WEBVTT - JD Vance's Acceptance Speech; Pressure Mounts on President Biden

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and.

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<v Speaker 1>I'm Karen Moscow. Here are the stories we're following today.

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<v Speaker 3>Karen, we begin with nine three of the Republican National Convention,

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<v Speaker 3>where Donald Trump's vice presidential nominee J. D. Vance was

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<v Speaker 3>introduced to the nation.

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<v Speaker 4>I'm overwhelmed with gratitude to say I officially accept your

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<v Speaker 4>nomination to be vice president of the United States of America.

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<v Speaker 3>And in his acceptance speech, the Ohio Senator drew on

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<v Speaker 3>his rural roots, blaming President Biden and past administrations for

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<v Speaker 3>leaving working class voters behind.

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<v Speaker 4>Thanks to these policies that Biden and other out of

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<v Speaker 4>touch politicians in Washington gave us, our country was flooded

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<v Speaker 4>with cheap Chinese goods, with cheap foreign labor, and in

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<v Speaker 4>the decades to come, deadly Chinese finanol. Joe Biden screwed up,

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<v Speaker 4>and my community paid the price.

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<v Speaker 3>And then JD. Vance went after the business community.

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<v Speaker 4>We're done ladies and gentlemen catering to Wall Street. We'll

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<v Speaker 4>commit to the workingman. We're done importing foreign labor. We're

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<v Speaker 4>going to fight for American citizens and their good jobs

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<v Speaker 4>and they're good wages.

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<v Speaker 3>The vice presidential nominee JD. Vance added the GOP is

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<v Speaker 3>done sacrificing supply chains to global trade and is committed

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<v Speaker 3>to manufacturing products in the US. The Biden campaign responded

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<v Speaker 3>to Vance's speech by calling him unprepared, unqualified, and willing

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<v Speaker 3>to do anything to meet Donald Trump's demands.

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<v Speaker 1>Well, Nathan, Donald Trump will speak tonight and formally accept

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<v Speaker 1>the Republican presidential nomination for a third time. It'll be

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<v Speaker 1>his first speech since the assassination attempt last weekend. The

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<v Speaker 1>Trump campaign says the former president changed his address after

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<v Speaker 1>the attempt on his life to make it more unifying.

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<v Speaker 1>Follow Bloomberg for a live coverage of former President Donald

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<v Speaker 1>Trump's acceptance speech on the final night their Republican National

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<v Speaker 1>Convention on Bloomberg's Balance of Power with Joe Matthew and

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<v Speaker 1>k Lies. Complete team coverage begins at eight pm Wall

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<v Speaker 1>Street Time on Bloomberg Radio and television.

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<v Speaker 3>On the Democratic side, Karen President Biden continues to face

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<v Speaker 3>questions about his ability to serve. In an interview with Beet,

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<v Speaker 3>the President said he is willing to relinquish power to

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<v Speaker 3>Vice President Kamala Harris. In a second term under one scenario, some.

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<v Speaker 5>Medical condition that emerged.

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<v Speaker 3>If somebody doctors came to me said you got this problem.

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<v Speaker 6>That problem now.

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<v Speaker 3>Those comments from President Biden came before the White House

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<v Speaker 3>announced he's tested positive for COVID. The White House says

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<v Speaker 3>his symptoms are mild, and the President is isolating at

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<v Speaker 3>his home in Delaware.

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<v Speaker 1>Will the President deals with COVID Nathan. He's also facing

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<v Speaker 1>intensifying pressure within his own party to step aside from

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<v Speaker 1>the race. Prominent House Democrat Adam Schiff of California released

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<v Speaker 1>a statement of the Los Angeles Times that Biden should

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<v Speaker 1>let another candidate run over the weekend, Schiff was caught

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<v Speaker 1>at a fundraiser saying the President needed to pass the torch.

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<v Speaker 7>I do not think he is the.

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<v Speaker 5>Best person who should go into the selection. I think

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<v Speaker 5>if he has our comedy, I think we lose.

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<v Speaker 1>Congressman Adam Schiff says he's concerned Biden's candidacy could affect

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<v Speaker 1>other Democrats down ballot.

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<v Speaker 3>And Karen Congressman. Shift is a close ally to former

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<v Speaker 3>House Speaker Nancy Pelosi, and according to CNN, Pelosi has

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<v Speaker 3>told the president privately the polling shows he cannot defeat

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<v Speaker 3>Donald Trump and could destroy Democrats' chances of winning the

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<v Speaker 3>House in November. ABC News is reporting Senate Majority leader

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<v Speaker 3>Chuck Schumer told the President last week it would be

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<v Speaker 3>best if he ended his reelection bid Well Nathan.

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<v Speaker 1>Senate leader Schumer is also calling on New Jersey Senator

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<v Speaker 1>Bob Menendez to resign after his conviction on bribery and

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<v Speaker 1>foreign agent charges. NBC News has reported that Menendez told

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<v Speaker 1>allies he intends to resign, but the senator told CBS

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<v Speaker 1>New York that he has not resigned nor has he

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<v Speaker 1>spoken to quote so called allies. A Dray convicted Menendez

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<v Speaker 1>on sixteen counts this week after a two month trial.

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<v Speaker 3>Senate Minarti leader Mitch McConnell is calling for new leadership

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<v Speaker 3>Karen at the sequet Its service comes after the assassination

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<v Speaker 3>attempt on former President Trump. Bloomberg's Amy Morris has the

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<v Speaker 3>details on that from Washington.

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<v Speaker 8>Senator Mitch McConnell posted on x that the shooting was,

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<v Speaker 8>in his words, a grave attack on American democracy and

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<v Speaker 8>that new leadership at the Secret Service would be an

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<v Speaker 8>important step. House Committee on Oversight and Accountability Chairman James

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<v Speaker 8>Comer has subpoenaed Secret Service Director Kimberly Cheedle to appear

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<v Speaker 8>at a hearing on Monday. Lawmakers say they'll hold a

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<v Speaker 8>bipartisan probe focused on the Secret Service, and President Biden

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<v Speaker 8>ordered an independent probe. The Homelands Inspector General also opened

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<v Speaker 8>its own investigation in Washington. Amy Morris Bloomberg Radio.

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<v Speaker 1>All right, Amy, thank you if you want to turn to

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<v Speaker 1>markets now and NASDAK futures are higher, with shipmaker Taiwan

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<v Speaker 1>Semiconductor restoring sentiment in tech. If follow is the worst

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<v Speaker 1>day for the Nasdaq one hundred since twenty twenty two.

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<v Speaker 1>Traders were spooked over concerns about tidy US restrictions on

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<v Speaker 1>chip sales to China. But TSMC reported earning said beat

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<v Speaker 1>and less estimates and raise projections for full year revenue

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<v Speaker 1>growth and a show of confidence in the artificial intelligence boom.

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<v Speaker 3>As for the broader economy, Karen traders are getting bullish

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<v Speaker 3>about a September rate cut after comments from Fed Governor

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<v Speaker 3>Christopher Waller. He told an audience in Kansas that the

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<v Speaker 3>US can tame inflation without dipping into a recession.

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<v Speaker 9>I believe the current data are consistent with achieving of

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<v Speaker 9>soft landing, and I'll be looking for data over the

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<v Speaker 9>next couple of months to buttress that view. So while

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<v Speaker 9>I don't believe we've reached our final destination, I do

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<v Speaker 9>believe we are getting closer to the time when a

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<v Speaker 9>cut in the policy rate is warranted.

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<v Speaker 3>FED Governor Chris Waller's comments echo those of other policymakers

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<v Speaker 3>who are broadly optimistic about inflation but waiting for more

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<v Speaker 3>positive data in the coming weeks.

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<v Speaker 1>All rights, they're also in focus over season aathan with

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<v Speaker 1>a decision from the European Central Bank this morning. Bloomberg's

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<v Speaker 1>Lizzie Burdens as a cut today is unlikely, but ECB

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<v Speaker 1>President Christine Leguard could hint at a move in September.

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<v Speaker 10>Markets and economists expect the European Central Bank to keep

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<v Speaker 10>interest rates on hold at its July meeting today, though

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<v Speaker 10>traders will listen closely for clues as to whether a

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<v Speaker 10>September move is coming. Even the hawkish end of the

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<v Speaker 10>Governing Council has said market pricing for two more moves

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<v Speaker 10>this year looks reasonable, but President Christine Legard is unlikely

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<v Speaker 10>to want to box herself in on timing, so we'll

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<v Speaker 10>probably reiterate that the Central Bank is data dependent. A

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<v Speaker 10>key question is whether she reintroduces the ECB's easing bias

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<v Speaker 10>in Frankfurt. Lizzie Bird and Bloomberg Radio.

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<v Speaker 3>All right, Lizzie, thank you. Finally make no bones about

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<v Speaker 3>this one. Citadel founder Ken Griffin paid Southeby's forty four

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<v Speaker 3>point six million dollars for a near complete Stegosaurus fossil

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<v Speaker 3>at auction, one hundred and fifty million year old dinosaur

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<v Speaker 3>nicknamed Apex. Griffin plans to put it on display the museum.

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<v Speaker 3>His bid marks a record sum for a fossil sold

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<v Speaker 3>at auction, even going to the Jurassic era.

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<v Speaker 1>Time now for a look at some of the other

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<v Speaker 1>stories making news in New York and around the world.

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<v Speaker 1>For that, we're joined by Bloomberg's Michael Barr Michael, Good morning.

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<v Speaker 7>Good morning, Karen. For the second straight week, communities and

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<v Speaker 7>upstate New York have been slammed by severe storms and tornadoes.

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<v Speaker 7>Dozens of buildings have been destroyed and nine tornadoes confirmed

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<v Speaker 7>near Syracuse and Rochester in Rome, New York Governor Kathy

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<v Speaker 7>Okel said tens of thousands of customers in the affected

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<v Speaker 7>areas are still without power.

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<v Speaker 11>This is an urgent situation. When the heat is as

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<v Speaker 11>hot as it is right now, people need their power

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<v Speaker 11>back on, So we are focused intensely on making sure

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<v Speaker 11>that happens as soon as humanly possible.

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<v Speaker 7>At least one person dined in the storms. Wall Street

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<v Speaker 7>Journal reporter Evan Gerskovich has appeared in court in Russia

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<v Speaker 7>for the second hearing in his trial on espionage charges. Gerskevich,

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<v Speaker 7>his employer, and the US government vehemently deny the charge

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<v Speaker 7>against him. Kriskevich was accused by the Russian Prosecutor General's

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<v Speaker 7>office of gathering secret information on orders from the CIA

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<v Speaker 7>about a plant that produces and repairs tanks and other

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<v Speaker 7>military equipment. The journalist was detained while on a reporting

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<v Speaker 7>trip in March of twenty twenty three. The US Navy

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<v Speaker 7>has exonerated more than two hundred and fifty black sailors

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<v Speaker 7>found to be unjustly punished in nineteen forty four following

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<v Speaker 7>a California port explosion that killed hundreds of service members.

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<v Speaker 7>The blast killed three hundred twenty sailors and civilians, nearly

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<v Speaker 7>seventy five percent of whom were black, and injured another

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<v Speaker 7>four hundred personnel Navy Secretary Carlos del Toro.

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<v Speaker 9>This decision clears their names, restores their honor, and acknowledges

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<v Speaker 9>the courage they displayed in the face of immense danger.

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<v Speaker 7>The punishments kept them from receiving honorable discharges. Fifty sailors

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<v Speaker 7>who held their demands for safety and training were tried

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<v Speaker 7>as a group on charges of conspiracy to commit mutiny.

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<v Speaker 7>They were convicted and sent to prison. Researchers studying tens

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<v Speaker 7>of thousands of patients found that people who have irregular

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<v Speaker 7>sleep patterns, say five hours of sleep one night, ten

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<v Speaker 7>hours of sleep the next night, have a more than

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<v Speaker 7>thirty percent higher risk of developing type two diabetes. Doctor

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<v Speaker 7>Cina Keance is with Brigham and Women's Hospital in Boston.

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<v Speaker 4>Our finis have the potential to improve diabetes prevention on

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<v Speaker 4>multiple levels.

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<v Speaker 1>Clinically, they might inform better patient care and treatment plans.

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<v Speaker 7>Doctor Kennercy says. The study was on patients in the

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<v Speaker 7>United Kingdom. Global News twenty four hours a day and

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<v Speaker 7>whenever you want it with Bloomberg News. Now, Michael Barr,

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<v Speaker 7>this is Bloomberg.

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<v Speaker 1>Heret all right, Michael Barr, thank you. Time now to

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<v Speaker 1>the Bloomberg Sports Update with John stash Hour. John, good morning, Good.

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<v Speaker 6>Morning care and it's a difficult, cloudy bristday in Scotland.

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<v Speaker 6>The players are bundled up for the start of the

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<v Speaker 6>Open Championship in fifty second edition, tenth time. It's being

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<v Speaker 6>held at Royal Trooon and early on Justin Thomas, Matt Wallace,

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<v Speaker 6>Young Hans Song share the lead three under part is

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<v Speaker 6>the last major of the year. Vice at the Champeau

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<v Speaker 6>has so far finished sixth at the Masters, second at

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<v Speaker 6>the PGA, and last month he won the US Open.

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<v Speaker 6>The Champeau was just teed off. Rory McElroy is about

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<v Speaker 6>to and later this morning. World number one Scottie Scheffler

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<v Speaker 6>excited to be playing Lenke Skulf.

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<v Speaker 12>I just feel like you have to be more creative here,

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<v Speaker 12>and you know, I love that part of it. I

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<v Speaker 12>feel like when I do come over here, this is

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<v Speaker 12>really kind of how golf was intended to be played.

0:10:33.080 --> 0:10:35.480
<v Speaker 12>I feel like there's a lot more opportunity for shot

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<v Speaker 12>making and being creative around the greens.

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<v Speaker 6>Jeff has already won six tournaments this year. He's trying

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<v Speaker 6>to be just the fourth since nineteen eighty to win

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<v Speaker 6>the Masters, and they Open the same year. He's the

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<v Speaker 6>first is Tiger Woods in twenty thirteen to be the

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<v Speaker 6>betting favorite going into all four majors. London the next

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<v Speaker 6>up for the US Olympic basketball team. They'll play exhibition

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<v Speaker 6>games there on Saturday and Monday, then a week from

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<v Speaker 6>Sunday it's the opener in Paris against Serbia, who the

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<v Speaker 6>US just be easily one oh five to seventy nine.

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<v Speaker 6>Steph Curry scored twenty four points. Caitlin Clark has often

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<v Speaker 6>been compared to Curry, and last night she did something

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<v Speaker 6>no WNBA player has ever done before. Clark had nineteen assists.

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<v Speaker 6>She just scored twenty four points. Although Indiana loss to

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<v Speaker 6>the last place Dallas, Pat Williams has passed away at

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<v Speaker 6>eighty four. Longtime NBA exec with Philadelphia and then Orlando,

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<v Speaker 6>represented the Magic three times when they won the draft lottery,

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<v Speaker 6>landing them Shaquille O'Neal, Penny Hardaway, and Dwight Howard. Williams

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<v Speaker 6>also wrote over one hundred books, ran fifty eight marathons,

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<v Speaker 6>and he and his wife had nineteen children, fourteen of

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<v Speaker 6>them adopted from foreign countries. John Stasherwick Bloomberg Sports Karenia.

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<v Speaker 5>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 5>and around the world on Bloomberg dot Com and the

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<v Speaker 5>Bloomberg Business app. This is Bloomberg Daybreak. Good Morning on

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<v Speaker 5>Nathan Hager. It is a tale of two campaigns.

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<v Speaker 3>As the Republican National Convention heads to its conclusion tonight,

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<v Speaker 3>Donald Trump is set to accept his party's nomination for

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<v Speaker 3>a third time after surviving an assassination attempt and cementing

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<v Speaker 3>his populist hold on the Republican Party, while President Biden

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<v Speaker 3>finds himself sidelined by COVID and under fast growing pressure

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<v Speaker 3>to bow out of the race. Joining us for more

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<v Speaker 3>Bloomberg Breaking News, Managing Editor Derek Wallbank, Derek, good morning.

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<v Speaker 3>Let's start with the convention. What are your takeaways from

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<v Speaker 3>what we saw from JD. Vance last night, his acceptance

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<v Speaker 3>speech as running mate and this populist message that you

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<v Speaker 3>know he's solidifying for former President Trump.

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<v Speaker 13>Well, Nathan, I think that JD. Vance is somebody who

0:12:36.480 --> 0:12:39.440
<v Speaker 13>has been a staunch ally of Donald Trump. Remember, you know,

0:12:39.520 --> 0:12:42.240
<v Speaker 13>he's the sort of person who was running in a

0:12:42.360 --> 0:12:44.560
<v Speaker 13>very crowded primary field when he wanted to be a

0:12:44.559 --> 0:12:48.959
<v Speaker 13>senator from Ohio. Trump picked him to be endorsed. He

0:12:49.240 --> 0:12:55.120
<v Speaker 13>goes on, gets that nomination, gets the win, gets into

0:12:55.120 --> 0:12:59.000
<v Speaker 13>the Senate, becomes one of Donald Trump's most fervent supporters,

0:12:59.559 --> 0:13:03.439
<v Speaker 13>and eventually now rewarded with the VP nomination. But Vance

0:13:03.480 --> 0:13:06.360
<v Speaker 13>hasn't been in the political scene for all that long.

0:13:06.440 --> 0:13:09.280
<v Speaker 13>So this was a chance for JD. Vance to introduce

0:13:09.400 --> 0:13:13.280
<v Speaker 13>himself to the public writ large, and he went with

0:13:13.360 --> 0:13:18.840
<v Speaker 13>a very biography heavy introduction. You know, a guy who

0:13:19.040 --> 0:13:22.400
<v Speaker 13>first came to prominence from having written his own biography.

0:13:23.120 --> 0:13:27.040
<v Speaker 13>He'll bili elogy, you know, talking about his experiences and

0:13:27.520 --> 0:13:32.520
<v Speaker 13>you know that you know the sort of appellation, you know,

0:13:32.600 --> 0:13:36.440
<v Speaker 13>how did everybody lose, the lose the working person, you know,

0:13:36.559 --> 0:13:39.679
<v Speaker 13>things of that nature, and he sort of tried to

0:13:39.760 --> 0:13:43.200
<v Speaker 13>tie that into Trump's appeal. One of the things I

0:13:43.280 --> 0:13:46.559
<v Speaker 13>saw from Vance and from other speakers. Marco Rubio was

0:13:46.600 --> 0:13:48.840
<v Speaker 13>one who really did this was they were trying to

0:13:48.880 --> 0:13:52.120
<v Speaker 13>sort of verbally set up a permission structure for people

0:13:52.200 --> 0:13:56.560
<v Speaker 13>who may not have liked Trump before but to come

0:13:56.640 --> 0:13:58.480
<v Speaker 13>on board with this. And you actually saw this a

0:13:58.520 --> 0:14:01.400
<v Speaker 13>little bit from Nicki Hayley the other day as well.

0:14:01.720 --> 0:14:04.080
<v Speaker 13>Right set up a pathway for people who have not

0:14:04.200 --> 0:14:07.000
<v Speaker 13>been there for Trump, who are sitting there don't really

0:14:07.080 --> 0:14:10.199
<v Speaker 13>like the idea of Biden either, have serious reservations about

0:14:10.200 --> 0:14:13.880
<v Speaker 13>the president right now to vote for the former president instead.

0:14:14.600 --> 0:14:17.360
<v Speaker 13>So that was kind of rhetorically where he was going.

0:14:17.400 --> 0:14:19.720
<v Speaker 13>I think, you know, the most memorable parts of it though,

0:14:20.160 --> 0:14:24.480
<v Speaker 13>was when he was talking about his take no Prisoner's mamma,

0:14:25.040 --> 0:14:27.400
<v Speaker 13>his grandmother who helped raise him, and then when he

0:14:27.440 --> 0:14:33.280
<v Speaker 13>spotlighted his own mother, who struggled with substance abuse and

0:14:33.400 --> 0:14:37.600
<v Speaker 13>has been clean now on about ten years. Those were very,

0:14:37.680 --> 0:14:41.360
<v Speaker 13>very popular moments at the convention among the attendees there.

0:14:41.480 --> 0:14:44.640
<v Speaker 13>We'll see how it all resonates among the general public

0:14:44.680 --> 0:14:47.920
<v Speaker 13>when we get some post convention polls. But this was JD.

0:14:48.280 --> 0:14:51.880
<v Speaker 13>Vance's moment to make a name for himself.

0:14:52.040 --> 0:14:55.000
<v Speaker 3>And Donald Trump's moment comes tonight. I mean, this really

0:14:55.040 --> 0:14:57.680
<v Speaker 3>could be another one of those so called moments, his

0:14:57.720 --> 0:15:01.440
<v Speaker 3>first speech after getting great by a bullet last weekend.

0:15:01.480 --> 0:15:06.880
<v Speaker 13>Derek. Yeah. Now, Trump has made appearances, you know, each

0:15:07.000 --> 0:15:08.880
<v Speaker 13>night of the convention, but this is the first time

0:15:08.880 --> 0:15:10.440
<v Speaker 13>that we're going to get to hear from him. This

0:15:10.560 --> 0:15:13.080
<v Speaker 13>is somebody who, look, you know, whether you like him

0:15:13.120 --> 0:15:15.720
<v Speaker 13>or you don't like him. As somebody who has a

0:15:16.080 --> 0:15:21.840
<v Speaker 13>reputation well earned for showmanship, former television host, you should

0:15:21.880 --> 0:15:26.880
<v Speaker 13>expect the stage management of this to be nailed down,

0:15:27.200 --> 0:15:30.720
<v Speaker 13>right And again, as I say, Nathan, you know Trump,

0:15:32.200 --> 0:15:34.960
<v Speaker 13>the nation has had four years of Donald Trump as president.

0:15:35.000 --> 0:15:36.360
<v Speaker 13>If you like him or if you don't like him,

0:15:36.400 --> 0:15:38.920
<v Speaker 13>you know what you're getting, right, Like, there's there's nobody

0:15:38.960 --> 0:15:40.520
<v Speaker 13>in the United States who don't know who Donald J.

0:15:40.640 --> 0:15:44.680
<v Speaker 13>Trump is. But this is also a guy who, for

0:15:44.720 --> 0:15:49.280
<v Speaker 13>the first time really in his electoral history, finds himself

0:15:49.320 --> 0:15:51.280
<v Speaker 13>as a general election favorite.

0:15:51.680 --> 0:15:51.880
<v Speaker 7>Right.

0:15:51.960 --> 0:15:54.360
<v Speaker 13>He never was against Hillary Clinton. She was favored the

0:15:54.520 --> 0:15:56.880
<v Speaker 13>entire way according to poles and analysts and things like that.

0:15:57.120 --> 0:16:00.520
<v Speaker 13>Trump now is is in a situation where the betting

0:16:00.560 --> 0:16:02.760
<v Speaker 13>markets are saying that he's likely to win. You're seeing

0:16:02.800 --> 0:16:05.240
<v Speaker 13>movements and all of that, and so this is a

0:16:05.240 --> 0:16:07.920
<v Speaker 13>different position for him. He's also come off of a

0:16:08.000 --> 0:16:09.800
<v Speaker 13>you know, a time when he was literally shot in

0:16:09.840 --> 0:16:14.480
<v Speaker 13>the air giving a speech. You know, we're in uncharted

0:16:14.520 --> 0:16:17.560
<v Speaker 13>moments here for Donald Trump. I think there's gonna be

0:16:17.600 --> 0:16:20.040
<v Speaker 13>a lot of interest in how he handles this.

0:16:20.040 --> 0:16:22.920
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