1 00:00:00,360 --> 00:00:03,040 Speaker 1: Live from our Nations came this budget thing is going 2 00:00:03,080 --> 00:00:05,520 Speaker 1: to do nothing Space Force. I still think it's interesting. 3 00:00:05,559 --> 00:00:08,840 Speaker 1: President Trump not playing his cards yet. Headlines Policy and 4 00:00:09,000 --> 00:00:14,880 Speaker 1: Politics colliding Floomberg Sound On, the Insiders, the influencers, the insides. 5 00:00:15,000 --> 00:00:17,239 Speaker 1: I would rather see a congressional solution. It's part of 6 00:00:17,239 --> 00:00:20,360 Speaker 1: my DNA. The Senate map in looks a lot different 7 00:00:20,360 --> 00:00:22,759 Speaker 1: than it looked in. President Trump was sent here to 8 00:00:22,800 --> 00:00:26,600 Speaker 1: smash conventional norms. In a sense, Bernie Sanders has already washed. 9 00:00:26,800 --> 00:00:31,400 Speaker 1: This is Bloomberg Sound On with Kevin Surley on Bloomberg 10 00:00:32,800 --> 00:00:36,240 Speaker 1: one oh five point seven mh D two. President Trump 11 00:00:36,240 --> 00:00:41,280 Speaker 1: plans to speak tonight on virus plans amid fresh market 12 00:00:41,400 --> 00:00:44,000 Speaker 1: plunge nine pm EA stir. The President of the United 13 00:00:44,040 --> 00:00:48,080 Speaker 1: States is set to address the country and talk about 14 00:00:48,320 --> 00:00:52,880 Speaker 1: what the administration, what the government is doing to stop 15 00:00:52,920 --> 00:00:56,920 Speaker 1: the spread of COVID nineteen, the coronavirus. He plans to 16 00:00:56,920 --> 00:01:01,120 Speaker 1: address the nation from the Oval Office. Markets have continued 17 00:01:01,160 --> 00:01:04,920 Speaker 1: to fall after the World Health Organization declared the virus 18 00:01:05,040 --> 00:01:09,240 Speaker 1: a pandemic, and now lawmakers on Capitol Hill still grappling 19 00:01:09,920 --> 00:01:13,640 Speaker 1: with precisely what they're going to do, how they're going 20 00:01:13,680 --> 00:01:16,400 Speaker 1: to react to this. We should note that here in Washington, 21 00:01:16,440 --> 00:01:19,520 Speaker 1: d C. Mayor Bowser has just declared a state of 22 00:01:19,560 --> 00:01:23,720 Speaker 1: an emergency for Washington d C as it relates to 23 00:01:23,880 --> 00:01:28,920 Speaker 1: COVID nineteen or the coronavirus, and we have every angle covered. 24 00:01:29,000 --> 00:01:33,040 Speaker 1: Creta Gupta is on standby. She's Bloomberg Markets Live Team reporters. 25 00:01:33,040 --> 00:01:34,760 Speaker 1: She's going to check in with us. Dam Pickering is 26 00:01:34,800 --> 00:01:37,280 Speaker 1: gonna call. He's the founder and chief investment officer of 27 00:01:37,319 --> 00:01:40,880 Speaker 1: Pickering Energy Partners based in Houston, Texas. We're gonna check 28 00:01:40,920 --> 00:01:43,600 Speaker 1: in to see how energy is doing. Frank Massano, speaking 29 00:01:43,600 --> 00:01:46,520 Speaker 1: of energy. Can't have a Washington based political show and 30 00:01:46,600 --> 00:01:49,480 Speaker 1: not checking with Frank on energy. A partner at brace 31 00:01:49,520 --> 00:01:53,200 Speaker 1: Well's Policy Resolution Group. And Joel Payne is here, a 32 00:01:53,280 --> 00:01:56,800 Speaker 1: Democratic strategist, former director of the African American Media Outreach 33 00:01:56,840 --> 00:01:59,840 Speaker 1: for Hillary Clinton's presidential But let's get right to it. 34 00:02:00,200 --> 00:02:04,680 Speaker 1: Dal Average sinks into bear market on virus fears. Stocks 35 00:02:04,680 --> 00:02:07,200 Speaker 1: plunge around the world, oil tumbled, and the stress in 36 00:02:07,240 --> 00:02:10,800 Speaker 1: the US credit markets deepened. After the World Health Organization 37 00:02:10,880 --> 00:02:14,480 Speaker 1: called the virus spread a pandemic and the Trump administration 38 00:02:14,560 --> 00:02:18,040 Speaker 1: remained unable to detail any stimulus measures to combat the 39 00:02:18,120 --> 00:02:21,440 Speaker 1: economic fallout. I'm reading a course from the Bloomberg terminal 40 00:02:21,480 --> 00:02:24,760 Speaker 1: created Gupta, my colleague joining us. She's a Bloomberg Markets 41 00:02:24,760 --> 00:02:27,440 Speaker 1: Live Team reporter joins us on the phone from New York. 42 00:02:27,680 --> 00:02:30,160 Speaker 1: All Right, President Trump going to address the nation tonight 43 00:02:30,480 --> 00:02:33,440 Speaker 1: from the Oval Office at nine pm Eastern CRETA. What 44 00:02:33,560 --> 00:02:39,120 Speaker 1: do investors want to hear any sign of fiscal economic stimulus? 45 00:02:39,200 --> 00:02:41,240 Speaker 1: We need that one to punch. You said it. We 46 00:02:41,280 --> 00:02:43,960 Speaker 1: saw those massive losses in the stock market today. This 47 00:02:44,040 --> 00:02:46,840 Speaker 1: is coming after two weeks of volatility. Kevin though, really 48 00:02:47,120 --> 00:02:50,520 Speaker 1: needing that economic stimulus, needing that monetary easing, really needing 49 00:02:50,520 --> 00:02:53,520 Speaker 1: to surprise the market in any way. That's why today, uh, 50 00:02:53,639 --> 00:02:56,000 Speaker 1: any comments coming out of a President Trump indicating that 51 00:02:56,000 --> 00:02:57,600 Speaker 1: we're going to get that is going to be a 52 00:02:57,639 --> 00:02:59,440 Speaker 1: positive for the market. That's what we'll have our eye on. 53 00:03:00,120 --> 00:03:02,800 Speaker 1: Coming up, we're gonna hear from my interview as Senator 54 00:03:02,880 --> 00:03:05,760 Speaker 1: Marsha Blackburn. She's a Republican from Tennessee, and I said 55 00:03:05,800 --> 00:03:07,320 Speaker 1: this to her, and I'm gonna put the same question 56 00:03:07,600 --> 00:03:10,720 Speaker 1: created to you. When I talked to the business community, 57 00:03:10,720 --> 00:03:15,560 Speaker 1: they're frustrated about Washington, not really doing anything to handle this. 58 00:03:15,880 --> 00:03:20,000 Speaker 1: But Washington is equally as frustrated with the business community 59 00:03:20,040 --> 00:03:23,920 Speaker 1: because they view the volatility as worsening some of the 60 00:03:24,000 --> 00:03:27,120 Speaker 1: uncertainty around the country and around the world as it 61 00:03:27,160 --> 00:03:31,720 Speaker 1: relates to COVID nineteen and and And I'm curious when 62 00:03:31,760 --> 00:03:35,360 Speaker 1: you look at, for example, that there are now signs 63 00:03:35,400 --> 00:03:38,600 Speaker 1: the companies and the hardest hit industries are drawing down 64 00:03:38,880 --> 00:03:42,680 Speaker 1: credit lines to battle the effects of the virus on 65 00:03:42,760 --> 00:03:46,720 Speaker 1: their businesses. How is that is that from your reporting 66 00:03:46,800 --> 00:03:50,520 Speaker 1: created created GUPTA? Is that out of a necessity or 67 00:03:50,600 --> 00:03:53,960 Speaker 1: is that out of anxiety? I'm gonna say a little 68 00:03:53,960 --> 00:03:56,560 Speaker 1: bit of both, Kevin, because big problem here is why 69 00:03:56,640 --> 00:03:59,600 Speaker 1: this uh, this virus headline is hitting even harder than 70 00:03:59,600 --> 00:04:02,360 Speaker 1: the normal would is because we are already hearing those 71 00:04:02,400 --> 00:04:05,160 Speaker 1: recession fears into the market. We are kind of pushing 72 00:04:05,160 --> 00:04:07,400 Speaker 1: our luck a little bit with this expansion, our longest 73 00:04:07,400 --> 00:04:09,800 Speaker 1: expansion on history, really seeing how long we can go. 74 00:04:09,880 --> 00:04:13,480 Speaker 1: We've seen record rallies, record stock market rallies, really seeing uh, well, 75 00:04:13,560 --> 00:04:15,520 Speaker 1: some people are calling a bubble and credit a bubble 76 00:04:15,560 --> 00:04:18,400 Speaker 1: in tech. So really, now that we're seeing this kind 77 00:04:18,440 --> 00:04:21,840 Speaker 1: of virus come back and these recession fears really come back. 78 00:04:22,160 --> 00:04:24,400 Speaker 1: The The issue here is, let's just cut down on 79 00:04:24,480 --> 00:04:27,040 Speaker 1: everything that we thought was success, all the extra levels 80 00:04:27,040 --> 00:04:29,359 Speaker 1: that we thought we could pull, Let's cut back on that. 81 00:04:29,480 --> 00:04:32,960 Speaker 1: So from that perspective, yeah, this the market has been 82 00:04:33,000 --> 00:04:36,040 Speaker 1: overextended and therefore is kind of facing that burden. A 83 00:04:36,040 --> 00:04:39,120 Speaker 1: bit of an overreaction, over reaction to the strong word, 84 00:04:39,120 --> 00:04:42,400 Speaker 1: but a very strong reaction from these virus headlines because 85 00:04:42,440 --> 00:04:44,480 Speaker 1: we're already kind of in the face of of of 86 00:04:44,560 --> 00:04:49,040 Speaker 1: potential recession. Red headline crossing the Bloomberg terminal as we speak, 87 00:04:49,120 --> 00:04:56,000 Speaker 1: President Trump waging restricting non essential travel from Europe. President 88 00:04:56,000 --> 00:05:00,560 Speaker 1: Trump waning restricting non essential travel from Europe. Again, we're 89 00:05:00,600 --> 00:05:03,200 Speaker 1: about four hours out less than that from President Trump 90 00:05:03,240 --> 00:05:06,200 Speaker 1: addressing the nation from the Oval Office to lay out 91 00:05:06,279 --> 00:05:10,680 Speaker 1: how precisely he will uh he and his administration will 92 00:05:10,760 --> 00:05:12,799 Speaker 1: deal with this. I mean, last question for your creative 93 00:05:12,800 --> 00:05:14,640 Speaker 1: groups that you've been so generous with your time, Bloomberg 94 00:05:14,640 --> 00:05:17,320 Speaker 1: Markets Live Team reporter, You hear that headline if you're 95 00:05:17,320 --> 00:05:20,880 Speaker 1: in the airline industry, now wow, that's right. And what's 96 00:05:20,920 --> 00:05:23,040 Speaker 1: scary about that? Headlines were elst he starting to see 97 00:05:23,040 --> 00:05:25,719 Speaker 1: a a repeat almost of what we saw in China 98 00:05:25,800 --> 00:05:28,680 Speaker 1: and Italy and South Korea, and to some except in Spain, 99 00:05:28,720 --> 00:05:30,800 Speaker 1: here the idea like I we were just talking about 100 00:05:30,800 --> 00:05:33,640 Speaker 1: a recession. What does that mean? It's when economic activity 101 00:05:33,760 --> 00:05:35,600 Speaker 1: is really getting shut down, and it starts off when 102 00:05:35,640 --> 00:05:38,440 Speaker 1: you see travel shutdown, where you don't see people leaving 103 00:05:38,440 --> 00:05:40,840 Speaker 1: their homes. So this is not a positive sign if 104 00:05:40,839 --> 00:05:43,479 Speaker 1: we're going to talk about an economic day, economic churn, 105 00:05:44,040 --> 00:05:46,839 Speaker 1: So not not not a good headline created groups appreciate 106 00:05:46,880 --> 00:05:49,360 Speaker 1: the time Bloomberg Markets Live Team reporter she and her 107 00:05:49,400 --> 00:05:52,240 Speaker 1: colleagues have been working around the clock on the economic 108 00:05:52,560 --> 00:05:55,279 Speaker 1: front on this. Let's bring in Frank Massano, partner at 109 00:05:55,279 --> 00:05:58,600 Speaker 1: brace Well's Policy Resolution Group, a longtime press secretary to 110 00:05:58,680 --> 00:06:02,800 Speaker 1: several Republican lawmakers on Capitol Hill, and Joel Payne, Democratic strategist. 111 00:06:02,839 --> 00:06:06,080 Speaker 1: Frank uh you hear this headline now as we're just 112 00:06:06,120 --> 00:06:08,920 Speaker 1: a couple of hours away from President Trump addressing the 113 00:06:09,000 --> 00:06:12,280 Speaker 1: nation from the Oval Office and now weighing measures to 114 00:06:12,360 --> 00:06:16,040 Speaker 1: take I mean, he's got to to ease the concerns 115 00:06:16,040 --> 00:06:19,880 Speaker 1: from a health perspective, but also from a brewing economic crisis. 116 00:06:20,320 --> 00:06:25,080 Speaker 1: Certainly this is a widespread challenge for him. Um, you know, 117 00:06:25,160 --> 00:06:29,680 Speaker 1: and and he has focused so incredibly on the economic 118 00:06:29,800 --> 00:06:32,599 Speaker 1: side of this issue for so of this and other 119 00:06:32,640 --> 00:06:35,880 Speaker 1: issues before this for so long because he's benefited from 120 00:06:35,880 --> 00:06:38,560 Speaker 1: it dramatically. So I think he's going to continue to 121 00:06:38,560 --> 00:06:40,960 Speaker 1: focus on that. I don't know that there's that much 122 00:06:41,000 --> 00:06:43,239 Speaker 1: that he can do there, and I think that partly 123 00:06:43,360 --> 00:06:46,840 Speaker 1: is what what Congress is going to say to him too. 124 00:06:47,040 --> 00:06:49,520 Speaker 1: So I think what really has to happen is he 125 00:06:49,560 --> 00:06:51,400 Speaker 1: has to in this speech tonight, is he really does 126 00:06:51,480 --> 00:06:55,000 Speaker 1: have to focus on how he can kind of calm 127 00:06:55,040 --> 00:06:58,520 Speaker 1: the nation from the health side, right and and try 128 00:06:58,600 --> 00:07:01,800 Speaker 1: and get people to buy in to the process of 129 00:07:01,839 --> 00:07:04,440 Speaker 1: working together. Now, he hasn't been great at that over 130 00:07:04,480 --> 00:07:07,159 Speaker 1: the years, and I think that's a huge challenge for him. 131 00:07:07,480 --> 00:07:09,800 Speaker 1: But we'll see how he does tonight. And you know, 132 00:07:09,840 --> 00:07:12,920 Speaker 1: he as you know, he rarely makes an oval office speech. 133 00:07:13,400 --> 00:07:17,160 Speaker 1: Oval office speeches are always teleprompter driven. Um. He doesn't 134 00:07:17,200 --> 00:07:19,080 Speaker 1: like to do those type of things, and when he does, 135 00:07:19,120 --> 00:07:22,400 Speaker 1: he's kind of, um, you know, he's kind of restrained. 136 00:07:22,480 --> 00:07:24,680 Speaker 1: So UM, I don't know. I think I think it 137 00:07:24,680 --> 00:07:26,440 Speaker 1: will be helpful for him to be that way, and 138 00:07:26,480 --> 00:07:28,640 Speaker 1: we'll see how it turns. I mean, just to just 139 00:07:28,680 --> 00:07:31,040 Speaker 1: to put this in perspective, if you're just joining us. 140 00:07:31,080 --> 00:07:35,760 Speaker 1: The President weighing whether to restrict non essential travel from 141 00:07:35,800 --> 00:07:38,560 Speaker 1: Europe to the United States as the outbreak of the 142 00:07:38,600 --> 00:07:42,600 Speaker 1: coronavirus continues to spread on both continents, According to two 143 00:07:42,600 --> 00:07:46,240 Speaker 1: people familiar with the matter, this citing the Bloomberg terminal, 144 00:07:46,280 --> 00:07:50,040 Speaker 1: The restrictions would include some business travel, but it's unclear 145 00:07:50,080 --> 00:07:52,920 Speaker 1: how far ranging the limits would be. It comes at 146 00:07:52,920 --> 00:07:55,280 Speaker 1: a time in which all across the country in Washington 147 00:07:55,360 --> 00:07:59,360 Speaker 1: d C s suburbs in all around the country, from 148 00:07:59,480 --> 00:08:03,720 Speaker 1: Washington State to Washington d C. UH Joel Payne, Democratic 149 00:08:03,760 --> 00:08:08,200 Speaker 1: strategist people schools are shutting down. The National Guard has 150 00:08:08,200 --> 00:08:12,080 Speaker 1: been brought into parts of New York State. UM New 151 00:08:12,160 --> 00:08:14,360 Speaker 1: York City Mayor Bill di Plasio has said he wants 152 00:08:14,360 --> 00:08:16,480 Speaker 1: to keep the schools open because where else our kids 153 00:08:16,480 --> 00:08:19,760 Speaker 1: gonna go? Here In Washington, DC, this afternoon, Mayor Bowser 154 00:08:19,760 --> 00:08:22,760 Speaker 1: has declared a state of an emergency. Uh, there is 155 00:08:22,920 --> 00:08:29,680 Speaker 1: so much uncertainty so tonight in the in these polarizing times, 156 00:08:30,200 --> 00:08:34,280 Speaker 1: is there an opportunity for Washington to come together as one? Well, 157 00:08:34,320 --> 00:08:37,120 Speaker 1: there's an opportunity for the president to lead and you know, 158 00:08:37,160 --> 00:08:40,040 Speaker 1: I think the challenge here is um. And look, we 159 00:08:40,040 --> 00:08:41,559 Speaker 1: we certainly no one wants to take pot shots with 160 00:08:41,640 --> 00:08:43,960 Speaker 1: the president. We want the president to do well because 161 00:08:43,960 --> 00:08:47,400 Speaker 1: if the President does well, then America does well. Um. 162 00:08:47,440 --> 00:08:50,000 Speaker 1: But there is a challenge here. When this president has 163 00:08:50,000 --> 00:08:54,160 Speaker 1: been telling you not to believe institutions, not to believe, um, 164 00:08:54,320 --> 00:08:56,559 Speaker 1: folks who are kind of key decision makers, not to 165 00:08:56,640 --> 00:09:00,360 Speaker 1: believe science, he is relying upon those things to be believed. Now. 166 00:09:00,440 --> 00:09:02,520 Speaker 1: So UM, I know we're wrapping up right now, but 167 00:09:02,559 --> 00:09:04,800 Speaker 1: I think the president has a real big challenge ahead 168 00:09:04,800 --> 00:09:06,560 Speaker 1: of him. Tonight we'll see if you can deliver. Coming 169 00:09:06,600 --> 00:09:08,800 Speaker 1: up much more on the markets and on the politics, 170 00:09:08,800 --> 00:09:12,280 Speaker 1: and Kevin Sereli, this is Bloomberg nine nine one. We're 171 00:09:12,320 --> 00:09:16,160 Speaker 1: listening to Bloomberg Sound On with Kevin Currel on Bloomberg 172 00:09:17,240 --> 00:09:20,000 Speaker 1: and one on five point seven FM HD two. We 173 00:09:20,040 --> 00:09:24,040 Speaker 1: will see more cases and things will get worse than 174 00:09:24,040 --> 00:09:27,840 Speaker 1: they are right now. How much worse will get will 175 00:09:27,880 --> 00:09:31,480 Speaker 1: depend on our ability to do two things, to contain 176 00:09:31,600 --> 00:09:35,920 Speaker 1: the influx in people who are infected coming from the outside, 177 00:09:36,400 --> 00:09:40,120 Speaker 1: and the ability to contain and mitigate within our own country. 178 00:09:40,679 --> 00:09:43,800 Speaker 1: Bottom line, it's going to get worse. How was Dr 179 00:09:43,880 --> 00:09:47,800 Speaker 1: Anthony Fauci, He, of course, is the director of Infectious 180 00:09:47,920 --> 00:09:51,839 Speaker 1: Diseases at the National Institute of Health. He says, COVID 181 00:09:51,920 --> 00:09:54,000 Speaker 1: nineteen are the coronavirus is going to get it worse. 182 00:09:54,160 --> 00:09:57,800 Speaker 1: I'm Kevin Cereli, Chief Washington corresponded for Bloomberg Television and 183 00:09:57,840 --> 00:10:01,440 Speaker 1: Bloomberg Radio. Frank Massano's here, Joel Pain's here, Joel I 184 00:10:01,440 --> 00:10:02,680 Speaker 1: had it. We had to go to break earlier. So 185 00:10:02,760 --> 00:10:03,840 Speaker 1: I want to I mean, I want to let you 186 00:10:03,840 --> 00:10:06,080 Speaker 1: finish your thoughts here. From the democratic perspective, when you 187 00:10:06,120 --> 00:10:08,720 Speaker 1: talk to folks, you hear Dr Fauci right there saying 188 00:10:08,720 --> 00:10:10,800 Speaker 1: it's going to get worse. The President is going to 189 00:10:10,840 --> 00:10:14,880 Speaker 1: be speaking tonight at nine pm New York time. I mean, 190 00:10:16,280 --> 00:10:19,280 Speaker 1: it feels post nine eleven like in terms of the 191 00:10:19,360 --> 00:10:23,920 Speaker 1: impact that this is having on markets. Yeah, that's a 192 00:10:23,920 --> 00:10:26,080 Speaker 1: good way to frame it. I even think about something 193 00:10:26,120 --> 00:10:28,040 Speaker 1: that's even a little bit more recent, which is the 194 00:10:28,080 --> 00:10:32,040 Speaker 1: actual crash in two thousand seven, two thousand and eight, um, 195 00:10:32,080 --> 00:10:34,880 Speaker 1: particularly how it related to politics. Remember that was in 196 00:10:34,880 --> 00:10:38,520 Speaker 1: the middle of the Obama McCain race, and that's and 197 00:10:38,600 --> 00:10:42,080 Speaker 1: that became a major test of that campaign. Was how 198 00:10:42,120 --> 00:10:45,440 Speaker 1: the candidates responded to it. The country tends to you know, 199 00:10:45,480 --> 00:10:48,040 Speaker 1: we we talk about all these other diffuse issues, you know, 200 00:10:48,240 --> 00:10:51,440 Speaker 1: abortion rights, and you know tax bills and things that 201 00:10:51,559 --> 00:10:53,520 Speaker 1: like that, and those are all important, but a lot 202 00:10:53,559 --> 00:10:56,360 Speaker 1: of times it's these issues that attack people right in 203 00:10:56,760 --> 00:10:59,720 Speaker 1: their kitchens, right in their living rooms, that that tend 204 00:10:59,760 --> 00:11:02,160 Speaker 1: to really really make a difference in terms of how 205 00:11:02,240 --> 00:11:04,840 Speaker 1: voters think about their choices. And Jil coming up, we're 206 00:11:04,880 --> 00:11:06,800 Speaker 1: gonna talk about one of those issues that seems to 207 00:11:06,800 --> 00:11:10,040 Speaker 1: have some bipartisanship, which is eliminating the payroll tax for 208 00:11:10,120 --> 00:11:12,120 Speaker 1: both workers and employers through the end of the year. 209 00:11:12,480 --> 00:11:15,080 Speaker 1: And I'm curious whether or not there's folks who would 210 00:11:15,080 --> 00:11:17,520 Speaker 1: agree with that. Damn Pickering joins us on the line. 211 00:11:17,559 --> 00:11:19,680 Speaker 1: I want to go to him for an energy perspective. 212 00:11:19,679 --> 00:11:23,280 Speaker 1: He's the founder and chief investment officer of Pickering Energy Partners, 213 00:11:23,320 --> 00:11:26,080 Speaker 1: which is based in Houston. Dan, thanks for being here. 214 00:11:26,160 --> 00:11:29,520 Speaker 1: I mean, we're talking so much about what whether or 215 00:11:29,559 --> 00:11:32,120 Speaker 1: not there's a need for an economic stimulus to come 216 00:11:32,160 --> 00:11:34,959 Speaker 1: from the president tonight to layout of vision, what are 217 00:11:35,000 --> 00:11:37,280 Speaker 1: you going to be looking for? What are the energy 218 00:11:37,320 --> 00:11:43,240 Speaker 1: markets looking for coming from Washington? D. C. Kevin. I 219 00:11:43,280 --> 00:11:47,120 Speaker 1: think what folks are looking for is some some hope 220 00:11:47,120 --> 00:11:50,319 Speaker 1: that the economy is not going to tank. Uh. Energy 221 00:11:50,640 --> 00:11:54,680 Speaker 1: energy companies want demand to be better with the coronavirus. 222 00:11:54,720 --> 00:11:57,560 Speaker 1: You know, expectations were a million bail today of demand 223 00:11:57,559 --> 00:12:02,120 Speaker 1: growth in that's flat to down. And so I think 224 00:12:02,160 --> 00:12:05,040 Speaker 1: a good economy is good for energy companies and that's 225 00:12:05,080 --> 00:12:07,920 Speaker 1: what we're looking for tonight. All right. So in terms 226 00:12:08,040 --> 00:12:11,080 Speaker 1: of the fallout from the Saudias and the Russians, which 227 00:12:11,120 --> 00:12:13,120 Speaker 1: I want to divorce for a second, the issue of 228 00:12:13,160 --> 00:12:17,839 Speaker 1: the coronavirus, have you said that this has calmed down 229 00:12:18,400 --> 00:12:23,400 Speaker 1: on that front within the past twenty four hours? Uh? 230 00:12:23,960 --> 00:12:28,840 Speaker 1: Not really. So the way we think about OPEC and Russia, 231 00:12:29,400 --> 00:12:35,559 Speaker 1: um is that they're definitely influential on commodity markets, and uh, 232 00:12:35,600 --> 00:12:39,440 Speaker 1: there's no there's there's no really hints of reconciliation. I 233 00:12:39,480 --> 00:12:42,120 Speaker 1: think that you know, oil at thirty three is telling 234 00:12:42,200 --> 00:12:45,680 Speaker 1: us that we've got you know, too much supply and 235 00:12:45,720 --> 00:12:49,320 Speaker 1: not enough demand. And so I don't think that situation 236 00:12:49,360 --> 00:12:51,560 Speaker 1: has gotten any better, not any worse, but not any 237 00:12:51,600 --> 00:12:54,680 Speaker 1: better in the last twenty four hours. Hey, it's Frank 238 00:12:54,720 --> 00:12:58,079 Speaker 1: Massana with Bracewell, Um, I just wanted to ask you 239 00:12:58,120 --> 00:13:00,520 Speaker 1: what your thoughts are. You know, members of Congress are 240 00:13:00,559 --> 00:13:04,080 Speaker 1: going in to talk to Larry Cudlow and others to 241 00:13:04,280 --> 00:13:08,240 Speaker 1: talk about some of the steps that they think that um, 242 00:13:08,280 --> 00:13:11,200 Speaker 1: that they can take and those you know, those include 243 00:13:11,240 --> 00:13:15,319 Speaker 1: like buying back to the to the Strategic Torm Reserve, 244 00:13:15,440 --> 00:13:19,280 Speaker 1: and you know, trade battles or trade sanctions and things 245 00:13:19,320 --> 00:13:21,920 Speaker 1: like that. What are your thoughts on those issues and 246 00:13:22,000 --> 00:13:26,480 Speaker 1: what else is on the table for them in terms 247 00:13:26,520 --> 00:13:31,480 Speaker 1: of help from the government and with energy companies, I'm 248 00:13:31,480 --> 00:13:35,880 Speaker 1: not sure you can necessarily trust anything, uh that either 249 00:13:35,960 --> 00:13:38,000 Speaker 1: our government or other governments are going to do. So. 250 00:13:38,080 --> 00:13:40,320 Speaker 1: I mean, our view is the industry has kind of 251 00:13:40,320 --> 00:13:43,959 Speaker 1: got to save itself here because buying some barrels for 252 00:13:44,000 --> 00:13:48,560 Speaker 1: the spr it would be helpful but not sustainable, and 253 00:13:48,920 --> 00:13:52,760 Speaker 1: some sort of loans to small companies. Is the government 254 00:13:52,760 --> 00:13:55,200 Speaker 1: really going to give loans to the energy industry. I'm 255 00:13:55,240 --> 00:13:56,960 Speaker 1: not sure I'm going to hang my hat on that either, 256 00:13:57,040 --> 00:14:00,000 Speaker 1: and so are you know. Our view is the industry 257 00:14:00,040 --> 00:14:03,400 Speaker 1: he's got to sort of save themselves and really focus 258 00:14:03,520 --> 00:14:06,920 Speaker 1: on getting supply and demand in balance and their balance 259 00:14:06,920 --> 00:14:09,320 Speaker 1: sheets together. We call it value over volume. They gotta 260 00:14:09,320 --> 00:14:13,040 Speaker 1: cut spending, They've got to get their balance sheets in 261 00:14:13,080 --> 00:14:15,360 Speaker 1: great shape so they can sort of survive the current 262 00:14:15,360 --> 00:14:20,080 Speaker 1: world and not necessarily count on bailouts from from our government, Russia, 263 00:14:20,160 --> 00:14:23,200 Speaker 1: Saudi etcetera. You know, I think this is this is 264 00:14:23,200 --> 00:14:25,920 Speaker 1: actually really accessible because even if you're not in the 265 00:14:26,000 --> 00:14:28,240 Speaker 1: energy sector, and and folks who know me know I 266 00:14:28,360 --> 00:14:30,800 Speaker 1: come from a family in the energy world in the 267 00:14:30,840 --> 00:14:32,600 Speaker 1: sense I've got a sister who works at a refinery 268 00:14:32,600 --> 00:14:35,720 Speaker 1: outside of Philly. So Dan Pickering, founder and chief investment 269 00:14:35,760 --> 00:14:38,520 Speaker 1: officer Pickering Energy Partners based in Huston, Texas, he's joining 270 00:14:38,560 --> 00:14:41,640 Speaker 1: us on the line. What you said is what folks, 271 00:14:42,120 --> 00:14:44,120 Speaker 1: if they're not working in refineries or they're not working 272 00:14:44,120 --> 00:14:46,560 Speaker 1: in energy, they can still relate to right now because 273 00:14:46,600 --> 00:14:49,600 Speaker 1: with the spread of COVID nineteen, with the developed with 274 00:14:49,680 --> 00:14:53,360 Speaker 1: the anxiety, the anks that people are feeling from having 275 00:14:53,400 --> 00:14:56,960 Speaker 1: to stay at home, schools shutting down and whatnot, people 276 00:14:57,240 --> 00:15:00,720 Speaker 1: need to free up some liquidity and wh this turns 277 00:15:00,760 --> 00:15:03,400 Speaker 1: the corner, uh, and people are going to need to 278 00:15:03,440 --> 00:15:05,920 Speaker 1: be able to get small business loans. They're gonna need 279 00:15:05,960 --> 00:15:08,480 Speaker 1: to get loans out from the banks. That is something 280 00:15:08,520 --> 00:15:11,760 Speaker 1: that's relatable, that is something that is cross sector and 281 00:15:12,040 --> 00:15:14,840 Speaker 1: and just to keep it simple for a second, damn pickering. 282 00:15:15,440 --> 00:15:19,160 Speaker 1: I mean, is that what you're hearing in Texas is 283 00:15:19,200 --> 00:15:21,720 Speaker 1: really what this is all about, is a message coming 284 00:15:21,760 --> 00:15:24,479 Speaker 1: from the Oval Office tonight, a message coming from Democrats 285 00:15:24,520 --> 00:15:27,320 Speaker 1: as well that will say, you know what, everyone, take 286 00:15:27,360 --> 00:15:31,760 Speaker 1: a deep breath, We're going to get through this. I 287 00:15:31,800 --> 00:15:33,920 Speaker 1: think that's the message we're gonna hear, and I think 288 00:15:33,960 --> 00:15:36,280 Speaker 1: that's the message that that people want to hear, right, 289 00:15:36,560 --> 00:15:43,480 Speaker 1: I mean, we're a resilient state, country world frankly, and um, 290 00:15:43,520 --> 00:15:46,080 Speaker 1: you know, we're from the government. We're here to help. 291 00:15:46,160 --> 00:15:49,560 Speaker 1: That's sort of you know what, what you like to 292 00:15:49,600 --> 00:15:51,840 Speaker 1: hear and worry about hearing. But at the end of 293 00:15:51,840 --> 00:15:54,880 Speaker 1: the day, I think, from from an oil patch perspective, 294 00:15:54,920 --> 00:15:57,560 Speaker 1: the one the one stimulus we're going to have for 295 00:15:57,720 --> 00:16:01,600 Speaker 1: sure in the near term is cheap gasoline prices. So 296 00:16:01,640 --> 00:16:04,280 Speaker 1: when people come out of their houses and go back 297 00:16:04,280 --> 00:16:06,920 Speaker 1: to work and go back to normal life, they're gonna 298 00:16:06,920 --> 00:16:09,600 Speaker 1: be paying a bucket or two oh five for a 299 00:16:09,600 --> 00:16:12,840 Speaker 1: gallon of gas, not three bucks. And so that's going 300 00:16:12,880 --> 00:16:16,160 Speaker 1: to be helpful. And that's directly a result of what's 301 00:16:16,200 --> 00:16:19,800 Speaker 1: going on with all this oil supply demand stuff? All right, Dad, Pickering, 302 00:16:19,840 --> 00:16:22,640 Speaker 1: founder and chief investment officer of Pickering Energy Partners based 303 00:16:22,640 --> 00:16:25,760 Speaker 1: in Houston, Texas, appreciate you calling in to break that 304 00:16:25,840 --> 00:16:27,640 Speaker 1: down for us. Frank, let me come back to you 305 00:16:27,680 --> 00:16:30,200 Speaker 1: for a second and the minute that we have left. Uh, 306 00:16:30,480 --> 00:16:33,600 Speaker 1: there's a lot of anxiety in the energy world right now, Frank, 307 00:16:33,920 --> 00:16:38,640 Speaker 1: especially in battleground states Pennsylvania, Michigan, Ohio, Wisconsin, about how 308 00:16:38,720 --> 00:16:41,400 Speaker 1: the Saudian Russia development is going to play out, coupled 309 00:16:41,440 --> 00:16:43,640 Speaker 1: with the coronavirus. And I think that it's you know, 310 00:16:43,680 --> 00:16:46,440 Speaker 1: obviously this all has an impact. Um. There are two sides. 311 00:16:46,480 --> 00:16:49,520 Speaker 1: So there's a supply side impact is Dan mentioned, which 312 00:16:49,560 --> 00:16:52,000 Speaker 1: is now the market is being flooded with oil, which 313 00:16:52,000 --> 00:16:54,520 Speaker 1: will lower that price. But there's also a demand side loss, 314 00:16:54,560 --> 00:17:00,640 Speaker 1: which is manifests itself in not doing as much, not flying, 315 00:17:00,760 --> 00:17:04,280 Speaker 1: not not going and going to work, in commuting every day. 316 00:17:04,560 --> 00:17:08,480 Speaker 1: So all of those things together, um, have a residual 317 00:17:08,480 --> 00:17:11,680 Speaker 1: impact that is going to be difficult for us to overcome. 318 00:17:11,720 --> 00:17:16,360 Speaker 1: Bloomberg Sound On with Kevin Surley on Bloomberg and one 319 00:17:16,359 --> 00:17:20,120 Speaker 1: oh five point seven f M h D two I'm 320 00:17:20,200 --> 00:17:23,720 Speaker 1: Kevin Cirelli, Chief Washington correspondent for Bloomberg Television and Bloomberg Radio. 321 00:17:23,720 --> 00:17:26,080 Speaker 1: President Trump's gonna address the nation from the Oval Office 322 00:17:26,119 --> 00:17:29,679 Speaker 1: tonight at nine pm Eastern Time. You can listen to 323 00:17:29,720 --> 00:17:32,800 Speaker 1: the President's remarks here on Bloomberg Radio. Earlier today, on 324 00:17:32,800 --> 00:17:36,760 Speaker 1: Bloomberg Television, I spoke with Senator Marsha Blackburn, a Republican 325 00:17:36,800 --> 00:17:39,480 Speaker 1: from Tennessee, about the need for an economic stimulus to 326 00:17:39,560 --> 00:17:42,840 Speaker 1: thwart off some of the impacts of COVID nineteen or 327 00:17:42,880 --> 00:17:45,960 Speaker 1: the coronavirus. Take a listen to a portion of our interview. 328 00:17:46,320 --> 00:17:49,440 Speaker 1: This is something that the White House is working on. 329 00:17:49,520 --> 00:17:55,200 Speaker 1: The President, Vice President, Secretary Manuchin, UH, Larry Cudlow, we're 330 00:17:55,280 --> 00:17:58,159 Speaker 1: all with us at lunch yesterday and they are working 331 00:17:58,240 --> 00:18:02,159 Speaker 1: on this. Of course, I a temporary relief on the 332 00:18:02,200 --> 00:18:07,480 Speaker 1: payroll tax UH that would be functioning as a credit. 333 00:18:08,000 --> 00:18:11,399 Speaker 1: We think that that is something that could be helpful. UM. 334 00:18:11,640 --> 00:18:17,639 Speaker 1: We're also looking at different relief on regulations. Thinks that 335 00:18:17,720 --> 00:18:22,520 Speaker 1: would help spur production of the anti virals. Things that 336 00:18:22,600 --> 00:18:26,840 Speaker 1: are going to provide s b A loans to businesses 337 00:18:27,240 --> 00:18:31,520 Speaker 1: that need an opportunity to bridge the scret timeline for this, 338 00:18:32,320 --> 00:18:35,440 Speaker 1: the White House wants to move fairly quickly. Of course, 339 00:18:35,560 --> 00:18:39,680 Speaker 1: we think that staying here in in session and working 340 00:18:40,240 --> 00:18:42,280 Speaker 1: is the right thing to do, so that we do 341 00:18:42,440 --> 00:18:46,000 Speaker 1: our part to make certain that we moved through us. 342 00:18:46,480 --> 00:18:49,000 Speaker 1: That was Senator Marsha Blackburn, Republican from Tennessee. You can 343 00:18:49,080 --> 00:18:51,240 Speaker 1: check out the full interview on Bloomberg Television dot com. 344 00:18:51,480 --> 00:18:54,520 Speaker 1: Frank Posano's here partner at brace Well's Policy Resolution Group, 345 00:18:54,600 --> 00:18:58,480 Speaker 1: Duel Pain, a Democratic strategist as well. All Right, I mean, gentlemen, 346 00:18:58,520 --> 00:19:01,160 Speaker 1: first of all, thanks for being here on this dizzying 347 00:19:01,240 --> 00:19:03,520 Speaker 1: news day as we cover the markets, as we cover 348 00:19:04,119 --> 00:19:07,560 Speaker 1: the economic if we're gonna even call it a stimulus anymore, 349 00:19:07,640 --> 00:19:10,679 Speaker 1: and we're even missing yesterday's results from which the Democrat 350 00:19:10,560 --> 00:19:13,280 Speaker 1: at primary it's probably almost over, Joe Biden and so 351 00:19:13,720 --> 00:19:15,919 Speaker 1: and we'll come we'll we'll come back to politics coming up. 352 00:19:15,920 --> 00:19:18,679 Speaker 1: And I do want to stick with this seriousness of 353 00:19:18,760 --> 00:19:20,960 Speaker 1: now we're in a city that has been declared a 354 00:19:21,320 --> 00:19:25,159 Speaker 1: state of national national emergency by Mayor Bowser. So in 355 00:19:25,200 --> 00:19:28,560 Speaker 1: the break YouTube, we're kind of dissecting all of this, 356 00:19:28,640 --> 00:19:31,280 Speaker 1: and we heard from two economists on this, but then 357 00:19:31,320 --> 00:19:33,400 Speaker 1: you just heard from Senator Blackbird's I want to open 358 00:19:33,440 --> 00:19:35,760 Speaker 1: it up now and get your take to let this 359 00:19:35,840 --> 00:19:39,920 Speaker 1: conversation breathe, and and I think where she's talking with 360 00:19:40,000 --> 00:19:42,440 Speaker 1: the payroll tax is a good start, right that You're 361 00:19:42,440 --> 00:19:45,359 Speaker 1: gonna get a lot of universal support for something like that, 362 00:19:45,400 --> 00:19:49,920 Speaker 1: and it's gonna have a widespread impact on sectors across 363 00:19:49,960 --> 00:19:52,199 Speaker 1: the economy. I mean, we've seen in my space, in 364 00:19:52,200 --> 00:19:55,240 Speaker 1: the energy space a bunch of stories lately about oh, 365 00:19:55,280 --> 00:19:57,800 Speaker 1: what's Congress gonna do for the energy industry, And of 366 00:19:57,800 --> 00:20:01,440 Speaker 1: course you instantly get book calling it a shale out 367 00:20:01,600 --> 00:20:03,679 Speaker 1: and stuff like that, and you know, the reality is 368 00:20:03,720 --> 00:20:06,359 Speaker 1: the the energy industry for the most part isn't that 369 00:20:06,480 --> 00:20:10,640 Speaker 1: interested in getting a bail out or any any financial 370 00:20:10,680 --> 00:20:14,280 Speaker 1: help like that. And politically it's not. It's a difficult 371 00:20:14,280 --> 00:20:16,760 Speaker 1: thing to do, right, So why do you go places 372 00:20:16,760 --> 00:20:19,760 Speaker 1: where you're going to have a political fight to start 373 00:20:19,800 --> 00:20:22,800 Speaker 1: it when you can start with payroll taxes which tend 374 00:20:22,880 --> 00:20:27,119 Speaker 1: to have pretty universal support and widespread coverage. It's the 375 00:20:27,119 --> 00:20:30,320 Speaker 1: president's own caucus though, that's given them problems here, right. 376 00:20:30,320 --> 00:20:32,480 Speaker 1: I mean, this is Mitch McConnell, the Republicans who have 377 00:20:32,480 --> 00:20:35,040 Speaker 1: given the President a lot of leeway, um on these 378 00:20:35,080 --> 00:20:37,520 Speaker 1: issues of spending, I mean spending what nearly a trillion 379 00:20:37,560 --> 00:20:41,280 Speaker 1: dollars or in the Trump presidency. And I think, um, now, 380 00:20:41,320 --> 00:20:43,480 Speaker 1: maybe this might not be an opportune time to start 381 00:20:43,520 --> 00:20:45,320 Speaker 1: to look at the checkbook, but I do think a 382 00:20:45,359 --> 00:20:48,000 Speaker 1: lot of those Republicans are getting uncomfortable with that. Also, 383 00:20:48,760 --> 00:20:52,840 Speaker 1: this is beyond just um, you know, lawmaking. Let's look 384 00:20:52,880 --> 00:20:56,040 Speaker 1: at the president as a negotiator. That relationship with the 385 00:20:56,040 --> 00:20:59,840 Speaker 1: saudis that we've come to allegedly expected. The president has 386 00:20:59,840 --> 00:21:02,399 Speaker 1: a really close relationship with MBS. Well, why isn't the 387 00:21:02,400 --> 00:21:04,560 Speaker 1: president on the phone or why isn't Lighthouse or some 388 00:21:04,640 --> 00:21:06,760 Speaker 1: of these other folks on the phone with NBS telling 389 00:21:06,840 --> 00:21:09,520 Speaker 1: him to stop manipulating the oil markets like he is, 390 00:21:09,520 --> 00:21:12,919 Speaker 1: which is messing with the energy industry like that they 391 00:21:13,040 --> 00:21:15,520 Speaker 1: referred to with the shell out earlier. So, you know, 392 00:21:15,600 --> 00:21:18,440 Speaker 1: this is a really multidimensional challenge for the president here. 393 00:21:18,600 --> 00:21:21,560 Speaker 1: It's a messaging challenge, it is a political kind of 394 00:21:21,640 --> 00:21:25,199 Speaker 1: hurting catch challenge, and it's an international statesman challenge. It's 395 00:21:25,240 --> 00:21:28,280 Speaker 1: a really multi multiprom challenge. And as I was writing 396 00:21:28,320 --> 00:21:33,080 Speaker 1: over here, first thing I wrote down for myself was jawbone, jawbone, jawbone. Right, 397 00:21:33,400 --> 00:21:36,560 Speaker 1: he needs to be you know, of course there this 398 00:21:36,640 --> 00:21:40,520 Speaker 1: is kind of an economic warfare, right that, um, that 399 00:21:40,720 --> 00:21:44,160 Speaker 1: they see opportunity for an advantage to kind of push 400 00:21:44,240 --> 00:21:46,840 Speaker 1: the United States, who has taken over as an energy 401 00:21:46,960 --> 00:21:50,280 Speaker 1: leader globally in terms of oil output. Right. Um, So 402 00:21:50,480 --> 00:21:55,080 Speaker 1: I do think that the Russians and the Saudis are looking, 403 00:21:55,600 --> 00:21:57,760 Speaker 1: uh to to try and squeeze other people out, and 404 00:21:57,880 --> 00:22:02,600 Speaker 1: especially squeeze America, America's producers out, and that something certainly 405 00:22:02,640 --> 00:22:05,680 Speaker 1: that was within the framework of the President to try 406 00:22:05,680 --> 00:22:08,440 Speaker 1: and push back on. Um, whether he goes as far 407 00:22:08,480 --> 00:22:11,880 Speaker 1: as Harold Hammond suggested in taking trade sanctions, I don't 408 00:22:11,920 --> 00:22:14,280 Speaker 1: know if that's the appropriate thing, but he certainly can 409 00:22:14,400 --> 00:22:17,199 Speaker 1: get on the hornment them and lean on them aggressively, 410 00:22:17,240 --> 00:22:19,160 Speaker 1: and I think they all respond. This isn't the first 411 00:22:19,160 --> 00:22:21,679 Speaker 1: time the Saudis have done this, right, They've tried this 412 00:22:22,000 --> 00:22:24,520 Speaker 1: over and over and over again, and it always seems 413 00:22:24,520 --> 00:22:27,200 Speaker 1: to come belly up. This is also went really quickly. 414 00:22:27,440 --> 00:22:29,280 Speaker 1: This is also not something the president can bully his 415 00:22:29,680 --> 00:22:34,439 Speaker 1: because I apologize, don also apologize, but but but this 416 00:22:34,480 --> 00:22:36,480 Speaker 1: is something the president cannot bully his way out of 417 00:22:36,480 --> 00:22:40,560 Speaker 1: which he is accustomed to doing. Right, Well, I think, yeah, 418 00:22:40,720 --> 00:22:42,960 Speaker 1: first he has to handle the coronavirus before I think 419 00:22:42,960 --> 00:22:45,080 Speaker 1: we can even touch a fank. I have two quick, quick, 420 00:22:45,160 --> 00:22:47,959 Speaker 1: quick questions for you. Do you view Russia as more 421 00:22:48,000 --> 00:22:50,679 Speaker 1: of the problem or Saudi? Well, the Saudis are the 422 00:22:50,680 --> 00:22:52,960 Speaker 1: ones who are dumping right now. So don't do you 423 00:22:53,000 --> 00:22:56,359 Speaker 1: think it's putin playing? Of course it is, yeah, of 424 00:22:56,400 --> 00:22:59,200 Speaker 1: course it's it's kind of a dual hit. They both 425 00:22:59,200 --> 00:23:02,800 Speaker 1: see advantage, they both see opportunities. They just had an 426 00:23:02,800 --> 00:23:06,199 Speaker 1: OPEC meeting last week. UM OPEC is always notorious and 427 00:23:06,520 --> 00:23:10,199 Speaker 1: trying to manipulate UM supply and global supply, and so 428 00:23:10,320 --> 00:23:13,480 Speaker 1: I do think that it's a double whammy um. And 429 00:23:13,480 --> 00:23:17,240 Speaker 1: and again that's just affecting the supply side here though, right, 430 00:23:17,320 --> 00:23:19,600 Speaker 1: That's that's one side of the ledger. The other side 431 00:23:19,680 --> 00:23:24,000 Speaker 1: is coupled with is this corona impact demand? That's why, 432 00:23:25,240 --> 00:23:28,320 Speaker 1: which is really makes it a challenge. I mean, and 433 00:23:28,320 --> 00:23:30,280 Speaker 1: and and Joel, I hear you on your point in 434 00:23:30,400 --> 00:23:32,560 Speaker 1: terms of I mean because I always go back to 435 00:23:32,560 --> 00:23:35,160 Speaker 1: Tom Keene who always tells me, don't conflate stories, don't 436 00:23:35,160 --> 00:23:38,120 Speaker 1: complate issues on something like this. I mean, they're so 437 00:23:38,240 --> 00:23:43,760 Speaker 1: interconnected and and I'm just struck. And you made a 438 00:23:43,760 --> 00:23:46,560 Speaker 1: point earlier, droll about how here we are. I mean you, 439 00:23:47,119 --> 00:23:49,600 Speaker 1: I made the point for travel industry. Everyone in the 440 00:23:49,600 --> 00:23:53,480 Speaker 1: travel world is talking about post nine eleven similarities and parallels. 441 00:23:53,520 --> 00:23:55,920 Speaker 1: But the big banks were at the White House today, 442 00:23:56,000 --> 00:23:58,840 Speaker 1: CEO is from tech companies are going to be there tomorrow, 443 00:23:59,440 --> 00:24:01,679 Speaker 1: uh me at the White House. But you made the 444 00:24:01,680 --> 00:24:04,120 Speaker 1: reference point to two thousand and eight, and I think 445 00:24:04,119 --> 00:24:07,720 Speaker 1: what's based upon my reporting, one of the threads that 446 00:24:07,760 --> 00:24:11,760 Speaker 1: has emerged is well, where are the hearings? Where are 447 00:24:11,920 --> 00:24:15,560 Speaker 1: the cohesiveness of an economic message? And it just feels 448 00:24:15,640 --> 00:24:18,119 Speaker 1: right now like they're trying to put out multiple fires. 449 00:24:18,119 --> 00:24:20,240 Speaker 1: And I think for the President a hurdle that he 450 00:24:20,240 --> 00:24:23,400 Speaker 1: has to clear tonight at nine o'clock and his Oval 451 00:24:23,440 --> 00:24:27,040 Speaker 1: Office address is going to be to to say that 452 00:24:27,080 --> 00:24:30,119 Speaker 1: there is a plan and that there is cohesiveness working 453 00:24:30,119 --> 00:24:34,280 Speaker 1: with Democrats, working with Speaker Pelosi to get something done. Kevin, 454 00:24:34,280 --> 00:24:36,360 Speaker 1: I think I think you're tracking the right way. Look, 455 00:24:36,400 --> 00:24:38,359 Speaker 1: the noise in the background for everything that we've been 456 00:24:38,359 --> 00:24:39,879 Speaker 1: talking about all the times that I've been here to 457 00:24:39,960 --> 00:24:44,440 Speaker 1: visit you, is the divisiveness in the country and these 458 00:24:44,520 --> 00:24:46,399 Speaker 1: moments of the moments where you really feel that this 459 00:24:46,480 --> 00:24:48,639 Speaker 1: is a moment where the President should be able to 460 00:24:48,680 --> 00:24:51,480 Speaker 1: get on the phone with Nanti Pelosi and Mitch McConnell 461 00:24:51,800 --> 00:24:54,880 Speaker 1: and all the Super six committee heads and sit down 462 00:24:54,920 --> 00:24:56,840 Speaker 1: in a room and say, what do we need to 463 00:24:56,880 --> 00:25:01,400 Speaker 1: do to quickly pass legislation to you know, um, heal 464 00:25:01,520 --> 00:25:05,960 Speaker 1: the country both businesses and individuals, middle class folks, and 465 00:25:06,000 --> 00:25:08,960 Speaker 1: how do we wrangle support in the business community. The 466 00:25:09,040 --> 00:25:11,399 Speaker 1: President doesn't have the political capital to do that, And 467 00:25:11,400 --> 00:25:13,040 Speaker 1: so I know it feels like a broken record when 468 00:25:13,080 --> 00:25:16,560 Speaker 1: people bring up the President and how brash and blustery 469 00:25:16,600 --> 00:25:18,840 Speaker 1: he is. But this is where it really not just 470 00:25:18,960 --> 00:25:21,359 Speaker 1: hurts him, it hurts the country. And I don't think 471 00:25:21,359 --> 00:25:24,520 Speaker 1: and I don't think that the so far the President 472 00:25:24,560 --> 00:25:27,080 Speaker 1: has wanted to do that right, and he says that 473 00:25:27,160 --> 00:25:29,800 Speaker 1: he does. But then again, you know, he's always the one. 474 00:25:29,840 --> 00:25:31,520 Speaker 1: I mean, look at his pressor that he had at 475 00:25:31,520 --> 00:25:33,680 Speaker 1: the White House the other day for the very first time, 476 00:25:34,080 --> 00:25:36,600 Speaker 1: he had Vice President Pence when he announced Pence was 477 00:25:36,600 --> 00:25:38,320 Speaker 1: going to leave the effort. They had Faucci, they had 478 00:25:38,320 --> 00:25:41,840 Speaker 1: a bunch of other experts there, and the reality was 479 00:25:42,040 --> 00:25:44,280 Speaker 1: he's the one who engaged in a lot of the politics. 480 00:25:44,320 --> 00:25:47,000 Speaker 1: The Democrats returned fire, and we were back where we were, 481 00:25:47,440 --> 00:25:50,760 Speaker 1: you know. And I also think what from covering this 482 00:25:51,240 --> 00:25:54,919 Speaker 1: just people on Capitol Hill, at the lawmaker level, at 483 00:25:54,960 --> 00:25:57,560 Speaker 1: the staffer level, there's a lot of confusion. And I 484 00:25:57,600 --> 00:26:01,000 Speaker 1: think another hurdle tonight for the President to clear is 485 00:26:01,000 --> 00:26:03,440 Speaker 1: going to be to clear up any confusion there. There's 486 00:26:03,480 --> 00:26:07,680 Speaker 1: socially a lot of confusion. Look at I managed fifteen 487 00:26:07,720 --> 00:26:10,920 Speaker 1: employees at an organization of sixty. We had to decide, well, 488 00:26:11,080 --> 00:26:13,280 Speaker 1: what's a telework policy? Do we want people going into 489 00:26:13,280 --> 00:26:15,600 Speaker 1: the subway systems here in d C? Do we do? 490 00:26:15,680 --> 00:26:18,000 Speaker 1: We want to recommend that people start to self quarantine 491 00:26:18,040 --> 00:26:20,760 Speaker 1: because they travel to California or they travel to this 492 00:26:20,840 --> 00:26:23,000 Speaker 1: part of the country, and there has not been a 493 00:26:23,040 --> 00:26:27,520 Speaker 1: lot of guidance, at least guidance you can trust that's consistent, 494 00:26:26,680 --> 00:26:29,800 Speaker 1: and that's got it. That has to be clear. I 495 00:26:29,840 --> 00:26:32,440 Speaker 1: don't think that's opinion. That's has to be cleared up tonight. 496 00:26:32,640 --> 00:26:34,880 Speaker 1: Download the Bloomberg Sound on podcast on Apple, it Tunes, 497 00:26:34,880 --> 00:26:37,640 Speaker 1: a Bloomberg dot Com, or by downloading the Bloomberg Business app. 498 00:26:37,680 --> 00:26:39,240 Speaker 1: You can also find us on radio dot Com, I 499 00:26:39,320 --> 00:26:41,880 Speaker 1: Heart Radio and Spotify. We keep talking about a president's 500 00:26:41,920 --> 00:26:45,240 Speaker 1: Oval Office addressed tonight to the nation, to the world. 501 00:26:45,760 --> 00:26:48,520 Speaker 1: UH at nine pm New York Time. I'm Kevin's really 502 00:26:48,560 --> 00:27:01,520 Speaker 1: panel stage. You're listening to Bloomberg one. This is Bloomberg 503 00:27:01,680 --> 00:27:06,359 Speaker 1: Sound On with Kevin Surlane on Bloomberg and one oh 504 00:27:06,440 --> 00:27:09,280 Speaker 1: five point seven f MHD two. They set from the 505 00:27:09,320 --> 00:27:12,760 Speaker 1: moment I announced not far from here that I believe 506 00:27:12,800 --> 00:27:14,720 Speaker 1: are in the battle for the soul of this nation 507 00:27:16,040 --> 00:27:20,680 Speaker 1: with Donald Trump as president. Our core values are standing 508 00:27:20,720 --> 00:27:24,800 Speaker 1: in the world, are very democracy. Everything that has made 509 00:27:24,840 --> 00:27:30,080 Speaker 1: America America is truly at state. That was former Vice 510 00:27:30,080 --> 00:27:33,560 Speaker 1: President Joe Biden speaking last night following a big win 511 00:27:34,080 --> 00:27:37,560 Speaker 1: in the primary state of Michigan on a mini Super Tuesday. 512 00:27:37,560 --> 00:27:40,399 Speaker 1: I'm Kevin Surreli, Chief Washington correspondent for Bloomberg Television and 513 00:27:40,480 --> 00:27:44,520 Speaker 1: Bloomberg Radio. We haven't even talked about politics with our panel, 514 00:27:44,720 --> 00:27:48,320 Speaker 1: Frank Massano and Joel Pain a Republican and Democrat respectively, 515 00:27:48,640 --> 00:27:51,920 Speaker 1: as well as to Washington insiders, because we've been dominated 516 00:27:52,320 --> 00:27:56,520 Speaker 1: by talk of the coronavirus and the President's address from 517 00:27:56,560 --> 00:27:59,199 Speaker 1: the Oval Office tonight at nine PM Eastern and the 518 00:27:59,240 --> 00:28:02,800 Speaker 1: economic rome vfications, the energy market ramifications I just saw. 519 00:28:02,920 --> 00:28:05,560 Speaker 1: I mean, we have Bloomberg Television on UH in our 520 00:28:05,640 --> 00:28:09,719 Speaker 1: studio down by City Center, Washington, d C. And the 521 00:28:09,720 --> 00:28:13,360 Speaker 1: headline said Boeing shares dropped the most night. I mean, 522 00:28:13,359 --> 00:28:16,800 Speaker 1: there's so many development stroll and this is the part 523 00:28:16,800 --> 00:28:19,160 Speaker 1: of the program where you tell us what's on your 524 00:28:19,240 --> 00:28:21,920 Speaker 1: radar and what your quick take is. And I know 525 00:28:22,600 --> 00:28:24,880 Speaker 1: not to give it away. I know Joe Biden's what's 526 00:28:24,920 --> 00:28:28,960 Speaker 1: on your radar? But this could not have been on 527 00:28:29,040 --> 00:28:33,280 Speaker 1: a night where essentially he's not technically clinching, but essentially 528 00:28:33,280 --> 00:28:35,520 Speaker 1: making it very difficult for Bernie Sanders to come out 529 00:28:35,880 --> 00:28:38,760 Speaker 1: after this. Uh, this could not have been the backdrop 530 00:28:38,800 --> 00:28:41,400 Speaker 1: that he had. Foreseen. No, it's not, although in a 531 00:28:41,440 --> 00:28:44,040 Speaker 1: lot of ways, um, it's the perfect backdrop for Joe Biden. 532 00:28:44,080 --> 00:28:46,040 Speaker 1: So yes, what's on my radar is the fact that 533 00:28:46,120 --> 00:28:49,560 Speaker 1: Joe Biden um swept the biggest of the states last 534 00:28:49,640 --> 00:28:54,120 Speaker 1: night on Many Super Tuesday and became the presumptive Democratic nominee. 535 00:28:54,160 --> 00:28:55,800 Speaker 1: And I think it's really at this win just a 536 00:28:55,800 --> 00:28:57,800 Speaker 1: matter of time for when Bernie Sanders drops out of 537 00:28:57,840 --> 00:28:59,680 Speaker 1: the race. And I think we're at the humpty dumpty 538 00:28:59,720 --> 00:29:02,560 Speaker 1: stage of the primary where Joe Biden's gotta put it 539 00:29:02,600 --> 00:29:05,800 Speaker 1: back together again, not just keeping his coalition, but figuring 540 00:29:05,840 --> 00:29:08,600 Speaker 1: out how to engage those Sanders supporters and those far 541 00:29:08,720 --> 00:29:13,760 Speaker 1: left Democrats who will undoubtedly undoubtedly field um ostracized and 542 00:29:13,880 --> 00:29:17,560 Speaker 1: feel um, you know, um let astray by the process 543 00:29:17,600 --> 00:29:20,640 Speaker 1: that they feel like probably they feel the establishment um 544 00:29:20,680 --> 00:29:23,800 Speaker 1: trying to elbow them out of winning the nomination. And 545 00:29:23,840 --> 00:29:26,360 Speaker 1: so that's where Joe Biden is right now. And and 546 00:29:26,360 --> 00:29:28,600 Speaker 1: I and I can I agree completely. And I think 547 00:29:28,680 --> 00:29:32,240 Speaker 1: the speech that you saw Bernie Sanders give today, which 548 00:29:32,280 --> 00:29:34,360 Speaker 1: we have and because why don't we listen to it? Actually, 549 00:29:34,400 --> 00:29:36,400 Speaker 1: here's Senator Bernie Sanders, and then all because then we 550 00:29:36,440 --> 00:29:39,640 Speaker 1: can set the stage. Here's Bernie Sanders. What became even 551 00:29:39,720 --> 00:29:44,720 Speaker 1: more apparent yesterday is that while we are currently losing 552 00:29:44,880 --> 00:29:49,600 Speaker 1: the delegate count approximately eight hundred delegates for Joe Biden 553 00:29:50,240 --> 00:29:54,840 Speaker 1: and six hundred and sixty for us, we are strongly 554 00:29:54,960 --> 00:30:01,280 Speaker 1: winning in two enormously important areas which will determine the 555 00:30:01,400 --> 00:30:05,719 Speaker 1: future of our country. So to me, that's that's the 556 00:30:05,760 --> 00:30:09,240 Speaker 1: first step of him starting to back himself out of 557 00:30:09,280 --> 00:30:12,840 Speaker 1: this and The second thing that he's doing is he's 558 00:30:12,920 --> 00:30:17,120 Speaker 1: signaling to Joe Biden. He's signaling to Joe Biden that 559 00:30:17,200 --> 00:30:20,960 Speaker 1: he is going to maintain a place in the race 560 00:30:21,240 --> 00:30:24,080 Speaker 1: just so he can hold Joe's feet to the fire 561 00:30:24,520 --> 00:30:28,520 Speaker 1: on some of those progressive issues that Bernie uh has 562 00:30:28,600 --> 00:30:32,280 Speaker 1: has you know, become known for and rallied troops to. Right. 563 00:30:32,360 --> 00:30:36,040 Speaker 1: So I do think that it's his first, the first 564 00:30:36,080 --> 00:30:38,840 Speaker 1: evidence that he's really sees that that he can't get 565 00:30:38,880 --> 00:30:42,680 Speaker 1: across the finish line. And now he's relegated himself to 566 00:30:42,720 --> 00:30:46,480 Speaker 1: being in a position where he's just gonna keep pressuring 567 00:30:46,560 --> 00:30:48,640 Speaker 1: him to make sure that Joe keeps some of those 568 00:30:48,680 --> 00:30:51,600 Speaker 1: progressive issues in the forefront and doesn't go back to 569 00:30:51,640 --> 00:30:53,680 Speaker 1: what he thinks is a losing message, which is a 570 00:30:53,680 --> 00:30:55,960 Speaker 1: more moderate place. Yeah, and I think now the battle 571 00:30:56,000 --> 00:30:57,800 Speaker 1: owners are drawn. And you know, we've spent most of 572 00:30:57,800 --> 00:31:01,520 Speaker 1: this conversation today talking about coronavirus. I imagine this will 573 00:31:01,560 --> 00:31:04,480 Speaker 1: in some form be in our life between now and November. 574 00:31:04,600 --> 00:31:06,840 Speaker 1: Let's hope that um, you know, folks were able to 575 00:31:06,840 --> 00:31:08,959 Speaker 1: stay safe from it, but it will certainly be a 576 00:31:09,000 --> 00:31:11,640 Speaker 1: talking point at the backdrop of this election. And you 577 00:31:11,720 --> 00:31:14,920 Speaker 1: do wonder whether or not a situation like that works 578 00:31:14,920 --> 00:31:17,240 Speaker 1: to Joe Biden's benefit in the sense that if you 579 00:31:17,240 --> 00:31:19,560 Speaker 1: look at some of the exit polls, he beat Bernie 580 00:31:19,560 --> 00:31:22,400 Speaker 1: Sanders eighty to ten on who do you trust more 581 00:31:22,400 --> 00:31:24,959 Speaker 1: in a national emergency. I imagine if you did polling 582 00:31:25,040 --> 00:31:27,880 Speaker 1: like that of Biden eighty to ten, and if you 583 00:31:27,920 --> 00:31:30,400 Speaker 1: did polling like that with Biden and Trump, I don't 584 00:31:30,400 --> 00:31:32,800 Speaker 1: know if it quite be that unbalanced, but I bet 585 00:31:32,840 --> 00:31:34,640 Speaker 1: you Biden would probably do better. And you know, and 586 00:31:34,680 --> 00:31:37,680 Speaker 1: you know, I'm a Michigan guy, right, so I almost 587 00:31:37,680 --> 00:31:42,160 Speaker 1: forgot about that from Macomb County, So there you go. 588 00:31:42,400 --> 00:31:44,720 Speaker 1: That's right him. And okay, so I'm from Delco. Case 589 00:31:44,720 --> 00:31:46,840 Speaker 1: I didn't heard me talk about it, but to county 590 00:31:46,880 --> 00:31:48,680 Speaker 1: is one of the is the most important county mission 591 00:31:48,760 --> 00:31:51,560 Speaker 1: to me last night was I said this before the 592 00:31:51,680 --> 00:31:54,800 Speaker 1: night started, But to me was the first step of 593 00:31:55,040 --> 00:31:58,240 Speaker 1: seeing whether Joe Biden is gonna it was gonna be 594 00:31:58,320 --> 00:32:02,520 Speaker 1: able to grab that group that that Trump grabbed, it 595 00:32:02,600 --> 00:32:05,080 Speaker 1: took away from Hillary Clinton, and I think he made 596 00:32:05,160 --> 00:32:07,200 Speaker 1: the first strides towards getting it. A lot of those 597 00:32:07,280 --> 00:32:10,960 Speaker 1: Union guys um in mccoon County, in places like that 598 00:32:11,520 --> 00:32:15,320 Speaker 1: we're we're glad to to support him and vote for him. Uh, 599 00:32:15,360 --> 00:32:16,960 Speaker 1: you know, I don't know if they stay there. We'll 600 00:32:17,000 --> 00:32:19,400 Speaker 1: see when it goes against Trump, because I'm sure Trump 601 00:32:19,440 --> 00:32:21,520 Speaker 1: will made trade deals a part of it. And then 602 00:32:21,640 --> 00:32:23,920 Speaker 1: but the second person, the second group of people who 603 00:32:23,960 --> 00:32:27,640 Speaker 1: are just so pleased are the elast Slotkins of the 604 00:32:27,680 --> 00:32:30,560 Speaker 1: world and Abbey span Burgers and people like that who 605 00:32:30,560 --> 00:32:34,000 Speaker 1: helped the Democrats take the House in who were scared 606 00:32:34,040 --> 00:32:36,160 Speaker 1: to death of having Bernie at the top of the ticket. 607 00:32:36,160 --> 00:32:38,280 Speaker 1: I've heard from more than one sources Steve Bullock one 608 00:32:38,280 --> 00:32:40,200 Speaker 1: of the reasons why he decided to jump into Montana 609 00:32:40,240 --> 00:32:43,760 Speaker 1: Senate race was because Joe Biden is the likely Democratic nominee. 610 00:32:43,960 --> 00:32:46,240 Speaker 1: He would not be comfortable running on a ticket with 611 00:32:46,240 --> 00:32:49,400 Speaker 1: Bernie Sanders, So that does make a difference. Um, the 612 00:32:49,440 --> 00:32:52,760 Speaker 1: other thing I will say is this, you know, Democrats 613 00:32:52,920 --> 00:32:55,240 Speaker 1: have to figure out how to keep that Sanders vote 614 00:32:55,640 --> 00:32:59,960 Speaker 1: in the tent. We know that upwards, upward, upwards. With 615 00:33:00,880 --> 00:33:07,080 Speaker 1: Sanders supporters went to Donald Trump camp be Elizabeth Warren's 616 00:33:07,080 --> 00:33:11,240 Speaker 1: got to be somebody much younger, and um, well, you 617 00:33:11,240 --> 00:33:14,960 Speaker 1: know what's really on my radar is is energy energy 618 00:33:15,040 --> 00:33:18,600 Speaker 1: legislation right, because this early this week. Earlier this week, 619 00:33:19,000 --> 00:33:23,080 Speaker 1: Senator McConnell gave Lisa Murkowski and Joe Mansion space on 620 00:33:23,120 --> 00:33:26,400 Speaker 1: the floor to talk about promoting an energy bill. They 621 00:33:26,400 --> 00:33:30,000 Speaker 1: put together an energy bill with over seventy pieces of legislation, 622 00:33:30,200 --> 00:33:33,880 Speaker 1: with the contributions of over sixty members. That bill started 623 00:33:33,880 --> 00:33:37,960 Speaker 1: to move forward and it lost. It lost on one vote, 624 00:33:38,000 --> 00:33:42,280 Speaker 1: which was a culture vote over UM an amendment to 625 00:33:42,360 --> 00:33:47,720 Speaker 1: reduce refrigerants that that John Kennedy and UH and UH 626 00:33:47,760 --> 00:33:51,360 Speaker 1: and and Tom Carper want in the bill. And reporters 627 00:33:51,440 --> 00:33:55,280 Speaker 1: who followed this, we're asking me, well, why, what's their strategy? 628 00:33:55,280 --> 00:33:57,160 Speaker 1: And I kept telling them that Kennedy and Carper have 629 00:33:57,240 --> 00:33:58,800 Speaker 1: the votes, They're going to have to deal with it. 630 00:33:58,840 --> 00:34:00,840 Speaker 1: And they did have the votes, and they stuck to it. 631 00:34:00,920 --> 00:34:03,440 Speaker 1: And so now what it would have been a very 632 00:34:03,520 --> 00:34:08,840 Speaker 1: positive energy message to go through the Senate and is 633 00:34:08,880 --> 00:34:11,000 Speaker 1: now lost, and you know it, will it come back? 634 00:34:11,040 --> 00:34:13,360 Speaker 1: Who knows. But that's one of the big things that 635 00:34:13,360 --> 00:34:17,160 Speaker 1: we're watching right now. I think that's it's equally I mean, 636 00:34:17,160 --> 00:34:19,080 Speaker 1: I think people are going to be looking to see 637 00:34:19,800 --> 00:34:23,600 Speaker 1: whether or not there's a singular vehicle for economic stimulus 638 00:34:23,680 --> 00:34:27,760 Speaker 1: or whether there's a piecemeal approach. But the energy issue, 639 00:34:27,840 --> 00:34:32,480 Speaker 1: the coronavirus issue, UH, it's gonna be you know, it 640 00:34:32,600 --> 00:34:34,480 Speaker 1: is what it is. I just want to bring everyone 641 00:34:34,560 --> 00:34:37,439 Speaker 1: up to speed for tonight because the nine pm e stern, 642 00:34:37,520 --> 00:34:40,080 Speaker 1: the President is going to address the country the world 643 00:34:40,440 --> 00:34:45,000 Speaker 1: from the Oval Office on how the administration is responding 644 00:34:45,040 --> 00:34:48,520 Speaker 1: to the COVID nineteen or the coronavirus. And it also 645 00:34:48,560 --> 00:34:50,959 Speaker 1: comes as Washington, d C has joined other cities around 646 00:34:51,000 --> 00:34:54,080 Speaker 1: the country and declaring a state of an emergency. Uh. 647 00:34:54,360 --> 00:34:57,120 Speaker 1: The n C double A has actually recommended this afternoon 648 00:34:57,480 --> 00:35:02,960 Speaker 1: that the March Madness Tournament be played without fans are essential. 649 00:35:03,080 --> 00:35:06,200 Speaker 1: Fans are large scale fans UM here in Washington, d C. 650 00:35:06,440 --> 00:35:09,719 Speaker 1: Events with more than I think it's five thousand people, uh, 651 00:35:10,160 --> 00:35:12,839 Speaker 1: have been advised not to happen. So, I mean, there's 652 00:35:12,840 --> 00:35:15,560 Speaker 1: been cancelations that we've been reporting on UM and I 653 00:35:15,560 --> 00:35:18,800 Speaker 1: will tell you this too, keV. Schools are closing, I 654 00:35:18,840 --> 00:35:22,040 Speaker 1: mean college my daughter's college up in Wellesley, is in 655 00:35:22,280 --> 00:35:25,120 Speaker 1: Harvard and m I t are all are all online classes. 656 00:35:25,120 --> 00:35:28,160 Speaker 1: In the fact, it was announced today that GW is 657 00:35:28,200 --> 00:35:31,120 Speaker 1: going to online classes until April five. So you know 658 00:35:31,200 --> 00:35:33,239 Speaker 1: it's a it's a real disruption. You've also seen a 659 00:35:33,280 --> 00:35:37,120 Speaker 1: wave of workers be let go because of coronavirus and 660 00:35:37,160 --> 00:35:39,600 Speaker 1: its impact. You look at south By Southwest. A number 661 00:35:39,600 --> 00:35:42,480 Speaker 1: of people in Austin were let go because the economic 662 00:35:42,520 --> 00:35:46,239 Speaker 1: impact of losing that conference because of coronavirus. So I mean, 663 00:35:46,640 --> 00:35:48,920 Speaker 1: I think, now you're we gotta rop we gotta leave 664 00:35:48,920 --> 00:35:51,919 Speaker 1: it there. But uh, I think now everyone essentially has 665 00:35:52,120 --> 00:35:57,120 Speaker 1: has awoken to the reality of the COVID nineteen economic uncertainty, 666 00:35:57,239 --> 00:35:58,799 Speaker 1: and we're gonna be covering it every day. You can 667 00:35:58,800 --> 00:36:01,000 Speaker 1: listen to the President's Full of More or on Bloomberg Radio. 668 00:36:01,320 --> 00:36:04,160 Speaker 1: I want to thank our full team here, especially the 669 00:36:04,239 --> 00:36:09,480 Speaker 1: legendary Christine Barrata, hardest working woman person in Washington, d C. 670 00:36:09,960 --> 00:36:12,680 Speaker 1: Thank you to our executive producer. Thank you to Frank Massano, 671 00:36:12,760 --> 00:36:15,440 Speaker 1: thank you to Joel Paine. Thank to you for listening. 672 00:36:15,480 --> 00:36:18,160 Speaker 1: I'm Kevin Cerelli. I'm the chief Washington correspondent for Bloomberg 673 00:36:18,200 --> 00:36:20,520 Speaker 1: Television and Radio, and you're listening to Bloomberg