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Speaker 1: Why 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 for the United States relationship with China?

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Speaker 1: Bloomberg Sound On, The Insiders, the influencers, the insides. 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 seventy kennidates for different vactines.

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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 Sound On with Kevin

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

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Speaker 1: M h D two. Pandemic problems and the political fallout,

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Speaker 1: Day two of Bob Woodward's book, What the White House

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Speaker 1: is doing to stop the rainfall, and of course, what's

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Speaker 1: going on with the fiscal stimulus, the fiscal stimulus stalling

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Speaker 1: in the Senate dead on arrival. Can President Trump do

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Speaker 1: more executive actions? All of the latest. We've got a great,

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Speaker 1: great panel for everybody. Al Matter is going to join

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Speaker 1: us as well as Calvin Schnore and UM. We're also

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Speaker 1: going to check in with Jim ur Nasty, the former

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Speaker 1: o Higo Republican Congressman, lots to get through, and we're

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Speaker 1: gonna have continuing coverage of what happened on Capitol Hill

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Speaker 1: today and the fiscal stimulus. Plus the Trump team is

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Speaker 1: iron giving TikTok more time to plan the sale. But

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Speaker 1: first I want to welcome back to the program someone

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Speaker 1: who has been on in a while. I said, what

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Speaker 1: happened to Al Weaver? Al's a national political reporter at

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Speaker 1: the Hill? Uh and we uh? Al. First of all,

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Speaker 1: I think the Eagles are gonna win this weekend against

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Speaker 1: the Washington football team. Not only they're going to cover.

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Speaker 1: I think this weekend. You know what, I think it's

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Speaker 1: very typical of the Dallas Cowboys to be able to

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Speaker 1: have fans, but not the Philadelphia Eagles. You you follow

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Speaker 1: them with me, Mayor Kenny and Philly. What's up with that? Yeah?

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Speaker 1: Not not not toys. Okay, let's start. Let's start with

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Speaker 1: the stimulus. Because the Senate Majority Leader Mitch McConnell up

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Speaker 1: on Capitol Hill putting the skinny bill, the skinny stimulus

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Speaker 1: bill is still worth like three hundred, five hundred billion

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Speaker 1: dollars worth of stimulus up for a vote, and well

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Speaker 1: it failed. Take a listen to Senate Majority leader Mitch McConnell. Here,

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Speaker 1: Senate Majority Leader Mitch McConnell blaming Democrats. But the Republicans

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Speaker 1: didn't get it over the hell either. Here here he is.

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Speaker 1: Republicans have tried repeatedly to build on the Carriage Act

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Speaker 1: and get more help out the door to American families.

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Speaker 1: Democrats have blocked off at every turn. All right, so

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Speaker 1: the blame game continues, left in the right, pointing fingers

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Speaker 1: at each other. But out what what is the real

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Speaker 1: timetable for when fiscal stimulus will get actually across the

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Speaker 1: finish line? I think your guests is as good as

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Speaker 1: mine at this point. Uh, there seems to be very

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Speaker 1: little optimism of Capitol Hill and anything is going to happen.

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Speaker 1: I know, my my colleague Jordan Carney was up there

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Speaker 1: today and basically there's a little, very little hope among

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Speaker 1: center Republicans that anything will get done in any any

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Speaker 1: expeditious time to time frame at this point. Um, I

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Speaker 1: mean you, hey, we've heard Singer Polos who talked about

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Speaker 1: that they're ready to do a deal, but at this

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Speaker 1: point it all comes down to dollars and cents. The

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Speaker 1: Democrats are still wanting more than two billion be in

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Speaker 1: this deal, and we're center Republicans the White House they

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Speaker 1: want to go and they don't want to go anywhere

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Speaker 1: near that. And I think the highest Minution and Chief

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Speaker 1: of Staff Meadows have gone is about one point to

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Speaker 1: one point three trillion. And even that seems like a

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Speaker 1: lot of them. I mean, they started off this whole

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Speaker 1: thing wanted to know more than a trillion. So if

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Speaker 1: there's gonna get a dealer is gonna get done. These

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Speaker 1: both sides are gonna have to give up a lot.

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Speaker 1: I don't know how willing they are to do that

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Speaker 1: this point, especially given that there's an election in fifty

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Speaker 1: four days. Um. And the other Republicans are you know,

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Speaker 1: they've pointed to is well, hey, look the unemployment ratesmen

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Speaker 1: going down. It was that eight point to last week,

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Speaker 1: able two percent last week. They see things going in

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Speaker 1: the right direction and that sense, Um, but you know

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Speaker 1: every week we're still having almost a million people uh

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Speaker 1: more at it to the unemployment role. So uh it's

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Speaker 1: it's I don't seething happening anytime. So I guess that's

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Speaker 1: why I'm trying to sect He is remarkable al Weavers

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Speaker 1: on the line, he writes the Hills Morning Report. Subscribed

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Speaker 1: to it if you haven't, because it really sets the

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Speaker 1: tone in terms of the day of the headlines. And

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Speaker 1: we're gonna get some Bob Woward in a second. But

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Speaker 1: it really is remarkable because investors are really eyeing what

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Speaker 1: is going to happen in terms of fiscal stimulus. I

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Speaker 1: believe it was JP Morgan and some of their notes

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Speaker 1: that they put out over the past couple of weeks

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Speaker 1: that have signaled essentially more fiscal stimulus could mean whether

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Speaker 1: or not the economy recovers in Ernst by the end

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Speaker 1: of one or two. So recovery still very much clearly

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Speaker 1: on the horizon, but the timetable and the fiscal stimulus

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Speaker 1: very much hanging in the ballot. And I guess I

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Speaker 1: asked this because it really appears, and I said this

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Speaker 1: to my colleague h the Pharaoh on Bloomberg surveillance earlier

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Speaker 1: this morning, it really appears that the path is narrowing.

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Speaker 1: Al we've learned is this mesh with your reporting. The

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Speaker 1: path is narrowing for fiscal stimulus before the end of

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Speaker 1: the month, which is really the last opportunity for lawmakers

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Speaker 1: to get to some type of fiscal stimulus ahead of

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Speaker 1: November three. I think, honestly, and I hate to say this,

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Speaker 1: I think the one thing that could really bring them

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Speaker 1: to the table is if is it the markets go

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Speaker 1: haywire in the next couple of weeks. That's the one

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Speaker 1: thing you've seen out all the White House President Trump,

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Speaker 1: he gets up there at these free things, and but

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Speaker 1: I know Monday, the Labor Day briefing, he's circling noted,

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Speaker 1: you know, the Nasset Nazacs and all time highs, or

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Speaker 1: at least it was near all near all time highs.

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Speaker 1: And but I mean recently there's been this textile off obviously,

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Speaker 1: and that's kind of impacted things. But I think if

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Speaker 1: you have another couple of weeks where it's really bad

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Speaker 1: at the markets, that's the one thing that could bring

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Speaker 1: them back. It's the one thing that will make us

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Speaker 1: responded to. So I hate to say it, but I

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Speaker 1: think that's the only thing that can really do that.

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Speaker 1: By the end of the month, and even at I

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Speaker 1: mean we're looking at what less than a little about

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Speaker 1: three weeks before Congress leaves for the end of the month.

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Speaker 1: Once they get likely get a government spending government spending

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Speaker 1: deal done, which sounds like that's going to happen, I think.

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Speaker 1: But let me let me let me interrupt you on that,

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Speaker 1: because that is because typically on the government funding bill,

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Speaker 1: which is at the end of the month, but in septembery,

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Speaker 1: right or is that the right date and the end

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Speaker 1: of the month. Yes, yeah, And so if they don't,

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Speaker 1: then there's a partial government shutdown. Now we've we've seen

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Speaker 1: this before where they say all right, there's there, We're

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Speaker 1: not going to have a government shutdown, and then write

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Speaker 1: up right up to the cliff that we have a

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Speaker 1: government shutdown. So I don't know, I don't necessarily believe

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Speaker 1: either side. When on Monday I put a note on

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Speaker 1: the Twitter, I think said, you know, Minution has come

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Speaker 1: out and said hey, we want to clean bill, and

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Speaker 1: Pelosi has come out and said hey we want a

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Speaker 1: clean bill. But the President still hasn't come out and

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Speaker 1: said anything about it yet. So we're all kind of

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Speaker 1: holding our breath until that happens. We've seen this movie

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Speaker 1: play any times last four years, and of course that's

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Speaker 1: the time. That's the time of the first the first

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Speaker 1: presidential debate. All right, So backs back to the just

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Speaker 1: sticking with this theme, al Weavers on the line he

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Speaker 1: writes for The Hill. Great reporter for the Hill. He's

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Speaker 1: the author of The Hills Morning Report, which is a

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Speaker 1: daily email newsletter. I start my day with it, one

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Speaker 1: of the many things that I read each morning. Um,

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Speaker 1: what is the what are the next steps from President Trump?

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Speaker 1: I mean, what what is Mark Meadows telling President Trump

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Speaker 1: in terms of executive orders? We got some reporting in

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Speaker 1: the Beltway earlier today that he might actually do some

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Speaker 1: more executive orders because of the stalled talks on fiscal stimulus.

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Speaker 1: What can you do well, I mean, that's the one

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Speaker 1: thing that he's talked about in the last few months. Obviously,

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Speaker 1: when talks spoke down early August. Uh, they kind of

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Speaker 1: helped the White House kind of teld this carrot out there,

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Speaker 1: say well, if you guys don't do anything on for example,

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Speaker 1: unemployment insurance, and we're going to take you a lateral action.

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Speaker 1: And they and they went ahead and did that. Uh.

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Speaker 1: You know, they just spended the collection of I think

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Speaker 1: of such security tax until the end of the earth,

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Speaker 1: through the end of the year. Uh. But you know,

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Speaker 1: it remains to be seen what they can actually do

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Speaker 1: at this point, because you know, Congress controls the money.

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Speaker 1: We buy in large um, and so anything that's really

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Speaker 1: really meaningful. I still think they need to go through

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Speaker 1: Congress to get a deal. And again, three weeks is

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Speaker 1: not a lot of time to get anything. I've got

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Speaker 1: a capital let alone and multich brillion dollar spending package. Uh.

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Speaker 1: And so I think it's gonna be a really long

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Speaker 1: road to get anything done on that end. And if anything,

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Speaker 1: I think it might be a lane duck sex lane

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Speaker 1: duck deal where something could happen. Uh. And even saying

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Speaker 1: that we get that, that gets you to November, and

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Speaker 1: we could be in store for election, not just today,

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Speaker 1: the election week or weeks or months. So there's gonna

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Speaker 1: be a lot of things happening. And it doesn't get

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Speaker 1: done by the end of September, then we're until a

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Speaker 1: long road here, unless the markets just crashed completely. I

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Speaker 1: got two more questions. The second one is what I

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Speaker 1: really want to ask you, So the first one wood

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Speaker 1: word book date. Two. Is this going to be something

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Speaker 1: we're talking about next week or is this only a

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Speaker 1: week long story? I think it's something we're talking the

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Speaker 1: ways through Monday, because she's going on sixty minutes and

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Speaker 1: he's doing a lot of more interviews. So He's going

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Speaker 1: to be in the news no matter what. And and

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Speaker 1: I'm gonna bet reporters will pee talk Pepe asking the

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Speaker 1: President about it. That'll keep it the news, all right.

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Speaker 1: And then secondly, can Ron Rivera is this really? Can

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Speaker 1: he actually beat the playoff bound super Bowl bound Philadelphia Eagles? No,

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Speaker 1: thank you, all right, We're gonna leave it there. We're

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Speaker 1: gonna leave it there. And I feel bad, al I

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Speaker 1: really do. You know. It's the Catholic in me. I

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Speaker 1: feel bad having this platform. And every year. It's not

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Speaker 1: that I don't like the Washington football team, It's just

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Speaker 1: that I love the Philadelphia Eagles. I'm I'm always thankful

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Speaker 1: that I'm in the division with Daniel Snyder and Jerry Jones.

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Speaker 1: I never have to worry about either of those teams.

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Speaker 1: It's kind of a good feeling. But I will say

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Speaker 1: I think Washington shares in our disdain of the Dallas Cowboys.

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Speaker 1: Al Weaver, it's football season. We're gonna get through the

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Speaker 1: fifty plus days between now and UH and November three,

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Speaker 1: my friend, thanks for joining the Hills. Al Weaver coming

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Speaker 1: up with second on the Markets with Calvin Schnore. What

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Speaker 1: do the markets need in order to hear from fiscal

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Speaker 1: stimulus much more. That's next. I'm Kevin Surreal. I'm the

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Speaker 1: chief Washington correspondent for Bloomberg Television and for Bloomberg Radio.

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Speaker 1: And hey, I will say that the Washington football team

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Speaker 1: tailgate knows how to tailgate, so I'll leave that there.

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Speaker 1: This is Bloomberg. You're listening to Bloomberg Sound On with

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Speaker 1: Kevin Surrele on Bloomberg and one oh five point seven

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Speaker 1: f M h D two. I'm Kevin SURREALI chief Washington

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Speaker 1: correspondent for Bloomberg Television and for Bloomberg Radio. Rainy day

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Speaker 1: here in the nation's capital. But don't let that stop

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Speaker 1: your folks. Tomorrow's Friday. Tomorrow is Friday. Let's get to

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Speaker 1: check on the markets now. Because the US stocks resumed

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Speaker 1: sell off with tech battered. A fresh sell off, I'm

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Speaker 1: reading from the Bloomberg terminal. A fresh sell off in

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Speaker 1: mega cap technology share sent stocks to the fourth loss

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Speaker 1: in five days as investors remain worried that valuations got

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Speaker 1: stretched too far and a five month rally. Treasuries rose

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Speaker 1: with the dollar. The SB five dropped as much as

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Speaker 1: two point one percent. Volatility has been ever more prevalent

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Speaker 1: in the Nasdaq one hundred were close to close. Runs

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Speaker 1: have been at least one percent for seven sessions. So

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Speaker 1: that's the that's the forecast today for the market report.

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Speaker 1: Joining us to help navigate through this is Calvin Snore.

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Speaker 1: He will welcome back to the program. He's awesome at this.

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Speaker 1: He's a senior economist at nav Read Calvin, what went

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Speaker 1: on in the markets today? Well, the markets actually continue

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Speaker 1: be worried about what's going on with tech stocks and

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Speaker 1: actually about the strong rally we've seen in the equity markets. Overall,

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Speaker 1: a lot of things going on with the tech picture.

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Speaker 1: But it is a poolback from something where they had

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Speaker 1: done exceptionally well party because you look at the current

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Speaker 1: COVID economy and the digital world is on top. Maybe

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Speaker 1: it's not on top as much as the evaluations we're

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Speaker 1: saying a week or so ago. So it's just a

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Speaker 1: bit of a poolback from that peak. So I find

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Speaker 1: this fascinating. And just to put it in perspective, what

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Speaker 1: is going on with the text sell off and and

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Speaker 1: the uncertainty regarding text stocks. What is driving this? Well,

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Speaker 1: you know, the for anything to be pushing to new

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Speaker 1: records in this economic environment is exceptional, and it really

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Speaker 1: is based on the expectation that people are going to

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Speaker 1: be using electronic communications, electronic commerce, you know, zoom meetings

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Speaker 1: and everything else. And it's and it's just it's just

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Speaker 1: the potential growth rate in the future. And if you know,

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Speaker 1: the valuations were pricing in a really high growth rate,

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Speaker 1: you know, maybe it's not going to be that that

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Speaker 1: that strong growth in the future. I'm not a tech expert.

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Speaker 1: I do expect the tech sector to do very well

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Speaker 1: in this uh, social distancing economy, but the valuations are

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Speaker 1: pulling back because of some concerns. I want to get

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Speaker 1: to the job market picture, which is incredibly confusing. But

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Speaker 1: just sticking with tech and just going a little bit

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Speaker 1: geo political for a second. The Trump administration is considering

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Speaker 1: whether to give more time to TikTok's Chinese owners to

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Speaker 1: arrange the sale of the popular video sharing apps US

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Speaker 1: operations to an American buyer. Slamos In reporting on that,

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Speaker 1: The Wall Street Journal reporting last night and into and

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Speaker 1: it ended up on the on the front page this

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Speaker 1: morning with regards to just some of the uncertainty surrounding

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Speaker 1: TikTok's owner Byte Dance sale and of course the President

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Speaker 1: had laid out a public deadline of September fifteenth. The

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Speaker 1: reason I bring it up, Calvin, is not to get

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Speaker 1: you to weigh in on TikTok, but to just ask

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Speaker 1: you point blank, how is the geo political tension, for

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Speaker 1: lack of a better where between the US and China

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Speaker 1: weighing on investors? Well, it's a concern. I'm always concerned

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Speaker 1: when political factors interfere with business decisions, and we know

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Speaker 1: that a lot of political factors going on here. Um,

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Speaker 1: by and large, US relations with China have been very

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Speaker 1: beneficial to US consumers and a lot of manufacturers who

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Speaker 1: are able to outsource the the tedious, low paid UH

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Speaker 1: manual parts of the processing. We've benefited from that relationship.

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Speaker 1: Um TikTok is a different story. But still this is

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Speaker 1: something that is getting headlines much more because of the

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Speaker 1: political value than for the economic significance. And also, I

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Speaker 1: mean it's going to be remarkable just the precedent that

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Speaker 1: this sets in terms of the geopolitical tensions. I mean,

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Speaker 1: you saw it with Tiffany's the other day and what

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Speaker 1: went on there, and so the geopolitical tensions on trade

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Speaker 1: coming from the United States States now very much impacting

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Speaker 1: UH company's decisions in the short term. And and and

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Speaker 1: they've really many of these companies, whether it's Tiffany's for example,

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Speaker 1: or TikTok and Byte Dance, are becoming UH chess pieces

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Speaker 1: and in these ongoing tensions. All right, So switching gears.

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Speaker 1: US job losses Calvin persisted as claims come in higher

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Speaker 1: than forecast. Red Pickart reports on the Bloomberg Terminal applications

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Speaker 1: for US state unemployment benefits held steady last week, a

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Speaker 1: sign that extensive job losses are persisting as the nation

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Speaker 1: struggles to control the coronavirus. Initial jobless claims and regular

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Speaker 1: state programs they were unchanged alright, eight hundred and eighty

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Speaker 1: four thousand in the week that ended September five. This

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Speaker 1: is according folks to the Labor Department. They've released this

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Speaker 1: data every week, and due to a change in the

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Speaker 1: methodolity for seasonal adjustment earlier this month, the figure is

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Speaker 1: directly comparable only to the prior week alright. So makes

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Speaker 1: sense of this because it is very confusing if payrolls

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Speaker 1: were up to one point four million in August, but

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Speaker 1: the unemployment claims are still nearly nine hundred thousand every week.

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Speaker 1: I don't get it. Yeah, I have a lot of

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Speaker 1: sympathy for people who are not like me with their

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Speaker 1: heads in these numbers all days long. Because this is confusing.

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Speaker 1: There are many different surveys and they're telling us different things.

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Speaker 1: Let me just start off by saying the most the

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Speaker 1: most careful survey and the most important one is the

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Speaker 1: overall employment numbers, which showed an increase at one point

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Speaker 1: four million in August, and we've seen several months of

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Speaker 1: job gains. Um. Now, how how is that consistent with

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Speaker 1: you know, almost nine hundred thousand people filing unemployment insurance

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Speaker 1: claims every single week. The key to this is if

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Speaker 1: you remember, early on, we saw news stories that the

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Speaker 1: state unemployment agencies were overwhelmed by the volume of claims.

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Speaker 1: They're used to handling dozens or hundreds, and now they've

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Speaker 1: got thousands and tens of thousands. There's a backlog, a

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Speaker 1: lot of people didn't get benefits. They may have been

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Speaker 1: aid off a couple of months ago and still haven't

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Speaker 1: started getting benefits yet, so they're filing a new claim. UM.

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Speaker 1: I mentioned these two surveys is a third one that

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Speaker 1: the beer labor statistics put out last week the Jolts Report,

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Speaker 1: the Job Open earlier this week, job opening labor turnovers.

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Speaker 1: It showed the layoffs actually by May had gone back

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Speaker 1: below pre pandemic levels and they fell further in July.

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Speaker 1: So these are not fresh layoffs. The economy is not

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Speaker 1: losing new jobs, so it's just a backlog of people

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Speaker 1: who still haven't gotten unemployment claims benefits. And then just

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Speaker 1: in the in the final ninety seconds that we have

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Speaker 1: Calvin real estate, both the housing market and also commercial properties.

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Speaker 1: They've long been among the most cyclical parts of this economy.

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Speaker 1: So what's going on in real estate because it's on fire,

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Speaker 1: that's right. These these are two different stories. The housing market,

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Speaker 1: we saw sales of both new homes and existing homes

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Speaker 1: rise sharply in July, and that's there the highest level

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Speaker 1: since December two thousand six. We're also seeing a lot

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Speaker 1: of instruction. People need place to live in the pandemic

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Speaker 1: um and this is actually vote of confidence on the

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Speaker 1: part of households that they're ready to buy another house,

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Speaker 1: another home. Commercial real estate markets are are different. Um.

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Speaker 1: The sales the purchases of investment grade commercial real estate

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Speaker 1: are down quite a bit from pre pandemic. That's a

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Speaker 1: lot different negotiating these deals. But by and large, commercial

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Speaker 1: real estate and reets that we are in our organization, um,

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Speaker 1: they're operating. Characteristics are holding up pretty well, but it's

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Speaker 1: just not on fire. As you mentioned, the single family

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Speaker 1: housing markets on fire, Calvin Schnorman, you're not crunching the numbers,

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Speaker 1: are you. Who's your football team? Who do you root for? Pittsburgh?

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Speaker 1: Your Steelers stand interesting? Okay, so you don't like the Patriots,

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Speaker 1: just like I don't like the Patriots. All right, because

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Speaker 1: tonight we get the NFL back, and just fingers crossed

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Speaker 1: that we get it back the whole season. Calvin, I

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Speaker 1: did not know that you were a Steelers fan, So

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Speaker 1: now I learned something new, all right, cal the store

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Speaker 1: of a senior economist at Airy. Thank you so much,

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Speaker 1: sir for coming on and making sense of just confusing,

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Speaker 1: confusing economic data. We'll have you back on to do

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Speaker 1: the same. He is, of course, Calvin Snore. He is

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Speaker 1: a senior economist at Navy Red. Coming up, we're gonna

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Speaker 1: check back in with the fiscal stimulus. We're gonna dive

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Speaker 1: into the political fallout on day two of Bob Woodward's book.

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Speaker 1: He'll be hitting the Sunday Shows and sixty Minutes this weekend,

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Speaker 1: and the latest in terms of what's going on on

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Speaker 1: the campaign trio, We've got a lot to get through.

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Speaker 1: Guy Snodgrass is going to join us to talk geo politics.

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Speaker 1: Download the Bloomberg Sound On podcast on Apple iTunes, a

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Speaker 1: Bloomberg dot com, or by downloading the Bloomberg Business app.

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Speaker 1: You can also find me on Radio dot com, I

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Speaker 1: Heart Radio and Spotify. The name's Kevin Seilli. I'm the

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Speaker 1: Chief Washington correspondent from Bloomberg TV and Radio. You're listening

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Speaker 1: to Bloomberg. Why from our nation's camera? How do we

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

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Speaker 1: impacting farmers? What does this do for the United States

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Speaker 1: relationship with China? Bloomberg Sound On The insiders, the influencers,

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Speaker 1: the insides. We're responding to this crisis and manufacturers are

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Speaker 1: stepping up like never before. We're looking at seventy kenneddates

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Speaker 1: for different duct teams. How do we make sure a

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Speaker 1: pandemic of this scale never happens again? This is Bloomberg

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Speaker 1: Sound On with Kevin Surrelate on Bloomberg and one oh

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Speaker 1: five point seven f m h D two Woodward Day two.

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Speaker 1: How is the White House handling the leaks? The latest

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Speaker 1: on how Bob Woodward's book is shaken up, the plus

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Speaker 1: set him Jarty leader Mitch McConnell's efforts to get a

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Speaker 1: deal with Democrats fall short. What does it mean for

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Speaker 1: the fiscal stimulus talks? And are is more physical stimulus

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Speaker 1: coming anytime before the election? In the in the lame

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Speaker 1: dung and next year? Who knows. We're gonna get to

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Speaker 1: the bottom of it. And of course we're also going

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Speaker 1: to check in with regards to the geopolitical tensions with

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Speaker 1: China and economic data, very confusing economic data. So we

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Speaker 1: have a lot to get through a policy packed show. Yeah,

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Speaker 1: we're gonna get to the Woodword book day two in

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Speaker 1: the drama surrounding it. But I want to begin tonight

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Speaker 1: with the economy because we got some really confusing economic data.

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Speaker 1: And there's three points that I'm going to make before

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Speaker 1: we end up on Capitol Hill. First of all, us

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Speaker 1: job losses persisted as claims come in higher than the forecast.

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Speaker 1: So the applications we got this number for these numbers

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Speaker 1: from the Department of Labor. The applications for US state

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Speaker 1: unemployment benefits. They held steady last week at eight hundred

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Speaker 1: and eighty four thousand. That's the initial jobless claims in

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Speaker 1: regular state programs. Eight hundred and eighty four thousand people

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Speaker 1: applied for initial jobless claims in the that ended September five,

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Speaker 1: according to the d o L Department of Labor. This

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Speaker 1: is a sign that is being interpreted by economists that

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Speaker 1: the extensive job losses are persisting as the nation struggles

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Speaker 1: to control the coronavirus. Okay, so then we go get

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Speaker 1: a check on the markets, and there was a fresh

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Speaker 1: sell off and mega cap technology shares they've been going,

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Speaker 1: you know, a lot of volatility with tech shares, and

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Speaker 1: the SMP five hundred dropped as much as two point

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Speaker 1: one percent. The volatility has been even more prevalent in

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Speaker 1: the NASDAC, where closed to close runs have been at

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Speaker 1: least one percent for seven sessions. So it's interesting that there's,

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Speaker 1: I mean, there's there's a lot of volatility going on

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Speaker 1: in the markets, and that leads us to what happened

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Speaker 1: today in the Senate where Senate Majority Leader Mitch McConnell

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Speaker 1: put forth a skinny bill worth. The estimates on this

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Speaker 1: no one's really been able to pin down, but sometime

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Speaker 1: but somewhere between three hundred billion and about five plus

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Speaker 1: billion dollars a skinny version of fiscal stimulus. Take a

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Speaker 1: listen to what Senate Majority Leader Mitch McConnell had to

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Speaker 1: say about why the efforts fell short in the Senate

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Speaker 1: earlier today. Here he is Republicans have tried repeatedly to

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Speaker 1: build on the Carriage Act and get more help out

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Speaker 1: the door to American families. Democrats have blocked off at

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Speaker 1: every turn. Then Senator Rick Scott's he had this to say,

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Speaker 1: another Republican, he had this to say as why the

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Speaker 1: fiscal stimulus is stalling. Here is we were physically responsible.

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Speaker 1: We worked to help open school, so we did all

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Speaker 1: these things. And the Democrats, you know, Sharon Plosely, don't

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00:23:45,320 --> 00:23:48,680
Speaker 1: want to They don't want to build. So the Democrats

430
00:23:48,720 --> 00:23:51,040
Speaker 1: are pushing back forcefully. And later on in the program

431
00:23:51,080 --> 00:23:53,040
Speaker 1: we're gonna hear from some of those Democrats and why.

432
00:23:53,400 --> 00:23:56,359
Speaker 1: But the bottom line, and this is the lead on

433
00:23:56,400 --> 00:24:00,159
Speaker 1: the Bloomberg terminal quote. After heating up this summer, an

434
00:24:00,200 --> 00:24:06,200
Speaker 1: early fall chill may start to settle over America's economic rebound.

435
00:24:07,200 --> 00:24:11,399
Speaker 1: The fiscal stimulus is becoming more and more less likely

436
00:24:11,480 --> 00:24:15,000
Speaker 1: to happen before November three. And that is with and

437
00:24:15,080 --> 00:24:17,159
Speaker 1: it is with that that I welcome back to the program.

438
00:24:17,240 --> 00:24:20,840
Speaker 1: Al Matter, a Democratic strategist and partner at Pronouncing Hyatt

439
00:24:20,840 --> 00:24:24,680
Speaker 1: Farbern Shrek, and former Ohio Republican Congressman Jim Nac who

440
00:24:24,760 --> 00:24:28,760
Speaker 1: represented Ohio sixteen Congressional District between two thousand eleven and

441
00:24:28,840 --> 00:24:33,639
Speaker 1: two thousand and nineteen. Al you know, the economists up

442
00:24:33,680 --> 00:24:37,760
Speaker 1: on Wall Street have been forecasting that this really could

443
00:24:37,840 --> 00:24:41,359
Speaker 1: be whether or not the US returns to a normal

444
00:24:41,800 --> 00:24:45,800
Speaker 1: economy by the end of one or two. If there

445
00:24:45,920 --> 00:24:52,040
Speaker 1: isn't stimulus, why is it taking so long? Well, I

446
00:24:52,080 --> 00:24:54,560
Speaker 1: would I would quarrel with the notion that the Black

447
00:24:54,760 --> 00:24:57,080
Speaker 1: failure to pass the bill is going to affect the

448
00:24:57,160 --> 00:24:59,200
Speaker 1: economy for a year and a half. I mean, the

449
00:24:59,520 --> 00:25:02,440
Speaker 1: narrow bill of that Mr McConnell before today would certainly

450
00:25:02,520 --> 00:25:05,440
Speaker 1: not provide stimulatit the economy for the next eighteen months.

451
00:25:05,800 --> 00:25:10,040
Speaker 1: Having said that, his comments about the Democrats being to

452
00:25:10,080 --> 00:25:14,760
Speaker 1: blame are creative but laughable. Mark Meadows, who the President

453
00:25:14,880 --> 00:25:17,760
Speaker 1: is put in charge of working out this deal is

454
00:25:17,800 --> 00:25:21,560
Speaker 1: against the deal when Stephen Nuson tries to negotiate with

455
00:25:21,680 --> 00:25:25,479
Speaker 1: Nancy Pelosian Struck Schumer. We've gotten results three times now

456
00:25:25,520 --> 00:25:27,479
Speaker 1: that Meadows has been in charge. They're unable to come

457
00:25:27,520 --> 00:25:31,000
Speaker 1: to any deal whatsoever. And it speaks to the President's

458
00:25:31,160 --> 00:25:34,879
Speaker 1: unease about giving into some of the democratic demands. But

459
00:25:34,920 --> 00:25:37,879
Speaker 1: the bottom line is the voters and our economy and

460
00:25:37,960 --> 00:25:39,920
Speaker 1: workers are being left in the lurch. You know, I

461
00:25:40,000 --> 00:25:41,760
Speaker 1: find it fascinating Jim and a c come in here

462
00:25:41,760 --> 00:25:44,640
Speaker 1: because you, you know, all of the Republicans and Mark

463
00:25:44,720 --> 00:25:47,120
Speaker 1: Meadows of the world and whatnot. I mean, is there

464
00:25:47,240 --> 00:25:51,000
Speaker 1: this feeling that maybe fiscal stimulus is it needed or

465
00:25:51,119 --> 00:25:54,520
Speaker 1: is it just that not two trillion dollars is needed

466
00:25:54,600 --> 00:25:58,000
Speaker 1: and then America can't afford that? What is it? Jim, Well,

467
00:25:58,040 --> 00:25:59,639
Speaker 1: I think it's more of the ladder and thank you

468
00:25:59,760 --> 00:26:01,399
Speaker 1: for having me. I mean, look, I do my know

469
00:26:01,560 --> 00:26:05,359
Speaker 1: Mark Meadows, I know the president well, and there's nobody

470
00:26:05,400 --> 00:26:07,280
Speaker 1: who wants to get a stimless more. It is an

471
00:26:07,320 --> 00:26:10,560
Speaker 1: election year. And no matter what anybody says, election years,

472
00:26:10,680 --> 00:26:16,120
Speaker 1: especially presidential election years, make for really interesting politics. And uh,

473
00:26:16,640 --> 00:26:18,320
Speaker 1: you know, I remember when I was in the House,

474
00:26:18,440 --> 00:26:21,680
Speaker 1: the discussions always circled around the election years. But let's

475
00:26:21,680 --> 00:26:25,119
Speaker 1: face it, this this bill did have some stimulus. What

476
00:26:25,200 --> 00:26:27,840
Speaker 1: it didn't have was more funding for state and local governments.

477
00:26:27,880 --> 00:26:30,600
Speaker 1: It didn't have stimulus checks for Americans, and I think

478
00:26:30,680 --> 00:26:33,760
Speaker 1: that was the big push. The problem in Washington, and

479
00:26:34,000 --> 00:26:36,960
Speaker 1: I blame both sides for this is nobody ever wants

480
00:26:37,080 --> 00:26:40,240
Speaker 1: to budge to the middle. Everybody wants to hold their ground,

481
00:26:40,280 --> 00:26:44,520
Speaker 1: and on a presidential election er, everybody goes to their corners.

482
00:26:44,600 --> 00:26:47,639
Speaker 1: And that's the sad thing because the only losers by

483
00:26:47,720 --> 00:26:50,480
Speaker 1: this bill not getting done who is the American people.

484
00:26:50,560 --> 00:26:53,000
Speaker 1: But both sides have to take plan for it. I mean,

485
00:26:53,200 --> 00:26:56,200
Speaker 1: looking at the economists up on the street Deutsche Banks,

486
00:26:56,240 --> 00:26:59,679
Speaker 1: Matthew Losettie, he's saying that consumer spending could recede over

487
00:26:59,720 --> 00:27:03,080
Speaker 1: the month without help from Congress. Annetta Mark how Sketch,

488
00:27:03,280 --> 00:27:06,639
Speaker 1: us or, chief US financial economist at Jeffrey, says that

489
00:27:06,800 --> 00:27:09,280
Speaker 1: she expects the pinch to be felt in October with

490
00:27:09,440 --> 00:27:12,200
Speaker 1: quote significant risk end quote of softer data, just a

491
00:27:12,280 --> 00:27:14,320
Speaker 1: month before the election. If there's no more stimulus, and

492
00:27:14,359 --> 00:27:18,679
Speaker 1: then look at this. Gregory Daco, the chief US economist

493
00:27:18,720 --> 00:27:22,159
Speaker 1: at Oxford Economics, saying that the that the recovery is

494
00:27:22,240 --> 00:27:26,760
Speaker 1: quote fragile, and barring additional stimulus, the recovery will be

495
00:27:26,880 --> 00:27:30,879
Speaker 1: more susceptible to downside risks. There's no doubt. He writes

496
00:27:31,280 --> 00:27:34,920
Speaker 1: that the full expiry of the unemployment benefits will weigh

497
00:27:34,960 --> 00:27:40,120
Speaker 1: on household income and in turn deter consumer spending. Al

498
00:27:40,200 --> 00:27:44,800
Speaker 1: moder if you're Speaker Pelosi or if you are Leader McConnell,

499
00:27:45,320 --> 00:27:49,240
Speaker 1: that's gotta that's gotta impact your your thought process. Or

500
00:27:49,240 --> 00:27:53,480
Speaker 1: am I wrong? Am I totally out in left field here? No,

501
00:27:53,680 --> 00:27:57,040
Speaker 1: you're not wrong at all. But Speaker Pelosi wants to

502
00:27:57,240 --> 00:28:01,360
Speaker 1: continue the unemployment benefits UH the current level and Ms

503
00:28:01,440 --> 00:28:03,760
Speaker 1: McConnell wants to cut them to two hundred dollars a month.

504
00:28:04,280 --> 00:28:06,879
Speaker 1: So even if we we did pass the bill that

505
00:28:07,200 --> 00:28:11,320
Speaker 1: he's talking about, it wouldn't be as remunerative. And the

506
00:28:11,400 --> 00:28:13,200
Speaker 1: economists are right. I mean, this is going to have

507
00:28:13,359 --> 00:28:16,280
Speaker 1: a download impact on the economy. And I don't understand

508
00:28:16,520 --> 00:28:19,840
Speaker 1: the life of me why President Trump isn't more forcely

509
00:28:19,920 --> 00:28:23,200
Speaker 1: pushing for this and why he I don't mean it

510
00:28:23,320 --> 00:28:25,240
Speaker 1: going to the minutia here, but it really has made

511
00:28:25,240 --> 00:28:28,840
Speaker 1: a difference in the initiations when he switched out Manuchin

512
00:28:29,000 --> 00:28:32,280
Speaker 1: for Meadows. And I don't understand why the White House

513
00:28:32,320 --> 00:28:36,119
Speaker 1: isn't pushing harder because it's in his interest um to

514
00:28:36,200 --> 00:28:39,080
Speaker 1: get a deal too, because it helps his reelection. It helps.

515
00:28:40,960 --> 00:28:43,719
Speaker 1: That's really fascinating, and I welcome going into the minutia,

516
00:28:43,840 --> 00:28:45,920
Speaker 1: especially on on this show, because I said that to

517
00:28:46,040 --> 00:28:48,840
Speaker 1: Tom Keane a couple of weeks ago. That because that's

518
00:28:48,920 --> 00:28:51,920
Speaker 1: really on point Speaker Pelosi and Mark Matter's day of

519
00:28:51,920 --> 00:28:54,440
Speaker 1: the history, and this is where the personality is really

520
00:28:54,520 --> 00:28:58,040
Speaker 1: on a collision course with the policy coming up. Much

521
00:28:58,120 --> 00:29:01,760
Speaker 1: more collision course all out from Bob Woodward's book. The

522
00:29:01,800 --> 00:29:04,880
Speaker 1: panel's going to react, doesn't do anything to move the polls.

523
00:29:05,240 --> 00:29:08,680
Speaker 1: I'm Kevin Cirelli, Chief Washington correspondent from Bloomberg Television of

524
00:29:08,720 --> 00:29:33,040
Speaker 1: Bloomberg Radio, and you're listening to Bloomberg. This is Bloomberg's

525
00:29:33,080 --> 00:29:37,720
Speaker 1: Sound on with Kevin Surrelan on Bloomberg and one or

526
00:29:37,840 --> 00:29:40,480
Speaker 1: five point seven f M H D two. This will

527
00:29:40,520 --> 00:29:44,760
Speaker 1: be one of the five greatest examples of lack of

528
00:29:44,920 --> 00:29:49,480
Speaker 1: leadership in American history. President Trump, the history books are

529
00:29:49,520 --> 00:29:53,720
Speaker 1: not going to regard you kindly. That was Sentimentardy Leader

530
00:29:53,880 --> 00:30:00,120
Speaker 1: Chuck Schumer speaking earlier today about President Trump on what

531
00:30:00,280 --> 00:30:02,720
Speaker 1: is now day two of Bob Woodword's new book, Rage

532
00:30:02,880 --> 00:30:07,720
Speaker 1: that has upended the virtual campaign trail. My name is

533
00:30:07,760 --> 00:30:10,640
Speaker 1: Kevin Cereli. I'm the chief Washington correspondent for Bloomberg Television

534
00:30:10,960 --> 00:30:13,880
Speaker 1: and for Bloomberg Radio. Everyone's talking about the book Rage

535
00:30:13,960 --> 00:30:16,320
Speaker 1: and why he gave all these interviews and whatnot. I

536
00:30:16,800 --> 00:30:20,160
Speaker 1: heard or I caught Mark Meadows on Fox Fox News

537
00:30:20,640 --> 00:30:24,040
Speaker 1: the other day or yesterday, and he said, Hey, if

538
00:30:24,120 --> 00:30:26,960
Speaker 1: he was chief of staff, you might not have you know,

539
00:30:27,680 --> 00:30:30,920
Speaker 1: he might not have let or advise the president, uh

540
00:30:31,040 --> 00:30:37,400
Speaker 1: to talk eighteen times to Bob Woodword. Um, there was

541
00:30:37,440 --> 00:30:40,280
Speaker 1: another thing that was flagged in this book, and it

542
00:30:40,400 --> 00:30:43,560
Speaker 1: really is. Uh, it's just eighteen interviews. There's so much

543
00:30:43,600 --> 00:30:46,719
Speaker 1: to get through. A business insider did uh right up

544
00:30:46,800 --> 00:30:51,000
Speaker 1: on the President's comments to Bob Woodword that he protected

545
00:30:51,040 --> 00:30:55,600
Speaker 1: Saudi Crown Prince Mohammed been Salmim after Jamal Kashgy's death.

546
00:30:56,680 --> 00:30:59,200
Speaker 1: I can't say it was an expletive. He said I

547
00:30:59,320 --> 00:31:02,280
Speaker 1: saved his rear, but he didn't say rear. And he

548
00:31:02,360 --> 00:31:05,160
Speaker 1: told that Bob Woodward, which was notable for if you're

549
00:31:05,520 --> 00:31:08,800
Speaker 1: following the geopolitics of this. But let's get back to

550
00:31:08,840 --> 00:31:13,840
Speaker 1: the fallout. And I don't want to focus on you know, yeah,

551
00:31:14,200 --> 00:31:16,320
Speaker 1: I want to. I want to understand how this is going,

552
00:31:16,600 --> 00:31:18,280
Speaker 1: if it is going to or how it is going

553
00:31:18,360 --> 00:31:21,480
Speaker 1: to shift the dynamic of the race. And here to

554
00:31:21,560 --> 00:31:24,880
Speaker 1: do that are two experts, because they're they their stoic

555
00:31:24,960 --> 00:31:28,640
Speaker 1: in their analysis, Al Matter, Democratic strategist partner at Brownsteon

556
00:31:28,720 --> 00:31:32,959
Speaker 1: Hyatt Farber and Shrek, and former Ohio Republican Congressman Jim

557
00:31:33,040 --> 00:31:34,280
Speaker 1: or A C. Jim, I want to start with you.

558
00:31:35,280 --> 00:31:38,400
Speaker 1: Is this going to shift the race at all? I mean,

559
00:31:38,640 --> 00:31:41,320
Speaker 1: or is it? Timing is of everything. When there's fifty

560
00:31:41,320 --> 00:31:43,400
Speaker 1: plus days left to election day, this is a lost

561
00:31:43,480 --> 00:31:49,520
Speaker 1: week for for the Republicans out on the virtual campaign trail. Well, look,

562
00:31:50,280 --> 00:31:52,760
Speaker 1: having been in four camps for tough campaigns, I can

563
00:31:52,800 --> 00:31:55,440
Speaker 1: always tell you that it was funny in January it

564
00:31:55,520 --> 00:31:58,960
Speaker 1: was impeachment. Nobody even talks about impeachment anymore. I mean,

565
00:31:59,440 --> 00:32:01,840
Speaker 1: you know, these things will change. I've often said that

566
00:32:01,920 --> 00:32:04,000
Speaker 1: the election will be the last thirty days. And let's

567
00:32:04,000 --> 00:32:06,160
Speaker 1: face it, what I see here in Ohio, but what

568
00:32:06,240 --> 00:32:08,320
Speaker 1: I also see in my travels in other states, is

569
00:32:08,880 --> 00:32:13,680
Speaker 1: you know of the people love Donald Trump, of people

570
00:32:13,920 --> 00:32:18,440
Speaker 1: hate Donald Trump. There's that in the middle that both

571
00:32:18,760 --> 00:32:21,520
Speaker 1: candidates are trying to get to and trying to be

572
00:32:21,640 --> 00:32:24,920
Speaker 1: able to say I'm the better candidate. Um. And there's

573
00:32:24,920 --> 00:32:27,800
Speaker 1: gonna be a number of things that make their decisions.

574
00:32:28,240 --> 00:32:30,280
Speaker 1: This I don't think it's going to be one of them.

575
00:32:30,600 --> 00:32:34,120
Speaker 1: I think. Look, I talked to a Republican who absolutely

576
00:32:34,160 --> 00:32:38,880
Speaker 1: opposed Donald Trump just two weeks ago until Kamala Harris

577
00:32:39,400 --> 00:32:42,480
Speaker 1: was named the vice president UH candidate for Biden, and

578
00:32:42,680 --> 00:32:45,520
Speaker 1: he said, that's it. I was never going to vote

579
00:32:45,560 --> 00:32:47,760
Speaker 1: for Trump, and now I'm not going to vote for Biden.

580
00:32:48,040 --> 00:32:50,120
Speaker 1: And you can see it's just little things that occur.

581
00:32:50,320 --> 00:32:53,040
Speaker 1: I also believe October will be the month. There will

582
00:32:53,080 --> 00:32:56,360
Speaker 1: be things happen in October that will change minds and

583
00:32:56,520 --> 00:32:59,480
Speaker 1: change positions. This will be a very tight race and

584
00:32:59,760 --> 00:33:03,320
Speaker 1: it will be decided in a very few amount of states,

585
00:33:03,800 --> 00:33:05,600
Speaker 1: you know, those swing states, and that's why you see

586
00:33:05,640 --> 00:33:09,080
Speaker 1: so many people both from both camps going into you know,

587
00:33:09,200 --> 00:33:11,200
Speaker 1: the swing states, and I think that's really going to

588
00:33:11,280 --> 00:33:14,080
Speaker 1: be the key. But I think the woodward stuff, it's

589
00:33:14,120 --> 00:33:16,920
Speaker 1: too early maybe if it had happened later on. There's

590
00:33:16,960 --> 00:33:19,760
Speaker 1: gonna be other things that come up against both both candidates,

591
00:33:19,840 --> 00:33:23,280
Speaker 1: both sides. October will be the changing point for those

592
00:33:23,360 --> 00:33:25,160
Speaker 1: people in the middle that we are willing to go

593
00:33:25,240 --> 00:33:27,360
Speaker 1: either way, you know. And there's so there's only a

594
00:33:27,400 --> 00:33:29,480
Speaker 1: couple of tons of thousands of them across the country.

595
00:33:29,520 --> 00:33:32,320
Speaker 1: I thought Timothy O'Brien, Tim O'Brien, of course, a senior

596
00:33:32,360 --> 00:33:35,479
Speaker 1: columnist for Bloomberg Opinion. I read his piece today, Uh,

597
00:33:35,720 --> 00:33:39,200
Speaker 1: and his lead al, You're gonna get a kick out

598
00:33:39,240 --> 00:33:42,480
Speaker 1: of this. His lead is quote, maybe it's all Senator

599
00:33:42,560 --> 00:33:47,440
Speaker 1: Lindsey Graham's fault of the headline is, of course Trump

600
00:33:47,520 --> 00:33:51,520
Speaker 1: couldn't resist Bob Woodward. Once again, he mistakenly trusted in

601
00:33:51,640 --> 00:33:55,840
Speaker 1: his own ability to steer the story because Tucker Carlson

602
00:33:55,960 --> 00:33:58,760
Speaker 1: last night, and this is like open season in the Beltway,

603
00:33:58,880 --> 00:34:01,080
Speaker 1: you know, I mean, right, everyone has a quick take,

604
00:34:01,160 --> 00:34:05,000
Speaker 1: a tweet or whatever. But uh, there is this speculation

605
00:34:05,080 --> 00:34:08,400
Speaker 1: again about Senator Lindsey Graham, the Republican from South Carolina,

606
00:34:08,440 --> 00:34:11,560
Speaker 1: who is in a very tough, surprisingly tough re election

607
00:34:11,680 --> 00:34:15,880
Speaker 1: fight down there in South Carolina, who helped Convince Donald

608
00:34:15,880 --> 00:34:19,239
Speaker 1: Trump had talked about Woodward. That's according to Tucker Carlson,

609
00:34:19,760 --> 00:34:21,920
Speaker 1: and now we're into the behind the scenes and everything.

610
00:34:22,000 --> 00:34:23,560
Speaker 1: But Al moder I mean, I want to get you

611
00:34:23,640 --> 00:34:26,000
Speaker 1: away in on that. Why would Senator Graham, I mean,

612
00:34:26,040 --> 00:34:28,120
Speaker 1: what where does Senator Graham fit in all of this,

613
00:34:28,239 --> 00:34:32,000
Speaker 1: because that's that's I think an interesting element to the

614
00:34:32,040 --> 00:34:36,600
Speaker 1: past twenty four hours. Well, it depends with Lindsey Graham.

615
00:34:36,680 --> 00:34:40,920
Speaker 1: You're talking about Kevin uh In sixteen he called the President,

616
00:34:41,080 --> 00:34:44,520
Speaker 1: I believe, a bigot. I think he also called him

617
00:34:44,520 --> 00:34:47,400
Speaker 1: a racist and probably called him a narcissist or a fool,

618
00:34:47,560 --> 00:34:49,520
Speaker 1: or maybe both of those things. Now he's one of

619
00:34:49,600 --> 00:34:53,839
Speaker 1: his closest confidence, so I assume he was operating under

620
00:34:53,880 --> 00:34:56,959
Speaker 1: the assumption that talking is better than not talking, because

621
00:34:57,000 --> 00:35:00,160
Speaker 1: the last word word book was was pretty negative. But

622
00:35:00,400 --> 00:35:03,160
Speaker 1: what he probably couldn't have predicted is that the President

623
00:35:03,239 --> 00:35:05,360
Speaker 1: would be calling Woodward up late at night on and

624
00:35:05,480 --> 00:35:07,840
Speaker 1: giving Woodward his cell phone and not telling the staff

625
00:35:07,960 --> 00:35:10,359
Speaker 1: he was saying to them, and then getting himself into

626
00:35:10,440 --> 00:35:12,800
Speaker 1: this mess that he's in. But I agree with Congress

627
00:35:12,880 --> 00:35:15,920
Speaker 1: and Renasy, I don't think this story has legs beyond

628
00:35:16,000 --> 00:35:20,480
Speaker 1: another few days. With one caveat. Um. You referenced another

629
00:35:20,640 --> 00:35:23,080
Speaker 1: quote in the book as we came back off the break.

630
00:35:23,520 --> 00:35:27,400
Speaker 1: If this is like the um wiki leaks, if there's

631
00:35:27,680 --> 00:35:30,640
Speaker 1: if there's like thirty quotes and you hear the audio

632
00:35:30,719 --> 00:35:33,200
Speaker 1: tape and it comes out every day for the next month,

633
00:35:33,640 --> 00:35:36,520
Speaker 1: that could have a effect on him. I don't believe

634
00:35:36,560 --> 00:35:39,360
Speaker 1: that this one story will have that much of an effect,

635
00:35:39,480 --> 00:35:43,200
Speaker 1: simply because nothing else he has ever said, and many

636
00:35:43,239 --> 00:35:46,160
Speaker 1: of the things he said have been doozys, has really

637
00:35:46,239 --> 00:35:49,200
Speaker 1: had much of an effect. So, uh, it is jarring

638
00:35:49,280 --> 00:35:52,520
Speaker 1: to listen to the video the audio. Excuse me, UM,

639
00:35:53,000 --> 00:35:55,400
Speaker 1: I found it quite jarring, even though I knew in

640
00:35:55,520 --> 00:35:57,920
Speaker 1: my own head that he thought that anyway, he's being

641
00:35:57,960 --> 00:36:01,480
Speaker 1: briefed by experts, so of course he knows it's deadly. Um.

642
00:36:02,960 --> 00:36:05,800
Speaker 1: But I agree with the with the conglishman that ultimately

643
00:36:06,040 --> 00:36:09,520
Speaker 1: what happens in Octoba was more important. Do you think

644
00:36:10,280 --> 00:36:13,840
Speaker 1: that this is all behind the media next week? And

645
00:36:13,960 --> 00:36:16,960
Speaker 1: just quickly for you both, just a quick yes or no.

646
00:36:17,080 --> 00:36:19,839
Speaker 1: But I mean, al do you al? Do you are

647
00:36:19,880 --> 00:36:22,040
Speaker 1: we gonna be talking about Bob woo words about midweek

648
00:36:22,120 --> 00:36:26,040
Speaker 1: a week from today? Probably not, unless, like I said,

649
00:36:26,080 --> 00:36:30,279
Speaker 1: there's just a whole flew of audio tapes that's irresistible.

650
00:36:30,360 --> 00:36:34,279
Speaker 1: So probably not. And Jim, what do you think? No?

651
00:36:34,440 --> 00:36:37,839
Speaker 1: And I agree with l This story last maybe seven days,

652
00:36:37,920 --> 00:36:41,759
Speaker 1: maybe less. There'll be another stories. Look in campaigns, they're

653
00:36:41,760 --> 00:36:44,759
Speaker 1: already deciding what's coming out in two weeks, what's coming

654
00:36:44,800 --> 00:36:46,640
Speaker 1: on in three weeks, coming on, five weeks. There'll be

655
00:36:46,800 --> 00:36:50,000
Speaker 1: enough stories. Nobody will remember this one. I just think

656
00:36:50,040 --> 00:36:54,879
Speaker 1: it's regardless of what your political leanings are, it's it's

657
00:36:55,480 --> 00:36:57,600
Speaker 1: I hear you both in terms of we're still there's

658
00:36:57,600 --> 00:36:59,799
Speaker 1: still you know, fifty plus days out, but the clock

659
00:36:59,880 --> 00:37:02,719
Speaker 1: is ticking. I mean in this, you know, withdrawing Troops,

660
00:37:02,760 --> 00:37:04,400
Speaker 1: which is what we're gonna talk about next, I mean,

661
00:37:04,520 --> 00:37:07,680
Speaker 1: this blocks that messaging, and this blocks those opportunities, and

662
00:37:07,920 --> 00:37:11,680
Speaker 1: and it you know, it's it's fascinating, but we all

663
00:37:11,719 --> 00:37:14,480
Speaker 1: know what we're gonna be reading. I'm Kevin CURRELI guys

664
00:37:14,560 --> 00:37:16,920
Speaker 1: nodgrasses up next, we are going to talk about geo politics.

665
00:37:17,239 --> 00:37:19,760
Speaker 1: Coming up next in the troop withdraw You're listening to Bloomberg.

666
00:37:30,280 --> 00:37:33,719
Speaker 1: You're listening to Bloomberg. Sound On with Kevin Currel on

667
00:37:33,880 --> 00:37:37,320
Speaker 1: Bloomberg and one oh five point seven f m h

668
00:37:37,480 --> 00:37:42,080
Speaker 1: D two. I'm Kevin Curreli, chief Washington correspondent from Bloomberg

669
00:37:42,200 --> 00:37:45,800
Speaker 1: Television and Bloomberg Radio. Jennifer Jacobs on the Bloomberg terminal

670
00:37:46,480 --> 00:37:50,720
Speaker 1: reporting quote. President Donald Trump plans to announce further US

671
00:37:50,800 --> 00:37:55,319
Speaker 1: troop reductions in Iraq, an administration officials said late Tuesday night.

672
00:37:55,440 --> 00:38:00,400
Speaker 1: So the drawdown is going to be from dred to

673
00:38:00,560 --> 00:38:04,080
Speaker 1: three thousand troops. CNN reported that, and Trump had promised

674
00:38:04,080 --> 00:38:08,560
Speaker 1: back in to get the US out of overseas wars.

675
00:38:08,760 --> 00:38:14,000
Speaker 1: So the situation in Iraq comes just ahead of the

676
00:38:14,200 --> 00:38:20,680
Speaker 1: likely Afghan Taliban peace talks to start this weekend. UH

677
00:38:20,840 --> 00:38:22,680
Speaker 1: and welcome to the program. To help make sense of this,

678
00:38:22,880 --> 00:38:26,120
Speaker 1: Guy Snograss. He is the CEO of Defense Analytics. He

679
00:38:26,239 --> 00:38:28,719
Speaker 1: is the former director of Communications and chief speech writer

680
00:38:29,160 --> 00:38:32,160
Speaker 1: to Secretary of Defense Jim Madison, author of Holding the

681
00:38:32,280 --> 00:38:35,960
Speaker 1: Line Inside Trump's Pentagonal, Secretary of Maddis and the new

682
00:38:36,080 --> 00:38:39,880
Speaker 1: book out next week. I can't believe it already, Top Guns,

683
00:38:40,000 --> 00:38:43,919
Speaker 1: Top ten Leadership Lessons from the Cockpit. Welcome back, guy,

684
00:38:44,440 --> 00:38:47,080
Speaker 1: How are you, Kevin? Yeah, great to be with you.

685
00:38:47,200 --> 00:38:50,000
Speaker 1: Thanks for having me. All right, So help make sense?

686
00:38:50,280 --> 00:38:52,239
Speaker 1: What does the troop. What's gonna happen with the troop

687
00:38:52,320 --> 00:38:56,320
Speaker 1: withdrawal in Iraq? Let's start in Iraq. Yeah, you know,

688
00:38:56,360 --> 00:38:57,960
Speaker 1: I think it was interesting because when this was first

689
00:38:57,960 --> 00:39:01,239
Speaker 1: announced many months ago, especially in Afghanistan, it was tied

690
00:39:01,360 --> 00:39:06,600
Speaker 1: very heavily to the Afghanistan you know, population meeting certain milestones,

691
00:39:06,719 --> 00:39:10,200
Speaker 1: the Taliban specifically. I think you've seen the Trump administration

692
00:39:10,280 --> 00:39:12,480
Speaker 1: start to step away from that, mainly to bring these

693
00:39:12,480 --> 00:39:14,279
Speaker 1: troops home. And I think the realization has been made

694
00:39:14,320 --> 00:39:17,360
Speaker 1: by the administration by senior leaders such as Secretary Defense

695
00:39:17,719 --> 00:39:20,799
Speaker 1: Mark Esper as well as General Mackenzie, the US Central

696
00:39:20,800 --> 00:39:24,040
Speaker 1: Command commander, that you know, at this stage of the game,

697
00:39:24,120 --> 00:39:25,920
Speaker 1: it's just time to bring the troops home. So, like

698
00:39:26,000 --> 00:39:28,360
Speaker 1: you mentioned, drawing down to three thousand in Iraq and

699
00:39:28,400 --> 00:39:32,400
Speaker 1: around in Afghanistan. So what what does that mean? I

700
00:39:32,440 --> 00:39:37,080
Speaker 1: mean because every time there's a withdrawal, there's obviously concerns

701
00:39:37,200 --> 00:39:39,960
Speaker 1: that that the enemy would would be able to get,

702
00:39:40,360 --> 00:39:43,959
Speaker 1: you know, a stronghold. So is it the right time

703
00:39:44,000 --> 00:39:47,200
Speaker 1: to do this reduction? And is what what is the

704
00:39:47,280 --> 00:39:49,200
Speaker 1: United States doing to make sure that the games that

705
00:39:49,280 --> 00:39:53,200
Speaker 1: were made are not received? Yeah, and to one of

706
00:39:53,239 --> 00:39:55,520
Speaker 1: the things the administration has been doing over the last

707
00:39:55,640 --> 00:39:57,920
Speaker 1: few months, let alone last year or two, and that

708
00:39:58,040 --> 00:40:00,440
Speaker 1: we even we're doing this during Secretary Madis a tenure

709
00:40:01,080 --> 00:40:03,680
Speaker 1: is what we call an analysis of alternatives, Right, so

710
00:40:04,719 --> 00:40:07,880
Speaker 1: you just ask, you know, if you withdraw forces, won't

711
00:40:07,960 --> 00:40:10,920
Speaker 1: that you know, potentially caused an increase in instability at

712
00:40:11,040 --> 00:40:13,279
Speaker 1: the right time. I think the way the administration has

713
00:40:13,280 --> 00:40:15,880
Speaker 1: continuously been looking at this is kind of the opposite

714
00:40:15,960 --> 00:40:18,239
Speaker 1: of that coin, which is you could make that same

715
00:40:18,360 --> 00:40:21,600
Speaker 1: argument ten twenty thirty years from now that there's always

716
00:40:21,640 --> 00:40:24,200
Speaker 1: gonna be a rationale that have a need for forces

717
00:40:24,360 --> 00:40:27,600
Speaker 1: in the region to increase stability. What we've seen over

718
00:40:27,680 --> 00:40:30,759
Speaker 1: time is that the reliance on partners like the Afghanis

719
00:40:31,280 --> 00:40:34,960
Speaker 1: the NATO nations that have joined the Resolute Support Mission

720
00:40:35,000 --> 00:40:38,120
Speaker 1: in Afghanistan to help provide stability have done a very

721
00:40:38,239 --> 00:40:41,680
Speaker 1: nice job and they're they're obviously comfortable now that you

722
00:40:41,719 --> 00:40:43,960
Speaker 1: can start to remove forces from the region and not

723
00:40:44,400 --> 00:40:47,200
Speaker 1: not be degraded. And General Mackenzie I served with him

724
00:40:47,560 --> 00:40:50,000
Speaker 1: when I was working with Secretary Maddis. You know, he's

725
00:40:50,000 --> 00:40:52,320
Speaker 1: a he's a straight shooter, so if he had concerned

726
00:40:52,400 --> 00:40:54,560
Speaker 1: he would share those and what I've heard from him

727
00:40:54,640 --> 00:40:59,160
Speaker 1: recently is that he feels comfortable with this reduction and force. Okay,

728
00:40:59,200 --> 00:41:01,560
Speaker 1: so he feels comforta with the reduction and force. So

729
00:41:01,760 --> 00:41:04,479
Speaker 1: let's switch gears now to the Afghan Taliban peace talks,

730
00:41:04,520 --> 00:41:07,640
Speaker 1: which are going to be scheduling to start on Saturday.

731
00:41:07,760 --> 00:41:10,399
Speaker 1: What should what should we be looking for to come

732
00:41:10,400 --> 00:41:15,239
Speaker 1: out of those UH peace talks? Sure, well, I think

733
00:41:15,239 --> 00:41:16,879
Speaker 1: you're looking for two things, right. You want a clear

734
00:41:17,040 --> 00:41:21,160
Speaker 1: establishment of the milestones that the Taliban needs to commit

735
00:41:21,239 --> 00:41:24,560
Speaker 1: to UH, and then corresponding with those, is the timeline,

736
00:41:25,200 --> 00:41:27,640
Speaker 1: What what the milestones are going to meet and how

737
00:41:27,760 --> 00:41:29,160
Speaker 1: far are they going to meet them. What we've seen

738
00:41:29,320 --> 00:41:33,400
Speaker 1: previously is that some timelines were set and the Taliban

739
00:41:33,520 --> 00:41:36,320
Speaker 1: either failed to meet them, or once the agreement was reached,

740
00:41:36,400 --> 00:41:38,680
Speaker 1: that they started to roll back some of the things

741
00:41:38,719 --> 00:41:42,600
Speaker 1: they'd agreed to. You saw UH in particular, and increase

742
00:41:42,680 --> 00:41:46,160
Speaker 1: in instability. I think what I've heard recently is that

743
00:41:46,280 --> 00:41:49,680
Speaker 1: certainly the Taliban are just as invested as President Trump

744
00:41:49,680 --> 00:41:52,000
Speaker 1: and as administration to see this reduction in force. They

745
00:41:52,000 --> 00:41:55,120
Speaker 1: want to demonstrate that they can also maintain stability within

746
00:41:55,239 --> 00:41:58,040
Speaker 1: the borders of their own country. So how do they

747
00:41:58,120 --> 00:42:01,279
Speaker 1: do that? Because because Secretaries Mike Pompeo today heat or

748
00:42:01,600 --> 00:42:04,480
Speaker 1: rather Secretary Pompeo, he's going to cut her to take

749
00:42:04,560 --> 00:42:08,240
Speaker 1: part in the talks. And Pompeo said earlier in a statement,

750
00:42:08,520 --> 00:42:09,680
Speaker 1: I want to make sure I get this start. Let

751
00:42:09,719 --> 00:42:12,480
Speaker 1: me pull it up. Secretary Pompeo said earlier in a

752
00:42:12,680 --> 00:42:16,680
Speaker 1: statement today, quote this is a or this is a

753
00:42:16,800 --> 00:42:21,000
Speaker 1: quote historic opportunity for Afghanistan to bring an end to

754
00:42:21,200 --> 00:42:25,040
Speaker 1: four decades of war and bloodshed. The people of Afghanistan

755
00:42:25,239 --> 00:42:28,279
Speaker 1: have carried the burden of war for too long. But

756
00:42:28,440 --> 00:42:32,919
Speaker 1: these negotiations have been stalled since March. So there had

757
00:42:33,040 --> 00:42:35,160
Speaker 1: been a peace deal between the US and the talent

758
00:42:35,320 --> 00:42:39,000
Speaker 1: that and the Taliban intended to jump start talks with

759
00:42:39,640 --> 00:42:44,200
Speaker 1: the their government, but it's it's stalled. So how much

760
00:42:44,480 --> 00:42:46,239
Speaker 1: how much is writing? I mean, when you look at

761
00:42:46,280 --> 00:42:48,520
Speaker 1: it and take a step back, whether it's Israel and

762
00:42:48,560 --> 00:42:52,080
Speaker 1: you a without announcement coming next week, the Kosovo announcement

763
00:42:52,480 --> 00:42:55,080
Speaker 1: last week, and now the Afghan Taliban peace talks and

764
00:42:55,080 --> 00:42:59,040
Speaker 1: Secretary Pompeo going to cut her, it would appear that

765
00:42:59,160 --> 00:43:01,879
Speaker 1: they're bullish on some sides of an agreement, or am

766
00:43:01,920 --> 00:43:05,640
Speaker 1: I reading too much into this guy's not dress. No,

767
00:43:05,760 --> 00:43:08,320
Speaker 1: I think you're reading into it correctly. One thing that

768
00:43:08,360 --> 00:43:10,040
Speaker 1: you always have to keep in mind, especially as you

769
00:43:10,120 --> 00:43:13,200
Speaker 1: enter into these negotiations, is that the administration has signaled

770
00:43:13,400 --> 00:43:15,520
Speaker 1: pretty strongly over the course of the last year or

771
00:43:15,560 --> 00:43:18,640
Speaker 1: two even that they are seeking an exit from Afghanistan.

772
00:43:18,800 --> 00:43:21,360
Speaker 1: So you know, if you're in a in a position

773
00:43:21,400 --> 00:43:23,239
Speaker 1: where you're negotiating, you want to be mindful that the

774
00:43:23,280 --> 00:43:26,279
Speaker 1: Taliban knows this, they understand it. Uh, they may be,

775
00:43:26,840 --> 00:43:29,759
Speaker 1: as we say, in danger of overpromising and then subsequently

776
00:43:29,880 --> 00:43:31,920
Speaker 1: under delivering. So that's what you really want to do,

777
00:43:32,120 --> 00:43:34,080
Speaker 1: is to people to establish some checks and balances to

778
00:43:34,120 --> 00:43:36,600
Speaker 1: make sure that what they are assuring you they can

779
00:43:36,640 --> 00:43:39,600
Speaker 1: do to preserve security within their own borders of their country,

780
00:43:39,880 --> 00:43:41,880
Speaker 1: that they can actually follow through, and that you have

781
00:43:42,200 --> 00:43:45,080
Speaker 1: those indications in place to let you know whether or

782
00:43:45,120 --> 00:43:47,920
Speaker 1: not they're meeting their mouthstones. But frankly, if if President

783
00:43:47,960 --> 00:43:51,200
Speaker 1: Trump decided he wanted to simply just ad HAWC withdraw

784
00:43:51,320 --> 00:43:53,600
Speaker 1: the troops, he's certainly in a position to do so.

785
00:43:54,400 --> 00:43:56,120
Speaker 1: All Right, I gotta ask you about the Woodword book.

786
00:43:56,120 --> 00:43:57,759
Speaker 1: I mean, I know you're from this whole world, but

787
00:43:57,840 --> 00:44:00,160
Speaker 1: what do I just your general thoughts on on the

788
00:44:00,160 --> 00:44:02,600
Speaker 1: Woodword book, not from the drama, not from the the

789
00:44:03,239 --> 00:44:04,960
Speaker 1: here staying, the back and forth, but just from the

790
00:44:05,080 --> 00:44:08,960
Speaker 1: overall perspective of the president agreeing to eighteen interviews, and

791
00:44:09,160 --> 00:44:13,520
Speaker 1: and and the your world of cabinet secretaries in the

792
00:44:13,600 --> 00:44:19,120
Speaker 1: intel world speaking anonymously. What do you what's your reaction? Well,

793
00:44:19,120 --> 00:44:21,359
Speaker 1: there's a lot of unpacked there, right. I mean, there's

794
00:44:21,400 --> 00:44:23,120
Speaker 1: no doubt in my mind that when you look at

795
00:44:23,440 --> 00:44:26,799
Speaker 1: last Thursday's kind of bombshell report from The Atlantic, uh

796
00:44:26,920 --> 00:44:29,719
Speaker 1: that I mean that basically consumed all the oxygen in

797
00:44:29,800 --> 00:44:31,440
Speaker 1: the room, not only at the end of the week,

798
00:44:31,520 --> 00:44:34,120
Speaker 1: but over the Labor Day weekend. Now you have at

799
00:44:34,160 --> 00:44:37,000
Speaker 1: the beginning of this week, Bob Woodward, as you mentioned,

800
00:44:37,440 --> 00:44:40,000
Speaker 1: rolling out anecdotes from his book, and not just anecdotes

801
00:44:40,160 --> 00:44:43,360
Speaker 1: or anonymous sources. He has these recordings that he conducted

802
00:44:43,400 --> 00:44:46,160
Speaker 1: with President Trump himself. He's on the record. And so

803
00:44:46,320 --> 00:44:48,880
Speaker 1: I think that, of course, the thing we have to

804
00:44:48,920 --> 00:44:53,200
Speaker 1: be mindful of is that all information, regardless of political party,

805
00:44:53,280 --> 00:44:55,600
Speaker 1: is being weaponized at this point in time. The thing

806
00:44:55,719 --> 00:44:58,040
Speaker 1: that you and I have talked about four months as

807
00:44:58,080 --> 00:44:59,759
Speaker 1: I've been on your show is just you know, when

808
00:44:59,840 --> 00:45:03,000
Speaker 1: we get very distracted, when we turn inward, it's good

809
00:45:03,080 --> 00:45:05,279
Speaker 1: to know that we do have senior leadership that is

810
00:45:05,640 --> 00:45:08,840
Speaker 1: remaining vigilant watching around the world because we do have

811
00:45:09,000 --> 00:45:11,959
Speaker 1: nations like China, Russia, Iran, North Korea who would seek

812
00:45:12,000 --> 00:45:15,239
Speaker 1: to contest America abroad. We have allies and partners that

813
00:45:15,320 --> 00:45:17,919
Speaker 1: still rely on us, and so while we may feel

814
00:45:18,200 --> 00:45:20,440
Speaker 1: distracted here at home, we still keep a very steady

815
00:45:20,440 --> 00:45:24,040
Speaker 1: watchful eye overseas. It is it is really remarkable, and

816
00:45:24,239 --> 00:45:27,320
Speaker 1: especially with regards to the US and China relations, and

817
00:45:27,400 --> 00:45:30,320
Speaker 1: that those developments have just been coming so quickly. And

818
00:45:30,400 --> 00:45:33,239
Speaker 1: that's a conversation that you and I have had consistently.

819
00:45:33,320 --> 00:45:37,080
Speaker 1: So leamos in reporting on the Bloomberg terminal earlier today

820
00:45:37,640 --> 00:45:40,680
Speaker 1: that there and now breaking news of red Headline, actually

821
00:45:40,920 --> 00:45:43,960
Speaker 1: didn't even time that breaking news. President Trump just said

822
00:45:44,040 --> 00:45:46,320
Speaker 1: red Headline on the Bloomberg terminal that there will be

823
00:45:46,480 --> 00:45:51,160
Speaker 1: no extension of the TikTok deadline. Again breaking news, Red

824
00:45:51,200 --> 00:45:54,759
Speaker 1: Headline crossing the Bloomberg terminal as we speak. President Trump

825
00:45:54,840 --> 00:45:59,000
Speaker 1: says there will be no extension of the TikTok deadline.

826
00:45:59,000 --> 00:46:01,800
Speaker 1: There have been some report uh by the Wall Street

827
00:46:01,880 --> 00:46:05,239
Speaker 1: journal by our our colleagues here at Bloomberg that there

828
00:46:05,400 --> 00:46:07,920
Speaker 1: maybe would be an extension. President Trump is saying there

829
00:46:07,960 --> 00:46:11,400
Speaker 1: will be no extension of that deadline for the sale

830
00:46:11,440 --> 00:46:15,800
Speaker 1: of TikTok. He's placed that on September. You know, I

831
00:46:15,880 --> 00:46:18,279
Speaker 1: don't you don't have to jump in on TikTok, but

832
00:46:18,400 --> 00:46:23,640
Speaker 1: just the broader uncertainty and confusion, Guy Snodgrass of the

833
00:46:23,800 --> 00:46:29,320
Speaker 1: strategy coming from Washington, is it almost by design or

834
00:46:29,480 --> 00:46:33,160
Speaker 1: is it signaling for for for business leaders to be

835
00:46:33,280 --> 00:46:36,440
Speaker 1: skeptical of doing business with Beijing? I mean, help me

836
00:46:36,520 --> 00:46:40,759
Speaker 1: make get some clarity on this. Well, one thing that

837
00:46:40,880 --> 00:46:44,440
Speaker 1: I witnessed firsthand in working in the Trump administration is

838
00:46:44,480 --> 00:46:48,480
Speaker 1: that there's not necessarily a grand strategy at play. Sometimes

839
00:46:48,520 --> 00:46:51,480
Speaker 1: it can be true, but typically, you know, like you've talked,

840
00:46:51,680 --> 00:46:53,319
Speaker 1: you know, like you mentioned, we've talked about this many

841
00:46:53,400 --> 00:46:56,399
Speaker 1: times in the past. You know, working alongside Secretary Mass

842
00:46:56,440 --> 00:46:59,840
Speaker 1: we were caught unawares by a tweet, a wayward tweet

843
00:46:59,840 --> 00:47:02,480
Speaker 1: from the President, and so um, that doesn't necessarily mean

844
00:47:02,520 --> 00:47:04,200
Speaker 1: that there is an alignment. You shouldn't read too much

845
00:47:04,200 --> 00:47:07,400
Speaker 1: into it now. I do think that what you've seen recently,

846
00:47:07,560 --> 00:47:10,960
Speaker 1: of course, TikTok being the most recent example that Huawei.

847
00:47:11,160 --> 00:47:13,239
Speaker 1: Of course, even just I believe it was yesterday, the

848
00:47:13,360 --> 00:47:16,239
Speaker 1: day before Bloomberg had reported on the fact that now

849
00:47:16,719 --> 00:47:20,040
Speaker 1: the chips and the LCD screens needed for smartphones are

850
00:47:20,080 --> 00:47:24,440
Speaker 1: being withheld from Wawack so to me and pressures that

851
00:47:24,520 --> 00:47:28,399
Speaker 1: has been strategically consistent throughout the Trump administration pressure on China.

852
00:47:28,560 --> 00:47:30,120
Speaker 1: We'll hold on on that, and coming up next, I

853
00:47:30,160 --> 00:47:31,759
Speaker 1: want to get what's on your radar much more with

854
00:47:31,840 --> 00:47:34,080
Speaker 1: what's on the panel's radar coming up next, including guy,

855
00:47:34,320 --> 00:47:46,960
Speaker 1: I'm Kevin Sirelli. You're listening to Bloomberg. This is Bloomberg.

856
00:47:47,200 --> 00:47:51,799
Speaker 1: Sound On with Kevin Surreley on Bloomberg and one oh

857
00:47:51,920 --> 00:47:54,880
Speaker 1: five point seven f M h D two. I'm Kevin Cirelli,

858
00:47:55,000 --> 00:47:58,680
Speaker 1: Chief Washington Chorus. Do on it for Bloomberg Television and

859
00:47:59,120 --> 00:48:05,000
Speaker 1: for Bloomberg RADI are Radio Radio. Here's what's on my radar,

860
00:48:06,640 --> 00:48:09,480
Speaker 1: son tide keV All right, but before we get to

861
00:48:09,560 --> 00:48:11,279
Speaker 1: what's on the radar, I do want to hit this

862
00:48:11,400 --> 00:48:14,880
Speaker 1: story the f We're all monitoring the vaccination developments. F

863
00:48:15,040 --> 00:48:18,240
Speaker 1: d A is setting a higher bar for emergency COVID

864
00:48:18,400 --> 00:48:23,280
Speaker 1: nineteen vaccine clearance Anna Anna Edney reporting a very important

865
00:48:23,320 --> 00:48:27,560
Speaker 1: story on the terminal drug makers seeking an emergency authorization

866
00:48:27,760 --> 00:48:30,279
Speaker 1: for a COVID nineteen vaccine. They're gonna have to meet

867
00:48:30,320 --> 00:48:35,680
Speaker 1: a higher standard of of standards that normally would be

868
00:48:35,800 --> 00:48:39,239
Speaker 1: required for such a clearance. This is according to the

869
00:48:39,320 --> 00:48:42,680
Speaker 1: head of the u S f d A, the office

870
00:48:42,719 --> 00:48:46,400
Speaker 1: that handles the vaccine. Peter Marks, who was the director

871
00:48:46,480 --> 00:48:50,360
Speaker 1: of the f d a's Biologics office, said today that

872
00:48:50,480 --> 00:48:55,080
Speaker 1: an Emergency Use Authorization u A would require a company

873
00:48:55,200 --> 00:48:59,120
Speaker 1: to show their product maybe effective, and that the agency

874
00:48:59,200 --> 00:49:03,040
Speaker 1: will require are more robust data about how well a

875
00:49:03,120 --> 00:49:08,680
Speaker 1: coronavirus vaccine works before granting an emergency waiver, which is

876
00:49:08,760 --> 00:49:11,640
Speaker 1: something he called an eu A plus. All right, so

877
00:49:11,920 --> 00:49:14,759
Speaker 1: we're following that, all right. Now, let's get to what

878
00:49:15,120 --> 00:49:19,000
Speaker 1: is on my radar and what's on the panels radar.

879
00:49:19,160 --> 00:49:21,840
Speaker 1: Al Maters with us. He's a Democratic strategist and a

880
00:49:21,920 --> 00:49:26,560
Speaker 1: partner at Brownstein, Hyatt, Farber and Shrek. Former Ohio Republican

881
00:49:26,719 --> 00:49:31,840
Speaker 1: Congressman Jim Urnacy. He repped Ohio sixteenth Congressional district between

882
00:49:31,880 --> 00:49:34,400
Speaker 1: two thousand eleven and two thousand nineteen. Something tells me

883
00:49:34,480 --> 00:49:38,399
Speaker 1: he might run for governor and sorry, Jim and um

884
00:49:39,480 --> 00:49:42,680
Speaker 1: and Guy Snodgrass, CEO of Defense Analytics, who is the

885
00:49:42,760 --> 00:49:45,840
Speaker 1: former director of Communications and the chief speech writer to

886
00:49:45,920 --> 00:49:48,839
Speaker 1: Secretary Maddis. Also he's got a new book out next

887
00:49:48,880 --> 00:49:53,200
Speaker 1: week called Top Guns, Top ten Leadership Lessons from the Cockpit.

888
00:49:53,280 --> 00:49:55,719
Speaker 1: Of course Guy has flown in the cockpit. He is

889
00:49:56,400 --> 00:49:59,759
Speaker 1: literally flown fighter jets, So be sure to check that out.

890
00:49:59,800 --> 00:50:02,840
Speaker 1: I've I've been. I cannot wait for everyone to have

891
00:50:03,280 --> 00:50:05,320
Speaker 1: the privilege of reading it, because if you're intoid like

892
00:50:05,719 --> 00:50:08,240
Speaker 1: books that I always shout out on this show, General

893
00:50:08,320 --> 00:50:11,560
Speaker 1: mccraven's make My Bed, Make your Bad book. Uh, It's

894
00:50:11,600 --> 00:50:13,239
Speaker 1: it's really like that, and so it's a it's a

895
00:50:13,280 --> 00:50:17,319
Speaker 1: great read regardless of your political ideologies. All right, that's

896
00:50:17,320 --> 00:50:22,120
Speaker 1: the plug, Jim, what's on your radar? Well, Kevin, it's

897
00:50:22,200 --> 00:50:23,799
Speaker 1: kind of interesting, you know, I always like to talk

898
00:50:23,840 --> 00:50:27,280
Speaker 1: about sports and being involved in sports in this business

899
00:50:27,360 --> 00:50:30,400
Speaker 1: world of sports. It's uh, this weekend we have the

900
00:50:30,560 --> 00:50:34,520
Speaker 1: NFL kicking off, and I'm wondering with COVID and was

901
00:50:34,800 --> 00:50:37,160
Speaker 1: especially some of the restrictions that have been put on

902
00:50:37,280 --> 00:50:40,560
Speaker 1: by some of the governors, including Governor here in Ohio,

903
00:50:40,680 --> 00:50:44,040
Speaker 1: who's only allowing like a couple of thousand people in

904
00:50:44,120 --> 00:50:47,160
Speaker 1: the stadiums. You know, how is the NFL? Is it

905
00:50:47,239 --> 00:50:49,560
Speaker 1: going to be able to survive long term? But not

906
00:50:49,719 --> 00:50:52,120
Speaker 1: on the NFL all professional sports. So I've been keeping

907
00:50:52,120 --> 00:50:54,440
Speaker 1: a good eye on that. But the NFL, let's face

908
00:50:54,480 --> 00:50:57,759
Speaker 1: it is the premier. It's starting this weekend, and will

909
00:50:57,840 --> 00:51:04,279
Speaker 1: they be able to survive live long term? Remember, sponsorships, seats, concessions,

910
00:51:04,320 --> 00:51:07,840
Speaker 1: and TV. The only thing really driving these professional sports

911
00:51:07,920 --> 00:51:11,640
Speaker 1: now is TV because of course concessions and seats aren't there,

912
00:51:11,719 --> 00:51:14,719
Speaker 1: and that payroll hasn't come down. So it's, uh, it's

913
00:51:14,760 --> 00:51:17,319
Speaker 1: something I want to be watching starting this week, Jim.

914
00:51:17,360 --> 00:51:21,640
Speaker 1: I'm trying to control my energy because I want to

915
00:51:21,760 --> 00:51:23,960
Speaker 1: keep my voice down because I'm obsessed with the story,

916
00:51:24,040 --> 00:51:26,279
Speaker 1: as you know. But I checked in with my uncle

917
00:51:26,320 --> 00:51:29,160
Speaker 1: Mikey back home and Delco. He's got the HOGI Shop

918
00:51:29,239 --> 00:51:32,239
Speaker 1: more forty plus years best Hogies and Duco and uh,

919
00:51:32,719 --> 00:51:34,279
Speaker 1: you know for the hog shops, some of them are

920
00:51:34,360 --> 00:51:37,920
Speaker 1: doing really well because people can't go to the stadiums

921
00:51:37,960 --> 00:51:41,360
Speaker 1: and they're all ordering pizza, they're all ordering hogis and

922
00:51:41,480 --> 00:51:45,440
Speaker 1: and so it's been fascinating to watch how the I

923
00:51:45,480 --> 00:51:47,920
Speaker 1: can't believe, I'm gonna say it. The supply chain for

924
00:51:48,680 --> 00:51:53,920
Speaker 1: for tailgating food has shifted as a result of these sports.

925
00:51:54,000 --> 00:51:56,000
Speaker 1: But I want to focus on something you said about

926
00:51:56,440 --> 00:51:59,400
Speaker 1: the TV end of this, because my colleagues on Bloomberg

927
00:51:59,440 --> 00:52:03,840
Speaker 1: Intelligence how to report that the NFL season may start

928
00:52:03,960 --> 00:52:07,279
Speaker 1: to revive sluggish TV advertising market that brings in you

929
00:52:07,400 --> 00:52:12,080
Speaker 1: ready for this, folks, six billion dollars six billion dollars

930
00:52:12,200 --> 00:52:16,960
Speaker 1: or ten of the television industries annual add revenue with

931
00:52:17,120 --> 00:52:22,200
Speaker 1: production delays. Uh, live sports are crucial right now, and uh,

932
00:52:22,480 --> 00:52:26,040
Speaker 1: they could stem they could lose as much as Fox

933
00:52:26,200 --> 00:52:30,240
Speaker 1: is actually the most exposed. They have the two billion

934
00:52:30,320 --> 00:52:34,040
Speaker 1: dollars in ads that they get from the NFL versus

935
00:52:34,120 --> 00:52:37,759
Speaker 1: their broadcast peers. Uh. So it really is fascinating. So

936
00:52:37,880 --> 00:52:39,640
Speaker 1: and Jim, of course, I know you know all about this.

937
00:52:39,760 --> 00:52:42,200
Speaker 1: So that's a great one to have on your radar. Al,

938
00:52:42,320 --> 00:52:46,839
Speaker 1: what's on your radar? Well, I'm I'm believing that fear

939
00:52:46,960 --> 00:52:50,320
Speaker 1: is a great motivator, and um, I'm fearful about the

940
00:52:50,360 --> 00:52:53,400
Speaker 1: selection and so we gotta work harder. I read a

941
00:52:53,480 --> 00:52:57,880
Speaker 1: an obscure article today that said that since sixteen Republicans

942
00:52:57,920 --> 00:53:00,560
Speaker 1: have netted seven times as many new red str voters

943
00:53:00,600 --> 00:53:05,000
Speaker 1: in Pennsylvania as Democrats, and that concerned me, and it

944
00:53:05,239 --> 00:53:08,200
Speaker 1: started me thinking, you know, this race is going to

945
00:53:08,280 --> 00:53:11,760
Speaker 1: be like unlike any we've ever had. You've got a pandemic.

946
00:53:12,440 --> 00:53:16,200
Speaker 1: You have traditional Democratic voters like young college students who

947
00:53:16,280 --> 00:53:19,239
Speaker 1: aren't on campus, and so you can't go find them

948
00:53:19,280 --> 00:53:23,560
Speaker 1: and get them to vote. Uh, they're all doing things virtually, um,

949
00:53:24,280 --> 00:53:27,120
Speaker 1: and we're not knocking on doors, whereas the Trump campaign

950
00:53:27,320 --> 00:53:29,320
Speaker 1: is knocking on doors. And I don't know what that

951
00:53:29,440 --> 00:53:32,040
Speaker 1: all means, but it's got me on the edge of

952
00:53:32,080 --> 00:53:35,359
Speaker 1: my seat because I don't believe the polls that showed

953
00:53:35,400 --> 00:53:40,759
Speaker 1: Biden up by eight. I think it's a much closer race. Fascinating, fascinating, fascinating,

954
00:53:41,000 --> 00:53:44,400
Speaker 1: And all right, guy, what's on your radar? Hey? I

955
00:53:44,480 --> 00:53:46,759
Speaker 1: just want to say real quick on Alice point that, yes,

956
00:53:46,880 --> 00:53:51,120
Speaker 1: the Transition Integrity Project had a really fascinating outcome where

957
00:53:51,120 --> 00:53:54,640
Speaker 1: they kind of war gamed the election. Almost every single

958
00:53:54,719 --> 00:53:58,479
Speaker 1: one of the outcomes was challenging for to say the least.

959
00:53:58,560 --> 00:54:00,440
Speaker 1: So I think he's he's certainly it on with what

960
00:54:00,680 --> 00:54:03,600
Speaker 1: on his radar? I'll say, what's on my radar is

961
00:54:03,680 --> 00:54:08,400
Speaker 1: absolutely aviation themed. Uh So radar is very apropos. A

962
00:54:08,520 --> 00:54:11,279
Speaker 1: few weeks ago, you had something called the Alpha Dog

963
00:54:11,400 --> 00:54:14,760
Speaker 1: Fight Trials. This was held by the Defense Advanced Research

964
00:54:14,800 --> 00:54:20,440
Speaker 1: Projects Agency DARPA. They took an artificial intelligence construct, they

965
00:54:20,480 --> 00:54:23,080
Speaker 1: basically put it in a virtual environment against a actual

966
00:54:23,280 --> 00:54:27,399
Speaker 1: real Air Force Weapons School pilot, and the AI one

967
00:54:27,600 --> 00:54:30,200
Speaker 1: five times out of five rights. It was a five

968
00:54:30,400 --> 00:54:33,840
Speaker 1: zero kind of spanking of the Air Force pilot. Today,

969
00:54:34,000 --> 00:54:38,200
Speaker 1: Secretary of Defense Mark Esper at the annual AI Symposium

970
00:54:38,239 --> 00:54:41,600
Speaker 1: for the Department Defense, announced that by twenty four they're

971
00:54:41,600 --> 00:54:45,400
Speaker 1: gonna put this artificial intelligence into an actual jet and

972
00:54:45,440 --> 00:54:48,560
Speaker 1: they're gonna have live dog fighting trials. So you're gonna

973
00:54:48,560 --> 00:54:51,560
Speaker 1: have a manned fighter aircraft dog fighting against a jet

974
00:54:51,640 --> 00:54:55,000
Speaker 1: powered by artificial intelligence. And I can't wait to see that. Well,

975
00:54:55,200 --> 00:55:00,320
Speaker 1: that's that's gonna be remarkable, a remarkable, remarkable U elopment,

976
00:55:00,440 --> 00:55:04,680
Speaker 1: especially as artificial intelligence are just becomes so incredibly important

977
00:55:04,719 --> 00:55:08,080
Speaker 1: to military and and the direction of of what things

978
00:55:08,160 --> 00:55:12,200
Speaker 1: are going. Here's what's on my radar. Uh Disney has

979
00:55:12,320 --> 00:55:16,840
Speaker 1: nodded to the uproar over filming of Mulan and China's Sinjang.

980
00:55:17,480 --> 00:55:21,560
Speaker 1: Christopher Paul Mary reporting on the Terminal that Walt Disney

981
00:55:21,640 --> 00:55:26,360
Speaker 1: Company's chief financial officer, Christine McCarthy said the company's decision

982
00:55:26,480 --> 00:55:30,200
Speaker 1: to shoot some scenes of Mulan in a controversial region,

983
00:55:30,480 --> 00:55:33,720
Speaker 1: putting them mildly a controversial region of China has quote

984
00:55:33,760 --> 00:55:37,280
Speaker 1: generated a lot of issues for us. So she spoke

985
00:55:37,320 --> 00:55:40,520
Speaker 1: at a Bank of America conference earlier today and noted

986
00:55:40,560 --> 00:55:42,759
Speaker 1: that Mulan was mostly shot in New Zealand, but that

987
00:55:42,840 --> 00:55:45,320
Speaker 1: twenty locations in China were used to showcase some of

988
00:55:45,360 --> 00:55:48,480
Speaker 1: the unique landscape. Obviously, I've been talking to folks up

989
00:55:48,520 --> 00:55:50,400
Speaker 1: on Capitol Hill. They have a lot of issues about

990
00:55:50,440 --> 00:55:53,759
Speaker 1: Disney filming and Shinjang, a region where more than as

991
00:55:53,840 --> 00:55:56,680
Speaker 1: many as one million of the Muslim narity wagers or

992
00:55:56,760 --> 00:56:00,840
Speaker 1: housed in what the government calls voluntary re edgection centers.

993
00:56:00,880 --> 00:56:04,279
Speaker 1: But of course human rights watchers and uh the administration

994
00:56:04,360 --> 00:56:09,520
Speaker 1: and Democrats have raised serious concerns about this, and she said,

995
00:56:09,920 --> 00:56:12,879
Speaker 1: quote it has generated a lot of publicity. Let's leave

996
00:56:12,960 --> 00:56:16,400
Speaker 1: it at that. She didn't get into Christopher reports what

997
00:56:16,600 --> 00:56:20,560
Speaker 1: issues Disney is facing, but her remarks represented an acknowledgement

998
00:56:20,640 --> 00:56:24,280
Speaker 1: of the controversy. UM and which was fueled by Disney

999
00:56:24,400 --> 00:56:28,359
Speaker 1: thanking Shinjang in the credits of Mulan. This movie cost

1000
00:56:28,400 --> 00:56:31,879
Speaker 1: two hundred million dollars and it debuted on Disney Plus

1001
00:56:32,040 --> 00:56:34,799
Speaker 1: last week and it's slated for release in Chinese movie

1002
00:56:34,840 --> 00:56:38,360
Speaker 1: theaters this weekend. UH. There's some of the letters on

1003
00:56:38,440 --> 00:56:41,200
Speaker 1: Capitol Hill. Josh Holly of Missouri. He wrote a letter

1004
00:56:41,840 --> 00:56:44,360
Speaker 1: UH saying if they would donate the Mulan profits to

1005
00:56:44,520 --> 00:56:48,040
Speaker 1: organizations fighting injustice in the region. Thanks to the panel,

1006
00:56:48,280 --> 00:56:50,880
Speaker 1: and of course, thank you for listening. My name is

1007
00:56:50,960 --> 00:56:56,080
Speaker 1: Kevin Surreally. Tomorrow's the anniversary of nine eleven. Let's leave

1008
00:56:56,120 --> 00:56:59,880
Speaker 1: with gratitude for everyone who's served in our military and

1009
00:57:00,080 --> 00:57:09,120
Speaker 1: families for that. Thanks for listening to Bloomberg one h