1 00:00:00,320 --> 00:00:05,080 Speaker 1: Live from our nation's ca How do we reopen this economy? 2 00:00:05,160 --> 00:00:08,320 Speaker 1: The latest on how this pandemic is impacting farmers. What 3 00:00:08,400 --> 00:00:11,400 Speaker 1: does this do for the United States relationship with China? 4 00:00:11,560 --> 00:00:16,480 Speaker 1: Bloomberg Sound On, The Insiders, the influencers, the insides. We're 5 00:00:16,520 --> 00:00:19,720 Speaker 1: responding to this crisis and manufacturers are stepping up like 6 00:00:19,840 --> 00:00:23,360 Speaker 1: never before. We're looking at seveny Kennedys for different vaccines. 7 00:00:23,440 --> 00:00:26,160 Speaker 1: How do we make sure a pandemic of this scale 8 00:00:26,200 --> 00:00:30,240 Speaker 1: never happens again? This is Bloomberg Sound On with Kevin 9 00:00:30,320 --> 00:00:34,600 Speaker 1: Surrelate on Bloomberg and one oh five point seven f 10 00:00:34,760 --> 00:00:37,760 Speaker 1: m h D two FED signals rates to stay near 11 00:00:37,960 --> 00:00:41,040 Speaker 1: zero for at least three years. We're playing the long 12 00:00:41,080 --> 00:00:44,080 Speaker 1: game with Bloomberg's at Bossler Bloomberg Federal Reserve Reporter, The 13 00:00:44,120 --> 00:00:47,680 Speaker 1: latest on the Central Bank. Plus, I found some bipartisanship 14 00:00:48,240 --> 00:00:51,560 Speaker 1: in Capitol Hill. I got a Republican and the Democrats 15 00:00:51,560 --> 00:00:54,200 Speaker 1: together to talk fiscal stimulus. You don't want to miss 16 00:00:54,200 --> 00:00:58,760 Speaker 1: my exclusive interview with two House members in conversation on 17 00:00:58,800 --> 00:01:01,080 Speaker 1: the stimulus, and we can things off with Rick Rannell. 18 00:01:01,720 --> 00:01:03,920 Speaker 1: Certainly don't want to miss that. Yesterday I spoke with 19 00:01:04,080 --> 00:01:07,759 Speaker 1: Rick Grinnell Rix, the U s Envoy for Serbia, and Kosovel, 20 00:01:07,800 --> 00:01:10,000 Speaker 1: the former US ambassador to Germany, and of course the 21 00:01:10,040 --> 00:01:14,400 Speaker 1: former Acting Director of National Intelligence d n I. So 22 00:01:14,440 --> 00:01:18,080 Speaker 1: we talked about President Trump's trade policies, his relations with 23 00:01:18,160 --> 00:01:20,640 Speaker 1: Russia and the Middle East, but I first asked him 24 00:01:20,680 --> 00:01:23,760 Speaker 1: about the future of the nord Stream to pipeline. Take 25 00:01:23,760 --> 00:01:27,920 Speaker 1: a listen. There is a Russian offshore supply vessel making 26 00:01:27,959 --> 00:01:31,160 Speaker 1: its way from St. Petersburg to the port of Mucron 27 00:01:31,400 --> 00:01:34,880 Speaker 1: in Germany, and it it has severe implications for the 28 00:01:34,920 --> 00:01:39,280 Speaker 1: construction of nord Stream to. German Chancellor Angela Merkel has 29 00:01:39,319 --> 00:01:42,679 Speaker 1: said that she is open now to rethinking that nord 30 00:01:42,760 --> 00:01:45,280 Speaker 1: Stream to pipeline. I want to get your reaction to 31 00:01:45,319 --> 00:01:49,920 Speaker 1: these developments. Well, thanks, Kevin. Look, this is a serious 32 00:01:50,200 --> 00:01:54,520 Speaker 1: issue for America and American policy. UM I want to 33 00:01:54,520 --> 00:01:58,160 Speaker 1: make clear that we've always told the Germans and our 34 00:01:58,200 --> 00:02:02,840 Speaker 1: European partners that nord Stream one is a part of 35 00:02:03,120 --> 00:02:07,840 Speaker 1: a good diversification for the German energy market and for 36 00:02:07,920 --> 00:02:11,600 Speaker 1: the European energy market. But nord Stream too goes too far, 37 00:02:11,800 --> 00:02:14,520 Speaker 1: and that is what the European Parliament has said. So 38 00:02:14,639 --> 00:02:18,360 Speaker 1: America joins with the rest of Europe and saying to 39 00:02:18,440 --> 00:02:21,520 Speaker 1: the Germans nord Stream two goes too far in light 40 00:02:21,720 --> 00:02:25,960 Speaker 1: of all of the issues that we see from from Russia. Uh, 41 00:02:26,000 --> 00:02:29,520 Speaker 1: this is the reason why America has very strong sanctions 42 00:02:29,560 --> 00:02:32,280 Speaker 1: on Russia. But we're also keeping the door open to 43 00:02:32,400 --> 00:02:36,560 Speaker 1: talk to try to change the behavior of the Russians. 44 00:02:37,120 --> 00:02:41,519 Speaker 1: As you say, this latest development is very concerning to 45 00:02:41,880 --> 00:02:46,360 Speaker 1: to the United States, and we also have noted and 46 00:02:46,919 --> 00:02:49,680 Speaker 1: are are trying to work with the Germans as much 47 00:02:49,720 --> 00:02:54,079 Speaker 1: as possible because Angela Merkel's own party, the Christian Democrats, 48 00:02:54,120 --> 00:02:57,480 Speaker 1: are also having a lot of angst. We see individuals 49 00:02:57,520 --> 00:03:00,799 Speaker 1: within the c DU saying to the cha Ancelor now 50 00:03:00,919 --> 00:03:03,720 Speaker 1: is not the time we should probably put this whole 51 00:03:03,760 --> 00:03:07,120 Speaker 1: project on ice. We think that's a good idea. The U. S. 52 00:03:07,120 --> 00:03:10,360 Speaker 1: Senate in in Washington, d C. Thinks that's a good idea. 53 00:03:10,760 --> 00:03:13,680 Speaker 1: The European Parliament thinks this is a good idea. So 54 00:03:14,040 --> 00:03:17,280 Speaker 1: we hope that the German government will actually be multilateral 55 00:03:17,600 --> 00:03:21,400 Speaker 1: and listen to their multilateral Western partners. Well, that's what 56 00:03:21,440 --> 00:03:23,200 Speaker 1: I want to follow up on, because so many of 57 00:03:23,200 --> 00:03:27,280 Speaker 1: the conversations that I have with Democrats and geopolitical circles. 58 00:03:27,320 --> 00:03:31,119 Speaker 1: They make the argument that a democratic administration would take 59 00:03:31,120 --> 00:03:33,919 Speaker 1: a much more multilateral approach. But what I'm hearing from 60 00:03:33,960 --> 00:03:37,120 Speaker 1: you is that there have been instances where the Trump 61 00:03:37,120 --> 00:03:41,840 Speaker 1: administration has sought to use, albeit with an aggressive rhetorical tone, 62 00:03:41,960 --> 00:03:46,680 Speaker 1: but has still sought to use multilateralism. Yeah, it's such 63 00:03:46,720 --> 00:03:49,080 Speaker 1: a great question, Kevin. Thank you for asking it, because 64 00:03:49,200 --> 00:03:51,840 Speaker 1: the reality is is that we have a fundamentally different 65 00:03:51,840 --> 00:03:55,560 Speaker 1: worldview than Joe Biden. Joe Biden hasn't has the idea 66 00:03:55,640 --> 00:03:59,680 Speaker 1: that America comes up with one policy position and we 67 00:03:59,760 --> 00:04:03,480 Speaker 1: put it into the U. N. Security Council mixer or 68 00:04:03,680 --> 00:04:07,560 Speaker 1: the European government mixer and it all gets blended up 69 00:04:07,720 --> 00:04:11,520 Speaker 1: and watered down and it becomes the lowest common denominator 70 00:04:11,760 --> 00:04:15,400 Speaker 1: of a policy. We don't view multilateralism like that. What 71 00:04:15,480 --> 00:04:18,520 Speaker 1: we view is is that we fight for American policy, 72 00:04:18,600 --> 00:04:22,159 Speaker 1: what's best for American national security, and then we look 73 00:04:22,240 --> 00:04:26,320 Speaker 1: for partners, we look for regional alliances. That doesn't mean 74 00:04:26,320 --> 00:04:28,440 Speaker 1: that you have to go to the U. N. Security 75 00:04:28,480 --> 00:04:32,080 Speaker 1: Council and allow them to water down your policy, or 76 00:04:32,240 --> 00:04:35,479 Speaker 1: go to the EU in Brussels and and cut the 77 00:04:35,680 --> 00:04:40,000 Speaker 1: policy in half. You know, America versus the EU, and 78 00:04:40,040 --> 00:04:44,080 Speaker 1: we somehow meet uh in a in a watered down 79 00:04:44,320 --> 00:04:48,800 Speaker 1: version where nobody uh, nobody agrees. That's the old way 80 00:04:48,839 --> 00:04:54,360 Speaker 1: of looking at consensus. And and we we feel that 81 00:04:54,680 --> 00:04:59,920 Speaker 1: America's responsibility is to the American people first. And America 82 00:05:00,080 --> 00:05:03,279 Speaker 1: alone doesn't mean I mean America first, doesn't mean America alone. 83 00:05:03,680 --> 00:05:11,120 Speaker 1: America first means that we take the American people's safety 84 00:05:11,200 --> 00:05:15,200 Speaker 1: and prosperity first, and then we try to form alliances 85 00:05:15,240 --> 00:05:19,880 Speaker 1: around that. So we're gonna remake regional alliances. The perfect 86 00:05:20,480 --> 00:05:24,680 Speaker 1: example is nord stream To, where our nord stream to policy, 87 00:05:25,520 --> 00:05:29,240 Speaker 1: rejected by the German government is actually celebrated by the 88 00:05:29,279 --> 00:05:33,159 Speaker 1: European Parliament. And so we're gonna work very hard to 89 00:05:33,200 --> 00:05:37,760 Speaker 1: be multilateral with a strong US foreign policy. I want 90 00:05:37,760 --> 00:05:41,160 Speaker 1: to talk about China because just recently, the World Trade Organization, 91 00:05:41,279 --> 00:05:45,080 Speaker 1: something that President Trump has been increasingly critical of, has 92 00:05:45,120 --> 00:05:48,080 Speaker 1: declared that some of the tariffs that have been imposed 93 00:05:48,080 --> 00:05:51,520 Speaker 1: by the United States on China don't fall in line 94 00:05:51,560 --> 00:05:55,280 Speaker 1: with w t O guidelines. How How how does the 95 00:05:55,320 --> 00:06:00,080 Speaker 1: Trump administration deal with global institutions like the w t 96 00:06:00,240 --> 00:06:03,719 Speaker 1: O while also trying to take a more aggressive stance 97 00:06:03,880 --> 00:06:08,760 Speaker 1: with Beijing, So I would say a couple of points there, 98 00:06:08,800 --> 00:06:13,400 Speaker 1: Kevin one um. Look the example that the Trump administration 99 00:06:13,440 --> 00:06:15,560 Speaker 1: has tried to use with the United Nations, which is 100 00:06:16,000 --> 00:06:18,320 Speaker 1: some programs that the U n are very good, some 101 00:06:18,400 --> 00:06:20,240 Speaker 1: are not. We're trying to get rid of the ones 102 00:06:20,279 --> 00:06:23,880 Speaker 1: that are not. We believe that when you reform organizations, 103 00:06:24,360 --> 00:06:26,599 Speaker 1: there's an argument to be made that you believe in 104 00:06:26,640 --> 00:06:30,119 Speaker 1: those organizations rather than ignore them and let them become 105 00:06:30,120 --> 00:06:33,200 Speaker 1: a drift. It's been twenty years since China has been 106 00:06:34,040 --> 00:06:37,800 Speaker 1: put into the w t O. When we originally envisioned 107 00:06:37,920 --> 00:06:40,120 Speaker 1: China going into the w t O, we did it 108 00:06:40,200 --> 00:06:43,400 Speaker 1: because we thought that in a couple of years, say 109 00:06:43,400 --> 00:06:46,440 Speaker 1: four or five at the most, China would begin to 110 00:06:46,720 --> 00:06:52,200 Speaker 1: act like a Western style capitalistic country. They would at 111 00:06:52,279 --> 00:06:55,640 Speaker 1: least move in that direction. We didn't think that overnight 112 00:06:55,680 --> 00:06:59,760 Speaker 1: that the Chinese would start pushing capitalism. But we didn't 113 00:06:59,760 --> 00:07:02,320 Speaker 1: think that twenty years later that we would have the 114 00:07:02,400 --> 00:07:04,960 Speaker 1: problems that we have in Hong Kong, that we would 115 00:07:04,960 --> 00:07:10,360 Speaker 1: still have Chinese stealing of intellectual property, that we still 116 00:07:10,440 --> 00:07:14,440 Speaker 1: would have the Chinese um having an economy that's based 117 00:07:14,560 --> 00:07:21,040 Speaker 1: off taking other ideas and just replicating them and ignoring 118 00:07:21,120 --> 00:07:24,160 Speaker 1: the rule of law and human rights. And so we 119 00:07:24,240 --> 00:07:26,920 Speaker 1: think that it's not too much to say that having 120 00:07:26,960 --> 00:07:29,720 Speaker 1: the Chinese in the w t O has been a disaster. 121 00:07:30,400 --> 00:07:32,360 Speaker 1: Uh We I don't think that they should be a 122 00:07:32,400 --> 00:07:34,880 Speaker 1: part of the w t O. They've demonstrated over twenty 123 00:07:34,960 --> 00:07:37,400 Speaker 1: years that they are not willing to move in the 124 00:07:37,400 --> 00:07:40,960 Speaker 1: direction that that the w t O wants to, which 125 00:07:41,000 --> 00:07:45,200 Speaker 1: is capitalism. And so I think that we are going 126 00:07:45,240 --> 00:07:48,720 Speaker 1: to create organizations like the the new U S m 127 00:07:48,760 --> 00:07:52,880 Speaker 1: C a trade agreement where there are provisions in there 128 00:07:53,360 --> 00:07:57,040 Speaker 1: of problem solving outside of the w t O, because 129 00:07:57,080 --> 00:07:59,640 Speaker 1: we are admitting to the world that the w t 130 00:07:59,720 --> 00:08:03,520 Speaker 1: O failing, you know. And and and lastly, Middle East 131 00:08:03,560 --> 00:08:06,360 Speaker 1: front end center. We've seen the role that Israel has 132 00:08:06,360 --> 00:08:11,440 Speaker 1: played uh in normalizing relations with now two Gulf Arab states. 133 00:08:11,480 --> 00:08:14,040 Speaker 1: And then of course the recent developments that you, of course, sir, 134 00:08:14,360 --> 00:08:17,680 Speaker 1: were front and center for with regards to Kosovo and Serbia, 135 00:08:17,800 --> 00:08:20,960 Speaker 1: Israel playing a key role in that agreement as well. 136 00:08:21,360 --> 00:08:25,520 Speaker 1: What role has Iran factored into in terms of bringing 137 00:08:25,600 --> 00:08:31,080 Speaker 1: some of these traditionally very combative areas and regions to 138 00:08:31,560 --> 00:08:36,320 Speaker 1: working together well, the Americans and the Europeans have had 139 00:08:36,360 --> 00:08:39,640 Speaker 1: the same goal with Iran, which is to deny them 140 00:08:39,640 --> 00:08:44,040 Speaker 1: a nuclear weapon. We've had fundamentally different tactics. The Europeans 141 00:08:44,120 --> 00:08:49,000 Speaker 1: want this watered down consensus and status quo dealing with Iran. 142 00:08:49,240 --> 00:08:52,600 Speaker 1: The Americans and specifically the Trump administration has said that 143 00:08:52,640 --> 00:08:55,079 Speaker 1: doesn't work. We need to try something different. I think 144 00:08:55,200 --> 00:08:59,880 Speaker 1: historic signing of peace deals shows that a more aggress 145 00:09:00,040 --> 00:09:04,440 Speaker 1: of Trump administration approach is working. We would still be 146 00:09:04,520 --> 00:09:10,440 Speaker 1: in this status quo foreign policy establishment muck if it 147 00:09:10,600 --> 00:09:14,240 Speaker 1: was not for Donald Trump. He's challenged the Europeans to 148 00:09:14,320 --> 00:09:17,600 Speaker 1: think differently. I also will note um that the Europeans 149 00:09:17,600 --> 00:09:21,000 Speaker 1: have not been supportive of our strategy in the Middle East. 150 00:09:22,760 --> 00:09:25,600 Speaker 1: That was Rick Grnell. He of course is the former 151 00:09:25,679 --> 00:09:28,800 Speaker 1: acting Director of National Intelligence as well as the former 152 00:09:28,840 --> 00:09:32,000 Speaker 1: ambassador to Germany for the United States and was the 153 00:09:32,040 --> 00:09:36,360 Speaker 1: special envoy for the Serbia Kosovo uh deal. Talking to 154 00:09:36,440 --> 00:09:39,200 Speaker 1: All Things to your politics. Coming up, we pivot back 155 00:09:39,240 --> 00:09:41,960 Speaker 1: to the United States. We're talking about the FED, the 156 00:09:42,000 --> 00:09:44,440 Speaker 1: Central Bank, what went on in the markets. We're gonna 157 00:09:44,520 --> 00:09:46,840 Speaker 1: check in with my colleague Matt Bossler. He has Bloomberg 158 00:09:46,880 --> 00:09:49,840 Speaker 1: Federal Reserve reporter on a busy day for him, thoughts 159 00:09:49,920 --> 00:09:52,800 Speaker 1: to get through. UM that's coming up baxtop. Kevin's really 160 00:09:52,880 --> 00:09:55,600 Speaker 1: chief Washington correspondent for Bloomberg Television of Bloomberg Radio. You're 161 00:09:55,600 --> 00:10:01,880 Speaker 1: listening to Bloomberg. You're listening Bloomberg Sound On with Kevin 162 00:10:01,880 --> 00:10:05,760 Speaker 1: Shirley on Bloomberg and one oh five point seven f 163 00:10:05,920 --> 00:10:09,559 Speaker 1: M h D two. I'm Kevin CURRELLI chief Washington correspondent 164 00:10:09,559 --> 00:10:12,480 Speaker 1: for Bloomberg Television and for Bloomberg Radio. Coming up in 165 00:10:12,520 --> 00:10:15,480 Speaker 1: the next half hour. President Trump speaks to reporters. I'll 166 00:10:15,520 --> 00:10:20,640 Speaker 1: keep you, keep you plugged in, Captain tuned in to 167 00:10:20,640 --> 00:10:25,480 Speaker 1: all the headlines coming out of six Pennsylvania Avenue. Matt 168 00:10:25,520 --> 00:10:27,360 Speaker 1: Bosler's with us. He had a busy day. He's the 169 00:10:27,360 --> 00:10:32,960 Speaker 1: Bloomli's Bloomberg's Federal Reserve reporter. Matt. How are you? I 170 00:10:32,960 --> 00:10:35,360 Speaker 1: can't complain hanging in there, Kevin, all right, So let's 171 00:10:35,400 --> 00:10:37,680 Speaker 1: get right to it. The feed is signaled that rates 172 00:10:37,720 --> 00:10:40,640 Speaker 1: are going to stay near zero for at least three years. 173 00:10:40,800 --> 00:10:44,040 Speaker 1: The Fed on hold until inflation at two percent, set 174 00:10:44,080 --> 00:10:48,440 Speaker 1: for moderate overshoot and UH. Thirteen of the seventeen officials 175 00:10:48,480 --> 00:10:51,800 Speaker 1: forecast rates are going to be on hold through. What 176 00:10:51,880 --> 00:10:53,120 Speaker 1: do we know? What do the f O m C 177 00:10:53,280 --> 00:10:57,240 Speaker 1: tell us? Yes, So basically what they're counting us is 178 00:10:57,280 --> 00:10:59,439 Speaker 1: that they are going to be slower to raise rates 179 00:10:59,440 --> 00:11:01,439 Speaker 1: off the zero lower round this time than they were 180 00:11:01,559 --> 00:11:04,920 Speaker 1: last time around. Um. In they're basically going to try 181 00:11:04,920 --> 00:11:08,480 Speaker 1: to wait until the unemployment rate is much lower, until 182 00:11:08,559 --> 00:11:13,000 Speaker 1: inflation is higher um And that's the big takeaway that they, 183 00:11:13,080 --> 00:11:16,360 Speaker 1: you know, want people to take from this decision. All right, 184 00:11:16,480 --> 00:11:19,240 Speaker 1: And so they say the FMC real quote expects to 185 00:11:19,280 --> 00:11:23,360 Speaker 1: maintain an accommodative stance of monetary policy end quote, until 186 00:11:23,400 --> 00:11:26,960 Speaker 1: it achieves inflation averaging two percent over time, and longer 187 00:11:27,080 --> 00:11:31,160 Speaker 1: term inflation expectations remain well anchored at two percent. This 188 00:11:31,200 --> 00:11:35,360 Speaker 1: according to their statement released earlier today following their two 189 00:11:35,440 --> 00:11:38,640 Speaker 1: day policy meeting. We actually have a sound bite from 190 00:11:38,640 --> 00:11:41,920 Speaker 1: what FED chair J. Powell said. Take a listen to 191 00:11:42,040 --> 00:11:44,080 Speaker 1: FED share J Powell what he said at a press 192 00:11:44,120 --> 00:11:46,880 Speaker 1: conference following the decision. Here he is the recovery has 193 00:11:46,880 --> 00:11:50,400 Speaker 1: progressed more quickly than generally expected, and forecasts from f 194 00:11:50,640 --> 00:11:53,959 Speaker 1: MC participants for economic growth this year have been revised 195 00:11:54,040 --> 00:11:57,400 Speaker 1: up since our June summary of economic projections. Even so, 196 00:11:57,679 --> 00:12:01,319 Speaker 1: overall activity remains well below its level before the pandemic, 197 00:12:01,600 --> 00:12:05,120 Speaker 1: and the path ahead remains highly uncertain. It is it 198 00:12:05,240 --> 00:12:08,160 Speaker 1: is really incredible. I mean, the chart plays out on 199 00:12:08,200 --> 00:12:09,959 Speaker 1: the front page of the Wall Street Journal, the SMP 200 00:12:10,040 --> 00:12:13,560 Speaker 1: five hundred fastest recoveries following a bear market from record 201 00:12:13,600 --> 00:12:16,480 Speaker 1: high to new record. It only really took a hundred 202 00:12:16,480 --> 00:12:20,719 Speaker 1: and twenty six trading days between February and August in 203 00:12:20,880 --> 00:12:25,000 Speaker 1: order for the market really to go back up. It's 204 00:12:25,000 --> 00:12:27,679 Speaker 1: it's really incredible just when you think of just the 205 00:12:28,080 --> 00:12:32,360 Speaker 1: market reaction. However, feed your Powell. Matt is also saying, hey, 206 00:12:32,400 --> 00:12:36,479 Speaker 1: you know what, Congress, we might need some more stimulus. Yeah. Absolutely, 207 00:12:36,559 --> 00:12:39,000 Speaker 1: And that was a really big takeaway from his press 208 00:12:39,040 --> 00:12:42,840 Speaker 1: conference after the decision was announced. And um, you know, importantly, 209 00:12:43,679 --> 00:12:45,760 Speaker 1: one of the things he said during the press conference 210 00:12:45,840 --> 00:12:49,040 Speaker 1: was that um, fat officials in the forecast that they 211 00:12:49,120 --> 00:12:54,040 Speaker 1: put together and released today are really assuming more fiscal stimulus, 212 00:12:54,040 --> 00:12:56,840 Speaker 1: some sort of deal. And so it's, um, you know, 213 00:12:57,000 --> 00:13:00,199 Speaker 1: that's faster than expected pace of three that their signaling, 214 00:13:00,320 --> 00:13:02,520 Speaker 1: which you know, should get us back down to a 215 00:13:02,600 --> 00:13:05,880 Speaker 1: four percent unemployment rate in the next few years, so 216 00:13:05,920 --> 00:13:08,520 Speaker 1: on and so forth. Um, that's really contingent on on 217 00:13:08,600 --> 00:13:11,080 Speaker 1: Congress getting something past and obviously, um, you know I 218 00:13:11,160 --> 00:13:13,800 Speaker 1: do know better than I do that's uh, look being 219 00:13:13,880 --> 00:13:17,520 Speaker 1: less and less likely. And so that's the big open question, um, 220 00:13:17,559 --> 00:13:19,960 Speaker 1: you know, not only for the overall economy and um, 221 00:13:20,000 --> 00:13:22,440 Speaker 1: everybody relying on that money, but for the FED and 222 00:13:22,440 --> 00:13:24,680 Speaker 1: and for what it's going to be doing with interest rates, 223 00:13:24,800 --> 00:13:28,200 Speaker 1: um in the next few years. Here, it's uh, yeah, 224 00:13:28,240 --> 00:13:30,480 Speaker 1: it's gonna be fascinating. Coming up in the show, We're 225 00:13:30,480 --> 00:13:32,320 Speaker 1: gonna head to Capitol Hill and I'll and I'll take 226 00:13:32,320 --> 00:13:35,160 Speaker 1: it to my interview with a Democrat and a Republican 227 00:13:35,240 --> 00:13:40,120 Speaker 1: Congressman gottheimer and congressman read a Democrat and a Republican respectively, 228 00:13:40,800 --> 00:13:43,920 Speaker 1: because they feel that they've got a fiscal stimulus bipartisan plan. 229 00:13:44,000 --> 00:13:47,720 Speaker 1: Whether or not Speaker Pelosi and President Trump or Secretary 230 00:13:47,720 --> 00:13:50,320 Speaker 1: of Venution agree, I don't know. I don't know, but 231 00:13:50,360 --> 00:13:52,920 Speaker 1: we're gonna we're gonna talk about it, all right. So, 232 00:13:53,400 --> 00:13:56,640 Speaker 1: in terms of what else the Fed can do and 233 00:13:56,679 --> 00:13:58,840 Speaker 1: what they have at their disposal, do we get any 234 00:13:58,960 --> 00:14:03,600 Speaker 1: clues that from Fed share Powell today about really what 235 00:14:03,840 --> 00:14:06,400 Speaker 1: is going to happen in the long term beyond just 236 00:14:07,080 --> 00:14:11,440 Speaker 1: beyond the rate. Well, so this is the interesting thing 237 00:14:11,559 --> 00:14:13,640 Speaker 1: is that we tend to really focus a lot on 238 00:14:13,840 --> 00:14:17,280 Speaker 1: interest rates on the FED days and what they're planning 239 00:14:17,320 --> 00:14:19,760 Speaker 1: to do with those, because obviously that's very important to 240 00:14:19,880 --> 00:14:22,320 Speaker 1: investors in the bond market and they you know, it 241 00:14:22,360 --> 00:14:24,920 Speaker 1: matters a lot to them whether the interest rate outlook 242 00:14:25,040 --> 00:14:27,160 Speaker 1: changes just a little bit up or down. That can 243 00:14:27,240 --> 00:14:29,600 Speaker 1: you know, that means a lot for trillions of dollars 244 00:14:29,600 --> 00:14:32,480 Speaker 1: sorts of financial assets. But UM, in terms of other 245 00:14:32,600 --> 00:14:35,440 Speaker 1: things that sometimes go under the radar, we obviously have 246 00:14:35,520 --> 00:14:39,200 Speaker 1: all these emergency lending facilities that the FED has set 247 00:14:39,280 --> 00:14:42,640 Speaker 1: up and rolled out in to this pandemic just to 248 00:14:42,680 --> 00:14:46,560 Speaker 1: get businesses and households through the next several months UM 249 00:14:46,600 --> 00:14:48,720 Speaker 1: and kind of back into that recovery mode. And one 250 00:14:48,720 --> 00:14:50,480 Speaker 1: of the things that came up in the press conference 251 00:14:50,520 --> 00:14:54,760 Speaker 1: today from our colleague Chris Condon, he asked J. Powell 252 00:14:54,800 --> 00:14:58,240 Speaker 1: about the main street lending program, which UM, you know, 253 00:14:58,280 --> 00:15:01,920 Speaker 1: as we know, has not made many owns. And potentially 254 00:15:01,960 --> 00:15:05,080 Speaker 1: one reason for that is that according to our colleague 255 00:15:05,320 --> 00:15:11,160 Speaker 1: Katerina Seriva, she just reported UM yesterday that UM Treasury 256 00:15:11,240 --> 00:15:15,120 Speaker 1: Secretary Steve Manuchin has been advising banks that are participating 257 00:15:15,120 --> 00:15:17,840 Speaker 1: in that program to target zero losses on the loans 258 00:15:17,840 --> 00:15:20,200 Speaker 1: that they're making through that program. And so that raises 259 00:15:20,240 --> 00:15:23,040 Speaker 1: a real question of if you have these emergency loans 260 00:15:23,040 --> 00:15:26,040 Speaker 1: that you're making, but you're not willing to risk any losses, 261 00:15:26,080 --> 00:15:28,040 Speaker 1: then how do you actually get that money out the door? 262 00:15:28,400 --> 00:15:31,200 Speaker 1: And so that was kind of a question that Powell 263 00:15:31,280 --> 00:15:33,800 Speaker 1: had a little bit of trouble trouble answering today in 264 00:15:33,800 --> 00:15:36,800 Speaker 1: the press conference, but he did say that, um, you know, 265 00:15:36,840 --> 00:15:39,320 Speaker 1: the FAT is looking at making changes to that program. 266 00:15:39,320 --> 00:15:42,320 Speaker 1: So I think that's something that is very important and 267 00:15:42,360 --> 00:15:45,960 Speaker 1: impactful for for main street and everyday businesses and households, 268 00:15:46,040 --> 00:15:49,000 Speaker 1: and it's definitely something that we're we're keen to hear 269 00:15:49,000 --> 00:15:52,760 Speaker 1: what the next steps on that will be. Well, of course, 270 00:15:53,000 --> 00:15:56,720 Speaker 1: and you know, I mean you you know this from 271 00:15:56,760 --> 00:15:59,560 Speaker 1: from your days at the University of Michigan, right, I mean, 272 00:15:59,600 --> 00:16:02,720 Speaker 1: and you know, but they're going to have to convince 273 00:16:03,360 --> 00:16:07,640 Speaker 1: an entire generation of folks for their higher inflation quests. 274 00:16:07,680 --> 00:16:11,120 Speaker 1: Mean for the FED that to really have this new 275 00:16:11,160 --> 00:16:14,120 Speaker 1: push for higher inflation, that means that they're gonna have 276 00:16:14,120 --> 00:16:17,760 Speaker 1: to craft all of these new tactics to convince Americans 277 00:16:17,800 --> 00:16:20,760 Speaker 1: and students of the economy that go back generations and 278 00:16:20,800 --> 00:16:23,200 Speaker 1: all of their professors that they're not going to clamp 279 00:16:23,240 --> 00:16:26,320 Speaker 1: down on the rising prices. How do they do that? 280 00:16:26,360 --> 00:16:29,560 Speaker 1: How does FED Chair J. Powell do that? Yeah? So 281 00:16:29,600 --> 00:16:33,520 Speaker 1: I think the way into that is really just establishing 282 00:16:33,560 --> 00:16:37,000 Speaker 1: that they're going to let unemployment get very low before 283 00:16:37,040 --> 00:16:39,720 Speaker 1: they start raising rates. And so that's what they're signaling today. 284 00:16:39,720 --> 00:16:42,600 Speaker 1: That's different from what they did last time. Um. But 285 00:16:42,720 --> 00:16:45,360 Speaker 1: if you believe you know, kind of the textbook models, UM, 286 00:16:45,400 --> 00:16:48,360 Speaker 1: the way that works is, you know, the economy gets hot, 287 00:16:48,440 --> 00:16:51,160 Speaker 1: unemployment gets low, people's incomes go up, they have more 288 00:16:51,200 --> 00:16:54,360 Speaker 1: money to spend, um, and that pushes prices up. So 289 00:16:54,400 --> 00:16:56,280 Speaker 1: that's the way to do it. Um. And going back 290 00:16:56,280 --> 00:16:58,560 Speaker 1: to you know, kind of this main street lending program, 291 00:16:58,560 --> 00:17:01,400 Speaker 1: and in the short run versus long run issue, UM, 292 00:17:01,480 --> 00:17:04,480 Speaker 1: you know, the reality is that you know, the short run, 293 00:17:04,880 --> 00:17:06,919 Speaker 1: the long run is is kind of a series of 294 00:17:06,920 --> 00:17:09,479 Speaker 1: short runs here, right, So you know, what we do 295 00:17:09,520 --> 00:17:11,440 Speaker 1: in the short run the next couple of months here 296 00:17:11,640 --> 00:17:14,919 Speaker 1: is going to have a very big impact on the 297 00:17:15,000 --> 00:17:17,840 Speaker 1: way that the long run ultimately shapes up. And if 298 00:17:17,880 --> 00:17:20,840 Speaker 1: they don't get the response right in the next couple 299 00:17:20,840 --> 00:17:23,639 Speaker 1: of months with some of these emergency programs, then they 300 00:17:23,680 --> 00:17:26,080 Speaker 1: could really be setting up for a situation in which 301 00:17:26,440 --> 00:17:30,840 Speaker 1: unemployment remains, you know, needlessly higher than otherwise would have 302 00:17:30,920 --> 00:17:33,520 Speaker 1: been for several years. And that just makes it that 303 00:17:33,680 --> 00:17:36,680 Speaker 1: much harder to get inflation back up to their target 304 00:17:36,720 --> 00:17:40,040 Speaker 1: and really convince people that they mean what they're saying, 305 00:17:40,080 --> 00:17:42,080 Speaker 1: that they're putting their money where their mouth is, so 306 00:17:42,119 --> 00:17:44,399 Speaker 1: to speak. Let's go global. Just from my final questions, 307 00:17:44,480 --> 00:17:47,080 Speaker 1: you not Bosler, who is of course Bloomberg Federal Reserve 308 00:17:47,119 --> 00:17:50,040 Speaker 1: reporter going global? How does the US central bank response 309 00:17:50,080 --> 00:17:54,800 Speaker 1: compare to the Europeans into the Chinese? So? Uh, the 310 00:17:54,920 --> 00:17:59,199 Speaker 1: US Central Bank has more latitude um than you know, 311 00:17:59,320 --> 00:18:02,919 Speaker 1: some of these other central banks, um, especially in Europe 312 00:18:02,920 --> 00:18:05,400 Speaker 1: and Japan where um, and and in in the UK 313 00:18:05,600 --> 00:18:09,840 Speaker 1: where um. You know, the goals of the central bank 314 00:18:09,880 --> 00:18:12,040 Speaker 1: and the way they go about those goals are dictated 315 00:18:12,160 --> 00:18:15,600 Speaker 1: much more by politicians and so um, the FED is 316 00:18:15,680 --> 00:18:18,800 Speaker 1: kind of leading the way, um with all of that 317 00:18:19,000 --> 00:18:23,000 Speaker 1: hard one independence that they've fought for over the years. Um. 318 00:18:23,119 --> 00:18:25,040 Speaker 1: And that is kind of you know, creating an issue 319 00:18:25,080 --> 00:18:26,880 Speaker 1: for some of those other central banks, because of course 320 00:18:26,920 --> 00:18:29,960 Speaker 1: that has implications for exchange rates. Um, you know, the 321 00:18:30,000 --> 00:18:33,160 Speaker 1: dollar has been weakening, especially against the Euro, and that's 322 00:18:33,160 --> 00:18:35,520 Speaker 1: putting more pressure on central banks there. So it'll be 323 00:18:35,600 --> 00:18:39,240 Speaker 1: interesting for you know, US watchers of the global economy 324 00:18:39,240 --> 00:18:41,880 Speaker 1: and global policy to see how some of those central 325 00:18:41,880 --> 00:18:44,240 Speaker 1: banks find a way to respond to that and then 326 00:18:44,280 --> 00:18:49,119 Speaker 1: how that eventually, you know, potentially has repercussions, you know, 327 00:18:49,240 --> 00:18:52,040 Speaker 1: for the US economy and the FED. So it will 328 00:18:52,040 --> 00:18:54,280 Speaker 1: be another couple of interesting years here of trying to 329 00:18:54,280 --> 00:18:56,240 Speaker 1: come out of this for everyone and watching the sort 330 00:18:56,240 --> 00:18:59,480 Speaker 1: of global game theory playouts, if you will. Speaking of 331 00:18:59,520 --> 00:19:03,520 Speaker 1: games here October twenty four, Big Time Football returns. You're 332 00:19:03,520 --> 00:19:06,080 Speaker 1: a Michigan guy, so you know, Matt Bosler, we'll leave 333 00:19:06,119 --> 00:19:09,040 Speaker 1: it there. I'm a penn Stater, so I guess, hey, 334 00:19:09,160 --> 00:19:11,239 Speaker 1: who says I don't get I can't get along with people? Right? 335 00:19:11,440 --> 00:19:13,520 Speaker 1: Thank you Matt for breaking that down. Here's Bloomberg's Federal 336 00:19:13,560 --> 00:19:16,200 Speaker 1: Reserve porter Matt Bosler coming up. We had to Capitol 337 00:19:16,280 --> 00:19:19,159 Speaker 1: Hill talk politics domestic. I'm Kevin Surreally chief watching the 338 00:19:19,200 --> 00:19:21,480 Speaker 1: correspondent from Bloomberg TV and Radio. You're listening to Bloomberg 339 00:19:21,560 --> 00:19:25,679 Speaker 1: nine one Why from our nation's capital how do we 340 00:19:25,840 --> 00:19:29,960 Speaker 1: reopen this economy? The latest on how this pandemic is 341 00:19:30,000 --> 00:19:33,080 Speaker 1: impacting farmers. What does this do for the United States 342 00:19:33,119 --> 00:19:38,280 Speaker 1: relationship with China? Bloomberg Sound on, the Insiders, the influencers, 343 00:19:38,320 --> 00:19:41,880 Speaker 1: the insides. We're responding to this crisis and manufacturers are 344 00:19:41,920 --> 00:19:45,280 Speaker 1: stepping up like never before. We're looking at seveny Kennedys 345 00:19:45,359 --> 00:19:48,359 Speaker 1: for different vectors. How do we make sure a pandemic 346 00:19:48,440 --> 00:19:52,199 Speaker 1: of this scale never happens again? This is Bloomberg Sound 347 00:19:52,240 --> 00:19:56,840 Speaker 1: On with Kevin Surrelate on Bloomberg and one oh five 348 00:19:56,880 --> 00:19:59,880 Speaker 1: point seven f M H D two that signals rates 349 00:19:59,880 --> 00:20:02,040 Speaker 1: are gonna stay year zero for at least three years, 350 00:20:02,040 --> 00:20:05,520 Speaker 1: a complete reaction to the f O m C. And 351 00:20:05,560 --> 00:20:09,000 Speaker 1: President Trump wants a vaccine faster than anyone in history 352 00:20:09,200 --> 00:20:13,480 Speaker 1: has made one. All of that plus the latest on 353 00:20:13,560 --> 00:20:15,639 Speaker 1: fiscal stimulus. I'll take your lives cap I'll take it 354 00:20:15,680 --> 00:20:18,040 Speaker 1: to Capitol Hill where I I got a Republican and 355 00:20:18,119 --> 00:20:22,280 Speaker 1: the Democrats together to talk at the same time in 356 00:20:22,320 --> 00:20:24,800 Speaker 1: agreement on the fiscal stimulus. You don't want to miss that. 357 00:20:25,000 --> 00:20:28,639 Speaker 1: The problem solvers Caucus, as they're calling themselves, lots to 358 00:20:28,680 --> 00:20:31,520 Speaker 1: get through. But the big story that's driving that we're 359 00:20:31,520 --> 00:20:34,840 Speaker 1: also going to touch on is on Oracle UH and 360 00:20:35,040 --> 00:20:37,800 Speaker 1: the Siphiust ruling, which has yet to come. This is 361 00:20:37,880 --> 00:20:42,680 Speaker 1: Republican lawmakers have also said that they are a little 362 00:20:42,680 --> 00:20:47,800 Speaker 1: bit a little bit nervous about that TikTok Oracle deal. 363 00:20:48,000 --> 00:20:49,960 Speaker 1: And we're also awaiting President Trump to get a press 364 00:20:49,960 --> 00:20:52,080 Speaker 1: conference on the back half of this hour. I'll keep 365 00:20:52,119 --> 00:20:54,600 Speaker 1: you keep you up to date on those headlines. All right, 366 00:20:54,800 --> 00:20:58,760 Speaker 1: we begin though with UH. The big issue UH, and 367 00:20:58,760 --> 00:21:02,840 Speaker 1: that of course is is the campaign and the economy. 368 00:21:02,880 --> 00:21:05,680 Speaker 1: Because the FED signaled that they are going to keep 369 00:21:05,800 --> 00:21:08,479 Speaker 1: rates near zero for at least three years. Reading from 370 00:21:08,480 --> 00:21:11,880 Speaker 1: the Bloomberg Terminal, the Federal Reserve left interest rates near 371 00:21:11,960 --> 00:21:14,840 Speaker 1: zero and signaled it would hold them there through at 372 00:21:14,920 --> 00:21:20,640 Speaker 1: least to help the US economy recover from the coronavirus pandemic. 373 00:21:20,720 --> 00:21:23,400 Speaker 1: The f O m C said that they quote expects 374 00:21:23,400 --> 00:21:26,639 Speaker 1: to maintain an accommodative stance of monetary policy end quote 375 00:21:26,760 --> 00:21:29,840 Speaker 1: until it achieves inflation averaging two percent over time, and 376 00:21:30,000 --> 00:21:34,760 Speaker 1: longer term inflation expectations get this remain well anchored at 377 00:21:34,800 --> 00:21:38,000 Speaker 1: two per cent. We actually have a sound bite from 378 00:21:38,480 --> 00:21:43,080 Speaker 1: UH FED Chair J. Powell. UH take a listen to 379 00:21:43,680 --> 00:21:46,800 Speaker 1: h FED chair J Powell when he spoke after their 380 00:21:46,800 --> 00:21:50,000 Speaker 1: two day mutant hereius. The recovery has progressed more quickly 381 00:21:50,000 --> 00:21:53,560 Speaker 1: than generally expected, and four cats from FMC participants for 382 00:21:53,600 --> 00:21:56,560 Speaker 1: economic growth this year have been revised up since our 383 00:21:56,640 --> 00:22:00,640 Speaker 1: June summary of economic projections. Even so, over all activity 384 00:22:00,720 --> 00:22:03,840 Speaker 1: remains well below its level before the pandemic, and the 385 00:22:03,880 --> 00:22:10,320 Speaker 1: path ahead remains highly uncertain. The path ahead remains largely unascertain. 386 00:22:10,480 --> 00:22:15,240 Speaker 1: This as the diminishing hopes for fiscal stimulus now, but 387 00:22:16,240 --> 00:22:17,640 Speaker 1: it doesn't look like we're going to get a deal 388 00:22:17,720 --> 00:22:21,199 Speaker 1: before before November three, Jared Kushner said at the other 389 00:22:21,240 --> 00:22:24,359 Speaker 1: Dawn CNBC Joel Paine's with Me, Democratic strategist former director 390 00:22:24,400 --> 00:22:28,240 Speaker 1: of African American Media Outreach for Hillary Clinton's presidential campaign, 391 00:22:28,320 --> 00:22:32,720 Speaker 1: William McGinley returns principal at the Vogel Group, former White 392 00:22:32,760 --> 00:22:36,280 Speaker 1: House Cabinet secretary and former Deputy Council at the Republican 393 00:22:36,720 --> 00:22:41,080 Speaker 1: National Committee. William McGinley, what do we know? What do 394 00:22:41,240 --> 00:22:43,399 Speaker 1: we know about the economy? I mean, you get some 395 00:22:43,600 --> 00:22:47,440 Speaker 1: uncertainty coming from the Central Bank in terms of them saying, hey, Congress, 396 00:22:47,760 --> 00:22:51,080 Speaker 1: do your job. We need some stimulus. Yeah. I think 397 00:22:51,160 --> 00:22:54,040 Speaker 1: that's exactly what Chairman Poal was trying to do, which 398 00:22:54,119 --> 00:22:56,639 Speaker 1: was to tell the members of the House and the 399 00:22:56,680 --> 00:22:59,040 Speaker 1: Senate to get back to work and get another stimulus 400 00:22:59,080 --> 00:23:02,920 Speaker 1: package done. You know, there's been some hopeful statements made, 401 00:23:03,440 --> 00:23:05,800 Speaker 1: uh in the past couple of days, whether it was 402 00:23:05,960 --> 00:23:10,040 Speaker 1: the Problem Solvers Caucus coming out with their compromise, which 403 00:23:10,080 --> 00:23:12,680 Speaker 1: had limited bipartisan support, that was about a one point 404 00:23:12,760 --> 00:23:16,760 Speaker 1: five trillion dollar deal including stimulus payments to families and 405 00:23:16,800 --> 00:23:21,560 Speaker 1: to replenishing the PPP program and trying to to provide 406 00:23:21,600 --> 00:23:25,960 Speaker 1: some relief to the states and in public health care systems. Obviously, 407 00:23:26,000 --> 00:23:28,800 Speaker 1: the Senate Republicans tried to do their what they called 408 00:23:28,800 --> 00:23:33,400 Speaker 1: the Skinnyville which was kind of a more targeted legislation, 409 00:23:33,480 --> 00:23:36,280 Speaker 1: and the House Democrats had already passed their Heroes Act, 410 00:23:36,320 --> 00:23:39,760 Speaker 1: which was over three trillion dollars. Look, there's room here 411 00:23:39,800 --> 00:23:42,480 Speaker 1: for a deal to be struck. The parties just need 412 00:23:42,480 --> 00:23:45,280 Speaker 1: to start talking. And I think that's the uncertainty that 413 00:23:45,359 --> 00:23:48,960 Speaker 1: Chairman Palace talking about, which is we need the political 414 00:23:49,000 --> 00:23:51,479 Speaker 1: actors and the two branches of government to come together 415 00:23:52,080 --> 00:23:54,520 Speaker 1: to put together a deal to help keep the American 416 00:23:55,240 --> 00:23:58,240 Speaker 1: businesses afloat so that once we come out of this pandemic, 417 00:23:58,960 --> 00:24:02,600 Speaker 1: Americans can keep their jobs or recoup their jobs. And 418 00:24:02,640 --> 00:24:06,680 Speaker 1: you know, Joel, I mean, has has Democratic presidential nominee 419 00:24:06,720 --> 00:24:10,159 Speaker 1: Joe Biden. Has he been benefited from this being really 420 00:24:10,840 --> 00:24:13,800 Speaker 1: a campaign not so much about the economy as the 421 00:24:13,920 --> 00:24:18,520 Speaker 1: leading issue, but because the pandemic has has you know, 422 00:24:18,600 --> 00:24:22,800 Speaker 1: refused to rear its ugly head from from the headlines. Look, 423 00:24:22,840 --> 00:24:25,359 Speaker 1: I think the campaign cycle has certainly come to Joe 424 00:24:25,400 --> 00:24:29,119 Speaker 1: Biden in many ways. I think that President Trump's comfort 425 00:24:29,200 --> 00:24:31,200 Speaker 1: zone has always been the economy. It's what his most 426 00:24:31,280 --> 00:24:34,480 Speaker 1: resilient numbers in the in the polls which show UM. 427 00:24:34,680 --> 00:24:37,240 Speaker 1: But I think Biden has been very proactive in talking 428 00:24:37,240 --> 00:24:40,320 Speaker 1: about his plans for the economy. UM. I think Democrats 429 00:24:40,320 --> 00:24:43,359 Speaker 1: on the Hill NX Spelosi is William mentioned I had 430 00:24:43,400 --> 00:24:46,439 Speaker 1: a very ambitious Heroes Act. She's been very active and 431 00:24:46,520 --> 00:24:49,480 Speaker 1: vocal about her desire to come back and to do 432 00:24:49,560 --> 00:24:55,560 Speaker 1: something on COVID relief again, even while Congress is somewhat out. 433 00:24:55,600 --> 00:24:57,199 Speaker 1: And you know, I think that there's a lot of 434 00:24:57,200 --> 00:25:00,920 Speaker 1: pressure on the President and Republicans, and um, I think 435 00:25:01,200 --> 00:25:03,760 Speaker 1: something that I'm hearing from folks I'm talking to um 436 00:25:03,800 --> 00:25:07,400 Speaker 1: out in the progressive spaces, a frustration that you talk 437 00:25:07,480 --> 00:25:09,879 Speaker 1: about balancing the budget and you talk about paying for things, 438 00:25:10,520 --> 00:25:13,280 Speaker 1: um only when it comes to things that workers need. 439 00:25:13,440 --> 00:25:15,760 Speaker 1: Right Like if you're you're passing the t c j A, 440 00:25:16,359 --> 00:25:18,520 Speaker 1: no one's talking about how much it costs, which it 441 00:25:18,600 --> 00:25:21,159 Speaker 1: costs a lot, right, but people talk about how much 442 00:25:21,160 --> 00:25:25,159 Speaker 1: it costs. You're talking about supporting workers and giving people 443 00:25:25,480 --> 00:25:27,159 Speaker 1: just enough to get by. I've got a lot of 444 00:25:27,160 --> 00:25:28,840 Speaker 1: people I've talked to on the hill, I'm on the 445 00:25:28,880 --> 00:25:31,760 Speaker 1: Republican side, who were frustrated that it was too generous 446 00:25:32,119 --> 00:25:34,919 Speaker 1: earlier in the summer, the release package that was passed, 447 00:25:34,920 --> 00:25:37,800 Speaker 1: and that is fully misaligned with where a lot of 448 00:25:37,880 --> 00:25:40,840 Speaker 1: voters are thinking about what they need from their government 449 00:25:40,920 --> 00:25:44,639 Speaker 1: right now. You know, I I said this to to 450 00:25:45,040 --> 00:25:49,359 Speaker 1: the to the lawmakers that I spoke with, Congressman Reading 451 00:25:49,440 --> 00:25:53,520 Speaker 1: Gottheimer Republican and Democrat respectively. I said, you know, your 452 00:25:53,560 --> 00:25:59,080 Speaker 1: parties are looking at this entire discussion, UH, very differently, 453 00:25:59,240 --> 00:26:02,240 Speaker 1: because you've got one party, the Republicans, who are saying 454 00:26:02,240 --> 00:26:03,639 Speaker 1: we got to get people back to work. We've got 455 00:26:03,720 --> 00:26:05,679 Speaker 1: to get people back to work. We can't, you know, 456 00:26:06,240 --> 00:26:09,720 Speaker 1: bail out you know, these folks. We got to incentivize 457 00:26:09,720 --> 00:26:12,040 Speaker 1: people to come back. And I don't think, you know, 458 00:26:12,040 --> 00:26:13,800 Speaker 1: I'm not one of those people who thinks that, you know. 459 00:26:14,440 --> 00:26:16,240 Speaker 1: I think people have different ideas for how to fix 460 00:26:16,280 --> 00:26:18,040 Speaker 1: the problem. Let me just say that. And you've got 461 00:26:18,080 --> 00:26:20,480 Speaker 1: Democrats who are saying not so fast, you know, not 462 00:26:20,480 --> 00:26:23,320 Speaker 1: not so fast at all, um and and even companies 463 00:26:23,359 --> 00:26:25,880 Speaker 1: in the private sector William McGinley or having to grapple 464 00:26:25,920 --> 00:26:28,440 Speaker 1: with this when you've got JP Morgan saying to top 465 00:26:28,440 --> 00:26:31,920 Speaker 1: executives get back here by by you know, September twenty one. 466 00:26:32,080 --> 00:26:34,040 Speaker 1: But then, you know, then they got to send people 467 00:26:34,080 --> 00:26:37,840 Speaker 1: home and whatnot because there's outbreaks colleges and universities. They're 468 00:26:37,880 --> 00:26:40,400 Speaker 1: not divorced from this from this issue. We all saw 469 00:26:40,520 --> 00:26:43,960 Speaker 1: what happen at Notre Dame, uh and and and whatnot. 470 00:26:44,040 --> 00:26:46,680 Speaker 1: The Big ten. They're coming back. I mean, everyone's everyone's 471 00:26:46,680 --> 00:26:50,959 Speaker 1: sort of figuring this out together, William McGinley. But I 472 00:26:51,000 --> 00:26:55,240 Speaker 1: guess from a political lens, there's only forty five plus 473 00:26:55,320 --> 00:26:59,399 Speaker 1: days forty eight days until the election, and there isn't 474 00:26:59,440 --> 00:27:02,320 Speaker 1: time for for President Trump to be able to have 475 00:27:02,840 --> 00:27:04,960 Speaker 1: let's figure this out. He's got to figure out the 476 00:27:04,960 --> 00:27:09,280 Speaker 1: political strategy now. Yeah, And look, I think there's two 477 00:27:09,359 --> 00:27:13,240 Speaker 1: data points UM that I try to look at. Number one, UM, 478 00:27:13,280 --> 00:27:15,760 Speaker 1: I found it interesting that Speaker Pelosi said that she 479 00:27:15,920 --> 00:27:18,640 Speaker 1: was going to keep the House in for an extended 480 00:27:18,680 --> 00:27:22,720 Speaker 1: period and until sometime in October UM looking for a 481 00:27:22,760 --> 00:27:25,600 Speaker 1: deal to be made on stimulus. I think what she's 482 00:27:25,760 --> 00:27:29,439 Speaker 1: probably getting some pressure from her caucus and specifically the 483 00:27:29,600 --> 00:27:33,439 Speaker 1: thirty plus members who made up the majority when she 484 00:27:33,560 --> 00:27:37,960 Speaker 1: came into power in UH that Democrats who won in 485 00:27:38,000 --> 00:27:41,240 Speaker 1: Trump districts UM, the so called majority makers as she 486 00:27:41,320 --> 00:27:43,800 Speaker 1: likes to call him, some of them started to publicly 487 00:27:43,800 --> 00:27:46,520 Speaker 1: break from her and call for UH some sort of 488 00:27:46,520 --> 00:27:49,359 Speaker 1: compromise and stimulus. The second one is is if we 489 00:27:49,400 --> 00:27:52,080 Speaker 1: remember we shut down the economy and went into social 490 00:27:52,080 --> 00:27:56,679 Speaker 1: distancing UM. Number one because of infections, but primarily because 491 00:27:56,720 --> 00:27:59,359 Speaker 1: we were worried about overwhelming the public health system and 492 00:27:59,400 --> 00:28:03,080 Speaker 1: specifically the hospitals. That if you had an ex percentage 493 00:28:03,480 --> 00:28:07,520 Speaker 1: of infections would result in hospitalization, and of those hospitalizations, 494 00:28:07,800 --> 00:28:09,320 Speaker 1: so many would have to move over to the I 495 00:28:09,400 --> 00:28:12,800 Speaker 1: c U and intubation on ventilators, that there was only 496 00:28:12,880 --> 00:28:15,600 Speaker 1: limited capacity to be able to handle that. What we're 497 00:28:15,600 --> 00:28:17,520 Speaker 1: seeing with some of the spikes that we've had now 498 00:28:17,600 --> 00:28:20,280 Speaker 1: is that we've had some infection spikes, but we're seeing 499 00:28:20,280 --> 00:28:24,280 Speaker 1: a decrease in the hospitalizations, um, in the intubations. That 500 00:28:24,320 --> 00:28:26,720 Speaker 1: doesn't mean that this virus is not dangerous. It means 501 00:28:26,760 --> 00:28:29,639 Speaker 1: I think the country in the medical system is beginning 502 00:28:29,640 --> 00:28:32,640 Speaker 1: to figure out how to treat this, and the businesses 503 00:28:32,680 --> 00:28:35,719 Speaker 1: are reacting accordingly. Businesses want to open up, but they 504 00:28:35,760 --> 00:28:38,200 Speaker 1: want to do it in a responsible way. UM. They 505 00:28:38,200 --> 00:28:40,360 Speaker 1: want to be able to serve their customers, whether it's 506 00:28:40,360 --> 00:28:43,960 Speaker 1: an outdoor space or a limited capacity in an indoor space. UM. 507 00:28:44,000 --> 00:28:46,240 Speaker 1: They want the political branches to come together and get 508 00:28:46,240 --> 00:28:49,400 Speaker 1: a stimulus deal to give them a bridge basically until 509 00:28:49,400 --> 00:28:51,120 Speaker 1: we get on the other side and figure this out 510 00:28:51,120 --> 00:28:53,480 Speaker 1: with the vaccine or whatever therapeutics are actually going to 511 00:28:53,520 --> 00:28:57,640 Speaker 1: help eradicate UM this virus. So what we need is 512 00:28:57,680 --> 00:29:00,400 Speaker 1: the short term deal because we need be able to 513 00:29:00,400 --> 00:29:04,080 Speaker 1: get past the election so that these businesses can survive well. 514 00:29:04,120 --> 00:29:06,240 Speaker 1: And and we're gonna talk about this coming up, but 515 00:29:06,280 --> 00:29:08,040 Speaker 1: I think I think it bears repeating. I mean, the 516 00:29:08,560 --> 00:29:11,280 Speaker 1: Moderrate's just put out their proposal yesterday You've got Speaker 517 00:29:11,320 --> 00:29:14,520 Speaker 1: Pelosi's saying putting out some statements saying that she's not 518 00:29:14,560 --> 00:29:16,480 Speaker 1: in favor of this deal. But I mean, if nothing 519 00:29:16,520 --> 00:29:20,120 Speaker 1: else that kicks started a conversation. And now Speaker Pelosi's saying, 520 00:29:20,160 --> 00:29:21,880 Speaker 1: as you just mentioned that they're not going to leave 521 00:29:22,480 --> 00:29:26,360 Speaker 1: until until they get something in mid October. You know 522 00:29:26,520 --> 00:29:29,840 Speaker 1: that what you just said about those those Democrats who 523 00:29:29,880 --> 00:29:32,560 Speaker 1: wanted Trump districts, the Connor Lambs of the country, you know, 524 00:29:32,680 --> 00:29:34,720 Speaker 1: Joel Payne, do they Is this where they have to 525 00:29:34,800 --> 00:29:36,880 Speaker 1: use their leverage? Is this where they have to say, 526 00:29:37,280 --> 00:29:40,080 Speaker 1: you know, look, if you have to work with President Trump, 527 00:29:40,120 --> 00:29:43,000 Speaker 1: work with President Trump. But they need some type of 528 00:29:43,120 --> 00:29:47,880 Speaker 1: fiscal stimulus in these swing districts, Joel, I mean possibly, 529 00:29:47,920 --> 00:29:51,160 Speaker 1: But politically speaking, those moderates are not feeling a lot 530 00:29:51,200 --> 00:29:54,480 Speaker 1: of heat. Those Democratic moderates aren't feeling a lot of 531 00:29:54,520 --> 00:29:58,760 Speaker 1: heat right now. This is uh from an electoral political perspective, 532 00:29:59,080 --> 00:30:02,320 Speaker 1: this is very much planet in favor of Democrats. Now, 533 00:30:02,520 --> 00:30:05,920 Speaker 1: from a real world perspective, obviously, everybody wants to get 534 00:30:05,960 --> 00:30:07,720 Speaker 1: something done. It from a business respective, we want to 535 00:30:07,720 --> 00:30:10,440 Speaker 1: get the country moving. But politically there is not a 536 00:30:10,520 --> 00:30:13,800 Speaker 1: pressure there that I think some might assume. Also, I 537 00:30:13,840 --> 00:30:16,880 Speaker 1: would point out, remember the last relief package was very 538 00:30:16,960 --> 00:30:19,840 Speaker 1: business focused, and I think that's very much in Speaker 539 00:30:19,880 --> 00:30:24,240 Speaker 1: Pelosi's mind that she kind of gave in on a 540 00:30:24,360 --> 00:30:28,440 Speaker 1: very business friendly, business centric package last time around. And 541 00:30:28,480 --> 00:30:30,600 Speaker 1: I think she's feeling a lot of pressure from the 542 00:30:30,680 --> 00:30:33,680 Speaker 1: left and from progressive to make sure that this is 543 00:30:33,760 --> 00:30:37,760 Speaker 1: balanced in terms of direct cash payments and direct report 544 00:30:38,000 --> 00:30:41,280 Speaker 1: to families and making sure that things go right to 545 00:30:41,320 --> 00:30:43,880 Speaker 1: where people need it the most. My buddy, Joel, you know, 546 00:30:44,000 --> 00:30:45,880 Speaker 1: I'm gonna push back just a little because whether it's 547 00:30:45,880 --> 00:30:48,600 Speaker 1: in political playbook where they're saying Dems in disarray, it's 548 00:30:48,600 --> 00:30:51,200 Speaker 1: you know, it's starting to brugal, it's starting to boil. 549 00:30:51,480 --> 00:30:54,440 Speaker 1: You know, you've got the moderates. For them to announce 550 00:30:54,440 --> 00:30:57,719 Speaker 1: a plan and say, hey, here's something, Yes, you can 551 00:30:57,760 --> 00:31:00,120 Speaker 1: make the case politically, it provides them some cover. I 552 00:31:00,200 --> 00:31:02,760 Speaker 1: hear that argument. But for them to go with public 553 00:31:02,800 --> 00:31:05,560 Speaker 1: and to say, you know, we're not necessarily with the 554 00:31:05,600 --> 00:31:07,560 Speaker 1: A O. C S and the Elan O Mars of 555 00:31:07,600 --> 00:31:10,200 Speaker 1: the world, you know, and they want a seat at 556 00:31:10,200 --> 00:31:13,200 Speaker 1: the negotiating table because I don't know, in the short term, 557 00:31:13,280 --> 00:31:16,280 Speaker 1: I hear your point that they might not have the 558 00:31:16,320 --> 00:31:19,720 Speaker 1: political pressure. But Joel, in the long term they start 559 00:31:19,760 --> 00:31:21,720 Speaker 1: if they start getting lumped in with A O. C 560 00:31:21,920 --> 00:31:23,600 Speaker 1: s of the world, that's not gonna that is not 561 00:31:24,080 --> 00:31:25,720 Speaker 1: gonna play with. All you gotta do is go to 562 00:31:25,720 --> 00:31:28,800 Speaker 1: an eyehop in Pennsylvania. That is not going to play well. 563 00:31:30,880 --> 00:31:32,640 Speaker 1: I take your point, Kevin, I'm not quite sure the 564 00:31:32,680 --> 00:31:36,920 Speaker 1: aoc elon omar boogeyman argument works quite to the level 565 00:31:37,000 --> 00:31:41,040 Speaker 1: of effect that Um, maybe conventional wisdom might suggest. Um, 566 00:31:41,200 --> 00:31:43,440 Speaker 1: Joe Biden is at the top of the ticket, and 567 00:31:43,560 --> 00:31:46,840 Speaker 1: Joe Biden is a very comfortable person for these people 568 00:31:46,880 --> 00:31:50,240 Speaker 1: to run with. Again, we're talking politically, there's a very 569 00:31:50,280 --> 00:31:52,520 Speaker 1: important real world impact, and I do think that those 570 00:31:52,560 --> 00:31:56,360 Speaker 1: moderates probably still some responsibility to be at the table 571 00:31:56,720 --> 00:31:59,840 Speaker 1: to offer a way forward to reach a deal. But 572 00:32:00,800 --> 00:32:04,160 Speaker 1: modertainly don't think they feel the political pressure that maybe 573 00:32:04,280 --> 00:32:07,080 Speaker 1: we might assume they would. It's gonna be remarkable art 574 00:32:07,080 --> 00:32:09,240 Speaker 1: coming up. We're talking vaccines with the panel because there 575 00:32:09,360 --> 00:32:11,800 Speaker 1: everyone's got a different timetable for this vaccine, but the 576 00:32:11,840 --> 00:32:13,480 Speaker 1: bottom line is we're gonna get one within the next 577 00:32:13,600 --> 00:32:17,000 Speaker 1: nine months. I'm Kevin SURREALI Chief Washington correspondent for Bloomberg 578 00:32:17,000 --> 00:32:20,480 Speaker 1: Television and for Bloomberg Radio. Download the Bloomberg Sound On 579 00:32:20,560 --> 00:32:23,760 Speaker 1: podcast on Apple iTunes, at Bloomberg dot com, or by 580 00:32:23,760 --> 00:32:26,480 Speaker 1: downloading the Bloomberg Business app. You can also find me 581 00:32:26,560 --> 00:32:30,000 Speaker 1: on Radio dot com, I Heart Radio, and Spotify. Great 582 00:32:30,040 --> 00:32:34,320 Speaker 1: panel today, folks, Great great panel with the one and 583 00:32:34,520 --> 00:32:36,800 Speaker 1: the only Joel Payne and the one and the only 584 00:32:36,840 --> 00:32:44,000 Speaker 1: William McGinley. You're listening to Bloomberg one. This is Bloomberg's 585 00:32:44,040 --> 00:32:48,760 Speaker 1: Sound On with Kevin Surreley on Bloomberg and one or 586 00:32:48,800 --> 00:32:52,000 Speaker 1: five point seven m h D two. My name is 587 00:32:52,080 --> 00:32:55,760 Speaker 1: Kevin Sereli. I'm the chief Washington correspondent the Bloomberg Television 588 00:32:55,800 --> 00:32:58,800 Speaker 1: of Bloomberg Radio. Let's talk vaccinations. What are we going 589 00:32:58,880 --> 00:33:01,920 Speaker 1: to get a vaccine? You see this? You a they're 590 00:33:01,920 --> 00:33:07,000 Speaker 1: working with the Chinese on vaccine that you know that 591 00:33:07,600 --> 00:33:12,720 Speaker 1: the Western world is very um apprehensive of the China 592 00:33:12,800 --> 00:33:15,520 Speaker 1: vaccine as well as the Russia of vaccines UH. And 593 00:33:15,760 --> 00:33:18,160 Speaker 1: here in the United States there's a handful of different 594 00:33:18,760 --> 00:33:22,680 Speaker 1: UH vaccinations that are going through the approval process and 595 00:33:22,680 --> 00:33:25,840 Speaker 1: and the like. But everyone has a different timetable, whether 596 00:33:25,880 --> 00:33:29,840 Speaker 1: it's Vaucci or Dr Fauci or President Trump take a 597 00:33:29,920 --> 00:33:32,960 Speaker 1: listen to all of the conflicting vaccine timetables here. It 598 00:33:33,040 --> 00:33:36,840 Speaker 1: is the previous administration would have taken perhaps years to 599 00:33:36,920 --> 00:33:39,560 Speaker 1: have a vaccine because of the FDA and all the approvals. 600 00:33:40,000 --> 00:33:42,280 Speaker 1: And we're within weeks of getting it, you know, could 601 00:33:42,320 --> 00:33:44,719 Speaker 1: be three weeks, four weeks. I think it's more towards 602 00:33:44,760 --> 00:33:47,240 Speaker 1: the middle to the end of the year that you 603 00:33:47,240 --> 00:33:49,720 Speaker 1: could get people vaccinated. You're asking me, when is it 604 00:33:49,760 --> 00:33:53,200 Speaker 1: going to be generally available to the American public so 605 00:33:53,280 --> 00:33:56,520 Speaker 1: we can begin to take advantage of vaccine to get 606 00:33:56,560 --> 00:34:00,200 Speaker 1: back to our regular life. I think we're probably can 607 00:34:00,240 --> 00:34:07,440 Speaker 1: a third late second quarter, third quarter. So I hear that, 608 00:34:07,480 --> 00:34:11,080 Speaker 1: and I think, Okay, it's gonna happen within the next 609 00:34:11,239 --> 00:34:14,480 Speaker 1: nine months, Okay, I mean and and then yes, everything 610 00:34:14,520 --> 00:34:18,080 Speaker 1: in the world in America is politicized right now, So 611 00:34:18,200 --> 00:34:20,799 Speaker 1: I want to bring back into the panel Joel Payne, 612 00:34:20,840 --> 00:34:24,400 Speaker 1: Democratic strategist, William McGinley, who is a Republican insider, and 613 00:34:24,400 --> 00:34:27,319 Speaker 1: and Joel, you know, Tyler Pager. Bloomberg reported that the 614 00:34:27,800 --> 00:34:30,560 Speaker 1: Joe Biden is getting updates on the vaccination process and 615 00:34:30,600 --> 00:34:33,319 Speaker 1: everything and whatnot, but at the end of the day. 616 00:34:33,480 --> 00:34:36,239 Speaker 1: President Trump can't rush it, Joe Biden can't rush it. 617 00:34:36,440 --> 00:34:38,680 Speaker 1: But what I just gathered is that this is likely 618 00:34:38,719 --> 00:34:42,680 Speaker 1: going to happen within the next nine months. I think 619 00:34:42,719 --> 00:34:46,279 Speaker 1: that's probably a fair bit of speculation there, Kevin, And 620 00:34:46,360 --> 00:34:48,000 Speaker 1: I think what jumps off to me so much about 621 00:34:48,000 --> 00:34:52,000 Speaker 1: the game pieces You've heard so much UM lack of 622 00:34:52,480 --> 00:34:56,000 Speaker 1: trust from from public officials and from people at large 623 00:34:56,000 --> 00:34:58,640 Speaker 1: in the public. Just anecdotally, UM, talking to people in 624 00:34:58,680 --> 00:35:04,279 Speaker 1: my circle, Oakes don't feel comfortable with potentially taking a vaccine. 625 00:35:04,719 --> 00:35:07,920 Speaker 1: That is a part of let's just say President Trump's 626 00:35:08,040 --> 00:35:12,759 Speaker 1: um kind of you know, health department or his you know. 627 00:35:12,800 --> 00:35:14,440 Speaker 1: I think I think the feeling is maybe that the 628 00:35:14,440 --> 00:35:17,240 Speaker 1: President is trying to rush this, and I'm actually worried 629 00:35:17,239 --> 00:35:20,640 Speaker 1: about public confidence in public trust in the vaccine process, 630 00:35:20,680 --> 00:35:23,239 Speaker 1: because to have an effective vaccine is one thing, but 631 00:35:23,320 --> 00:35:27,000 Speaker 1: to actually be able to implement an effective vaccination program 632 00:35:27,200 --> 00:35:30,759 Speaker 1: is wholly different. I think because of the President's failures 633 00:35:30,880 --> 00:35:35,000 Speaker 1: in earning public trust overall with coronavirus, I'm very concerned 634 00:35:35,040 --> 00:35:38,800 Speaker 1: about that. Okay, So, in an interview for the Bloomberger 635 00:35:38,920 --> 00:35:41,759 Speaker 1: Quality Summit to take place on September twenty three. Dr 636 00:35:41,760 --> 00:35:45,520 Speaker 1: Fauci says, quote that he's reasonably confident end quote that 637 00:35:45,600 --> 00:35:49,360 Speaker 1: at least one vaccine will be available by November or December. 638 00:35:49,560 --> 00:35:52,920 Speaker 1: But the wide scale adoption of a vaccine, along with 639 00:35:53,000 --> 00:35:57,560 Speaker 1: continuing though less intense, reliance on social distancing and mask wearing, 640 00:35:57,840 --> 00:36:00,839 Speaker 1: would allow a return to near normal by the end 641 00:36:00,400 --> 00:36:04,120 Speaker 1: of one. So I hear this, and what I hear 642 00:36:04,360 --> 00:36:08,600 Speaker 1: is public health officials and and and political officials in 643 00:36:08,680 --> 00:36:12,200 Speaker 1: both parties sort of educating the public in real time 644 00:36:12,239 --> 00:36:14,480 Speaker 1: that it's not gonna be like this. You know, they 645 00:36:14,520 --> 00:36:18,520 Speaker 1: can't have that famous photograph of of the couple kissing 646 00:36:18,520 --> 00:36:20,759 Speaker 1: in the streets of New York City when World War 647 00:36:20,800 --> 00:36:23,640 Speaker 1: Two ended, because then everyone would flood the bars, and 648 00:36:23,680 --> 00:36:25,840 Speaker 1: we can't you know what I mean by that, William McGinley. 649 00:36:25,880 --> 00:36:28,520 Speaker 1: It's it's it's got to be, you know, it can't 650 00:36:28,520 --> 00:36:30,640 Speaker 1: be like a headline we have a vaccine, everything's over 651 00:36:30,760 --> 00:36:32,879 Speaker 1: run out and party. It can't be like that. It's 652 00:36:32,920 --> 00:36:37,040 Speaker 1: got to be this gradual lifting of social distancing. But 653 00:36:37,160 --> 00:36:41,040 Speaker 1: I think that what Dr Fauci is saying, Okay, military personnel, 654 00:36:41,120 --> 00:36:44,320 Speaker 1: first line responders might be able to get the vacs 655 00:36:44,840 --> 00:36:47,520 Speaker 1: by the end of the year. So who they're both right, 656 00:36:47,760 --> 00:36:51,839 Speaker 1: you know what I mean, both the both parties are right. Yeah. 657 00:36:51,880 --> 00:36:54,160 Speaker 1: I totally agree with what you're saying, Kevin, and I 658 00:36:54,160 --> 00:36:58,600 Speaker 1: think that both government officials, the campaigns, UM, and the 659 00:36:58,640 --> 00:37:02,239 Speaker 1: American people need to take a pretty sober view of 660 00:37:02,280 --> 00:37:04,319 Speaker 1: how this is going to happen. I mean, these the 661 00:37:04,360 --> 00:37:07,200 Speaker 1: trial vaccines are still during the trial period of the 662 00:37:07,239 --> 00:37:09,719 Speaker 1: f d A process. UM. We have yet to see 663 00:37:09,760 --> 00:37:12,840 Speaker 1: the results of those. But everything that we're getting UM 664 00:37:12,880 --> 00:37:17,040 Speaker 1: from the career professionals like Dr Faucci is that they're 665 00:37:17,040 --> 00:37:19,600 Speaker 1: progressing nicely UM, and that they think that they're going 666 00:37:19,640 --> 00:37:22,440 Speaker 1: to be able to produce something on an accelerated time period. 667 00:37:22,680 --> 00:37:25,160 Speaker 1: They haven't done it yet, but those are hopeful signs. 668 00:37:25,600 --> 00:37:28,200 Speaker 1: One thing that the Trump administration should get credit for 669 00:37:28,760 --> 00:37:31,000 Speaker 1: is that they've been trying to frontload the costs in 670 00:37:31,040 --> 00:37:34,239 Speaker 1: the production of the delivery systems of the vaccine so 671 00:37:34,280 --> 00:37:38,080 Speaker 1: that when it does get approved, in the efficacy of 672 00:37:38,120 --> 00:37:42,520 Speaker 1: the vaccine vaccine has passed the trials, UM, that there's 673 00:37:42,520 --> 00:37:45,839 Speaker 1: going to be some sort of distribution system, at least 674 00:37:45,920 --> 00:37:48,480 Speaker 1: partially in place, so that we can get the vaccines 675 00:37:48,520 --> 00:37:52,759 Speaker 1: to the people. As you said, military, frontline health workers, um, 676 00:37:52,760 --> 00:37:55,960 Speaker 1: those essential personnel UM that we need to function and 677 00:37:56,000 --> 00:37:59,879 Speaker 1: then gradually out into the UH to the population at law. 678 00:38:00,560 --> 00:38:02,440 Speaker 1: You know, one of the things that we didn't discuss 679 00:38:02,520 --> 00:38:04,680 Speaker 1: or raise last segment that does come into play here 680 00:38:04,760 --> 00:38:08,120 Speaker 1: is government funding runs out. One. I mean, in order 681 00:38:08,160 --> 00:38:10,880 Speaker 1: for all of this stuff to continue, the political leader's 682 00:38:10,880 --> 00:38:13,520 Speaker 1: got to come together keep the government funded so that 683 00:38:13,640 --> 00:38:16,400 Speaker 1: all of these trials, all of this essential work to 684 00:38:16,520 --> 00:38:19,240 Speaker 1: get America back to work, to find the vaccine, figure 685 00:38:19,239 --> 00:38:23,640 Speaker 1: out a distribution system needs to happen as quickly as possible. 686 00:38:23,880 --> 00:38:26,280 Speaker 1: You can't do it as well with the shutdown government. 687 00:38:26,520 --> 00:38:28,440 Speaker 1: And everybody needs to take a deep breath. And I 688 00:38:28,440 --> 00:38:30,799 Speaker 1: think that the rhetoric needs to become a little bit 689 00:38:30,840 --> 00:38:33,359 Speaker 1: more responsible on this issue. Well yeah, and and look, 690 00:38:33,400 --> 00:38:37,000 Speaker 1: I mean everything is politicized, everything is absolutely And President 691 00:38:37,000 --> 00:38:38,600 Speaker 1: Trump is speaking at the White House now and he's 692 00:38:38,600 --> 00:38:41,879 Speaker 1: got a chart up talking about the vaccines, and he's 693 00:38:41,880 --> 00:38:44,920 Speaker 1: saying that the vaccine could be distributed by mid October. 694 00:38:45,000 --> 00:38:48,040 Speaker 1: But but the facts is, the facts are that it's 695 00:38:48,040 --> 00:38:50,200 Speaker 1: not going to be snapped your fingers. Everyone can go 696 00:38:50,239 --> 00:38:53,120 Speaker 1: to their local drug company and or their local drug 697 00:38:53,160 --> 00:38:55,880 Speaker 1: store and get a vaccine you might, it's going to 698 00:38:56,000 --> 00:38:58,239 Speaker 1: be a slower and I don't even want to call 699 00:38:58,280 --> 00:38:59,960 Speaker 1: it a slow rollout. It's going to be a month 700 00:39:00,320 --> 00:39:03,880 Speaker 1: long to a year long rollout. And you mentioned this, 701 00:39:03,920 --> 00:39:05,359 Speaker 1: and Juel, I want to bring you in on this 702 00:39:05,440 --> 00:39:08,879 Speaker 1: is the we got like ninety seconds left that through 703 00:39:08,920 --> 00:39:13,440 Speaker 1: Operation warp Speed the United States federal government, which really 704 00:39:13,800 --> 00:39:17,520 Speaker 1: you know, they've already secured the supplies of the coronavirus 705 00:39:17,680 --> 00:39:21,320 Speaker 1: vaccines that are furthest along in clinical trials and not 706 00:39:21,480 --> 00:39:24,560 Speaker 1: to those being developed by Fiser, bio ent Tech, Astra 707 00:39:24,680 --> 00:39:27,719 Speaker 1: Zeneca and of course the University of Oxford and Maderna. 708 00:39:27,920 --> 00:39:31,319 Speaker 1: And you know it's not just the medicine. I mean 709 00:39:31,480 --> 00:39:36,720 Speaker 1: it's also the syringes, the glass, the the um refrigerators 710 00:39:36,760 --> 00:39:40,279 Speaker 1: for them. I mean, this is incredibly complex and it's 711 00:39:40,320 --> 00:39:43,400 Speaker 1: not you know, stuff that you can figure out, you know, 712 00:39:44,480 --> 00:39:47,520 Speaker 1: on on tweets, you know, for for both sides, am 713 00:39:47,520 --> 00:39:52,840 Speaker 1: I right, cheel oh, absolutely, and I applaud those in 714 00:39:52,880 --> 00:39:57,560 Speaker 1: the administration who are working diligently over time to to 715 00:39:57,719 --> 00:40:00,839 Speaker 1: get this online. I've just want to make the point 716 00:40:00,840 --> 00:40:03,759 Speaker 1: though I take your point about politization, but I do 717 00:40:03,800 --> 00:40:07,400 Speaker 1: think it's important to point out that trust matters because 718 00:40:07,560 --> 00:40:10,200 Speaker 1: you have to trust one that the vaccine is going 719 00:40:10,239 --> 00:40:13,319 Speaker 1: to be um, that there's efficacy there, and that it's 720 00:40:13,320 --> 00:40:15,759 Speaker 1: going to be distributed appropriately. And I do think that 721 00:40:15,760 --> 00:40:18,400 Speaker 1: that's a factor that has to be considered as well. Absolutely, 722 00:40:18,400 --> 00:40:20,520 Speaker 1: and and and and the fact, there's no doubt this 723 00:40:20,640 --> 00:40:24,640 Speaker 1: vaccination process has been incredibly politicized by by the party. 724 00:40:24,760 --> 00:40:26,759 Speaker 1: So here we are coming up next, we find a 725 00:40:26,840 --> 00:40:29,239 Speaker 1: rare moment of bipartisanship. I'll take you for a rare 726 00:40:29,239 --> 00:40:32,560 Speaker 1: glimmer of bipartisanship on Capitol Hill. I'm Kevin cur really 727 00:40:32,640 --> 00:40:35,320 Speaker 1: cheap Washington correspondent fro Blomberg TV and Radio. You're listening 728 00:40:35,360 --> 00:40:41,200 Speaker 1: to Bloomberg. You're listening to Bloomberg. Sound On with Kevin 729 00:40:41,239 --> 00:40:45,160 Speaker 1: Surrel on Bloomberg and one Old five point seven F 730 00:40:45,320 --> 00:40:48,320 Speaker 1: M H D two. I'm Kevin Si, really cheap Washington 731 00:40:48,360 --> 00:40:53,959 Speaker 1: correspondent for Bloomberg Television and for Bloomberg Radio. I'm gonna 732 00:40:54,000 --> 00:40:56,240 Speaker 1: we're gonna be talking a lot about Senator Ron Johnson 733 00:40:56,280 --> 00:41:00,400 Speaker 1: coming up next week about that China panel investigation is 734 00:41:00,440 --> 00:41:05,239 Speaker 1: how will that impact presidential race? Before we get to 735 00:41:05,280 --> 00:41:08,160 Speaker 1: next week, let's get through today. Earlier today, I talked 736 00:41:08,200 --> 00:41:12,279 Speaker 1: to the Problem Solvers Caucus co chairs Congressman Josh Gottheimer, 737 00:41:12,280 --> 00:41:15,880 Speaker 1: a Democrat from Jersey, and Congressman Tom Reid, a Republican 738 00:41:15,960 --> 00:41:19,080 Speaker 1: from New York. The Problem Solvers Caucus. There a group 739 00:41:19,080 --> 00:41:22,719 Speaker 1: of fifty bipartisan members in the House of Representatives, and 740 00:41:23,280 --> 00:41:26,799 Speaker 1: uh they unveiled a new fiscal stimulus compromise proposal. I 741 00:41:26,880 --> 00:41:29,719 Speaker 1: got them together, socially distanced, and I asked them to 742 00:41:29,760 --> 00:41:31,920 Speaker 1: tell me more about what's in the bill, take a lesson. 743 00:41:32,520 --> 00:41:35,160 Speaker 1: Probably like most Americans, we realized that we're in an 744 00:41:35,239 --> 00:41:38,200 Speaker 1: economic crisis and a health crisis, and we can't we 745 00:41:38,239 --> 00:41:41,360 Speaker 1: simply can't afford to wait six or seven more months 746 00:41:41,360 --> 00:41:44,440 Speaker 1: for us to decide if we're gonna do anything. The 747 00:41:44,480 --> 00:41:47,360 Speaker 1: country is hurting, small businesses are hurting, families are hurting. 748 00:41:47,719 --> 00:41:50,520 Speaker 1: Fifty of us got together, Democrats, twenty five Republicans and 749 00:41:50,520 --> 00:41:52,120 Speaker 1: the Problem so Harves Caucus and said, we've got to 750 00:41:52,120 --> 00:41:54,600 Speaker 1: do something about this, and you know, and and do 751 00:41:54,760 --> 00:41:58,120 Speaker 1: provide some sort of framework to hopefully show negotiators who 752 00:41:58,120 --> 00:42:00,600 Speaker 1: were who are working on this, there is a forward 753 00:42:00,600 --> 00:42:03,080 Speaker 1: here and and we've we've stumbled upon one and we 754 00:42:03,160 --> 00:42:04,759 Speaker 1: worked together until we figured one out, and that's what 755 00:42:04,800 --> 00:42:06,840 Speaker 1: we put out yesterday. It's called March to Common Ground. 756 00:42:07,000 --> 00:42:10,440 Speaker 1: And Congressman read. One of the thorny issues for Republicans 757 00:42:10,480 --> 00:42:13,360 Speaker 1: has been funding for state and local governments. This puts 758 00:42:13,360 --> 00:42:16,479 Speaker 1: it in about five hundred billion dollars. Do you think 759 00:42:16,480 --> 00:42:19,080 Speaker 1: that there are is enough Republican support on the state 760 00:42:19,120 --> 00:42:22,200 Speaker 1: and local funding issue to get something over the finish 761 00:42:22,239 --> 00:42:24,200 Speaker 1: line early? There is, because in order for us to 762 00:42:24,239 --> 00:42:26,760 Speaker 1: support this with fifty members of the prom Servers Pocus, 763 00:42:26,800 --> 00:42:29,319 Speaker 1: you have to get seventy consensus. That's the rule of 764 00:42:29,320 --> 00:42:32,239 Speaker 1: our group, and we far exceeded that, and so that 765 00:42:32,320 --> 00:42:35,800 Speaker 1: shows that there's bipartisan support and on that compromise position 766 00:42:35,800 --> 00:42:38,600 Speaker 1: on state and local uh the funding, we were able 767 00:42:38,640 --> 00:42:41,239 Speaker 1: to solve that by focusing on what are we looking at. 768 00:42:41,560 --> 00:42:43,879 Speaker 1: We're looking at making sure that there's enough releaf there 769 00:42:43,920 --> 00:42:46,239 Speaker 1: for folks when it comes to COVID nineteen expenses for 770 00:42:46,239 --> 00:42:50,560 Speaker 1: state local governments that are based on actual expenses, documented expenses. 771 00:42:50,680 --> 00:42:53,200 Speaker 1: And then when you talk about lost revenue, that that 772 00:42:53,239 --> 00:42:57,920 Speaker 1: has to be documented lost revenue year over year, not projections, 773 00:42:57,960 --> 00:43:01,560 Speaker 1: not projected to three years out, but over the foreseeable 774 00:43:01,600 --> 00:43:04,920 Speaker 1: future right in the foreseeable time, arising over the next 775 00:43:04,960 --> 00:43:07,720 Speaker 1: twelve months, and you have to compare pre COVID nineteen 776 00:43:07,920 --> 00:43:10,840 Speaker 1: to post COVID nineteen so that it's actually documented. And 777 00:43:10,880 --> 00:43:13,520 Speaker 1: because we're talking about American taxpayer dollars, and you've got 778 00:43:13,520 --> 00:43:16,680 Speaker 1: to have a commitment to protect those dollars and make 779 00:43:16,719 --> 00:43:19,040 Speaker 1: sure that you're actually given relief where it's most needed. 780 00:43:19,200 --> 00:43:21,160 Speaker 1: So for folks, go ahead, I'm just gonna say that. 781 00:43:21,200 --> 00:43:23,000 Speaker 1: The other thing was interesting. So of course, as you mentioned, 782 00:43:23,400 --> 00:43:25,640 Speaker 1: we have we have resources a round employment insurance. We 783 00:43:25,680 --> 00:43:27,879 Speaker 1: said after two months of four or fifty it would 784 00:43:27,920 --> 00:43:29,759 Speaker 1: go up to six D but no more than a 785 00:43:30,080 --> 00:43:32,440 Speaker 1: percent of wages to give states time to transition to that. 786 00:43:32,719 --> 00:43:37,480 Speaker 1: We talked about more resources for PPP, stimulus CHECKLUS money 787 00:43:37,480 --> 00:43:40,560 Speaker 1: for for children, and then UM we set up this 788 00:43:40,600 --> 00:43:43,239 Speaker 1: whole mechanism which was really kind of the secret sauce 789 00:43:43,280 --> 00:43:45,319 Speaker 1: of it all. It said, if if in March, which 790 00:43:45,360 --> 00:43:47,319 Speaker 1: is why we call it March the Common Ground, if 791 00:43:47,320 --> 00:43:50,120 Speaker 1: in March we're not we haven't made significant progress in 792 00:43:50,120 --> 00:43:53,600 Speaker 1: getting a vaccine out, if hospitalizations aren't down, more resources 793 00:43:53,800 --> 00:43:56,520 Speaker 1: automatically kick in. We call them boosters. UM so that 794 00:43:56,520 --> 00:43:59,200 Speaker 1: would get the package to a two trillion dollar package. However, 795 00:43:59,239 --> 00:44:01,160 Speaker 1: if things are in a much better place, and we 796 00:44:01,200 --> 00:44:03,120 Speaker 1: hope that they are, then there's a reducer and it 797 00:44:03,160 --> 00:44:05,960 Speaker 1: goes down by two hundreds. So in essence, we we 798 00:44:06,000 --> 00:44:10,000 Speaker 1: allowed room for the virus to understand where the progress 799 00:44:10,040 --> 00:44:11,880 Speaker 1: of the viruses and beating the virus, and that's what 800 00:44:11,920 --> 00:44:14,359 Speaker 1: we're really focused on putting facts on the tape. See 801 00:44:14,400 --> 00:44:16,840 Speaker 1: it's I guess My follow up question here is for 802 00:44:16,920 --> 00:44:21,520 Speaker 1: folks outside of Washington, the differences between what the mainstream 803 00:44:21,560 --> 00:44:25,120 Speaker 1: press has really driven this narrative of fillion from Leader 804 00:44:25,200 --> 00:44:29,120 Speaker 1: McConnell versus upwards of two to three trillion from Speaker Pelosi. 805 00:44:29,520 --> 00:44:32,239 Speaker 1: So world's apart, I mean not even for Wall Street investors, 806 00:44:32,440 --> 00:44:36,680 Speaker 1: but also Congressman read for for just mom and pop shops, mainStreet. 807 00:44:36,719 --> 00:44:39,400 Speaker 1: They can't wrap their head around these numbers. And and 808 00:44:39,640 --> 00:44:42,000 Speaker 1: that was also the difference that we did when we 809 00:44:42,040 --> 00:44:43,759 Speaker 1: went into the room and negotiated this. So over the 810 00:44:43,800 --> 00:44:46,000 Speaker 1: last six eight weeks is we didn't focus on the 811 00:44:46,040 --> 00:44:48,319 Speaker 1: top line numbers. What we did is we got to 812 00:44:48,360 --> 00:44:51,319 Speaker 1: the substance and looked at reports, looked at data, and 813 00:44:51,320 --> 00:44:54,440 Speaker 1: so what do people need for the foreseeable future. Getting 814 00:44:54,480 --> 00:44:56,480 Speaker 1: us to that March kind of goal is what we 815 00:44:56,480 --> 00:44:59,000 Speaker 1: were trying to focus on. And when you do that, 816 00:44:59,400 --> 00:45:01,160 Speaker 1: and you and you look at the substance of what 817 00:45:01,200 --> 00:45:04,440 Speaker 1: the American people need, that is what drove us to 818 00:45:04,640 --> 00:45:06,919 Speaker 1: these numbers. And you didn't look at a top line 819 00:45:07,000 --> 00:45:09,200 Speaker 1: number and negotiate from there that a lot of people 820 00:45:09,239 --> 00:45:11,279 Speaker 1: are kind of thinking of in a a traditional business deal. 821 00:45:11,560 --> 00:45:13,480 Speaker 1: That's not what we did. We looked at the substance. 822 00:45:13,520 --> 00:45:15,000 Speaker 1: I want to put this question to you first, and 823 00:45:15,040 --> 00:45:17,960 Speaker 1: then to jump right in. Congressman gottheimer, I don't want 824 00:45:17,960 --> 00:45:19,400 Speaker 1: to you know, I know you're not going to criticize 825 00:45:19,480 --> 00:45:22,520 Speaker 1: leadership or or even the polarization of the two parties, 826 00:45:22,560 --> 00:45:26,760 Speaker 1: But is there a frustration that that in this situation, 827 00:45:26,800 --> 00:45:28,920 Speaker 1: when you've got the Central Bank that share J. Powell 828 00:45:28,960 --> 00:45:31,600 Speaker 1: calling for more stimulus, you've got just walked down Main 829 00:45:31,640 --> 00:45:34,760 Speaker 1: Street in America and see small businesses that are hurting, 830 00:45:34,800 --> 00:45:37,759 Speaker 1: families that are hurting. Is there a frustration that there 831 00:45:37,840 --> 00:45:42,360 Speaker 1: just can't be some type of frustration is an understanding? 832 00:45:42,440 --> 00:45:48,480 Speaker 1: Its exactly, It's unconscionable that we would do nothing and 833 00:45:48,600 --> 00:45:51,799 Speaker 1: leave town and not actually help folks mean, we all 834 00:45:51,840 --> 00:45:55,000 Speaker 1: have constituents who are telling us, you know, families, We've 835 00:45:55,000 --> 00:45:57,399 Speaker 1: had four teamers on unemployment in New Jersey, twenty one 836 00:45:57,719 --> 00:45:59,960 Speaker 1: of independent restaurants have gone out of business already injured. 837 00:46:00,080 --> 00:46:03,359 Speaker 1: The businesses are going out, small businesses, families are hurting, 838 00:46:03,360 --> 00:46:06,040 Speaker 1: they're having trouble putting food on the table. And that's 839 00:46:06,040 --> 00:46:09,160 Speaker 1: why we focused also on wick and snapping other food 840 00:46:09,160 --> 00:46:12,000 Speaker 1: safety programs to make sure people are okay. And we 841 00:46:12,120 --> 00:46:14,480 Speaker 1: look atach other said we we have to find a 842 00:46:14,480 --> 00:46:17,000 Speaker 1: way forward. There's absolutely no way we can go home 843 00:46:17,000 --> 00:46:19,440 Speaker 1: without it. It's and and frankly, we found there's a 844 00:46:19,480 --> 00:46:21,440 Speaker 1: path forward here. We're trying to show that. Listen, if 845 00:46:21,480 --> 00:46:23,200 Speaker 1: you talk to each other, there is a way forward. 846 00:46:23,440 --> 00:46:25,640 Speaker 1: Please go back to the table, use this framework at 847 00:46:25,640 --> 00:46:28,279 Speaker 1: the starting point, and let's let's get this done. And 848 00:46:28,280 --> 00:46:30,200 Speaker 1: and the good news is we saw yesterday and I 849 00:46:30,239 --> 00:46:32,279 Speaker 1: was glad to see the speaker's public comments said we're 850 00:46:32,280 --> 00:46:34,960 Speaker 1: gonna stay here until we get the COVID nineteen deal done. 851 00:46:34,960 --> 00:46:38,440 Speaker 1: And then we saw Mark meadows Um issue positive comments 852 00:46:38,480 --> 00:46:40,960 Speaker 1: about the problem solvers CAUCUSS proposal. This is a worthy 853 00:46:41,160 --> 00:46:44,120 Speaker 1: proposal for consideration. My understanding is we're probably going to 854 00:46:44,160 --> 00:46:46,279 Speaker 1: see some more positive conversations out of the White House 855 00:46:46,280 --> 00:46:48,680 Speaker 1: today about let's get in the room and let's finish 856 00:46:48,719 --> 00:46:51,080 Speaker 1: this for the American people. And if we're and I 857 00:46:51,120 --> 00:46:54,520 Speaker 1: believe this proposal has been part of that thawing of 858 00:46:54,560 --> 00:46:56,960 Speaker 1: this grid. Luck, that's good because that's good for the 859 00:46:57,000 --> 00:46:59,400 Speaker 1: American people, and that's Congress doing its just so you 860 00:46:59,480 --> 00:47:00,960 Speaker 1: think that we could have a vote on this or 861 00:47:01,160 --> 00:47:04,080 Speaker 1: or or is this starting a conversation? As you said 862 00:47:04,080 --> 00:47:05,440 Speaker 1: the following, do you think we're going to get a 863 00:47:05,520 --> 00:47:10,120 Speaker 1: vote when timetable? Do you think I personally think as 864 00:47:10,160 --> 00:47:12,600 Speaker 1: as and as Tom just said, given what we've heard 865 00:47:12,600 --> 00:47:14,560 Speaker 1: out of the White House and and good news out 866 00:47:14,560 --> 00:47:17,200 Speaker 1: of Democratic leadership that there that there's an interest in 867 00:47:17,239 --> 00:47:19,160 Speaker 1: staying here to get something done. That means we're gonna 868 00:47:19,160 --> 00:47:21,640 Speaker 1: get something done before we go home before the election. 869 00:47:21,800 --> 00:47:23,640 Speaker 1: I mean, people can't and that's the whole thing. And 870 00:47:23,719 --> 00:47:25,919 Speaker 1: you said, like people just can't afford to wait until 871 00:47:25,960 --> 00:47:28,479 Speaker 1: after the inauguration to get help, right, I mean, whether 872 00:47:28,560 --> 00:47:31,320 Speaker 1: whether you're a small business, whether you're it's a family, 873 00:47:31,360 --> 00:47:33,360 Speaker 1: whether you're a state in local government can't afford to 874 00:47:33,360 --> 00:47:36,399 Speaker 1: pay cops and teachers, right, And firefighters. These are real 875 00:47:36,440 --> 00:47:38,160 Speaker 1: issues and if we don't do something about it, we're 876 00:47:38,160 --> 00:47:41,279 Speaker 1: gonna have. This crisis is not going away overnights. We've 877 00:47:41,280 --> 00:47:45,160 Speaker 1: got to help people totally agree. That's why it's impartive. 878 00:47:45,200 --> 00:47:47,399 Speaker 1: We do this now and we get it done. And 879 00:47:47,520 --> 00:47:50,200 Speaker 1: this is the time frame. We have three weeks. We're here, 880 00:47:50,600 --> 00:47:52,839 Speaker 1: and and the and the and the proposals that are 881 00:47:52,840 --> 00:47:55,080 Speaker 1: out there are well versed. They're well out there, and 882 00:47:55,120 --> 00:47:57,440 Speaker 1: people know what they are here in Congress, and it's 883 00:47:57,440 --> 00:48:01,160 Speaker 1: just about finishing the dials, finishing the fine tuning. And 884 00:48:01,160 --> 00:48:03,879 Speaker 1: that's why we recognize we're not the final negotiators. That's 885 00:48:03,880 --> 00:48:05,920 Speaker 1: why it's up to the White House, the leadership on 886 00:48:06,000 --> 00:48:08,120 Speaker 1: both sides in the Senate and the House, and we've 887 00:48:08,120 --> 00:48:10,040 Speaker 1: been talking to them throughout this whole process. We have 888 00:48:10,080 --> 00:48:12,239 Speaker 1: a commitment. We don't want to surprise anyone in the 889 00:48:12,280 --> 00:48:14,880 Speaker 1: work that we're doing here. And at the end of 890 00:48:14,880 --> 00:48:17,120 Speaker 1: the day, they can move these dials to an appropriate place. 891 00:48:17,200 --> 00:48:18,719 Speaker 1: And I'll just add to that, you know, part of 892 00:48:18,960 --> 00:48:20,920 Speaker 1: the whole conversation we've had the last six weeks, and 893 00:48:21,360 --> 00:48:24,359 Speaker 1: how led by Dusty Johnson and Dean Phillips, two members 894 00:48:24,360 --> 00:48:26,160 Speaker 1: of Congress, so that we worked very close within the 895 00:48:26,160 --> 00:48:28,879 Speaker 1: caucus with Abigail spam Burgger and Anthonia Zalis, and there's 896 00:48:28,920 --> 00:48:31,120 Speaker 1: a whole group of us that have gotten together and said, 897 00:48:31,600 --> 00:48:33,520 Speaker 1: let's let's just let's just figure it out. Let's stay 898 00:48:33,560 --> 00:48:35,400 Speaker 1: in the room. And that's really what we hope to 899 00:48:35,480 --> 00:48:38,120 Speaker 1: encourage leadership to do. And folks who go back to 900 00:48:38,120 --> 00:48:39,960 Speaker 1: the negotiations, go back to the table is hey, here's 901 00:48:39,960 --> 00:48:42,520 Speaker 1: a great framework. Stay in the room, don't go home 902 00:48:42,600 --> 00:48:45,160 Speaker 1: until we get until you say here's here's a way forward, 903 00:48:45,200 --> 00:48:47,160 Speaker 1: we're all ready to vote, We're ready to go. We 904 00:48:47,239 --> 00:48:51,120 Speaker 1: think this is a very sensible, reasonable, bipartisan way forward. 905 00:48:51,920 --> 00:48:54,920 Speaker 1: That was my exclusive interview with the chairman of the 906 00:48:54,920 --> 00:48:58,200 Speaker 1: Problem Solvers Caucus. The Problem Solvers Caucus is, of course 907 00:48:58,320 --> 00:49:00,640 Speaker 1: a group of bypart is the members up on Capitol Hill. 908 00:49:00,800 --> 00:49:02,759 Speaker 1: I had a couple of takeaways from it, you know, 909 00:49:03,160 --> 00:49:08,120 Speaker 1: from Josh Gottheimer, Democrat from Jersey, uh Tom Reid, a 910 00:49:08,120 --> 00:49:10,840 Speaker 1: Republican from New York. I mean, the big thing is 911 00:49:10,880 --> 00:49:13,719 Speaker 1: that Speaker Pelosi is saying that she's going to keep 912 00:49:13,719 --> 00:49:17,759 Speaker 1: the House in session until until they get to some 913 00:49:17,840 --> 00:49:23,040 Speaker 1: type of deal, and so publicly while Democratic leadership in 914 00:49:23,080 --> 00:49:27,360 Speaker 1: the House is kind of politely ish rolled their eyes 915 00:49:27,920 --> 00:49:31,360 Speaker 1: at this proposal. It is the first time that moderates 916 00:49:31,400 --> 00:49:35,080 Speaker 1: and both parties have said, you know what, here's our deal. Here, 917 00:49:35,160 --> 00:49:38,920 Speaker 1: here's where we think you all should get now. Mark Meadows, 918 00:49:38,960 --> 00:49:42,080 Speaker 1: who of course is the President's acting chief of staff, 919 00:49:42,640 --> 00:49:45,080 Speaker 1: also we should note, was one of the founding members 920 00:49:45,080 --> 00:49:48,920 Speaker 1: of the ultra conservative Freedom Caucus. He's actually said that 921 00:49:49,000 --> 00:49:52,480 Speaker 1: it's a it's a proposal worthy of of of debate. 922 00:49:53,239 --> 00:49:55,759 Speaker 1: So the White House is a little bit more receptive 923 00:49:55,760 --> 00:49:58,520 Speaker 1: of this, uh than than what we've seen from the Democrats. 924 00:49:58,520 --> 00:50:01,560 Speaker 1: In terms of political strategy argument. It could provide some 925 00:50:01,680 --> 00:50:05,200 Speaker 1: cover for moderates and districts, both Republicans and Democrats to 926 00:50:05,239 --> 00:50:06,960 Speaker 1: say that they were able to get on board with this. 927 00:50:07,040 --> 00:50:11,799 Speaker 1: But you know, I think as a policy mechanism, it 928 00:50:11,960 --> 00:50:15,359 Speaker 1: presented something that could be in an ultimate deal, which 929 00:50:15,520 --> 00:50:21,879 Speaker 1: is a sunshine clause or a massive clause. Uh. And yeah, 930 00:50:22,000 --> 00:50:23,879 Speaker 1: coming up, I just want to cut into some breaking 931 00:50:23,920 --> 00:50:25,680 Speaker 1: headlines for President Trump. He says he's going to get 932 00:50:25,680 --> 00:50:28,480 Speaker 1: a briefing on TikTok deal tomorrow morning. He's not prepared 933 00:50:28,560 --> 00:50:32,359 Speaker 1: to sign off on anything related with TikTok much more 934 00:50:32,400 --> 00:50:34,680 Speaker 1: coming up next on all that. I'm Kevin Sireli, Chief 935 00:50:34,680 --> 00:50:37,200 Speaker 1: Watching the correspondent for Bloomberg TV and Radio. You're listening 936 00:50:37,239 --> 00:50:42,800 Speaker 1: to Bloomberg. You're listening to Bloomberg. Sound On with Kevin 937 00:50:42,800 --> 00:50:46,759 Speaker 1: Sirel on Bloomberg and one oh five point seven f 938 00:50:46,880 --> 00:50:49,400 Speaker 1: M h D two. My name is Kevin Cirelli. I 939 00:50:49,440 --> 00:50:53,040 Speaker 1: am the chief Washington correspondent for Bloomberg Television and for 940 00:50:53,200 --> 00:50:59,160 Speaker 1: Bloomberg Radio. Did anybody watch that? ABC? Who's George Stephanopolis 941 00:50:59,640 --> 00:51:03,440 Speaker 1: town hall with the President Trump and now Biden's tonight? 942 00:51:03,480 --> 00:51:07,239 Speaker 1: So I'll be fascinating to see what what goes on. 943 00:51:07,360 --> 00:51:09,040 Speaker 1: What goes on in these town halls? I don't know, 944 00:51:09,200 --> 00:51:11,759 Speaker 1: does anybody watch them? I think everyone's holding out for 945 00:51:11,800 --> 00:51:14,560 Speaker 1: the debates, you know, and I, uh, we're gonna be 946 00:51:14,600 --> 00:51:16,880 Speaker 1: at all the debates, So we're gonna have continuing coverage 947 00:51:16,880 --> 00:51:21,160 Speaker 1: cross platform on the terminal, Bloomberg TV, Bloomberg Radio and 948 00:51:21,280 --> 00:51:24,279 Speaker 1: the like. Uh, and I just want to hit these 949 00:51:24,280 --> 00:51:27,239 Speaker 1: breaking headlines that crossed the Bloomberg terminal just within the 950 00:51:27,320 --> 00:51:30,359 Speaker 1: last five minutes. President Trump says he's going to get 951 00:51:30,360 --> 00:51:34,560 Speaker 1: a briefing on the TikTok deal tomorrow morning, and the 952 00:51:34,560 --> 00:51:36,880 Speaker 1: President also saying at the White House just within the 953 00:51:36,920 --> 00:51:39,520 Speaker 1: last ten minutes that he has not prepared to sign 954 00:51:39,560 --> 00:51:43,400 Speaker 1: off on anything until he gets the details. So SIPPHIA 955 00:51:43,480 --> 00:51:46,040 Speaker 1: is still not out with their specific ruling as it 956 00:51:46,080 --> 00:51:49,000 Speaker 1: relates to TikTok and Oracle. We should know that there 957 00:51:49,080 --> 00:51:52,280 Speaker 1: was a group of Republican Senators that actually came through 958 00:51:52,880 --> 00:51:55,680 Speaker 1: earlier today. They wrote the White House and they said 959 00:51:55,719 --> 00:51:59,960 Speaker 1: not so fast. They've got some concerns about Larry i'll 960 00:52:00,000 --> 00:52:04,560 Speaker 1: Sin's Oracle taking on taking over TikTok, and whether or 961 00:52:04,560 --> 00:52:07,319 Speaker 1: not they would actually have him an already stake in 962 00:52:07,360 --> 00:52:11,279 Speaker 1: the company, or if Oracle would have that majority stake, 963 00:52:11,440 --> 00:52:15,160 Speaker 1: or if bike Dance would still get that majority stake. 964 00:52:15,200 --> 00:52:17,520 Speaker 1: So there's been all of this reporting. Slam Osen doing 965 00:52:17,600 --> 00:52:20,719 Speaker 1: excellent work for Bloomberg on this. Uh you know, is 966 00:52:20,760 --> 00:52:23,080 Speaker 1: it jobs? What number of jobs would be in the 967 00:52:23,160 --> 00:52:26,759 Speaker 1: United States upwards? You know, we don't know, We just 968 00:52:26,840 --> 00:52:31,360 Speaker 1: don't know, but we're following that story very very closely. 969 00:52:31,800 --> 00:52:34,400 Speaker 1: I do want to point out just the continuing tensions 970 00:52:34,400 --> 00:52:37,760 Speaker 1: between the U S and China. The Treasury Department also 971 00:52:38,360 --> 00:52:45,080 Speaker 1: announcing some some sanctions against a Chinese construction firm that 972 00:52:45,520 --> 00:52:47,680 Speaker 1: was posing as a tourism Get this, they were posing 973 00:52:47,719 --> 00:52:51,960 Speaker 1: as tourism for Cambodia and Africa, but then ultimately they 974 00:52:51,960 --> 00:52:53,880 Speaker 1: were trying to make a military base. So the tension 975 00:52:54,000 --> 00:52:57,359 Speaker 1: still mounting between the US and China. It's time now 976 00:52:57,440 --> 00:53:01,160 Speaker 1: for my favorite part of the program, What's on your Radar? 977 00:53:01,200 --> 00:53:03,239 Speaker 1: And I've got a good one today that was sent 978 00:53:03,320 --> 00:53:08,200 Speaker 1: to me by our executive producer, the indefatigable Christine Barrata. 979 00:53:08,280 --> 00:53:11,400 Speaker 1: Joel Payne's with me, democratic strategist, former director of African 980 00:53:11,440 --> 00:53:16,040 Speaker 1: American Media Outreach to Hillary Clinton's presidential campaign. And William 981 00:53:16,120 --> 00:53:19,480 Speaker 1: McGinley returns. He's the principal at the Vogel Group, former 982 00:53:19,520 --> 00:53:23,120 Speaker 1: White House Cabinet secretary, and former Deputy Council at the 983 00:53:23,120 --> 00:53:29,120 Speaker 1: Republican National Committee. William McGinley, what's on your radar? Look 984 00:53:29,160 --> 00:53:31,560 Speaker 1: with the Big Ten announcing that they're going to resume 985 00:53:31,680 --> 00:53:38,560 Speaker 1: football next month. Uh, where where's the PAC twelve? This 986 00:53:38,719 --> 00:53:41,319 Speaker 1: is the power of five conferences. We've now got four. 987 00:53:41,440 --> 00:53:44,680 Speaker 1: We need the fifth to come online. Pact twelves has 988 00:53:44,840 --> 00:53:48,320 Speaker 1: entered into an agreement with the Daily Rapid Testing Company. 989 00:53:48,560 --> 00:53:50,759 Speaker 1: I think it's the precursor hopefully for them to come 990 00:53:50,800 --> 00:53:52,799 Speaker 1: back and play and maybe we can have an old 991 00:53:52,840 --> 00:53:55,759 Speaker 1: fashioned Rose Bowl again with the Pact twelve versus the 992 00:53:55,840 --> 00:53:58,920 Speaker 1: Big Ten with the two conference champions. You know, I 993 00:53:59,400 --> 00:54:03,000 Speaker 1: just gotta say, they played football back in during the 994 00:54:03,200 --> 00:54:05,800 Speaker 1: during the last pandemic. So I don't understand why college 995 00:54:05,800 --> 00:54:08,719 Speaker 1: football is trying to get out of this. But huge news, uh, 996 00:54:08,880 --> 00:54:11,520 Speaker 1: with regards to everything going on with the Big Ten. 997 00:54:11,640 --> 00:54:16,400 Speaker 1: And listen after my Eagles just absolutely blew it to 998 00:54:16,560 --> 00:54:19,440 Speaker 1: the to the team that literally shall not be named, 999 00:54:20,080 --> 00:54:24,160 Speaker 1: I mean the football team I need. Maybe maybe I 1000 00:54:24,160 --> 00:54:26,600 Speaker 1: can start rooting for for Penn State. Maybe I'll I'll 1001 00:54:26,640 --> 00:54:28,719 Speaker 1: lift my spirits. That's a great one. Joel Payne, what's 1002 00:54:28,719 --> 00:54:31,800 Speaker 1: on your radar? Well, what's all my radars? You mentioned 1003 00:54:31,800 --> 00:54:34,920 Speaker 1: a bit before the President did this town hall um 1004 00:54:34,920 --> 00:54:36,960 Speaker 1: in Philadelphia last night. I know a town it's near 1005 00:54:36,960 --> 00:54:42,359 Speaker 1: and due to your heart and really really really tough questions, um, 1006 00:54:42,440 --> 00:54:47,000 Speaker 1: not from reporters but from average undecided American voters. And 1007 00:54:47,280 --> 00:54:49,680 Speaker 1: you know, I thought the one that was the most 1008 00:54:49,760 --> 00:54:53,239 Speaker 1: interesting was the the interaction he had related to the 1009 00:54:53,280 --> 00:54:57,040 Speaker 1: mask and something that CDC director Redfield had to come 1010 00:54:57,040 --> 00:55:00,520 Speaker 1: out and really issue a correction to today. Um, I 1011 00:55:00,560 --> 00:55:04,080 Speaker 1: think the President really continues to scuffle on coronavirus. And 1012 00:55:04,120 --> 00:55:06,080 Speaker 1: it's not just a partisan issue, but it really is 1013 00:55:06,120 --> 00:55:09,239 Speaker 1: an issue of can the president get this race and 1014 00:55:09,400 --> 00:55:12,440 Speaker 1: get the kind of the focus of kind of the 1015 00:55:12,480 --> 00:55:16,520 Speaker 1: American zeitgeist off of his handling the coronavirus. But he 1016 00:55:16,560 --> 00:55:18,640 Speaker 1: has moments like that. I think this is going to 1017 00:55:18,680 --> 00:55:21,480 Speaker 1: continue to dog him all the way up to election day. Well, 1018 00:55:21,480 --> 00:55:23,239 Speaker 1: you know, Tom Kane made me want to have a 1019 00:55:23,280 --> 00:55:25,680 Speaker 1: cheese steak for breakfast today. You know, I was saying 1020 00:55:25,680 --> 00:55:28,399 Speaker 1: to our to our colleagues on Bloomberg surveillance earlier, he's 1021 00:55:28,719 --> 00:55:32,080 Speaker 1: grilling me about Oracle. He's grilling me about log rhythms. 1022 00:55:32,080 --> 00:55:34,759 Speaker 1: And then he's like, was it Pats or Geno's on 1023 00:55:34,760 --> 00:55:38,960 Speaker 1: that that President Trump had on that? On that cheese steak, 1024 00:55:39,040 --> 00:55:42,200 Speaker 1: I said, listen, I zoomed in. I looked at the cheese, 1025 00:55:42,680 --> 00:55:45,480 Speaker 1: and I think it's pets. But listen, anyone tell Kelly 1026 00:55:45,520 --> 00:55:48,120 Speaker 1: and Conway that she should have taken him to Tony Lukes? 1027 00:55:48,160 --> 00:55:51,040 Speaker 1: What do I know? Right? Just to kids from delco um. 1028 00:55:51,200 --> 00:55:52,879 Speaker 1: But I do want to note, I mean, you picked 1029 00:55:52,960 --> 00:55:54,680 Speaker 1: up on something and I just want to ask you 1030 00:55:54,680 --> 00:55:56,520 Speaker 1: about this before I tell you what's on my radar. 1031 00:55:57,000 --> 00:55:59,920 Speaker 1: When I look at the polls, the pandemic is still dry, 1032 00:56:00,000 --> 00:56:03,640 Speaker 1: having the conversation, not the economy. And I keep drumming 1033 00:56:03,640 --> 00:56:06,840 Speaker 1: home this point because whether it's with and China is 1034 00:56:06,880 --> 00:56:10,120 Speaker 1: not catching on yet. I think next week with Senator 1035 00:56:10,200 --> 00:56:13,399 Speaker 1: Johnson that that conversation could shift. But when I look 1036 00:56:13,400 --> 00:56:18,120 Speaker 1: at the polls, it's still the pandemic and not the economy. 1037 00:56:18,680 --> 00:56:21,759 Speaker 1: Am I wrong, Joel? Am I wrong? William McGinley, Joel, 1038 00:56:21,800 --> 00:56:24,840 Speaker 1: you go first. You're absolutely right. It's the It is 1039 00:56:24,880 --> 00:56:27,360 Speaker 1: the thing that is creating everything for this president, and 1040 00:56:27,400 --> 00:56:29,839 Speaker 1: it's controlling every week of this race. It's why two 1041 00:56:29,880 --> 00:56:32,600 Speaker 1: weeks ago the president wanted to talk about unrest and 1042 00:56:32,640 --> 00:56:35,360 Speaker 1: protest in Wisconsin because he knows that every week he 1043 00:56:35,400 --> 00:56:38,040 Speaker 1: has to talk about coronavirus is a week that's a 1044 00:56:38,080 --> 00:56:40,600 Speaker 1: bad week for him because the public is not on 1045 00:56:40,680 --> 00:56:43,360 Speaker 1: his side. The rest of this race will be a 1046 00:56:43,400 --> 00:56:46,160 Speaker 1: battle for who can get the week focused on what 1047 00:56:46,200 --> 00:56:49,040 Speaker 1: they want to talk about. Is the economy, is the coronavirus? 1048 00:56:49,160 --> 00:56:52,880 Speaker 1: Is something else that we haven't thought about yet? William, 1049 00:56:53,080 --> 00:56:55,120 Speaker 1: I tell you that, Kevin, I would tell you that 1050 00:56:55,160 --> 00:56:58,480 Speaker 1: they're not mutually exclusive. The pandemic and the economy are 1051 00:56:58,680 --> 00:57:02,319 Speaker 1: totally related. And I'd also throw in some of the 1052 00:57:02,360 --> 00:57:05,720 Speaker 1: civil unrest because there's a pandemic overlay on that as well. 1053 00:57:06,000 --> 00:57:08,720 Speaker 1: I think that you when you when you defeat the virus, 1054 00:57:08,760 --> 00:57:12,600 Speaker 1: the economy comes back, conditions improve, both in urban and 1055 00:57:12,680 --> 00:57:15,319 Speaker 1: rural America. So I think they're all related. This is 1056 00:57:15,360 --> 00:57:19,080 Speaker 1: the ultimate kitchen table election. If you look at everything 1057 00:57:19,080 --> 00:57:22,600 Speaker 1: that families are worried about, whether it's family security including 1058 00:57:22,600 --> 00:57:26,560 Speaker 1: their health, whether it's jobs, education for their children, it's 1059 00:57:26,640 --> 00:57:29,240 Speaker 1: all related to the pandemic. You can't separate any of 1060 00:57:29,280 --> 00:57:31,959 Speaker 1: these issues. It's you know you're wrong, though, William, because 1061 00:57:31,960 --> 00:57:36,160 Speaker 1: it's just you forgot something. It's a socially distanced kitchen 1062 00:57:36,200 --> 00:57:39,080 Speaker 1: table election. You know. Hey, when I was up on 1063 00:57:39,160 --> 00:57:42,560 Speaker 1: Capitol Hill with with Congressman Gottheimer and Congressman read I, 1064 00:57:42,800 --> 00:57:45,520 Speaker 1: we we were all socially distanced. You know, we all 1065 00:57:45,560 --> 00:57:48,400 Speaker 1: stood apart, you know, and I we got to respect that. 1066 00:57:48,400 --> 00:57:50,800 Speaker 1: All right, Here's what's on my radar. Jersey Shore. This 1067 00:57:50,880 --> 00:57:52,440 Speaker 1: is the first year, folks that I haven't been to 1068 00:57:52,440 --> 00:57:55,280 Speaker 1: the Jersey Shore. You know, I'm not going to those beaches. 1069 00:57:55,320 --> 00:57:58,439 Speaker 1: After I saw those pictures. You're getting me Jersey Shore 1070 00:57:58,560 --> 00:58:02,680 Speaker 1: crowd stokes fear with a jump and seen COVID cases. 1071 00:58:02,720 --> 00:58:05,200 Speaker 1: Don't worry. This is on the Bloomberg terminal, Bloomberg. I'm 1072 00:58:05,200 --> 00:58:07,960 Speaker 1: reading from the Bloomberg terminal about the Jersey Shore at 1073 00:58:08,040 --> 00:58:11,720 Speaker 1: least young reports. New Jersey health officials warned of the 1074 00:58:11,760 --> 00:58:16,840 Speaker 1: novel coronavirus spreading among younger residents, citing a climbing rate 1075 00:58:16,920 --> 00:58:21,479 Speaker 1: of positive tests amongst those ages fourteen to twenty four 1076 00:58:21,600 --> 00:58:25,040 Speaker 1: and a massive gathering this week outside of the home 1077 00:58:25,440 --> 00:58:30,440 Speaker 1: where MTVS Jersey Shore was filmed. Positivity among fourteen to 1078 00:58:30,520 --> 00:58:34,160 Speaker 1: eighteen year olds has more than doubled to seven percent 1079 00:58:34,240 --> 00:58:38,400 Speaker 1: from three percent in August this according to the Jersey 1080 00:58:38,440 --> 00:58:42,080 Speaker 1: Health Commissioner, and the increase was even greater among the 1081 00:58:42,160 --> 00:58:46,120 Speaker 1: nineteen to twenty four sets, to seven point one percent 1082 00:58:46,200 --> 00:58:49,000 Speaker 1: to two point seven percent. Governor Phil Murphy said the 1083 00:58:49,080 --> 00:58:52,560 Speaker 1: latest figures are roughly three times higher than for the 1084 00:58:52,680 --> 00:58:57,720 Speaker 1: general population state wide. I mean, I don't understand. Don't 1085 00:58:57,760 --> 00:59:01,680 Speaker 1: go party outside of the MTV Jersey shorehouse if you're 1086 00:59:01,680 --> 00:59:04,840 Speaker 1: in Jersey. I've got nothing against seaside heights. I know 1087 00:59:04,960 --> 00:59:08,160 Speaker 1: it very well, but I you can't do it. And 1088 00:59:08,880 --> 00:59:11,320 Speaker 1: William McGinley, you're a Republican. I gotta give you the 1089 00:59:11,320 --> 00:59:15,080 Speaker 1: final word on this. Am I wrong or am I right? No, 1090 00:59:15,280 --> 00:59:17,520 Speaker 1: You're right. Everybody needs to play their part. It's a 1091 00:59:17,560 --> 00:59:20,600 Speaker 1: whole of America approach. Be responsible because the actions you 1092 00:59:20,640 --> 00:59:23,040 Speaker 1: take may not impact you, but they're going to impact 1093 00:59:23,120 --> 00:59:26,120 Speaker 1: your family members, friends, and your co workers. Everybody has 1094 00:59:26,160 --> 00:59:29,120 Speaker 1: a role to play here. Don't do stupid things, all right, 1095 00:59:29,200 --> 00:59:32,040 Speaker 1: and listen. You know we can all wait one more summer. 1096 00:59:32,320 --> 00:59:35,000 Speaker 1: My thanks to Joel Payn's Democratic strategist, as well as 1097 00:59:35,000 --> 00:59:38,000 Speaker 1: William McGinley, principal at the Vogel Group. Thank you gentlemen 1098 00:59:38,040 --> 00:59:40,000 Speaker 1: for joining me for the hour, as well as to 1099 00:59:40,040 --> 00:59:44,000 Speaker 1: Congressman Josh Gottheimer, Tom Reid, and Rick Ronell as well 1100 00:59:44,040 --> 00:59:46,760 Speaker 1: for joining us. Coming up tomorrow more policy and politics. 1101 00:59:46,840 --> 00:59:49,720 Speaker 1: Download the Bloomberg Sound On podcast on Apple, it tunes, 1102 00:59:49,760 --> 00:59:52,320 Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business app. 1103 00:59:52,600 --> 00:59:54,840 Speaker 1: You can also find me on Radio dot com, I 1104 00:59:54,920 --> 00:59:57,560 Speaker 1: Heart Radio, and Spotify. My name is Kevin sur Really. 1105 00:59:57,760 --> 01:00:00,320 Speaker 1: I'm the chief Washington correspondent for Bloomberg. Tell vision an 1106 01:00:00,440 --> 01:00:03,600 Speaker 1: for Bloomberg Radio and thank you for listening to Bloomberg 1107 01:00:04,560 --> 01:00:04,760 Speaker 1: One