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Speaker 1: Live from Our Nation's All Talk here in Washington, d

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Speaker 1: C turns to President elect Joe Biden's administration, historically speaking

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Speaker 1: the markets that performed better when there is divided government.

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Speaker 1: The biggest pressure for physical stimulus is an up taking cases.

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Speaker 1: Bloomberg Sound On, the Insiders, the influencers, the inside. Biden

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Speaker 1: has Thomas again and again the he will unite the

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Speaker 1: country's state government control elections as in the Constitution. I

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Speaker 1: think that we can expect a smooth, thoughtful, methodical transition.

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Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg

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Speaker 1: Radio COVID nineteen. Pressure pressuring lawmakers to finally get to

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Speaker 1: a deal on fiscal stimulus. Meanwhile, Vice President Mike Pence

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Speaker 1: gets ready for the vaccine, receiving it at an event

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Speaker 1: earlier today at the White House. All of that, plus

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Speaker 1: we check in with Congressman Mike Gallagher on Capitol Hill.

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Speaker 1: Lot to get through carefully monitoring the developments coming from

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Speaker 1: Capitol Hill is the House will try to pass a

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Speaker 1: forty eight hour continuing resolutions to fund federal agencies through

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Speaker 1: at least the weekend, while talks on a coronavirus relief

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Speaker 1: package continue. We're going to check in in the next

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Speaker 1: hour with Congressman Mike Gallagher, a Republican, to get a

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Speaker 1: firsthand account of where the negotiations stand. Meanwhile, a dispute

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Speaker 1: over an effort led by Republican Senator Pat Toomey to

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Speaker 1: codify the phase out of federal reserve emergency lending facilities

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Speaker 1: at your end remains one of the key sticking points

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Speaker 1: on the aid package. So that's what's going on on

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Speaker 1: fiscal stimulus. Watch again, we're carefully monitoring that will bring

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Speaker 1: you the developments as they happen. But we begin tonight

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Speaker 1: with former Trump National security advisor John Bolton weighing in

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Speaker 1: with reporters earlier today, saying that the massive cyber attack

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Speaker 1: on multiple US agencies as the result of President Trump's

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Speaker 1: failure we have sound on this particular topic. This is

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Speaker 1: a real test of the United States. I just want

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Speaker 1: to say again, the fact the Russians, if that's who

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Speaker 1: it was, can do it should tell us that now

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Speaker 1: everybody else understands they can do it too. Senator Dick Durbin,

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Speaker 1: a Democrat from Illinois, speaking with ABC earlier today, said

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Speaker 1: that the silence from President Trump on the cyber attack

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Speaker 1: and other matters of Russia interference is concerning this president

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Speaker 1: has been silent. I can't understand why he hasn't spoken out.

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Speaker 1: He sat on as well when it came to bounties

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Speaker 1: on the heads of American soldiers by Russians. I just

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Speaker 1: don't understand it. I want to bring into this conversation Darshamali,

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Speaker 1: who is the CEO of Greenwich Media Strategy, Cigar, Welcome

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Speaker 1: back to the program. What should the United States be

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Speaker 1: doing right now amidst this massive cyber breach? Thanks Kevin, Well,

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Speaker 1: it's great to be on. As always. Listen, this is

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Speaker 1: enormously damaging. It's and I certainly hope the government is

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Speaker 1: seriously it has to go all the way at the

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Speaker 1: top those So the first thing that you're gonna need

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Speaker 1: is President from needs to come out with a strong statement.

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Speaker 1: He should be summoning he and and Secretary of State

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Speaker 1: POMPEII should be summoning the Russian ambassador, bringing them to

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Speaker 1: the office, admonishing him um and then they should immediately

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Speaker 1: take certain steps to show responses, some sanctions, preferably even

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Speaker 1: efforts against their UH presence here in the United States.

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Speaker 1: Right because this is at the end of the day,

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Speaker 1: this is an act of very sophisticated espionage, and so

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Speaker 1: you want to hit them back in the same way. Right. So,

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Speaker 1: I can't speak to whether they'll pursue their own cyber attacks.

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Speaker 1: The United States does do that sometimes. But what I

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Speaker 1: mean is telling them that they're going to have to

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Speaker 1: limit their diplomats, that they're gonna have to limit their

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Speaker 1: intel officers, that they're going to have to limit the

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Speaker 1: mileage or distance from which they can go away from

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Speaker 1: the embassy, things like that. Uh, they need to respond,

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Speaker 1: they need to respond quickly. Otherwise Russia and all these

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Speaker 1: other countries like China, North Korea are going to things

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Speaker 1: that they can continue doing this type of behavior. So

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Speaker 1: fall up on this. Former President Barack Obama, in the

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Speaker 1: waning days of his tenure, faced a similar choice. We'll

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Speaker 1: think back to two thousand and sixteen, when uh, there

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Speaker 1: was evidence presented to then President Obama that Putin's government

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Speaker 1: orchestrated the cyber attacks named interfering with the election and

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Speaker 1: and not the polls so to suggest, but the massive

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Speaker 1: campaign that we've since seen released reports from the Department

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Speaker 1: of National Intelligence whatnot, and Obama levied sanctions against Russia's

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Speaker 1: intelligence services and expelled thirty five diplomats. He was criticized

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Speaker 1: at the time and in the years that followed for

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Speaker 1: not going far enough. There what I guess to unpack this,

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Speaker 1: I want to start with the geopolitical question. Why does

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Speaker 1: Russia now four years later do the same thing and

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Speaker 1: get and seemingly with no suffering, no consequence or a

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Speaker 1: consequence of disproportionate magnitude. You're right, listen, you've hit the

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Speaker 1: nail on the head this started. I mean to be honest.

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Speaker 1: Within the Russians have been doing cyber attacks for a

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Speaker 1: quarter century, so there there's you know, they are among

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Speaker 1: the best at this. As we can see, this attack

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Speaker 1: was extremely sophisticated. But in terms of why they don't

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Speaker 1: fear at all using this weapon against the United States,

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Speaker 1: it's because they haven't seen any real consequence for it.

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Speaker 1: And that really does date back under President Obama when

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Speaker 1: they successfully hacked a number of US government agencies and

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Speaker 1: there was no response at the time, none, and then

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Speaker 1: the sanctions that you were talking about that came later

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Speaker 1: on right before President Trump took office. That was, as

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Speaker 1: you said, it was related to their election interference. Um,

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Speaker 1: and so there was some activity. Then again by then

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Speaker 1: it's a little too late, too little too late. Certainly

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Speaker 1: when you're talking about feeling with adversaries, this is not

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Speaker 1: working the way the United States works with France or

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Speaker 1: Canada or Germany. You're talking about an adversary that has

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Speaker 1: as as as part of its list of goals is

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Speaker 1: to undermine the Democo because the United States to get

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Speaker 1: its hand on as much information as it can um,

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Speaker 1: you know, and and that's why they're pursuing these types

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Speaker 1: of hacks. So these types of hacks information they're going

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Speaker 1: to get. Um, it's extremely valuable to them when it

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Speaker 1: comes to Treasury, for example, for them to know who's

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Speaker 1: going to be sanctioned next, so that they can move

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Speaker 1: their assets to protect them, or they can sell information

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Speaker 1: to other countries. But I guess to interrupt here hear Shamali,

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Speaker 1: who is a former Treasury spokesperson for Terrorism and Financial Intelligence,

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Speaker 1: having served in both Republican and Democratic administrations. I guess

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Speaker 1: you know here we are here. I am in Washington,

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Speaker 1: d C. Where it's Republicans versus Democrats every every day.

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Speaker 1: But as an American priority, the fact that Russia continues

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Speaker 1: to to cyber attack yesterday, we had Congresswoman Alyssa Slackin

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Speaker 1: on the program at Democrat from Michigan, and she raised

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Speaker 1: the prospect of going through the G seven is going

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Speaker 1: to take an international type of organization for lack of

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Speaker 1: a better word, to make sure that the United States

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Speaker 1: can come from a position to defend itself on cyber security,

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Speaker 1: from a position of strength and with teeth, as she

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Speaker 1: described it, to hinder these horrific efforts. Yes, it's gonna

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Speaker 1: take two steps. The first step, and one of the

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Speaker 1: most important, is beefing up our own cyber defense systems

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Speaker 1: and our and that's probably what Bolton is referring to

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Speaker 1: when he says that, you know, President Trump hasn't done

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Speaker 1: anything aside from the fact that he hasn't communicated anything,

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Speaker 1: which is outrageous is the fact that not enough resources

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Speaker 1: has been put into building up our own cyber defense systems.

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Speaker 1: So the first is that we need to shield to

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Speaker 1: protect ourselves better, and then the second is that we

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Speaker 1: absolutely need to build this international coalition. Congress is Slotkin

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Speaker 1: is totally on the on the ball here. She's right.

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Speaker 1: The best thing that we can do is group together

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Speaker 1: with our allies and and and beyond allies the other

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Speaker 1: international partners, to make clear to Russia that this type

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Speaker 1: of behavior is unacceptable, and you can do that through

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Speaker 1: a number of ways. Like I said, you could do sanctions,

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Speaker 1: You could take action against their embassy presence and their

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Speaker 1: diplomatic and intelligence presence around the world. You could, but

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Speaker 1: you could play with with trade agreements or treaties that

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Speaker 1: we have, arms controls agreements that we have with the country.

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Speaker 1: So there are a number of steps that we can

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Speaker 1: pursue that that don't involve, for example, military action, but

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Speaker 1: but something strong enough to communicate to Russia that this

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Speaker 1: is not going to be acceptable. We're monitoring this type

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Speaker 1: of behavior and we plan on crushing it as soon

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Speaker 1: as we see it. Um At the worst part. One

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Speaker 1: of the worst part, aside and the fact that that

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Speaker 1: they don't fear us and and the damage that this

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Speaker 1: is done to national security efforts for years to come,

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Speaker 1: is the fact that it does communicate to other countries

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Speaker 1: like China, North Korean Iran that do also pursue cyber

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Speaker 1: attacks against the United States that that you know that

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Speaker 1: this is that we're open for business for that type

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Speaker 1: of business, and that's not acceptable either. Let me ask

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Speaker 1: you one final question, because this is different than the

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Speaker 1: cybersecurity question. But German Chancellor Angela Merkel and the government

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Speaker 1: of Germany opening the door leaving the door open the

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Speaker 1: Huawei for China. I mean if if the US and

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Speaker 1: its allies aren't even on the same page in terms

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Speaker 1: of Hawey this despite the US administration's efforts to do so.

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Speaker 1: The tech war for five g is you know, is

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Speaker 1: moving in their own direction from the U S perspective, Yes,

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Speaker 1: I think it's Germany has opened the door to Whahwi,

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Speaker 1: like you mentioned, and Andy, granted there are conditions placed,

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Speaker 1: but as you said, this is a result of a

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Speaker 1: lack of communication. All of the communication that you typically

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Speaker 1: had between the US government and our allies has broken down.

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Speaker 1: And you know that's certainly obviously what you hear the

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Speaker 1: buy Inharrass team say that they're going to focus on

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Speaker 1: the most but that's going to take a long time, right.

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Speaker 1: It's not just like they can pick up a phone

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Speaker 1: and that and it's going to be re established. You're

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Speaker 1: talking about rebuilding years of cooperation and and strategy and

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Speaker 1: efforts to work together on priorities. I missed the days

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Speaker 1: when you can just hop on the a CLA and

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Speaker 1: you and I can can nerd out over these topics

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Speaker 1: at the Hay autom all day. I know, so could

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Speaker 1: I Hugarshamali Uh tell the kids. I said hi, and

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Speaker 1: thank you so much my friend for joining me on

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Speaker 1: a Friday. I appreciate it as always. Sugar Samlly, CEO

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Speaker 1: of Granwich Media Strategies, be sure to check out her

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Speaker 1: new YouTube show, Oh My World. It's on YouTube. Very informative.

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Speaker 1: Former spokes presson for Terrorism and Financial Intelligence. Much more

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Speaker 1: coming up next. I'm Kevin Serelli. You're listening to Bloomberg.

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Speaker 1: This is Bloomberg Sound On with Kevin Surrele on Bloomberg

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Speaker 1: one and one oh five point seven f M HD two.

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Speaker 1: I'm Kevin Sereli, chief Washington correspondent for Bloomberg Television and

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Speaker 1: for Bloomberg Radio. Coming up on in the program, we

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Speaker 1: talk with Congressman Mike Gallagher to give us a low

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Speaker 1: down on what's been happening in the in the fiscal

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Speaker 1: stimulus talks and everything that's been going on. Right there's

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Speaker 1: so much of the news coming out of Washington really

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Speaker 1: driving the currents of the markets and the house planning

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Speaker 1: that stop gat measure through Sunday night. We're carefully monitoring

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Speaker 1: that they need some more time to dot their eyes

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Speaker 1: cross their tees on the fiscal stimulus finalized plan. Meanwhile,

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Speaker 1: Craig Torres on the Bloomberg Terminal, he reports that Federal

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Speaker 1: Reserve Vice Chairman Richard Claratave, voicing optimism on the economic

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Speaker 1: outlook thanks to coronavirus vaccines, said that the US will

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Speaker 1: likely avoid slipping back into recession as growth rebounds next year.

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Speaker 1: I don't think we will have a double dip, Clara

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Speaker 1: has said earlier on CNBC. So we've got some optimism

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Speaker 1: on this Friday. Let's let's uh head on over to

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Speaker 1: the equally optimistic Vincent Signarella Bloomberg News Global macro Strategist, Vincent,

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Speaker 1: Are you as optimistic as the Fed Vice chairman? Not especially,

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Speaker 1: I must say especially Signarella waited just dampen my Friday.

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Speaker 1: Go ahead, my friend, Well, you know what, I'm still

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Speaker 1: recovering from the coupon deal and epoles last night. We

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Speaker 1: haven't even touched the seven fishes that I got to

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Speaker 1: ask you about that. We're gonna stick with the markets

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Speaker 1: for now before we take this Friday into the direction

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Speaker 1: of the seven fishes go ahead. Realistically, I don't think

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Speaker 1: we'll see a double dip. I think well that we

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Speaker 1: will definitely see a pretty harsh winter. Uh, in particular

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Speaker 1: if they cannot get the stimulus talks righted at the moment. UH.

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Speaker 1: The the issue, as you well know, uh Senator through Saturday,

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Speaker 1: towards the end of the day. UH. You know, expectations

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Speaker 1: of a deal by the end of the day reflected

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Speaker 1: a triumph of hope over experience. So we're not going

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Speaker 1: to expect anything. I think this weekend. Uh. We hope

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Speaker 1: they will get a continuing resolution to get us till

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Speaker 1: Monday and be silly to have the government shut down

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Speaker 1: for the weekend, and then we'll go from there and

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Speaker 1: see see where they come. I mean, there's there's a

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Speaker 1: lot on the there's a lot on the writing on this, uh,

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Speaker 1: not just the stimulus, but to have the elections uh

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Speaker 1: runoffs in Georgia. UH, and how the public will perceive

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Speaker 1: what would happen in a shutdown, and how that might

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Speaker 1: affect that election, and then the shape of Congress to

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Speaker 1: come for the next four years or two years. I

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Speaker 1: should say, well, let's uh, let's focus for one more

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Speaker 1: minute on Richard Clarenda's remarks and his optimism, because it

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Speaker 1: was really fascinating to see someone of his stature say

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Speaker 1: that the economy will not will not go into a

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Speaker 1: double diprocession. There was some concern a couple of months ago.

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Speaker 1: That's the direction that we are headed in. You look

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Speaker 1: at the economic data coming out of China, they've been

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Speaker 1: able to rebound. And what Richard Clarendace says, the Federal

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Speaker 1: Reserve Vice Chairman, is that he's equally as optimistic. I mean,

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Speaker 1: what changed in the past couple of months, Vincent Signerella

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Speaker 1: that has the U s now avoiding a double dipercession. Well,

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Speaker 1: the key, the key thing is the vaccine, I mean,

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Speaker 1: and that's what the hopes of this for The expectations

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Speaker 1: on the first quarter are going to be rough. Um,

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Speaker 1: there's you know, difficulty in the transport of the vaccine.

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Speaker 1: We're hearing from governors all over the country that they're

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Speaker 1: a vaccine. Uh. Their shipments have been cut for next

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Speaker 1: week unexpectedly and without explanation. So the rollout of this

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Speaker 1: is going to take a little time. Um. But Dr

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Speaker 1: Faucci is very optimistic by by spring into the second quarter.

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Speaker 1: Those who will want a vaccine, will get a vaccine.

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Speaker 1: Hopefully more people than not will take it. Uh that

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Speaker 1: said people will be headed back to work restaurants. The

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Speaker 1: ones hopefully that managed to avoid more shutdowns, will be

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Speaker 1: there to make it through, and that the second half

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Speaker 1: we'll see the kind of rebounds that we saw this

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Speaker 1: year from from the dip in the second quarter, and

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Speaker 1: if that takes place, most economists are looking for a nice,

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Speaker 1: nice rebound in the economy into at the end of

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Speaker 1: this year and to propel US into two as well.

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Speaker 1: So there is a very good reason for optimal and

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Speaker 1: we just need to get past the next three months.

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Speaker 1: Even so, the big story on my terminal right now,

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Speaker 1: US stocks fall with lawmaker at odds on aid bill.

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Speaker 1: Uh U S stocks fell after Republican demands left Congress

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Speaker 1: without a deal on a federal spending bill. TESLA edge

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Speaker 1: hire and heavy trading ahead of its inclusion in the

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Speaker 1: SMP five. The benchmark index halts at a three day

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Speaker 1: winning streak that ended well of session lows with a

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Speaker 1: late rally in A flood of trading volume associated with

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Speaker 1: the quarterly expiration of options and futures on stocks and indexes.

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Speaker 1: Has the markets priced in Vincent Signarella the prospects of

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Speaker 1: their not being fiscal stimulus, even though my reporting suggests

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Speaker 1: that there will ultimately be some Yeah, no, no, I

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Speaker 1: don't think so. I think, um, I think if we

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Speaker 1: don't see stimulus, it will be quite a shock to

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Speaker 1: risk markets. I think markets are are are actually pricing

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Speaker 1: in the stimulus. The feeling is that you know the

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Speaker 1: the political will of both boats to the aisle, and

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Speaker 1: this is something you know better than I. UM would

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Speaker 1: not be willing to wanted to go into the holiday

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Speaker 1: season as being the scene as the Grinch that stole

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Speaker 1: Christmas and have people on food lines, um for Christmas

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Speaker 1: Eve if you will, and it just doesn't play well. Um.

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Speaker 1: So regardless of what's going on where people say there's

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Speaker 1: a trillion dollars in savings out there, it's it's a

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Speaker 1: it's a big sign of the inequality gap where a

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Speaker 1: lot of people are hurting quite a lot. And I

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Speaker 1: doubt the markets are thinking that pessimistically that no bill

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Speaker 1: will be passed. If nothing else, they're they're they're counting

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Speaker 1: on it. Vincent Cignarella's with me. He is the Bloomberg

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Speaker 1: News Global macro strategist Vincent, what's your favorite of the

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Speaker 1: seven fishes? That's a really good question. I'm gonna go

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Speaker 1: with the uh what I one of the things that

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Speaker 1: I will be preparing, which is uh Langostino's in a

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Speaker 1: in a butter. It sounds amazing, it sounds amazing. I

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Speaker 1: always go for the spaghetti and muscles. It's my favorite.

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Speaker 1: That's a very good choice. It's so good. It's so good,

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Speaker 1: And honestly, I'm devastated that i can't partake in the

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Speaker 1: this year. But I've got a sister who told me

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Speaker 1: she wants to do a smaller, smaller version of the

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Speaker 1: Seven fishes. I said, it's not called six fishes, it's

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Speaker 1: not called five fishes, It's called seven fishes. So what

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Speaker 1: do you want me to do? Show up with Swedish

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Speaker 1: fish like candy? I don't understand, But you know, it's

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Speaker 1: the season of giving, it's the season of gratitude. So

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Speaker 1: I'm trying to, in these socially distant times, to remain optimistic.

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Speaker 1: President Trump on Friday signed legislation that could kick Chinese

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Speaker 1: companies off of US exchanges unless American regulators can review

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Speaker 1: their financial audits, a move likely to further escalate tensions

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Speaker 1: between the two countries. I want to get you away.

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Speaker 1: And is this conscious uncoupling or is this decoupling or

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Speaker 1: whatever the folks in your world are calling it, or

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Speaker 1: it's this just the right thing to do from from

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Speaker 1: Washington's perspective, Well, I think you know, from Washington's perspective,

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Speaker 1: I think at this point, um, and what most people

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Speaker 1: and what most traders feel is that these are decisions

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Speaker 1: that should be made by the Biden administration, good banner

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Speaker 1: and different and whichever way you voted, Um, it is

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Speaker 1: what it is. And people need to get over this, um,

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Speaker 1: and that the transition needs to happen. And and anything

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Speaker 1: that's actually done between now and the inauguration or after

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Speaker 1: the inauguration is easily undone because these essentially are executive

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Speaker 1: orders which can be reversed. So is China? Is China

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Speaker 1: a bad actor and not playing by the rules in

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Speaker 1: many ways? Yeah, everybody thinks. So both sides of the

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Speaker 1: aisle agree on that one, and that um, you know,

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Speaker 1: the the trade with China is quite unfair in many cases. Um.

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Speaker 1: But at this point, you know, signaling out individual companies

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Speaker 1: and individuals themselves for sanctions and tariffs probably just doesn't

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Speaker 1: do a lot. I think to the markets like markets

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Speaker 1: are gonna wait to see how the Biden administration approaches

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Speaker 1: training with China, and that's that's going to be the

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Speaker 1: one that people have been on. Vincent Signerella, I appreciate you, sir,

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Speaker 1: making the time for me on Friday, Bloomberg News Global

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Speaker 1: macro Strategist. And for anyone who doesn't know, the Feast

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Speaker 1: of the Seven Fishes is this iconic tradition within the

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Speaker 1: Italian community. And if you've never experienced it, I dare

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Speaker 1: I say you haven't lived because it is the best.

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Speaker 1: It is the best food of your life. To be

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Speaker 1: candid with you, download the Bloomberg Sound on podcast on Apple,

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Speaker 1: it chains at Bloomberg dot com, or by downloading the

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Speaker 1: Bloomberg Business App. You can also find me on Radio

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Speaker 1: dot com, I Heart Radio and on Spotify. Coming up,

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Speaker 1: I interview Congressman Mike Gallagher, Republican about the status but

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Speaker 1: the fiscal stimulus talks. That's next. You're listening to Bloomberg

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Speaker 1: Live from Our Nation All Talk here in Washington, d C.

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Speaker 1: Turns to President elect Joe Biden's administration historically speaking, the

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Speaker 1: markets that performed better when there is divided government. The

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Speaker 1: biggest pressure for physical stimulus is an up taking cases.

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Speaker 1: Bloomberg Sound on the Insiders, the influencers, the inside siding

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Speaker 1: has promised again and again a he will unite the

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Speaker 1: country's state government's control elections US in the constitution. I

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Speaker 1: think that we can expect a smooth, thoughtful, methodical transition.

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Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg Radio.

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Speaker 1: Fiscal stimulus talks continuing into the weekend. This says lawmakers

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Speaker 1: race to now have a short term partial government shutdown.

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Speaker 1: Plus we check in with Congressman Mike Gallagher, a Republican

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Speaker 1: representing the eighth District of Wisconsin, on what the U

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Speaker 1: s response should be to that Russian cyber attack. We

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Speaker 1: have a lot to get through when we begin tonight

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Speaker 1: carefully monitoring the developments on the fiscal stimulus package and

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Speaker 1: where things are going to go over the weekend. This

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Speaker 1: is lawmakers now likely going to have some type of

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Speaker 1: government shutdown UH in order to continue to get time

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Speaker 1: to dot their eyes, cross their tees on getting to

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Speaker 1: some type of an agreement. But the other big story

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Speaker 1: that we are carefully monitoring is the United States response

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Speaker 1: to the Russia cyber attack. UH. And we begin tonight

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Speaker 1: with sound on specifically from that attack, from from the

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Speaker 1: former National security advisor to President Trump, John Bolton. Take

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Speaker 1: a listen to what he had to say earlier today.

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Speaker 1: This is a real test of the United States. I

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Speaker 1: just want to say again, the fact the Russians, if

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Speaker 1: that's who it was, can do it should tell us

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Speaker 1: that now everybody else understands they can do it too.

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Speaker 1: Senator Dick Durban, a Democrat from Illinois, speaking with ABC

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Speaker 1: earlier today, calling on the President to weigh in. This

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Speaker 1: President has been silent. I can't understand why he hasn't

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Speaker 1: spoken out. He signed as well when it came to

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Speaker 1: bounties on the heads of American soldiers by Russians. I

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Speaker 1: just don't understand it. Congressman Mike Gallagher is a Republican

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Speaker 1: representing the eighth District of Wisconsin. He has UH joined

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Speaker 1: the United States Marine Corps the day he graduated from college.

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Speaker 1: He is an expert UH in all international affairs. He

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Speaker 1: has studied at Georgetown UH. He has served in Iraq.

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Speaker 1: It was deployed twice in the Al Anbar province as

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Speaker 1: a commander of intelligence teams UH and served actually on

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Speaker 1: General portray as his Central Command Assessment team in the

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Speaker 1: Middle East, so we're very thrilled to have him on

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Speaker 1: the program. Congressman, thank you for being here, sir. What

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Speaker 1: should the United States response be to the Russia cyber attack? Well,

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Speaker 1: I think first is to just recognize the scale and

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Speaker 1: the scope of the hack. I mean, this was the

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Speaker 1: hack of the decade. It's one of the biggest campaigns

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Speaker 1: in history, and in large part because solar wind software

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Speaker 1: is so widely used. For example, two thirds of the

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Speaker 1: Department of Energies plants, sites and offices use solar winds

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Speaker 1: to monitor their networks. And while there's currently no indication

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Speaker 1: that any data was destroyed or expeltrated due to the

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Speaker 1: network access that presumably the Russians gained, the fact that

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Speaker 1: they gained that access means they can't effectively control the

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Speaker 1: networks and alter and manipulate data in the process. So

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Speaker 1: this should be a massive wake up call. It is

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Speaker 1: what we talked about in the Cyberspace Solarium Report. We

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Speaker 1: talked about our commission being the nine eleven commission, hopefully

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Speaker 1: without the nine eleven but it is September tenth and cyberspace.

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Speaker 1: The system is blinking red, and if we don't get

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Speaker 1: our act together, we will wake up to a cyber

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Speaker 1: nine eleven. I wanna I want to follow up here

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Speaker 1: in terms of what some of the lawmakers and policymakers

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Speaker 1: that I've been interviewing this week on this particular topic

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Speaker 1: I've told me, which is, there needs to be some

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Speaker 1: international consensus around this so that when an unfortunate, fick

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Speaker 1: cyber attack like this happens, the United States can respond

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Speaker 1: with some teeth, with some strength. And I'm wondering, do

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Speaker 1: you agree with that, should it be the G seven

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Speaker 1: or if not, what should be done to make sure

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Speaker 1: that there's order in this disordered space? Well, I do

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Speaker 1: think that in concert with our allies, we should publicly

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Speaker 1: name and shame Russia the spr if indeed they are

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Speaker 1: the culprit, and we should also send a strong signal

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Speaker 1: that if they do anything destructive or disruptive with this

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Speaker 1: access or leak any too stolen information, that would be

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Speaker 1: a red line that would invite a response response that

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Speaker 1: need not be limited to cyber weapons. But I do

431
00:24:43,440 --> 00:24:46,000
Speaker 1: think it's incumbent upon us because this is primarily an

432
00:24:46,080 --> 00:24:49,760
Speaker 1: espionage campaign, not an Act of War, as Senator Dervan

433
00:24:49,880 --> 00:24:53,840
Speaker 1: someone who responsibly suggested, Uh, we need to look inward,

434
00:24:54,040 --> 00:24:56,840
Speaker 1: and the most immediate thing we can do that we

435
00:24:56,920 --> 00:25:01,760
Speaker 1: can control is to PAS the National Defense Authorization Act,

436
00:25:01,840 --> 00:25:04,800
Speaker 1: potentially overriding the president's veto if that's what we need

437
00:25:04,840 --> 00:25:07,920
Speaker 1: to do. That has twenty six of our recommendations from

438
00:25:07,920 --> 00:25:10,639
Speaker 1: the Cyberspace Alarum Commission that I co chaired. It is

439
00:25:10,640 --> 00:25:14,440
Speaker 1: the most significant cyber legislation ever to pass Congress, and

440
00:25:14,560 --> 00:25:19,680
Speaker 1: in particular, it would give SISSA, the cyber agency within DHS,

441
00:25:19,800 --> 00:25:23,119
Speaker 1: the authority to do threat hunting on Dot gov networks.

442
00:25:23,160 --> 00:25:26,360
Speaker 1: And the fact that fire I, a private company, not

443
00:25:26,440 --> 00:25:29,199
Speaker 1: the US government, was the first to identify this intrusion

444
00:25:29,520 --> 00:25:31,919
Speaker 1: and that went on for months before it was identified,

445
00:25:32,240 --> 00:25:34,560
Speaker 1: shows us that we're not doing enough to patrol our

446
00:25:34,600 --> 00:25:37,720
Speaker 1: networks proactively, and we need to give SIZZ of the

447
00:25:37,760 --> 00:25:41,000
Speaker 1: tools to do that constantly because foreign actors will continue

448
00:25:41,000 --> 00:25:44,159
Speaker 1: to probe our networks and try and conduct espionage against US.

449
00:25:44,280 --> 00:25:46,080
Speaker 1: So you think that that the votes are there to

450
00:25:46,160 --> 00:25:49,639
Speaker 1: override a presidential veto should it come to that, I

451
00:25:49,680 --> 00:25:52,199
Speaker 1: do sort it depends on on who shows up, right.

452
00:25:52,240 --> 00:25:56,040
Speaker 1: If we're voting Uh, if we're voting after Christmas, who

453
00:25:56,080 --> 00:26:00,280
Speaker 1: actually shows up in Congress? That reduces the denominator necess ferry.

454
00:26:00,359 --> 00:26:03,320
Speaker 1: The number gets a little bit lower. But I think

455
00:26:03,320 --> 00:26:06,520
Speaker 1: we passed with over three boats this last time, so

456
00:26:06,640 --> 00:26:09,760
Speaker 1: we'll see. I've had some Republican colleague that supported the

457
00:26:09,760 --> 00:26:12,600
Speaker 1: bill but said they would not support a veto override.

458
00:26:12,720 --> 00:26:17,120
Speaker 1: I'm not sure I understand that position. But ironically, there

459
00:26:17,160 --> 00:26:19,960
Speaker 1: may be progressives who did not support the bill but

460
00:26:20,000 --> 00:26:24,359
Speaker 1: would support a veto override, which is also intellectually inconsistent

461
00:26:24,880 --> 00:26:28,399
Speaker 1: of Washington. What happens, Uh, that's what we need to

462
00:26:28,440 --> 00:26:31,560
Speaker 1: override the veto. Congress And Mike Gallagher's with me. He's

463
00:26:31,560 --> 00:26:35,800
Speaker 1: a Republican from Wisconsin's eighth congressional district, Packers Country. I

464
00:26:35,840 --> 00:26:39,399
Speaker 1: guess right, you're a Green Bay fan. I take it. Titletown, USA,

465
00:26:39,560 --> 00:26:43,680
Speaker 1: go Paco number one in the n ST right now? Well,

466
00:26:43,720 --> 00:26:46,240
Speaker 1: you know, all right, uh, you know, let's just say,

467
00:26:46,240 --> 00:26:51,239
Speaker 1: hopefully Jalen Hurts can turn around my Philadelphia Eagles, all right, am,

468
00:26:51,280 --> 00:26:54,160
Speaker 1: I I mean that was good. That helped us out.

469
00:26:54,359 --> 00:26:56,639
Speaker 1: It's I know, no one would have thought it, okay,

470
00:26:56,680 --> 00:26:58,800
Speaker 1: but I got Christine brought in my ep. She's in

471
00:26:58,840 --> 00:27:01,359
Speaker 1: my ear. She's saying get back and policy. keV. Come on, buddy,

472
00:27:01,359 --> 00:27:03,399
Speaker 1: it's Friday. You were so good all week. It's not

473
00:27:03,440 --> 00:27:06,719
Speaker 1: an eagle show, I promised. Um. But in terms of

474
00:27:06,800 --> 00:27:08,879
Speaker 1: to just ask you one more question on the cyber

475
00:27:09,000 --> 00:27:13,440
Speaker 1: security threat front, Congressman, I mean do you think I mean,

476
00:27:14,080 --> 00:27:16,960
Speaker 1: I guess from a from a reporter's perspective, the Russians

477
00:27:16,960 --> 00:27:21,000
Speaker 1: did this in and President Obama was criticized at the

478
00:27:21,000 --> 00:27:24,280
Speaker 1: time for not doing enough. I mean, what's your President

479
00:27:24,320 --> 00:27:26,800
Speaker 1: Trump's actions be in response to this in in the

480
00:27:26,800 --> 00:27:30,520
Speaker 1: final weeks of his office. Uh, step one, don't veto

481
00:27:30,640 --> 00:27:33,080
Speaker 1: the NDAA. That would be a good start. And SEP. Two,

482
00:27:33,119 --> 00:27:35,080
Speaker 1: I think he actually has an opportunity to build on

483
00:27:35,320 --> 00:27:38,080
Speaker 1: a very positive legacy that his administration has had over

484
00:27:38,119 --> 00:27:40,560
Speaker 1: the last four years. It is a fact that there

485
00:27:40,600 --> 00:27:43,480
Speaker 1: are a lot of smart people in the Trump administration,

486
00:27:44,080 --> 00:27:47,280
Speaker 1: both at n s A, a cyber command and at SISA,

487
00:27:47,680 --> 00:27:50,040
Speaker 1: who spent a lot of time learning the lessons from

488
00:27:50,040 --> 00:27:54,000
Speaker 1: the Russian meddling and did a phenomenal job protecting our

489
00:27:54,640 --> 00:27:59,600
Speaker 1: elections and elections. Trump's Defense department pioneered the doctrine of

490
00:27:59,600 --> 00:28:02,760
Speaker 1: persist an Engagement and Defense Forward, which we recommend extending

491
00:28:02,800 --> 00:28:05,399
Speaker 1: across the entire federal government. So I think it's in

492
00:28:05,400 --> 00:28:08,400
Speaker 1: the President's own interest to be vocal, to be proactive

493
00:28:08,440 --> 00:28:10,359
Speaker 1: on this, to push back against the Russians, and to

494
00:28:10,440 --> 00:28:13,760
Speaker 1: build off the doctrine and the processy that his administration

495
00:28:13,840 --> 00:28:16,840
Speaker 1: has implemented over the last four years. But to your point,

496
00:28:17,320 --> 00:28:20,760
Speaker 1: this attack suggests we are not doing nearly enough. And

497
00:28:20,800 --> 00:28:23,760
Speaker 1: again we have to empowers as a to do proactive

498
00:28:23,800 --> 00:28:25,760
Speaker 1: threat hunting on our federal networks because we're going to

499
00:28:25,800 --> 00:28:28,840
Speaker 1: see more attempts to undermine and gain access to our

500
00:28:28,880 --> 00:28:31,160
Speaker 1: systems like this in the future. I have no question

501
00:28:31,200 --> 00:28:33,240
Speaker 1: for you on the fiscal stimulus front and the minute

502
00:28:33,320 --> 00:28:35,919
Speaker 1: left that I have with you. Are you supportive of

503
00:28:35,960 --> 00:28:39,640
Speaker 1: a forty eight hour continuing resolution? Uh? If it means,

504
00:28:39,800 --> 00:28:43,320
Speaker 1: you know, averting a government shutdown, well, I don't vote

505
00:28:43,320 --> 00:28:46,680
Speaker 1: for continuing resolutions because I view them as destructive and

506
00:28:47,000 --> 00:28:48,880
Speaker 1: recognition that we haven't done our job and the folk

507
00:28:49,040 --> 00:28:52,080
Speaker 1: we need more time because you know, we took over

508
00:28:52,120 --> 00:28:55,160
Speaker 1: a month off leading up to the election, and more

509
00:28:55,200 --> 00:28:57,840
Speaker 1: to the point, you know concress has been non essential

510
00:28:57,880 --> 00:29:00,440
Speaker 1: and optional for six months since the Democrat moved to

511
00:29:00,480 --> 00:29:03,320
Speaker 1: proxy voting, So I will not vote for continuing resolution,

512
00:29:03,400 --> 00:29:06,360
Speaker 1: but I will happily stay here over the weekend. Uh

513
00:29:06,600 --> 00:29:08,360
Speaker 1: make sure my wife doesn't hear this. Who's bat com

514
00:29:08,400 --> 00:29:12,360
Speaker 1: in Wisconsin? If it leads to a common sense agreement,

515
00:29:12,440 --> 00:29:14,560
Speaker 1: and even if I have to watch the terrible Eagles

516
00:29:14,560 --> 00:29:18,920
Speaker 1: play on Sunday, comes into my show first time on

517
00:29:18,960 --> 00:29:23,160
Speaker 1: the program, and then just blast the birds. Congressmen, I

518
00:29:23,200 --> 00:29:26,440
Speaker 1: like your style, buddy, you can come back anytime. Mike Gallagher,

519
00:29:26,760 --> 00:29:30,000
Speaker 1: representing the eighth District of Wisconsin at Packers Fan But hey,

520
00:29:30,000 --> 00:29:33,040
Speaker 1: credit Man sesternis too. We like Creta. Download the Bloomberg

521
00:29:33,080 --> 00:29:35,800
Speaker 1: sound on podcast at Apple it tunes at Bloomberg dot com,

522
00:29:35,840 --> 00:29:38,400
Speaker 1: or by downloading the Bloomberg Business have. You can also

523
00:29:38,440 --> 00:29:41,680
Speaker 1: find me on Radio dot com, I Heart Radio and Spotify.

524
00:29:41,800 --> 00:29:44,120
Speaker 1: My name is Kevin Cereli. I'm the Chief Washington corresponditor

525
00:29:44,120 --> 00:29:46,680
Speaker 1: from Bloomberg TV and Radio, and you're listening to Bloomberg.

526
00:29:48,960 --> 00:29:57,880
Speaker 1: We move on in on something and we didn't simple things,

527
00:29:58,280 --> 00:30:13,760
Speaker 1: no sting, fun, fun trip. But I was six years older.

528
00:30:19,360 --> 00:30:26,960
Speaker 1: I was running from my brother and his friends. I'm

529
00:30:27,040 --> 00:30:32,360
Speaker 1: Kevin Cirelli, Chief Washington correspondent for Bloomberg Television and for

530
00:30:32,480 --> 00:30:37,960
Speaker 1: Bloomberg Radio. Happy Friday, folks, We're gonna do something a

531
00:30:37,960 --> 00:30:40,400
Speaker 1: little bit different now on this Friday as we dive

532
00:30:40,480 --> 00:30:43,959
Speaker 1: into the pandemic with some new data. A new report

533
00:30:44,000 --> 00:30:49,520
Speaker 1: out from Mackenzie. A Mackenzie study finds that physicians are

534
00:30:49,560 --> 00:30:53,920
Speaker 1: the most trusted source of information about the vaccine and

535
00:30:54,000 --> 00:30:59,280
Speaker 1: more than of Americans want to wait and see before

536
00:30:59,440 --> 00:31:02,640
Speaker 1: getting a COVID nineteen vaccine. I'm going to ask our

537
00:31:02,680 --> 00:31:08,080
Speaker 1: EP to silence our chat for us just for a second. Uh,

538
00:31:08,600 --> 00:31:11,200
Speaker 1: as we bear with us, as we have some slight

539
00:31:11,240 --> 00:31:13,080
Speaker 1: technical issues that we're back on track. There we go,

540
00:31:13,160 --> 00:31:16,600
Speaker 1: there we go. Um And I bring up this this

541
00:31:16,720 --> 00:31:20,640
Speaker 1: issue because earlier today, Vice President Mike Pence received the

542
00:31:20,640 --> 00:31:24,280
Speaker 1: coronavirus vaccine and a televised event at the White House

543
00:31:24,360 --> 00:31:29,080
Speaker 1: earlier in a bid to encourage Americans to get the vaccine,

544
00:31:29,360 --> 00:31:31,520
Speaker 1: and he received the first of two doses of the

545
00:31:31,560 --> 00:31:34,680
Speaker 1: Fiser vaccine at an office building on the White House compound.

546
00:31:35,000 --> 00:31:38,120
Speaker 1: Second Lady Karen Pence and Surgeon General Jerome Adams also

547
00:31:38,200 --> 00:31:40,480
Speaker 1: received the shop We've got sound on that here. He

548
00:31:40,560 --> 00:31:45,800
Speaker 1: is the FDA Advisory Panel recommended approval of the Banderna vaccine,

549
00:31:45,840 --> 00:31:49,560
Speaker 1: and when it is approved, we expect later today will

550
00:31:49,640 --> 00:31:52,560
Speaker 1: be in a position to ship five point nine million

551
00:31:53,040 --> 00:31:57,840
Speaker 1: doses of vaccines all across the country next week. Meanwhile,

552
00:31:58,040 --> 00:32:00,560
Speaker 1: we now know that President elect Joe Biden and Dr

553
00:32:00,640 --> 00:32:05,080
Speaker 1: Jill Biden will receive their vaccines Monday in Delaware. Here's

554
00:32:05,200 --> 00:32:08,680
Speaker 1: incoming Press Secretary Jensaki about when the couple will take

555
00:32:08,680 --> 00:32:12,200
Speaker 1: the time to do so. We want to make sure

556
00:32:12,280 --> 00:32:15,520
Speaker 1: we are not um creating chaos around where he'll be

557
00:32:15,520 --> 00:32:17,480
Speaker 1: getting it done. But he will be doing it in

558
00:32:17,600 --> 00:32:20,600
Speaker 1: public um, which is important to us, as he stated

559
00:32:20,600 --> 00:32:22,640
Speaker 1: many times, to send a clear message to the public

560
00:32:22,720 --> 00:32:25,480
Speaker 1: that is safe. All right. So we bring into this

561
00:32:25,560 --> 00:32:29,680
Speaker 1: conversation Dr Puja Kumar, a partner at McKinsey and co.

562
00:32:30,440 --> 00:32:33,080
Speaker 1: Uh and like I mentioned that McKenzie has this new

563
00:32:33,120 --> 00:32:36,600
Speaker 1: study out which finds that eight percent of consumers surveyed

564
00:32:36,880 --> 00:32:39,560
Speaker 1: believe that a vaccine is very or somewhat important to

565
00:32:39,600 --> 00:32:44,360
Speaker 1: the return of normal activities. And yet there are many

566
00:32:44,520 --> 00:32:48,000
Speaker 1: others believe who believe that more than forty percent of

567
00:32:48,040 --> 00:32:51,480
Speaker 1: Americans wants a wait to see before they get a

568
00:32:51,560 --> 00:32:55,120
Speaker 1: COVID nineteen vaccine. Dr Kumar, thanks for being here. It's

569
00:32:55,160 --> 00:32:59,040
Speaker 1: based upon your your report. Americans know that the vaccine

570
00:32:59,080 --> 00:33:02,920
Speaker 1: is important, but there's still a little uneasy about, uh,

571
00:33:02,960 --> 00:33:04,360
Speaker 1: whether or not they should get it or if they

572
00:33:04,360 --> 00:33:08,480
Speaker 1: want to get it first. That's right, Kevin, and thanks

573
00:33:08,520 --> 00:33:11,400
Speaker 1: for having me. I think at a simple level, it

574
00:33:11,480 --> 00:33:14,040
Speaker 1: comes down to the fact that we see roughly three

575
00:33:14,080 --> 00:33:18,280
Speaker 1: groups of people, about a fifth of Americans who just

576
00:33:18,320 --> 00:33:20,680
Speaker 1: say it's unlikely that they will up or get the vaccine,

577
00:33:21,160 --> 00:33:23,720
Speaker 1: about a third of Americans who say that they're likely

578
00:33:23,760 --> 00:33:26,520
Speaker 1: to get the vaccine, and then as you indicate that

579
00:33:27,880 --> 00:33:30,600
Speaker 1: in the middle, who are really waiting to make up

580
00:33:30,640 --> 00:33:33,000
Speaker 1: their minds. You know, these are folks who say that

581
00:33:33,040 --> 00:33:35,560
Speaker 1: they're probably gonna want to wait and see what happens

582
00:33:35,600 --> 00:33:38,440
Speaker 1: over the course of three to twelve months around what

583
00:33:38,600 --> 00:33:41,479
Speaker 1: others go through, and then and then think about what

584
00:33:41,520 --> 00:33:45,800
Speaker 1: they will do to make their decisions. What can policymakers

585
00:33:45,920 --> 00:33:51,280
Speaker 1: do to earn the trust of Americans to get them

586
00:33:51,280 --> 00:33:56,520
Speaker 1: to trust the vaccine initially. Yeah, it's a great question,

587
00:33:56,560 --> 00:33:59,400
Speaker 1: and I think there's a question for what policymakers should

588
00:33:59,440 --> 00:34:01,800
Speaker 1: do directly, and also questioned for what they should do

589
00:34:01,800 --> 00:34:04,160
Speaker 1: in partnership with others. You know, one of the things

590
00:34:04,200 --> 00:34:06,840
Speaker 1: that our report goes into is who do people actually

591
00:34:07,040 --> 00:34:10,040
Speaker 1: listen to? Who who do patients and consumers go to

592
00:34:10,680 --> 00:34:14,000
Speaker 1: UH and who do they trust? And overwhelmingly the number

593
00:34:14,160 --> 00:34:18,279
Speaker 1: one source that folks trust is their doctors. So of

594
00:34:18,640 --> 00:34:22,160
Speaker 1: responds in our surveys that that they trust their doctors.

595
00:34:22,280 --> 00:34:25,360
Speaker 1: And if that stands in contrast to the fact that

596
00:34:25,440 --> 00:34:27,719
Speaker 1: actually very few people in our surveys said that they've

597
00:34:27,760 --> 00:34:32,120
Speaker 1: heard from their doctors from about the vaccine. So I

598
00:34:32,160 --> 00:34:34,840
Speaker 1: think for us that's automatically, you know, one thing that

599
00:34:34,920 --> 00:34:38,200
Speaker 1: we look to, right, how do we engage clinicians and

600
00:34:37,920 --> 00:34:41,160
Speaker 1: um and books as physicians in particular and helping to

601
00:34:41,239 --> 00:34:43,640
Speaker 1: talk about this and the importance of the vaccine for

602
00:34:43,800 --> 00:34:46,640
Speaker 1: returning to normal. I think this is so fascinating. Dr

603
00:34:46,760 --> 00:34:49,240
Speaker 1: Puja Kumar's with us. She has a partner at Mackenzie

604
00:34:49,280 --> 00:34:51,640
Speaker 1: and Co. They've got this great new study out which

605
00:34:51,680 --> 00:34:54,920
Speaker 1: shows that Americans are more trusting of their physicians and

606
00:34:55,040 --> 00:34:59,600
Speaker 1: they are of policy makers when being to simplify it,

607
00:35:00,080 --> 00:35:04,879
Speaker 1: being asked to weigh healthy decision on whether for them

608
00:35:04,880 --> 00:35:09,120
Speaker 1: and their families and in a in a way, Dr Kumar,

609
00:35:09,280 --> 00:35:11,759
Speaker 1: this is a very simple issue. People want to hear

610
00:35:11,760 --> 00:35:15,280
Speaker 1: from their doctors and not from politicians about the health

611
00:35:15,400 --> 00:35:18,960
Speaker 1: of themselves and in their families health care. So when

612
00:35:18,960 --> 00:35:22,120
Speaker 1: I'm interviewing lawmakers, for example, on both sides of the aisle,

613
00:35:22,200 --> 00:35:27,000
Speaker 1: who are arguing that there should be additional funds for

614
00:35:27,680 --> 00:35:30,880
Speaker 1: UM a national ad campaign, for example, to boost funding

615
00:35:31,560 --> 00:35:35,160
Speaker 1: on on the importance of a vaccine, maybe the funding

616
00:35:35,200 --> 00:35:41,080
Speaker 1: would be better allocated toward allowing for doctors to educate

617
00:35:41,400 --> 00:35:47,439
Speaker 1: their communities about the vaccine. Uh. You know, I think

618
00:35:47,440 --> 00:35:50,279
Speaker 1: it's a great question you're raising, and I think that

619
00:35:50,480 --> 00:35:53,719
Speaker 1: fundamentally it comes down to who people trust, right, and

620
00:35:53,760 --> 00:35:56,600
Speaker 1: I think that's that was loud and clear on in

621
00:35:56,680 --> 00:35:59,960
Speaker 1: our survey. UM. I will contrast that to where people

622
00:36:00,000 --> 00:36:03,200
Speaker 1: actually say they get information from and you know, twice

623
00:36:03,239 --> 00:36:06,080
Speaker 1: as many people say they're getting information from social media

624
00:36:06,120 --> 00:36:08,880
Speaker 1: as from their doctors today. So they're probably things you

625
00:36:08,920 --> 00:36:12,360
Speaker 1: can do on all sides of where people are getting information,

626
00:36:12,520 --> 00:36:16,400
Speaker 1: But but we know that people listen to their doctors. Meanwhile,

627
00:36:16,480 --> 00:36:20,960
Speaker 1: the Mackenzie Report finds that fifty of the adult population

628
00:36:21,000 --> 00:36:24,640
Speaker 1: would need to be vaccinated to reach HERD immunity, assuming

629
00:36:24,719 --> 00:36:27,760
Speaker 1: only adults over the age of eighteen received the vaccine

630
00:36:27,800 --> 00:36:31,640
Speaker 1: consistent with the initial vaccination trials, and vaccines all have

631
00:36:31,680 --> 00:36:36,879
Speaker 1: efficacy of based on Fiser and Maderina trial results. So

632
00:36:37,320 --> 00:36:40,000
Speaker 1: if people aren't getting it, I mean, how problematic could

633
00:36:40,040 --> 00:36:42,439
Speaker 1: that be if they don't trust the vaccine, if they're

634
00:36:42,440 --> 00:36:44,480
Speaker 1: not getting it, how how could this slow down the

635
00:36:44,480 --> 00:36:49,040
Speaker 1: prospects of the United States reaching herd immunity. Yeah, so

636
00:36:49,120 --> 00:36:51,520
Speaker 1: this is really the key from all of this. You know,

637
00:36:51,560 --> 00:36:53,760
Speaker 1: why why do we have a vaccine. It's to protect

638
00:36:53,760 --> 00:36:57,880
Speaker 1: ourselves and eventually get our society back to normal. Um

639
00:36:57,920 --> 00:37:00,440
Speaker 1: And you know, the numbers that you raise are bought on.

640
00:37:00,520 --> 00:37:03,520
Speaker 1: But if you the trial so far tell us about

641
00:37:03,520 --> 00:37:06,240
Speaker 1: how effective the vaccine is, the trials have not told

642
00:37:06,320 --> 00:37:09,759
Speaker 1: us um as yet you know whether and how much

643
00:37:09,800 --> 00:37:13,920
Speaker 1: they will reduce transmission. And so the number that we

644
00:37:14,000 --> 00:37:18,160
Speaker 1: might actually have to vaccinate to reach HERD immunity is

645
00:37:18,200 --> 00:37:20,799
Speaker 1: actually could be as high as you know, seventy to

646
00:37:20,920 --> 00:37:24,200
Speaker 1: ninety four percent. Actually, And the reason that this is

647
00:37:24,239 --> 00:37:27,840
Speaker 1: so important is because this plays a big part in

648
00:37:28,480 --> 00:37:31,400
Speaker 1: how we can get our lives back to some some

649
00:37:31,560 --> 00:37:34,319
Speaker 1: new normal, you know, some to the normal that we

650
00:37:34,320 --> 00:37:37,280
Speaker 1: were used to frankly before this all hit our lives

651
00:37:37,680 --> 00:37:41,680
Speaker 1: this past spring. You know, when can we start congregating

652
00:37:41,719 --> 00:37:45,719
Speaker 1: in larger groups? When can folks see their grandparents? You know,

653
00:37:45,800 --> 00:37:49,600
Speaker 1: when can we feel again families that have healthcare workers

654
00:37:49,719 --> 00:37:52,799
Speaker 1: within them? When can schools open? A whole host of

655
00:37:52,840 --> 00:37:55,720
Speaker 1: things are related to reach that level. Dr Puja Kumar,

656
00:37:55,800 --> 00:37:57,719
Speaker 1: Partner at McKinsey and Co. Thanks so much for the time.

657
00:37:57,760 --> 00:37:59,439
Speaker 1: Coming up next to check in with the panel. What's

658
00:37:59,440 --> 00:38:02,239
Speaker 1: on their radar? Kevin Serelli, you're listening to Bloomberg nine

659
00:38:02,400 --> 00:38:17,520
Speaker 1: nine one, Sweet Perfume on the mounting fly me to

660
00:38:17,560 --> 00:38:23,520
Speaker 1: the Moon. Let me play among the star I'm Kevin Surrelli,

661
00:38:24,040 --> 00:38:27,760
Speaker 1: Chief Washington correspondent for Bloomberg Television and for Bloomberg Radio.

662
00:38:27,840 --> 00:38:32,400
Speaker 1: We're making it folks to Friday, and we're carefully monitoring

663
00:38:33,680 --> 00:38:37,560
Speaker 1: the House planning their stop gap through Sunday. At midnight,

664
00:38:37,600 --> 00:38:40,239
Speaker 1: the House will try to pass a forty eight hour

665
00:38:40,440 --> 00:38:44,800
Speaker 1: continuing resolution to fund federal agencies through at least the

666
00:38:44,840 --> 00:38:49,000
Speaker 1: weekend while talks on a coronavirus relief package continue. Current

667
00:38:49,000 --> 00:38:54,520
Speaker 1: government funding expires at midnight tonight, the clock striking down.

668
00:38:54,560 --> 00:38:57,640
Speaker 1: I want to bring into this conversation Colin Reid, gop

669
00:38:57,800 --> 00:39:01,640
Speaker 1: strategist and managing director at the Levinson Group. Congrats on

670
00:39:01,640 --> 00:39:05,760
Speaker 1: the engagement. Colin and Joel Payne, democratic strategist former director

671
00:39:05,800 --> 00:39:11,400
Speaker 1: of African American media outreach for Hillary Clinton's presidential campaign. Colin,

672
00:39:12,560 --> 00:39:16,600
Speaker 1: I mean, do you think that this government shutdown could

673
00:39:16,719 --> 00:39:21,319
Speaker 1: last longer than they want? Oh, let's hope not, keV.

674
00:39:21,400 --> 00:39:23,440
Speaker 1: I mean, I think shutting the government down is not

675
00:39:23,480 --> 00:39:26,840
Speaker 1: an option anyone wants. But if it's December and it's Washington,

676
00:39:26,920 --> 00:39:30,160
Speaker 1: d C. And it's Capitol Hill, uh, sure, as the

677
00:39:30,200 --> 00:39:32,400
Speaker 1: sun rises in the east, you can bet there's a

678
00:39:32,440 --> 00:39:34,279
Speaker 1: long list of things to do and not a lot

679
00:39:34,320 --> 00:39:36,640
Speaker 1: of time to get them done. But let's hope the

680
00:39:36,640 --> 00:39:39,200
Speaker 1: government doesn't get shut down, first of all, and then

681
00:39:39,320 --> 00:39:41,960
Speaker 1: let's hope there's able to be some sort of compromise

682
00:39:42,000 --> 00:39:45,640
Speaker 1: reached on further COVID relief before everyone splits down for

683
00:39:45,680 --> 00:39:48,040
Speaker 1: the holidays. We've got sound on from Senate Majority of

684
00:39:48,080 --> 00:39:52,360
Speaker 1: Leader Mitch McConnell, who spoke earlier about why he remains

685
00:39:52,400 --> 00:39:58,200
Speaker 1: still optimistic on the fiscal stimulus talks serious even more

686
00:39:58,200 --> 00:40:01,120
Speaker 1: optimistic now that I will us last night that about

687
00:40:01,200 --> 00:40:06,080
Speaker 1: partisan about cameral framework for a major rescue package is

688
00:40:06,200 --> 00:40:10,040
Speaker 1: very close at hand, Joel Payne, do you still remain optimistic?

689
00:40:11,680 --> 00:40:15,080
Speaker 1: It's hard to remain optimistic, mostly because of what the

690
00:40:15,080 --> 00:40:18,120
Speaker 1: consistent patterns that we've seen from our friends on the

691
00:40:18,160 --> 00:40:21,920
Speaker 1: Republican side of the island. Congress President Trump soon to

692
00:40:21,920 --> 00:40:25,000
Speaker 1: be former President Trump has not been able to get

693
00:40:25,160 --> 00:40:28,760
Speaker 1: unity within his party UM on on their opinions related

694
00:40:28,800 --> 00:40:31,920
Speaker 1: to UM. You know, COVID relief. UM. He has not

695
00:40:31,960 --> 00:40:34,879
Speaker 1: been able to find unity within his caucus about how

696
00:40:34,880 --> 00:40:37,440
Speaker 1: to make sure the government stays open. We've got Ron

697
00:40:37,520 --> 00:40:41,160
Speaker 1: Johnson and Josh Holly on the Senate score today UM

698
00:40:41,200 --> 00:40:46,120
Speaker 1: disagreeing about direct transferred direct cash transfers to Americans, where

699
00:40:46,200 --> 00:40:48,680
Speaker 1: Josh Holly and Bernie Sanders are on one side of

700
00:40:48,680 --> 00:40:51,200
Speaker 1: an issue, in Ron Johnson on the other side. So

701
00:40:51,640 --> 00:40:54,480
Speaker 1: I'd like to be optimistic, but unfortunately the evidence in

702
00:40:54,520 --> 00:40:57,200
Speaker 1: front of me UM does not make me feel too

703
00:40:57,200 --> 00:40:59,520
Speaker 1: good about things. I'm sure something will getting done, but

704
00:40:59,640 --> 00:41:02,319
Speaker 1: usually what happens here is that you get half a loaf,

705
00:41:02,400 --> 00:41:04,560
Speaker 1: and I don't think Americans can afford half a loaf

706
00:41:04,640 --> 00:41:06,600
Speaker 1: in this environment that we're in right now. From a

707
00:41:06,640 --> 00:41:10,120
Speaker 1: market perspective, the investor community is as really, we just

708
00:41:10,160 --> 00:41:12,640
Speaker 1: heard in the last half hour from my colleague, the

709
00:41:12,680 --> 00:41:18,600
Speaker 1: Bloomberg macro is Bloomberg Macro economist h Vincent Signarella that

710
00:41:18,640 --> 00:41:20,799
Speaker 1: the markets have not priced in the prospects of their

711
00:41:20,880 --> 00:41:24,719
Speaker 1: not being a fiscal stimulus. But so everyone's expecting, even

712
00:41:24,920 --> 00:41:26,640
Speaker 1: even Joel. I mean, what I'm hearing from you is

713
00:41:26,840 --> 00:41:29,680
Speaker 1: that something small would at least get done. But a

714
00:41:29,840 --> 00:41:34,360
Speaker 1: dispute over an effort led by Republican Senator Pat Toomey

715
00:41:34,400 --> 00:41:38,759
Speaker 1: of Pennsylvania, likely chairman of the Senate Banking Committee, if

716
00:41:38,800 --> 00:41:43,680
Speaker 1: Republicans carried Georgia. If Republicans carry Georgia, he wants to

717
00:41:43,760 --> 00:41:49,160
Speaker 1: codify uh He's wants to codify the phase out a

718
00:41:49,239 --> 00:41:53,920
Speaker 1: federal reserve emergency lending facilities at year ends, and remains

719
00:41:53,960 --> 00:41:56,240
Speaker 1: one of the key sticking points over the aid package.

720
00:41:56,280 --> 00:41:59,759
Speaker 1: Democrats are saying Colin that Toomey's provision would limit the

721
00:42:00,000 --> 00:42:03,759
Speaker 1: its ability to respond to future crises and is the

722
00:42:03,760 --> 00:42:07,360
Speaker 1: biggest obstacle to getting a deal on the relief package.

723
00:42:07,760 --> 00:42:09,800
Speaker 1: So here we have the Fed holding up the talks.

724
00:42:09,880 --> 00:42:13,320
Speaker 1: Colin Reid, Well, we can argue until we're blew in

725
00:42:13,320 --> 00:42:15,440
Speaker 1: the face about how we got here. And I think

726
00:42:15,480 --> 00:42:17,120
Speaker 1: most people just see a lot of pickering and not

727
00:42:17,200 --> 00:42:19,520
Speaker 1: a lot of progress. But since Joel started the conversation

728
00:42:19,760 --> 00:42:22,399
Speaker 1: about who's to blame, let's not leave Nancy Pelosi out

729
00:42:22,400 --> 00:42:24,799
Speaker 1: of this discussion, since she's the one who months ago

730
00:42:25,239 --> 00:42:27,279
Speaker 1: uh said that she wouldn't pass a bill out of

731
00:42:27,320 --> 00:42:30,120
Speaker 1: the House unless Joe Biden won the presidency. I mean,

732
00:42:30,200 --> 00:42:32,600
Speaker 1: she admitted that recently, she did what she often accuses

733
00:42:32,640 --> 00:42:34,359
Speaker 1: Donald Trump was doing or stay in the quiet part

734
00:42:34,360 --> 00:42:36,919
Speaker 1: out loud, and she passed the two trillion dollar wish

735
00:42:36,960 --> 00:42:39,120
Speaker 1: list that had no chance of passing, and that was

736
00:42:39,160 --> 00:42:43,880
Speaker 1: full of things completely unrelated to federal economic relief, just

737
00:42:43,920 --> 00:42:45,880
Speaker 1: to make a political point. And that's why we're in

738
00:42:45,880 --> 00:42:47,839
Speaker 1: this position that we are in now, with the clock

739
00:42:47,920 --> 00:42:50,719
Speaker 1: ticking down and time running out, and a lot of

740
00:42:50,719 --> 00:42:53,080
Speaker 1: people really hurt because there are a lot of businesses

741
00:42:53,080 --> 00:42:56,480
Speaker 1: who were getting shut down, whose livelihoods, whose abilities to

742
00:42:56,920 --> 00:42:59,800
Speaker 1: make a living is being denied them by the government,

743
00:43:00,200 --> 00:43:02,080
Speaker 1: and on one hand, and on the other hand, they're

744
00:43:02,120 --> 00:43:05,560
Speaker 1: not giving any sort of corresponding economic relief. I feel

745
00:43:05,600 --> 00:43:07,560
Speaker 1: like that's something that pretty much everyone should be able

746
00:43:07,560 --> 00:43:10,399
Speaker 1: to agree on a both side. QUI Well, Joel I mean,

747
00:43:10,719 --> 00:43:14,640
Speaker 1: I hear you in terms of the calculation, but leaving

748
00:43:14,680 --> 00:43:17,160
Speaker 1: the partisanship aside just for a minute and to bring

749
00:43:17,239 --> 00:43:22,439
Speaker 1: us back behind closed doors. Did Speaker Pelosi overplay her

750
00:43:22,480 --> 00:43:25,120
Speaker 1: hand in the lead up to all of this? And

751
00:43:25,160 --> 00:43:28,759
Speaker 1: what I mean is, even if a smaller package gets done,

752
00:43:28,760 --> 00:43:32,760
Speaker 1: that's what Leader McConnell had been arguing for for the months,

753
00:43:33,280 --> 00:43:38,360
Speaker 1: And so did she overreach? Joel, I don't believe she overreached.

754
00:43:38,360 --> 00:43:40,040
Speaker 1: And I'm not trying to make it partisan. I mean,

755
00:43:40,280 --> 00:43:43,120
Speaker 1: I'm pointing out that Josh Hawley and Bernie Sanders. Yeah, no,

756
00:43:43,200 --> 00:43:45,719
Speaker 1: I hear you. You know what I mean. So, yeah,

757
00:43:47,120 --> 00:43:49,560
Speaker 1: And I wasn't insinuating as much I was. I was

758
00:43:49,760 --> 00:43:51,799
Speaker 1: just put on your analytical cap for me in the

759
00:43:51,840 --> 00:43:55,560
Speaker 1: sense of, yeah, I got you. Look, I think Pelosi,

760
00:43:55,600 --> 00:43:57,040
Speaker 1: one of the things you have to understand that she

761
00:43:57,120 --> 00:44:00,160
Speaker 1: was dealing with was a very disjointed message for the

762
00:44:00,160 --> 00:44:03,120
Speaker 1: people that she was negotiating. But she was negotiating with

763
00:44:03,120 --> 00:44:06,680
Speaker 1: Steve mcnutin, who didn't seem like he had clarity of

764
00:44:06,719 --> 00:44:09,520
Speaker 1: what he was able to offer for months. I mean,

765
00:44:09,560 --> 00:44:12,000
Speaker 1: we saw those headlines come across for months. So sure

766
00:44:12,080 --> 00:44:14,560
Speaker 1: everybody could have done a better job than um. I

767
00:44:14,600 --> 00:44:17,200
Speaker 1: think everybody you know this is probably viewed by the

768
00:44:17,200 --> 00:44:20,040
Speaker 1: public as a pox on everyone's houses. Um, And it's

769
00:44:20,040 --> 00:44:22,680
Speaker 1: just a fundamental failure of the American people in their

770
00:44:22,680 --> 00:44:25,680
Speaker 1: our need. And I think I agree with Colin that

771
00:44:25,680 --> 00:44:27,920
Speaker 1: that is what all of us can agree on, is

772
00:44:27,960 --> 00:44:31,279
Speaker 1: that Americans want action and hopefully they can get something done.

773
00:44:31,280 --> 00:44:33,680
Speaker 1: But I'm just pointing out the evidence in front of

774
00:44:33,760 --> 00:44:36,200
Speaker 1: us does not show that this was the best process

775
00:44:36,239 --> 00:44:38,839
Speaker 1: for the American I mean, I think everyone would agree

776
00:44:38,840 --> 00:44:40,799
Speaker 1: on that front. Colin Rey, what's it like to not

777
00:44:40,880 --> 00:44:42,440
Speaker 1: have a team that's going to go to the Super

778
00:44:42,480 --> 00:44:45,080
Speaker 1: Bowl this year? Well, I could ask you the same

779
00:44:45,160 --> 00:44:48,799
Speaker 1: question was going to well the Chillon hurts back in

780
00:44:48,880 --> 00:44:51,839
Speaker 1: the quarterback spot. It looks like we have better chance

781
00:44:51,840 --> 00:44:55,000
Speaker 1: than the New England Patriots. Buddy, I don't know about that.

782
00:44:55,080 --> 00:44:56,759
Speaker 1: It's been a down year for both of us, but

783
00:44:57,080 --> 00:44:59,959
Speaker 1: the Patriots fans, no one really feels sorry for us, since,

784
00:45:00,080 --> 00:45:02,359
Speaker 1: as you alluded to, uh going to the Super Bowl

785
00:45:02,360 --> 00:45:04,480
Speaker 1: every year something we have got to custom two over

786
00:45:04,480 --> 00:45:09,080
Speaker 1: the last the Patriots do you remember that in the

787
00:45:09,120 --> 00:45:14,480
Speaker 1: Superman Believe? But the remember anyway? How about Georgia, do

788
00:45:14,480 --> 00:45:16,560
Speaker 1: you think Republicans are now in a position where they're

789
00:45:16,560 --> 00:45:21,480
Speaker 1: the underdog in Georgia. Truly, I think that Republicans will

790
00:45:21,520 --> 00:45:23,879
Speaker 1: likely win both of the Georgia Senate seas. I think

791
00:45:23,880 --> 00:45:27,040
Speaker 1: they should be closer than they will be. And I'll

792
00:45:27,080 --> 00:45:31,319
Speaker 1: tell you why. Um, you know, these special elections, they

793
00:45:31,320 --> 00:45:34,600
Speaker 1: are such anyone that the ball can balance any which way.

794
00:45:34,640 --> 00:45:37,799
Speaker 1: But both of the Democratic candidates are being forced to

795
00:45:37,880 --> 00:45:42,000
Speaker 1: run really progressive, really liberal can campaigns in a state

796
00:45:42,080 --> 00:45:45,440
Speaker 1: that is uh moving moving away from Republican sure, but

797
00:45:45,600 --> 00:45:48,160
Speaker 1: is not you know, my home state of Massachusetts or

798
00:45:48,160 --> 00:45:51,080
Speaker 1: California in terms of its politically theological makeup. And neither

799
00:45:51,120 --> 00:45:54,120
Speaker 1: of the Democratics candidates can moderate can run away from

800
00:45:54,160 --> 00:45:56,800
Speaker 1: their party on any of these core issues like defunding

801
00:45:56,840 --> 00:45:59,839
Speaker 1: the police, like socialized medicine, because they need to turn

802
00:45:59,840 --> 00:46:02,719
Speaker 1: out they're based with whom those messages resonate. So I

803
00:46:02,719 --> 00:46:05,360
Speaker 1: think the election will be close, but I think likely

804
00:46:05,440 --> 00:46:10,160
Speaker 1: both Republicans should be considered the favorites, particularly as Raphael WARNOCKX.

805
00:46:11,239 --> 00:46:13,160
Speaker 1: I've been told from my friends in the Republican side

806
00:46:13,160 --> 00:46:15,680
Speaker 1: that the Appo file and him runs deep, and they're

807
00:46:15,680 --> 00:46:18,480
Speaker 1: just getting started on that. Joel come in here in

808
00:46:18,560 --> 00:46:21,640
Speaker 1: terms of that, because I just got an email from

809
00:46:21,640 --> 00:46:24,880
Speaker 1: the Club for Growth Pets Shop and Senator Ted Cruz

810
00:46:24,960 --> 00:46:28,000
Speaker 1: is going to join down there to a campaign for Republicans.

811
00:46:28,040 --> 00:46:30,680
Speaker 1: I mean, are you more optimistic now that Democrats can

812
00:46:30,680 --> 00:46:35,799
Speaker 1: pull out an upset? I think I understand that this

813
00:46:35,920 --> 00:46:38,680
Speaker 1: is a fight for the Senate in a in a

814
00:46:38,840 --> 00:46:42,759
Speaker 1: historically read Georgia, in a in a type of race,

815
00:46:42,800 --> 00:46:46,279
Speaker 1: in a special election that historically favors Republicans. Right, These

816
00:46:46,320 --> 00:46:49,799
Speaker 1: are turnout elections, So I think most Democrats understand that.

817
00:46:50,200 --> 00:46:52,239
Speaker 1: I will say I do think it's interesting that Republicans

818
00:46:52,239 --> 00:46:55,720
Speaker 1: have decided to focus on Rafael Warnock UM as opposed

819
00:46:55,760 --> 00:46:58,440
Speaker 1: to John Austin Um. Saying what you will about what

820
00:46:58,560 --> 00:47:01,080
Speaker 1: that might suggest, I still think that the President did

821
00:47:01,200 --> 00:47:05,040
Speaker 1: he was party any favors by forcing Republicans to defend

822
00:47:05,080 --> 00:47:08,240
Speaker 1: the idea of voting and being involved for the first

823
00:47:08,600 --> 00:47:12,520
Speaker 1: month of the special election discussion. I mean, he essentially

824
00:47:12,520 --> 00:47:15,160
Speaker 1: had to go down to Georgia and clarify that he

825
00:47:15,200 --> 00:47:18,520
Speaker 1: wanted people to vote because he's been passing doubt on

826
00:47:18,680 --> 00:47:20,600
Speaker 1: voting and not just voting, but voting in Georgia for

827
00:47:20,640 --> 00:47:23,800
Speaker 1: the last month. I mean you've got Republican state officials

828
00:47:24,080 --> 00:47:26,239
Speaker 1: that are asking the president to call off his dog.

829
00:47:26,360 --> 00:47:28,919
Speaker 1: So I do think Republicans test and challenges, but yeah,

830
00:47:29,040 --> 00:47:32,040
Speaker 1: they're probably favored. Just if you look historically where we are,

831
00:47:32,080 --> 00:47:34,359
Speaker 1: we're given the politics all right. Coming up next, we're

832
00:47:34,360 --> 00:47:36,640
Speaker 1: gonna check in to see what the panel views is

833
00:47:36,760 --> 00:47:39,640
Speaker 1: next on their radar. That's what's next with the Bloomberg

834
00:47:39,719 --> 00:47:42,560
Speaker 1: Sound On Panel. Download the Bloomberg Sound On podcast on

835
00:47:42,600 --> 00:47:45,719
Speaker 1: Apple iTunes, at Bloomberg dot com, or by downloading the

836
00:47:45,760 --> 00:47:49,080
Speaker 1: Bloomberg Business App. Next week, we've got Joe Crowley on

837
00:47:49,160 --> 00:47:50,759
Speaker 1: the air. He's going to join us to weigh in

838
00:47:51,239 --> 00:47:55,439
Speaker 1: on the fate of Democrats and Republicans in Georgia. That's

839
00:47:55,440 --> 00:47:58,200
Speaker 1: coming up next week, and Frank Massana will give us

840
00:47:58,200 --> 00:48:02,360
Speaker 1: a preview of the president elects energy picks. I'm Kevin Curreli,

841
00:48:02,440 --> 00:48:06,040
Speaker 1: Chief Washington correspondent for Bloomberg TV and Radio, and you're

842
00:48:06,120 --> 00:48:14,480
Speaker 1: listening to Bloomberg. Let me play among the stars. Let

843
00:48:14,719 --> 00:48:19,760
Speaker 1: me see what spring is like on a ju budh

844
00:48:19,960 --> 00:48:31,440
Speaker 1: and marks. In other words, hold my hand, love huts.

845
00:48:32,239 --> 00:48:37,759
Speaker 1: Now you're the girls left words a boom, but then

846
00:48:37,880 --> 00:48:42,839
Speaker 1: it bus It doesn't I'm Kevin Sirelli, Chief Washington correspondent

847
00:48:42,920 --> 00:48:47,160
Speaker 1: for Bloomberg Television and Bloomberg Radio. That song is Get

848
00:48:47,160 --> 00:48:51,880
Speaker 1: Out of Your Own Way by the legendary Then You Too,

849
00:48:52,560 --> 00:48:54,680
Speaker 1: which just happens to be my all time favorite band

850
00:48:54,719 --> 00:48:57,080
Speaker 1: and the theme song for this program. I want to

851
00:48:57,120 --> 00:49:00,759
Speaker 1: wish everybody a very happy holiday season and happy New Year,

852
00:49:01,080 --> 00:49:04,680
Speaker 1: and thank you as always for listening to this program.

853
00:49:04,719 --> 00:49:08,680
Speaker 1: It is truly been doing hosting the show has truly

854
00:49:08,719 --> 00:49:13,040
Speaker 1: with this team Christine barratam ruful Matt surely really has

855
00:49:13,080 --> 00:49:17,839
Speaker 1: been uh a steady point of this year in very

856
00:49:17,920 --> 00:49:20,680
Speaker 1: uncertain times, and I've enjoyed it and had a lot

857
00:49:20,719 --> 00:49:24,120
Speaker 1: of fun. I've been very grateful to have this this platform.

858
00:49:24,160 --> 00:49:27,239
Speaker 1: Colin reads with me, Republican strategist and managing director at

859
00:49:27,239 --> 00:49:31,480
Speaker 1: the Levinson Group Joel Payne, Democratic strategists, former director of

860
00:49:31,520 --> 00:49:35,160
Speaker 1: African American Media Outreach for the Hillary Clinton presidential campaign.

861
00:49:35,239 --> 00:49:41,759
Speaker 1: Both have been insurgral parts in the sound on panel rotation,

862
00:49:42,200 --> 00:49:45,040
Speaker 1: so I have deep gratitude for them as well. Okay,

863
00:49:45,040 --> 00:49:49,520
Speaker 1: we're gonna rebrand. Is that what they call it? Christine rebrand, rebrands,

864
00:49:49,600 --> 00:49:53,720
Speaker 1: ng re tinkering. I don't know, retooling. The next segment,

865
00:49:53,719 --> 00:49:55,840
Speaker 1: which is always my favorite, and we we call it

866
00:49:56,360 --> 00:49:58,480
Speaker 1: what's on your Radar, But we're gonna we're gonna do

867
00:49:58,640 --> 00:50:02,200
Speaker 1: some We're ending the year with some rebranding seeds that

868
00:50:02,239 --> 00:50:05,360
Speaker 1: we're planting. We're gonna call it sound on What's Next.

869
00:50:05,400 --> 00:50:09,720
Speaker 1: So instead of telling me, Colin intell, what's on your radar,

870
00:50:09,920 --> 00:50:14,400
Speaker 1: I want you to tell me what's next, what's next week, month,

871
00:50:15,000 --> 00:50:17,520
Speaker 1: something that's coming in the future. Spin it forward, because

872
00:50:17,520 --> 00:50:19,480
Speaker 1: that's what we do here at Bloomberg. We spin it forward.

873
00:50:19,520 --> 00:50:22,400
Speaker 1: We try to look where no one's looking um in

874
00:50:22,520 --> 00:50:26,879
Speaker 1: the markets and policy, uh and in the conversation. So,

875
00:50:27,040 --> 00:50:30,919
Speaker 1: Colin Reid, what's next? One of the things I'm keeping

876
00:50:30,920 --> 00:50:34,480
Speaker 1: an eye on, keV And it's been overlooked somewhat in

877
00:50:34,480 --> 00:50:38,440
Speaker 1: the last few weeks around all the um really setting

878
00:50:38,440 --> 00:50:41,640
Speaker 1: aside the politics, the miraculous speed behind the development of

879
00:50:41,719 --> 00:50:44,920
Speaker 1: some of these COVID vaccines have got one one or

880
00:50:45,040 --> 00:50:49,000
Speaker 1: wanted to approve potentially three on the way. I think

881
00:50:49,080 --> 00:50:52,600
Speaker 1: there's gonna be a lot more public private partnership. And

882
00:50:52,680 --> 00:50:56,760
Speaker 1: in many years recently, the a lot of loud voices,

883
00:50:56,880 --> 00:50:59,600
Speaker 1: especially on the left, led by folks like Elizabeth Warren

884
00:50:59,600 --> 00:51:02,280
Speaker 1: and Bernie Sanders have really shown the seeds of distrust

885
00:51:02,320 --> 00:51:04,959
Speaker 1: with private companies, uh and painted them as these evil

886
00:51:05,040 --> 00:51:08,200
Speaker 1: caricatures who are concerned about profits over all else. And

887
00:51:08,280 --> 00:51:11,480
Speaker 1: now I just think that, uh, with with the vaccine,

888
00:51:11,480 --> 00:51:14,000
Speaker 1: it's a primary example that there's a lot of good

889
00:51:14,080 --> 00:51:16,280
Speaker 1: that can happen when the when the private sector teams

890
00:51:16,320 --> 00:51:18,600
Speaker 1: up with the public sector in a way to to

891
00:51:18,600 --> 00:51:21,000
Speaker 1: to get stuff done, and and and and both can

892
00:51:21,239 --> 00:51:23,560
Speaker 1: work hand in glove to to get things done. Particularly

893
00:51:23,560 --> 00:51:26,680
Speaker 1: as you know, gridlock and partisanship that's fever doesn't really

894
00:51:26,680 --> 00:51:28,840
Speaker 1: appear to be breaking any time soon, uh, in our

895
00:51:28,880 --> 00:51:30,960
Speaker 1: political system. So it's going to take the private sector

896
00:51:31,000 --> 00:51:36,000
Speaker 1: working with the public sector to to really move things forward. Interesting. Interesting,

897
00:51:36,160 --> 00:51:40,799
Speaker 1: and uh, Joel Payne, what is next? What's next? You know?

898
00:51:40,880 --> 00:51:44,439
Speaker 1: You really feel me for a loop there, Kevin? What

899
00:51:44,560 --> 00:51:47,239
Speaker 1: I do? Well? I can no, No, It's fine, that's fine.

900
00:51:47,400 --> 00:51:49,879
Speaker 1: There's there's a lot going on. I think. I think

901
00:51:49,960 --> 00:51:52,279
Speaker 1: something that jumps out to me is what's next is

902
00:51:52,640 --> 00:51:55,000
Speaker 1: how Republicans and I hate to be political, but I'm

903
00:51:55,000 --> 00:51:57,400
Speaker 1: just a nerd about this stuff. How Republicans are going

904
00:51:57,440 --> 00:51:59,520
Speaker 1: to position themselves in the next Congress, and I think

905
00:51:59,560 --> 00:52:02,680
Speaker 1: we're seeing some of the outline of that was really

906
00:52:02,760 --> 00:52:04,960
Speaker 1: kind of focusing on the deficit. I mentioned the Ron

907
00:52:05,080 --> 00:52:07,359
Speaker 1: Johnson piece earlier. I think you're gonna see a lot

908
00:52:07,360 --> 00:52:10,720
Speaker 1: of Republicans packing to that as a as a tactic

909
00:52:10,760 --> 00:52:13,880
Speaker 1: cook pushback on Joe Biden, given how he will be

910
00:52:13,880 --> 00:52:16,600
Speaker 1: stepping into power in January. And I think you're gonna

911
00:52:16,640 --> 00:52:19,799
Speaker 1: hear that as a repeat argument from Republicans. I think

912
00:52:19,800 --> 00:52:21,799
Speaker 1: it's going to be a challenge for Democrats of how

913
00:52:21,800 --> 00:52:24,040
Speaker 1: to counter that message. Um. I think that will be

914
00:52:24,080 --> 00:52:25,920
Speaker 1: a big development of the first hundred days of the

915
00:52:25,920 --> 00:52:29,879
Speaker 1: Biden administration. Interesting. Interesting do you think Joel Paines would

916
00:52:29,880 --> 00:52:32,680
Speaker 1: bring it back to Collin's point that that the Biden

917
00:52:32,680 --> 00:52:35,400
Speaker 1: administration will look to expand some of the public private

918
00:52:35,440 --> 00:52:39,920
Speaker 1: partnerships that we've seen kind of work under Operation Warp Speed.

919
00:52:40,760 --> 00:52:43,360
Speaker 1: That would certainly be consistent with how Joe Biden campaign

920
00:52:43,480 --> 00:52:45,879
Speaker 1: throughout the last two years and how he's talked about

921
00:52:45,880 --> 00:52:47,920
Speaker 1: the type of presidency that he wants to stand up

922
00:52:48,239 --> 00:52:53,080
Speaker 1: during the transition. I think Joe Biden has every incentive

923
00:52:53,120 --> 00:52:56,080
Speaker 1: in the world to make sure that he continues some

924
00:52:56,160 --> 00:52:59,120
Speaker 1: of the more popular. Um. You know, measures that may

925
00:52:59,120 --> 00:53:01,799
Speaker 1: be President Trump and his allies put in place set

926
00:53:01,880 --> 00:53:04,560
Speaker 1: does poland the private sector. So I don't see any

927
00:53:04,560 --> 00:53:06,520
Speaker 1: reason why they would step away from that and just

928
00:53:06,560 --> 00:53:08,560
Speaker 1: to to take a broader step back. And we didn't

929
00:53:08,600 --> 00:53:11,839
Speaker 1: hit this. I talked about this earlier today, uh, this

930
00:53:11,880 --> 00:53:14,640
Speaker 1: morning on Bloomberg Television and simulcast on Bloomberg Radio with

931
00:53:14,680 --> 00:53:19,799
Speaker 1: Bloomberg Surveillance. And that's the pick of Congresswoman Hollands to

932
00:53:19,920 --> 00:53:24,080
Speaker 1: the Department of Interior, and of course Congresswoman deb Holland,

933
00:53:24,160 --> 00:53:27,080
Speaker 1: a Democrat in New Mexico, to lead the Department of Interior,

934
00:53:27,440 --> 00:53:30,000
Speaker 1: she would become the first Native American to do so,

935
00:53:30,440 --> 00:53:33,319
Speaker 1: and to serve as a cabinet secretary. You look at that,

936
00:53:33,600 --> 00:53:35,479
Speaker 1: You look at people to Jedge, who was the first

937
00:53:35,560 --> 00:53:40,000
Speaker 1: openly gay cabinet secretary, uh, Joel Payne. You look at

938
00:53:40,320 --> 00:53:45,120
Speaker 1: chair yelling female to be treasury. Uh. This is a

939
00:53:45,239 --> 00:53:48,080
Speaker 1: very diverse cabinet that he is putting together. And what

940
00:53:48,120 --> 00:53:50,160
Speaker 1: does that say about the type of administration that he's

941
00:53:50,200 --> 00:53:53,120
Speaker 1: going to lead. I certainly wants the cabinet that's reflective

942
00:53:53,160 --> 00:53:56,920
Speaker 1: of the country. UM. And he's still being pushed by

943
00:53:57,000 --> 00:54:00,759
Speaker 1: his friends on the on the war rests aside to

944
00:54:01,160 --> 00:54:04,200
Speaker 1: include even more diversity. But I think Joe Biden has

945
00:54:04,239 --> 00:54:07,000
Speaker 1: made a real valiant effort to make sure that that

946
00:54:07,120 --> 00:54:09,400
Speaker 1: cabinet reflects the country that he is going to be

947
00:54:09,440 --> 00:54:12,399
Speaker 1: governing come January. I also think, just a side note,

948
00:54:12,440 --> 00:54:14,959
Speaker 1: maybe you didn't antend this, but Dev Holland, that takes

949
00:54:14,960 --> 00:54:18,160
Speaker 1: away from Nancy Pelosi's leadership in the in the House,

950
00:54:18,239 --> 00:54:21,280
Speaker 1: which is something I've been watching. She's never nance Colosi

951
00:54:21,360 --> 00:54:25,400
Speaker 1: has never been with this small of a majority, and

952
00:54:25,480 --> 00:54:27,839
Speaker 1: you think that they would be able to win that

953
00:54:27,920 --> 00:54:30,480
Speaker 1: seat back though, I mean it's Albuquerque in New Mexico

954
00:54:30,560 --> 00:54:34,080
Speaker 1: is not a pretty progressive Yeah, I think in time,

955
00:54:34,160 --> 00:54:36,040
Speaker 1: But but you have to understand that does I mean

956
00:54:36,160 --> 00:54:38,480
Speaker 1: she's three votes down. When you look at Richmond, you

957
00:54:38,480 --> 00:54:40,960
Speaker 1: look at Holland and Marcia Fudge, and you know there's

958
00:54:40,960 --> 00:54:43,120
Speaker 1: gonna be a lot of consequential votes over this first

959
00:54:43,440 --> 00:54:46,719
Speaker 1: hundred days or so of the next administration. She's gonna

960
00:54:46,760 --> 00:54:49,560
Speaker 1: be working with a really thin majority. Along with obviously

961
00:54:49,760 --> 00:54:52,120
Speaker 1: the losses that Democrats suffered in the last election. So

962
00:54:52,400 --> 00:54:55,600
Speaker 1: just something to watch out for. It's a different leadership

963
00:54:55,640 --> 00:54:57,359
Speaker 1: model that she's gonna have to pursue that she has

964
00:54:57,360 --> 00:54:59,880
Speaker 1: in the past. Colin Reid, do you think that the

965
00:55:00,120 --> 00:55:06,640
Speaker 1: team President elect Biden is putting together h is centrist?

966
00:55:07,160 --> 00:55:10,360
Speaker 1: Or is it more progressive than I mean? And and

967
00:55:10,400 --> 00:55:14,520
Speaker 1: truthfully is he based upon his picks in the public comments?

968
00:55:14,520 --> 00:55:16,200
Speaker 1: I mean, do you think he's getting ready to govern

969
00:55:16,239 --> 00:55:20,040
Speaker 1: as a centrist? Well, Joel's right, he's under Joe President

970
00:55:20,080 --> 00:55:22,480
Speaker 1: elect bidens under an imense amount of pressure from his

971
00:55:22,600 --> 00:55:25,840
Speaker 1: left flank to right checks on all the promised campaign

972
00:55:25,840 --> 00:55:29,960
Speaker 1: promises he made. Uh to the more restless left wing

973
00:55:30,000 --> 00:55:32,799
Speaker 1: who got got in line behind Joe Biden in the

974
00:55:32,920 --> 00:55:35,120
Speaker 1: in the campaign, both in the primary and the general election,

975
00:55:35,440 --> 00:55:38,279
Speaker 1: not so much because they liked or wanted him to

976
00:55:38,280 --> 00:55:40,839
Speaker 1: be president, but just because they despised Donald Trump so much.

977
00:55:41,120 --> 00:55:43,080
Speaker 1: And I think he's in for a rude awakening the

978
00:55:43,080 --> 00:55:47,359
Speaker 1: president elected because the media consumption is so focused on

979
00:55:47,520 --> 00:55:50,799
Speaker 1: covering all of whatever, you know, perceived outrage they see

980
00:55:50,800 --> 00:55:53,319
Speaker 1: from Donald Trump that it can takes up a lot

981
00:55:53,360 --> 00:55:56,680
Speaker 1: of time and energy. And then once he's off the stage. Uh,

982
00:55:56,800 --> 00:56:00,680
Speaker 1: Joe Biden is gonna get an amount of the scrutinating

983
00:56:00,719 --> 00:56:02,879
Speaker 1: attention that he hasn't yet and that's when all these

984
00:56:02,960 --> 00:56:04,920
Speaker 1: like all these issues are gonna come to the forefront.

985
00:56:05,200 --> 00:56:07,440
Speaker 1: So you know, that's a long way of saying that

986
00:56:07,719 --> 00:56:09,680
Speaker 1: I don't think his picks have received the scrutinate. It

987
00:56:09,760 --> 00:56:14,040
Speaker 1: might not otherwise, but the confirmation hearings and before the Senate,

988
00:56:14,239 --> 00:56:16,239
Speaker 1: those are going to be have a lot of fireworks,

989
00:56:16,280 --> 00:56:19,200
Speaker 1: not only because the press will need something else to cover,

990
00:56:19,560 --> 00:56:21,640
Speaker 1: but also because it will be one of the first

991
00:56:21,640 --> 00:56:26,160
Speaker 1: stopping ground for Republican field who has you know, no

992
00:56:26,360 --> 00:56:29,360
Speaker 1: fearer than half a dozen or more Republican senator candidate

993
00:56:29,400 --> 00:56:31,560
Speaker 1: who want to be president, and can use those hearings

994
00:56:31,600 --> 00:56:34,320
Speaker 1: to fill ay these picks the same way that Senator

995
00:56:34,360 --> 00:56:37,640
Speaker 1: Harris Booker, Warren, the Sanders, and others did with the

996
00:56:37,640 --> 00:56:42,560
Speaker 1: Trump picks in seventeen. Interesting, interesting, interesting culinary Joel Payne,

997
00:56:42,600 --> 00:56:45,000
Speaker 1: here's what's next for me. The US government planning a

998
00:56:45,000 --> 00:56:49,400
Speaker 1: half a billion dollar investment in glove production. There is

999
00:56:49,440 --> 00:56:52,640
Speaker 1: a glove shortfall plastic gloves projected to be thirty seven

1000
00:56:52,680 --> 00:56:56,200
Speaker 1: percent thirty seven percent annual glove shortfall as a result

1001
00:56:56,239 --> 00:56:57,640
Speaker 1: of all the gloves that we're all wearing at the

1002
00:56:57,640 --> 00:57:00,520
Speaker 1: grocery stores, that doctors are wearing were double gloving it

1003
00:57:01,120 --> 00:57:03,719
Speaker 1: and and and whatnot in the Department of Health and

1004
00:57:03,800 --> 00:57:06,680
Speaker 1: Human Services plans to announce a half a billion dollar

1005
00:57:06,800 --> 00:57:11,319
Speaker 1: investment and the domestic production of these plastic gloves in

1006
00:57:11,360 --> 00:57:16,080
Speaker 1: the coming weeks. Wow sign of the times again a

1007
00:57:16,160 --> 00:57:19,680
Speaker 1: thirty seven percent shortfall according to a new report that

1008
00:57:19,800 --> 00:57:23,080
Speaker 1: is out in terms of the plastic good loves. I'm

1009
00:57:23,160 --> 00:57:25,880
Speaker 1: Kevin CEREALI download the Bloomberg is On podcast on Apple,

1010
00:57:25,920 --> 00:57:28,000
Speaker 1: it tunes, a Bloomberg dot Com or by downloading the

1011
00:57:28,040 --> 00:57:31,840
Speaker 1: Bloomberg Business App. Thank you for listening. Enjoy your weekend.

1012
00:57:31,880 --> 00:57:34,520
Speaker 1: I'll see you back here, same time, same place on Monday.

1013
00:57:35,040 --> 00:57:42,600
Speaker 1: You're listening to Bloomberg. The Enemy, Armies and Assistance, the amorous,

1014
00:57:42,680 --> 00:57:48,480
Speaker 1: the glamorous, A kiss, a fist. Listen to this g