WEBVTT - Where the Election Stands in Key States

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<v Speaker 1>This is Bloomberg Business Week. I'm Carol Masser. Every day

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<v Speaker 1>we're bringing you the latest news from the world's of

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<v Speaker 1>in the world of politics, economics, and it's all harnessing

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<v Speaker 1>show at two pm Eastern on Bloomberg Radio and be

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<v Speaker 1>sure to watch us too on YouTube by searching Bloomberg

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<v Speaker 1>Global News. We will win this and as far as

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<v Speaker 1>I'm concerned, already, we believe we're on track to win

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<v Speaker 1>this election. And of course that was President Trump and

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<v Speaker 1>President Vice President Biden last night. I do want to

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<v Speaker 1>mention a headline crossing the Bloomberg Joe Biden winning the

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<v Speaker 1>state of Wisconsin. That is coming from the Associated Press.

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<v Speaker 1>As we know, there were still a few races that

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<v Speaker 1>are yet to be called, but again the Associated Press

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<v Speaker 1>just calling Wisconsin the state of Wisconsin for Vice President

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<v Speaker 1>and Joe Biden. Well, it is the day after the election.

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<v Speaker 1>We still don't have a winner for the White House. Uh,

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<v Speaker 1>And instead we've got a date that we are hearing

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<v Speaker 1>NonStop from state officials and governors who are continuing to

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<v Speaker 1>count the vote. Great to get back to someone who

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<v Speaker 1>has been one of our go to voices throughout the

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<v Speaker 1>election season. Bloomberg contributor Rick Davis, former Republican strategist, former

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<v Speaker 1>manager of Senator John McCain's presidential campaign, and partner at

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<v Speaker 1>Stone Court Capital. He is back with us on the

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<v Speaker 1>phone from Virginia. How late were you up. Oh, well,

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<v Speaker 1>it's not so much of being late. I think I

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<v Speaker 1>was up early. I left Bloomberg headquarters in Washington last

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<v Speaker 1>night at about four thirty in the morning. Uh. It's

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<v Speaker 1>it's unbelievable. And we just had the AP calling Wisconsin

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<v Speaker 1>for Biden. Um. You know, it's interesting. We've gone from

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<v Speaker 1>listening NonStop to state COVID updates to NonStop state updates

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<v Speaker 1>on the vote. Is there still a path to victory, Rick,

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<v Speaker 1>in your view to two seventy votes for both Joe

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<v Speaker 1>Biden and Donald Trump. Yes, Uh, certainly both men have

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<v Speaker 1>an opportunity to win. The pathway for Joe Biden is

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<v Speaker 1>much more direct. Is simply put. He's currently at about

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<v Speaker 1>two d and thirty seven electoral votes with including um

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<v Speaker 1>UM Minnesota's Wisconsin, as you mentioned, is just broke uh

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<v Speaker 1>and and really just to get to to seventy. Uh.

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<v Speaker 1>To give you an idea is he's he's winning right

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<v Speaker 1>now in both Michigan, Arizona, and Nevada, and that gives

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<v Speaker 1>him to seventy. So it's a three states step. Uh.

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<v Speaker 1>The most direct rap that Joe Biden's got in order

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<v Speaker 1>for Donald Trump to win, He's really almost got to

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<v Speaker 1>shoot the moon. He's he's a two hundred and thirteen

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<v Speaker 1>electoral votes right now, and he not only has to

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<v Speaker 1>try to hold those states that we just discussed, but

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<v Speaker 1>then pick up Pennsylvania and UH that is a dead

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<v Speaker 1>heat as as we talk so UM right now, I

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<v Speaker 1>would say the most likely winner of this election is

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<v Speaker 1>Biden based on where the current counts stand day. Uh.

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<v Speaker 1>As Donald Trump said last night, stopped counting. If they

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<v Speaker 1>stopped counting now, he loses. So I'm not sure that

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<v Speaker 1>strategy was a particularly good one. Well, that's interesting, so

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<v Speaker 1>let's get into it. What what you know? We've already

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<v Speaker 1>seen cases filed even before election day. We continue to

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<v Speaker 1>see them. We just mentioned one about the count in Uh,

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<v Speaker 1>Michigan specifically, I mean, what are your expectations about how

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<v Speaker 1>that ultimately plays out and kind of delays us uh

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<v Speaker 1>deeming a winner at this point. Rick, Yeah, I think

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<v Speaker 1>it's mostly a delay, not so much a change. Each

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<v Speaker 1>of these states have their own rules associated with recounts,

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<v Speaker 1>and that's what we're really talking about here. The states

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<v Speaker 1>will finish up their business accounting these votes, uh, sometime

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<v Speaker 1>in the next day or two, and that's what we anticipated.

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<v Speaker 1>There was a record amount of early votes. Many of

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<v Speaker 1>these states, like Pennsylvania don't even start counting them until

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<v Speaker 1>after the election day votes are counted, and and and

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<v Speaker 1>and as a historic turnout, and so all those things

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<v Speaker 1>combine added time of this election count after the counts

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<v Speaker 1>are certified within ten days or after ten days, depending

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<v Speaker 1>upon which state you're in. The the loser has a

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<v Speaker 1>chance if he's within either a half a point in

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<v Speaker 1>some states or one point to contest and um do

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<v Speaker 1>a recount. Uh. It's it's the loser's request. And so

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<v Speaker 1>in some cases, the president may want to request a

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<v Speaker 1>recount if he's within that half a point margin of air. Okay,

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<v Speaker 1>So that's how it could play out legally. I mean,

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<v Speaker 1>is this a case where you anticipate that this goes

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<v Speaker 1>all the way to the Supreme Court. Are there any

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<v Speaker 1>similarities to two thousand? Well, on a parallel track, there

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<v Speaker 1>is talk on the president's part last night about taking

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<v Speaker 1>it to Supreme Court. That is different than asking for

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<v Speaker 1>a recount. And if he takes to the Supreme Court,

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<v Speaker 1>it's likely to be the same case that they took

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<v Speaker 1>last week that the Court didn't hear, and that was

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<v Speaker 1>whether or not to invalidate ballots that arrive after election day.

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<v Speaker 1>In many of these states, they have rules like in

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<v Speaker 1>North Carolina in Pennsylvania that if you mail your ballot

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<v Speaker 1>by election day and it comes afterwards, it's still a

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<v Speaker 1>good ballot. And the President has always had the approach

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<v Speaker 1>that if a ballot shows up after election day, it

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<v Speaker 1>should be invalidated. And so that is a case where

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<v Speaker 1>they've taken it to the Supreme Court once. It's likely

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<v Speaker 1>that's what he was talking about last night. It's likely

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<v Speaker 1>that they'll take that again to the Supreme Court, and

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<v Speaker 1>we'll see what the Supreme Court says. The fact that

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<v Speaker 1>they didn't hear it uh is not necessarily indication that

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<v Speaker 1>they'll throw it out. What makes it a Supreme Court

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<v Speaker 1>issue versus. And we're going to talk about the legal

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<v Speaker 1>aspect in a little bit, but let me just put

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<v Speaker 1>it to you also because you understand this world. I mean,

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<v Speaker 1>what would make it a Supreme Court case versus this

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<v Speaker 1>is the state's right to determine how they handle the

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<v Speaker 1>election ballots. That's right, and and and the states do

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<v Speaker 1>have different requirements in every single state, there's some difference

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<v Speaker 1>in how elections are adjudicated. In this case, it's about

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<v Speaker 1>invalidating a bona fide ballot in the in the federal

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<v Speaker 1>government does protect the rights of voters, but it also

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<v Speaker 1>does not see the rights of voters to go beyond

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<v Speaker 1>state law. And in some of these cases, state law

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<v Speaker 1>is a little ambiguous as to what it says about

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<v Speaker 1>voting on an election day and then allowing ballost to

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<v Speaker 1>come in after the fact. These are usually laws that

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<v Speaker 1>were on the books before there was early voting or

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<v Speaker 1>before absentee ballots were so popular and so the voting

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<v Speaker 1>was done on election day and that and there really

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<v Speaker 1>was never posed a problem, you know, Rick, I do

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<v Speaker 1>wonder based on the outcome and the states that were

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<v Speaker 1>one of the close races that were out there can

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<v Speaker 1>you determine maybe what strategies worked for each of the candidates,

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<v Speaker 1>what mattered among voters, whether it was COVID or the economy.

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<v Speaker 1>What can you tell about kind of the specifics of

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<v Speaker 1>strategy and kind of what mattered to voters. Well, I

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<v Speaker 1>think both of the campaigns were successful at expanding the

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<v Speaker 1>voter pool. In other words, it'll one of the largest

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<v Speaker 1>turnouts in modern political history, and so both campaigns should

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<v Speaker 1>be congratulated for finding new voters who otherwise have not

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<v Speaker 1>been participating. There were voters turning out in millions who

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<v Speaker 1>had not voted in the last probably uh ten to

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<v Speaker 1>fifteen years in presidential election, So so getting those to

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<v Speaker 1>the polls was a great accomplishment for both parties. Donald

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<v Speaker 1>Trump was successful, especially in places like UH Florida, finding

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<v Speaker 1>votes that he otherwise hadn't been getting in the past.

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<v Speaker 1>That includes a larger percentage of UH people of color

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<v Speaker 1>UH in in Dade County. That would include Cuban Americans

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<v Speaker 1>who were susceptible to the UH charges of calling Joe

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<v Speaker 1>Biden a socialist, and also penetrating the African American community

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<v Speaker 1>in certain parts of the state UH and and even

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<v Speaker 1>penetrating a little bit the suburbs, which you would not

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<v Speaker 1>have thought he was going to get that vote back

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<v Speaker 1>after the various approaches he took to uh you know,

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<v Speaker 1>sort of his law and order approach. I would say

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<v Speaker 1>Joe Biden really got much better at rebuilding the Democratic

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<v Speaker 1>Party base. If you'll notice the states that he's winning

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<v Speaker 1>that Donald Trump took were traditionally Democratic states. Where he's

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<v Speaker 1>ahead in places like UM, Wisconsin and uh Minnesota and Michigan. Uh,

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<v Speaker 1>you know, these are states that the Democrats used to

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<v Speaker 1>be able to rely heavily on. That that Hillary Clinton

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<v Speaker 1>lost to Donald Trump. And so he did a much

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<v Speaker 1>better job of organizing the Democratic Party and and keeping

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<v Speaker 1>it together even though he's running as a centrist and

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<v Speaker 1>the energy and activists in the party tend to be

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<v Speaker 1>toured on the liberal side. But he managed that well.

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<v Speaker 1>So so both had talent, uh and in a closely

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<v Speaker 1>contested election, what we really learned is just how divided

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<v Speaker 1>the politics in America is today. Yeah, Uh, that is

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<v Speaker 1>for certain. I feel like if there's anything that we

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<v Speaker 1>can kind of take away from that, um, from this election.

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<v Speaker 1>What I do wonder too, is how does it shape

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<v Speaker 1>what happens in especially when you look at a Biden

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<v Speaker 1>win in Arizona, you know, watching some of the close

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<v Speaker 1>races in the South. I mean, is the South now

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<v Speaker 1>historically has been Republican. Now at play, Carol, You're you're

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<v Speaker 1>exactly right. I mean it's worth noting that Florida is

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<v Speaker 1>a split right, anybody could win that state, Republican or Democrat.

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<v Speaker 1>Georgia is now on the map as a swing state. Arizona,

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<v Speaker 1>which hasn't voted but once in the last thirty years

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<v Speaker 1>for a Democratic president uh, has now got two Democratic

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<v Speaker 1>senators elected statewide over the last four years. Uh and Uh,

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<v Speaker 1>and and and and So I think that you're right.

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<v Speaker 1>I think there is a new game in town, which

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<v Speaker 1>is how do you cobble together these especially communities like

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<v Speaker 1>Atlanta and in South Florida and Miracle County in Arizona,

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<v Speaker 1>Phoenix that are just fast growth, heavy new populations coming

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<v Speaker 1>into the state that sometimes reflect a different set of politics.

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<v Speaker 1>And the Democrats, I think, have done a better job

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<v Speaker 1>of attracting those voters right now than the Republicans have. Hey,

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<v Speaker 1>really quickly forty five seconds polling full me once for

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<v Speaker 1>me twice. Um, what do we have to do to

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<v Speaker 1>get it right, and is it that we just don't

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<v Speaker 1>understand essentially the Trump voter. And just quickly, when you

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<v Speaker 1>look at the election, it was an incredibly stable election.

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<v Speaker 1>I mean the polling for the last sixty days has

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<v Speaker 1>basically been, you know, Biden by little Trump, you know,

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<v Speaker 1>coming from behind. There have been polls that have shown

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<v Speaker 1>double digit leads by Joe Biden going into the election,

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<v Speaker 1>but most of them were single digits in these states.

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<v Speaker 1>And that's what we got. Very close races in all

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<v Speaker 1>the key states. So uh, there'll be a lot of

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<v Speaker 1>internal looking at how these things were done. But when

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<v Speaker 1>you have a historic turnout of over a hundred and

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<v Speaker 1>fifty million people, most of the models are going to

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<v Speaker 1>be wrong. What a what a what a week? What

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<v Speaker 1>a year? It's not over hey, Rick, thank you so much.

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<v Speaker 1>Always look forward to our conversations and your inside Bloomberg

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<v Speaker 1>contributor Rick Davis. He is former Republican strategists, as I

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<v Speaker 1>mentioned earlier, former manager of Senator John McCain's presidential campaign,

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<v Speaker 1>and he's a partner at Stone Court Capital. He's been

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<v Speaker 1>great coming on our air to talk about this campaign,

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<v Speaker 1>in this election. This is Bloomberg Business Week with Carol

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<v Speaker 1>Messer from Bloomberg Radio. Well, listen, We've read and followed

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<v Speaker 1>his reporting so closely. He's gone through all the different

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<v Speaker 1>types of voters that would determine the outcome of election.

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<v Speaker 1>Back with us and so delighted to have with him.

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<v Speaker 1>Josh Green, he's national correspondent Bloomberg business Week, author of

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<v Speaker 1>Devil's Bargain, Steve Bannon, Donald Trump, and the Nationalist Uprising.

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<v Speaker 1>Josh joins us on the phone from d C. Also

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<v Speaker 1>with us, delighted as well, Bloomberg business Week editor Joe Webber.

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<v Speaker 1>He's on the access line in Brooklyn. But I feel like,

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<v Speaker 1>you know, Joel, we have been talking with Josh, whether

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<v Speaker 1>it was you know, key female voters, shy Trumper's Floridians

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<v Speaker 1>with past felony convictions, We've been covering it all with Josh.

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<v Speaker 1>You forgot about one of my favorites, which was Maricopa County,

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<v Speaker 1>and that's actually kind of where I want to start

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<v Speaker 1>with them. Uh, And we've got plenty more Josh Green

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<v Speaker 1>coming as well, and you hope to talk to him

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<v Speaker 1>again tomorrow. But but Josh, let's start with that. I mean,

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<v Speaker 1>at the beginning of the year in pre pandemic Times,

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<v Speaker 1>the before times. I'm sure you remember them as finally

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<v Speaker 1>as I do. We were talking about what our election

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<v Speaker 1>year strategy was gonna be, and you were like, you know,

0:12:24.960 --> 0:12:27.199
<v Speaker 1>it's not about the cities, it's not about the rural area.

0:12:27.200 --> 0:12:30.440
<v Speaker 1>It's about the suburbs. And you pointed to Americapa County,

0:12:30.440 --> 0:12:32.520
<v Speaker 1>which you ended up writing about in the election issue,

0:12:32.520 --> 0:12:34.680
<v Speaker 1>which was over the summer, and I'm wondering how you

0:12:34.720 --> 0:12:38.960
<v Speaker 1>feel about that story. Now, Well, you know, I don't

0:12:38.960 --> 0:12:41.520
<v Speaker 1>say this about all my work, but that one was

0:12:41.520 --> 0:12:44.080
<v Speaker 1>was prescient and it it sure looks like it it

0:12:44.200 --> 0:12:47.360
<v Speaker 1>holds up because you know, Joe Biden, the Democrats are

0:12:47.360 --> 0:12:52.000
<v Speaker 1>winning uh Arizona at least according to a pH and

0:12:52.080 --> 0:12:55.960
<v Speaker 1>Fox News, and uh, you know they did it because

0:12:56.200 --> 0:13:00.120
<v Speaker 1>they really carried Maricopa County was strong numbers. Now I

0:13:00.120 --> 0:13:02.920
<v Speaker 1>should probably say that Trump folks had not conceded Arizona.

0:13:03.520 --> 0:13:06.080
<v Speaker 1>I still think they have a path to victory, and

0:13:06.160 --> 0:13:08.760
<v Speaker 1>given the level of polling error, I wouldn't rule anything out.

0:13:09.200 --> 0:13:12.240
<v Speaker 1>But if you step back and look at the bigger picture, clearly,

0:13:12.240 --> 0:13:14.400
<v Speaker 1>what we saw in Maricopa is what we saw in

0:13:14.480 --> 0:13:18.280
<v Speaker 1>suburbs all across the country, which is we we we've

0:13:18.320 --> 0:13:22.000
<v Speaker 1>seen a red to blue transition under Trump. UM. I

0:13:22.400 --> 0:13:24.360
<v Speaker 1>do think it's worth saying, though, that part of the

0:13:24.400 --> 0:13:29.280
<v Speaker 1>story of the suburbs is what we expected to happen

0:13:29.360 --> 0:13:34.200
<v Speaker 1>there last night, uh didn't happen quite the way uh

0:13:34.280 --> 0:13:37.679
<v Speaker 1>that the most analysts were predicting, and that was just

0:13:37.720 --> 0:13:42.199
<v Speaker 1>a massive wave that would sweep away Republican congressmen and

0:13:42.320 --> 0:13:46.800
<v Speaker 1>smaller uh you know, red leaning suburbs like some in

0:13:46.880 --> 0:13:52.160
<v Speaker 1>Texas and Missouri, New Mexico, places like that. Um, what

0:13:52.280 --> 0:13:55.320
<v Speaker 1>we actually saw was was the blue wave from a

0:13:55.440 --> 0:13:57.280
<v Speaker 1>team begin to ebb and kind of come back a

0:13:57.280 --> 0:14:00.600
<v Speaker 1>little bit in the other direction. But uh, you know, net, net,

0:14:00.720 --> 0:14:03.880
<v Speaker 1>the suburbs have moved in a way that they're going

0:14:03.920 --> 0:14:06.920
<v Speaker 1>to be responsible for Joe Biden's victory if he wins,

0:14:06.960 --> 0:14:10.480
<v Speaker 1>and right now it looks like he's winning. So let's

0:14:10.480 --> 0:14:14.760
<v Speaker 1>talk about suburbs elsewhere other than you know, the Maricopa one, which,

0:14:15.080 --> 0:14:17.880
<v Speaker 1>by the way, I was watching uh Fox News last

0:14:17.960 --> 0:14:22.200
<v Speaker 1>night when Fox called it for Arizona, and the amount

0:14:22.280 --> 0:14:26.840
<v Speaker 1>of just on air uh tension that it was like palpable.

0:14:26.880 --> 0:14:29.320
<v Speaker 1>I mean, it was just like NonStop for the next

0:14:29.560 --> 0:14:31.840
<v Speaker 1>several hours. Actually, you could tell the president was just

0:14:31.880 --> 0:14:34.280
<v Speaker 1>calling people. But you know, one of the thesis there

0:14:34.360 --> 0:14:36.640
<v Speaker 1>was like, what happens in Maricopa County and this is

0:14:36.640 --> 0:14:40.280
<v Speaker 1>in your story what happens in Maricopa County basically translate

0:14:40.720 --> 0:14:44.320
<v Speaker 1>to suburbs at writ large across the country. Did that

0:14:44.360 --> 0:14:48.800
<v Speaker 1>part hold up? Um? You know it did. It didn't

0:14:48.800 --> 0:14:52.600
<v Speaker 1>go as far as a lot of people were expecting me. Basically,

0:14:52.680 --> 0:14:55.520
<v Speaker 1>the story of the suburbs, and this even for Dates Trump,

0:14:55.800 --> 0:15:00.400
<v Speaker 1>is that they've moved from white collar, college educated publican

0:15:00.560 --> 0:15:06.240
<v Speaker 1>voting Republican voting uh people, to you know, much more

0:15:06.880 --> 0:15:12.520
<v Speaker 1>um multicultural group who increasingly have been voting Democrats. And

0:15:12.520 --> 0:15:14.520
<v Speaker 1>we that that process has been going on for a

0:15:14.520 --> 0:15:17.080
<v Speaker 1>while now. Part of it is that uh, you know

0:15:17.120 --> 0:15:19.360
<v Speaker 1>is that wrote in Business Week the suburbs are becoming

0:15:19.400 --> 0:15:22.400
<v Speaker 1>more racially and ethnically diverse. But a big part of

0:15:22.440 --> 0:15:25.240
<v Speaker 1>it under Trump is the attitudes of college educated white

0:15:25.320 --> 0:15:29.360
<v Speaker 1>voters are just changing. And that process really sped up

0:15:29.440 --> 0:15:32.480
<v Speaker 1>under Donald Trump, and it certainly hasn't gone away. Um.

0:15:32.560 --> 0:15:35.520
<v Speaker 1>I think what was interesting that that we saw last

0:15:35.600 --> 0:15:38.320
<v Speaker 1>night was that there appear to be limits to it.

0:15:39.040 --> 0:15:41.360
<v Speaker 1>And one of the big questions I had going in

0:15:41.680 --> 0:15:46.400
<v Speaker 1>was uh, you know, in ten, a lot of Republican

0:15:46.520 --> 0:15:49.400
<v Speaker 1>strategists said, you know, we may not be in that

0:15:49.480 --> 0:15:53.240
<v Speaker 1>bad shape because, you know, even though you know we

0:15:53.160 --> 0:15:56.120
<v Speaker 1>we lost, we're gonna have Trump on the ballot in

0:15:56.960 --> 0:15:58.840
<v Speaker 1>We didn't have that in ten, and we think a

0:15:58.840 --> 0:16:01.880
<v Speaker 1>lot of our voters will come out to support Trump.

0:16:01.920 --> 0:16:05.720
<v Speaker 1>And Democrats universally did not believe that. Well, it turned

0:16:05.720 --> 0:16:08.840
<v Speaker 1>out that people really are um, you know, driven to

0:16:08.840 --> 0:16:10.680
<v Speaker 1>the polls by Trump on the one hand, and also

0:16:10.720 --> 0:16:13.400
<v Speaker 1>willing to split their tickets. So what we saw in

0:16:13.480 --> 0:16:16.920
<v Speaker 1>some of these red leaning suburbs was that uh, college

0:16:17.000 --> 0:16:20.920
<v Speaker 1>educated voters were voting against Trump but still willing to

0:16:21.000 --> 0:16:23.240
<v Speaker 1>vote for their Republican member of Congress, which I think

0:16:23.280 --> 0:16:26.120
<v Speaker 1>is interesting and one reason that Democrats didn't win back

0:16:26.120 --> 0:16:28.680
<v Speaker 1>the Senate and are gonna have a much smaller and

0:16:28.800 --> 0:16:31.000
<v Speaker 1>larger than the House. You know, it's really interesting. I

0:16:31.080 --> 0:16:34.360
<v Speaker 1>just spoke just before you guys, spoke with Rick Davis,

0:16:34.400 --> 0:16:37.520
<v Speaker 1>a he ran um as manager of Senator John McCain's

0:16:37.520 --> 0:16:40.160
<v Speaker 1>presidential campaign, and he thought it was interesting and he

0:16:40.280 --> 0:16:43.280
<v Speaker 1>thought that now the South is essentially in play based

0:16:43.280 --> 0:16:45.600
<v Speaker 1>on kind of what happened in Arizona. You know, you

0:16:45.800 --> 0:16:49.560
<v Speaker 1>brought up that point that it's going to be different.

0:16:49.840 --> 0:16:52.800
<v Speaker 1>Excuse me, like already thinking about how the outcomes here

0:16:53.360 --> 0:16:55.800
<v Speaker 1>impacted what's to come and and and also just kind

0:16:55.800 --> 0:16:59.120
<v Speaker 1>of commended both candidates and that they found new voters,

0:16:59.160 --> 0:17:02.920
<v Speaker 1>people who had vote it for years. Yeah, I think

0:17:02.960 --> 0:17:05.320
<v Speaker 1>that's right. I mean, you know, one of the stories

0:17:05.440 --> 0:17:09.359
<v Speaker 1>of Republican success and Trump's success to the extent that

0:17:09.720 --> 0:17:11.600
<v Speaker 1>you know he's not gonna lose this this race by

0:17:11.600 --> 0:17:13.760
<v Speaker 1>ten points away a lot of polsters were predicting, was

0:17:14.000 --> 0:17:15.879
<v Speaker 1>he did manage to turn out a lot of voters

0:17:15.920 --> 0:17:19.040
<v Speaker 1>who hadn't supported him in sixteen. Some of those are

0:17:19.040 --> 0:17:22.000
<v Speaker 1>white working class voters. They might be shy, shy Trumpers

0:17:22.000 --> 0:17:24.240
<v Speaker 1>who don't want to talk to pollsters, or it may

0:17:24.280 --> 0:17:27.520
<v Speaker 1>just be that pollsters couldn't couldn't find them to interview them.

0:17:27.560 --> 0:17:29.680
<v Speaker 1>You know. Part of the other story is Trump's increased

0:17:29.720 --> 0:17:33.800
<v Speaker 1>margins among Latinos, especially the Latino men. That was hugely

0:17:33.880 --> 0:17:39.760
<v Speaker 1>costly the Democrats in in Florida, all across uh southern

0:17:39.760 --> 0:17:42.000
<v Speaker 1>part of Texas where Democrats were hoping to win back

0:17:42.040 --> 0:17:45.840
<v Speaker 1>Republicans and didn't um so, so he certainly brought in

0:17:45.880 --> 0:17:47.720
<v Speaker 1>new voters but you know, Biden, on the other hand,

0:17:47.760 --> 0:17:49.920
<v Speaker 1>if he wins, it's going to be because he won

0:17:50.000 --> 0:17:52.359
<v Speaker 1>back a chunk of that blue collar vote in the

0:17:52.400 --> 0:17:54.960
<v Speaker 1>Upper Midwest that heally lost, and right now that looks

0:17:55.000 --> 0:17:58.480
<v Speaker 1>like his path of victory. Josh, can we come up

0:17:58.560 --> 0:18:01.040
<v Speaker 1>to speed with where things currently stay in Wisconsin? Was

0:18:01.080 --> 0:18:04.399
<v Speaker 1>recently just a couple of minutes ago called by seeing

0:18:04.400 --> 0:18:11.960
<v Speaker 1>in an ap for for Biden, Uh, Michigan, Pennsylvania, Nevada, Georgia,

0:18:12.080 --> 0:18:15.199
<v Speaker 1>all all sort of the ones that everyone is watching,

0:18:15.240 --> 0:18:17.600
<v Speaker 1>and we'll basically determine the outcome. What are what are

0:18:17.600 --> 0:18:20.320
<v Speaker 1>you most interested in? How in all of this? Having

0:18:20.400 --> 0:18:22.520
<v Speaker 1>having talked to people in both camps just in the

0:18:22.560 --> 0:18:25.640
<v Speaker 1>last couple of hours, the Biden people feel very confident

0:18:25.680 --> 0:18:27.679
<v Speaker 1>that they have two hundred and seventy electoral votes that

0:18:27.680 --> 0:18:31.480
<v Speaker 1>they're going to carry filled uh Pennsylvania, UM, although that

0:18:31.560 --> 0:18:34.400
<v Speaker 1>may take quite a while, that will ultimately prevail in Nevada,

0:18:34.560 --> 0:18:36.320
<v Speaker 1>and that Biden will be the next president. They've been

0:18:36.320 --> 0:18:38.560
<v Speaker 1>saying that since this morning. The Trump people, on the

0:18:38.560 --> 0:18:41.040
<v Speaker 1>other hand, though, have a really interesting path if they

0:18:41.080 --> 0:18:43.760
<v Speaker 1>claim is still open for them, uh, that is that

0:18:43.840 --> 0:18:46.680
<v Speaker 1>Trump will win Arizona despite the fact that the AP

0:18:46.840 --> 0:18:49.640
<v Speaker 1>has already called it for Joe Biden. Um, that they

0:18:49.640 --> 0:18:52.760
<v Speaker 1>will add in Pennsylvania, which they feel fairly confident that

0:18:52.800 --> 0:18:54.760
<v Speaker 1>they can win, and that they will hold on in

0:18:54.880 --> 0:18:57.040
<v Speaker 1>Georgia where it looks like they're going to run away

0:18:57.040 --> 0:18:59.640
<v Speaker 1>with it, and now things have gotten much closer. That

0:18:59.680 --> 0:19:02.439
<v Speaker 1>would bring them up to two and seventy four electoral

0:19:02.520 --> 0:19:04.320
<v Speaker 1>votes and it would give Trump a second term. So

0:19:04.400 --> 0:19:06.879
<v Speaker 1>a lot to watch, um, you know, both in the

0:19:06.920 --> 0:19:09.200
<v Speaker 1>electoral college and in the courts over the next couple

0:19:09.240 --> 0:19:11.879
<v Speaker 1>of days. Well exactly, And you know, you talked about Wisconsin.

0:19:11.960 --> 0:19:13.879
<v Speaker 1>We've just got a headline you know too, and a

0:19:13.960 --> 0:19:17.359
<v Speaker 1>story that they're getting ready for a Trump recount request.

0:19:17.440 --> 0:19:20.480
<v Speaker 1>We know he's already fought the lawsuit in Michigan to

0:19:20.560 --> 0:19:23.040
<v Speaker 1>kind of stop counting votes. So I mean, this just

0:19:23.080 --> 0:19:27.480
<v Speaker 1>continues to drag on, at least for a little bit longer. Josh, definitely. Yeah,

0:19:27.520 --> 0:19:29.320
<v Speaker 1>there's no question about that that things are going to

0:19:29.400 --> 0:19:31.200
<v Speaker 1>move to the courts now. I mean, this is this

0:19:31.280 --> 0:19:34.520
<v Speaker 1>is you know, not quite the worst case scenario everybody

0:19:35.240 --> 0:19:37.440
<v Speaker 1>envisioned heading into the election, but it's not that far

0:19:37.480 --> 0:19:39.199
<v Speaker 1>off from it either. And you have Trump having come

0:19:39.200 --> 0:19:42.880
<v Speaker 1>out last night and essentially declared victory and fraud. Um,

0:19:42.920 --> 0:19:45.440
<v Speaker 1>you have things close enough that these court battles really

0:19:45.440 --> 0:19:48.680
<v Speaker 1>couldn't matter. UM. So you know people have been saying

0:19:48.680 --> 0:19:51.800
<v Speaker 1>from the get go, we may not know on election night. UM,

0:19:51.840 --> 0:19:53.600
<v Speaker 1>that's definitely true. I think the hope is that we

0:19:53.640 --> 0:19:55.560
<v Speaker 1>know in the next couple of days are certainly by

0:19:55.560 --> 0:20:00.680
<v Speaker 1>this weekend, but no guarantee on that either. And Josh,

0:20:01.119 --> 0:20:04.800
<v Speaker 1>any other final thoughts for you of of uh anything

0:20:04.800 --> 0:20:07.840
<v Speaker 1>else that's jumped out to you. I think what's jumped

0:20:07.840 --> 0:20:10.960
<v Speaker 1>out to me is just what a terrible job posters

0:20:11.160 --> 0:20:14.880
<v Speaker 1>and analysts in general did and calling this race. Even

0:20:14.920 --> 0:20:17.920
<v Speaker 1>if Biden wins, it's going to be narrow. It isn't

0:20:17.920 --> 0:20:22.040
<v Speaker 1>a blue wave. Democrats didn't win by crushing margins in

0:20:22.080 --> 0:20:25.680
<v Speaker 1>the House. And we can see it consistently that UH,

0:20:25.760 --> 0:20:27.960
<v Speaker 1>polls were off not just by one or two or

0:20:28.000 --> 0:20:30.520
<v Speaker 1>three points, but by seven or eight or nine points

0:20:30.800 --> 0:20:35.399
<v Speaker 1>the states right after they were off in and and

0:20:35.520 --> 0:20:38.280
<v Speaker 1>the necessary injustice were thought to have been made, well,

0:20:38.720 --> 0:20:40.639
<v Speaker 1>there there are still some knobs that need to be

0:20:40.680 --> 0:20:43.399
<v Speaker 1>fiddled here for these things to get accurate. UH. To me,

0:20:43.640 --> 0:20:45.639
<v Speaker 1>understanding how that all went wrong is one of the

0:20:45.640 --> 0:20:48.800
<v Speaker 1>stories I'm gonna be watching. I gotta say, um, David

0:20:48.800 --> 0:20:51.639
<v Speaker 1>Weston caught up with Frank Letts, who does polling as

0:20:51.680 --> 0:20:53.800
<v Speaker 1>you know, big time, and he said, we've got to

0:20:53.800 --> 0:20:57.600
<v Speaker 1>figure out how to understand the Trump voter essentially, and

0:20:57.680 --> 0:20:59.800
<v Speaker 1>just said that a lot of times you've got Trump

0:21:00.000 --> 0:21:03.720
<v Speaker 1>ooters and supporters who don't want to answer questions to

0:21:03.840 --> 0:21:06.760
<v Speaker 1>posters because they don't like the media outlets that they

0:21:06.800 --> 0:21:08.879
<v Speaker 1>represent or what have you, and then it tends to

0:21:08.920 --> 0:21:11.200
<v Speaker 1>stew it. But we've got to be smarter about getting

0:21:11.240 --> 0:21:13.040
<v Speaker 1>that voter. I don't know what you think about that, Josh.

0:21:14.440 --> 0:21:16.200
<v Speaker 1>I think that may be an element of it. But

0:21:16.359 --> 0:21:18.840
<v Speaker 1>I also think that part of the problem is that

0:21:18.960 --> 0:21:23.080
<v Speaker 1>polsters just aren't managing to find the Trump voters to

0:21:23.119 --> 0:21:25.040
<v Speaker 1>talk to. You know, whether I don't know that it's

0:21:25.040 --> 0:21:26.919
<v Speaker 1>a voter is saying, you know, I hate you, I

0:21:26.920 --> 0:21:29.000
<v Speaker 1>don't trust you, I'm not going to give you honest answers.

0:21:29.400 --> 0:21:31.080
<v Speaker 1>I just think the polsters have made a lot of

0:21:31.080 --> 0:21:34.440
<v Speaker 1>flawed assumptions, and the fact is their jobs have gotten

0:21:34.520 --> 0:21:37.680
<v Speaker 1>much more challenging. People don't answer their telephone land life anymore.

0:21:37.720 --> 0:21:41.960
<v Speaker 1>They have resorted to paying people to take online polls. Um.

0:21:42.160 --> 0:21:44.639
<v Speaker 1>You know is one Trump person I was talking to

0:21:44.680 --> 0:21:46.680
<v Speaker 1>earlier today said, you know, the idea that that is

0:21:46.720 --> 0:21:51.840
<v Speaker 1>going to lead to a precise, pinpoint forecast of how

0:21:51.880 --> 0:21:53.640
<v Speaker 1>an election gonna turn it is going to turn out

0:21:53.960 --> 0:21:56.639
<v Speaker 1>is just insane. And I think the results already that

0:21:56.720 --> 0:21:59.760
<v Speaker 1>there's something to that. Well, I'm waiting for your next book.

0:22:00.000 --> 0:22:03.359
<v Speaker 1>I'm just thinking, Josh, this has been a great year, um,

0:22:03.400 --> 0:22:06.600
<v Speaker 1>in terms of an interesting year to write about, that's

0:22:06.640 --> 0:22:10.520
<v Speaker 1>for sure. Bloomberg's, of course, Josh Green joining us from

0:22:10.600 --> 0:22:13.400
<v Speaker 1>d C. He's our national correspondent at Bloomberg Business Week,

0:22:13.400 --> 0:22:15.600
<v Speaker 1>and of course our thanks to Bloomberg Business Week editor

0:22:15.680 --> 0:22:18.480
<v Speaker 1>Joe Webber joining us on the access line in Brooklyn.

0:22:18.800 --> 0:22:23.280
<v Speaker 1>This is Bloomberg Business Week with Carol Messer from Bloomberg Radio.

0:22:23.840 --> 0:22:26.879
<v Speaker 1>So we'll be going to the U. S. Supreme Court.

0:22:27.680 --> 0:22:31.880
<v Speaker 1>We want all voting to stop. We don't want them

0:22:31.920 --> 0:22:35.520
<v Speaker 1>to find any ballots at four o'clock in the morning

0:22:35.520 --> 0:22:39.920
<v Speaker 1>and add them to the list. Okay, all right. Of course,

0:22:39.920 --> 0:22:42.800
<v Speaker 1>that was President Donald Trump saying last night, or actually

0:22:42.800 --> 0:22:45.040
<v Speaker 1>it was kind of the wee hours of this morning, uh,

0:22:45.119 --> 0:22:46.960
<v Speaker 1>saying he will go to the U. S. Supreme Court

0:22:47.000 --> 0:22:49.400
<v Speaker 1>because he wants all voting to stop as he tries

0:22:49.480 --> 0:22:51.240
<v Speaker 1>to kind of hold on to some of his early

0:22:51.320 --> 0:22:54.680
<v Speaker 1>leads and key battleground states. Of course, this election continuing

0:22:54.680 --> 0:22:59.200
<v Speaker 1>to evolve. Um, this Election Day Wednesday, again, it feels like, Um,

0:22:59.240 --> 0:23:01.199
<v Speaker 1>I gotta say, I saw live last night when the

0:23:01.200 --> 0:23:04.959
<v Speaker 1>President made those comments. Let's get into what is legally

0:23:05.000 --> 0:23:07.440
<v Speaker 1>at stake and what can legally be done, because there's

0:23:07.480 --> 0:23:10.040
<v Speaker 1>kind of two different things the Supreme Supreme Court issue

0:23:10.160 --> 0:23:12.360
<v Speaker 1>versus kind of some of the lawsuits that we're already

0:23:12.480 --> 0:23:15.520
<v Speaker 1>seeing begin to happen. Jim Grass was legal analyst, co

0:23:15.560 --> 0:23:20.320
<v Speaker 1>host of politics. Uh. Actually, yeah, Bloomberg Bloomberg Law. Sorry,

0:23:20.359 --> 0:23:23.280
<v Speaker 1>I kind of forgot the name of me on the

0:23:23.320 --> 0:23:25.640
<v Speaker 1>phone in New York City, Greg Store, who is Supreme

0:23:25.720 --> 0:23:28.240
<v Speaker 1>Court reporter for Bloomberg News. Greg is on the phone

0:23:28.280 --> 0:23:30.560
<v Speaker 1>in d C. So good to have you both here

0:23:30.600 --> 0:23:33.080
<v Speaker 1>with us. Um, Greg, let me just start for you.

0:23:33.440 --> 0:23:35.199
<v Speaker 1>Let me just kind of big picture because I think

0:23:35.240 --> 0:23:37.439
<v Speaker 1>we see Supreme Court. Are we headed to the Supreme

0:23:37.440 --> 0:23:41.600
<v Speaker 1>Court here that we are? They're all, uh, you know,

0:23:41.840 --> 0:23:44.040
<v Speaker 1>we all think back to two thousand Bush versus Score.

0:23:44.520 --> 0:23:46.600
<v Speaker 1>That was really a perfect storm where you had one

0:23:46.640 --> 0:23:50.240
<v Speaker 1>state that made the difference. That state was had a

0:23:50.280 --> 0:23:54.080
<v Speaker 1>difference of five and thirty. Um, we're not there yet

0:23:54.240 --> 0:23:56.919
<v Speaker 1>in this case. Um, it's certainly possible there will be

0:23:57.000 --> 0:24:01.120
<v Speaker 1>some legal fighting. But you know, Donald Trump, if he's

0:24:01.119 --> 0:24:03.679
<v Speaker 1>going to challenge the results, have to get a legal

0:24:03.760 --> 0:24:07.000
<v Speaker 1>issue that that raised the problem either on the under

0:24:07.000 --> 0:24:10.280
<v Speaker 1>federal statute feral or the Constitution. And that has to

0:24:10.280 --> 0:24:12.440
<v Speaker 1>be a legal issue that would make a difference that

0:24:12.480 --> 0:24:15.320
<v Speaker 1>would actually swing the election in his direction. Um, and

0:24:15.400 --> 0:24:17.440
<v Speaker 1>it's not clear we have that yet. All right, June,

0:24:17.480 --> 0:24:19.439
<v Speaker 1>come on in on this. You must have been like, okay,

0:24:19.520 --> 0:24:21.480
<v Speaker 1>Like where do I begin? So what are some of

0:24:21.480 --> 0:24:23.920
<v Speaker 1>the illegal issues? There's a lot going on because as

0:24:23.920 --> 0:24:25.600
<v Speaker 1>soon as you know, we've seen the cases kind of

0:24:25.600 --> 0:24:28.080
<v Speaker 1>going into the election, and we continue to see them

0:24:28.080 --> 0:24:31.760
<v Speaker 1>come from uh, certainly right at this point the Trump campaign. Right,

0:24:31.840 --> 0:24:34.000
<v Speaker 1>there are a lot of legal issues. But I agree

0:24:34.080 --> 0:24:37.240
<v Speaker 1>completely with Greg that it doesn't look like right now

0:24:37.480 --> 0:24:39.679
<v Speaker 1>that you have a legal issue in a state and

0:24:39.720 --> 0:24:41.159
<v Speaker 1>it has to be a state that's going to be

0:24:41.200 --> 0:24:44.560
<v Speaker 1>a tipping point in the electoral college and is decided

0:24:44.600 --> 0:24:47.520
<v Speaker 1>by a razor thin margin, and you're litigating over this

0:24:47.640 --> 0:24:50.720
<v Speaker 1>pool of contested votes that would change the result and

0:24:51.200 --> 0:24:54.520
<v Speaker 1>chip the election. So so far you have, for example,

0:24:55.000 --> 0:24:57.800
<v Speaker 1>just this afternoon, the Trump campaign said that it's suing

0:24:57.880 --> 0:25:02.520
<v Speaker 1>to stop Michigan from counting any more votes. Now, the

0:25:02.520 --> 0:25:04.840
<v Speaker 1>problem with this is that what they're saying is that

0:25:04.880 --> 0:25:08.560
<v Speaker 1>they weren't getting access to the counting enough access, and

0:25:08.560 --> 0:25:11.359
<v Speaker 1>they weren't getting and they've used this in other states

0:25:11.400 --> 0:25:14.679
<v Speaker 1>before and it hasn't worked. So and the other problem

0:25:14.880 --> 0:25:18.560
<v Speaker 1>is that Michigan has said that they're likely to finish

0:25:18.680 --> 0:25:22.239
<v Speaker 1>counting most of the votes by tonight. So will ad

0:25:22.320 --> 0:25:25.320
<v Speaker 1>judge intervened at this point to stop the Michigan count

0:25:25.480 --> 0:25:29.040
<v Speaker 1>very unlikely. In Pennsylvania, you have the case that you

0:25:29.080 --> 0:25:32.680
<v Speaker 1>know we've talked about before where the Supreme Court said

0:25:32.720 --> 0:25:36.800
<v Speaker 1>that Pennsylvania at this point could count the ballots that

0:25:36.920 --> 0:25:39.960
<v Speaker 1>come in three days after the election. So those ballots

0:25:39.960 --> 0:25:43.119
<v Speaker 1>are being segregated and as Greg can tell you better,

0:25:43.160 --> 0:25:46.119
<v Speaker 1>but you know, the forced Conservative Justice is indicated they

0:25:46.200 --> 0:25:48.800
<v Speaker 1>might be open after the election to looking at that.

0:25:49.080 --> 0:25:55.120
<v Speaker 1>There's also in Pennsylvania another another lawsuit about a county

0:25:55.160 --> 0:25:58.399
<v Speaker 1>that it's one county and it probably involves around forty

0:25:58.480 --> 0:26:00.920
<v Speaker 1>nine votes. According to the county of officials and whether

0:26:01.040 --> 0:26:03.400
<v Speaker 1>or not they were they were reaching out to voters

0:26:03.480 --> 0:26:06.240
<v Speaker 1>who had problems with their ballots and saying, you want

0:26:06.240 --> 0:26:08.840
<v Speaker 1>to come in and fix it basically, But is that

0:26:09.000 --> 0:26:13.440
<v Speaker 1>enough to you know, to merit any kind of you know, litigation.

0:26:13.480 --> 0:26:15.800
<v Speaker 1>So it all depends. And I think that they're also

0:26:15.840 --> 0:26:18.639
<v Speaker 1>going to go after absentee ballots and provisional ballots. The

0:26:19.160 --> 0:26:21.840
<v Speaker 1>provisional ballot is when you come in and maybe you're

0:26:21.840 --> 0:26:25.560
<v Speaker 1>in the wrong the wrong uh election place, or maybe

0:26:25.560 --> 0:26:28.720
<v Speaker 1>someone challenges you and then so those are questions. But

0:26:28.760 --> 0:26:32.480
<v Speaker 1>how many provisional ballots and absentee ballots are having problems?

0:26:32.560 --> 0:26:34.920
<v Speaker 1>That's the that's the point, right And and it gets

0:26:34.920 --> 0:26:36.600
<v Speaker 1>too greg I think to what you were talking about,

0:26:36.640 --> 0:26:38.639
<v Speaker 1>how close a race is, you know, whether it's going

0:26:38.640 --> 0:26:40.280
<v Speaker 1>to be a state that would be a tipping point,

0:26:40.680 --> 0:26:42.480
<v Speaker 1>you know, I mean there's a lot that goes into

0:26:42.480 --> 0:26:46.640
<v Speaker 1>it before it makes sense on a legal level. Yeah.

0:26:46.680 --> 0:26:49.800
<v Speaker 1>And one distinction to make you mention that Pennsylvania case

0:26:49.880 --> 0:26:52.960
<v Speaker 1>that's at the Substreme Court. That case, if it were

0:26:53.000 --> 0:26:56.600
<v Speaker 1>to happen, would be about ballots that were cast before

0:26:56.800 --> 0:27:00.240
<v Speaker 1>election day, were by election day and didn't arrive I've

0:27:00.480 --> 0:27:03.119
<v Speaker 1>until up to three days later. You don't know how

0:27:03.160 --> 0:27:05.600
<v Speaker 1>many ballots that is. You know, maybe it's in the

0:27:05.640 --> 0:27:09.840
<v Speaker 1>tens of thousands. I'm that's just conjecture. Um. What you

0:27:09.920 --> 0:27:12.560
<v Speaker 1>heard the president's last night, he was talking about stopping

0:27:12.560 --> 0:27:16.560
<v Speaker 1>the voting, um, And that's something very different. There's no

0:27:16.680 --> 0:27:19.400
<v Speaker 1>legal claim to stop. Well, first of all, we were

0:27:19.880 --> 0:27:24.520
<v Speaker 1>we weren't voting. Yeah, nobody is voting anymore. Um. And

0:27:25.119 --> 0:27:27.040
<v Speaker 1>you know he wouldn't even be able to stop there's

0:27:27.040 --> 0:27:29.840
<v Speaker 1>really no legal claim to stop the counting of votes

0:27:30.280 --> 0:27:33.400
<v Speaker 1>that were clearly cast in time. We're only talking about,

0:27:33.440 --> 0:27:37.159
<v Speaker 1>in the Supreme Court case, a relatively small segment of

0:27:37.240 --> 0:27:42.200
<v Speaker 1>votes that were cast on time but haven't arrived yet. Also, Carol,

0:27:42.440 --> 0:27:46.200
<v Speaker 1>I think it's a difference when you're challenging votes that

0:27:46.240 --> 0:27:49.600
<v Speaker 1>have been cast by voters who have relied on the

0:27:49.680 --> 0:27:52.880
<v Speaker 1>rules in place. So if that goes to the Supreme Court,

0:27:52.960 --> 0:27:54.800
<v Speaker 1>let's just say it goes to the Supreme Court, is

0:27:54.840 --> 0:27:57.199
<v Speaker 1>the court going to say, no, we're going to discount

0:27:57.280 --> 0:28:00.159
<v Speaker 1>your votes, voters, even though you know we know what

0:28:00.240 --> 0:28:02.919
<v Speaker 1>the outcome would be if those votes were counted, and

0:28:03.000 --> 0:28:05.560
<v Speaker 1>we know you relied upon the rule that we set

0:28:05.600 --> 0:28:08.880
<v Speaker 1>in place. So I think that's another point that has

0:28:08.920 --> 0:28:11.960
<v Speaker 1>to be considered. And also, for example, in the Pennsylvania case,

0:28:11.960 --> 0:28:15.480
<v Speaker 1>where they're challenging the way that they're they're asking people

0:28:15.520 --> 0:28:17.880
<v Speaker 1>to come in and sort of cure their ballots, Well,

0:28:18.000 --> 0:28:20.280
<v Speaker 1>why didn't they do that before? Have they waited too

0:28:20.320 --> 0:28:22.240
<v Speaker 1>long to do that? Apparently they've been doing that for

0:28:22.280 --> 0:28:24.960
<v Speaker 1>a long time there. So I think there's a lot

0:28:25.359 --> 0:28:27.159
<v Speaker 1>There might be a lot of litigation, but I'm not

0:28:27.200 --> 0:28:29.240
<v Speaker 1>sure that any of it is going to be sort

0:28:29.240 --> 0:28:32.480
<v Speaker 1>of serious litigation. Yeah, I think it's really pretty interesting.

0:28:32.520 --> 0:28:34.320
<v Speaker 1>I mean, I do wonder, Greg, you know, at some

0:28:34.400 --> 0:28:36.639
<v Speaker 1>point do we need to kind of take a bigger

0:28:36.720 --> 0:28:39.920
<v Speaker 1>deeper dive, you know, into kind of the voting system

0:28:39.960 --> 0:28:42.040
<v Speaker 1>and how it works. I know it's up to individual states,

0:28:42.080 --> 0:28:44.120
<v Speaker 1>but you do wonder we were talking earlier about it

0:28:44.120 --> 0:28:45.920
<v Speaker 1>could be so much easier with an app and we

0:28:45.920 --> 0:28:47.760
<v Speaker 1>could just do it and kind of clear up some

0:28:47.800 --> 0:28:50.960
<v Speaker 1>of the confusion. Just got about forty seconds left. Yeah,

0:28:51.000 --> 0:28:53.560
<v Speaker 1>that's gotta be something that everybody can agree on after

0:28:53.800 --> 0:28:57.680
<v Speaker 1>after yesterday and today, um that our system of voting

0:28:57.720 --> 0:29:01.360
<v Speaker 1>in this country is really really compli caated and it

0:29:01.440 --> 0:29:04.400
<v Speaker 1>shouldn't be that complicated because you have all these state

0:29:04.480 --> 0:29:07.320
<v Speaker 1>rules and then you have the federal law overlaid on

0:29:07.440 --> 0:29:11.280
<v Speaker 1>top of that in the electoral college. And yes, there's

0:29:11.320 --> 0:29:15.600
<v Speaker 1>all sorts of potential for confusion and a feeling that

0:29:16.800 --> 0:29:19.360
<v Speaker 1>that the voters might not have had their saying yeah,

0:29:19.360 --> 0:29:21.120
<v Speaker 1>and forgive me, we've got still some more time. Well,

0:29:21.160 --> 0:29:22.680
<v Speaker 1>you know, June, come on in on this, because I

0:29:22.680 --> 0:29:24.920
<v Speaker 1>do think we all go to the poll, or we

0:29:25.000 --> 0:29:27.840
<v Speaker 1>fill out our ballot mailing in and just assume that

0:29:27.880 --> 0:29:30.480
<v Speaker 1>we could trust these systems. And it really does beg

0:29:30.480 --> 0:29:32.520
<v Speaker 1>the question. It's kind of funny when I'm filling out

0:29:32.520 --> 0:29:35.200
<v Speaker 1>a ballot and I'm filling in circles. You know that

0:29:35.800 --> 0:29:38.600
<v Speaker 1>in such a high tech world that we can't figure

0:29:38.600 --> 0:29:40.560
<v Speaker 1>out a better way that secures it so that we

0:29:40.640 --> 0:29:43.880
<v Speaker 1>don't have to have these legal questions. Uh, certainly a

0:29:43.960 --> 0:29:47.120
<v Speaker 1>day after an election, right. But the the other side

0:29:47.160 --> 0:29:49.280
<v Speaker 1>of that, and of course, you know everyone's all for

0:29:49.360 --> 0:29:51.320
<v Speaker 1>like using an app and everything, the other side of

0:29:51.360 --> 0:29:54.200
<v Speaker 1>that is if you don't have some kind of a

0:29:54.360 --> 0:29:58.080
<v Speaker 1>paper ballot back up, then what happens when you want

0:29:58.080 --> 0:30:00.840
<v Speaker 1>to check the votes? It's it's all on computer. Are

0:30:00.840 --> 0:30:02.520
<v Speaker 1>you're going to trust that, and if they're going to

0:30:02.560 --> 0:30:04.120
<v Speaker 1>be you know, how are you going to do that?

0:30:04.560 --> 0:30:07.320
<v Speaker 1>So that's another problem is that in past elections they

0:30:07.360 --> 0:30:09.720
<v Speaker 1>have said that they need a paper ballot backup because

0:30:09.720 --> 0:30:11.800
<v Speaker 1>that's the way you can trace everything. That's the way

0:30:11.840 --> 0:30:14.560
<v Speaker 1>you know where things came from. So and you know

0:30:14.600 --> 0:30:17.440
<v Speaker 1>the problem is that you know, as Greg said, this

0:30:17.560 --> 0:30:21.240
<v Speaker 1>is all based state to state and county to county

0:30:21.320 --> 0:30:23.840
<v Speaker 1>within the state, so you have all it's not like

0:30:23.880 --> 0:30:26.480
<v Speaker 1>your vote it's the presidential election, but what you're really

0:30:26.800 --> 0:30:30.240
<v Speaker 1>voting is counties in states. You know, I don't know

0:30:30.280 --> 0:30:32.720
<v Speaker 1>how many across the country. And if there was more

0:30:32.760 --> 0:30:36.640
<v Speaker 1>consistency at least, it wouldn't be as it is now

0:30:36.680 --> 0:30:39.680
<v Speaker 1>where you're just every time someone, for example, Trump said

0:30:39.720 --> 0:30:43.560
<v Speaker 1>that the Trump campaign is asking for a recount in Wisconsin.

0:30:43.640 --> 0:30:45.960
<v Speaker 1>So okay, what are the rules in Wisconsin for a recount.

0:30:46.040 --> 0:30:48.280
<v Speaker 1>It's it's one percent in Wisconsin, but it's half a

0:30:48.360 --> 0:30:50.560
<v Speaker 1>percent difference in Georgia, and it's this, and it's that,

0:30:50.640 --> 0:30:53.760
<v Speaker 1>and it's so confusing. Well, and it's interesting because I think,

0:30:53.800 --> 0:30:56.200
<v Speaker 1>and I'm curious what each of you think about this,

0:30:56.280 --> 0:30:57.840
<v Speaker 1>And Greg, maybe you take it first, as I do

0:30:57.920 --> 0:30:59.880
<v Speaker 1>think that there was a lot of nervousness leading up

0:30:59.880 --> 0:31:02.960
<v Speaker 1>to this election about how much you know, kind of

0:31:03.040 --> 0:31:06.600
<v Speaker 1>legal wrangling there would be. Um, it does feel like

0:31:06.640 --> 0:31:11.920
<v Speaker 1>Greg though, that it's kind of quarterly right now. Yeah. Really, Um,

0:31:11.960 --> 0:31:17.400
<v Speaker 1>you know, we had a relatively few election day disruptions. Um,

0:31:17.440 --> 0:31:20.040
<v Speaker 1>we had a flurry of activity at the Supreme Court

0:31:20.080 --> 0:31:23.320
<v Speaker 1>the week before, but not so much in the couple

0:31:23.320 --> 0:31:26.920
<v Speaker 1>of days immediately before. People seem to know for the

0:31:26.960 --> 0:31:29.720
<v Speaker 1>most part what the rules were going to be. We

0:31:29.840 --> 0:31:32.760
<v Speaker 1>do still have some lingering issues like the you know,

0:31:32.840 --> 0:31:37.640
<v Speaker 1>the late arriving ballot in in Pennsylvania, But for the

0:31:37.680 --> 0:31:41.520
<v Speaker 1>most part, even if you disagreed with them, you probably

0:31:41.600 --> 0:31:45.000
<v Speaker 1>knew what the basic rules for voting and counting the

0:31:45.080 --> 0:31:49.280
<v Speaker 1>votes were in in all the swing states. Uh. So yeah,

0:31:49.320 --> 0:31:52.640
<v Speaker 1>I would agree with that given what we thought could happen,

0:31:53.080 --> 0:31:56.240
<v Speaker 1>like right on election day. Uh, there was not that

0:31:56.400 --> 0:31:59.280
<v Speaker 1>much chaos on that day. Yeah, June, what are your

0:31:59.280 --> 0:32:01.160
<v Speaker 1>thoughts on this as you were expecting, you know, what

0:32:01.320 --> 0:32:05.120
<v Speaker 1>might happen and versus what actually has so far at least, right,

0:32:05.200 --> 0:32:07.800
<v Speaker 1>I think that people are not talking enough about the

0:32:07.840 --> 0:32:12.040
<v Speaker 1>fact that all this violence was expected or anticipated. You know,

0:32:12.280 --> 0:32:16.000
<v Speaker 1>you had uh, cities where the stores were boarding up

0:32:16.040 --> 0:32:18.600
<v Speaker 1>their windows because of the fear of violence, and we

0:32:18.880 --> 0:32:21.520
<v Speaker 1>really didn't hear about that, And I think that's really

0:32:21.600 --> 0:32:25.280
<v Speaker 1>something to share about that we're not talking about that

0:32:25.400 --> 0:32:28.680
<v Speaker 1>the day after. Um, there are some minor incidents here

0:32:28.720 --> 0:32:32.200
<v Speaker 1>and there, but but nothing that you know, was so

0:32:32.200 --> 0:32:34.920
<v Speaker 1>so outstanding that we would have to talk about it.

0:32:35.000 --> 0:32:38.440
<v Speaker 1>And um, I think Greg's right, we did. There are

0:32:39.040 --> 0:32:42.320
<v Speaker 1>legions of lawyers out there for the Trump team, the

0:32:42.320 --> 0:32:46.120
<v Speaker 1>Biden team, civil rights lawyers, conservative lawyers, and they have

0:32:46.240 --> 0:32:48.800
<v Speaker 1>war rooms set up, so hundreds and hundreds of lawyers,

0:32:49.040 --> 0:32:52.960
<v Speaker 1>and we've just seen very few lawsuits so far. So

0:32:53.240 --> 0:32:56.160
<v Speaker 1>I think that you know, all considering and all the

0:32:56.160 --> 0:32:58.280
<v Speaker 1>different rules that we've been talking about and all the

0:32:58.880 --> 0:33:02.320
<v Speaker 1>controversy before more hand, that it's so far turned out

0:33:02.840 --> 0:33:05.600
<v Speaker 1>pretty well. And to be fair, I mean, that's pretty

0:33:05.880 --> 0:33:08.000
<v Speaker 1>par for the course. In terms of elections. I mean,

0:33:08.000 --> 0:33:10.440
<v Speaker 1>I think this has been an unusual year and it's

0:33:10.480 --> 0:33:12.520
<v Speaker 1>a year where a lot of things have been laid bare.

0:33:12.600 --> 0:33:14.920
<v Speaker 1>We're seeing kind of how the sausage is made when

0:33:14.920 --> 0:33:17.400
<v Speaker 1>it comes to things. And I think even with the election,

0:33:17.480 --> 0:33:20.920
<v Speaker 1>in terms of how many people vote in advance, how

0:33:20.920 --> 0:33:23.800
<v Speaker 1>many states start counting in advance. Um, there's a lot

0:33:23.840 --> 0:33:26.480
<v Speaker 1>of things that maybe we didn't realize as Americans, and

0:33:26.520 --> 0:33:29.280
<v Speaker 1>it's all kind of coming out. And even Greg, you know,

0:33:29.360 --> 0:33:32.400
<v Speaker 1>to have both sides, the Democrats and the Republicans, the

0:33:32.440 --> 0:33:35.719
<v Speaker 1>teams having lawyers in place just in case, that's pretty normal.

0:33:36.920 --> 0:33:39.840
<v Speaker 1>It is pretty normal. Um, you know, maybe that there

0:33:39.840 --> 0:33:43.240
<v Speaker 1>were more lawyers in place than the work uh four

0:33:43.320 --> 0:33:46.320
<v Speaker 1>years ago or eight years ago, but yes, uh, certainly

0:33:46.360 --> 0:33:49.920
<v Speaker 1>after Bush versus Gore, it has been standard fair that

0:33:50.000 --> 0:33:55.400
<v Speaker 1>both sides race themselves and get ready for um, a

0:33:55.520 --> 0:34:00.440
<v Speaker 1>legal fight over the election. Uh. And uh that's just

0:34:00.880 --> 0:34:05.600
<v Speaker 1>the nature of our complicated election system, the fact that

0:34:05.600 --> 0:34:11.120
<v Speaker 1>that our elections, presidential elections are so close to these days. Uh,

0:34:11.200 --> 0:34:15.160
<v Speaker 1>and the fact that we're a rather litigious society. Yeah, exactly, well,

0:34:15.200 --> 0:34:17.720
<v Speaker 1>it certainly has made for some interesting times. Um, folks,

0:34:17.719 --> 0:34:21.440
<v Speaker 1>thank you so much, really appreciate your INSIGHTE Gingrasso. She is,

0:34:21.480 --> 0:34:24.239
<v Speaker 1>of course Bloomberg News legal analyst and host of Bloomberg Law.

0:34:24.280 --> 0:34:26.280
<v Speaker 1>You can catch a weeknights at ten pm Wall Street

0:34:26.280 --> 0:34:28.400
<v Speaker 1>Time on Bloomberg Radio and our thanks so easy to

0:34:28.520 --> 0:34:30.840
<v Speaker 1>Greg's store or go to when it comes to the

0:34:30.840 --> 0:34:34.040
<v Speaker 1>Supreme Court. Here at Bloomberg News on the phone from Washington,

0:34:34.120 --> 0:34:41.680
<v Speaker 1>d C. Ro a journal Now, but you let me drive.

0:34:41.960 --> 0:34:46.440
<v Speaker 1>Oh no, no, no no, no, honey, please, I'll do the

0:34:46.520 --> 0:34:56.799
<v Speaker 1>right vel. I want to drive, just drives the questions.

0:34:57.280 --> 0:35:07.319
<v Speaker 1>Try this is the drive to the globe. Give me thanks,

0:35:07.320 --> 0:35:11.480
<v Speaker 1>We'll try us on Bloomberg Radio. Yes, indeed, it is

0:35:11.520 --> 0:35:13.400
<v Speaker 1>time for the drive to the clothes. We do have

0:35:13.440 --> 0:35:16.200
<v Speaker 1>equity markets rallying, coming off our highs of this session,

0:35:16.200 --> 0:35:18.719
<v Speaker 1>but nonetheless some pretty decent games, certainly if you're a

0:35:18.760 --> 0:35:22.440
<v Speaker 1>bullet in this market. Back with us, as Ernesto Ramos,

0:35:22.520 --> 0:35:24.920
<v Speaker 1>he leaves the portfolio management and research teams for all

0:35:24.960 --> 0:35:29.520
<v Speaker 1>equity strategy strategies are at Deemo Global Asset Management. Uh

0:35:29.520 --> 0:35:32.319
<v Speaker 1>and they've got roughly two hundred and seventy billion in

0:35:32.320 --> 0:35:35.560
<v Speaker 1>assets under management. Ernesto back with us on the phone

0:35:35.600 --> 0:35:38.120
<v Speaker 1>from Chicago. Nice to have you here with us. How

0:35:38.200 --> 0:35:44.160
<v Speaker 1>late did you stay up? Hi, Carol's grint. I actually

0:35:44.239 --> 0:35:47.200
<v Speaker 1>I actually couldn't take it for so I went to

0:35:47.239 --> 0:35:49.239
<v Speaker 1>bed early, and I woke up this morning to check

0:35:49.280 --> 0:35:53.279
<v Speaker 1>results quite early too. Uh So, yeah, it looks like

0:35:53.360 --> 0:35:58.200
<v Speaker 1>we have a divided win here. Uh. If finding hangs

0:35:58.239 --> 0:36:00.640
<v Speaker 1>on what should looks like you might then and UH

0:36:00.760 --> 0:36:04.080
<v Speaker 1>and a Senate in Republican hands, which which is where

0:36:04.080 --> 0:36:08.319
<v Speaker 1>we we didn't anticipate. We anticipated the Blue Way, but

0:36:08.360 --> 0:36:11.919
<v Speaker 1>this was our second highest probability scenario, so that came

0:36:11.960 --> 0:36:14.560
<v Speaker 1>to truition, all right, So you guys worked it all out.

0:36:14.560 --> 0:36:17.240
<v Speaker 1>So what does it mean for then the financial markets?

0:36:17.239 --> 0:36:19.799
<v Speaker 1>I mean equity markets certainly weighing in today despite being

0:36:19.880 --> 0:36:22.160
<v Speaker 1>kind of a radic later, but I understand I mean

0:36:22.280 --> 0:36:24.160
<v Speaker 1>last night and into the wee hours because a lot

0:36:24.200 --> 0:36:27.760
<v Speaker 1>of things kind of kept changing to some extent um.

0:36:27.920 --> 0:36:32.360
<v Speaker 1>Does the rally make sense to you today if you

0:36:32.440 --> 0:36:35.560
<v Speaker 1>look at the action here, We think a lot of

0:36:35.560 --> 0:36:38.640
<v Speaker 1>it has to do with unwinding trades that we're anticipating

0:36:38.640 --> 0:36:42.279
<v Speaker 1>in blue weight like that. You saw that the whole

0:36:42.280 --> 0:36:46.680
<v Speaker 1>month of October and early November was a cyclical value

0:36:46.800 --> 0:36:51.719
<v Speaker 1>rally which anticipated a big which we think anticipated a

0:36:51.760 --> 0:36:58.320
<v Speaker 1>big infrastructure package spend from from a Biden UH senate

0:36:58.400 --> 0:37:02.360
<v Speaker 1>and a Biden presidency. We're clearly not going to get that.

0:37:02.440 --> 0:37:04.200
<v Speaker 1>So I think it's a lot of unwinding of that.

0:37:04.680 --> 0:37:09.360
<v Speaker 1>And that's why secular growth in healthcare, because the public

0:37:09.360 --> 0:37:14.000
<v Speaker 1>option is probably off the table now for for for

0:37:14.000 --> 0:37:16.360
<v Speaker 1>for the market, so that that's why healthcare is railing.

0:37:16.400 --> 0:37:19.080
<v Speaker 1>But just you see the secular growth doing very well,

0:37:19.360 --> 0:37:22.640
<v Speaker 1>the cyclicals and more value not doing as well. And

0:37:23.560 --> 0:37:26.520
<v Speaker 1>basically we think it's an unwind up that position that

0:37:26.600 --> 0:37:29.040
<v Speaker 1>took place for the last month and in a week

0:37:29.080 --> 0:37:31.400
<v Speaker 1>if you want to. But but I do wonder what

0:37:31.440 --> 0:37:33.239
<v Speaker 1>it means in terms of Okay, so if we've got

0:37:33.280 --> 0:37:36.600
<v Speaker 1>we've got a Republican Senate, we've got a mixed Congress,

0:37:36.760 --> 0:37:38.480
<v Speaker 1>and if we do end up with Joe Biden the

0:37:38.480 --> 0:37:41.160
<v Speaker 1>White House, but again let's just remind everybody the race

0:37:41.239 --> 0:37:44.080
<v Speaker 1>is yet to be called, and we've got lawsuits certainly coming.

0:37:44.080 --> 0:37:46.680
<v Speaker 1>We've seen more headlines from the Trump campaign. But I

0:37:46.719 --> 0:37:50.000
<v Speaker 1>do wonder, um, especially when it comes to stimulus, if

0:37:50.000 --> 0:37:53.719
<v Speaker 1>we have an economy that's going to need some assistance

0:37:54.200 --> 0:37:57.200
<v Speaker 1>and we don't get the biggest package that we need,

0:37:57.800 --> 0:38:00.320
<v Speaker 1>I do wonder the impact that that's going to have

0:38:00.360 --> 0:38:02.839
<v Speaker 1>on the economy, and ultimately it's going to have, you know,

0:38:02.960 --> 0:38:06.120
<v Speaker 1>an impact on what goes on in the financial markets

0:38:06.120 --> 0:38:09.319
<v Speaker 1>that ultimately will sew up there. So are you thinking

0:38:09.360 --> 0:38:12.759
<v Speaker 1>about that? Are you worried about that? It's a matter

0:38:12.760 --> 0:38:15.040
<v Speaker 1>of fact. Yeah, we are thinking about that. We are

0:38:15.080 --> 0:38:17.200
<v Speaker 1>a little bit more embarish on growth than we would

0:38:17.200 --> 0:38:19.840
<v Speaker 1>have been with a blue wave, just for from the

0:38:19.920 --> 0:38:23.080
<v Speaker 1>pure simple method you just explained. When you have a

0:38:23.160 --> 0:38:27.280
<v Speaker 1>port tralion, let's say trillion UH for trillion fiscal package,

0:38:27.360 --> 0:38:29.160
<v Speaker 1>you're gonna get a lot of government spending, a lot

0:38:29.200 --> 0:38:33.160
<v Speaker 1>of infrastructure projects that will accelerate growth. Now you have

0:38:34.040 --> 0:38:37.520
<v Speaker 1>a divided Congress, you probably also might get a little

0:38:37.520 --> 0:38:41.239
<v Speaker 1>bit more of a shutdown UH to deal with the pandemic,

0:38:41.280 --> 0:38:44.160
<v Speaker 1>given that that biding is more prone to to doing

0:38:44.280 --> 0:38:47.239
<v Speaker 1>some stuff like that than than the Republicans were. So

0:38:48.200 --> 0:38:50.919
<v Speaker 1>and then we think there's a slight negative effect short

0:38:51.040 --> 0:38:53.759
<v Speaker 1>term for the economy. Now there's a positive longer term,

0:38:53.760 --> 0:38:56.160
<v Speaker 1>which is if we get a better handle on the

0:38:56.200 --> 0:38:59.880
<v Speaker 1>pandemic because we do things in a more systematic, coordinated

0:39:00.000 --> 0:39:03.359
<v Speaker 1>and effect that we're dealing with, that that that long

0:39:03.440 --> 0:39:05.800
<v Speaker 1>term will pay off. But in the short and medium

0:39:05.840 --> 0:39:08.560
<v Speaker 1>turn called the next I don't know, three to six months,

0:39:08.600 --> 0:39:10.440
<v Speaker 1>we might have a negative and the fact that you

0:39:10.480 --> 0:39:14.680
<v Speaker 1>don't get that package. Now, hopefully the consumer get some

0:39:14.800 --> 0:39:19.239
<v Speaker 1>relief in terms of additional employment benefits and I'm the

0:39:19.280 --> 0:39:22.200
<v Speaker 1>second round of PPE, but that's probably also going to

0:39:22.280 --> 0:39:24.719
<v Speaker 1>be toned down what from what it would have been

0:39:25.080 --> 0:39:29.640
<v Speaker 1>had we had a United Democratic president in the Senate.

0:39:30.040 --> 0:39:32.839
<v Speaker 1>So because Biden will still have to deal with with

0:39:32.880 --> 0:39:35.480
<v Speaker 1>Mitch McCollum, the Republicans in the Senate with are not

0:39:35.600 --> 0:39:38.400
<v Speaker 1>going to be less inclined to given what he wants,

0:39:38.760 --> 0:39:41.200
<v Speaker 1>had it been Trump asking for it, or had it

0:39:41.239 --> 0:39:45.520
<v Speaker 1>been as republicansented being the one to give it to them.

0:39:45.680 --> 0:39:48.520
<v Speaker 1>All Right, So in a crazy year, it's politics probably

0:39:48.600 --> 0:39:52.440
<v Speaker 1>as usual. So that's interesting, um and and to be expected. Hey,

0:39:52.480 --> 0:39:54.080
<v Speaker 1>let's talk about a couple of names, and now our

0:39:54.120 --> 0:39:56.640
<v Speaker 1>listeners like to get into a Costco is a name

0:39:56.800 --> 0:39:59.840
<v Speaker 1>that you like? Um, I guess it makes sense, right,

0:40:00.200 --> 0:40:02.880
<v Speaker 1>consumers continue to shop there and they will increasingly so

0:40:03.040 --> 0:40:06.360
<v Speaker 1>even if there's a shutdown again. Yeah. So so the

0:40:06.360 --> 0:40:10.399
<v Speaker 1>Loval Autility portfolio, the Demore Loveal Autility portfolio is right,

0:40:10.560 --> 0:40:13.319
<v Speaker 1>the perfect portfolio for this kind of situation where you

0:40:13.360 --> 0:40:19.600
<v Speaker 1>have potential additional shutdowns, potential additional stay at home. Uh

0:40:19.840 --> 0:40:23.680
<v Speaker 1>not necessarily the strongest cyclical and growth and so these

0:40:23.719 --> 0:40:27.960
<v Speaker 1>are consumer defensive names like like your cost cous of

0:40:28.000 --> 0:40:31.240
<v Speaker 1>the world, your Crogers of the world, um, your auto

0:40:31.320 --> 0:40:33.520
<v Speaker 1>zones of the world, where people do is self repairs

0:40:33.520 --> 0:40:35.880
<v Speaker 1>because they don't have a lot of excess money. A

0:40:35.920 --> 0:40:38.760
<v Speaker 1>little bit of defensiveness by holding a company like Neumont,

0:40:38.840 --> 0:40:41.560
<v Speaker 1>which gives exposure to go when the markets go down,

0:40:41.560 --> 0:40:43.880
<v Speaker 1>that that helps you out. But but really it is

0:40:43.880 --> 0:40:47.040
<v Speaker 1>a defensive portfolio. And the other thing that does protect

0:40:47.080 --> 0:40:51.000
<v Speaker 1>against its volatility. Not only does it does it reduce

0:40:51.120 --> 0:40:54.680
<v Speaker 1>the the exposure to the economic cycle, but it also

0:40:55.360 --> 0:40:59.360
<v Speaker 1>dampens the moves up and down of your portfolio relative

0:40:59.400 --> 0:41:00.840
<v Speaker 1>to what the mark it is doing. So on a

0:41:00.920 --> 0:41:02.759
<v Speaker 1>day like the day, we're gonna lag, but on the

0:41:02.840 --> 0:41:05.080
<v Speaker 1>day when the market is down hard, we're going to

0:41:05.200 --> 0:41:07.360
<v Speaker 1>do a whole lot better than the market. And that's

0:41:07.400 --> 0:41:11.080
<v Speaker 1>that's exactly the purpose behind the low risk approach. What

0:41:11.160 --> 0:41:13.760
<v Speaker 1>do you think about PepsiCo? Is it a similar idea

0:41:13.920 --> 0:41:15.239
<v Speaker 1>or a little bit different? I know you also get

0:41:15.239 --> 0:41:18.360
<v Speaker 1>a little bit of a dividend there as well. Oh,

0:41:18.520 --> 0:41:20.799
<v Speaker 1>not to mention, all of the names that we own

0:41:20.920 --> 0:41:24.560
<v Speaker 1>basically in this portfolio, with a few exceptions, pay nice

0:41:24.600 --> 0:41:28.719
<v Speaker 1>dividends because they're made up of stable, mature companies that

0:41:28.760 --> 0:41:32.480
<v Speaker 1>are very strong operating fundamentals, but are not growing at

0:41:32.480 --> 0:41:34.360
<v Speaker 1>the rate that they need to all their capital to

0:41:34.400 --> 0:41:36.960
<v Speaker 1>be reinvested in their own business, so they pay nice dividents.

0:41:37.440 --> 0:41:41.239
<v Speaker 1>Our portfolio dividend rate is higher than that of any

0:41:41.320 --> 0:41:43.960
<v Speaker 1>of the benchmark and that's one of the benefits of

0:41:44.040 --> 0:41:48.480
<v Speaker 1>owning an additional benefit and especially good in this environment.

0:41:48.719 --> 0:41:51.960
<v Speaker 1>So with such low yields in the bond market, but

0:41:52.080 --> 0:41:57.279
<v Speaker 1>this is almost a a bond like in terms of

0:41:57.480 --> 0:42:00.719
<v Speaker 1>income portfolio. Yeah, I'm hearing that. I'm hearing that from

0:42:00.760 --> 0:42:03.320
<v Speaker 1>more and more investors, and I'm assuming that that's also

0:42:03.440 --> 0:42:07.600
<v Speaker 1>so PEPSI obviously with a dividend. Walmart also, um, you know,

0:42:07.760 --> 0:42:09.680
<v Speaker 1>which has got a nice little you know, it's got

0:42:09.719 --> 0:42:14.040
<v Speaker 1>a decent dividend as well. Stocks also up about this year. Yeah,

0:42:14.880 --> 0:42:18.600
<v Speaker 1>and these again, Walmart is it's not only a good

0:42:18.680 --> 0:42:21.080
<v Speaker 1>stay at home name, but it's also one of the

0:42:21.200 --> 0:42:24.160
<v Speaker 1>very few companies is competing effectively against Amazon in the

0:42:24.239 --> 0:42:27.239
<v Speaker 1>online space. So it's got a lot of good thing

0:42:27.360 --> 0:42:30.759
<v Speaker 1>going forward. The dividend, the competition against Amazon, to stay

0:42:30.800 --> 0:42:32.640
<v Speaker 1>at home nature of it, and the fact that it's

0:42:32.640 --> 0:42:34.359
<v Speaker 1>a it's a Staples at the end of the day

0:42:34.800 --> 0:42:39.160
<v Speaker 1>type of name. So you want to stay exposed to equity,

0:42:40.239 --> 0:42:41.800
<v Speaker 1>but we think you ought to do it in a

0:42:41.920 --> 0:42:45.759
<v Speaker 1>in a in a relatively defensive way because things you've

0:42:45.760 --> 0:42:48.399
<v Speaker 1>seen in the last few months. Uh, and the fact

0:42:48.480 --> 0:42:50.920
<v Speaker 1>that the economy hasn't really followed the market as much

0:42:51.520 --> 0:42:56.200
<v Speaker 1>we would like it too. Alright, good leave it. It's Ernesta.

0:42:56.200 --> 0:42:59.000
<v Speaker 1>I gotta jump in because we're we're running down the clock. Here.

0:42:59.160 --> 0:43:03.000
<v Speaker 1>Ernesta Rama over at BMO Global Asset Management, joining us

0:43:03.080 --> 0:43:05.360
<v Speaker 1>on the phone in Chicago. Thanks so much for listening

0:43:05.360 --> 0:43:08.880
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0:43:09.040 --> 0:43:11.160
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0:43:11.200 --> 0:43:13.480
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0:43:13.560 --> 0:43:15.920
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