti climactic several days after Joe Biden sent the letter stating his intentions, last evening was important and we're joined to talk about it. By Josh Wingrove Bloomberg, White House correspondent, Josh, it's great to have you. He's spent only eleven minutes talking to the American people. Give us a sense of what went into this speech. There were a lot of questions to Kayley's point. I think about why he didn't speak to the actual reason why he was leaving this race. Did they think they did a good job, did they get their job done through the eyes of the administration.

Biden like talking to historians, and one of them helped them write his speech last night. I think that helps frame where.

Biden like talking to historians, and one of them helped them write his speech last night. I think that helps frame where.

They were at.

They were at.

This felt like a capstone for him. A couple hundred staff poured into the residents to watch it, some of them teary eyed, and they gave a big, raw roth thing in the Rose Garden afterwards. It felt like a goodbye, felt like a retirement party at the White House. So that was the lens on it. I think he did nod to uniting his party, which is what happened here right. It was the growing revolt, and in particular the questions about whether Joe Biden would drag down House and Senate Democrats and not just himself, that really seems to have been decisive. Remember he said there were only three things that would let him step aside one the Lord Almighty, and so far as we know, that was not the case. But I suppose I'm standing to be corrected. Number two a major health incident, dittoh, we have no indication of that. And number three if his aides told him he could not win. So it looks like it was door number three, and that's what led to the decision Sunday. The very you know, surprising one the rapid coalescence around Vice President Harris since then, and this speech yesterday, Biden was defiant. You can tell he's still a little ticked. He had a line about thinking that his record deserves get the can to run at a second term. And you know, Jill Biden's statement, his wife's statement, was a bit of an eyebrow raiser. Yes, exactly, exactly. She's from Philadelphia. I will note so that I think he is still he's going, but it's a bit.

This felt like a capstone for him. A couple hundred staff poured into the residents to watch it, some of them teary eyed, and they gave a big, raw roth thing in the Rose Garden afterwards. It felt like a goodbye, felt like a retirement party at the White House. So that was the lens on it. I think he did nod to uniting his party, which is what happened here right. It was the growing revolt, and in particular the questions about whether Joe Biden would drag down House and Senate Democrats and not just himself, that really seems to have been decisive. Remember he said there were only three things that would let him step aside one the Lord Almighty, and so far as we know, that was not the case. But I suppose I'm standing to be corrected. Number two a major health incident, dittoh, we have no indication of that. And number three if his aides told him he could not win. So it looks like it was door number three, and that's what led to the decision Sunday. The very you know, surprising one the rapid coalescence around Vice President Harris since then, and this speech yesterday, Biden was defiant. You can tell he's still a little ticked. He had a line about thinking that his record deserves get the can to run at a second term. And you know, Jill Biden's statement, his wife's statement, was a bit of an eyebrow raiser. Yes, exactly, exactly. She's from Philadelphia. I will note so that I think he is still he's going, but it's a bit.

We're seeing some images by the way, sure, viewers, No, this is from following the speech. He actually had family members in the Oval office.

We're seeing some images by the way, sure, viewers, No, this is from following the speech. He actually had family members in the Oval office.

Yes, yes, many of whom boarded the plane with the first lady right after to go to the Paris Olympics. And you know, Biden's the family guy. Not too surprising that they would be there. But that's you know, he's insisting on running or excuse me, on serving out the end of his term. The Press secretary spent all the briefing yesterday really insisting that that would be the case. But as I say, yesterday really felt like the last you know speech that a lot of people are going to tune in on for what Joe Biden has to say now there is work to be done. He alluded to yesterday Supreme Court reform, ethics reform that he wants to do. Not clear to me whether he means calling for it or attempting to do it by executive order, which would be a fight at the very least, but perhaps a fight he's willing to have. And of course talks on Gaza, Gaza, which relates to today's meeting with Benjamin n Yaho.

Yes, yes, many of whom boarded the plane with the first lady right after to go to the Paris Olympics. And you know, Biden's the family guy. Not too surprising that they would be there. But that's you know, he's insisting on running or excuse me, on serving out the end of his term. The Press secretary spent all the briefing yesterday really insisting that that would be the case. But as I say, yesterday really felt like the last you know speech that a lot of people are going to tune in on for what Joe Biden has to say now there is work to be done. He alluded to yesterday Supreme Court reform, ethics reform that he wants to do. Not clear to me whether he means calling for it or attempting to do it by executive order, which would be a fight at the very least, but perhaps a fight he's willing to have. And of course talks on Gaza, Gaza, which relates to today's meeting with Benjamin n Yaho.

Yeah, it's scheduled to begin any minute now at the White House, Josh and he did talk about how he wants to see an end to the war in Gaza, peace and security in the Middle East he wants to achieve obviously a lofty goal. Many others have tried to achieve that as well. So knowing that that Biden is looking out for his legacy here that he knows he's going to be a one termer, does that mean Netanya who might be a little bit more for it than he otherwise would have been today? What kind of Biden is Netanyah who about.

Yeah, it's scheduled to begin any minute now at the White House, Josh and he did talk about how he wants to see an end to the war in Gaza, peace and security in the Middle East he wants to achieve obviously a lofty goal. Many others have tried to achieve that as well. So knowing that that Biden is looking out for his legacy here that he knows he's going to be a one termer, does that mean Netanya who might be a little bit more for it than he otherwise would have been today? What kind of Biden is Netanyah who about.

To meet with.

To meet with.

Nennya, who seems to believe the opposite. He seems to believe that he should be closing up to Trump as much, if not more than Democrats. I suppose it remains to be seen. I think Biden does have now more leeway to strike a deal that might be politically dicey if it gets to that point, but you know, he has more bandwidth to do it. I will say, like, you know, last week, as we sat here one week ago, you know, people were saying Biden's running, He's dead sent on it. By the way, people believe that to be the case. They do not believe that he was days and days hiding a decision. But he has big defenders, including some publicly, including lawmakers, the congressional BLACKHAWKUS for instance. In the last twenty four hours since his speech, there've not been a lot of second thoughts. You know, you don't have a lot of people thinking, ah, did we make the right choice? Oh, should Joe have stuck around? It seems to be the opposite. It's a cyber relief that the tension at the very least in the party is over and Harris really has firm grip, if not one hundred percent, locked up the nomination, and it's sort of all systems go. I will note that both Biden himself and speaking to staff, and the First Lady in her slightly salty statement, did say we got a rally around Kamala Harris.

Nennya, who seems to believe the opposite. He seems to believe that he should be closing up to Trump as much, if not more than Democrats. I suppose it remains to be seen. I think Biden does have now more leeway to strike a deal that might be politically dicey if it gets to that point, but you know, he has more bandwidth to do it. I will say, like, you know, last week, as we sat here one week ago, you know, people were saying Biden's running, He's dead sent on it. By the way, people believe that to be the case. They do not believe that he was days and days hiding a decision. But he has big defenders, including some publicly, including lawmakers, the congressional BLACKHAWKUS for instance. In the last twenty four hours since his speech, there've not been a lot of second thoughts. You know, you don't have a lot of people thinking, ah, did we make the right choice? Oh, should Joe have stuck around? It seems to be the opposite. It's a cyber relief that the tension at the very least in the party is over and Harris really has firm grip, if not one hundred percent, locked up the nomination, and it's sort of all systems go. I will note that both Biden himself and speaking to staff, and the First Lady in her slightly salty statement, did say we got a rally around Kamala Harris.

Josh, it's great to have you. Thank you for sharing that with us.

Josh, it's great to have you. Thank you for sharing that with us.

As anyways, Josh win Grow Bloomberg White House Correspondent with the view inside the White House on an historic evening. The images that we were just showing you from the Oval Office are authentic. Those were not staged following the speech. It was not part of the programming. And the same will be today when we get inside the Oval Office with Joe Biden and Benjamin Nett and Yahoo. This is not a speech or a news conference. They're going to be sitting down. Presspool will be allowed in the room for a moment to get some video, get some brief remarks from the president. If not both, we'll bring that to you when it happens, likely this hour. The press just gathering for that opportunity right now, as we add the voice of Carmeil Arbitt, Senior Fellow for Middle These Programs at the Skollcroft Middle East Security Initiative at the Atlantic Council. Karmeil, welcome back to Bloomberg TV and Radio. It's always our pleasure to have you here, coming off of the speech to a joint session of Congress yesterday. Benjamin Netanya, who brings his message to the Oval Office today and coming off of this speech from Joe Biden last night in which he implied the ceasefire in Hamas is going to be his priority as he finishes out his one and only term. Will there be progress made today when these two meet.

As anyways, Josh win Grow Bloomberg White House Correspondent with the view inside the White House on an historic evening. The images that we were just showing you from the Oval Office are authentic. Those were not staged following the speech. It was not part of the programming. And the same will be today when we get inside the Oval Office with Joe Biden and Benjamin Nett and Yahoo. This is not a speech or a news conference. They're going to be sitting down. Presspool will be allowed in the room for a moment to get some video, get some brief remarks from the president. If not both, we'll bring that to you when it happens, likely this hour. The press just gathering for that opportunity right now, as we add the voice of Carmeil Arbitt, Senior Fellow for Middle These Programs at the Skollcroft Middle East Security Initiative at the Atlantic Council. Karmeil, welcome back to Bloomberg TV and Radio. It's always our pleasure to have you here, coming off of the speech to a joint session of Congress yesterday. Benjamin Netanya, who brings his message to the Oval Office today and coming off of this speech from Joe Biden last night in which he implied the ceasefire in Hamas is going to be his priority as he finishes out his one and only term. Will there be progress made today when these two meet.

Well, thank you so much for having me on again.

Well, thank you so much for having me on again.

Bb is coming off of speech.

Bb is coming off of speech.

To Congress where he was well received. He enjoyed standing ovations for member of Congress, but wasn't especially substantive in terms of the commitments that he was willing to make towards achieving that ceasefire, which on the one hand he says he's interested in and the FAMAS is the number one barrier two achieving, and on the other hand, his political interests have been served much like they have Hanian, the leadership of KAMAS continuing this conflict. That said, we've heard that they're very close to a breakthrough, that they're getting closer to an agreement that would look at some kind of a short term, less than two months ceasefire in exchange for the release of women, elderly and injured that could then be phased into a longer term ceasefire.

To Congress where he was well received. He enjoyed standing ovations for member of Congress, but wasn't especially substantive in terms of the commitments that he was willing to make towards achieving that ceasefire, which on the one hand he says he's interested in and the FAMAS is the number one barrier two achieving, and on the other hand, his political interests have been served much like they have Hanian, the leadership of KAMAS continuing this conflict. That said, we've heard that they're very close to a breakthrough, that they're getting closer to an agreement that would look at some kind of a short term, less than two months ceasefire in exchange for the release of women, elderly and injured that could then be phased into a longer term ceasefire.

So I think the.

So I think the.

Moment is more hopeful than it had been in the last few weeks and months. But let's not hold our breath. It's not done until it's done.

Moment is more hopeful than it had been in the last few weeks and months. But let's not hold our breath. It's not done until it's done.

Well, that's absolutely true. In Carmeil, I think we should all remind ourselves of the kind of tenor of the speech that we saw israel Le Prime Minister net Miyahu give on the floor of the House Chamber yesterday, especially when it comes to what he called his vision for Gaza. This is how he laid it out the day.

Well, that's absolutely true. In Carmeil, I think we should all remind ourselves of the kind of tenor of the speech that we saw israel Le Prime Minister net Miyahu give on the floor of the House Chamber yesterday, especially when it comes to what he called his vision for Gaza. This is how he laid it out the day.

The day after we defeat lamas a new Gaza can emerge. My vision for that day is of a demilitarized and deradicalized Gaza. Israel does not seek to resettle Gaza, but for the foreseeable future, we must retain overriding security control there to prevent the resurgence of terror, to ensure that Gaza never again poses a threat to Israel.

The day after we defeat lamas a new Gaza can emerge. My vision for that day is of a demilitarized and deradicalized Gaza. Israel does not seek to resettle Gaza, but for the foreseeable future, we must retain overriding security control there to prevent the resurgence of terror, to ensure that Gaza never again poses a threat to Israel.

Is that a vision you think the US and President Biden could get behind.

Is that a vision you think the US and President Biden could get behind.

Karmel Look, I think this is something that Maebe has been saying multiple times in different ways. In different speeches, so we didn't really hear anything new substantively from him yesterday. I think the real question is how to achieve a demilitarized and deradicalized Gaza, and there's no clear path to that. Only about half of the massive soldiers have been taken out, about half of the leadership. They're still very far from getting to the point where the Israelis would be able to quote claim victory. And so I think certainly everybody is looking for a Gaza that is not occupied by Israel, that is independent, that is peacefully alongside Israel. But how we get from point A to point B is where we're going to see lots of tension points between both parties.

Karmel Look, I think this is something that Maebe has been saying multiple times in different ways. In different speeches, so we didn't really hear anything new substantively from him yesterday. I think the real question is how to achieve a demilitarized and deradicalized Gaza, and there's no clear path to that. Only about half of the massive soldiers have been taken out, about half of the leadership. They're still very far from getting to the point where the Israelis would be able to quote claim victory. And so I think certainly everybody is looking for a Gaza that is not occupied by Israel, that is independent, that is peacefully alongside Israel. But how we get from point A to point B is where we're going to see lots of tension points between both parties.

How different will Joe Biden's meeting be with Benjamin ettya who compared to Kamala Harris's meeting later.

How different will Joe Biden's meeting be with Benjamin ettya who compared to Kamala Harris's meeting later.

Yeah, it's very interesting that they're having these two meetings separately. Of course, as we kind of get ready for what BBC's is kind of this lane Duck Biden Natan who is really folding out. He thinks that whatever happens, he's going to get a better deal if Trump is in power, because Trump isn't going to extract any concessions from him, and so I think Nataian who is going to continue to be reluctant to deliver anything that would seem to bolster Biden or kind of help him. Biden's ambitions for an end to this conflict, they're very lofty. It's not just as we discussed a demilitarized Gaza or.

Yeah, it's very interesting that they're having these two meetings separately. Of course, as we kind of get ready for what BBC's is kind of this lane Duck Biden Natan who is really folding out. He thinks that whatever happens, he's going to get a better deal if Trump is in power, because Trump isn't going to extract any concessions from him, and so I think Nataian who is going to continue to be reluctant to deliver anything that would seem to bolster Biden or kind of help him. Biden's ambitions for an end to this conflict, they're very lofty. It's not just as we discussed a demilitarized Gaza or.

A deradicalized Gaza.

A deradicalized Gaza.

He's also looking for a grand deal, something that would bring an agreement between the US, Saudi, Saudi and Israel, and then Israel and the Palace sittings to the table. And I think that's going to be a huge focus for him in his final months in office, and he'll have time and space to do it. I think Biden is, as he has said, as Zionist, someone who feels very deeply connected to the state of Israel but increasingly frustrated with Natayahu. I think Harris is going to be coming at this from a slightly different place. I think she's a bit more pragmatic. I think she's a little bit less emotionally attached to this conflict. But ultimately she's going to continue to toe the line of this administration as Vice President and the only time that that could change is if she's elected president and will have to start to lay her own path for her relationship with Israel.

He's also looking for a grand deal, something that would bring an agreement between the US, Saudi, Saudi and Israel, and then Israel and the Palace sittings to the table. And I think that's going to be a huge focus for him in his final months in office, and he'll have time and space to do it. I think Biden is, as he has said, as Zionist, someone who feels very deeply connected to the state of Israel but increasingly frustrated with Natayahu. I think Harris is going to be coming at this from a slightly different place. I think she's a bit more pragmatic. I think she's a little bit less emotionally attached to this conflict. But ultimately she's going to continue to toe the line of this administration as Vice President and the only time that that could change is if she's elected president and will have to start to lay her own path for her relationship with Israel.

Well, carmilis as you talk about the idea that Biden does seem to want some kind of grand deal, healer, He did allude to that in his speech last night. He didn't just say an end to the war in Gaza, but peace and security in the Middle East. So while he may be most immediately focused on the conflict between Israel and Hamas, I wonder if you still see room for other conflict areas to open up, Considering that net Nyahu and that speech yesterday talked about Hesbala and that Israel will do whatever it can to secure its northern border. He said, and this is a quote, those who attack Israel will pay a very heavy price. Is peace and security in the Middle East as a whole, not just in Gaza a bit of a reach, even for this president.

Well, carmilis as you talk about the idea that Biden does seem to want some kind of grand deal, healer, He did allude to that in his speech last night. He didn't just say an end to the war in Gaza, but peace and security in the Middle East. So while he may be most immediately focused on the conflict between Israel and Hamas, I wonder if you still see room for other conflict areas to open up, Considering that net Nyahu and that speech yesterday talked about Hesbala and that Israel will do whatever it can to secure its northern border. He said, and this is a quote, those who attack Israel will pay a very heavy price. Is peace and security in the Middle East as a whole, not just in Gaza a bit of a reach, even for this president.

So I think we have to break down the different pieces of what's happening in the region.

So I think we have to break down the different pieces of what's happening in the region.

I think we've already seen.

I think we've already seen.

And nathanaw who referred to an Abraham alliance, something that's been worked on behind the scenes, a bit to bring together all of the countries who helped Israel respond to the Iranian strikes on Israeli territory. I think, on the one hand, there's a huge amount of potential to bring together golf countries, allies for those who are already allied with Israel and those we are interested in allying with Israel, like Saudi Arabia, to respond to the threat posed by a run and its proxies.

And nathanaw who referred to an Abraham alliance, something that's been worked on behind the scenes, a bit to bring together all of the countries who helped Israel respond to the Iranian strikes on Israeli territory. I think, on the one hand, there's a huge amount of potential to bring together golf countries, allies for those who are already allied with Israel and those we are interested in allying with Israel, like Saudi Arabia, to respond to the threat posed by a run and its proxies.

So I think we have to differentiate.

So I think we have to differentiate.

There's a space for cooperation among allies, and there's also a space for a significant escalation in this war. And we have seen now the UTIs are willing to not just strike Israel. They have these the Hooties have struck Israel two hundred times, but this past week was the first time where there was an actual casualty and that prompted an Israeli response. I think we're going to continue to see that escalation, but we're going to see on the one hand, bonds that are formed between like minded allies and escalation with Iran and Iranian backed proxies.

There's a space for cooperation among allies, and there's also a space for a significant escalation in this war. And we have seen now the UTIs are willing to not just strike Israel. They have these the Hooties have struck Israel two hundred times, but this past week was the first time where there was an actual casualty and that prompted an Israeli response. I think we're going to continue to see that escalation, but we're going to see on the one hand, bonds that are formed between like minded allies and escalation with Iran and Iranian backed proxies.

Benjamin et Yaho moves on tomorrow Lago to meet with Donald Trump tomorrow. Carmel, what's the point, what will they discuss.

Benjamin et Yaho moves on tomorrow Lago to meet with Donald Trump tomorrow. Carmel, what's the point, what will they discuss.

Yeah.

Yeah.

I think there's going to be a number of different things discussed. One is that there's some tension right now between Babe and Trump. Trump is frustrated that Natayavu had welcomed Biden and hadn't you know, played into Trump's claims of election frauds. So there had been some personal friction pots where Trump has said disparaging things about Nata.

I think there's going to be a number of different things discussed. One is that there's some tension right now between Babe and Trump. Trump is frustrated that Natayavu had welcomed Biden and hadn't you know, played into Trump's claims of election frauds. So there had been some personal friction pots where Trump has said disparaging things about Nata.

Yeah.

Yeah.

I think once.

I think once.

They're kind of pasted the kissing, the ring formalities of it, and they're going to talk substance. And what I would expect is that Natau and Trump are going to talk about what a strong US's A relationship will look like under Trump administration, and how Trump will support a san Yahoo irrespective of what is happening domestically or what is happening.

They're kind of pasted the kissing, the ring formalities of it, and they're going to talk substance. And what I would expect is that Natau and Trump are going to talk about what a strong US's A relationship will look like under Trump administration, and how Trump will support a san Yahoo irrespective of what is happening domestically or what is happening.

These to be the Palestinians.

These to be the Palestinians.

Carmil, It's always great to have you, especially on a week like this one where we see Neat and Yahoo spending so much time on US soil, not just here in Washington, but of course in Florida. Tomorrow, Comrieil arbit of the Atlantic Council, where she is a Senior Fellow for the Middle East Programs at the Scowcroft Middle East Security Initiative. We always appreciate it. It's going to be pretty remarkable as we look to get the images from this meeting in the Oval Office between Biden and netan Yahoo. It raises the question of how the intensity of these various private meetings with three different either current or potentially future US presidents could go for Net and Yahoo, how they may differ in tone and in conduct and body language.

Carmil, It's always great to have you, especially on a week like this one where we see Neat and Yahoo spending so much time on US soil, not just here in Washington, but of course in Florida. Tomorrow, Comrieil arbit of the Atlantic Council, where she is a Senior Fellow for the Middle East Programs at the Scowcroft Middle East Security Initiative. We always appreciate it. It's going to be pretty remarkable as we look to get the images from this meeting in the Oval Office between Biden and netan Yahoo. It raises the question of how the intensity of these various private meetings with three different either current or potentially future US presidents could go for Net and Yahoo, how they may differ in tone and in conduct and body language.

To your point, that's for sure, and sometimes you can read into that a bit with the extent to which the press is allowed to be exposed to what's happening. Apparently it was a very brief visit in the Oval Office. We'll have some images and video for you coming up. And no questions were answered, certainly not about to cease fire. And I think the idea was to get them in, get them out because this might not be the most comfortable meeting. Same could be said for Kamala Harris's to Carmmeell's point, once we're through the pleasantries, Yeah, and of.

To your point, that's for sure, and sometimes you can read into that a bit with the extent to which the press is allowed to be exposed to what's happening. Apparently it was a very brief visit in the Oval Office. We'll have some images and video for you coming up. And no questions were answered, certainly not about to cease fire. And I think the idea was to get them in, get them out because this might not be the most comfortable meeting. Same could be said for Kamala Harris's to Carmmeell's point, once we're through the pleasantries, Yeah, and of.

Course they'll be meeting with hostage families as well in between those meetings. So a lot is ahead on the White House. We're going to have more on this with our political panel next on Balance of Power on Bloomberg TV and radio.

Course they'll be meeting with hostage families as well in between those meetings. So a lot is ahead on the White House. We're going to have more on this with our political panel next on Balance of Power on Bloomberg TV and radio.

You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon Eastern.

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On AMO car Play, and then reunoto with the Bloomberg Business App.

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Listen on demand wherever you get your podcasts, or watch us live on YouTube.

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Certainly even a busy few days, and that continues at the White House today as President Biden sits down in the Oval Office with Israeli Prime Minister Benjamin Netanyahu. This of course follows the fiery addressed Netanyahu gave to a joint session of Congress yesterday, which many Democrats express displeasure with, especially for some of his rhetoric when it comes to the protesters that we're here in DC and frankly Joe are still present today but surere but it obviously just speaks to the very politically charged nature of this entire visit, and it comes against a backdrop, of of course, President Biden having just spoken to the nation about his decision to effectively make himself a lame duck and no longer seek a second term.

Certainly even a busy few days, and that continues at the White House today as President Biden sits down in the Oval Office with Israeli Prime Minister Benjamin Netanyahu. This of course follows the fiery addressed Netanyahu gave to a joint session of Congress yesterday, which many Democrats express displeasure with, especially for some of his rhetoric when it comes to the protesters that we're here in DC and frankly Joe are still present today but surere but it obviously just speaks to the very politically charged nature of this entire visit, and it comes against a backdrop, of of course, President Biden having just spoken to the nation about his decision to effectively make himself a lame duck and no longer seek a second term.

Yeah, there are images of Netanyaho and Biden in the Oval office. They took a couple of moments to talk with members of the press very brief here, knowing that NETANYAHUO will also be sitting down with Kamala Harris a bit later on and then tomorrow Kayley, it's on tomorrow, Lago and apparently a much closer friend in Donald Trump, who is really Prime Minister, will be sitting down with I guess as he hedges his relationships herehead of November.

Yeah, there are images of Netanyaho and Biden in the Oval office. They took a couple of moments to talk with members of the press very brief here, knowing that NETANYAHUO will also be sitting down with Kamala Harris a bit later on and then tomorrow Kayley, it's on tomorrow, Lago and apparently a much closer friend in Donald Trump, who is really Prime Minister, will be sitting down with I guess as he hedges his relationships herehead of November.

Yeah, it was interesting to watch net neniahus speech yesterday, and she did think Joe Biden for being a friend to Israel. He called him a proud Irish American zionist. He thanked him especially for the coordination of intercepting the Iran missile and drone attack back in April. But his words about Donald Trump were a bit lengthier, listing off a long list of things that he saw said Donald Trump did for Israel when he was president. It seems like there may have been a little more love there, although I guess that's open up to an individual's perceptions.

Yeah, it was interesting to watch net neniahus speech yesterday, and she did think Joe Biden for being a friend to Israel. He called him a proud Irish American zionist. He thanked him especially for the coordination of intercepting the Iran missile and drone attack back in April. But his words about Donald Trump were a bit lengthier, listing off a long list of things that he saw said Donald Trump did for Israel when he was president. It seems like there may have been a little more love there, although I guess that's open up to an individual's perceptions.

Donald Trump did another rally yesterday. I did you saw that?

Donald Trump did another rally yesterday. I did you saw that?

Yes, North Carolina.

Yes, North Carolina.

North Carolina one of the seven swing states we're following here. Of course, in our Bloomberg Swing State pole. The rhetoric, though, is what we're seizing on here. As some members of the Republican Conference in the House refer to Kamala Harris as a dei hire, a dei vice president, we have a bit of a taste of Donald Trump's language from yesterday.

North Carolina one of the seven swing states we're following here. Of course, in our Bloomberg Swing State pole. The rhetoric, though, is what we're seizing on here. As some members of the Republican Conference in the House refer to Kamala Harris as a dei hire, a dei vice president, we have a bit of a taste of Donald Trump's language from yesterday.

Let's listen.

Let's listen.

We have a new victim to defeat Lion, Kamala Harris.

We have a new victim to defeat Lion, Kamala Harris.

Lion l YI had a passa.

Lion l YI had a passa.

The most incompetent and far left vice president in American history.

The most incompetent and far left vice president in American history.

So let's debrief on that rally and this language a little bit more with our political panel joining us now is our signature panel, Rick Davis and Jeanie Schanzino, both Bloomberg Politics contributors. So we saw that kind of throughout the rally Rick as well, as it seemed almost every single time he said the name of the vice president, mispronouncing it, it's obviously Kamala Harris, not Kamala Harris. Rick. Is this going to work for Donald Trump or does this risk backfiring on him?

So let's debrief on that rally and this language a little bit more with our political panel joining us now is our signature panel, Rick Davis and Jeanie Schanzino, both Bloomberg Politics contributors. So we saw that kind of throughout the rally Rick as well, as it seemed almost every single time he said the name of the vice president, mispronouncing it, it's obviously Kamala Harris, not Kamala Harris. Rick. Is this going to work for Donald Trump or does this risk backfiring on him?

Yeah?

Yeah?

Clearly his ears feeling better because when it was hurting, he wanted to talk about unity. Now he's just back to being the Donald Trump we've known for a decade.

Clearly his ears feeling better because when it was hurting, he wanted to talk about unity. Now he's just back to being the Donald Trump we've known for a decade.

Yeah, I don't think he can help himself.

Yeah, I don't think he can help himself.

I think think that this is going to be how he finishes this campaign. A lot of Republicans worried they saw his speech, you know, in Milwaukee, after all the claims that he was going to be a unifier used this moment in time, the assassination attempt as a way of bringing in other voters has really reversed itself completely. This is the Donald Trump that started the campaign two years ago attacking Joe Biden personally about his age and acuity. And he's just found his bearings with Kamala Harris. And the reality is it doesn't seem to be taken off. Even some discussion within the party. People I've spoken to are worried that this kind of approach is not going to work with a fresh, young face compared to Donald Trump. And we even see it some in the polling data already since the convention, so and since the President's withdrawal from the race on Sunday. So I think he's entering this in sort of his old fashioned way. But I think that the party is going to be looking for a change and approach if they want to win this election.

I think think that this is going to be how he finishes this campaign. A lot of Republicans worried they saw his speech, you know, in Milwaukee, after all the claims that he was going to be a unifier used this moment in time, the assassination attempt as a way of bringing in other voters has really reversed itself completely. This is the Donald Trump that started the campaign two years ago attacking Joe Biden personally about his age and acuity. And he's just found his bearings with Kamala Harris. And the reality is it doesn't seem to be taken off. Even some discussion within the party. People I've spoken to are worried that this kind of approach is not going to work with a fresh, young face compared to Donald Trump. And we even see it some in the polling data already since the convention, so and since the President's withdrawal from the race on Sunday. So I think he's entering this in sort of his old fashioned way. But I think that the party is going to be looking for a change and approach if they want to win this election.

Certainly the speaker is as reports now say, Rick and Genie that Mike Johnson actually had to speak to the rank and file in a conference meeting this week to ask them to tamp down the rhetoric.

Certainly the speaker is as reports now say, Rick and Genie that Mike Johnson actually had to speak to the rank and file in a conference meeting this week to ask them to tamp down the rhetoric.

After we heard Tim Burchett.

After we heard Tim Burchett.

Call Kamala Harris a DEI vice president Glenn Grothman since she got the nod here by Democrats this week quote because of her ethnic background unquote in an interview with CBS Genie, how should Kamala Harris address this kind of talk if at all?

Call Kamala Harris a DEI vice president Glenn Grothman since she got the nod here by Democrats this week quote because of her ethnic background unquote in an interview with CBS Genie, how should Kamala Harris address this kind of talk if at all?

You know?

You know?

It is abhorrent, It is racist, it is sexist. It is nothing new for Donald Trump and many of his MAGA supporters, and so the fact that it doesn't seem to be landing is a good sign. But this is what we've grown to know and what we have the reason so many Americans are not willing to entertain a number Donald Trump presidency. That's why he's got this ceiling. He just can't break through. To win elections, you have to reach out. He wanted to run against Joe Biden because Joe Biden was stuck just like Donald Trump is and Vice President Harris is not. This is going to be a hard fight for her. She's gonna have to put up with this racist, sexist language, but she has been doing that for her entire professional career, and so I think from her perspective, she sticks to her argument. She is a former prosecutor, she is the sitting vice president. He is a convicted felon, and she is prepared to match him in debates. She is prepared to go head to head with him on policy issues because those are areas where she can make a case. Again, it's going to be a hard case, but it's going to be a case that she can make.

It is abhorrent, It is racist, it is sexist. It is nothing new for Donald Trump and many of his MAGA supporters, and so the fact that it doesn't seem to be landing is a good sign. But this is what we've grown to know and what we have the reason so many Americans are not willing to entertain a number Donald Trump presidency. That's why he's got this ceiling. He just can't break through. To win elections, you have to reach out. He wanted to run against Joe Biden because Joe Biden was stuck just like Donald Trump is and Vice President Harris is not. This is going to be a hard fight for her. She's gonna have to put up with this racist, sexist language, but she has been doing that for her entire professional career, and so I think from her perspective, she sticks to her argument. She is a former prosecutor, she is the sitting vice president. He is a convicted felon, and she is prepared to match him in debates. She is prepared to go head to head with him on policy issues because those are areas where she can make a case. Again, it's going to be a hard case, but it's going to be a case that she can make.

Well.

Well.

I would point out if it's not just Donald Trump whose comments have gotten some attention here, but as well his vice presidential selection Jade Vance of Ohio, for specifically what he said about Kamala Harris being quote unquote childless. We now have the ex wife of Harris's husband, dog emm Hoff, who of course they share his two children. She is their stepmom, defending her on this. We've even since celebrities get involved, like Jennifer Aniston. So, Rick, what about the jd Vance aspect of this? And do you think there might be some buyer's remorse happening within the Trump campaign, not just because of language like that, but because of course he was selected before Kamala Harris was understood to be a top the Democratic ticket.

I would point out if it's not just Donald Trump whose comments have gotten some attention here, but as well his vice presidential selection Jade Vance of Ohio, for specifically what he said about Kamala Harris being quote unquote childless. We now have the ex wife of Harris's husband, dog emm Hoff, who of course they share his two children. She is their stepmom, defending her on this. We've even since celebrities get involved, like Jennifer Aniston. So, Rick, what about the jd Vance aspect of this? And do you think there might be some buyer's remorse happening within the Trump campaign, not just because of language like that, but because of course he was selected before Kamala Harris was understood to be a top the Democratic ticket.

Yeah, these comments made in a twenty twenty one interview with Tucker Carlson kind of branded jad Vance, as you know, insensitive on issues related to women. Picking a fight then with Jenny for Aniston over the comments. I can only see one resolution of this, a public apology on a neutral network by jd Vance in the coming days. They've got to get out of this mix. They're already taking a lot of weight on. They're getting killed with women's voters in all the targeted states. There's some new pulling out since the Sunday announcement that shows significant leads by the Democrats with women voters, and frankly, a kind of stagnation with the mail vote. You would have thought that with this high testosterone approach coming out of Milwaukee, jd Vance really only appeals to mail voters that they would get some uplift and if anything, it's.

Yeah, these comments made in a twenty twenty one interview with Tucker Carlson kind of branded jad Vance, as you know, insensitive on issues related to women. Picking a fight then with Jenny for Aniston over the comments. I can only see one resolution of this, a public apology on a neutral network by jd Vance in the coming days. They've got to get out of this mix. They're already taking a lot of weight on. They're getting killed with women's voters in all the targeted states. There's some new pulling out since the Sunday announcement that shows significant leads by the Democrats with women voters, and frankly, a kind of stagnation with the mail vote. You would have thought that with this high testosterone approach coming out of Milwaukee, jd Vance really only appeals to mail voters that they would get some uplift and if anything, it's.

Suppressed the vote.

Suppressed the vote.

So there's a real problem inside the Trump campaign. They've got a running mate who's started out with kind of a lose lose approach to being the nominee and Donald Trump really having a hard time finding us footing with Harris and how to really juxtapose them on a substantent basis. That said, with all the good economic news, if you were given advice to the Democrats, just talk about the economic performance of our country right now and finish the campaign there, because that is where most of the voters are. They care about the economy and who's going to do the best job for them.

So there's a real problem inside the Trump campaign. They've got a running mate who's started out with kind of a lose lose approach to being the nominee and Donald Trump really having a hard time finding us footing with Harris and how to really juxtapose them on a substantent basis. That said, with all the good economic news, if you were given advice to the Democrats, just talk about the economic performance of our country right now and finish the campaign there, because that is where most of the voters are. They care about the economy and who's going to do the best job for them.

Spending time with our panel, Rick Davis and Genie Shanzo here on Bloomberg TV and Radio as we stand by for an important conversation, Bloomberg's Emily Chang will be holding forth with Lena Khan from the FTC a little bit less than ten minutes from now. We'll bring you that live here on Bloomberg TV and Radio. Genie, it points us to the deep steaks. We just spent a lot of time trying to figure out who Donald Trump would tap as a running mate, and you have both just illustrated the backdrop for Kamala Harris's decision. Who are you looking at right now and is it in fact a white male russ Belt governor fill in the blank.

Spending time with our panel, Rick Davis and Genie Shanzo here on Bloomberg TV and Radio as we stand by for an important conversation, Bloomberg's Emily Chang will be holding forth with Lena Khan from the FTC a little bit less than ten minutes from now. We'll bring you that live here on Bloomberg TV and Radio. Genie, it points us to the deep steaks. We just spent a lot of time trying to figure out who Donald Trump would tap as a running mate, and you have both just illustrated the backdrop for Kamala Harris's decision. Who are you looking at right now and is it in fact a white male russ Belt governor fill in the blank.

On the name.

On the name.

It is well.

It is well.

I think there's also the Sun Belt Senator you can look at as well. I actually am more around the map, if you will. I do think Josh Shapiro has many people's support and vote for obvious reasons. I would say one drawback to the very popular Governor Shapiro is that he too has a background like Kamala Harris, both prosecutors, So you wonder if in doing something like that, she would be doubling up in the way Donald Trump did with jd.

I think there's also the Sun Belt Senator you can look at as well. I actually am more around the map, if you will. I do think Josh Shapiro has many people's support and vote for obvious reasons. I would say one drawback to the very popular Governor Shapiro is that he too has a background like Kamala Harris, both prosecutors, So you wonder if in doing something like that, she would be doubling up in the way Donald Trump did with jd.

Vance.

Vance.

But I do think he's leading the short list.

But I do think he's leading the short list.

I also think that Senator Kelly would be a remarkable choice. He might open up the Sunbelt a little more, and of course he is an astronaut, so you lead with that.

I also think that Senator Kelly would be a remarkable choice. He might open up the Sunbelt a little more, and of course he is an astronaut, so you lead with that.

It's hard to go wrong.

It's hard to go wrong.

He isn't quite as energizing on the stump as some of the other folks, but he's a very very good choice.

He isn't quite as energizing on the stump as some of the other folks, but he's a very very good choice.

I also think Governor Cooper.

I also think Governor Cooper.

I think that is why one of the reasons why we saw Donald Trump down in North Carolina yesterday. I think there is some fear that getting somebody more mature, somebody who has been around and somebody who has spent a lot of time talking about women's bodies and reproduction is something that could elicit some fear. So I think there's a lot of really good choices there, and it looks like we're going to know in the next week, if not sooner.

I think that is why one of the reasons why we saw Donald Trump down in North Carolina yesterday. I think there is some fear that getting somebody more mature, somebody who has been around and somebody who has spent a lot of time talking about women's bodies and reproduction is something that could elicit some fear. So I think there's a lot of really good choices there, and it looks like we're going to know in the next week, if not sooner.

That sure sounds like it, and we'll be talking to Genie Shanzano and Rick Davis about it. Our signature panel Bloomberg Politics contributors thank you both as always being with us here on Balance of Power.

That sure sounds like it, and we'll be talking to Genie Shanzano and Rick Davis about it. Our signature panel Bloomberg Politics contributors thank you both as always being with us here on Balance of Power.

You're listening to the Bloomberg Balance of Power podcast Ken Just Live weekdays at noon Eastern on Applecarplay and then.

You're listening to the Bloomberg Balance of Power podcast Ken Just Live weekdays at noon Eastern on Applecarplay and then.

Royd Oo with the Bloomberg Business App.

Royd Oo with the Bloomberg Business App.

You can also listen live on Amazon Alexa from our flagship New York station Just Say Alexa, playing Bloomberg eleven thirty.

You can also listen live on Amazon Alexa from our flagship New York station Just Say Alexa, playing Bloomberg eleven thirty.

A day after the big speech. There were no surprises, of course. Joe Biden already let us know on letterhead on Sunday that he would not be continuing his campaign to run for reelection, But he did address the American people from the Oval Office last evening.

A day after the big speech. There were no surprises, of course. Joe Biden already let us know on letterhead on Sunday that he would not be continuing his campaign to run for reelection, But he did address the American people from the Oval Office last evening.

Here's a taste.

Here's a taste.

I've decided the best way forward is the past, the torch for a new generation. That's the best way to nine our nation. You know there is a time and a place for long years of experience in public life. There's also a time and a place for new voices. Fresh voices. Yes, younger voices.

I've decided the best way forward is the past, the torch for a new generation. That's the best way to nine our nation. You know there is a time and a place for long years of experience in public life. There's also a time and a place for new voices. Fresh voices. Yes, younger voices.

And one in particular named Kamala Harris were now following as the nominee in waiting Joe Biden there in the Oval office. He spoke for just shy of ten minutes, had family in the room with him, some very touching photographs of him with the first lady and some of his kids. Hunter Biden was in the Oval Office. I guess he got a round of applause from those who were there, saying what we all were, he knew. Sometimes it's different when you actually see it and hear it. Surprising, maybe not surprising. No mention of his age and the actual reason why he's leaving this race. So let's get into it with an authority. Kristin Hahn, I'm glad to say is with us partner at Rock Solutions and one of the most connected democratic operatives in Washington at the table. Christ It's great to see you. Thank you for coming in here. Were you sad after watching this or is this a great moment for America?

And one in particular named Kamala Harris were now following as the nominee in waiting Joe Biden there in the Oval office. He spoke for just shy of ten minutes, had family in the room with him, some very touching photographs of him with the first lady and some of his kids. Hunter Biden was in the Oval Office. I guess he got a round of applause from those who were there, saying what we all were, he knew. Sometimes it's different when you actually see it and hear it. Surprising, maybe not surprising. No mention of his age and the actual reason why he's leaving this race. So let's get into it with an authority. Kristin Hahn, I'm glad to say is with us partner at Rock Solutions and one of the most connected democratic operatives in Washington at the table. Christ It's great to see you. Thank you for coming in here. Were you sad after watching this or is this a great moment for America?

I mean, I think there was such a juxtaposition between what President Biden has said and what we've seen. You know, I think a lot of people Trump was quiet for a little while. He was I don't know who got him to be quiet for a little while, but he was. You know, it was more subdued, and I think we just saw in the last couple of days him saying that America is stupid and stupid country. And I think watching President Biden is exactly what it means to be presidential. I mean, he's putting, like he said, you know, the future of our democracy, the future of this country is bigger than my own ambition, and that's the exact opposite and what we're seeing in the in the Republican candidate. So I think it was very heartfelt. I think people looked at it. They appreciated the leadership and the guidance this president has given us over the last three and a half years, and then also a lot of excitement about the vice president and her candidacy, and you know, you've seen it reflected and not only fundraising numbers, but also volunteers people coming out. I'm feeling it here in Washington among the people that I'm working with as well, so, I think it was. It was a kind of a solemn moment, but it was a it was a hopeful message that he delivered.