1 00:00:02,400 --> 00:00:05,480 Speaker 1: Live from Our Nation's All Talk here in Washington, d 2 00:00:05,559 --> 00:00:09,520 Speaker 1: C turns to President elect Joe Biden's administration, historically speaking 3 00:00:09,520 --> 00:00:11,960 Speaker 1: the markets that performed better when there is divided government. 4 00:00:12,080 --> 00:00:15,880 Speaker 1: The biggest pressure for physical stimulus is an up taking cases. 5 00:00:15,960 --> 00:00:21,000 Speaker 1: Bloomberg Sound On The Insiders, The Influencers. The Insiders siding 6 00:00:21,040 --> 00:00:23,920 Speaker 1: has Thomas again and again it he will unite the 7 00:00:23,960 --> 00:00:27,400 Speaker 1: country's state government's control elections US in the constitution. I 8 00:00:27,440 --> 00:00:31,400 Speaker 1: think that we can expect a smooth, thoughtful, methodical transition. 9 00:00:31,640 --> 00:00:36,640 Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg Radio. 10 00:00:37,440 --> 00:00:42,479 Speaker 1: Congress's relief negotiations drag amid renewed finger pointing. Will they 11 00:00:42,520 --> 00:00:45,440 Speaker 1: get to a deal? This as the push for a 12 00:00:45,560 --> 00:00:49,639 Speaker 1: vaccine rollout continues and the White House returned to stimulus 13 00:00:49,680 --> 00:00:52,400 Speaker 1: talks boost the chance of the deal. We check in 14 00:00:52,760 --> 00:00:55,200 Speaker 1: with the White House at the top of this show 15 00:00:55,320 --> 00:00:57,120 Speaker 1: for lots to get through, and we begin tonight with 16 00:00:57,160 --> 00:00:59,960 Speaker 1: the big story, which is the Democratic and Republican lawmaker 17 00:01:00,080 --> 00:01:04,360 Speaker 1: is working on a compromised pandemic relief plan, delivering a 18 00:01:04,400 --> 00:01:07,520 Speaker 1: more detailed summary of their proposal Wednesday, but haven't yet 19 00:01:07,880 --> 00:01:11,960 Speaker 1: resolved the deadlock over a business liability shield and aid 20 00:01:12,080 --> 00:01:15,160 Speaker 1: to state and local governments. We have sound on this 21 00:01:15,240 --> 00:01:19,320 Speaker 1: particular topic coming from Senate Majority Leader Mitch McConnell, who 22 00:01:19,400 --> 00:01:23,040 Speaker 1: said earlier to earlier today on the Senate floor that 23 00:01:23,160 --> 00:01:26,679 Speaker 1: it's time to get economy or it's time to get 24 00:01:26,720 --> 00:01:33,039 Speaker 1: compromised on the economy. Here is we've sent July, August, September, October, 25 00:01:33,560 --> 00:01:37,440 Speaker 1: and November trying different ways to create common ground. To 26 00:01:37,520 --> 00:01:39,720 Speaker 1: speak of the House and the Senate Democratic Leader have 27 00:01:39,840 --> 00:01:44,800 Speaker 1: been just as consistent at every turn. They've delayed, deflected, 28 00:01:45,080 --> 00:01:47,800 Speaker 1: and made the huge number of places where Congress agrees 29 00:01:48,160 --> 00:01:53,000 Speaker 1: into a hostage. Brian Morgenstern, his deputy Press Secretary for 30 00:01:53,040 --> 00:01:55,360 Speaker 1: the Trump administration, He joins us from the White House, 31 00:01:55,400 --> 00:01:57,400 Speaker 1: thank you, Bryan for making the time. What is the 32 00:01:57,440 --> 00:02:01,960 Speaker 1: status of the negotiations so, Kevin, we continue to be hopeful, 33 00:02:02,320 --> 00:02:06,360 Speaker 1: uh and moving the ball down the field there. As 34 00:02:06,400 --> 00:02:11,920 Speaker 1: the Majority leaders stated, there is a lot of common ground. Unfortunately, 35 00:02:11,960 --> 00:02:15,320 Speaker 1: what with what we've heard in recent days is Speaker 36 00:02:15,360 --> 00:02:18,200 Speaker 1: Pelosi sort of saying the quiet part out loud that 37 00:02:18,240 --> 00:02:21,160 Speaker 1: they're willing to negotiate now because election day has come 38 00:02:21,200 --> 00:02:23,440 Speaker 1: and gone and that just kind of shows that they've 39 00:02:23,440 --> 00:02:26,480 Speaker 1: been holding up all these things that both parties agree 40 00:02:26,520 --> 00:02:30,040 Speaker 1: on for political purposes. But at this rate, we are 41 00:02:30,120 --> 00:02:32,160 Speaker 1: hopeful that we can get things that we agree on, 42 00:02:32,320 --> 00:02:34,960 Speaker 1: such as support for small businesses and the p p 43 00:02:35,040 --> 00:02:38,799 Speaker 1: P some level of unemployment insurance, but we don't want 44 00:02:38,840 --> 00:02:44,360 Speaker 1: to disincentivize hiring. UH. Also, stimulus checks are something President 45 00:02:44,360 --> 00:02:47,840 Speaker 1: Trump has has generally been supportive of UH, so there 46 00:02:47,960 --> 00:02:50,440 Speaker 1: is some common ground. There is still a push by 47 00:02:50,480 --> 00:02:53,600 Speaker 1: the Democrats, of course, to really bail out state and 48 00:02:53,639 --> 00:02:56,520 Speaker 1: local governments that have pension problems and try to throw 49 00:02:56,560 --> 00:02:59,160 Speaker 1: money at issues that don't have anything to do with 50 00:02:59,200 --> 00:03:02,320 Speaker 1: the coronavirus. So I think that still remains an issue. 51 00:03:02,520 --> 00:03:06,880 Speaker 1: And of course Senator McConnell's focused on liability protection for 52 00:03:06,960 --> 00:03:09,480 Speaker 1: businesses so that they can reopen safely and they don't 53 00:03:09,520 --> 00:03:13,120 Speaker 1: have to worry about UH litigation as they as we 54 00:03:13,160 --> 00:03:15,560 Speaker 1: continue to safely reopen our country. Well, and that's an 55 00:03:15,560 --> 00:03:18,000 Speaker 1: issue of our story and some some issues that that 56 00:03:18,080 --> 00:03:21,000 Speaker 1: need to be resolved. Brian on the issue of liability protections, 57 00:03:21,040 --> 00:03:23,000 Speaker 1: that's an issue that affects just main street as well, 58 00:03:23,000 --> 00:03:25,360 Speaker 1: and I think we in the media have focused in 59 00:03:25,440 --> 00:03:27,960 Speaker 1: terms of the bigger businesses that are impacted by that, 60 00:03:28,000 --> 00:03:31,200 Speaker 1: but a lot of small businesses wondering about the liability 61 00:03:31,240 --> 00:03:34,840 Speaker 1: protections as they try to get employees safely back to work. 62 00:03:35,040 --> 00:03:38,000 Speaker 1: Does the President feel as strongly as Leader McConnell does 63 00:03:38,000 --> 00:03:40,680 Speaker 1: on that issue or is he willing to would he 64 00:03:40,720 --> 00:03:44,200 Speaker 1: be willing to pass a fiscal deal without that? Well, 65 00:03:44,240 --> 00:03:48,600 Speaker 1: I don't think we're at this point drawing a line 66 00:03:48,640 --> 00:03:51,840 Speaker 1: in the sand around it, though we are generally supportive 67 00:03:51,920 --> 00:03:55,200 Speaker 1: of Senator McConnell's efforts. Of course, you saw a Secretary 68 00:03:55,320 --> 00:03:59,240 Speaker 1: minution and Leader McCarthy put forth a proposal. Um, but 69 00:03:59,480 --> 00:04:01,800 Speaker 1: getting some thing through the Senate is really important, and 70 00:04:01,880 --> 00:04:05,000 Speaker 1: so obviously if if the President is to sign it 71 00:04:05,040 --> 00:04:07,880 Speaker 1: into law, and so we do rely pretty heavily on 72 00:04:07,960 --> 00:04:11,080 Speaker 1: Leader McConnell and his knowledge of his chamber, his caucus 73 00:04:11,120 --> 00:04:13,040 Speaker 1: and what can get through. And so we know that 74 00:04:13,120 --> 00:04:15,760 Speaker 1: is an important provision. So it's moving in the right direction. 75 00:04:15,760 --> 00:04:17,200 Speaker 1: And then I want to talk warp, but do you 76 00:04:17,560 --> 00:04:19,320 Speaker 1: is it is it safe to report that it talks 77 00:04:19,360 --> 00:04:22,719 Speaker 1: are moving in the right direction? Kevin, I have been 78 00:04:22,760 --> 00:04:26,400 Speaker 1: optimistic throughout, but that is for the last several months 79 00:04:26,560 --> 00:04:31,280 Speaker 1: and that's notwithstandardism, the raw cuinnicism that we've seen from 80 00:04:31,279 --> 00:04:34,719 Speaker 1: democratic leadership. Uh. Seeing them soften, I think is giving 81 00:04:34,839 --> 00:04:38,520 Speaker 1: us reason for optimism. But as you are well aware 82 00:04:38,600 --> 00:04:41,279 Speaker 1: having been around this town, it's never done until it's done. 83 00:04:41,480 --> 00:04:43,800 Speaker 1: Brian Morgan's tarns with as he is the Deputy Press 84 00:04:43,800 --> 00:04:47,839 Speaker 1: Secretary for the Trump administration operate Operation Warp Speed and 85 00:04:47,920 --> 00:04:52,279 Speaker 1: the vaccinations. We saw the UK begin to administer the vaccines. 86 00:04:52,320 --> 00:04:54,960 Speaker 1: Give us an update in terms of when folks here 87 00:04:54,960 --> 00:04:57,960 Speaker 1: in the United States will be able to get the 88 00:04:58,120 --> 00:05:01,880 Speaker 1: vaccine and whether or not the supply chains around the 89 00:05:01,920 --> 00:05:07,120 Speaker 1: activation of the vaccines are ready. Yes. Uh. So Americans 90 00:05:07,160 --> 00:05:12,160 Speaker 1: have should have tremendous optimism today because the f d 91 00:05:12,160 --> 00:05:16,239 Speaker 1: A is meeting tomorrow and we have seen uh foreign 92 00:05:16,240 --> 00:05:20,680 Speaker 1: government's agencies who have evaluated this fisor vaccine have come 93 00:05:20,680 --> 00:05:23,520 Speaker 1: out favorably. The f d A is known as the 94 00:05:23,600 --> 00:05:27,880 Speaker 1: gold standard because they go through thousands of lines of data. 95 00:05:27,960 --> 00:05:32,720 Speaker 1: They are painstakingly meticulous. That's why they're the gold standard. Uh. 96 00:05:32,760 --> 00:05:35,719 Speaker 1: And so we're optimistic that once their review is completed, 97 00:05:35,960 --> 00:05:38,800 Speaker 1: that this will be authorized in the coming days. Uh. 98 00:05:38,920 --> 00:05:42,240 Speaker 1: The process, you know, the public meeting is tomorrow, and 99 00:05:42,279 --> 00:05:45,200 Speaker 1: we think that at some point after that public meeting, Uh. 100 00:05:45,560 --> 00:05:47,720 Speaker 1: Not sure exactly how long. That's really up to the 101 00:05:47,720 --> 00:05:49,280 Speaker 1: f d A, but we think it will be within 102 00:05:49,839 --> 00:05:52,720 Speaker 1: a few days that they are likely to be in 103 00:05:52,760 --> 00:05:55,599 Speaker 1: a position to authorize the vaccine. We are then able 104 00:05:55,600 --> 00:05:59,640 Speaker 1: to ship it millions of doses within twenty four hours 105 00:05:59,640 --> 00:06:02,320 Speaker 1: that every zip code in America and the first people 106 00:06:02,360 --> 00:06:05,839 Speaker 1: who are going to receive it, uh, potentially you know, 107 00:06:05,920 --> 00:06:09,000 Speaker 1: in the coming days. I think the the odds are 108 00:06:09,279 --> 00:06:12,240 Speaker 1: the odds on bet. We're probably looking around Monday. It 109 00:06:12,320 --> 00:06:14,960 Speaker 1: could be a little sooner, that's possible. It could be 110 00:06:14,960 --> 00:06:18,640 Speaker 1: a little bit later, also possible. But we are looking 111 00:06:18,760 --> 00:06:22,440 Speaker 1: at frontline workers and nursing home residents, long term care 112 00:06:22,560 --> 00:06:26,080 Speaker 1: facilities where the most vulnerable among us are, and we 113 00:06:26,120 --> 00:06:28,920 Speaker 1: want to reduce the risk of death and long term 114 00:06:29,120 --> 00:06:33,520 Speaker 1: you know, hospitalizations, severe consequences as quickly as possible. That's 115 00:06:33,520 --> 00:06:35,320 Speaker 1: what's going to get us out of this pandemic. I 116 00:06:35,360 --> 00:06:38,080 Speaker 1: think that's what the American people can expect. And the 117 00:06:38,120 --> 00:06:40,680 Speaker 1: Secretary of Health and Human Services has confirmed that we're 118 00:06:40,680 --> 00:06:44,520 Speaker 1: looking at about twenty million people getting a shot this month, 119 00:06:44,880 --> 00:06:47,760 Speaker 1: and that's a tremendous achievement. No one thought it was possible, 120 00:06:47,880 --> 00:06:50,880 Speaker 1: but Operation Warp Speed with President Trump's leadership, has made 121 00:06:50,920 --> 00:06:52,960 Speaker 1: it possible. So in terms of the vaccine and in 122 00:06:53,080 --> 00:06:55,720 Speaker 1: terms of just the effect, when how long once the 123 00:06:55,800 --> 00:06:58,160 Speaker 1: vaccine is in the general public or the twenty million 124 00:06:58,200 --> 00:07:01,080 Speaker 1: are vaccinated, will we start to see the number of 125 00:07:01,120 --> 00:07:06,040 Speaker 1: cases go down. So it'll be a gradual process. It 126 00:07:06,080 --> 00:07:08,960 Speaker 1: won't be like flipping a switch, but we will see 127 00:07:09,000 --> 00:07:12,280 Speaker 1: about twenty million people vaccinated in December. I think we're 128 00:07:12,320 --> 00:07:16,920 Speaker 1: looking at uh in the first well in January, I 129 00:07:16,920 --> 00:07:20,520 Speaker 1: think they expect another about fifty million shots. Uh more 130 00:07:20,560 --> 00:07:23,240 Speaker 1: than that in February. We could be up to a 131 00:07:23,280 --> 00:07:28,000 Speaker 1: hundred million shots probably is what we're looking at by February. 132 00:07:28,360 --> 00:07:31,560 Speaker 1: So really getting the numbers up in the very early 133 00:07:31,840 --> 00:07:36,320 Speaker 1: months of one, and we're going to see the difference 134 00:07:36,360 --> 00:07:39,080 Speaker 1: made on a rolling basis because we're gonna see the 135 00:07:39,160 --> 00:07:42,720 Speaker 1: highest risk Americans vaccinated first. That's going to dramatically reduce 136 00:07:42,800 --> 00:07:46,880 Speaker 1: the risks very quickly, and then we will get enough 137 00:07:46,960 --> 00:07:50,480 Speaker 1: vaccines for the general public. We're looking at probably the 138 00:07:50,520 --> 00:07:53,840 Speaker 1: March April time frame, where every American who wants a 139 00:07:53,920 --> 00:07:56,320 Speaker 1: vaccine would have access to one. I don't want to 140 00:07:56,320 --> 00:07:58,400 Speaker 1: get into too much of the political noise because we 141 00:07:58,440 --> 00:08:00,920 Speaker 1: focus on policy here. I do want to ask in 142 00:08:01,040 --> 00:08:03,640 Speaker 1: terms of as we're as we are monitoring the legal 143 00:08:03,680 --> 00:08:05,680 Speaker 1: cases across the country, and this is my final question 144 00:08:05,760 --> 00:08:08,240 Speaker 1: for you. Is President Trump, as there was an Axios 145 00:08:08,320 --> 00:08:11,280 Speaker 1: report or earlier this week, as President Trump going to 146 00:08:11,320 --> 00:08:15,520 Speaker 1: deliver some type of rally in the final day in 147 00:08:15,640 --> 00:08:18,560 Speaker 1: his inn office or is he going what? How has 148 00:08:18,600 --> 00:08:23,680 Speaker 1: the transition of power been discussed with your team? So look, 149 00:08:23,760 --> 00:08:28,480 Speaker 1: the I won't get ahead of any specific plans that 150 00:08:28,720 --> 00:08:32,240 Speaker 1: the President may have until he's ready to make any announcements. 151 00:08:32,240 --> 00:08:36,400 Speaker 1: He's very focused, UH, both on the coronavirus response, of course, 152 00:08:36,440 --> 00:08:39,800 Speaker 1: but he's also spending time UH litigating and vindicating his 153 00:08:39,880 --> 00:08:43,160 Speaker 1: legal rights UH with regard to this election process. While 154 00:08:43,200 --> 00:08:44,840 Speaker 1: that's going on, As you know, the g s A 155 00:08:45,480 --> 00:08:48,640 Speaker 1: UH made their ascertainment, and so conversations have begun at 156 00:08:48,679 --> 00:08:51,160 Speaker 1: the agency's UH and at the White House with the 157 00:08:51,160 --> 00:08:54,240 Speaker 1: appropriate officials, with the Biden team, so that in the 158 00:08:54,280 --> 00:08:57,520 Speaker 1: event of a transition, it will be professional and orderly. 159 00:08:57,840 --> 00:09:00,800 Speaker 1: But the President is still vindicating his rights at this 160 00:09:00,840 --> 00:09:05,640 Speaker 1: point and believes that he will prevail, and that process 161 00:09:05,640 --> 00:09:08,079 Speaker 1: continues to play out. I look forward to the day 162 00:09:08,120 --> 00:09:10,720 Speaker 1: that I can ask Brian more concerned about SIFIAS, because 163 00:09:10,760 --> 00:09:12,920 Speaker 1: I know that he was involved in some of the 164 00:09:12,960 --> 00:09:16,520 Speaker 1: SIFIAS streamline review process on the Committee of Investment in 165 00:09:16,520 --> 00:09:18,480 Speaker 1: the United States, and he knows that I'm a policy 166 00:09:18,520 --> 00:09:21,640 Speaker 1: wonk nerd at heart. So eventually, Brian, I will get 167 00:09:21,679 --> 00:09:25,679 Speaker 1: to interview about interview you about SIPHIAS, if if it. 168 00:09:25,800 --> 00:09:28,400 Speaker 1: Maybe maybe it'll be years from now, Brian, but one 169 00:09:28,440 --> 00:09:31,160 Speaker 1: day we will have a conversation about sifia's Brian Morganctern. 170 00:09:33,160 --> 00:09:36,199 Speaker 1: You know the first rule of SCIFIUS, don't talk about 171 00:09:39,080 --> 00:09:42,560 Speaker 1: Brian Morgan Stern at Georgetown Grad, Deputy Press Secretary for 172 00:09:42,559 --> 00:09:46,000 Speaker 1: the Trump Administration. Thank you Brian for calling. In Coming 173 00:09:46,080 --> 00:09:47,679 Speaker 1: up next, we'll check in with what happened in the 174 00:09:47,679 --> 00:09:50,440 Speaker 1: market today with Brett Ewing, chief market strategists of First 175 00:09:50,440 --> 00:09:54,880 Speaker 1: Franklin Financial Services. I'm Kevin, Surreally, I won't talk about CIFIUS. 176 00:09:55,240 --> 00:09:57,280 Speaker 1: I will talk about CIPHIAS. I can. It's kind of 177 00:09:57,320 --> 00:10:01,480 Speaker 1: my job. I'm the chief Washington's correspondent for Bloomberg Television 178 00:10:01,520 --> 00:10:14,920 Speaker 1: and for Bloomberg Radio. You're listening to Bloomberg. You're listening 179 00:10:15,000 --> 00:10:19,600 Speaker 1: to Bloomberg Sound On with Kevin Sirelate on Bloomberg and 180 00:10:19,640 --> 00:10:22,400 Speaker 1: one Old five point seven m h D two. I'm 181 00:10:22,480 --> 00:10:26,280 Speaker 1: Kevin Cirelli, chief Washington correspondent for Bloomberg Television and for 182 00:10:26,400 --> 00:10:30,800 Speaker 1: Bloomberg Radio. Our next guest is from Franklin Financial Services 183 00:10:30,800 --> 00:10:34,520 Speaker 1: First Franklin Financial Services UH, and his name is Brett Ewing. 184 00:10:34,559 --> 00:10:38,319 Speaker 1: He is the chief market strategist of First Franklin Financial Services. 185 00:10:38,760 --> 00:10:40,760 Speaker 1: I want to talk about the markets, but at first 186 00:10:40,800 --> 00:10:43,480 Speaker 1: let's dive into my Bloomberg terminal. A sell off in 187 00:10:43,520 --> 00:10:47,320 Speaker 1: some of the world's biggest technology companies weighed heavily on 188 00:10:47,360 --> 00:10:51,280 Speaker 1: the equity market, dragging down stocks amid dimming prospects for 189 00:10:51,400 --> 00:10:53,920 Speaker 1: fresh stimulus. But we just heard from Brian Morgenstern to 190 00:10:54,000 --> 00:10:56,800 Speaker 1: the White House, the Trump administration saying that they are 191 00:10:56,840 --> 00:10:59,920 Speaker 1: optimistic that they can still get to some type of deal. 192 00:11:00,040 --> 00:11:02,760 Speaker 1: Back into my terminal. The SMP five hundred slid from 193 00:11:02,760 --> 00:11:06,040 Speaker 1: a record, while the Nasdaq one hundred had its biggest 194 00:11:06,040 --> 00:11:10,559 Speaker 1: slump in a month. Facebook sank after being sued by 195 00:11:10,640 --> 00:11:15,320 Speaker 1: US antitrust officials, while Tesla tumbled as JP and Morgan 196 00:11:15,520 --> 00:11:20,480 Speaker 1: Chase called it dramatically overvalued. Zoom. We all know Zoom. 197 00:11:20,520 --> 00:11:22,400 Speaker 1: This year, one of the biggest stay at home winners 198 00:11:22,559 --> 00:11:25,800 Speaker 1: plunged after and after an analyst downgrade. All right, Brett, 199 00:11:26,000 --> 00:11:28,480 Speaker 1: what happened in the markets today? What are you noticing 200 00:11:28,600 --> 00:11:33,320 Speaker 1: in the currents of the financial sectors. Well, I think 201 00:11:33,400 --> 00:11:36,040 Speaker 1: that the markets are in good shape here. I would 202 00:11:36,080 --> 00:11:38,960 Speaker 1: take note of the VIX having a little pop today, 203 00:11:39,440 --> 00:11:42,719 Speaker 1: got up seven to eight percent higher. Um. I think 204 00:11:42,760 --> 00:11:45,800 Speaker 1: there's a lot of noise going on right here with 205 00:11:45,880 --> 00:11:49,120 Speaker 1: the Senate and the House bills. Um, they're still fighting 206 00:11:49,160 --> 00:11:52,920 Speaker 1: over this. I think it ultimately gets done. But markets 207 00:11:52,960 --> 00:11:56,199 Speaker 1: do want to see some movement forward on that stimulus, 208 00:11:56,280 --> 00:11:58,400 Speaker 1: for sure. So you look at the VIX for example, 209 00:11:58,440 --> 00:12:00,400 Speaker 1: and you know everyone who listens to the shop obsessed 210 00:12:00,400 --> 00:12:03,240 Speaker 1: with the Vix. But why do you think the volatility 211 00:12:03,280 --> 00:12:05,560 Speaker 1: has increased, especially when in my neck of the woods, 212 00:12:05,720 --> 00:12:09,040 Speaker 1: when they're talking so much about fresh stimulus and and 213 00:12:09,080 --> 00:12:12,880 Speaker 1: the optimism I mean, truly, Leader McConnell, speaker Pelosi, there's 214 00:12:12,920 --> 00:12:15,000 Speaker 1: still the sense of optimism that they're going to get 215 00:12:15,000 --> 00:12:18,600 Speaker 1: to some type of deal. Yeah, I think I think 216 00:12:18,600 --> 00:12:20,840 Speaker 1: there's a lot of moving parts going on today. If 217 00:12:20,880 --> 00:12:24,079 Speaker 1: you look at the lawsuit with Fate's book from the FTC. 218 00:12:25,160 --> 00:12:28,079 Speaker 1: You've got that big Texas case coming into the Supreme 219 00:12:28,120 --> 00:12:34,520 Speaker 1: Court potentially and announcing twenty dates on long Um, there's 220 00:12:34,559 --> 00:12:36,440 Speaker 1: just a lot of noise out there, and I think 221 00:12:36,440 --> 00:12:40,600 Speaker 1: the uncertainty actually just moved up slightly today. So well, 222 00:12:40,679 --> 00:12:43,319 Speaker 1: let's take a listen to what Senate Minority Leader Chuck 223 00:12:43,360 --> 00:12:46,640 Speaker 1: Schumer had to say, because senim already Leader Chuck Schumer 224 00:12:46,640 --> 00:12:49,800 Speaker 1: gave a sound on this particular topic about how it 225 00:12:49,840 --> 00:12:53,280 Speaker 1: has passed time for the lawmakers to pass some type 226 00:12:53,440 --> 00:12:56,640 Speaker 1: of coronavirus relief package. He spoke on the Senate floor 227 00:12:56,920 --> 00:12:59,640 Speaker 1: and he explained to his that his party, he believes, 228 00:13:00,040 --> 00:13:03,000 Speaker 1: has shown that they are committed to getting relief to Americans. 229 00:13:03,720 --> 00:13:08,200 Speaker 1: Democrats have continually lowered our proposals now by over two trillion, 230 00:13:08,320 --> 00:13:11,160 Speaker 1: to move closer to our Republican colleagues and the spirit 231 00:13:11,200 --> 00:13:14,199 Speaker 1: of compromise, and for the sake of getting something done 232 00:13:14,280 --> 00:13:16,719 Speaker 1: for the American people. It would do a whole lot 233 00:13:16,760 --> 00:13:19,680 Speaker 1: of good if the Republican leader would drop the daily 234 00:13:19,760 --> 00:13:22,680 Speaker 1: tirades and diet tribes and join the rest of the 235 00:13:22,760 --> 00:13:27,520 Speaker 1: Senate in the bipartisan negotiations now under way. Brett you in, 236 00:13:27,600 --> 00:13:31,440 Speaker 1: chief market strategist of First Franklin Financial Services. What would 237 00:13:31,480 --> 00:13:33,640 Speaker 1: it do to the markets if there is a fiscal 238 00:13:33,679 --> 00:13:38,800 Speaker 1: relief Bob compromise achieved. Well, I think I think it 239 00:13:38,840 --> 00:13:42,240 Speaker 1: continues this melt up that we're in. Um. You know, 240 00:13:42,360 --> 00:13:44,680 Speaker 1: we're clearly in a melt up, and it started on 241 00:13:45,400 --> 00:13:50,720 Speaker 1: March and I think it's going to continue. But without it, 242 00:13:50,840 --> 00:13:53,080 Speaker 1: I think that we could get a little volatility going 243 00:13:53,120 --> 00:13:55,040 Speaker 1: into the end of the year here at three to 244 00:13:55,160 --> 00:13:57,480 Speaker 1: five percent pullback right here where we're all in, these 245 00:13:57,520 --> 00:14:01,880 Speaker 1: markets are surely warranted. It not surprise me. Um. I 246 00:14:01,920 --> 00:14:04,680 Speaker 1: think a lot of markets trivigies like myself would actually 247 00:14:04,720 --> 00:14:07,360 Speaker 1: like a little volatility, would give us a chance to 248 00:14:07,360 --> 00:14:09,760 Speaker 1: put some capital work here. I want to ask you 249 00:14:09,800 --> 00:14:12,959 Speaker 1: about a huge meeting happening in the next twenty four hours, 250 00:14:12,960 --> 00:14:15,000 Speaker 1: and that of course is the FDA and what's going 251 00:14:15,040 --> 00:14:18,280 Speaker 1: to likely be some type of guidance on the approval 252 00:14:18,360 --> 00:14:23,280 Speaker 1: process and the timeline for the vaccinations. What what impact 253 00:14:23,400 --> 00:14:27,680 Speaker 1: will a vaccine getting into the US marketplace have for investors. 254 00:14:29,120 --> 00:14:32,200 Speaker 1: It's gonna have a huge impact and it's gonna continue 255 00:14:32,240 --> 00:14:35,640 Speaker 1: this reopening trade that my firm has been talking about 256 00:14:35,760 --> 00:14:38,720 Speaker 1: for the last six months. Um, I think it's best 257 00:14:38,800 --> 00:14:42,560 Speaker 1: represented within the Russell Tooth album. But we we are 258 00:14:42,560 --> 00:14:45,520 Speaker 1: committed to that reopening trade. We think that, you know, 259 00:14:46,200 --> 00:14:49,720 Speaker 1: first and second quarter that distribution is going to be 260 00:14:50,320 --> 00:14:54,680 Speaker 1: continuously opening up on the vaccine and I think that 261 00:14:54,760 --> 00:14:57,280 Speaker 1: the reopening trade is where we are positioning for that. 262 00:14:58,160 --> 00:15:01,920 Speaker 1: So so tomorrow, what when you say that it will 263 00:15:01,960 --> 00:15:04,720 Speaker 1: have a huge impact? Though, what are they looking for? 264 00:15:04,880 --> 00:15:08,720 Speaker 1: Because today the photo, the photograph of of the elderly 265 00:15:08,760 --> 00:15:11,200 Speaker 1: woman in the UK really went viral. It was on 266 00:15:11,240 --> 00:15:13,560 Speaker 1: the front pages above the fold of virtually all the 267 00:15:13,600 --> 00:15:18,960 Speaker 1: major newspapers, It was in everyone's social media uh feeds, 268 00:15:19,080 --> 00:15:20,880 Speaker 1: it was all over the Boomberg terminal. I mean that 269 00:15:20,960 --> 00:15:25,120 Speaker 1: image of a senior citizen of receiving the vaccine really 270 00:15:25,160 --> 00:15:28,680 Speaker 1: injected a newfound sense of optimism not just into the markets, 271 00:15:28,720 --> 00:15:32,200 Speaker 1: but also into the psychology, I would argue of of 272 00:15:32,400 --> 00:15:35,560 Speaker 1: every day, not just Americans, but Europeans and everyone to 273 00:15:35,720 --> 00:15:40,480 Speaker 1: see real people getting the vaccine being interviewed about getting 274 00:15:40,520 --> 00:15:45,120 Speaker 1: the vaccine. But I guess my question becomes, well how 275 00:15:45,160 --> 00:15:48,840 Speaker 1: long can that optimism last? Because will will that optimism 276 00:15:48,960 --> 00:15:52,320 Speaker 1: fade if it doesn't move, if there are any hiccups 277 00:15:52,320 --> 00:15:55,120 Speaker 1: in the supply chain, for example, Because folks, this is 278 00:15:55,120 --> 00:15:59,160 Speaker 1: not just about Faizer Maderna and all the big pharmaceutical companies, 279 00:15:59,600 --> 00:16:01,880 Speaker 1: but it's also about the supply chains. And Brett you 280 00:16:01,960 --> 00:16:03,600 Speaker 1: and you have been so on point about this in 281 00:16:03,680 --> 00:16:06,479 Speaker 1: your analysis and when you and your appearances on Bloomberg 282 00:16:06,920 --> 00:16:09,960 Speaker 1: so explained to us just how it's not just the 283 00:16:10,000 --> 00:16:12,760 Speaker 1: big pharmaceutical companies but also the supply chains that are 284 00:16:12,800 --> 00:16:15,280 Speaker 1: impacted by this, from the boxes to the dry ice 285 00:16:15,320 --> 00:16:19,800 Speaker 1: to the syringes. Yeah, I mean, it's it's certainly more 286 00:16:19,840 --> 00:16:22,360 Speaker 1: complicated than we have a We have a vaccine, now, 287 00:16:22,440 --> 00:16:24,080 Speaker 1: let's get it out. I mean, it's got to be 288 00:16:24,160 --> 00:16:28,600 Speaker 1: produced and distributed properly around the country. Um. I think 289 00:16:28,640 --> 00:16:31,120 Speaker 1: that they're you know, certainly with something that has moved 290 00:16:31,160 --> 00:16:33,120 Speaker 1: this quickly. Look, there's gonna be some bumps on the 291 00:16:33,200 --> 00:16:35,560 Speaker 1: road here over the next three months, There's no doubt 292 00:16:35,560 --> 00:16:40,160 Speaker 1: about it. So ultimately, I do believe, I do believe 293 00:16:40,200 --> 00:16:43,680 Speaker 1: the process they have in place is going to work, 294 00:16:43,840 --> 00:16:46,680 Speaker 1: and we we are making a bet that the distribution 295 00:16:46,760 --> 00:16:49,760 Speaker 1: is going to happen between now and March quite well. 296 00:16:50,480 --> 00:16:53,360 Speaker 1: As you look at the transition of power that's happening 297 00:16:53,680 --> 00:16:57,000 Speaker 1: in between now in March and the incoming Biden administration. 298 00:16:57,320 --> 00:17:00,760 Speaker 1: From your perspective, yesterday President electro By and vowing to 299 00:17:00,840 --> 00:17:05,080 Speaker 1: have one hundred million vaccines uh into in his first 300 00:17:05,119 --> 00:17:07,480 Speaker 1: one hundred days in office. Brian Morgan stern to the 301 00:17:07,480 --> 00:17:10,359 Speaker 1: White House just told us twenty million vaccines in the 302 00:17:10,440 --> 00:17:13,879 Speaker 1: first couple of in the first month. Um that the 303 00:17:14,000 --> 00:17:17,040 Speaker 1: that the White Houses is working to prepare with regards 304 00:17:17,080 --> 00:17:21,359 Speaker 1: to Operation Warp Speed. But from your perspective, if if 305 00:17:21,400 --> 00:17:24,240 Speaker 1: that is to be believed, and both parties are suggesting 306 00:17:24,280 --> 00:17:26,600 Speaker 1: that the rollout of this will be will be highly effective, 307 00:17:26,920 --> 00:17:30,520 Speaker 1: when do you anticipate that that the country from an 308 00:17:30,520 --> 00:17:33,920 Speaker 1: investors standpoint, from a financial services standpoint will return back 309 00:17:33,960 --> 00:17:40,359 Speaker 1: to normal? Wow? Big? So we do on sounds on 310 00:17:40,520 --> 00:17:43,679 Speaker 1: we asked the big questions. Yeah, I like that. Uh, 311 00:17:44,280 --> 00:17:46,720 Speaker 1: you know, I think are when we look out six 312 00:17:46,760 --> 00:17:52,360 Speaker 1: to twelve months, we we feel that most individuals who 313 00:17:52,359 --> 00:17:56,720 Speaker 1: are looking to get the vaccine, we are hopeful that 314 00:17:57,000 --> 00:18:00,399 Speaker 1: by August they would have had an opportunity to at 315 00:18:00,480 --> 00:18:04,359 Speaker 1: least to have it. Right, I'm not saying everyone in 316 00:18:04,400 --> 00:18:08,880 Speaker 1: the country necessarily but the individuals who are most at risk. 317 00:18:09,480 --> 00:18:13,200 Speaker 1: We feel hopefully by the second quarter that those those 318 00:18:13,240 --> 00:18:17,879 Speaker 1: elderly people are are are or people with higher risk standards, 319 00:18:18,280 --> 00:18:20,879 Speaker 1: they should have had the opportunity. That's what we're hoping 320 00:18:20,920 --> 00:18:23,520 Speaker 1: for through the second quarter. All Right, I gotta ask 321 00:18:23,520 --> 00:18:25,320 Speaker 1: you about this because I've got a minute left with you, 322 00:18:25,359 --> 00:18:28,120 Speaker 1: and I know you're down there in Florida. Tom Brady's 323 00:18:28,160 --> 00:18:33,120 Speaker 1: company TB twelve received more than nine hundred and sixty 324 00:18:33,359 --> 00:18:36,360 Speaker 1: thousand dollars in a P P P loan. Just give 325 00:18:36,440 --> 00:18:38,480 Speaker 1: us the vibe of the street. You know, he was 326 00:18:38,520 --> 00:18:42,080 Speaker 1: a patriot. There were some allegations about dare I say, cheating, 327 00:18:42,480 --> 00:18:45,400 Speaker 1: and then he flew on down to Florida. And how 328 00:18:45,400 --> 00:18:49,080 Speaker 1: how's it being How's he being received in the Sunshine State. 329 00:18:51,200 --> 00:18:54,880 Speaker 1: I think he's being received quite well down here. I mean, 330 00:18:55,040 --> 00:18:59,359 Speaker 1: I think I think Tampa Bay fans are are are happy, 331 00:18:59,640 --> 00:19:02,199 Speaker 1: and the they you know, they have some bumps in 332 00:19:02,200 --> 00:19:05,160 Speaker 1: the road there, but they seem to be okay with it. 333 00:19:05,440 --> 00:19:08,240 Speaker 1: You know, you're you're you're really, you're really mastering the 334 00:19:08,280 --> 00:19:12,280 Speaker 1: Washington speak of the of the polite, artful dodge. I really, 335 00:19:12,560 --> 00:19:16,880 Speaker 1: I really, I guess I guess Tom Brady might be listening. 336 00:19:17,119 --> 00:19:20,240 Speaker 1: I really appreciated Brett. Brett, you ain't come back anytime. 337 00:19:20,520 --> 00:19:24,800 Speaker 1: JEEF Market Strategist fits right in first Flrank First Franklin 338 00:19:24,800 --> 00:19:28,919 Speaker 1: Financial Services. Thank you Brett for helping us navigate that 339 00:19:29,040 --> 00:19:31,639 Speaker 1: really tough issue. Of course, I'm talking about Tom Brady 340 00:19:31,720 --> 00:19:34,560 Speaker 1: and the markets. I'm Kevin Curreli, Chief Washington correspondent for 341 00:19:34,600 --> 00:19:38,399 Speaker 1: Bloomberg Television and for Bloomberg Radio. You're listening to Bloomberg One. 342 00:19:43,160 --> 00:19:46,560 Speaker 1: Bloomberg sound On is brought to you by Portfolio Analyst, 343 00:19:46,720 --> 00:19:51,560 Speaker 1: powered by Interactive Brokers. Savvy investors use portfolio Analysts to 344 00:19:51,640 --> 00:19:54,600 Speaker 1: create a consolidated view of their accounts. Sign up for 345 00:19:54,680 --> 00:20:00,800 Speaker 1: free at portfolio analyst dot com. Wh All Talk here 346 00:20:00,800 --> 00:20:04,560 Speaker 1: in Washington, d C. Turns to President elect Joe Biden's administration. 347 00:20:04,680 --> 00:20:07,080 Speaker 1: Historically speaking, the markets that performed better when there is 348 00:20:07,160 --> 00:20:10,879 Speaker 1: divided government. The biggest pressure for physical stimulus is an 349 00:20:11,000 --> 00:20:15,720 Speaker 1: up taking cases. Bloomberg sound On, the insiders, the influencers, 350 00:20:15,760 --> 00:20:19,240 Speaker 1: the insiders riding has promised again and again he will 351 00:20:19,400 --> 00:20:23,200 Speaker 1: unite the country's state government's control elections US in the constitution. 352 00:20:23,320 --> 00:20:27,400 Speaker 1: I think that we can expect a smooth, thoughtful, methodical transition. 353 00:20:27,640 --> 00:20:32,639 Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg Radio. 354 00:20:33,080 --> 00:20:37,360 Speaker 1: Vaccination rollout twenty million in just this first month alone, 355 00:20:37,400 --> 00:20:41,040 Speaker 1: on the eve of what could be a decisive day 356 00:20:41,080 --> 00:20:44,679 Speaker 1: on the f d A front. Meanwhile, talk still going 357 00:20:44,960 --> 00:20:49,200 Speaker 1: well slightly somewhere on Capitol Hill between Sun Majority Leader 358 00:20:49,280 --> 00:20:52,680 Speaker 1: Mitch McConnell and Speaker Pelosi, the latest on the fiscal 359 00:20:52,760 --> 00:20:56,919 Speaker 1: stimulus front, and a Transition Watch update from President Elect 360 00:20:57,119 --> 00:21:01,439 Speaker 1: Joe Biden's transition team analysis. This we begin tonight on 361 00:21:01,480 --> 00:21:03,679 Speaker 1: the eve of what could be one of the most 362 00:21:03,960 --> 00:21:10,240 Speaker 1: decisive days in regulatory history, especially in the in this pandemic, 363 00:21:10,400 --> 00:21:12,960 Speaker 1: as regulators are set to meet within the next twenty 364 00:21:13,000 --> 00:21:16,120 Speaker 1: four hours to give guidance in terms of the vaccination 365 00:21:16,600 --> 00:21:20,600 Speaker 1: rollout this as across the pond, UK officials have begun 366 00:21:20,720 --> 00:21:25,760 Speaker 1: administering that vaccine. Meanwhile, that has impacted the status of 367 00:21:25,800 --> 00:21:30,040 Speaker 1: the fiscal negotiations happening on Capitol Hill, and we've got 368 00:21:30,080 --> 00:21:33,720 Speaker 1: sound on precisely that topic. As Senate Majority Leader Mitch 369 00:21:33,800 --> 00:21:37,440 Speaker 1: McConnell says, it's now time to quit chasing their tails 370 00:21:37,520 --> 00:21:44,840 Speaker 1: and start helping hurting Americans. We've sent July, August, September, October, 371 00:21:45,359 --> 00:21:49,240 Speaker 1: and November trying different ways to create common ground. To 372 00:21:49,359 --> 00:21:51,560 Speaker 1: speak of the House and the Senate. Democratic leader have 373 00:21:51,640 --> 00:21:56,600 Speaker 1: been just as consistent at every turn. They've delayed, deflected, 374 00:21:56,880 --> 00:21:59,600 Speaker 1: and made the huge number of places where Congress agrees 375 00:22:00,040 --> 00:22:05,399 Speaker 1: into a hostage Setiminarty Leader Chuck Schumer had a different interpretation. 376 00:22:06,720 --> 00:22:11,200 Speaker 1: Democrats have continually lowered our proposals now by over two trillion, 377 00:22:11,320 --> 00:22:14,159 Speaker 1: to move closer to our Republican colleagues and the spirit 378 00:22:14,200 --> 00:22:17,200 Speaker 1: of compromise, and for the sake of getting something done 379 00:22:17,280 --> 00:22:19,760 Speaker 1: for the American people. It would do a whole lot 380 00:22:19,760 --> 00:22:22,679 Speaker 1: of good if the Republican leader would drop the daily 381 00:22:22,800 --> 00:22:25,720 Speaker 1: tirades and diet tribes and join the rest of the 382 00:22:25,760 --> 00:22:30,040 Speaker 1: Senate in the bi partisan negotiations now under way. We 383 00:22:30,119 --> 00:22:32,760 Speaker 1: have an all star panel, truly, folks, one of the 384 00:22:32,760 --> 00:22:36,240 Speaker 1: best panels that we've had. George c CEO of Annandale Capital, 385 00:22:36,320 --> 00:22:41,560 Speaker 1: Texas businessman and former senior adviser to Marco Rubio presidential campaign. 386 00:22:41,600 --> 00:22:45,720 Speaker 1: Also a former States Department official, someone who also has 387 00:22:45,800 --> 00:22:50,680 Speaker 1: led the Texas and Israel Economic Organization in the State 388 00:22:50,680 --> 00:22:55,679 Speaker 1: of Texas. Roger Fisk returns, Democratic strategist, longtime President Obama 389 00:22:55,720 --> 00:22:59,120 Speaker 1: aide and a principle of New Day strategy. George, I'll 390 00:22:59,119 --> 00:23:02,199 Speaker 1: start with you. You and I have had this conversation before, 391 00:23:02,280 --> 00:23:05,720 Speaker 1: but now it really feels pressing. And that is the 392 00:23:05,840 --> 00:23:10,080 Speaker 1: issue of balancing the need for fiscal stimulus and economic 393 00:23:10,160 --> 00:23:14,359 Speaker 1: relief for small, medium, and large businesses to put Americans 394 00:23:14,359 --> 00:23:18,399 Speaker 1: back to work with the very very real concerns about 395 00:23:18,440 --> 00:23:22,840 Speaker 1: the national debt. How are Republicans going to balance that issue? 396 00:23:24,880 --> 00:23:27,960 Speaker 1: That's a great question. And Hi, Kevin, I I'm really 397 00:23:28,040 --> 00:23:30,280 Speaker 1: kind of befuddled by this issue at this point, to 398 00:23:30,280 --> 00:23:34,120 Speaker 1: be honest, because you had Nancy Pelosi and her squad, 399 00:23:34,560 --> 00:23:37,480 Speaker 1: you know, asking originally for like three trillion, and then 400 00:23:37,560 --> 00:23:40,560 Speaker 1: they said they compromids at two point two trillion, and 401 00:23:40,560 --> 00:23:44,399 Speaker 1: then you had the Republicans starting at like fillion, and 402 00:23:44,440 --> 00:23:46,840 Speaker 1: then the President getting it as high as one point 403 00:23:46,840 --> 00:23:49,800 Speaker 1: eight trillion, and you know that they should have grabbed 404 00:23:49,800 --> 00:23:52,199 Speaker 1: that deal and run at that point. And now at 405 00:23:52,200 --> 00:23:54,680 Speaker 1: the elections over, you feel like there's a little bit 406 00:23:54,680 --> 00:23:58,440 Speaker 1: of some some ill will and some Republicans going into 407 00:23:58,440 --> 00:24:01,520 Speaker 1: the into the bunk, or of not being willing to compromise. 408 00:24:01,640 --> 00:24:04,240 Speaker 1: Now nine billion, which is what it sounds like. Speaker, 409 00:24:04,680 --> 00:24:08,680 Speaker 1: I mean, Leader McConnell is is kind of indicating, Um, 410 00:24:09,119 --> 00:24:14,040 Speaker 1: there's a real political fallout from wanting from the the 411 00:24:14,280 --> 00:24:17,600 Speaker 1: optics that you're bailing out blue states that have spent 412 00:24:17,880 --> 00:24:20,719 Speaker 1: overly aggressively, and I think that's part of the hang 413 00:24:20,800 --> 00:24:23,480 Speaker 1: up on the Republican side and the hang up on 414 00:24:23,480 --> 00:24:25,479 Speaker 1: the Democratic side. They didn't take a much better deal 415 00:24:25,520 --> 00:24:27,520 Speaker 1: and they could have gotten it, so it just feels 416 00:24:27,560 --> 00:24:33,639 Speaker 1: like it's very dysfunctional. And the compromised deal that the 417 00:24:33,640 --> 00:24:36,440 Speaker 1: Treasury Secretary and some of the lead negotiators for both 418 00:24:36,440 --> 00:24:39,640 Speaker 1: parties came up with, it seems like a nice starting point, 419 00:24:39,680 --> 00:24:41,440 Speaker 1: but I'm not sure it's it's going to sell at 420 00:24:41,480 --> 00:24:44,320 Speaker 1: that level with with all the animus over the election 421 00:24:44,400 --> 00:24:46,640 Speaker 1: and all the ill will and lack of trust. It's 422 00:24:46,680 --> 00:24:50,639 Speaker 1: really complicated and it shouldn't be. Roger fist is, do 423 00:24:50,680 --> 00:24:53,760 Speaker 1: you agree with that sentiment in terms of that that 424 00:24:53,840 --> 00:24:58,959 Speaker 1: these negotiations remain incredibly complex, remain incredibly delicate, even as 425 00:24:59,040 --> 00:25:02,560 Speaker 1: Leader McConnell has taken the lead, as as Brian Morgan's 426 00:25:02,560 --> 00:25:04,240 Speaker 1: turned from the White House told us in the last 427 00:25:04,280 --> 00:25:11,440 Speaker 1: half hour, yes, any anything else Rogers never, I gotta say, 428 00:25:11,680 --> 00:25:14,679 Speaker 1: Roger Fisk is never a man of few words. Go ahead, 429 00:25:16,080 --> 00:25:18,200 Speaker 1: just when you have a chance to just say yes, 430 00:25:18,240 --> 00:25:22,119 Speaker 1: I try to, you know, you know, always keeps a panel. 431 00:25:22,359 --> 00:25:25,199 Speaker 1: This panel keeps me on my toes. Go ahead, I know, right, 432 00:25:25,280 --> 00:25:27,640 Speaker 1: the whole show would be over in like six minutes. Um. 433 00:25:27,680 --> 00:25:29,359 Speaker 1: But Kevin, thank you so much for having me, And 434 00:25:29,359 --> 00:25:31,760 Speaker 1: it's wonderful to be here with George. I always try 435 00:25:31,840 --> 00:25:34,320 Speaker 1: to start off with somewhat of a nonpartisan response, and 436 00:25:34,359 --> 00:25:38,000 Speaker 1: I find myself in almost complete agreement with George. I mean, 437 00:25:38,560 --> 00:25:41,119 Speaker 1: you would think I think back to, you know, just 438 00:25:41,160 --> 00:25:42,520 Speaker 1: a couple of days ago, and Kevin, you and I 439 00:25:42,560 --> 00:25:46,720 Speaker 1: always touch on history. Um. If, if ever there's a 440 00:25:46,800 --> 00:25:52,000 Speaker 1: situation where people should be willing to set aside kind 441 00:25:52,040 --> 00:25:54,199 Speaker 1: of a lot of the political posturing and things like 442 00:25:54,240 --> 00:25:57,760 Speaker 1: that and just begin, middle, and end with what's best 443 00:25:57,800 --> 00:26:00,640 Speaker 1: for the American people. This this is it. I mean, 444 00:26:01,160 --> 00:26:04,440 Speaker 1: the the devastation that we're seeing, which I really think 445 00:26:04,440 --> 00:26:08,080 Speaker 1: we're closer towards the beginning rather than the end, is 446 00:26:08,280 --> 00:26:11,760 Speaker 1: very broad and very deep, and I think people need 447 00:26:11,800 --> 00:26:15,520 Speaker 1: to understand that they're gonna, you know, fifty years from now, 448 00:26:15,520 --> 00:26:17,679 Speaker 1: they're going to have to answer for what they do 449 00:26:18,200 --> 00:26:24,000 Speaker 1: in December of Um, it's it's it's discouraging, you know 450 00:26:24,160 --> 00:26:27,560 Speaker 1: that that that the Senate Majority leader is only willing 451 00:26:27,600 --> 00:26:30,720 Speaker 1: to talk about six hundred dollars for folks who haven't 452 00:26:31,119 --> 00:26:35,480 Speaker 1: some of them haven't seen anything since the spring. Um. 453 00:26:35,560 --> 00:26:37,440 Speaker 1: But is it? But but let me let me step 454 00:26:37,440 --> 00:26:39,920 Speaker 1: in here, because Roger, from your perspective though as a Democrat, 455 00:26:40,040 --> 00:26:43,840 Speaker 1: is is it encouraging from your perspective that he seems 456 00:26:43,840 --> 00:26:46,160 Speaker 1: to be backing off on the issue of liability protections, 457 00:26:46,160 --> 00:26:48,240 Speaker 1: which is something is as George and I have talked 458 00:26:48,280 --> 00:26:51,680 Speaker 1: about before, is something that Republicans had really been pressing for. 459 00:26:53,160 --> 00:26:56,200 Speaker 1: I mean it is in the sense of you can 460 00:26:56,240 --> 00:26:58,840 Speaker 1: just imagine what what this is doing the Kentucky right, 461 00:26:58,880 --> 00:27:02,200 Speaker 1: I mean Kentucky as a disproportionately high amount of people 462 00:27:02,320 --> 00:27:05,600 Speaker 1: that are on unemployment and things like that. Kentucky, for example, 463 00:27:05,640 --> 00:27:07,879 Speaker 1: depends on about a hundred and fifty billion dollars a 464 00:27:07,920 --> 00:27:10,560 Speaker 1: year from the federal government, which to pick out one 465 00:27:10,600 --> 00:27:13,439 Speaker 1: issue that I disagree with Georgia on. You know, for 466 00:27:13,480 --> 00:27:16,240 Speaker 1: the most part, blue states support many of the red states. 467 00:27:16,240 --> 00:27:18,800 Speaker 1: Thirteen of the fifteen states, most dependent on the federal 468 00:27:18,880 --> 00:27:22,800 Speaker 1: government are red states. So this this narrative that you know, 469 00:27:22,920 --> 00:27:25,560 Speaker 1: it's blue states asking red states to bail them out 470 00:27:25,720 --> 00:27:28,360 Speaker 1: is not necessarily accurate in the broader picture. I mean, 471 00:27:28,680 --> 00:27:32,560 Speaker 1: the South Carolinas in Louisiana's, in Mississippi's, you know, basically 472 00:27:32,600 --> 00:27:36,000 Speaker 1: depend on the New York's and Connecticut's in Massachusetts year 473 00:27:36,040 --> 00:27:40,400 Speaker 1: after year after year. Like I mentioned Kentucky, Kentucky requires 474 00:27:40,440 --> 00:27:42,359 Speaker 1: a hundred and fifty billion dollars a year from the 475 00:27:42,400 --> 00:27:45,600 Speaker 1: federal government a k a. Text taxpayers in the other 476 00:27:45,680 --> 00:27:48,119 Speaker 1: forty nine states. But I think that's part of the 477 00:27:48,200 --> 00:27:53,840 Speaker 1: McConnell softening um. And then again, you know, I often 478 00:27:53,840 --> 00:27:56,040 Speaker 1: try to put myself if if I had the president's 479 00:27:56,040 --> 00:27:58,919 Speaker 1: ear for sixty seconds, setting aside you know, all the 480 00:27:58,960 --> 00:28:00,880 Speaker 1: mean things I'd like to say to him, I would say, 481 00:28:01,160 --> 00:28:05,840 Speaker 1: you know, you have you have an opportunity to demonstrate 482 00:28:05,920 --> 00:28:08,440 Speaker 1: leadership that could really take some of the rough edges 483 00:28:08,480 --> 00:28:12,200 Speaker 1: off your legacy. Here if you rolled up your sleeve 484 00:28:12,400 --> 00:28:14,200 Speaker 1: and and and got all these folks in a room 485 00:28:14,240 --> 00:28:17,000 Speaker 1: for a ten or fifteen hours and exercise supposedly, but 486 00:28:17,119 --> 00:28:19,600 Speaker 1: I think, you know, based on my reporting, I think 487 00:28:19,600 --> 00:28:22,960 Speaker 1: he's really past the negotiating football. To use an analogy 488 00:28:23,040 --> 00:28:25,879 Speaker 1: to to leader McConnell, panel is going to stay. George C. 489 00:28:26,080 --> 00:28:29,480 Speaker 1: Vannandale Capital, Roger Fisk of Principle at New Day Strategies. 490 00:28:29,880 --> 00:28:33,080 Speaker 1: I'm Givin SURRELI, Chief Washington correspondent for Bloomberg Television and 491 00:28:33,119 --> 00:28:35,520 Speaker 1: for Bloomberg Radio. Benbrod, He's gonna call in coming up 492 00:28:35,920 --> 00:28:38,240 Speaker 1: to give us the update on Facebook. I'm Kevin Surlier. 493 00:28:38,240 --> 00:28:59,440 Speaker 1: You're listening to Bloomberg. You're listening to Bloomberg. Sound on 494 00:28:59,520 --> 00:29:03,520 Speaker 1: with Kevin Relate on Bloomberg and one oh five point 495 00:29:03,600 --> 00:29:08,280 Speaker 1: seven MHD two. I'm Kevin CURRELLI, Chief Washington correspondent for 496 00:29:08,400 --> 00:29:12,840 Speaker 1: Bloomberg Television and for Bloomberg Radio. There was a time 497 00:29:12,880 --> 00:29:17,560 Speaker 1: when the president, the top politician, was had to to 498 00:29:17,600 --> 00:29:20,640 Speaker 1: be in a wheelchair. He was struck by a trolley. 499 00:29:20,720 --> 00:29:24,880 Speaker 1: The year was nineteen o two, Friday, October third, nineteen 500 00:29:24,960 --> 00:29:31,200 Speaker 1: o two, uh and here was President Theodore Roosevelt. He 501 00:29:31,240 --> 00:29:32,960 Speaker 1: was struck into a couple of days earlier when his 502 00:29:33,000 --> 00:29:35,840 Speaker 1: carriage was hit by a trolley car, and he had 503 00:29:35,880 --> 00:29:40,880 Speaker 1: to intervene. In the coal strike of nineteen o two, 504 00:29:41,160 --> 00:29:44,800 Speaker 1: the cold workers of Pennsylvania had gone on strike, and 505 00:29:44,840 --> 00:29:49,600 Speaker 1: really the entire country was threatened into unrest and into 506 00:29:50,360 --> 00:29:53,960 Speaker 1: a strike that could have very, very negative impacts for 507 00:29:54,000 --> 00:29:59,120 Speaker 1: the economy. But it was a precedent setting moment and 508 00:29:59,440 --> 00:30:04,680 Speaker 1: a in an example of the executive branch really intervening 509 00:30:05,400 --> 00:30:09,600 Speaker 1: into uh the private sector in a way that hadn't 510 00:30:09,640 --> 00:30:12,600 Speaker 1: been done before. And I bring it up because our 511 00:30:12,640 --> 00:30:15,120 Speaker 1: panel has has a volte history in the past, and 512 00:30:15,160 --> 00:30:19,040 Speaker 1: as we are staring down a stalemate of sorts on 513 00:30:19,080 --> 00:30:22,320 Speaker 1: this brewing fiscal stimulus. George c is with us of 514 00:30:22,400 --> 00:30:26,040 Speaker 1: CEO of Annandale Capital, Roger Fisk, a Democratic strategist longtime 515 00:30:26,240 --> 00:30:29,800 Speaker 1: President Obama aid in principle of New Day strategy. Roger, 516 00:30:29,880 --> 00:30:35,560 Speaker 1: I'm wondering whether Speaker Pelosi, Leader McConnell, President Trump, or 517 00:30:35,600 --> 00:30:38,840 Speaker 1: the President elect Joe Biden is going to have to 518 00:30:38,960 --> 00:30:44,000 Speaker 1: at some point step into these talks and and get 519 00:30:44,040 --> 00:30:47,560 Speaker 1: the private sector to put pressure on lawmakers to get 520 00:30:47,600 --> 00:30:49,480 Speaker 1: to some type of fiscal deal in a month that 521 00:30:49,520 --> 00:30:54,000 Speaker 1: has just pummeled the economy at the end of the pandemic. 522 00:30:56,000 --> 00:30:58,320 Speaker 1: I would imagine the answer is yes, right. I mean, 523 00:30:58,360 --> 00:31:01,440 Speaker 1: I think to touch or rather to connect to some 524 00:31:01,520 --> 00:31:03,600 Speaker 1: of the points that both George and I made in 525 00:31:03,600 --> 00:31:06,200 Speaker 1: the previous segment. You know, the urgency of this is 526 00:31:06,280 --> 00:31:11,320 Speaker 1: notching up every single day, and unfortunately, you know, the 527 00:31:11,320 --> 00:31:14,280 Speaker 1: there there's there's a bygone era that's not too far 528 00:31:15,320 --> 00:31:19,360 Speaker 1: that you could almost picture the current administration as it's 529 00:31:19,360 --> 00:31:23,080 Speaker 1: phasing itself out, would actually reach out to the incoming 530 00:31:23,120 --> 00:31:26,800 Speaker 1: administration and actually involved them in some of these conversations. 531 00:31:26,840 --> 00:31:30,120 Speaker 1: But obviously the landscape has been rendered so toxic that 532 00:31:30,280 --> 00:31:31,880 Speaker 1: I think it's fair to say that this is not 533 00:31:32,280 --> 00:31:36,560 Speaker 1: going to happen. I think it's really gonna come down to, uh, 534 00:31:37,080 --> 00:31:42,800 Speaker 1: the like the Schumer, Pelosi, McConnell nexus, and and then 535 00:31:42,880 --> 00:31:46,480 Speaker 1: and then probably with you know, kind of the the 536 00:31:46,600 --> 00:31:50,360 Speaker 1: catalyst role being played by the Mansions and the Collins 537 00:31:50,520 --> 00:31:52,680 Speaker 1: and and folks like that that you can that are 538 00:31:52,840 --> 00:31:55,720 Speaker 1: what's left of kind of the middle, and that's I 539 00:31:55,760 --> 00:31:58,840 Speaker 1: think what's gonna ideally get it done. And then on 540 00:31:58,880 --> 00:32:01,200 Speaker 1: top of that, we haven't even touched on government funding, 541 00:32:01,280 --> 00:32:03,360 Speaker 1: you know, so that you know there there's there's three 542 00:32:03,440 --> 00:32:07,920 Speaker 1: or four major massive um hurricanes, you know, on the horizon, 543 00:32:08,320 --> 00:32:11,320 Speaker 1: and these folks need to reorient their sense of the 544 00:32:11,400 --> 00:32:14,680 Speaker 1: possible and reorient their sense of their obligations to their 545 00:32:14,720 --> 00:32:17,360 Speaker 1: constituents and to the country, because, like I said in 546 00:32:17,360 --> 00:32:19,840 Speaker 1: the previous segment, a lot of these folks fifty and 547 00:32:19,840 --> 00:32:22,240 Speaker 1: twenty years from now are going to be very largely 548 00:32:22,280 --> 00:32:26,040 Speaker 1: defined by what they do and did in December. Well, 549 00:32:26,080 --> 00:32:27,880 Speaker 1: and I want to play now, George, and then I 550 00:32:27,880 --> 00:32:30,240 Speaker 1: want to get your reaction to to one of the 551 00:32:30,600 --> 00:32:33,959 Speaker 1: clear signs of optimism that investors in particular have been 552 00:32:34,000 --> 00:32:36,000 Speaker 1: paying careful attention to, and that is, of course, the 553 00:32:36,120 --> 00:32:40,600 Speaker 1: rollout of the vaccine. This is Americans wait regulation. I'm sorry, 554 00:32:40,600 --> 00:32:46,240 Speaker 1: Americans await regulators analysis and potentially even admitting there to 555 00:32:46,320 --> 00:32:51,480 Speaker 1: be vaccinations in the US UH as early as Sunday, 556 00:32:51,680 --> 00:32:54,360 Speaker 1: as Brian Morganson of the White House told us UH 557 00:32:54,400 --> 00:32:58,120 Speaker 1: in the last half hour, but earlier today, Dr Anthony 558 00:32:58,200 --> 00:33:03,000 Speaker 1: Fauci UH he joined us some others at a Bloomberg 559 00:33:03,000 --> 00:33:06,560 Speaker 1: at the third Annual Bloomberg Health Summit UH, including the 560 00:33:06,600 --> 00:33:10,200 Speaker 1: likes of Michigan Governor Gretchen Whitmer, Dr. Tom Freeman, Dr. 561 00:33:10,320 --> 00:33:13,520 Speaker 1: David Kessler, and many others, to talk about the incoming 562 00:33:13,640 --> 00:33:17,640 Speaker 1: rollout of the vaccine. UH. And and George, I want 563 00:33:17,680 --> 00:33:19,000 Speaker 1: you to listen to this, and then I want to 564 00:33:19,040 --> 00:33:22,320 Speaker 1: get what the private sector could offer in terms of 565 00:33:22,360 --> 00:33:27,480 Speaker 1: experience to this massive, massive rollout that really the fate 566 00:33:27,480 --> 00:33:29,280 Speaker 1: of the economy and the public health they're going to 567 00:33:29,320 --> 00:33:33,200 Speaker 1: be relying on here is well, we've gonna be doing 568 00:33:33,240 --> 00:33:36,400 Speaker 1: a lot of community engagement in a community outreach to 569 00:33:36,480 --> 00:33:40,680 Speaker 1: get people to understand the two things that bother people. 570 00:33:41,080 --> 00:33:44,000 Speaker 1: They say, well, maybe we did this too quickly. They 571 00:33:44,040 --> 00:33:47,920 Speaker 1: need to understand the speed is really a reflection of 572 00:33:47,960 --> 00:33:51,920 Speaker 1: the extraordinary scientific advances that have been made that allowed 573 00:33:52,000 --> 00:33:55,280 Speaker 1: us to do things in weeks two months that normally 574 00:33:55,320 --> 00:33:59,480 Speaker 1: would have taken several years. That was not compromising safety, 575 00:34:00,080 --> 00:34:03,880 Speaker 1: nor was it compromising scientific integrity. The process that went 576 00:34:03,920 --> 00:34:09,240 Speaker 1: into deciding the safety and efficacy was both independent and transparent. 577 00:34:09,719 --> 00:34:13,080 Speaker 1: We need to make sure people understand that, George, Do 578 00:34:13,080 --> 00:34:17,960 Speaker 1: you think that people understand that? No, I don't, and 579 00:34:18,280 --> 00:34:21,240 Speaker 1: I think it's because they just this is a process. 580 00:34:21,280 --> 00:34:25,720 Speaker 1: They don't really uh follow up closely enough to understanding process. 581 00:34:25,760 --> 00:34:27,000 Speaker 1: And I think there's going to have to be an 582 00:34:27,080 --> 00:34:30,440 Speaker 1: education effort. But it's funny timing on this because I 583 00:34:30,480 --> 00:34:32,360 Speaker 1: was just on a conference call with with one of 584 00:34:32,400 --> 00:34:36,560 Speaker 1: my dear friends Bill Frist, who was Majority leader as 585 00:34:36,600 --> 00:34:40,879 Speaker 1: a Republican before McConnell, and um, the reality is we're 586 00:34:40,880 --> 00:34:44,960 Speaker 1: talking about how it really is close to miraculous that 587 00:34:45,040 --> 00:34:51,880 Speaker 1: we got a a vaccine with efficacy ready to go 588 00:34:52,160 --> 00:34:54,120 Speaker 1: in less than a year. I mean, this used to 589 00:34:54,120 --> 00:34:56,359 Speaker 1: take years and years and years. If he came up 590 00:34:56,360 --> 00:35:01,960 Speaker 1: with one, it's it's a stupendous uh accomplishment, and people 591 00:35:01,960 --> 00:35:04,000 Speaker 1: should I was gonna wait a month or two just 592 00:35:04,080 --> 00:35:08,360 Speaker 1: see how it went. But when I saw efficacy and 593 00:35:08,440 --> 00:35:12,400 Speaker 1: nine from mcdarn is, I'm once I qualify, which, of 594 00:35:12,400 --> 00:35:14,480 Speaker 1: course I'm gonna be down the list who should get 595 00:35:14,520 --> 00:35:17,239 Speaker 1: a vaccine. But when I qualify, I'm gonna be right 596 00:35:17,280 --> 00:35:20,640 Speaker 1: there in that line because I appreciate that soundingly effective. 597 00:35:20,880 --> 00:35:23,800 Speaker 1: I appreciate the honesty what you just said there, George, 598 00:35:23,840 --> 00:35:26,920 Speaker 1: because especially to say it on on our air waves, 599 00:35:26,960 --> 00:35:31,640 Speaker 1: which because because I hear this from folks in office staffers, aids, 600 00:35:32,120 --> 00:35:35,719 Speaker 1: friends of mine, not connected to the industry, there is 601 00:35:35,760 --> 00:35:39,160 Speaker 1: this real sense of oh, I'm gonna wait, I'm not 602 00:35:39,160 --> 00:35:41,920 Speaker 1: gonna get it when I can. And you know this 603 00:35:42,320 --> 00:35:45,560 Speaker 1: very well. People like Senator Marco Rubio as well as 604 00:35:45,640 --> 00:35:49,879 Speaker 1: Rob Portman, John Thune and Republicans have joined with Democrats 605 00:35:50,320 --> 00:35:52,560 Speaker 1: like Senators Ben Cardin's of the world. He was on 606 00:35:52,560 --> 00:35:55,520 Speaker 1: our program earlier this week, and they're pushing for a 607 00:35:55,640 --> 00:35:59,760 Speaker 1: public awareness campaign and funding for a public awareness campaign 608 00:36:00,160 --> 00:36:02,880 Speaker 1: because this is I mean this the question that I 609 00:36:02,960 --> 00:36:06,880 Speaker 1: get asked the most is about should I take, like, 610 00:36:07,080 --> 00:36:10,320 Speaker 1: I mean, the trust level of the vaccine And George, 611 00:36:10,320 --> 00:36:12,440 Speaker 1: what you just did there and that and revealing that 612 00:36:12,520 --> 00:36:16,160 Speaker 1: conversation that you had and I appreciate that was to 613 00:36:16,160 --> 00:36:19,000 Speaker 1: to say, it is okay to ask questions, but the 614 00:36:19,080 --> 00:36:23,040 Speaker 1: science and the data really does lead this to a 615 00:36:23,160 --> 00:36:29,640 Speaker 1: moment of incredible, incredible um opportunity in the in the 616 00:36:29,719 --> 00:36:31,680 Speaker 1: in the science that has led us to this point. 617 00:36:31,680 --> 00:36:34,520 Speaker 1: So I appreciate that candor truly panel stage. George c. 618 00:36:34,719 --> 00:36:37,960 Speaker 1: Roger Fisk, I'm Kevin's really true chief Washington correspondent for 619 00:36:37,960 --> 00:36:41,200 Speaker 1: Bloomberg Television and for Bloomberg Radio. And you're listening to Bloomberg. 620 00:36:58,520 --> 00:37:04,319 Speaker 1: This is Bloomberg's Sound On with Ken on Bloomberg and 621 00:37:04,400 --> 00:37:10,680 Speaker 1: one two. I'm Kevin Sireli, chief Washington correspondent for Bloomberg 622 00:37:10,760 --> 00:37:13,640 Speaker 1: Television and for Bloomberg Radio. I just got a d 623 00:37:13,960 --> 00:37:17,600 Speaker 1: M from my mother. I'm on Twitter, I'm checking my 624 00:37:17,680 --> 00:37:20,839 Speaker 1: d M, and I get this this DM. I thought, oh, 625 00:37:21,120 --> 00:37:23,799 Speaker 1: all week long, I've been trying to convince her back 626 00:37:23,840 --> 00:37:26,759 Speaker 1: home and Delco to mail me some Christmas cookies. You know, 627 00:37:27,040 --> 00:37:29,640 Speaker 1: it's it's lonely down here in the in the big 628 00:37:29,640 --> 00:37:33,719 Speaker 1: city and in this uh socially distant times. So I'm thinking, oh, 629 00:37:33,840 --> 00:37:37,400 Speaker 1: maybe she's maybe she's gonna finally send me some Christmas cookies. Now, 630 00:37:37,960 --> 00:37:41,080 Speaker 1: she was d m ng me her son to wish 631 00:37:41,120 --> 00:37:45,160 Speaker 1: Tom Keene a happy birthday. So happy birthday, Tom Keene. 632 00:37:45,480 --> 00:37:50,600 Speaker 1: A Bloomberg surveillance from Chicken SERELLI back in Delaware County, Pennsylvania, 633 00:37:51,000 --> 00:37:54,400 Speaker 1: maybe I can go to the down to to Virginia 634 00:37:54,480 --> 00:37:57,279 Speaker 1: to get some Rainbow cookies from our next guest, Congresswoman 635 00:37:57,640 --> 00:38:02,320 Speaker 1: Abigail Spanburger, Democratic vershwoman who has told me that these cookies, 636 00:38:02,320 --> 00:38:05,680 Speaker 1: the Rainbow Cookies, are incredibly famous in her district. Still 637 00:38:05,719 --> 00:38:08,319 Speaker 1: no word from your staff, Congresswoman, about when I can 638 00:38:08,360 --> 00:38:14,360 Speaker 1: get these cookies. Well, I will clearly have to rectify 639 00:38:14,480 --> 00:38:18,200 Speaker 1: that and have a good conversation with my team about 640 00:38:18,520 --> 00:38:21,120 Speaker 1: about ensuring that we get you from cookies. Well, hopefully 641 00:38:21,160 --> 00:38:23,400 Speaker 1: I can get them faster than the fiscal stimulus. What 642 00:38:23,440 --> 00:38:27,160 Speaker 1: are the status of these negotiations, Kevin, You are setting 643 00:38:27,160 --> 00:38:31,960 Speaker 1: the bar very very low there. It's a horrible thing 644 00:38:31,960 --> 00:38:35,080 Speaker 1: to do about UM. So you know, I maintain my 645 00:38:35,080 --> 00:38:39,960 Speaker 1: my optimism, my dogged optimism that we will get this, uh, 646 00:38:40,000 --> 00:38:42,960 Speaker 1: this relief package through UM. You know, I think that 647 00:38:43,080 --> 00:38:45,359 Speaker 1: at this point in time, as as I know you've 648 00:38:45,360 --> 00:38:50,360 Speaker 1: been tracking it, we've got a relief um package. That is, 649 00:38:50,640 --> 00:38:54,879 Speaker 1: we proposed House members and Senate members, Democrats and Republicans 650 00:38:55,560 --> 00:38:59,160 Speaker 1: really pushing on the programs that matter to people, continued 651 00:38:59,239 --> 00:39:02,920 Speaker 1: unemployment with an additional federal investment each week to ensure 652 00:39:02,960 --> 00:39:07,040 Speaker 1: the people who are facing unemployment are are are able 653 00:39:07,080 --> 00:39:09,920 Speaker 1: to make ends meet. And certainly, when we look at 654 00:39:10,360 --> 00:39:13,040 Speaker 1: the jobs reports that just came back came out last week, 655 00:39:13,080 --> 00:39:15,440 Speaker 1: we've got the slowest rate of growth since the summer. 656 00:39:15,640 --> 00:39:18,440 Speaker 1: It is clear, very very clear that we need to 657 00:39:18,520 --> 00:39:22,360 Speaker 1: ensure that that unemployment support continues to be there. Notably, 658 00:39:22,400 --> 00:39:25,200 Speaker 1: it's what we put forth in the tears. The additional 659 00:39:25,200 --> 00:39:28,080 Speaker 1: thirteen weeks is set to run out the day after Christmas. 660 00:39:28,680 --> 00:39:30,880 Speaker 1: We've got to extend that. But we also need that 661 00:39:31,040 --> 00:39:35,080 Speaker 1: is additional federal dollars. So when to individuals who might 662 00:39:35,120 --> 00:39:39,200 Speaker 1: be facing you know, challenges with rent, UH, food security programs, 663 00:39:39,200 --> 00:39:41,400 Speaker 1: and of course p PP for our small business owners 664 00:39:41,480 --> 00:39:44,800 Speaker 1: in addition to a variety of other elements in this framework. 665 00:39:45,000 --> 00:39:47,399 Speaker 1: Congress One Abigail spen burgers with this, when you talk 666 00:39:47,480 --> 00:39:49,880 Speaker 1: to members of your caucus on the issue of funding 667 00:39:49,880 --> 00:39:53,920 Speaker 1: for state and local governments, are you satisfied with the 668 00:39:54,520 --> 00:39:57,839 Speaker 1: I mean, obviously you you always want to see more, 669 00:39:57,920 --> 00:40:00,799 Speaker 1: but are you satisfied with in term of where the 670 00:40:00,880 --> 00:40:03,359 Speaker 1: number is right now? In the nine oh eight or nine? 671 00:40:05,600 --> 00:40:09,239 Speaker 1: I mean to be clear, this this framework, this plan 672 00:40:09,520 --> 00:40:12,839 Speaker 1: is in no way perfect um, but it is negotiated. 673 00:40:12,840 --> 00:40:15,080 Speaker 1: We got everybody to the table, and we got a 674 00:40:15,120 --> 00:40:18,960 Speaker 1: broad coalition of Democrats and Republicans to support it. Um 675 00:40:19,040 --> 00:40:21,680 Speaker 1: And in our pursuit of perfection that has now been 676 00:40:21,800 --> 00:40:24,319 Speaker 1: months going on, the people who are hurting are the 677 00:40:24,320 --> 00:40:28,239 Speaker 1: American people, American small business owners, are our states, in 678 00:40:28,239 --> 00:40:31,520 Speaker 1: our localities, UH, and everybody in between who needs support 679 00:40:31,560 --> 00:40:35,440 Speaker 1: and relief. So this framework does include UH money to 680 00:40:35,520 --> 00:40:39,920 Speaker 1: state and local That is a priority that is incredibly important. UM. 681 00:40:40,000 --> 00:40:43,120 Speaker 1: And you know, I think, frankly noting that this is this. 682 00:40:43,680 --> 00:40:46,000 Speaker 1: The purpose of this framework is to provide immediate relief 683 00:40:46,080 --> 00:40:50,160 Speaker 1: to get us through about March. UM. Recognizing in the 684 00:40:50,200 --> 00:40:54,720 Speaker 1: months since UH state local was initially a strong topic 685 00:40:54,760 --> 00:40:58,200 Speaker 1: of conversation, UM, you know, we we have a real 686 00:40:58,280 --> 00:41:00,600 Speaker 1: clear idea of what it is our states and our 687 00:41:00,640 --> 00:41:04,440 Speaker 1: localities need in in in addition to additional federal dollars, 688 00:41:04,440 --> 00:41:08,200 Speaker 1: it's um extension of the ability to continue using CARES funding. 689 00:41:08,320 --> 00:41:11,759 Speaker 1: I have in speaking back home in my district, you know, 690 00:41:11,760 --> 00:41:13,799 Speaker 1: one of the major issues is we did actually put 691 00:41:13,880 --> 00:41:18,000 Speaker 1: forth CARES dollars to help our community is with a 692 00:41:18,040 --> 00:41:21,280 Speaker 1: whole array of needs that they would have never imagined 693 00:41:21,360 --> 00:41:24,920 Speaker 1: or planned for provide, you know, ensuring that communities can 694 00:41:25,000 --> 00:41:27,600 Speaker 1: find new school systems, can find new HVAC systems. But 695 00:41:27,640 --> 00:41:30,680 Speaker 1: the challenges is in a global pandemic, when everybody's trying 696 00:41:30,760 --> 00:41:34,080 Speaker 1: to UH make some of the same adjustments that are necessary, 697 00:41:34,120 --> 00:41:37,280 Speaker 1: there's you know, backlogs on getting h facts. It's challenged 698 00:41:37,320 --> 00:41:41,080 Speaker 1: to get the skilled workforce in to make those changes, 699 00:41:41,120 --> 00:41:43,360 Speaker 1: and the list goes on and on. So in addition 700 00:41:43,400 --> 00:41:46,720 Speaker 1: to the dollars, even extending and lengthening the time for 701 00:41:47,040 --> 00:41:48,640 Speaker 1: our community is to be able to use care SAX 702 00:41:48,719 --> 00:41:52,480 Speaker 1: money is an incredibly important element a smart conversation. Congressman 703 00:41:52,560 --> 00:41:55,960 Speaker 1: Abigail spam Burger's with US headline crossing my Bloomberg terminal 704 00:41:56,120 --> 00:41:58,919 Speaker 1: right now, Joe Biden has announced that he is going 705 00:41:58,960 --> 00:42:03,000 Speaker 1: to pick Katherine and Tie as US trade representative again. 706 00:42:03,040 --> 00:42:06,719 Speaker 1: President Elect Joe Biden will pick Catherine Tie as the 707 00:42:06,840 --> 00:42:11,960 Speaker 1: US Trade Representative. She is, of course UH currently the 708 00:42:12,040 --> 00:42:15,400 Speaker 1: Chief Trade Council of the Ways and Means Committee for 709 00:42:15,480 --> 00:42:18,640 Speaker 1: the US House of Representatives. She is the lead advisor 710 00:42:18,719 --> 00:42:21,480 Speaker 1: to the Chairman and Democratic members on the Committee of 711 00:42:21,480 --> 00:42:25,040 Speaker 1: Ways and Means on matters of international trade. She also 712 00:42:25,719 --> 00:42:28,440 Speaker 1: came to the Committee in two thousand and fourteen from U. S. 713 00:42:28,480 --> 00:42:31,640 Speaker 1: T r S Office of the General Council UH and 714 00:42:32,160 --> 00:42:36,000 Speaker 1: had previously been Chief Counsel for the China Trade Enforcement 715 00:42:36,320 --> 00:42:40,080 Speaker 1: with the responsibility for the development and litigation of US 716 00:42:40,480 --> 00:42:45,840 Speaker 1: disputes against China and the World Trade Organization. I mentioned this, 717 00:42:46,440 --> 00:42:49,360 Speaker 1: Congresswoman Abigail Spanburger, because I know that, of course you 718 00:42:49,400 --> 00:42:53,760 Speaker 1: are on the Agriculture Committee. UH. Are is your immediate 719 00:42:53,800 --> 00:42:56,360 Speaker 1: reaction to to this pick and the priorities that you 720 00:42:56,400 --> 00:43:00,239 Speaker 1: hope the Biden administration has through U. S. Tr So, 721 00:43:00,320 --> 00:43:02,799 Speaker 1: I think she's a fantastic uh and I also serve 722 00:43:02,840 --> 00:43:05,640 Speaker 1: on foreign affairs, so the two of them trade the tough, 723 00:43:05,920 --> 00:43:08,680 Speaker 1: tough issue. UM. You know, I think she's a fantastic pick. 724 00:43:08,760 --> 00:43:13,400 Speaker 1: Particularly her experience dealing directly with China related issues I 725 00:43:13,440 --> 00:43:17,040 Speaker 1: think are incredibly important. Uh you know, particularly as we're 726 00:43:18,040 --> 00:43:22,799 Speaker 1: endeavoring to move forward after the trade war and the 727 00:43:22,840 --> 00:43:26,520 Speaker 1: implications uh that that we have felt, particularly in our 728 00:43:26,800 --> 00:43:31,160 Speaker 1: agricultural communities, particularly with uh the retaliatory tariffs that we've 729 00:43:31,200 --> 00:43:35,319 Speaker 1: seen on American soybing. UM. So you know, I think 730 00:43:35,320 --> 00:43:38,400 Speaker 1: it's going to be UM. I think she's a great choice. Certainly, 731 00:43:38,440 --> 00:43:42,880 Speaker 1: her experience with the House Abrupt Presentatives is is incredibly 732 00:43:42,920 --> 00:43:45,920 Speaker 1: beneficial when we were working on U s m c 733 00:43:46,040 --> 00:43:49,640 Speaker 1: A and the implementation documents, the implementing documents there. Uh 734 00:43:49,680 --> 00:43:54,040 Speaker 1: you know, I workd uh many many meetings with Investador 735 00:43:54,160 --> 00:43:57,120 Speaker 1: Lefehiser and his whole team. UH. So, I think it's 736 00:43:56,960 --> 00:44:02,440 Speaker 1: a great benefit for for the new US Trade Roup 737 00:44:02,520 --> 00:44:06,359 Speaker 1: to be someone who UM has relationships within the House 738 00:44:06,360 --> 00:44:10,680 Speaker 1: of Representatives. Uh And can you know understand from from 739 00:44:10,680 --> 00:44:13,000 Speaker 1: our perspective what we're advocating for back home? And but 740 00:44:13,200 --> 00:44:15,440 Speaker 1: you know well before that she's got a strong background. 741 00:44:15,960 --> 00:44:20,200 Speaker 1: So I'm excited. Yeah, and and twitching gears back to 742 00:44:19,880 --> 00:44:21,960 Speaker 1: to to where things stand now on what is it 743 00:44:22,000 --> 00:44:25,200 Speaker 1: really a monumental week from a science perspective. We're on 744 00:44:25,280 --> 00:44:29,320 Speaker 1: the eve of really the the first vaccines being uh 745 00:44:29,640 --> 00:44:32,400 Speaker 1: being administered, and here in the United States it couldn't 746 00:44:32,440 --> 00:44:35,600 Speaker 1: even come as early as this weekend. In some cases, 747 00:44:35,800 --> 00:44:38,960 Speaker 1: the administration saying twenty million uh in this month, a 748 00:44:39,040 --> 00:44:42,800 Speaker 1: President elect Biden saying a hundred million uh doses of 749 00:44:42,880 --> 00:44:46,160 Speaker 1: the vaccines. I want to correct myself, twenty million doses 750 00:44:46,160 --> 00:44:49,200 Speaker 1: of the vaccine this month and a hundred million vaccines 751 00:44:49,239 --> 00:44:52,640 Speaker 1: and President elect Joe Biden's first one hundred days uh. 752 00:44:52,680 --> 00:44:54,520 Speaker 1: You know, but I get this question all the time, 753 00:44:54,520 --> 00:44:56,680 Speaker 1: and I'm curious if you get it from your constituents 754 00:44:56,719 --> 00:44:59,680 Speaker 1: about whether or not people can trust the vaccine. There's 755 00:44:59,719 --> 00:45:02,200 Speaker 1: been a by partisan group of lawmakers I'm sure you're 756 00:45:02,200 --> 00:45:04,319 Speaker 1: well aware, who have been calling for there to be 757 00:45:04,360 --> 00:45:08,759 Speaker 1: a public effort service campaign to to really educate the 758 00:45:08,760 --> 00:45:12,080 Speaker 1: public about being able to trust this vaccine. This is 759 00:45:12,120 --> 00:45:14,360 Speaker 1: not like, oh, I'm gonna wait for the new iPhone 760 00:45:14,360 --> 00:45:16,680 Speaker 1: to come out before I get my no, this, but 761 00:45:16,760 --> 00:45:19,360 Speaker 1: that's what I hear. That's what I hear, Congresswoman. And 762 00:45:19,440 --> 00:45:22,160 Speaker 1: we've got to be honest about the reality of people 763 00:45:22,320 --> 00:45:26,080 Speaker 1: saying things that just aren't true. So from just from 764 00:45:26,120 --> 00:45:30,040 Speaker 1: your perspective, talk to us about where the process is 765 00:45:30,080 --> 00:45:33,960 Speaker 1: and whether or not people should really trust this vaccine. Well, 766 00:45:34,040 --> 00:45:37,680 Speaker 1: so to answer the most basic question, yes, people should 767 00:45:37,920 --> 00:45:41,719 Speaker 1: trust the vaccine when when it's available and when it's 768 00:45:41,760 --> 00:45:45,879 Speaker 1: my turn. Uh per CDC guys plans you get one, um. 769 00:45:46,280 --> 00:45:49,480 Speaker 1: And but what the point that you bring up is 770 00:45:49,520 --> 00:45:51,600 Speaker 1: a is a really good one. You know. I think 771 00:45:51,640 --> 00:45:54,080 Speaker 1: that depending upon where you fall on the spectrum and 772 00:45:54,080 --> 00:45:57,320 Speaker 1: whether or not partisanship might play a role in people's 773 00:45:57,320 --> 00:46:00,160 Speaker 1: concerns related to this vaccine. I would note that the 774 00:46:00,160 --> 00:46:03,800 Speaker 1: the fact that these vaccines have come forth so quickly 775 00:46:04,239 --> 00:46:06,800 Speaker 1: it is it is not a result of cutting quarters 776 00:46:07,040 --> 00:46:10,239 Speaker 1: corners um, which I think might contribute to some of 777 00:46:10,239 --> 00:46:12,200 Speaker 1: the worry that people have how on earth because they 778 00:46:12,200 --> 00:46:14,279 Speaker 1: have moved this quickly, they're cutting corners. It's not a 779 00:46:14,280 --> 00:46:17,680 Speaker 1: result of cutting corners, UM. It was really a result 780 00:46:17,719 --> 00:46:23,640 Speaker 1: of science in and banking on um, you know, more options. 781 00:46:23,680 --> 00:46:27,120 Speaker 1: So so you know, you wouldn't typically be funding all 782 00:46:27,160 --> 00:46:31,560 Speaker 1: of these um duplicate you know, do put all these 783 00:46:31,640 --> 00:46:34,160 Speaker 1: duplications of effort that we're seeing across the board. But 784 00:46:34,200 --> 00:46:35,959 Speaker 1: when you're trying to get a vaccine out this quickly 785 00:46:36,040 --> 00:46:38,480 Speaker 1: than that success, that is so important. And you know, 786 00:46:38,560 --> 00:46:41,200 Speaker 1: and and folks, I mean COVID nineteen is a virus. 787 00:46:41,280 --> 00:46:43,840 Speaker 1: It is related to other viruses, so they've been studying 788 00:46:43,920 --> 00:46:47,719 Speaker 1: viruses for decades. My thanks to Congressman Abigail Spanburger, a 789 00:46:47,800 --> 00:46:50,200 Speaker 1: Democrat from Virginia. I do want to correct myself. Her 790 00:46:50,280 --> 00:46:53,280 Speaker 1: staff did tell me where I can get and purchase 791 00:46:53,360 --> 00:46:57,120 Speaker 1: on my own Rainbow cookies, and I appreciate that staff effort. 792 00:46:57,200 --> 00:47:00,320 Speaker 1: Congressman Abigail Spamburger, come back anytime. Thank you. I'm Kevin cereally, 793 00:47:00,360 --> 00:47:02,200 Speaker 1: Chief Washington correspondent f for Bloomberg TV and Radio. This 794 00:47:02,239 --> 00:47:21,880 Speaker 1: is Bloomberg nine nine one. I'm Kevin Cereli, Chief Washington 795 00:47:21,880 --> 00:47:25,480 Speaker 1: corresponded FRO Bloomberg Television and FRO Bloomberg Radio. Maruthal on 796 00:47:25,520 --> 00:47:28,720 Speaker 1: the boards. That's Nellie for Tato. I'm like a bird, 797 00:47:29,080 --> 00:47:31,399 Speaker 1: but there it is. I was hoping for the course. 798 00:47:31,440 --> 00:47:33,040 Speaker 1: Maybe maybe on the way out we'll get it. It's 799 00:47:33,080 --> 00:47:34,880 Speaker 1: a it's a It's one of the favorite songs of 800 00:47:34,920 --> 00:47:38,239 Speaker 1: our next guest, Ben Brody, who covers all things technology 801 00:47:38,640 --> 00:47:42,080 Speaker 1: for Bloomberg. UH, and he is what is on my 802 00:47:42,200 --> 00:47:45,040 Speaker 1: radar today because of the news with regards to Facebook. 803 00:47:45,080 --> 00:47:46,920 Speaker 1: So I want to get a quick update before I 804 00:47:46,920 --> 00:47:50,960 Speaker 1: returned to our panel. But Ben Brody, Facebook's on my 805 00:47:51,040 --> 00:47:54,880 Speaker 1: radar today because of the antitrust case. So tell us 806 00:47:54,880 --> 00:48:00,279 Speaker 1: what what happened? Uh? So the FTC UH and state 807 00:48:00,320 --> 00:48:04,160 Speaker 1: attorneys general UH filed lawsuits to lawsuits, one for each 808 00:48:04,680 --> 00:48:08,520 Speaker 1: basically allegend that Facebook has been buying up rivals, UH, 809 00:48:08,640 --> 00:48:14,200 Speaker 1: squashing partners, degrading privacy UH and harming advertisers UH for 810 00:48:14,320 --> 00:48:16,600 Speaker 1: a lot of years and that the time that they 811 00:48:16,600 --> 00:48:20,640 Speaker 1: cut that out. So what's the next step in the process. Uh. 812 00:48:20,800 --> 00:48:23,080 Speaker 1: Next step in the process is going to be getting 813 00:48:23,080 --> 00:48:26,080 Speaker 1: those two lawsuits together in court, seeing how the leadership 814 00:48:26,120 --> 00:48:28,760 Speaker 1: of the SEC and the President Biden President LEC Biden 815 00:48:29,080 --> 00:48:31,759 Speaker 1: UH would want to actually deal with this, and then 816 00:48:31,800 --> 00:48:33,879 Speaker 1: going to trial and maybe six months a year, maybe 817 00:48:33,880 --> 00:48:38,399 Speaker 1: a little more. Okay, So how is Facebook reacting to this? Uh? 818 00:48:38,440 --> 00:48:42,080 Speaker 1: They are upset about this, of course. UH. They basically 819 00:48:42,120 --> 00:48:44,759 Speaker 1: feel that the FTC is trying to go back and 820 00:48:44,920 --> 00:48:47,880 Speaker 1: unwind these acquisitions of Instagram and WhatsApp that they already 821 00:48:47,920 --> 00:48:52,640 Speaker 1: approved multiple years ago. They're calling it a do over. Um. 822 00:48:52,680 --> 00:48:55,520 Speaker 1: They're saying that they've basically become incredible products, not because 823 00:48:55,520 --> 00:48:59,120 Speaker 1: they bought rivals to squash competition, but because they invested 824 00:48:59,160 --> 00:49:01,759 Speaker 1: a lot of time and energy and talents in it. Uh, 825 00:49:01,800 --> 00:49:03,759 Speaker 1: And they think that this is basically just trying to 826 00:49:04,400 --> 00:49:07,560 Speaker 1: punish success. Ben Brody's with us. He covers all things 827 00:49:07,760 --> 00:49:11,319 Speaker 1: technology in the lens of Washington, d C for US 828 00:49:11,320 --> 00:49:13,560 Speaker 1: at Bloomberg. You know, Ben, I gotta be candid here. 829 00:49:13,600 --> 00:49:17,840 Speaker 1: You mentioned President elect Joe Biden. Do we know how 830 00:49:17,880 --> 00:49:20,919 Speaker 1: he's going to handle the FTC or what his picks 831 00:49:20,960 --> 00:49:24,000 Speaker 1: are going to be and how uh the big text 832 00:49:24,000 --> 00:49:26,560 Speaker 1: relationship with the Biden administration, Do we know any of 833 00:49:26,600 --> 00:49:28,920 Speaker 1: that are We're gonna have to wait and see. Uh, 834 00:49:29,040 --> 00:49:31,680 Speaker 1: it's a really big question that folks are asking themselves. 835 00:49:32,000 --> 00:49:35,160 Speaker 1: I think there's a sense that the Democrats were really 836 00:49:35,160 --> 00:49:41,040 Speaker 1: complementary of tech under Obama. Biden doesn't seem to share that. 837 00:49:41,600 --> 00:49:43,400 Speaker 1: But it isn't clear that he's going to go with 838 00:49:43,440 --> 00:49:46,080 Speaker 1: some of the kind of really liberal school that wants 839 00:49:46,120 --> 00:49:48,880 Speaker 1: to completely vamp antitrust law. That's what we're kind of 840 00:49:48,880 --> 00:49:51,680 Speaker 1: watching when we see these announcements about who's going to 841 00:49:51,719 --> 00:49:54,080 Speaker 1: be taking over these agencies or who's going to be nominated. 842 00:49:54,640 --> 00:49:57,160 Speaker 1: We just don't know. It's very interesting. And the SMP 843 00:49:57,239 --> 00:50:00,200 Speaker 1: five hundred slid from a record, while the nasd ACT 844 00:50:00,200 --> 00:50:02,920 Speaker 1: one hundred had its biggest slump in a month. Facebook 845 00:50:03,080 --> 00:50:06,000 Speaker 1: sank after being sued as members just telling us by 846 00:50:06,080 --> 00:50:09,880 Speaker 1: US antitrust officials. Ben Brody, thanks for fitness in today. 847 00:50:09,920 --> 00:50:12,799 Speaker 1: I appreciate it's my friend. I will catch up with 848 00:50:12,840 --> 00:50:16,800 Speaker 1: you later. He covers all Things technology for US in Washington, 849 00:50:16,880 --> 00:50:20,880 Speaker 1: d C. Excellent, excellent reporter Ben Barodi. Alright, time now 850 00:50:20,960 --> 00:50:23,360 Speaker 1: to return to the panel to see what's on their radar. 851 00:50:23,800 --> 00:50:28,000 Speaker 1: Roger Fisk, democratic strategist, longtime President Obama, aide and principal 852 00:50:28,280 --> 00:50:32,440 Speaker 1: at New Day Strategy, and George c CEO of Annandale Capital. 853 00:50:32,600 --> 00:50:36,640 Speaker 1: He's a Texas businessman. His portfolio is expansive. He has 854 00:50:36,680 --> 00:50:41,720 Speaker 1: advised many of Republicans UH and most recently Marco Rubio's 855 00:50:42,080 --> 00:50:47,040 Speaker 1: sixteen presidential campaign. But UH, very very in the UH, 856 00:50:47,600 --> 00:50:49,520 Speaker 1: I don't know in the zeitgeist George, I don't know 857 00:50:49,560 --> 00:50:51,120 Speaker 1: how to say it. I mean, like as Tom Keene 858 00:50:51,120 --> 00:50:52,839 Speaker 1: would say, it's his birthday, so I'm gonna keep bringing 859 00:50:52,840 --> 00:50:56,560 Speaker 1: it up. He's gonna get mad. But yeah, well connected, George, 860 00:50:56,600 --> 00:51:01,320 Speaker 1: C George, what's on your radar? What night's intro? Kevin? 861 00:51:01,360 --> 00:51:03,640 Speaker 1: Thank you? On my radar is the rollout of the 862 00:51:03,719 --> 00:51:08,880 Speaker 1: vaccine and how rapidly we're gonna do that. I know 863 00:51:09,000 --> 00:51:11,239 Speaker 1: when that happens, And I don't know if it's it's 864 00:51:11,239 --> 00:51:13,600 Speaker 1: halfway through next year where we've gotten most of the 865 00:51:13,640 --> 00:51:16,799 Speaker 1: country inoculated, or two thirds of the way through the 866 00:51:16,880 --> 00:51:19,240 Speaker 1: year or three. I don't know. It's gonna be sometime 867 00:51:19,280 --> 00:51:21,480 Speaker 1: in the middle of the year. We're gonna see an 868 00:51:21,480 --> 00:51:24,439 Speaker 1: explosion of economic activity all over the world. It's gonna 869 00:51:24,440 --> 00:51:28,160 Speaker 1: be really good for for uh RE, recapturing some of 870 00:51:28,160 --> 00:51:30,200 Speaker 1: these jobs that have gone away, although some of them 871 00:51:30,200 --> 00:51:33,440 Speaker 1: that will never come back, and the economy growing aggressively. 872 00:51:33,440 --> 00:51:37,440 Speaker 1: And it's absolutely vital that the private public sector tremendous 873 00:51:37,520 --> 00:51:40,920 Speaker 1: partnership that has led to the creation of this vaccine 874 00:51:40,920 --> 00:51:43,520 Speaker 1: is in a record short period of time, is equally 875 00:51:43,520 --> 00:51:45,799 Speaker 1: efficient in rolling it out, and people actually agreeing to 876 00:51:45,840 --> 00:51:48,600 Speaker 1: take the vaccine. It's gonna be critical to save hundreds 877 00:51:48,640 --> 00:51:51,800 Speaker 1: of thousands of lives in our country and for getting 878 00:51:51,800 --> 00:51:54,080 Speaker 1: our people back to what the new normal is as 879 00:51:54,080 --> 00:51:56,720 Speaker 1: soon as possible. So I'm gonna be watching that really carefully. 880 00:51:56,719 --> 00:52:00,440 Speaker 1: And I'm I'm confident that the Biden administration will be 881 00:52:00,520 --> 00:52:03,640 Speaker 1: every bit as vigilant as they can be in terms 882 00:52:03,760 --> 00:52:06,520 Speaker 1: of getting to that result. And I hope that even 883 00:52:06,560 --> 00:52:09,200 Speaker 1: with all the drama over the election and and the 884 00:52:09,239 --> 00:52:12,359 Speaker 1: animosity between the two more and political parties, that on 885 00:52:12,400 --> 00:52:14,920 Speaker 1: that particular issue, there will be a very smooth and 886 00:52:14,960 --> 00:52:17,480 Speaker 1: effective transition, you know. And I gotta be candid here 887 00:52:17,600 --> 00:52:21,279 Speaker 1: behind the scenes, based upon my reporting at the at 888 00:52:21,320 --> 00:52:25,440 Speaker 1: the staff level, there is communication, uh in terms of 889 00:52:25,840 --> 00:52:29,200 Speaker 1: UH some of the more pressing matters pertaining not just 890 00:52:29,239 --> 00:52:32,680 Speaker 1: to the pandemic but also to national security. UH. And 891 00:52:32,680 --> 00:52:35,640 Speaker 1: and and there is a coordination that that is occurring, 892 00:52:35,680 --> 00:52:38,960 Speaker 1: that has been occurring, um behind the scenes, that that 893 00:52:39,000 --> 00:52:41,759 Speaker 1: has been taking place quite honestly now for several for 894 00:52:41,840 --> 00:52:44,000 Speaker 1: several weeks. And and George, you bring up a really 895 00:52:44,000 --> 00:52:46,680 Speaker 1: good point again just about the psychology of not just 896 00:52:47,040 --> 00:52:49,880 Speaker 1: the American worker, but also just Americans right now as 897 00:52:49,880 --> 00:52:54,040 Speaker 1: a whole and how important it is to stay vigilant, vigilant, vigilant, 898 00:52:54,280 --> 00:52:58,040 Speaker 1: and and and to stay diligent in terms of these 899 00:52:58,080 --> 00:53:00,800 Speaker 1: final weeks. Even as we get this renude plat around 900 00:53:00,800 --> 00:53:03,239 Speaker 1: the optimism, because I get a Holidays is dark out, 901 00:53:03,280 --> 00:53:05,879 Speaker 1: everyone's in their head. But it's important to just say, Okay, 902 00:53:05,880 --> 00:53:08,400 Speaker 1: we're in the fourth quarter. Honestly, folks are probably at 903 00:53:08,400 --> 00:53:10,439 Speaker 1: the two minute warning. Jalen Hurts is going to start 904 00:53:10,440 --> 00:53:13,360 Speaker 1: from my Eagles on Sunday. Things are looking up. Uh, 905 00:53:13,560 --> 00:53:17,520 Speaker 1: Roger Fisk, what's on your radar? Well, Kevin, As you know, 906 00:53:17,680 --> 00:53:21,360 Speaker 1: acrimony is like oxygen to me. So I'm borderline queasy 907 00:53:21,480 --> 00:53:23,640 Speaker 1: with the idea that we've spent the hour with me 908 00:53:23,800 --> 00:53:26,440 Speaker 1: largely agreeing with George. I'm gonna go a little bit 909 00:53:26,480 --> 00:53:29,040 Speaker 1: of a different direction. But someone piggybacking on I think 910 00:53:29,080 --> 00:53:31,120 Speaker 1: that says a lot about me, Roger, don't you I'm 911 00:53:31,120 --> 00:53:33,920 Speaker 1: gonna interrupt it? Does I appreciate George? Can I Can 912 00:53:33,960 --> 00:53:38,960 Speaker 1: I get an amen? Heymen? There we go. Next time, 913 00:53:38,960 --> 00:53:42,320 Speaker 1: I'll get you to say Eagles Okay, go ahead, Roger. Yeah. 914 00:53:42,360 --> 00:53:44,879 Speaker 1: So here's here's what I want to share. And it's really, 915 00:53:44,920 --> 00:53:47,440 Speaker 1: really fascinating and we're just that kind of the dawn 916 00:53:47,520 --> 00:53:50,239 Speaker 1: of this. But there's a guy he did too long 917 00:53:50,440 --> 00:53:54,439 Speaker 1: um uh chains on Twitter, Chris heard of first based HQ. 918 00:53:55,000 --> 00:53:59,320 Speaker 1: He conducted a thousand conversations with companies and fifteen hundred 919 00:53:59,360 --> 00:54:03,560 Speaker 1: conversations with workers over the last ten months. And I 920 00:54:03,600 --> 00:54:05,520 Speaker 1: think the era that we're heading into is going to 921 00:54:05,640 --> 00:54:09,080 Speaker 1: largely be called the remote first era. And one of 922 00:54:09,120 --> 00:54:11,720 Speaker 1: the corridors that he kind of walks down a little 923 00:54:11,719 --> 00:54:16,359 Speaker 1: bit is, you know, obviously most companies, either starting out 924 00:54:16,360 --> 00:54:20,120 Speaker 1: now or reorienting themselves to go back into business, are 925 00:54:20,120 --> 00:54:22,399 Speaker 1: going to be looking at, you know, taking a lot 926 00:54:22,440 --> 00:54:25,680 Speaker 1: of the real estate costs off their back, the insurance 927 00:54:25,760 --> 00:54:29,200 Speaker 1: that the utilities and all that that entails, and what 928 00:54:29,280 --> 00:54:31,839 Speaker 1: that's going to end up with is a much more 929 00:54:31,960 --> 00:54:35,560 Speaker 1: kind of nomadic workforce, right like a company doesn't have 930 00:54:35,640 --> 00:54:38,080 Speaker 1: to look at a particular labor market. They're going to 931 00:54:38,160 --> 00:54:39,839 Speaker 1: be able to pull from all over the world because 932 00:54:39,920 --> 00:54:42,840 Speaker 1: it's kind of remote first. And then as a little 933 00:54:42,920 --> 00:54:46,200 Speaker 1: sub narrative of that, he started to talk about for take, 934 00:54:46,239 --> 00:54:50,440 Speaker 1: for example, the r V market right which has traditionally 935 00:54:50,440 --> 00:54:54,040 Speaker 1: been angled towards retirees and now think of that through 936 00:54:54,040 --> 00:54:57,440 Speaker 1: the lens of like young families or young professionals thirty 937 00:54:57,520 --> 00:55:00,680 Speaker 1: years old, forty years old that are basically gonna liberate 938 00:55:00,719 --> 00:55:03,879 Speaker 1: themselves from mortgages, that are going to liberate themselves from 939 00:55:03,880 --> 00:55:07,080 Speaker 1: bricks and mortar right and basically start to kind of 940 00:55:07,120 --> 00:55:10,759 Speaker 1: just be remote first. And then that leads to an 941 00:55:10,800 --> 00:55:13,520 Speaker 1: interesting set of questions. So, for example, for the National 942 00:55:13,560 --> 00:55:16,040 Speaker 1: Park Service, what if the National Park Service were to say, 943 00:55:16,160 --> 00:55:17,680 Speaker 1: all right, in the next ten years, you're going to 944 00:55:17,719 --> 00:55:20,440 Speaker 1: see this explosion of twenty and thirty and four year olds, 945 00:55:21,080 --> 00:55:23,400 Speaker 1: you know, working remote first. What if we were to 946 00:55:23,440 --> 00:55:26,239 Speaker 1: provide huge slabs of broadband. What if we were to 947 00:55:26,280 --> 00:55:29,840 Speaker 1: provide kind of we work style spaces in the national 948 00:55:29,920 --> 00:55:33,160 Speaker 1: parks to accommodate and give the capacity to all these 949 00:55:33,160 --> 00:55:35,759 Speaker 1: people that are going to be basically roaming around the 950 00:55:35,760 --> 00:55:38,880 Speaker 1: country in somewhat of a migratory patterns on the seasons 951 00:55:38,880 --> 00:55:41,239 Speaker 1: and everything else. I think these who are really really 952 00:55:41,280 --> 00:55:44,439 Speaker 1: fascinating a series of conversations. It is, you know, you've 953 00:55:44,440 --> 00:55:46,879 Speaker 1: been reading too much Jack caroac my friend, but it's 954 00:55:46,920 --> 00:55:50,239 Speaker 1: a fascinating point that you've made for for on for 955 00:55:50,560 --> 00:55:53,120 Speaker 1: the on the Road, one of the great books. I 956 00:55:53,200 --> 00:55:54,920 Speaker 1: love that, you know, and it makes me think of 957 00:55:54,960 --> 00:55:58,480 Speaker 1: that quote, the best teacher is experience and not through 958 00:55:58,520 --> 00:56:02,200 Speaker 1: someone's distorted point of view. So many good points in 959 00:56:02,239 --> 00:56:04,879 Speaker 1: that in Jack Carroas book on the Road. Maybe Jack 960 00:56:04,960 --> 00:56:08,080 Speaker 1: Carouac would have would have hit the road on in 961 00:56:08,160 --> 00:56:11,919 Speaker 1: an RV in the pandemic. Hey, George, thank you so much, 962 00:56:12,320 --> 00:56:14,480 Speaker 1: and Roger thank you so much as well. That does 963 00:56:14,520 --> 00:56:17,040 Speaker 1: it for me. I'm Kevin Surilli, chief Washington correspondent for 964 00:56:17,040 --> 00:56:20,960 Speaker 1: Bloomberg Television and for Bloomberg Radio. The only people from 965 00:56:20,960 --> 00:56:32,680 Speaker 1: me are the mad ones you're listening to Bloomberg