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Speaker 1: Live from our nation's camera. How do we reopen this economy?

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

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

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Speaker 1: Bloomberg Sound on, the Insiders, the influencers, the insides. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. We're looking at seventy kenneddates for different ductines.

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

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Speaker 1: never happens again? This is Bloomberg Sound On with Kevin

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

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Speaker 1: h D two. Treasury Secretary Stephen Nishan testifies on Capitol Hill.

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Speaker 1: What did he say? Meanwhile? President Trump in Kenosha? Will

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Speaker 1: it up end? Will it upend? The lots to get through.

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Speaker 1: But coming up, I'm gonna bring you my interview with

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Speaker 1: Ian Bremer. Ian Bremer of the Eurasia Group. We h

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Speaker 1: my colleague, my pal Taylor Riggs, and I. We interviewed

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Speaker 1: him on a balance of power. Earlier today we talked

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Speaker 1: all about US and China, the Pentagon's report with regards

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Speaker 1: to China's military capabilities. Wait to hear about that and

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Speaker 1: we'll check in with the Congressman French Hill about what's

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Speaker 1: going on up there on the stimulus. And I spoke

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Speaker 1: with Zom Buyer of Virginia's eighth Congressional District A Democrats

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Speaker 1: as well. So we're gonna have every angle covered, the policy,

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Speaker 1: the politics. But we begin with the Treasury secretaries um

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Speaker 1: testimony on Capitol Hill today. Ellen Hughes Cromwick is on

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Speaker 1: the line. She is, of course, the Chief Economists for

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Speaker 1: Commerce with the Obama administration. Now she is a senior

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Speaker 1: Resident Fellow a Third Way, former chief Global Economists at

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Speaker 1: Ford Motor Ellen, I'm I'm so grateful for your time

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Speaker 1: and thrilled to have you on the program, your first

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Speaker 1: time on the program. What did what did we gather

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Speaker 1: in terms of Secretary Minutions testimony today about how close

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Speaker 1: we might be to fiscal stimulus deal? Well, thanks, Kevin,

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Speaker 1: glad to be here. Quite interesting in that he appeared

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Speaker 1: to provide some bit of a crack to an open

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Speaker 1: door to begin negotiating in earnest for a phase for

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Speaker 1: release package. I thought it was fascinating that he started

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Speaker 1: with a list of I think I counted ten different

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Speaker 1: items that should be in a package, support for school testing, vaccines,

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Speaker 1: more PPP, unemployment insurance, childcare agg USPS liability insurance. I

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Speaker 1: mean he went on with a list which, in fact,

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Speaker 1: the Democrats have put in a hero's act, as you know,

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Speaker 1: back in mid May. And I found it interesting because

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Speaker 1: you know, I mean, Ellen, you know this. I mean

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Speaker 1: when I interviewed Republicans, they say, uh, Democrats, they got

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Speaker 1: to lower their number. And every time I interview, every

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Speaker 1: time I enter your Democrats, they say, months ago we

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Speaker 1: passed the bill. And I just think, to the average

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Speaker 1: person outside of Washington, d C. They're thinking, this is

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Speaker 1: not the way the world works, folks. I guess only

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Speaker 1: in Washington, d C, where you can have an impast

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Speaker 1: for months. And so I guess my question take us

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Speaker 1: behind the scenes, because you've been on the front lines,

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Speaker 1: you've sat at the negotiating table of these deals. What

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Speaker 1: is it going to take? I mean, a trillion dollars

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Speaker 1: is no chump change. What is it going to take

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Speaker 1: to get them to some type of common ground? Because

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Speaker 1: people are really hurting out there and their Republicans learning

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Speaker 1: and Democrats hurting absolutely. You know, it isn't a symmetric situation.

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Speaker 1: I you know there's no false equivalent here. Uh they

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Speaker 1: You know, if you just said, Kevin, we know what

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Speaker 1: the numbers are. We see the food lines, we see

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Speaker 1: a people who are insecure in terms of housing. We

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Speaker 1: know that we've got not only over sixty million unemployed,

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Speaker 1: but we've got almost thirty million of people on unemployment insurance.

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Speaker 1: The facts are the facts. And as you said, I

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Speaker 1: thought today there was a substantive exchange of ideas and

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Speaker 1: that they're moving toward, hopefully some consensus about what to do.

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Speaker 1: But we can't sit here and do nothing. I mean,

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Speaker 1: we just did a clean energy business survey. We had

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Speaker 1: two hundred and fifty businesses respond and you know, you're

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Speaker 1: talking about a growth industry three and a half million

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Speaker 1: employees and clean energy businesses last year growing ten percent

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Speaker 1: in two thousand and fifteen. And they said unequivocally they've

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Speaker 1: been hit by COVID and if they don't get more

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Speaker 1: assistance in the next three months, are going to have

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Speaker 1: to cut jobs, hours, wages. And that's really we're on

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Speaker 1: the cusp of that. So as a forecaster, I'm looking

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Speaker 1: ahead and I see a lot of dark clouds. We

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Speaker 1: have to address this, and I hope you know, the

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Speaker 1: Senate can really come come through on this. Ellen Hughes

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Speaker 1: Cromwick is on the line. I mean, she's worked literally everywhere. Currently,

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Speaker 1: she is a Senior Resident Fellow. A third way, she's

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Speaker 1: the former chief Global economist at Ford Motor. She was

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Speaker 1: the chief economist for Commerce with the Obama administration, and

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Speaker 1: and actually got her start in the Reagan administration, UH

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Speaker 1: in the in the nineteen in the mid nineteen eighties.

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Speaker 1: And so you've really studied that, you've been the economist

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Speaker 1: for for so many working class issues in this country,

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Speaker 1: and you talk about those storm clouds. It gives people

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Speaker 1: a lot of pause. It gives people, rightfully, a lot

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Speaker 1: of anxiety about the prospects of fourth quarter furloughs or

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Speaker 1: worst layoffs, where we all have seen the headlines across

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Speaker 1: the Bloomberg terminal, tens of thousands of jobs at stake,

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Speaker 1: whether it's in the airline sector, whether it's in uh

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Speaker 1: the tourism sector Las Vegas, whether it's in the hospitality

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Speaker 1: or retailer or restaurants. I mean, but I think of

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Speaker 1: all of the potential and we can't measure the potential

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Speaker 1: loss on experience or on on job gains I mean

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Speaker 1: the front page of the Wall Street Journal today talking

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Speaker 1: about NBA students who are going to have a difficult

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Speaker 1: time breaking into the job to job market. Ellen, what

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Speaker 1: is something that is ongoing unnoticed? You mentioned the ten

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Speaker 1: bullet points that that lawmakers are are negotiating over, But

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Speaker 1: what would you like to see, given your wide ranging experience,

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Speaker 1: what would you like to see the eleventh bullet on

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Speaker 1: that list to help alleviate some of these concerns that

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Speaker 1: maybe we're not talking about. Well, you know, we got

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Speaker 1: a buffet of assistance from the FED and other global

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Speaker 1: central banks for financial markets. They came out and dozens

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Speaker 1: of programs to offer liquidity and that has helped to

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Speaker 1: really bolster the financial mark hits. Why can't we have

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Speaker 1: firepower on the fiscal side to match the problems that

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Speaker 1: we see not only today but what I see as

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Speaker 1: a forecaster out in the next three to six months. Now. Granted,

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Speaker 1: we've had some recovery, and that has really been because

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Speaker 1: the cares I Act did provide a lot of assistance.

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Speaker 1: I mean, that was really well crafted. But the job

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Speaker 1: isn't done and if we stop now, we're losing and

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Speaker 1: really you know, kind of wasting a lot of what

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Speaker 1: we had in the Cares Act, some of the survey

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Speaker 1: you know, respondents that we um you know, we had

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Speaker 1: basically said, look, if something doesn't get done, that is

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Speaker 1: more PPP. So you asked me, what do you do?

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Speaker 1: You really got to double down more PPPs. We have

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Speaker 1: to help businesses directly. We need cash going out to

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Speaker 1: people who can't buy food. We need more unemployment, insurance, healthcare,

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Speaker 1: and childcare. I think one of the congress people today

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Speaker 1: pointed out that we've added four plus million people to

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Speaker 1: the ranks of the uninsured. What the heck? I mean,

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Speaker 1: We're in a We're in a pandemic exactly. And and

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Speaker 1: just in the in the last minute that we have left,

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Speaker 1: I mean, just to to you, just recently published a

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Speaker 1: memo on Third Waves website how clean energy businesses can

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Speaker 1: survive and thrive after COVID nineteen. So much of the

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Speaker 1: energy sector at stake in the presidential election. Yesterday, Democratic

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Speaker 1: presidential nominee Joe Biden speaking on racial inequality in southwestern

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Speaker 1: Pennsylvania Pittsburgh, but he also discussed fracking and said he

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Speaker 1: was not looking to ban fracking. Talk to me about

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Speaker 1: just how important clean energy is going to play in

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Speaker 1: the upcoming election quickly. Um, just absolutely critical. Like I said,

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Speaker 1: three and a half million jobs. That's almost as many

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Speaker 1: jobs that visit in the auto set, jury dealerships and

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Speaker 1: all of them. So huge part of our economy and

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Speaker 1: we're all moving that direction. Look at the financial market

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Speaker 1: didding and and really moving funds into sustainable, clean energy businesses.

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Speaker 1: So it's happening. You know, the facts are there, and

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Speaker 1: we've got to support it and get the fly wheel moving. Well. Listen,

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Speaker 1: I really appreciate your time. Ellen. Would you come back on. Oh,

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Speaker 1: we'd love to thank you, Kevin anytime. Ellen Hughes Cromwell.

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Speaker 1: She is the chief economist. She was the chief economist

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Speaker 1: for the Commerce with the Obama administration. Now she's a

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Speaker 1: senior Resident Fellow at Third Way, the former chief Global

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Speaker 1: Economists at Ford Motor. I mean her resident folks. She

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Speaker 1: is uh, she's she's been the president of the National

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Speaker 1: Association for Business Economics. She was on the advisory board

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Speaker 1: for Working Nation and Macro Policy Perspectives. I mean, she

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Speaker 1: grew up in Upstate New York. My favorite part of

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Speaker 1: her bio. Ellen's bio she's the daughter of a teacher

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Speaker 1: and a nurse. She this she understands these issues from

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Speaker 1: just how she was raised. You know, the frontline worker.

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Speaker 1: She is the she is the the daughter and the

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Speaker 1: frontline worker. Coming up for policy and politics. My name

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Speaker 1: is Kevin Curreli on the Chief Washington correspondent for Bloomberg

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Speaker 1: Television and for Bloomberg Radio. You're listening to Bloomberg ninety

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Speaker 1: nine one. You're listening to Bloomberg Sound On with Kevin

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

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Speaker 1: m h D two. Can show Kennedy pull off an

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Speaker 1: upset Kennedy vers the incumbent. If you're not, if you're

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Speaker 1: a political junkie, and you're not, you know, foaming at

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Speaker 1: the mouth over a potential over the over the Democratic

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Speaker 1: Massachusetts primary, then then you're not a political junkie. It's

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Speaker 1: gonna be remarkable. I'm not gonna be able to go

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Speaker 1: to sleep tonight, gonna be up late watching cann You

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Speaker 1: pull off the upset against the progressive the Bernie Sanders Um.

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Speaker 1: I don't know, clone, I don't know if I'm allowed

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Speaker 1: to say it anyway, the Democratic Massachusetts primary, it's gonna

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Speaker 1: be a real, a real doozy. Anyway, let's talk geopolitics,

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Speaker 1: because earlier today my colleague Taylor Riggs and I I spoke.

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Speaker 1: We spoke with Ian Bremer, the president of the Eurasia Group,

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Speaker 1: the legendary Ian Bremer of the Eurasia Group, and we

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Speaker 1: talked about all things geo political and um. Well, take

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Speaker 1: a listen to what he had to say about the

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Speaker 1: developments with regards to the Pentagon's releasing a report earlier

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Speaker 1: today about China's China's expanding nuclear capabilities, hopefully not too much.

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Speaker 1: China has always heretofore considered that a nuclear arms race

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Speaker 1: was not in their interest, that an'ton want to play.

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Speaker 1: They have a three hundred nuclear warheads right now compared

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Speaker 1: to about six thousand in the United States. It's unfortunate,

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Speaker 1: but the Chinese government is now as part of growing

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Speaker 1: nationalism UH, signaling to their own people more than to

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Speaker 1: the United States UH, that they are preparing to modernize

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Speaker 1: and expand that capacity. But it's very far from say

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Speaker 1: where the Americans are where the Russians are. It says

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Speaker 1: a lot more about the fact that shij and Ping

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Speaker 1: has had a horrible year the Chinese president and that

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Speaker 1: he is engaging in greater nationalism everywhere, whether it's the

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Speaker 1: fight that we're seeing that's flared up yet again in

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Speaker 1: the Himalayas with the Indians, whether it is the very

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Speaker 1: assertive unilateral UM national security law they put in place

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Speaker 1: UM in Hong Kong, whether it's the arrest of Canadian,

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Speaker 1: of Australia other nationals UM in China. Right now, I mean,

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Speaker 1: all of these things are showing more about the potential

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Speaker 1: insecurity of shijin Ping than they are about a near

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Speaker 1: term threat to the United States. I want to take

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Speaker 1: the conversation right there on what you describe Ian Bremer

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Speaker 1: as the horrible year for shijing Ping and the insecurity

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Speaker 1: of shi jing Ping, because all of the developments you listed,

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Speaker 1: you look at the g d P and how China

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Speaker 1: as a country has outperformed the rest of the world.

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Speaker 1: And yet here we are talking about the headlines with

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Speaker 1: regards to vaccinations that are very close to being in

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Speaker 1: the market. Once the vaccinations are in the market, do

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Speaker 1: you anticipate global economic pressure from Europe, from Australia, from

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Speaker 1: the US that will be placed specifically on shi jing Ping.

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Speaker 1: I think it's happening right now. I mean we still

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Speaker 1: have this zombie phase one agreement UM where the Chinese

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Speaker 1: are buying some more from the U S and they've

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Speaker 1: provided some more market access. But the more important economic

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Speaker 1: pressure is coming from the U S and others on

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Speaker 1: important state enterprises. The most important economic institution that China

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Speaker 1: has in Shinjiang, for example, connected to the weaker's massive

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Speaker 1: construction firms. Of course, the tech um cold war that

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Speaker 1: we see, Huawei is firmly being targeted by the U

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Speaker 1: S and many allies. That's the most important national champion

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Speaker 1: China has in new technology. All of this is hurting

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Speaker 1: the Chinese economy, and it's hurting it under Shijin Ping's watch. Uh.

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Speaker 1: You're right that the Chinese economy has rebounded faster than

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Speaker 1: anything else because of their ability to engage in surveillance

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Speaker 1: and quarantine more effectively than other countries. UM. But still

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Speaker 1: we're talking about no growth for China this year. That

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Speaker 1: was inconceivable to the Chinese leadership before the pandemic hit.

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Speaker 1: So even there, you can play the relative game and

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Speaker 1: say that China got their supply chain back up and running,

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Speaker 1: and we're all thankful for that, but this is on

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Speaker 1: any front. You look at this is worse than anything

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Speaker 1: the Chinese leadership could have been prepared for expecting at

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Speaker 1: the beginning of the year. And you, rightfully, I think,

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Speaker 1: bring up the tech cold War five G race, wahweigh pressures.

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Speaker 1: I want to play a sort here a sound bite

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Speaker 1: that we have for you about the President regarding TikTok.

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Speaker 1: Take a listen. Well, I told them that they have

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Speaker 1: till September fifteen to make a deal. After that we

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Speaker 1: closed it up in this country. And I said that

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Speaker 1: the United States has to be compensated, well compensated, because

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Speaker 1: we are the ones that make it impossible, and so

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Speaker 1: we should be compensated. So the Treasury has to be

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Speaker 1: well compensated. Ian TikTok is just an example of stiffiest

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Speaker 1: review of uncertainty about China's data, about their private policies,

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Speaker 1: their data policies, their data gathering policies, all in China.

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Speaker 1: How are you thinking about TikTok and technology broader as

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Speaker 1: the new frontier for Cold War. Well, first, since you

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Speaker 1: played that one quote, you do know that Larry Cutlow

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Speaker 1: and others have publicly admitted they had no idea what

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Speaker 1: Trump was talking about in terms of US treasury being compensated.

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Speaker 1: There's no legal process for that to occur. He was

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Speaker 1: just kind of spitballing, as he frequently does. But I

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Speaker 1: do think that the willingness to go after TikTok we

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Speaker 1: chat Um, you know, force uh these companies to sell

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Speaker 1: or they'll be shut down. I think that's real. Um.

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Speaker 1: And you saw Kevin Meyer's resignation um as CEO UM

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Speaker 1: of TikTok as a consequence of that. I mean, he

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Speaker 1: was not up for running what was gonna have to

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Speaker 1: be an impossible position being torn between the Americans and

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Speaker 1: the Chinese. The Chinese are actually saying that, no, it's

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Speaker 1: not September fifteenth, We're gonna have thirty days where we

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Speaker 1: have to decide whether or not we would allow some

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Speaker 1: of these sensitive Chinese technologies to be exported, the kind

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Speaker 1: of thing the Americans UH and and Europeans have talked

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Speaker 1: about his story workley. If they stick to that position,

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Speaker 1: then there's going to be at least some number of

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Speaker 1: weeks or longer where American teams are gonna have to

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Speaker 1: find a different app to dance on. Right, I mean

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Speaker 1: this is the Chinese can deal with that. I mean,

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Speaker 1: this is not a strategic importance to China. But what

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Speaker 1: it is saying is that apps and app developers, who

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Speaker 1: we thought of as these global citizens that are putting

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Speaker 1: together this programs that everyone's supposed to use. Instead, we're

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Speaker 1: dividing humanity into people that are linked to Chinese apps

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Speaker 1: and people that are linked to other American, Western, Japanese

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Speaker 1: other apps. Um and uh. And not only is that

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Speaker 1: bad for economic efficiency, but of course it's probably bad

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Speaker 1: for humanity, because if we're not all talking to each other,

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Speaker 1: we're much more likely to do humanize each other. Ian,

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Speaker 1: I want to switch gears with you and go to

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Speaker 1: other international relations. The Iran deal was back in focus.

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Speaker 1: Say you have the committee over seeing that meeting back

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Speaker 1: in Vienna to discuss the state of that. I'm thinking,

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Speaker 1: in hindsight, was that deal a good dealing without US participation?

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Speaker 1: Where does Iran stand? Well? I mean the thing was,

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Speaker 1: I supported the deal, but I never thought it was

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Speaker 1: nearly as big of a deal as it was promoted

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Speaker 1: as being by Obama by former Secretary John Kerry. It

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Speaker 1: didn't end all the sanctions, it didn't lead to diplomatic

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Speaker 1: normalization between the US and Iran, it didn't stop the

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Speaker 1: Iranians from putting lots of money into Hezbollah and other

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Speaker 1: radical organizations in the region. Didn't stop them from ballistic

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Speaker 1: missile testing and research that was in breach of other

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Speaker 1: u N Security Council resolutions. It gave them some money,

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Speaker 1: it gave it unfroze some of their assets, that let

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Speaker 1: some investments occur, and it froze their nuclear program. That's

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Speaker 1: a pretty limited deal. So for as much as it accomplished,

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Speaker 1: I thought it was a small step forward. But now

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Speaker 1: that that deal that the Americans have stepped away and

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Speaker 1: and this Vienna meeting makes it very clear we have

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Speaker 1: triggered the snap back procedure at the u N and

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Speaker 1: by nineteen September, the deal will technically be scrubbed from

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Speaker 1: the books of international law and u N sanctions will return.

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Speaker 1: They will snap back, at least that's what the Trump

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Speaker 1: administration wants. That was Ian Bremer. He was the president

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Speaker 1: of the Eurasia Group, and we spoke with him earlier today,

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Speaker 1: my colleague Taylor Riggs and I on Balance of Power.

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Speaker 1: We were filling in for David Weston, and coming up

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Speaker 1: we check in with two lawmakers. Congressman Don Buyer, a Democrat,

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Speaker 1: from Virginia and UH Congressman UH french Hill, a Republican

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Speaker 1: from Arkansas. And we're gonna talk all about the fiscal

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Speaker 1: stimulus talks as well as more policy and politics. That's

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Speaker 1: what is coming up next. But first, first, we gotta

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Speaker 1: take a little breader. I'm Kevin Surley, Chief Washington correspondent

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Speaker 1: Fromlmberg Television. From member Gradio. You're listening to Boomberg. You

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Speaker 1: know one why from our nation's camera? How do we

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

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

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Speaker 1: relationship with China? Bloomberg sound on, the insiders, the influencers,

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

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

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Speaker 1: for different doctoris how do we make sure a pandemic

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

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Speaker 1: on with Kevin's relation on Bloomberg one and one oh

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Speaker 1: five point seven f m h D two. President Trump

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Speaker 1: in Kenosha, Wisconsin. What does it mean for the race?

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Speaker 1: What does it mean for rational inequality policy in the

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Speaker 1: United States? Plus Treasury Secretary Stephen Thenuian testifying on Capitol Hill.

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Speaker 1: Why are some economists optimistic that we could be nearing

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Speaker 1: a fiscal stimulus deal? They're still out an impast though,

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Speaker 1: How long will it last? Lots to get through, lots

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Speaker 1: of policy, lots of politics, plus the race that I'm

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Speaker 1: obsessed over, Canna Kennedy pull off an upset against an

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Speaker 1: incumbent in Massachusetts. We've got every front covered tonight, including

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Speaker 1: that testimony from Secretary Minution and what does it mean

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Speaker 1: for the fiscal stimulus talks? But we begin with Kenosha, Wisconsin,

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Speaker 1: a Kenosha county that President Trump narrowly by a handful, truly,

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Speaker 1: just a couple of thousand votes, defeated then Democratic presidential

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Speaker 1: nominee Hillary Clinton in becoming the first Republican to win

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Speaker 1: that county in several several decades, a feat that at

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Speaker 1: one point had been a Democratic stronghold. Now, of course,

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Speaker 1: Kenosha the latest flashpoint in a series of violence and

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Speaker 1: unrest across the country from Portland to Kenosha. Joining us

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Speaker 1: is Justin Sink. Justin Sink is, of course, a Bloomberg

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Speaker 1: White House reporter. Justin the dynamics of this particular issue

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Speaker 1: playing out from Kenosha to southwestern Pennsylvania, where Joe Biden

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Speaker 1: spoke yesterday. What did we glean from the rhetoric coming

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Speaker 1: from President Trump earlier today? Yeah, I mean, I think

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Speaker 1: what we saw from the President was sort of an

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Speaker 1: unapologetic embraces police and law enforcement at this time where

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Speaker 1: you know, it's a really controversial issue. You saw in

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Speaker 1: Kenosha again an incident where UH an African American community

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Speaker 1: was really upset by officer involved incident, in this case

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Speaker 1: a man with shot seven times in the back h

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Speaker 1: and Kenosha. It resulted in protests that at times turned violent.

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Speaker 1: We saw the president tour some of the businesses that

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Speaker 1: have been damaged in looting and and arson that had happened.

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Speaker 1: But we also saw the other side of this, which

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Speaker 1: was that sort of armed vigilante group came in supporting

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Speaker 1: law enforcement, supporting the president, and that led to even

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Speaker 1: more violence this clashes, clashes happened, two people were killed,

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Speaker 1: a third were shot by a teenager that came over

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Speaker 1: allegedly from Illinois. And so I think that what we

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Speaker 1: what we can kind of take away from this, of course,

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Speaker 1: is that the President for months has been trying to UH,

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Speaker 1: I think, highlight what he calls his law and order credentials,

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Speaker 1: really push for a crackdown on uh protests that we've

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Speaker 1: seen across the country and and strongly voiced support for

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Speaker 1: police and the sort of development of the last week

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Speaker 1: in connection offer that that opportunity to him. They've also

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Speaker 1: prompted Joe Biden, who's as you mentioned, spoke yesterday and

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Speaker 1: outside of Pittsburgh, to start saying, Hey, this unrest is

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Speaker 1: the byproduct of Donald Trump's America. As much as the

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Speaker 1: President wants to blame me for this, the argument that

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Speaker 1: Joe Biden's making is that this is all happening on

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Speaker 1: his on his watch, and that that stems at least

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Speaker 1: in Joe Biden's argument from the President not being able

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Speaker 1: to grapple with or reckon with some of the concerns

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Speaker 1: ser being voiced by activists. Well, let's talk about democrats

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Speaker 1: in the second, but first let's take a listen to

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Speaker 1: what President Trump had to say in Kenosha earlier today.

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Speaker 1: Here's the President of the United States. You could take

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Speaker 1: the people of Kenosha that aren't here and that you

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Speaker 1: won't see, and that aren't protesting, but they want change. Also.

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Speaker 1: They want to see law and order. They want great

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Speaker 1: police force. They want people that are going to keep

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Speaker 1: them safe, where their houses aren't broken into, where they're

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Speaker 1: not raped and murdered. That's what they want. And that

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Speaker 1: was President Trump speaking earlier. Uh and you mentioned Democrats

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Speaker 1: headlined on the Bloomberg terminal. A remarkable story from Jennifer

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Speaker 1: Epstein and Tyler Pager our colleagues. Generally, Democrats pride Biden

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Speaker 1: to quicken pace as race titan Pole show narrowing of race.

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Speaker 1: After Biden takes a week off, Supporters dismissed fears, yet

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Speaker 1: agree he needs to be seen. Joe Biden's supporters are

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Speaker 1: beginning to show signs of anxiety as recent polls track

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Speaker 1: a narrowing race between the Democratic nominee and President Donald Trump,

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Speaker 1: with allies saying they're eager for Biden to hit the

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Speaker 1: ground and make his case and the two months remaining

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Speaker 1: until election day. You know, I I read these reports,

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Speaker 1: I analyze these polls. I know you're just as much

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Speaker 1: of a political poll junkie as I am, but I

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Speaker 1: keep looking at the cross taps because this race the

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Speaker 1: number one issue. It's beating COVID is the economy. How

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Speaker 1: much of a crucial issue is that going to be

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Speaker 1: for the playbook of both Biden and the President, even

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Speaker 1: even if there is a vaccine that's approved next month. Yeah,

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Speaker 1: I mean so. I think the argument that we hear

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Speaker 1: all the time from the Biden campaign is that, uh,

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Speaker 1: that the response to coronavirus and the economy are tied together,

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Speaker 1: and the reason that we are suffering economically at the

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Speaker 1: moment is because the President bungled the coronavirus response. We

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Speaker 1: hear the former Vice president say it over and over

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Speaker 1: again that the reason that we've had the unemployment that

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Speaker 1: we've had, that we've had the economic loss that we

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Speaker 1: have is that, unlike other countries, uh, the shutdown due

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Speaker 1: to coronavirus UM didn't sort of successfully eradicated from the

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Speaker 1: country and has led to these lingering problems and continued

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Speaker 1: flare ups. The President, on the other side, would argue

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Speaker 1: that this is a strength for him, that the economy

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Speaker 1: was doing well before the coronavirus hit, that the stock

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Speaker 1: market is hitting record highs now, that economic activity is

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Speaker 1: starting up again, and that he's so dedicated to the

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Speaker 1: idea of not resuming a shutdown, that there's not another

428
00:26:49,119 --> 00:26:52,400
Speaker 1: kind of existential shock that that could hit the economy.

429
00:26:53,280 --> 00:26:56,000
Speaker 1: We know the polls show that the President continues to

430
00:26:56,200 --> 00:26:59,359
Speaker 1: sort of beat Joe Biden on the issue of the

431
00:26:59,359 --> 00:27:02,879
Speaker 1: economy itself, but the voters are much more likely to

432
00:27:02,920 --> 00:27:07,200
Speaker 1: trust Joe Biden on handling the coronavirus response. So the

433
00:27:07,560 --> 00:27:09,879
Speaker 1: question that's going to really, I think, in form the

434
00:27:09,920 --> 00:27:14,359
Speaker 1: election is how much voters are voting on we know

435
00:27:14,440 --> 00:27:18,320
Speaker 1: the current state of the virus itself versus h the

436
00:27:18,359 --> 00:27:21,720
Speaker 1: economy as a whole. Well, and exactly because by all accounts,

437
00:27:21,720 --> 00:27:26,159
Speaker 1: I mean the headlines and the developments from the pharmaceutical industry,

438
00:27:26,160 --> 00:27:29,040
Speaker 1: By all accounts, you've got a hundred third and thirty

439
00:27:29,240 --> 00:27:33,480
Speaker 1: hundred and thirty vaccinations that are being researched worldwide, about

440
00:27:33,680 --> 00:27:37,119
Speaker 1: nine worldwide, a handful of coming from the United States

441
00:27:37,160 --> 00:27:41,040
Speaker 1: and China that are in phase three of phase four

442
00:27:41,160 --> 00:27:43,840
Speaker 1: of four phases in terms of getting into the development.

443
00:27:44,280 --> 00:27:49,440
Speaker 1: Earlier today, a group of scientists of National Scientists UM

444
00:27:50,560 --> 00:27:55,879
Speaker 1: of different essentially a nonpartisan agency representing nurses and engineers

445
00:27:55,880 --> 00:27:59,480
Speaker 1: and doctors and whatnot. They submitted their guidelines to the

446
00:27:59,480 --> 00:28:04,520
Speaker 1: White House into the medical community, saying that first responders

447
00:28:04,600 --> 00:28:08,160
Speaker 1: and uh military personnel ought to get the vaccine first,

448
00:28:08,160 --> 00:28:12,440
Speaker 1: followed by groups that are more susceptible to the illness um,

449
00:28:12,640 --> 00:28:15,439
Speaker 1: most notably the elderly. How's that going to play in

450
00:28:15,480 --> 00:28:17,520
Speaker 1: just a minute that we have left justin sinc I mean,

451
00:28:17,760 --> 00:28:21,440
Speaker 1: they're prepping for vaccinations, not just you know, not politically,

452
00:28:21,480 --> 00:28:25,280
Speaker 1: but they're actually people prepping for the supply chains and whatnot.

453
00:28:25,320 --> 00:28:27,840
Speaker 1: What do we know about where we are in terms

454
00:28:27,880 --> 00:28:30,960
Speaker 1: of once we do get a vaccine approved, uh, making

455
00:28:30,960 --> 00:28:33,200
Speaker 1: sure that it's it's able to get into the market

456
00:28:33,240 --> 00:28:37,600
Speaker 1: quickly and efficiently. Yeah, you're right. I mean, the administration

457
00:28:37,640 --> 00:28:39,800
Speaker 1: has been spending a ton of time and money and

458
00:28:39,840 --> 00:28:42,760
Speaker 1: effort trying to plan this rollout. But I do expect

459
00:28:42,760 --> 00:28:44,600
Speaker 1: that they're going to probably take an approach similar to

460
00:28:44,640 --> 00:28:47,040
Speaker 1: what they have throughout this pandemic, which is to give

461
00:28:47,160 --> 00:28:50,680
Speaker 1: large deference to stake governors to identify what the needs

462
00:28:50,680 --> 00:28:53,880
Speaker 1: in their states are. But we've seen time and again, UH,

463
00:28:53,880 --> 00:28:56,760
Speaker 1: and particularly with testing, that that can lead to some complications,

464
00:28:56,840 --> 00:29:00,040
Speaker 1: especially as outcomes are different in different places and and

465
00:29:00,160 --> 00:29:02,760
Speaker 1: efficiency is different in different places. So I think that

466
00:29:02,920 --> 00:29:05,080
Speaker 1: is going to be a political test whether it plays

467
00:29:05,080 --> 00:29:08,560
Speaker 1: out before after the election is still you know, tis

468
00:29:09,280 --> 00:29:12,120
Speaker 1: it's gonna be remarkable, all right, Justin Sank thanks so

469
00:29:12,200 --> 00:29:15,280
Speaker 1: much for stopping by and giving us and emptying out

470
00:29:15,440 --> 00:29:18,280
Speaker 1: your reporter's notebook. Justin, as of course, our White House

471
00:29:18,320 --> 00:29:21,880
Speaker 1: correspondent for Bloomberg, give us stock notch fresh records with

472
00:29:21,920 --> 00:29:25,080
Speaker 1: tech shares in the lead, as investors snapped up work

473
00:29:25,280 --> 00:29:30,160
Speaker 1: from home winners Zoom Video literally in the company's well

474
00:29:30,200 --> 00:29:32,480
Speaker 1: positioned for stay at home orders, while Apple pulled the

475
00:29:32,560 --> 00:29:35,920
Speaker 1: SMP five index to a fresh high. More Next, I'm

476
00:29:35,960 --> 00:29:44,200
Speaker 1: Kevin s Really, this is Bloomberg and Night and nine one.

477
00:29:45,320 --> 00:29:49,880
Speaker 1: This is Bloomberg Sound on with Kevin Surley on Bloomberg

478
00:29:51,000 --> 00:29:53,400
Speaker 1: and one or five point seven f m h D two.

479
00:29:54,560 --> 00:29:59,560
Speaker 1: I'm Kevin Sireli, chief Washington correspondent for Bloomberg Television and

480
00:29:59,640 --> 00:30:05,160
Speaker 1: for uh Bloomberg Radio. And we have so much to cover.

481
00:30:05,280 --> 00:30:08,720
Speaker 1: I mean, Treasury Secretary Stephen Venusian was on the hill.

482
00:30:08,960 --> 00:30:11,480
Speaker 1: People are optimistic. They're thinking that they might be actually

483
00:30:11,600 --> 00:30:15,280
Speaker 1: rolling up their sleeves, keeping the masks on, of course,

484
00:30:15,640 --> 00:30:21,240
Speaker 1: but hammering out a deal on a the fiscal stimulus.

485
00:30:21,280 --> 00:30:24,200
Speaker 1: Is it gonna be a trillion? A two? Trillion, three trillion,

486
00:30:24,880 --> 00:30:27,320
Speaker 1: who knows. But first I want to stick with the

487
00:30:28,480 --> 00:30:31,800
Speaker 1: really really important story of the past week, which is

488
00:30:31,800 --> 00:30:35,200
Speaker 1: of course Kenosha and how the various presidential campaigns are

489
00:30:35,280 --> 00:30:38,880
Speaker 1: responding to it. Earlier today, of course President Trump was

490
00:30:38,920 --> 00:30:40,800
Speaker 1: in Kenosha. But I want to welcome to the program

491
00:30:40,840 --> 00:30:44,200
Speaker 1: to just finish up on this particular point before we

492
00:30:44,240 --> 00:30:47,840
Speaker 1: move on to geopolitics. Johnson Elites, who is a geopolitical

493
00:30:47,880 --> 00:30:52,080
Speaker 1: strategist at Trilogy Advisors, a diplomacy consultants consultant to the

494
00:30:52,120 --> 00:30:56,440
Speaker 1: State Department. And Charles Ellison, a veteran political strategist and

495
00:30:56,480 --> 00:31:01,840
Speaker 1: publisher of the b E Note dot com Philly, Philly.

496
00:31:02,000 --> 00:31:04,200
Speaker 1: Mr Ellison is of course from the city of brotherly Love.

497
00:31:04,200 --> 00:31:08,600
Speaker 1: We always welcome to the program, Philly Blood. Charles, thanks

498
00:31:08,640 --> 00:31:14,160
Speaker 1: for joining. You know, I cannot complain, right, I cannot complain.

499
00:31:14,160 --> 00:31:16,840
Speaker 1: I got gratitude. Okay. So I want to start with you, Charles,

500
00:31:16,880 --> 00:31:21,440
Speaker 1: because uh, the vice former Vice president nominee Joe Biden

501
00:31:22,000 --> 00:31:24,240
Speaker 1: was in southwestern Pennsylvania. I want to play for you

502
00:31:24,280 --> 00:31:27,680
Speaker 1: the clip that was the takeaway moment from yesterday's speech

503
00:31:27,720 --> 00:31:29,959
Speaker 1: that Biden gave and I want to get you too

504
00:31:30,000 --> 00:31:33,720
Speaker 1: responsible here he is. Ask yourself, do I look like

505
00:31:33,760 --> 00:31:38,000
Speaker 1: a radical socialist with a soft spot for rioters? Really?

506
00:31:40,160 --> 00:31:44,240
Speaker 1: I want to safe America, safe from COVID, safe from

507
00:31:44,280 --> 00:31:48,800
Speaker 1: crime and loony, safe from racially motivated violence, safe from

508
00:31:48,840 --> 00:31:54,600
Speaker 1: bad cops. Let me be crystal clear, safe from four

509
00:31:54,680 --> 00:31:57,840
Speaker 1: more years of Donald Trump. Okay, so I hear the

510
00:31:57,880 --> 00:32:00,040
Speaker 1: sound by it's great sound by it in terms of

511
00:32:00,080 --> 00:32:02,160
Speaker 1: whether you're Republican or a Democrat. It's a it's a

512
00:32:02,200 --> 00:32:05,720
Speaker 1: strong quote. But then you know the images of yesterday

513
00:32:05,720 --> 00:32:07,960
Speaker 1: of him speaking when they pan out and there's literally

514
00:32:08,000 --> 00:32:10,080
Speaker 1: no one in the room. And then I read these

515
00:32:10,080 --> 00:32:13,360
Speaker 1: headlines on the Bloomberg terminal headline Genery Democrats prod Biden

516
00:32:13,440 --> 00:32:16,800
Speaker 1: to a quicken pace as the race tightens, and at last,

517
00:32:17,040 --> 00:32:21,760
Speaker 1: Democratic strategists, after Democratic strategist former Virginia Governor Terry McCullough,

518
00:32:22,440 --> 00:32:24,640
Speaker 1: who said that Biden should stay home in the face

519
00:32:24,640 --> 00:32:27,400
Speaker 1: of the coronavirus, now is on the record saying, quote,

520
00:32:27,680 --> 00:32:30,880
Speaker 1: he needs to spend the entire fall campaign traveling out

521
00:32:31,000 --> 00:32:33,560
Speaker 1: to battleground states. He needs to do it in a

522
00:32:33,600 --> 00:32:36,080
Speaker 1: manner that keeps people safe. But he needs to have

523
00:32:36,160 --> 00:32:40,760
Speaker 1: a presence in the battleground states. That's Terry mccullof Charles, right.

524
00:32:41,200 --> 00:32:43,680
Speaker 1: You know, we we have a different set of science

525
00:32:43,680 --> 00:32:46,680
Speaker 1: and a different set of data on how we navigate

526
00:32:46,720 --> 00:32:50,040
Speaker 1: through pandemic than we did three months ago. Right, So

527
00:32:50,200 --> 00:32:52,400
Speaker 1: you know, like we we got like a dress rehearsal

528
00:32:52,440 --> 00:32:56,480
Speaker 1: with primaries in all the different states on how to

529
00:32:57,440 --> 00:33:01,320
Speaker 1: how to appropriately and safely using you know, the best

530
00:33:01,320 --> 00:33:04,520
Speaker 1: science from public health practitioners on how to campaign. So

531
00:33:04,560 --> 00:33:06,800
Speaker 1: you know, so people feel a little bit more confident

532
00:33:07,200 --> 00:33:09,800
Speaker 1: about going out there in the world and campaigning than

533
00:33:09,840 --> 00:33:11,920
Speaker 1: they did a few months ago. Um, you know, as

534
00:33:11,920 --> 00:33:14,480
Speaker 1: long as you're masking up, you're washing your hands, you

535
00:33:14,520 --> 00:33:18,200
Speaker 1: got your hand, sanitizing your your physically distancing as best

536
00:33:18,240 --> 00:33:21,040
Speaker 1: as good as you can, especially if you're massed up,

537
00:33:21,080 --> 00:33:24,640
Speaker 1: which Joe Biden does that faithfully, and that's good. Um,

538
00:33:24,680 --> 00:33:27,120
Speaker 1: you know, you can safely campaign. You can safely go

539
00:33:27,160 --> 00:33:31,320
Speaker 1: to these different you know, battleground states and and spread

540
00:33:31,320 --> 00:33:33,800
Speaker 1: your message. I think it was very effective yesterday. I

541
00:33:33,840 --> 00:33:35,880
Speaker 1: think that these were the talking points that you're gonna

542
00:33:35,920 --> 00:33:38,440
Speaker 1: go with if you're Biden Harris for the next sixty

543
00:33:38,440 --> 00:33:43,760
Speaker 1: plus days, because what he was asking last yesterday in Pittsburgh.

544
00:33:44,000 --> 00:33:46,640
Speaker 1: You know, are you safer in Donald Trump's America? That's

545
00:33:46,680 --> 00:33:51,720
Speaker 1: pretty much the version of Ronald Reagan's nineteen eight question,

546
00:33:51,800 --> 00:33:55,640
Speaker 1: are you better off now than you were four years ago?

547
00:33:56,120 --> 00:34:01,000
Speaker 1: I love these historical comparisons because just because I'm such

548
00:34:01,040 --> 00:34:02,960
Speaker 1: a nerd, but you know, and then and then I

549
00:34:03,000 --> 00:34:05,360
Speaker 1: was reading the who wrote it today in the Journal

550
00:34:05,600 --> 00:34:08,239
Speaker 1: when they were saying they were comparing uh, they were saying,

551
00:34:08,239 --> 00:34:13,200
Speaker 1: Trump's trying to make uh Biden out to be Humphree.

552
00:34:13,680 --> 00:34:15,560
Speaker 1: And then and then there was and and you know,

553
00:34:15,600 --> 00:34:18,160
Speaker 1: the former vice president who ran and lost. And then

554
00:34:18,320 --> 00:34:20,799
Speaker 1: then the other week it was Biden trying to make

555
00:34:21,160 --> 00:34:26,319
Speaker 1: what's President Trump about to be uh Hoover. So it's

556
00:34:26,400 --> 00:34:28,920
Speaker 1: it's not like I can't keep up, John Celinis with

557
00:34:28,960 --> 00:34:31,080
Speaker 1: all the history. I fell asleep in history class when

558
00:34:31,080 --> 00:34:33,480
Speaker 1: I was a kid. Don't tell, don't tell Bob Colummeco

559
00:34:33,600 --> 00:34:37,920
Speaker 1: back home. Um. But but but John, I want to

560
00:34:37,920 --> 00:34:40,600
Speaker 1: get weigh in on this because we just heard the

561
00:34:40,920 --> 00:34:44,799
Speaker 1: you know, Ellison, tell us about what the Democrats are

562
00:34:44,800 --> 00:34:47,600
Speaker 1: saying in Pennsylvania. Now tell me what they're what they're

563
00:34:47,600 --> 00:34:53,760
Speaker 1: saying in Virginia. Republicans. Yeah, First of all, Kevin. Always

564
00:34:53,760 --> 00:34:55,479
Speaker 1: great to be with you when your gifts, So thanks

565
00:34:55,480 --> 00:34:58,080
Speaker 1: again for having me. Let me just make one comment

566
00:34:58,160 --> 00:35:02,279
Speaker 1: though on the Biden speech yesterday. I'm concerned that Joe

567
00:35:02,320 --> 00:35:06,160
Speaker 1: Biden may have, I don't know, unwittingly, I presume, made

568
00:35:06,200 --> 00:35:10,279
Speaker 1: one of the worst mistakes that any political candidate can make,

569
00:35:10,800 --> 00:35:15,200
Speaker 1: and that is to state what his her opponent claims

570
00:35:15,280 --> 00:35:19,600
Speaker 1: that person is. For Joe Biden to ask into a camera,

571
00:35:20,040 --> 00:35:22,839
Speaker 1: am I or do I look like a radical socialist?

572
00:35:22,880 --> 00:35:26,440
Speaker 1: That dot dot dot is going to feed perfectly into

573
00:35:26,480 --> 00:35:30,640
Speaker 1: a Trump or series of Republican National Committee video campaigns,

574
00:35:30,719 --> 00:35:34,080
Speaker 1: video ads over the next several months where I could

575
00:35:34,160 --> 00:35:37,360
Speaker 1: envision they play that line and then they will show

576
00:35:37,480 --> 00:35:41,720
Speaker 1: three months of no statements by Joe Biden, quote unquote,

577
00:35:41,760 --> 00:35:44,640
Speaker 1: hiding in the basement, basement, Joe whatever they call him,

578
00:35:45,080 --> 00:35:47,800
Speaker 1: no mention of any of the rioting or looting or

579
00:35:47,960 --> 00:35:53,200
Speaker 1: civic unrest at the Democratic National Convention, and imply essentially

580
00:35:53,520 --> 00:35:56,440
Speaker 1: that yes, he either is a radical socialist or he

581
00:35:56,560 --> 00:35:59,120
Speaker 1: endorses their ideas as it pertains to law and order.

582
00:35:59,480 --> 00:36:01,200
Speaker 1: So I just think it was a big mistake of

583
00:36:01,239 --> 00:36:04,160
Speaker 1: Biden or whoever put that statement into the telepromter I

584
00:36:04,160 --> 00:36:07,280
Speaker 1: think may have done serious damage to the Biden campaign

585
00:36:07,360 --> 00:36:10,279
Speaker 1: this fall. Well, you know, I mean, you know, it's

586
00:36:10,280 --> 00:36:12,880
Speaker 1: it's gonna be remarkable, I think, the whole entire issue.

587
00:36:13,000 --> 00:36:17,080
Speaker 1: And I'm I'm fascinated by how polsters even pull right

588
00:36:17,120 --> 00:36:19,239
Speaker 1: because you've got some polls that are saying who do

589
00:36:19,280 --> 00:36:21,279
Speaker 1: you trust more to heal the country on race? And

590
00:36:21,640 --> 00:36:24,239
Speaker 1: Biden wins. But then they got other posters who were saying,

591
00:36:24,239 --> 00:36:25,680
Speaker 1: who do you trust more on law and order? And

592
00:36:25,719 --> 00:36:28,759
Speaker 1: then Trump wins and it's you know, these these pollsters,

593
00:36:29,320 --> 00:36:32,879
Speaker 1: there's such a it's gonna be remarkable, these national polls.

594
00:36:32,920 --> 00:36:34,960
Speaker 1: I mean, I think the only thing that national polls do,

595
00:36:35,320 --> 00:36:37,239
Speaker 1: there's one thing I've learned in and the only thing

596
00:36:37,320 --> 00:36:42,560
Speaker 1: national polls do is frame the discussion for programs like this,

597
00:36:43,120 --> 00:36:44,920
Speaker 1: and but beyond that, you got to look at the

598
00:36:45,120 --> 00:36:47,040
Speaker 1: county by county level. All right, I want to move

599
00:36:47,040 --> 00:36:49,640
Speaker 1: on to more pressing matters because Treasury Secretary Stephen manution

600
00:36:49,719 --> 00:36:53,399
Speaker 1: signaled stimulus urgency today when he was on Capitol Hill,

601
00:36:53,400 --> 00:36:56,160
Speaker 1: and he plans to call Speaker Pelosi on the talks.

602
00:36:56,280 --> 00:36:59,399
Speaker 1: Reporting are reporting for the terminal by my colleagues Eric

603
00:36:59,400 --> 00:37:03,560
Speaker 1: Wasson and Salaam Olson. Treasury Secretary Stephen Manuchian said the

604
00:37:03,640 --> 00:37:08,400
Speaker 1: US economy urgently needs additional fiscal stimulus to fully rebound

605
00:37:08,440 --> 00:37:12,960
Speaker 1: from the COVID nineteen crisis, while stopping short of offering

606
00:37:13,200 --> 00:37:17,560
Speaker 1: a fresh proposal to get Democrats back to negotiations and

607
00:37:17,600 --> 00:37:19,960
Speaker 1: coming up, We're gonna ask the panel to respond to that,

608
00:37:20,520 --> 00:37:23,319
Speaker 1: because he did say, what is most important is that

609
00:37:23,360 --> 00:37:26,400
Speaker 1: we deliver some relief quickly to the American workers impacted

610
00:37:26,400 --> 00:37:29,000
Speaker 1: by this. So he's moving along, He's moving along. We're

611
00:37:29,000 --> 00:37:32,160
Speaker 1: moving along as well. I'm Kevin Cirelli. Lost track of

612
00:37:32,200 --> 00:37:34,759
Speaker 1: the clock there on the Chief Washington cost correspondent for

613
00:37:34,760 --> 00:37:45,960
Speaker 1: Bloomberg TV and Radio. You're listening to Bloomberg. You're listening

614
00:37:46,040 --> 00:37:50,440
Speaker 1: to Bloomberg Sound On with Kevin Surreley on Bloomberg and

615
00:37:50,680 --> 00:37:52,839
Speaker 1: one A five point seven f m h D two.

616
00:37:54,000 --> 00:37:58,160
Speaker 1: I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg Television and

617
00:37:58,360 --> 00:38:02,720
Speaker 1: for Bloomberg very Radio. As I was telling you about,

618
00:38:03,160 --> 00:38:07,040
Speaker 1: there's this expectation that the that the talks between Republicans

619
00:38:07,040 --> 00:38:10,600
Speaker 1: and Democrats on the fiscal stimulus are intensifying and becoming

620
00:38:11,200 --> 00:38:15,680
Speaker 1: more more crystallized and Secretary Minution was speaking on Capitol

621
00:38:15,760 --> 00:38:18,320
Speaker 1: Hill earlier today, and he gave really a to do

622
00:38:18,480 --> 00:38:22,879
Speaker 1: list of what he wants to see included. And even so,

623
00:38:23,960 --> 00:38:27,400
Speaker 1: he's stuck to the current Republican negotiating line, favoring a

624
00:38:27,480 --> 00:38:31,480
Speaker 1: slim down stimulus as the next step for Congress uh

625
00:38:31,520 --> 00:38:35,720
Speaker 1: and and leaving the more controversial areas for later. Senate

626
00:38:35,760 --> 00:38:38,440
Speaker 1: Majority Leader Mitch McConnell has been saying that they want

627
00:38:38,480 --> 00:38:42,280
Speaker 1: to have a five hundred billion dollar COVID nineteen relief package,

628
00:38:42,280 --> 00:38:46,400
Speaker 1: a skinny deal as they call it. But Speaker Pelosi

629
00:38:46,440 --> 00:38:47,960
Speaker 1: said that the lowest you can get down from the

630
00:38:47,960 --> 00:38:51,600
Speaker 1: three plus trillion dollars that they have is to about

631
00:38:51,640 --> 00:38:55,560
Speaker 1: two trillions, So that's a lot a lot of money

632
00:38:55,600 --> 00:38:57,960
Speaker 1: between them. Someone in the center of all of these

633
00:38:57,960 --> 00:39:03,120
Speaker 1: negotiations a good friend of the program, Congressman Congressman French Hill,

634
00:39:03,200 --> 00:39:06,080
Speaker 1: a Republican from Arkansas. Congressman, thank you so much for

635
00:39:06,120 --> 00:39:07,920
Speaker 1: joining us. It's always a pleasure to have you on.

636
00:39:08,280 --> 00:39:11,640
Speaker 1: Where are we, Kevin, It's always a treat to be

637
00:39:11,760 --> 00:39:16,840
Speaker 1: with you. I think we're somewhere between UH no deal

638
00:39:17,120 --> 00:39:21,239
Speaker 1: and no deal. I don't see, I don't see the

639
00:39:21,360 --> 00:39:26,080
Speaker 1: kind of movement that we need from Speaker Pelosi. I'll

640
00:39:26,120 --> 00:39:29,480
Speaker 1: say that Steve Manoocha and the Treasury Secretary, you're testified

641
00:39:29,520 --> 00:39:37,520
Speaker 1: before James Quibber's Partisan Select Committee today. Uh and Mark Meadows,

642
00:39:37,560 --> 00:39:43,120
Speaker 1: the Chief of Staff, have attempted to move the Speaker towards,

643
00:39:43,280 --> 00:39:46,160
Speaker 1: as you say, the skinny deal. But it's really not skinny.

644
00:39:46,200 --> 00:39:51,799
Speaker 1: It's significant. It's billions of dollars. Yeah, this is this

645
00:39:51,880 --> 00:39:55,120
Speaker 1: is what I don't like about how DC starts talking

646
00:39:55,160 --> 00:40:01,240
Speaker 1: to our taxpayers. This is not not a good deal

647
00:40:01,360 --> 00:40:04,680
Speaker 1: that Pelosia is pitching or a bad deal that Manutians pitching.

648
00:40:04,760 --> 00:40:06,960
Speaker 1: That's not the point. The point is that we have

649
00:40:07,719 --> 00:40:12,840
Speaker 1: unemployed families, hurting educational institutions who may need additional funding,

650
00:40:13,080 --> 00:40:16,480
Speaker 1: stayed in local governments that need flexibility, and we need

651
00:40:16,520 --> 00:40:20,279
Speaker 1: to compromise on this unemployment situation so that we have

652
00:40:20,360 --> 00:40:23,239
Speaker 1: an incentive to get back to work but still help

653
00:40:23,280 --> 00:40:27,920
Speaker 1: our our families. And finally, we need the p p

654
00:40:28,080 --> 00:40:32,040
Speaker 1: P program, the Paycheck Protection Program extended, and there's some

655
00:40:32,080 --> 00:40:35,399
Speaker 1: other good ideas that Marco Rubio has that would help

656
00:40:35,440 --> 00:40:40,319
Speaker 1: the economy continue to reopen. And that's not skinny in

657
00:40:40,360 --> 00:40:43,400
Speaker 1: my view. That's what's needed, and if we want to

658
00:40:43,440 --> 00:40:46,960
Speaker 1: come back and do another package after the election, we could.

659
00:40:47,360 --> 00:40:51,680
Speaker 1: This is pure fall before a presidential election posturing on

660
00:40:51,760 --> 00:40:54,120
Speaker 1: the part of our speaker. Well, this is what I

661
00:40:54,160 --> 00:40:57,879
Speaker 1: just find really complex is because it's it seems that

662
00:40:58,280 --> 00:41:01,680
Speaker 1: leadership in both parties are rating under the political playbook

663
00:41:01,920 --> 00:41:04,120
Speaker 1: from the two thousand and eight crisis, and this is

664
00:41:04,160 --> 00:41:07,360
Speaker 1: not the same thing. I mean, this is this is

665
00:41:07,960 --> 00:41:10,160
Speaker 1: I mean, even the amount of money that was was

666
00:41:10,239 --> 00:41:12,680
Speaker 1: spent with the bailouts in two thousand and eight, it's

667
00:41:12,719 --> 00:41:16,160
Speaker 1: like a fraction of the cash and the trillions of

668
00:41:16,160 --> 00:41:19,040
Speaker 1: dollars of aid that we're talking about now. Secretary Minution,

669
00:41:19,080 --> 00:41:20,560
Speaker 1: just to dive into some of the numbers. In his

670
00:41:20,640 --> 00:41:24,560
Speaker 1: testimony today, he advocated for taking a hundred and thirty

671
00:41:24,640 --> 00:41:29,360
Speaker 1: four billion dollars that are left over in the PPP

672
00:41:29,600 --> 00:41:34,319
Speaker 1: funds and adding a hundred and twenty billion dollars to

673
00:41:34,360 --> 00:41:36,919
Speaker 1: get up to two hundred and fifty billion to help

674
00:41:36,960 --> 00:41:40,600
Speaker 1: businesses that still can't pay rent, payroll and the other expenses.

675
00:41:40,640 --> 00:41:42,600
Speaker 1: And then there's this issue of the airlines. I mean,

676
00:41:42,920 --> 00:41:45,920
Speaker 1: you know this, Congressman. You see the headlines that terrifying

677
00:41:45,960 --> 00:41:49,120
Speaker 1: headlines coming out of Las Vegas about the layoffs and

678
00:41:49,120 --> 00:41:51,280
Speaker 1: furloughs at the end of the year, tens of thousands

679
00:41:51,520 --> 00:41:55,520
Speaker 1: for the airline industry. I guess, when do you think

680
00:41:55,600 --> 00:41:58,279
Speaker 1: or how do you target some of this relief so

681
00:41:58,320 --> 00:42:01,120
Speaker 1: that you don't put a band aid on a bullet hole,

682
00:42:01,520 --> 00:42:06,200
Speaker 1: but you really actually make an impact on the on

683
00:42:06,320 --> 00:42:11,240
Speaker 1: the lives of millions of families. Well, on the airline issue,

684
00:42:11,360 --> 00:42:16,200
Speaker 1: you're right, Congress active quickly set up in immense amount

685
00:42:16,200 --> 00:42:19,759
Speaker 1: of money twenty five billion dollars to help our airlines

686
00:42:19,800 --> 00:42:24,759
Speaker 1: with payroll and with interim lending, taking warrants back on

687
00:42:24,800 --> 00:42:28,640
Speaker 1: those loans, and some of that relief expires in septem

688
00:42:29,680 --> 00:42:33,760
Speaker 1: These are enormous businesses. They're gonna be hurting for months

689
00:42:33,800 --> 00:42:36,319
Speaker 1: to come, just like they were after nine eleven. Think

690
00:42:36,360 --> 00:42:40,920
Speaker 1: how much worse this is with of air traffic cut

691
00:42:41,040 --> 00:42:44,880
Speaker 1: at the bottom in April. Now we're crawling back. We

692
00:42:44,960 --> 00:42:48,680
Speaker 1: might be something like that. You're talking about a third

693
00:42:48,680 --> 00:42:51,240
Speaker 1: of the workforce being laid off, and yet Speaker Pelosi

694
00:42:51,400 --> 00:42:54,560
Speaker 1: doesn't put any premium on these workers, many of whom

695
00:42:54,600 --> 00:42:58,360
Speaker 1: are heavily unionized workers. You think something would be very

696
00:42:58,400 --> 00:43:05,240
Speaker 1: critical to her electoral clock. So we need to extend

697
00:43:05,280 --> 00:43:07,560
Speaker 1: that we need to fix P P P. I don't

698
00:43:07,560 --> 00:43:11,400
Speaker 1: know honestly if it needs more money uh added to

699
00:43:11,520 --> 00:43:15,000
Speaker 1: it as as it does flexibility. Marco Rubio has pitched,

700
00:43:15,120 --> 00:43:19,200
Speaker 1: if you have a fift decline in earnings still year

701
00:43:19,280 --> 00:43:22,640
Speaker 1: to year, you could come back for a double dip

702
00:43:23,440 --> 00:43:25,880
Speaker 1: with now twenty four weeks as you know, to spend it,

703
00:43:26,000 --> 00:43:29,080
Speaker 1: not eight. And so that might be a very good

704
00:43:29,120 --> 00:43:34,120
Speaker 1: gap area. And then Marco Rubio is suggested and improved

705
00:43:34,640 --> 00:43:39,040
Speaker 1: small business loan which is more permanent capital at a

706
00:43:39,160 --> 00:43:43,600
Speaker 1: twenty year maturity a one percent rate to get some

707
00:43:43,760 --> 00:43:46,480
Speaker 1: of these businesses that are gonna suffer for longer than

708
00:43:46,520 --> 00:43:49,719
Speaker 1: a year over that hurdle. These are good ideas in

709
00:43:49,760 --> 00:43:51,360
Speaker 1: my view. All Right, I want to pif it's a

710
00:43:51,400 --> 00:43:54,600
Speaker 1: geopolitics Congressman Hill is also the ranking member of the

711
00:43:54,719 --> 00:44:00,759
Speaker 1: National Security, International Development, and Monetary Policy Subcommittee. UH. And

712
00:44:00,880 --> 00:44:04,280
Speaker 1: you know, we here have been talking virtually daily about

713
00:44:04,480 --> 00:44:07,239
Speaker 1: what feels like a tech cold war between the US

714
00:44:07,280 --> 00:44:12,239
Speaker 1: and China, and especially you know, given the developments of

715
00:44:12,400 --> 00:44:15,480
Speaker 1: Beijing saying not so fast in terms of the sale

716
00:44:15,480 --> 00:44:18,880
Speaker 1: of TikTok. The President earlier today was asked about that

717
00:44:18,960 --> 00:44:22,359
Speaker 1: by reporters while he was traveling to Kenosha, and and

718
00:44:22,360 --> 00:44:26,839
Speaker 1: and he said, Congressman Uh that he's giving TikTok ten

719
00:44:26,880 --> 00:44:30,960
Speaker 1: cents TikTok until mid September, September fift in order to

720
00:44:31,000 --> 00:44:34,000
Speaker 1: sell it. Just I don't want to talk about, you know,

721
00:44:34,120 --> 00:44:36,360
Speaker 1: the kids dancing, But I do want to talk about

722
00:44:36,360 --> 00:44:38,880
Speaker 1: the precedent that Ian Bremer was talking to me earlier

723
00:44:38,920 --> 00:44:41,799
Speaker 1: about today of the Eurasia Group, the precedent that this

724
00:44:42,200 --> 00:44:46,680
Speaker 1: sets for companies like ten Cent, Chinese companies like ten

725
00:44:46,760 --> 00:44:51,600
Speaker 1: Cent that develop apps to take into the US market,

726
00:44:52,080 --> 00:44:55,759
Speaker 1: to penetrate UH into the US market. What precedent have

727
00:44:55,880 --> 00:45:00,440
Speaker 1: we set here? Well, in the last Congress seven, we

728
00:45:00,520 --> 00:45:04,480
Speaker 1: did an extensive bipartisan rewrite of the Committee for Investment

729
00:45:04,480 --> 00:45:08,280
Speaker 1: in the United States. We updated it for intellectual property,

730
00:45:08,360 --> 00:45:12,719
Speaker 1: for joint ventures, for intellectual property licensing, all with an

731
00:45:12,760 --> 00:45:17,759
Speaker 1: eye that we would protect US competition and we would

732
00:45:17,800 --> 00:45:22,680
Speaker 1: also be very have close scrutiny over technology companies, particularly

733
00:45:22,680 --> 00:45:26,719
Speaker 1: from China, coming into the US. So Congress has acted here.

734
00:45:27,000 --> 00:45:29,200
Speaker 1: I can't I can't tell you if that's a good

735
00:45:29,239 --> 00:45:32,160
Speaker 1: idea or a bad idea, or a good date or

736
00:45:32,200 --> 00:45:36,520
Speaker 1: a bad date. These are the TikTok the investiture by September.

737
00:45:37,080 --> 00:45:39,880
Speaker 1: I'm not close enough to it, but I know that Congress,

738
00:45:39,920 --> 00:45:45,239
Speaker 1: on a bipartisan basis, wants scrutiny of these advanced technology

739
00:45:45,320 --> 00:45:48,600
Speaker 1: companies that are trying to enter the US market from

740
00:45:48,719 --> 00:45:52,360
Speaker 1: China when they have a bad trek record for not

741
00:45:52,440 --> 00:45:58,560
Speaker 1: only i P theft, but spine and record attacking both

742
00:45:58,680 --> 00:46:03,000
Speaker 1: consumers and business. So it's a concern took both branches

743
00:46:03,280 --> 00:46:05,680
Speaker 1: in Washington. I mean, it really is remarkable, and I

744
00:46:05,719 --> 00:46:07,839
Speaker 1: think I think we almost I mean here we get

745
00:46:07,920 --> 00:46:10,160
Speaker 1: too nky with it because essentially what we're talking about

746
00:46:10,239 --> 00:46:12,759
Speaker 1: is the logarithms that are telling people what to click

747
00:46:12,800 --> 00:46:14,640
Speaker 1: on their phones. And so the whole debate is the

748
00:46:14,680 --> 00:46:17,560
Speaker 1: i P is the stuff and I'm using that work

749
00:46:17,560 --> 00:46:21,680
Speaker 1: because it's simple, the stuff that allows that that tells

750
00:46:21,719 --> 00:46:24,719
Speaker 1: you essentially what's a click or funnels you into what's

751
00:46:24,760 --> 00:46:27,320
Speaker 1: a click on these apps. And so the question becomes

752
00:46:27,480 --> 00:46:29,920
Speaker 1: should a foreign government be able to do that in

753
00:46:30,080 --> 00:46:34,239
Speaker 1: a in an American audience, in an American consumer Just

754
00:46:34,680 --> 00:46:36,279
Speaker 1: in the in the minute that we have that I

755
00:46:36,320 --> 00:46:38,600
Speaker 1: have left with you. Congressman French Shiw, Republican from Arkansas,

756
00:46:38,640 --> 00:46:41,239
Speaker 1: always so generous with your time. I mean, are we

757
00:46:41,280 --> 00:46:43,440
Speaker 1: going to get more guidelines in terms of i P

758
00:46:43,760 --> 00:46:47,279
Speaker 1: from lawmakers on China in the short term this is

759
00:46:47,320 --> 00:46:50,880
Speaker 1: a non part of an issue. I think we will.

760
00:46:50,920 --> 00:46:54,560
Speaker 1: And you've seen the President build a international coalition on

761
00:46:54,640 --> 00:46:58,200
Speaker 1: this technology issue. You've seen recently Prime Minister Boris Johnson

762
00:46:58,719 --> 00:47:01,480
Speaker 1: in the UK is reversed himself on five G. You've

763
00:47:01,520 --> 00:47:05,800
Speaker 1: seen support in Germany, tremendous support in Japan as a

764
00:47:05,880 --> 00:47:09,480
Speaker 1: country close to China, to be very wary of Chinese

765
00:47:09,520 --> 00:47:14,040
Speaker 1: infiltration of their telecommunications and data systems with their technology.

766
00:47:14,440 --> 00:47:17,520
Speaker 1: I think there's consensus here. I think there's consensus around

767
00:47:17,640 --> 00:47:21,440
Speaker 1: the world that we must have a wary eye towards

768
00:47:21,920 --> 00:47:25,160
Speaker 1: China's technology. As I've always said, there's a right way

769
00:47:25,440 --> 00:47:30,520
Speaker 1: and a wah way. You better be careful. It's always

770
00:47:30,520 --> 00:47:34,040
Speaker 1: great and I'm gonna be following the Shenzhohabe replacement election

771
00:47:34,200 --> 00:47:37,040
Speaker 1: or what's gonna happen with Japan very very closely. My

772
00:47:37,120 --> 00:47:40,320
Speaker 1: thanks to Congressman French Hill, Republic Republican from Arkansas. He

773
00:47:40,360 --> 00:47:43,520
Speaker 1: always dives into the issues for us, and we're very appreciative.

774
00:47:43,560 --> 00:47:46,439
Speaker 1: Coming up more policy and politics, I'm Kevin SERELLI you're

775
00:47:46,480 --> 00:47:56,800
Speaker 1: listening Bloomberg. You're listening to Bloomberg. Sound On with Kevin

776
00:47:56,800 --> 00:48:01,640
Speaker 1: Surley on Bloomberg and one a point seven MHD two

777
00:48:02,600 --> 00:48:05,920
Speaker 1: of Kevin Cereally, I'm the Chief Washington Correspondent from Bloomberg

778
00:48:06,080 --> 00:48:10,360
Speaker 1: Television and from Bloomberg or Radio. Shout out to match Shirley,

779
00:48:10,560 --> 00:48:16,520
Speaker 1: who's working double double time as Barrata the EP. The

780
00:48:16,600 --> 00:48:20,920
Speaker 1: Big Boss Christine Barrata is taking a week off on

781
00:48:20,960 --> 00:48:24,920
Speaker 1: a well earned vacation, so Shirley's happen to do everything.

782
00:48:24,960 --> 00:48:28,840
Speaker 1: We appreciate and Reggie on the board appreciate Reggie and

783
00:48:28,920 --> 00:48:31,839
Speaker 1: all of our team that brings that turns the sound on.

784
00:48:32,200 --> 00:48:35,680
Speaker 1: See what I did there? Uh, panels here, panels here,

785
00:48:35,680 --> 00:48:37,839
Speaker 1: It's time for my Literally I say it every day

786
00:48:37,920 --> 00:48:39,839
Speaker 1: and I mean it. It's my favorite part of the show.

787
00:48:40,400 --> 00:48:42,600
Speaker 1: It's my favorite part of the show. It's called What's

788
00:48:42,600 --> 00:48:44,600
Speaker 1: on Your Radar? And this is where I like to

789
00:48:44,680 --> 00:48:47,000
Speaker 1: learn because if I like to be informed, and if

790
00:48:47,040 --> 00:48:48,880
Speaker 1: I feel like if I'm informed, but it's something a

791
00:48:48,960 --> 00:48:52,040
Speaker 1: guest says them the audiences informed, that's really kind of

792
00:48:52,040 --> 00:48:54,520
Speaker 1: how I How I do this? I don't know. I

793
00:48:54,520 --> 00:48:57,600
Speaker 1: don't know anything. Johnson Elities. He is a geopolitical strategist

794
00:48:57,640 --> 00:49:00,839
Speaker 1: at Trilogy Advisors, the diplomacy consultant of the Department of State.

795
00:49:01,160 --> 00:49:05,160
Speaker 1: And Charles Ellison, veteran political strategist, publisher of the b

796
00:49:05,360 --> 00:49:09,600
Speaker 1: e note dot com and a Philly guy. Philly guy, Hey,

797
00:49:09,640 --> 00:49:11,680
Speaker 1: where's the best place to get a HOGI this is

798
00:49:11,680 --> 00:49:14,920
Speaker 1: a this is a a real question for you, Charles,

799
00:49:14,960 --> 00:49:20,800
Speaker 1: because a lot of I do know about hogs. Oh, yes,

800
00:49:20,840 --> 00:49:25,040
Speaker 1: of course. Um, you know what. Um, it's a spot

801
00:49:25,040 --> 00:49:31,120
Speaker 1: over by city line. Um fresh fresh market, fresh grocers.

802
00:49:31,160 --> 00:49:36,439
Speaker 1: I forget it's over by city line. Answer wrong answer, No,

803
00:49:36,920 --> 00:49:43,239
Speaker 1: I think my uncle Mike's Boulevard. Okay, let me come on.

804
00:49:43,719 --> 00:49:49,799
Speaker 1: Ye years best hogies in Delco, I'm saying, yeah, but

805
00:49:49,960 --> 00:49:54,760
Speaker 1: I get the Brigudo with the fresh monsterrela my favorite. Actually,

806
00:49:54,800 --> 00:49:56,840
Speaker 1: I don't do the Manzrela. I do like the thinly

807
00:49:57,000 --> 00:49:59,440
Speaker 1: whatever the spicy thing was with hot everything hot. My

808
00:49:59,520 --> 00:50:01,560
Speaker 1: dad always give me a bridge, you know, hog everything,

809
00:50:01,600 --> 00:50:04,400
Speaker 1: hot everything, hot, hot peppers. You got to do it

810
00:50:04,600 --> 00:50:06,680
Speaker 1: exactly and shout out to a bub and pops the

811
00:50:06,680 --> 00:50:08,799
Speaker 1: only place you can get a hog and DC um

812
00:50:09,120 --> 00:50:12,760
Speaker 1: John Cliti's what is Actually I'm gonna go John Tilly's

813
00:50:12,800 --> 00:50:15,960
Speaker 1: what's on your radar? All right? First of all, as

814
00:50:16,000 --> 00:50:19,080
Speaker 1: in native New Yorker, Kevin here, just gonna follow up

815
00:50:19,120 --> 00:50:21,560
Speaker 1: on your question to Charles and tell you that the

816
00:50:21,600 --> 00:50:24,320
Speaker 1: best pizza in New York was as Frankie's Pizzeria on

817
00:50:24,480 --> 00:50:31,000
Speaker 1: thirty first story of Queen. Okay, that's just been director now,

818
00:50:32,000 --> 00:50:35,440
Speaker 1: butzza wait, I get wait, I can't before we do

819
00:50:35,480 --> 00:50:38,160
Speaker 1: the policy thing I gotta say. And I said this

820
00:50:38,200 --> 00:50:40,800
Speaker 1: yesterday because everyone thinks that there's a rivalry between Philly

821
00:50:40,840 --> 00:50:43,760
Speaker 1: and Pittsburgh, and I said, they make grid paroguis. Okay,

822
00:50:44,239 --> 00:50:46,520
Speaker 1: you make good pizza up in New York. I get it.

823
00:50:46,560 --> 00:50:49,879
Speaker 1: I'm a foodie, so I don't have this beef with

824
00:50:49,920 --> 00:50:53,279
Speaker 1: the food, but I eat good food. Okay, go ahead, John.

825
00:50:54,880 --> 00:50:57,480
Speaker 1: So let's take a look at what's happening around the world, Kevin,

826
00:50:57,920 --> 00:51:01,520
Speaker 1: As I've been informing my clients, so I firmly believe

827
00:51:01,560 --> 00:51:04,400
Speaker 1: that the United States and China have already entered what

828
00:51:04,480 --> 00:51:07,719
Speaker 1: I call Cold War two, reminiscent of World War two

829
00:51:07,800 --> 00:51:12,960
Speaker 1: and the Cold War, a combination of military and technological competition,

830
00:51:13,520 --> 00:51:16,960
Speaker 1: and just to accentuated the United States has been running.

831
00:51:16,960 --> 00:51:19,799
Speaker 1: It turns out more than a dozen and a half

832
00:51:20,040 --> 00:51:24,000
Speaker 1: bombing missions um along the South China Sea off the

833
00:51:24,040 --> 00:51:28,239
Speaker 1: coast of China, essentially warning China that we're able to

834
00:51:28,320 --> 00:51:31,960
Speaker 1: attack Chinese naval targets and land targets in a matter

835
00:51:32,040 --> 00:51:35,040
Speaker 1: of hours. The Chinese don't have to wait for aircraft

836
00:51:35,120 --> 00:51:37,920
Speaker 1: carriers to come after days and weeks. We're gonna be

837
00:51:37,920 --> 00:51:40,799
Speaker 1: building up our bomber force in the years ahead, and

838
00:51:40,800 --> 00:51:43,399
Speaker 1: we're gonna be developing a new bomber that be one

839
00:51:43,440 --> 00:51:46,720
Speaker 1: bomber that the Chinese will never see coming. God forbade

840
00:51:46,760 --> 00:51:50,040
Speaker 1: there's ever a military conflict between China and the US.

841
00:51:50,040 --> 00:51:52,760
Speaker 1: But I think so much has been so much credits

842
00:51:52,760 --> 00:51:55,799
Speaker 1: been given to the Chinese. But they're astonishing military build up,

843
00:51:56,120 --> 00:51:59,839
Speaker 1: six defense budget built up in the last thirty years.

844
00:52:00,239 --> 00:52:03,000
Speaker 1: The US is not backing down from this, and the

845
00:52:03,080 --> 00:52:06,759
Speaker 1: competition will only intensify in the years ahead, regardless of

846
00:52:06,760 --> 00:52:10,000
Speaker 1: who wins the White House. Well, the Pentagon released a

847
00:52:10,080 --> 00:52:13,919
Speaker 1: report today on China. I don't know if you saw this, John,

848
00:52:13,960 --> 00:52:18,680
Speaker 1: did you see this? Because they warned that China's nearing

849
00:52:18,680 --> 00:52:22,040
Speaker 1: a milestone and nuclear weapons build up. According to Tony

850
00:52:22,040 --> 00:52:25,359
Speaker 1: Capaccio on the Bloomberg Terminal. China's rapid military build up

851
00:52:25,640 --> 00:52:28,279
Speaker 1: means the country is closer to joining the US and

852
00:52:28,360 --> 00:52:31,280
Speaker 1: Russia as the top nations capable of deploying the nuclear

853
00:52:31,320 --> 00:52:33,759
Speaker 1: weapons on land, in the air, and at sea. This

854
00:52:33,880 --> 00:52:37,640
Speaker 1: according to a new Pentagon report. According to the report quote,

855
00:52:37,840 --> 00:52:40,719
Speaker 1: over the next decade, China will expand and diversify its

856
00:52:40,800 --> 00:52:46,160
Speaker 1: nuclear forces, likely at least doubling it's nuclear warhead stockpile.

857
00:52:46,200 --> 00:52:49,160
Speaker 1: According to the two page report, I do want to

858
00:52:49,160 --> 00:52:52,080
Speaker 1: note that the US is far ahead in terms of

859
00:52:52,840 --> 00:52:55,480
Speaker 1: the nuclear weapons that that the U. S has, but

860
00:52:55,560 --> 00:53:00,560
Speaker 1: it is it is quite interesting that they're gonna But

861
00:53:00,680 --> 00:53:03,640
Speaker 1: this is going to be an increasingly difficult diplomatic situation

862
00:53:03,680 --> 00:53:05,920
Speaker 1: because the Trump administration, and I want to give them

863
00:53:05,960 --> 00:53:08,680
Speaker 1: credits for this, have been trying very hard to bring

864
00:53:08,760 --> 00:53:13,000
Speaker 1: China into a three way nuclear arms agreement between the US, Russia,

865
00:53:13,040 --> 00:53:16,120
Speaker 1: and China, but Chinese refused today and I don't think

866
00:53:16,120 --> 00:53:17,600
Speaker 1: they're going to be giving in any time in the

867
00:53:17,640 --> 00:53:20,640
Speaker 1: near future. They're gonna build up their arsenal first. Well,

868
00:53:20,640 --> 00:53:24,480
Speaker 1: it's remarkable, all right, Charles, what's on your radar? Yeah? No,

869
00:53:24,560 --> 00:53:27,239
Speaker 1: I grew with John on that, don't underestimate American military power,

870
00:53:27,280 --> 00:53:28,480
Speaker 1: because at the end of the day, we've got what

871
00:53:28,600 --> 00:53:33,839
Speaker 1: like twelve aircraft carriers compared to China's one. We got, like,

872
00:53:33,920 --> 00:53:36,919
Speaker 1: you know, in a vastly superior submarine force, and that's

873
00:53:36,920 --> 00:53:41,360
Speaker 1: really the true measure of American military projection. But in

874
00:53:41,440 --> 00:53:43,160
Speaker 1: terms of what's on my radar, that that I'm not

875
00:53:43,200 --> 00:53:48,919
Speaker 1: hearing enough about, Kevin, is how media calls, mainstream media

876
00:53:48,960 --> 00:53:52,600
Speaker 1: particularly calls elections, because we're in a we're in a

877
00:53:52,600 --> 00:53:55,319
Speaker 1: phase where we need to start thinking about this in

878
00:53:55,440 --> 00:53:59,719
Speaker 1: terms of election month, in terms of rather than election day,

879
00:54:00,120 --> 00:54:02,640
Speaker 1: really for election night, and I think that this is

880
00:54:02,680 --> 00:54:06,120
Speaker 1: a media concoction where you have to call the election

881
00:54:06,680 --> 00:54:09,200
Speaker 1: on the night of. And you know, because we're all

882
00:54:09,440 --> 00:54:12,359
Speaker 1: we're all political junkies, but it's not You're right, because

883
00:54:12,440 --> 00:54:14,279
Speaker 1: you know, I've been doing We've been talking about the

884
00:54:14,280 --> 00:54:16,840
Speaker 1: mail and voting and the implications of what that means

885
00:54:16,840 --> 00:54:19,400
Speaker 1: and even if even if it's a single digit percentage

886
00:54:19,480 --> 00:54:22,760
Speaker 1: increase in a state like Florida over mail in ballots

887
00:54:22,800 --> 00:54:24,600
Speaker 1: and and there are some places where you can mail

888
00:54:24,640 --> 00:54:26,640
Speaker 1: in your ballot the day of the election, and we

889
00:54:26,680 --> 00:54:28,680
Speaker 1: all know it takes a couple of days to get counted.

890
00:54:28,760 --> 00:54:30,600
Speaker 1: I mean to get to get anything when you mail it.

891
00:54:30,680 --> 00:54:32,759
Speaker 1: So that's you're right, we might not know who wins

892
00:54:32,800 --> 00:54:36,640
Speaker 1: the election until until several weeks after. But the question

893
00:54:36,680 --> 00:54:39,400
Speaker 1: becomes that we're gonna have those chat there's hanging Chad's

894
00:54:40,000 --> 00:54:45,239
Speaker 1: images and the protesters and the theatrics surrounding this on

895
00:54:45,400 --> 00:54:50,160
Speaker 1: November on the weeks exactly, and media, you know, and

896
00:54:50,239 --> 00:54:52,160
Speaker 1: we're Folcus on the media business. You know, I do

897
00:54:52,200 --> 00:54:54,360
Speaker 1: a daily radio show on w are the in Philly,

898
00:54:54,440 --> 00:54:57,680
Speaker 1: and so you know, we've really got to be disciplined

899
00:54:57,840 --> 00:55:01,080
Speaker 1: when this time arrives, because you know, we're driving a

900
00:55:01,120 --> 00:55:04,040
Speaker 1: lot of that. We're driving the expectations voters are going

901
00:55:04,080 --> 00:55:05,960
Speaker 1: to be watching us and relying on us, and we

902
00:55:06,000 --> 00:55:09,719
Speaker 1: can be complicit in that confusion if we're trying to

903
00:55:09,840 --> 00:55:13,360
Speaker 1: give results, like when you know only ten percent of

904
00:55:13,400 --> 00:55:16,680
Speaker 1: ballots of it, there should be no projections happening, and

905
00:55:16,680 --> 00:55:18,200
Speaker 1: I don't. And I think this is a big deal,

906
00:55:18,239 --> 00:55:20,399
Speaker 1: and I think it's something that's under reported on where

907
00:55:20,520 --> 00:55:24,160
Speaker 1: they actually had a conversation recently with some voting rights

908
00:55:24,160 --> 00:55:25,880
Speaker 1: advocates and they were saying, you know, we're trying to

909
00:55:25,920 --> 00:55:29,080
Speaker 1: have a conversation with media outlets, major media outlets, the

910
00:55:29,160 --> 00:55:33,280
Speaker 1: ap S, the NBC's, the you know, the various cable

911
00:55:33,320 --> 00:55:36,000
Speaker 1: outlets of the world, and telling them, hey, listen, hold

912
00:55:36,080 --> 00:55:40,400
Speaker 1: your horses, be disciplined, be restrained on election that do

913
00:55:40,480 --> 00:55:44,640
Speaker 1: not project anything. Wait until all ballots are counted, because

914
00:55:44,680 --> 00:55:48,040
Speaker 1: they feel like that's very important because giving those results

915
00:55:48,080 --> 00:55:50,880
Speaker 1: too early. I mean, we're seeing kind of what's unfolding

916
00:55:51,000 --> 00:55:53,440
Speaker 1: right now, you know, in terms of all these tensions

917
00:55:53,960 --> 00:55:57,200
Speaker 1: and the and the president also trying to uh, trying

918
00:55:57,239 --> 00:55:59,640
Speaker 1: to capitalize on that tension and use it to his

919
00:55:59,719 --> 00:56:02,880
Speaker 1: own advantage for a variety of reasons. Um, that's stoking

920
00:56:02,880 --> 00:56:06,080
Speaker 1: and inflaming a lot of these tensions. So media, media

921
00:56:06,239 --> 00:56:08,919
Speaker 1: organizations and institutions have to be very careful about when

922
00:56:08,920 --> 00:56:11,200
Speaker 1: they call this and how they call it. Yeah, remarkable

923
00:56:11,280 --> 00:56:14,360
Speaker 1: will be remarkable. Here's the thing on my radar. Joe Kennedy,

924
00:56:14,440 --> 00:56:18,279
Speaker 1: the third Congressman Joe Kennedy, the third. He's going up

925
00:56:18,320 --> 00:56:21,920
Speaker 1: against the Democratic socialist machine of the ao c S,

926
00:56:22,000 --> 00:56:25,719
Speaker 1: the Bernie Sanders crowd backing Senator Ed Markey in a

927
00:56:25,800 --> 00:56:30,439
Speaker 1: Democratic primary up in Massachusetts. He's the underdog. He's thirty

928
00:56:30,520 --> 00:56:32,600
Speaker 1: nine years old. And look, we all know, even if

929
00:56:32,600 --> 00:56:35,600
Speaker 1: he loses, he's he's just waiting for Senator Elizabeth Warren

930
00:56:35,640 --> 00:56:37,880
Speaker 1: to either get in a Biden administration or to be

931
00:56:37,920 --> 00:56:41,320
Speaker 1: the nominee for president, because you know he's it's it's remarkable.

932
00:56:41,360 --> 00:56:43,319
Speaker 1: See how it happens when you rise too fast, you

933
00:56:43,360 --> 00:56:46,640
Speaker 1: get held in your spot. Gotta keep the pace, Gotta

934
00:56:46,719 --> 00:56:51,400
Speaker 1: stay disciplined and consistent and grateful. I'm grateful to our panel, Johnson,

935
00:56:51,400 --> 00:56:54,360
Speaker 1: the Lady's Charles Ellison. I'm also grateful for you all

936
00:56:54,719 --> 00:56:57,840
Speaker 1: for listening to me as we navigate through the policy

937
00:56:57,880 --> 00:57:01,160
Speaker 1: and the politics of the day. Much more coming up tomorrow.

938
00:57:01,200 --> 00:57:04,200
Speaker 1: I'm Kevin Crelli. I'm the chief Washington correspondent fro Bloomberg

939
00:57:04,200 --> 00:57:07,840
Speaker 1: Television and from Bloomberg Radio State, Disciplined, hungry and grateful. Hungry.

940
00:57:07,840 --> 00:57:10,560
Speaker 1: I am hungry. All that talk about food, the pizza,

941
00:57:10,920 --> 00:57:14,360
Speaker 1: the hoagies, starving. If you're listening to Bloomberg