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Speaker 1: Live from our nations. How do we reopen this economy?

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Speaker 1: The latest on how this pandemic is impacting farmers. What

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Speaker 1: does this do from the United States relationship with China?

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Speaker 1: Bloomberg sound on the Insiders, the influencers, the inside. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. We're looking at seveny Kennedys for different vaccines.

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Speaker 1: How do we make sure a pandemic of this scale

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Speaker 1: never happens again? This is Bloomberg's sound on with Kevin's

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Speaker 1: Relation on Bloomberg and one oh five point seven f

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Speaker 1: M h D two. Still a stalemate in Secretary Monutions

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Speaker 1: negotiations with Speaker Pelosi despite the President's executive action, still

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Speaker 1: failing to the stalled relief talks. The latest from Capitol

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Speaker 1: Hill plus SMP and longest wind streak since two thousand

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Speaker 1: and seventeen. Very divorced from the reality for low income Americans.

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Speaker 1: We dive into it with Maddie Duppler and all of that,

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Speaker 1: plus Vice presidential watch books. We are going to get

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Speaker 1: a veep. We're on full veep watch for the body campaign,

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Speaker 1: and we've got the man in the middle of it

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Speaker 1: all to get things off. Brandon Neil. He's a Democratic

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Speaker 1: strategist who previously worked in the Obama administration, former political

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Speaker 1: advisor for the d n C in twenty six and

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Speaker 1: former deputy chief of staff and political advisor to Congresswoman

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Speaker 1: Karen Bass and he was a senior advisor to presidential campaign.

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Speaker 1: He's going to join us at the top of the

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Speaker 1: show with Amos snead Our, GOP Insider, all of that, uh,

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Speaker 1: plus some Tom Perez interview and uh President Trump, who

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Speaker 1: was scheduled to give us a news conference at five thirty.

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Speaker 1: My name is Kevin Cirelli. I'm the chief Washington correspondent

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Speaker 1: for Bloomberg Television and for Bloomberg Radio. Coming up, we

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Speaker 1: are going to talk all about the economic stimulus. Just

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Speaker 1: two days after President Trump moved to implement a scale

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Speaker 1: down coronavirus relief without any congressional approval, there's still no

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Speaker 1: indication that the tactic is going to get Republicans and

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Speaker 1: Democrats to begin negotiating for a comprehensive stimulus. And we're

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Speaker 1: gonna talk all about the specifics on that on a

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Speaker 1: guess manuition. Manuians failed art of the deal and Pelosi's

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Speaker 1: failed art of the deal. Uh, they really can't do anything,

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Speaker 1: and so the President had no choice but to do

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Speaker 1: executive orders. But I want to begin with politics, and

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Speaker 1: I want to go abroad because we have a first

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Speaker 1: time guest on the line who I'm thrilled to welcome

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Speaker 1: to the Sounds on Rotition, Brandon Neil, democratic strategist who

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Speaker 1: previously worked in the Obama administration. He's the former political

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Speaker 1: director for the d n C in and he's a

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Speaker 1: former deputy chief of staff and political advisor to Karen Bass,

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Speaker 1: but also as a senior advisor to Pete Buddha Jedges

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Speaker 1: the presidential campaign. He joins us with Amos Sneed, executive

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Speaker 1: vice president at at Pharaoh Strategic Communications Firm in d C.

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Speaker 1: And he also has worked in the senior upper echelons

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Speaker 1: of House Republican Conference back when they had majority. Okay,

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Speaker 1: welcome back, Brandon, welcome to the show. Alright, hey man,

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Speaker 1: thanks for having me, Kevin. All right, So I'm I'm

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Speaker 1: living in constant turmoil right now, Brandon that every time

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Speaker 1: I go to get a cup of coffee outside of

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Speaker 1: the bureau, that my phone's gonna blow up because we're

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Speaker 1: gonna get a leak of who Biden picks for the

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Speaker 1: vice president, and I gotta run a place to go

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Speaker 1: on air? When do we when? When does my anxiety?

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Speaker 1: When do I solve my anxiety fears? Brandon Neil listen

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Speaker 1: decision week. I mean it could be anything now, I

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Speaker 1: would predict within the next forty eight hours. Um, a

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Speaker 1: bottom line, you know, my friends, and Biden is going

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Speaker 1: to have to pick some one who is sympatical to him,

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Speaker 1: um at his own time, someone who is similar to him.

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Speaker 1: And I think he has a lot of great options

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Speaker 1: to change from. All right, So the names on the

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Speaker 1: short list are obviously Susan Rice, Kamala Harris, uh Valt

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Speaker 1: Demming's who else is on that list? Just to give

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Speaker 1: just a kind of put the whole list out there?

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Speaker 1: Oh yeah, I mean I would definitely addition to the

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Speaker 1: woman you've just mentioned, I would definitely say, you know,

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Speaker 1: cores Win, Karen Bass, you know Senator Kamala Harris, Governor

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Speaker 1: Gretchen Whitner, and you know I would also throw in

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Speaker 1: their Senator Tammy Deathworth as well too. You know, these

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Speaker 1: are great choices, all women, um, with diverse backgrounds, but really,

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Speaker 1: you know, are great leaders and you know, any of

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Speaker 1: them are great pick. So I think right now just

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Speaker 1: a matter of you know, deciding the vice president deciding

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Speaker 1: who is the most person in mind with him and

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Speaker 1: who who he feels comfortable with me in the country.

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Speaker 1: And I mean for Karen bas someone who you know

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Speaker 1: very well having worked for her. I mean, here's someone

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Speaker 1: who really has a history. Will tell us a little

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Speaker 1: bit more about Karen Bass a Democrat representing California. What

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Speaker 1: what is her her background, what is her legacy, what

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Speaker 1: would she bring to the ticket? Absolutely so, I had

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Speaker 1: an honor of working women's bass UM and on the

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Speaker 1: hill and serving as an addition to the definitely chief

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Speaker 1: of staff, but also as her political campaign manager UM

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Speaker 1: across the country. And this is one of the smartest,

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Speaker 1: most strategic women I've ever met UM. You know, know,

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Speaker 1: but most people don't know that she has a long

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Speaker 1: history UM in terms of activism, in terms of organizing

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Speaker 1: a leadership. You know, she was obvious seen addition to

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Speaker 1: being a California congresswoman former Speaker of the California Assembly,

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Speaker 1: the eighteenth largest economy in the world, she was known

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Speaker 1: for working you know, and establishing law for the bipartisan approach. Uh. Currently,

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Speaker 1: you know, she is on the hill, highly respected member

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Speaker 1: of Congress, chair of the Congression Life Focus, you know.

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Speaker 1: But she's also a community activist at heart, you know.

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Speaker 1: And and most people don't realize that she's been the

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Speaker 1: game for a long time and organizing in California, you know,

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Speaker 1: specifically around the gang violence and the drug issues that

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Speaker 1: took place back in her oldly nineteen nineties. So this

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Speaker 1: is someone that Californias have known for quite some time,

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Speaker 1: and the world is getting to know and you know

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Speaker 1: she would be It's gonna be interesting, all right, amos.

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Speaker 1: I mean, you hear these these names, and and and

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Speaker 1: Biden has said that he wants that he's going to

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Speaker 1: pick a female uh. And we don't know if it

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Speaker 1: would be a diversity uh pick um in terms of

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Speaker 1: um and whatnot. But from your perspective, I mean, this

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Speaker 1: is really gonna shake up the race. This is gonna

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Speaker 1: shake up the race. I mean we've all seen on

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Speaker 1: vice presidential picks can have either I would say, no

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Speaker 1: effect or have a massive effect. You know, you think

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Speaker 1: back to Sarah Palin, you think back to Pence. When

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Speaker 1: Trump picked Pence, I remember I was following Pence around.

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Speaker 1: I mean, and it was because, um, because he wanted

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Speaker 1: someone more serious. So all of the different calculations that

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Speaker 1: go into this, but really it's it's here, we are,

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Speaker 1: I mean, now, it's now, it's the fourth quarter for

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Speaker 1: the race. Hey Kevin, Yeah, I appreciate the question in

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Speaker 1: your right, I mean, picking your vice presidential nominee, picking

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Speaker 1: that running mate does give you the opportunity to kind

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Speaker 1: of control the media narrative for two or three days.

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Speaker 1: I mean, look at it right now. You mentioned you're

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Speaker 1: scared to go get a cup of coffee because there

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Speaker 1: could be news brand You know me very well. I

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Speaker 1: need a lot of coffee. I need a lot of

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Speaker 1: coffee especially, go ahead. But I think right now, especially

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Speaker 1: as you're campaigning through COVID, there's gonna be a battle

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Speaker 1: for the cameras and a battle for the media's attention

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Speaker 1: between now and November. And you know, when you make

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Speaker 1: this vice presidential pick, that's your last kind of bite.

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Speaker 1: Remember when McCain picked Palin, there was about two or

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Speaker 1: three days of just solid coverage and then it went

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Speaker 1: back to the bigger, broader narrative. And I think that's

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Speaker 1: what we're gonna run into it again. All right. So,

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Speaker 1: I mean, and I want to get to this coming

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Speaker 1: up a little bit, but the first night of the

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Speaker 1: d n C Convention is UM, it's fascinating this lineup.

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Speaker 1: It's Michelle Obama, John kay Sick, a Republican, the former

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Speaker 1: governor of Ohio a Republican, John Kasick, and Bernie Sanders.

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Speaker 1: Bernie Sanders and John Kasick, I don't know, talk about

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Speaker 1: dueling speeches. I thought it was gonna be a debate

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Speaker 1: between the two. But I mean, you've got here. You

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Speaker 1: have Michelle Obama, John Kasik, Bernie Sanders. I look at

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Speaker 1: this lineup and I was thinking of this during the

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Speaker 1: show prep when I because I want to talk about

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Speaker 1: the conventions, but I'm looking at this lineup and I thought, Wow,

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Speaker 1: the crowd's gonna go. And just as I almost finished

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Speaker 1: the thought, I was like, there's no crowd. I mean.

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Speaker 1: And so I mean, so, on the one hand, that is,

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Speaker 1: I think for any political strategies of any political stripe,

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Speaker 1: let's say, if you're if you're looking for a unification night,

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Speaker 1: that's a very strong lineup, UM and US political junkies.

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Speaker 1: The strategy behind all that is fascinating. However, it's I

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Speaker 1: I know, we've never done this before. In terms of

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Speaker 1: seeing the lack of the crowd, there's no I don't know,

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Speaker 1: will there be confetti? Will there be you know, the

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Speaker 1: pan out zooms and the chance I mean, think of

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Speaker 1: all of that appeal that goes into a massive political convention.

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Speaker 1: It's the super Bowl folks every four years, the Political

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Speaker 1: Olympics folks on the other convention, and now you've got

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Speaker 1: just people doing golf collaps. I mean, I don't know,

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Speaker 1: I don't know what it's gonna be like. I mean, so, uh, Brandon,

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Speaker 1: we've got a middle left before the job and we

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Speaker 1: can come back to this. But I mean, strong lineup,

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Speaker 1: but what about the optics? Yeah, listen a minute. So

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Speaker 1: I think, you know, obviously for the first time in

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Speaker 1: doing anything virtual convention week, but we had the same

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Speaker 1: level enthusiasm as before, pecifically with our state parties and

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Speaker 1: our state parties leadership, and we are all engaged, and

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Speaker 1: I think it's gonna be the exact same gravy thoughts,

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Speaker 1: especially a port from the speakers in the lineup. You

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Speaker 1: know you mentioned you know, Monday Night and which the

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Speaker 1: theme is going to be a United Voice therefore you

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Speaker 1: got bipartisan collaboration and those great speakers. But then you know,

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Speaker 1: we also have Tuesday's uh theme of study leadership on Wednesday,

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Speaker 1: a Future for All, where the VP candidate will be

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Speaker 1: speaking and of course speaking Pelosi and I believe Dr

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Speaker 1: Biden as well. Then come Thursday, the big night, you know, uh,

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Speaker 1: this new American promise and with the Vice President of

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Speaker 1: SST his nomination. So we are excited and looking forward

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Speaker 1: to next week. Allright, Brandon stays, Davis stays, I'll stay too.

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Speaker 1: I'm Kevin's really chief fashion correspondent from Blomberg TV and

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Speaker 1: ready and you're listening to Woomberg ninety nine one. You're

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Speaker 1: listening to Bloomberg Sound On with Kevin Shirley on Bloomberg

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

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Speaker 1: I've been a Bruce mood. I've been listening to Bruce

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Speaker 1: bring Street all weekend. You know when you're getting a funk, right,

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Speaker 1: I'm Kevin's really on the cheap Washington course model from

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Speaker 1: the Merk TV and radio. So you know when you

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Speaker 1: getting a punk and you just need like some summer music.

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Speaker 1: Here we are folks living in the Rhoda Times and

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Speaker 1: that Bruce music. That's what I grew up listening to.

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Speaker 1: I would always go to the nosebleed section at the

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Speaker 1: link Um whenever Bruce with tour with the Street Band.

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Speaker 1: Remember the Street Band with Clarence h Man. He rest

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Speaker 1: in peace. He was the best. But yeah, I was

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Speaker 1: listening to the the thunder Road. Maybe Charlie, Charlie Volmer, who

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Speaker 1: was running the board today the end of Fatigable, Charlie Valmer.

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Speaker 1: I said, Charlie, we need some thunder Road. You know,

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Speaker 1: I gotta I gotta snap out of out of it.

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Speaker 1: We're in a whole new week. We're gonna have the

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Speaker 1: conventions coming up, long hours. Come on. He goes, What's

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Speaker 1: what's thunder road? Where's thunder Road? I said, who doesn't

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Speaker 1: know thunder road, Charlie. So maybe we'll get it, maybe

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Speaker 1: we won't. But you know what, can I say? Enough

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Speaker 1: about the Boss. Let's talk about and by the Boss.

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Speaker 1: I was referring to Charlie Volmer. Huh uh, Let's talk

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Speaker 1: about Brandon Neil, democratic strategist who previously worked in the

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Speaker 1: Obama administration. He's advised Karen Bass, who's on the shortlist.

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Speaker 1: Folks for the vice presidential pick for Joe Biden, and

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Speaker 1: he was also a senior advisor to Pete Boudha Judges

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Speaker 1: presidential campaign. Can never get him on. Now he's on.

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Speaker 1: So I'm thrilled to have Brandon on the program. Amos Snead.

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Speaker 1: He's an e V p at at Faraoh and of

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Speaker 1: course a Republican insider. Amos, you know, I'm looking at

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Speaker 1: this lineup for next week's Democratic Convention, and folks, you

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Speaker 1: can get all of our special coverage on it on

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Speaker 1: Bloomberg TV and radio. But I'm looking at this lineup.

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Speaker 1: We talked about what they're gonna do on Monday night,

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Speaker 1: Michelle Obama, John Kasik, a Republican, and Bernie Sanders, self

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Speaker 1: described socialist, and then you've got so that's the Unity Night,

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Speaker 1: and then you've got Elizabeth Warren and Hillary Clinton speaking

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Speaker 1: on Wednesday Night. I mean, wow, But I guess from

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Speaker 1: your perspective, I mean, you're you're in PR and you

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Speaker 1: know how to do all the spin. How do you

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Speaker 1: actually produce a night of this type of compelling television

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Speaker 1: without making it feel like another zoom that everyone's got

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Speaker 1: to get on. I mean, hey, that's the challenge. Right.

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Speaker 1: But I think that's the challenge with any politician right now,

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Speaker 1: is breaking through and right. I mean we've seen you

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Speaker 1: used to go through the normal channels of the medium.

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Speaker 1: We saw that kind of change the digital but now

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Speaker 1: everybody the zoom has become regular show. I don't know

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Speaker 1: how we're going to do it, Kevin. And the bigger

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Speaker 1: question is, I mean, when each of the parties had

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Speaker 1: their convention, you controlled the microphone for two or three days, right,

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Speaker 1: like you could drive home your agenda. People could walk

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Speaker 1: out of that knowing what you stood for. I don't

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Speaker 1: know if people are gonna pay attention on either side

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Speaker 1: for that long of a time for a video conference.

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Speaker 1: I just I don't know how it's gonna I don't

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Speaker 1: know how it's gonna play out, all right, And then

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Speaker 1: and then Brandon's come back to this. I mean Hillary

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Speaker 1: Clinton and Elizabeth Warren, I mean on one night. Uh

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Speaker 1: really remarkable just to see again the juxtaposition. But I

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Speaker 1: maybe it's because I work in the business, and I

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Speaker 1: know most Americans really could care less about you know,

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Speaker 1: producing in the optics and everything. But I mean, the

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Speaker 1: show of a convention is just so I used the

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Speaker 1: comparison of the Olympics for politics. But it's such a

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Speaker 1: massive undertaking. I mean even and So did not have that.

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Speaker 1: I'm just very curious and we'll find out together. But

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Speaker 1: I'm very curious to see all the all the hard

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Speaker 1: work that both sides have put into this. And the

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Speaker 1: Republicans arguably could have an advantage, right because they get

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Speaker 1: to see what the Democrats or what they do wrong.

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Speaker 1: But I you know, I think Kevin, that's actually a

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Speaker 1: great statement. But I do think that from our side.

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Speaker 1: For the Democrats, I think you know, we are so

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Speaker 1: because of the election is so crucial and so serious. Uh.

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Speaker 1: In November, I think that we will definitely paying closer

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Speaker 1: attention to more or less of the policies and the

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Speaker 1: words that are being said, gearing up until November, and

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Speaker 1: so I think we're gonna get that same level enthusiasm,

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Speaker 1: especially as we march towards November. I think, you know,

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Speaker 1: we're less than eighty five days out another the third

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Speaker 1: so you know, our eyes and uh focus and energy

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Speaker 1: told us an election, Dame. But one thing I will

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Speaker 1: say is that we also during the election. To me,

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Speaker 1: during the convention, we'll actually hear from everyday people, and

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Speaker 1: I know, because of COVID and because of the Zoom experience,

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Speaker 1: we've now put together um sometimes of live documentary that

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Speaker 1: will be taking place where you can talk to the

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Speaker 1: average American h in the community, on the street and Brandon,

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Speaker 1: I hear you, buddy, But I'm like, I gotta say,

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Speaker 1: I think most Americans are like, is my kid going

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Speaker 1: back to school? I mean, I don't have time to

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Speaker 1: I mean, they are the real people outside of the

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Speaker 1: Beltway know what it's like to be a real American.

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Speaker 1: But I want to come back to this, and I

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Speaker 1: know you agree, but but you know I I come

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Speaker 1: back to just from the optics FO and I'm trying

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Speaker 1: to prepare everybody and coming on, I promise we're gonna

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Speaker 1: talk about the stimulus and the market and whatnot. But

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Speaker 1: I want to stick with this notion of the convention

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Speaker 1: because think about it. Think of the political theater, the

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Speaker 1: drama of when Bill and Hillary were on stage for

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Speaker 1: the first time together with the with the confetti going down,

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Speaker 1: or when former President Obama walked out on stage with

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Speaker 1: Hillary Clinton, and that imagery. I'm telling you, the imagery

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Speaker 1: and the cameras and the commentators, the big network anchors,

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Speaker 1: they're all saying this is historic, this is this. I mean, nowadays,

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Speaker 1: it's gonna be like three to one. Here's a zoom

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Speaker 1: and so that's what I just I just can't wait.

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Speaker 1: I mean, whoever wants to jump in first, I can't

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Speaker 1: wait to see how this goes. I just say it's

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Speaker 1: the new normal, and we've got to get used to it.

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Speaker 1: And I think inetti falling from the sky and let's

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Speaker 1: see light Ludden's Poplins screen, that's the new novel. But

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Speaker 1: we just they get used to it, you know, all right,

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Speaker 1: what should the Republicans be looking at next week for

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Speaker 1: the convention? Amos? Uh? Anything you can do to just

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Speaker 1: control the microphone, controlled the attention of the media. I mean,

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Speaker 1: think about this. Four years ago there were sixteen Republicans

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Speaker 1: running for the White House and Trump knew how to

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Speaker 1: control the media narrative and he just took it and

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Speaker 1: never let go of it until today, current day. So

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Speaker 1: I think it's gonna be really tough for Biden, whoever

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Speaker 1: he selects as a VP, to break through that. I mean,

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Speaker 1: Trump is a master at political theater. Remember when he

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Speaker 1: did the whole it was like w W E. When

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Speaker 1: he walked out with all the Do you remember this.

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Speaker 1: I was there. I was on the ground. We see

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Speaker 1: all these lives on the ground for wrestling, you're on

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Speaker 1: the I was on the floor of the convention. Yeah,

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Speaker 1: but I got just getting whacked by confetti. I was like,

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Speaker 1: what's going on. I hadn't slept in years, you know,

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Speaker 1: chugging red bills. But no, that's what I mean. It's just,

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Speaker 1: you know, it's the it's the I guess there's that

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Speaker 1: that Hunter s Thompsonsietia that just wants to see the show,

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Speaker 1: but you just can't. You know, it is the it's

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Speaker 1: not the New Normal brand. And I totally disagree. Four

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Speaker 1: years from now, I'm gonna say, get Brandon, I'm gonna

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Speaker 1: confetti everywhere beyond the floor. I'm gonna say absolutely not.

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Speaker 1: All right, tell me something I don't know, Brandon, what's

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Speaker 1: on your radar before I let you go? What's on

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Speaker 1: your radar? Uh? So radar? You know, I think with

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Speaker 1: similar factage was on the radar. I think that mark standpoint,

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Speaker 1: we are looking the Democrats are looking uh to continue

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Speaker 1: to work with the other Sideay, I really come up

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Speaker 1: with some type of package Simlis factors that speaks to

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Speaker 1: American people. Um, and I think you know, both Speaker

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Speaker 1: Pelosi and Front of the Summer are coming in good

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Speaker 1: spaith efforts, and so we just look forward to some

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Speaker 1: type of compromise and not forgetting uh as we use

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Speaker 1: this compromise that in the midst of COVID, that numbers

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Speaker 1: are real, and in the midst of all this put

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Speaker 1: the American people first, especially now we've got five million

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Speaker 1: people plus expect infected by this disease. And also you know,

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Speaker 1: the death mounting to over a hundreds and fifty thousand people.

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Speaker 1: We need emergencies, funding in lives to find it. All right, right,

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Speaker 1: what's on your radar? Famous the check you're stopping? How

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Speaker 1: loud did they get across the United States when these

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Speaker 1: checks stop? And there's no forcing offense that brings Congress

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Speaker 1: back to make any deal until the end of the

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Speaker 1: fiscal year on September thirty, so they have to fund

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Speaker 1: the government. So I'm watching how loud did the American

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Speaker 1: people get when the check stop that would force Congress

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Speaker 1: to act before September? All right, yeah, and we're gonna

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Speaker 1: talk about that in the next hour, folks, as we

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Speaker 1: give you the latest, bringing the latest rather from Capitol Hill.

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Speaker 1: Here's one thing that's on my radar is that the

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Speaker 1: COVID vaccine for most Americans will take well until in

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Speaker 1: the reading from the Bloomberg terminal quote. Even if the

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Speaker 1: most optimistic projections hold true and a COVID nineteen vaccine

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Speaker 1: is cleared for US use in November, which is what folks,

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Speaker 1: that's the most optimistic UH timeline, the vast majority of

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Speaker 1: Americans won't be able to get the shots until the

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Speaker 1: spring or summer next year at the earliest. That likely timeline,

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Speaker 1: based on interviews and remarks from top specialists including dot

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Speaker 1: Daranthony fauci Um, means businesses, school children, and families will

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Speaker 1: continue to wait. Now there has been this um, this

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Speaker 1: dynamic and the press folks about oh the vaccine, the

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Speaker 1: first round of vaccines are only gonna last, are only

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Speaker 1: gonna be affected. Well, that's the same effective rate of

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Speaker 1: the flu vaccine. So you know our thanks to Brandon

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Speaker 1: or thanks to Amus, much more coming up next. I'm

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Speaker 1: Kevin Sareally you're listening to Bloomberg. How do we reopen

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Speaker 1: this economy? The latest on how this pandemic is impacting farmers?

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Speaker 1: What does this do for the United States relationship with China.

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Speaker 1: Floomberg's sound on the insiders, the influencers, the insects, we're

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Speaker 1: responding to this crisis and manufacturers like never before. If

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Speaker 1: you're looking at Probny Kennedy for different vaccines, how do

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Speaker 1: we make sure a pandemic of this scale never happens again?

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Speaker 1: This is Bloomberg Sound On with Kevin on BLOOMBERGHD two

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Speaker 1: stalemate with Speaker Pelosi and Secretary Manution. The latest on

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Speaker 1: the negotiations are lack thereof this as President Trump signs

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Speaker 1: executive orders to try to kick start the conversation. Plus,

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Speaker 1: we are also on full fledged vice presidential watch. Who

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Speaker 1: will Joe Biden pick as his running mate? The latest

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Speaker 1: on the shortlist, and the latest on the economic data

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Speaker 1: as a COVID vaccine for most Americans? Will it take well?

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Speaker 1: Into My name is Kevin Cerelian, the chief Washington correspondent

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Speaker 1: from Bloomberg Television and for Bloomberg Radio. And another stalemate

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Speaker 1: up on Capitol Hill, folks, And Mattie Tuppler is going

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Speaker 1: to join us later in the hour as we away

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Speaker 1: for President Trump to give us the latest on the

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Speaker 1: lack of negotiations up on the hill. But you know,

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Speaker 1: we begin with the economy because I'm on my Bloomberg

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Speaker 1: terminal and I'm looking at the market and how it

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Speaker 1: closed today, and stocks were mixed. They were mostly mixed

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Speaker 1: as investors sold some of the high flyers that drove

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Speaker 1: the latest valley that almost pushed the U S equities

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Speaker 1: back to record high, and the SMP five hundred approaches

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Speaker 1: all time high reached prior to the coronavirus pandemic, while

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Speaker 1: the tech heavy NASDAC one hundred lost point five per cent.

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Speaker 1: So I mean it was mixed, right, But here we

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Speaker 1: are heading into a week of political uncertainty on stimulus

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Speaker 1: and on um on fiscal stimulus, and and a week

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Speaker 1: of uncertainty in terms of who's gonna win the election,

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Speaker 1: especially as we all hold our breath, hold our breath

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Speaker 1: to see who Joe Biden's gonna pick. So that's where

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Speaker 1: we are as we start things in this week of August.

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Speaker 1: But on Friday, I spoke with Tom Perez. Of course

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Speaker 1: he's the chairman of the Democratic National Committee. He was

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Speaker 1: us to the Labor Secretary. So I always you know,

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Speaker 1: when I interview Chairman Perez, I like to interview him

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Speaker 1: through that lens, so you know you're trying to get

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Speaker 1: through the talking points at both sides off for you.

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Speaker 1: But um, I was asking him about the economic recovery,

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Speaker 1: and that's where I want to begin tonight about that.

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Speaker 1: Take a listen to what he told me. The unemployment

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Speaker 1: rate hat felt at ten point two percent. That beat

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Speaker 1: some economist expectations. But is the pace of the recovery

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Speaker 1: satisfactory for you? That's not even close. Here we are

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Speaker 1: last month there were four point eight million jobs, game

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Speaker 1: this month one point eight not hard to figure out

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Speaker 1: why this pandemic, the pandemic has created serious problems with

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Speaker 1: our recovery. The President's failure to address the pandemic early

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Speaker 1: on has caused so many jobs to be lost needlessly.

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00:22:47,920 --> 00:22:53,919
Speaker 1: We're still thirteen million jobs less than we had in February.

427
00:22:54,080 --> 00:22:58,520
Speaker 1: Thirteen million jobs. This president is competing with Herbert Hoover

428
00:22:58,680 --> 00:23:01,879
Speaker 1: that Herbert Hoover was the last as president who presided

429
00:23:01,960 --> 00:23:06,439
Speaker 1: over net job loss until Donald Trump. He's he's lost

430
00:23:06,600 --> 00:23:11,280
Speaker 1: six million jobs net in the Trump era, and that's

431
00:23:11,320 --> 00:23:14,840
Speaker 1: because of his failure to address the pandemic. You fix

432
00:23:14,920 --> 00:23:18,359
Speaker 1: the pandemic, you fix the economy. But in terms of

433
00:23:18,359 --> 00:23:21,680
Speaker 1: the economy with negotiations on Capitol Hill and Leader McConnell

434
00:23:21,680 --> 00:23:25,000
Speaker 1: and Speaker Pelosi's still the world's apart, and both sides

435
00:23:25,040 --> 00:23:27,920
Speaker 1: have various proposals. But what is it going to take

436
00:23:28,000 --> 00:23:30,840
Speaker 1: to get to a deal because it just seems like

437
00:23:30,880 --> 00:23:34,640
Speaker 1: both sides are ideologically dug in. Well, the problem here

438
00:23:34,720 --> 00:23:38,199
Speaker 1: is that the Republicans waited until the eleventh hour, and

439
00:23:38,240 --> 00:23:41,240
Speaker 1: that's really not doing a service to eleventh hours because

440
00:23:41,320 --> 00:23:45,760
Speaker 1: they waited until eleven to put proposals on the table.

441
00:23:46,240 --> 00:23:50,000
Speaker 1: The Heroes Act the Democrats in the House passed roughly

442
00:23:50,119 --> 00:23:53,159
Speaker 1: three months ago. We knew we were going to be

443
00:23:53,240 --> 00:23:57,119
Speaker 1: in trouble. Today's numbers illustrate the need for us to

444
00:23:57,280 --> 00:24:00,560
Speaker 1: have more stimulus. Democrats put something on the table, and

445
00:24:00,600 --> 00:24:05,160
Speaker 1: again Republicans are unable to come to agreement. The President

446
00:24:05,200 --> 00:24:10,720
Speaker 1: wants a payroll tax reduction. Neither Democrats nor Republicans want

447
00:24:10,760 --> 00:24:12,760
Speaker 1: that because it's not a good thing to do at

448
00:24:12,800 --> 00:24:15,840
Speaker 1: the moment. If if you're not working, uh, you don't

449
00:24:16,119 --> 00:24:18,359
Speaker 1: you don't benefit from that. We're trying to help as

450
00:24:18,400 --> 00:24:20,760
Speaker 1: many people who are out of work as possible. So

451
00:24:20,840 --> 00:24:23,879
Speaker 1: Republicans need to get their act together. But they seem

452
00:24:23,920 --> 00:24:26,760
Speaker 1: to lack a sense of urgency and and that was

453
00:24:26,880 --> 00:24:30,080
Speaker 1: the case with the coronavirus, and that's been the case

454
00:24:30,119 --> 00:24:33,760
Speaker 1: with the economy. We need to give people the six

455
00:24:33,840 --> 00:24:37,240
Speaker 1: hundred dollars they need it. They don't have it right now.

456
00:24:37,320 --> 00:24:40,919
Speaker 1: That is shameful. Well, one of the issues in the

457
00:24:41,080 --> 00:24:44,720
Speaker 1: in the Heroes Act is the state and local tax deduction. Now,

458
00:24:44,800 --> 00:24:47,879
Speaker 1: Democrats have said that they would like to alter that. However,

459
00:24:48,000 --> 00:24:50,960
Speaker 1: when I speak to some centrist Democrats, Mr. Chairman, they

460
00:24:51,040 --> 00:24:54,359
Speaker 1: say that that's something that would really negatively impact small

461
00:24:54,720 --> 00:24:57,920
Speaker 1: business owners, medium sized business owners right now, and folks

462
00:24:57,920 --> 00:25:01,000
Speaker 1: in the middle class. And I'm wondering if there's anything

463
00:25:01,040 --> 00:25:03,600
Speaker 1: that could be negotiated to provide some relief for the

464
00:25:03,640 --> 00:25:06,320
Speaker 1: middle class during this time. Well, this is what the

465
00:25:06,359 --> 00:25:09,719
Speaker 1: Democratic Heroes Act is about. It's about making sure that

466
00:25:09,800 --> 00:25:12,680
Speaker 1: people who lost their job through no reason of uh,

467
00:25:12,880 --> 00:25:15,160
Speaker 1: through no fault of their own, can keep their job.

468
00:25:15,240 --> 00:25:19,080
Speaker 1: It's about making sure businesses have access to capital. The

469
00:25:19,080 --> 00:25:23,680
Speaker 1: the anemic implementation of the p PP program has heard

470
00:25:23,720 --> 00:25:27,480
Speaker 1: so many small businesses aid to state and local governments

471
00:25:27,560 --> 00:25:30,720
Speaker 1: is critical because right now, state and local governments are

472
00:25:30,800 --> 00:25:35,160
Speaker 1: contemplating the layoff of first responders, and we're we're heading

473
00:25:35,200 --> 00:25:38,080
Speaker 1: into the school year. We need more educators, not at

474
00:25:38,200 --> 00:25:43,720
Speaker 1: less educators. All of these proposals from Democrats I think

475
00:25:43,760 --> 00:25:47,600
Speaker 1: are very much their very common sense. They're they're they're

476
00:25:48,240 --> 00:25:51,280
Speaker 1: a function of what the current needs are. It's not

477
00:25:51,400 --> 00:25:55,920
Speaker 1: about building an FBI building so that Donald Trump can

478
00:25:56,080 --> 00:25:58,840
Speaker 1: raise the value of his property across the street. It's

479
00:25:58,840 --> 00:26:03,399
Speaker 1: about focusing on everyday Americans who have lost their jobs,

480
00:26:03,600 --> 00:26:08,040
Speaker 1: they're losing their healthcare, and they're losing their lives unnecessarily.

481
00:26:08,280 --> 00:26:12,359
Speaker 1: That's what the stimulus bills about helping them. Democrats have

482
00:26:12,440 --> 00:26:15,840
Speaker 1: floated reportedly lowering the three three and a half trillion

483
00:26:15,840 --> 00:26:18,679
Speaker 1: dollar thresholder in the stimulus to about two trillion. Is

484
00:26:18,720 --> 00:26:20,720
Speaker 1: that the top line of view here is that where

485
00:26:20,720 --> 00:26:22,760
Speaker 1: Democrats are saying, this is as low as we can

486
00:26:22,760 --> 00:26:26,719
Speaker 1: go to to to keep the caucus together. To trillion dollars.

487
00:26:26,760 --> 00:26:29,560
Speaker 1: I mean, that's that's that seems like some movement towards

488
00:26:29,560 --> 00:26:32,960
Speaker 1: a compromise. Well, we want to get an agreement, and

489
00:26:33,000 --> 00:26:35,600
Speaker 1: we want it yesterday. That's why again we put our

490
00:26:35,680 --> 00:26:39,520
Speaker 1: proposal on the table three months ago. It's the Heroes Act,

491
00:26:39,960 --> 00:26:44,359
Speaker 1: and they can't. The problem is we can't negotiate against ourselves.

492
00:26:44,400 --> 00:26:48,880
Speaker 1: The Republicans didn't come together around a proposal, and so

493
00:26:49,000 --> 00:26:52,119
Speaker 1: that's the problem here. We we understand that we have

494
00:26:52,280 --> 00:26:56,520
Speaker 1: divided government right now, so we need to negotiated resolution.

495
00:26:56,840 --> 00:27:01,000
Speaker 1: Speaker Pelosi and Leader Schumer are are trust them, They

496
00:27:01,080 --> 00:27:04,400
Speaker 1: are good negotiators. They have the interests of the American

497
00:27:04,440 --> 00:27:09,399
Speaker 1: people at their core. And I want we we understand

498
00:27:09,400 --> 00:27:12,480
Speaker 1: principle compromise, but it has to be the principle has

499
00:27:12,520 --> 00:27:16,800
Speaker 1: to be we're helping workers. Uh, we're helping workers, We're

500
00:27:16,840 --> 00:27:21,240
Speaker 1: saving lives, we're getting people back to work. And then

501
00:27:21,320 --> 00:27:23,879
Speaker 1: just you know, I couldn't let you go without asking

502
00:27:23,920 --> 00:27:26,639
Speaker 1: you about something that is the talk of Washington, d C. Also,

503
00:27:26,920 --> 00:27:30,720
Speaker 1: which is the quarters when presumptive Democratic presidential nominee Joe

504
00:27:30,760 --> 00:27:33,400
Speaker 1: Biden is gonna pick his running mate. We think it's

505
00:27:33,400 --> 00:27:35,680
Speaker 1: gonna be sometime within the next week or two. You

506
00:27:35,760 --> 00:27:37,600
Speaker 1: got to give us a little something in terms of

507
00:27:37,600 --> 00:27:41,240
Speaker 1: the timetable or who you would like to see him pick. Well, listen,

508
00:27:41,280 --> 00:27:44,080
Speaker 1: anyone he picks and is going to be historic because

509
00:27:44,119 --> 00:27:47,840
Speaker 1: we're gonna have the first female vice president in American history.

510
00:27:47,880 --> 00:27:51,520
Speaker 1: Some people say it's about time I actually say no. Actually,

511
00:27:51,600 --> 00:27:54,280
Speaker 1: it was about time thirty years ago that we did this,

512
00:27:54,640 --> 00:27:56,840
Speaker 1: and so I'm excited about that. I don't know who

513
00:27:56,880 --> 00:27:59,080
Speaker 1: he will pick, and what I do know is this,

514
00:27:59,200 --> 00:28:02,119
Speaker 1: he has a deep I've worked with all of just

515
00:28:02,240 --> 00:28:06,439
Speaker 1: about all of the UH finalists, and anyone he chooses,

516
00:28:06,480 --> 00:28:10,480
Speaker 1: I'm gonna be thrilled about, and so will um millions

517
00:28:10,480 --> 00:28:14,240
Speaker 1: of folks across this country. This is a glass ceiling

518
00:28:14,720 --> 00:28:17,880
Speaker 1: that needed to be shattered so long ago, and the

519
00:28:17,920 --> 00:28:23,080
Speaker 1: Biden UH ticket with a woman as our first vice

520
00:28:23,119 --> 00:28:27,240
Speaker 1: president in American history, is gonna be a ticket that

521
00:28:27,320 --> 00:28:32,280
Speaker 1: will excite people. That was Tom Perez. I interviewed him

522
00:28:32,400 --> 00:28:37,399
Speaker 1: on Friday after after the jobs numbers came out. Coming up,

523
00:28:37,400 --> 00:28:40,240
Speaker 1: We're gonna give you the latest on the negotiations on

524
00:28:40,360 --> 00:28:43,520
Speaker 1: Capitol Hill, and we're gonna ahead to the heartland Heartland,

525
00:28:44,040 --> 00:28:50,400
Speaker 1: and we're gonna hear about how coronavirus is impacting some farmers.

526
00:28:50,640 --> 00:28:54,840
Speaker 1: It is a really remarkable story and we'll give you that.

527
00:28:54,880 --> 00:28:57,440
Speaker 1: Download the Bloomberg sawn On podcast on Appleichians at Bloomberg

528
00:28:57,480 --> 00:29:01,200
Speaker 1: dot com. By downloading The Bloomberg Business you can also

529
00:29:01,240 --> 00:29:04,360
Speaker 1: find me on radio dot com. I Heart Radio and Spotify.

530
00:29:04,400 --> 00:29:20,560
Speaker 1: I'm Kevin SERELLI. You're listening to Bloomberg. You're listening to Bloomberg.

531
00:29:20,640 --> 00:29:24,600
Speaker 1: Sound On with Kevin Slate on Bloomberg one and one

532
00:29:24,600 --> 00:29:27,440
Speaker 1: A five point shown f M h D two. My

533
00:29:27,520 --> 00:29:31,160
Speaker 1: name is Kevin Sirelli. I am the chief Washington correspondent

534
00:29:31,200 --> 00:29:34,560
Speaker 1: from Bloomberg Television and form Bloomberg Radio. We're gonna talk

535
00:29:34,560 --> 00:29:37,680
Speaker 1: about the vaccines coming up, folks, when they finally get

536
00:29:37,720 --> 00:29:40,720
Speaker 1: the vaccine it uh, it might take a while for

537
00:29:40,720 --> 00:29:45,920
Speaker 1: everybody to get at schools, businesses might take well into one.

538
00:29:46,000 --> 00:29:50,680
Speaker 1: And in fact, Bill Gates Bill Gates, uh, he said

539
00:29:51,360 --> 00:29:55,960
Speaker 1: on CNN's Ferid Zakaria GPS on Sunday. He said, quote,

540
00:29:56,040 --> 00:29:58,800
Speaker 1: you're paying billions of dollars in this very inequitable way

541
00:29:58,840 --> 00:30:01,320
Speaker 1: to get the most work list test results of any

542
00:30:01,320 --> 00:30:04,400
Speaker 1: country in the world. No other country has this testing insanity.

543
00:30:04,920 --> 00:30:08,400
Speaker 1: But he went on to say he was very critical.

544
00:30:08,440 --> 00:30:11,080
Speaker 1: If you've watched one interview this weekend, I would strongly

545
00:30:11,080 --> 00:30:13,160
Speaker 1: recommend to watch Bill Gates on for reach show because

546
00:30:13,360 --> 00:30:16,040
Speaker 1: he said, quote it's mind blowing that you can't get

547
00:30:16,040 --> 00:30:18,440
Speaker 1: the government to improve the testing because they just want

548
00:30:18,480 --> 00:30:20,280
Speaker 1: to say how great it is I mean, I I

549
00:30:20,560 --> 00:30:24,880
Speaker 1: he's on CNN, he's Bill Gates, and he's criticizing the president.

550
00:30:25,000 --> 00:30:29,160
Speaker 1: So it's gonna be really interesting to see where the

551
00:30:29,240 --> 00:30:32,440
Speaker 1: vaccination fight goes and the policy behind it. And I've

552
00:30:32,480 --> 00:30:35,120
Speaker 1: been saying this, and I've been excuse me, saying it

553
00:30:35,200 --> 00:30:37,800
Speaker 1: to my colleagues on Bloomberg Surveillance, Tom, Lisa and John

554
00:30:38,280 --> 00:30:40,880
Speaker 1: Uh the past couple of days. The next fight regarding

555
00:30:40,880 --> 00:30:45,520
Speaker 1: big pharmaceutical companies and PBMs, it's it's gonna make the

556
00:30:45,520 --> 00:30:48,000
Speaker 1: fight that they're having on Capitol Hill right now really

557
00:30:48,040 --> 00:30:51,200
Speaker 1: pale in comparison. So we'll dive into that obviously in

558
00:30:51,200 --> 00:30:54,880
Speaker 1: the long run, but in the and the fiscal fight

559
00:30:55,320 --> 00:30:57,600
Speaker 1: we'll talk about coming up. But I want to I

560
00:30:57,640 --> 00:30:59,920
Speaker 1: saw the story on the Bloomberg terminal today. I said,

561
00:31:00,200 --> 00:31:03,600
Speaker 1: this is a great story. Virus safety crackdown in Michigan

562
00:31:03,640 --> 00:31:06,920
Speaker 1: put small farmers in a bind. So here I am

563
00:31:06,960 --> 00:31:10,440
Speaker 1: and I'm looking at this story. And I said, Alex Ebert, Uh,

564
00:31:10,760 --> 00:31:13,960
Speaker 1: he writes this story with Megan Batan, and it's a

565
00:31:14,000 --> 00:31:16,760
Speaker 1: great story. One of COVID nineteens of victims could be

566
00:31:16,800 --> 00:31:19,720
Speaker 1: a hundred and fifties seven years old, and it might

567
00:31:19,760 --> 00:31:23,400
Speaker 1: be the testing, not illness that takes it down. A

568
00:31:23,480 --> 00:31:28,959
Speaker 1: seasonal and migrant worker testing mandate has Alan Overheiser worried

569
00:31:29,000 --> 00:31:32,640
Speaker 1: in his three hundred acres South Haven, Michigan fruit farm

570
00:31:32,720 --> 00:31:35,680
Speaker 1: that it will face its crucial September harvest short of

571
00:31:35,720 --> 00:31:41,640
Speaker 1: the thirty seasonal laborers needed to hand pick apples that

572
00:31:41,680 --> 00:31:45,760
Speaker 1: have sustained his family business since eighteen sixty three. Wow,

573
00:31:46,240 --> 00:31:48,960
Speaker 1: the testing order sounds harmless, but it has a lot

574
00:31:49,000 --> 00:31:51,760
Speaker 1: of implications, he said in an interview. All right, Alex,

575
00:31:51,960 --> 00:31:56,320
Speaker 1: what are those implications? Hey, Kevin, great to be with you.

576
00:31:56,760 --> 00:31:59,880
Speaker 1: The implications are this, if you want to test the

577
00:32:00,040 --> 00:32:02,680
Speaker 1: one that's not the end of the road, you gotta

578
00:32:02,720 --> 00:32:06,720
Speaker 1: wait for the results. And in the meantime, those apples

579
00:32:06,720 --> 00:32:10,239
Speaker 1: are still they're waiting to be hand picked. And who

580
00:32:10,320 --> 00:32:12,520
Speaker 1: winds up paying for the testing, and how does it

581
00:32:12,560 --> 00:32:15,280
Speaker 1: get done. We're talking about maybe it's to a hundred

582
00:32:15,320 --> 00:32:17,560
Speaker 1: thousand tests that have to be given. It's all across

583
00:32:17,600 --> 00:32:21,520
Speaker 1: the state. So I think this is fascinating because we

584
00:32:21,600 --> 00:32:23,520
Speaker 1: talked so much about the cities, and obviously here in

585
00:32:23,560 --> 00:32:26,479
Speaker 1: the nation's capital, we're all socially distant. You know, you've

586
00:32:26,520 --> 00:32:29,160
Speaker 1: got the markings everywhere you got to wear a mask.

587
00:32:29,280 --> 00:32:31,959
Speaker 1: We're all listened to Mayor Bowser. We have our masks.

588
00:32:32,000 --> 00:32:33,960
Speaker 1: But when you go out to the heartland and you

589
00:32:34,040 --> 00:32:38,480
Speaker 1: have the migrant workers and those where it's it's a

590
00:32:38,480 --> 00:32:41,560
Speaker 1: little bit more difficult to to to track the spread.

591
00:32:42,120 --> 00:32:45,120
Speaker 1: I find this absolutely fascinating. So what are they doing

592
00:32:45,120 --> 00:32:47,680
Speaker 1: in Michigan? I mean because when when I go to

593
00:32:47,720 --> 00:32:49,600
Speaker 1: the grocery store and I get my fruit for the

594
00:32:49,640 --> 00:32:52,480
Speaker 1: week on the weekend, I don't think about all the

595
00:32:52,880 --> 00:32:56,080
Speaker 1: different individuals who went into that and the socially distant

596
00:32:56,200 --> 00:32:58,080
Speaker 1: you know, I got my gloves on, obviously, but like

597
00:32:58,360 --> 00:33:00,680
Speaker 1: I don't think about all the stuff that goes into it.

598
00:33:00,720 --> 00:33:03,160
Speaker 1: So walk me through the apple that I get at

599
00:33:03,160 --> 00:33:06,880
Speaker 1: the grocery store yesterday when it was picked in Michigan.

600
00:33:07,320 --> 00:33:09,880
Speaker 1: What goes into how that gets picked and the safety

601
00:33:09,920 --> 00:33:15,160
Speaker 1: requirements behind it go absolutely so if you think about it,

602
00:33:15,240 --> 00:33:19,120
Speaker 1: they're about a billion pounds of apples in just Michigan

603
00:33:19,560 --> 00:33:22,560
Speaker 1: that has to be picked in about the next month. Right,

604
00:33:22,760 --> 00:33:26,240
Speaker 1: we're talking thousands of laborers that have to go through

605
00:33:26,240 --> 00:33:30,200
Speaker 1: that process, getting up into trees, pulling them down, making

606
00:33:30,200 --> 00:33:31,960
Speaker 1: sure they're good. And those are for the ones that

607
00:33:32,000 --> 00:33:34,120
Speaker 1: you're going to pick off the shelf in the grocery store.

608
00:33:34,400 --> 00:33:37,160
Speaker 1: Maybe half of those go into processing. But you're talking

609
00:33:37,160 --> 00:33:39,440
Speaker 1: about hundreds of people that are going to be within

610
00:33:39,600 --> 00:33:42,560
Speaker 1: close proximity of each other, and if they spread the virus,

611
00:33:42,920 --> 00:33:46,080
Speaker 1: maybe they bring it to the next place where their laborers.

612
00:33:46,120 --> 00:33:50,040
Speaker 1: So the implication here is if you, you know, are

613
00:33:50,080 --> 00:33:53,160
Speaker 1: on this apple farm and you get COVID nineteen there,

614
00:33:53,520 --> 00:33:55,880
Speaker 1: maybe next you take it to another state where you

615
00:33:55,920 --> 00:33:58,840
Speaker 1: help with some other you know, crop bringing it in

616
00:33:59,000 --> 00:34:01,360
Speaker 1: and that's how the virus and spread. And that's typical,

617
00:34:01,440 --> 00:34:03,200
Speaker 1: I mean. And that's what I don't think people understand here,

618
00:34:03,240 --> 00:34:05,840
Speaker 1: is that it's typical that some of these seasonal workers

619
00:34:05,920 --> 00:34:09,719
Speaker 1: might go to different farms. Correct correct me if I'm wrong, Oh,

620
00:34:09,760 --> 00:34:13,000
Speaker 1: you're absolutely right. Yeah. So Mr Overheiser, when he spoke

621
00:34:13,040 --> 00:34:15,319
Speaker 1: with me, said that a lot of his laborers were

622
00:34:15,320 --> 00:34:18,319
Speaker 1: coming from doing a blueberry picking in another state and

623
00:34:18,320 --> 00:34:20,320
Speaker 1: they were headed up to Michigan and they'll be rolling

624
00:34:20,320 --> 00:34:23,160
Speaker 1: in over the next month. And so you know, if

625
00:34:23,200 --> 00:34:24,919
Speaker 1: he can't get them, where is he going to find

626
00:34:24,920 --> 00:34:27,560
Speaker 1: the labor to do it? He's not sure. And and

627
00:34:27,600 --> 00:34:30,399
Speaker 1: there's actually there's been some great journalism over the years,

628
00:34:30,400 --> 00:34:33,799
Speaker 1: as you know, Alex in here now the the the

629
00:34:33,880 --> 00:34:38,320
Speaker 1: journalism like fan and me. But there's been some great

630
00:34:38,400 --> 00:34:42,239
Speaker 1: journalism on seasonal workers, uh over the years, and there's

631
00:34:42,239 --> 00:34:45,640
Speaker 1: been documentaries and whatnot and and uh and everything. And

632
00:34:45,920 --> 00:34:49,440
Speaker 1: I think it right now, you so rightly tap into

633
00:34:49,480 --> 00:34:54,000
Speaker 1: this because for so many of these people who rely

634
00:34:54,320 --> 00:34:59,080
Speaker 1: on getting economic getting their getting their money this way. Uh,

635
00:34:59,080 --> 00:35:03,640
Speaker 1: this pandemic has presented a hold different set of challenges.

636
00:35:03,640 --> 00:35:05,920
Speaker 1: All right, So why's gonna let stay in the Midwest?

637
00:35:05,960 --> 00:35:08,880
Speaker 1: Because you see this about the Ohio Governor Mike Dwine.

638
00:35:08,880 --> 00:35:11,760
Speaker 1: He's a Republican who has aggressively pushed public health measures

639
00:35:11,760 --> 00:35:15,880
Speaker 1: for Ohio. He's saying that he got he originally tested

640
00:35:15,920 --> 00:35:19,920
Speaker 1: positive for COVID nineteen, that he got the coronavirus. So

641
00:35:19,920 --> 00:35:24,160
Speaker 1: it was everywhere, big news, big news, big news. But

642
00:35:24,200 --> 00:35:27,239
Speaker 1: then it was a false result. How rind of me that,

643
00:35:27,440 --> 00:35:34,239
Speaker 1: Alex m So early last week Governor Dwine and six

644
00:35:34,239 --> 00:35:37,600
Speaker 1: other governors announced this big push to buy all these

645
00:35:37,640 --> 00:35:41,239
Speaker 1: antiton tests, right, these fast tests that can tell you

646
00:35:41,360 --> 00:35:44,680
Speaker 1: right away whether or not you've got COVID nineteen. Well

647
00:35:44,800 --> 00:35:46,960
Speaker 1: later in the week he was said to me, President

648
00:35:47,000 --> 00:35:49,840
Speaker 1: Trump in Cleveland's and he takes one of these rapid

649
00:35:49,880 --> 00:35:53,799
Speaker 1: tests and moaned, behold, it's a false positive. He takes

650
00:35:53,840 --> 00:35:56,719
Speaker 1: another two tests in quick succession, and then another one

651
00:35:56,760 --> 00:36:00,480
Speaker 1: on Saturday, and those are all negative. And so you know,

652
00:36:00,800 --> 00:36:04,360
Speaker 1: rolls around into his next press conference and he's feeling

653
00:36:04,480 --> 00:36:07,319
Speaker 1: a little hesitant about the state's big pushed to buy

654
00:36:07,360 --> 00:36:09,799
Speaker 1: these ants in tests. You know, he's a seven year

655
00:36:09,840 --> 00:36:12,840
Speaker 1: old guy, and while he's in really good shape, you know,

656
00:36:12,880 --> 00:36:15,200
Speaker 1: he's got a little asthma that's still getting into a

657
00:36:15,320 --> 00:36:19,040
Speaker 1: territory where it's a little scary for dad. Are you listening.

658
00:36:19,200 --> 00:36:21,520
Speaker 1: My dad's seven years already showing up on construction sites.

659
00:36:21,520 --> 00:36:23,439
Speaker 1: And I'm like that you can't. But you know, ahead,

660
00:36:23,440 --> 00:36:25,520
Speaker 1: I'm not gonna lecture my father on the Bloomberg Show.

661
00:36:25,560 --> 00:36:30,720
Speaker 1: Go ahead, Alex. So anyway, now there's a big royaling

662
00:36:30,840 --> 00:36:33,840
Speaker 1: battle in Ohio about whether or not there should be

663
00:36:33,920 --> 00:36:36,719
Speaker 1: these antigen quick tests, or whether or not the states

664
00:36:36,719 --> 00:36:41,040
Speaker 1: should go with the scrower. But you know, more certain tests,

665
00:36:41,400 --> 00:36:44,879
Speaker 1: um the Dwine took and found his negative results really

666
00:36:44,920 --> 00:36:47,520
Speaker 1: really interesting. All right, Alex, thanks so much for coming on.

667
00:36:47,640 --> 00:36:50,880
Speaker 1: Alexie Bertie is a Bloomberg government and UH has a

668
00:36:50,920 --> 00:36:53,879
Speaker 1: ton of great stories out on degov. UH covers tax

669
00:36:53,880 --> 00:36:56,040
Speaker 1: in the environment, feed law, all of it. So make

670
00:36:56,040 --> 00:36:57,920
Speaker 1: sure you check back in with us. Coming up, Matt,

671
00:36:57,960 --> 00:37:01,439
Speaker 1: he's gonna break down the latest stalemate when Secretary Nuition

672
00:37:01,480 --> 00:37:04,000
Speaker 1: at Speaker Pelosi. I'm Kevin's really chief Washington correspondent f

673
00:37:04,000 --> 00:37:06,360
Speaker 1: for Bloomberg TV and Radio President Trump. We are on

674
00:37:06,440 --> 00:37:08,359
Speaker 1: standby for him. You can listen to it right here

675
00:37:08,480 --> 00:37:20,479
Speaker 1: on Bloomberg. You're listening to Bloomberg Sound On with Kevin

676
00:37:20,520 --> 00:37:24,440
Speaker 1: Surley on Bloomberg and one oh five point seven F

677
00:37:24,600 --> 00:37:27,480
Speaker 1: M h D two. My name is Kevin cur Really,

678
00:37:28,440 --> 00:37:31,520
Speaker 1: I'm the chief Washington correspondent for Bloomberg Television, in Bloomberg Radio,

679
00:37:32,080 --> 00:37:36,719
Speaker 1: President Trump's gonna deliver a press conferences, as we call

680
00:37:36,760 --> 00:37:41,040
Speaker 1: it in the biz, and I'll bring it live when

681
00:37:41,080 --> 00:37:44,080
Speaker 1: he talks. So if I entered up my next guest,

682
00:37:44,080 --> 00:37:46,920
Speaker 1: because sometimes I my next guest tonight, we could just

683
00:37:47,000 --> 00:37:49,879
Speaker 1: talk and talk and talk because we both nerd out.

684
00:37:50,239 --> 00:37:52,400
Speaker 1: But there's not really much to nerd out about because

685
00:37:52,440 --> 00:37:56,080
Speaker 1: they are not getting a deal up on Capitol Hill.

686
00:37:56,120 --> 00:37:58,000
Speaker 1: But let me set the stage before I bring in

687
00:37:58,560 --> 00:38:01,600
Speaker 1: Maddie Douppler. Over the weekend, President Trump signing into law

688
00:38:01,680 --> 00:38:05,719
Speaker 1: four executive orders, one relating to student loans, the other

689
00:38:05,880 --> 00:38:09,160
Speaker 1: on evictions of reduction of the unemployment benefits to four

690
00:38:09,239 --> 00:38:14,799
Speaker 1: hundred dollars. And um, oh my gosh, evictions. And I'm

691
00:38:14,840 --> 00:38:19,680
Speaker 1: Maddie helped me out. What's the fourth one? Payroll tax?

692
00:38:19,680 --> 00:38:24,239
Speaker 1: Oh my gosh, I've been up since five am. I like, no,

693
00:38:24,400 --> 00:38:26,200
Speaker 1: I know, I know, I know, I know. That's not

694
00:38:26,239 --> 00:38:27,800
Speaker 1: an excuse, the payroll tax. And that's the one I

695
00:38:27,840 --> 00:38:31,000
Speaker 1: have the most to say about, Maddie Douppler. Um, there's

696
00:38:31,120 --> 00:38:33,319
Speaker 1: so much we could we could pick apart. But in

697
00:38:33,440 --> 00:38:37,719
Speaker 1: terms of actually getting a deal. Uh, the President had

698
00:38:37,719 --> 00:38:41,080
Speaker 1: hoped that this would actually go uh and and and

699
00:38:41,080 --> 00:38:47,280
Speaker 1: incentivize Democrats and Republicans Speaker Pelosi and Secretary Minution Meadows

700
00:38:47,320 --> 00:38:49,600
Speaker 1: and McConnell for them to all get to a deal.

701
00:38:49,640 --> 00:38:52,640
Speaker 1: But it's not looking like that's the case, Maddie. So

702
00:38:52,840 --> 00:38:55,840
Speaker 1: here's the deal. There's the politics, and then there's a policy.

703
00:38:55,920 --> 00:38:59,520
Speaker 1: And rarely do the two. Um, So I would add

704
00:38:59,560 --> 00:39:03,759
Speaker 1: person into that, I think I do. I think it's personality,

705
00:39:04,120 --> 00:39:06,719
Speaker 1: seriously though, personality policy and politics. And I think the

706
00:39:06,800 --> 00:39:10,120
Speaker 1: way that those three intertwined is how Washington works. But

707
00:39:10,160 --> 00:39:12,719
Speaker 1: go ahead, No, I think you're absolutely right, and I

708
00:39:12,760 --> 00:39:15,640
Speaker 1: think that that's on full display here if you consider

709
00:39:15,880 --> 00:39:19,120
Speaker 1: that Mark Meadows, who was storn in the side of

710
00:39:19,200 --> 00:39:22,040
Speaker 1: Republican leadership when he was a member of the House,

711
00:39:22,120 --> 00:39:24,320
Speaker 1: is now the chiefest st aff to the President leading

712
00:39:24,320 --> 00:39:29,000
Speaker 1: the administration delegation, and he's sitting down Nancy Pelosi. UM,

713
00:39:29,040 --> 00:39:34,279
Speaker 1: I think that right in there is a look at

714
00:39:34,320 --> 00:39:38,600
Speaker 1: the personalities that are play here and how important that is. Um.

715
00:39:38,600 --> 00:39:40,440
Speaker 1: But when it comes to the policy on these things,

716
00:39:40,480 --> 00:39:44,160
Speaker 1: so I think that politically, what Trump did for the

717
00:39:44,160 --> 00:39:48,280
Speaker 1: executive order, you know, sending moratoriums on evictions and directing

718
00:39:48,280 --> 00:39:51,520
Speaker 1: federal agencies to do what they can there. Um. In

719
00:39:51,560 --> 00:39:53,480
Speaker 1: addition to the student loan stuff, that's stuff that the

720
00:39:53,480 --> 00:39:56,160
Speaker 1: administration has already done, is on pretty sound footing. It

721
00:39:56,200 --> 00:39:59,920
Speaker 1: is also pretty um I think non controversial you know

722
00:40:00,120 --> 00:40:05,319
Speaker 1: to voters acrostination. The other two elements deserve a little

723
00:40:05,320 --> 00:40:08,759
Speaker 1: more scrutiny. The question of the unemployment benefits, whether or

724
00:40:08,800 --> 00:40:11,680
Speaker 1: not the president has the authority to extend those, uh,

725
00:40:11,800 --> 00:40:15,600
Speaker 1: that's murky. But the payroll tax cut CAB as you know.

726
00:40:15,800 --> 00:40:17,799
Speaker 1: I'm a tax girl. I want to talk about the

727
00:40:17,840 --> 00:40:22,359
Speaker 1: payroll tax cut. Um, there's a couple of problems here

728
00:40:22,360 --> 00:40:25,279
Speaker 1: for the president. What is that it's simply not going

729
00:40:25,360 --> 00:40:29,520
Speaker 1: to have the stimulative effect that you want to interrupt

730
00:40:29,560 --> 00:40:32,680
Speaker 1: because I want to I want to start rudimentary one,

731
00:40:33,040 --> 00:40:34,839
Speaker 1: I mean you, and let's for for folks in their

732
00:40:34,840 --> 00:40:36,759
Speaker 1: car and the ram from work. One. What is the

733
00:40:36,760 --> 00:40:39,920
Speaker 1: payroll tax cut? So here's the deal. If you've ever

734
00:40:39,960 --> 00:40:42,000
Speaker 1: gone to paycheck your entire life, you look at it

735
00:40:42,080 --> 00:40:44,240
Speaker 1: and you say, what the heck is these psychot taxes?

736
00:40:44,320 --> 00:40:48,160
Speaker 1: Why where is my money going? Right? So, when payroll

737
00:40:48,200 --> 00:40:50,359
Speaker 1: taxes and the taxes that are taken out of your

738
00:40:50,400 --> 00:40:54,160
Speaker 1: paycheck to fund Social Security and medicare those are the

739
00:40:54,200 --> 00:40:56,719
Speaker 1: taxes that your employer takes out before you ever even

740
00:40:56,719 --> 00:40:59,200
Speaker 1: see it. So why would the president want a parel

741
00:40:59,280 --> 00:41:02,000
Speaker 1: tax to duck? Who does this impact? Typically middle class

742
00:41:02,000 --> 00:41:04,480
Speaker 1: and upper middle class? Why would he be advocating that

743
00:41:04,600 --> 00:41:07,400
Speaker 1: this be put on pause? So the issue with the

744
00:41:07,400 --> 00:41:10,840
Speaker 1: payroll tax is that everybody pays it regardless of income,

745
00:41:10,920 --> 00:41:13,040
Speaker 1: and there's there's an argument to be made that it's

746
00:41:13,080 --> 00:41:14,960
Speaker 1: regressive as a result of that. Right, a lot of

747
00:41:14,960 --> 00:41:17,319
Speaker 1: people don't make You know, forty percent of Americans don't

748
00:41:17,320 --> 00:41:19,560
Speaker 1: make enough income that they have an income tax liability,

749
00:41:19,560 --> 00:41:22,759
Speaker 1: But every worker has a payroll tax liability. So constructed

750
00:41:22,800 --> 00:41:24,840
Speaker 1: the right way, it could have an impact on the

751
00:41:24,840 --> 00:41:27,520
Speaker 1: bottom line of the workers who need it the most.

752
00:41:27,680 --> 00:41:30,600
Speaker 1: There's two problems with that in this environment. One of them,

753
00:41:30,640 --> 00:41:32,839
Speaker 1: who's got tens of millions of Americans who aren't working,

754
00:41:32,880 --> 00:41:34,560
Speaker 1: so they're not getting a pay check. But they're not

755
00:41:34,600 --> 00:41:36,480
Speaker 1: going to feel a payroll tax cut if they don't

756
00:41:36,480 --> 00:41:39,400
Speaker 1: have a pay check. So who's going to feel Who's

757
00:41:39,400 --> 00:41:42,040
Speaker 1: going to feel it? Well, the question is if anyone

758
00:41:42,080 --> 00:41:44,600
Speaker 1: will feel it, because the second problem is the execution

759
00:41:44,640 --> 00:41:46,840
Speaker 1: of this thing. Your employer is the one who's written

760
00:41:46,920 --> 00:41:50,839
Speaker 1: charge of essentially administering this tax cut. They're the ones

761
00:41:50,840 --> 00:41:53,480
Speaker 1: who cut you the check every month or every two weeks.

762
00:41:53,800 --> 00:41:57,200
Speaker 1: So what Treasury has authority to do is delay the

763
00:41:57,280 --> 00:42:01,000
Speaker 1: tax deadline. They don't have the authority to uh cut

764
00:42:01,000 --> 00:42:04,520
Speaker 1: the taxes entirely. That means businesses are likely the ones

765
00:42:04,520 --> 00:42:07,000
Speaker 1: who will be on the hook once as executive Order

766
00:42:07,040 --> 00:42:09,400
Speaker 1: expires at the end of the year. So businesses right

767
00:42:09,400 --> 00:42:12,920
Speaker 1: now we're navigating a very volatile environment, how a twice

768
00:42:12,920 --> 00:42:15,120
Speaker 1: to make do we remiss this tax cut back to

769
00:42:15,200 --> 00:42:18,080
Speaker 1: workers as the President is intending, or do we hold

770
00:42:18,080 --> 00:42:20,000
Speaker 1: on to that cash on the chance that at the

771
00:42:20,080 --> 00:42:22,640
Speaker 1: end of the year, because task cut doesn't go into effect,

772
00:42:22,680 --> 00:42:24,840
Speaker 1: or these taxes aren't DeFord and then all of a sudden,

773
00:42:24,840 --> 00:42:27,799
Speaker 1: these employers are are left holding the bag. I think

774
00:42:27,840 --> 00:42:30,320
Speaker 1: any business who is really facing man and certainty is

775
00:42:30,320 --> 00:42:32,080
Speaker 1: gonna hold on to that cash. They're not going to

776
00:42:32,120 --> 00:42:33,799
Speaker 1: remit it as a tax cut back to your average

777
00:42:33,840 --> 00:42:37,520
Speaker 1: American worker. So it's it's interesting because let's let's let's

778
00:42:37,600 --> 00:42:40,720
Speaker 1: use an example. Mattie Tuppler's on the line. She uh

779
00:42:40,960 --> 00:42:44,920
Speaker 1: is the former coalition surrector for the House Republican Caucus

780
00:42:45,000 --> 00:42:50,080
Speaker 1: and just knows everything everything there is to know about taxes.

781
00:42:50,120 --> 00:42:52,439
Speaker 1: But to this point, let's say Kev's Toga Shop. Okay,

782
00:42:52,440 --> 00:42:55,239
Speaker 1: it doesn't exist, but let's say Kev's Sogy Shop. But

783
00:42:55,360 --> 00:42:58,120
Speaker 1: a good Sunday cabs in bag. Don't get me in

784
00:42:58,160 --> 00:43:03,480
Speaker 1: trouble um. But let's say what let's not let's not here,

785
00:43:03,560 --> 00:43:05,920
Speaker 1: let's let's knock out in trouble. Let's use a different

786
00:43:06,000 --> 00:43:11,640
Speaker 1: Let's say Joe's Hogy Shop. And and um, and Joe's

787
00:43:11,640 --> 00:43:14,880
Speaker 1: Hogy shop has employees, and so he has to decide

788
00:43:14,960 --> 00:43:16,759
Speaker 1: right now. And this is why folks, I think it's

789
00:43:16,760 --> 00:43:20,480
Speaker 1: really important is because he Joe Joe. The plot I

790
00:43:20,560 --> 00:43:24,040
Speaker 1: don't even know. I'm this is this analogy has already

791
00:43:24,040 --> 00:43:27,760
Speaker 1: gotten away from me. Business the business, the small business

792
00:43:27,840 --> 00:43:30,440
Speaker 1: owner has to decide whether or not to enact this,

793
00:43:30,560 --> 00:43:32,800
Speaker 1: and it's just one of the logistical quagmires, as I

794
00:43:32,840 --> 00:43:36,040
Speaker 1: told my colleague Jonathan Barrow earlier this morning on the Open,

795
00:43:36,400 --> 00:43:39,120
Speaker 1: that the administration is really having to face right now,

796
00:43:39,200 --> 00:43:41,080
Speaker 1: or that business owners are having to face to Mattie's

797
00:43:41,080 --> 00:43:44,080
Speaker 1: point precisely, are you going to implement this thing or not?

798
00:43:44,640 --> 00:43:47,560
Speaker 1: I do think from a political standpoint, and I don't

799
00:43:47,600 --> 00:43:49,839
Speaker 1: want to talk about politics too much as it relates

800
00:43:49,880 --> 00:43:52,240
Speaker 1: to people's paychecks, but I do think from a political

801
00:43:52,239 --> 00:43:54,840
Speaker 1: standpoint that in the long run, Republicans would love to

802
00:43:54,880 --> 00:43:57,600
Speaker 1: be having this debate, or at least certain Republicans would

803
00:43:57,680 --> 00:43:59,680
Speaker 1: love to be having this debate because they feel that

804
00:43:59,760 --> 00:44:02,880
Speaker 1: it's winning issue and that if you look at Social Security,

805
00:44:02,920 --> 00:44:05,040
Speaker 1: if you look at Medicare and Medicaid, if you look

806
00:44:05,040 --> 00:44:07,160
Speaker 1: at these programs, they're looking at them and to say, well,

807
00:44:07,200 --> 00:44:10,680
Speaker 1: they already have to get refinanced in decades. I mean,

808
00:44:10,680 --> 00:44:12,680
Speaker 1: I don't think you can find one millennial who thinks

809
00:44:12,719 --> 00:44:14,879
Speaker 1: that the money that they're giving the government for their

810
00:44:14,920 --> 00:44:17,000
Speaker 1: retirement savings is actually going to come back to them.

811
00:44:17,040 --> 00:44:19,400
Speaker 1: When at this rate we're going every decade we have

812
00:44:19,440 --> 00:44:23,239
Speaker 1: an economic calamity. Maddie right. Well, and so in the

813
00:44:23,320 --> 00:44:26,759
Speaker 1: last down turn, the Barack Obama and Vice President Joe

814
00:44:26,800 --> 00:44:30,200
Speaker 1: Biden executed a payroll tax cut with the help of Congress.

815
00:44:30,200 --> 00:44:32,799
Speaker 1: Though that's the important part, um, And you know, it's

816
00:44:32,800 --> 00:44:35,719
Speaker 1: been a tool that administrations have used in order to

817
00:44:35,840 --> 00:44:39,880
Speaker 1: get money to people immediately. But here's the problem with that, um,

818
00:44:39,960 --> 00:44:42,520
Speaker 1: Americans don't necessarily notice. They don't necessarily notice when their

819
00:44:42,520 --> 00:44:44,960
Speaker 1: payroll taxes go down because they're used to getting a

820
00:44:45,040 --> 00:44:47,920
Speaker 1: check every two weeks or every month of a certain amount,

821
00:44:48,200 --> 00:44:50,000
Speaker 1: and when it changes a little bit as the margins,

822
00:44:50,160 --> 00:44:52,040
Speaker 1: they don't really notice. That's why. And two does me

823
00:44:52,239 --> 00:44:54,640
Speaker 1: President Bush the stimulus payments who did checked out the

824
00:44:54,760 --> 00:44:56,560
Speaker 1: order Americans, so they knew they were getting money in

825
00:44:56,560 --> 00:44:59,040
Speaker 1: their pockets. That's why the Trump administration did that earlier

826
00:44:59,080 --> 00:45:02,319
Speaker 1: this spring. So when it comes to the politics of

827
00:45:02,320 --> 00:45:06,160
Speaker 1: a tax cut apparel. Tax cut doesn't necessarily serve those purposes,

828
00:45:06,200 --> 00:45:08,839
Speaker 1: even if it is administered in a way. UM that

829
00:45:08,880 --> 00:45:10,719
Speaker 1: you know, workers are going to get that money in

830
00:45:10,719 --> 00:45:12,440
Speaker 1: their pockets. They might not know as they might not

831
00:45:12,480 --> 00:45:14,919
Speaker 1: get the administrator. That's where you and I, my friend,

832
00:45:14,920 --> 00:45:18,920
Speaker 1: are going to disagree, because I think right now everyone

833
00:45:19,040 --> 00:45:21,759
Speaker 1: knows how much money they're making in their paycheck. I

834
00:45:21,840 --> 00:45:26,600
Speaker 1: just think that the tax law. But it turns out

835
00:45:26,760 --> 00:45:31,239
Speaker 1: really notice. But but I mean, I mean, here we

836
00:45:31,360 --> 00:45:35,239
Speaker 1: I mean, this is the worst economic downturn in what

837
00:45:35,600 --> 00:45:37,759
Speaker 1: since the Great Suppression. I don't know. I mean, I mean,

838
00:45:37,800 --> 00:45:41,440
Speaker 1: I I just think that that people will notice. But

839
00:45:41,440 --> 00:45:42,960
Speaker 1: but you know, I'm not saying I'm right, and I'm

840
00:45:43,000 --> 00:45:45,400
Speaker 1: just saying that's what I That's what I think, all right, Maddie.

841
00:45:45,760 --> 00:45:47,359
Speaker 1: I would like me to be right, tov. I would

842
00:45:47,360 --> 00:45:49,640
Speaker 1: like for me to be right. Well, you know, you

843
00:45:49,680 --> 00:45:56,000
Speaker 1: know I'm most days I'm wrong, Maddie. Uh, let's talk

844
00:45:56,080 --> 00:46:01,319
Speaker 1: about I do. What I don't understand is why there

845
00:46:01,440 --> 00:46:03,279
Speaker 1: isn't a deal. And I don't want to make this

846
00:46:03,320 --> 00:46:06,640
Speaker 1: from a process argument. Uh. And I've been so cautious

847
00:46:06,640 --> 00:46:08,239
Speaker 1: because I've been really thinking about this when I've been

848
00:46:08,239 --> 00:46:10,840
Speaker 1: all my runs, how do I avoid just the same

849
00:46:10,920 --> 00:46:14,880
Speaker 1: old belt Way Shenanigans of of making Oh, there are

850
00:46:14,880 --> 00:46:17,200
Speaker 1: lots of the right, Still no deal. I think from

851
00:46:17,200 --> 00:46:20,920
Speaker 1: an I center, I think they're on an ideological collision course.

852
00:46:21,239 --> 00:46:24,080
Speaker 1: I think you've got the Jack Kemp's of the world

853
00:46:24,200 --> 00:46:28,839
Speaker 1: from an economic um from an economic perspective in terms

854
00:46:28,880 --> 00:46:32,320
Speaker 1: of trying to have incentives for businesses to get people

855
00:46:32,400 --> 00:46:36,000
Speaker 1: to get back to work. And I hear Larry Kudlow

856
00:46:36,080 --> 00:46:38,279
Speaker 1: telling my colleague Jonathan Varoh on Friday that he's not

857
00:46:38,280 --> 00:46:41,560
Speaker 1: going to see the issue of compassion. To Speaker Pelosi,

858
00:46:41,920 --> 00:46:44,600
Speaker 1: that's very Jack Kemp. I mean that that is Jack

859
00:46:44,680 --> 00:46:47,920
Speaker 1: Kemp to to a t. And then, of course I

860
00:46:48,000 --> 00:46:51,839
Speaker 1: hear Speaker Pelosi, I hear the presumptive nomine Joe Biden Uh,

861
00:46:51,880 --> 00:46:56,600
Speaker 1: and I hear um Uh. I guess Minority Leader Schumer

862
00:46:57,000 --> 00:47:00,280
Speaker 1: saying that now is the time to provide economic relief

863
00:47:00,280 --> 00:47:02,799
Speaker 1: for the underserved, the underprivileged, and that they needed the

864
00:47:02,800 --> 00:47:08,400
Speaker 1: relief yesterday. But that's I mean, you can't negotiate with that.

865
00:47:08,760 --> 00:47:11,200
Speaker 1: I'm not taking a position as a reporter on which

866
00:47:11,200 --> 00:47:16,479
Speaker 1: side is better, but it's they're just polar opposites. They're

867
00:47:16,520 --> 00:47:18,480
Speaker 1: absolutely polar opposites of that it we just got the

868
00:47:18,520 --> 00:47:23,200
Speaker 1: two minute awarding from President Trump, but polar opposites, polar opposites,

869
00:47:23,320 --> 00:47:25,719
Speaker 1: And I just think there's a lot that's happening in

870
00:47:25,760 --> 00:47:29,200
Speaker 1: the environment right now where typically you know, you've got

871
00:47:29,280 --> 00:47:32,960
Speaker 1: kind of the Big Four negotiating one another, We've got

872
00:47:33,040 --> 00:47:36,200
Speaker 1: just this crazy, the most acute economic contraction that these seing.

873
00:47:36,200 --> 00:47:38,239
Speaker 1: This is a great depression. So jobs just falling right

874
00:47:38,320 --> 00:47:41,840
Speaker 1: at the radar in otherwise healthy businesses and otherwise pretty

875
00:47:41,840 --> 00:47:44,400
Speaker 1: remarkable labor market. At the same time, you've got the

876
00:47:44,400 --> 00:47:47,640
Speaker 1: stock market responding in a way where we're almost to

877
00:47:48,280 --> 00:47:51,200
Speaker 1: series highs, and I think all three of the indusseries

878
00:47:51,680 --> 00:47:54,560
Speaker 1: there's just like this mismatch, you know, there's this mismatch

879
00:47:54,600 --> 00:47:57,600
Speaker 1: between what's happening in the economy and then what's happening

880
00:47:57,600 --> 00:47:59,960
Speaker 1: in the real economy, and then what's happening for America

881
00:48:00,000 --> 00:48:02,799
Speaker 1: across this country. Because obviously, if you're working in a

882
00:48:02,840 --> 00:48:04,880
Speaker 1: service job versus if you're working in a blue or

883
00:48:04,880 --> 00:48:08,080
Speaker 1: a white collar job, I think it's in some ways

884
00:48:08,080 --> 00:48:11,640
Speaker 1: there's competing constituencies here, and so both political parties are

885
00:48:11,680 --> 00:48:14,680
Speaker 1: trying to figure out a message that works. Um. But

886
00:48:14,760 --> 00:48:17,280
Speaker 1: I think in another way, it's just the unprecedented nature

887
00:48:17,320 --> 00:48:21,520
Speaker 1: of these times, uh, in politics, maybe getting the best

888
00:48:21,640 --> 00:48:23,960
Speaker 1: of our politicians, you know, and maybe that there isn't

889
00:48:23,960 --> 00:48:28,000
Speaker 1: a north star of getting an answer right because the

890
00:48:28,120 --> 00:48:30,640
Speaker 1: right answer is too heavily weighted towards the right political

891
00:48:30,680 --> 00:48:32,880
Speaker 1: answer rather than the right policy answer. I'm not sure it, Ke,

892
00:48:33,000 --> 00:48:34,439
Speaker 1: but we've talked about this a lot of the past

893
00:48:34,440 --> 00:48:37,040
Speaker 1: six months about how we'd like watching if they're at

894
00:48:37,080 --> 00:48:39,280
Speaker 1: together to get a deal done so that the Americans

895
00:48:39,320 --> 00:48:43,320
Speaker 1: who are suffering the worst consequences of the COVID crisis

896
00:48:43,360 --> 00:48:44,960
Speaker 1: can get a little bit of help here. I think

897
00:48:44,960 --> 00:48:46,840
Speaker 1: that that, at the end of the day, would be

898
00:48:46,880 --> 00:48:49,080
Speaker 1: the best answer that I could give you, which is

899
00:48:49,120 --> 00:48:54,000
Speaker 1: hopefully you and I aren't naive President to come out

900
00:48:54,600 --> 00:48:56,919
Speaker 1: to adjust the nation. And I'll bring you that as

901
00:48:56,960 --> 00:48:58,840
Speaker 1: we go, as we'll go right to that. But you

902
00:48:58,880 --> 00:49:01,160
Speaker 1: and I aren't I even I mean, they're is nonpartisanship

903
00:49:01,440 --> 00:49:03,319
Speaker 1: as it relates to five G, as it relates to

904
00:49:03,400 --> 00:49:06,320
Speaker 1: US China relations. Uh. And you and I were talking

905
00:49:06,320 --> 00:49:09,480
Speaker 1: earlier this morning about the Morgan Stanley note that came out,

906
00:49:09,520 --> 00:49:11,560
Speaker 1: and I did want to get that into this conversation

907
00:49:11,640 --> 00:49:14,759
Speaker 1: because I do think it is important about how the vaccination. Yes,

908
00:49:14,800 --> 00:49:17,000
Speaker 1: folks that you might have to get it a couple

909
00:49:17,000 --> 00:49:18,719
Speaker 1: of times, and you might have to get a booster shot,

910
00:49:18,719 --> 00:49:21,080
Speaker 1: and it might not be as effective as you want

911
00:49:21,120 --> 00:49:23,280
Speaker 1: at first, but it still is going to have an effect.

912
00:49:23,520 --> 00:49:26,480
Speaker 1: And everyone is saying, including Dr Anthony Fauci, that it's

913
00:49:26,480 --> 00:49:28,799
Speaker 1: going to be in the marketplace by the end of

914
00:49:28,800 --> 00:49:33,080
Speaker 1: the year. And because of that, economists are now readjusting

915
00:49:33,320 --> 00:49:37,680
Speaker 1: with optimism. Mattie Duppler, Uh, they're there forecast, which means

916
00:49:37,680 --> 00:49:39,560
Speaker 1: in about seven months. I always I'm until I have

917
00:49:39,560 --> 00:49:41,680
Speaker 1: a sign. I've a post it on my cabinet at

918
00:49:41,719 --> 00:49:46,160
Speaker 1: home that says March get to March twel and it's

919
00:49:46,160 --> 00:49:48,680
Speaker 1: been there since March. Because I think we're about with

920
00:49:48,840 --> 00:49:51,520
Speaker 1: seven months from now, March one is gonna it's gonna

921
00:49:51,520 --> 00:49:53,479
Speaker 1: look very different than the way people feel right now.

922
00:49:53,719 --> 00:49:56,640
Speaker 1: What is Morgan Stanley saying? What are the economists saying,

923
00:49:56,840 --> 00:50:01,360
Speaker 1: Maddie Douppler about, Yeah, there was. It was really interesting. Goldman.

924
00:50:01,440 --> 00:50:04,560
Speaker 1: Now the President of the United States, Sorry, here's the president.

925
00:50:05,320 --> 00:50:06,719
Speaker 1: You got it all right? Now he's not there. I'm

926
00:50:06,719 --> 00:50:09,280
Speaker 1: watching the feed. I was like, I don't see it, Sorry,

927
00:50:09,440 --> 00:50:11,759
Speaker 1: go ahead. What did they say, that's okay? This was

928
00:50:11,840 --> 00:50:14,359
Speaker 1: made for the game, keV. There's a Goldman note last

929
00:50:14,400 --> 00:50:17,600
Speaker 1: week that the economists now are saying, hey, there's a

930
00:50:17,640 --> 00:50:20,640
Speaker 1: reason for optimism with these epidemiologists who are saying we're

931
00:50:20,640 --> 00:50:23,359
Speaker 1: getting a vaccine. The Goldmen base case now is that

932
00:50:23,400 --> 00:50:25,440
Speaker 1: we have at least one vaccine approved by the end

933
00:50:25,440 --> 00:50:27,799
Speaker 1: of the year, which is a huge departure whom I

934
00:50:27,800 --> 00:50:32,080
Speaker 1: think the expectation um for most Americans. And their argument

935
00:50:32,160 --> 00:50:34,719
Speaker 1: was that listen, seventy of the American economy is made

936
00:50:34,760 --> 00:50:38,400
Speaker 1: of a consumer spending. Unless consumers are confident, we can't

937
00:50:38,480 --> 00:50:41,719
Speaker 1: make up that growth um. And so they're saying that

938
00:50:41,760 --> 00:50:44,040
Speaker 1: the vaccine really is an important component of that because

939
00:50:44,040 --> 00:50:45,880
Speaker 1: think about it. Think of all the activities that you

940
00:50:45,920 --> 00:50:48,000
Speaker 1: and I haven't engaged in Ober last six months. We

941
00:50:48,040 --> 00:50:50,360
Speaker 1: haven't gone out to restaurants, we haven't gone shoppings in

942
00:50:50,440 --> 00:50:53,640
Speaker 1: local stores. You know, that's the kind of activity that

943
00:50:53,960 --> 00:50:56,520
Speaker 1: I think starts to write back up as soon as

944
00:50:56,560 --> 00:50:59,359
Speaker 1: there's a vaccine. But you need that assurance. You can

945
00:50:59,400 --> 00:51:03,479
Speaker 1: only get halfway there. With mass and social distancing, because

946
00:51:03,520 --> 00:51:06,560
Speaker 1: you just can't get to the capacities that these these

947
00:51:06,600 --> 00:51:11,000
Speaker 1: these these commercial entities expected in need in order to

948
00:51:11,040 --> 00:51:11,960
Speaker 1: make their margins work