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

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

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

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Speaker 1: Bloomberg Sound On, the insiders, the influencers, the 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. You're looking at seveny kenneddates for different duct teams.

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

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Speaker 1: never happens again? This is Bloomberg Sound On with kevin'srelate

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

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Speaker 1: m h D two. Reopening Eve. Reopening Eve in Washington,

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Speaker 1: d C. We're gonna check in with a reporter at

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Speaker 1: the Baltimore Sun to get everyone up to speed on

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Speaker 1: what they can and can't do, on what Mayor Bowser

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Speaker 1: is calling social distancing light, and the latest on the

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Speaker 1: President's actions as it relates to UH, the whole UH

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Speaker 1: COVID nineteen and executive orders on technology. And Calvin Schnore's

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Speaker 1: senior economist at Navy, checks in to give us his

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Speaker 1: latest on UH the economy as well. We have a

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Speaker 1: lot to get through. Plus twenty and senior citizen voters. Folks,

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Speaker 1: Tomorrow things start to reopen. Things finally start to reopen

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Speaker 1: here in the d m V. Joining us on the

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Speaker 1: telephone line, very appreciative of UH. This person's time. UH

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Speaker 1: is Luke Broadwater. He's a political reporter for the Baltimore Sun.

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Speaker 1: And let's talk about Maryland's continuing reopening. Governor Hogan has

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Speaker 1: lifted some restrictions on outdoor dining, youth sports camps, pools,

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Speaker 1: and drive in movies. All right, tell us what we

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Speaker 1: can do now, Luke, Well, you can. Uh. It really

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Speaker 1: depends on which county you're in. Uh. The Governor's orders

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Speaker 1: set a sort of baseline of what various counties can

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Speaker 1: go up to. So you can, if you're in a

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Speaker 1: more rural county where there's not a ton of coronavirus cases.

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Speaker 1: I think of sort of western Maryland where they're have

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Speaker 1: very few positive tests, you could do everything that the

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Speaker 1: governor says, which is you can have outdoor dining starting

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Speaker 1: at five pm Friday. You can go to drive in movies,

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Speaker 1: you can go to UH, you can start up summer

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Speaker 1: day camps again. You can go to the pool, you

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Speaker 1: can go to UM various things like that. Now where this, um,

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Speaker 1: you know it gets tricky is that each county, though,

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Speaker 1: has the flexibility to go along with the governors um

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Speaker 1: orders or not. So they can't open up more than

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Speaker 1: what the governor has allowed, but they can be more restrictive.

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Speaker 1: So what we're seeing in the d the area is

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Speaker 1: because that's been the hardest hit part of the state,

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Speaker 1: is they have been uh slower to reopen than Governor

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Speaker 1: Hogan has, typically about a week or two behind him. Um.

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Speaker 1: I know that because I gotta interrupt here because to

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Speaker 1: be honest, it doesn't seem I mean why they're saying

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Speaker 1: it's harder hit But why is that? Is it? Because

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Speaker 1: is it really the numbers? Luke? And this is an

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Speaker 1: awkward question asked. Is it really the numbers or is

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Speaker 1: it the political ideology of a Republican governor and a

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Speaker 1: liberal mayor. Well, you know, I can't speak to people's

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Speaker 1: personal motivations, but the numbers are worse in the in

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Speaker 1: the DC suburbs. If you look at Prince George's County

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Speaker 1: and you look at Montgomery County, those are the two

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Speaker 1: hardest hit parts of the state in terms of infection

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Speaker 1: rates and deaths. But of course, there are political implications

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Speaker 1: from all of this. Um, you know, the governor has

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Speaker 1: been under a lot of pressure from the right, the

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Speaker 1: reopen protests to try to move him to open more quickly,

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Speaker 1: and so maybe he is more likely to hear those

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Speaker 1: people's concerns than somebody whose base of support comes from

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Speaker 1: the other party, which, uh, you know, the Democratic Party

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Speaker 1: seems more concerned about the health of the health implications

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Speaker 1: of COVID nineteen than say, the Republican Party, So you

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Speaker 1: do up some sort of ideological split there. But again,

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Speaker 1: I I don't I can't speak to the motivations of

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Speaker 1: any of these leaders. They could very well be basing

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Speaker 1: this completely on the science, and I think it is

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Speaker 1: legitimate to say that d C the suburbs haven't hit

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Speaker 1: harder than the rest of Maryland. It's a it's a

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Speaker 1: fascinating tension and it's really very much on full display.

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Speaker 1: Luke Broadwaters on the phone. He is a reporter for

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Speaker 1: the Baltimore Sun, a political reporter for the Baltimore Sun.

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Speaker 1: What is the business community been saying to Governor Hogan.

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Speaker 1: They want to reopen as quickly as possible, and they

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Speaker 1: wanted to reopen yesterday. Yeah, and you know, I hear

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Speaker 1: from a lot of business owners, small business owners, and

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Speaker 1: they've been happy with some things the governor has done,

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Speaker 1: like uh, they very much liked it that he lifted

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Speaker 1: restrictions on delivery of alcohol for instance, that something that

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Speaker 1: has been the illegal for decades, all of a sudden

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Speaker 1: was now legal and that allowed a lifeline to bars

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Speaker 1: and restaurants. Um. But they you know, I think, you know,

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Speaker 1: in talking with these business owners, they do. I think

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Speaker 1: the virus is real and a concern, and they're all

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Speaker 1: for wearing masks and social distancing, but they want to

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Speaker 1: see their businesses open as quickly as possible because we

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Speaker 1: have you know, hundreds of thousands of marylanders and unemployment

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Speaker 1: lines right now, and many of them are facing very

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Speaker 1: long waits and aren't getting their checks and are very frustrated.

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Speaker 1: And it's causing you know, a lot of hardship when

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Speaker 1: a lot of people to see their businesses closed, to

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Speaker 1: see them go out of work, their families sit around

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Speaker 1: waiting for the government assistance to come in, and it's

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Speaker 1: it's its own crisis in addition to the to the

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Speaker 1: coronavirus crisis. Where do you think we are in terms

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Speaker 1: of one month from now and two months from now.

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Speaker 1: UH in in the UH in terms of where this

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Speaker 1: thing goes, UM, well it's always it's always risking to

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Speaker 1: make predictions. But it does look like in Maryland that

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Speaker 1: we are seeing declining hospitalizations, which is the metric that

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Speaker 1: the governor is watching most closely. And if that continues

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Speaker 1: as it is, UM, the governor has said he's going

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Speaker 1: to move to reopen even more businesses next and then

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Speaker 1: eventually to the final phase, which would be basically returning

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Speaker 1: life to normal in Maryland. UM. That though depends a

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Speaker 1: lot on whether this virus keeps two UH continues to dwindle. UM,

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Speaker 1: and there is some concern that as restrictions are lifted

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Speaker 1: there could be another flare up. So UM, you know,

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Speaker 1: it's really really can't predict. But UM, right now, a

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Speaker 1: lot of people, including the governor, see at least positive

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Speaker 1: size and the data enough to begin reopening. And I

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Speaker 1: will say now that Kunty Executive Elric has had his

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Speaker 1: press converse that all of the jurisdictions in Maryland are

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Speaker 1: at least taking some step towards reopening. There's no longer

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Speaker 1: anyone who's saying we will not reopen anything. Yeah, it's

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Speaker 1: I can't wait to see how Washington d C Reacts

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Speaker 1: on this weekend as things are are slowly starting to

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Speaker 1: uh to reopen. My friend Damie and my friend Damian

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Speaker 1: at the place across the street from the Bloomberg Bureau

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Speaker 1: sent me a text today and said, uh at Bobby

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Speaker 1: Vans and said, you can sit outside tomorrow, keV you

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Speaker 1: can come down and sit outside the Buffalo chicken thing

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Speaker 1: whoop on things that I love to eat, the spring rolls,

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Speaker 1: and only Bobby Vans has I missed them. It's been

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Speaker 1: like a million years since I got to sit outside

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Speaker 1: and eat somewhere. Luke broad Water a couple more questions

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Speaker 1: before I let you go. He's a political reporter for

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Speaker 1: the Baltimore Son. He was part of the polk Uh

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Speaker 1: team that for reporting a couple of years ago. He's

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Speaker 1: an absolute asom. We're so incredibly appreciative of his reporting

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Speaker 1: and also that he made time for us tonight. Luke,

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Speaker 1: there's this issue about the testing kits. Governor Hogan got

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Speaker 1: a lot of praise for getting so many testing kits

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Speaker 1: into Maryland. How are they being dispersed? So, yeah, this

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Speaker 1: is a real bit of a bit of concern for

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Speaker 1: many county leaders. Um. The governor too much fanfare did

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Speaker 1: secure this five hundred thousand tests from from South Korea,

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Speaker 1: UM and got a lot of national media praise for it.

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Speaker 1: He did say at the time, because I was at

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Speaker 1: that press confers and I asked them, because I know

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Speaker 1: these tests are actually quite complicated. It's not enough to

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Speaker 1: just have a test. You've gotta have re agents, you

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Speaker 1: gotta have swabs, you've got to have testing capacity, lab capacity. UM.

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Speaker 1: And I asked him, I said, are these ready to

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Speaker 1: go right now? And he said no, UM. But you

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Speaker 1: know that was really no one else asked him that

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Speaker 1: for quite a while, and so he for about a

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Speaker 1: week he he went around pouting these things. And what

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Speaker 1: we've seen is, Um, most of them have not been

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Speaker 1: put into use yet. The Governor's office hasn't given us

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Speaker 1: given us a exact number. He says. They've gone out

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Speaker 1: to the labs and as supplies come in, they are

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Speaker 1: using some of them, but we're not sure how many.

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Speaker 1: So even though this was a big coup for to

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Speaker 1: get this great amount of tests, it doesn't seem like

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Speaker 1: they're having a real impact just yet. Maybe they will

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Speaker 1: in the future, but not just yet, all right, Luke Broadwater,

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Speaker 1: political reporter for the Baltimore Son. Thank you, Luke very much.

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Speaker 1: Appreciate you coming on to talk about all the reopening

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Speaker 1: in the d m V area. Coming up next, we

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Speaker 1: talked to Fund twenty politics and the latest on the

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Speaker 1: president's executive orders for Silicon Valley. I'm Kevin Sirelli, Chief

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Speaker 1: Watchington correspondent for Bloomberg TV and Radio, and you're listening

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Speaker 1: to Bloomberg she Boshington Doors thought in for Bloomberg Television

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Speaker 1: and for Bloomberg Radio Friday Eat folks, Time to Chalk,

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Speaker 1: Time to talk economic numbers. Joining us on the line

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Speaker 1: now a friend of the program, Calvin Schnore, senior economists

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Speaker 1: at her Calvin, how are you, buddy? Things are reopening tomorrow?

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Speaker 1: Are you happy? I'm doing alright. They're glad you back

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Speaker 1: on your show. What is the first thing you're gonna

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Speaker 1: do once they reopened? Stuff? You know, I've actually been

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Speaker 1: pretty comfortable with the stay at home. I have a

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Speaker 1: friend who died, I have a brother who was hospitalized,

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Speaker 1: and I'm doing everything i can to maintain the health

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Speaker 1: of people. So I'm so sorry. I'm so sorry to

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Speaker 1: hear that and you know, that's that's you know, I mean,

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Speaker 1: these are these socially distant things are so incredibly important,

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Speaker 1: and you know, unfortunately it's we got to keep doing it.

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Speaker 1: You know, even though things are reopening, we still got

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Speaker 1: to wear the mask. We've still got to be safe

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Speaker 1: and everything. I I, you know, I'm sorry to hear that,

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Speaker 1: but I'm glad to hear that that that's staying at

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Speaker 1: home has been has been positive for you and I

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Speaker 1: that's uh, that's a good thing, all right. Today's economic

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Speaker 1: numbers initial jobless claims two point one to three million,

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Speaker 1: durable goods orders fell seventeen point two percent, and the

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Speaker 1: GDP revised estimate declined at a five percent And you

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Speaker 1: wal rate in Q one. What are your takeaways, Calvin, Yeah,

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Speaker 1: we're getting a couple of mixed message is here and

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Speaker 1: the first is just reinforcing how here's an economic impact

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Speaker 1: this is having on workers and families across across the

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Speaker 1: whole country. Um. But these jobless numbers, even though at

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Speaker 1: two point one million is a huge number, but that's

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Speaker 1: a third of what it was six weeks ago, and

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Speaker 1: it probably is overstating the number of people who are

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Speaker 1: actually having layoffs currently, because as we've seen, there are

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Speaker 1: a lot of states that were having a lot of

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Speaker 1: trouble processing all the claims. There were delays, so some

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Speaker 1: of these are actually reflecting people who may have been

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Speaker 1: laid off a couple of weeks ago. So the good

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Speaker 1: news is the pace of layoffs really is slowed quite

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Speaker 1: a bit. But also if you look at the number

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Speaker 1: of people who are getting unemployment insurance, that declined three

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Speaker 1: point nine million in the week through May sixteenth, and

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Speaker 1: so that means that there are fewer people who are

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Speaker 1: actually getting benefits, which is probably some impact from the

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Speaker 1: p p P program that is getting employers to take

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Speaker 1: people back on the payroll. So so there's some signs

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Speaker 1: of better news ahead. The durable goods orders numbers, uh,

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Speaker 1: there's a huge decline, but two thirds of the drop

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Speaker 1: was in transportation non de French aircraft and motor vehicles,

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Speaker 1: and it really has not spread into general business investment

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Speaker 1: as much as we feared a while ago. So that's

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Speaker 1: another sign that the cuts in the economy are not

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Speaker 1: as broad and deep as as you might have thought

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Speaker 1: just from looking at the jobs numbers. You know, I

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Speaker 1: think that's I really want to just pick up on

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Speaker 1: one thing. I want to rip up the script because

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Speaker 1: I wanted to talk about something else. But you just

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Speaker 1: said a sign of good things to come. I need

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Speaker 1: to hear this right now personally. So tell me about

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Speaker 1: the optimism that you have or what made you optimistic

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Speaker 1: about today's apart give me some good news. Well, I

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Speaker 1: was just mentioning in the durable goods report that we

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Speaker 1: see it's just still concentrated in a few sector. The

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Speaker 1: worst damage is in just a few sectors. There's damage everywhere.

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Speaker 1: Don't don't know mistaking that. And you've seen a similar

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Speaker 1: thing with the jobless planes. It's the front line industry

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Speaker 1: that the restaurants, the small stores, the retail. UH, construction manufactory.

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Speaker 1: Now that's a pretty big part of the economy. It's

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Speaker 1: certainly not the bulk of the economy. Those businesses shut down. UH,

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Speaker 1: it's been quiet in lockdown for a while, and they

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Speaker 1: may be starting to open up again. UM. As these

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Speaker 1: restrictions are easy. That means the job market could come

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Speaker 1: back to life in June, probably more likely July. Alright,

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Speaker 1: So Calvin Schnoor is on the line. He's a senior

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Speaker 1: economist that nay read gonna read from the Bloomberg terminal

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Speaker 1: for a minute. US stocks erased gains and ended lower

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Speaker 1: after President Donald Trump said he old a press conference

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Speaker 1: on Friday tomorrow to discuss China, potentially stoking tension between

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Speaker 1: the world's two largest economies. The SMP five lost in

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Speaker 1: advance of more than one percent on the president's announcements,

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Speaker 1: with investors speculating that the US will take action against

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Speaker 1: China that could destabilize the global economy, although the precise

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Speaker 1: agenda was unclear. How much are U S China relations

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Speaker 1: playing into this economic forecast? Calvin, You know, investors a

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Speaker 1: skinn issue about everything because there are so many uns

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Speaker 1: our primary anxiety investors have a lot of anxiety. But

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Speaker 1: there's nothing anxiety going on with COVID nineteen. Go ahead, Calvin,

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Speaker 1: I'll keep quiet now. But our primary concerns the virus

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Speaker 1: and getting businesses back to work. Sure, China's China is

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Speaker 1: an issue. It's it's a it's a lot smaller issue

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Speaker 1: for the US economy than getting tens of millions of

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Speaker 1: people back to work. Yeah. Well yeah, But in terms

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Speaker 1: of what do you think about the trade relations, especially

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Speaker 1: with how trade because so much of US China is

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Speaker 1: related to to trade, especially in the in the UH

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Speaker 1: central part of America. Do you think that could be

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Speaker 1: a potential UH issue of uncertainty for for investors? Well,

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Speaker 1: this is a difficulty issue because it's not just traded

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Speaker 1: zew politics and the administration is responding to China's moves

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Speaker 1: against Hong Kong. It's in support of democracy and the

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Speaker 1: liberties that Hong Kong has had. That's also another American value.

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Speaker 1: We don't know how this whole thing is going to

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Speaker 1: play out. You know, many people are hopeful that we're

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Speaker 1: able to help protect Hong Kong without disrupting the economy,

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Speaker 1: but we're gonna have to wait and see. In all

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Speaker 1: of this all right, how do you think the Forecastle

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Speaker 1: likes for GDP next quarter? The second quarter is just

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Speaker 1: going to be at the bottom, dropping out, there's no

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Speaker 1: doubt about that. We saw the first quarter was down

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Speaker 1: five second quarters be much worse. But this morning report

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Speaker 1: was a revision of what we saw last month. Shows

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Speaker 1: that a lot of the decline was in spending. This

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Speaker 1: just postponed in the first quarter. Nearly half the decline

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Speaker 1: was from healthcare like canceled doctor's offices and Dennis office

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Speaker 1: business Those are going to be rescheduled. Another percentage point

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Speaker 1: was from durable goods like auto sales. Those purchases will

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Speaker 1: take place later this year. Now, there's a lot of

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Speaker 1: damage here, but a lot of the decline in the

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Speaker 1: second quarter will also be made up over the coming quarters.

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Speaker 1: Is it hard for you to figure out the third

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Speaker 1: quarter and the fourth quarter just given the uncertainty of

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Speaker 1: whether or not there's going to be a spike in

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Speaker 1: the fall, Yeah, there's This is a huge amount of uncertainty.

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Speaker 1: But if the businesses are able to reopen and we

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Speaker 1: don't have major flare ups in the virus, it's pretty

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Speaker 1: strong bet that we will see some increase in the

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Speaker 1: third quarter. It probably want offset all of the decline.

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Speaker 1: Things like restaurants are not going to be a full

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Speaker 1: strength for a long time. Travel is not gonna be

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Speaker 1: a bull strength, but some of these other things I mentioned.

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Speaker 1: Auto sales, you can go onto an auto lot where

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Speaker 1: your math, stand a guy away from the dealer and

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Speaker 1: wipe your hands down. When you're done. People are gonna

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Speaker 1: be buying cars in the summer, all right. People are

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Speaker 1: going to be buying cars in the summer. Calvin Schnore

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Speaker 1: you're hard here first, senior economists and Navy thanks for

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Speaker 1: checking in with me. My friend will talk with you

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Speaker 1: on the next round of economic indicators. Download the Bloomberg

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Speaker 1: Sound On podcast on Apple iTunes, at Bloomberg dot com,

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00:16:55,240 --> 00:16:57,520
Speaker 1: or by downloading the Bloomberg Business app. You can also

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Speaker 1: find me on Radio dot com, I Heart Radio, and Spotify.

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Speaker 1: We made it this far, folks, and things are finally, finally,

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Speaker 1: finally going to start reopening in the district starting tomorrow.

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Speaker 1: Much more coming up next Politics time. Kevin Walling and

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Speaker 1: Eli y openly stick it keep it locked right here

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Speaker 1: on Bloomberg. Yea, this is Bloomberg Sound On with Kevin

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

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Speaker 1: m h D two. You're almost there. I promise tomorrow

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Speaker 1: it is Friday. I'm Kevin Sili, Chief Washington correspondent for

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Speaker 1: Bloomberg Television and for Bloomberg Radio. And remember, folks, things open.

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Speaker 1: Things are finally going to open. Mayor Bowser, you did it.

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Speaker 1: You did it, Mayor Bowser. Joining us on the line

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Speaker 1: are two friends of the program, Kevin Walling, a democratic

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Speaker 1: strategist at HD Creative Media, and Eli Yoakley, political reporter

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Speaker 1: from Morgan Console, Kevin Mayer Bowser did it? What are

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Speaker 1: you gonna go to first this weekend? I'm gonna go

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Speaker 1: to ben Chilly Bowl based on your interview, Uh, the

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Speaker 1: founder of that. Yeah, well that's nice. I want to cheefeteak,

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Speaker 1: I wanna I want a hot dog, I want all

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Speaker 1: that kind of stuff. All right, Eli, what are you

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Speaker 1: gonna do? We'll see. I'm just crazy to get outside

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Speaker 1: and maybe we're gonning some friends in public again. I'm

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Speaker 1: ready to leave. Here's some breaking news. I'm gonna interrupt

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Speaker 1: this my show. I'm ready to leave Washington, d C.

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Speaker 1: Were you going back to No, I'm ready to start

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Speaker 1: somewhere new. Let's go to a different city, you know,

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Speaker 1: let's get the heck out of here. Eli, what about you? Well?

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Speaker 1: You know mean, I can't wait to get back to Missouri.

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Speaker 1: And uh, I'll go back in July. My little brother

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Speaker 1: announced this week at his wedding is still on. So

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Speaker 1: I'm looking forward to getting home. When is the wedding

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Speaker 1: July eleventh, the day after my birthday? So there the

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Speaker 1: pre Weday night party is my birthday party this year. Wow,

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Speaker 1: that's awesome. Good for the for the yok plan. Okay,

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Speaker 1: so you got some new polls out for US seniors

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Speaker 1: will make Donald Trump a one term president. That's the

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Speaker 1: that's the headline from Kevin Mollings piece in the Hill. ELI.

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Speaker 1: Before we get to that, tell us about the new polls.

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Speaker 1: That morning, Console puts out, Well, we've had a pretty

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Speaker 1: pretty busy week. UM. There's been all going on. One

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Speaker 1: of the bigger things we've focused on, UM in the

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Speaker 1: last few weeks is the presidential contest, which has been

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Speaker 1: pretty flat UM throughout most of the coronavirus contest, the

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Speaker 1: coronavirus outbreak. Joe Biden has a pretty uh about a

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Speaker 1: five point lead over Donald Trump for right now and

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Speaker 1: changed the previous week. He's had an average of about

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Speaker 1: a four point we lead nationwide. UM. One of the

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Speaker 1: things we assumed in on this week was UM, all

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Speaker 1: this talk about advice presidential candidate for him. I know

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Speaker 1: he said at a donor call this week that he

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Speaker 1: would announced one by the beginning of August, and so

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Speaker 1: we tested some of the names. UM. Then it turned

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Speaker 1: out of Lizabeth Warren is the strongest candidate UM. As

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Speaker 1: things SAM today about of voters say picking her would

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Speaker 1: make them more likely to vote for Joe Biden. Um,

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Speaker 1: that includes a pretty strong number of African American voters

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Speaker 1: and Hispanic voters and those voters under the age of

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Speaker 1: forty five, where Joe Bidens have cut up a tough time.

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Speaker 1: I mean, that was the thrust of the Bernie Sanders um,

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Speaker 1: the Bernie Sanders coalition. Um. You know, Amy COVID Church

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Speaker 1: is a little stronger with his older voters. But but

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Speaker 1: right now, Donald Joe Biden has a pretty good crip

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Speaker 1: on those older voters, all right, Ken, you talk about

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Speaker 1: he took us right there, Eli Oakley with senior citizens,

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Speaker 1: you right in the hill about the senior citizen vote.

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Speaker 1: Why is this so important and why is Biden playing

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Speaker 1: so strongly right now with the older voters. Yeah, it's

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Speaker 1: been fascinating to watch Keth Uh and I actually I've

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Speaker 1: been using a lot of the data from Horn Console.

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Speaker 1: They've done a great job in terms of track being

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Speaker 1: the president's standing with regards to the to the virus response.

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Speaker 1: You know, back in mid March, he actually had majority

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Speaker 1: support among older Americans with regards to the response to

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Speaker 1: COVID nineteen, the coronavirus. But we've seen a twenty point

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Speaker 1: drop among older Americans over sixty five, according Morning consult

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Speaker 1: in response to what the Trump administration is doing with

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Speaker 1: regards to this pandemic. Now he stands at the lowest

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Speaker 1: point next to millennial voters with regards to coronavirus. And

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Speaker 1: and of course why it's important, Kevin, It's a great

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Speaker 1: question to ask, is we know seniors turn out to vote.

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Speaker 1: They turn out in every primary election, every general election.

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Speaker 1: That's a group of people that you don't want to

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Speaker 1: take off before a general election in less than five months.

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Speaker 1: So he's got some work to do to get those

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Speaker 1: folks back. Yeah, you know, I think this is an

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Speaker 1: interesting point, right because the senior citizen issue is so

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Speaker 1: incredibly links to COVID nineteen and especially how different states

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Speaker 1: have been handling it. I mean, based upon conversations that

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Speaker 1: I have in media reports that are out there, this

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Speaker 1: is also a deeply localized issue. I think this election,

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Speaker 1: especially for senior citizens, is going to be a deeply

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Speaker 1: deeply localized issue. And here's why. The nursing homes per

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Speaker 1: capita in counties across the country, in parts of Ohio, Michigan,

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Speaker 1: and Pennsylvania, for example, some battleground states, how local officials

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Speaker 1: and their party's allegiance handles those nursing homes could ultimately

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Speaker 1: tip the scales in favor for Biden or for Trump.

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Speaker 1: When you look at the numbers, now that we know

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Speaker 1: where President Trump is playing bad in the polesy lie,

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Speaker 1: where does the president have support and strong support and

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Speaker 1: glimmers of hope for his reelection? I mean the strength

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Speaker 1: of Donald Trump is his base. I mean, that's why

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Speaker 1: you see him leaning into some of these Republican arguments.

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Speaker 1: When we saw this with the Twitter thing today for example,

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Speaker 1: I mean, it's content stuff that he's he's delving into

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Speaker 1: is a big motivator. We've seen this with his movement

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Speaker 1: towards China. We've you know, blame among most folks as

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Speaker 1: flatlined for China and the coronavirus pandemic, but among Republicans

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Speaker 1: it's certainly surge. Um. I mean he was doing this before,

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Speaker 1: by the way. I mean that was that was the

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Speaker 1: whole thing with immigration was based first play, especially in

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Speaker 1: an election when we've seen this in the past. When um,

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Speaker 1: a president is as unpopular as he is and the

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Speaker 1: candidate is unpopular as that, the base play is the

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Speaker 1: move to fire up your own supporters and to try

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Speaker 1: to try to diminish turn out by by the others.

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Speaker 1: You know, it's it's a really interesting point what you're

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Speaker 1: hitting at comparing China to the immigration issue. For I

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Speaker 1: think that's really smart because I think, based upon the

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Speaker 1: conversations that I have with Trump World, it's gonna be reopened,

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Speaker 1: the economy, closed, the borders, and I think that's going

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Speaker 1: to be some of the message. And and and to

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Speaker 1: you know, you note Wisconsin and how the president has

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00:23:55,280 --> 00:23:57,800
Speaker 1: been playing into local politics there. I think that's another

429
00:23:57,800 --> 00:24:00,880
Speaker 1: smart point because that is such a rucial state for

430
00:24:00,960 --> 00:24:04,240
Speaker 1: the president if he wants to win a second term. Um,

431
00:24:04,359 --> 00:24:12,359
Speaker 1: Kevin Walling Eli mentioned China. Where is Biden World on China? Yeah, so, um,

432
00:24:12,400 --> 00:24:14,600
Speaker 1: you're seeing. You know, Biden obviously took a tough stand

433
00:24:14,680 --> 00:24:17,000
Speaker 1: as we remember, remember when we actually had in person

434
00:24:17,040 --> 00:24:22,199
Speaker 1: debates back in December and January of last year and

435
00:24:22,240 --> 00:24:24,840
Speaker 1: earlier this year, you know, and and they're out there counting,

436
00:24:24,960 --> 00:24:26,840
Speaker 1: you know that the Vice president said don't take the

437
00:24:27,119 --> 00:24:29,240
Speaker 1: China's work for any of that. In that debate, he

438
00:24:29,320 --> 00:24:31,840
Speaker 1: had that otbed that they like to talk about from

439
00:24:32,000 --> 00:24:37,520
Speaker 1: USA today from January saying we need independent verifiers in China.

440
00:24:37,840 --> 00:24:39,560
Speaker 1: Um so, I think you know that much as much

441
00:24:39,600 --> 00:24:42,200
Speaker 1: as Trump wants to raise and depight the Zeli points out,

442
00:24:42,240 --> 00:24:44,159
Speaker 1: and it's a you could be a winning strategy for

443
00:24:44,200 --> 00:24:47,160
Speaker 1: them and gets pressure off of Trump and his response.

444
00:24:47,480 --> 00:24:49,680
Speaker 1: You know, the proof is in the pudding in terms

445
00:24:49,720 --> 00:24:52,160
Speaker 1: of the comparison that that the Biden campaign and doing

446
00:24:52,160 --> 00:24:56,679
Speaker 1: and advertising in those states that you mentioned, Wisconsin, Michigan, Pennsylvania,

447
00:24:56,800 --> 00:25:01,280
Speaker 1: some others have around China and putting Trump's own words

448
00:25:01,320 --> 00:25:05,359
Speaker 1: praising the regime, praising China's transparency with regards to the

449
00:25:05,400 --> 00:25:08,640
Speaker 1: coronavirus up against what Joe Biden was saying during those

450
00:25:08,640 --> 00:25:13,000
Speaker 1: same time point in terms of the campaign. Wait, do

451
00:25:13,040 --> 00:25:15,800
Speaker 1: you think that that that they're going to say Joe

452
00:25:15,840 --> 00:25:19,720
Speaker 1: Biden in real time? Because even Biden himself has said

453
00:25:19,760 --> 00:25:24,400
Speaker 1: that he doesn't blame President Trump for the virus. He

454
00:25:24,400 --> 00:25:27,280
Speaker 1: he has said, I don't. Of course, he said that

455
00:25:27,640 --> 00:25:30,360
Speaker 1: there's to be no blame in terms of the virus itself,

456
00:25:30,640 --> 00:25:33,399
Speaker 1: but certainly he's calling into question the response, and rightly so,

457
00:25:33,600 --> 00:25:36,080
Speaker 1: because of what we're seeing with these numbers with regards

458
00:25:36,119 --> 00:25:39,160
Speaker 1: to the Trump Administration's response to the pandemic. Everyone says

459
00:25:39,240 --> 00:25:41,200
Speaker 1: this is an act of God. And the talking point

460
00:25:41,240 --> 00:25:43,960
Speaker 1: that the Republicans are using now that this pandemic is

461
00:25:44,000 --> 00:25:45,840
Speaker 1: an act of God. But it's a question of how

462
00:25:45,840 --> 00:25:47,720
Speaker 1: we respond to act of God's right. This is what

463
00:25:47,840 --> 00:25:50,760
Speaker 1: sunk you know, George W. Bush and the in the

464
00:25:50,840 --> 00:25:53,560
Speaker 1: last years of his administration with regards to Katrina. Katrina

465
00:25:53,600 --> 00:25:56,359
Speaker 1: was an active but it was the fault of the

466
00:25:56,359 --> 00:26:00,000
Speaker 1: Bush administration's response to Katrina that sank his numbers, setting

467
00:26:00,040 --> 00:26:02,080
Speaker 1: into two thousand and eight that he gave his Barack Obama.

468
00:26:02,160 --> 00:26:04,080
Speaker 1: So I think the Biding campaign is going to make

469
00:26:04,119 --> 00:26:06,960
Speaker 1: the same argument here that yes, it's something you know

470
00:26:06,960 --> 00:26:09,640
Speaker 1: and heard of, this kind of pandemic, but the response

471
00:26:09,640 --> 00:26:13,800
Speaker 1: Alan is completely problematic. Five months out from the election, Eliokally,

472
00:26:13,840 --> 00:26:16,320
Speaker 1: political reporter for The Morning Council, How, how are the

473
00:26:16,359 --> 00:26:18,600
Speaker 1: polls in terms of where Biden and Trump stand on

474
00:26:18,640 --> 00:26:23,840
Speaker 1: the economy? Um, Donald Trump saws an advantage on it. Um.

475
00:26:23,920 --> 00:26:26,560
Speaker 1: If the election is fought on the economy today, that's

476
00:26:26,560 --> 00:26:30,040
Speaker 1: a strong position for for Donald Trump. UM. We've seen

477
00:26:30,040 --> 00:26:33,520
Speaker 1: in recent weeks and movement towards Joe Biden whenever voters

478
00:26:33,520 --> 00:26:37,439
Speaker 1: are asked who they trust more to handle the coronavirus spread. Um,

479
00:26:37,480 --> 00:26:39,080
Speaker 1: if you if you think about a second wave and

480
00:26:39,119 --> 00:26:41,800
Speaker 1: this popping back up in the fall, and this elevating

481
00:26:42,320 --> 00:26:44,600
Speaker 1: in the minds of voters, that might be something to

482
00:26:44,680 --> 00:26:47,000
Speaker 1: keep in mind. Um, it's the point you guys were

483
00:26:47,040 --> 00:26:50,560
Speaker 1: talking about a second ago. Um, you know. My understanding

484
00:26:50,560 --> 00:26:52,359
Speaker 1: of how Democrats have been handling this, We've seen it

485
00:26:52,400 --> 00:26:54,720
Speaker 1: and some of the messaging coming out of Priorities USA,

486
00:26:54,880 --> 00:26:58,439
Speaker 1: something big money Democratic groups is sort of a calendar

487
00:26:58,480 --> 00:27:02,800
Speaker 1: and a camera approach to Trump's handling of coronavirus, almost

488
00:27:02,800 --> 00:27:06,159
Speaker 1: blaming him for the original sin early in Susandan in

489
00:27:06,960 --> 00:27:09,399
Speaker 1: twenty rather than blaming him for the outbreak itself. And

490
00:27:09,440 --> 00:27:11,600
Speaker 1: that's sort of what Joe Biden has been leaning into

491
00:27:11,640 --> 00:27:15,840
Speaker 1: in recent days. Yeah, you know, gentlemen, sticking around, We

492
00:27:15,920 --> 00:27:18,479
Speaker 1: got much more to talk about, Kevin Walling, Eli Yoakley,

493
00:27:18,920 --> 00:27:21,280
Speaker 1: We got more to talk about coming up next. Download

494
00:27:21,280 --> 00:27:23,440
Speaker 1: the Bloomberg sign On podcast on Appali Chains and Bloomberg

495
00:27:23,440 --> 00:27:25,080
Speaker 1: dot Com, or by downloading the Bloomberg Business app. You

496
00:27:25,119 --> 00:27:26,720
Speaker 1: can also find me on Radio dot com, I Heart

497
00:27:26,760 --> 00:27:38,600
Speaker 1: Radio and Spotify. Kevin Sirelli, you're listening to Bloomberg. This

498
00:27:38,880 --> 00:27:44,119
Speaker 1: is Bloomberg sound On with Kevin Surrele on Bloomberg and

499
00:27:44,160 --> 00:27:46,400
Speaker 1: one oh five point seven f m h D two

500
00:27:46,760 --> 00:27:49,639
Speaker 1: Breaking news. President Trump has just released the text of

501
00:27:49,800 --> 00:27:53,679
Speaker 1: his White House Social Media Executive Order just within the

502
00:27:53,760 --> 00:27:58,240
Speaker 1: last several minutes. The bottom line takeaway top line takeaways

503
00:27:58,480 --> 00:28:01,280
Speaker 1: are that the President is in structing his agencies to

504
00:28:01,359 --> 00:28:06,520
Speaker 1: compile additional reports to look at how big tech Twitter, Instagram, Facebook,

505
00:28:06,560 --> 00:28:10,320
Speaker 1: Google how they are dealing with freedom of speech. The

506
00:28:10,560 --> 00:28:14,800
Speaker 1: executive order also UH points out China UH and notes

507
00:28:14,880 --> 00:28:18,199
Speaker 1: several different aspects of China and would allow for the

508
00:28:18,280 --> 00:28:22,000
Speaker 1: agencies UH to the FTC and other agencies the FCC

509
00:28:22,320 --> 00:28:27,280
Speaker 1: to look at advertising spending from China on these social

510
00:28:27,760 --> 00:28:35,560
Speaker 1: media platforms. In one aspect of the executive Order, the

511
00:28:35,600 --> 00:28:40,280
Speaker 1: president rights quote several online platforms are profiting from and

512
00:28:40,320 --> 00:28:46,040
Speaker 1: promoting the aggression and disinformation spread by foreign governments like China.

513
00:28:46,560 --> 00:28:51,240
Speaker 1: One United One United States company, for example, created a

514
00:28:51,320 --> 00:28:54,600
Speaker 1: search engine for the Chinese Communist Party that would have

515
00:28:54,640 --> 00:28:59,680
Speaker 1: blacklisted searches for human rights, hit data unfavorable to the

516
00:28:59,760 --> 00:29:05,000
Speaker 1: China needs Communist Party, and tracked users determined appropriate for surveillance.

517
00:29:05,240 --> 00:29:09,200
Speaker 1: It also established research partnerships in China that provide direct

518
00:29:09,280 --> 00:29:13,320
Speaker 1: benefits to the Chinese military. So the President releasing his

519
00:29:13,400 --> 00:29:18,440
Speaker 1: executive order with regards to tech companies, and the President

520
00:29:18,520 --> 00:29:21,280
Speaker 1: is poised to have a press conference tomorrow on Friday

521
00:29:21,960 --> 00:29:26,320
Speaker 1: on on China itself. Again he is noting this, uh

522
00:29:26,360 --> 00:29:31,160
Speaker 1: in um his executive order. I do want to bring

523
00:29:31,200 --> 00:29:35,160
Speaker 1: you a comment from a jet pie, A jet pie

524
00:29:35,200 --> 00:29:38,600
Speaker 1: of course, uh, the chairman of the FCC, who says

525
00:29:38,640 --> 00:29:41,760
Speaker 1: in a statement quote, this debate is an important one.

526
00:29:42,040 --> 00:29:46,440
Speaker 1: The Federal Communications Commission will carefully review any petition for

527
00:29:46,520 --> 00:29:49,719
Speaker 1: rulemaking file by the Department of Commerce. Obviously Commerce Department

528
00:29:49,760 --> 00:29:53,680
Speaker 1: wrapped up in this as well. Okay, I'm Kevin Cirilli,

529
00:29:53,760 --> 00:29:57,280
Speaker 1: chief Washington correspondent for Boomberg Television and for Bloomberg Radio.

530
00:29:57,360 --> 00:30:01,320
Speaker 1: Earlier today, Uh, we had that breaking new so earlier today,

531
00:30:01,640 --> 00:30:06,800
Speaker 1: my colleague David Weston spoke with New Jersey Governor Phil Murphy,

532
00:30:06,880 --> 00:30:08,840
Speaker 1: and I want to play for you that interview. It

533
00:30:08,920 --> 00:30:12,280
Speaker 1: was a great interview, and unfortunately, because of the breaking news,

534
00:30:12,360 --> 00:30:14,640
Speaker 1: we had to let go Kevin Wahling and Eli Yoakley

535
00:30:14,680 --> 00:30:16,360
Speaker 1: of the Morning Console. They'll be back there and we'll

536
00:30:16,360 --> 00:30:20,160
Speaker 1: talk more. Um. But anyway, here's the new Jersey Governor

537
00:30:20,160 --> 00:30:23,880
Speaker 1: Phil Murphy and David Weston interview. So give us a

538
00:30:23,880 --> 00:30:26,480
Speaker 1: sense of those numbers, if you would. How much of

539
00:30:26,480 --> 00:30:28,560
Speaker 1: that is just filling a hole, and how big is

540
00:30:28,600 --> 00:30:30,680
Speaker 1: that whole because you've lost a lot of revenue and

541
00:30:30,760 --> 00:30:33,240
Speaker 1: had increased costs, And how much is really you need

542
00:30:33,280 --> 00:30:36,240
Speaker 1: to reinvest or to get things going. Yeah, this is

543
00:30:36,280 --> 00:30:37,840
Speaker 1: all about let me give you a couple of numbers.

544
00:30:37,840 --> 00:30:40,200
Speaker 1: We announced the budget at the end of last week

545
00:30:40,280 --> 00:30:42,960
Speaker 1: for the next four months, so this is we extended

546
00:30:42,960 --> 00:30:46,200
Speaker 1: our fiscal year to September thirty, so we're talking about

547
00:30:46,200 --> 00:30:48,640
Speaker 1: four months in a few days. We had to cut

548
00:30:48,720 --> 00:30:52,920
Speaker 1: or defer over well over five billion dollars of expenses.

549
00:30:53,400 --> 00:30:56,960
Speaker 1: Or put it differently, we said the revenue loss as

550
00:30:57,000 --> 00:31:00,040
Speaker 1: best we could tell from June of two thousand and

551
00:31:00,160 --> 00:31:07,320
Speaker 1: twenty until June two ten billion dollars um. This is

552
00:31:07,360 --> 00:31:10,680
Speaker 1: the difference between But there's a certain myth out there. Well,

553
00:31:10,920 --> 00:31:13,520
Speaker 1: we're just gonna help you all because you you hadn't

554
00:31:13,520 --> 00:31:17,440
Speaker 1: managed your legacy realities, you're outstanding and deadedness, or your

555
00:31:17,440 --> 00:31:21,440
Speaker 1: structural deficits or your pension obligations. Uh, we we were

556
00:31:21,480 --> 00:31:24,440
Speaker 1: doing just fine with that. We were It's a long slog,

557
00:31:24,560 --> 00:31:26,760
Speaker 1: but we were, we were making a lot of progress.

558
00:31:26,840 --> 00:31:31,320
Speaker 1: This is about keeping firefighters, police, e m s, healthcare workers,

559
00:31:31,720 --> 00:31:36,040
Speaker 1: educators employed. Literally, the consequence or the alternative, I should say,

560
00:31:36,200 --> 00:31:39,320
Speaker 1: to not getting that funding is a whole lot of layoffs.

561
00:31:39,360 --> 00:31:41,880
Speaker 1: We think as much as two hundred thousand more at

562
00:31:41,880 --> 00:31:45,200
Speaker 1: the state level alone in New Jersey, Boy, And what

563
00:31:45,280 --> 00:31:48,320
Speaker 1: does that do to services in the state. It got them,

564
00:31:48,320 --> 00:31:51,520
Speaker 1: It would got them at the very moment when we

565
00:31:51,560 --> 00:31:55,360
Speaker 1: could least afford the services being got at. Our residents

566
00:31:55,440 --> 00:31:59,360
Speaker 1: need those workers more than ever, literally more than ever before.

567
00:32:00,200 --> 00:32:02,800
Speaker 1: It's it's unfathomable, which is why the I think the

568
00:32:02,840 --> 00:32:05,880
Speaker 1: case is so compelling for that federal cash assistance. Are

569
00:32:05,920 --> 00:32:08,080
Speaker 1: there ways to make up some of the revenue short

570
00:32:08,080 --> 00:32:09,960
Speaker 1: called in other ways? I know you've increased tolls, but

571
00:32:09,960 --> 00:32:12,360
Speaker 1: I think that was specifically to do some roadwork. But

572
00:32:12,440 --> 00:32:15,680
Speaker 1: other tolls or license fees, taxes that you could get

573
00:32:15,720 --> 00:32:19,960
Speaker 1: some more revenue, perhaps, David, But I do mean this,

574
00:32:20,120 --> 00:32:22,640
Speaker 1: the whole is so significant from this, and it's not

575
00:32:22,720 --> 00:32:25,240
Speaker 1: just New Jersey. I don't think there's any amount of

576
00:32:25,280 --> 00:32:28,320
Speaker 1: cuts or any amount of taxes that comes close to

577
00:32:28,320 --> 00:32:32,719
Speaker 1: filming Ahola and we're already a state that is, you know,

578
00:32:32,880 --> 00:32:35,320
Speaker 1: not not the cheapest place to live in America. People

579
00:32:35,400 --> 00:32:37,920
Speaker 1: come here to raise a family. We have the number

580
00:32:37,960 --> 00:32:42,080
Speaker 1: one public education system in America, the best location of

581
00:32:42,160 --> 00:32:47,320
Speaker 1: any state. We live on talent and location. Um. We

582
00:32:47,360 --> 00:32:49,840
Speaker 1: need This is one of these moments where the federal

583
00:32:49,880 --> 00:32:53,840
Speaker 1: government plays that existential role that no no one else

584
00:32:53,880 --> 00:32:56,240
Speaker 1: could play, and we need that role to be played

585
00:32:56,320 --> 00:32:59,480
Speaker 1: right now to its maximum. What about some infrastructure spend.

586
00:33:00,000 --> 00:33:03,040
Speaker 1: You've heard your your brother Andrew Cuomo across the way

587
00:33:03,320 --> 00:33:06,400
Speaker 1: and New York saying let's advance some of the infrastructures,

588
00:33:06,440 --> 00:33:09,920
Speaker 1: and you love that. By tunnel is something the Governor

589
00:33:09,960 --> 00:33:12,479
Speaker 1: Cuomo and I have been pounding a way on. We

590
00:33:12,520 --> 00:33:15,800
Speaker 1: think it's a game changer. It's a huge This is

591
00:33:15,840 --> 00:33:18,680
Speaker 1: building new tunnels under the Hudson River. The current ones

592
00:33:18,720 --> 00:33:22,600
Speaker 1: were built. It's a new bridge on our side. It's

593
00:33:23,040 --> 00:33:26,920
Speaker 1: it's reimagining Penn Station on the New York side. That's

594
00:33:26,920 --> 00:33:30,000
Speaker 1: a great example. Good good news is the Trump administration

595
00:33:30,080 --> 00:33:35,480
Speaker 1: just forwarded ninety million dollars on the New Jersey side

596
00:33:35,520 --> 00:33:39,959
Speaker 1: of that. But infrastructure absolutely is a potential game changer.

597
00:33:40,640 --> 00:33:43,680
Speaker 1: Big employees, a lot of folks were proud Union state.

598
00:33:43,760 --> 00:33:47,840
Speaker 1: That's a good thing. Uh, we'll we'll take that, uh

599
00:33:48,120 --> 00:33:51,920
Speaker 1: absolutely as soon as possible. Well, President Trump has said

600
00:33:52,000 --> 00:33:53,680
Speaker 1: some nice things about you, despite the fact that you

601
00:33:53,720 --> 00:33:55,680
Speaker 1: may be from opposite side of the aisle. Have you

602
00:33:55,720 --> 00:33:58,040
Speaker 1: talked to about this you Have you got any encouragement

603
00:33:58,040 --> 00:33:59,920
Speaker 1: from President Trump that actually that's a good idea because

604
00:33:59,920 --> 00:34:02,880
Speaker 1: he said in the best he wants infrastructure in general. Yeah.

605
00:34:02,920 --> 00:34:05,440
Speaker 1: I mean we've we've we speak pretty regularly, and we've

606
00:34:05,440 --> 00:34:10,200
Speaker 1: spoken mostly about the obviously this pandemic of late, but

607
00:34:10,239 --> 00:34:12,759
Speaker 1: we've absolutely spoken with him and his team up and

608
00:34:12,800 --> 00:34:19,319
Speaker 1: down Secretary Transportation. Uh, no question. Uh, infrastructure is a

609
00:34:19,680 --> 00:34:21,760
Speaker 1: is A is a I wouldn't say a magic bullet,

610
00:34:21,800 --> 00:34:25,160
Speaker 1: but it's one of those levers. Listen, FDR pulled pulled

611
00:34:25,160 --> 00:34:28,440
Speaker 1: that lever in the thirties for a reason. Uh. And

612
00:34:28,480 --> 00:34:30,360
Speaker 1: by the way, it's the other great thing is you know,

613
00:34:30,480 --> 00:34:33,920
Speaker 1: not only get economic and activity and employment in the

614
00:34:34,000 --> 00:34:37,120
Speaker 1: here and now. The great thing about infrastructure is it's

615
00:34:37,120 --> 00:34:41,920
Speaker 1: there fifty years from now. In future generations benefit benefit

616
00:34:41,960 --> 00:34:44,440
Speaker 1: from it. It's not a wasting asset. Uh. So I

617
00:34:44,440 --> 00:34:46,839
Speaker 1: think there's a lot of potential. Without question, you can

618
00:34:46,840 --> 00:34:48,959
Speaker 1: talk about GDP growth. That's a quick way to get it. Actually,

619
00:34:49,000 --> 00:34:51,640
Speaker 1: if you build up your infrastructure, is a practically better Finally,

620
00:34:51,760 --> 00:34:54,879
Speaker 1: give us a sense out over the horizon. What sort

621
00:34:54,880 --> 00:34:57,160
Speaker 1: of changes do you anticipate because of this pandemic for

622
00:34:57,320 --> 00:34:59,880
Speaker 1: New Jersey? And I'll give you an example. Uh, do

623
00:35:00,040 --> 00:35:03,080
Speaker 1: you think that people after this is over whatever that means,

624
00:35:03,520 --> 00:35:06,600
Speaker 1: will continue to commute in daily into Manhattan or meant

625
00:35:06,680 --> 00:35:10,200
Speaker 1: that change some of those patterns. Yeah, it's a great question,

626
00:35:10,239 --> 00:35:11,719
Speaker 1: and I don't know that any of us know the

627
00:35:11,760 --> 00:35:13,719
Speaker 1: answer to that, But my guess is that we've been

628
00:35:14,280 --> 00:35:18,640
Speaker 1: changed permanently from the little but important stuff like social

629
00:35:18,680 --> 00:35:22,319
Speaker 1: distancing and wearing face coverings to the bigger things. You know,

630
00:35:22,320 --> 00:35:26,160
Speaker 1: We've we've got to Restarted Recovery Commission that uh, that

631
00:35:26,360 --> 00:35:30,640
Speaker 1: I announced a few weeks ago with some really incredible

632
00:35:30,719 --> 00:35:33,840
Speaker 1: wise women and men. Shirley Tilman, former president of Princeton,

633
00:35:33,920 --> 00:35:37,040
Speaker 1: is a co chair. Ken Fraser, CEO of merk, is

634
00:35:37,120 --> 00:35:40,720
Speaker 1: a co chair. Ben Bernankei, former chair of the Federal Reserve.

635
00:35:40,760 --> 00:35:43,759
Speaker 1: These are the sorts of questions they're wrestling with with us.

636
00:35:44,320 --> 00:35:47,880
Speaker 1: We've got about twenty five or of our workforce that

637
00:35:48,080 --> 00:35:51,520
Speaker 1: commutes uh to where they're going, and could if they

638
00:35:51,640 --> 00:35:54,200
Speaker 1: choose to stay at home, and most of them have

639
00:35:54,280 --> 00:35:57,960
Speaker 1: done just that. I think there's a huge potential shift

640
00:35:58,000 --> 00:36:00,480
Speaker 1: in that you've got a whole other group, but folks

641
00:36:00,560 --> 00:36:03,279
Speaker 1: who have no choice but to be close to other

642
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Speaker 1: co workers or to the customer. I frankly think that

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Speaker 1: experience will also change. But I think we're gonna look

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Speaker 1: back five or ten years from now. I know this

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00:36:12,320 --> 00:36:13,960
Speaker 1: is trite and people say it, but I think it's

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Speaker 1: I think it's real. Just as we did and you

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00:36:16,640 --> 00:36:18,799
Speaker 1: were in the thick of nine eleven, Uh, in your

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00:36:18,800 --> 00:36:21,439
Speaker 1: prior life, We're gonna look back five or ten years

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00:36:21,600 --> 00:36:23,560
Speaker 1: from now as we did five or ten years after

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00:36:23,680 --> 00:36:27,399
Speaker 1: nine eleven, and things that we maybe had never imagined. Uh,

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00:36:27,680 --> 00:36:29,920
Speaker 1: we're part of our lives, and we took them as

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00:36:29,960 --> 00:36:32,120
Speaker 1: a natural part of our life. I think the same

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Speaker 1: thing will be true here. That was David Weston speaking

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Speaker 1: with the new Jersey Governor Murphy earlier today on Bloomberg Television. Tomorrow,

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00:36:40,360 --> 00:36:43,239
Speaker 1: Mary and Williamson joins us she's gonna check in and

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00:36:43,239 --> 00:36:44,799
Speaker 1: give us an update on what she's been up to

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Speaker 1: in progressive politics. I'm Kevin Cirelli Chief Washington correspondent for

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Speaker 1: Bloomberg TV of Bloomberg Radio. Things are reopening, folks. Keep positive,

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Speaker 1: keep strong, keep in the light. Thanks for listening to

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Speaker 1: Bloomberg in the y