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Speaker 1: It looks a lot different than it looked in twenty

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Speaker 1: eight teens. We shouldn't as Democrats be in power in

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Speaker 1: the Republicans. The President Trump was sent here to smash

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Speaker 1: conventional norms. I would rather see a congressional solution. It's

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Speaker 1: part of my DNA. This is Bloomberg Sound On with

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Speaker 1: Kevin Shirley on Bloomberg and f m h D two.

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Speaker 1: I'm Kevin Surly, keep Washington, correspondent to the Bloomberg Television

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Speaker 1: and Bloomberg Radio, and we are broadcasting UH in a

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Speaker 1: different situation today, as all of us are adjusting to

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Speaker 1: the new restrictions, as we all do our part to

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Speaker 1: try to flatten the curve. I'm no different. Our our

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Speaker 1: crew is no different. I'm working remotely. Our crew is

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Speaker 1: working remotely. So I'm gonna ask that everybody bear with

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Speaker 1: us if we have any technical difficulties, because we have

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Speaker 1: a lot of news to get through and a lot

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Speaker 1: of all stars to help navigate through it. So we're

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Speaker 1: course going to talk about President Trump. At his press

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Speaker 1: conference just happening. Within the last hour, he shifted his

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Speaker 1: tone on the coronavirus or COVID nineteen and he warned

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Speaker 1: all Americans that he needs to that that everybody needs

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Speaker 1: to stay home, bunker down for at least the next

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Speaker 1: two weeks, and said that the restrictions that have been

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Speaker 1: placed on the economy and whatnot likely will last uh

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Speaker 1: through Midsummer. So we have a lot to get through,

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Speaker 1: plus the economic fallout US stocks plunge with the virus

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Speaker 1: upending the economy. Of course, we're all following all of

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Speaker 1: the guidelines to be socially distant and to do our part,

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Speaker 1: for everyone to do our part and following those guidelines

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Speaker 1: in order to flatten the curve. I'm Kevin Cirelli. I'm

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Speaker 1: the chief Washington correspondent from Bloomberg Television and Bloomberg Radio.

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Speaker 1: My guest with me is Bloomberg White House reporter Justin Sink.

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Speaker 1: He joins us to be a telephone Justin. First of all,

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Speaker 1: I want to commend you and all of our colleagues

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Speaker 1: just doing such an incredible job and disseminating information and

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Speaker 1: keeping folks in formed as we all adjust to this

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Speaker 1: new normal. And let's begin with what President Trump had

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Speaker 1: to say just within the last hour or so, and

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Speaker 1: what have become daily briefings. Uh. And he struck a

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Speaker 1: much different tone, and he said essentially that Americans are

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Speaker 1: going to have to hunker down for about two weeks. Uh.

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Speaker 1: He advised Americans against gathering in groups of more than

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Speaker 1: ten people and said that they should stop eating out

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Speaker 1: at restaurants and stopped going to bars. Children, he went

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Speaker 1: on to say, should be educated at home to the

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Speaker 1: extent possible. Uh. And the US still might be fighting

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Speaker 1: this outbreak all the way through August. Justin what were

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Speaker 1: your takeaways? Yeah, I mean, I think he outlined a

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Speaker 1: lot of the new provisions that the White House is

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Speaker 1: recommending to avoid the spread of this virus. But one

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Speaker 1: of the most remarkable things was just the change in

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Speaker 1: tone that we've heard from the President, not just of

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Speaker 1: the last couple of weeks, but in the last couple

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Speaker 1: of days. You know, I was over at the White

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Speaker 1: House on Sunday and the President was saying, everybody should relax,

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Speaker 1: We're going to get through this. We're doing well. He

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Speaker 1: was telling people not to hoard food or um, you know,

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Speaker 1: run out and buy a bunch of toilet paper. That

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Speaker 1: that remains their advice. They say that the supply cands

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Speaker 1: are strong and that um, people shouldn't overreact what's going on.

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Speaker 1: But you definitely saw a sort of a seriousness of

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Speaker 1: that's driven both by the data they're seeing in terms

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Speaker 1: is reacting. Today was the biggest drops and you know,

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Speaker 1: golden nineteen eighties on on Wall Street, and that's definitely

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Speaker 1: White House. Justin coming up, we're gonna check in with

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Speaker 1: our Bloomberg Markets colleague, Cameron christ We're going to talk

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Speaker 1: President and the administration outlined today. First and foremost, they

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Speaker 1: got rid of a lot of disinformation. So there were

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Speaker 1: a lot there's been so many rumors going along, and

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Speaker 1: you know, go to the AP, go to Bloomberg dot com,

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Speaker 1: trusted sources out there for folks to get information. So

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Speaker 1: there is no national curfew. That was one of the

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Speaker 1: And what's Advice President Pence and Dr Fauci and all

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Speaker 1: getting from the President, from the Vice President, from these

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Speaker 1: health professionals is if you can stay home, stay at home.

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Speaker 1: Limit your contact with other people, the folks that are

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Speaker 1: going to go out, healthcare workers, people performing essential jobs

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Speaker 1: and duties. Do your best to sort of stay out

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Speaker 1: of their way, avoid um unnecessary contact. Don't try to

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Speaker 1: plan big social gatherings. Don't even have a bunch of

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Speaker 1: emergency situation or need to do it. So I think

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Speaker 1: that advice is has been really clear coming out of

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Speaker 1: the White House today. The other thing that you mentioned is,

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Speaker 1: go after disinformation campaign type tactics and uh to tell

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Speaker 1: people wrong things. So if you get a text message

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Speaker 1: carefully about you know, how trustworthy the source is, how

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Speaker 1: to trust new sources like Bloomberg, but coronavirus dot gov

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Speaker 1: or the CDC website. They have all the latest advisories

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Speaker 1: and guides and sus that the the administration is taking.

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Speaker 1: You can get a real scope of how how everything

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Speaker 1: is going to impact you directly and CDC dot gov,

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Speaker 1: c d C dot gov, c DC dot gov. That

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Speaker 1: in terms of in terms of getting all of the information,

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Speaker 1: and uh there there was actually the Associated Press, you know,

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Speaker 1: I want to read this headline that came through. US

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Speaker 1: researchers gave the first shots in a first test of

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Speaker 1: an experimental coronavirus vaccine earlier today, leading off a worldwide

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Speaker 1: hunt for protection even as the pandemic continues to search.

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Speaker 1: With careful jabs in the arms of four healthy volunteers,

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Speaker 1: scientists at the Kaiser Washington Research Institute in Seattle, Seattle

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Speaker 1: began an anxiously awaited first stage study of potential COVID

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Speaker 1: nineteen vaccine, developed in record times. So I mean that

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Speaker 1: you know the the vaccine research is, it's moving as

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Speaker 1: quickly as possible in the United States. There was another

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Speaker 1: report out earlier today out of Australia that news Week covered.

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Speaker 1: The Associated Press covered this in Seattle. Where are we

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Speaker 1: in terms of testing? What did the government and the

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Speaker 1: and free testing? Uh coming? Where are we on that?

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Speaker 1: Justin Yeah, I mean this has been a real I

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Speaker 1: been a real sort of bobbleneck because tests have had

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Speaker 1: to go to and from the CDC, there's been some

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Speaker 1: manufacturing errors, but the administration is confident that over this

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Speaker 1: week we're going to see a real ramp up not

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Speaker 1: just of the available the ability of tests, but of

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Speaker 1: uh this sort of automated process that can can get

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Speaker 1: the results of these tests back faster into more people.

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Speaker 1: So the general advice is you should not seek a

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Speaker 1: test unless you are in one of two categories. First categories,

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Speaker 1: are you a first responder, are you somebody who's sort

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Speaker 1: of crucial to the public health system because it's really

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Speaker 1: important to keep those people safe and healthy. And the

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Speaker 1: second is are you in an at risk group? Are

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Speaker 1: you sixty five years of age or older. Are you

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Speaker 1: do you have a chronic health condition? That coronavirus has

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Speaker 1: shown to be really fraumatic and you can find details

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Speaker 1: about whether you qualify for that on TDC dot gov.

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Speaker 1: Are you running a temperature of over ninety point six degrees?

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Speaker 1: If all those are true, then you should follow the

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Speaker 1: steps to try to seek out a task. But if

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Speaker 1: you're not in those groups, don't take a test. Yeah.

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Speaker 1: Justin Sant Bloomberg White House reporter, thank you so much

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Speaker 1: for just doing such a great job and for breaking

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Speaker 1: down all of that information. Coming up next, we're going

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Speaker 1: to talk about the economic implications of this. I'm Kevin Cirelli,

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Speaker 1: Chief Washington correspondent for Bloomberg TV and Radio, and you're

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Speaker 1: listening to a special edition of Bloomberg Sound On. This

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Speaker 1: is Bloomberg Sound On with Kevin on Bloomberg and one

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Speaker 1: of five point h D two. I'm Kevin Smote Television,

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Speaker 1: and we're broadcasting remotely. We're broadcasting remotely uh tonight and

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Speaker 1: freely for the next for the foreseeable future. Uh. I'm

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Speaker 1: thrilled to be joined by someone who knows how to

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Speaker 1: navigate through the economic implications of what we're going through

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Speaker 1: what we're all experiencing. And that's Cameron christ He's Bloomberg

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Speaker 1: macro strategists, and Cameron, I really appreciate your time. And

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Speaker 1: just to set the scene, justin so eloquently described what

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Speaker 1: they need to hunker down, adhere to social distancing. If

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Speaker 1: they're showing symptoms, they should seek out getting a test.

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Speaker 1: But the U S stocks have plunged with the virus

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Speaker 1: upending the economy, and I'm gonna read from some of

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Speaker 1: our colleagues. The stomach turning ride on global financial markets

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Speaker 1: took a dramatic turn Monday, with US stocks plunging the

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Speaker 1: most since seven after President Donald Trump warned the economic

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Speaker 1: disruption from the virus could last into the summer. Beyond that,

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Speaker 1: the negative superlatives for American stocks are piling up in

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Speaker 1: The SMP wiped out his gain in two thousand and

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Speaker 1: real time, so I'm gonna be transparent here. We're waiting

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Speaker 1: on Cameron Christ to get on the line. I'm working

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Speaker 1: really changed his tone. He really changed his tone from

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Speaker 1: terms of staying home and hunkering down. At one point,

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Speaker 1: administration officials said, it's up some millennials. It's gonna be

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Speaker 1: millennials who're gonna have to stay stay home. There's nothing cute,

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Speaker 1: and just some more other news that there are vaccines

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Speaker 1: that are being tested. The Associated Repress Press reporting on

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Speaker 1: one vaccine that have been tested and and so that

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Speaker 1: I'm trying to see if we can get if we

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Speaker 1: for Cameron if that would be possible. Hopefully we'll be

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Speaker 1: just someone else. But just there's so much news to

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Speaker 1: go through and on Capitol Hill. Congressman Louie Gomert h

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Speaker 1: he is the one Republican in the House of Representatives.

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Speaker 1: Way do you hear this? Congressman Louie Gomert, the Republican

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Speaker 1: Alex mos reporting Representative Louie Gomert, a Republican from Texas,

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Speaker 1: is holding up the House passed coronavirus relief bill and

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Speaker 1: preventing it from being delivered to the Senate for a vote. Um,

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Speaker 1: so that's where that is. The President really calling on

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Speaker 1: provide free testing to the coronavirus and the House was

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Speaker 1: is in measure. This was the bill that they had

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Speaker 1: passed earlier on Saturday. I remember that, and it would

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Speaker 1: provide paid sick leave for two weeks. Congressman Gohmert this

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Speaker 1: is when he tweeted out, we still do not have

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Speaker 1: a final draft of the negotiated changes being called technical corrections,

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Speaker 1: and some of us believe that the newly worded laws

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Speaker 1: should be finished before we pass them. I mean, you've

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Speaker 1: got SNI, a charity leader, Mitch McConnell trying to get

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Speaker 1: this thing done. You've got a bipartisan bill, and Congressman

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Speaker 1: Gomurt for whatever reason, uh, for whatever reason, just is

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Speaker 1: not doing it. The Federal Reserve, the Dallas plummeted three

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Speaker 1: thousand points. I mean, so you've got this happening on

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Speaker 1: the economic front, You've got the congressional situation happening, and

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Speaker 1: Bloomberg's reporting Ben Holland and Laura Davison that cash handouts

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Speaker 1: are gaining support in Congress. Get this as the best

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Speaker 1: virus fixed. I'm reading now from the Bloomberg terminal, cash

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Speaker 1: handouts to all American households are gaining support in Congress

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Speaker 1: as the best way to shore up an economy brought

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Speaker 1: to a near standstill by the coronavirus. Republican Senator Mitt

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Speaker 1: Romney gave his backing to the idea on Monday, proposing

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Speaker 1: to immediately send a thousand dollar checks to every adult American,

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Speaker 1: and Tom Cotton also said he is working on legislation

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Speaker 1: that would provide cash stipends. Several House Democrats also back

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Speaker 1: sending checks as the best way to help households. So,

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Speaker 1: I mean, we're in this together. We're all trying to

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Speaker 1: get through this. The President saying we might have to

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Speaker 1: do this, Uh, we might. You know, we might have

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Speaker 1: to be dealing with this virus through the Midsummer. We're

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Speaker 1: gonna be hunkered down for at least the next fifteen days.

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Speaker 1: But you know, Doug High, I've I've just been I'm

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Speaker 1: so thrilled to be joined by Doug Hi. Doug, did

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Speaker 1: you hear this? You're a Republican strategist, former R and

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Speaker 1: C Comms director and the former deputy chief of staff

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Speaker 1: to Eric Cantor free checks, thousand dollar checks to American

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Speaker 1: households as part of the economic stimulus that could come.

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Speaker 1: What do you think, Doug, Well, you know, it seemed

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Speaker 1: to come out of nowhere. I would quote the President

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Speaker 1: and say, you know, it's an idea I hadn't heard

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Speaker 1: of until just recently, until at least coming coming from

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Speaker 1: the Capitol. This is part of the match nations that

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Speaker 1: Congress tries to figure out how to grapple with this,

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Speaker 1: and I don't think anybody has any sense as to

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Speaker 1: whether or not this is going to happen, but clearly

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Speaker 1: there's going to be more than just a step one

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Speaker 1: of what Congress has already done or at least tried

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Speaker 1: to do. Um this is going to be a multi tiered,

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Speaker 1: multi layered process. And along with you know, I think

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Speaker 1: that's a good point. It is going to be multi tiered.

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Speaker 1: It is going to be a long process. We're all

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Speaker 1: in this together, and coming up, tug, you and I

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Speaker 1: are going to talk a little bit more about all

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Speaker 1: of that. I'm Kevin Sirelli. You're listening to Limberg. You're

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Speaker 1: listening to Bloomberg Sound On with Kevin Sirele on Bloomberg

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Speaker 1: and one or five points two. I'm Kevin Sireli, Chief Washington,

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Speaker 1: corresponding for Bloomberg Television and Bloomberg Radio, and we're broadcasting remotely. Uh.

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Speaker 1: I'm working from home, as I think all Americans are virtually,

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Speaker 1: as we all adjust a day at a time, one

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Speaker 1: day at a time, to the new normal in America

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Speaker 1: for the next couple of months. The President saying we've

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Speaker 1: got a hunker down for about fifteen days. We're dealing

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Speaker 1: with the economic fallout of this, But first we've got

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Speaker 1: to flatten the curve. Joining us on the line as

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Speaker 1: Doug High, he's a Republican strategist, former r n C

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Speaker 1: communications director and former deputy chief of staff to form

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Speaker 1: a House majority Leader Eric cantor, Doug, I want to

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Speaker 1: let you, I want to give you the mic and

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Speaker 1: virtually speaking, and I want you to to kind of

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Speaker 1: take me through what you think. Are you noticing more

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Speaker 1: bipartisanship on Capitol Hill to some extent, yes, Um, you know,

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Speaker 1: part of the problem and the fracturing of Capitol Hill

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Speaker 1: has been kind of the terra party fights as much

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Speaker 1: as it is the normal partisan fights, which is part

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Speaker 1: of why we've seen the aid package in the in

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Speaker 1: the House flow down. Um. But I think members of

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Speaker 1: Congress now, I was on the Hill meeting with members

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Speaker 1: Republicans and Democrats on Wednesday, and there was m and

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Speaker 1: some of these meetings war with Republican and Democratic members together. Um,

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Speaker 1: there's a sense that this is a very real problem

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Speaker 1: and not just a real problem. But you know, so

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Speaker 1: often we hear the kind of broiler plate lines from politicians.

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Speaker 1: It's not a red problem or a blue problem or

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Speaker 1: what have you. That's clearly the sense that there is

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Speaker 1: now and Republicans and Democrats may have different ideas for

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Speaker 1: how to best get there. Um, but as they're seeing

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Speaker 1: this spread in their state more and more, as they're

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Speaker 1: seeing the market really, um, really dropping a tag today

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Speaker 1: three thousand points, and then also in the coming days,

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Speaker 1: as this really financially begins to take hold in a

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Speaker 1: way that that are directly affecting people. As you know,

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Speaker 1: people who work in bars and restaurants, um, you know,

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Speaker 1: aren't are being paid, aren't working, aren't being tipped, um,

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Speaker 1: the people who work for for airlines or hotels or

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Speaker 1: things like that, that um set whole sectors of the

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Speaker 1: economy that just aren't being utilized right now. Uh, there's

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Speaker 1: going to have to be a federal response to that.

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Speaker 1: We're already starting to see that. And again there may

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Speaker 1: be different ideas on what to do. Republicans love tax cuts,

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Speaker 1: Democrats love to spend money. The reality is it's probably

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Speaker 1: gonna have to be a combination of the two. And

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Speaker 1: has mentioned before, a multi tiered, multi step process. I mean,

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Speaker 1: so it is just I think we're all sort of

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Speaker 1: kind of in real time adjusting to the to what's

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Speaker 1: going on. I mean, it's just, you know, really in

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Speaker 1: the span of a week, all of this has just happened.

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Speaker 1: It feels like it's happened so quickly. And I'm curious,

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Speaker 1: just based upon your experience, when would that economic relief come.

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Speaker 1: Because a lot of folks aren't going to be able

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Speaker 1: to pay rent, a lot of folks are gonna be

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Speaker 1: able to make a mortgage payment, and and that's a

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Speaker 1: real anxiety in addition to the health concerns. So well,

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Speaker 1: and Secretary Minution said, this is the second inning. Well,

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Speaker 1: when do we get to the third? Yeah? Well, and

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Speaker 1: and to some extent, when do we get to the first? Um,

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Speaker 1: if if you're people who if you're somebody who's on

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Speaker 1: the front line of you know, your day to day

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Speaker 1: livelihood being directly impacted by this, not by having to

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Speaker 1: work from home as you and I are doing, but

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Speaker 1: not working at all, which means you're not getting paid.

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Speaker 1: This isn't necessarily you know, stick leave or time off.

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Speaker 1: You've got some existential problems. And and that's where Washington

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Speaker 1: is going to have to act rather quickly. And and

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Speaker 1: you know you've already seen you've already seen movement. They're

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Speaker 1: moving faster than they typically do. And when I was,

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Speaker 1: when I was on the House side on Wednesday, I

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Speaker 1: was reminded to some extent of kind of the reaction

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Speaker 1: of both in the positive negative sense of where we

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Speaker 1: were not just after nine eleven, but but more specifically

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Speaker 1: after the anthrax attacks in nine eleven. Um. You know,

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Speaker 1: staff and and and members of Congress they're spooked, as

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Speaker 1: they rightly should be. You know, they don't know, they're

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Speaker 1: not necessarily experts in this, but they don't know how

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Speaker 1: to prevent it other than you know, and as if

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Speaker 1: you want example, I won't say who this was, but

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Speaker 1: I went into one member's office and before you walk

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Speaker 1: in on their door, um is a sign that says

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Speaker 1: we're not shaking. Hands were bumping elbows, and that member

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Speaker 1: of Congress gave me a big hand shape because of

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Speaker 1: course that's you know, that's just human nature. And so

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Speaker 1: these kinds of preventative ways as members are still trying

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Speaker 1: to figure out, okay, what is the federal response, PDC

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Speaker 1: response supposed to be in preventing and then aid, it

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Speaker 1: reminds me very much of kind of that a certain time,

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Speaker 1: UM after the antract attack, during the antract attack. But

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Speaker 1: it's very clear that Congress is is going to act

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Speaker 1: and you know, has begun that process already. And we're

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Speaker 1: gonna get through it. I mean. And that's the thing

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Speaker 1: I mean, and I think it bears repeating. We're gonna

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Speaker 1: get through it, folks, We're gonna get through this. I mean.

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Speaker 1: You know, I was talking to uh was checking out

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Speaker 1: on my mom earlier today and she said there was

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Speaker 1: an out early lady in the grocery line. And she said, uh,

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Speaker 1: she she was born during World War One and her parents,

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Speaker 1: you know, it dealt with World War One, she dealt

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Speaker 1: with World War two. And so we're gonna get through this.

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Speaker 1: And so I think that just bears repeating. And I

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Speaker 1: just go back. Look, there's so much bad news that's

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Speaker 1: out there, but you've gotta just you gotta keep alert

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Speaker 1: for the good news. To the Associated Press today with

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Speaker 1: a big scoop that they started the human test in

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Speaker 1: Seattle on a vaccine. They went through the first round

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Speaker 1: of the test to get the coronavirus vaccine Daily bir

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Speaker 1: Up Starry Newsweek. Newsweek also reporting on Australia ramping up

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Speaker 1: their vaccination tests on the coronavirus, so it's still you know,

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Speaker 1: a couple of months from the vaccine. The administration was

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Speaker 1: talking about some medicine as well. I thought this was interesting, Doug,

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Speaker 1: and I want to get your take on this. All

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Speaker 1: the construction workers, you know, and and folks have listen

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Speaker 1: to this show. You know, I come from a family

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Speaker 1: where my dad he's an engineer, and I'm thinking, you

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Speaker 1: think of those construction workers. Unfortunately, we're all having to

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Speaker 1: stay home from work for the next at least the

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Speaker 1: next couple of weeks. Those masks that they wear. There's

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Speaker 1: a there's a company that the government actually just awarded

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Speaker 1: a contract to in Minnesota that they're gonna be sending

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Speaker 1: like three million masks. According to Vice President Mike Pens

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Speaker 1: they're gonna be sending them to the first responders in

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Speaker 1: the medical field. So you know, maybe there's some opportunities

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Speaker 1: for some of these supply chains to tweak and to

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Speaker 1: bend so that they can you know, we can all

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Speaker 1: pitch in and do our part. Doug. Yeah, absolutely. You know,

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Speaker 1: I'm remind did of a meeting I was in in

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Speaker 1: two thousand five or six when I was working for

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Speaker 1: Senator Richard Burke North Carolina. At the time, he was

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Speaker 1: chair of the Biodefense UM Subcommittee in the Senate and

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Speaker 1: was talking about, you know, these kinds of issues in

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Speaker 1: two thousand fifteen years ago, based with two thousand five

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Speaker 1: and six, and you know what, what are the delivery

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Speaker 1: mechanisms from for those And I remember very clearly he said,

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Speaker 1: you know, we do have a delivery mechanism that delivers

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Speaker 1: things to every house six days a week, and that

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Speaker 1: that may be one way that we can get something

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Speaker 1: to everybody who needs it. Not that we're gonna have

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Speaker 1: a vaccine ready in a week to do so, but

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Speaker 1: we do have those supply chains. And as more people

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Speaker 1: are diagnosed, as you know, unfortunately more people become thick

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Speaker 1: and UM and die. People are going to panic. Some

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Speaker 1: of that's natural UM as they go to the grocery store.

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Speaker 1: I just came from the grocery store fifteen minutes ago

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Speaker 1: and literally there is no bread left at the Giant

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Speaker 1: that I went to. UM, but there is flour. I

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Speaker 1: made bread yesterday, I'll make bread tomorrow probably. But as

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Speaker 1: as those delivery UM change UM continue to exist, we

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Speaker 1: do have the infrastructure in place to deal with it.

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Speaker 1: You know, once we get um, the necessary supplies you

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Speaker 1: know that that we can then deliver out to the

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Speaker 1: rest of the public. You know, dog, I think that's

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Speaker 1: such a great point. And uh, we've got like a

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Speaker 1: minute left. But I want to ask you one more question,

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Speaker 1: and that is, in terms of the time table, when

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Speaker 1: do you think the secondomic stimulus is going to come?

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Speaker 1: It's not clear, Um, I would say more likely though,

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Speaker 1: you know, and this will be the first round one.

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Speaker 1: They've got the bill immediately um that they're trying to

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Speaker 1: sort out the corrections in UM. After that, I would

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Speaker 1: say it would probably be a week or two before

431
00:24:44,920 --> 00:24:48,240
Speaker 1: we get um, you know, a second bill. But I

432
00:24:48,240 --> 00:24:50,240
Speaker 1: don't say that as criticism. I think that's pretty quick

433
00:24:50,280 --> 00:24:52,920
Speaker 1: for Congress to get to get something done, and then

434
00:24:52,920 --> 00:24:55,879
Speaker 1: we're going to have to really kind of evaluate, you know,

435
00:24:55,960 --> 00:24:59,080
Speaker 1: what's happening, what are the impacts, and how the best

436
00:24:59,119 --> 00:25:03,960
Speaker 1: do it. Republicans, my Republican brethren always talk about, you know,

437
00:25:04,000 --> 00:25:06,880
Speaker 1: cutting waste. There's gonna be wasteful spending. You know, we're

438
00:25:06,920 --> 00:25:10,320
Speaker 1: going to misdiagnose things, We're going to get some things wrong,

439
00:25:10,600 --> 00:25:13,159
Speaker 1: but it's very clear that we're going to have to act. Um.

440
00:25:13,200 --> 00:25:14,919
Speaker 1: You know again in a multi tiered way, but in

441
00:25:14,960 --> 00:25:19,159
Speaker 1: a orderly, um and expedious way. Yeah. I mean this

442
00:25:19,280 --> 00:25:22,159
Speaker 1: is there's no Republicans and Democrats on this. We got

443
00:25:22,240 --> 00:25:24,440
Speaker 1: a flat in the curve. All right, Doug High, thank

444
00:25:24,480 --> 00:25:26,719
Speaker 1: you so much for for breaking down and getting your

445
00:25:26,760 --> 00:25:30,439
Speaker 1: perspective on that that's stuck high Republicans tripist. I'm Kevin Sireli,

446
00:25:30,520 --> 00:25:33,960
Speaker 1: chief Washington correspondent for Bloomberg Television and Radio. And you're

447
00:25:34,000 --> 00:25:51,679
Speaker 1: listening to Bloomberg. You're listening to Bloomberg. Sound on with

448
00:25:51,760 --> 00:25:55,879
Speaker 1: Kevin Sirel on Bloomberg and one on five point seven

449
00:25:55,920 --> 00:26:00,760
Speaker 1: f M h D two. I'm Kevin Sireli, chief Washington

450
00:26:00,760 --> 00:26:04,840
Speaker 1: correspondent from Theberg Television and Radio, working remotely from home,

451
00:26:05,240 --> 00:26:07,159
Speaker 1: not then it's on the telephone line. He is a

452
00:26:07,240 --> 00:26:11,000
Speaker 1: Democratic strategist and former Clinton White House deputy assistant and

453
00:26:11,160 --> 00:26:14,440
Speaker 1: Third Way co founder and senior vice president of Third Way. Matt,

454
00:26:15,040 --> 00:26:17,240
Speaker 1: thanks for being on on a day like today. I mean,

455
00:26:17,280 --> 00:26:21,119
Speaker 1: just uh, we've been covering every angle of this, uh,

456
00:26:21,160 --> 00:26:24,560
Speaker 1: but I want to cover the angle with you. How

457
00:26:24,920 --> 00:26:27,280
Speaker 1: what are there going to be primaries tomorrow night? Is

458
00:26:27,280 --> 00:26:30,560
Speaker 1: Ohio going to vote tomorrow? I mean everyone's saying stay home.

459
00:26:30,600 --> 00:26:34,199
Speaker 1: I'm not sure how they could have a primary. Boy,

460
00:26:34,200 --> 00:26:36,679
Speaker 1: you know, your guests is as good as mine. On Ohio,

461
00:26:37,400 --> 00:26:41,040
Speaker 1: the governor like Dwine, who's a Republican, which doesn't really matter,

462
00:26:41,080 --> 00:26:44,600
Speaker 1: but the governor said that he recommended against holding the primary.

463
00:26:44,960 --> 00:26:48,000
Speaker 1: Um as you probably knowing, in some states primaries are

464
00:26:48,240 --> 00:26:51,439
Speaker 1: done by the state itself, and others they're done by

465
00:26:51,480 --> 00:26:54,679
Speaker 1: the parties. I believe in Ohio it's largely driven by

466
00:26:54,720 --> 00:26:57,040
Speaker 1: the party. So I don't know what they're gonna do.

467
00:26:57,280 --> 00:27:01,600
Speaker 1: Kentucky just announced that they are postponeding their primary that

468
00:27:01,680 --> 00:27:04,440
Speaker 1: was to be tomorrow, but Florida said that they're going forward.

469
00:27:05,040 --> 00:27:08,119
Speaker 1: So I think people are scrambling right now to figure

470
00:27:08,119 --> 00:27:11,920
Speaker 1: it out. You know, I think, uh, they're scrambling. I

471
00:27:11,960 --> 00:27:15,720
Speaker 1: mean absolutely. Do you think the debate last night between

472
00:27:15,760 --> 00:27:19,800
Speaker 1: former Vice President Joe Biden and Senator Bernie Sanders, how

473
00:27:19,840 --> 00:27:22,679
Speaker 1: would you characterize that? I mean, in a day in

474
00:27:22,720 --> 00:27:26,520
Speaker 1: which Americans are are adjusting with the new normal and

475
00:27:26,560 --> 00:27:29,040
Speaker 1: their their new reality as we all work together to

476
00:27:29,080 --> 00:27:33,080
Speaker 1: try to flatten this curve, how what did you notice?

477
00:27:33,080 --> 00:27:36,399
Speaker 1: What were your takeaways from that debate last night? I

478
00:27:36,440 --> 00:27:39,680
Speaker 1: think we live in a completely different world today than

479
00:27:39,720 --> 00:27:43,359
Speaker 1: we did a month ago, and Joe Biden recognized that,

480
00:27:43,440 --> 00:27:46,720
Speaker 1: and Bernie standers just didn't. Um So what you saw

481
00:27:46,800 --> 00:27:50,720
Speaker 1: from Bernie was the same exact debate performance you would

482
00:27:50,720 --> 00:27:53,520
Speaker 1: have seen from Bernie had the virus not hit us,

483
00:27:53,600 --> 00:27:56,800
Speaker 1: had we not entered what is likely to be a recession,

484
00:27:57,680 --> 00:28:00,320
Speaker 1: had we not been in a world historic crisis. What

485
00:28:00,359 --> 00:28:03,600
Speaker 1: you saw from Joe Biden was just the opposite. He

486
00:28:03,720 --> 00:28:09,720
Speaker 1: has completely adjusted himself, his campaign, his demeanor, and his

487
00:28:09,880 --> 00:28:13,720
Speaker 1: priorities to meet this moment. And I think what you

488
00:28:13,760 --> 00:28:17,840
Speaker 1: saw also was a difference in their relative experience. Now,

489
00:28:17,880 --> 00:28:21,119
Speaker 1: Bernie's been in public life and in UH Congress for

490
00:28:21,160 --> 00:28:23,320
Speaker 1: a long time, but he has never sat in the

491
00:28:23,680 --> 00:28:26,080
Speaker 1: in the situation room and tried to figure out how

492
00:28:26,080 --> 00:28:28,359
Speaker 1: to respond to a crisis. Joe Biden did that for

493
00:28:28,400 --> 00:28:32,360
Speaker 1: eight years, and it showed. You know, Matt, I think

494
00:28:32,400 --> 00:28:35,640
Speaker 1: that's a really it's a really interesting take. I mean,

495
00:28:36,000 --> 00:28:38,560
Speaker 1: because I think when you for those of us watching

496
00:28:38,600 --> 00:28:41,400
Speaker 1: at home, or everyone who was watching at home, how

497
00:28:41,440 --> 00:28:44,200
Speaker 1: are these campaigns going to continue? How do you campaign

498
00:28:44,280 --> 00:28:48,880
Speaker 1: through something like this? Nobody has ever tried to do

499
00:28:48,960 --> 00:28:54,200
Speaker 1: anything like that. So Uh, both campaigns, along with the

500
00:28:54,240 --> 00:28:57,920
Speaker 1: Trump team, have wisely canceled all their events. They at

501
00:28:57,920 --> 00:29:00,760
Speaker 1: this point be insane for them not to have done so,

502
00:29:01,400 --> 00:29:03,480
Speaker 1: And that means that they're going to have to do

503
00:29:03,680 --> 00:29:11,479
Speaker 1: outreach to these voters, principally through advertising, both social media

504
00:29:11,680 --> 00:29:18,280
Speaker 1: and and traditional media, television, radio, and through contact phone banking.

505
00:29:18,400 --> 00:29:21,680
Speaker 1: Contact that can be done from home, So they're not

506
00:29:21,720 --> 00:29:23,880
Speaker 1: gonna be able to run phone banks out of traditional

507
00:29:23,920 --> 00:29:28,000
Speaker 1: field offices like they do normally, but they can ask

508
00:29:28,040 --> 00:29:30,760
Speaker 1: people to make calls from their home. What they can't

509
00:29:30,800 --> 00:29:34,320
Speaker 1: do is go out, press the flesh, give big speeches,

510
00:29:34,440 --> 00:29:37,640
Speaker 1: have rallies. And I think that's a much bigger problem

511
00:29:37,680 --> 00:29:39,800
Speaker 1: for Bernie Sanders than this for Joe Biden, because she

512
00:29:39,880 --> 00:29:42,840
Speaker 1: relies on the energy of those rallies to give a

513
00:29:42,880 --> 00:29:46,040
Speaker 1: sense of propulsion to his campaign. He's not gonna have that. Well,

514
00:29:46,040 --> 00:29:48,680
Speaker 1: the other thing that I'm curious about, I mean, I

515
00:29:48,720 --> 00:29:50,680
Speaker 1: guess there's two ways to look at it. Who the

516
00:29:50,680 --> 00:29:52,600
Speaker 1: heck would donate to a campaign right now? And there's

517
00:29:52,600 --> 00:29:55,440
Speaker 1: so much stress on the economy, and but beyond that,

518
00:29:55,560 --> 00:29:57,240
Speaker 1: I guess you could say that the cost of the

519
00:29:57,280 --> 00:30:00,480
Speaker 1: campaign could arguably have gone down. I mean, they're still

520
00:30:00,480 --> 00:30:02,280
Speaker 1: gonna have to spend money on on the internet. But

521
00:30:02,880 --> 00:30:05,480
Speaker 1: from a financial impact for these campaigns, how does that

522
00:30:05,520 --> 00:30:11,040
Speaker 1: work for both parties? Well, Uh, actually keeping a candidate

523
00:30:11,080 --> 00:30:15,440
Speaker 1: on the road, uh is a relatively small percentage of

524
00:30:15,440 --> 00:30:18,520
Speaker 1: a campaign's overall budget at this stage. It's a big

525
00:30:18,560 --> 00:30:22,440
Speaker 1: percentage early in the process when campaigns are tiny, they're

526
00:30:22,440 --> 00:30:27,120
Speaker 1: not advertising. But at this point, Uh, they're both carrying

527
00:30:27,240 --> 00:30:31,160
Speaker 1: large payrolls. They've got advertising to do, and they have

528
00:30:31,280 --> 00:30:35,080
Speaker 1: very large budgets, and most of that money is devoted

529
00:30:35,080 --> 00:30:38,800
Speaker 1: to other things, uh, keeping their staff paid, but also

530
00:30:39,240 --> 00:30:43,080
Speaker 1: polling and advertising. So I think it's not going to

531
00:30:43,320 --> 00:30:46,720
Speaker 1: save them not much money, and the outreach is going

532
00:30:46,800 --> 00:30:48,760
Speaker 1: to get more expensive because they're gonna have to do

533
00:30:48,800 --> 00:30:51,120
Speaker 1: it through paid media. But to your point, it's going

534
00:30:51,160 --> 00:30:53,800
Speaker 1: to be very difficult to raise money. I don't know

535
00:30:53,840 --> 00:30:57,640
Speaker 1: whether that hurts Bernie more because he realized, as he

536
00:30:57,680 --> 00:31:00,480
Speaker 1: talks about all the time, on small dollar giver who

537
00:31:00,480 --> 00:31:03,560
Speaker 1: are not likely to be opening up their checkbook at

538
00:31:03,560 --> 00:31:07,560
Speaker 1: the moment, whereas Biden has more money coming in from

539
00:31:07,640 --> 00:31:10,160
Speaker 1: larger donors who can't afford to give even a tough time.

540
00:31:11,240 --> 00:31:13,160
Speaker 1: All right, I'm gonna leave it there. Matt Bennet, thank

541
00:31:13,200 --> 00:31:15,600
Speaker 1: you so much for calling in today and for just

542
00:31:15,680 --> 00:31:18,160
Speaker 1: answering some really tough questions. I think that we're on

543
00:31:18,200 --> 00:31:20,880
Speaker 1: so many people's minds about how these campaigns are going

544
00:31:20,960 --> 00:31:22,920
Speaker 1: to play out. So thank you to Matt Bennett. Will

545
00:31:23,000 --> 00:31:26,040
Speaker 1: let you go, and again just just to reset here

546
00:31:26,720 --> 00:31:28,760
Speaker 1: as we're letting that go and we're trying to get

547
00:31:29,360 --> 00:31:33,240
Speaker 1: Creety Group to Bloomberg Markets Live Team reporter on the line.

548
00:31:33,280 --> 00:31:36,960
Speaker 1: I mean, the markets really took a tumble today and

549
00:31:37,560 --> 00:31:41,400
Speaker 1: I'm excited to get her excited the wrong word. I'm

550
00:31:41,440 --> 00:31:46,240
Speaker 1: interested to get Creates uh critique on this because really,

551
00:31:46,280 --> 00:31:50,360
Speaker 1: I mean just the markets have just been completely completely

552
00:31:51,600 --> 00:31:56,440
Speaker 1: haywire over this, and crazy Group to Bloomberg Markets Live

553
00:31:56,480 --> 00:31:59,120
Speaker 1: Team reporter, I shall be able to walk us through that.

554
00:31:59,160 --> 00:32:02,040
Speaker 1: The stomach turning ride on global financial markets took a

555
00:32:02,120 --> 00:32:05,840
Speaker 1: dramatic turn Monday, with US stocks plunging the most since

556
00:32:05,960 --> 00:32:10,560
Speaker 1: nine seven, after President Donald Trump warned the economic disruption

557
00:32:10,920 --> 00:32:16,000
Speaker 1: from the virus could last into the summer. So again, folks,

558
00:32:16,000 --> 00:32:20,880
Speaker 1: the President today, uh, the President today saying bunker down.

559
00:32:21,200 --> 00:32:23,800
Speaker 1: I mean we're in this for the long the long road.

560
00:32:24,200 --> 00:32:27,400
Speaker 1: And actually Senator mit Romney, a Republican from Utah. He's

561
00:32:27,440 --> 00:32:31,480
Speaker 1: suggesting giving each American household a thousand dollars a cash

562
00:32:31,520 --> 00:32:35,160
Speaker 1: handout as a fix as a way to to best

563
00:32:35,240 --> 00:32:41,240
Speaker 1: the virus. Uh and and and that's gaining some support

564
00:32:41,400 --> 00:32:44,960
Speaker 1: from Democrats as well. And you know, I mean that

565
00:32:45,040 --> 00:32:49,360
Speaker 1: might be the unchartered territories that we're in where you know,

566
00:32:49,400 --> 00:32:52,080
Speaker 1: and and to read from the Bloomberg terminal, among economists,

567
00:32:52,120 --> 00:32:54,760
Speaker 1: the idea of across the board cash handouts as a

568
00:32:54,800 --> 00:32:59,000
Speaker 1: response to the epidemic has been rapidly gaining support. That's

569
00:32:59,040 --> 00:33:01,480
Speaker 1: mainly because the skill of the shock has become much

570
00:33:01,520 --> 00:33:04,640
Speaker 1: clearer as swats of the economy from air travel to

571
00:33:04,680 --> 00:33:09,320
Speaker 1: bars and restaurants essentially have shut down. Creaty groops to

572
00:33:09,400 --> 00:33:11,960
Speaker 1: joined us on the line. She's a Bloomberg Markets Live

573
00:33:11,960 --> 00:33:15,440
Speaker 1: team reporter, Createy what happened today on on Wall Street?

574
00:33:16,360 --> 00:33:19,520
Speaker 1: So we had a twelve declient. All the major averages.

575
00:33:19,800 --> 00:33:22,480
Speaker 1: Really a scary sign here because we're actually have never

576
00:33:23,560 --> 00:33:27,080
Speaker 1: declined by this much. Um in these last three weeks

577
00:33:27,120 --> 00:33:30,000
Speaker 1: of volatility off the virus. Of course, um, we actually

578
00:33:30,040 --> 00:33:33,160
Speaker 1: got very close to hitting that second limit down level.

579
00:33:33,200 --> 00:33:36,000
Speaker 1: We already saw a first limit down during futures trading,

580
00:33:36,040 --> 00:33:39,400
Speaker 1: and then again when interday trading just started one minute

581
00:33:39,400 --> 00:33:42,479
Speaker 1: into the session, we had another fifteen minute halt just

582
00:33:42,560 --> 00:33:44,320
Speaker 1: to be able to process all those orders and then

583
00:33:44,360 --> 00:33:46,840
Speaker 1: to be able to get quite close actually to that

584
00:33:46,880 --> 00:33:50,600
Speaker 1: next limit down levels. Uh, some scary signs of of

585
00:33:50,680 --> 00:33:53,560
Speaker 1: things happening here on Wall Street. All right, we've got

586
00:33:53,600 --> 00:33:56,480
Speaker 1: about a minute left, createy, And I know there's scary signs,

587
00:33:56,480 --> 00:33:59,480
Speaker 1: but is there any hope? Are you noticing anything, any

588
00:33:59,480 --> 00:34:02,000
Speaker 1: glimmer of hope or anything that that maybe is going

589
00:34:02,080 --> 00:34:05,600
Speaker 1: under reported in the midst of all this doom and gloom. So,

590
00:34:05,720 --> 00:34:08,480
Speaker 1: I mean, sorry to say, but it'll it'll really be

591
00:34:08,760 --> 00:34:11,600
Speaker 1: I think a pretty volatile setting as long as we

592
00:34:11,680 --> 00:34:15,280
Speaker 1: do have these virus beeris kind of impact economic activity,

593
00:34:15,320 --> 00:34:17,840
Speaker 1: and that's really what we're waiting for here. Any signs

594
00:34:17,880 --> 00:34:21,320
Speaker 1: that we're able to kind of proceed with our normal

595
00:34:21,400 --> 00:34:24,080
Speaker 1: day lives in any way that we can. A crucial

596
00:34:24,080 --> 00:34:25,839
Speaker 1: thing to watch, though, is just what's going to come

597
00:34:25,840 --> 00:34:28,319
Speaker 1: out from a fiscal response from from our government. A

598
00:34:28,360 --> 00:34:31,239
Speaker 1: good sign, though, you were asking for, was that emergency

599
00:34:31,239 --> 00:34:34,280
Speaker 1: cut from the FED reassuring some people on the street

600
00:34:34,360 --> 00:34:37,760
Speaker 1: that the institutions, habit right and have things under control

601
00:34:38,719 --> 00:34:41,040
Speaker 1: all right well. Creating groups said, thanks for John the

602
00:34:41,160 --> 00:34:42,960
Speaker 1: line to talk about the markets with us. I know

603
00:34:42,960 --> 00:34:45,239
Speaker 1: you're going to join us in the weeks ahead as well.

604
00:34:45,280 --> 00:34:48,640
Speaker 1: Creating groups of Bloomberg Live Markets reporters. She's been all

605
00:34:48,680 --> 00:34:50,920
Speaker 1: over this, her team has been all over this, and

606
00:34:50,960 --> 00:34:53,040
Speaker 1: we're going to continue to deliver the news as well.

607
00:34:53,360 --> 00:34:56,080
Speaker 1: You can download the Bloomberg Sound on podcast on Apple iTunes,

608
00:34:56,160 --> 00:34:58,400
Speaker 1: Bloomberg dot com, or by downloading the Boomberg Business that

609
00:34:58,719 --> 00:35:00,520
Speaker 1: You can also find us on Radio dot com, I

610
00:35:00,560 --> 00:35:03,040
Speaker 1: Heart Radio, and Spotify. Go to the CDC dot gov,

611
00:35:03,280 --> 00:35:06,200
Speaker 1: go to Bloomberg dot com, go to the Associated Press,

612
00:35:06,239 --> 00:35:09,480
Speaker 1: go to your trusted resources to get information. We're going

613
00:35:09,560 --> 00:35:12,840
Speaker 1: to get through this all together. You can. I'm Kevin Cirelli.

614
00:35:12,880 --> 00:35:13,880
Speaker 1: You're listening to Bloomberg