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tv   Bloomberg Markets Balance of Power  Bloomberg  April 8, 2019 12:00pm-1:01pm EDT

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kevin: from bloomberg's bureau in downtown washington, i've kevin cirilli. marty: and from bloomberg world headquarters in york by marty schenker. , the president is dealing with another cabinet departure this morning. kevin: secretary nielsen resigning from dhs. this comes after sources say she met privately with president trump. steven miller, the hardliner on immigration, now assuming a more prominent role within the administration and this has been one of the key campaign promises the president has been frustrated with. it comes following weeks of threats to shut down the u.s. mexico border as well as ports of entry. ultimately heading into the 2020 election cycle, this is going to be of fastened -- fascinating to see how the administration
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reacts to this. the role stephen miller, quite controversial not just in the broader political discourse, but even within conservative ideological circles. it will be interesting to see. marty: we well know stephen miller is the hobbyist of the hawks on immigration. -- the hawkiest of the hawks on immigration. it is hard to imagine getting tougher than this administration has been so far, but that is apparently what donald trump once. then: i was struck in rhetoric last week to see how he yet asked his advisers to get economic analysis on what would need to shut down the border, and then seemingly backed off on that while threatening auto tariffs. much more on that later in the show. before we dive into that, let's get a look at markets with emma chandra. emma: looking at a risk off day
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for u.s. equities. all the majors down. s&p 500 and nasdaq both down about .2%. sox the stocks -- the putting in a loss today after hitting record highs last week. if the loss in the s&p 500 holds, that will be the first down session in eight days and halting the longest rally we have seen the s&p 500 since 2017. investors waiting for more on thee news negotiations with regard to the u.s. and china trade war. let's take a look at things cross asset. it does not reflect what we are seeing in terms of the headline for equities. yes we are seeing the flight to safety with gold rising close to 1% earlier in the day. yields on the 10 year have been rising through the day. that is unexpected.
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also looking at oil hitting a five-month high. that has a lot to do with yesterday should of fighting in , adding toer libya concerns about supply squeeze when it comes to oil. let's switch up the board and take a look at the imap function for the s&p 500. a closer look at what is happening in equities. performer. best one of only does go in the grain, reflecting that rise -- in the green, reflecting that rise in oil prices. materials and industrials, we are seeing this risk off kind of day. industrials way down. scoring downgrades and dealing with their own internal issues at the moment. finally, let's take a look at some of the movers. videogame companies, electronic arts and take two interactive are both falling based on news that they trade commission said
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it will examine consumer protection issues about in game rewards, concerned about how that impacts younger users. also looking at micron and amd falling. micron got downgraded at cowen. interesting for amd. it got a price target upgrade at bank of america but it is being pulled down by the chip stocks. let's turn back to immigration as well as homeland security. we are joined by a special guest. a member of the homeland security committee and representative democrat from california. thank you for joining us. what you make of the fallout from the president's decision to fire secretary nielsen? >> it was long overdue. it was time for her to go. i've been calling for her to resign since last june when she
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was misleading the public about the separation of families. the reality is there is chaos in the department of homeland security, there is no one in charge, the number one person is now gone. charge.t know who is in you can see that happening at the border. i was just in el paso to see the accounts of the way our migrants are being treated and it is completely inhumane. kevin: in terms of the reporting from our colleagues as well as other outlets with the assent of stephen miller having a more .ositive impact on immigration what does that mean from your committee's vantage point in terms of more oversight over dhs? deeply alarming and confirming that this president and stephen miller want to be tougher on immigration and tougher at the border. we will have to have serious oversight and continue it more
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closely than ever, especially when hear reports of the administration wanting to go back to zero-tolerance policy, wanting to go back to the separation, and whether stephen miller is behind that is pretty outrageous. the american people need to be outraged, speak up so we can make sure it is not happening again and these policies are not reinstated. i can assure you that the chairman of our committee will be on top of this administration to make sure we know what is happening and how they are implementing policy. we need to look at funding opportunities where if we need to put in restrictions so they treat people humanely and not doing what they want to do again, which is separating families. we should look those options. , i wondergresswoman what you're hearing from your home state in california, which
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is so dependent on agriculture and migrant workers? are they having a real issue with the administration's immigration policy? rep. diaz barragan: a lot of people are having real issues with this administration's policy. my congressional district is a heavily -- is heavily impacted by the administration's immigration policy. i've have a district that is 70% latino. when you go down to the south border, we see agricultural workers there. the conditions they face. we are hearing from folks about the impact this will have overall on the workforce. in california. it is something i talked to more my colleague about, which represents the southern border in san diego. marty: besides trying to make sure this does not happen again, is there anything you think the administration can do immediately to relieve what is happening on the border?
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rep. diaz barragan: the first thing they need to do is get humanitarian aid that congress allocated in february -- we gave $415 million for humanitarian relief of the border. that money needs to immediately get there so they can use that dollar to treat people right. it is unconscionable what is happening. five-monthur-month, old children sleeping outside in the cold with the same clothes for five days. it is not healthy. we need to immediately address that issue. many to look at other options of detention. -- we need to look at other options for detention. this is something the prior administration has done. this administration would love to hold children indefinitely. we know that. we heard the white house advisers talk about that. we also heard it straight from pvp at the border.
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they want to do away with the decision which was put in place to protect children and to not have been detained indefinitely because of the trauma it causes them. from an economic standpoint, the president threatening to raise tariffs on 25% of auditors coming from mexico -- of autos should they not get to the negotiating table in terms of taking a more hard-line approach on immigration. standpoint,omic $1.7 billion in commerce daily crossing the u.s.-mexico border. what with the economic impact be for the u.s. economy should the president raise tariffs or shut down ports of entry or stops along the border? rep. diaz barragan: it would be a disaster. that is the short way to put it. withse of the trade mexico, shutting down the order would be a disaster. not to the american economy and american workers.
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tos week in texas we spoke business officials and business owners who are both on the mexico side and the u.s. side, talking about the long lines and the slow down happening right now at the ports of entry and how that could cause plans to shut down on both sides. that theelievable president would want to inflict economic damage on this country and on american businesses. we urge him to reconsider that option, and businesses along the border are doing the same thing. marty: thanks to the congresswoman, democrat from california. coming up next, we speak with former white house deputy press secretary. his thoughts on immigration, 2020, and lots more. from new york and washington, this is bloomberg. ♪
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kevin: from washington, d.c. i'm kevin cirilli. marty: from new york, i marty schenker. this is "balance of power." we now turn to mark crumpton for first word news. mark: president trump has not been able to fulfill his signature campaign promise to curb illegal immigration. that has led him to remove his second homeland security secretary. kristen nielsen resigned at the president's request. more than 66,000 people were arrested and the homeland security secretary -- the former secretary now speaking to reporters. let's go to washington. nielsen: thank you all for being here.
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brief comments from secretary nielsen as i was just mentioning. she is the second homeland security secretary to be removed by president trump. bloomberg learning secretary nielsen resigned at the president's request. the president had been upset because yet blamed homeland security. he did not think enough was being done to curb illegal immigration. more than 66,000 people were arrested trying to cross the mexican border in february. that is up 18,000 from january. the trump administration has taken another step aimed at isolating iran. the country'sted revolutionary guard as a foreign terrorist organization. the administration had previously held off on the move. it could create difficulty for u.s. officials in iraq and lebanon. political parties and militia there have close ties to the bar. uganda is trying to reassure tourists that the nation is safe
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after security personnel rescued an american vacationer and her local guy from kidnappers. the country says it is stepping up security in its natural parks to deal with isolated pockets of criminals. sunday, fivefreed days after being taken from queen elizabeth national park. there are doctors were not caught. tourism is uganda's biggest source of foreign currency. the city council is calling on baltimore's mayor to resign. the city council says it is not in the best interest of the city for her to stay in her role. last week she announced she is taking an indefinite leave of absence for health reasons. a political scandal is intensifying over allegations the mayor used questionable tactics to sell her children's books. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg.
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kevin, back to you in washington. kevin: i want to welcome raj shah, the former white house deputy terry press secretary -- deputy press secretary. you were just hearing from a congressman, a democrat from cap -- a congresswoman from california. she was open in her criticism about the economic impact should president trump shutdown even parts of the u.s.-mexico border or raise tariffs on mexico. she said it is a disaster. she is not sure why the president would "conflict " on u.s.damage businesses. i think you have a different view. raj: i do. i did watch the congresswoman. she was talking about the situation on the southern border , and she used the term our migrants. these are not american cities and -- american citizens and she
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is elected to represent american citizens. the president is right about issuing this threat to the government of mexico, both on closing the border but also to issue tariffs. right now, republicans in congress, the president of united states understands we have southern border. you have a historic numbers of inflows of illegal immigration across the southern border, and right now, democrats do not recognize this. it seems like their talking points are more aligned with the mexican governments then with the u.s. government. kevin: the confusion is that should the president elevate stephen miller, a hardliner on immigration, how will that work when you have kevin mcclain and, the current acting do just chair. -- acting dhs care. it seems like they are not on the same page. i want to play for you what he said in july 2017. >> i do not think we should shy
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away from investing in central america. we have three good partners in the administration, and they're working on the security front and on economic opportunity. we want to achieve those same successes in honduras and guatemala as well. there can be more near-term reaction to sustain investment. kevin: help me out. oustedetary nielsen was because she was not in lockstep with president trump on immigration, how is this guy going to ecowas the president does, which is get rid of foreign aid -- going to echo with the president does, which is getting rid of foreign aid. raj: i do not think we know all the reasons kristin neilsen stepped down. aleenan has called to
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enforce the law the southern border. he has called for -- to end catch and release to give dhs the ability to remove illegal immigrants at the border. these reforms are necessary. here is a career official who is being elevated who can be a voice to democrats and republicans that the real fix is that congressional solution. kevin: we have to talk about tariffs with the u.s. and china. the business community is scratching their heads and saying they do not want tariffs. they're not sure how that is going to help any type of deal. what is your message to the business community who are a bit nervous about all of these tariffs? raj: those that have business in china should probably communicate to the chinese government that the u.s. free, fair, and reciprocal trade. once access to chinese market and wants to ensure theft of intellectual property can no
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longer be over the long term china's policy. this fight the president has engaged in will incur a lot of long-term benefits to the u.s. business community vis-a-vis potentially asing billion customers and allowing us to keep intellectual property on our shores. kevin: ground zero for all of this is the key battleground states the president will need in the reelection. states like michigan, wisconsin, pennsylvania. how is this message going to shape the reelection effort, especially should former vice president biden jump into the race? raj: look at manufacturing and those areas you mentioned. it has expanded dramatically. on the issue of trade, both parties have talked a lot over the last several decades about getting tough on china and enforcing our trade prerogatives overseas. this president is doing it and
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in areas you mentioned, the upper midwest, western pennsylvania, these will be receptive audiences to the fact the president is following through on his campaign promises. kevin: are we going to get president trump's taxes? raj: i don't think so. kevin: why? raj: i think it is an abuse of power for democrats to say this is a legislative attempt to look at his tax. this is a naked power grab and it should be called as much. the american people can decide how relevant they think this issue is. they did not in 2016, that is why they elected president trump. this is one for voters, not members of congress. kevin: they are taxes. i will give you the mueller report. raj: the attorney general has said he will testify. he will make a bit of that report public consistent with the law. we should wait to give him an opportunity to make some of that
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report public so the public can see more. kevin: from the border to tariffs to taxes to the wall report, never missing a beat with raj shah. i appreciate you coming into the office. raj: thanks for having me. kevin: the stock of the hour is next. from washington, this is bloomberg. ♪
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kevin: this is "balance of power." from washington, i'm kevin cirilli. marty: and from new york, i am marty schenker. boeing is our stock of the hour. shares are calling. emma chandra is euros more. saga ismax jet continuing. late friday said that will cut production of the 737 max 8 to 42 planes per month. that is a cut of 20%.
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it was not a surprise to analyst given how long the 737 has been grounded, but they were concerned about the timing given we were expected to hear from boeing about a software fix. we have seen boeing lose one of its bullish analysts today. they got a downgrade from bank of america. saga will continue much longer than expected. morgan stanley, credit suisse, and cowen also weighing in. take a look at the bloomberg. i have the anr function for boeing. while the stock price has fallen, that is the yellow line, analyst price targets have held up. is not the only company feeling the heat from the grounding of the 737 max 8. emma: suppliers are also having a tough time. some of the top suppliers and how they are performing.
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spirit is one of the biggest supplies and it is falling 7%. because ofwngrade what is happening with the 737. the cut in production with the 737 is the opposite to what a lot of the suppliers have been expecting. they've been expecting production to ramp up to 57 planes a month. it is not just a supplier. we are also looking at airlines -- southwest scoring a downgrade today. that from raymond james. them saying the near-term earnings risk is still top for them. -- is still tough for them. marty: thanks. kevin: the polls open in israel tomorrow. can prime minister netanyahu hold on? this is bloomberg. ♪ the biggest week in television is back!
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xfinity watchathon week. now through april 14, enjoy free access to the best shows and movies from hbo, showtime, epix and more. what! so, you can get more into what you're into. whether it's more laughs, oops. epic escapes, or high-flying thrills, get more into what you're into.
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just say "watchathon" into your x1 voice remote, or download the xfinity stream app. xfinity watchathon week, free. now through april 14. "balance ofis power." from washington, d.c., i'm kevin cirilli. marty: from new york, i marty
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schenker. for bloomberg first word news we go to mark crumpton. mark: threats by president trump that he will close the border are leading to have a traffic tieups. mexican companies are rushing to get as much cargo into the united states as they can in case of a shutdown. wait times across the border have soared and can be as many as 10 hours longer than usual. white house economic adviser larry kudlow says closing the border is off the table for now. israel, benjamin netanyahu appears to have a clear path to victory in tomorrow's election. final polls show netanyahu's party trailing, but the prime minister's right-wing coalition is favored to win a majority of seats. france's prime minister is calling for tax cuts to respond to the anger expressed through yellow vests protests across the nation. eduardo li also said the government will have to cut -- --wired for -- and warned
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has expanded into a broader revolt against emmanuel macron's policies, which protesters see as favoring the rich and big businesses. stanford university has expelled a student about her selling credentials and her application, which was linked to the college admissions bribery scandals. university officials have said the student was admitted without the recommendation of the sanford stelling coach, -- sailing coach, who pleaded guilty to taking bribes in exchange for helping students get into the university. the university says of 500,000 dollar contribution to the sailing program was made several months after the student was admitted. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. marty? marty: thanks.
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for more on the israeli elections, let's welcome dove waxman, codirector at northeastern university and the author of the upcoming book the israeli-palestinian conflict -- what everyone needs to know. apt title for this segment. welcome, professor. >> thank you very much. marty: what is your assessment of what this election means for the political atmosphere in israel going forward? are two major questions at stake in this election. one is israel's relationship with the palestinians, particularly the future of the west bank. the other is israel's democracy itself. the nature of israeli democracy. whether it is a democracy for all its citizens, or whether it becomes an illiberal democracy that represents only the
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interests of the jewish majority. those are the biggest issues at stake in this election. if netanyahu goes through with his promise to annex the west bank, he is not just annexing territory, he is annexing palestinians. what does that present if he does do that? dov: it is not clear based purely on his statement in a recent television interview that he would annex much of the west bank territory. his statement talked about annexing jewish settlements in the west bank. he might hope he could take the settlements without taking the palestinian population that lives around the settlements. even if he just annexes the settlements, effectively that would kill off any hope of a two state solution and would be met with a great deal of palestinian resistance and would probably
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lead the palestinian authority to cease all cooperation with israel, particularly its security cooperation. it could have serious repercussions, even if it is just an annexation of jewish settlements and not as some of its coalition partners might like, an annexation of the west bank itself. kevin: president trump was in las vegas over the weekend speaking to a jewish audience and talking about the importance of the u.s.-israeli alliance. what role has the president played on the election in israel ? he came out with a glowing political endorsement for prime minister netanyahu. dov: he has been at the head of the reelect bibi campaign in the united states. in particular, his recent endorsement of israeli sovereignty over the golan heights was a political gift to netanyahu. i'm certain president trump
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thinks it will help netanyahu get reelected. most israeli voters are well aware of the close relationship between president trump and prime minister netanyahu. i do not think it is likely to change their calculation in terms of how they vote. but president trump his associates have done everything they can to get prime minister netanyahu reelected. does hehat relationship have with united states? dov: up until quite recently he has been a largely unknown figure in the united states. publicas his introduction to american audiences. at the aipac conference, he also met with many lawmakers. becomere if you were to israel's next prime minister, which i think is unlikely, but if you were he would no doubt
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receive a warm welcome in washington. he will be perceived as the successor to its equity -- two o rabin. he is -- he has served in the a gruffarmy, he has manner, andy a security credentials that will be reassuring to lawmakers in washington that they can rely on to make headway with the relationship between israel and the united states. marty: there is another election coming in this country in 2020. regardless of the outcome tomorrow, how big a mistake does israel have been the outcome of the 2020 vote? dov: in many ways the outcome of the 2020 vote will have more bearing on israel's future than the outcome of the israeli election. is always asident hugely influential figure in israel and their interests and
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, in particular whether they want to facilitate the moves of the right-wing government in israel toward annexation of the west bank, or whether the american president will block those, that is going to have a key value upon israel's future. put simply, if president trump is reelected, then there is a strong likelihood the israeli right will take ballot as a sign israel can move forward and annex much of the west bank. if a democratic president is in the white house, we are likely to see much more friction, if not outright conflict between a right-wing israeli government and the white house, as we saw when president obama was in office. one of the things already apparent in the current election campaign has been the willingness of the democratic presidential hopefuls to come out and make the kinds of criticisms of israel, or of
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prime minister netanyahu, that is unprecedented in american politics. it goes to show they believe the hearratic base is eager to a more critical line coming from american politicians toward israeli government policy. kevin: let me pick up on that point. how has the discord within the democratic party, the differences in opinion and the elevation of outside voices in social media and being more vocally critical, someone argue anti-semitic, how has that impacted the israeli perspective of the democratic party? depicted inbeen israel, depending on the media as the democratic party turning against israel, which is a false impression.
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we are talking about a few democratic representatives. the vast majority of the party remains fro israel. -- remains pro-israel. it does allow netanyahu and his allies on the right to make the claim that the left, whether it is the left in israel or the left in europe or the left in the united states is anti-semitic and therefore this kind of right-wing alliance that has emerged under prime minister his party andeen the republican party is the key to israel's future. many israelis have come to believe that president trump is israel's best friend in the white house and that a republican administration is likely to be more supportive of israel. whether that is true or not is a different question. kevin: fascinating. we will be watching the results and i know you will. from northeast university. coming up, preet bharara.
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this is bloomberg. ♪
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kevin: from washington, d.c., i'm kevin cirilli. this is "balance of power" on bloomberg tv. our colleague talked with the saudi energy minister. here is what he said about saudi aramco's bond sale. >> the press reports and the analysts and investors have been extremely impressed by what they have seen. this is no surprise to us. we've been saying it for years. saudi aramco is not only the largest but the best quality
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company that exists on the planet, and i say that from every angle. not in terms of the resources that the company has access to, not in term of its operational excellence, but also its environmental stewardship and its technological prowess in terms of indigenous technologies it provides. safety and human resources. this is a company led by saudi's, operated by saudi's, and governed by a predominantly saudi board that has always taken the right decisions. the value is out there for the world to see. i think we have to think beyond the bonds. there will be a closing of the deal in the next six months. >> if this is successful, and we are speculating how successful it will be, would it be a curtain raiser to going back to
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the bond market again? >> aramco will establish a permanent presence in the capital markets that will have both debt and capital instruments. i can assure you that in a couple of years, you will have your choice between investing your big savings from working aramcoomberg in either bonds or aramco shares or commercial papers. , as the world's largest company, will have all of the tools at its disposal to access capital markets. i think in terms of the paying deal, it isr the going. the perspectives for the investors shares is not the primary reason and the only reason for accessing the bond market. it is a tool the company needs to have and we need to lever up
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and have debt instruments on our balance sheet. >> and that establishes a clear yield curve. let's play a little bit of sport and we move on from the bonds. who is right? $26 billion demand, $30 billion demand? how strong has the demand been? who is right? >> it is still dynamic. the books have not been closed. it is upward of both numbers. >> it is north of $30 billion? >> i believe so. i'm not part of the roadshow. it is healthy. let's put it this way. be patient. wait a couple days and on wednesday we will all know. marty: that was an exclusive interview with saudi energy minister. bharara, former
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u.s. attorney for the southern district of new york joins us. this is bloomberg. ♪
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power this is "balance of " from washington dc. i am kevin cirilli. marty: from new york. i marty schenker. we welcome preet bharara, former of crime,-- author punishment and the new of -- and the rule of law. there were only a few left. from my quick reading of the book and certainly the initial parts. you make the point law is a tool. it is people in the reality of people that determine justice in america. is that right? preet: we have a saying this country that is important, not just for lawyers but for all citizens that we are a nation of
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laws, not men. it is important to have good laws, cap a good charter, which in this country is our constitution and good rules and good procedures. that is important and essential. if you do not have good people that have character and integrity and act in good faith, to interpret those roles -- those laws and enforce those laws and decide which people to investigate and not investigate, you would have just as much injustice as if you do not have good laws in the first place. in the debate over the william barr summary of the mueller report, there is this expectation that people want "justice," when we have not even seen the 300 pages. what are your thoughts on that? preet: there's a tendency, particularly when you have investigations involving political people, whether it is someone running as the democratic nominee or who is the
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republican president, and sometimes i worry about this, there is a substitution of political preference for what the law and what legal justice requires and allows. you can sometimes not separate those things. sometimes people say justice is a result. part of the reason the book is called "doing justice" is to suggest it is a process. it is impossible to define what justice is and sometimes justice as a legal matter and as a moral matter is not going to satisfy everyone. if you do not want donald trump in office, and you dislike him, that does not necessarily mean robert mueller will deliver you from that outcome. from that result. the law is the law and the facts are the facts and the truth is the truth and there are limits to the law. they're not limits to what we can do at the ballot box. they're not limits to what we can do in public opinion. people need to understand that
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the way the law unfolds is not the same way as politics unfolds. kevin: trusting that process. you talk about that in your book. let's stick with robert mueller. let's stick with william barr. oft within the last couple hours, the ranking member on the house judiciary committee, congressman doug collins, a republican, writing to the chairman, a democrat from new york, saying i write encouraging you to invite special counsel robert mueller to testify before our committee. and foreek transparency the american public to learn the full car doors -- the full contours of the special counsel investigation, public testimony from mueller himself is undoubtedly the best way to accomplish this goal. my question to you -- do we need to hear from robert mueller? do we need this release sooner than later to restore that trust
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in this entire process? preet: i will answer yes to all of your questions. i've not seen that quote. it just happened in the last little while. i am imagining that is an invitation to good to pass up on the part of the chairman jerry nadler. , my respect to the timing thought is absolutely the fullest version of the mueller report that can be made public, the better. my view was also that robert mueller would be useful to testify. the order should be the report becomes public or available to congress, and then you have robert mueller testified. i think you'll get a fuller sense of what the investigation was about. also the members of the committee will be in a position to ask more thoughtful questions once they have the mueller report as opposed to asking questions in the dark. there should be in order to things. hopefully the mueller report becomes public soon and bob mueller can testify soon after. kevin: it would be like marty and i interviewing you without
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reading your book. preet: that happens sometimes. kevin: not here. how are lawmakers supposed to interview someone on a report that has not been released? regardless of what anyone thinks, attorney general william barr will be testifying before members of the house. what will you be looking for that will be emerging from his testimony, from william barr's testimony? preet: it is hard to ask the best questions if you do not have the underlying material. based on the summary william barr put forward, i have a lot of questions to ask. in particular, the reasoning behind his decision, in the absence of robert mueller deciding the question of obstruction whether it was criminal, the decision-making by william barr as to make a pronouncement and exonerate the president when it does not look like that question was intended for embark. was intended --
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for william barr. it looks like that was intended for congress. given understanding of what robert mueller's intention was? was or anything in the report that suggested robert mueller wanted congress to answer the question, because that is our system of government is set up. you have coequal branches of government. what was your thinking about that? the timing as to why you put out that summary so quickly, and then the delay in the timing of releasing the report. what are the reasons for that? what are the basis on your plan to redact things. i agree with your premise that those questions would probably be more probing and thoughtful and result in more light once they understand what happened with the mueller report. i do not think it will be without illumination. marty: if i can switch for another investigative issue. that is the democrats request of donald trump's tax returns from
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the irs. splitting the political from the legal, what is your view on that request? is it valid? is it something the iressa should conform to? preet: i read the statute. that seems clear. it does not intimate of exceptions. it says sell -- shall furnish to the committee tax return of any person. it does not say there's an exception for the president. you're correct you have this other political dimension for all this, on the part of the requesting committee and the irs and the president saying you should not have it. my worry is there good faith basis is for saying we will redact this, there are good faith faces for requesting, there's a good faith basis for saying the irs will request something, and i worry those are pretexts. it is hard to value how good faith people's views are.
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i think it would be important for the committee to state all the reasons why it is politically and ethically legitimate to ask for the taxes. i think there are many reasons, only one of which was recited in the letter, and that is to the detriment of people's understanding of the process. marty: preet bharara, thank you very much. preet: thank you for having me. kevin: read this book. a fascinating illustration of the culture of politics and wallace street. -- and wall street. sign up for the balance of power newsletter at bloombergpolitics.com or bloomberg.com/politics. you can get the latest in your inbox every day. from washington and new york with marty schenker, this is bloomberg. ♪
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mark: i'm mark crumpton bloomberg first word news. preparing aump is novel campaign strategy. he will be touting his environmental credentials.
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officials are putting together talking points on what they see as environmental success stories. they include cleaner air and reduction in greenhouse gas emissions. the president pulled the u.s. out of the paris climate change record. he has also suggested wind turbines cause cancer. iran says it has designated the u.s. central command and all of its forces as terrorists and label the u.s. as a supporter of terrorism. the move is in response to the u.s. announcement today that it is designating the iran revolutionary guard as a foreign terrorist organization. it is the latest in a series of measures by the trump administration at isolating and weakening iran. fighting between rival libyan forces for control of tripoli escalated today after the city's only functioning airport was hit by an airstrike. the united nations says the latest violence which began on thursday has so far displaced 2800

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