1 00:00:03,120 --> 00:00:06,480 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:06,559 --> 00:00:09,600 Speaker 1: dot Com, the radio, plus mobile LAFT and on your radio. 3 00:00:09,880 --> 00:00:14,120 Speaker 1: This is a Bloomberg Business Flash BOM Bloomberg World Handquarters. 4 00:00:14,120 --> 00:00:17,600 Speaker 1: I'm Charlie Pellett's stocks are moving higher. SMP five hundred 5 00:00:17,600 --> 00:00:20,800 Speaker 1: index heading for a fifth monthly gain. Right now. We've 6 00:00:20,800 --> 00:00:23,680 Speaker 1: got the SMP trading higher by two points at twenty 7 00:00:23,720 --> 00:00:26,400 Speaker 1: one seventy two. We did have an entra day high. Today, 8 00:00:26,800 --> 00:00:28,800 Speaker 1: we've got the SMP or intra day record. I should 9 00:00:28,800 --> 00:00:32,120 Speaker 1: say the SMP off point one percent, Nastack up four points, 10 00:00:32,120 --> 00:00:35,280 Speaker 1: also advancing by one tenth of one percent down Industrials 11 00:00:35,360 --> 00:00:39,000 Speaker 1: down at thirty four to eighteen thousand, four hundred twenty two, 12 00:00:39,000 --> 00:00:41,560 Speaker 1: a drop there of two tenths of one percent. Ten 13 00:00:41,600 --> 00:00:43,760 Speaker 1: you up twelve thirty seconds. Looking at the yield now 14 00:00:43,800 --> 00:00:46,600 Speaker 1: of one point four or six percent, and gold picking 15 00:00:46,680 --> 00:00:49,440 Speaker 1: up eighteen seventy the ounce to thirteen fifty one, a 16 00:00:49,440 --> 00:00:52,199 Speaker 1: gain there of one point four percent. Crude oil up 17 00:00:52,240 --> 00:00:54,720 Speaker 1: thirty five cents of arrel forty one forty nine on 18 00:00:54,800 --> 00:00:57,800 Speaker 1: West Texas Intermediate. That is a gain of nine tenths 19 00:00:57,800 --> 00:01:01,160 Speaker 1: of one percent. I'm Charlie Pellett And that's a Bluebird 20 00:01:01,200 --> 00:01:08,920 Speaker 1: business flash. You're listening with kath on Bluebird Radio. This 21 00:01:09,080 --> 00:01:12,200 Speaker 1: is taking Stock. I'm Pim Fox, my co host today, 22 00:01:12,240 --> 00:01:16,640 Speaker 1: Matt Miller, my co host regularly Kathleen Hayes on vacation. 23 00:01:17,000 --> 00:01:20,160 Speaker 1: You know, Matt, the Hillary Clinton and the Democratic Party 24 00:01:20,319 --> 00:01:23,640 Speaker 1: they've launched now into the general election. Uh. This follows, 25 00:01:23,720 --> 00:01:27,920 Speaker 1: of course, the last night's presentation of Hillary Clinton as 26 00:01:28,000 --> 00:01:31,679 Speaker 1: the Democratic nominee. But the portrait that they are presenting 27 00:01:31,680 --> 00:01:35,160 Speaker 1: of the country and of their platform seems to be 28 00:01:35,240 --> 00:01:37,320 Speaker 1: not only different from the one that Donald Trump and 29 00:01:37,360 --> 00:01:41,360 Speaker 1: the Republicans offered last week, but almost the complete opposite. 30 00:01:41,400 --> 00:01:44,760 Speaker 1: Here to tell us more is Wendy Schiller, Professor of 31 00:01:44,800 --> 00:01:48,240 Speaker 1: political Science, joining us from Brown University, and she's also 32 00:01:48,280 --> 00:01:52,640 Speaker 1: professor of International and Public Affairs. Wendy Schiller, Professor Schiller, 33 00:01:52,720 --> 00:01:56,240 Speaker 1: tell us a little bit about your analysis of both 34 00:01:56,440 --> 00:02:01,480 Speaker 1: the Democrat and the Republican plat forms and their conventions 35 00:02:01,520 --> 00:02:05,320 Speaker 1: and are they talking about the same country. No, I 36 00:02:05,320 --> 00:02:07,560 Speaker 1: mean I think there was a stark contrast, right the 37 00:02:07,640 --> 00:02:12,280 Speaker 1: Republicans focused on law and order and particularly making Clinton 38 00:02:12,400 --> 00:02:15,760 Speaker 1: the focus of that conversation. If you can't believe her 39 00:02:15,800 --> 00:02:18,679 Speaker 1: and you can't trust her, and she broke the law. Uh, 40 00:02:18,720 --> 00:02:20,680 Speaker 1: and that you know, there's terrorism. And it was a 41 00:02:20,760 --> 00:02:23,560 Speaker 1: lot of fear, a lot of doom and gloom, but 42 00:02:23,760 --> 00:02:27,160 Speaker 1: also projecting so this affirmative energy that they'll take care 43 00:02:27,200 --> 00:02:29,400 Speaker 1: of it and they'll fix it, culminating with Donald Trump's 44 00:02:29,720 --> 00:02:32,400 Speaker 1: statements that he alone can fix it, or that he 45 00:02:32,400 --> 00:02:34,640 Speaker 1: would be the kind of leader that could make progress 46 00:02:34,639 --> 00:02:37,320 Speaker 1: and fix it. The Democrats to me, looks like a 47 00:02:37,320 --> 00:02:41,240 Speaker 1: convention for Ronald Reagan in they were all about unity, 48 00:02:41,440 --> 00:02:44,840 Speaker 1: about how good the country is doing. It was very patriotic, 49 00:02:44,919 --> 00:02:48,480 Speaker 1: lots of American flags, lots of chants of USA um. 50 00:02:48,520 --> 00:02:51,880 Speaker 1: It really was a flip of the parties. Kind of 51 00:02:51,880 --> 00:02:54,520 Speaker 1: the Democrats, you know, usually be doom and gloom right 52 00:02:54,560 --> 00:02:57,560 Speaker 1: as the Republican president. Now the Democrats are saying, we've 53 00:02:57,560 --> 00:02:59,560 Speaker 1: been in office for eight years, we know what we're doing. 54 00:03:00,000 --> 00:03:03,880 Speaker 1: What was fascinating is that they really stressed the Democratic Party, 55 00:03:03,919 --> 00:03:05,640 Speaker 1: which I think is interesting given that the d n 56 00:03:05,680 --> 00:03:08,160 Speaker 1: C chair was fired on Monday, the first day the convention, 57 00:03:08,440 --> 00:03:12,440 Speaker 1: and there's a Bernie Sanders conflict. Nonetheless, they're really banking 58 00:03:12,639 --> 00:03:16,480 Speaker 1: on the appeal of the Democratic Party and Hillary Clinton, 59 00:03:16,560 --> 00:03:19,120 Speaker 1: not just Hillary Clinton. Both parties have been really adept 60 00:03:19,160 --> 00:03:21,920 Speaker 1: at throwing out red herrings to try and skew the 61 00:03:22,000 --> 00:03:25,320 Speaker 1: issues so that you don't actually think about what the 62 00:03:25,360 --> 00:03:28,959 Speaker 1: Democratic uh A National Committee did. You think more about 63 00:03:29,000 --> 00:03:31,560 Speaker 1: the fact that the Russians may have gotten the information 64 00:03:31,560 --> 00:03:34,240 Speaker 1: out there, right, And of course Donald Trump did that 65 00:03:34,320 --> 00:03:37,680 Speaker 1: as well. I mean, we talked so much about Millennia's 66 00:03:37,680 --> 00:03:42,240 Speaker 1: speech instead of talking about the possible racism or a 67 00:03:42,320 --> 00:03:45,520 Speaker 1: bigotry that existed at the convention. So um, I think 68 00:03:45,520 --> 00:03:49,080 Speaker 1: both parties about a strong, a strong red haired harring 69 00:03:49,160 --> 00:03:52,240 Speaker 1: tossing a set of arms there. But I want to 70 00:03:52,280 --> 00:03:56,000 Speaker 1: ask uh Wendy about these two America's that we often 71 00:03:56,080 --> 00:04:00,160 Speaker 1: talk about here at Bloomberg. Um. The inequality that we 72 00:04:00,280 --> 00:04:04,080 Speaker 1: see makes it hard to talk about the American economy 73 00:04:04,160 --> 00:04:07,080 Speaker 1: as one monolithic thing. I mean, we can say that 74 00:04:07,120 --> 00:04:10,000 Speaker 1: the economy has grown, but it hasn't grown for everybody, right. 75 00:04:10,040 --> 00:04:11,840 Speaker 1: We can say that unemployment is down, but it's not 76 00:04:11,880 --> 00:04:14,880 Speaker 1: down for everybody. We can say that violent crime is down, 77 00:04:15,080 --> 00:04:17,719 Speaker 1: but in some neighborhoods it's still horrible. And it seems 78 00:04:17,760 --> 00:04:20,480 Speaker 1: like these uh this is a concept that the Republican 79 00:04:20,520 --> 00:04:23,080 Speaker 1: Party has been able to grasp and the Democratic parties 80 00:04:23,160 --> 00:04:26,800 Speaker 1: as as kind of ignored. Well, I think that the 81 00:04:26,880 --> 00:04:29,599 Speaker 1: Republican Party has successfully seized upon that part of the 82 00:04:29,640 --> 00:04:32,800 Speaker 1: population that feels as if they've been left behind, and 83 00:04:32,839 --> 00:04:35,520 Speaker 1: they have been left behind. When the factory closed in 84 00:04:35,560 --> 00:04:39,280 Speaker 1: the southeast or in the Midwest, nobody built another one, right, 85 00:04:39,320 --> 00:04:41,720 Speaker 1: and that is you know that grand sound of jobs 86 00:04:41,800 --> 00:04:44,840 Speaker 1: wishing down in Mexico or going to China or Vietnam 87 00:04:44,960 --> 00:04:47,960 Speaker 1: under TPP. So, yes, the Republicans have been very good 88 00:04:48,000 --> 00:04:51,839 Speaker 1: at focusing on that community that they feel they've been 89 00:04:51,880 --> 00:04:54,880 Speaker 1: ignored by both parties. That's why Donald Trump did as 90 00:04:54,880 --> 00:04:57,560 Speaker 1: well as he could. If you do nothing in Congress 91 00:04:57,600 --> 00:05:01,080 Speaker 1: for nearly six years but obstruct and people clients figure 92 00:05:01,080 --> 00:05:03,799 Speaker 1: out the government isn't helping them. So I think that's 93 00:05:03,839 --> 00:05:06,640 Speaker 1: been pretty brilliant on Trump's part, just to hammer in 94 00:05:06,960 --> 00:05:09,839 Speaker 1: the problem for Republicans is there aren't enough of those people, 95 00:05:10,120 --> 00:05:12,600 Speaker 1: I think to win the general election. And I think 96 00:05:12,640 --> 00:05:15,159 Speaker 1: the Democrats, which only the laundry list that Hillary Clinton 97 00:05:15,200 --> 00:05:18,920 Speaker 1: recited last night in a relatively good speech for her um, 98 00:05:19,080 --> 00:05:22,480 Speaker 1: were designing to get at those people. I didn't hear 99 00:05:22,480 --> 00:05:25,200 Speaker 1: a lot of worker retraining, but you did sort of 100 00:05:25,240 --> 00:05:29,160 Speaker 1: hear about job growth and stimulus and infrastructure, maybe the 101 00:05:29,240 --> 00:05:30,800 Speaker 1: kind of job that some of the people who've been 102 00:05:30,880 --> 00:05:33,520 Speaker 1: left behind can get. So you're absolutely right. And the 103 00:05:33,520 --> 00:05:36,640 Speaker 1: conflict in the Democratic Party is exactly the poverty and 104 00:05:36,720 --> 00:05:40,560 Speaker 1: crime conflict. You know, really have African Americans advanced under Obama? 105 00:05:40,839 --> 00:05:43,320 Speaker 1: You know, didn't matter to have an African American president? 106 00:05:43,600 --> 00:05:46,880 Speaker 1: And who does that affect poverty per se um? And 107 00:05:46,920 --> 00:05:51,080 Speaker 1: then immigration for Latinos. So there are unaddressed issues. The 108 00:05:51,200 --> 00:05:55,240 Speaker 1: question is which person and which party are the undecided 109 00:05:55,279 --> 00:05:57,640 Speaker 1: and independent is going to look to and say they're 110 00:05:57,880 --> 00:06:01,640 Speaker 1: better equipped to solve the problems war I sincerely believe 111 00:06:01,680 --> 00:06:04,600 Speaker 1: they will address those problems. So I think that's the 112 00:06:04,640 --> 00:06:08,239 Speaker 1: big calculus in people who are currently undersided. Did Hillary 113 00:06:08,320 --> 00:06:14,120 Speaker 1: Clinton and other Democratic leaders did they successfully woo the 114 00:06:14,200 --> 00:06:18,560 Speaker 1: supporters of Senator Bernie Sanders. I think you can clearly 115 00:06:18,560 --> 00:06:20,480 Speaker 1: tell from all the booze and the protests that they 116 00:06:20,480 --> 00:06:23,040 Speaker 1: didn't woo all of them. I mean, we have repeated 117 00:06:23,040 --> 00:06:27,359 Speaker 1: polls that indicate that you Sanders supporters will vote for Clinton. 118 00:06:27,600 --> 00:06:30,760 Speaker 1: We're not going to know that and until election day. 119 00:06:31,040 --> 00:06:33,920 Speaker 1: But what the Democrats rolled out that the Republicans didn't 120 00:06:34,120 --> 00:06:38,640 Speaker 1: was sheer star power and star power of elected officials 121 00:06:38,680 --> 00:06:40,640 Speaker 1: for the most part, with the exception of Michelle Obama. 122 00:06:40,839 --> 00:06:45,760 Speaker 1: But nonetheless it was star power after star power, coherent, inspiring, 123 00:06:45,880 --> 00:06:49,640 Speaker 1: energetic speeches that give the impression that this is the 124 00:06:49,640 --> 00:06:52,320 Speaker 1: party you want to be with if you're a Democrat, 125 00:06:52,480 --> 00:06:55,720 Speaker 1: any Democrat. So I think that in doing that, they 126 00:06:55,720 --> 00:06:59,320 Speaker 1: were successful at getting as many of those Bernie supporters 127 00:06:59,360 --> 00:07:02,840 Speaker 1: as they probably can did Hillary Clinton, I mean, I'm 128 00:07:02,839 --> 00:07:05,000 Speaker 1: not sure if this is really her aim, but the 129 00:07:05,080 --> 00:07:09,240 Speaker 1: concern is that she doesn't have the likability and that voters, 130 00:07:09,279 --> 00:07:11,760 Speaker 1: even in her own party, find it difficult to trust 131 00:07:12,160 --> 00:07:15,560 Speaker 1: what she's saying. Um, and we were told that maybe 132 00:07:15,600 --> 00:07:17,200 Speaker 1: she was going to try and turn that around in 133 00:07:17,240 --> 00:07:20,720 Speaker 1: her speech. Did she take a different tact? Yeah, I 134 00:07:20,760 --> 00:07:23,040 Speaker 1: don't think she did enough of what we call softening. 135 00:07:23,280 --> 00:07:25,640 Speaker 1: You know, Hillary Clinton has a great smile, she had 136 00:07:25,640 --> 00:07:27,920 Speaker 1: a great laugh, She can be very funny. There were 137 00:07:27,960 --> 00:07:30,160 Speaker 1: moments in the speech when she was good. She was 138 00:07:30,200 --> 00:07:33,840 Speaker 1: funny and softer and approachable. I think she's so intense 139 00:07:33,880 --> 00:07:36,800 Speaker 1: about policy, and she's so interested in policy that she 140 00:07:36,920 --> 00:07:39,679 Speaker 1: just gets carried away on that front. And doesn't really 141 00:07:39,720 --> 00:07:42,800 Speaker 1: figure out how to connect with the voters, particularly on TV. 142 00:07:43,240 --> 00:07:45,200 Speaker 1: So I think it was a missed opportunity. I think 143 00:07:45,240 --> 00:07:47,920 Speaker 1: she should have done more of that. Um, I think 144 00:07:47,960 --> 00:07:51,000 Speaker 1: all the other testimonials tried to do that. I don't 145 00:07:51,000 --> 00:07:53,760 Speaker 1: think she really succeeded in that way. I think the 146 00:07:53,800 --> 00:07:56,680 Speaker 1: trust issue is both of her own making, self inflicted, 147 00:07:56,840 --> 00:08:00,280 Speaker 1: but also externally. She's been pounded on this. It's for 148 00:08:00,360 --> 00:08:03,240 Speaker 1: twenty years, so I think those people who just don't 149 00:08:03,280 --> 00:08:06,520 Speaker 1: trust her are never going to trust her. Wendy, is 150 00:08:06,600 --> 00:08:10,000 Speaker 1: there a Is there some kind of litmus test for 151 00:08:10,080 --> 00:08:13,560 Speaker 1: all of the videos and the biographies that are shown 152 00:08:13,920 --> 00:08:18,080 Speaker 1: in between the speeches. Were those convincing? You know? I 153 00:08:18,080 --> 00:08:20,080 Speaker 1: think some of them were pretty well done. I think 154 00:08:20,080 --> 00:08:24,400 Speaker 1: the speeches themselves, the testimonials were far more convincing if 155 00:08:24,400 --> 00:08:26,280 Speaker 1: people had a chance to see them than the actual 156 00:08:26,320 --> 00:08:29,480 Speaker 1: production videos. And I think that's the thing the Democrats did. 157 00:08:29,520 --> 00:08:31,600 Speaker 1: They brought a lot of people from a lot of 158 00:08:31,800 --> 00:08:35,760 Speaker 1: realms who would experience loss or tragedy or good things 159 00:08:36,120 --> 00:08:38,440 Speaker 1: and really tried to connect with as many people in 160 00:08:38,480 --> 00:08:41,839 Speaker 1: America as they could, whereas the Republicans focused on a 161 00:08:41,880 --> 00:08:45,520 Speaker 1: particular demographic in a particular type of message eva Hilary Clintons, 162 00:08:45,760 --> 00:08:48,200 Speaker 1: that will show up the Republican base. But I just 163 00:08:48,240 --> 00:08:50,520 Speaker 1: don't think they reached as far as they could for 164 00:08:50,640 --> 00:08:56,679 Speaker 1: independence or people who could empathize with particular types of people, women, men, background, religion. 165 00:08:56,920 --> 00:08:59,400 Speaker 1: I think the Democrats are always better rolling those people out, 166 00:08:59,559 --> 00:09:01,480 Speaker 1: and I think this year was no exception. Did did 167 00:09:01,480 --> 00:09:04,800 Speaker 1: the Democrats do? It seemed to me from watching the 168 00:09:05,640 --> 00:09:08,319 Speaker 1: first few days of I didn't watch last night, but 169 00:09:08,360 --> 00:09:10,880 Speaker 1: the first few days that the Democrats did a great 170 00:09:10,960 --> 00:09:14,199 Speaker 1: job of convincing people not to vote for Donald Trump. 171 00:09:14,280 --> 00:09:17,400 Speaker 1: I mean, if they didn't convince the voter that Hillary 172 00:09:17,400 --> 00:09:21,560 Speaker 1: Clinton was trustworthy or likable, they definitely convinced the voter 173 00:09:21,679 --> 00:09:24,720 Speaker 1: that Donald Trump was not the person to vote for. Yeah. 174 00:09:24,760 --> 00:09:26,880 Speaker 1: I mean, you know, voters never like to regret their 175 00:09:26,960 --> 00:09:29,840 Speaker 1: vote choice, right, So sometimes people will not vote in 176 00:09:29,960 --> 00:09:32,440 Speaker 1: order not to cast the vote to put somebody in 177 00:09:32,480 --> 00:09:35,800 Speaker 1: that they really fear. That's not gonna help Hillary Clinton 178 00:09:36,000 --> 00:09:39,640 Speaker 1: that much. She needs turnout among the Democratic Party base 179 00:09:39,800 --> 00:09:42,600 Speaker 1: and the independence and she needs turn out in specific 180 00:09:42,600 --> 00:09:45,120 Speaker 1: swing states as we know from now on. I really 181 00:09:45,120 --> 00:09:48,040 Speaker 1: believe this is ground game, this is the organization, This 182 00:09:48,080 --> 00:09:51,079 Speaker 1: is Paul watchers and people who call you on election day. 183 00:09:51,120 --> 00:09:53,320 Speaker 1: This is where the Trump organization and the r n 184 00:09:53,400 --> 00:09:56,160 Speaker 1: C are lagging, and I just don't see the evidence 185 00:09:56,200 --> 00:09:58,439 Speaker 1: that they're going to catch up. I think convention bounce 186 00:09:58,480 --> 00:10:01,240 Speaker 1: fades and then it becomes honest to goodness, get out 187 00:10:01,280 --> 00:10:04,120 Speaker 1: the vote, state party chairs, county party chairs, and in 188 00:10:04,160 --> 00:10:06,880 Speaker 1: that way, the party in the Democrats arena looked to 189 00:10:06,960 --> 00:10:09,920 Speaker 1: be more energetic and united than the party in the 190 00:10:09,960 --> 00:10:12,079 Speaker 1: Republican arena. But we don't know how that's going to 191 00:10:12,120 --> 00:10:14,679 Speaker 1: play out a month from now when the real dynamlysist 192 00:10:14,720 --> 00:10:17,320 Speaker 1: campaign start. Wendy. It's no secret that both parties to 193 00:10:17,360 --> 00:10:20,720 Speaker 1: some extent are are divided, but the Republicans especially seem 194 00:10:20,840 --> 00:10:25,160 Speaker 1: to have such huge, prominent names like the Bushes that 195 00:10:25,640 --> 00:10:28,719 Speaker 1: want to annihilate Donald Trump. Do you think that we're 196 00:10:28,720 --> 00:10:32,560 Speaker 1: gonna see Bushes A. K. Sik Rubio come out and 197 00:10:32,600 --> 00:10:36,280 Speaker 1: support Hillary Clinton. Uh No, I don't. I don't think 198 00:10:36,280 --> 00:10:38,280 Speaker 1: you're gonna see the Bushes support Hillary Clinton. You know, 199 00:10:38,360 --> 00:10:40,360 Speaker 1: and this is a family that beat Papa, so there's 200 00:10:40,400 --> 00:10:42,320 Speaker 1: no way I think they're going to do that. Um. 201 00:10:42,360 --> 00:10:46,040 Speaker 1: There's been rumors about supporting Gary Johnson, the Bertarian candidates, 202 00:10:46,080 --> 00:10:48,360 Speaker 1: who will, by the way, have an effect in states 203 00:10:48,360 --> 00:10:51,760 Speaker 1: like Colorado and states like Nevada, possibly New Hampshire. So 204 00:10:51,880 --> 00:10:54,160 Speaker 1: he's still a player in this game to the election, 205 00:10:54,440 --> 00:10:56,800 Speaker 1: but I don't see them doing that. They could quietly 206 00:10:56,800 --> 00:10:59,120 Speaker 1: steer donors away from the presidential race and to the 207 00:10:59,160 --> 00:11:02,280 Speaker 1: Senate rating, so that to me seems to be their 208 00:11:02,280 --> 00:11:04,200 Speaker 1: only option right now. All right, Wendy, thanks so much. 209 00:11:04,240 --> 00:11:08,440 Speaker 1: Wendy Schiller, Professor of political science at Brown University. This 210 00:11:08,920 --> 00:11:13,120 Speaker 1: is Bloomberg m HM.