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THIS IS "BALANCE OF POWER," LIVE FROM WASHINGTON, D.C. JOE: TONIGHT, SUPER INTELLIGENCE. PRESIDENT TRUMP BRINGS THE BIGGEST NAMES IN AI TO THE WHITE HOUSE PUSHING INDUSTRY LEADERS TOWARD A SHARED SET OF PRINCIPLES AS HE CALL FOR THE MORE SELF-REGULATION AND LESS RESTRAINT ON DEVELOPMENT. PRESIDENT TRUMP: IT'S ALMOST LIKE A CONSTITUTION IN A WAY AND THE BIGGEST PEOPLE IN THE WORLD SIGNED THAT AND I SIGNED IT AS PRESIDENT AND IT REALLY IS A FORM OF PROTECTION. IS THIS BINDING IN ANY WAY? PRESIDENT TRUMP: I THINK IT'S MORALLY BINDING. JOE: REMARKABLE MOMENT IN THE WHITE HOUSE DRIVEWAY AS OPEN AI SEPARATELY SEEKS AT LEAST $30 BILLION IN NEW FUNDING.
BLOOMBERG TECH'S ED LUD LOW SAT DOWN WITH C.E.O. SAM ALTMAN. PLUS, THE VIEW FROM THE HILL. AS WASHINGTON WRESTLES WITH THE PROMISE AND RISKS OF ARTIFICIAL INTELLIGENCE, WE'LL HEAR FROM THE CHAIRMAN OF THE SENATE HOMELAND SECURITY COMMITTEE, KENTUCKY SENATOR RAND PAUL WITH MORE ON THE AI OVERSIGHT, THE LATEST ON IRAN. AND FIVE WEEKS OUT, COUNTING DOWN FOR ELECTION DAY AND THE BATTLE FOR CONTROL OF THE SENATE, SCREECHES INTO UNEXPECTED TERRITORY. WE'LL TAKE IT OUT WITH ANGIE DIXON. A DEMOCRAT CANDIDATE IN FLORIDA AND A NEBRASKA OF THE DEMOCRATIC SOCIALISTS OF AMERICA.
WELCOME TO "BALANCE OF POWER." I'M JOE MATHIEU ALONGSIDE KAILEY LEINZ. KAILEY: WE BEGIN AT THE WHITE HOUSE AS WASHINGTON CALLS FOR GROWING OVERSIGHT. JEFF BEZOS, ELON MUSK, DARIUS AMODEI AMONG THOSE MEETING. WARNINGS GROWING LOUDER ACROSS THE INDUSTRY. OPENAI SHELVING ITS LATEST MODEL OVER SAFETY CONCERNS. ANTHROPIC WARNING AGAINST SAFETY. OUR TEAM COVERAGE STARTS RIGHT NOW WITH BLOOMBERG'S JEFF MASON AT THE WHITE HOUSE AND MIKE SHEPHERD HERE IN STUDIO. JEFF, I'LL BEGAN WITH YOU AS TO WHAT EXACTLY THIS GROUP DECIDED UPON TODAY.
AVON TEAR SET OF GUIDELINES OR A CONSTITUTION AS THE PRESIDENT SAID? I'M NOT SURE IT'S A CONSTITUTION BUT THAT IS THE WORDS THE PRESIDENT USED TO DESCRIBE IT. THE PRESIDENT WAS HAPPY TO HOST AND SHOW THIS MEETING BUT THE UNUSUAL PART IS THAT IT'S INDUSTRY THAT IS WARNING ABOUT THE RISKS OF THE TECHNOLOGY IT'S DEVELOPING WHEREAS IT'S THE PRESIDENT SAYING NO, WE DON'T NEED TO REGULATE THIS. THAT'S A DOUBLING DOWN OF A POSITION HE'S HAD FOR SOME TIME NOW. HE ESSENTIALLY SAID IT'S UP TO THE COMPANIES THEMSELVES TO LOOK AFTER HOW THEY DO THIS AND TO REGULATE THEIR PRODUCT. TAKE A LISTEN TO WHAT HE SAID.
PRESIDENT TRUMP: I THINK I'VE SEEN TREMENDOUS SELF-POLICING AND THEY UNDERSTAND THEY HAVE TO SELF-POLICE. IT'S VERY HARD FOR SOMEONE TO SAY GET INTO THESE MODELS. THESE ARE VERY COMPLEX. I BELIEVE THEY'RE GOING TO BE USED FOR THE GOOD AND WHEN THEY'RE NOT WE'RE GOING TO BE ABLE TO NAB THEM. WE'RE ALSO THINKING ABOUT FORMING A COMMITTEE OF SORTS WHERE WE PUT MAYBE 10 PEOPLE ON THAT COMMITTEE. IT COULD BE FROM THAT GROUP, SO THE COMMITTEE CAN WATCH OVER THE WHOLE ENTERPRISE. SO THE PRESIDENT'S COMMENTS MAY BE RAISING MORE QUESTIONS THAN QUESTIONS ANSWERED ABOUT THAT COMMITTEE, FOR EXAMPLE,
WHAT THAT WOULD BE AND ALSO IN SUGGESTING THAT THE PAPER THAT WAS SIGNED BY THESE COMPANIES WAS GOING TO BE FOLLOWED MORALLY. THAT'S NOT EXACTLY A LAW AND THAT COULD CREATE SOME POLITICAL RISKS FOR HIM. NOT JUST IN THE MIDTERM ELECTIONS THAT WE ALL KNOW ARE COMING UP IN NOVEMBER BUT ALSO FOR HIS PARTY GOING INTO THE 2028 REPUBLICAN AND DEMOCRATIC PRESIDENTIAL RACE. JOE: INDEED, A MORAL OBLIGATION. I WANT TO BRING SHEP INTO THIS CONVERSATION. THIS WAS A QUITE REMARKABLE MOMENT. U.S.C. IN WASHINGTON FOR A BIT. IT'S NOT OFTEN WE SEE THE PRESIDENT OF THE UNITED STATES IN THE STAKEOUT LOCATION IN THE DRIVEWAY.
AN UNUSUAL VENUE AND NEVER MIND SURROUNDED BY THE TITANS OF TECHNOLOGY. THIS MANY, MULTIBILLION THEIR WHOEVER WINS AI WINS. I THINK THAT'S VERY IMPORTANT BUT I THINK THE TECHNOLOGY HAS REAL RISKS AND THE MECHANISM, HOW WE ADDRESS THOSE RISKS IS STILL UNDER DISCUSSION BUT WE ALL NEED TO WORK TOGETHER TO MAKE SURE THAT WE CAN WIN AND DO IT SAFELY. IF WE DO THIS RIGHT, WORK WITH THE PRESIDENT, WE CAN. THIS WILL BE THE LARGEST INDUSTRIAL REVOLUTION IN HISTORY AND GORE GOING THROUGH THE LARGEST SINGLE FREEZING RAIN STRUCTURE BUILDOUT IN HISTORY.
IT'S CREATING A MILLION JOBS HERE IN THE UNITED STATES. WE HAVE COMPUTER PLANS, FACTORIES COMING UP. IT'S CREATING AN ENORMOUS AMOUNT OF JOBS. THE BASIC IDEA IS THAT WE WANT TO GIVE THE AMERICAN PEOPLE AND OUR CUSTOMERS CONFIDENCE IN THAT THE TECHNOLOGY WORKS IN THE WAY WE INTEND. EVERY COMPANY IS BUILDING SOMETHING THAT'S A LITTLE BIT DIFFERENT. THEY'RE HAVING ONE SET OF STANDARDS FOR WHAT EVERYONE SHOULD WANT TO BUILD.
PEOPLE ARE WANTING TO DO SOME DIFFERENT THINGS BUT THE AMERICAN PUBLIC AND OUR CUSTOMERS WANT TO KNOW THAT WHAT WE'RE BUILDING IS WORKING IN THE WAY WE ALL INTENDED. JOBS HAVE ALWAYS EXCHANGE CHANGED. COMPUTER USED TO BE A JOB. PEOPLE DOING DILATIONINGS BUT NOW YOU HAVE DIGITAL COMPUTERS TO DO THOSE TASKS SO I DON'T THINK ANYONE IS PINING TO GO BACK AND DO CALCULATIONS ALL DAY. JOE: I HOPE THAT WAS WORTH IT. WE JUST HEARD FROM ELON MUSIC. JENSEN HUANG, DARIO SUSPECTS AMODEI. WENT BACK TO THE PACK AFTER HE WAS DONE TALKING. DIDN'T WANT TO BE IN FRONT OF CAMERAS AND MICROPHONES. IS THAT BECAUSE THEY'RE NOT ALL IN LOCKSTEP WITH THE PRESIDENT?
THERE WERE SOME DIFFERENCES. THE PRESIDENT SEEMS TO THINK THAT THE DOCUMENT WE HAVE YET TO SEE THAT AS JEFF POINTED OUT IS NOT LEGALLY BINDING, THERE ARE QUESTIONS STILL UNRESERVED. THESE ARE THE KINDS OF RISKS HE HAS BEEN WORN TORNADO WARNING ABOUT FOR YEARS, REALLY BROUGHT INTO THE MAINSTREAM WITH THAT ESSAY EARLIER THIS MONTH. HE AND TRUMP HAS BEEN AT ODDS SINCE THE BEGINNING OF THIS YEAR AND IT REACHED A FLASH POINT WITH THAT ESSAY ON SEPTEMBER 12 AND INTERESTINGLY, THE TWO MEN MANAGED TO FIND TIME FOR DINNER ON SUNDAY NIGHT AND AT LEAST REACHED SOME SORT OF UNDERSTANDING THAT, YES, THE TECHNOLOGY HAS A VALUE, IT WILL BRING BENEFITS AND IT'S
IMPORTANT TO MAINTAIN THE U.S. LEAD BUT WHERE THEY DIFFER IS ON THIS IDEA OF GUARDRAILS. KAILEY: THIS IS GUARDRAILS ON THE TECHNOLOGY ITSELF TO SAY NOTHING OF THE INFRASTRUCTURE THIS TECHNOLOGY NEEDS. THIS IS WHAT THE PRESIDENT SAID IN THE GAGGLE. PRESIDENT TRUMP: YOU'LL SEE DATA CENTERS ARE GOING TO BE VERY POPULAR BECAUSE THIS IS THE GROUP AND THEY'RE THE ONES THAT WANT IT AND THEY'RE ALSO THE ONES THAT WANT TO SEE COMMUNITIES THAT ARE SAFE AND HAPPY AND THEY'RE GOING TO MAKE COMMUNITIES VERY, VERY HAPPY. OTHERWISE THEY'LL BE FORCED TO GO OVERSEAS OR OTHER LOCATIONS BUT EVEN IN AMERICA THERE ARE SO MANY PEOPLE THAT WANT DATA CENTERS. KAILEY:
HE SAID THAT IN THE ROOM WITH THESE EXECUTIVES AT THE LUNCHEN AND THEN WHEN HE SPOKE TO PRESS. HOW'S THAT GOING TO PLAY OUT IN THE MIDTERMS WHEN OBVIOUSLY THE ELECTORATE IS VERY MUCH AGAINST DATA CENTER DEVELOPMENT? WE'LL SEE. HIS POSITION ON A.I. CONNECTED WITH THE OTHER THINGS OVERHANGING THIS ELECTION, INCLUDING THE ECONOMY AND THE ORIENTAL WAR. THIS IS WHY I SAID I THINK THIS HAS LONGER LEGS THAN JUST THE MIDTERM ELECTIONS. CERTAINLY ONCE THE PRESIDENTIAL ELECTION STARTS HEATING UP WHICH, I HATE TO TELL EVERYONE IS PROBABLY GOING TO HAPPEN RIGHT AFTER THE ELECTIONS.
CANDIDATES ON BOTH SIDES ARE GOING TO START TALKING ABOUT AI AND WILL NO DOUBT SAYING THEY PROMISE TO DO MORE THAN WHAT PRESIDENT TRUMP IS DOING. THAT'S IN MART BECAUSE THE POLLS SHOW PEOPLE ARE WORRIED ABOUT THOSE DATA CENTERS AND THERE'S WORRIES FROM THE INDUSTRY ABOUT ITS POTENTIAL THREAT TO HUMIDITY. JOE: RIGHT ACROSS THE TABLE FROM PRESIDENT TRUMP AT THE MEETING TODAY AND AT THE MEETING AFTERWARD IN THE DRIVEWAY WAS THE SPEAKER OF THE HOUSE. HERE'S WHAT HE TOLD REPORTERS. WE HAVE TO STRIKE THE RIGHT BALANCE HERE. THE BALANCE BETWEEN THE INTERESTS OF THE AMERICAN PEOPLE AND BENEFITING FROM THE EXTRAORDINARY ADVANCEMENTS THAT ARE BEING MADE WITH THIS NEW TECHNOLOGY.
WITH THE NECESSITY OF MAINTAINING OUR EDGE OVER CHINA AND ANY OTHER COMPETITORS THAT MIGHT I AMERICAN AROUND THE GLOBE AND THAT THE SUPERINTELLIGENCE COMPANIES ENSURE THE SAFETY OF THE PRODUCTS NEAR PRODUCING. SAFETY AND INNOVATION ARE NOT MUTUALLY EXCLUSIVE PIRATES. EVERYONE AT THE ABLE TO NODDED IN AGREEMENTS AND SAID IT IN THEIR OWN WORDS IN THEIR OWN WAY. JOE: WE TALK EVERY DAY ABOUT A DIFFERENT VERSION OF LEGISLATION, WHETHER A KILL SWITCH OR SOME OTHER VERSION OF FORWARD RAILS TO PROTECT THE AMERICAN PEOPLE. IS THAT A SPEAKER OF THE HOUSE PREPARED TO BRING ANY OF THEM TO THE FLOOR?
HE HAS INDICATE THAT WOULD IT WOULD TAKE MONTHS FOR CONGRESS TO AGREE ON SOMETHING. BE IT THAT THERE IS LARGE AGREEMENT, THERE IS NOT CON SENSE US AND CERTAINLY NOT SUFFICIENT CONSENSUS IS TO GET ANYTHING THROUGH IN ANY SHORT-TERM FASHION. IT WILL BE LIKELY, IF ANYTHING, OF SOMETHING THAT COULD HAPPEN IN THE LAME DUCK SESSION LEGISLATORS COULD FIND ENOUGH WHERE RAFTAL TO ATTACH IT TO SOMETHING LIKE THE N.D.A. OR MAYBE THE NEXT CONGRESS. WE ARE SEEING MORE REVELATIONS ABOUT THE SAFETY RISKS WE KEEP HEARING ABOUT. WE JUST SAW OPENAI HOLDING BACK ITS LATEST MODEL LAST NIGHT FOR SAFETY CONCERNS.
WE ARE AT THE LEADING EDGE, THE FRONTS EDGE OF THESE KINDS OF DISCLOSURES RATHER THAN AT THE TAIL EDGE. THERE WILL BE MORE TO COME AND THAT WILL INCREASE PRESSURE FOR ACTION. JOE: THANK YOU SO MUCH. MIKE SHEPHERD, JEFF MASON AT THE WHITE HOUSE. WE TURN TO MARKETS TODAY WITH STOCKS CLOSING SLIGHTLY LOWER. THE DROP IN OIL PRICES FAILING TO OFFSET CONCERNS ABOUT THE BOND MARKET. TREASURY YIELDS CONTINUING TO RISE TO NEW HIGHS. A.I. TRADE TAKING TODAY'S MAKE DEVELOPMENTS LARGELY IN STRIDE. POWER MOVES WITH BLOOMBERG'S NORAH MULINDA IN NEW YORK.
HEY, NORAH. NORAH: WE SAW THE PHILADELPHIA INDEX HIGHER BY ABOUT 1.3%. THE S&P 500 AND THE NASDAQ 100 AS YOU'RE LOOKING AT STOCKS. A BIT OF A MILD DAY. WE DID SEE THE S&P 500 LOWER BY ABOUT.2%. AND THE NASDAQ 100 HIGHER BY ABOUT THE SAME AMOUNT BUT THE ACTIVITY TODAY THAT WAS THE FOCUS WAS IN THE BOND MARKET. THE 30-YEAR TREASURY YIELD HIT ITS HIGHEST LEVEL SINCE 2002, A 24-YEAR HIGH. THERE WERE A LOT OF REASONS. WE GOT SOME COMMENTARY OUT OF THE FEDERAL RESERVE.
THE NEW YORK FED PRESIDENT WILLIAMS SAYING THAT HE SEES ANOTHER HIKE LIKELY LATE THIS YEAR AND SOME APPETITE OUT OF CORPORATE BOND SALES OUT OF PARAMOUNT. BUT OBVIOUSLY WHAT CONTINUES TO BE IN FOCUS IS WHAT'S GOING ON IN THE MIDDLE EAST AND WHERE WE'RE SEEIING ANY SORT OF PROGRESS THERE. ALTHOUGH WE DO STILL SEE OIL QUITE ELEVATED, A BUILT OF A DROP TODAY. BRENT CRUDE CURRENTLY SITTING AT $106 A BARREL AND SPEAKING OF OIL, THERE WAS A NAME, THE BIGGEST GAINER IN THE S&P 500.
CARNIVAL. WHEN YOU LOOK AT THE CRUISE SPACE THERE TENDS TO BE A LOT OF CONCERN ABOUT FUEL COSTS AND CARNIVAL CALLING THIS OUT AND CHANGING THEIR EXPECT FRUSTRATIONS FOR HOW MUCH COSTS SHOULD BE. BUT THEY CONTINUE TO RAISE THEIR EARNINGS GUIDANCE SO BUCKING THOSE CONCERNS ABOUT WHETHER OR NOT FUEL COSTS WILL HAMPER THE PROGRESS OF THIS INDUSTRY. KAILEY: SO A MOVE UP FOR CARNIVAL TODAY. I'M STRUCK BY THE MASSIVE MOVE LOWER FOR FICO. DOWN 27% BECAUSE OF BILL PULTE, THE S.F.A. DIRECTOR? NORAH: A REALLY ROUGHDAY FOR F.I.C.O. SHARES LOWER BY ABOUT 27%. THIS THE BIGGEST LAGGARD IN THE S&P 500.
ALL AROUND IDEA THAT FICO MIKE LOSING ITS GRIP WITH MORTGAGE RATES. POTENTIALLY FICO GETTING SOME MORE COMPETITION. VANTAGE SCORES IS WHERE A LOT OF PEOPLE ARE LOOKING BUT A TOUGH DAY FOR FICOED TOO, DOWN DOUBLE DIGITS. KAILEY: LOSING MORE THAN A QUARTER OF THEIR VALUE. THANK YOU VERY MUCH. COMING UP, WASHINGTON CONFRONTING A NEW AI REALITY AS IT MOVES DEEPER INTO THE FEDERAL GOVERNMENT. OPENAI'S C.E.O. SAM ALTMAN. PLUS HOMELAND SECURITY MEMBER RAND PAUL JOINS US TO DISCUSS THE RAPIDLY EMERGING TECHNOLOGY. SN♪ JOE: IT'S "BALANCE OF
POWER" ON BLOOMBERG TV AND RADIO. RACING TO GET ITS ARMS AROUND AI AS THE TECHNOLOGY QUICKLY FINDS ITS WAY INTO MORE CORNERS OF THE FEDERAL GOVERNMENT. THE WHITE HOUSE TODAY LAUNCHING ITS NEW AI POWERED AMERICA.GOV WHILE AGENCIES INCREASINGLY PUT THE TECHNOLOGY TO WORK FROM EVERYTHING TO IMMIGRATION ENFORCEMENT TO NATIONAL SAFETY. CONGRESS IS STILL TRYING TO FIGURE OUT WHAT COMES NEXT, IF ANYTHING. JOINING US NOW IS SENATOR RAND PAUL OF KENTUCKY. SENATOR, GREAT TO HAVE YOU BACK.
I'D LIKE YOUR TAKE ON THIS. AS SOMEONE WHO'S A REPUBLICAN AND KNOWN TO BE A POPULIST, YOU HELPED KILL SENATOR KENNEDY'S KILL SWITCH BILL. IS THERE A DIFFERENT APPROACH OR SHOULD THE GOVERNMENT TAKE ITS HANDS OFF AI? SEN. PAUL: SINCE THE BEGINNING OF TIME PEOPLE HAVE BEEN WARY ABOUT TECHNOLOGY. THE S SEAMSTRESSES, THEY SMASHED THE LOOM WITH HAMMERS AND ABCS. EACH TIME THERE WAS AN ADVANCEMENT JOBS WERE CHANGED AND DISPLACED BUT JOBS WERE CREATED IN OTHER SECTORS. TOOK A LOT OF PEOPLE TO MAKE LIGHT BULBS, TO STRING UP ELECTRIC LINES AND ULTIMATELY NEW JOBS WERE CREATED. I THINK AI WILL BE LIKE EVERYTHING ELSE THAT CAME US. TO ARGUE OTHERWISE IS TO ARGUE
THAT THIS IS AN A HISTORIC MOMENT BUT THERE ARE SMART PEOPLE THAT SAY IT WILL AND ALL THE JOBS WILL BE GONE BUT I THINK WE DON'T KNOW YET AND I THINK IT HAS GREAT PROMISE FOR DEVELOPMENT OF DRUGS, HELPING MEDICAL DECISIONS. THE AI ENGINE IS PROBABLY 100 TIMES BETTER THAN IT WAS SIX MONTHS AGO BUT I DON'T FEAR TECHNOLOGY. YOU HAVE TO HAVE RULES AGAINST FRAUD AND RULES ABOUT HUGH IT'S USED. THERE WILL PROBABLY END UP BEING BOTH SELF-REGULATION ON THOSE WHO CREATE AI BUT I SUSPECT THE USERS WILL HAVE TO HAVE PROTECTION. I THINK YOU'LL HAVE TO BUY AI PROTECTION AGAINST ROGUE AI. IT'S NOT GOING TO BE AGAINST THE PEOPLE WHO OBEY THE LAW BUT AGAINST PEOPLE LIKE NEFARIOUS
NATIONS OR CRIMINAL GANGS. IT WILL JUST BE A MORE SOPHISTICATED WAY TO TRY TO STEAL STUFF FROM YOU. I DON'T FEAR IT AND I THINK IT'S TOO SOON TO BE MANDATING CRAZY ONE-LINE BILLS TO REGULATE AUTO OF AI WHEN WE REALLY DON'T KNOW WHAT'S GOING ON YET. IF YOU'RE GOING TO WRITE A BILL TO REGULATE IT, WOULDN'T YOU BRING IN SOME OF THE PEOPLE INVOLVED IN IT? KAILEY: SHOULD THE PEOPLE WRITING THIS COLD, THE PEOPLE RUNNING THESE COMPANIES BE ALLOWED TO SELF-REGULATE? YOU'RE COMFORTABLE WITH THAT NOTION? PEOPLE WHO MAKE PHARMACEUTICALS ARE REGULATED BY THAT I CAN'T GIVE YOU SOMETHING THAT'S TOXIC.
THEY'RE WELLLATED BY LIABILITY. THOSE OUT THERE ARE SAYING OOH, 10% CHANCE THE WORLD IS GOING TO END. IT MAY BE -- SEEKING BY PEOPLE LOOKING FOR GOVERNMENT PROTECTIONISM. IT DOESN'T MAKE A LOT OF SENSE TO ME. I'M GOING TO SELL YOU SOMETHING BUT THERE'S A 10% CHANCE THE WORLD WILL END. NO ONE IS GOING TO BUY THAT AND WHO WOULD WORK ON THAT PRODUCT? THAT'S EITHER GAMESMANSHIP OR THEY MAY HAVE SOME BIZARRE PEOPLE WORKING THERE WITH BIZARRE IDEAS. MANY OF THESE PEOPLE ARE LEFT WING. MAYBE THEY'RE TRYING TO SCARE US IN HAVING GOVERNMENT NATIONALIZE AI, I DON'T KNOW WHAT THEY MOTIVE IS BUT IT DOESN'T SEEM TO FIT WITH A REALISTIC INTERPRETATION OF THE FACT. GEE: ONE OF THE BIGGEST ARGUMENTS IS
THAT WE'RE IN A RACE WITH CHINA. THE PRESIDENT SAYS IF YOU WIN AI, YOU WINE WITH. WE'VE SEEN PRESIDENT XI HERE IN WASHINGTON TALKING ABOUT THIS. IS CHINA NOW A REAL THREAT TO THE UNITED STATES? SEN. PAUL: I DON'T SEE THINGS ALWAYS IN TERMS OF COUNTRIES. IRSEE THE TECHNOLOGY BEING DEVELOPED. I WISH EVERYTHING WE DID WAS WORLDSWIDE. THE TECHNOLOGY IS WORLDWIDE, THE SUPPLY CHAIN IS WORLDWIDE. I SEE IT AS A GREAT TOGETHER THAT'S COMING ON BOARD. THERE WILL BE SOME REGULATION OF IT BUT I DON'T JUMP UP AND DOWN THINKING OH, MY GOODNESS, THE PEOPLE WHO CAN'T RUN THE POST OFFICE OR WHO OVERSEE THE POST OFFICE WILL NOW BE IN CHARGE OF A.I.?
WHAT COULD GO WRONG? IT'S LIKE PUTTING THE GOVERNMENT IN CHARGE OF SPORTS NOW. OH, THIS WOULD BE GREAT. I HAVE A GENERAL APPRECIATION OF THE MARKET ECONOMY BECAUSE THE MARKET DOES SELF-REGULATE. YOU CAN'T SELL THINGS, COMMIT FRAUD. YOU CAN'T SELL THINGS THAT HARM OTHER INDIVIDUALS AND THAT WILL BE AND SHOULD BE LIABILITY. YOU SELL ME SOMETHING THAT CONTAMINATES MY COMPUTER. MAYBE IT DIDN'T END WORLD BUT IT SCREWS UP MY BUSINESS AND ALL MY VENDORS BECAUSE AI RAN AWE MUCK AND IS HOLDING MY COMPANY HOSTAGE. YOU SHOULD BE LIABLE FOR A BAD PRODUCT. NOBODY IS GOING TO SELL STUFF
LIKE THAT UNLESS THE GOVERNMENT GIVES THEM LIABILITY PROTECTION. SO IMPORTANT FOR HUMANITY, SUCH A BIG DEAL, BUT WE CAN'T CAN'T DO THIS UNLESS THE GOVERNMENT -- THAT'S WHAT THEY WANT FROM REGULATION. THEY WANT TO PROTECT YOU FROM BEING SUED SO MAYBE THEN THEY COULD SELL YOU SOMETHING THAT MIGHT TROY HUMIDITY. KAILEY: THE BOND MARKETS SPECIFICALLY IN PART DRIVEN BY THE VOLUME FOR COMPETITION BECAUSE THESE COMPANIES ARE INVESTING SO MUCH IN INFRASTRUCTURE AND ISSUING DEBT TO DO IT. THE GOVERNMENT HAS TO OFFER A LOT MORE TO INVESTORS. THE 30-YEAR YIELD HIT THE HIGHERS LEVEL SINCE 2002 TODAY. WHAT DO YOU THINK ABOUT THAT STATISTIC? SEN. PAUL: MY FIRST THOUGHT IS NOT TO
BLAME IT ON PRIVATE BORROWERS BUT ON GOVERNMENT FOR BORROWING SO MUCH MONEY. $40 TRILLION IN DEBT. $2 TRILLION ADDED EACH YEAR AND ABOUT $1 TRILLION IN INTEREST EACH YEAR AND EVERYBODY UP HERE WANTS TO SPENDS MORE MONEY. BOTH PARTIES. PEOPLE ASK ME REPUBLICANS OR DEMOCRATS AND I JUST SAY YES. BOTH PARTIES ARE SPENDING THE MONEY. IT'S BECAUSE PEOPLE ARE VALUING THE RISK OF GOVERNMENT AT A MORE SIGNIFICANT RATE AND THEN THE INTEREST RATE HAS TO DO WITH ALL LOANS SO THERE IS SOMETHING TO DO WITH THE REST OF THE MARKETPLACE BUT I DON'T BLAME THE GOVERNMENT'S INTEREST RATE BASICALLY ON TOO MUCH PRIVATE DEMAND. JOE: LAST TIME WE SAT DO YOU KNOW WITH YOU, SENATOR, WE TALKED A LOT ABOUT PAYING FOR THE WAR
WITH IRAN AND WE'VE LEARNED A LOT MORE FROM THE DEFENSE SECRETARY SINCE THEN. WHAT WE DON'T HAVE REALLY IS A TIME LINE OR FINAL PRICE TAG. REALIZING THE PRESIDENT SAYS THIS IS ABOUT KEEPING A NUCLEAR WEAPON OUT OF THE HANDS OF IRANIANS BUT THERE'S A REQUEST FFOR THE DEFENSE BUDGET. AS THE PRESIDENT SAYS, THIS WILL ENDS AFTER THE MIDDLERS. SEN. PAUL: AS FAR AS SPENDING WE SHOULD BE REDUCING IT EVERYWHERE, AT LEAST BY A LITTLE BIT. MY PROPOSAL HAS BEEN THE PENNY PLAN. WHAT USED TO BE THE PENNY PLAN. NOW IT'S THE SIX PENNY PLAN. IF YOU REDUCE GOVERNMENT SPENDING BY 6% ACROSS THE BOARD YOU'D STILL HAVE ALL YOUR PROGRAMS. JUST CUT THEM BACK 6%.
BUSINESSES DO THIS ALL THE TIME. YOU MIGHT NOT HIRE ANY NEW EMPLOYEES. YOU'D LET SOME RETIRE AND NOT BE REPLACED. INSTEAD THE REPUBLICANS ARE THE WARFARE PARTY, THE DEMOCRATS ARE THE WELFARE PARTY AND THERE'S ALWAYS A COMPROMISE AND SPENDING GOES UP IN BOTH. IF THEY THINK THEY'RE GOING TO GET $1.5 FOR MILITARY, THEY'RE GOING TO HAVE TO GET THE SAME FOR WELFARE SO EVERYTHING GOES UP. IT NEEDS TO BE THE OPPOSITE SOCIAL SECURITY AND NED CARE ARE RUNNING OUT OF MONEY. THE BUDGET WE VOTE ON, MAYBE 1.5 TRILLION, 2 TRILLION, IT'S RECALL BORROWED. YOU COULD ELIMINATE THE ENTIRE BUDGET THAT CONGRESS VOTES ON AND THAT JUST BARELY BALANCES THE BUDGETS. JOE: DO YOU SAY THE WAR WILL END
AFTER THE MIDTERMS LIKE THE PRESIDENT SAYING? SEN. PAUL: HE BELIEVES THEY ARE CONTINUING THE WAR TO AFFECT OUR ELECTION AND ONCE IT'S OVER HE FIGURES NOW THEY'LL SETTLE IT. WE'VE DEFEATED THEM, UTTERLY DEFEATED THEIR MILITARY BUT WON EVERY BATTLE AND SUNK EVERYONE SHIP. I THINK IT WILL REQUIRE NEGOTIATION. UNLESS YOU'RE GOING TO OCCUPY IRAN, YOU'RE GOING TO HAVE TO NEGOTIATE WITH THEM. THE ORIGINAL MEDICINE RAN DUMB THAT CAME OUT I THINK WAS A NEGOTIATION BUT YOU'RE GOING TO HAVE A WAY TO VERIFY ENRICHED URANIUM. PEOPLE SAY HOW CAN WE ENFORCE THAT? I THINK IT'S VERY VERIFIABLE BUILD THEN REWARD THAT WITH REDUCTION IN TRADE SANCTION
SANCTIONS AND I THINK WE COULD HAVE SOME NORMALLY RETURN BUT I DON'T THINK WOULD THAT TRADE ANY KIND OF NORMALLY IS GOING TO RETURN. THEY'RE GOING TO SUSTAIN IT AS LONG AS THEY CAN UNLESS THEIR POPULATION FINALLY RISES UP AND GETS RID OF THEM. KAILEY: LAST WEEK TWO SENATORS WERE SEEKING UNANIMOUS CONSENT ON THEIR BILL TO U.E.V.'S BEING SOLD IN THE U.S. HAVE THOSE CONCERNS BEEN RESOLVED? SEN. PAUL: THERE'S A SECTION OF THE BILL THAT WOULD TARGET MERCEDES-BENZ. I THINK IT'S CRAZY TO TARGETS ONE COMPANY.
I TOLD THEM THAT NEEDS TO COME OUT OF THE BILL. THERE'S ALSO A SECTION THAT SAYS YOU CAN'T MAKE FORD BATTERIES WITH ANY CHINESE COMPONENTS. WELL, THEY'RE MAKING THEM IN LOUISVILLE. THEY'RE IN THE MIDDLE OF MAKING THEM. HOW FAIR WOULD IT BE TO STOP THAT IN THE MIDDLE OF DOING THAT? SO I TOLD THEM THAT EITHER NEEDS TO COME OUT OR BE DELAYED. THERE ARE A HUGE AMOUNT OF THINGS IN THIS BILL THAT ARE UNPREDICTABLE AND ALSO A BAN ON ANY COMPANY THAT HAS 25% OWNERSHIP ANYWHERE IN THE AUTOMOBILE SUPPLY CHAIN.
I DON'T EVEN KNOW WHO THOSE COMPANIES ARE YET. I HAVEN'T SHAD A CHANCE TO ASK THEM WHAT'S GOING TO HAPPEN. HAS SOMEONE STUDIED WHETHER OR NOT THERE WILL BE ANY COMPANIES LEFT? IT IS PROTECTIONISM. THEY DON'T LIKE THE INEXPENSIVE CARS COMING FROM CHINA AND I'VE SAID I WILL LET IT GO BUT NOT WITH A SPECIFIC PART OF THE BILL THAT ATTACKS ONE COMPANY THAT -- LOOK, THERE ARE THOUSANDS -- THERE ARE PROBABLY 10,000 JOBS IN MANUFACTURING FROM MERCEDES-BENZ IN OUR COUNTRY AND AMOUNT 20,000 JOBS THAT ARE ANCILLARY JOBS CREATED BY THEM. WE SHOULDN'T HAVE LEGISLATION THAT TARGETS ONE COMPANY SO THAT HAS TO COME OUT OF THE BILL. KAILEY: WE'LL LEAVE IT THERE.
SENATOR RAND PAUL OF I CAN. THANK YOU FOR JOINING US. AI HAS DOMINATED THE CONVERSATION HERE IN WASHINGTON BUT ONE OF THE FACES OF THE INDUSTRY WAS NOT AMONG THOSE WHO JOINED THE PRESIDENT AT THE WHITE HOUSE. OPENAI DEVELOPER SAM ALTMAN WHO WAS IN SAN FRANCISCO ABOUT THE SAFETY RISKS POSED BY ITS LATEROS MODEL. BLOOMBERG'S ED LUD LOW WAS ON SITE AND CAUGHT UP WITH ALTMAN EARLIER. YOU MADE THE DECISION TO RELEASE THOSE. THIS WEEK YOU HELD BACK THE RELEASE OF AS INTEREST 6.1 AND LAST WEEK YOU PAUSED TRAINING ON A SEPARATE MODEL.
EXPLAIN HOW YOU CAME TO THAT DECISION. WE HELD BACKAS A 6.1. SAM: WE'RE WE'VE BEEN TALKING ABOUT THIS FOR A FEW MONTHS NOW BUT WE'RE CLEARLY GETTING INTO A STEAM PART OF THE CAPABILITIES CURVE AND GIVEN THAT OUR WHOLE MISSION IS TO BUILD THIS INTO EMPOWERING PEOPLE AND PART OF THAT IS BUILDING THE RELATIONSHIPS WHEN WE NEED TO MAKE A DECISION SO THAT WE CAN MAKE MORE PROGRESS AND PUT MORE OF OUR ATTENTION INTO SAFETY ALIGNMENT AND MONITORING SECURITY. WE WILL HAPPILY DO THAT. OF COURSE WE'RE GOING TO CONTINUE TO MAKE PROGRESS BUT WORLD SHOULD ALWAYS HAVE CONFIDENCE IN OUR SAFETY CASES, OUR SAFETY CLAIMS AND THAT WE ARE GOING TO BE RESPONSIBLE WITH THE TECHNOLOGY AND WE DON'T WANT TO DO THIS THING
LIKE OH, WE NEED REGULATION OR WE NEED OUR COMPETITORS TO DO X, Y, ANDS OR AND Z. THERE ARE THINGS WE CAN DO LIKE A FASTER OR CHEAPER VERSION OF ASTRA. UPDATES ON WONDERFUL NEW PRODUCTS BUT I UNDERSTAND WHY SOME PEOPLE ARE FLY PEDAL TO THE METAL GROW. THERE ARE SOME QUESTIONS AROUND THE USES OF TECHNOLOGY. YOU SAID THE TWO MAIN THINGS PEOPLE WANT ARE SPEED AND PERFORMANCE AND YOU RELEASED NEW MECHANISMS TO ACHIEVE THAT WITH AN EXISTING GENERATION OF MODEL. WHY IS THAT BETTER AS A TECHNIQUE THAN RELEASING A MORE CAPABLE MODEL? SAM: THEY WANT THAT TOO. I THINK ALL OF THOSE THINGS ARE GOOD. SPEED, PRICE, AND CAPABILITY ARE THREE OF THE THINGS PEOPLE ASK FOR MOST OFTEN AND I THINK PEOPLE WANT ALL OF THEM. THAT SAID, ULTRA FAST I THINK
IS A REALLY SPECIAL THING. I DID NOT APPRECIATE HOW MUCH I WAS GOING TO LIKE IT. I SHOULD HAVE KNOWN BECAUSE WE ALL WANT EVERYTHING TO BE FASTER BUT IT IS AWESOME. IT IS AN AUTOMATIC PROPOSITION FOR AI THAT MAKES THINGS GOOD FOR YOU? SAM: IT IS FOR EXPENSIVE TO RUN BUT WE DO CHARGE FOR IT TOO. I THINK THE MARKET WILL DECIDE BUT I THINK PEOPLE WILL BE EXCITED ABOUT IT AT THIS PRICE AND IT'S REASONABLE FOR US. YOU WERE JUST ASKED AGAIN ABOUT AN I.P.O. AND YOU SAID YOU WANT TO BE PUBLIC ONE DAY BUT ESSENTIALLY THE DUTIES OF BEING A PUBLIC COMPANY ARE INCOMPATIBLE WITH A DEDICATION TO SAFETY. SAM: NOT TO ME. TO UNDERSTAND HOW TO LIVE LIFE AS A PUBLIC COMPANY WITH
PRESSURE FROM INVESTORS AND SORT OF JUST THE -- ALL OF THE ADDITIONAL WEIGHT THAT COMES WITH THAT. WHILE WE'RE GOING THROUGH THIS PERIOD OF ADJUSTING TO THIS NEW LEVEL OF CAPABILITY AND THE NEW SAFETY REQUIREMENTS FOR THAT. WE JUST WANT TO GET OUR FEET UNDER US, BE SURE WE KNOW HOW TO OPERATE IN THIS NEW WAY WITHOUT THE PRESSURE OF BEING A NEWLY PUBLIC COMPANY. THEN I THINK WE'LL BE PUBLIC AT SOME POINT, THERE WILL BE MORE NEW LEVELS THAT COME BUT NOT ALL AT THE SAME TIME. DO YOU FEEL ANY PRESSURE TO HOLD OFF 2028, DOES IT MATTER? SAM: OUR INVESTORS SEEM LIKE THEY'RE HAPPY WITH US AND VERY PRESSURE. IT'S RARE PEOPLE HAVE SAID FOR YOU AND OTHERS TO AGREE ON SOMETHING.
THIS IDEA OF PACING THE FRONTIER. I THINK PEOPLE ARE STILL TRYING UNDERSTAND WHAT THE COLLECTIVE EFFORT LOOKS LIKE. IF YOU COLLABORATE WITH YOUR PEERS OR YOU WORK WITH THE ADMINISTRATION, WHAT DOES THAT ACTUALLY RESULT IN? SAM: I THINK ONE THING THAT WOULD BE GOOD WOULD BE SHARED STANDARDS FOR SAFETY CASES ABOUT WHAT YOU NEED AT EACH LEVEL TO PROCEED WITHOUT UNDUE RISK AND THEN SOME SORT OF SHARED METHODS FOR ENSURING THAT EVERYBODY IS DOING A GOOD JOB. AND THAT COULD BE INDEPENDENT EVALUATORS, THAT COULD BE GOVERNMENT REVIEW. IT COULD BE COMPANIES REVIEWING EACH OTHER'S WORK. THE NEWS CYCLE HAD IN AN TOPIC'S PROSPECTUS, THE EXISTENTIAL THREAT TO MEW MANATEE EXPOSED IN BLACK AND WHITE. DO YOU JUST NEED TO PUT IT OUT
THERE? SAM: I THINK THAT HAS NOTHING TO DO WITH GOING PUBLIC. I THINK TEXAS OUR RESPONSIBILITIES FOR OUR MISSION AND WHAT WE'RE WORKING ON TO EXPLAIN THE BENEFITS WE SEE AND THE SHIFTING LANDSCAPE HAS THINGS EVOLVE. KAILEY: AS SAM ALTMAN DISCUSSED A DAYED I.P.O. PURSUIT, ANTHROPIC IS STILL INTENDING TO GO PUBLIC AND REUTERS SOUGHT THE FILING. ANTHROPIC GOT 4% OF ITS SALES LAST YEAR THROUGH GOOGLE AND AM STOP WHEN HIGHLIGHTS A TENDENCY ON THOSE COMPANIES. A SEPARATE PIECE OF NEWS THAT JUST CROSSED THE WIRE. THE PENTAGON HAS PICKED BOEING TO MAKE THE NEXT GENERATION FIGHTER JET.
THE FAXX PROGRAM THAT BOTH BOEING AND GRUM MONDAY HAD COMPETED FOR. IN FLORIDA, A SURPRISE DEMOCRATIC NOMINATION IS SHAKING UP MORE THAN JUST THE SENATE RAILS. STATE REPRESENT ACTIVE ANXIOUSY NIXON IS TAKING ON MOODY AFTER AN UPSET PRIMARY THAT PUT A PROGRESSIVE AND MEMBER OF THE D.S.A. AT THE TOP OF THE TICKET. IT BRINGS UP NEW CONVERSATION ABOUT WHETHER PROGRESSIVE POLITICS CAN WIN IN A STATE THAT'S MOVED SHARPLY TO THE RIGHT. REPRESENTATIVE, WELCOME TO BLOOMBERG TV AND RADIO. IT'S GOOD TO HAVE YOU. AS WE SPEAK FREQUENTLY ON THIS PROGRAM ABOUT AN EXPANDING MAP THAT DEMOCRATS ARE EYEING IN THIS MIDTERM CYCLE. IS FLORIDA INCLUDED IN THAT? ARE YOU GETTING RESOURCES THAT YOU NEED FROM THE PARTY A AT A NATIONAL LEVEL?
YES, THANK YOU FOR HAVING ME. I'M SUPER EXCITED TO BE ON WITH YOU ALL TODAY. WE'RE HAVING CONVERSATIONS WITH FOLKS IN WASHINGTON ABOUT WORKING ON INCLUDING US IN THEIR MAP. EVERYTHING IS LOOKING PROMISING. WE ARE UP IN THE POLLS. WE ARE IN A DEAD HEAT WITH ASHLEY MOODY. AI ASHLEY IS WHAT WE CALL HER. WE ARE ALSO CONTINUING TO FUNDRAISE AND REALLY BUILD MOMENTUM. WE HAVE OVER 140,000 PEOPLE THAT HAVE SIGNED UP AND THEY'RE VOLUNTEERING WITH OUR CAMPAIGN, KNOCKING ON DOORS, MAKING PHONE CALLS AND WE'RE GETTING A LOT OF SUPPORT. I'M CURRENTLY RIGHT NOW AT A D DSEC EVENT AND I'M EXCITED ABOUT THE OPPORTUNITY TO TAKE THIS THING HOME AND REALLY MAKE SURE THAT THE DEMOCRATIC PARTY IS SEEN AS A VERY BIG TENT. JOE:
REPRESENTATIVE NIXON, THERE'S SOMETHING WE SHOULD NOTE FOR OUR AUDIENCE THAT THIS IS A SPECIAL ELECTION. IF YOU WIN THIS YOU'D COME TO WASHINGTON, D.C. IN NOVEMBER AND THE LAME DUCK SESSION. WOULD YOU SUPPORT CHUCK SCHUMER TO BE THE LEADER OF THE SENATE? I AM WORRIED THAT THIS LAME DUCK SESSION MAY NOT BE LAME. WE KNOW THAT WE ARE GOING TO FLIP THE HOUSE AND SENATE AND WE KNOW THAT DONALD TRUMP IS GOING TO DO AS MUCH AS POSSIBLE TO TRY TO GET THROUGH REALLY BAD DEALS IN ORDER TO KEEP CRUELTY BEING THE GOAL OF HIS ADMINISTRATION AND SO IN
REGARDS TO CHUCK SCHUMER. ME AND LEADER SCHUMER, WE ARE SET TO HAVE SOME GOOD CONVERSATIONS AND I AM GOING TO ASSESS EVERYTHING AND I AM REALLY JUST FOCUSED ON MAKING SURE THAT THE VOTERS IN FLORIDA VETO FOR ME. KAILEY: AS WE CONSIDER THEN YOUR CONVERSATIONS WITH THE MAJORITY LEADER OR THE POTENTIAL MAJORITY LEADER, CURRENTLY MINORITY LEADER IN THE SENATE AND HOW YOU MIGHT FIT INTO HIS WIDER PICTURE OF THE DEMOCRATIC CAUCUS AS A MEMBER OF THE D.S.A. HOW WOULD YOU CHARACTERSIZE HOW DISTINCT YOUR IDEAS ARE FROM OTHER DEMOCRATS. WHERE IS IT THAT YOU WOULD BREAK WITH SOCIALISTS AND AGREE WITH MORE OF THE RANK AND FILE?
IT IS IMPORTANT TO REALIZE THAT THE ONLY DID I JOIN THE D.S.A., I ALSO JOINED WORKING FAMILIES PARTY. I ALSO BECAME A HIGH-TIME MEMBER OF THE NAACP AND THIS IS ABOUT MAKING ACCESS WE HAVE ACCESS TO AFFORDABLE HEALTH CARE, FULLY FUNDED PUBLIC SCHOOLS AND ACCESS TO AFFORDSABLE HOUSING. LOOK, I AM NOT FOR ABOLISHING PRISONS OR DEFUNDING POLICE. CHILD I DO THAT? BECAUSE I WANT ASHLEY MOODY LOCKED UP AND PUT IN JAIL FOR STEALING $10 MILLION FROM SICK KIDS FROM THE MEDICAID PROGRAM SO I DO NOT AGREE WITH EVERYTHING THAT THE D.S.A. GREASE WITH. I DON'T AGREE WITH EVERYTHING THAT THE DEMOCRATIC PARTY AGREES WITH.
NO ONE IS FULLY 100% ON BOARD FOR ANY ORGANIZATION THAT THEY'RE A PART OF BUT WHAT IS EVIDENT AND TRUE ABOUT WHAT THESE ORGANIZATIONS, THE MAIN THROUGH LINE IS THEY ARE FIGHTING FOR WORKING FAMILIES AND THEY WANT TO ENDS ALL OF THIS CHAOS AND CORRUPTION THAT'S HAPPENING IN WASHINGTON, D.C. JOE: YOU'RE REFERRING TO THAT FLORIDA GRAND JURY REPORT FROM AUGUST THAT, THE ATTORNEY GENERAL AUTHORIZED A SETTLEMENT AGREEMENT THAT DIVERTED $10 MILLION IN STATE FUNDS BUT NO CRIMINAL CHARGES WERE FILED. NO CRIMINAL CHARGES WERE FILED -- JOE: THAT'S THE CASE YOU'RE REFERRING TO?
EXACTLY AND IT IS BEWILDERING TO US THAT SEVERAL ATTORNEYS HAD NO IDEA WHO TOLD WHO TO DO WHAT. WHAT IS TRUE IS THAT $10 MILLION SHOULD HAVE GONE TO SICK KIDS AND THE MEDICAID PROGRAM AND INSTEAD IT WAS USED TO PUT INTO TWO POLITICAL SLUSH FUNDS THAT WAS OVERSEEN BY RON DESANTIS'S FORMER CHIEF OF STAFF WHO IS NOW SERVING AS THE ATTORNEY GENERAL. THAT IS CORRUPTION THROUGH AND THE PEOPLE OF FLORIDA ARE UPSET ABOUT IT. ASK THEY WANT TO SEND ARBY MOODY TACK PACKING BECAUSE OF IT. JOE: WE'VE INVITED ARBY MOODY TO THE PROGRAM. WE'LL FOLLOW UP ON THAT.
YOU REFERRED TO HER AS AI ASHLEY. IS AI EVIL? IT IS NOT EVIL BUT WE NEED TO ENSURE THAT WE ARE PUTTING FORWARD RAILS IN PLACE TO ENSURE THAT IT IS HELPFUL. I AM CONCERNED ABOUT SAFETY MEASURES, SECURITY ASK ALSO CONCERNED ABOUT SOME OF THE NEGATIVE IMPACTS IT CAN HAVE ON THE QUALITY OF LIFE FOR FLORIDIANS. IT CAN CAUSE FOLKS' UTILITY RATES TO GO UP. WE'VE SEEN THAT IT CAUSES LIGHTS POLLUTION AND DIFFERENT THINGS. I'M ALSO CONCERNED REALLY WITH JOBS. PEOPLE NEED TO KNOW WHETHER OR NOT AI IS BEING USINGEDS TO HELP TRAIN THEM.
IF THEY'RE TRAINING AI TO REPLACE THEIR JOBS. IF AI IS USED TO HIRE PEOPLE OR FIRE PEOPLE. ALSO WE NEED TO MAKE SURE THAT WE'RE PUTTING MECHANISMS IN PLACE SO THAT IT'S NOT STEALING PEOPLE'S DATA AND INFORMATION SO THESE ARE THE THINGS THAT I'M CONCERNED WITH. I AM NOT ANTI-INNOVATION OR TECHNOLOGY BUT I DO BELIEVE WE NEED TO HAVE SOME GUARDRAILS IN PLACE TO ENSURE THAT IT IS A POSITIVE THING FOR AMERICANS HERE IN THE COUNTRY. KAILEY: STATE REPRESENTATIVE ANGIE NIXON, THE DEMOCRATIC NOMINEE IN FLORIDA. THANK YOU SO MUCH. COMING UP, A FLURRY OF LAST-MINUTE ITEMS ON THE AGENDAS IN WASHINGTON. WE'LL FIND OUTS HOW IT CAN PLAY OUT WITH OUR POLITICAL PANEL NEXT ON "BALANCE OF POWER"
ON BLOOMBERG TV AND RADIO. KAILEY: THIS IS "BALANCE OF POWER" ON BLOOMBERG TV AND RADIO. IT'S THE LAST CALL FOR THE SENATE BEFORE THE MIDTERMS ARE LAWMAKERS RACING TO WRAP UP BUSINESS BEFORE LEAVING WASHINGTON. A SWEEPING COLLEGE SPORTS BILL WAS PASSED AND BLOOMBERG'S ERIC WATSON IS JOINING US LIVE FROM THE CAPITOL WITH MORE. WHAT GETS DONE FIRST? AS YOU MENTIONED THE COLLEGE SPORTS BILL DID PASS THE SENATE LAST NIGHT. THE HOUSE IS NOT GOING TO COME BACK AND PASS IT.
THIS IS A BILL THAT WOULD REGULATE ATHLETES' NAME AND IMAGE. A TOUGH RACE WOULD ASK UTILITY COMMISSIONS TO CONSIDER ADOPTING A BILL THAT WOULD CHARGE MORE FOR USE OF THEIR ELECTRICITY USE. DEMOCRATS ARE GOING TO OPPOSING. CHUCK SCHUMER SAYING IT'S A FRAUDULENT BILL BECAUSE IT DOESN'T REQUIRE A MANDATE RATES RATE. AND SORT OF REINING IN THE PRACTICE OF MEMBERS OF CONGRESS PROFITING OFF OF INSIDE INFORMATION. INSIDE THE BILL THERE IS A VERSION OF THE SAVE ACT, THE VOTER I.D. MURTHA THEY HAVE BEEN AGAINST. DEMOCRATS ARGUING THAT THIS WOULD DISRUPT MAIL-IN VOTING AND CAUSE PROBLEMS AT THE POLLS.
BOTH ARE RISKY. REPUBLICANS LIKE JOHN THUNE WILL SAYING THAT WILL MUDDY THEIR MESSAGE ON THE CAMPAIGN TRAIL BOTH ON CORRUPTION AND DATA CENTERS. JOE: ERIK, THANK YOU SO MUCH. LIVE ON CAPITOL HILL. IT'S ABOUT TO GET QUIET UP THERE. HANNAH, A VICE PRESIDENT OF POLITICAL COMMUNICATIONS AT THE MEW SINA GROUP AND FORMER DEPUTY COMMUNICATIONS DIRECTOR FOR THE D.N.C. AND LESTER MONEYSEN OF G.R.C. GROUP. GREAT TO HAVE YOU BOTH WITH US. YOU MUST NOSTALGIC WHEN YOU THINK ABOUT LAST NIGHT. THE FUMES ARE IN THE AIR. WHAT CAN WE GET DONE.
THE RATE PLAYER PROTECTION ACT ERIK MENTIONED IS THE CLOSEST THING WE'RE GOING TO GET TO AI IT SEEMS IN THIS SESSION. DOES THIS PASS IF IT GET TO THE FLOOR? DOESN'T MEAN THERE AREN'T REAL ISSUES TO PULL OUT OF THERE BUT WE'RE FIVE WEEKS AWAY FROM THE ELECTIONS SO I DON'T THINK WE'RE GOING TO BE MAKING DECISIONS BASED ON WHAT'S THE BEST PUBLIC POLICY AT THIS POINT. IF HE WANTS TO GO HOME AND TALK ABOUT IT AND TALK ABOUT WHAT HE STANDS FOR, THAT'S TERRIFIC BUT IN TERMS OF LEGISLATIVE PROCESS AND MAKING LAW, THAT MAYBE SECONDARY. KAILEY: WE GOT A NEW POLL FROM MARIST LOOKING AT OHIO THAT FINDS
HUSTICE DOWN EIGHT POINTS FOR SHERROD BROWN. HOW CONFIDENT DOES THAT MAKE YOU FEEL AS A DEMOCRAT? SHERROD BROWN IS PROBABLY THE BEST CANDIDATE WE COULD AND FOR THIS OHIO. WE ARE STILL RUNNING LIKE WE ARE 20 POINTS BEHIND. HUSTEAD IS HAVING A TOUGH CAMPAIGN RIGHT NOW. HE'S MIRED IN SOME BRIBERY SCANDALS, HE'S BEEN MADE THE FACE OF AI WHICH HURT HIM OVER THE SUMMER. VOTERS CARE ABOUT PRICES AND THEY'RE ANNOYED AT CORRUPTION AND WHAT'S HAPPENING IN WASHINGTON. I THINK THAT'S WHAT YOU SEE IN OHIO WHEN IT COMES TO THE SENATE RACE. ALSO A BAD NATIONAL ENVIRONMENT FOR REPUBLICANS AND DONALD TRUMP'S LOW POPULARITY AND THAT'S GOING TO HURT ALL REPUBLICANS. JOE: WE'VE HAD TO STOP DOWN TO ACKNOWLEDGE THIS AND KIND OF UNPACK IT AT THE TOP OF THE
SHOW. LOVE OR HATE THIS CONVERSATION AND THE PEOPLE THERE THAT WAS AN HISTORIC MOMENT TO SEE THE PRESIDENT WITH THE MOUNTS RUSH MORE OF ARTIFICIAL INTELLIGENCE. IS THAT GOOD POLITICS FOR HIM? JOE, I FIND MYSELF THINKING PRESIDENT TRUMP IS DOING THE RIGHT THING. THIS IS AN IMPORTANT ISSUE. HIS POSITION IS ACTUALLY THE RIGHT ONE FOR AMERICA. IT IS TRUE THAT THERE ARE SOME POLITICAL HEADWINDS ON AI AND DATA CENTERS AND ALL THAT KIND OF THING.
PEOPLE ARE A LITTLE BIT WORRIED ABOUT IT, IT'S GOING TO MEAN A LOT OF CHANGE BUT HE'S DOING THE RIGHT THING. WE DO NEED TO WIN THIS BATTLE. THE UNITED STATES NEEDS TO LEAD ON RI AND HE'S TAKING A TOUGH DECISION ON AI RIGHT BEFORE THE ELECTION. IT'S BASICALLY THE RIGHT THING AT A MOMENT WHERE IT MAY COST HIM A LITTLE BIT. WILL VOTERS RESPECT THAT? MAYBE HE'S TURNING OVER A LEAF HERE. KAILEY: MAYBE NOT THE VOTERS WHO WOUNDED TO A QUINNIPIAC POLL. THEY FIND 71% OF VOTERS SAY THEY'RE MORE LIKELY TO VOTE FOR A POLITICAL CANDIDATE WHO SUPPORTS STRICTER GUARDRAILS FOR AI DEVELOPMENT. I WOULD IMAGINE FOR THOSE VOTERS HEARING THE PRESIDENT SAY IT'S SELF-DISCIPLINE DOESN'T RING WELL.
THEY SEE AI DATA CENTERS AND CONNECT IT WITH HIGHER ENERGY PRICES AND IF YOU CAN'T GET PAST FEEDING YOUR FAMILY OR FILLING UP YOUR TANK AT THE GAS PUMP, YOU'RE NOT THINKING ABOUT ANYBODY ELSE SO WHEN YOU SEE PRESIDENT TRUMP STANDING WITH ALL OF THESE AI LEADERS WHO ARE VERY UNPOPULAR IN THE U.S. RIGHT NOW, YOU WONDER WHAT IS HE THINKING POLITICALLY? RIGHT NOW REPUBLICANS ARE REALLY GOING TO STRUGGLE IN THE MIDTERMS AND THE LAST THING PRESIDENT TRUMP SHOULD DO IS STAND WITH THE PEOPLE WHICH ARE REALLY UNPOPULAR AND SAY THERE ARE NO REAL GUARDRAILS. JOE: THE PRESIDENT SAID MORALLY BINDING. THAT SOUNDS PRETTY GOOD. WHO'S AGAINST THINGS THAT ARE MORALLY BINDING? DEMOCRATS ARE LARGELY WRONG ON
THIS ISSUE AND THEY'RE TRYING TO EXPLOIT IT FOR POLITICAL ISSUES WHICH IS TOTALLY FAIR GAME. THE PRESIDENT IS STANDING UP FOR THE RIGHT POLICY. THE IDEA THAT DATA CENTERS ARE DRIVING HIGHER GAS OR DIESEL PRICES OR THE INFLATION WE'RE STILL REELING FROM THE BIDEN ADMINISTRATION IS NOT TRUE. DATA CENTERS ARE GOOD FOR THE UNITED STATES. YES, COMPANIES HAVE TO DEAL WITH LOCAL COMMUNITIES, ASSUAGE THEIR CONCERNS. EXPLAIN WHAT THEY'RE DOING AND TALK ABOUT WATER AND ELECTRICITY AND ALL OF THOSE THINGS BUT IT'S VERY IMPORTANT WE WIN THIS AND GOOD FOR
PRESIDENT TRUMP FOR DOING THE RIGHT THING. KAILEY: THEY MAY NOT NECESSARILY BE TRUE, LESTER BUT SOMETIMES PERCEPTION CAN BE REALITY AND WE'RE ALSO HAVING CONVERSATIONS ABOUT A.I. AND THE RISKS. BUT ON THE SAME DAY THAT U.S. CONSUMER CONFIDENCE FELL TO THE LOWEST LEVEL SINCE 2014 TODAY. HANNAH, STRIKING TO SEE THESE FIGURES. WHAT ARE THE ANSWERS DEMOCRATS CAN GIVE TO ADDRESSING AFFORDABILITY CONCERNS EVEN IF THEY ARE ABLE TO WIN THE HOUSE AND IS THAT THE IN THE MIDTERMS. THAT'S THE CHALLENGE. DEMOCRATS, EVEN IF WE WIN DROLL OF THE HOUSE HAVE TO FIGURE OUT SHOWING REAL ACTION ON AFFORDABILITY WITHOUT POSSIBLY BEING ABLE TO PASS SOMETHING.
ONE, WE SEE THAT DONALD TRUMP IS WILLING TO TALK TO SOME DEMOCRATS. HE LOVES MAMDANI IN NEW YORK CITY. SO NEVER SAY NEVER. YOU SEE SOME TALK CONSISTENTLY ABOUT THIS AFFORDABILITY AGENDA IN A WAY THAT WE CAN ENHANCE AND EXTEND THE A.C. TAX CREDITS THAT REPUBLICANS LET LAPSE. THERE ARE THINGS LIKE THAT WHERE DEMOCRATS REALLY NEED TO TAKE ACTION BUT WHO KNOWS WHAT DONALD TRUMPET WILL BE ABLE TO TALK ABOUT IT WITH? JOE: IN OUR REMAINING MOMENT, IS ANYTHING TO BE GENERATED FROM THE LAME DUCK SESSION IF RATE
PAIR PROTECTION DOESN'T GET ACTION, A PERMITTING DEAL POSSIBLY? THE LAME DUCK SESSION IS THE UPSIDE-DOWN WORLD IN POLITICS. THERE ARE A L LOT OF PIPE WHO ARE NOT ACCOUNTABLE TO THE VOTERS. YOU WANT TO CLEAR THE DECKS FOR THE NEXT YEAR. ANYTHING CAN HAPPEN SO IF DEMOCRATS TAKE THE HOUSE OR THE HOUSE AND THE SENATE, BUCKLE UP. IT'S GOING TO BE CRAZY. KAILEY: WE'RE ALWAYS BUCKLED. LESTER AND HANNAH, THANK YOU SO MUCH FOR JOINING US AND OF COURSE FOR MORE COVERAGE CHECK OUT THE WASHINGTON EDITION NEWSLETTER ON THE TERMINAL AND ONLINE. JOE:
THANKS FOR BEING WITH US ON "BALANCE OF POWER." WE'LL DO IT AGAIN TOMORROW ON BLOOMBERG TV AND RADIO.
