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Speaker 1: Live from our nation's cale. This budget thing is going

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Speaker 1: to do nothing space forces. I still think it's interesting

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Speaker 1: President Trump not playing his cards yet. Headlines policy and

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Speaker 1: politics colliding. Floomberg sound on the insiders, the influencers, the insides.

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Speaker 1: I would rather see a congressional solution. It's part of

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Speaker 1: my DNA. The Senate map in looks a lot different

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Speaker 1: than it looked in. You really have a divide within

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Speaker 1: Team Trump. The President has to do exactly what people

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Speaker 1: send him here to do, which is to get it done.

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Speaker 1: This is Bloomberg Sound on with Heaven's Shirling on Floomberg

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Speaker 1: and one oh five point seven m h D two.

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Speaker 1: President Trump's out of the hospital and back on Twitter.

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Speaker 1: Fiscal stimulus talks are off. Ft JR. J. Pale's worried.

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Speaker 1: We've got the latest from Washington, d C on the

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Speaker 1: stimulus from Plus. Meanwhile, now just a day away from

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Speaker 1: the all important, perhaps the most important Vice presidentially to

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Speaker 1: pay debate in recent history. I've in Salt Lake City.

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Speaker 1: We truly have a great, great lineup today. Joe Crowley

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Speaker 1: boy matheson with me all next hour. Congressman KEM Buck,

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Speaker 1: Republican from Colorado. He of course is all wrapped up

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Speaker 1: in the anti trust big tech hearings. The Republican on

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Speaker 1: that front, UH, sweeping anti trust reforms that their lawmakers

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Speaker 1: are calling for for big tech. He's joining us on

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Speaker 1: this program. I'm incredibly grateful to Congressman buck for for

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Speaker 1: making time for an interview for me today. UH. And

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Speaker 1: Taylor Riggs. She always trash talks me. Taylor Riggs on

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Speaker 1: the terminal. She said, I don't want to use a terminal,

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Speaker 1: I said, Riggs. I'm learning. Bloomberg Markets Reporter coming up next,

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Speaker 1: but first, Jordan Fabium, Bloomberg White House Reporter. Jordan's so

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Speaker 1: much to get through on the news flow front. UH.

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Speaker 1: Fiscal stimulus, the President tweeting that a fiscal stimulus deal

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Speaker 1: is off. That's the top of my radar today. No deal,

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Speaker 1: no deal till after the election. What do we know?

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Speaker 1: Did Republicans know this was coming, Kevin? I wouldn't say

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Speaker 1: it's entirely surprising that there is not going to be

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Speaker 1: a stimulus deal before the election. But what is surprising

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Speaker 1: is the way in which the president tank negotiations, basically

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Speaker 1: putting the onus on himself, saying that he's ordering his

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Speaker 1: negotiators to stop talking to Democrats and then announcing that

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Speaker 1: while the markets were still open and we saw stocks

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Speaker 1: just completely crash after he made that announcement. Then some

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Speaker 1: of the Republicans I've been speaking to in the aftermath

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Speaker 1: of this are wondering why he did that? Why did

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Speaker 1: he do it? I mean, have you have you been

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Speaker 1: able to gather? I mean, because by all accounts, they

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Speaker 1: were inching closer and closer to a deal. Right, You've

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Speaker 1: got Speaker Pelosi hovering and about two point six trillion dollars.

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Speaker 1: Meanwhile the Republicans are are inching closer I'm sorry, two

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Speaker 1: point two trillion dollars. And then you've got the Republicans

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Speaker 1: going to one point six trillion dollars still, you know,

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Speaker 1: less than a trillion away. I thought they were moving

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Speaker 1: on the right trajectory. What happened? What I missed? Yeah?

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Speaker 1: I think you're right, Kevin. You know, the talks seem

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Speaker 1: to be picking up some momentum this past week, though

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Speaker 1: I will point out that they were still pretty far

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Speaker 1: apart on some of the specifics like state and local

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Speaker 1: aid and like. But you know, but these sources I'm

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Speaker 1: talking to are still confused about why the President did

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Speaker 1: it in this way. Um, you know, maybe you know

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Speaker 1: some speculating that you know, this is a guy who

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Speaker 1: wrote the Art of the Deal talking about how you

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Speaker 1: don't want to be too desperate to make a deal,

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Speaker 1: and perhaps that by walking away, he's trying to get

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Speaker 1: Pelosi to come down on her number. But other people saying,

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Speaker 1: look that this is just kind of inexplicable behavior from

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Speaker 1: the president and politically, why voice the blame upon yourself

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Speaker 1: and your own party? First stimulus deal that the FETE

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Speaker 1: chair just that this morning really needs to happen in

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Speaker 1: order to make the US economy recover, and all this happening,

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Speaker 1: I'll point out just less than a month before the election.

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Speaker 1: You know you you brought up FET Chair J. Powell.

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Speaker 1: Let's take a listen to what FET Chair J. Powell

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Speaker 1: had to say on the status of the economic recovery

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Speaker 1: and the pace of the economic recovery. He made these

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Speaker 1: remarks at the NAB conference, speaking virtually the National Association

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Speaker 1: for Business Economics earlier today. Here is FED Chair J. Powell.

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Speaker 1: The expansion is still far from complete. At this early stage.

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Speaker 1: I would argue that the risks of policy intervention are

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Speaker 1: still asymmetric too. Little support would lead to a weak recovery,

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Speaker 1: creating unnecessary hardship for households and businesses. By contrast, the

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Speaker 1: risks of overdoing it seem for now to be smaller.

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Speaker 1: Even if policy actions ultimately proved to be greater than needed,

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Speaker 1: they will not go to waste. That was Fed Chair J. Powell,

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Speaker 1: speaking earlier today at a virtual conference hosted by the

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Speaker 1: National Association for Business and for Business Economics. You know,

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Speaker 1: it shorted. I'm really struck by this because it would

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Speaker 1: appear that this could have been a win that the

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Speaker 1: president would need. I mean, there was political incentive there

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Speaker 1: to get to a deal. And now, you know, how

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Speaker 1: does he how does he? How does he change the

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Speaker 1: trajectory of this race? When a CNM pole has n't

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Speaker 1: down sixteen percentage points at a Wall Street Journal pool

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Speaker 1: hasn't down double digits, He's down double digits according to

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Speaker 1: a poll, a mainstream poll in Pennsylvania, Michigan, Wisconsin. I mean,

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Speaker 1: how does he change the trajectory of this race? Yeah,

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Speaker 1: it's it's hard to see how he does that. And

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Speaker 1: he keeps to seem seems to keep missing opportunities to

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Speaker 1: turn things around. You know, earlier this week, just yesterday

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Speaker 1: when he left the hospital after being diagnosed with COVID nineteen,

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Speaker 1: and some of the some of his political advisors, were

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Speaker 1: hoping that he would use that as an opportunity to

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Speaker 1: empathize with Americans who have been struggling with this virus.

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Speaker 1: And and instead he kind of downplayed the virus once again.

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Speaker 1: And and didn't you really even acknowledge the fact that

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Speaker 1: he said, over seven million Americans have been infected with

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Speaker 1: this virus and many have had their lives destroyed. And

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Speaker 1: then today you you have another opportunity for him, maybe

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Speaker 1: two revive of his campaign by getting a stimulus deal

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Speaker 1: by partisan stimulus deal with Democrats, and I could really

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Speaker 1: reduce the US economy. And again he just blows up

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Speaker 1: to the negotiations. So again, you know, the people I'm

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Speaker 1: talking to are still trying to divine exactly what's going

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Speaker 1: on here with the president. So let's let's talk about that,

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Speaker 1: because you've been doing excellent reporting with the team headline

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Speaker 1: on the Bloomberg terminal quote Trump's doctor has job of

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Speaker 1: containing patient, eager to campaign. Take us inside. Uh. In

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Speaker 1: terms of here's the president, he's trailing in the polls,

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Speaker 1: what does he need um too. What does he what

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Speaker 1: does what does he want to do? What is the strategy?

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Speaker 1: What does he need to do? Take us inside the

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Speaker 1: inner orbit, because you've got a situation now. We're twenty

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Speaker 1: plus members of the president's inner circle have the virus,

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Speaker 1: of course, and it's really conflicts with what the president

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Speaker 1: wants to be doing in the final weeks of the campaign.

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Speaker 1: This is the president who's not a very good patient.

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Speaker 1: He's doesn't like hospitals, he doesn't like being sick or

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Speaker 1: around the sick, and so he's been eager to get

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Speaker 1: back to normal even though he's still uh, you know,

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Speaker 1: confected with the virus. You know, we were told earlier

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Speaker 1: today that the president was interested in going back to

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Speaker 1: the oval office even though he's really should be self

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Speaker 1: isolating until he recovers. And we also know that the

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Speaker 1: president is eager to get to the debate in Miami

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Speaker 1: in ten days, but it's still not clear if he's

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Speaker 1: going to be recovered by then. So we're talking about

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Speaker 1: a president wants to get back at it. But everything

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Speaker 1: we know about this virus says that you really need

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Speaker 1: to self isolate and stay home until you recover so

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Speaker 1: you don't insect others, or perhaps worsen your own condition.

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Speaker 1: And this is going to be the challenge for the

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Speaker 1: White Heath Medical Unit and specifically Dr Sean Conley, his physician,

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Speaker 1: in the days and weeks ahead. And we should note,

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Speaker 1: I mean Dr Conley released another statement today, very brief

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Speaker 1: couple of sentences, said that he got a good night's dress,

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Speaker 1: that he's reporting no symptoms, that he's that he's reportedly

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Speaker 1: doing better. Jordan fabians with us. He's a Bloomberg White

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Speaker 1: House reporter. Jordan's you know you're one of the best

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Speaker 1: in the BIS. I mean, you're not asking you to

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Speaker 1: give up your sources, but just give us the mood,

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Speaker 1: give us the the state of play, so to speak,

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Speaker 1: the vibe and and inside. It's not just Snsylvania Avenue,

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Speaker 1: but as you go through your reporter's notebook, as you

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Speaker 1: go through your notes on your phone and whatnot take

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Speaker 1: are is it palpable the level of anks? I mean

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Speaker 1: out here in Salt Lake City where I am for

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Speaker 1: the VP debate tomorrow. We'll talk about that coming up.

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Speaker 1: I mean, it's palpable the level of anks. People are

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Speaker 1: wearing their masks a little bit on edge because it's

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Speaker 1: it's at a staffer level. It's not a political thing anymore,

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Speaker 1: you know, it's it's it's it's penetrated inside of the industry,

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Speaker 1: you know, forget the two parties. It's penetrated inside of

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Speaker 1: the political bubble, the bubble that we're all in. What's

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Speaker 1: the vibe like when you talk to people Jordan's yeah, Kevin,

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Speaker 1: if you listen to their public statements, are trying to

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Speaker 1: project this air of confidence. But yeah, like you said,

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Speaker 1: there is a level, there is an level of just

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Speaker 1: uncertainty and fear and anger about the situation among some

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Speaker 1: of the especially some of the mid level and junior

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Speaker 1: level staff at the White House. Just people wondering if

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Speaker 1: they're going to if they've been exposed, and if they're

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Speaker 1: going to get infected in the next few days, because

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Speaker 1: there have been multiple points over the past week where

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Speaker 1: maybe the de virus originated. We're talking about the Saturday

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Speaker 1: event in the Rose Garden for Amy Coney Barrett last weekend,

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Speaker 1: the trips this week to debate into Minnesota, and so

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Speaker 1: there's just a lot of fear. You know, you see

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Speaker 1: the staffers now wearing masks, the ones who are still

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Speaker 1: there at least where that wasn't really the case in

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Speaker 1: the past. And so while the President might not be

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Speaker 1: taking the virus seriously, it does seem that at least

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Speaker 1: some of the staff this was maybe a wake up

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Speaker 1: call for them, you know, And I keep going back

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Speaker 1: to this notion of comparing politics to to almost a

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Speaker 1: business office. Any any politician, whether they're a House member

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Speaker 1: or there, you know, a cabinet secretary. You know, they

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Speaker 1: really are the CEO s so to speak, of their

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Speaker 1: respective office of their business. And they've got employees that

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Speaker 1: work for them, and so you know, it's it's it's

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Speaker 1: a really fascinating dynamic when you've got the shared office space,

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Speaker 1: the shared office space of these public institutions, whether it's

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Speaker 1: Capitol Hill or whether it's the White House. Jordan, tell

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Speaker 1: me one thing. I don't know, what's one thing on

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Speaker 1: your radar that that happened today that we should know about.

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Speaker 1: We got thirty seconds left. Wow, that's a that's a

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Speaker 1: tough question, Kevin. He's like, everything's been out there. Uh

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Speaker 1: it people the lead and right now, good for you.

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Speaker 1: Jordan's good for you, my friend, Jordan. Fabian Bloomberg, White

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Speaker 1: House reporter Clok. I mean, hey, maybe It's not the

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Speaker 1: outcome we want, but at least you're getting to watch

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Speaker 1: a ball game. Coming up, we check in with Sailor Rigs,

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Speaker 1: Bloomberg Markets Reporter. What happened in the markets today? Well,

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Speaker 1: stocks fell, and well the president is no, no more stimulus.

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Speaker 1: I'm Kevin's really chief Washington correspondent for Bloomberg Television, for

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Speaker 1: Bloomberg Radio, and you're listening to Bloomberg. This is Bloomberg's

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

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Speaker 1: five point seven f M h D two. So much

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Speaker 1: policy news to get through and so little time. President

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Speaker 1: Trump telling his team to stop stimulus talks, spurning a

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Speaker 1: plea from Fed chair J. Powell. That's the big story today, folks.

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Speaker 1: My name is Kevin Cirelli on the Chief Washington correspondent

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Speaker 1: for Bloomberg Television and for Bloomberg Radio. President Trump tweeting,

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Speaker 1: tweeting earlier today, quote, I have instructed my representatives to

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Speaker 1: stop negotiating until after the election, when, immediately after I win,

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Speaker 1: we will pass a major stimulus bill that focuses on

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Speaker 1: hard working Americans and small businesses. End quote from the tweet. Now,

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Speaker 1: the the stocks tumbled after President Trump tweeted that UH

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Speaker 1: and and this really had called an end two months

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Speaker 1: once really months of hard fought negotiations between UH Secretary Manution,

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Speaker 1: the Treasury's Office, Mark Meadows, the President's chief of staff,

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Speaker 1: and of course Congress. The goalpost two point two trillion

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Speaker 1: for the left on the Democratic side, one point six

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Speaker 1: trillion on the right for the Republicans. SMP five hundred

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Speaker 1: down about point eight percent on on the news of that,

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Speaker 1: and stocks overall closing down. U S stocks tumbled and

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Speaker 1: bond sword after President Trump said he is ending the

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Speaker 1: stimulus talk. The SMP five hundred slumps one point four

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Speaker 1: percent after Trump tweeted his comments late in the trading session,

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Speaker 1: erasing a gain of as much as point seven percent.

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Speaker 1: The dal Jones Industrial Average and NASDAK Composite Index is

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Speaker 1: also turned negative. Tailor Eggs is on. She, of course,

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Speaker 1: is my colleague here at Bloomberg. She is a Bloomberg

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Speaker 1: Markets reporter. Taylor, what happened in the markets today? Well,

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Speaker 1: you know, I'm only led on your program when the

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Speaker 1: SMP fall is more than one percent, so I don't

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Speaker 1: know enough about me or about you. But what she

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Speaker 1: did there She's the first words out of her mouth,

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Speaker 1: what did? What did? I do? You know? I love you?

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Speaker 1: But what I can tell you is the stock markets

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Speaker 1: are not loving this news. And I think you're right

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Speaker 1: to really talk about the big change that we've seen

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Speaker 1: right after that tweet. And Kevin, what is so interesting

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Speaker 1: to me is through all of the conversation we've been

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Speaker 1: having today, throughout the market clothes and really leading up

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Speaker 1: to this, we kept asking participants is stimulus priced into

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Speaker 1: the markets, and a lot of them said no, the

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Speaker 1: mini get stimulus, you're going to get a big bump

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Speaker 1: up in stocks. I think the market reaction to they

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Speaker 1: showed the markets were getting a little complacent, and indeed

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Speaker 1: some of the stimulus was priced in, because the minute

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Speaker 1: you took it away, you did see that big drop

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Speaker 1: down the equity prices. Now I want to caution is

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Speaker 1: the knee jerk reaction. Let's wait to see what happens

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Speaker 1: tomorrow and in the coming days, but certainly today this

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Speaker 1: was a big moved, Allen for the equity markets. And

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Speaker 1: you also mentioned bonds earlier, and Kevin, I'll just um

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Speaker 1: leave it here with you that the bond markets were

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Speaker 1: where all the moves were yesterday you had a big

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Speaker 1: reflation trade, which was yield were higher, bond prices lower,

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Speaker 1: and today all of that reversed. You with the ten

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Speaker 1: and the thirty year falling about five basis points are

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Speaker 1: still on the day. So really risk assets were selling

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Speaker 1: off and really all going back into the full faith

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Speaker 1: and credit in the safe haven that is the treasury market.

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Speaker 1: It's it's remarkable. So we got this major development and

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Speaker 1: some market moving development in terms of no fiscal stimulus

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Speaker 1: deal between now and the election. I said this to

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Speaker 1: Tom Keene Taylor earlier today. I said, it's a matter

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Speaker 1: of when the stimulus comes. Still is even right there.

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Speaker 1: President Trump said after the election there will be stimulus.

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Speaker 1: Should he lose, there will still be stimulus in the

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Speaker 1: lame duck or in the first quarter next calendar year.

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Speaker 1: With the Democrats taking over, they've they've already suggested they

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Speaker 1: want to they want to have more spending. So that's

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Speaker 1: what's happening on the stimulus front, where there's an incredible

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Speaker 1: amount of I guess now some certainty in terms of

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Speaker 1: the timeline. But then we got the virus. Because the

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Speaker 1: virus that is that contributing to any of the anxiety

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Speaker 1: on on Wall Street with because New York City's seven

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Speaker 1: day average of the daily cases is approaching Mayor de

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Speaker 1: Blasio's warning threshold of five and fifty, and France, the

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Speaker 1: country Statistics Agency downgraded its growth forecast. Is here, I

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Speaker 1: mean New York City now with this uptick, how our

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Speaker 1: investors reacting. Yeah, I think that is a very good point.

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Speaker 1: Everything we've talked about the risk, the biggest questions that

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Speaker 1: clients are asking right now is it the election, is

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Speaker 1: it stimulus, is it the virus? And frankly they've all

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Speaker 1: said all three, but mostly the election. And I think

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Speaker 1: though the election, to your point Kevin, really ties in

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Speaker 1: everything about the the virus to some extent, a vaccine

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Speaker 1: to some extent, and then of course where we are

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Speaker 1: on stimulus. All I will note is that the options market,

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Speaker 1: which tracks the quote fear gauge or the volatility of

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Speaker 1: the equity markets. The spot which is today's prices, moved up.

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Speaker 1: But you're also seen rising out futures within the vixed

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Speaker 1: markets on October and November and December market, so investors

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Speaker 1: are looking at volatility even into January at this point,

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Speaker 1: and I think that speaks to the point where it

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Speaker 1: is not just about not getting stimulus today, it is

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Speaker 1: not about an election in November, that this could go

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Speaker 1: through January. And that's really where that virus conversation comes in.

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Speaker 1: And um, some of these hotspots and and I think

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Speaker 1: do present a problem. UM. I think the markets are

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Speaker 1: liking a more targeted approach that you've mentioned Cuomo trying

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Speaker 1: to do a piecemeal approach versus just re shutting down everything,

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Speaker 1: which I don't think the markets want to see. Um.

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Speaker 1: But certainly I think a lack of clarity on the

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Speaker 1: direction of this virus and frankly, until we get a vaccine,

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Speaker 1: these belts of volutility are going to come more and

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Speaker 1: more frequently. And I think that's interesting within the VIX certainly,

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Speaker 1: UM pricing that out, I think Taylor, just yet you

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Speaker 1: hit on something really really important. It's that the markets

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Speaker 1: like to see a more piecemeal approach instead of just

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Speaker 1: a rapid or rampant rather blankets shut down. Let me

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Speaker 1: ask you about this. I mean, so, I think it

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Speaker 1: was JP Morgan and even I think City and maybe

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Speaker 1: Deutsche have put out notes or some of their analysted

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Speaker 1: over the last twenty four hours as we get these

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Speaker 1: new political polls that showed double digit leads or for

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Speaker 1: Joe Biden, and it looks like almost at the fatility

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Speaker 1: surrounding the mail in ballot issue might not be as

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Speaker 1: prolonged as some of these folks at Hope. How's that

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Speaker 1: playing in? I mean, the expectation was you're gonna have

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Speaker 1: to change the constitution, and now they're they're sort of

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Speaker 1: backing off. Some analysts are backing off. What do we

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Speaker 1: know about that? So, Kevin, markets like certainty, so to

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Speaker 1: the extent that there are certainty around whether it be

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Speaker 1: a red sweep or a blue sweet And I think

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Speaker 1: the analysts the three notes that I read that you read,

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Speaker 1: were looking at some of the polling and saying, well,

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Speaker 1: if there is a blue sweep, so let's go with

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Speaker 1: that for the purpose of this conversation. The point is

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Speaker 1: is there is at least certainty around that, so less

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Speaker 1: of a contested election. And then, of course with the

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Speaker 1: blue sweep, what do you get Perhaps maybe higher taxes,

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Speaker 1: which you would think that markets don't like, but if

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Speaker 1: you get more fiscal stimulus, that is that classic reflationary trade,

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Speaker 1: that is, the higher yield, the more spending. Do you

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Speaker 1: think that if there's more stimulus down into some of

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Speaker 1: the businesses like the airlines for example, maybe further small business,

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Speaker 1: maybe further unemployment benefit checks that go out. That certainly

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Speaker 1: then can be a positive for the market. So I think,

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Speaker 1: and I gotta I gotta simplify that, because that's so

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Speaker 1: smart bolded, underline it, tweeted, highlighted. Whatever you have to do.

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Speaker 1: The markets are interpreting now that in addition to higher taxes,

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Speaker 1: what Democrats would also provide is more fiscal stimulus relief,

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Speaker 1: higher taxes, but more relief. And they're essentially saying that

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Speaker 1: could be a wash off. That's according to some analyts.

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Speaker 1: Go ahead and Ubs no, just the latest to say,

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Speaker 1: given those two opinions, that is market neutral. So it's

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Speaker 1: certainly not a market negative, which was earlier what we

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Speaker 1: were hearing just about higher taxes than the negative implications

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Speaker 1: for the market. UBS saying market neutral now given at

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Speaker 1: least then you have some cohesiveness with around planning for

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Speaker 1: the stimulus and what to expect. Genius. I didn't write it,

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Speaker 1: Ubs wrote it, So call them if you want to

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Speaker 1: explained it right, you explained it in a minute. Left,

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Speaker 1: what else is going on to I feel like you know,

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Speaker 1: how's how's New York? You know it's it's okay, you

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Speaker 1: know I'm here in the office. UM, but I'll leave

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Speaker 1: you with with one more note on the market as

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Speaker 1: we all wake up to tomorrow. UM, take a look

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Speaker 1: at the dollar in gold as well, because you're seeing

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Speaker 1: some finally some strength and dollar which is classic stay

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Speaker 1: have in trade. Gold though continuing to sell off about

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Speaker 1: two percent. So you I I'm wondering if you're seen

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Speaker 1: sell everything go to cash, go to dollar by treasuries,

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Speaker 1: Gold continuing to sell off. So just some food for

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Speaker 1: thought as we think about the reopening trade tomorrow morning. Rigs,

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Speaker 1: thank you so much, Bloomberg Markets Reporter. Always appreciate time

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Speaker 1: very much. Coming up politics, you know what, head first

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Speaker 1: into it. I'm Kevin SURREALI. You're listening to Woomberg nine

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Speaker 1: and nine one live from our nation's camera. How do

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

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Speaker 1: is impacting farmers? What does this do from the United

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Speaker 1: States relationship with China? Bloomberg sound on the insidings, 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. You're looking at seventy Kennedys

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Speaker 1: for different vactores. 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'srelate on Bloomberg and one oh five. Fiscal

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Speaker 1: stimulus is dead until after the election. President Trump tweets.

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Speaker 1: Markets react full fallout on the policy broad plus now

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Speaker 1: just a day away from the vice presidential debate. I'm

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Speaker 1: in Salt Lake City, Utah. Ahead of that debate. We've

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Speaker 1: got the full preview on that front and big story.

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Speaker 1: President Trump telling his team to stop the stimulus talks.

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Speaker 1: President Trump told his negotiators to stop talks with Democratic

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Speaker 1: leaders on a fiscal stimulus package. This just hours hours

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Speaker 1: after Federal Reserve Chairman J. Powell's strongest call yet for

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Speaker 1: greater spending to shore up the economic recovery. So he

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Speaker 1: tweeted earlier this afternoon, quote President Trump said, quote I

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Speaker 1: have instructed my representatives to stop negotiating until after the election, when,

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Speaker 1: immediately after I win, we will pass a major stimulus

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Speaker 1: bill that focuses on hard working Americans and small businesses

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Speaker 1: end quote. Stocks tumbled after that, uh and Democrats had

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Speaker 1: most recently been pushing for a two point two trillion

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Speaker 1: dollar package. Republicans at up to it to one point

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Speaker 1: six trillion regardless, regardless, it uh, it's it's not gonna happen.

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Speaker 1: It's not gonna happen now. So after the election, I

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Speaker 1: want to play for you what FED Chair J. Powell

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Speaker 1: had to say at the NAB conference. Virtually, of course,

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Speaker 1: the National Association for Business Economics just about the pace

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Speaker 1: of the recovery. Here's FED Chair J. Powell. The expansion

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Speaker 1: is still far from complete. At this early stage. I

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Speaker 1: would argue that the risks of policy intervention are still asymmetric.

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Speaker 1: Too little support would lead to a weak recovery, creating

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Speaker 1: unnecessary hardship for households and businesses. By contrast, the risks

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Speaker 1: of overdoing it seem for now to be smaller. Even

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Speaker 1: if policy actions ultimately proved to be greater than needed,

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Speaker 1: they will not go to waste. He went on to say, quote,

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Speaker 1: too little support would lead to a weak recovery, creating

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Speaker 1: unnecessary hardship for households and businesses. I'm out here in

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Speaker 1: Salt Lake City for the week because tomorrow we're we're

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Speaker 1: covering the vice presidential debate. No doubt this is gonna

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Speaker 1: come up. We have a whole preview of that coming up.

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Speaker 1: But here, even in Salt Lake City, Utah, businesses socially distant,

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Speaker 1: a lot of economic strife, just like Washington. D c uh,

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Speaker 1: And let's bring in the panel. Joe Crowley's with us.

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Speaker 1: He's the former New York Congressman and Democratic Caucus chair,

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Speaker 1: Boyd Mathison, former chief of staff or Senator Mike Lee,

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Speaker 1: a Republican from Utah and the and an opinion editor

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Speaker 1: at the Desirette News, which I got a copy of today. Boyd,

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Speaker 1: you know, I'll start with you, Boyd, just because I'm

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Speaker 1: in your neck of the woods. Uh. To quote the

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Speaker 1: good old Al Roker, I'm in your neck of the woods. Um, Boyd,

426
00:23:50,640 --> 00:23:53,320
Speaker 1: I don't see how this helps Republicans. What's the play here?

427
00:23:53,400 --> 00:23:57,640
Speaker 1: I do not see the political implication of no deal

428
00:23:57,800 --> 00:24:01,760
Speaker 1: before election to I don't see a Boyd. Yeah, I uh.

429
00:24:01,880 --> 00:24:03,399
Speaker 1: And I have to agree with you on that. And

430
00:24:03,440 --> 00:24:05,640
Speaker 1: you should have come over. We could have socially distanced

431
00:24:05,680 --> 00:24:08,600
Speaker 1: in the boardroom here. Uh. I'm a little offended that way.

432
00:24:08,680 --> 00:24:12,080
Speaker 1: But well we're here. Text you after the show and

433
00:24:12,160 --> 00:24:13,440
Speaker 1: I need a good place to eat. But we have

434
00:24:13,480 --> 00:24:15,919
Speaker 1: a whole hour to get all right, I will think

435
00:24:15,960 --> 00:24:17,960
Speaker 1: I'll take care of you on that front for sure.

436
00:24:18,400 --> 00:24:20,560
Speaker 1: But yeah, this this does not help it. This does

437
00:24:20,600 --> 00:24:22,639
Speaker 1: not help Republicans in any way, shape or form. I

438
00:24:22,680 --> 00:24:28,320
Speaker 1: I can't figure out the strategy behind this either, unless

439
00:24:28,359 --> 00:24:31,480
Speaker 1: it's some uh stretch of a way to try to

440
00:24:31,600 --> 00:24:33,920
Speaker 1: make sure that people show up and vote to ensure

441
00:24:33,960 --> 00:24:37,160
Speaker 1: there's a Republican Congress coming in. I've been producing all

442
00:24:37,200 --> 00:24:40,600
Speaker 1: along that nothing was gonna happen. We saw that. Of course,

443
00:24:40,920 --> 00:24:43,760
Speaker 1: even just getting the stop gap measure, the continuing Resolution

444
00:24:44,240 --> 00:24:48,280
Speaker 1: until December. Uh, none of those are are functioning from

445
00:24:48,320 --> 00:24:51,159
Speaker 1: a position of strength. You would have thought that the

446
00:24:51,240 --> 00:24:54,879
Speaker 1: negotiations strategy would have been much more focused on how

447
00:24:54,920 --> 00:24:57,680
Speaker 1: do we keep things going in terms of trying to

448
00:24:57,800 --> 00:25:01,840
Speaker 1: get the rebound rebounding? Uh. And that's ultimately the test.

449
00:25:02,320 --> 00:25:04,560
Speaker 1: And here's the thing I don't understand is the you know,

450
00:25:04,840 --> 00:25:08,600
Speaker 1: the real leadership space for the president to play is

451
00:25:08,640 --> 00:25:10,960
Speaker 1: to say, yeah, we we we hit bottom in the

452
00:25:11,040 --> 00:25:13,440
Speaker 1: midst of a pandemic. But the test is, you know,

453
00:25:13,560 --> 00:25:15,520
Speaker 1: not how high you store about how high you bounce

454
00:25:15,520 --> 00:25:17,439
Speaker 1: when you hit bottom. We've hit it and we're moving.

455
00:25:17,880 --> 00:25:20,800
Speaker 1: But this is more like a splat um. So I

456
00:25:20,960 --> 00:25:23,639
Speaker 1: just I just don't understand what the play is and

457
00:25:23,800 --> 00:25:26,280
Speaker 1: how this could be helpful to not just to the

458
00:25:26,320 --> 00:25:29,600
Speaker 1: Republican Let's be really honest and really clear. This does

459
00:25:29,680 --> 00:25:32,520
Speaker 1: not help the American people, which is what this is

460
00:25:32,560 --> 00:25:35,000
Speaker 1: really supposed to be about. But I mean, that was

461
00:25:35,040 --> 00:25:37,600
Speaker 1: just so well said, and truly. I mean, you look

462
00:25:37,640 --> 00:25:40,240
Speaker 1: at any pull right now, I don't see you know,

463
00:25:40,320 --> 00:25:43,040
Speaker 1: and yeah, I love taking off my political halt for

464
00:25:43,080 --> 00:25:46,280
Speaker 1: a second, but you look at it. Less than are

465
00:25:46,359 --> 00:25:49,280
Speaker 1: a month really to the day of the presidential election.

466
00:25:49,560 --> 00:25:53,359
Speaker 1: I don't see how not getting a deal is advantageous

467
00:25:53,359 --> 00:25:54,959
Speaker 1: to a president who is lagging in the polls. Joe

468
00:25:55,000 --> 00:25:57,840
Speaker 1: Crowley coming here because in your city, New York City,

469
00:25:57,920 --> 00:26:00,879
Speaker 1: there's now uptaking cases, market on edge about the lack

470
00:26:00,960 --> 00:26:03,840
Speaker 1: of fiscal relief coming before the election, markets on edge

471
00:26:03,840 --> 00:26:06,560
Speaker 1: about a possible uptick in coronavirus, not just in New

472
00:26:06,640 --> 00:26:09,280
Speaker 1: York City but in other key parts across the country.

473
00:26:10,080 --> 00:26:13,639
Speaker 1: I mean, American families on edge for a lack of

474
00:26:13,720 --> 00:26:16,360
Speaker 1: economic relief. This just doesn't make sense to me, Joe.

475
00:26:17,520 --> 00:26:20,600
Speaker 1: There is no daylight between Boyd and I on this

476
00:26:20,720 --> 00:26:27,600
Speaker 1: particular issue, we're gonna agree here. I think that had

477
00:26:27,840 --> 00:26:30,639
Speaker 1: I and I like Boyd, would have predicted that they not,

478
00:26:31,000 --> 00:26:33,960
Speaker 1: they would have not reached the deal. Um that there

479
00:26:33,960 --> 00:26:37,800
Speaker 1: would be some acrimony about that, and the attemperament to

480
00:26:38,160 --> 00:26:42,359
Speaker 1: have the Senate and the President blame UH, Pelosi and

481
00:26:42,480 --> 00:26:45,480
Speaker 1: Democrats from being transient and not moving at all, so

482
00:26:45,600 --> 00:26:48,959
Speaker 1: to speak. You know, the last was that Nuchan had

483
00:26:49,000 --> 00:26:52,320
Speaker 1: made an offer and and and Plosi had rejected it. Um.

484
00:26:52,680 --> 00:26:55,879
Speaker 1: You know that the fact that Minucian and Plosi was

485
00:26:55,920 --> 00:26:59,600
Speaker 1: still talking, that the President now weighs in and said

486
00:26:59,760 --> 00:27:03,280
Speaker 1: I'm holding back, no, no more negotiation until left election.

487
00:27:03,480 --> 00:27:07,920
Speaker 1: He owns it entirely. And um as as the boy

488
00:27:08,000 --> 00:27:11,320
Speaker 1: that said, it's not only in terms of the political

489
00:27:12,160 --> 00:27:17,120
Speaker 1: disaster here for Republicans. If this holds true. But let's

490
00:27:17,119 --> 00:27:20,639
Speaker 1: take for a point, if the President decides now because

491
00:27:20,680 --> 00:27:24,119
Speaker 1: of this UH to come back to the table before

492
00:27:24,240 --> 00:27:26,280
Speaker 1: the election, because it's gonna hear a lot from Senator

493
00:27:26,359 --> 00:27:29,520
Speaker 1: Mike Lee and and others out there who are really

494
00:27:29,560 --> 00:27:33,080
Speaker 1: concerned about the lack of stimulus. Right now, he has

495
00:27:33,119 --> 00:27:35,840
Speaker 1: weakened his hand coming back to the table and if

496
00:27:35,880 --> 00:27:38,120
Speaker 1: this notion is that we're gonna wait till after the election,

497
00:27:38,600 --> 00:27:41,560
Speaker 1: you know, and when I'm president again, I'll get a

498
00:27:41,760 --> 00:27:44,480
Speaker 1: better deal. But if I don't win, what does that mean?

499
00:27:44,600 --> 00:27:47,760
Speaker 1: Is this like an extortion like you know, either either

500
00:27:47,800 --> 00:27:50,240
Speaker 1: a re elected president or else, you know, a type

501
00:27:50,280 --> 00:27:52,640
Speaker 1: of thing. I just don't think that's gonna work here.

502
00:27:53,040 --> 00:27:55,199
Speaker 1: So I think someone better check those medities to get

503
00:27:55,320 --> 00:27:58,000
Speaker 1: no steroids maybe taken on already because he is not

504
00:27:58,119 --> 00:28:01,200
Speaker 1: thinking clearly, certainly from a strategic point of view with

505
00:28:01,280 --> 00:28:04,600
Speaker 1: a businessman, He's made a major blunder here in my opinion. Well,

506
00:28:04,600 --> 00:28:06,880
Speaker 1: stocks were down today, Let's just go Macro or let's

507
00:28:06,920 --> 00:28:08,840
Speaker 1: just zoom out for a second in terms of getting

508
00:28:08,840 --> 00:28:12,040
Speaker 1: the perspective from Wall Street here, because uh, it's there's

509
00:28:12,119 --> 00:28:16,720
Speaker 1: some two major key market developments, I would argue as

510
00:28:16,800 --> 00:28:19,800
Speaker 1: we as we enter into the midweek. The first is

511
00:28:20,119 --> 00:28:24,119
Speaker 1: obviously some jitters pertaining to no fiscal stimulus coming before

512
00:28:24,200 --> 00:28:26,119
Speaker 1: the election. But the second, and this is where it

513
00:28:26,160 --> 00:28:28,280
Speaker 1: gets more nuanced. If you read some of the analyst

514
00:28:28,400 --> 00:28:32,679
Speaker 1: reports that came out earlier today from JP Morgan, from City,

515
00:28:32,840 --> 00:28:36,280
Speaker 1: from Deutsche Bank and others, there are now suggesting that

516
00:28:36,520 --> 00:28:39,320
Speaker 1: even if there is a Democratic sweep, or even if

517
00:28:39,680 --> 00:28:42,560
Speaker 1: Joe Biden becomes president, that it would be a market

518
00:28:42,680 --> 00:28:46,240
Speaker 1: neutral event. That the increase in taxes, which yes, they're

519
00:28:46,280 --> 00:28:48,800
Speaker 1: likely would there will mean Joe Biden said he's gonna

520
00:28:48,840 --> 00:28:53,719
Speaker 1: raise taxes, even the corporate tax rate increasing from UH

521
00:28:54,080 --> 00:28:59,160
Speaker 1: that increase in taxes would be a neutralized by more

522
00:28:59,280 --> 00:29:02,160
Speaker 1: fiscal stimul list relief. I'm thinking of infrastructure, I'm thinking

523
00:29:02,200 --> 00:29:06,880
Speaker 1: of additional fiscal support. So now the conversation which once

524
00:29:07,040 --> 00:29:10,200
Speaker 1: last week was you know, up until last week, a

525
00:29:10,280 --> 00:29:12,640
Speaker 1: lot of uncertainty, a lot of volatility with the mail

526
00:29:12,680 --> 00:29:15,880
Speaker 1: in ballots. Maybe we're even pushing it to January. Now

527
00:29:16,000 --> 00:29:19,680
Speaker 1: it's becoming a much more market neutral event. Fascinating how

528
00:29:19,800 --> 00:29:23,000
Speaker 1: quickly that shifted much more. Coming up with the panel

529
00:29:23,040 --> 00:29:25,240
Speaker 1: All Star Panel today. My name is Kevin Surli. I

530
00:29:25,320 --> 00:29:27,680
Speaker 1: was at Ruth's Diner today in Salt Lake City. Had

531
00:29:27,680 --> 00:29:30,960
Speaker 1: a great omelet and biscuits and jam. This is Bloomberg,

532
00:29:30,960 --> 00:29:35,800
Speaker 1: diney nine one. This is Bloomberg Sound On with Kevin

533
00:29:35,920 --> 00:29:40,320
Speaker 1: Surrel on Bloomberg and one oh five point seven m

534
00:29:40,440 --> 00:29:43,240
Speaker 1: HD two. My name is Kevin Celi. I'm the Chief

535
00:29:43,320 --> 00:29:45,960
Speaker 1: Washington correspondent to Bloomberg TV and Radio on Mountain Salt

536
00:29:46,080 --> 00:29:50,000
Speaker 1: Lake City, Utah Today, Boyd Mathison's neck of the woods. Boyd,

537
00:29:50,000 --> 00:29:54,200
Speaker 1: have you ever been to Ruth's diner? Oh? Yeah, absolutely,

538
00:29:54,440 --> 00:29:57,600
Speaker 1: that's a month. And is it a month? Because let

539
00:29:57,640 --> 00:30:00,040
Speaker 1: me tell you, I hear she's like a nikon and

540
00:30:00,560 --> 00:30:02,920
Speaker 1: of of Salt Lake. I was reading up on her.

541
00:30:03,200 --> 00:30:06,160
Speaker 1: I mean, she's got this diner decades old. She had

542
00:30:06,320 --> 00:30:08,160
Speaker 1: she had a bit of it. Uh she she kind

543
00:30:08,160 --> 00:30:10,680
Speaker 1: of sounds like my my late grand Italian grandmother, Mama

544
00:30:10,720 --> 00:30:13,840
Speaker 1: Melda back in Delco. But but just had that that

545
00:30:14,120 --> 00:30:17,719
Speaker 1: Uh what's the what's the word? I can say, Uh,

546
00:30:19,160 --> 00:30:23,640
Speaker 1: gravitas for lack of a better word. But give us okay,

547
00:30:23,760 --> 00:30:26,480
Speaker 1: where's a good place? What are you guys know? Tom

548
00:30:26,560 --> 00:30:29,400
Speaker 1: King was telling me Utah is known for its elk chili.

549
00:30:29,600 --> 00:30:31,320
Speaker 1: I didn't know this. I thought they were known for

550
00:30:31,360 --> 00:30:35,280
Speaker 1: the Utah jazz. Go ahead, yeah, I'd stick with the

551
00:30:35,360 --> 00:30:38,640
Speaker 1: Utah jazz myself. But there are a lot of hunters

552
00:30:38,680 --> 00:30:41,200
Speaker 1: out here, a lot of great hunting out here. Uh So,

553
00:30:41,600 --> 00:30:43,200
Speaker 1: but I am not the expert in that. I can

554
00:30:43,280 --> 00:30:44,920
Speaker 1: I can give you a whole lot of download on

555
00:30:45,040 --> 00:30:47,320
Speaker 1: the jazz. If you want that breakdown, I can okay,

556
00:30:47,360 --> 00:30:49,719
Speaker 1: I can give you that for sure, but no restaurants. Okay, Well,

557
00:30:50,120 --> 00:30:52,720
Speaker 1: because I'm okay always all right. Good to know. And

558
00:30:53,160 --> 00:30:55,320
Speaker 1: Joe Crowley is with us, former New York congressman and

559
00:30:55,360 --> 00:30:57,800
Speaker 1: of course the former chairman of the Democratic Caucus. Uh,

560
00:30:58,000 --> 00:31:02,320
Speaker 1: we're gonna remember then, Uh, the late great musician who

561
00:31:02,360 --> 00:31:06,360
Speaker 1: passed away today. I promise you, Joe, that's just really yeah.

562
00:31:06,720 --> 00:31:08,880
Speaker 1: But let's do the preview of the vice presidential debate,

563
00:31:08,920 --> 00:31:12,040
Speaker 1: because that's why I'm out here. And the fiscal stimulus

564
00:31:12,480 --> 00:31:15,480
Speaker 1: lack there of support that's not coming as the President

565
00:31:15,720 --> 00:31:18,760
Speaker 1: nixt the talks for for the fiscal stimulus, that's going

566
00:31:18,840 --> 00:31:21,440
Speaker 1: to be front and center. Not to mention, here's Mike Pence.

567
00:31:21,760 --> 00:31:24,040
Speaker 1: Vice President. Pence is of course the leader of the

568
00:31:24,160 --> 00:31:29,040
Speaker 1: President's Coronavirus Task Force, up against Senator Kamala Harris, who

569
00:31:29,680 --> 00:31:32,880
Speaker 1: in many ways is the future of the Democratic Party. Um.

570
00:31:33,240 --> 00:31:35,480
Speaker 1: And and Mike Pence, we should note, is often talked

571
00:31:35,480 --> 00:31:40,680
Speaker 1: about having presidential ambitions as well. Uh So from your perspective, Uh, Joe,

572
00:31:41,160 --> 00:31:44,160
Speaker 1: just set the stage. Has there ever been a vice

573
00:31:44,240 --> 00:31:47,280
Speaker 1: presidential debate? More important, both of the leaders at the

574
00:31:47,320 --> 00:31:50,920
Speaker 1: top of the ticket are uh in their seventies. Both

575
00:31:51,360 --> 00:31:53,640
Speaker 1: have been uh you know, you've got one who is

576
00:31:54,000 --> 00:31:57,200
Speaker 1: recovering from COVID nineteen another who Uh the health has

577
00:31:57,240 --> 00:31:59,720
Speaker 1: been an issue in terms of the conversation pertaining to

578
00:31:59,800 --> 00:32:04,480
Speaker 1: the campaign. I mean, as put it in perspective for us, well,

579
00:32:04,520 --> 00:32:06,520
Speaker 1: I think a lot of eyeballs certainly will be on

580
00:32:07,040 --> 00:32:11,840
Speaker 1: watching from both parties tomorrow's debate looking at, you know,

581
00:32:11,960 --> 00:32:17,120
Speaker 1: really potentially to presidential candidates in the future. Um. You know,

582
00:32:17,280 --> 00:32:19,680
Speaker 1: say that what you may about either one of them. Uh,

583
00:32:19,720 --> 00:32:22,959
Speaker 1: And I'm sure they have critics from both their respective parties,

584
00:32:23,280 --> 00:32:26,120
Speaker 1: but they are gonna be front runners, uh in four years,

585
00:32:26,680 --> 00:32:31,320
Speaker 1: whether the presidents re elected uh in in in that circumstance. Um.

586
00:32:31,480 --> 00:32:34,080
Speaker 1: But certainly Kamala Harris is gonna be someone that people

587
00:32:34,080 --> 00:32:36,680
Speaker 1: are gonna be looking for in the future as well.

588
00:32:37,280 --> 00:32:39,560
Speaker 1: Uh So I think, really, people, you know, if you

589
00:32:39,680 --> 00:32:41,920
Speaker 1: if you might pinch, you've gotta be scratching your head today.

590
00:32:42,280 --> 00:32:45,680
Speaker 1: You know, the president was really setting this whole campaign up,

591
00:32:45,720 --> 00:32:48,800
Speaker 1: playing on you know, we're really planning on banking on

592
00:32:49,360 --> 00:32:52,720
Speaker 1: good economic news before the election, and now there's this

593
00:32:52,880 --> 00:32:55,920
Speaker 1: you have COVID is still running rampant. But what's the

594
00:32:56,040 --> 00:32:58,720
Speaker 1: message you know, pending to me on the debate states

595
00:32:58,760 --> 00:33:01,120
Speaker 1: tomorrow night? And what is he running on? What are

596
00:33:01,160 --> 00:33:03,720
Speaker 1: they running on? And I really think there's gonna be

597
00:33:03,800 --> 00:33:07,720
Speaker 1: great confusion there. Um, But I think, uh, you know,

598
00:33:07,880 --> 00:33:10,320
Speaker 1: for for for how is used to stay the course

599
00:33:10,840 --> 00:33:13,560
Speaker 1: for a prosecutor. I think they're both good on their seat.

600
00:33:13,600 --> 00:33:15,640
Speaker 1: I think I know Mike Pence for my days in

601
00:33:15,680 --> 00:33:18,320
Speaker 1: the house, I got along very well with them. Um,

602
00:33:18,520 --> 00:33:20,480
Speaker 1: you know, I didn't agree with them about just about anything,

603
00:33:20,560 --> 00:33:24,640
Speaker 1: but he's a decent person. I think that that Kamala Harris,

604
00:33:24,640 --> 00:33:27,120
Speaker 1: and it's gonna be interesting to watch tomorrow night, boyd.

605
00:33:27,200 --> 00:33:28,800
Speaker 1: I mean, what what is the point? I mean, that's

606
00:33:28,840 --> 00:33:32,880
Speaker 1: a really good point, I think is this. Typically your

607
00:33:32,920 --> 00:33:35,800
Speaker 1: strategy for a VP debate would be do no harm

608
00:33:36,200 --> 00:33:38,160
Speaker 1: and just kind of keep your head down, grind it out,

609
00:33:38,200 --> 00:33:40,720
Speaker 1: getting it out, don't make a major gaff and don't

610
00:33:40,760 --> 00:33:43,680
Speaker 1: be the story. But now, I mean, with this race

611
00:33:43,840 --> 00:33:48,840
Speaker 1: just feeling so tilted. Uh you know what? What what?

612
00:33:49,120 --> 00:33:52,040
Speaker 1: This is a very important VP debate for for Mike Pence.

613
00:33:52,080 --> 00:33:54,479
Speaker 1: It's an opportunity to change the dynamics of the race

614
00:33:54,560 --> 00:33:57,640
Speaker 1: for Senator Harris. It's in many ways another introduction to

615
00:33:57,720 --> 00:34:01,880
Speaker 1: the country. Yeah. That and I think the uh one

616
00:34:02,000 --> 00:34:05,400
Speaker 1: we could build this debate as preview of coming attraction

617
00:34:05,720 --> 00:34:09,600
Speaker 1: to Joe's Joe's point, We're gonna see this in no

618
00:34:09,800 --> 00:34:12,200
Speaker 1: question about it. They will be the front runners rolling

619
00:34:12,239 --> 00:34:14,799
Speaker 1: in regardless of what happened on the first two day

620
00:34:14,800 --> 00:34:17,319
Speaker 1: of November this year. I think that I think it's

621
00:34:17,360 --> 00:34:21,839
Speaker 1: a really important subtle element to this. Normally you would

622
00:34:21,920 --> 00:34:25,480
Speaker 1: do as as you rightly said, do no harm. But

623
00:34:25,600 --> 00:34:27,640
Speaker 1: I think this year it's more of you've got to

624
00:34:27,719 --> 00:34:31,279
Speaker 1: do something right. Because the the audience that this is

625
00:34:31,360 --> 00:34:34,320
Speaker 1: really for are those people who are either in the

626
00:34:34,400 --> 00:34:37,440
Speaker 1: undecided category. We know that's very small, it's only probably

627
00:34:37,480 --> 00:34:39,879
Speaker 1: five to eight percent of the electorate. But there's also

628
00:34:40,000 --> 00:34:43,440
Speaker 1: this group that I like to call the movable middle uh.

629
00:34:43,560 --> 00:34:46,440
Speaker 1: And these are people who may not even vote uh.

630
00:34:46,680 --> 00:34:49,560
Speaker 1: They are people who they're not they're not independent. These

631
00:34:49,600 --> 00:34:52,760
Speaker 1: are either center left or center right folks, registered Democrats

632
00:34:52,840 --> 00:34:57,440
Speaker 1: or Republicans, but they've disconnected because they're exhausted by all

633
00:34:57,560 --> 00:35:00,480
Speaker 1: of the victory, all from both ends of the political scale.

634
00:35:00,760 --> 00:35:03,520
Speaker 1: And that's who Kamala Harris and Mike Pants got to

635
00:35:03,560 --> 00:35:05,880
Speaker 1: speak to tomorrow, and to do that, they've got to

636
00:35:05,920 --> 00:35:08,479
Speaker 1: talk about things like community. They've got to talk about

637
00:35:08,560 --> 00:35:12,640
Speaker 1: upward mobility and opportunity, uh, self reliance, those kinds of issues.

638
00:35:12,760 --> 00:35:15,160
Speaker 1: And so I think this is a critical debate for

639
00:35:15,320 --> 00:35:17,560
Speaker 1: both of them, not only in terms of this race,

640
00:35:17,640 --> 00:35:21,440
Speaker 1: but obviously looking forward too. But I think they can

641
00:35:21,480 --> 00:35:26,040
Speaker 1: do significant help to their respective top of the ticket.

642
00:35:26,160 --> 00:35:28,760
Speaker 1: Mike Pants can say, hey, we've got a policy agenda,

643
00:35:28,840 --> 00:35:31,000
Speaker 1: We've you know, we're taken act in this space that

644
00:35:31,200 --> 00:35:33,800
Speaker 1: is gonna work in terms of a rebound. Uh. Kamala

645
00:35:33,880 --> 00:35:37,360
Speaker 1: Harris is an reintroduction to a lot of those folks,

646
00:35:37,560 --> 00:35:39,520
Speaker 1: but she also has to show not only am I

647
00:35:39,600 --> 00:35:41,880
Speaker 1: a prosecutor and I'm going to get these issues right,

648
00:35:42,480 --> 00:35:44,200
Speaker 1: but I'm doing it for you and this is what

649
00:35:44,280 --> 00:35:46,800
Speaker 1: it's going to mean to your community, to your family.

650
00:35:47,480 --> 00:35:50,320
Speaker 1: And so I think the stakes are incredibly high. I

651
00:35:50,400 --> 00:35:52,520
Speaker 1: think there is a good chance we may actually hear

652
00:35:52,600 --> 00:35:56,600
Speaker 1: some policy discussions tomorrow, which would be radical for debates

653
00:35:56,680 --> 00:35:59,480
Speaker 1: in this era that we live in. But I think

654
00:35:59,520 --> 00:36:02,520
Speaker 1: it's gonna be fascinating. I think it's critically important the

655
00:36:03,040 --> 00:36:07,759
Speaker 1: undecided and the movable middle could ultimately decide the race

656
00:36:07,840 --> 00:36:10,480
Speaker 1: in the end. It's yeah, I think I think for me,

657
00:36:10,520 --> 00:36:13,759
Speaker 1: I'm gonna be watching for three things. First and foremost, Uh,

658
00:36:14,840 --> 00:36:17,200
Speaker 1: the heart beat away from the presidency test. How does

659
00:36:17,960 --> 00:36:20,319
Speaker 1: Vice President Mike Pets and Senator Harris, how do they

660
00:36:20,440 --> 00:36:23,320
Speaker 1: clear that hurdle? That, of course is the most important

661
00:36:23,400 --> 00:36:26,160
Speaker 1: hurdle and health is now front and center again at

662
00:36:26,160 --> 00:36:28,480
Speaker 1: the top of the ticket, so it's an incredibly important

663
00:36:28,760 --> 00:36:32,680
Speaker 1: important hurdle to clear. Secondly, I totally agree it's a

664
00:36:32,760 --> 00:36:37,480
Speaker 1: it's a foreshadowing potentially of of two individuals who will,

665
00:36:37,680 --> 00:36:41,280
Speaker 1: without question, at one point be rumored to be running

666
00:36:41,320 --> 00:36:44,479
Speaker 1: for president of their own Uh, do they do any

667
00:36:44,760 --> 00:36:49,839
Speaker 1: long standing harm to their political careers with with any

668
00:36:49,920 --> 00:36:53,280
Speaker 1: type of major loss or gaff in this? And then finally,

669
00:36:53,360 --> 00:36:55,080
Speaker 1: and and and in no way am I ranking it

670
00:36:55,200 --> 00:36:57,960
Speaker 1: here but on the issue of policy, because there are

671
00:36:57,960 --> 00:37:01,440
Speaker 1: a lot of questions for both Senator Harris and Vice

672
00:37:01,480 --> 00:37:04,759
Speaker 1: President Mike Pence as it relates to the economy, to

673
00:37:04,880 --> 00:37:08,000
Speaker 1: social issues, and of course to the coronavirus, and how

674
00:37:08,080 --> 00:37:10,200
Speaker 1: they do that. Coming up, we check in with Congressman

675
00:37:10,280 --> 00:37:12,200
Speaker 1: ken Buck. He's gonna tell us all about the big

676
00:37:12,239 --> 00:37:14,120
Speaker 1: Tech here he's on Capitol Hill. I'm Kevin's really you're

677
00:37:14,160 --> 00:37:23,200
Speaker 1: listening to Bloomberg. This is Bloomberg Sound On with Kevin

678
00:37:23,280 --> 00:37:27,480
Speaker 1: Shirley on Bloomberg and one oh five point seven F

679
00:37:27,640 --> 00:37:30,719
Speaker 1: M h D two. So much news today, so much,

680
00:37:30,920 --> 00:37:33,120
Speaker 1: so much news today. I'm Kevin Cereli. I'm the chief

681
00:37:33,120 --> 00:37:36,279
Speaker 1: Washington correspondent for Bloomberg TV and Radio a Mountain Salt Lake.

682
00:37:36,400 --> 00:37:40,239
Speaker 1: For covering tomorrow's VP debate. Well, I've continuing coverage cross

683
00:37:40,280 --> 00:37:43,719
Speaker 1: platform on Bloomberg Television and Bloomberg Radio. Let of course,

684
00:37:44,120 --> 00:37:47,600
Speaker 1: by our very own David Weston. I want to take

685
00:37:47,600 --> 00:37:50,640
Speaker 1: it to Capitol Hill because Ben Brody and David McLaughlin

686
00:37:50,760 --> 00:37:54,600
Speaker 1: just doing stellar reporting on on the big tech probes

687
00:37:54,680 --> 00:37:58,520
Speaker 1: that are coming from the House of Representatives. Uh, the

688
00:37:59,000 --> 00:38:02,879
Speaker 1: House Anti truck a subcommittee Democrat controlled, released a four

689
00:38:03,000 --> 00:38:07,400
Speaker 1: hundred and forty nine page report with regards to what

690
00:38:07,640 --> 00:38:13,680
Speaker 1: to do about Amazon, Google, the big tech companies, and

691
00:38:13,880 --> 00:38:18,160
Speaker 1: really the most draconian recommendation is for Congress to consider

692
00:38:18,280 --> 00:38:22,280
Speaker 1: legislation that would either prevent tech companies from owning different

693
00:38:22,360 --> 00:38:25,480
Speaker 1: lines of businesses, which ultimately could lead to the breakup

694
00:38:25,520 --> 00:38:30,360
Speaker 1: of the companies or to impose certain organizational structures on

695
00:38:31,160 --> 00:38:35,680
Speaker 1: the companies. It's stocks there. The tech stocks were down

696
00:38:36,080 --> 00:38:38,120
Speaker 1: upon the release of this report. All right, So I'm

697
00:38:38,160 --> 00:38:41,000
Speaker 1: really really grateful to have Congressman Keem Buck on the

698
00:38:41,080 --> 00:38:45,799
Speaker 1: program UH tonight because Congressman Keem Buck is the top

699
00:38:45,840 --> 00:38:50,400
Speaker 1: Republican on the House Antitrust Subcommittee, and he released another report.

700
00:38:50,520 --> 00:38:54,720
Speaker 1: And the reason this Republican color this Colorado Republicans report

701
00:38:55,120 --> 00:38:57,920
Speaker 1: is so interesting is because it shows where there are

702
00:38:58,040 --> 00:39:01,719
Speaker 1: areas a common ground and what the Democrats want and

703
00:39:01,840 --> 00:39:04,760
Speaker 1: what the Republicans want, and where there are non starters.

704
00:39:05,160 --> 00:39:07,960
Speaker 1: So let's take it there. Congressman Buck, welcome back to

705
00:39:08,040 --> 00:39:10,520
Speaker 1: the show. Thank you for your time. Where are the

706
00:39:10,680 --> 00:39:13,840
Speaker 1: areas of common ground in terms of where Republicans and

707
00:39:13,960 --> 00:39:17,880
Speaker 1: Democrats want to reign in big tech? Well, I can

708
00:39:17,920 --> 00:39:20,520
Speaker 1: only speak for this Republican, but I think it's clear,

709
00:39:20,960 --> 00:39:24,160
Speaker 1: um and in fact, in my conversation with other Republicans

710
00:39:24,200 --> 00:39:29,640
Speaker 1: and Democrats, it's clear that the the two enforcement agencies,

711
00:39:29,719 --> 00:39:32,200
Speaker 1: the Federal Trade Commission and the Antitrust Division at the

712
00:39:32,239 --> 00:39:36,040
Speaker 1: Department of Justice, have less resources now than they did

713
00:39:36,080 --> 00:39:39,239
Speaker 1: a decade ago. And it's important for us to make

714
00:39:39,320 --> 00:39:43,279
Speaker 1: sure that we bolster the resources at these two agencies

715
00:39:43,440 --> 00:39:46,800
Speaker 1: as we start talking about the different tools, a different

716
00:39:46,880 --> 00:39:50,440
Speaker 1: legislative remedies that that may be available. So that's one

717
00:39:50,520 --> 00:39:54,400
Speaker 1: thing that I think, UM almost everybody agrees on. Alright,

718
00:39:54,480 --> 00:39:57,320
Speaker 1: what else I mean in terms of UH, because because

719
00:39:57,360 --> 00:40:00,319
Speaker 1: obviously Republicans and Democrats think something has to we've done

720
00:40:00,320 --> 00:40:02,920
Speaker 1: about big tech, but there's some key differences. That's one

721
00:40:02,960 --> 00:40:05,320
Speaker 1: area where you agree, but there's but there's some other areas.

722
00:40:05,360 --> 00:40:08,360
Speaker 1: What else do we know? Well, I think there's agreement

723
00:40:08,520 --> 00:40:12,520
Speaker 1: on data portability. For example, when you have data that

724
00:40:12,800 --> 00:40:18,000
Speaker 1: is being accumulated at Google or Facebook or Twitter, UM,

725
00:40:18,120 --> 00:40:21,080
Speaker 1: I think that is the individual's data and you should

726
00:40:21,080 --> 00:40:24,560
Speaker 1: be able to move to a competitor UM, and that

727
00:40:24,680 --> 00:40:29,000
Speaker 1: would help free up and create some competition in the marketplace.

728
00:40:29,040 --> 00:40:32,120
Speaker 1: So I think that affordability is one area where there's

729
00:40:32,160 --> 00:40:36,000
Speaker 1: a lot of overlap between the majority report and um

730
00:40:36,400 --> 00:40:39,640
Speaker 1: MY views and those of other Republicans. I also think

731
00:40:39,719 --> 00:40:44,719
Speaker 1: that UH the idea that the there have been seven

732
00:40:44,800 --> 00:40:48,200
Speaker 1: fifty center and fifty approximately seven and fifty mergers or

733
00:40:48,239 --> 00:40:52,279
Speaker 1: acquisitions in the big tech area in the last decade UH,

734
00:40:52,440 --> 00:40:56,920
Speaker 1: and many of those appear to be anti competitive. Facebook's

735
00:40:56,920 --> 00:41:03,640
Speaker 1: acquisition of WhatsApp and and um other acquisitions by these

736
00:41:03,680 --> 00:41:07,360
Speaker 1: four or five tech giants and so uh, the idea

737
00:41:07,520 --> 00:41:13,600
Speaker 1: that a company that has or more um dominance in

738
00:41:13,640 --> 00:41:19,520
Speaker 1: the marketplace can acquire up and coming competitors is anti

739
00:41:19,600 --> 00:41:21,960
Speaker 1: competitive and we should be taking a look at that.

740
00:41:22,080 --> 00:41:26,880
Speaker 1: The Majority report talked about a threshold. I think the

741
00:41:26,920 --> 00:41:29,840
Speaker 1: threshold has to be much higher in order to flip

742
00:41:29,920 --> 00:41:31,880
Speaker 1: the burden of proof from the government to prove that

743
00:41:32,040 --> 00:41:36,120
Speaker 1: something is anti competitive to the tech companies having to

744
00:41:36,200 --> 00:41:41,160
Speaker 1: prove that they are are not creating an anti competitive atmosphere.

745
00:41:41,160 --> 00:41:44,279
Speaker 1: And so I think shifting that burden of proof had

746
00:41:44,320 --> 00:41:47,520
Speaker 1: a much higher threshold may make sense, and it's something

747
00:41:47,600 --> 00:41:50,960
Speaker 1: that we will discuss and hopefully take some expert testimony in.

748
00:41:51,600 --> 00:41:53,960
Speaker 1: I mean, I just find this fascinating. Congressman come bucks

749
00:41:54,000 --> 00:41:56,520
Speaker 1: with us, he's Republican from Colorado. I find this fascinating

750
00:41:56,560 --> 00:42:00,160
Speaker 1: because these companies were once the scrappy up starts, right.

751
00:42:00,200 --> 00:42:02,560
Speaker 1: I mean, you got Mark zuckerbourban a dorm room back

752
00:42:02,600 --> 00:42:05,800
Speaker 1: at Harvard with the with the social network and everything

753
00:42:05,880 --> 00:42:07,920
Speaker 1: in the Facebook or whatever. He had no idea this

754
00:42:08,040 --> 00:42:11,120
Speaker 1: was going to grow up into such a massive, massive,

755
00:42:11,520 --> 00:42:17,200
Speaker 1: multibillion dollar global company where he's you know, buying Instagram

756
00:42:17,280 --> 00:42:19,719
Speaker 1: and whatnot. And of course now we've got all the

757
00:42:19,840 --> 00:42:24,040
Speaker 1: implications of freedom of speech of the back channels of commerce,

758
00:42:24,400 --> 00:42:27,120
Speaker 1: they're trying to get into the other areas of commerce.

759
00:42:27,360 --> 00:42:29,600
Speaker 1: And you raise a really good point. And this is

760
00:42:29,680 --> 00:42:31,680
Speaker 1: just I mean, regardless folks of where you are on

761
00:42:31,800 --> 00:42:34,239
Speaker 1: this issue, for it or against it, it's just this

762
00:42:34,560 --> 00:42:37,320
Speaker 1: is the point what Congressman Kent Buck is talking about,

763
00:42:37,360 --> 00:42:41,800
Speaker 1: which is how do you create entrepreneurship in this country

764
00:42:42,280 --> 00:42:45,080
Speaker 1: without having it run amok? So when you talk about

765
00:42:45,160 --> 00:42:48,960
Speaker 1: the burden on the government to make sure, really what

766
00:42:49,080 --> 00:42:50,719
Speaker 1: you're saying is you want to make sure that the

767
00:42:50,840 --> 00:42:55,120
Speaker 1: next Mark Zuckerberg still has a place to create in America?

768
00:42:55,400 --> 00:42:58,440
Speaker 1: Or am I wrong? No, You're absolutely right? Um and

769
00:42:58,600 --> 00:43:00,560
Speaker 1: and that, and it's it's really one of the ironies

770
00:43:00,640 --> 00:43:03,120
Speaker 1: because all five of these companies that we're looking at,

771
00:43:03,600 --> 00:43:08,320
Speaker 1: our companies that took advantage of the capitalist system of

772
00:43:08,719 --> 00:43:13,279
Speaker 1: the They were able to acquire um investors and resources

773
00:43:13,400 --> 00:43:16,319
Speaker 1: to build on a great idea. And now what they're

774
00:43:16,440 --> 00:43:20,480
Speaker 1: using their dominance to do is to to crush small

775
00:43:20,600 --> 00:43:23,279
Speaker 1: companies from doing exactly what they were able to do,

776
00:43:24,400 --> 00:43:27,160
Speaker 1: and it is it's anti competitive in some cases, it's

777
00:43:27,200 --> 00:43:30,200
Speaker 1: just outright that they have they have stolen ideas from

778
00:43:30,239 --> 00:43:33,920
Speaker 1: other companies and use those ideas to put the other

779
00:43:33,960 --> 00:43:36,560
Speaker 1: companies out of business. And it's it's just from more.

780
00:43:36,600 --> 00:43:38,400
Speaker 1: I mean, they forgot where they came from. You know,

781
00:43:38,520 --> 00:43:40,000
Speaker 1: maybe go back to the dorm room, you know what

782
00:43:40,080 --> 00:43:41,680
Speaker 1: I'm saying. I mean, it's like you never should forget

783
00:43:41,719 --> 00:43:43,480
Speaker 1: where you come from. And I don't say it with humor,

784
00:43:43,520 --> 00:43:46,000
Speaker 1: I say it with conviction. All right, let's talk about

785
00:43:46,040 --> 00:43:50,480
Speaker 1: this section to thirty repeal. President Trump tweeting out repeal

786
00:43:50,640 --> 00:43:52,680
Speaker 1: section to thirty was one of the many tweets that

787
00:43:52,760 --> 00:43:55,120
Speaker 1: he tweeted out today. Where are you on section to

788
00:43:55,320 --> 00:43:58,520
Speaker 1: thirty and where are we in that process? As a

789
00:43:58,600 --> 00:44:02,920
Speaker 1: Section to thirty basically gives the tech companies immunity within

790
00:44:02,920 --> 00:44:06,840
Speaker 1: a certain area to regulate speech. And the tech companies

791
00:44:06,880 --> 00:44:11,439
Speaker 1: have become such an important part Facebook, Twitter, Google, such

792
00:44:11,440 --> 00:44:16,440
Speaker 1: an important part of Americans expressing their ideas that it's

793
00:44:16,480 --> 00:44:20,040
Speaker 1: become really dangerous in a political system to have uh,

794
00:44:20,160 --> 00:44:25,000
Speaker 1: these these dominant players regulating speech. And so I think

795
00:44:25,040 --> 00:44:27,719
Speaker 1: that it's really important that we look at section two thirty.

796
00:44:27,760 --> 00:44:32,600
Speaker 1: I think there are amendments that Republicans are certainly uh

797
00:44:32,840 --> 00:44:35,879
Speaker 1: unified on bringing and I have signed onto a bill

798
00:44:36,239 --> 00:44:39,000
Speaker 1: to that effect, and I hope that Democrats will be

799
00:44:39,080 --> 00:44:42,400
Speaker 1: able to join us on that. Speech is fundamental. And

800
00:44:42,760 --> 00:44:46,000
Speaker 1: in the past, we've always had you know, a hundred newspapers,

801
00:44:46,040 --> 00:44:48,560
Speaker 1: a thousand newspapers out there, and then we started in

802
00:44:48,640 --> 00:44:51,759
Speaker 1: with radio and TV. Um. Now we have to make

803
00:44:51,800 --> 00:44:56,000
Speaker 1: sure that these tech giants don't regulate speech and inhibit speech.

804
00:44:56,400 --> 00:44:58,360
Speaker 1: More speech, the better, and that that's one of the

805
00:44:58,760 --> 00:45:01,759
Speaker 1: real foundations of our country. We got two minutes offthing.

806
00:45:01,760 --> 00:45:03,600
Speaker 1: I got to ask you this because I was speaking

807
00:45:03,640 --> 00:45:05,879
Speaker 1: to it the other week with Senator Marsha Blackburn, who

808
00:45:05,880 --> 00:45:07,480
Speaker 1: does a lot of work on these issues ever in

809
00:45:07,520 --> 00:45:10,399
Speaker 1: the Senate Republican of Tennessee. You know, we're talking about

810
00:45:10,440 --> 00:45:14,040
Speaker 1: domestic companies, but then you get into TikTok, you get

811
00:45:14,080 --> 00:45:16,320
Speaker 1: into what's going on in China. I mean, how do

812
00:45:16,400 --> 00:45:19,960
Speaker 1: we keep a foreign adversaries, for lack of a better term,

813
00:45:20,560 --> 00:45:24,000
Speaker 1: from from you know, stealing our intellectual property but also

814
00:45:24,360 --> 00:45:28,040
Speaker 1: creating their own uh companies that they don't have to

815
00:45:28,120 --> 00:45:33,399
Speaker 1: be held to the same regulations and standards as America. Well,

816
00:45:33,480 --> 00:45:36,799
Speaker 1: for one thing, if China doesn't allow Google or other

817
00:45:36,920 --> 00:45:40,600
Speaker 1: companies to compete in China, then we shouldn't allow Chinese

818
00:45:40,680 --> 00:45:44,040
Speaker 1: companies to compete in in America. It has to be

819
00:45:44,160 --> 00:45:46,640
Speaker 1: free trade, that has to be fair and and it's

820
00:45:46,680 --> 00:45:48,359
Speaker 1: something that we need to take a hard look at.

821
00:45:48,520 --> 00:45:51,160
Speaker 1: But secondly, the way we stay ahead in the world

822
00:45:51,280 --> 00:45:53,760
Speaker 1: is to innovate, and we can't have these tech giants

823
00:45:53,840 --> 00:45:56,640
Speaker 1: crushing innovation. We won't stay ahead if we have that.

824
00:45:56,760 --> 00:45:59,640
Speaker 1: And so I think that the answer is to move

825
00:45:59,719 --> 00:46:03,279
Speaker 1: forward word with UH these restrictions on some of these

826
00:46:03,360 --> 00:46:06,719
Speaker 1: giants and to make sure that the next generation of

827
00:46:06,840 --> 00:46:11,319
Speaker 1: great ideas is emerging in our marketplace. Congressman Chembuck really

828
00:46:11,360 --> 00:46:14,200
Speaker 1: appreciate the time on on such a busy day for you,

829
00:46:14,880 --> 00:46:18,440
Speaker 1: UH and and and really appreciate you calling in to

830
00:46:18,480 --> 00:46:21,000
Speaker 1: Bloomberg Radio for this. That's Congressman Chembuck. He is a

831
00:46:21,360 --> 00:46:25,799
Speaker 1: Republican from Colorado, UH and releasing really what has been

832
00:46:25,880 --> 00:46:29,840
Speaker 1: a driving driving story today for Silicon Valley, which is

833
00:46:30,120 --> 00:46:32,960
Speaker 1: you've got this this report al from David Ceelini on

834
00:46:33,040 --> 00:46:38,040
Speaker 1: the House Anti Trust Subcommittee UH, essentially calling to break

835
00:46:38,120 --> 00:46:41,000
Speaker 1: up big Tech, and you've got Congressman KEM. Buck saying, well,

836
00:46:41,080 --> 00:46:43,160
Speaker 1: here's where we agree, here's where we can do work on.

837
00:46:43,640 --> 00:46:47,400
Speaker 1: What I'm struck by is that changes are coming for

838
00:46:47,520 --> 00:46:49,400
Speaker 1: big tech. And you just heard it there from from

839
00:46:49,440 --> 00:46:53,239
Speaker 1: Congressman Buck. They do agree on some there is some

840
00:46:53,400 --> 00:46:56,120
Speaker 1: middle ground, uh, and that's going to be the driving

841
00:46:56,440 --> 00:46:58,719
Speaker 1: driving issue. This, of course is big tech, as it's

842
00:46:58,760 --> 00:47:03,239
Speaker 1: been widely reported, widely reported, folks has been boosting up

843
00:47:03,280 --> 00:47:06,160
Speaker 1: their lobbying red headline on the terminal A House penn

844
00:47:06,200 --> 00:47:09,120
Speaker 1: All proposed a series of sweeping anti trust reforms to

845
00:47:09,400 --> 00:47:13,000
Speaker 1: curb the power of US technology giants. More coming up next.

846
00:47:13,160 --> 00:47:20,800
Speaker 1: I'm Kevin SERELLI. This is Bloomberg. This is Bloomberg Sound

847
00:47:20,880 --> 00:47:25,399
Speaker 1: On with Kevin Surreley on Bloomberg and one all five

848
00:47:25,480 --> 00:47:31,200
Speaker 1: point seven m HD two. There it is. Laddie Van

849
00:47:31,320 --> 00:47:38,400
Speaker 1: Halen asked the way today. Wow, I can't believe it.

850
00:47:38,480 --> 00:47:42,880
Speaker 1: I'm Kevin CURRELLI. I'm the chief Washington correspondent for Bloomberg

851
00:47:43,000 --> 00:47:47,600
Speaker 1: TV and for Bloomberg Radio Radio. Van Halen passed away.

852
00:47:48,480 --> 00:47:51,680
Speaker 1: Joe Crowley's with US former New York Congressman Democratic Cocker's

853
00:47:51,760 --> 00:47:54,759
Speaker 1: chair boy Matthewson, former chief of staff to Senator Mike Lee,

854
00:47:55,000 --> 00:47:58,080
Speaker 1: Republican from Utsaw and opinion editor now at The Desert

855
00:47:58,120 --> 00:48:06,959
Speaker 1: ret News. Joe, I mean, yeah, yeah, my high school years,

856
00:48:07,080 --> 00:48:10,080
Speaker 1: My my high school going into college years. Van Halen,

857
00:48:11,440 --> 00:48:13,799
Speaker 1: I mean, what's your memory? Give us a memory, Joe,

858
00:48:14,120 --> 00:48:18,560
Speaker 1: something new broadcast. Don't get me. I'm trying to stay

859
00:48:18,600 --> 00:48:22,080
Speaker 1: out of trouble lately. Go ahead, when I tell you,

860
00:48:22,239 --> 00:48:25,480
Speaker 1: it always finds me, right, Bata, it always finds me.

861
00:48:25,640 --> 00:48:28,680
Speaker 1: Go ahead. I love there. All the albums you are,

862
00:48:28,760 --> 00:48:31,799
Speaker 1: the early the late seventies, early eighties, you know, and uh,

863
00:48:32,920 --> 00:48:36,400
Speaker 1: the first Van Halen album. Uh and Van Halen, I

864
00:48:36,440 --> 00:48:38,160
Speaker 1: should say, and I Run It with the Devil was

865
00:48:38,239 --> 00:48:42,080
Speaker 1: a huge hit for me. Um, you know I was

866
00:48:42,080 --> 00:48:44,319
Speaker 1: always in trinked for the David Lee Roth and uh,

867
00:48:44,760 --> 00:48:47,400
Speaker 1: you know, to split me the disagreements that have and

868
00:48:47,440 --> 00:48:49,879
Speaker 1: stuff with me. The band was always Vibert always stayed

869
00:48:49,880 --> 00:48:53,279
Speaker 1: alive and and even House an incredible guitar player, just

870
00:48:54,200 --> 00:48:56,040
Speaker 1: off the charts in terms of what he was able

871
00:48:56,040 --> 00:48:58,920
Speaker 1: to do. And um, I could never imitain or come

872
00:48:58,960 --> 00:49:02,719
Speaker 1: remotely near it. It's just always admired. Boyd. You got

873
00:49:02,760 --> 00:49:07,080
Speaker 1: any Van Hellen memories, uh No, real memories other than

874
00:49:07,440 --> 00:49:11,040
Speaker 1: h you talk about someone who had mad skills, you

875
00:49:11,160 --> 00:49:14,920
Speaker 1: think of the hours and hours and hours that put

876
00:49:14,960 --> 00:49:16,840
Speaker 1: you in a position to be able to do what

877
00:49:17,040 --> 00:49:20,000
Speaker 1: he did with a guitar. Uh It's it's a pretty good,

878
00:49:20,360 --> 00:49:23,120
Speaker 1: pretty good example for everybody in terms of what paying

879
00:49:23,200 --> 00:49:25,520
Speaker 1: the price looks like. Everybody always thinks of him just

880
00:49:25,640 --> 00:49:28,160
Speaker 1: on stage, you know, all the big moments, all of

881
00:49:28,200 --> 00:49:32,799
Speaker 1: those things, But his craft was perfected far away from

882
00:49:32,840 --> 00:49:36,440
Speaker 1: the stage, far away from the spotlight. Uh As. It's

883
00:49:36,440 --> 00:49:39,879
Speaker 1: true with most great artists and great talents and people

884
00:49:39,920 --> 00:49:42,480
Speaker 1: who leave an impact on the world. It's the stuff

885
00:49:42,560 --> 00:49:45,719
Speaker 1: he did away, the hard work, the heavy lifting that

886
00:49:45,840 --> 00:49:47,560
Speaker 1: we I think we all need a little bit more of.

887
00:49:48,440 --> 00:49:51,719
Speaker 1: All right, I agree, I was well said, that was

888
00:49:51,800 --> 00:49:56,279
Speaker 1: well said. It's time. I agree, it's time now for

889
00:49:56,400 --> 00:50:00,799
Speaker 1: what's on the panel's radar? Gell, what's on your radar? Well,

890
00:50:00,880 --> 00:50:03,160
Speaker 1: one thing I will tell you is that the debate

891
00:50:03,239 --> 00:50:06,640
Speaker 1: tomorrow night will not be a sheet show. And also,

892
00:50:07,640 --> 00:50:10,200
Speaker 1: didn't I just say didn't I literally just say, don't

893
00:50:10,200 --> 00:50:11,680
Speaker 1: get me in trouble? And what does he do in

894
00:50:11,760 --> 00:50:20,279
Speaker 1: the next dress, gentlemen, next christineas back in d C.

895
00:50:20,920 --> 00:50:23,800
Speaker 1: You know, type it away on the terminal, here we go,

896
00:50:24,000 --> 00:50:27,640
Speaker 1: go ahead, Joe, go ahead. But what I will say

897
00:50:27,760 --> 00:50:29,800
Speaker 1: is that what I'm really looking at, what's on my radar,

898
00:50:30,440 --> 00:50:33,920
Speaker 1: is what effect will the president's decision now not have

899
00:50:34,120 --> 00:50:37,279
Speaker 1: on the presidential election? Really? What will happen to the

900
00:50:37,920 --> 00:50:41,160
Speaker 1: down ticket on the ballot, What will happen to Republican

901
00:50:41,239 --> 00:50:45,920
Speaker 1: Senators h and Republican Comngressman. They can blame Pelosi and

902
00:50:46,000 --> 00:50:48,960
Speaker 1: now they can't what what? What? What do they do now?

903
00:50:49,200 --> 00:50:50,640
Speaker 1: And I think that to see what happened to some

904
00:50:50,680 --> 00:50:54,839
Speaker 1: of those tough races tweaking to watch, I think that's

905
00:50:54,880 --> 00:50:57,520
Speaker 1: so spot on, because you know, I'm looking at this too.

906
00:50:57,640 --> 00:51:00,800
Speaker 1: I mean, and uh, you know in terms of you know,

907
00:51:00,880 --> 00:51:02,640
Speaker 1: you try to look at the chess match and the

908
00:51:02,760 --> 00:51:06,759
Speaker 1: marathon and and everything for for Pence, for Harris. There

909
00:51:06,800 --> 00:51:10,239
Speaker 1: two respective leaders in their own right, and obviously you

910
00:51:10,360 --> 00:51:16,120
Speaker 1: can't talk about field, uh unless you're talking about Pence

911
00:51:16,160 --> 00:51:18,239
Speaker 1: and Harris, you can't. And so I think I think

912
00:51:18,280 --> 00:51:20,000
Speaker 1: both of you have have alluded to this, and it's

913
00:51:20,040 --> 00:51:24,719
Speaker 1: it's it's it's it's definitely uh, coloring the dynamics of

914
00:51:24,960 --> 00:51:28,640
Speaker 1: the vice presidential debate, totally spot on. Hey, boyd, before

915
00:51:28,680 --> 00:51:31,000
Speaker 1: I ask you, what's on your radar? How Senator Lead doing.

916
00:51:32,680 --> 00:51:35,560
Speaker 1: He's doing well. He's he has been. We've been, of

917
00:51:35,640 --> 00:51:39,520
Speaker 1: course texting, that's his bad mode. Uh and uh, he

918
00:51:39,800 --> 00:51:43,080
Speaker 1: is experiencing all, you know, the traditional symptoms of the

919
00:51:43,160 --> 00:51:45,640
Speaker 1: virus um. And the one thing that's interesting is he

920
00:51:45,840 --> 00:51:49,520
Speaker 1: he just noted how this is not a linear experience

921
00:51:49,560 --> 00:51:52,000
Speaker 1: where normally you have something, you get sick, you get sicker,

922
00:51:52,080 --> 00:51:53,920
Speaker 1: and then you get better to get better. But it

923
00:51:54,040 --> 00:51:56,319
Speaker 1: kind of comes in waves. So that's kind of an

924
00:51:56,360 --> 00:51:59,959
Speaker 1: interesting thing. But he's doing well and working his way forward.

925
00:52:00,640 --> 00:52:02,759
Speaker 1: All right, good, good, because we're all thinking of them

926
00:52:02,800 --> 00:52:05,480
Speaker 1: and we want everyone to get better. What's uh, what's

927
00:52:05,520 --> 00:52:10,240
Speaker 1: on your radar boards, So obviously looking at debate, obviously

928
00:52:10,280 --> 00:52:13,120
Speaker 1: it's right here in our our own backyard. And so

929
00:52:13,320 --> 00:52:15,960
Speaker 1: I have been talking about the fact that both the

930
00:52:16,040 --> 00:52:19,480
Speaker 1: candidates and both the parties una just pause for a

931
00:52:19,560 --> 00:52:21,680
Speaker 1: second and all of this and just take a look

932
00:52:21,719 --> 00:52:23,800
Speaker 1: around them while they're here in the state of Utah

933
00:52:24,400 --> 00:52:26,160
Speaker 1: to a lot of things that are going right that

934
00:52:26,280 --> 00:52:28,919
Speaker 1: could be helpful, not just here in the in the West,

935
00:52:29,000 --> 00:52:31,520
Speaker 1: but throughout the country. UH. And that is that Utah

936
00:52:31,600 --> 00:52:36,040
Speaker 1: has a strong free market economy. We have low taxes

937
00:52:36,080 --> 00:52:39,759
Speaker 1: and a light tut regulatory system that enables businesses to

938
00:52:39,920 --> 00:52:43,560
Speaker 1: start entrepreneurially to grow. We've got an expanding tech sector

939
00:52:44,120 --> 00:52:46,759
Speaker 1: as people flee California and come here to Utah. We

940
00:52:46,840 --> 00:52:49,759
Speaker 1: have a silicon slopes that's thriving. So we have great

941
00:52:49,800 --> 00:52:52,920
Speaker 1: pre market economy going. And this is important. Beautiful and

942
00:52:53,000 --> 00:52:55,520
Speaker 1: I got to interrupt you. It's a beautiful city. Truly.

943
00:52:55,560 --> 00:52:58,440
Speaker 1: It's my second time here, and it's gorgeous. I mean

944
00:52:58,560 --> 00:53:01,600
Speaker 1: that it's gorgeous. Go ahead, it is. And the and

945
00:53:01,680 --> 00:53:03,800
Speaker 1: the other component to it, the flip side to that

946
00:53:04,040 --> 00:53:06,960
Speaker 1: is the strong institutions of civil society. So we have

947
00:53:07,120 --> 00:53:12,080
Speaker 1: great families, great communities. We have volunteer organizations, religious groups

948
00:53:12,120 --> 00:53:16,280
Speaker 1: obviously UH and UH and businesses that are actually engaged

949
00:53:16,360 --> 00:53:21,360
Speaker 1: in giving back to their communities, all outside of big government.

950
00:53:21,880 --> 00:53:24,600
Speaker 1: These are all things that that happened in this really

951
00:53:24,719 --> 00:53:29,200
Speaker 1: interesting laboratory of democracy. When the pioneers got here hundred

952
00:53:29,200 --> 00:53:31,160
Speaker 1: and seventy years ago, they you know, they said this

953
00:53:31,200 --> 00:53:34,160
Speaker 1: would be crossroads to the West, UH, and has really

954
00:53:34,239 --> 00:53:36,920
Speaker 1: become more than that. We have great international business, a

955
00:53:37,000 --> 00:53:40,120
Speaker 1: new international airport that you just flew into, UH, and

956
00:53:40,160 --> 00:53:42,279
Speaker 1: so there are a lot of great things happening here

957
00:53:43,040 --> 00:53:45,440
Speaker 1: that are a good model for the country. And so

958
00:53:45,600 --> 00:53:48,799
Speaker 1: I think both candidates and both parties should look at

959
00:53:48,840 --> 00:53:51,600
Speaker 1: what are the principles and what are the policies that

960
00:53:51,719 --> 00:53:55,080
Speaker 1: are allowing that kind of thriving lowest unemployment in the country,

961
00:53:55,520 --> 00:53:59,360
Speaker 1: and most important, someone born in poverty or who falls

962
00:53:59,400 --> 00:54:02,160
Speaker 1: into poverty in Utah has a better chance. I'm not

963
00:54:02,280 --> 00:54:04,280
Speaker 1: just getting out of poverty, but getting into the middle

964
00:54:04,360 --> 00:54:08,080
Speaker 1: class and almost anywhere else in the world. And that's

965
00:54:08,120 --> 00:54:10,600
Speaker 1: because of those two dynamics that we take care of

966
00:54:10,719 --> 00:54:14,279
Speaker 1: each other. So there's that strong infrastructure, that safety net

967
00:54:14,719 --> 00:54:17,240
Speaker 1: UH and then we have a great market that's creating

968
00:54:17,280 --> 00:54:20,320
Speaker 1: opportunities and jobs for everyone to pursue their version of

969
00:54:20,400 --> 00:54:22,800
Speaker 1: the American dream. So people ought to look around the

970
00:54:23,239 --> 00:54:25,920
Speaker 1: Utah is crossroads to the West, to be sure, but

971
00:54:26,080 --> 00:54:28,680
Speaker 1: it is positioned, probably better than anywhere in the world

972
00:54:28,800 --> 00:54:31,560
Speaker 1: right now, to be crossroads to the world for the future.

973
00:54:32,120 --> 00:54:34,120
Speaker 1: And I gotta say it's a it's a gorgeous city.

974
00:54:34,160 --> 00:54:36,600
Speaker 1: It's incredibly clean too. I mean, it's it's it's really

975
00:54:36,719 --> 00:54:39,640
Speaker 1: really really scenic. Uh, okay, what's all my radar? The

976
00:54:39,680 --> 00:54:42,960
Speaker 1: debate obviously, and not just the plexiglass that Harris and

977
00:54:43,000 --> 00:54:45,239
Speaker 1: Biden are fighting over whether or not the Commission on

978
00:54:45,320 --> 00:54:49,359
Speaker 1: Presidential Debate is going to have a plexiglass barrier, which

979
00:54:49,400 --> 00:54:53,120
Speaker 1: Harris wants and Pence doesn't. On stage at Kingsbury Hall,

980
00:54:53,520 --> 00:54:56,040
Speaker 1: they've moved them from nine ft to twelve ft. I mean,

981
00:54:56,200 --> 00:54:59,640
Speaker 1: it's the level of everyone wants everyone to be safe,

982
00:54:59,680 --> 00:55:03,080
Speaker 1: that's all say. Uh. And I should note Joe that

983
00:55:03,200 --> 00:55:05,880
Speaker 1: Barata put in our show chat if you're gonna be

984
00:55:06,000 --> 00:55:08,520
Speaker 1: no better person to get you in trouble than Joe Crowley,

985
00:55:08,800 --> 00:55:13,000
Speaker 1: Thanks Barata. So I guess, I guess. I guess I'm

986
00:55:13,040 --> 00:55:20,480
Speaker 1: off the hook. Sound on who knows? And I will

987
00:55:20,600 --> 00:55:28,680
Speaker 1: know you call. And I also want to say, well,

988
00:55:28,760 --> 00:55:32,640
Speaker 1: these days we all. I also want to say I

989
00:55:34,680 --> 00:55:37,200
Speaker 1: want to say a shout out to Jake Sherman and

990
00:55:37,320 --> 00:55:39,799
Speaker 1: to Anna Palmer. They announced today that they're leaving at

991
00:55:39,840 --> 00:55:41,680
Speaker 1: the end of the year. I want to go playbook.

992
00:55:42,000 --> 00:55:44,040
Speaker 1: They're just too I came up with them. I mean,

993
00:55:44,120 --> 00:55:47,400
Speaker 1: they're just so incredibly hard working reporters. They really are

994
00:55:47,400 --> 00:55:51,160
Speaker 1: a great example for young reporters starting out to to do. Okay,

995
00:55:51,160 --> 00:55:53,040
Speaker 1: they're not going They're gonna start something. I don't want

996
00:55:53,040 --> 00:55:54,799
Speaker 1: to give them, like a you know, a no bit.

997
00:55:55,160 --> 00:55:56,800
Speaker 1: I mean they then they're with until the end of

998
00:55:56,800 --> 00:55:58,960
Speaker 1: the year. But Anna and Jake a shout out to them.

999
00:55:59,000 --> 00:56:01,200
Speaker 1: Are a hat tip to use Mike Allen, my friend

1000
00:56:01,239 --> 00:56:03,719
Speaker 1: Mike Allen staying a hat tip for Jake and Anna.

1001
00:56:03,920 --> 00:56:08,480
Speaker 1: All Right, Boyd, Joe, thank you. I'm in Salt Lake City, Boyd,

1002
00:56:08,520 --> 00:56:12,040
Speaker 1: I will see you tomorrow. And thanks everybody, and uh,

1003
00:56:12,160 --> 00:56:14,920
Speaker 1: stay well, be safe. Thanks for listening. I'm Kevin Sireli.

1004
00:56:15,200 --> 00:56:17,799
Speaker 1: I'm the chief Washington correspondent for Bloomberg TV and Radio.

1005
00:56:17,840 --> 00:56:28,360
Speaker 1: You're listening to Bloomberg. Ben Helen. I live my life

1006
00:56:28,680 --> 00:56:42,359
Speaker 1: back to morrow. Let's see you start on me. You're

1007
00:56:42,440 --> 00:56:45,360
Speaker 1: so living a sack