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00:00> > FROM THE WORLD OF POLITICS TO THE WORLD OF BUSINESS, THIS IS "BALANCE OF POWER." > > LIVE FROM WASHINGTON DC. > > FROM BLOOMBERG'S WASHINGTON, D.C. STUDIOS TO OUR TV AUDIENCES WORLDWIDE, WELCOME TO "BALANCE OF POWER." > > TIKTOK CEO FACING THE MUSIC AND A HOSTILE CONGRESSIONAL COMMITTEE TODAY. > > HAS A BYTEDANCE SPITE ON AMERICAN CITIZENS CITIZENS? > > I DON'T EXPIRING IS THE RIGHT WAY TO DESCRIBE IT. > > OUR ROUNDTABLE DEBATE ON THE TESTIMONY, THE REACTION AND WHAT COMES NEXT. ANNMARIE: A THREE-DAY SHOW OF AFFECTION AND IF FRIENDSHIP BETWEEN XI JINPING AND PUTIN, THE WHITE HOUSE REACTS. > > XI SEES PUTIN AS INFLUENCE IN EUROPE. POTENCIES PRESIDENT SHE AS AN OPPORTUNITY TO GET MORE ASSISTANCE. > > U.S. TREASURY SECRETARY JANET YELLEN TELLS LAWMAKERS THEY ARE PREPARED TO TAKE FURTHER STEPS TO PROTECT DEPOSITS IF NECESSARY. ANOTHER CHANGE OF TUNE FROM THE SECRETARY. WE WILL GET REACTION AHEAD FROM CONGRESSMAN BRENDAN BOYLE OF PENNSYLVANIA. WE HAVE A BLOOMBERG'S ANNA EDGERTON AND DAN FLATLEY AS WE PREPARE TO TACKLE TIKTOK. ANNMARIE WAS THERE IN THE HOUSE IS THE HEARING GOT STARTED. THE CEO TRYING TO APPEAL TO THOSE IN THE MEDIA THAT TODAY ARE NOT DOING ANYTHING WE NEED TO WORRY ABOUT. ANNMARIE: HE HAD INFLUENCERS AROUND HIM. THE COMPANY IS TRYING HARD TO EXPLAIN TO LAWMAKERS THAT THIS IS GOING TO AFFECT A TON OF INDIVIDUALS THAT MIGHT BE VOTING IN 2024. JOE: THIS IS SOMETHING. IT LAWMAKERS SHOWED UP WITH AN AGENDA. JUST LIKE THE CEO OF TIKTOK. I'M ASSUMING NO MINES WERE CHANGED WE HEARD FROM A NUMBER LAWMAKERS, THEY DIDN'T BELIEVE HIS ANSWERS. WAS THERE ANY POINT TO THIS EXERCISE? > > THERE WAS NOTHING HE COULD HAVE SAID THAT WOULD HAVE HELPED HIS CASE. HIS ANSWERS WERE NOT SATISFACTORY OR DO WE HAVE HEARD A LOT OF IT BEFORE, A LOT OF IT HAS BEEN WIDELY PUBLICIZED. THEY DIDN'T LET HIM ANSWER, THEY WERE NOT THERE TO LISTEN TO WHAT HE HAD TO SAY. HE WAS CUT OFF AND A LOT OF HIS ANSWERS, IT CREATED AN UNCOMFORTABLE CONTENTIOUS ENVIRONMENTS BETWEEN THE CEO AND NUMBERS OF CONGRESS. ANNMARIE: TIKTOK HAS COME OUT WITH US -- A STATEMENT. THEY SAID THAT HE CAME PREPARED TO ANSWER QUESTIONS, BUT THE DAY WAS DOMINATE BY POLITICAL GRANDSTANDING THAT FAILED TO ACKNOWLEDGE THE SOLUTIONS UNDERWAY OR PRICKLY ADDRESS INDUSTRYWIDE ISSUES OF YOUTH SAFETY. PROJECT TEXAS, THEY ARE NOT GIVING UP. OUR REPORTING IS THAT THE U.S. GOVERNMENT ALREADY TOLD BYTEDANCE, DIVEST OR SELL IT. PROJECT TEXAS INTEGRATES IT IS NOT DOING ENOUGH TO COUNTER A U.S. GOVERNMENT OFFICIAL CONCERN. > > THE CHINESE COMMERCE MINISTRY DID NOT DO SHOU CHEW MANY FAVORS THIS MORNING WHEN THEY CAME OUT WITH A STATEMENT SAYING THAT CHINA WOULD HAVE TO APPROVE OF ANY SALE OF TIKTOK TO A U.S. ENTITY. HE WAS GOING IN TO THIS HEARING WITH -- FACING SERIOUS HEADWINDS. THAT HAS BEEN A VERY BIG CONCERN OF CONCLUDING THIS NATIONAL SECURITY REVIEW THAT TIKTOK HAS BEEN WORKING ON WITH THE U.S. GOVERNMENT, IS WHETHER CHINA WOULD HAVE ANY SAY IN HOW THAT WOULD BE CONCLUDED. IT CUTS AGAINST HIS ARGUMENTS THAT TIKTOK WILL NOT SHARE DATA WITH CHINA BECAUSE IF THEY HAVE TO APPROVE THE SALE OF THIS BUSINESS, IT WOULD INVOLVE THE OPERATIONS. JOE: SHOES A POINT THAT 5 BILLION BUSINESSES HAVE A PLATFORM ON TIKTOK, THAT IS NOT RESONATING WITH LAWMAKERS. > > HE DIDN'T DO A GOOD JOB OF READING THE ROOM. THERE WAS A PALPABLE TENSION, THESE INFLUENCE WHO WERE THERE SAYING, PLEASE DON'T BAN THE APP, IT'S SUPPORT FOR SMALL BUSINESSES. SITTING RIGHT BESIDE THE PARENTS OF A 60-YEAR-OLD WHO HAD COMMITTED SUICIDE FROM CONTENT PUSHED HIM CONTAINING MESSAGES OF SUICIDE AND SELF HARM. I SPOKE WITH HIS MOTHER, SHE SAID, BEING HERE AND LISTENING TO WHAT YESTERDAY, IT'S NOT SATISFACTORY. > > THIS HAD A SCOPE, IT WAS MENTAL HEALTH CONCERNS, NATIONAL SECURITIES CONCERNS, FOR ME, THIS MOMENT WITH CONGRESSMAN DUNN, THE SAID EVERYTHING. > > HAS A BYTEDANCE SPITE ON AMERICAN CITIZENS? > > I DON'T THINK THAT SPYING IS THE RIGHT WAY TO DESCRIBE IT. I HAVE SEEN NO EVIDENCE THAT THE CHINESE GOVERNMENT HAS ACCESS TO THAT TO. THEY HAVE NEVER ASKED US, WE HAVE NOT PROVIDED IT. > > I FIND THAT PREPOSTEROUS. > > I DON'T THINK SPYING IS THE RIGHT WAY TO DESCRIBE IT. THEN HOW DO YOU DESCRIBE IT? HE WALKED HIMSELF INTO THIS MOMENT. > > IT UNDERSCORES HOW THEY WERE NOT READY FOR THE LEVEL OF VITRIOL THAT WAS GOING TO COME THERE DIRECTION FROM CONGRESS. THEY WANTED TO PRESENT, I'M TALKING ABOUT THE TIKTOK EXECUTIVES, A FACT-BASED ARGUMENT FOR WHY THIS IS WORKING, AND WE ARE DOING MORE THAN ANY OTHER SOCIAL MEDIA COMING, WHY ARE YOU GUYS TARGETING US. AT THE END OF THE DAY, THERE WAS NOTHING THAT HE COULD SAY THAT WAS GOING TO SATISFY THESE LAWMAKERS WHO STARTED THE HEARING BY SAYING, YOUR PLATFORM SHOULD BE BANNED. WHERE DO YOU GO FROM THAT KIND OF ARGUMENT WHEN THAT IS WHERE YOU START? > > THERE IS NO CONSENSUS. YOU HAVE ONE THAT WE TALKED ABOUT THAT WOULD GIVE THE TREASURY THE TOOLS TO BAN WHATEVER COMPANY MEETS CERTAIN CRITERIA. ANOTHER APPROACH FROM SENATOR MARCO RUBIO. HE RELEASED A REACTION VIDEO TO THE CEOS TESTIMONY TODAY. > > THE RISK IS IN THE GOOFY VIDEOS TRYING TO GET US TO TRY OUT THE LATEST DANCE MOVES. THE RISK ISN'T THAT LIKE EVERY OTHER SOCIAL MEDIA COMPANY, TIKTOK SCOOPS UP AN UNBELIEVABLE AMOUNT OF PERSONAL DATA. THE RISK IS THAT TIKTOK IS THE ONLY SOCIAL MEDIA COMPANY THAT IS COMPLETELY CONTROLLED BY THE COMMUNIST PARTY OF CHINA. > > IS LIKE WE WERE WATCHING A MOVIE TRAILER. I WOULD LOVE TO HEAR FROM EVERYONE, IF WE THINK THIS IS GOING TO LEAD TO A TIKTOK BAND. IS THAT AN ELUSIVE GOAL OR NOT? > > IF THE U.S. GOVERNMENT COULD BAN TIKTOK, THEY WOULD. ALMOST EVERYONE IS IN AGREEMENT THAT IT IS A THREAT, THERE IS NO WAY TO PROTECT U.S. USER DATA WHILE THERE IS A CHINESE PARENT COMPANY. HOWEVER, A BAN IS NOT GOING TO BE EASY TO PULL OFF. THAT IS FOR LOGISTICAL REASONS, EAGLE REASONS AND FOR CULTURAL REASONS. > > THE PROBLEM HERE IS ONE OF THE LEGAL CHALLENGES THAT TIKTOK COULD MOUNT. WE KNOW TRUMP HAS TRIED THIS, IT HASN'T WORKED SO FAR. THE GOVERNMENT HAS THE AUTHORITY TO BAN IT IF THEY WANTED TO GO DOWN THAT ROUTE. IT'S A QUESTION OF ARE THEY WILLING TO TAKE THAT ON IN THE COURTS AND FIGHT THE FIRST AMENDMENT CHALLENGES THAT MIGHT ARISE AND THE OTHER, LOCATIONS. THEY EVEN NEED TO FIND A BIG COMPANY THAT IS WILLING TO PAY THE MONEY TO BUY IT, I GUESS CHINA WILL HAVE TO SAY THAT'S OK TOO, OR THEY HAVE TO PURSUE IT IN THE COURTS. THAT'S WHERE THINGS WILL LIKELY END UP. > > THE THING IS, THE TRUMP ADMINISTRATION TRY TO THIS, ENDED UP IN THE COURTS. THE BIDEN ADMINISTRATION HAD TO COME IN AND UNDO ALL OF THAT TO START FRESH AGAIN. > > THE ORDER THAT TRUMP SIGNED IN AUGUST 20 20 IS STILL BASICALLY IN EFFECT IN THE SENSE THAT IT REQUIRES A DIVESTMENT UNLESS THIS MITIGATION AGREEMENT THAT PROJECT TEXAS IS CAN WORK OUT. WE KNOW THAT THERE ARE SERIOUS DOUBTS ABOUT THAT AT THIS POINT. THE QUESTION IS, WHAT DOES THE ADMINISTRATION DO NEXT, DO THEY TRY TO GET LEGISLATION THROUGH COMMERCE, TAKE ANOTHER TACK OR DOUBLE DOWN ON THE TRUMP APPROACH AND TRY TO ENFORCE THIS DIVESTMENT? > > THE WARNER BILL SEEMS TO BE LEADING THE CHARGE ON CAPITOL HILL, IS THAT THE MOST LIKELY VENUE? > > THERE ARE FOUR BILLS THAT HAVE BEEN INTRODUCED, THAT ONE HAS 10 COSPONSORS OF EACH PARTY, THE SUPPORT OF THE WHITE HOUSE. WE ARE TRY TO FIGURE OUT NOW HOW THEY CAN RECONCILE THAT WITH HOUSE REPUBLICANS, MAKE SURE THERE IS SOMETHING IN THERE THAT WILL GET HOUSE REP BECAUSE ON BOARD. THE DEMOCRATIC LED SENATE, REPUBLIK AND LIGHTHOUSE, NOT EASY. EVEN IF IT WERE TO PASS, THAT SETS UP AN ENTIRE NEW REGULATORY SYSTEM THAT THE COMMERCE DEPARTMENT HAS TO IMPLEMENT FOR THEY CAN TAKE ANY ACTION. THE BEST CASE SCENARIO PUTS US RIGHT UP BEFORE THE 2024 ELECTION. > > THE THING ABOUT 2024, AT THAT POINT, WOULDN'T YOU WANT TO WAIT FOR THE DEMOCRATS, BECAUSE MOST OF THESE YOUNG TIKTOK USERS ARE LIBERAL, AND THEY VOTE FOR DEMOCRATS. JOE: YOU SAW THOSE INFLUENCERS CROWDING THE HALLS OF CONGRESS, LIP-SYNCHING AND MAKING VIDEOS, DID THEY VOTE? > > THE ONES THAT ARE OLD ENOUGH DID. YOU ARE GOING TO WANT TO KEEP AN ION THESE TWO REPORTERS, A TON OF TIKTOK NEWS COMING UP. WE WILL TURN TO ANOTHER BIG TOPIC ON THE HILL, THE STATE OF DEPOSIT INSURANCE WE WILL TALK TO DEMOCRATIC CONGRESSMAN BRENDAN BOYLE OF PENNSYLVANIA, THAT IS NEXT, RIGHT HERE ON BALANCE OF POWER. ♪ > > THE STRONG ACTIONS WE HAVE TAKEN ENSURE THAT AMERICANS DEPOSITS ARE SAFE. CERTAINLY WE WOULD BE PREPARED TO TAKE ADDITIONAL ACTIONS IF WARRANTED. ANNMARIE: JANET YELLEN FACED U.S. LAWMAKERS AGAIN TODAY WITH A FRESH OPPORTUNITY TO EXPLAIN THE BIDEN DEMONSTRATIONS STANDS ON A BANK DEPOSIT APPEARED HERE TO TALK WITH US ABOUT U.S. FEDERAL BUDGET IS A DEMOCRATIC CONGRESSMAN RENDON BOYLE OF PENNSYLVANIA. THANK YOU SO MUCH FOR JOINING US ONCE AGAIN. I WANT TO RECAP, WHAT HAVE WE HEARD SO FAR FROM THE TREASURY SECRETARY? YESTERDAY IT WAS A COMMITMENT TO THE NECESSARY STEPS TO ENSURE THE DEPOSITORS SAVINGS REMAIN SAFED -- SAFE. THEN SHE SAYS I HAVE NOT CONSIDERED ANYTHING HAVING TO DO WITH A BLANKET INSURANCE OR GUARANTEES. AND TODAY'S LANGUAGE, CHANGED AGAIN, THIS LINE WAS ADDED. WE WOULD BE PREPARED TO TAKE ADDITIONAL ACTIONS IF WARRANTED. I THINK I KNOW WHERE HER COMMENTS WERE TRYING TO BE ADDRESSED. BUT WHEN IT COMES TO FDIC INSURANCE, IT'S UP TO CONGRESS. WHERE DO YOU AND YOUR COLLEAGUES STAND ON THIS? > > IT'S GREAT TO BE BACK WITH YOU. ANYONE WHO WATCHED THE LAST 15 MINUTES OF THE MARKET YESTERDAY KNOWS EXACTLY WHEN SECRETARY YELLEN MADE THOSE COMMENTS. IT MIGHT HAVE BEEN IT -- IT MISINTERPRETED. I THINK IT IS IN OUR INTEREST AS A COUNTRY TO CLEAR THIS MATTER UP DEFINITIVELY. THAT WILL TAKE CONGRESS. I AM INTERESTED IN ANY SORT OF LEGISLATIVE PROPOSAL THAT WOULD INCREASE FROM $280,000, THE AMOUNT OF INSURANCE THAT GOES TO DEPOSITORS BUT MAKING SURE IT IS NOT TAXPAYERS THAT ARE PAYING FOR THAT. IF YOU WERE TO INCREASE THE INSURANCE THAT BANKS PAY, I THINK THAT IS A POSITIVE REFORM THAT COULD COME OUT OF THE SITUATION. IT WOULD MAKE BANKING HEALTHIER AND STRONGER. JOE: SEEMS LIKE WOULD HELP TO BE SPECIFIC IN THIS CONVERSATION. WE HAVE HEARD UNIVERSAL INSURANCE, UNLIMITED INSURANCE, ALSO A SUGGESTION THAT IT BE $500,000 OR A MILLION DOLLARS, IS THERE A NUMBER THAT RESONATES WITH YOU AND OTHER MEMBERS ON YOUR COMMITTEE? > > THE NUMBERS SHOULD BE HIGH ENOUGH THAT IT WOULD GIVE IT FULL CONFIDENCE TO THE AMERICAN PEOPLE THAT THEIR DEPOSITS ARE SAFE. I DO FEEL THAT THE ADMINISTRATION, GIVEN THE LIMITATIONS ILLEGALLY THAT THEY HAVE ON THEM, HAS BEEN REMARKABLE AND HOW QUICKLY THEY RESPONDED TO PUT OUT THIS FIRE. IT IS STILL A CONCERN, BUT THINK OF WHERE WE WERE EXACTLY TWO WEEKS AGO TODAY. VERSUS WHERE WE ARE NOW. WE ARE IN A BETTER SITUATION THAN I FEARED WE WOULD BE IN ACT TWO WEEKS AGO. JOE: WHAT IS A NUMBER THAT RESONATES, SHOULD IT BE UNLIMITED? SHOULD PEOPLE KNOW THAT THEIR DEPOSITS ARE SAFE NO MATTER HOW MUCH THEY HAVE IN A BANK? > > THE ONLY HESITATION I HAVE IS RATHER THAN DEALING IN THE ABSTRACT, I WOULD LIKE TO SEE THE SPECIFIC NUMBERS IN TERMS OF WHAT THAT WOULD DO TO THE INSURANCE COSTS. AND PERHAPS ADDED ON FEES THAT BANKS WOULD PASS ON TO CONSUMERS. FOR ME, MY GUT INSTINCT IS, $1 MILLION, HEARING THAT NUMBER, I THINK THAT FOR MOST OF THE AMERICAN PEOPLE, THAT WOULD BE SUFFICIENT TO KNOW THAT THEIR MONEY IS SAFE. ANNMARIE: WHAT ABOUT BUSINESSES THAT HAVE MUCH LARGER DEPOSITS BECAUSE THEY HAVE PAYROLL AND OTHER EXPENSES? > > I AM NOT A FINANCIAL ADVISOR, I AM A MEMBER OF CONGRESS. WOULD POINT OUT, MANY SMALL BUSINESSES THAT I KNOW TO HAVE MULTIPLE ACCOUNTS FOR A REASON, THE FDIC INSURANCE GOES PER ACCOUNT. NOT NECESSARILY PER DEPOSITOR. THERE ARE WAYS WITHIN OUR CURRENT SYSTEM TO GET THAT EXTRA INSURANCE. I WILL COME BACK TO THE POINT I MADE ORIGINALLY. I THINK IT IS INCUMBENT UPON CONGRESS TO ACT. THERE IS THE POSSIBILITY FOR A PRAGMATIC, BIPARTISAN SOLUTION, I WOULD LIKE TO BE A PART OF THOSE WHO WOULD FORGE THAT. JOE: WHAT ARE YOU HEARING IN TERMS OF THE STABILITY OF THE SYSTEM RIGHT NOW. HAS BEEN A LOT OF QUESTION OF WHETHER WE ARE OVER HERE, WHAT IS THE TIMELINE IN TERMS OF COMING UP WITH LEGISLATIVE FIXES. ARE YOU WORKING -- WORRYING ABOUT ANOTHER BANK FAILING? > > WE HAD A 3.5 HOURS OF A BUDGETARY MEANING ABOUT THE BIDEN BUDGET. THE WHITE HOUSE BUDGET IS THE ONLY ONE THAT IS IN PLAY AT THE MOMENT AS WE STILL AWAIT THE REPUBLICAN BUDGET. MOST OF MY TIME TODAY WAS TAKEN UP WITH THAT. OVER ALL, IN TERMS OF MY GUT INSTINCT, THE FACT THAT THIS PAST WEEK, WE HAD TO THE CREDIT SUISSE SITUATION WHICH HAS BEEN RESOLVED BY THE SWISS A SORE THESE. THERE HAS BEEN NOTHING SINCE THEN. THAT HAS ME FEELING GOOD. ANNMARIE: WHAT DO YOU MAKE OF ERRINGTON SAY THEY WILL DO A SHORT DEAL SHEET TO OFFER BIDEN ON THE DEBT CEILING. THEY DO KNOW, WE HAVEN'T SEEN A REPUBLICAN BUDGET YET, THIS IS GOING TO BE DELAYED. > > WE HAD BEEN TOLD REPUBLIK AND'S WOULD MARK UP OR PASS OUT A COMMITTEE THE BUDGET THIS MONTH. THEN IT WAS DELAYED UNTIL APRIL. NOW THE LATEST NEWS IS THEY WON'T HAVE ONE UNTIL AFTER THAT. THEY HAVE OFFERED TODAY, A LOT OF CRITICISMS FOR THE WHITE HOUSE BUDGET. I WOULD LIKE TO SEE THEIR OWN. IN TERMS OF THE OFFER SHEET, I HAVEN'T SEEN THE OFFER SHEET YET. THE WAY TO INCREASE THE DEBT CEILING IS TO HAVE A VOTE ON THE FLOOR TO INCREASE THE DEBT CEILING. JUST LIKE WE DID THREE TIMES UNDER PRESIDENT TRUMP AND SO MANY OF THE SAME REPUBLICANS WERE BULKING RIGHT NOW, VOTED FOR THAT DEBT MIGHT INCREASE WHEN THERE WAS A REPUBLICAN IN THE WHITE HOUSE. JOE: IT'S A GREAT EXPECTATION, THIS WAS UP TO THE BRINK, A DEADLINE WILL FORCE A DEAL OF SOME SORT. WHAT ARE THE ODDS WE GET A DOWNGRADE TO THIS TIME? > > THAT IS ONE OF MY BIGGEST WORRIES. THE LAST TIME, AUGUST 2011, THE DEBT CEILING WAS RAISED BUT WE GOT SO CLOSE TO THE DEADLINE, IT LED TO THE FIRST EVER CREDITED DOWNGRADE IN AMERICAN HISTORY. WHICH THE GOVERNMENT ACCOUNTABILITY OFFICE HAS DETERMINED, IT INCREASED OUR BORROWING COSTS BY BILLIONS. IN THE AND, ALL OF THAT ROLLER COASTER RIDE ENDED UP COSTING THE AMERICAN PEOPLE MORE, NOT LESS. WE NEED TO AVOID THAT. GIVEN EVERYTHING, THE LAST THING WE NEED ON TOP OF THE LAST COUPLE WEEKS IS TO THROW A DEBT CEILING DRAMA AND SHOWDOWN ON TOP OF IT. ANNMARIE: DO YOU THINK THE RECENT REACTION AND CHAOS IN THE MARKETS HELPED THE DEMOCRATIC CASE TO RAISE IT CLEAN AND MOVE ON? > > I THINK THAT ANYONE WHO IS PRAGMATICALLY LOOKING AT THE SITUATION WOULD RECOGNIZE IT IS INSANE TO PLAY AROUND WITH THE DEBT CEILING, ESPECIALLY GIVEN WHAT IS HAPPENED THE LAST SEVERAL WEEKS. I WILL THROW ONE MORE LOCK ON THE FIRE. THAT IS THE FED NOW HAS RATES AT THEIR HIGHEST LEVEL SINCE 2007. THERE WILL BE A SLOWING OF THE ECONOMY BECAUSE OF THAT DRAMATIC RISE IN RATES. DO WE WANT TO THROW ON A DEBT LIMIT FIGHT AND A QUESTION OVER WHETHER OR NOT THE UNITED STATES IS GOING TO HONOR THE FULL FAITH AND CREDIT OF THIS COUNTRY? I THINK NOT, IT IS IN THE NATIONAL INTEREST TO RAISE THE DEBT CEILING AND DO IT AS SOON AS POSSIBLE. JOE: I WANT TO ASK YOU ABOUT SENATOR JOHN FETTERMAN, WHO IS STILL BEING TREATED AT WALTER REED HIGH SCHOOL -- FOR DEPRESSION. HAS THE DELEGATION BEEN IN TOUCH? > > I CAN ONLY SPEAK FOR MYSELF. I HAVE EXPRESSED MY WARM WISHES TO THE SENATOR, I TEXTED HIM PERSONALLY AS WELL AS NUMBERS OF HIS TEAM WHO I KNOW. I GIVE JOHN CREDIT FOR HAVING THE COURAGE TO COME FORWARD AND SPEAK HONESTLY AND OPENLY ABOUT THE SITUATION. I HOPE IT CAN BE A MOMENT THAT INSPIRES OTHERS WITH SIMILAR MENTAL HEALTH CHALLENGES TO SEEK THE HELP THAT THEY NEED. JOE: THANK YOU SO MUCH. RENDON BOYLE OF PENNSYLVANIA TODAY ON BALANCE OF POWER. COMING, WITH TIKTOK'S CHIEF TAKING A BEATING ON CAPITOL HILL TODAY, WHAT DOES IT MEAN FOR OTHER SOCIAL MEDIA COMPANIES? WILL THEY EAT TIKTOK'S LUNCH? THIS IS BLOOMBERG. ♪ JOE: THANK YOU FOR BEING WITH US. TIKTOK IS A FRIEND OF MINE IN WASHINGTON TODAY, MAYBE EVEN AN OBSESSION. INVESTORS KEEP AN EYE ON A SOCIAL MEDIA COMPANIES AS WELL ON THE POTENTIAL COMPETITION OR LAUGHTER OF. HERE WITH A LOOK AT THE MARKET IMPACT OF A POTENTIAL BAN IS KAILEY LEINZ. > > THERE HAS BEEN A REAL MARKET IMPACT IN THAT COMPETING COMPANIES HAVE SEEN DOUBLE-DIGIT GAINS OVER THE LAST MONTH AS MOMENTUM HAS BUILT IN THIS BAND CONVERSATION. TIKTOK HAS A LOT OF REALLY ENGAGED EYEBALLS. WE KNOW THE FIGURE, 150 MILLION USERS IN THE U.S., THEY SPEND AN AVERAGE OF 95 MINUTES PER DAY ON TIKTOK'S LAP FORM. THAT IS WAY MORE THAN ANY OF THESE OTHER COMPETITORS. SNAPCHAT ONLY GETS ABOUT 21 MINUTES PER DAY. IF TIKTOK GOES AWAY, PEOPLE HAVE ANOTHER 90 PLUS MINUTES TO SPEND ON OTHER PLATFORMS. FOR THOSE PEOPLE GO, ADVERTISING DOLLARS FOLLOW. YOUTUBE COULD BE THE BIGGEST BENEFICIARY IN TERMS OF GAINING USER MARKET SHARE. THERE IS ALSO THE AD SPEND, ONE THING THAT IS INTERESTING ABOUT TIKTOK, THEY DON'T CHARGE THAT MUCH FOR ADS. THE COST TO OBTAIN 1000 IMPRESSIONS FROM VIDEO ADVERTISING ON TIKTOK'S HALF THE PRICE OF INSTAGRAM REELS, A THIRD CHEAPER THAN TWITTER AND 62% CHEAPER THAN SNAPCHAT. THAT'S HOW THEY'VE BEEN ABLE TO SNAP UP SO MUCH MARKET SHARE. ANNMARIE: THE ADVERTISING IS GETTING EYEBALLS FOR A LOWER PRICE. IT MAKES TOTAL SENSE. MOODY SENT ME THIS QUOTE TODAY. THEY SAID, A U.S. TIKTOK BAN WOULD BENEFIT YOUTUBE, INSTAGRAM, SNAP, THE TIKTOK BAND CREATES A SMALLER REVENUE OPPORTUNITY THAT COULD BE MATERIALLY POSITIVE FOR SNAP. DO YOU THINK ALL THESE PEOPLE WILL GO TO SNAP? ISN'T THE ALGORITHM? > > THAT'S WHY YOU TOO WILL BENEFIT BECAUSE OF THEIR CONTENT ALGORITHM BEING MORE ADVANCED IN TERMS OF THE ACTUAL VIDEO. WHEN WE TALK ABOUT TIKTOK, WE ARE TALKING ABOUT YOUNG PEOPLE AS USERS. WE KNOW THAT YOUNGER PEOPLE ARE MORE ENGAGED WITH THE SNAP LAP FOUR. THAT'S THE IDEA HERE. ALL OF THIS IS POTENTIAL BECAUSE TIKTOK IS NOT YET GETTING BANNED. YOU ARE STARTED TO SEE THE MARKET ANTICIPATING THAT POTENTIALLY OR TRYING TO PRICE AND HOW WE COULD SEE THIS SHOWING UP IN SOME OF THESE CORPORATE EARNINGS. JOE: AN HOUR AND A HALF A DAY. ANNMARIE: I'M ONLY ON AND SCREAM. I'M NOT ON -- I'M ONLY ON INSTAGRAM. JOE: THERE IS A NEW RULE THAT LIMITS SCREEN TIME TO 60 MINUTES FOR KIDS. > > YOU CAN SET YOUR OWN RULE ON YOUR PHONE IF YOU HAVE SOCIAL MEDIA WILLPOWER PROBLEM. JOE: LAWMAKERS DIDN'T BLINK AT THAT. > > THEY WEREN'T BUNKING AT MUCH OF THAT HEARING. ANNMARIE: LAWMAKERS DON'T CARE ABOUT THE TIME LIMIT. THANK YOU SO MUCH FOR THAT. ONE OF THE BIG STORIES OF THE WEEK, RUSSIA PRESIDENT PUTIN'S JOE: WE SPOKE EARLIER TODAY WITH A JOHN KIRBY, RETIRED ADMIRAL AT THE WHITE HOUSE SPEAKING FOR THE NATIONAL SECURITY COUNCIL. ON THE HEELS OF THIS MEETING BETWEEN PRESIDENT XI AND PRESIDENT PUTIN HERE AT A LOT OF QUESTIONS OF WHAT THE TRIP WAS ABOUT. > > THERE WAS SOMETHING HE DODGED AROUND, THE FACT THAT THE U.S. HAS COME OUT AND CRITICIZED THIS PIECE IDEA THAT XI JINPING IS TRAINED TO CIRCULATE IN UKRAINE. HE HAS YET TO TALK TO PRESIDENT ZELENSKYY. THERE IS A GROWING CONCERN THAT THESE ARE VULNERABLE ECONOMIES DEALING WITH HIGH ENERGY PRICE IS, HIGH FOOD PRICES, MIGHT LEAD INTO XI. JOE: LET'S HEAR FROM JOHN KIRBY. I STARTED BY ASKING HIM, IN THE WAKE OF THAT MEETING, NOW THAT PRESIDENT XI IS BACK HOME, WHAT THE ADMINISTRATION KNOWS ABOUT ANY DEAL TO PROVIDE A LETHAL WEAPONS TO RUSSIA. > > WE SAW NOTHING IN THOSE STATEMENTS AND SEE NO INDICATION YET THAT CHINA HAS MADE ANY KIND OF A DECISION TO PROVIDE WEAPONS. WE DON'T THINK THAT IS IN CHINA'S BEST INTEREST. IT WOULDN'T BE CONSISTENT WITH THE XI KINDS OF THINGS PRESIDENT XI HAS SAID BEFORE PUBLIC. WE ARE GOING TO KEEP WATCHING THIS IS CLOSELY AS WE CAN. NO SIGNS YET. ANNMARIE: WE KNOW THAT THE UNITED STATES HAS CRITICIZED CHINA'S PEACE PLAN. HOW CONCERNED ARE YOU THAT XI JINPING WILL GET THESE VULNERABLE ECONOMIES AROUND THE WORLD TO WANT TO SIGN UP TO HIS VERSION OF EVENTS? > > CHINA IS STRUGGLING MIGHTILY TO CONVINCE PEOPLE THAT THEY ARE ACTING IN OTHERS A BEST INTEREST. MANY COUNTRIES ARE REALIZING AS THESE LOANS COME DUE, WHAT KIND OF FINANCIAL STRAITS THEY ARE IN WITH RESPECT TO CHINA AND TAKING THESE HIGH INTEREST LOANS. CHINA'S REAL INTERESTS AROUND THE WORLD ARE BECOMING MORE TRANSPARENT. IF THERE CAN BE A PRIEST -- PEACE BROKERED IN UKRAINE, THAT'S A GOOD THING, AS LONG AS PRESIDENT ZELENSKYY IS SUPPORTIVE OF IT. AS LONG AS HIS VIEWS HAVE BEEN HURT, HIS PERSPECTIVES HAVE BEEN RESPECTED, AND HE IS PART OF THAT EFFORT. PRESIDENT BIDEN HAS SAID NOTHING ABOUT UKRAINE WITHOUT UKRAINE. WE HAVE TO MAKE SURE THAT HE IS ALSO READY ON THE BATTLEFRONT. ANNMARIE: WILL XI CALLED ZELENSKYY? > > WE WOULD ENCOURAGE THAT. WE HAVE MADE IT CLEAR THAT WE WOULD LIKE TO SEE PRESIDENT XI RECEP -- REACH OUT TO PRESIDENT SOLESKY. HE NEEDS TO HEAR FROM PRESIDENT ZELENSKYY. OTHERWISE, ANYTHING THAT HE WOULD CALL FOR IN TERMS OF A CEASE FIRE OR PEACE PROPOSAL WON'T BE CREDIBLE, WANT TO BE SUSTAINABLE IF UKRAINIAN PERSPECTIVES ARE NOT FACTORED IN. IF YOU DON'T HAVE SUPPORT FROM PRESIDENT ZELENSKYY. IF YOU FLY ALL THE WAY TO MOSCOW, TERRIFIC. YOU HAVE TO PICK UP THE PHONE AND TALK TO PRESIDENT ZELENSKYY AND GET HIS VIEWS. JOE: WHAT DOES IT MEAN FOR A POTENTIAL MEETING WITH PRESIDENT BIDEN AND PRESIDENT XI? > > PRESIDENT BIDEN HAS MADE IT CLEAR THAT HE WANTS TO HAVE ANOTHER CONVERSATION WITH PRESIDENT XI. THERE IS NOTHING ON THE SCHEDULE RIGHT NOW. I CAN ASSURE YOU THAT ANOTHER CONVERSATION WILL HAPPEN, IT WILL HAPPEN AT THE MOST APPROPRIATE TIME. WE DON'T HAVE ANYTHING TO ANNOUNCE TODAY. THE PRESIDENT BELIEVES THAT IT IS VITALLY IMPORTANT, IN THIS MOST CONSEQUENTIAL OF BILATERAL LEAKAGES, THE LINES OF COMMUTE KITCHEN STAY OPEN. WE WILL CONTINUE TO WORK ON MULTIPLE WAYS TO DO THAT. WE ARE STILL GOING TO WORK TO GET SECRETARY BLINKEN BACK TO BEIJING. THAT TRIP WAS POSTPONED, IT WAS NOT CANCELED. AND CONVERSATION WITH THE PRC, AND AT THEIR INVITATION, WE ARE LOOKING AT PLANS TO HAVE A SECRETARY YELLEN GO OVER TO CHINA TO DISCUSS ECONOMIC ISSUES. THAT IS ALL GOOD, WE WANT TO KEEP THOSE LINES OF COMMUTE KITCHEN OPEN. THAT WOULD INCLUDE A CONVERSATION BETWEEN PRESIDENT BIDEN AND PRESIDENT XI. JOE: WE ARE HEARING REFERENCES TO THE AXIS HERE. RUSSIA AND CHINA. HOW DOES THE MINISTRY SHOULD LOOK AT THIS ALLIANCE, IS THIS EAST VERSUS WEST? > > CALLING THIS AN ALLIANCE, IS A BIT OF A STRETCH. I WOULD REFER TO IT AS A MARRIAGE OF CONVENIENCE, NOT ONE OF AFFECTION. PRESIDENT XI SEES IN PRESIDENT PUTIN A USEFUL FOIL TO AMERICAN INFLUENCE IN EUROPE. PRESIDENT PUTIN SEES IN PRESIDENT XI AN OPPORTUNITY TO GET MORE ASSISTANCE OH HE CAN CONTINUE TO PROP UP HIS ECONOMY AND FIGHT TO THE WAR. THEY ARE WORKING TOGETHER BECAUSE THEY BELIEVE THAT THEY NEED EACH OTHER FOR VERY DISCRETE, NOT OVERLAPPING GOALS. WE ARE NOT LOOKING FOR A WORLD DIVIDED BY BLOCKS. YOU NEED TO CONSIDER AS YOU CONSIDER THIS VISIT TO MOSCOW BY PRESIDENT XI, IT'S A MANIFESTATION OF HOW MUCH CHINA AND RUSSIA NO THAT AMERICAN LEADERSHIP ON THE WORLD STAGE IS BACK. AND HOW MUCH THEY RECOGNIZE THAT OUR NETWORK OF ALLIANCES AND PARTNERSHIPS IS STRONGER THAN ANY NETWORK THEY MIGHT HAVE. THESE ARE TWO COUNTRIES WITH NOT A LOT OF FRIENDS. THAT NETWORK IS GETTING STRONGER AND MORE INFLUENTIAL AROUND THE WORLD. LOOK AT NATO, HOW MUCH MORE RELEVANT AND VIABLE NE-YO IS NOW, IT WILL GROW BY ANOTHER TWO NATIONS. THAT IS A MANIFESTATION OF THE LEADERSHIP OF THIS IN MINISTRATION AND THE PROOF THAT AMERICAN LEADERSHIP ON THE WORLD STAGE IS INCREASING. ANNMARIE: TODAY IN WASHINGTON, THE FOCUS HAS BEEN ON THE HEARING WITH THE TIKTOK CEO. JUST BEFORE HE WENT INTO CONGRESS, WE HEARD FROM CHINA'S MINISTRY OF COMMERCE, THEY ARE SAYING THAT THEY WOULD BE AGAINST ANY SALE OF TIKTOK. DOES THIS SOCIAL MEDIA APP NOW BECOME THE LATEST SALVO BETWEEN WASHINGTON AND BEIJING? > > IT DOESN'T NEED TO BE THAT WAY. I WON'T GET AHEAD OF AN ONGOING REVIEW. WE HAVE A LEGITIMATE NATIONAL SECURITY CONCERNS OVER THIS PARTICULAR APP. THAT'S WHY PRESIDENT BIDEN HAS BANNED IT FROM GOVERNMENT DEVICES. IN TERMS OF OTHER DECISIONS MADE, I HAVE SEEN PRESS REPORTING OUT THERE, I CAN'T GET AHEAD OF WHERE WE ARE IN THIS REVIEW. WE HAVE A LEGITIMATE NATIONAL SECURITY CONCERNS OVER THE WAY THIS APP USES DATA. THE WAY THAT IT INTRUDES ON PRIVACY AND TO THOSE CONCERNS HAVE NOT GONE AWAY. JOE: WE CAN MOVE ON. WE WANT TO ASK YOU ABOUT UKRAINE. THE EFFORT TO GET ABRAMS TANKS TO THE BATTLEFIELD SOONER THAN LATER. KNOWING THAT THIS SPRING OFFENSIVE IS ABOUT TO UNLOCK. WHAT IS THE TIMELINE? > > THE PENTAGON HAS COME UP WITH A ALTERNATE PROPOSAL TO USE A DIFFERENT VERSION OF THE ABRAMS TANK. AT THEM REFURBISHED AND GET THEM TO UKRAINE. THEY BELIEVE THEY CAN DO THAT IN ABOUT 10 MONTHS. REVEILLE BY THE FALL OF THIS YEAR. IT WON'T BE IN TIME FOR SPRING OPERATIONS AS THE WEATHER IMPROVES, IT WILL MAKE A DIFFERENCE ON THE BATTLEFIELD, FALL. IN THE MEANTIME, DON'T FORGET, MANY EUROPEAN NATIONS ARE PROVIDING THEIR TANKS AS WELL, INCLUDING THE LEOPARD TANKS THAT GERMANY PRODUCES. IT WILL MAKE A BIG DIFFERENCE. NOT TO MENTION THE 500 OTHER ARMORED VEHICLES OF THE UNITED STATES ALONE HAS BEEN PROVIDING AND WILL CONTINUE TO PROVIDE UKRAINE WITH. WHETHER THAT IS STRYKER INFANTRY VEHICLES, BRADLEY FIGHTING VEHICLES AS WELL AS UP ARMORED HUMVEES. THERE ARE A LOT OF ARMOR CAPABILITY GOING INTO UKRAINE. ANNMARIE: WE KNOW YOU ARE GOING TO OTTAWA, WHAT ARE YOU HOPING FROM THE NATIONAL SECURITY PERSPECTIVE IN TERMS OF ENGAGEMENT WITH THE CANADIANS? > > THERE'S A LOT ON THE AGENDA. EVERYTHING FROM NORAD MONETIZATION, DEFENSE SPENDING, CLIMATE CHANGE, WHICH AFFECTS BOTH OUR COUNTRIES, ISSUES OF MIGRATION, TRADE ISSUES TO TALK ABOUT, I CAN GO ON. IT'S GOING TO BE A PACKED DAY. THE PRESIDENT IS VERY LOOKING -- VERY MUCH LOOKING FORWARD TO IT. CANADA IS A GREAT FRIEND AND TERRIFIC ALLY. THEY HAVE ALSO BEEN PROVIDING SUPPORT TO UKRAINE, I KNOW THE PRIME MINISTER SHARES PRESIDENT BIDEN'S VIEW THAT WE HAVE TO STAY AT THIS AND KEEP SUPPORTING UKRAINE. THE WAR IN UKRAINE WILL BE A KEY TOPIC. ANNMARIE: NATIONAL SECURITY SPOKE FOR SOME JOHN KIRBY, WE WILL HAVE MORE ON BIDEN'S TRIP TO CANADA TOMORROW. COMING UP, THE CEO OF TIKTOK FACING A TOUGH AUDIENCE ON CAPITOL HILL. > > YOU HAVE NOT GIVEN STRAIGHTFORWARD ANSWERS. WE DON'T FIND YOU CREDIBLE ON THESE THINGS. ANNMARIE: FOUR HOURS OF TEST MONEY GIVING LAWMAKERS A FRESH FUEL FOR A POSSIBLE TIKTOK BEEN. THAT CONVERSATION NEXT, THIS IS BALANCE OF POWER. ♪ > > EUROPEAN UNION LEADERS HAVE ENDORSED A PLAN FOR SETTING UKRAINE ONE MILLION ROUNDS OF ARTILLERY AND AMMUNITION WITH THE NEXT 12 MONTH TO HELP THE COUNTRY COUNTER RUSSIA'S INVASION FORCES. EU FOREIGN DEFENSEMAN -- MINISTERS APPROVE THE PROPOSAL THIS WEEK. UKRAINE AND PRESIDENT OF VOLODYMYR ZELENSKYY THANKS LEADERS FOR THE INITIATIVE EARLIER THE RING OF VIDEO CALL. PHYLLIS PRESIDENT HAS SEALED THE HISTORIC BID TO JOIN NATO. FINLAND IS AWAITING APPROVAL FROM TURKEY AND HUNGRY, ADMITTING NEW COUNTRIES REQUIRES UNANIMOUS APPROVAL. IN FRANCE THERE WERE MORE STRIKES AGAINST PRESIDENT MACRON'S MISSION TO TRANSFORM THE PENSION SYSTEM. IT HAS BEEN MORE THAN TWO MONTHS SINCE FRENCH UNIONS BEGAN A SERIES OF WALKOUTS AND BARGES. HE WANTS TO RAISE THE RETIREMENT AGE FROM 62 TO 64. SO SHORT SELLER HINDENBURG RESEARCH IS TARGETING JACK DORSEY'S BLOCK. ALLEGING THE PAYMENTS COMMITTEES CASH APP FACILITATED SCAMMERS TAKING ADVANTAGE OF GOVERNMENT STAINLESS PROGRAMS DURING THE PANDEMIC. IT WILL EXPLOIT EXPLORE LEGAL ACTION AGAINST HINDENBURG RESEARCH. HINDENBURG'S SCATHING REPORT ON LENA GROUP WIPED OUT -- IN MARKET VALUE. GLOBAL NEWS 24 HOURS A DAY ON AIR AND ON BLOOMBERG QUICKTAKE POWERED BY MORE THAN 2700 JOURNALISTS AND ANALYSTS IN OVER 120 COUNTRIES. THIS IS BLOOMBERG. ♪ > > I AM HERE OUTSIDE OF LINDSEY GRAHAM'S OFFICE, WE ARE IN THE UNITED STATES SENATE. > > I LOVE YOU ALL, I WISHING TO STAY ALL NIGHT LONG. > > LET'S GET OUT OF HERE. > > TWINK! ♪ ANNMARIE: YOU DON'T SEE THIS EVERY DAY IN THE HALLS OF COMMERCE. WE'LL TELL YOU THAT, TIKTOK INFLUENCERS ARE TAKING TO CAPITOL HILL IN A SHOW OF SUPPORT FOR THE SOCIAL MEDIA APP. TWO DISCUSSES, LISA CAMUS SO MILLER, PARTNER AT RECENT PUBLIC AFFAIRS AND FORM RECOMMENDATIONS DIRECTOR FOR REPUBLICAN NATIONAL COMMITTEE. OBVIOUSLY YOU SAW THAT VIDEO, -- > > WHEN I WANTED TO FILM SOMETHING IN THE ROTUNDA, I WAS TOLD THERE WAS NO FILMING ALLOWED. I REMEMBER. MY WHOLE THING IS, THESE TIKTOK INFLUENCERS, IF THIS DOES GET TO THE POINT OF IT BEING BANNED, IT WILL COME BEFORE THE 2024 PRESIDENTIAL ELECTION HERE WHO WINS OR LOSES IN THAT REALM? > > I WISH I KNEW. IT SEEMS I DO POLITICALLY UNPOPULAR THING TO TRY TO CENSOR AND CLOSE OFF ACCESS TO A PLATFORM THAT 150 MILLION AMERICANS ARE ON. WE HAVE HEARD THAT NUMBER OVER AND OVER AGAIN TODAY. THAT'S A LOT OF PEOPLE THAT ARE CONSUMING THEIR INFORMATION OR SHARING INFORMATION ON THAT PLATFORM. PRIVACY IS A BIG ISSUE. IT'S A BIG ISSUE FOR THE REPUBLICANS FOR CERTAIN. I THINK THAT WE WILL HAVE TO STRIKE A BALANCE AND NOT ISOLATE OURSELVES ON THE REPUBLICAN SIDE FROM THOSE 150 MILLION PEOPLE THAT ARE ON THERE. JOE: DOES THIS LEAD TO ANYTHING OR DID WE SPEND THE DAY FILMING CAMPAIGN COMMERCIALS AND FEELING GOOD ABOUT OURSELVES AND BEATING UP ON THE CEO OF TIKTOK? > > IT LEADS TO A LOT OF FUNNY VIDEOS. MY FIRST FEW YEARS AS A SENATE STAFFER WERE STROM THURMOND'S LAST YEAR AS A SENATOR. I REMEMBER HE USED TO REFER TO A MICROPHONE AS THE MACHINE. I HAVE A SIMPLE HACK, ANYTIME YOU HEAR THE WORD THE IN THE HEARINGS, AND REFERENCE TO AN APP, THE TIKTOK, OR IN THE TWITTER, YOU ARE PROBABLY LOOKING AT 15 OR 20 MINUTES WHEN YOU LOOK AT YOUR PHONE AND DO OTHER THINGS BUT YOU ARE NOT DEALING WITH AN ELECTED OFFICIAL THAT IS IN SYNC WITH WHAT THESE THINGS ARE AND WHAT THEY MEAN. I WAS TENTATIVE SAY, IT'S LIKE GIVING A RUBIK'S CUBE TO A NEWBORN INFANT. IN THE CONTEXT OF THAT THEY KNOW IT SHOULD ELICIT EMOTIONS BUT THEY DON'T HAVE THE VOCABULARY TO CAPTURE IT. IT'S A VERY CLEAR SEISMIC GENERATIONAL DISCONNECT. YOU CAN LOOK AT CHINA, ANY PLACE THE WORLD, YOU CAN'T BAN ANYTHING NOWADAYS. WITH VPNS AND EVERYTHING ELSE, PEOPLE ARE STILL GOING TO ACCESS THIS STUFF. INDIVIDUALS ARE MORE CLEVER THAN THE LAW. THE LAW, ESPECIALLY TECHNOLOGY, ABOUT 20 YEARS BEHIND. THE IDEA THAT WE WOULD BAN ACCESS TO THIS IS AN ILLUSION. ANNMARIE: YOU DO NOT THINK TIKTOK WILL EVER GET BANNED IN THE UNITED STATES, EVEN THOUGH THE U.S. GOVERNMENT TOLD BYTEDANCE DIVEST OR SELL? > > I THINK IT CAN GET BANNED BUT GETTING ACCESS TO IT IS A DIFFERENT THING. JOE: WHERE DO WE GO FROM HERE? THERE ARE COMPETING BILLS TO GET THIS DONE. THE WHITE HOUSE WON'T EVEN ANSWER QUESTIONS, THEY ARE WAITING FOR THE REVIEW TO BE COMPLETED. ARE WE GOING TO BE IN THE MIDDLE OF A BANKING CRISIS, FOLLOWING UP ON WHAT HAPPENED TODAY? > > THERE IS ONE THING THAT WASHINGTON DOES WELL, OVERREACT OR DO NOTHING. UNFORTUNATELY, JUST LOOK EVERY OTHER IMPORTANT THING THAT WE TALK ABOUT IN THIS TOWN, IT TENDS TO, IF IT IS HARD TO DO, IT MOSTLY WON'T GET DONE. I THINK WE ARE LOOKING AT A CIRCUMSTANCE WHERE THERE WAS A LOT OF PERFORMATIVE ACTIVITY TODAY ON THE HILL, A LOT OF FREE ACTIVITY FOR CAMPAIGNS, BUT ACCESS AND BEING ABLE TO GET TO THAT PLATFORM WILL BE ALIVE AND WELL. ANNMARIE: EVERYONE AND CONGRESS, BESIDES A HANDFUL, TWO OR THREE PROGRESSIVES THAT THINK THEY SHOULDN'T BAN TIKTOK, WE SHOULD HAVE IT. ONE OF THOSE REPRESENTATIVES WAS SAYING HOW THE REPUBLICAN'S HAVE NO SWAG. DO YOU THINK THAT IS A WINNING STRATEGY, WHEN EVERYBODY IS CONCERNED ABOUT NATIONAL SECURITY? BECAUSE MAYBE HE REALIZES, I NEED THESE YOUNG GEN ZERS TO VOTE FOR ME. > > TODAY WAS A REALLY FUN DAY AND FOLKS WERE IN THE CAPITAL TALKING ABOUT IT, BUT I DON'T THINK IT'S A WINNING STRATEGY AGAINST THE ONE PARTY OR ANOTHER. JOE: DO WERE REPUBLICANS HAVE SWAG? > > IT'S NOT PRETTY TO SAY. THAT WHOLE WORLD IS OPAQUE FOR ME. ONE OF THE THINGS THAT HAPPENS IN THESE DYNAMICS IS WE ELEVATE ONE THING TO THIS LEVEL, WITH THE IDEA THAT WE DEAL WITH TIKTOK AND SOMEHOW ALL OF THESE CONCERNS ABOUT PRIVACY AND YOUTH AND HOW THEY SPEND ON, LINE, IS SOLVED. YOU CAN ALREADY SEE THE PLAY SHALL MOVEMENT TOWARDS, WHATEVER THE END UP DOING, SOME SYMBOLIC BAN, THEY WILL WASH THEIR HANDS OF IT, CALL IT A VICTORY AND WALK AWAY. THE REAL PROBLEM IN THE DAY TO VIDE WAY OF YOUNG PEOPLE AND FAMILIES WILL STILL BE THERE. JOE: OUR POLITICAL PANEL WILL DIVE INTO PRESIDENT TRUMP'S LATEST LEGAL BATTLES. STILL NO ARREST, THAT'S NEXT ON BALANCE OF POWER ON BLOOMBERG TV. JOE: THIS IS BALANCE OF POWER ON BLOOMBERG TV. THANK YOU FOR JOINING US. PRESIDENT TRUMP'S FORMER PRESIDENT TRUMP'S LEGAL TROUBLES IN THE SPOTLIGHT AGAIN TODAY AS THE MANHATTAN D.A.'S OFFICE FIRES BACK OVER POLITICAL PRESSURE FROM THE GOP. ALVIN BRAGG'S DARRELL COUNSEL SAYING HOUSE JUDICIARY CHAIR DEMAND FOR DOCUMENTS TIED TO A GRAND JURY INVESTIGATION IS IN TERRITORY RESERVED FOR THE STATES. AN UNPRECEDENTED INQUIRY INTO A PENDING LOCAL PROSECUTION. OUR POLITICAL ANALYST BACK WITH US. NO ARREST SO FAR, PEOPLE WERE STANDING BY, BARRICADES WERE GOING UP ON TUESDAY. DID YOU EXPECT ANYTHING TO HAPPEN THIS WEEK OR WAS THAT ACTUALLY MADE UP TO BE A FUNDRAISING? > > WE ARE ALL LIVING IN A BELIEVE IT WHEN WE SEE IT CIRCUMSTANCE FOR ALL OF THIS. THERE HAS BEEN A LOT OF CONVERSATION ABOUT THE PRESIDENT AND WHAT WAS WAY TO HAPPEN. I EXPECT THAT SOMETHING POSSIBLY WILL HAPPEN, I ALSO THINK THAT WE ARE ALL WAITING TO SEE IF IT WILL REALLY GO DOWN. I DON'T LIKE THE FACT THAT THE FORMER HAS WEAPONIZED HIS FOLLOWERS AGAINST THE JUDICIARY SYSTEM, THAT'S TERRIFYING TO ALL OF US. ANNMARIE: THEY SET UP BARRICADES FOR THAT, THERE WAS SOME CONCERN. DO YOU THINK IT WAS SMART OF ALVIN BRAGG TO SEND THIS LETTER TO JIM JORDAN, OR DID IT FUEL THE FIRE OF HER PUPPY CAN SAYING THIS IS POLITICAL? > > IT'S CLEAR THAT HE HAD THAT IN THE CAN. IT WAS ALREADY READY TO GO. I.E. REALLY ANTICIPATED TO THE SUBCOMMITTEE ON THE WEAPONIZATION OF THE FEDERAL GOVERNMENT GETTING THEIR HANDS ON IT. IT'S QUITE A BULL'S-EYE FOR THE WORK THAT THE COMMITTEE IS SUPPOSED TO BE DOING. WHAT I THINK ON OUR SIDE IS THE IDEA THAT TO THE FORMER PRESIDENT IS GOING TO SINK OR SWIM IS COMPLETELY OUT OF THE CONTROL OF THE DEMOCRATIC PARTY. EVERY PERSON WHO IS SINGING ABOUT 2024, THE INCUMBENT OR ANYONE ELSE, NEEDS TO START WITH A BLANK PIECE OF PAPER, LAY OUT EXACTLY WHO THEY ARE AND WHAT THEY WANT TO DO, AND THE STUMBLES OR WEAKNESSES OR PERCEIVED SHORTCOMINGS OF THE FORMER PRESIDENT HAVE TO BE SET ASIDE. NO ONE IS GOING TO WIN A STAR ON BANKING ON A SOME KIND OF SEISMIC STUMBLE OR LAWSUITS COMING IN. JUST TO HAVE A HEALTHY CANDIDACY, IT HAS TO HAVE ITS OWN SELF JUSTIFICATION. ON THE DEMOCRATIC SIDE, THEY SHOULD SET THAT ASIDE, LET THE LEGAL SYSTEM PLAY OUT AS IT IS, AND FOCUS ON 2024 AND REELECTING THE PRESIDENT. ANNMARIE: I -- NINE JOE: ONCE AND BRING THE DH WATCHING ASKING FOR ELEMENTS OF THE INVESTIGATION AND AN ONGOING INVESTIGATION IS THERE ANY PRESIDENT FOR THAT? > > THE VOTERS WHO DIDN'T TURN OUT IN THE MIDTERMS, I'M CURIOUS ABOUT WHAT THAT DOES ABOUT MY OWN BOTTOM LINE AND HOW IT GETS ME TO PAY FOR MY WHEELS AND MY KIDS SCHOOLS. TO ROGER'S POINT, WE ARE GOING INTO A REELECTION CAMPAIGN, WHETHER OR NOT IT IS PRESIDENT AND, THAT'S EXACTLY WHAT WE ARE LOOKING AT FOR THE NEXT TWO YEARS. THE VOTERS ARE ALSO PAYING ATTENTION, THEY WANT ACTION OUT OF WASHINGTON. ANNMARIE: BARGER MENTIONED THE DELEGATES FOCUSED ON RELATING THE PRESENT. CURRENT PRESIDENT, HIS APPROVAL RATING IS CLOSE TO A NEAR LOW, 38%. HOW IS THIS AMERICAN PUBLIC GOING TO REELECT HIM? > > I DON'T PUT A LOT OF STOCK IN POLLS. I WAS THINKING BACK TO SEPTEMBER 2003, I GREW UP WORKING WITH JOHN KERRY. JOHN KERRY KERRY WAS PULLING BELOW AL SHARPTON IN THE IOWA CAUCUS, 100 DAYS LATER HE WON IT. THERE ARE MANY POLITICAL LIFE TIMES BETWEEN NOW AND WHEN PEOPLE ACTUALLY VOTE. WHAT I THINK THE ADMINISTER AGENT IS DOING BY CHOOSING THE CHIEF OF STAFF THAT THEY HAVE WHO HAS -- IS LOOKED AT A MASTER EMBLEM AT HER, MAKE SURE THAT THESE ROAD BRIDGES, OFFRAMP, AIRPORTS AND PORT PROJECTS ACTUALLY GET PUSHED THROUGH AND IMPLEMENTED SO PEOPLE SEE THIS IN A KITCHEN TABLE WAY. ANNMARIE: OUR THINGS TO LISA AND ROGER. AUDRA BRINGS UP A GOOD POINT. WE HAVE A LONG WAY TO GO.

Balance of Power Full Show (03/23/2023)

"On Bloomberg's "Balance of Power" on Thursday March 23nd 2023: Rep. Brendan Boyle (D) Pennsylvania, White House National Security Council Spokesperson John Kirby, New Day Strategy President Roger Fisk and Reset Public Affairs Partner Lisa Camoosa Miller" (Source: Bloomberg)