1 00:00:01,760 --> 00:00:05,160 Speaker 1: Global business news twenty four hours a day. If Bloomberg 2 00:00:05,200 --> 00:00:08,280 Speaker 1: dot Com, the Radio plus mobile acts and on your radio. 3 00:00:08,560 --> 00:00:12,640 Speaker 1: This is a Bloomberg business flag Boom Bloomberg World Headquarters. 4 00:00:12,680 --> 00:00:16,239 Speaker 1: I'm Charlie Pellock, the Donald SMPT and Nestack all Advancing. 5 00:00:16,280 --> 00:00:18,959 Speaker 1: We are brought to by national Realty providers of a 6 00:00:19,040 --> 00:00:23,360 Speaker 1: hundred percent satisfaction guaranteed New York City Realty Investments. See 7 00:00:23,400 --> 00:00:26,040 Speaker 1: them at n r i A dot net. Now over 8 00:00:26,040 --> 00:00:29,160 Speaker 1: to the First Word breaking news desk for today's afternoon call. 9 00:00:29,480 --> 00:00:32,800 Speaker 1: And here he is Bill Maloney. Good at afternoon, Charlie 10 00:00:32,920 --> 00:00:35,239 Speaker 1: man U s Averages are quiet today, with the Dow 11 00:00:35,320 --> 00:00:38,080 Speaker 1: currently hired by ten points, SPS game two and a 12 00:00:38,080 --> 00:00:41,480 Speaker 1: half and NAZAC rises fourteen, the small cap six hundred 13 00:00:41,479 --> 00:00:43,959 Speaker 1: games two points, and the US ten yield at one 14 00:00:44,040 --> 00:00:46,960 Speaker 1: point five per cent. Six out of ten s B 15 00:00:47,040 --> 00:00:51,080 Speaker 1: sectors are higher, led by games and energy, financials and materials, 16 00:00:51,479 --> 00:00:55,920 Speaker 1: Utilities and consumer staples led to the downside down Transports 17 00:00:56,000 --> 00:00:58,720 Speaker 1: rise fifty two and as if I text game twenty eight. 18 00:00:59,040 --> 00:01:02,040 Speaker 1: Utilities are down six and the VIX is lower by 19 00:01:02,040 --> 00:01:05,440 Speaker 1: two and a half percent. Down leaders included Goldman, Sachs, Apple, 20 00:01:05,520 --> 00:01:09,600 Speaker 1: and JP Morgan, while Fiser and Merk led to the downside. 21 00:01:10,000 --> 00:01:13,440 Speaker 1: Following earnings, A I G jumped seven percent, while Kate 22 00:01:13,480 --> 00:01:17,240 Speaker 1: Spade fell as much as twenty two percent after its results. 23 00:01:17,600 --> 00:01:19,560 Speaker 1: It's another busy night for earnings and some of the the 24 00:01:19,640 --> 00:01:22,240 Speaker 1: names reporting after the Belts and night include Tesla, Trip 25 00:01:22,280 --> 00:01:26,040 Speaker 1: adviser for Solar and MetLife. Live in the first breaking 26 00:01:26,040 --> 00:01:28,000 Speaker 1: news dask on Bill Maloney, Charlotte, all right, thank you 27 00:01:28,120 --> 00:01:30,880 Speaker 1: very much, Bill Maloney, So again an update for US 28 00:01:30,959 --> 00:01:35,120 Speaker 1: equities and for live breaking news over your Bloomberg type 29 00:01:35,120 --> 00:01:38,200 Speaker 1: squawk s q U A w K on your terminal. 30 00:01:38,480 --> 00:01:42,800 Speaker 1: I'm Charlie Pellot. That's so Bloomberg business flash. You're listening 31 00:01:42,840 --> 00:01:45,800 Speaker 1: to taking Stock with Kathleen Names and Pim Fox on 32 00:01:45,840 --> 00:01:51,400 Speaker 1: Bloomberg Radio broadcasting line today from Smith Malinsky near Boston 33 00:01:51,480 --> 00:01:55,080 Speaker 1: Harmer in Boston's Seaport District. Time now for our daily 34 00:01:55,200 --> 00:01:59,440 Speaker 1: dive into politics. As Donald Trump throws out yet another 35 00:01:59,440 --> 00:02:02,720 Speaker 1: stunner to a zonn party by declaring himself unready to 36 00:02:02,880 --> 00:02:05,400 Speaker 1: endorse House Speaker Paul Ryan, who's you know, the highest 37 00:02:05,480 --> 00:02:09,000 Speaker 1: ranking elected Republican, as well as two other prominent Senate 38 00:02:09,040 --> 00:02:13,920 Speaker 1: Republicans here to discuss this and more is John Heilman. John, 39 00:02:13,960 --> 00:02:16,919 Speaker 1: of course, is host of With All Due Respect week 40 00:02:17,040 --> 00:02:19,799 Speaker 1: nights at five pm on Bloomberg TV, and you can 41 00:02:19,840 --> 00:02:24,760 Speaker 1: also catch the show on Bloomberg in Washington, d C. So, John, 42 00:02:25,240 --> 00:02:28,760 Speaker 1: how important is this to Paul Ryan and other Republicans? 43 00:02:28,840 --> 00:02:31,200 Speaker 1: How much does this help or hurt Donald Trump? First 44 00:02:31,240 --> 00:02:32,919 Speaker 1: of all, Um, have you guys, either one of you 45 00:02:32,960 --> 00:02:36,560 Speaker 1: guys had a stake up there yet? Well not today, 46 00:02:36,600 --> 00:02:39,320 Speaker 1: I had the stake tips, but I have had stakes here? Okay? 47 00:02:39,560 --> 00:02:43,160 Speaker 1: Is it good? At pass? John? Him? Quite good? Okay? Good? 48 00:02:43,440 --> 00:02:45,240 Speaker 1: I just wonder whether next time I was in Boston 49 00:02:45,240 --> 00:02:46,959 Speaker 1: I hit Smith Will Lensky. And it sounds like you 50 00:02:47,000 --> 00:02:52,800 Speaker 1: guys are big endorsers. It's beautiful out here speaking of endorsements. Um, 51 00:02:52,919 --> 00:02:56,919 Speaker 1: you endorse Smith Ollen Lenski more, um, more vehemently than 52 00:02:57,200 --> 00:03:00,480 Speaker 1: Donald Trump endorses Paul Ryan, John mckinn and Kelly and 53 00:03:00,680 --> 00:03:04,560 Speaker 1: Um it's it's look forget about whether it helps them 54 00:03:04,639 --> 00:03:07,639 Speaker 1: or not. Paul Ryan's gonna win his primary. John McCain 55 00:03:07,880 --> 00:03:10,560 Speaker 1: is in a more complicated situation. Kelly it's probably gonna 56 00:03:10,560 --> 00:03:15,320 Speaker 1: win um her scenario. But it's really just an unprecedented thing. 57 00:03:15,560 --> 00:03:17,600 Speaker 1: You know, You're we're now into the well into the 58 00:03:17,639 --> 00:03:21,079 Speaker 1: general election. Donald Trump is the head of the Republican Party. UM, 59 00:03:21,160 --> 00:03:23,360 Speaker 1: he's been endorsed by the Speaker of the House, who 60 00:03:23,440 --> 00:03:26,440 Speaker 1: is the highest ranking Republican elected official in the country. UM. 61 00:03:26,520 --> 00:03:28,560 Speaker 1: For Donald Trump not to endorse Paul Ryan, even though 62 00:03:28,600 --> 00:03:30,760 Speaker 1: it is the case that Paul Ryan has criticized Trump 63 00:03:30,760 --> 00:03:33,799 Speaker 1: on some occasions. He's really unprecedented, nothing like it ever 64 00:03:33,919 --> 00:03:37,120 Speaker 1: really in the history of modern politics. And it goes 65 00:03:37,200 --> 00:03:39,680 Speaker 1: to a sense that I think some people have, which 66 00:03:39,680 --> 00:03:41,640 Speaker 1: is that you know, Trump, who used to be kind 67 00:03:41,640 --> 00:03:45,080 Speaker 1: of thought of as the Chaos candidate, is maybe now 68 00:03:45,160 --> 00:03:48,760 Speaker 1: the Kama Kazee candidate. UM behaving in ways over the 69 00:03:48,800 --> 00:03:51,520 Speaker 1: course of UH particularly over the course of these last 70 00:03:51,680 --> 00:03:56,320 Speaker 1: um five six days, starting with his attacks over many 71 00:03:56,400 --> 00:03:59,040 Speaker 1: days now in a row of the Khan family, UM 72 00:03:59,120 --> 00:04:01,000 Speaker 1: who spoke against him, as you will recall at the 73 00:04:01,000 --> 00:04:03,960 Speaker 1: Democratic Convention and caused a huge fure. His behavior has 74 00:04:04,000 --> 00:04:08,000 Speaker 1: been so erratic, so much more erratic than even normal 75 00:04:08,080 --> 00:04:10,440 Speaker 1: by Trump standards, that you know, people are starting to 76 00:04:10,440 --> 00:04:14,200 Speaker 1: wonder whether this guy is UM just hell bent on 77 00:04:14,320 --> 00:04:18,920 Speaker 1: destroying himself, his candidacy and the Republican Party in the process, 78 00:04:18,960 --> 00:04:21,960 Speaker 1: and it's caused an extraordinary moment right now in which 79 00:04:22,400 --> 00:04:25,279 Speaker 1: much of official Republican in Washington and the party in 80 00:04:25,320 --> 00:04:28,159 Speaker 1: general is trying to figure out what to do. Should 81 00:04:28,160 --> 00:04:31,839 Speaker 1: they stick with Donald Trump, Should they renounced Donald Trump? 82 00:04:31,880 --> 00:04:35,160 Speaker 1: Should they withdraw their endorsements of Trump? UM? Are there 83 00:04:35,200 --> 00:04:39,040 Speaker 1: political interests now such that what they thought before was true, 84 00:04:39,080 --> 00:04:42,039 Speaker 1: which was they were uncomfortable with Trump, but they saw 85 00:04:42,160 --> 00:04:48,000 Speaker 1: more upside in endorsing him and distancing themselves. Is it 86 00:04:48,040 --> 00:04:50,800 Speaker 1: now more in their political interests to just completely cut 87 00:04:50,839 --> 00:04:52,560 Speaker 1: their ties with him and try to go it alone? 88 00:04:53,880 --> 00:04:57,480 Speaker 1: John Heilman, is there an active discussion in the Republican 89 00:04:57,640 --> 00:05:02,120 Speaker 1: Party about what would happen if Donald Trump exits the race? 90 00:05:02,400 --> 00:05:06,160 Speaker 1: There's an active discussion of that. UM. It's not widespread, 91 00:05:06,200 --> 00:05:08,120 Speaker 1: but it's active, and there are lawyers in Washington. Over 92 00:05:08,160 --> 00:05:10,280 Speaker 1: the last twenty four hours you've been looking at the 93 00:05:10,360 --> 00:05:13,320 Speaker 1: rules of the Republican National Committee as to what would 94 00:05:13,360 --> 00:05:15,800 Speaker 1: happen if Trump dropped out again. A lot of the 95 00:05:15,839 --> 00:05:19,640 Speaker 1: stems from the notion that maybe Trump is is if 96 00:05:19,640 --> 00:05:22,400 Speaker 1: he got frustrated enough that and he thought he was losing, 97 00:05:22,440 --> 00:05:24,320 Speaker 1: would he possibly drop out of the race and just 98 00:05:24,360 --> 00:05:25,480 Speaker 1: say the hell with us. I don't want to be 99 00:05:25,560 --> 00:05:28,599 Speaker 1: part of this anymore. It's a rig system. Everyone's against me. 100 00:05:28,640 --> 00:05:30,880 Speaker 1: I'm gonna go back to my business. Um. So there's 101 00:05:30,920 --> 00:05:33,760 Speaker 1: a discussion about it, and people have discovered that, Uh, 102 00:05:33,920 --> 00:05:36,360 Speaker 1: contrary to what a lot of people think, that Mike Pence, 103 00:05:36,400 --> 00:05:38,880 Speaker 1: the running mate the vice presidential nominee and the Republican Party, 104 00:05:38,880 --> 00:05:42,359 Speaker 1: would not automatically become the Republican nominee. In fact, the 105 00:05:42,400 --> 00:05:45,400 Speaker 1: decision about who would be the new Republican nominee falls 106 00:05:45,520 --> 00:05:47,760 Speaker 1: entirely to the Republican National Committee and it's hundred and 107 00:05:47,760 --> 00:05:50,560 Speaker 1: sixty eight members. Um, It's there's a lot of complexity 108 00:05:50,640 --> 00:05:53,480 Speaker 1: to how it would go down, but essentially the RNC 109 00:05:53,600 --> 00:05:56,760 Speaker 1: would pick a new nominee if that were the case. Now, again, 110 00:05:56,839 --> 00:05:59,440 Speaker 1: no one's saying this is the high probability likelihood. But 111 00:05:59,480 --> 00:06:01,760 Speaker 1: again to speak to the unprecedented nature of the moment 112 00:06:01,800 --> 00:06:07,280 Speaker 1: we're in, we're having this discussion right now and it's August. So, Um, 113 00:06:07,480 --> 00:06:09,960 Speaker 1: nothing like this has ever happened in my career covering politics, 114 00:06:09,960 --> 00:06:11,680 Speaker 1: and that's about twenty five years, and I would say 115 00:06:11,880 --> 00:06:14,000 Speaker 1: nothing like this has ever happened in the modern history 116 00:06:14,000 --> 00:06:17,760 Speaker 1: of Republican or Democratic politics. So, John, what do you 117 00:06:17,760 --> 00:06:24,240 Speaker 1: hear from inside the Clinton camp? Are the laughter, laughter, uh, 118 00:06:24,400 --> 00:06:28,440 Speaker 1: gasps of amazement? Um, Look, I mean they're they're now 119 00:06:28,560 --> 00:06:31,200 Speaker 1: trying in a very aggressive way. And you saw President 120 00:06:31,200 --> 00:06:34,200 Speaker 1: Obama yesterday, uh, speaking out at the press conference that 121 00:06:34,240 --> 00:06:37,160 Speaker 1: he gave yesterday when asked a question about this kind 122 00:06:37,160 --> 00:06:38,960 Speaker 1: of trying to make the points, trying to put a 123 00:06:39,040 --> 00:06:41,680 Speaker 1: very fine point on the question. How can you he 124 00:06:41,760 --> 00:06:45,360 Speaker 1: said yesterday, Republicans who have endorsed Donald Trump, how can 125 00:06:45,400 --> 00:06:47,120 Speaker 1: you be in a position where you are forced to 126 00:06:47,160 --> 00:06:49,800 Speaker 1: denounce him all the time and still maintain your endorsements. 127 00:06:49,800 --> 00:06:52,560 Speaker 1: Don't you think you should? You know, isn't your isn't 128 00:06:52,600 --> 00:06:55,400 Speaker 1: it your conscience telling you that you must now walk away? 129 00:06:55,720 --> 00:06:57,960 Speaker 1: What's happening there is the Democratic Party and the former 130 00:06:58,000 --> 00:06:59,840 Speaker 1: President Obama and the Clinton campaign are trying to break 131 00:06:59,880 --> 00:07:02,880 Speaker 1: the back of the Republican Party right now. And that's 132 00:07:02,920 --> 00:07:05,960 Speaker 1: a sign of how much vulnerability they sense because of 133 00:07:05,960 --> 00:07:10,080 Speaker 1: Trump's recent behavior. John Heilman just quickly at George W. 134 00:07:10,200 --> 00:07:15,600 Speaker 1: Bush criticizing Trump's policies at a fundraiser. Yes um uh 135 00:07:15,640 --> 00:07:20,160 Speaker 1: he President Bush uh took two spoke, did not mention 136 00:07:20,160 --> 00:07:23,200 Speaker 1: Donald Trump by name, but talked about nativism, isolationism, and 137 00:07:23,240 --> 00:07:26,160 Speaker 1: protectionism and said those are all bad things. Um, all 138 00:07:26,200 --> 00:07:28,200 Speaker 1: three of those things are associated with Donald Trump. So 139 00:07:28,400 --> 00:07:30,200 Speaker 1: you don't have to do much reading between the lines 140 00:07:30,440 --> 00:07:33,320 Speaker 1: to hear where President Bush is on the question of 141 00:07:33,360 --> 00:07:36,360 Speaker 1: Donald Trump. Thank you very much. John Heilman, the host 142 00:07:36,480 --> 00:07:40,280 Speaker 1: of with all due respect, that's weeknights five pm Wall 143 00:07:40,320 --> 00:07:42,760 Speaker 1: Street Time on Bloomberg Television and Bloomberg Night and nine 144 00:07:42,760 --> 00:07:47,880 Speaker 1: one in Washington, d C. Were taking Stock is brought 145 00:07:47,880 --> 00:07:49,880 Speaker 1: to you by land Over Manhattan, where New York goes 146 00:07:49,920 --> 00:07:53,480 Speaker 1: for luxury, conveniently located at fifty four at Eleventh Avenue 147 00:07:53,520 --> 00:07:56,360 Speaker 1: and online at land ver Manhattan dot com. Land Over 148 00:07:56,400 --> 00:07:57,760 Speaker 1: Manhattan is at your service.