Trump Demands Rate Cut After Jobs Report

>> THIS IS "BALANCE OF POWER," LIVE FROM WASHINGTON, D.C. >> A RATE HIKE COULD REASSURE THE BOND MARKET. A >> ME, IT DOES NOT REASSURE THE BOND MARKET. WE SHOULD BE AT 1% OR .5%. WE SHOULD NOT BE AT 4%. >> TONIGHT, RATE PRESSURE. PRESIDENT TRUMP RAMPING UP PRESSURE ON THE FEDERAL RESERVE AFTER A BLOWOUT JOBS REPORT DEMANDING LOWER INTEREST RATES AND DOWN THREATENING TO CUT OFF TRADE WITH COUNTRIES WHERE THE U.S. RUNS A DEFICIT. PLUS, PRESIDENT TRUMP PREPARES TO HEAD THE REPUBLICAN PARTY'S FIRST EVER MIDTERM CONVENTION IN DALLAS NEXT WEEK AS ESTATES PREPARE TO SEND OUT THE FIRST MAIL-IN BALLOTS DESPITE PRESIDENT TRUMP'S EXECUTIVE ORDER LIMITING THE PRACTICE. WE SPOKE WITH ONE CONGRESSMAN ABOUT WHY HE SAYS CONGRESS NEEDS TO ACT NOW ON AI. FROM BLOOMBERG'S WASHINGTON, D.C., STUDIOS TO OUR TELEVISION AND RADIO AUDIENCES WORLDWIDE, WELCOME TO "BALANCE." JOE: PRESIDENT TRUMP IS PUTTING FRESH PRESSURE ON THE FEDERAL RESERVE TO CUT INTEREST RATES EVEN AFTER TODAY'S BLOWOUT JOBS REPORT SHOWING MORE THAN 162,000 JOBS ADDED IN AUGUST, SEVERAL TIMES ESTIMATES. THE PRESIDENT ALSO CALLING REPORTERS TO THE OVAL OFFICE TO ADDRESS A RANGE OF TOPICS INCLUDING AN EXECUTIVE ORDER ON BEEF PRICES, THE CONFLICT WITH IRAN, AND MIDTERM ELECTIONS. LET'S START ON THE JOBS REPORT, FRAMED AS GREAT NEWS BY THIS WHITE HOUSE, BUT ALSO A REASON TO CUT INTEREST RATES. HOW DOES THE PRESIDENT RATIONALIZE THIS? >> THE PRESIDENT HAS BEEN FIXATED ON LOWERING INTEREST RATES, AND TODAY, EVEN THOUGH THE JOB NUMBERS WERE POSITIVE, HE STILL WOULD LIKE TO SEE INTEREST RATES COME DOWN. I WAS ABLE TO ASK HIM ABOUT THAT IN THE OVAL OFFICE TODAY. TAKE A LISTEN. YOU SAID LOWER THE RATE OR I WILL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT. HAVE YOU SPOKEN TO KEVIN WARSH? >> WE HAVE THE RIGHT TO TAKE A SO-CALLED FINANCIALLY ELITE COUNTRY THAT IS PAYING A MUCH LOWER INTEREST RATE -- SOME COUNTRIES ARE PAYING A HALF A POINT AND WE ARE PAYING FOUR POINTS, AND YET, WE ARE A MUCH STRONGER CREDIT THAN THEY ARE BECAUSE IF WE DON'T TRADE WITH THEM, THEY DON'T HAVE ANY MONEY TO PAY THE BILLS. WHAT I'M SAYING VERY SIMPLY IS WE SHOULD BE PAYING THE LOWEST INTEREST RATE IN THE WORLD. >> YEAH, THIS SOMETHING THE PRESIDENT IS REALLY FOCUSED ON, AND HE WOULD LIKE TO SEE THOSE RATES COME DOWN. WE WILL SEE WHAT HAPPENS AT THE NEXT MEETING IN A FEW WEEKS, BUT THE PRESIDENT MADE IT CLEAR TODAY THAT JUST BECAUSE HE DOES NOT REALLY UNDERSTAND HOW GROWTH CAN MEAN A NEGATIVE THING AND THAT IS SOMETHING HE'S TRYING TO FIGURE OUT HIMSELF. I ALSO ASKED HIM IF HE SPOKE WITH KEVIN WARSH AFTER SEEING THOSE JOB NUMBERS, AND HE SAID HE SPEAKS TO HIM ALL THE TIME. KAILEY: I GUESS ALL THE TIME IS UP FOR POTENTIAL DEFINITION. IT IS NOT JUST RATES HE WANTS TO SEE COME DOWN. HE WANTS TO SEE BEEF PRICES COME DOWN AS WELL, AND HE SIGNED AN EXECUTIVE ORDER TARGETING THAT TODAY. WHAT IS INCLUDED? >> THE BRIEF CONVERSATION HAS BEEN GOING ON QUITE FOR SOME TIME, ESPECIALLY AS THE PRESIDENT HAS TRIED TO SECURE HIS RELATIONSHIP WITH HIS BASE, THE FARMERS, THE AGRICULTURE COMMUNITY. WHAT WE CAN EXPECT TO SEE FROM ORDERS TODAY IS LABELING OF COUNTRY OF ORIGIN AND EXPANDING ON ALLOWING CATTLE RANCHERS TO BE ABLE TO PROCESS THEIR OWN MEET, LEADING TO DIFFERENT INSPECTIONS AND SO FORTH TO TRY TO SECURE A WIN WITH THOSE CATTLE RANCHERS. KAILEY: SKYLER WOODHOUSE AT THE WHITE HOUSE FOR US. THANK YOU SO MUCH. PRESIDENT TRUMP IS GETTING SENT TO SPEAK ON BOTH NIGHTS OF NEXT WEEK'S FIRST-EVER REPUBLICAN MIDTERM CONVENTION WHICH KICKS OFF WEDNESDAY. THE PARTY LOOKING TO CAPITALIZE ON THE EVENT AND SUPPORT GOP CANDIDATES IN CLOSELY CONTESTED RACES LIKE THE CONTEST IN HOME STATE TEXAS. LARRY SABADO, THE FOUNDER AND DIRECTOR OF THE UNIVERSITY OF VIRGINIA CENTER FOR POLITICS, JOINS US NOW. WELCOME BACK TO BLOOMBERG AND RADIO. WHEN YOU CONSIDER THOSE TYPES OF RACES OR ANY CLOSE RACE ACROSS THE COUNTRY, HOUSE INCLUDED, DOES A MIDTERM CONVENTION HIGHLIGHTING PRESIDENT TRUMP HIMSELF -- HIS APPROVAL RATING IS AT AN ALL-TIME LOW OF AROUND 33%, AT LEAST ACCORDING TO REUTERS IPSOS -- MOVE THAT NEEDLE? LARRY: NO. I DON'T KNOW EXACTLY WHAT WILL HAPPEN, BUT TRUMP'S ADVISORS HAVE SUGGESTED IT BE A TRUMP-A-PALOOZA, MEANING IT WOULD BE ABOUT TRUMP AND ALL THE GREAT THINGS HE HAS DONE AND PROBABLY ALL THE MONUMENTS HE IS DIRECTING. PEOPLE DON'T CARE ABOUT THAT. IT IS REALLY NOT HELPFUL TO MANY REPUBLICANS IN PURPLE, COMPETITIVE DISTRICTS AND LIGHT BLUE DISTRICTS, AND THAT'S WHERE REPUBLICANS HAVE TO DO WELL. WE ARE IN SEPTEMBER. THE ELECTION IS NOVEMBER 3. WE ARE A LITTLE LESS THAN TWO MONTHS AWAY. BY THIS TIME IN A MIDTERM ELECTION, MOST VOTERS ALREADY KNOW THE FRAME OF THE ELECTION. THEY HAVE ACCEPTED IT. THEY HAVE THOUGHT ABOUT IT FOR TWO YEARS. THAT IS WHERE TRUMP’'S PROBLEMS REALLY BEGAN AND WHERE THE REPUBLICAN PARTY'S PROBLEMS REALLY BEGIN. PEOPLE THINK OF HIGHER COSTS, HIGHER PRICES, GAS IN PARTICULAR, BUT ALSO. WAR WITH IRAN WHICH HAS NOT GONE WELL AT ALL, AND CORRUPTION. PUT ALL THAT TOGETHER, AND IF DEMOCRATS CANNOT CAPITALIZE ON THAT AND AT LEAST CARRY THE HOUSE, THEY REALLY WILL HAVE TO DISSOLVE THEMSELVES. JOE: WOW. OK. I WONDER WHO THE AUDIENCE IS. MOST AMERICANS WILL BE WATCHING ALL OF THESE TWO NIGHTS. POLITICAL CONVENTIONS ARE NOT EXACTLY GETTING THE PRIME TIME COVERAGE THAT USED TO GET. IT IS NOT AN ACTUAL NOMINATING CONVENTION. IS THIS JUST FOR THE TRIED AND TRUE, TO MAKE SURE THE BASE GETS OUT IN STATES LIKE TEXAS? LYRICAL IT MUST BE. -- LARRY: IT MUST BE. I'M SO OLD THAT I ACTUALLY REMEMBER THE OTHER THREE MIDTERM CONVENTIONS WHICH WERE DEMOCRATIC, AND THIS WAS BACK IN THE 1970'S AND 19'S -- 1980'S. 1974, 1978, AND 1982. THEY ACHIEVED NOTHING MORE THAN WHAT THE ELECTION WOULD BE LIKE. I CANNOT IMAGINE THIS IS GOING TO MAKE UP FOR HIGH PRICES AND CORRUPTION AND THE WAR WITH IRAN . KAILEY: ALL THOSE THINGS YOU REFERENCE ARE NATIONAL ISSUES. I WONDER WITH THAT IN MIND HOW LOCALIZED YOU EXPECT THESE RACES TO ULTIMATELY BE IN TERMS OF IF A STATE LIKE TEXAS COULD FLIP OR ALASKA OR MAINE. IF ONE GOES, DO YOU EXPECT ALL OF THEM WILL GO TO DEMOCRATS OR VICE VERSA? IS IT NATIONALIZED IN THAT WAY OR COULD WE SEE A MIXED BAG? LARRY: USUALLY, THERE IS AT LEAST A BIT OF A MIXED BAG, BUT THE HISTORY OF MIDTERM ELECTIONS IS THAT WHEN THERE IS A DECENT SIZED WAVE -- DOES NOT HAVE TO BE A TSUNAMI, BUT A DECENT SIZED WAVE IN FAVOR OF ONE PARTY, YOU WILL END UP SEEING MOST, MAYBE A LARGE MAJORITY OF THE CLOSE RACES GO TO THE PARTY -- IN THIS CASE THE DEMOCRATS -- WHO ARE THE OUT OF POWER PARTY. THAT CAN HAPPEN. THERE ARE MANY ANALYSTS WHO THINK IT WILL. I'M NOT THERE YET BECAUSE IN THE TRUMP ERA, TWO MONTHS IS LIKE TWO YEARS IN A NORMAL PRESIDENCY. YOU DON'T KNOW WHAT WILL HAPPEN OR WHEN OR WHAT TRUMP WILL SAY 10 TIMES A DAY. WHO KNOWS? JOE: I BET THEY WISH THEY HAD TWO YEARS TO FIGURE THE SITUATION OUT IN MISSOURI. THE MISSOURI SUPREME COURT HAS KNOCKED DOWN THE REPUBLICAN REDRAWN CONGRESSIONAL MAP EVEN THOUGH IT WAS USED IN THE PRIMARY TO SELECT NOMINEES, SO WE ARE GOING TO GO INTO A GENERAL ELECTION WITH CANDIDATES RUNNING IN DISTRICTS THAT DID NOT EXIST IN THE PRIMARY? HOW IS THIS GOING TO WORK? >> THAT'S THE FIRST THING I SAID TO MYSELF WHEN THE ORIGINAL COPY CAME ACROSS. HOW DO YOU HAVE ELECTIONS WHEN THE CANDIDATES WERE NOMINATED IN DIFFERENT DISTRICTS? IT DOES NOT FIT. COURTS CAN DO WHAT THEY WANT, ALTHOUGH YOU CAN DELAY ELECTIONS IN A CERTAIN NUMBER OF DISTRICTS IF A COURT ORDERS IT UNTIL A LATER TIME. IT REALLY ONLY AFFECTS ONE DISTRICT, A DISTRICT THAT WAS DEMOCRATIC AND HAS BEEN RETURNED -- TURNED INTO A REPUBLICAN DISTRICT, BUT THE OLD DEMOCRATIC CANDIDATE DECIDED TO RUN ANYWAY, AND HIS SEAT MAY BE SAVED IF THEY CAN CONTINUE TO HAVE THE ELECTION, BUT I DON'T THINK THE RESULTS WILL BE DECIDED BY ONE SEAT. IT WILL BE MUCH BROADER THAN THAT. KAILEY: I WOULD IMAGINE EMANUEL CLEAVER HAS HAD AN INTERESTING 24 HOURS, TO YOUR POINT. ON THIS NOT JUST BEING ONE SEAT, THERE ARE OBVIOUSLY A NUMBER OF SEATS IN FLUX BECAUSE OF REDRAWN MAPS THIS CYCLE, INCLUDING THOSE IN TEXAS AND FLORIDA IN WHICH REPUBLICANS PASSED MAPS INTENDED TO PICK UP SEATS. CAN ALL OF THOSE SEATS BE COUNTED ON? LARRY: NO, AND WE SAID THAT AT THE TIME, BUT NOBODY LISTENED BECAUSE IT LOOKED LIKE IF YOU SIMPLY DID THE MATH, YOU DID A LITTLE ADDITION AND SUBTRACTION THAT INEVITABLY, THE SEATS WOULD GO REPUBLICAN, BUT IN TEXAS, THEY MADE A POSSIBLY FATAL ASSUMPTION. THEY ASSUMED THAT THE GAINS THAT TRUMP MADE WHICH WERE VERY SUBSTANTIAL IN 2024 AMONG HISPANICS, LATINOS, WOULD HOLD, THAT THIS WAS SOME KIND OF PERMANENT REALIGNMENT. NOTHING IS PERMANENT IN AMERICAN POLITICS, AND THERE WAS NO PERMANENT REALIGNMENT. WE ARE SEEING THAT MANY LATINOS ARE MOVING BACK TO DEMOCRATS, AND IT WILL COST REPUBLICANS AT LEAST A COUPLE OF THE SEATS THEY THOUGHT THEY HAD LOCKED DOWN. JOE: GOT TO ASK YOU ABOUT WHAT IS HAPPENING WITH MAIL-IN BALLOTS, SPECIFICALLY WHAT WE ARE LOOKING AT IN NORTH CAROLINA. THIS IS JUST A DAY AFTER THE DOJ ASKED THE SUPREME COURT FOR AN EMERGENCY REQUEST TO ALLOW THE POST OFFICE TO ENFORCE NEW RULES WE HAVE BEEN TALKING ABOUT THAT COULD ALLOW THE POST OFFICE TO REFUSED TO DELIVER BALLOTS TO CERTAIN VOTERS IF NAME LISTS ARE NOT RATIONALIZED. THERE IS A BARCODE THAT NEEDS TO MATCH INFORMATION ON FILE. WE TALKED TO NORTH CAROLINA'S BOARD OF ELECTIONS TODAY, AND THEY SAY, WE CONFIRM BALLOTS ARE BEING SENT OUT THIS MORNING. IT'S GETTING AWFULLY CLOSE TO BE RELITIGATING THIS STUFF. WHAT HAPPENS IF THE COURT RULES OTHERWISE? LARRY: OF COURSE, COURTS CAN DO ANYTHING. I CANNOT PREDICT WHAT THEY WILL DO. I CAN TELL YOU THIS MUCH -- IT MAKES ABSOLUTELY NO SENSE. IF YOU WANT TO ARGUE ABOUT IT FOR 2028, FINE, BUT THE ELECTION IS UNDERWAY AND OTHER STATES ARE GETTING READY TO SEND OUT BALLOTS, TOO. THIS IS WAY TOO LATE. THEY HAVE NOT DONE ANY PRETESTING ON THE INFORMATION IN THE OUTLETS THE POSTAL SERVICE WOULD HAVE TO USE TO MAKE THE SYSTEM WORK, AND EVEN IF IT WORKS, YOU WILL END UP AT A MINIMUM WITH HUNDREDS OF THOUSANDS OF BALLOTS THROWN OUT. PEOPLE WHO HAVE LEGITIMATELY VOTED, WHO HAVE ALWAYS VOTED BY MAIL -- BY THE WAY, PRESIDENT TRUMP VOTES BY MAIL REPEATEDLY -- WHO HAVE THEIR BALLOTS THROWN OUT. YOU WANT SOME TROUBLE, JUST DO THAT. THAT WILL START SOMETHING THAT WILL LAST FOR YEARS. JOE: WE WILL KEEP OUR EYES ON THIS, AND WE APPRECIATE YOUR SPENDING TIME WITH US. STOCK INDEXES CLOSING THE WEEK SLIGHTLY LOWER WITH THE STRONG JOBS REPORT WE TALKED ABOUT REVIVING INVESTOR EXPECTATIONS THE FED COULD RAISE RATES LATER THIS MONTH, PUTTING A DAMPER ON AN OTHERWISE SOLID STRETCH FOR EQUITIES. LET'S TURN TO POWER MOVES WITH KRISTINE AQUINO. KRISTINE: THAT'S ABSOLUTELY RIGHT. A LOT OF JITTERS WEIGHING ON WHAT WILL HAPPEN WITH INTEREST RATES. A LOT OF DECLINES LED BY THE MAJORITY OF THE INDEX. GIVEN THAT ONLY A COUPLE OF SECTORS, INCLUDING INFORMATION TECHNOLOGY, GAINING TODAY, AND OTHERWISE EVERYTHING IS DOWN ACROSS THE BOARD. WE ARE SEEING TWO-YEAR YIELDS AS WELL, SEEING THE EFFECT OF THE JOBS REPORT TODAY AND WHAT THAT DOES TO EXPECTATIONS FOR INTEREST RATE HIKES, THE TWO-YEAR YIELD LEADING THAT MOVE, GIVEN THAT IT IS THE MOST SENSITIVE TO EXPECTATION. THAT PART OF THE TREASURY CURVE DOWN, AND YIELDS ARE UP ABOUT THREE BASIS POINTS, THE YIELD HITTING ABOUT 4.37%. WE GOT INDEX DECLINES AND WE ALSO HAVE INDIVIDUAL STOCKS THAT HAVE PULLED BACK TODAY, STARTING WITH TESLA. WE DID GET THEIR CYBER CAP LAUNCH THAT WAS MORE LOW-KEY THAN EXPECTED, AND ALSO NOT AS SUBSTANTIAL AS WALL STREET ANALYSTS EXPECTED. OF COURSE, TESLA FACING A PROBE OF THEIR DRIVERLESS CARS AT THE MOMENT. FINISHING DOWN BY 5% -- ALMOST 6%. ALSO LOOKING AT ROBERTHOOD TODAY. WE SAW THE AMC CEO DISPUTING THE TOKENIZED SHARES THAT HAVE BECOME AVAILABLE ON THE ROBINHOOD ALSO TAKING A LOOK AT FICO. THE CREDIT SCORE PROVIDER TAKING A HIT AS WELL. DOWN MORE THAN 0% TODAY. WE GOT AGENCY DIRECTOR BILL POULTE RENEWING HIS LONG-STANDING CRITICISM OF PROVIDER CREDIT SCORES AND LULU LEMON DOWN MORE THAN 7%. CUTTING THEIR FULL-YEAR OUTLOOK FOR THE SECOND STRAIGHT QUARTER. HAIDI O’NEILL WILL BE TAKING OVER AS C.E.O. NEXT WEEK. JOE, BACK TO YOU. KAILEY: QUITE A WELCOME WITH THE 17% DECLINE THE WEEK BEFORE YOU START THE BIG JOB. COMING UP, THE WHITE HOUSE TAKING A VICTORY LAP AFTER THAT STRONG JOBS REPORT THAT THE PRESIDENT ARGUES SHOULD LEAD TO A FED RATE CUT. WE’LL LOOK AT THAT WHEN WE >> THIS IS A BLOWOUT JOBS REPORT. IT’S A SIGN THAT THE ADMINISTRATION’S POLICIES ARE WORKING. THE TRUMP ADMINISTRATION HAS SPECIFICALLY SAID THEY WANT MANUFACTURING TO COME BACK TO THE UNITED STATES. WE ARE SAYING TO COMPANIES, EITHER PAY A TARIFF, SOMEBODY PAYS A TARIFF OR PRODUCE IT IN 9 UNITED STATES AND WE ARE SEEING A GOOD FRACTION OF THEM SAYING OK, WE’LL MAKE IT IN THE UNITED STATES. THE MANUFACTURING BOOM, THE NON-RESIDENTIAL CONSTRUCTION BOOM IS REAL AND IT’S SHOWING YOU WANT IN THE DATA, IT’S SHOWING UP FROM THE DATA FOR CAPITAL EXPENDITURES AND IN THE JOBS DATA. KAILEY: THIS IS "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. THAT WAS WHITE HOUSE COUNSEL OF ECONOMIC ADVICORS CHAIR SPEAKING TO BLOOMBERG EARLIER TODAY AFTER THE AUGUST PAYROLL REPORTS CAME IN WELL ABOVE ESTIMATES, LIKE TRIPLE THEM. THE FIGURES PROMPTING PRESIDENT TRUMP TO PUT FRESH PRESSURE ON THE FEDERAL RESERVE TO CUT INTEREST RATES. JOINING US IS JULIA FOR THE DETAILS ON THIS REPORT. WHEN QUESTION CONSIDER NOT JUST THE AUGUST NUMBER BUT THE VISION TO JULY, ARE THERE ANY WEAK POINTS OF THIS LABOR MARKET TO POINT OUT? >> IT WAS A STRONG REPORT BUT THERE ARE SOME WEAK POINTS, SPECIFICALLY IF YOU’RE LOOKING AT LABOR FORCE PARTICIPATION RATE. THAT NUMBER HAS DROPPED, ESPECIALLY THOSE IN THE PRIME AGE OF WORKING, 25 TO 54 AND WHEN THAT NUMBER IS LOWER, IT MIGHT ARTIFICIALLY DEPRESS THE UNEMPLOYMENT RATE. PEOPLE A LITTLE CONCERNED ABOUT THAT. IT DIDN’T IMPROVE IN REPORT AND PEOPLE WERE REALLY CONCERNED. I THINK KEEPING AN EYE ON, THAT IF IT’S A STRUCTURAL ISSUE, EMPLOYMENT COULD INCREASE DOWN THE LINE SO ECONOMISTS HAVE BEEN KEEPING AN EYE ON THAT. JOE: STOCK WAGES, AVERAGE HOURLY EARNINGS UP MONTH TO MONTH. .3% YEAR OVER YEAR. IT’S NOT KEEPING UP WITH INFLATION, IS IT? JULIA: IT’S NOT. BECAUSE THEY’RE NOT SEEING THE THE JOB MARKET IS ADDING TO UPWARD PRECIOUS OF INFLATION. JOE: GREAT TO HAVE YOU WITH US, JULIA, LIVE FROM WORLD HEADQUARTERS IN NEW YORK. AS WE HEAD INTO THE LABOR DAY WEEKEND, I HOPE YOU GET MONDAY OFF. MARK THE UNOFFICIAL END OF SUMMER. DIESEL PRICES ARE HITTING A NEW RECORD HIGH WITH THE NATIONAL AVERAGE STILL HOVERING AROUND $5.5 A GALLON WITH DISRUPTIONS IN THE GLOBAL ENERGY FLOW WEIGHING ON SUPPLIES HEADING INTO THE FALL. BLOOMBERG’S MIKE MCGINN FROM OUR MIAMI FLOW OF BLOOMBERG INTELLIGENCE. GOOD TO SEE YOU. WE ARE LOOKING AT RELATIVE HIGHS HERE. $4.15 A GALLON TO FILL A CAR. WHAT IS THIS TELLING YOU AS WE GO INTO THE FINAL MONTHS OF THE YEAR? MIKE: IT’S BRINGING OUT MY SELLING WHEN THEY’RE YELLING INKLINGS. BY THE END OF THE YEAR ARE WE GOING TO BE ABLE TO SAY CRUDE OIL RIGHT NOW IS THE HIGHEST SINCE 2013, THAT GASOLINE AND DIESEL ARE THE HIGHEST EVER? AT THE SAME TIME THAT NATURAL GAS IS COLLAPSING AND THAT OUR SURPLUS OF CRUDE OIL AND FUELS IN THIS COUNTRY IS REACHING A RECORD. I THINK THIS IS TEMPORARY. GASOLINE ALWAYS GOES DOWN IN THE SECOND HALF OF THE YEAR AS WE SWITCH TO DIFFERENT BLENDS. THE GULF IS A BIG FACTOR BUT TO ME THE BIG RISK IS THAT PRICES GO DOWN AND ONE KEY THING THAT MIGHT HAPPEN IS THE STOCK MARKET GOING DOWN. CRUDE OIL, GASOLINE, DIESEL, THEY’RE VERY AUTO-COORDINATED NUMBERS AND TYPICALLY NEVER SAY STAY UP VERY LONG. KAILEY: WHEN YOU CONSIDER THAT RUSSIA AND UKRAINE IS ONGOING WITH NO END IN SIGHT AND RUSSIA HAS HAD GREAT SUCCESS IN HITTING UKRAINE’S REFINERIES. AND HERE THE PRESIDENT IS CALLING REFINERS AND RETAILERS TO THE WHITE HOUSE, WHAT WILL BRING DIESEL DOWN? I GET WHAT YOU’RE SAYING ABOUT A WIDER SHIFT AND EVERYTHING MIGHT MOVE AT ONCE BUT ARE THERE NO IDIOSANCTUARIES WITH DIESEL SPECIFICALLY? MIKE: ALWAYS GOOD REASONS FOR MARKETS TO GO UP AND THOSE ARE VERY GOOD REASONS. BUT WE EXPECT THESE TWO CONFLICTS TO GET WORSE. THIS IS AN ENVIRONMENT WHERE U.S. IS A NET EXPORTER AND WE’RE REACHING EXPORT PRODUCTION, EXPORTS IN CANADA, GUYANA, ARGENTINA, BRAZIL. THE WESTERN HEMISPHERE IS BECOMING THE PRICE MAKER STATUS. ALSO, DIESEL IS IMPORTANT IN THE NORTHEAST FOR HEATING SEASON BUT NATURAL GAS IS THE MOST IMPORTANT MEASURE OF HEAT, ELECTRICITY AND FERMENT LIESER IN THIS COUNTRY AND THAT PRICE ON THAT JANUARY FUTURE JUST DROPPED TO THE LOWEST LEVEL SINCE WHEN RUSSIA INVADED UKRAINE IN 2022 AND IT’S DOWN ALMOST 20% ON THE YEAR. THERE’S YOUR INDICATION I THINK OF WHERE THINGS ARE GOING. THIS IS WHAT LED THE WAY LOWER IN 2023 AND 2024. JOE: FASCINATING. WE’RE WATCHING GOLD, HAVING TALKED ABOUT JOBS AND INTEREST RATES. THE WORLD’S BIGGEST MONEY MANAGERS ARE REBUILDING THEIR GOLD POSITIONS AS A HEDGE KNEEING THAT RATES ARE RISING AND WE HAVE SO MANY QUESTIONS ABOUT ENERGY PRICES AND SO FORTH. WE’RE BACK ABOVE BY QUITE A BIT $4,000 AN OUNCE. DO WE GET BACK ABOVE FIVE? NIKE: WE CAN GET TO FIVE. I’VE BEEN A GOLD BUG FOR DECADES BUT I’M OFF THAT HOARSE NOW. TO ME THE RISK IN GOLD NOW, IT’S FACING VERY HIGH INTEREST RATES. GOLD APT THE HIGHEST LEVEL VS. THE T-BOND INDEX IN 40 YEARS. IT MIGHT BE STUCK IN A RANGE FOR YEARS IF T-BONDS ARE THE GUIDE. THE ROCK IS TOO EXPENSIVE. I HAVE SELLING WHEN YOU’RE YELLING INKLINGS IN GOLD AND SILVER, PLATINUM AND PALLADIUM. KAILEY: LET’S THROW BITS COIN IN HERE AS WELL. WE’RE AROUND $80,000 AGAIN. WHAT’S GOING ON HERE? MIKE: BITCOIN FITS IN MY CATEGORY AS A STOCK PUPPET. IT SHIFTS FROM A STUD TO A DULLED. IT’S THE SAME LEVEL ON A PERFORMANCE BASIS SINCE THE S&P 500 SINGS 2021. UNLIMITED SUPPLY. GLORY DAYS ARE OVER. I FULLY EXPECT IT TO GO LOWER ESPECIALLY IF THE STOCK MARKET DOES. KAILEY: A STOCK PUPPET. MIKE MCGLOIN LIVE FROM MIAMI. THANK YOU SO MUCH. COMING UP -- CALLING ON A BAN OF ATE OFFICIAL INTELLIGENCE. REPRESENTATIVE GREG CASAR OF TEXAS TALKED ABOUT THAT AND MORE WITH US ON "BALANCE OF POWER." BLOOMBERG TV AND RADIO. PRES. TRUMP: WE ARE LEADING CHINA IN AI. AND WHOEVER WINS AI WINS. THIS IS THE POWER. THIS IS BIGGER THAN THE INTERNET. THIS IS A REVOLUTION. WE'VE HAD A FEW OF THEM OVER THE LAST 200 YEARS. THIS IS A REVOLUTION. I HAVE SEEN SOME RESULTS. WE ARE COMING UP WITH THINGS MEDICALLY THAT WE WOULD NOT HAVE IN 100 YEARS. WHOEVER WINS WITH AI WINS. JOE: THIS IS BALANCE OF POWER ON BLOOMBERG TV AND RADIO. WE HEARD FROM THE PRESIDENT TODAY IN THE OVAL REITERATING HIS SUPPORT FOR ARTIFICIAL INTELLIGENCE DEVELOPED IN THE U.S., EVEN AS TWO PROMINENT PROGRESSIVES ON CAPITOL HILL TRY TO HIT THE BRAKES. VERMONT SENATOR BERNIE SANDERS, TEXAS CONGRESSMAN GREG CASAR WHO CHAIRS THE CONGRESSIONAL PROGRESSIVE CAUCUS OUT WITH A NEW PLAN TO BAN SO-CALLED SUPER INTELLIGENCE AI MODELS, POINTING TO A TURBULENT SUMMER THAT'S ALL MULTIPLE HACKING'S INCLUDING THE INFAMOUS HUGGING FACE INCIDENT WHICH SANDERS CALLS A WAKE-UP CALL FOR CONGRESS TO ACT. WE SPOKE A SHORT TIME AGO WITH CONGRESSMAN CASAR. I STARTED BY ASKING IF THIS BILL RISKS GIVING THE AI TROPHY TO CHINA. REP. CASAR: THIS BILL IS CRITICAL FOR MAKING SURE THAT WE ARE SAFE HERE AND OVER THE WORLD. THAT IS WHY ONE OF THE KEY PARTS OF THIS BILL IS TO PURSUE INTERNATIONAL AGREEMENTS WITH CHINA AND OTHER NATIONS FOR THE NONPROLIFERATION OF ARTIFICIAL SUPER INTELLIGENCE. FOR FOLKS LISTENING AT HOME, ARTIFICIAL SUPER INTELLIGENCE IS AI THAT CAN EVADE HUMAN CONTROL, DEFY HUMAN COMMANDS AND POSES MASSIVE RISKS TO OUR NATIONAL SECURITY AND TO PEOPLE AROUND THE WORLD. JUST LIKE DURING THE COLD WAR, WE CAME UP WITH NUCLEAR NONPROLIFERATION AGREEMENTS WITH ALLIES AND ADVERSARIAL NATIONS. SIMILARLY THE UNITED STATES AND CHINA NEED TO PURSUE COOPERATION TO PREVENT DEVELOPMENT OF AI THAT COULD BE DEVASTATING NOT JUST FOR US, BUT THEM TOO. KAILEY: ARE THERE ANY MODELS THAT HAVE ALREADY BEEN RELEASED BY THE FRONTIER LAMBS THAT YOU THINK THIS DEFINITION WOULD APPLY TO? OPENAI RELEASED ASTRA, WHICH HAS BEEN TALKED ABOUT HIS BEING ON THE CUSP OF AI. WITH THIS -- WOULD THIS BAN THAT MODEL? REP. CASAR: WE HAVE NOT YET REACHED ARTIFICIAL AND SUPER INTELLIGENCE. THAT IS AI THAT IS MORE POWERFUL AND SMARTER THAN HUMANS, AND THAT CAN IMPROVE ITSELF AND DOES NOT NEED ANY HUMAN SUPERVISION TO DO ITS TASKS. WE ARE NOT YET AT THAT POINT. THAT IS A CLIFF THAT AT SOME POINT IS COMING. WHEN YOU ARE DRIVING TOWARDS A CLIFF, THE BEST TIME TO START PUMPING THE BRAKES IS NOW. OR IN THIS CASE THE BEST TIME TO START BUILDING THE BRAKES IS RIGHT NOW. WE NEED THOSE TWO TOP LABS AT OPENAI AND ANTHROPIC TO PUT IN MUCH STRONGER SAFETY PROTECTIONS. THEY CANNOT CONTINUE THEIR DANGEROUS PURSUIT OF ARTIFICIAL SUPER INTELLIGENCE. SAM ALTMAN AND THE CEO OF ANTHROPIC BOTH SIGNED ON TO A STATEMENT SAYING THEIR TECHNOLOGY COULD EVENTUALLY BECOME AS DANGEROUS AS NUCLEAR WEAPONS OR PANDEMICS. WE CANNOT LET THAT HAPPEN. THIS LEGISLATION WOULD BAR THOSE COMPANIES FROM PURSUIT OF ARTIFICIAL SUPER INTELLIGENCE. YOU COULD CONTINUE TO DO RESEARCH ON USES OF AI THAT ARE SAFE AND BENEFICIAL TO US, BUT NO, YOU CANNOT DEVELOP A TECHNOLOGY THAT YOU YOURSELF ARE SAYING YOU CAN'T CONTROL AND THAT COULD KILL THOUSANDS, MILLIONS, OR MORE PEOPLE THAN THAT. JOE: THIS IS AN IMPORTANT DISTINCTION. THIS NEW MODEL FROM OPENAI, THE COMPANY SAYS WE ARE ON THE THRESHOLD OF AGI, THAT THIS IN FACT IS THE MOMENT THAT WE HAVE BEEN WAITING FOR. SAM ALTMAN WAS ON BLOOMBERG IN RADIO YESTERDAY TALKING ABOUT THEIR DECISION TO RELEASE ONLY WITH GUARDRAILS ON. THIS IS NOT YET GONE TO THE PUBLIC AT. BUSINESS CUSTOMERS WILL HAVE SOME GUARDRAILS AROUND THE MODEL. HE TALKED ABOUT THE RESPONSIBILITY THAT HIS COMPANY ACKNOWLEDGES IN HANDLING THIS TECHNOLOGY. DO YOU NOT TRUST HIM? REP. CASAR: WE SHOULD ABSOLUTELY NOT TRUST WHAT WE ARE HEARING FROM SAM ALTMAN AND THE FOLKS AT OPENAI. ONE OF THE BIGGEST EXAMPLES CAME OUT TODAY. ON THE DAY THIS IS BEING FILMED, THE UNITED STATES CONGRESS, LED BY ME AND OTHERS, ASKED SAM ALTMAN ABOUT THIS HUGGING FACE INCIDENT WHERE THEY HAVE REPORTED THEIR AGENTS TO FIGHT HUMAN ORDERS, BROKE THE LAW BY HACKING INTO OTHER COMPANIES, AND THOSE AI AGENTS TRIED TO COVER IT UP SO HUMANS COULD NOT DETECT IT. WE ASKED OPENAI IF THERE HAVE BEEN OTHER INCIDENTS LIKE THIS. THEY SENT I BACK TO THE UNITED STATES CONGRESS. MIND YOU WE CAN CALL PEOPLE UNDER THREAT OF PERJURY. THEIR RESPONSE, THEY DID NOT SAY THIS HAS EVER HAPPENED BEFORE. AND TODAY NEWS BROKE THAT IT HAS HAPPENED BEFORE. IT MEANS EITHER OPENAI IS COVERING IT UP, OR JUST AS SCAR Y, THEY DID NOT KNOW ABOUT IT. IN EITHER CASE IT IS EXTREMELY DANGEROUS. WE SHOULD NOT CONTINUE TO SPEED DOWN THE ROAD, OF ARTIFICIAL SUPER INTELLIGENCE WHICH POSES THE KINDS OF THREATS TO OUR FREEDOM AND SECURITY THAT COULD BE EXISTENTIAL IN NATURE. KAILEY: PART OF WHAT YOU ARE CALLING FOR IS NOT JUST BANNING ARTIFICIAL IS SUPER INTELLIGENCE, BUT A REGULATORY BODY TO BE UP AND RUNNING, AND THAT BE A PREREQUISITE FOR FURTHER DEVELOPMENT ON ANY ARTIFICIAL INTELLIGENT MODELS. WHAT DOES THE REGULATORY BODY LOOK LIKE? IS IT A SEPARATE GOVERNMENT AGENCY? COULD IT FALL UNDER ONE OF THE EXISTING GOVERNMENT BODIES? WHAT IS THE IDEA? REP. CASAR: >> AND THEN ALSO OUR NUCLEAR WEAPONS LAWS ARE VERY CLEAR THAT THOSE PEOPLE WHO ARE INTENTIONALLY TRYING TO DEVELOP NUCLEAR WEAPONS AGAINST FEDERAL LAW COULD BE SUBJECT TO THOSE PRISON SENTENCES. KAILEY: WE WILL SEE WHAT THE FATE OF THIS BILL MAY BE IN THE CHAMBER. I DON'T KNOW WHERE YOU THINK THIS MAY FALL ON THE LEGISLATIVE CALENDAR AS THE SEPTEMBER WORKING PERIOD HAS BEEN TRUNCATED AHEAD OF THE MIDTERMS. BEFORE YOU BROKE FOR THE LABOR DAY RECESS, WE DID SEE A VOTE ON A RULE IN THE HOUSE IN WHICH TWO OF YOUR DEMOCRATIC COLLEAGUES BROKE RANKS TO GET IT. IT RAISED A LOT OF QUESTIONS AROUND THE LEADERSHIP OF MINORITY LEADER HAKEEM JEFFRIES. IF HE BECAME SPEAKER, WOULD HE BE ABLE TO RELY ON THE PROGRESSIVE CAUCUS'S VOTES CONSISTENTLY, WHETHER IT BE A PROCEDURAL VOTE OR OTHERWISE? >> THE PROGRESSIVE CAUCUS HAS A LONG HISTORY OF WORKING WITH THE SPEAKER OF THE HOUSE, AND I EXPECT WE WILL DO THE SAME WITH SPEAKER JEFFRIES BECAUSE WE WIN THE MAJORITY I BELIEVE IN NOVEMBER. WE WILL MAKE SURE EVERY VOICE IS HEARD. THAT IS HOW UNDER PRESIDENT JOE BIDEN SPEAKER NANCY PELOSI DID NOT HAVE HER PROCEDURAL VOTES FALL APART, LIKE WE HAVE SEEN TIME AND TIME AGAIN UNDER SPEAKER MIKE JOHNSON. PROGRESSIVE CAUCUS MEMBERS ARE NOT A NO CAUCUS, WE ARE NOT A CAUCUS OF BREAKING THINGS. WE ARE A CAUCUS OF BUILDING THINGS AND ADVANCING AN AGENDA. THAT IS HOW I BELIEVE SPEAKER JEFFRIES WILL RUN THIS CONFERENCE. HE WILL WORK TO LISTEN TO EVERYBODY. THAT IS WHAT GETS PROCEDURAL VOTES ACROSS THE FINISH LINE, NOT THE DISASTER FROM REPUBLICANS WHERE THEY DON'T EVEN LISTEN TO EACH OTHER, DON'T EVEN KNOW IF THEY WILL BE MEETING ONE DAY OR NOT. JOE: WHAT DO YOU SAY TO SOME MODERATE DEMOCRATS IN THE HOUSE WHO ARE ASKING FOR SOME SORT OF MANAGEMENT? THEY WANT TO SEE COMMITTEES ADJUSTED OR SOME RULE CHANGE TO GET BACK AT THESE TWO REPRESENTATIVES. WE SPOKE WITH JIM MCGOVERN BLESSED EVENING, WHO INTERESTINGLY TURNED HIS BACK ON PEREZ A COUPLE DAYS AGO. HE WAS PREACHING UNITY. SEEMS LIKE EVERYONE IS STEPPING DOWN. IS THAT HOW YOU SEE IT? REP. CASAR: WE WILL FIGURE THIS OUT. AT THE END OF THE DAY, THIS ENTIRE LAST YEAR AND A HALF HAS BEEN DISASTROUS. HERE IN TEXAS YOU HAVE MORE THAN ANYWHERE ELSE IN THE COUNTRY PEOPLE LOSING THEIR HEALTH CARE, ALL THAT MONEY BEING USED TO GIVE BILLIONAIRES TAX CUTS. DONALD TRUMP SAID HE WOULD BE GOING AFTER CRIMINALS. INSTEAD HE HAS I.C.E. SHOOTING U.S. CITIZENS IN THE STREETS. WE NEED A MAJOR CHANGE. WHEN DEMOCRATS WIN POWER, AT LEAST IN THE HOUSE, AND POTENTIALLY IN THE SENATE IN NOVEMBER, WE ARE GOING TO CREATE A CHANGE. WE WILL START HOLDING THESE CORRUPT CORPORATIONS AND THE TRUMP ADMINISTRATION ACCOUNTABLE. WE WILL MOVE FORWARD ON THINGS THAT THE AMERICAN PEOPLE ACTUALLY CARE ABOUT LIKE RAISING THE MINIMUM WAGE AND SAVING SOCIAL SECURITY AND RESTORING YOUR HEALTH CARE AND CONSTITUTIONAL RIGHTS. I THINK YOU WILL SEE A DIFFERENT KIND OF HOUSE OF REPRESENTATIVES BECAUSE I BELIEVE MODERATES AND PROGRESSIVES IN THE HOUSE CAUCUS ARE ALREADY VERY UNITED IN PURPOSE ON ACCOUNTABILITY FOR CORRUPTION AND AFFORDABILITY FOR THE AMERICAN PEOPLE. KAILEY: THE CHAIR OF THE CONGRESSIONAL PROGRESSIVE CAUCUS, GREG CASAR OF TEXAS, THANK YOU FOR JOINING US ON BLOOMBERG TV AND RADIO. REP. CASAR: IT WAS GREAT TO BE WITH Y'ALL. KAILEY: WE THANK THAT CONGRESSMAN FOR THAT CONVERSATION. AHEAD, NORTH CAROLINA STARTING TO SEND OUT MAIL-IN BALLOTS EVEN AS THE TRUMP ADMINISTRATION ESCALATES ITS FIGHT OVER THE VOTING METHOD. WE WILL HAVE MORE NEXT ON BALANCE OF POWER ON BLOOMBERG TV AND RADIO. PRESIDENT TRUMP: WE HAVE AROUND A BILLION DOLLARS THAT I CAN SPEND. I CAN SPEND FOR THE NEXT RACE ALSO. I CAN SPEND FOR WHAT I WANT TO SPEND IT FOR BUT I’M GOING TO HELP A LOT OF THE CONGRESSMEN AND SENATORS THAT NEED HELP. KAILEY: WELCOME BACK. THAT WAS PRESIDENT TRUMP EARLIER THIS AFTERNOON LAYING OUT HIS INTENTION TO ASSIST REPUBLICANS WITH WHAT HE SAYS IS A BILLION WAR CHEST HEADING INTO THE MID TERMS. JUST CROSSING A FEDERAL JUDGE IN WASHINGTON IS EXTENDING THE BLOCK ON PRESIDENT TRUMP’S EXECUTIVE ORDER SEEKING TO ORDER MAILIN VOTING IN THIS TERM. THE D.O.J. HAS ASKED THE COURT TO ALLOW THESE MAIL-IN CHANGES GO FORWARD. NORTH CAROLINA HAS ALREADY SENT OUT MAIL-IN BALLOTS FOR VOTERS. ANNA, NORTH CAROLINA WENT AHEAD AND SENT THEM OUT TODAY OR BEGAN DOING SO. IS THERE A CHANCE THOSE WILL BE RETRACTED OR POTENTIALLY NULLIFYED? ANNA: ONE OF MY FAVORITE PIECES OF REPORTING IN AN EARLIER STORY IS THAT IT COSTS .30 PER BALLOT TO MAIL THESE OUT SO THE ELECTIONS OFFICE REALLY WANTED TO HAVE THIS RIGHT BEFORE THEY STARTED MAILING THEM OUT BUT THEY HAVE A DEADLINE SET OUT BY THE STATE AND UNDER OUR ELECTORAL SYSTEM, CONDUCTING ELECTIONS IS UP TO THE STATES. THAT’S ONE THING WE’RE WATCHING FOR. ALSO THE LEGAL WRANGLING BETWEEN THE FEDERAL GOVERNMENT AND THE STATE GOVERNMENT OVER WHO HAS AUTHORITY TO SET THESE RULES. JOE: 60 DAYS OUT AND BALLOTS ARE GOING IN THE MAIL. IF THE SUPREME COURT RULES WITH THE ADMINISTRATION, WITH THE DOJ, DO THEY SOMEHOW HAVE TO GET THEM ALL BACK? ANNA: ONE OF THE MOST INTERESTING PARTS OF THIS BESIDES JUST THE LEGAL BATTLE IS THE CONFUSION SURROUNDING IT AND THE UNCERTAINTY. NOT ONLY IMPORTANT FOR THE PEOPLE CONDUCTING ELECTIONINGS, THE LAWYERS WHO WILL INEVITABLY BE SUING OVER THEM BUT ALSO FOR VOTERS. WE’RE WATCHING HOW THE MESSAGING AROUND THIS ELECTION TAKES PLACE AND ALSO WHAT THE COMMUNICATION IS TO VOTERS. HOW DOES THIS IMPACT TURNOUT AND WHOSE VOTES ARE COUNTED? WHAT’S THE PROCESS TO SECURE BALLOTS AFTER THEY’VE BEEN SENT? WITH ALL OF THESE LOGISTICAL QUESTIONS THERE WILL BE UNCERTAINTY AROUND THE ELECTION THAT COULD OPEN THE DOOR TO QUESTION THE RESULTS. JOE: THANK YOU SO MUCH. WE ASSEMBLE OUR POLITICAL PANEL FOR THEIR TAKE. RICK DAVIS IS WITH US. OUR REPUBLICAN STRATEGY I GUESS SO PRESIDENT AND C.E.O. OF DEMOCRACY FORWARD IS WITH US. GREAT TO HAVE YOU BOTH HERE. RICK, IT WAS OLIVER HARDING WHO SAID THIS IS A NICE MESS YOU’VE GOTTEN ME INTO AND I’M NOT SURE HOW NORTH CAROLINA OR OTHER STATES GET OUT OF IT WITH THE SUPREME COURT RULES WITH THE D.O.J. WHAT HAPPENS NEXT? RICK: MASSIVE CONFUSION IN THESE STATES. 23 STATES THIS MONTH OF SEPTEMBER ARE GOING TO START SENDING OUT BALLOTS. YOU CAN IMAGINE, DEPENDING ON THE TIMING OF THE COURT, HOW THIS IMPACTS EVERYBODY. THESE ARE STATES ALREADY SET TO DO THIS. THE DISTRICTS ARE SET, THE VOTERS ARE LOCKED IN A MAIL FILE AND THESE THINGS WILL NORMALLY AUTOMATICALLY GO OUT. BY THE WAY, PRIMARILY WITHOUT THE HIM. THIS SYSTEM HAS WORKED REALLY WELL FOR DECADES AND TO THROW A MONKEY WRENCH IN THIS LATE IN AN ELECTION CYCLE IS IRRESPONSIBLE. 239 GOVERNMENT WANTS TO DO SOMETHING ON THIS ISSUE, THEY SHOULD VET IT OUT AND LOOK TO THE 2028 CYCLE TO DO IT, NOT TRY AND JAM VOTERS WITH A NEW PROCEDURE TODAY. KAILEY: THE PRESIDENT OBVIOUSLY CONTENDS THAT THIS IS A SYSTEM RIFE WITH FRAUD EVEN THOUGH THERE IS LITTLE EVIDENCE TO SUPPORT THAT HE OBVIOUSLY WANTS TO MAKE THIS A MORE SECURE VOTING METHOD IN HIS MIND. WHAT CHANGES COULD BE IN LINE WITH THE CONSTITUTIONAL RIGHT TO VOTE? >> THERE’S NO AUTHORITY FOR WHAT THE PRESIDENT IS TRYING TO DO HERE AND THERE’S NOT A SINGLE COURT IN THE COUNTRY THAT’S FOUND THAT THE PRESIDENT HAS ANY RIGHT TO DO WHAT HE’S DOING HERE. WHEN THIS WENT UP TO THE SUPREME COURT THE FIRST TIME THE COURT’S MAJORITY WAS VERY CAREFUL TO SAY THAT WE’RE NOT SAYING ANYTHING THIS ADMINISTRATION IS DOING IS LAWFUL OR CONSTITUTIONAL WE’RE JUST RULING AS A MATTER OF TIMING AND NOW THIS IS GOING BACK UP AGAIN. THE IMPORTANT THING FOR VOTERS, CHECK YOUR REGISTERS, PARTICIPATE IN THE ELECTIONS AND THERE’S NO CONSTITUTIONAL AUTHORITY FOR WHAT THE PRESIDENT IS SEEKING TO DO. HE HAS LOST IN ALL OF THESE CASES WHERE HE HAS SOUGHT TO EXERT FEDERAL AUTHORITY OVER THE ELECTIONS AND EXECUTIVE AUTHORITY OVER THE ELECTIONS. THAT IS A TALKING POINTS THAT IS INCONVENIENT FOR THE WHITE HOUSE SO THEY CONTINUE TO TRY TO CREATE SO MUCH CONFUSION. VOTERS ARE GOING TO BE ABLE TO VOTE IN NOVEMBER BECAUSE LAWYERS ARE GOING TO MAKE SURE THESE CHALLENGES ARE FILE AND WOULD BECAUSE PEOPLE IN THIS COUNTRY ARE ENERGIZED AND WANT TO SHOW UP AND CAST THEIR BALLOTS. JOE: THE PRESIDENT IS ON HIS WAY TO DALLAS NEXT WEEK. AND WHILE HE VOTES BY MAIL HIMSELF, YOU KNOW HE’S GOING TO TALK ABOUT THIS AT THE R.N.C. HE’S GOING TO TALK ABOUT HOW IT IS RIFE WITH FRAUD AND WILL CALL ON THE SUPREME COURT IF IT HASN’T ALREADY RULED BY THEN. WHAT DOES THAT MEAN FOR THE REPUBLICAN ELECTORATE ACTUALLY TUNING IN FOR THIS EXERCISE AND COULD IT MEAN THE DIFFERENCE BETWEEN WINNING AND LOSING FOR SOME REPUBLICAN CANDIDATES KNOWING THAT ACROSS SOUTHERN STATES AND OUT WEST, THIS IS THE WAY IT’S DONE FOR MANY REPUBLICAN VOTERS. RICK: NO QUESTION, MANY DOMINANT REINSTATES HAVE OVER 60%, 80% MAIL-IN BALLOTS. IT’S NOT A SECRET THAT ELDERLY VOTERS BY AND LARGE SUPPORT REPUBLICANS BY A LARGER PERCENTAGE THAN DEMOCRATS AND THOSE MEMBERS I KNOW WHO ARE FROM STATES AND DISTRICTS THAT HAVE LARGE ELDERLY POPULATIONS WHO ARE RAP I WOULD VOTERS, THEY UNDERSTAND HOW IMPORTANT IT IS TO TURN OUT ON ELECTION DAY BUT THEY DO IT A LOT THROUGH THE MAIL AND REPUBLICANS ARE WORRIED THAT THIS IS GOING TO SEND A SIGNAL TO THOSE VOTERS, DON’T USE THE MAIL AND THEY’RE THE LEAST LIKELY VOTERS TO SHOW UP ON AT A FOLLOW ON ELECTION DAY BECAUSE IT’S HARDER FOR THEM TO DO IT. THERE ARE REPUBLICANS EVERYWHERE WHO ARE CONFUSED AND FRANKLY DISHEARTENED THAT THE PRESIDENT HAS PICKED THIS LATE TO GO BACK ON THE CAMPAIGN AGAINST ELECTION RESULTS QUESTIONING THE PROCESS WHEN THE REPEAT IS, CONSIDERING THE NUMBERS, WE SHOULD BE TRYING TO GET EVERY VOTER OUT AND THAT MEANS THAT WE HAVE TO GIVE THEM CONFIDENCE THAT THE SYSTEM THEY’RE VOTING IN ASWINGTY. KAILEY: SO IF THERE’S CONFUSION ABOUT BALLOTS BEING MAILED OUT. WHO ARE CONFUSION AS TO WHO SHOULD BE ON THE BALLOT IN THE FIRST PLACE? SPECIFICALLY IN MISSOURI. THE STATE SUPREME COURT THREW OUT THE MAP FOR THE LOAN DEMOCRAT IN THAT DISTRICT. EMANUEL KLEBER. APPARENTLY HIS DISTRICT WILL REMAIN INTACT. THEY’LL BE USING THE OLD MAP BUT THAT IS NOT THE MAP THEY USED IN THE PRECISELY. HOW IS THIS SUPPOSED TO WORK? >> ANOTHER TEMPT WHERE THIS EFFORT TO DISENFRANCHISE VOTERS IS CONTINUING TO BE STRUCK DOWN. ONE OF THE MAIN THINGS HERE IS STATES AND LOCAL GOVERNMENTS AND THE COURTS, WE’RE SEEING ALL THIS PLAY OUT IN ELECTIONS RIGHT NOW BUT THE CONFUSION AT SOME LEVEL WITH THIS ADMINISTRATION AND WITH THEIR ALLIES IS THE POINT SO WHAT WE’RE REALLY FOCUSED ON AT DEMOCRACY FORWARD IS MAKING SURE THAT VOTERS HAVE ACCURATE INFORMATION. I’M AGAIN LIFTING UP THE LEAGUE OF WOMEN VOTERS’ WEBSITE. THAT IS A NONBIPARTISAN WEBSITE WHERE YOU CAN GET THE INFORMATION ABOUT YOUR CANDIDATES AND LOCAL ELECTIONS AND ALL OF THE CHAOS AND CONFUSION THAT WE’RE SEEING IS A PART OF A VOTER SUPPRESSION AGENDA. OUR JOB NOW IS TO CUT THROUGH THAT CHAOS AND MAKE SURE THAT PEOPLE CAN MAKE THEIR VOICES HEARD AND IT WAS GOOD TO SEE THAT SUPREME COURT LAST NIGHT STRIKE DOWN THE MAP THAT WOULD HAVE WRITTEN OUT THE PEOPLE’S VOICE. JOE: WELL, IT’S NOT DONE YET AS REPUBLICANS IN THE STATE PROMISE TO SEND THIS TO THE SUPREME COURT. THE ATTORNEY GENERAL IN MISSOURI CALLS THIS A CONSTITUTIONAL CRISIS ACROSS. AS A CAMPAIGN OPERATIVE, RICK DAVIS, DO YOU HAVE TO CALL BACK ALL THE DOOR KNOCKERS AND CANCEL THE PHONE CALLS THIS WEEKEND IF YOU’RE NOT RUNNING IN THE DISTRICT YOU THOUGHT YOU WERE? RICK: IT’S PRETTY GOOD TECHNOLOGY SO YOU’LL KNOW REGARDLESS OF THE YOU GO BACK TO THE OLD LINES, WHICH DISTRICT IS THE SIXTH DISTRICT, RIGHT? THERE WILL BE PLACES TO GO AND THINGS TO DO. I HAVE NO DOUBT CAMPAIGNS WILL BE VERY FOCUSED ON CONTINUING TO POUND DOORS AND THE MEDIA WILL STAY. KANSAS CITY HAS HATCH THAT DOESEN CONGRESSIONAL DISTRICTS THAT IT. YOU NOT ONLY ARE HITTING YOUR POTENTIAL OR CURRENT VOTERS BUT ANY FUTURE VOTERS. IT WILL BE STILL A VERY ROBUST CAMPAIGN SEASON IN MISSOURI BUT WE CAN ONLY HOME THAT THE SUPREME COURT BASICALLY TAKES THE APPROACH THEY TOOK FROM VIRGINIA, WHICH WAS VIRGINIA BROKE ITS RULES ON A REFERENDUM AND MISSOURI ACTUALLY STAYED WITHIN THE RULES AND PASSED THIS REFERENDUM SO TO BE CONSISTENT THEY’RE GOING TO HAVE TO GIVE MISSOURI A GREEN LIGHT. KAILEY: SKYE, WHAT ARE THE ODDS THAT THE BALANCE OF THE HOUSE COMES DOWN TO JUST THIS SINGLE CONGRESSIONAL DISTRICTS IN MISSOURI WE’RE TALKING ABOUT? >> I THINK THIS IS AN ELECTION WHERE WE SEE A LOT OF ENERGY. PEOPLE ARE REALLY CONCERNED ABOUT THE DIRECTION OF THE COMPANY. WE’VE SEEN VERY HIGH VOTER TURNOUT IN EVERY ELECTION DAY SINCE NOVEMBER 2025. THE IMPORTANT THING IS PEOPLE UNDERSTAND HOW IMPORTANT THEIR VOTE IS AND TURN OUT AND VOTE. I’M NOT GOING TO DO CRYSTAL BALLS BUT WHAT WE DO KNOW IS THAT IT’S SIMILAR IMPORTANT THAT EVERYONE SHOW UP. JOE: THANK YOU FOR A GREAT CONVERSATION. THIS IS BLOOMBERG.