1 00:00:00,160 --> 00:00:03,240 Speaker 1: In looks a lot different than it looked in. You 2 00:00:03,279 --> 00:00:06,160 Speaker 1: really have a divide within Team Trump. The president has 3 00:00:06,200 --> 00:00:08,160 Speaker 1: to do exactly what people send him here to do, 4 00:00:08,240 --> 00:00:11,479 Speaker 1: which is to get it done. This is Bloomberg Sound 5 00:00:11,520 --> 00:00:19,439 Speaker 1: On with Kevin on Bloomberg two, Brake Clear on Capitol Hill. 6 00:00:19,520 --> 00:00:22,560 Speaker 1: I'm Kevin Severli, Chief Washington correspondent f for Bloomberg Television 7 00:00:22,560 --> 00:00:26,280 Speaker 1: and Bloomberg Radio, and we are awaiting President Trump's daily 8 00:00:26,400 --> 00:00:30,040 Speaker 1: Coronavirus Task Force for he think sets it again. Momentarily. 9 00:00:30,520 --> 00:00:33,720 Speaker 1: You could listen to that here live on Bloomberg One. 10 00:00:34,640 --> 00:00:37,760 Speaker 1: But to keep you waiting, we have an all star 11 00:00:37,960 --> 00:00:41,720 Speaker 1: panel to help navigate through another dizzying day of news. 12 00:00:41,760 --> 00:00:43,640 Speaker 1: I was speaking with lawmakers all day, folks, and I'll 13 00:00:43,640 --> 00:00:46,200 Speaker 1: bring you my reporting on that front as well. Likely 14 00:00:46,240 --> 00:00:48,640 Speaker 1: going to get this done by the end of the week. 15 00:00:48,760 --> 00:00:51,360 Speaker 1: Congressman Friend Chills gonna kick things off for us. So first, 16 00:00:51,840 --> 00:00:55,080 Speaker 1: the bill, still awaiting the bill on the coronavirus. Congressman 17 00:00:55,080 --> 00:00:58,080 Speaker 1: Friend Chills on the line, Republican from the Great State 18 00:00:58,160 --> 00:01:02,200 Speaker 1: of Arkansas. Gerssman, take us up to speed. What's the 19 00:01:02,280 --> 00:01:05,080 Speaker 1: timeline of this thing getting on the President's desk? Who 20 00:01:05,120 --> 00:01:08,000 Speaker 1: we are waiting, as you say, for that final documents 21 00:01:08,000 --> 00:01:11,200 Speaker 1: that the Senate's going to vote on. The House Republicans 22 00:01:11,200 --> 00:01:14,920 Speaker 1: have been meeting all afternoon reviewing drafts of that text 23 00:01:14,959 --> 00:01:18,399 Speaker 1: as revised by the Senate. House Democrats are going to 24 00:01:18,440 --> 00:01:21,520 Speaker 1: meet this evening and do the same, So we're pouring 25 00:01:21,600 --> 00:01:24,200 Speaker 1: over it. I hope that we get a Senate vote 26 00:01:24,240 --> 00:01:28,919 Speaker 1: today in a House vote tomorrow, maybe tomorrow evening. And again, 27 00:01:28,959 --> 00:01:31,400 Speaker 1: as you and I've talked, speed is of the essence 28 00:01:31,480 --> 00:01:34,120 Speaker 1: for so many of our businesses. And I'm sorry that 29 00:01:34,200 --> 00:01:36,640 Speaker 1: we didn't get this done over last weekend. You know, 30 00:01:36,840 --> 00:01:40,200 Speaker 1: it's it's really nonsensical to me, Congressman, and and and 31 00:01:40,280 --> 00:01:44,880 Speaker 1: forgive me as a as a critique respectfully the belt 32 00:01:44,880 --> 00:01:47,240 Speaker 1: Way vibe and the Beltway scene, and you and I 33 00:01:47,240 --> 00:01:51,520 Speaker 1: have talked about this offline. But restaurants are getting pumbled. 34 00:01:51,520 --> 00:01:53,320 Speaker 1: But it's it's more than that. You know, I come 35 00:01:53,360 --> 00:01:59,080 Speaker 1: from suburban Philadelphia. Refineries are getting pummeled. Uh, small businesses 36 00:01:59,120 --> 00:02:03,160 Speaker 1: are getting teachers are I mean, everyone cannot escape this. 37 00:02:03,640 --> 00:02:06,480 Speaker 1: It's it's really hard to articulate to people who quite frankly, 38 00:02:06,480 --> 00:02:09,040 Speaker 1: weren't raised this way. But people are having to make 39 00:02:09,160 --> 00:02:12,079 Speaker 1: unthinkable decisions that they weren't having to make two weeks ago, 40 00:02:12,120 --> 00:02:14,359 Speaker 1: which is should you get furloughed or should you get 41 00:02:14,440 --> 00:02:19,639 Speaker 1: laid off? And that economic anxiety coupled with the inaction 42 00:02:19,840 --> 00:02:24,960 Speaker 1: by not you, but several leaders who aren't forcing a vote. 43 00:02:25,000 --> 00:02:27,800 Speaker 1: I mean from your end, is that not frustrating you, 44 00:02:28,000 --> 00:02:31,560 Speaker 1: that that that this wasn't voted on yesterday or even tonight. 45 00:02:32,440 --> 00:02:34,800 Speaker 1: You know this drives me mad. I've been I was 46 00:02:34,840 --> 00:02:37,280 Speaker 1: in business thirty years before I was in the House 47 00:02:37,280 --> 00:02:40,520 Speaker 1: of Representatives, including living through the financial crisis as a 48 00:02:40,560 --> 00:02:43,040 Speaker 1: community banker, waiting on the votes in the House and 49 00:02:43,080 --> 00:02:46,959 Speaker 1: the Senate. So I understand this dynamic, and it frustrates 50 00:02:47,000 --> 00:02:49,960 Speaker 1: me to death that on Saturday, at the cusp of 51 00:02:49,960 --> 00:02:52,600 Speaker 1: getting a good bill passed, not a perfect bill, just 52 00:02:52,639 --> 00:02:55,960 Speaker 1: a good bill on a bipartisan basis, that we had 53 00:02:56,160 --> 00:03:00,760 Speaker 1: forces from outside Speaker Pelosi orow it up and get 54 00:03:00,800 --> 00:03:05,320 Speaker 1: it off track Sunday, Monday and Tuesday. So let's space it. 55 00:03:05,400 --> 00:03:08,680 Speaker 1: We're on track now. My fingers are crossed, and I 56 00:03:08,720 --> 00:03:11,480 Speaker 1: hope we get it to the finish line because, as 57 00:03:11,480 --> 00:03:16,200 Speaker 1: you say, our nonprofits are small businesses, our restaurants are bars. 58 00:03:16,440 --> 00:03:19,680 Speaker 1: Everybody is bearing the brunt of this, and if we 59 00:03:19,720 --> 00:03:23,120 Speaker 1: had gotten that liquidity money passed over the weekend, we 60 00:03:23,200 --> 00:03:26,160 Speaker 1: might actually be distributing it now so people don't have 61 00:03:26,200 --> 00:03:29,320 Speaker 1: to make that tough decision of being laid off and 62 00:03:29,360 --> 00:03:33,400 Speaker 1: going to the unemployment system versus staying at work and 63 00:03:33,480 --> 00:03:37,440 Speaker 1: being paid by their employer. Yeah, it's it's it's it's 64 00:03:37,520 --> 00:03:41,440 Speaker 1: really hard for me to stay respectful and do this 65 00:03:41,560 --> 00:03:46,120 Speaker 1: program when I know it's it's beyond words. But tell 66 00:03:46,160 --> 00:03:48,520 Speaker 1: where should people go? If you're a small business owner, 67 00:03:48,560 --> 00:03:50,760 Speaker 1: if you're a medium sized business owner, who do you 68 00:03:50,800 --> 00:03:52,960 Speaker 1: pick up the phone? And who do you call to 69 00:03:53,160 --> 00:03:55,960 Speaker 1: get on top of this all of the other that's 70 00:03:56,000 --> 00:03:58,440 Speaker 1: all the tools that are in the in the arsenal 71 00:03:58,480 --> 00:04:01,280 Speaker 1: now in the toolbox, so to in this bill, Who 72 00:04:01,320 --> 00:04:03,520 Speaker 1: should people call so that they make sure that they're 73 00:04:03,560 --> 00:04:04,960 Speaker 1: on top of this. It's more than just getting a 74 00:04:05,040 --> 00:04:07,680 Speaker 1: check in your bank account. If I was if I 75 00:04:07,760 --> 00:04:10,160 Speaker 1: was still in my running my small business, I'd call 76 00:04:10,240 --> 00:04:14,640 Speaker 1: my accountant and would sort through the benefits of the 77 00:04:14,840 --> 00:04:18,400 Speaker 1: net opera operating loss carry forward changes, the fact that 78 00:04:18,440 --> 00:04:21,240 Speaker 1: I don't have to pay payroll taxes between now and 79 00:04:21,279 --> 00:04:23,880 Speaker 1: the end of the year. Potentially the fact that I 80 00:04:23,960 --> 00:04:28,440 Speaker 1: have a way to pay for uh A family leave 81 00:04:28,640 --> 00:04:31,520 Speaker 1: for my employees that are off because of quarantine or 82 00:04:31,560 --> 00:04:34,240 Speaker 1: watching kids. The second call I'd make us to my 83 00:04:34,360 --> 00:04:37,760 Speaker 1: banker saying, on my immediate cash flow for the next 84 00:04:37,839 --> 00:04:41,720 Speaker 1: sixty days, can I get one of these SPA loans 85 00:04:41,760 --> 00:04:45,680 Speaker 1: that I've heard about? And what the Senate bill does, Kevin, 86 00:04:45,760 --> 00:04:49,599 Speaker 1: is it delegates authority to all five thousand commercial banks 87 00:04:49,600 --> 00:04:53,120 Speaker 1: in the United States that they can make a seven 88 00:04:53,160 --> 00:04:56,960 Speaker 1: A business loan or an express business loan and get 89 00:04:57,000 --> 00:05:00,120 Speaker 1: government backing for it so we can keep our to 90 00:05:00,200 --> 00:05:03,279 Speaker 1: me going in the face of this price I got. 91 00:05:03,400 --> 00:05:06,000 Speaker 1: This is this is so important. Congressman friend Chills on 92 00:05:06,040 --> 00:05:08,200 Speaker 1: the line. He's a Republican from Arkansas. He worked in 93 00:05:08,240 --> 00:05:11,440 Speaker 1: the financial services sector for thirty years before he was 94 00:05:11,480 --> 00:05:14,919 Speaker 1: a congressman. All right, Congress, I'm speaking from folks that 95 00:05:14,960 --> 00:05:17,600 Speaker 1: I've been speaking with back home, Okay, And I'm gonna 96 00:05:17,600 --> 00:05:21,120 Speaker 1: be candid here that they're calling their banks, and the 97 00:05:21,160 --> 00:05:24,240 Speaker 1: banks don't necessarily know what's going on because they're watching 98 00:05:24,680 --> 00:05:28,520 Speaker 1: the cable news. So who should the banks be talking 99 00:05:28,560 --> 00:05:32,160 Speaker 1: to that, like the actual banker in a small town America, 100 00:05:32,560 --> 00:05:35,080 Speaker 1: who should they be talking to to make sure that 101 00:05:35,160 --> 00:05:39,239 Speaker 1: they have the most up to date information because time 102 00:05:39,320 --> 00:05:42,880 Speaker 1: and speed is of the essence. Absolutely well, We're doing 103 00:05:43,240 --> 00:05:46,120 Speaker 1: conference calls with the bankers associations. I've been on the 104 00:05:46,160 --> 00:05:48,919 Speaker 1: phone several times over the last two weeks with the 105 00:05:49,040 --> 00:05:53,000 Speaker 1: Arkansas Bankers Association. I've sent them the drafts of this bill. 106 00:05:53,120 --> 00:05:56,200 Speaker 1: I've sent them the small business information so they can 107 00:05:56,279 --> 00:05:59,600 Speaker 1: be preparing their members to take action to help their 108 00:05:59,680 --> 00:06:03,520 Speaker 1: custom mers. I would say all small town bankers, of 109 00:06:03,640 --> 00:06:06,640 Speaker 1: which job was proudly one, should be calling their state 110 00:06:06,640 --> 00:06:10,080 Speaker 1: trade associations getting the details of the small business lending. 111 00:06:10,520 --> 00:06:12,560 Speaker 1: All right, So that's all right. So I just think 112 00:06:12,560 --> 00:06:15,720 Speaker 1: this is so important because in the hysterics of of 113 00:06:15,760 --> 00:06:18,800 Speaker 1: the the industry, people need to know where to call, 114 00:06:19,200 --> 00:06:21,800 Speaker 1: and they need to know that you might be pulling 115 00:06:21,839 --> 00:06:24,320 Speaker 1: your hair out rightfully, So about how slow it's taken 116 00:06:24,360 --> 00:06:27,640 Speaker 1: to get this bill. But there are things in this 117 00:06:27,720 --> 00:06:31,039 Speaker 1: bill beyond just the checks that will go to middle 118 00:06:31,080 --> 00:06:33,720 Speaker 1: income runners and low income earners. There are loans, there 119 00:06:33,760 --> 00:06:36,720 Speaker 1: are grants, there's the small business administration angle. There are 120 00:06:36,800 --> 00:06:40,520 Speaker 1: so much additional things in here. Okay, so this is 121 00:06:40,560 --> 00:06:43,599 Speaker 1: just super important. Is to add that are nonprofits are 122 00:06:43,640 --> 00:06:46,440 Speaker 1: equally able to get those small business loans, not just 123 00:06:46,560 --> 00:06:49,240 Speaker 1: the for profit business. But that's very important. Okay. I 124 00:06:49,240 --> 00:06:51,040 Speaker 1: got a question today from someone that I thought was 125 00:06:51,040 --> 00:06:52,480 Speaker 1: pretty good. I want to put it to you, Why 126 00:06:52,480 --> 00:06:55,120 Speaker 1: are we bailing out the cruise industries when many of 127 00:06:55,160 --> 00:06:59,000 Speaker 1: them aren't even headquartered here. Huh? Good point. Well, a 128 00:06:59,040 --> 00:07:01,800 Speaker 1: lot of their vessels certainly aren't American vessels. We don't 129 00:07:01,839 --> 00:07:05,080 Speaker 1: have anybody flagged in the US and that industry, but 130 00:07:05,320 --> 00:07:10,520 Speaker 1: it's a important employer of Americans. In the cruise industry. 131 00:07:10,560 --> 00:07:13,400 Speaker 1: They employ a lot of tourists, professionals. You know, when 132 00:07:13,440 --> 00:07:17,920 Speaker 1: I look at airlines, travel entertainment, hotels, restaurants about five 133 00:07:17,960 --> 00:07:20,559 Speaker 1: percent of g d P. And who I really hate 134 00:07:20,600 --> 00:07:23,800 Speaker 1: this crisis for are all the entrepreneurs in this country 135 00:07:23,800 --> 00:07:27,240 Speaker 1: that own a hotel. I hamp to end. They've they've 136 00:07:27,280 --> 00:07:30,280 Speaker 1: saved all their life to buy their first hotel property 137 00:07:30,560 --> 00:07:34,680 Speaker 1: and their occupancy is zero this week. So the travel 138 00:07:34,720 --> 00:07:37,880 Speaker 1: and leisure industry is hurt. I hear you on cruise ships, 139 00:07:37,920 --> 00:07:40,040 Speaker 1: but when you think about travel and leisure, I think 140 00:07:40,040 --> 00:07:44,240 Speaker 1: about all the hotels owned by entrepreneurs all across this country, 141 00:07:44,280 --> 00:07:47,400 Speaker 1: and the restaurant industry obviously. All right. Tell me the 142 00:07:47,760 --> 00:07:50,960 Speaker 1: other thing that we're laying the groundwork for is the 143 00:07:51,120 --> 00:07:54,760 Speaker 1: fourth round of stimulus. What will that likely include? Not 144 00:07:54,800 --> 00:07:56,480 Speaker 1: to get ahead of ourselves, but what is the time 145 00:07:56,520 --> 00:07:58,440 Speaker 1: table on that and what do you think that will include? 146 00:07:59,280 --> 00:08:02,040 Speaker 1: Great question, Kevin. Let's think about this. We've got public 147 00:08:02,080 --> 00:08:05,280 Speaker 1: health money out to our hospitals, are workers. We've got 148 00:08:05,400 --> 00:08:08,640 Speaker 1: family money coming in the form of these checks plus 149 00:08:08,720 --> 00:08:11,200 Speaker 1: the family and medic Can you stay? Can you stay 150 00:08:11,240 --> 00:08:12,680 Speaker 1: on the line on a couple of minutes, A right 151 00:08:12,720 --> 00:08:15,000 Speaker 1: coming up next, Congressman's gonna stay. This is Kevin s 152 00:08:15,000 --> 00:08:38,480 Speaker 1: Relely Bloomberg. You're listening to Bloomberg Sound On with Kevin 153 00:08:38,520 --> 00:08:42,480 Speaker 1: Surley on Bloomberg and one oh five point seven f 154 00:08:42,559 --> 00:08:45,959 Speaker 1: M h D two Kevin Sireli, Chief Washington correspondent for 155 00:08:46,000 --> 00:08:49,960 Speaker 1: Bloomberg Television of Bloomberg Radio. We're a waiting President Trump's 156 00:08:49,960 --> 00:08:54,520 Speaker 1: Coronavirus Task Force Daily Briefing, which is gonna start in 157 00:08:54,559 --> 00:08:57,560 Speaker 1: about twenty minutes. You can listen to it here live. 158 00:08:57,800 --> 00:09:00,280 Speaker 1: Congressman French Chill is still in the line. Congressman, didn't 159 00:09:00,280 --> 00:09:02,400 Speaker 1: mean to cut you off, but this is an important question. 160 00:09:02,440 --> 00:09:05,720 Speaker 1: We were talking about the current round of economic stimulus bill, which, 161 00:09:05,720 --> 00:09:06,960 Speaker 1: by the way, you still think it's going to get 162 00:09:06,960 --> 00:09:10,400 Speaker 1: signed into law by the end of this week. That's 163 00:09:10,440 --> 00:09:12,400 Speaker 1: my hope, and that I have not heard anything that 164 00:09:12,440 --> 00:09:15,880 Speaker 1: the contrary as people drill down on the detail. So 165 00:09:15,920 --> 00:09:18,600 Speaker 1: then then we turned to the fourth round of stimulus, 166 00:09:18,600 --> 00:09:20,960 Speaker 1: and what do you think that will entail, and what 167 00:09:21,000 --> 00:09:24,240 Speaker 1: do you think and when do you think that will happen. Well, 168 00:09:24,280 --> 00:09:27,320 Speaker 1: we've had the public health money appropriated. We've had additional 169 00:09:27,360 --> 00:09:31,079 Speaker 1: appropriations that are in this bill, supplemental appropriations for health 170 00:09:31,160 --> 00:09:34,960 Speaker 1: and for welfare, and for our federal operations including FEMA 171 00:09:35,160 --> 00:09:38,400 Speaker 1: now that's involved. We've had the family benefits that we've 172 00:09:38,440 --> 00:09:42,000 Speaker 1: talked about. With this bill. We now get the liquidity 173 00:09:42,240 --> 00:09:47,199 Speaker 1: enhancements for business. With that we get almost four months 174 00:09:47,240 --> 00:09:51,679 Speaker 1: of payments and enhanced unemployment insurance. We get this money 175 00:09:51,720 --> 00:09:55,760 Speaker 1: through both the exchange Stabilization front for big companies and 176 00:09:55,800 --> 00:09:58,640 Speaker 1: the Small Business for small companies. So, Kevin, I think 177 00:09:58,679 --> 00:10:01,360 Speaker 1: we need to we need to go sixty days and 178 00:10:01,440 --> 00:10:06,240 Speaker 1: see where we are before we pursue another major effort 179 00:10:06,320 --> 00:10:08,560 Speaker 1: a part of Congress. Let's thesess where we are in 180 00:10:08,600 --> 00:10:13,960 Speaker 1: about sixty days. I think we have enough federal appropriations 181 00:10:14,080 --> 00:10:18,400 Speaker 1: for health and public welfare, plus the rescue package for 182 00:10:18,480 --> 00:10:21,880 Speaker 1: economic preservation to get us through that point. Let's see 183 00:10:21,920 --> 00:10:24,160 Speaker 1: where we are then, Kays ask you one final question, 184 00:10:24,200 --> 00:10:29,120 Speaker 1: Congressman Republican from Arkansas. Six months from now, come this summer. 185 00:10:29,160 --> 00:10:33,040 Speaker 1: Are people going to view this as as a as 186 00:10:33,040 --> 00:10:34,880 Speaker 1: a as a blip or is it going to be 187 00:10:34,960 --> 00:10:36,400 Speaker 1: a cliff? Do you know what I mean? I mean, 188 00:10:36,480 --> 00:10:39,000 Speaker 1: is this is this? Is this going to tear down 189 00:10:39,000 --> 00:10:42,280 Speaker 1: our economy for the next year or two, or is 190 00:10:42,320 --> 00:10:44,080 Speaker 1: this just gonna Are we gonna be able to hit 191 00:10:44,080 --> 00:10:47,120 Speaker 1: a button and go back to normal. We have predictions 192 00:10:47,160 --> 00:10:49,800 Speaker 1: that show both. I think it's a fundamental change in 193 00:10:49,840 --> 00:10:52,400 Speaker 1: how we do business, how we look at China, how 194 00:10:52,480 --> 00:10:56,080 Speaker 1: we prepare for cyber and public health pandemics. So I 195 00:10:56,120 --> 00:10:58,920 Speaker 1: think we're a changed country. But in six months, I 196 00:10:58,960 --> 00:11:01,360 Speaker 1: expect us to be a hell with your company fiscally 197 00:11:01,720 --> 00:11:04,840 Speaker 1: and a healthier country physically too. I hope we're going 198 00:11:04,880 --> 00:11:06,800 Speaker 1: to get back to We're gonna get back and we 199 00:11:06,840 --> 00:11:09,960 Speaker 1: appreciate your leadership. Well, Congressman, that means last me. Thank you. 200 00:11:09,960 --> 00:11:12,800 Speaker 1: Congressman frinch Hill, Republican from Arkansas. I hope you're right. 201 00:11:12,880 --> 00:11:15,320 Speaker 1: I'm an optimist. I've always been an optimist. That's Congressman 202 00:11:15,360 --> 00:11:18,200 Speaker 1: french Hill. Now we're going to go around the world 203 00:11:18,760 --> 00:11:23,920 Speaker 1: to Munich, Germany, where my colleague Bridget Jennin is on 204 00:11:23,960 --> 00:11:26,360 Speaker 1: the line. She works for Bloomberg as well, and she's 205 00:11:26,400 --> 00:11:30,000 Speaker 1: going to give us the rundown. She's Bloomberg German government reporter, 206 00:11:30,080 --> 00:11:32,280 Speaker 1: Bridget Jennin. She's going to give us the rundown on 207 00:11:32,280 --> 00:11:35,720 Speaker 1: how Angelo Merkel is handling this German Chancellor Angelo Merkel. Bridget, 208 00:11:35,800 --> 00:11:38,200 Speaker 1: first of all, I am so incredibly grateful to have 209 00:11:38,280 --> 00:11:40,439 Speaker 1: you on the program. All week we've been we've been 210 00:11:40,480 --> 00:11:43,240 Speaker 1: talking to our colleagues around the world to see how 211 00:11:43,320 --> 00:11:46,160 Speaker 1: different governments are responding to this. What's the latest on 212 00:11:46,200 --> 00:11:52,040 Speaker 1: the German front. Well, Germany just today basically passed at 213 00:11:52,120 --> 00:11:55,839 Speaker 1: for Germany at least a record measure package of setting 214 00:11:56,160 --> 00:12:00,600 Speaker 1: fifty billion euros I mean largely uh one. The fifty 215 00:12:00,640 --> 00:12:04,400 Speaker 1: six billion is really dead finance and and from Germany 216 00:12:04,440 --> 00:12:07,560 Speaker 1: this is a big deal because so far for the 217 00:12:07,640 --> 00:12:12,040 Speaker 1: last seven years UM Germany basically had a balanced budget 218 00:12:12,040 --> 00:12:14,280 Speaker 1: and they were be proud of this and and they 219 00:12:14,520 --> 00:12:17,280 Speaker 1: really took a huge effort just not to let go 220 00:12:17,400 --> 00:12:21,239 Speaker 1: of this balanced budget. But really, this this Corona crisis 221 00:12:21,320 --> 00:12:25,439 Speaker 1: has has changed everything fundamentally. So the government is putting 222 00:12:25,520 --> 00:12:29,559 Speaker 1: up one hundred fifty six billion m in order not 223 00:12:29,679 --> 00:12:33,800 Speaker 1: only to finance hospitals and and care, but also just 224 00:12:33,920 --> 00:12:37,760 Speaker 1: to spend more on social spending of the particular for 225 00:12:37,880 --> 00:12:42,400 Speaker 1: those who are affected by the crisis, workers and and 226 00:12:42,559 --> 00:12:46,679 Speaker 1: also the single mothers UM. But above all, the package 227 00:12:46,720 --> 00:12:52,079 Speaker 1: forces guarantees loans and even taking direct stakes in companies 228 00:12:52,120 --> 00:12:56,080 Speaker 1: in order to give them liquidity and also in case 229 00:12:56,640 --> 00:13:01,240 Speaker 1: there are takeover attempts UM just to be able to 230 00:13:01,280 --> 00:13:04,559 Speaker 1: step in and actually keep keep the companies. In Germany, 231 00:13:04,640 --> 00:13:07,760 Speaker 1: Bridget Jennen's on the line. She's Bloomberg government reporter in 232 00:13:07,880 --> 00:13:12,480 Speaker 1: Germany and she's coming to she's reporting from Munich. So 233 00:13:12,559 --> 00:13:16,320 Speaker 1: that's the financial outflow aspect of this. And and folks, 234 00:13:16,400 --> 00:13:19,600 Speaker 1: I mean the bill that they're advancing in in the 235 00:13:19,679 --> 00:13:24,120 Speaker 1: United States is ten of gross domestic product. Think about that. 236 00:13:24,400 --> 00:13:28,240 Speaker 1: This is more than two trillion dollars. Ten a g 237 00:13:28,360 --> 00:13:30,679 Speaker 1: d P is what they're advancing. Tell me, what are 238 00:13:30,720 --> 00:13:33,520 Speaker 1: the restrictions that Germans are under? Are they in shelters? 239 00:13:33,520 --> 00:13:36,120 Speaker 1: Are in place, or what are the restrictions over there 240 00:13:36,160 --> 00:13:41,959 Speaker 1: in Munich. Well, Michael really was was really careful not 241 00:13:42,040 --> 00:13:46,360 Speaker 1: to impose two strict restrictions. In her first speech, she 242 00:13:46,520 --> 00:13:50,640 Speaker 1: said she was against a curfew just simply because she 243 00:13:50,760 --> 00:13:54,160 Speaker 1: was from the East Germany and she knows how important 244 00:13:54,360 --> 00:14:00,079 Speaker 1: freedom is for people. Um. But um when Germany and 245 00:14:00,080 --> 00:14:03,200 Speaker 1: and the rest of the world saw the numbers just 246 00:14:03,840 --> 00:14:09,120 Speaker 1: constantly increasing and um, so there was massive pressure from 247 00:14:09,160 --> 00:14:13,160 Speaker 1: from the States basically to take action. So just um. 248 00:14:14,160 --> 00:14:19,360 Speaker 1: Just last week m she announced that people should just 249 00:14:19,440 --> 00:14:22,520 Speaker 1: not leave their house anymore, always more than two people, 250 00:14:22,840 --> 00:14:26,560 Speaker 1: except if you're leading with your family members. But um, 251 00:14:26,800 --> 00:14:29,160 Speaker 1: but you can leave the house to go for work, 252 00:14:29,400 --> 00:14:34,840 Speaker 1: to work um and go in the park. But any 253 00:14:34,920 --> 00:14:38,880 Speaker 1: kind of service industry like hair dresses have to close 254 00:14:38,920 --> 00:14:42,480 Speaker 1: and restaurants embars. It sounds like that sounds like like 255 00:14:42,520 --> 00:14:44,440 Speaker 1: what's happening here in the United States. Did she give 256 00:14:44,440 --> 00:14:49,920 Speaker 1: a timeline for how long it will take until life resumes, Well, 257 00:14:49,960 --> 00:14:53,000 Speaker 1: I mean nobody knows how long it need it takes. 258 00:14:53,600 --> 00:14:57,240 Speaker 1: Um the first and the restrictions will last for two weeks. 259 00:14:57,240 --> 00:15:00,880 Speaker 1: But she made clear that um it will me belifted 260 00:15:01,160 --> 00:15:05,560 Speaker 1: once the virus is contained so um. She also said 261 00:15:05,560 --> 00:15:08,360 Speaker 1: it's open ended, so one has to see this really 262 00:15:08,600 --> 00:15:11,920 Speaker 1: how it develops, and then it will be lifted. So 263 00:15:11,960 --> 00:15:14,080 Speaker 1: far as for two weeks, Bridgie Jennings on the line, 264 00:15:14,120 --> 00:15:17,240 Speaker 1: she's a Bloomberg government reporter in Munich, Germany. Bridgie, thank 265 00:15:17,280 --> 00:15:19,400 Speaker 1: you so much for your time, your minute left. And 266 00:15:19,600 --> 00:15:23,520 Speaker 1: I'm wondering what the perception is amongst your excellent sources 267 00:15:23,520 --> 00:15:26,360 Speaker 1: and Mercle's orbit, as well as at the local level 268 00:15:26,400 --> 00:15:29,240 Speaker 1: from political officials over there, how do they view the 269 00:15:29,280 --> 00:15:35,880 Speaker 1: American response? Well, so far, I think it was seen 270 00:15:36,000 --> 00:15:41,080 Speaker 1: that the US has um just um been very reluctant 271 00:15:41,280 --> 00:15:44,040 Speaker 1: to to react to this and and actually came into 272 00:15:44,120 --> 00:15:48,440 Speaker 1: late um also in terms of talks on and Ondergy 273 00:15:48,520 --> 00:15:53,920 Speaker 1: seven level UM and level so um. So it was 274 00:15:54,000 --> 00:15:59,280 Speaker 1: really welcomed um when when Trump acted basically, so, I 275 00:15:59,320 --> 00:16:02,200 Speaker 1: think that what seeing this this debate now of lifting 276 00:16:02,920 --> 00:16:07,080 Speaker 1: lifting the restrictions at East a bit worried because they 277 00:16:07,120 --> 00:16:10,840 Speaker 1: are worried about global growth as well, and obviously nobody 278 00:16:10,840 --> 00:16:14,760 Speaker 1: wants the US now and falling deeper into a session 279 00:16:15,280 --> 00:16:18,840 Speaker 1: once China is out, hopefully at one point Europe is 280 00:16:18,880 --> 00:16:21,400 Speaker 1: getting out and if then the U s would get 281 00:16:21,440 --> 00:16:23,720 Speaker 1: into a deeper trouble, we would be a problem of 282 00:16:24,000 --> 00:16:27,440 Speaker 1: road bridget Jennen tireless reporting. Thank you so much for 283 00:16:27,440 --> 00:16:29,360 Speaker 1: your time. Please keep up the great work, Stay safe, 284 00:16:29,360 --> 00:16:32,360 Speaker 1: stay healthy. I'm Kevin Surley much more. Next, you're listening 285 00:16:32,400 --> 00:16:46,240 Speaker 1: to Woomburg. I'm Kevin SURREALI she's Watchington, correspondent of Woomberg 286 00:16:46,320 --> 00:16:50,440 Speaker 1: Television and Woomberg Radio. We are awaiting President Drums Coronavirus 287 00:16:50,480 --> 00:16:55,440 Speaker 1: task Force daily briefing at the White House with Dr Fauci, Nice, 288 00:16:55,480 --> 00:16:59,680 Speaker 1: President Mike Pence, all of them. They're all there. Given 289 00:16:59,720 --> 00:17:01,920 Speaker 1: the day briefings, the daily reports. Is he still gonna 290 00:17:01,960 --> 00:17:03,640 Speaker 1: come out and say you want stuff opened? In two 291 00:17:03,680 --> 00:17:06,240 Speaker 1: weeks we'll find out. You can listen to the entire 292 00:17:06,240 --> 00:17:10,600 Speaker 1: press conference here live on Bloomberg. Joining me on the 293 00:17:10,600 --> 00:17:14,639 Speaker 1: telephone line to help break down Capitol Hill, my colleague, 294 00:17:14,680 --> 00:17:18,920 Speaker 1: my buddy Eric Watson. Eric, first of all, just incredible 295 00:17:18,960 --> 00:17:23,080 Speaker 1: reporting that you have been doing, just tirelessly around the clock. So, 296 00:17:23,200 --> 00:17:26,000 Speaker 1: first of all, thank you for your reporting. Now, when 297 00:17:26,000 --> 00:17:27,440 Speaker 1: the heck are they going to put this bill on 298 00:17:27,480 --> 00:17:31,040 Speaker 1: the President's desk? Well, there's been some last minute glitches 299 00:17:31,080 --> 00:17:33,240 Speaker 1: and this has been quite a week you know, people 300 00:17:33,240 --> 00:17:35,879 Speaker 1: are compared to Groundhog Day. You know, we hearing the 301 00:17:35,920 --> 00:17:38,440 Speaker 1: Senate's gonna get a deal finally when I am in 302 00:17:38,840 --> 00:17:40,119 Speaker 1: the deal, and then we thought they were going to 303 00:17:40,240 --> 00:17:43,600 Speaker 1: vote midday and it still hasn't happened, and that we 304 00:17:43,600 --> 00:17:45,320 Speaker 1: don't know when the House is gonna vote. The latest 305 00:17:45,359 --> 00:17:48,840 Speaker 1: problem we've all revolved around unemployment insurance. A group of 306 00:17:48,880 --> 00:17:52,080 Speaker 1: Republican senators came out and said, you know, you have 307 00:17:52,160 --> 00:17:53,959 Speaker 1: the point of benefits here will be more generous than 308 00:17:53,960 --> 00:17:56,600 Speaker 1: people's wages and salaries in some cases, and we need 309 00:17:56,680 --> 00:17:58,760 Speaker 1: a camp on that. Otherwise people will have incentive to 310 00:17:58,800 --> 00:18:02,199 Speaker 1: do layoffs. That's a Lindsay Graham and Tim Scott, Rick 311 00:18:02,280 --> 00:18:05,840 Speaker 1: Scott and Ben's task. Uh. And then Bernie Sanders came 312 00:18:05,880 --> 00:18:07,920 Speaker 1: out and said, well, if you make any changes, and 313 00:18:08,000 --> 00:18:10,280 Speaker 1: I'm going to hold up the votes based on lack 314 00:18:10,359 --> 00:18:13,600 Speaker 1: of oversight and minimum wage requirements in the bill. So 315 00:18:13,760 --> 00:18:16,200 Speaker 1: there's kind of a standoff here. Uh. I think in 316 00:18:16,280 --> 00:18:17,840 Speaker 1: the end of the day, you know they'll have the 317 00:18:17,920 --> 00:18:21,119 Speaker 1: votes for this, but the senators have the individual power 318 00:18:21,160 --> 00:18:24,240 Speaker 1: to basically slow down the process and force them to 319 00:18:24,359 --> 00:18:25,639 Speaker 1: wait until the end of the weekend. I mean, you 320 00:18:25,680 --> 00:18:28,520 Speaker 1: would think you would think that a global pandemic would 321 00:18:28,520 --> 00:18:30,840 Speaker 1: bring people together. I guess I was wrong. I guess 322 00:18:30,840 --> 00:18:34,040 Speaker 1: I was naive. What's this stuff, for lack of a 323 00:18:34,080 --> 00:18:38,280 Speaker 1: better word, that I'm hearing about Congresswoman Alexandria Cassio Cortez, 324 00:18:38,359 --> 00:18:41,399 Speaker 1: she's gonna make everybody come back into town. Well, I 325 00:18:41,400 --> 00:18:44,320 Speaker 1: don't know, she's she's reading some objections to it. Uh, 326 00:18:44,359 --> 00:18:48,000 Speaker 1: you know. Justin Amash also is raising red flags last night, 327 00:18:48,200 --> 00:18:50,280 Speaker 1: calling it a raw deal on Twitter. He has later 328 00:18:50,440 --> 00:18:53,080 Speaker 1: since come out and said he wouldn't wouldn't cause everybody 329 00:18:53,119 --> 00:18:55,159 Speaker 1: to come back. I think at the end of the day, 330 00:18:55,400 --> 00:18:57,960 Speaker 1: Kevin McCarthy, the Republican leader, said, they're probably a voice 331 00:18:58,040 --> 00:19:00,639 Speaker 1: vote situation where it's not quite they just all have 332 00:19:00,720 --> 00:19:02,560 Speaker 1: to agree on it, but they will have, you know, 333 00:19:02,680 --> 00:19:04,639 Speaker 1: the ability to avoid a role call. But we have 334 00:19:04,760 --> 00:19:07,960 Speaker 1: more and more members going to quarantine. Just across the 335 00:19:07,960 --> 00:19:11,480 Speaker 1: wire a little while ago, Katie Porter, California Crimer, someone 336 00:19:11,520 --> 00:19:15,320 Speaker 1: who is very well known on the committee, she is 337 00:19:15,359 --> 00:19:18,159 Speaker 1: self quarantining. I just adding another one to the to 338 00:19:18,280 --> 00:19:20,840 Speaker 1: the list here, so that whether they can get everybody 339 00:19:21,200 --> 00:19:24,199 Speaker 1: in and have a majority, and everything is becoming a 340 00:19:24,200 --> 00:19:27,679 Speaker 1: more and more dicey proposition. Okay, so so that's because 341 00:19:28,000 --> 00:19:30,280 Speaker 1: you and I are very much in the weeds. But 342 00:19:30,280 --> 00:19:32,680 Speaker 1: but break this down for me. So if they don't 343 00:19:32,680 --> 00:19:36,200 Speaker 1: do a unanimous consent, which would they would need everyone 344 00:19:36,240 --> 00:19:38,200 Speaker 1: to agree on this, which obviously they're not going to get. 345 00:19:38,359 --> 00:19:40,360 Speaker 1: But a unanimous consent would mean that no one has 346 00:19:40,400 --> 00:19:42,639 Speaker 1: to fly back into Washington to do this. If they 347 00:19:42,720 --> 00:19:45,560 Speaker 1: do a voice vote and very much and playing speak 348 00:19:45,720 --> 00:19:48,440 Speaker 1: Eric Lawson translated to the masses, what does that mean? 349 00:19:49,119 --> 00:19:52,720 Speaker 1: It means the speaker says, uh, the ass and the 350 00:19:52,800 --> 00:19:54,879 Speaker 1: people shout you and other people shouting now, and then 351 00:19:54,960 --> 00:19:56,600 Speaker 1: the speaker just says he ates have it and that's 352 00:19:56,640 --> 00:19:59,280 Speaker 1: that's done. Now they to set that up, they also 353 00:19:59,320 --> 00:20:02,119 Speaker 1: need consent, so it's kind of a funny situation. But 354 00:20:02,200 --> 00:20:04,600 Speaker 1: it would allow them to McArts pointing out to come 355 00:20:04,600 --> 00:20:06,400 Speaker 1: and have a debate, you know, to have goes through 356 00:20:06,480 --> 00:20:08,760 Speaker 1: sort of the motions, but they wouldn't actually go through 357 00:20:08,760 --> 00:20:11,439 Speaker 1: a role called tally. They are exploring whether they do 358 00:20:11,760 --> 00:20:14,399 Speaker 1: remote voting at this point. Antipolo is very much against 359 00:20:14,440 --> 00:20:16,320 Speaker 1: that idea, thinking it could be hacked by the Chinese 360 00:20:16,359 --> 00:20:18,840 Speaker 1: or Russian, uh, you know, would go into the computer 361 00:20:18,880 --> 00:20:21,600 Speaker 1: system or telephone system. Uh, there is a possibility of 362 00:20:21,640 --> 00:20:24,840 Speaker 1: they might eventually go to uh proxy voting where where 363 00:20:24,880 --> 00:20:27,200 Speaker 1: one member could vote for another, you know, if someone 364 00:20:27,240 --> 00:20:30,200 Speaker 1: could coming from California's I'm wanting for me and Katie 365 00:20:30,280 --> 00:20:32,879 Speaker 1: Porter or something like that. So they haven't gotten that 366 00:20:32,880 --> 00:20:35,160 Speaker 1: point yet. And in fact, we're hearing the Congress will 367 00:20:35,160 --> 00:20:38,280 Speaker 1: probably go out till late April after completing this bill. 368 00:20:38,400 --> 00:20:41,000 Speaker 1: So at that point, if the virus is still raging, 369 00:20:41,080 --> 00:20:42,960 Speaker 1: you may end up getting into a situation where they 370 00:20:42,960 --> 00:20:48,160 Speaker 1: explore something like that. Wow. Okay, so based upon your reporting, 371 00:20:48,240 --> 00:20:51,840 Speaker 1: the vote passes the how the Senate likely tonight the 372 00:20:51,880 --> 00:20:55,280 Speaker 1: House when well, you know, I actually wouldn't even say 373 00:20:55,280 --> 00:20:56,880 Speaker 1: it couldn't have changed so much for the Senate would 374 00:20:56,960 --> 00:20:59,000 Speaker 1: vote tonight. I think it may be so tomorrow because 375 00:20:59,000 --> 00:21:02,400 Speaker 1: this language just view. Because now not only about unemployment insurance, 376 00:21:02,520 --> 00:21:05,200 Speaker 1: we're hearing the abortion issue has come up again. They 377 00:21:05,200 --> 00:21:08,880 Speaker 1: tried to sidestep that issue of banning plants parenthood UH 378 00:21:08,920 --> 00:21:11,840 Speaker 1: and other Medica recipricates from getting any of these small 379 00:21:11,840 --> 00:21:14,119 Speaker 1: business loans, and that has come up again, so that 380 00:21:14,200 --> 00:21:16,320 Speaker 1: might be being tweaked. Uh. You know, I'm not really 381 00:21:16,359 --> 00:21:18,280 Speaker 1: sure the sense going to vote tonight, so we'll see, 382 00:21:18,320 --> 00:21:22,080 Speaker 1: but maybe smart at this alright, So that's where things 383 00:21:22,080 --> 00:21:26,840 Speaker 1: stand on that front. I was speaking with uh Kevin 384 00:21:27,000 --> 00:21:30,840 Speaker 1: Brady earlier today, Congressman Kevin Brady, Republican from Texas, and 385 00:21:30,880 --> 00:21:33,840 Speaker 1: he was saying in very plain speak that we we 386 00:21:33,920 --> 00:21:36,840 Speaker 1: got to get out of this Beltway mentality and start 387 00:21:36,920 --> 00:21:40,520 Speaker 1: translating this. What is a four page document, uh, and 388 00:21:40,520 --> 00:21:42,359 Speaker 1: and the set of bills something more than a thousand 389 00:21:42,800 --> 00:21:46,240 Speaker 1: house This is about about six and night. Oh yeah, 390 00:21:46,359 --> 00:21:50,800 Speaker 1: just a casual, just a casual, easy, breezy, easy, easy, 391 00:21:50,840 --> 00:21:53,359 Speaker 1: just at six centred pages, just ten percent of the 392 00:21:53,400 --> 00:21:56,280 Speaker 1: nation's GDP. But we have to translate it for people, 393 00:21:56,359 --> 00:21:59,360 Speaker 1: so it's not just the checks and and and Congress 394 00:21:59,400 --> 00:22:01,399 Speaker 1: And Brady was telling of me on Bloomberg Television that 395 00:22:02,520 --> 00:22:05,000 Speaker 1: the checks are likely going to hit people's accounts on 396 00:22:05,080 --> 00:22:08,080 Speaker 1: the first week of April. Is that what you're hearing? Well, 397 00:22:08,119 --> 00:22:09,959 Speaker 1: you know, actually it's a little bit more complicated. It's 398 00:22:10,000 --> 00:22:12,080 Speaker 1: hard for the rs to get that out. I could 399 00:22:12,119 --> 00:22:15,160 Speaker 1: be within weeks for people who have registered direct deposit 400 00:22:15,440 --> 00:22:17,000 Speaker 1: with the I R S in the past for their 401 00:22:17,040 --> 00:22:19,760 Speaker 1: tax payments and tax rebates, um. But for people who 402 00:22:19,760 --> 00:22:22,080 Speaker 1: want paper checks. We're now hearing four to five weeks. 403 00:22:22,080 --> 00:22:24,080 Speaker 1: So you have this idea that you could help people 404 00:22:24,080 --> 00:22:26,920 Speaker 1: avoid sort of April first cash crunch and it came 405 00:22:26,920 --> 00:22:30,400 Speaker 1: to rent or for their mortgage. Isn't really panning out, 406 00:22:30,400 --> 00:22:33,359 Speaker 1: but still four or five weeks would be pretty pretty ambitious. 407 00:22:33,440 --> 00:22:35,280 Speaker 1: But I think you know, as Pat Toomey was saying 408 00:22:35,280 --> 00:22:37,040 Speaker 1: he need a conference call with us earlier, it's really 409 00:22:37,080 --> 00:22:42,080 Speaker 1: the business lending facility that the said sets unlimited balance. 410 00:22:42,160 --> 00:22:45,879 Speaker 1: She can be leveraged here to help businesses. A huge 411 00:22:46,040 --> 00:22:49,040 Speaker 1: infusion for the airlines as well. We're talking about twenty 412 00:22:49,320 --> 00:22:52,639 Speaker 1: billion dollars in grants and it's equal amount in loans 413 00:22:52,680 --> 00:22:56,000 Speaker 1: for passenger airlines. Now there are some strings attached. You 414 00:22:56,080 --> 00:22:58,760 Speaker 1: will allow the government take an equity stake in these companies. 415 00:22:59,359 --> 00:23:01,800 Speaker 1: But you know, these are major infusions for companies that 416 00:23:02,040 --> 00:23:04,040 Speaker 1: you know are really bearing the brunt of this. You know, 417 00:23:04,440 --> 00:23:08,640 Speaker 1: airline traffic is down something like so you know, neither 418 00:23:08,840 --> 00:23:13,760 Speaker 1: raater huge unprecedented interventions in the economy. And we asked Pattoon, 419 00:23:13,800 --> 00:23:16,080 Speaker 1: we you know you're a free market guy who is 420 00:23:16,119 --> 00:23:18,320 Speaker 1: not known for this. We said, look, we have an 421 00:23:18,680 --> 00:23:22,120 Speaker 1: alien species invading our country, and this is no time 422 00:23:22,160 --> 00:23:26,280 Speaker 1: to sort of make insistent on free market principle. So alright, 423 00:23:26,400 --> 00:23:28,919 Speaker 1: so so that's all right on the issue of housing. 424 00:23:29,000 --> 00:23:34,600 Speaker 1: I I spoke with Mark Callabria UH on Bloomberg Television. 425 00:23:34,640 --> 00:23:38,120 Speaker 1: He's the f h f A director, the Federal Housing 426 00:23:38,200 --> 00:23:43,280 Speaker 1: and Finance uh Agency director. And if you can't pay 427 00:23:43,320 --> 00:23:45,840 Speaker 1: your mortgage, or you're laid off because of the coronavirus, 428 00:23:45,920 --> 00:23:48,439 Speaker 1: or you're furlough because of the coronavirus, or you have 429 00:23:48,560 --> 00:23:54,480 Speaker 1: the coronavirus, you could qualify for US some mortgage forbearance. 430 00:23:54,760 --> 00:23:57,919 Speaker 1: But you have to call your bank. You have to 431 00:23:57,960 --> 00:24:01,399 Speaker 1: call who handles your mortgage in order to see if 432 00:24:01,400 --> 00:24:02,919 Speaker 1: you qualify for that. And you should call them now, 433 00:24:03,000 --> 00:24:05,439 Speaker 1: is what he said. But don't call them if you 434 00:24:05,800 --> 00:24:08,120 Speaker 1: if you don't have symptoms, or you weren't laid off, 435 00:24:08,240 --> 00:24:11,680 Speaker 1: or you don't UH or you're not feeling sick, don't 436 00:24:11,720 --> 00:24:13,960 Speaker 1: call them. But if you are impacted by this, call 437 00:24:14,160 --> 00:24:16,800 Speaker 1: your bank because and ask them point blank, do I 438 00:24:16,880 --> 00:24:20,040 Speaker 1: qualify for these these new f h f A guidelines. 439 00:24:20,080 --> 00:24:24,240 Speaker 1: And he was he was saying, as it relates to renters, 440 00:24:24,320 --> 00:24:27,000 Speaker 1: even that you might be able to qualify for some 441 00:24:27,200 --> 00:24:29,880 Speaker 1: for some financial assistance. But it's you got to take 442 00:24:29,880 --> 00:24:32,879 Speaker 1: a proactive approach. And that's really been my takeaway. Eric Aaston, 443 00:24:32,960 --> 00:24:36,440 Speaker 1: Has this been your takeaway? I'm curious as a reporter that, yes, 444 00:24:36,520 --> 00:24:38,520 Speaker 1: all of the stimulus is coming and all of these 445 00:24:38,560 --> 00:24:42,720 Speaker 1: programs are coming, but in the we Americans still have 446 00:24:42,840 --> 00:24:44,359 Speaker 1: to have to pick up the phone and make some 447 00:24:44,440 --> 00:24:47,080 Speaker 1: calls if we if we want to see if we qualify, right, 448 00:24:47,119 --> 00:24:48,760 Speaker 1: I mean, it's not just gonna snap your fingers and 449 00:24:48,880 --> 00:24:53,480 Speaker 1: that happen. Interesting point. Government's gonna administrative, banks are gonna ministrate, 450 00:24:53,800 --> 00:24:56,720 Speaker 1: just have their own personnel, you know, tied up teleworking. 451 00:24:56,960 --> 00:24:59,240 Speaker 1: But I think it rolls out, especially the small business 452 00:24:59,240 --> 00:25:01,720 Speaker 1: phone program. Uh, there there should be some you know, 453 00:25:01,800 --> 00:25:04,560 Speaker 1: measurable outreaches we've seen in the past crises to two 454 00:25:04,640 --> 00:25:07,960 Speaker 1: businesses to sort of encourage them take up these these 455 00:25:08,000 --> 00:25:10,840 Speaker 1: loans and and to to to find some of the financing. 456 00:25:11,080 --> 00:25:14,240 Speaker 1: But interestingly, you know, there are additional protections for renters 457 00:25:14,280 --> 00:25:16,920 Speaker 1: and mortgage holders in this bill that have not yet 458 00:25:16,960 --> 00:25:21,600 Speaker 1: been signed. Uh, for foreclosures and evictions essentially be put 459 00:25:21,600 --> 00:25:24,760 Speaker 1: on hold. It's not quite as generous Nancy Pelosi was 460 00:25:24,760 --> 00:25:27,280 Speaker 1: was looking for. She was looking for basically the FED 461 00:25:27,320 --> 00:25:30,080 Speaker 1: to backstop mortgage service providers and give three or sixty 462 00:25:30,160 --> 00:25:34,359 Speaker 1: days of mortgage forbearance for everybody. That's not in this bill. 463 00:25:34,960 --> 00:25:37,040 Speaker 1: But there are some provisions to sort of, you know, 464 00:25:37,240 --> 00:25:40,600 Speaker 1: especially for those who have multi family dwellings backed by 465 00:25:40,600 --> 00:25:44,640 Speaker 1: Freddie Freddie and Fannie May would get some release here 466 00:25:44,760 --> 00:25:48,400 Speaker 1: for their mortgage payments. Also on a commercial side, uh 467 00:25:48,440 --> 00:25:51,040 Speaker 1: you know, small businesses that take some of this federal 468 00:25:51,040 --> 00:25:54,439 Speaker 1: assistance and use it for mortgage payments, rental payments, and 469 00:25:54,560 --> 00:25:57,439 Speaker 1: payroll would have that portion of the loan forgiven. So 470 00:25:57,440 --> 00:26:00,160 Speaker 1: there's really you know, a crisis, you know, unprecedent into 471 00:26:00,160 --> 00:26:02,600 Speaker 1: the crisis we need see as far as the government 472 00:26:02,600 --> 00:26:06,840 Speaker 1: intervention in the market. Here, Eric Wasson Bloomberg congressional reporter. 473 00:26:06,880 --> 00:26:10,440 Speaker 1: Are are Ace congressional reporter? Eric, tell me one good 474 00:26:10,480 --> 00:26:14,439 Speaker 1: thing that you reported on today? One good thing? Yeah, 475 00:26:14,840 --> 00:26:18,320 Speaker 1: give me some optimism America. Well, you know, I thought 476 00:26:18,400 --> 00:26:20,639 Speaker 1: I thought that just this hearing to come out and 477 00:26:20,680 --> 00:26:23,280 Speaker 1: the sort of enthusiasm about possibly having a deal. I know, 478 00:26:23,440 --> 00:26:27,000 Speaker 1: sometimes these beaches are tanned. But you're listening to uh Rich, 479 00:26:27,119 --> 00:26:30,199 Speaker 1: McConnell and Schumer, you know, sort of actually trying to 480 00:26:30,240 --> 00:26:33,400 Speaker 1: aspire to hire words working. The Americans need to come 481 00:26:33,440 --> 00:26:35,600 Speaker 1: together and they're going to be people on the front line. 482 00:26:35,760 --> 00:26:37,800 Speaker 1: The new heroes are going to be found in the 483 00:26:37,840 --> 00:26:40,320 Speaker 1: coming weeks. You know here I am, uh, you know, 484 00:26:40,440 --> 00:26:45,119 Speaker 1: facing the same crisis everybody else, all of our listeners, uh, teleworking, etcetera. 485 00:26:45,200 --> 00:26:46,679 Speaker 1: And like that gives a little bit of hope. So 486 00:26:46,720 --> 00:26:51,119 Speaker 1: I thought that was a nice moment. And uh, essentially 487 00:26:51,160 --> 00:26:53,359 Speaker 1: Connorson come together the next few hours and completely still 488 00:26:53,640 --> 00:26:55,760 Speaker 1: all right, I'll take it. I need some hope today, 489 00:26:55,840 --> 00:26:58,640 Speaker 1: Eric Waswson, Thanks for calling in. Now we head down 490 00:26:58,760 --> 00:27:03,080 Speaker 1: I think South Beach, Florida, where Fred Hackburg is joining 491 00:27:03,160 --> 00:27:05,119 Speaker 1: us on the line, Fred, you got you got ol 492 00:27:05,240 --> 00:27:07,359 Speaker 1: Trump yesterday by the President. We had to cut to 493 00:27:07,440 --> 00:27:09,840 Speaker 1: the Uh, we had to cut to the president of 494 00:27:09,880 --> 00:27:16,280 Speaker 1: the press conference. Fred artburgs on the line. He's a 495 00:27:16,320 --> 00:27:18,639 Speaker 1: good friend of the program. He's the former chairman of 496 00:27:18,640 --> 00:27:21,520 Speaker 1: the Export Import Bank. Fred, how you're holding up down 497 00:27:21,600 --> 00:27:26,159 Speaker 1: there in South Beach? Well? Uh, since I've been staying 498 00:27:26,160 --> 00:27:28,440 Speaker 1: at home and not going out. If there are far 499 00:27:28,520 --> 00:27:31,080 Speaker 1: worth places to be even in sunny Florida this time 500 00:27:31,080 --> 00:27:33,520 Speaker 1: of year, Ain't that the truth? All right, Fred, You're 501 00:27:33,560 --> 00:27:35,840 Speaker 1: also the author of a great book if you need 502 00:27:35,840 --> 00:27:38,800 Speaker 1: a book to read while you're self quarantining. Trade is 503 00:27:38,840 --> 00:27:43,040 Speaker 1: not a four letter word global trade, and this especially 504 00:27:43,040 --> 00:27:45,639 Speaker 1: it's more relevant than ever because of the coronavirus. Fred 505 00:27:45,640 --> 00:27:48,280 Speaker 1: wrote the book on it. Uh, Fred, I do want 506 00:27:48,280 --> 00:27:50,960 Speaker 1: to dabble a little bit in politics and and talk 507 00:27:51,040 --> 00:27:54,159 Speaker 1: about former Vice President Joe Biden and how he's been 508 00:27:54,240 --> 00:27:57,440 Speaker 1: navigating this. You're an insider to democratic politics. You served 509 00:27:57,440 --> 00:28:01,320 Speaker 1: in the Obama administration. Let me ask you, how do you, 510 00:28:02,000 --> 00:28:05,119 Speaker 1: if you're inside of Biden world, how do you get 511 00:28:05,160 --> 00:28:08,920 Speaker 1: through the next two months while the nation has come 512 00:28:08,960 --> 00:28:13,280 Speaker 1: to a screeching halt. Well, that's a great question, and 513 00:28:13,320 --> 00:28:15,960 Speaker 1: I think that you know, I think Vice President Biden, 514 00:28:15,960 --> 00:28:19,679 Speaker 1: who is a veteran of working government and a veteran 515 00:28:19,720 --> 00:28:22,520 Speaker 1: of seeing a number of crises. You know, it's kind 516 00:28:22,560 --> 00:28:24,800 Speaker 1: of remarkable to me, Kevin, that we are dealing with 517 00:28:25,320 --> 00:28:28,840 Speaker 1: nine eleven, the global financial crisis of two thousand and eight, 518 00:28:29,240 --> 00:28:31,800 Speaker 1: and now the coronavirus. Those are three sort of like 519 00:28:31,880 --> 00:28:38,600 Speaker 1: black Swan events, all within less than twenty years. So, um, 520 00:28:39,480 --> 00:28:41,800 Speaker 1: we all lived through it, Fred, we will live through it, 521 00:28:41,840 --> 00:28:43,640 Speaker 1: and we're going to live through this one. But so 522 00:28:43,760 --> 00:28:47,080 Speaker 1: Vice President Biden training has experienced in government both in 523 00:28:47,120 --> 00:28:49,440 Speaker 1: the White House and in the Senate in terms of 524 00:28:49,680 --> 00:28:52,600 Speaker 1: how to navigate this and also not to to be 525 00:28:52,720 --> 00:28:55,000 Speaker 1: respectful of the process of people in government. So we're 526 00:28:55,000 --> 00:28:58,240 Speaker 1: just not going to take pot shots um in a 527 00:28:58,320 --> 00:29:01,040 Speaker 1: ar responsible way. I think, you know, we obviously have 528 00:29:01,080 --> 00:29:03,760 Speaker 1: to respect the medical profession, and he does in terms 529 00:29:03,760 --> 00:29:06,080 Speaker 1: of making the right calls in terms of the health 530 00:29:06,080 --> 00:29:09,600 Speaker 1: and safety of people, and and with all of this discussion, 531 00:29:09,880 --> 00:29:14,480 Speaker 1: that's first and foremost. Governor Culomo is Um been very clear, 532 00:29:15,240 --> 00:29:18,040 Speaker 1: and particularly with the crisis hitting New York so hard, 533 00:29:18,760 --> 00:29:21,520 Speaker 1: and then he for ventilators and masks and other other 534 00:29:21,560 --> 00:29:24,360 Speaker 1: pieces of equipment. I think Joe Biden respects that. I mean, 535 00:29:24,800 --> 00:29:28,160 Speaker 1: I've had a few former companies I dealt with, worked 536 00:29:28,200 --> 00:29:30,760 Speaker 1: with at X and Bank who are working to bring 537 00:29:30,760 --> 00:29:33,680 Speaker 1: in a mask to be able to provide them to 538 00:29:33,800 --> 00:29:36,080 Speaker 1: states like New York and Illinois and others that are 539 00:29:36,080 --> 00:29:39,200 Speaker 1: in desperate need. Okay, Fred, So that's that's in terms 540 00:29:39,200 --> 00:29:42,560 Speaker 1: of the political front. But I mean two months, I mean, 541 00:29:42,560 --> 00:29:45,360 Speaker 1: you can't fundraise through this. The whole country is decimated. 542 00:29:45,400 --> 00:29:48,760 Speaker 1: It's it's it's everyone's black swan. I've heard that phrase 543 00:29:49,000 --> 00:29:50,800 Speaker 1: so many times today, more times than I can count. 544 00:29:50,800 --> 00:29:53,480 Speaker 1: I heard it again from you. I mean, but the 545 00:29:53,560 --> 00:29:57,840 Speaker 1: economic implications of this are are so incredibly real, so 546 00:29:58,000 --> 00:30:02,240 Speaker 1: incredibly real, and and and and it feels different than 547 00:30:02,240 --> 00:30:04,520 Speaker 1: two thousand and eight in the sense that you can't 548 00:30:04,560 --> 00:30:07,360 Speaker 1: even go out anywhere. So how does America come back? 549 00:30:07,520 --> 00:30:09,680 Speaker 1: I mean, obviously we're gonna come back, but how does 550 00:30:09,720 --> 00:30:14,840 Speaker 1: America come back quickly? How does America come back tomorrow? Well, 551 00:30:14,920 --> 00:30:18,560 Speaker 1: first of all, uh as as you mentioned tomorrow, and 552 00:30:18,640 --> 00:30:20,600 Speaker 1: it's not going to be tomorrow, and I think that 553 00:30:20,760 --> 00:30:23,320 Speaker 1: the one we do have a little bit of time 554 00:30:23,360 --> 00:30:25,880 Speaker 1: to think through how we're gonna unwind this. You know, 555 00:30:26,320 --> 00:30:29,080 Speaker 1: during the financial crisis of oh eight, as an example, 556 00:30:29,360 --> 00:30:31,880 Speaker 1: there was a lot of concern how do we unwind 557 00:30:32,040 --> 00:30:36,640 Speaker 1: all the government aid, the quantitative easy, the buying of bonds. 558 00:30:36,680 --> 00:30:39,040 Speaker 1: How do we how do we unwind that? And there 559 00:30:39,120 --> 00:30:40,680 Speaker 1: was a lot of concern, but there was time to 560 00:30:40,720 --> 00:30:42,800 Speaker 1: figure that out. We're gonna we don't have a lot 561 00:30:42,840 --> 00:30:46,120 Speaker 1: of time, but we're gonna have time. And frankly, the 562 00:30:46,160 --> 00:30:50,040 Speaker 1: program to support Small Businesses UH through the s b A. 563 00:30:51,120 --> 00:30:53,840 Speaker 1: I've been in contact with people and spoke to folks 564 00:30:53,880 --> 00:30:56,760 Speaker 1: at the Export Input Banquet, used to chair to make 565 00:30:56,800 --> 00:31:00,480 Speaker 1: sure that there are support mechanisms so that small businesses 566 00:31:00,520 --> 00:31:04,680 Speaker 1: in particular, but that but economic activity doesn't also grind 567 00:31:04,680 --> 00:31:06,920 Speaker 1: to a halt. So when we get to the other 568 00:31:06,960 --> 00:31:08,720 Speaker 1: side of this, and I don't know when that's going 569 00:31:08,760 --> 00:31:13,680 Speaker 1: to be, um, but we'll be in a in some 570 00:31:13,760 --> 00:31:16,640 Speaker 1: degree of preparedness. But frankly, we're gonna be facing I 571 00:31:16,640 --> 00:31:18,760 Speaker 1: don't want to sugarcoat it. I think a lot of 572 00:31:18,800 --> 00:31:25,040 Speaker 1: businesses will never reopen, We'll never get back on their feet. UM. 573 00:31:25,120 --> 00:31:28,160 Speaker 1: I think that you know, in many ways, companies like 574 00:31:28,280 --> 00:31:32,440 Speaker 1: Amazon and eBay over the years right at the platform 575 00:31:32,560 --> 00:31:35,760 Speaker 1: that replaced um, the malls, and I think that's only 576 00:31:35,800 --> 00:31:37,920 Speaker 1: going to accelerate. So I think that there are a 577 00:31:38,000 --> 00:31:41,320 Speaker 1: number of trends like that that are going to be irreversible. Um. 578 00:31:41,480 --> 00:31:43,040 Speaker 1: When we get to the other side of that. Fred 579 00:31:43,040 --> 00:31:44,800 Speaker 1: Hackburg's on the line is the former chairman of the 580 00:31:44,800 --> 00:31:48,160 Speaker 1: Export Import Bank. That's a depressing message. That's I mean, 581 00:31:48,960 --> 00:31:52,720 Speaker 1: this is a major disruption, and I mean it only 582 00:31:52,760 --> 00:31:55,760 Speaker 1: means that we're things were just going to be looking differently. 583 00:31:55,800 --> 00:31:59,760 Speaker 1: I mean, I think you know, I've been ordering groceries 584 00:31:59,800 --> 00:32:02,120 Speaker 1: on the line for the last two weeks. Um, I'm 585 00:32:02,160 --> 00:32:06,480 Speaker 1: getting used to that. That's going to change things. How many, Fred, 586 00:32:07,160 --> 00:32:09,600 Speaker 1: how many countries did you travel to or an estimate 587 00:32:09,640 --> 00:32:11,520 Speaker 1: if you don't have the number when you were chairman 588 00:32:11,560 --> 00:32:17,320 Speaker 1: of the x and Bank A remarkable for five countries 589 00:32:17,520 --> 00:32:19,000 Speaker 1: and as and and and you know, we think of 590 00:32:19,040 --> 00:32:21,480 Speaker 1: this in the American lens rankfully. So we're in this country, 591 00:32:21,920 --> 00:32:24,479 Speaker 1: greatest country on Earth. But when you think of those 592 00:32:24,640 --> 00:32:28,440 Speaker 1: of those countries that you went to, I mean, the 593 00:32:28,680 --> 00:32:30,520 Speaker 1: privilege of this job is getting to travel and to 594 00:32:30,560 --> 00:32:33,760 Speaker 1: see a lot of these places. And we're fortunate to 595 00:32:33,760 --> 00:32:36,120 Speaker 1: be in America where we can pressure our lawmakers to 596 00:32:36,240 --> 00:32:39,200 Speaker 1: respond to this crisis. But there are many countries, Fred, 597 00:32:39,240 --> 00:32:43,680 Speaker 1: who are not prepared even by a fraction of of 598 00:32:43,760 --> 00:32:48,560 Speaker 1: the way Europe the way America is able to prepare. 599 00:32:48,840 --> 00:32:52,640 Speaker 1: You're absolutely right. I mean advanced economies, as the terms 600 00:32:52,640 --> 00:32:59,040 Speaker 1: people use, countries like the United States, Japan, Europe, Australia, UM, 601 00:32:59,400 --> 00:33:04,000 Speaker 1: have a our greater ability and resources to protect the 602 00:33:04,040 --> 00:33:06,840 Speaker 1: health and safety this citizens. Obviously, it's it's far more 603 00:33:06,840 --> 00:33:11,240 Speaker 1: concerning in the place like India with a density there, UM, 604 00:33:11,280 --> 00:33:14,040 Speaker 1: and just the health care system there and transportation and 605 00:33:14,120 --> 00:33:18,560 Speaker 1: infrastructure places like that. So, um, this is good. This 606 00:33:18,680 --> 00:33:22,680 Speaker 1: is an event like clearly the world has never seen. Um. 607 00:33:22,960 --> 00:33:26,320 Speaker 1: President Trump has a formidable task ahead of him in 608 00:33:26,400 --> 00:33:31,120 Speaker 1: terms of how we navigate business sort of solid uh 609 00:33:31,280 --> 00:33:37,280 Speaker 1: somber and so and solid way going forward. So what role? What? 610 00:33:37,280 --> 00:33:40,320 Speaker 1: What role then? A year from now, twelve months, fifteen 611 00:33:40,360 --> 00:33:43,360 Speaker 1: months from now? What role does the United States play 612 00:33:43,400 --> 00:33:46,520 Speaker 1: in reshaping global trade as it relates to that? I mean, 613 00:33:46,520 --> 00:33:49,680 Speaker 1: you know trade better than anybody. How does how does trade? 614 00:33:49,920 --> 00:33:54,040 Speaker 1: International trade? How has that impacted? Because supply chains are 615 00:33:54,280 --> 00:33:56,560 Speaker 1: are being reworked in real time? You mentioned some of 616 00:33:56,560 --> 00:34:00,840 Speaker 1: the businesses that, uh, that are doing You mentioned some 617 00:34:00,880 --> 00:34:03,760 Speaker 1: of the businesses that are are shifting their supply change 618 00:34:03,760 --> 00:34:06,720 Speaker 1: to contribute masks to some medical professionals, even reporting on 619 00:34:06,720 --> 00:34:09,759 Speaker 1: that all week as well. But I mean, people get 620 00:34:09,880 --> 00:34:15,560 Speaker 1: used to supply change relatively quickly. Right. I'm most quite 621 00:34:15,560 --> 00:34:18,440 Speaker 1: concerned frankly, what I heard from President Trump yesterday. I 622 00:34:18,440 --> 00:34:21,799 Speaker 1: mean he used the term America should never be a 623 00:34:21,840 --> 00:34:26,760 Speaker 1: supplicant nation, and he talked about not just energy independence, 624 00:34:27,160 --> 00:34:34,600 Speaker 1: food security independence, closed borders, manufacturing independence. Um, that caused 625 00:34:34,640 --> 00:34:38,440 Speaker 1: great concern. I mean, you know, most run out of 626 00:34:38,480 --> 00:34:40,680 Speaker 1: style and about the twelfth century. And I think the 627 00:34:40,719 --> 00:34:43,880 Speaker 1: President is trying to talk about having a moat around 628 00:34:43,880 --> 00:34:47,160 Speaker 1: the United States. I mean, frankly, we're gonna solve the 629 00:34:47,239 --> 00:34:51,759 Speaker 1: health is health, this coronavirus working globally. We should take 630 00:34:51,800 --> 00:34:55,439 Speaker 1: advantage of doctors and medical companies around the world, not 631 00:34:55,520 --> 00:34:58,600 Speaker 1: just those United States. And what I heard from President 632 00:34:58,600 --> 00:35:00,960 Speaker 1: Trump yesterday, so it was quite concerning in that regard 633 00:35:01,080 --> 00:35:03,799 Speaker 1: because it was very much we're going to retreat within 634 00:35:03,840 --> 00:35:06,000 Speaker 1: our borders and if we just stay within our borders, 635 00:35:06,040 --> 00:35:10,320 Speaker 1: everything will be fine. And that's a very concerning message 636 00:35:10,320 --> 00:35:13,359 Speaker 1: in this time, and it's wrongheaded if it's a lot 637 00:35:13,360 --> 00:35:16,680 Speaker 1: of what the Chinese have followed. Their model is they 638 00:35:16,680 --> 00:35:20,279 Speaker 1: don't want to import anything, and I would be I 639 00:35:20,320 --> 00:35:22,720 Speaker 1: think would be a huge mistake to the United States 640 00:35:22,719 --> 00:35:25,600 Speaker 1: to go down that same path. Hey, Fred, another question 641 00:35:25,640 --> 00:35:27,800 Speaker 1: for you, how is this going to change the United 642 00:35:27,840 --> 00:35:31,279 Speaker 1: States relationship with China, whether President Trump gets a second 643 00:35:31,360 --> 00:35:35,640 Speaker 1: term or whether it's President Joe Biden. Well, first of all, 644 00:35:35,640 --> 00:35:38,480 Speaker 1: the issues with China are so beyond trade. They have 645 00:35:38,560 --> 00:35:41,960 Speaker 1: to do as we can right now, see this coronavirus 646 00:35:42,040 --> 00:35:45,640 Speaker 1: talks about global health. Health is not contained within the border. 647 00:35:46,400 --> 00:35:49,880 Speaker 1: A virus does not respect a border patrols and walls. 648 00:35:50,239 --> 00:35:54,520 Speaker 1: So whether it's health, whether it's the environment in terms 649 00:35:54,520 --> 00:35:58,000 Speaker 1: of climate and the environment and pollution, and whether it's trade, 650 00:35:58,280 --> 00:36:01,279 Speaker 1: so we are interconnect did and related. Whether we like 651 00:36:01,360 --> 00:36:04,080 Speaker 1: it or not, We're gonna have to find thoughtful smart 652 00:36:04,120 --> 00:36:10,120 Speaker 1: ways to protect American products, American copyrights, American intellectual But 653 00:36:10,400 --> 00:36:12,360 Speaker 1: I don't mean to interrupt you, but we got like 654 00:36:12,440 --> 00:36:15,720 Speaker 1: literally thirty seconds were quickly. I mean, I'm so sick 655 00:36:15,800 --> 00:36:18,759 Speaker 1: of hearing that the Communist Party of China did a 656 00:36:18,760 --> 00:36:20,799 Speaker 1: good job in controlling this. If they did a good 657 00:36:20,840 --> 00:36:23,200 Speaker 1: job in controlling it, it wouldn't have gotten out of Wuhan. 658 00:36:23,680 --> 00:36:26,440 Speaker 1: So is there going to be any economic incentive to 659 00:36:26,560 --> 00:36:29,759 Speaker 1: make sure that they do better to protect viruses from 660 00:36:29,800 --> 00:36:33,760 Speaker 1: coming out of place, coming out of that region. Well, 661 00:36:33,800 --> 00:36:36,080 Speaker 1: this has been a huge blow to the Chinese economy, 662 00:36:36,120 --> 00:36:37,920 Speaker 1: So I would say yes, I would say that the 663 00:36:38,000 --> 00:36:40,920 Speaker 1: Chinese economy and I got interrupted. It's been I'm so 664 00:36:40,960 --> 00:36:43,160 Speaker 1: sick of here, and it's been a huge blow to Delco. 665 00:36:43,400 --> 00:36:45,040 Speaker 1: It's been a huge blow to where I grew up. 666 00:36:45,040 --> 00:36:46,920 Speaker 1: It's been a huge blow to this whole country. Fred, 667 00:36:47,280 --> 00:36:49,520 Speaker 1: I mean and and and this really infuriates me because 668 00:36:49,520 --> 00:36:52,080 Speaker 1: this notion, this narrative, and we're gonna rip up the script, 669 00:36:52,080 --> 00:36:54,040 Speaker 1: as Tom Kings says, We're gonna stay on this topic 670 00:36:54,040 --> 00:36:56,600 Speaker 1: for the for the rest of the show. This notion 671 00:36:56,760 --> 00:37:00,680 Speaker 1: that I hear in the mainstream press that oh, Communist 672 00:37:00,719 --> 00:37:04,040 Speaker 1: Party did such a good job of controlling this virus. Well, 673 00:37:04,080 --> 00:37:07,200 Speaker 1: it got out of Wuhan. It's shut down Europe, it's 674 00:37:07,200 --> 00:37:09,680 Speaker 1: shut down the United States of America. Kids can't go 675 00:37:09,719 --> 00:37:13,600 Speaker 1: back to school. And and so what did they learn 676 00:37:14,080 --> 00:37:17,399 Speaker 1: in two thousand and three after the Stars outbreak? Did 677 00:37:17,400 --> 00:37:21,600 Speaker 1: they learn anything? Because this is from my perspective as 678 00:37:21,640 --> 00:37:24,800 Speaker 1: a journalist. Now might not be the time to say 679 00:37:25,160 --> 00:37:30,000 Speaker 1: to ask those questions, but I mean it, you know, 680 00:37:30,680 --> 00:37:35,800 Speaker 1: it's it's it's infuriating that they didn't share, allegedly the data, 681 00:37:35,960 --> 00:37:39,239 Speaker 1: and they waited at least six weeks to report the 682 00:37:39,360 --> 00:37:42,760 Speaker 1: data out of Wuhan. Doesn't that as a policy maker 683 00:37:42,880 --> 00:37:47,920 Speaker 1: make you want to what who's praising the Chinese government's 684 00:37:47,920 --> 00:37:50,480 Speaker 1: performance on this in the media. You hear, oh, they 685 00:37:50,560 --> 00:37:52,880 Speaker 1: shut it down. They took these draconian measures that no 686 00:37:52,880 --> 00:37:55,120 Speaker 1: one else can take. Well, they didn't, they didn't get 687 00:37:55,160 --> 00:37:59,480 Speaker 1: it out of Wuhan. Well, you know, I'm not enough 688 00:37:59,520 --> 00:38:02,080 Speaker 1: of the of a medical expert to say what they 689 00:38:02,280 --> 00:38:04,560 Speaker 1: should have done and shouldn't, but clearly it's a government 690 00:38:04,600 --> 00:38:07,160 Speaker 1: that operates with a lot of secrecy, without a lot 691 00:38:07,200 --> 00:38:11,320 Speaker 1: of transparency. Do not let the Center for Disease Control 692 00:38:11,400 --> 00:38:13,959 Speaker 1: to come into China and work on it. And those 693 00:38:14,000 --> 00:38:17,880 Speaker 1: are giant flaws, and they certainly exacerbated. They certainly made 694 00:38:17,920 --> 00:38:20,560 Speaker 1: the problem worse, worse for people in China and worse 695 00:38:20,600 --> 00:38:22,480 Speaker 1: for the rest of the world. There's no question about that. 696 00:38:22,680 --> 00:38:26,120 Speaker 1: So what can America do, Fred Hackberg, former chairman of 697 00:38:26,160 --> 00:38:29,600 Speaker 1: the Export Import Bank, to put pressure on the Chinese 698 00:38:30,040 --> 00:38:35,000 Speaker 1: so that they don't make these mistakes again. Well, unfortunate. 699 00:38:35,040 --> 00:38:36,640 Speaker 1: What we're gonna have to do with slow and pain 700 00:38:36,719 --> 00:38:39,360 Speaker 1: take it. It's a friendly working with our allies because 701 00:38:39,600 --> 00:38:41,520 Speaker 1: we have some of the best allies in the world. 702 00:38:41,600 --> 00:38:44,040 Speaker 1: It's one of our greatest assets, and at the moment 703 00:38:44,080 --> 00:38:47,799 Speaker 1: we have thrown them into the dustbin. I always appreciate it. 704 00:38:47,960 --> 00:38:49,720 Speaker 1: I always appreciate the time Fred Hackberg