1 00:00:00,280 --> 00:00:02,960 Speaker 1: Why from our nations came this budget thing is going 2 00:00:03,040 --> 00:00:05,480 Speaker 1: to do nothing space forts. I still think it's interesting. 3 00:00:05,480 --> 00:00:08,840 Speaker 1: President Trump not playing his cards yet. Headlines Policy and 4 00:00:08,960 --> 00:00:14,880 Speaker 1: Politics colliding Floomberg Sound On, The Insiders, the influencers, the insides. 5 00:00:15,040 --> 00:00:17,279 Speaker 1: I would rather see a congressional solution. It's part of 6 00:00:17,280 --> 00:00:20,440 Speaker 1: my DNA. The Senate map in looks a lot different 7 00:00:20,440 --> 00:00:23,240 Speaker 1: than it looked in. You really have a divide within 8 00:00:23,480 --> 00:00:26,040 Speaker 1: Team Trump. The President has to do exactly what people 9 00:00:26,040 --> 00:00:27,800 Speaker 1: sent him here to do, which is to get it done. 10 00:00:28,160 --> 00:00:32,720 Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg 11 00:00:33,600 --> 00:00:35,839 Speaker 1: one and one oh five point seven f m h 12 00:00:36,000 --> 00:00:39,760 Speaker 1: D two. President Trump promises to talk on trade with 13 00:00:39,840 --> 00:00:45,680 Speaker 1: the Chinese after China differs, defers a tariff response. The 14 00:00:45,760 --> 00:00:49,920 Speaker 1: latest on the US China economic fraud plus President Trump 15 00:00:49,960 --> 00:00:55,280 Speaker 1: canceling his Poland trip as a hurricane threatens Florida as well, 16 00:00:55,600 --> 00:00:59,400 Speaker 1: will dive into the policy behind this and the politics 17 00:00:59,600 --> 00:01:03,680 Speaker 1: and Senate Majority Leader Mitch McConnell tells the Supreme Court 18 00:01:03,720 --> 00:01:08,480 Speaker 1: not to be quote cowed end quote by Democrats on guns. 19 00:01:09,080 --> 00:01:13,120 Speaker 1: The latest as well from the presidential campaign trail, All 20 00:01:13,160 --> 00:01:16,920 Speaker 1: Star Panel to navigate through the headlines, the policy, the politics. 21 00:01:17,040 --> 00:01:21,480 Speaker 1: Joel Payne, democratic strategist, former director of African American media 22 00:01:21,480 --> 00:01:26,520 Speaker 1: outreach for Hillary Clinton's presidential campaign. Pedro Dakasta, director of 23 00:01:26,520 --> 00:01:31,520 Speaker 1: Communications at the Economic Policy Institute. President Trump said Thursday 24 00:01:31,520 --> 00:01:33,560 Speaker 1: that the US and China are scheduled to have a 25 00:01:33,600 --> 00:01:38,040 Speaker 1: conversation about trade today, but he gave no details on 26 00:01:38,120 --> 00:01:41,240 Speaker 1: what precisely they're going to talk about. He was asked 27 00:01:41,240 --> 00:01:45,000 Speaker 1: in a Fox News radio interview whether or not the 28 00:01:45,040 --> 00:01:48,440 Speaker 1: talks are planned in September with the Chinese, whether or 29 00:01:48,440 --> 00:01:50,560 Speaker 1: not there's talks are still on, and he said, quote, 30 00:01:50,880 --> 00:01:54,000 Speaker 1: there is a talk schedule for today at a different level. 31 00:01:54,120 --> 00:01:56,200 Speaker 1: End quote. Remember over the weekend there was all this 32 00:01:56,280 --> 00:01:57,920 Speaker 1: back and forth when he was at the G seven 33 00:01:58,120 --> 00:02:00,480 Speaker 1: in France about whether or not they had a versation 34 00:02:00,520 --> 00:02:03,360 Speaker 1: on the phone or not. Anyway, President Trump said that 35 00:02:03,400 --> 00:02:07,760 Speaker 1: they're talking with the Chinese today about trade, and Wall 36 00:02:07,800 --> 00:02:11,760 Speaker 1: Street liked it. US Equities rallied Thursday after China indicated 37 00:02:11,840 --> 00:02:17,960 Speaker 1: it would not immediately retaliate against the latest American tariff increase. Remember, 38 00:02:17,960 --> 00:02:21,160 Speaker 1: those tariffs are set to increase on a first round 39 00:02:21,200 --> 00:02:25,119 Speaker 1: of tariff increase on September one, and then we've got 40 00:02:25,160 --> 00:02:27,720 Speaker 1: the other tariffs coming into effect in mid December. Sarah 41 00:02:27,800 --> 00:02:31,160 Speaker 1: McGregor's on the line. Sarah McGregor ditched us in Washington 42 00:02:31,240 --> 00:02:34,000 Speaker 1: to move out to Sunny l A. She's the Bloomberg 43 00:02:34,040 --> 00:02:38,760 Speaker 1: newest senior Trade editor. Sarah with this latest headlines, the 44 00:02:38,840 --> 00:02:44,640 Speaker 1: market saw optimism. Are you optimistic? I do think maybe 45 00:02:44,639 --> 00:02:47,120 Speaker 1: the markets are sort of clinging to any shred of 46 00:02:47,200 --> 00:02:50,560 Speaker 1: positive news at the moment um. Like you said, you know, 47 00:02:50,639 --> 00:02:52,720 Speaker 1: just on the weekend, Trump said, oh, we spoke to 48 00:02:52,720 --> 00:02:55,399 Speaker 1: the Chinese. It looks like we're gonna make process progress 49 00:02:55,400 --> 00:02:58,000 Speaker 1: on the talks, and the Chinese were were sort of like, 50 00:02:58,040 --> 00:03:00,400 Speaker 1: what what are you talking about? We don't know who 51 00:03:00,440 --> 00:03:06,400 Speaker 1: you spoke to exactly. UM, so go ahead, absolutely. Um 52 00:03:06,480 --> 00:03:09,160 Speaker 1: maybe they left a voicemail. We don't know, but um, 53 00:03:10,000 --> 00:03:12,800 Speaker 1: you know, I think it's sort of um today. You know, 54 00:03:12,880 --> 00:03:15,280 Speaker 1: even if there was a conversation that that took place, 55 00:03:15,320 --> 00:03:16,960 Speaker 1: we don't know if it was at the highest levels, 56 00:03:16,960 --> 00:03:19,120 Speaker 1: which of course is what's the only thing that's going 57 00:03:19,160 --> 00:03:21,680 Speaker 1: to move the ball forward at this moment. And beyond that, 58 00:03:21,720 --> 00:03:24,639 Speaker 1: we often don't get readouts from these calls, so if 59 00:03:24,639 --> 00:03:26,880 Speaker 1: one did take place, we haven't heard yet, UM, and 60 00:03:26,919 --> 00:03:29,040 Speaker 1: they're certainly not going to probably give us a full 61 00:03:29,040 --> 00:03:31,200 Speaker 1: read out of that call. But that being said, you know, 62 00:03:31,320 --> 00:03:33,239 Speaker 1: even if they speak at this point, the fact of 63 00:03:33,280 --> 00:03:36,960 Speaker 1: the matter is Sunday, right at midnight, UM, these new 64 00:03:36,960 --> 00:03:40,000 Speaker 1: tariffs are going to take effect, tariffs on a ten 65 00:03:40,040 --> 00:03:43,680 Speaker 1: billion dollars of additional Chinese goods. And that's an escalation. 66 00:03:43,720 --> 00:03:45,880 Speaker 1: That's a major escalation of the trade war. China wants 67 00:03:46,040 --> 00:03:48,320 Speaker 1: no tariffs and wants all the terrorists removed that we're 68 00:03:48,360 --> 00:03:50,040 Speaker 1: put in place since the start of the trade war. 69 00:03:50,320 --> 00:03:52,920 Speaker 1: So it's certainly not going to be happy. And it's 70 00:03:52,960 --> 00:03:55,080 Speaker 1: just it's so hard to imagine right now what the 71 00:03:55,080 --> 00:03:57,120 Speaker 1: two sides even have to talk about where they even 72 00:03:57,160 --> 00:04:00,320 Speaker 1: begin to start to agree. I'd be labor day for you, says, 73 00:04:00,320 --> 00:04:03,520 Speaker 1: tariff sets it increase, all right? Play this forward for 74 00:04:03,760 --> 00:04:07,640 Speaker 1: Sarah McGregor, Bloomberg News Senior Trade editor, joining us from 75 00:04:07,680 --> 00:04:11,200 Speaker 1: the Los Angeles studio of Bloomberg. Play this forward for 76 00:04:11,320 --> 00:04:16,800 Speaker 1: US come lawmakers returning in September. Is there an incentive 77 00:04:16,960 --> 00:04:20,920 Speaker 1: for the president with the with the recession looming or 78 00:04:20,960 --> 00:04:24,760 Speaker 1: potential recession or economic slowdown, We'll talk GDP numbers coming 79 00:04:24,839 --> 00:04:27,680 Speaker 1: up with Padre Acosta, who's here, but with the with 80 00:04:27,760 --> 00:04:33,279 Speaker 1: the economic horizon and picture painted as it is what 81 00:04:33,400 --> 00:04:36,760 Speaker 1: it is. Is there pressure on President Trump this fall 82 00:04:37,000 --> 00:04:39,440 Speaker 1: to get to a safe faced deal with President shi 83 00:04:39,520 --> 00:04:43,240 Speaker 1: Jing Ping of China. I think there's probably pressure for 84 00:04:43,279 --> 00:04:45,560 Speaker 1: Trump to do whatever it takes to, like you said, 85 00:04:45,640 --> 00:04:49,160 Speaker 1: keep the economy going. That's obviously, you know, the top 86 00:04:49,320 --> 00:04:51,640 Speaker 1: concern for everyone. When a couple of weeks ago everyone 87 00:04:51,680 --> 00:04:54,000 Speaker 1: started sort of banning about the word recession. Is there 88 00:04:54,000 --> 00:04:56,479 Speaker 1: a recession on the horizon? Um? You know, I think 89 00:04:56,480 --> 00:04:59,040 Speaker 1: that scared the Bejesus out of everyone, thinking, my god, 90 00:04:59,080 --> 00:05:01,320 Speaker 1: we've had this ten years benchion and when could it end? 91 00:05:01,360 --> 00:05:03,159 Speaker 1: And could the trade war actually be the thing that 92 00:05:03,200 --> 00:05:06,479 Speaker 1: tips us over the edge. And so for Republicans, you know, 93 00:05:06,680 --> 00:05:09,200 Speaker 1: heading into an election year, they're certainly gonna want to 94 00:05:09,200 --> 00:05:12,039 Speaker 1: be able to um campaign as a Republican party on 95 00:05:12,040 --> 00:05:14,840 Speaker 1: on a strong economic record. And I think the trade war, 96 00:05:14,880 --> 00:05:16,760 Speaker 1: you know, getting a deal with China and going hard 97 00:05:16,760 --> 00:05:19,080 Speaker 1: on them is one thing, but will they actually sort 98 00:05:19,120 --> 00:05:22,440 Speaker 1: of elevate beyond that a strong economy, jobs, jobs, jobs, 99 00:05:22,920 --> 00:05:24,960 Speaker 1: and just um, you know the ability for people like 100 00:05:25,040 --> 00:05:28,120 Speaker 1: farmers to have a market to sell their goods, and 101 00:05:28,120 --> 00:05:31,919 Speaker 1: and President Trump has has spoken and recent days about 102 00:05:31,960 --> 00:05:35,440 Speaker 1: the ethanol markets about agriculture as well. How has that 103 00:05:35,440 --> 00:05:38,240 Speaker 1: played into all of this, Sarah McGregor. Well, we saw 104 00:05:38,320 --> 00:05:40,960 Speaker 1: even today Trump was speaking about the farmers and talking 105 00:05:40,960 --> 00:05:43,240 Speaker 1: about how much aid he's given them and saying, of course, 106 00:05:43,279 --> 00:05:45,760 Speaker 1: you know they don't want handouts, but during difficult times, 107 00:05:46,160 --> 00:05:48,800 Speaker 1: you know it's going to be him to to support them. 108 00:05:48,839 --> 00:05:51,880 Speaker 1: I think really this latest round of of of tariffs 109 00:05:51,880 --> 00:05:54,960 Speaker 1: really sort of made farmers throw their hands up in 110 00:05:55,000 --> 00:05:57,400 Speaker 1: the air, where they came out with some some terse statements, 111 00:05:57,720 --> 00:05:59,960 Speaker 1: you know, the retaliation that China may or may not 112 00:06:00,120 --> 00:06:03,080 Speaker 1: do come these September one tariffs. Uh, you know, of 113 00:06:03,120 --> 00:06:06,760 Speaker 1: course it hits more story beans, more pork, you know, 114 00:06:06,839 --> 00:06:09,680 Speaker 1: agricultural goods. And they know what they they're doing. They 115 00:06:09,720 --> 00:06:12,599 Speaker 1: know that this hurts Trump politically. It's not only you know, 116 00:06:12,640 --> 00:06:14,920 Speaker 1: an important part of the economy. It hurts him politically 117 00:06:14,960 --> 00:06:17,800 Speaker 1: in those Republican states. And so that's you know, they 118 00:06:17,839 --> 00:06:20,200 Speaker 1: just keep sort of turning the screws on that. And um, 119 00:06:20,279 --> 00:06:22,880 Speaker 1: you wonder how much more farming groups and agricultural groups 120 00:06:23,200 --> 00:06:25,240 Speaker 1: will um, you know, sort of put up with it, 121 00:06:25,680 --> 00:06:27,920 Speaker 1: all right, Sarah McGregor, We're gonna leave the How's How's 122 00:06:27,920 --> 00:06:31,320 Speaker 1: Los Angeles? It is sunny. I'm sorry to say, it's sunny, 123 00:06:31,320 --> 00:06:33,520 Speaker 1: and it's you know, it's not human like. You know. 124 00:06:33,680 --> 00:06:35,120 Speaker 1: That's what you want to hear when you ask one 125 00:06:35,120 --> 00:06:37,400 Speaker 1: of your friends and colleagues and move to the West coast. 126 00:06:37,520 --> 00:06:39,640 Speaker 1: How is it out there? It's sunny, you know, it's 127 00:06:39,680 --> 00:06:41,400 Speaker 1: it's you know. I'm from Philly and let me tell 128 00:06:41,440 --> 00:06:44,919 Speaker 1: you something, Sarah McGregor, It's always sunny in Philadelphia. I 129 00:06:44,920 --> 00:06:47,359 Speaker 1: want to thank Sarah McGregor. She, of course is Bloomberg 130 00:06:47,360 --> 00:06:50,080 Speaker 1: News trade reporters. She joins us to break down all 131 00:06:50,120 --> 00:06:53,680 Speaker 1: of the latest trade developments coming up. Second quarter GDP 132 00:06:53,920 --> 00:06:58,159 Speaker 1: growth revised down. Pedro DaCosta helps us crunch the numbers, 133 00:06:58,200 --> 00:07:00,960 Speaker 1: plus the latest from Joel Pain, democratic strategist on the 134 00:07:01,960 --> 00:07:06,119 Speaker 1: campaign trail and the rally the roster for the third 135 00:07:06,440 --> 00:07:10,800 Speaker 1: Democratic presidential debate. You can download the Bloomberg Sound On 136 00:07:10,960 --> 00:07:14,360 Speaker 1: podcast on Apple iTunes, at Bloomberg dot com, or by 137 00:07:14,400 --> 00:07:17,360 Speaker 1: downloading the Bloomberg Business app. You can also find us 138 00:07:17,400 --> 00:07:21,200 Speaker 1: on Radio dot com, I Heart Radio, and Spotify. I'm 139 00:07:21,280 --> 00:07:25,480 Speaker 1: Kevin CURRELLI, Chief Washington correspondent for Bloomberg Television and Bloomberg Radio, 140 00:07:25,720 --> 00:07:30,960 Speaker 1: and you're listening to Bloomberg. You're listening to Bloomberg Sound 141 00:07:31,000 --> 00:07:35,000 Speaker 1: On with Kevin Currele on Bloomberg and one oh five 142 00:07:35,040 --> 00:07:38,400 Speaker 1: point seven FM h D two. Now he's feeling pressure 143 00:07:39,000 --> 00:07:42,760 Speaker 1: an economy that's cheater and on recession. He had a 144 00:07:42,760 --> 00:07:48,080 Speaker 1: pretty good economy from the president in May. Former Vice 145 00:07:48,160 --> 00:07:53,840 Speaker 1: President Joe Biden speaking on the campaign trail earlier today, 146 00:07:53,960 --> 00:07:59,000 Speaker 1: criticizing President Trumps, saying that, uh, this is previously after 147 00:07:59,360 --> 00:08:02,760 Speaker 1: he had said he talk about President Trump while he 148 00:08:02,800 --> 00:08:06,840 Speaker 1: was at the G seven summit, so I apologize. That 149 00:08:06,920 --> 00:08:10,360 Speaker 1: was on Wednesday afternoon where former Vice President Joe Biden 150 00:08:10,960 --> 00:08:16,280 Speaker 1: said that while out on the campaign trail, joining us 151 00:08:16,280 --> 00:08:19,920 Speaker 1: to talk all things. Two political all stars Joel Payne, 152 00:08:19,960 --> 00:08:23,240 Speaker 1: democratic strategist, former director of African American Media Outreach for 153 00:08:23,320 --> 00:08:28,840 Speaker 1: Hillary Clinton's presidential campaign, and Pedro DaCosta, director of communications 154 00:08:28,920 --> 00:08:32,680 Speaker 1: at the Economic Policy Institute. There's been a lot of 155 00:08:32,720 --> 00:08:36,520 Speaker 1: talk today, Joel about the third Democratic presidential debate. That's 156 00:08:36,559 --> 00:08:38,719 Speaker 1: what I want to focus on. Biden had some had 157 00:08:39,000 --> 00:08:40,839 Speaker 1: had this to say about it, say listen to Biden 158 00:08:41,120 --> 00:08:43,880 Speaker 1: about the Democratic debate. It makes it hard to have 159 00:08:43,920 --> 00:08:49,880 Speaker 1: a debate when you have so many people. So Joe 160 00:08:49,880 --> 00:08:54,200 Speaker 1: Biden is glad, is glad that there is not that 161 00:08:54,240 --> 00:08:56,240 Speaker 1: there are not going to be as many people. And 162 00:08:56,280 --> 00:08:59,200 Speaker 1: just to catch everybody up to speed, only ten Democrats 163 00:08:59,200 --> 00:09:04,599 Speaker 1: will be at next month presidential primary debate for the Democrats. 164 00:09:04,880 --> 00:09:08,439 Speaker 1: ABC News on Thursday unveiled the lineup. I'll just quickly 165 00:09:08,440 --> 00:09:10,440 Speaker 1: read the names, Joel and then I'll get you. I'll 166 00:09:10,440 --> 00:09:16,760 Speaker 1: get your response. Clob Chart, Booker, Buddha g Edge, Sanders, Biden, Warren, 167 00:09:17,280 --> 00:09:22,640 Speaker 1: Kamala Harris, Andrew Yang, Beto, Overorke and Cash stro Should 168 00:09:22,679 --> 00:09:26,839 Speaker 1: folks be disappointed that that that the only tenor getting 169 00:09:26,840 --> 00:09:29,760 Speaker 1: on stage? Everybody wants to be disappointed about everything. They'd 170 00:09:29,760 --> 00:09:34,079 Speaker 1: be mad if it was over two nights. They people listen. 171 00:09:34,080 --> 00:09:37,040 Speaker 1: The d n c UM wanted to set it up 172 00:09:37,040 --> 00:09:39,240 Speaker 1: this way because they wanted to make sure that nobody 173 00:09:39,240 --> 00:09:41,760 Speaker 1: thought that it was a fixed process, like some people 174 00:09:41,800 --> 00:09:45,160 Speaker 1: thought after the race between Clinton and Sanders. So there's 175 00:09:45,200 --> 00:09:48,600 Speaker 1: a very important reason why it's been such a tedious, 176 00:09:48,600 --> 00:09:51,120 Speaker 1: painful process to win over this field down. That's it. 177 00:09:51,240 --> 00:09:53,360 Speaker 1: I think they've done a good job now just talking 178 00:09:53,360 --> 00:09:56,200 Speaker 1: about the politics of it. I actually think Joe Biden 179 00:09:56,679 --> 00:10:00,560 Speaker 1: um will go to school on Donald Trump sixteen. And 180 00:10:00,600 --> 00:10:04,000 Speaker 1: here's why. What Trump did during those debates, if you'll remember, 181 00:10:04,440 --> 00:10:07,800 Speaker 1: is just tread water, just hang around. I don't think 182 00:10:07,880 --> 00:10:09,880 Speaker 1: Joe Biden needs the landing he blows. He just needs 183 00:10:09,920 --> 00:10:12,800 Speaker 1: to demonstrate that he can stand on the field. He 184 00:10:12,920 --> 00:10:16,080 Speaker 1: is the only The only way that Joe Biden loses 185 00:10:16,240 --> 00:10:19,559 Speaker 1: is by self inflicted wounds. It's not gonna be because 186 00:10:19,559 --> 00:10:21,320 Speaker 1: anyone else is landing a blow on him. I think 187 00:10:21,440 --> 00:10:23,240 Speaker 1: we've seen a couple of people land on blows on 188 00:10:23,320 --> 00:10:26,200 Speaker 1: him and it hasn't stuck. Primary voters are telling you 189 00:10:26,559 --> 00:10:29,280 Speaker 1: that only Joe Biden can take himself down. And I 190 00:10:29,280 --> 00:10:31,120 Speaker 1: think the Biden campaign is gonna go to school on 191 00:10:31,200 --> 00:10:33,880 Speaker 1: Donald Trump four years ago and do what he did 192 00:10:33,880 --> 00:10:36,319 Speaker 1: as the front runner around this time in the race here, Dakasta, 193 00:10:36,400 --> 00:10:38,480 Speaker 1: do you think that Biden's gonna take a page out 194 00:10:38,480 --> 00:10:41,800 Speaker 1: of Donald Trump's political playbook? You know, it's hard to say. 195 00:10:41,840 --> 00:10:43,840 Speaker 1: I think one of the difficult things that one of 196 00:10:43,880 --> 00:10:47,679 Speaker 1: the difficult things about the large scale debates that we've 197 00:10:47,679 --> 00:10:49,640 Speaker 1: been having is that a lot of the important issues 198 00:10:49,960 --> 00:10:53,760 Speaker 1: get ducked, you know, and so for us at the 199 00:10:53,760 --> 00:10:57,280 Speaker 1: Economic Policy Institute, the economy was basically not really you know, 200 00:10:57,600 --> 00:11:00,360 Speaker 1: trust at Bloomberg. I mean literally the last the first 201 00:11:00,360 --> 00:11:03,920 Speaker 1: two Democratic presidential debates, there was virtually there was not 202 00:11:04,000 --> 00:11:06,199 Speaker 1: a lot of talk about I'm not criticizing anyone, but 203 00:11:06,240 --> 00:11:08,079 Speaker 1: there was not a lot of talk about foreign policy, 204 00:11:08,120 --> 00:11:12,160 Speaker 1: nor about in the weeds of economics and and especially 205 00:11:12,320 --> 00:11:14,240 Speaker 1: on trade policy. And we were just talking earlier with 206 00:11:14,280 --> 00:11:16,760 Speaker 1: Sarah McGregor out in l A and our Bloomberg l 207 00:11:16,840 --> 00:11:19,439 Speaker 1: A Bureau about the developments on trade policy and how 208 00:11:19,440 --> 00:11:23,160 Speaker 1: the president had that conversation reportedly today with the Chinese. 209 00:11:23,960 --> 00:11:27,000 Speaker 1: You know, Biden's center stage. He's gonna be He's gonna 210 00:11:27,000 --> 00:11:29,520 Speaker 1: have Elizabeth Mooreton on one side, he's gonna have Bernie 211 00:11:29,600 --> 00:11:33,000 Speaker 1: Standers on the next. For US economic dorks, he's surrounded 212 00:11:33,040 --> 00:11:37,240 Speaker 1: by tariffs. Well, that's right, and I think Biden is 213 00:11:37,960 --> 00:11:39,959 Speaker 1: is going to face a difficult problem, which is to 214 00:11:40,120 --> 00:11:43,679 Speaker 1: have an alternate economic message for voters who continue to 215 00:11:43,720 --> 00:11:48,400 Speaker 1: be disaffected by an economy that, while strong and headline numbers, 216 00:11:48,920 --> 00:11:51,480 Speaker 1: is still kind of weak as far as wage growth, 217 00:11:51,559 --> 00:11:54,080 Speaker 1: as car as improvement in living standards. So I think 218 00:11:54,280 --> 00:11:56,559 Speaker 1: Biden's gonna have to bring up those issues, and he's 219 00:11:56,559 --> 00:11:59,600 Speaker 1: going to have to go up against UH progressives who 220 00:11:59,720 --> 00:12:02,040 Speaker 1: might have, you know, a different view on trade and 221 00:12:02,160 --> 00:12:05,520 Speaker 1: might paint him as a sort of free trader who 222 00:12:05,520 --> 00:12:08,640 Speaker 1: who who penned the deals himself, if you will. So 223 00:12:08,720 --> 00:12:12,240 Speaker 1: I think Democrats actually have talked about the economy, just 224 00:12:12,320 --> 00:12:15,080 Speaker 1: not in the ways that maybe we kind of traditionally 225 00:12:15,080 --> 00:12:17,640 Speaker 1: think about it. Are they talking about GDP growth? Are 226 00:12:17,640 --> 00:12:20,040 Speaker 1: they talking about things that are very in the weeds 227 00:12:20,040 --> 00:12:21,760 Speaker 1: that folks like the people around this table right now 228 00:12:21,760 --> 00:12:24,280 Speaker 1: would be interested in. No, But it's also very early 229 00:12:24,280 --> 00:12:26,880 Speaker 1: in the debate cycle. This is really just to engage 230 00:12:26,960 --> 00:12:28,600 Speaker 1: voters and start to you know, if you kind of 231 00:12:28,640 --> 00:12:30,640 Speaker 1: think about this in terms of like the season, we're 232 00:12:30,679 --> 00:12:32,880 Speaker 1: not even through the first quarter of the NFL season yet. 233 00:12:33,000 --> 00:12:35,400 Speaker 1: I mean, you don't, you don't even know. It's not 234 00:12:35,440 --> 00:12:37,160 Speaker 1: You've got to be candid with you. I can't even 235 00:12:37,200 --> 00:12:39,400 Speaker 1: get excited about it. I love my Philly Eagles, but 236 00:12:39,480 --> 00:12:42,040 Speaker 1: I cannot get excited about preseason if this were the 237 00:12:42,120 --> 00:12:44,679 Speaker 1: NFL season. We're not even through September yet, and so 238 00:12:44,840 --> 00:12:48,360 Speaker 1: it's very very early to really dig down deep that said, 239 00:12:48,440 --> 00:12:50,040 Speaker 1: is the field windows down. I think you'll start to 240 00:12:50,040 --> 00:12:52,319 Speaker 1: get more specificity, and I think it'll be easier to 241 00:12:52,360 --> 00:12:58,120 Speaker 1: talk about those speaking of the field winnowing down is 242 00:12:58,160 --> 00:13:01,200 Speaker 1: disappointed that that. The I guess is when i'ming down, 243 00:13:01,280 --> 00:13:02,640 Speaker 1: take a listen to a better over work. How to 244 00:13:02,640 --> 00:13:04,719 Speaker 1: say about Jilla Brand after she dropped out of the 245 00:13:04,800 --> 00:13:07,400 Speaker 1: race the other day. The goals should be to have 246 00:13:07,480 --> 00:13:12,040 Speaker 1: as many voices and perspectives uh in in those debates, 247 00:13:12,080 --> 00:13:16,000 Speaker 1: to have a true competition of ideas for the future 248 00:13:16,120 --> 00:13:20,959 Speaker 1: of this country. You here, go ahead, John, No, he's not. 249 00:13:22,960 --> 00:13:24,840 Speaker 1: How do how do I? How do I say the 250 00:13:24,880 --> 00:13:27,319 Speaker 1: former congressman is being untruthful without calling him a lot? 251 00:13:27,760 --> 00:13:30,640 Speaker 1: He's not. I think he's the mirroring there. Look, I 252 00:13:31,000 --> 00:13:33,120 Speaker 1: understand what he's trying to say in terms of appealing 253 00:13:33,120 --> 00:13:35,360 Speaker 1: to like the Jilla Brand and Hill, Hick and Looper, 254 00:13:35,600 --> 00:13:38,840 Speaker 1: you know, staff and supporters who he hopes to coalesce onto. 255 00:13:38,880 --> 00:13:43,400 Speaker 1: They all have enough staff the vote. The reason why 256 00:13:43,480 --> 00:13:46,719 Speaker 1: they do You get talent, you'll win. Better work is 257 00:13:46,720 --> 00:13:48,679 Speaker 1: struggling in this race right now because there are too 258 00:13:48,679 --> 00:13:52,600 Speaker 1: many people in the race, because there's twenty, because there's people. 259 00:13:52,679 --> 00:13:54,559 Speaker 1: This was an eight person field. I think you see 260 00:13:54,559 --> 00:13:57,760 Speaker 1: a better showing from people like O'Rourke, Clobchar you know, 261 00:13:57,880 --> 00:14:00,440 Speaker 1: the Andrew Yang's hanging around and the cashtrows hang in around. 262 00:14:00,559 --> 00:14:02,599 Speaker 1: Those are one and two or three percentage points that 263 00:14:02,640 --> 00:14:06,559 Speaker 1: could go to folks like that. So you know, but 264 00:14:06,880 --> 00:14:10,600 Speaker 1: let me let me reset here, Joel paints here, Democratic 265 00:14:10,640 --> 00:14:14,840 Speaker 1: strategist Patre dacostas here, the legendary. He's at the previous 266 00:14:14,880 --> 00:14:18,720 Speaker 1: he's previously at the Wall Street Journal, he's a business insider, 267 00:14:18,760 --> 00:14:21,680 Speaker 1: columnists now, I mean he's everywhere. Uh, and of course 268 00:14:21,680 --> 00:14:24,560 Speaker 1: he's communications director at the Economic Policy Institute. When I 269 00:14:24,560 --> 00:14:28,160 Speaker 1: look at the numbers, though, especially in the latest Quinnipiac 270 00:14:28,240 --> 00:14:31,160 Speaker 1: poll that came out earlier this week, there's this this 271 00:14:31,320 --> 00:14:36,600 Speaker 1: anxiety gripping the American electorate about looming potential slow down worries, 272 00:14:36,680 --> 00:14:39,840 Speaker 1: and more Americans now believe there's an increasing number of 273 00:14:39,840 --> 00:14:42,320 Speaker 1: Americans believe that the economy is headed to some type 274 00:14:42,640 --> 00:14:45,480 Speaker 1: of slow down. I want to dig deeper into these 275 00:14:45,560 --> 00:14:47,960 Speaker 1: numbers to see if that's partisan, If Democrats think the 276 00:14:48,000 --> 00:14:51,600 Speaker 1: economy will go into recession and Republicans don't, and vice versa. 277 00:14:51,680 --> 00:14:55,000 Speaker 1: We don't have that those specific numbers. But to Joel's point, 278 00:14:55,240 --> 00:14:58,320 Speaker 1: as you start to look at some of these numbers, 279 00:14:58,680 --> 00:15:00,800 Speaker 1: it's hard to see this as anything but a three 280 00:15:00,840 --> 00:15:05,160 Speaker 1: way race between Biden, Standers, and Warren. Would you agree? 281 00:15:05,920 --> 00:15:08,400 Speaker 1: I mean, so, I'm not gonna make political predictions, but 282 00:15:08,440 --> 00:15:11,240 Speaker 1: I think, you know as far as yeah, I think that, 283 00:15:11,600 --> 00:15:14,440 Speaker 1: I think it's I think it's a very it's going 284 00:15:14,480 --> 00:15:16,320 Speaker 1: to be a very narrow race very quickly. And we 285 00:15:16,360 --> 00:15:19,960 Speaker 1: already have the leading candidates kind of getting ahead of 286 00:15:19,960 --> 00:15:24,000 Speaker 1: the pack. And so, and my curiosity to dual Pain 287 00:15:24,080 --> 00:15:26,800 Speaker 1: is whether or not people like people to judge people 288 00:15:26,880 --> 00:15:30,280 Speaker 1: like Corey Booker and Kamala Harris Ken, I guess better 289 00:15:30,320 --> 00:15:34,600 Speaker 1: over Ken elevate themselves into the top tier for Bernie Sanders, 290 00:15:34,720 --> 00:15:37,840 Speaker 1: Joe Biden, and Elizabeth Warren. Here's what Senator Kamala Harris 291 00:15:37,840 --> 00:15:42,080 Speaker 1: had to say about the President's response to Hurricane Dorian. 292 00:15:42,200 --> 00:15:44,440 Speaker 1: And we'll we'll talk more about this coming up. But 293 00:15:44,520 --> 00:15:48,680 Speaker 1: she's trying to elevate her herself through through this type 294 00:15:48,720 --> 00:15:51,880 Speaker 1: of talk. Tickles um. I don't know, it's just something missing. 295 00:15:52,560 --> 00:15:57,640 Speaker 1: He lacks the ability to have empathy or sympathy, UM 296 00:15:57,720 --> 00:16:03,960 Speaker 1: or concern. What what is wrong with this person? Joel, Well, 297 00:16:04,120 --> 00:16:08,320 Speaker 1: she's talking about our president there, um and listen at 298 00:16:08,360 --> 00:16:10,880 Speaker 1: a certain point, So like that's where we are right now. 299 00:16:11,080 --> 00:16:15,600 Speaker 1: Granted we're clip looking, we're clip we're cliping stuff. I'm 300 00:16:15,640 --> 00:16:17,200 Speaker 1: sure there was a lot more there. I've been at 301 00:16:17,240 --> 00:16:19,520 Speaker 1: those events there like an hour and a half they 302 00:16:19,560 --> 00:16:21,560 Speaker 1: go through a laundry list of things. But to your point, 303 00:16:21,880 --> 00:16:24,120 Speaker 1: I think it all kind of feels like background noise 304 00:16:24,200 --> 00:16:26,720 Speaker 1: right now because there's twenty five people talking on the 305 00:16:26,800 --> 00:16:29,840 Speaker 1: Democratic She tried this has what's fascinating about Kamala Harris, 306 00:16:29,880 --> 00:16:32,280 Speaker 1: And she tried to put out a policy proposal when 307 00:16:32,320 --> 00:16:34,400 Speaker 1: she was when she got that bumping the polls after 308 00:16:34,440 --> 00:16:38,120 Speaker 1: the first debate. But she arguably it was the policy proposal, 309 00:16:38,400 --> 00:16:40,840 Speaker 1: but she was saying was medicare for all, which the 310 00:16:41,400 --> 00:16:43,160 Speaker 1: left was saying is not medicare for all, and the 311 00:16:43,200 --> 00:16:47,680 Speaker 1: Centrists we're saying has no reality of getting past that. 312 00:16:48,000 --> 00:16:49,800 Speaker 1: One could make the case that that is when sent 313 00:16:49,880 --> 00:16:51,720 Speaker 1: her back down. She hasn't been able to sustain any 314 00:16:51,760 --> 00:16:55,520 Speaker 1: of her momentum because it's inconsistency. That's that's really what's 315 00:16:55,520 --> 00:16:58,480 Speaker 1: been the hamstring for the Harris campaign. Um, I think 316 00:16:58,600 --> 00:17:00,680 Speaker 1: that other campaigns are gonna go to school on what 317 00:17:00,720 --> 00:17:02,920 Speaker 1: happened to her in that first debate. If someone else 318 00:17:02,960 --> 00:17:05,199 Speaker 1: goes after Biden, they're gonna have to really win the 319 00:17:05,240 --> 00:17:08,840 Speaker 1: spin after debate, which Biden one, which which Biden one? 320 00:17:09,200 --> 00:17:11,560 Speaker 1: After Detroit? That should maybe I think I think you 321 00:17:11,600 --> 00:17:13,240 Speaker 1: did all right. You take a step back and just 322 00:17:13,240 --> 00:17:15,879 Speaker 1: like how amazing the field is though, I mean Democrats 323 00:17:15,880 --> 00:17:18,080 Speaker 1: have I think that the difficult thing is there's so 324 00:17:18,119 --> 00:17:20,639 Speaker 1: many amazing people that that's why the field is difficult 325 00:17:20,640 --> 00:17:25,600 Speaker 1: to windle down. It's such an optimism being, you know. 326 00:17:25,880 --> 00:17:29,760 Speaker 1: But Maria Williamson did not Marian Williamson did not make 327 00:17:29,880 --> 00:17:33,440 Speaker 1: that debate stage. Sure, all right, coming up, we're gonna 328 00:17:33,640 --> 00:17:37,040 Speaker 1: GDP numbers and not about it's preseason football, as Joel 329 00:17:37,040 --> 00:17:40,639 Speaker 1: Paine says. Coming up, we're gonna talk us second quarter 330 00:17:41,000 --> 00:17:44,480 Speaker 1: GDP growth revisions, plus what's on the panel's radar. You 331 00:17:44,480 --> 00:17:47,720 Speaker 1: can download the Bloomberg Sound on podcast on Apple iTunes, 332 00:17:47,840 --> 00:17:51,120 Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business app. 333 00:17:51,160 --> 00:17:53,119 Speaker 1: You can also find me on Radio dot com, I 334 00:17:53,200 --> 00:17:57,120 Speaker 1: Heart Radio, and Spotify. I'm Kevin Cirelli, Chief Washington Correspondent 335 00:17:57,119 --> 00:18:00,560 Speaker 1: from Bloomberg Television and Bloomberg Radio. You're listening the Bloomberg 336 00:18:05,000 --> 00:18:09,560 Speaker 1: This is Bloomberg's Sound On with Kevin Surreley on Bloomberg 337 00:18:10,720 --> 00:18:13,080 Speaker 1: and one or five point seven f M HD two. 338 00:18:15,040 --> 00:18:18,440 Speaker 1: I'm Kevin Sireli, Chief Washington correspondent for Bloomberg Television and 339 00:18:18,480 --> 00:18:23,040 Speaker 1: Bloomberg Radio. I am joined by Joel Payne, democratic strategist, 340 00:18:23,119 --> 00:18:27,040 Speaker 1: former director of African American Media Outreach for Hillary Clinton's 341 00:18:27,280 --> 00:18:32,879 Speaker 1: presidential campaign, and Pedro da Costa, director of communications at 342 00:18:32,920 --> 00:18:37,639 Speaker 1: the Economic Policy Institute, previously with the Wall Street Journal. 343 00:18:37,840 --> 00:18:40,359 Speaker 1: And now you have a column. When does your column 344 00:18:40,359 --> 00:18:43,480 Speaker 1: come out? Is it weekly? No, it's whenever I write it, 345 00:18:43,720 --> 00:18:46,040 Speaker 1: whenever you write one for Forbes and one for market Watch, 346 00:18:46,160 --> 00:18:50,000 Speaker 1: So Forbes and market Watch and whenever dot com. So 347 00:18:50,080 --> 00:18:54,199 Speaker 1: whenever you don't have time, whenever, whenever you get the 348 00:18:54,200 --> 00:18:59,240 Speaker 1: whim to file the luxury of being Pedro Pedro DaCosta, 349 00:18:59,280 --> 00:19:00,960 Speaker 1: who everyone tried to keep up with when he was 350 00:19:01,000 --> 00:19:03,159 Speaker 1: at when he was back in a reporter before he 351 00:19:03,160 --> 00:19:06,040 Speaker 1: went to the Economic Policy answer. All right, let's crunch 352 00:19:06,040 --> 00:19:10,560 Speaker 1: the numbers, because the US economic growth decelerated in the 353 00:19:10,640 --> 00:19:15,960 Speaker 1: second quarter by more than initially reported, suggesting President Trump's 354 00:19:15,960 --> 00:19:19,639 Speaker 1: trades actions are weighing more heavily on the pace of expansion. 355 00:19:19,680 --> 00:19:23,000 Speaker 1: I'm reading from Jeff Kern's report on the Bloomberg terminal. 356 00:19:23,000 --> 00:19:25,159 Speaker 1: All right, so we thought that the economy was going 357 00:19:25,200 --> 00:19:28,000 Speaker 1: to grow in the second quarter two point one. They 358 00:19:28,040 --> 00:19:33,720 Speaker 1: revised it down too. Why pretty tiny revision so apples. Yeah, 359 00:19:33,720 --> 00:19:37,159 Speaker 1: it's it's pretty The revision is kind of mood. I 360 00:19:37,200 --> 00:19:39,920 Speaker 1: think the point is the general slowdown in the economy. 361 00:19:41,000 --> 00:19:43,960 Speaker 1: I'd say two things with regards to our discussion earlier 362 00:19:44,000 --> 00:19:47,280 Speaker 1: about tariffs and recession fears. There are heightened recession fears, 363 00:19:47,280 --> 00:19:51,879 Speaker 1: and they come from a slowdown in industrial activity that 364 00:19:52,000 --> 00:19:55,959 Speaker 1: is seen as related to, uh, the uncertainty generated by 365 00:19:56,000 --> 00:19:57,840 Speaker 1: the trade war. So that's reflected a little bit in 366 00:19:57,880 --> 00:20:01,280 Speaker 1: this slowdown. When you say industrial what dig deeper? What 367 00:20:01,280 --> 00:20:05,280 Speaker 1: what specific markets? Manufacturing data? So you know our exports 368 00:20:05,320 --> 00:20:08,280 Speaker 1: in particular, in this report, one of the downward revisions 369 00:20:08,320 --> 00:20:11,720 Speaker 1: came from exports. Now the strength came from consumer spending. 370 00:20:12,080 --> 00:20:14,720 Speaker 1: The worry is that consumer spending is actually a laggered 371 00:20:14,760 --> 00:20:17,439 Speaker 1: when it comes to sort of the business cycle, and 372 00:20:17,480 --> 00:20:20,120 Speaker 1: that consumers are now getting pessimistic. As you pointed out 373 00:20:20,119 --> 00:20:21,840 Speaker 1: in that that survey that shows for the first time 374 00:20:21,840 --> 00:20:24,600 Speaker 1: there's more people rating the economy is you know, heading 375 00:20:24,600 --> 00:20:27,000 Speaker 1: in a negative direction than a positive one, and the 376 00:20:27,040 --> 00:20:30,480 Speaker 1: fears that that will sap the one remaining source of strength. 377 00:20:30,600 --> 00:20:36,040 Speaker 1: President Trump's goal has been three annual growth that you know, 378 00:20:36,080 --> 00:20:37,560 Speaker 1: that's going to be a tough number for him to 379 00:20:37,600 --> 00:20:40,560 Speaker 1: get to. But in terms of Joel Pain, in terms 380 00:20:40,560 --> 00:20:44,399 Speaker 1: of the economic uncertainty, you're democratic strategists. I mean the 381 00:20:44,520 --> 00:20:47,919 Speaker 1: drumbeat of headline after headline the past couple of weeks 382 00:20:47,920 --> 00:20:50,359 Speaker 1: has been and and not talking about the financial press 383 00:20:50,400 --> 00:20:52,360 Speaker 1: because there's still actively a debate. And by the way, 384 00:20:52,400 --> 00:20:56,520 Speaker 1: according to the National Economic Survey, it's still about three 385 00:20:56,640 --> 00:20:59,720 Speaker 1: or four in ten economists that are are predicting over 386 00:20:59,800 --> 00:21:03,400 Speaker 1: set in the first quarter of that's still that's still 387 00:21:03,400 --> 00:21:06,840 Speaker 1: not the majority of of economists. Um. But the drum 388 00:21:06,880 --> 00:21:09,040 Speaker 1: beat on the on the mainstream press, on on the 389 00:21:09,320 --> 00:21:12,800 Speaker 1: main cable networks has been there's gonna be a recession. 390 00:21:12,800 --> 00:21:15,320 Speaker 1: There's going to be a recession. Can the president do 391 00:21:15,400 --> 00:21:19,560 Speaker 1: anything to win back or turn the page, turn the 392 00:21:19,600 --> 00:21:21,800 Speaker 1: tide of that of that type of rhetoric. He has 393 00:21:21,840 --> 00:21:23,560 Speaker 1: done the opposite of everything you would want to do 394 00:21:23,600 --> 00:21:25,719 Speaker 1: in this position, and I speak from experience. Here's why 395 00:21:25,760 --> 00:21:28,480 Speaker 1: I worked in a majority leader's office. We were actually 396 00:21:28,480 --> 00:21:31,199 Speaker 1: dealing with a recovering economy when I was there in 397 00:21:31,200 --> 00:21:33,840 Speaker 1: two thousand nine, ten and eleven. What we made a 398 00:21:33,880 --> 00:21:37,160 Speaker 1: point to do was to always talk down. We didn't 399 00:21:37,200 --> 00:21:39,439 Speaker 1: want to talk up the economy because we knew some 400 00:21:39,520 --> 00:21:43,040 Speaker 1: parts of the of the of some communities weren't feeling 401 00:21:43,320 --> 00:21:46,840 Speaker 1: the economic um you know, upswing, so to speak, that 402 00:21:46,920 --> 00:21:49,399 Speaker 1: we saw broadly happening in the economy. The President has 403 00:21:49,400 --> 00:21:52,720 Speaker 1: done just the opposite. He's he's talking up the economy 404 00:21:52,720 --> 00:21:54,720 Speaker 1: when he doesn't really need to. What he should probably 405 00:21:54,760 --> 00:21:57,680 Speaker 1: be doing is bringing it down, bring the expectations down, 406 00:21:57,960 --> 00:22:01,000 Speaker 1: like what his FED is doing. What Powell's trying to do, 407 00:22:03,760 --> 00:22:07,160 Speaker 1: it's his, it's his. I'm sorry, what what? What? What 408 00:22:07,240 --> 00:22:11,800 Speaker 1: Chairman Powell is doing? President Trump wouldn't want him, want 409 00:22:11,800 --> 00:22:17,240 Speaker 1: you to call it his? Donald Trump doesn't isn't possessive 410 00:22:17,240 --> 00:22:20,879 Speaker 1: over the fit. But point point being, what Chairman Powell, what, 411 00:22:20,880 --> 00:22:22,879 Speaker 1: what he's doing, in terms of taking air out of 412 00:22:22,880 --> 00:22:25,720 Speaker 1: the balloon actually is kind of what he probably should 413 00:22:25,800 --> 00:22:29,399 Speaker 1: be doing right now to set every everyone's expectations in 414 00:22:29,440 --> 00:22:31,600 Speaker 1: a place where you don't have this gigantic fall off. 415 00:22:31,760 --> 00:22:34,399 Speaker 1: So as a political communicator, I think the president's failed 416 00:22:34,440 --> 00:22:37,159 Speaker 1: every test here. I think he and his people should 417 00:22:37,160 --> 00:22:40,080 Speaker 1: be having a more realistic public dialogue about where the 418 00:22:40,119 --> 00:22:43,320 Speaker 1: economy is and where it's going. So pajoe, take off 419 00:22:43,320 --> 00:22:46,560 Speaker 1: the political implications just for a second, and if you're 420 00:22:46,560 --> 00:22:48,200 Speaker 1: getting in your car and your way home from work, 421 00:22:48,560 --> 00:22:51,639 Speaker 1: what is the cause? Like, what is the root cause 422 00:22:51,920 --> 00:22:56,960 Speaker 1: of the potential economic slowdown? So I think the erratic 423 00:22:57,000 --> 00:22:59,679 Speaker 1: nous of the president, I would say, is the fundamental 424 00:22:59,760 --> 00:23:01,919 Speaker 1: cause because if you really look at it, we were 425 00:23:01,960 --> 00:23:04,120 Speaker 1: just debating about we're talking about off the air, whether 426 00:23:04,160 --> 00:23:06,119 Speaker 1: tarifs are going to come on, will here, won't here? Right? 427 00:23:06,560 --> 00:23:08,879 Speaker 1: This is like one giant reality show where you have 428 00:23:08,960 --> 00:23:10,920 Speaker 1: no faith in the policy car. I get that, no, 429 00:23:11,280 --> 00:23:13,040 Speaker 1: and I hear you on that. But but in terms 430 00:23:13,080 --> 00:23:15,480 Speaker 1: of when you looked at two thousand and seven, for example, 431 00:23:15,520 --> 00:23:18,320 Speaker 1: you had a housing crisis, you had that that one 432 00:23:18,359 --> 00:23:21,159 Speaker 1: could argue as a political I mean, but when you 433 00:23:21,280 --> 00:23:24,000 Speaker 1: also had the financial and the large financial institutions and 434 00:23:24,040 --> 00:23:27,439 Speaker 1: capital requirements and whatnot, what is the the what is 435 00:23:27,480 --> 00:23:32,199 Speaker 1: the actual indicator or the tectonic shift that's happening for 436 00:23:32,200 --> 00:23:35,000 Speaker 1: this potential slow down. Absolutely, So I get your question. Now, 437 00:23:35,080 --> 00:23:38,080 Speaker 1: So there's two two things. So you have a corporate 438 00:23:38,119 --> 00:23:41,240 Speaker 1: sector that's highly leveraged, and therefore, you know, have corporations 439 00:23:41,240 --> 00:23:43,360 Speaker 1: have taken on a lot of that and therefore exposed 440 00:23:43,400 --> 00:23:48,160 Speaker 1: to a potential slowdown. Uh. And those same companies are 441 00:23:48,200 --> 00:23:53,600 Speaker 1: facing uncertainties brought on by continuous trade wars with not 442 00:23:53,720 --> 00:23:56,440 Speaker 1: just China, but with pretty much every one of our allies. 443 00:23:56,480 --> 00:23:59,160 Speaker 1: And so there's no certainty about the direction. I want 444 00:23:59,160 --> 00:24:00,960 Speaker 1: to I want to bold us, I want to highlight it, 445 00:24:01,040 --> 00:24:02,760 Speaker 1: I want to tweet it, I want to I want 446 00:24:02,760 --> 00:24:06,360 Speaker 1: to underline this. The corporations have too much debt right now? 447 00:24:06,920 --> 00:24:09,720 Speaker 1: Is that what you're saying corporate corporate is at a 448 00:24:09,800 --> 00:24:13,080 Speaker 1: very high level. And and so now these these corporations, 449 00:24:13,119 --> 00:24:14,760 Speaker 1: these large institutions are going to have to make some 450 00:24:14,800 --> 00:24:17,679 Speaker 1: tough calls with their debt. And who is talking in 451 00:24:17,720 --> 00:24:21,800 Speaker 1: American politics right now about debt? It's gone. And I 452 00:24:21,840 --> 00:24:24,360 Speaker 1: think you could if you play this out, and I'm 453 00:24:24,359 --> 00:24:27,040 Speaker 1: not a predictor, but if you play this out, if 454 00:24:27,040 --> 00:24:29,800 Speaker 1: there is an economic slowdown, and the narrative is that 455 00:24:29,840 --> 00:24:32,199 Speaker 1: there was too much corporate debt. You can have a 456 00:24:32,240 --> 00:24:37,679 Speaker 1: resurgence of Republicans heading into talking about national debt. You 457 00:24:37,720 --> 00:24:41,520 Speaker 1: already do have some Democrats saying, including former Vice President 458 00:24:41,560 --> 00:24:44,679 Speaker 1: Joe Biden, saying that that Americans can't afford to spend 459 00:24:45,119 --> 00:24:47,960 Speaker 1: what they're spending on on a host of policy proposals 460 00:24:48,080 --> 00:24:50,840 Speaker 1: versus even what the President's doing right now happen. First, 461 00:24:51,040 --> 00:24:53,000 Speaker 1: I want to be very clear not to conflict corporate 462 00:24:53,000 --> 00:24:55,120 Speaker 1: debt national debt, because we have no I'm not I'm not, 463 00:24:55,200 --> 00:24:57,399 Speaker 1: but I'm saying that that could happen politically, and that's 464 00:24:57,400 --> 00:24:59,840 Speaker 1: why fear. That's why I mentioned it, because we have 465 00:25:00,080 --> 00:25:02,400 Speaker 1: plenty of fiscal room to do whatever we need to do. 466 00:25:02,960 --> 00:25:05,760 Speaker 1: One of the issues is actually Trump misspent that fiscal 467 00:25:05,800 --> 00:25:08,080 Speaker 1: space that we had. He blew it on. But you 468 00:25:08,160 --> 00:25:09,960 Speaker 1: get the time that I made wealthy and we might 469 00:25:10,000 --> 00:25:12,439 Speaker 1: not have a lot of Can I jump in here, yes, 470 00:25:12,680 --> 00:25:14,760 Speaker 1: So look, I get we want to divorce the politics 471 00:25:14,760 --> 00:25:16,560 Speaker 1: from this, and I'm a fan of that despite the 472 00:25:16,600 --> 00:25:20,520 Speaker 1: d that's by my name. But the president's behavior is 473 00:25:20,560 --> 00:25:22,560 Speaker 1: a part of this. So like when you talk about 474 00:25:22,640 --> 00:25:26,320 Speaker 1: the trade ward uncertainty in the corporate sector, like, that's 475 00:25:26,359 --> 00:25:28,560 Speaker 1: not anybody else but the guy who's hanging out in 476 00:25:28,560 --> 00:25:31,800 Speaker 1: the Oval office. That that's not a there's that's not 477 00:25:31,880 --> 00:25:34,520 Speaker 1: J Powell. That's that's not a member of Congress, that's 478 00:25:34,520 --> 00:25:36,800 Speaker 1: not a chair of a committee. That's the president. And 479 00:25:36,840 --> 00:25:40,399 Speaker 1: so I understand the impulse to kind of divorce those factors, 480 00:25:40,440 --> 00:25:43,959 Speaker 1: but you can't. And the Trump era, the President is 481 00:25:43,960 --> 00:25:46,119 Speaker 1: putting his finger on the scale of the economy and 482 00:25:46,119 --> 00:25:48,600 Speaker 1: I don't even think he realizes he's doing it. That's 483 00:25:48,640 --> 00:25:51,080 Speaker 1: the worst part. Well, no, and and and clearly, I 484 00:25:51,080 --> 00:25:54,919 Speaker 1: mean there are political implications to to obviously trade policy 485 00:25:54,960 --> 00:25:57,919 Speaker 1: as well. But I think you know, presidents like to 486 00:25:57,960 --> 00:26:01,880 Speaker 1: claim the presidents like the claim credits when the economy 487 00:26:01,960 --> 00:26:03,480 Speaker 1: is going well, and that their hands is not me 488 00:26:03,560 --> 00:26:05,240 Speaker 1: when it's going bad. But the truth of the matter is, 489 00:26:05,280 --> 00:26:07,119 Speaker 1: I think if you got everybody in a room on 490 00:26:07,160 --> 00:26:09,679 Speaker 1: both parties, they're like, you know, there's global headwinds. You 491 00:26:09,680 --> 00:26:12,359 Speaker 1: look at the situation in Europe. German Chancellor Angela Merkel, 492 00:26:12,440 --> 00:26:15,840 Speaker 1: UK Prime Minister Boars Johnson, the Italian Italians right now 493 00:26:15,880 --> 00:26:19,720 Speaker 1: have stolen the top political reality shows spot away from US. 494 00:26:19,960 --> 00:26:21,920 Speaker 1: I mean, the Italians right now are just it's it's 495 00:26:21,960 --> 00:26:24,720 Speaker 1: a wow. Leave it to Italy. All right. Coming up, 496 00:26:24,760 --> 00:26:28,080 Speaker 1: we're gonna have back out on the campaign trail panel stage. 497 00:26:28,160 --> 00:26:31,359 Speaker 1: Joel Payne, Democratic strategist, former director of African American Media 498 00:26:31,359 --> 00:26:35,440 Speaker 1: Outreach for Hillary Clinton's presidential campaign. Pedro Da Costa, director 499 00:26:35,520 --> 00:26:39,520 Speaker 1: of Communications at the Economic Policy Institute. I'm Kevin Cirelli, 500 00:26:39,600 --> 00:26:43,040 Speaker 1: chief Washington correspondent from Bloomberg Television of Bloomberg Radio. You 501 00:26:43,080 --> 00:26:46,160 Speaker 1: can download the Bloomberg Sound On podcast on APPLEI Junes, 502 00:26:46,160 --> 00:26:49,200 Speaker 1: at Bloomberg dot com or by downloading the Bloomberg Business App. 503 00:26:49,280 --> 00:26:51,159 Speaker 1: You can also find us on Radio dot Com, I 504 00:26:51,240 --> 00:26:58,879 Speaker 1: Heart Radio, and Spotify. You're listening to Bloomberg. This is 505 00:26:58,920 --> 00:27:04,040 Speaker 1: Bloomberg Sound and On with Kevin Shirley on Bloomberg and 506 00:27:04,080 --> 00:27:06,280 Speaker 1: one oh five point seven F M h D two. 507 00:27:07,560 --> 00:27:10,720 Speaker 1: You're almost to a three day weekend. Almost almost. It's 508 00:27:10,760 --> 00:27:14,200 Speaker 1: Friday Eve. I'm Kevin Cirilli, cheap Washington correspondent for Bloomberg 509 00:27:14,240 --> 00:27:18,520 Speaker 1: Television and Bloomberg Radio. I'm joined by two political all stars, 510 00:27:18,600 --> 00:27:22,560 Speaker 1: Joel Payne, Democratic strategist, former director of African American media 511 00:27:22,600 --> 00:27:26,800 Speaker 1: Outreach for Hillary Clinton's presidential campaign, and Paedo DaCosta, director 512 00:27:26,880 --> 00:27:31,199 Speaker 1: of Communications at the Economic Policy Institute. Gentlemen, thank you 513 00:27:31,240 --> 00:27:33,359 Speaker 1: for being here. It's time for what's become one of 514 00:27:33,359 --> 00:27:37,120 Speaker 1: my favorite segments, What's on your Radar? What is on 515 00:27:37,280 --> 00:27:40,760 Speaker 1: your radar? And this is where we empty out our 516 00:27:41,520 --> 00:27:44,600 Speaker 1: pages laughing at me, where were empty out our notebooks 517 00:27:44,600 --> 00:27:47,159 Speaker 1: about a story that maybe isn't getting enough attention, or 518 00:27:47,160 --> 00:27:49,240 Speaker 1: maybe that we weren't able to get to maybe Wall 519 00:27:49,280 --> 00:27:52,720 Speaker 1: Street and Main Street, the street they aren't paying attention 520 00:27:52,760 --> 00:27:55,440 Speaker 1: to it as much. So I will start with you, 521 00:27:55,640 --> 00:27:57,840 Speaker 1: Joel Payne, What is on your radar? So I'll go 522 00:27:57,920 --> 00:28:00,800 Speaker 1: down to uh Dixie, down to George Jazz that Dixie? 523 00:28:00,920 --> 00:28:03,480 Speaker 1: Is that Dixie? I don't know? But but anyways, obviously 524 00:28:03,520 --> 00:28:05,960 Speaker 1: big news um out of the U. S. Senate this week, 525 00:28:06,119 --> 00:28:09,119 Speaker 1: Johnny Isaacs and the senior senator from Georgia, resigning at 526 00:28:09,119 --> 00:28:10,919 Speaker 1: the end of the year. There will be a special 527 00:28:11,000 --> 00:28:13,800 Speaker 1: election to replace him next year at the same time 528 00:28:13,840 --> 00:28:16,800 Speaker 1: that the other Georgia Senator, David Purdue, is also up, 529 00:28:16,800 --> 00:28:19,959 Speaker 1: so both seats will be up in Stacy Abrams is 530 00:28:20,000 --> 00:28:23,000 Speaker 1: not running well. Stacy Adams is not running, but this 531 00:28:23,160 --> 00:28:27,120 Speaker 1: puts the Senate more in play for Democrats potentially than 532 00:28:27,160 --> 00:28:30,000 Speaker 1: it was before. And why isn't she running though? Well, 533 00:28:30,080 --> 00:28:31,879 Speaker 1: I think Stacy Abrams maybe has her eyes with some 534 00:28:32,040 --> 00:28:34,199 Speaker 1: higher office than than that. We can we can, we 535 00:28:34,240 --> 00:28:38,040 Speaker 1: can do another on the radar that maybe she's also got. 536 00:28:38,360 --> 00:28:42,560 Speaker 1: She's also to loose. Someone like Stacy Abrams probably wants 537 00:28:42,560 --> 00:28:44,560 Speaker 1: to be very careful about the next race she runs 538 00:28:44,560 --> 00:28:47,560 Speaker 1: in or that she's represented in. But um. But the 539 00:28:48,240 --> 00:28:50,560 Speaker 1: capital to this, I think is that the Biden folks 540 00:28:50,800 --> 00:28:54,880 Speaker 1: probably look at this very positively because that Georgia seat 541 00:28:54,920 --> 00:28:57,200 Speaker 1: being opened and the Senate being in play the way 542 00:28:57,240 --> 00:29:00,200 Speaker 1: it is now favors Biden because he can say I'm 543 00:29:00,200 --> 00:29:03,080 Speaker 1: a moderate, I'm somebody who can bring on swing voters 544 00:29:03,080 --> 00:29:05,440 Speaker 1: in a in a purple state like Georgia. I think 545 00:29:05,480 --> 00:29:07,520 Speaker 1: that that supports the Biden theory of the case better 546 00:29:07,520 --> 00:29:09,280 Speaker 1: than any of the other candidates. All right, all right, 547 00:29:09,440 --> 00:29:12,680 Speaker 1: that's on your radar, Joel Payne, Georgia, Georgia on your mind. 548 00:29:13,320 --> 00:29:14,920 Speaker 1: That would have been like a good you know, a 549 00:29:14,960 --> 00:29:17,960 Speaker 1: good song. Never mind, I'm focus, Kevin Si really okay, 550 00:29:17,960 --> 00:29:22,840 Speaker 1: Pedro DaCosta, communications director at the Economic Policy Institute, what's 551 00:29:22,840 --> 00:29:24,680 Speaker 1: on your radar? So I'm gonna stay in the same 552 00:29:24,880 --> 00:29:30,280 Speaker 1: general geographic carry. I'm just watching Hurricane Dorian appears to 553 00:29:30,680 --> 00:29:34,240 Speaker 1: barrel towards the coast of Florida. You know, obviously primarily 554 00:29:34,280 --> 00:29:36,920 Speaker 1: concerned about the people there and making sure, you know, 555 00:29:36,960 --> 00:29:40,400 Speaker 1: hopefully that doesn't actually hit the coast, But from you know, 556 00:29:40,440 --> 00:29:44,960 Speaker 1: a kind of political perspective, this president has had a 557 00:29:45,080 --> 00:29:49,440 Speaker 1: terrible capacity to politicize, you know, all kinds of issues 558 00:29:49,480 --> 00:29:52,240 Speaker 1: that should just be human issues, including hurricanes and UH 559 00:29:52,680 --> 00:29:54,920 Speaker 1: and of course this one was headed for Puerto Rico 560 00:29:55,000 --> 00:29:57,280 Speaker 1: at one point, and there's all kinds of financial issues there. 561 00:29:57,280 --> 00:29:59,960 Speaker 1: So I'm just watching to see how how he reacts 562 00:30:00,040 --> 00:30:04,680 Speaker 1: to it. Democrats are already criticizing the administration for trying 563 00:30:04,720 --> 00:30:07,320 Speaker 1: to to to take some money from FEMA to pay 564 00:30:07,360 --> 00:30:12,440 Speaker 1: for the UH detention facility centers where immigrants who are 565 00:30:12,440 --> 00:30:15,000 Speaker 1: here illegally are being housed. So there's already been a 566 00:30:15,040 --> 00:30:18,680 Speaker 1: funding fight over that particular issue. I do just want 567 00:30:18,680 --> 00:30:22,440 Speaker 1: to read some headlines regarding Hurricane Dorian from the Bloomberg Terminal. 568 00:30:22,440 --> 00:30:24,920 Speaker 1: President Trump says he's canceled a trip to Poland this 569 00:30:24,960 --> 00:30:28,240 Speaker 1: weekend because Hurricane Dory and his poise to strike Florida 570 00:30:28,560 --> 00:30:31,960 Speaker 1: he will send Vice President Mike Pence in his place. 571 00:30:32,080 --> 00:30:35,760 Speaker 1: The storm is expected to strike Florida's east coast by Monday, 572 00:30:35,960 --> 00:30:40,120 Speaker 1: delivering torrential rain and a hundred and thirty mile per 573 00:30:40,160 --> 00:30:44,080 Speaker 1: hour wins. Wow. The President has said, quote, the storm 574 00:30:44,080 --> 00:30:46,240 Speaker 1: looks like it could be very The storm looks like 575 00:30:46,240 --> 00:30:48,640 Speaker 1: it could be a very very big one. Indeed, uh 576 00:30:48,680 --> 00:30:52,880 Speaker 1: so Pence is going to be going to to uh 577 00:30:53,320 --> 00:30:56,800 Speaker 1: to Poland and again, just just more on this hurricane. 578 00:30:57,280 --> 00:31:00,040 Speaker 1: It's absolutely category four. It could be a cat of 579 00:31:00,120 --> 00:31:03,320 Speaker 1: Gory four storm Pedro by the time it makes landfall 580 00:31:03,680 --> 00:31:07,360 Speaker 1: on Monday. I'm I'm reporting from a CBS news there. 581 00:31:08,040 --> 00:31:10,160 Speaker 1: So yeah, that this storm, this storm could be a 582 00:31:10,200 --> 00:31:13,920 Speaker 1: total a total nightmare. Right, No one notes on my radar? Yes, 583 00:31:13,960 --> 00:31:18,080 Speaker 1: please ye James Comey, James Comey is back on my radar. 584 00:31:18,240 --> 00:31:20,120 Speaker 1: Did you guys see this story? It is kind of 585 00:31:20,120 --> 00:31:25,040 Speaker 1: a wild story. James Comey violated policies and handling memos 586 00:31:25,080 --> 00:31:29,640 Speaker 1: that he wrote to document interactions with President Trump, according 587 00:31:29,680 --> 00:31:33,480 Speaker 1: to the Justice Department watchdog, who also found that the 588 00:31:33,520 --> 00:31:38,200 Speaker 1: former FBI director didn't disclose classified information. Okay, so remember 589 00:31:38,200 --> 00:31:41,080 Speaker 1: the Comy memo that read like this read like a novel. 590 00:31:41,280 --> 00:31:43,720 Speaker 1: I mean, it was so dramatic. You say what you 591 00:31:43,720 --> 00:31:45,680 Speaker 1: want about James Combe is a great writer. I mean 592 00:31:45,720 --> 00:31:49,040 Speaker 1: it was it was really well detailed, and so that 593 00:31:49,120 --> 00:31:52,440 Speaker 1: you can't do that if you're the FBI director. And listen, 594 00:31:52,680 --> 00:31:55,000 Speaker 1: I don't want to make this political. I don't know, 595 00:31:55,040 --> 00:31:56,800 Speaker 1: I don't want the FBI have to me. But like 596 00:31:57,520 --> 00:31:59,880 Speaker 1: even Hillary Clinton didn't like James Coby. There was a 597 00:32:00,000 --> 00:32:03,120 Speaker 1: I'm what Hillary Clinton criticized James Comey, right, Joel Well, 598 00:32:03,120 --> 00:32:05,320 Speaker 1: And it's interesting that the I G essentially did to 599 00:32:05,400 --> 00:32:07,480 Speaker 1: James Comy. What James Comey did to Hillary Clinton was 600 00:32:07,520 --> 00:32:09,840 Speaker 1: he said, you didn't break the law, but you broke 601 00:32:09,880 --> 00:32:12,560 Speaker 1: the rules. Um, kind of the same type of idea. 602 00:32:13,160 --> 00:32:14,920 Speaker 1: James Comey has turned out to be the perfect foil 603 00:32:14,960 --> 00:32:18,200 Speaker 1: for Donald Trump. Everything that Trump has said about him, 604 00:32:18,520 --> 00:32:21,400 Speaker 1: he has kind of fed into in sense of being 605 00:32:21,840 --> 00:32:25,800 Speaker 1: this kind of bureaucrat, this political player inside a federal agency. 606 00:32:25,840 --> 00:32:28,360 Speaker 1: I think Comey has really not done himself any favors 607 00:32:28,360 --> 00:32:30,760 Speaker 1: by becoming a political actor in the way that he has. 608 00:32:31,080 --> 00:32:35,960 Speaker 1: So it is interesting though, because years from now, they're 609 00:32:36,000 --> 00:32:38,680 Speaker 1: they're gonna look at I mean, because the FBI directors 610 00:32:38,800 --> 00:32:42,720 Speaker 1: writing memos and releasing them that now is well documented. 611 00:32:42,760 --> 00:32:46,400 Speaker 1: That is that is a breach in FBI policy. Comy tweeted, quote, 612 00:32:47,040 --> 00:32:49,080 Speaker 1: to all those who have spent two years talking about 613 00:32:49,120 --> 00:32:51,200 Speaker 1: me going to jail or being a liar and a leaker, 614 00:32:51,280 --> 00:32:54,560 Speaker 1: ask yourselves why you still trust people who gave you 615 00:32:54,600 --> 00:32:58,520 Speaker 1: bad info for so long, including the president. President Trump tweeted, 616 00:32:58,840 --> 00:33:01,440 Speaker 1: perhaps never in the history of our country has someone 617 00:33:01,520 --> 00:33:08,840 Speaker 1: been more thoroughly disgraced and x excoriated then James Comey 618 00:33:08,960 --> 00:33:12,680 Speaker 1: and just released Inspector General's report. He should be ashamed. 619 00:33:12,720 --> 00:33:18,160 Speaker 1: Sound I'm like, I don't even okay anyway, all right, panel, 620 00:33:18,240 --> 00:33:20,120 Speaker 1: thank you so much, but that's what's all my radar. 621 00:33:20,200 --> 00:33:22,560 Speaker 1: All right, thanks so much for being here. To Pedro 622 00:33:22,680 --> 00:33:25,800 Speaker 1: Da Costa, the Pedro Da Costa, director of Communications at 623 00:33:25,800 --> 00:33:29,800 Speaker 1: the Economic Policy Institute, the Joel Payne, democratic strategist, former 624 00:33:29,840 --> 00:33:34,360 Speaker 1: director of African American Media Outreach for Hillary Clinton's presidential campaign. 625 00:33:35,080 --> 00:33:38,480 Speaker 1: Download the Bloomberg Sound On podcast on Apple iTunes, at 626 00:33:38,520 --> 00:33:41,560 Speaker 1: Bloomberg dot com, or by downloading the Bloomberg Business app. 627 00:33:41,560 --> 00:33:44,440 Speaker 1: There's so many great podcasts on their folks by my colleagues, 628 00:33:44,520 --> 00:33:46,640 Speaker 1: especially if you've got a long drive down to Rohobath 629 00:33:46,880 --> 00:33:49,160 Speaker 1: for the three day weekend Drive Safe. You can find 630 00:33:49,240 --> 00:33:52,480 Speaker 1: us on radio dot Com, I Heart Radio, and Spotify. 631 00:33:52,520 --> 00:33:55,960 Speaker 1: I'm Kevin CERELLI Cheap Washington correspondent from Bloomberg Television and 632 00:33:56,000 --> 00:34:01,240 Speaker 1: Bloomberg Radio. You are listening to Bloomberg One.