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Speaker 1: President Biden, as you just heard live on Bloomberg Radio,

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Speaker 1: announcing the next phase in the fight against COVID, with

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Speaker 1: cases and hospitalizations rising, the Delta variant taking hold, and

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Speaker 1: now a mandate for federal workers and contractors for that matter,

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Speaker 1: to be vaccinated and prove it or be regularly tested.

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Speaker 1: President Biden speaking as well, directly to the political side

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Speaker 1: of this whole story. It actually was developed and authorized

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Speaker 1: under a Republican administration and has been distributed and administered

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Speaker 1: under a democratic administration. The vaccines are safe, highly effective.

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Speaker 1: There's nothing political about the President Biden walked into the

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Speaker 1: room wearing a mask for the first time in weeks.

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Speaker 1: Let's bring in Bloomberg Politics contributors Genie she and Zano

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Speaker 1: and Rick Davis for insights on what we just heard. Rick,

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Speaker 1: the President finally went there. He did not name Donald Trump,

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Speaker 1: didn't get into Operation warp speed, but he did remind those,

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Speaker 1: as you just heard, were hesitant that the vaccines were

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Speaker 1: authorized under a Republican administration. Well, that helped. Should he

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Speaker 1: have said it earlier? Yeah, I think it's actually a

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Speaker 1: really important point. You bring up, Joe, because you know

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Speaker 1: he's using his bully pulpit as president United States to

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Speaker 1: try and address this misinformation that's been out there. And

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Speaker 1: the best best endorsement he has is from Donald Trump,

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Speaker 1: who you know, created Operation Warp Speed to get UH

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Speaker 1: safe vaccines into every arm in America. And I think

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Speaker 1: I think it's long do. I think that this is

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Speaker 1: the kind of thing where I don't know why Joe

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Speaker 1: Biden wouldn't have included this as part of the rhetoric

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Speaker 1: when he first, you know, laid out his massive inoculation campaign.

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Speaker 1: But he's doing it now, and he's using his bully

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Speaker 1: pulpit as president to try and clear up some of

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Speaker 1: the the misinformation that exists out there over vaccines. And

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Speaker 1: I think it's obviously at a critical stage now. As

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Speaker 1: he said, it's it's a life and death situation. What's

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Speaker 1: to take on this genie? Some have even suggested he

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Speaker 1: film a p s A with Donald Trump or have

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Speaker 1: Trump to his own campaign to get people vaccinated. Yeah,

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Speaker 1: I'm not sure he should hold his breath on that um.

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Speaker 1: And I'm not even convinced that public officials, elected leaders

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Speaker 1: are the ones who are going to convince the unvaccinated

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Speaker 1: to get vaccinated. I do agree, and praise him um

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Speaker 1: for praising not just you know, the former president, but

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Speaker 1: the Fox News host, uh, you know k i V.

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Speaker 1: A Republican governor. He even praised Minority Leader Mitch McConnell,

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Speaker 1: who's spending a lot of money in his own state

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Speaker 1: to encourage vaccinations. So I think that is all important,

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Speaker 1: and that is all good. But I think what I

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Speaker 1: took away from this as we see the administration moving

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Speaker 1: a bit beyond carrots, still a little bit of carrots,

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Speaker 1: you know, after Kroger and others. You can still get

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Speaker 1: a hundred dollars if you get vaccinated now, but now

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Speaker 1: we're getting more into the sticks. If you are a

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Speaker 1: federal worker, you will be vaccinated or you will face

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Speaker 1: the ownerus testing and mask wearing, not able to travel,

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Speaker 1: those kinds of things, you know. The White House, I think,

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Speaker 1: feel strongly that they can't mandate all Americans get vaccinated,

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Speaker 1: but they can mandate federal workers either get vaccinated or tested.

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Speaker 1: And I think they believe, and I think they are

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Speaker 1: right on this, that that is also a good role

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Speaker 1: model for other private businesses organizations, And we've seen a

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Speaker 1: whole host of those, from Netflix to Morgan Stanley to Google,

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Speaker 1: doing the same thing. So I think there are being

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Speaker 1: a role model here and moving more in the direction

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Speaker 1: of using sticks to make it onerous not to be vaccinated.

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Speaker 1: Just want to mention breaking. In the last hour, the

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Speaker 1: mayor of Washington, d C. The District of Columbia is

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Speaker 1: now ordering all residents and visitors to wear masks indoors.

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Speaker 1: This happening just as President Biden walked into the East

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Speaker 1: Room this announcement. The city has seen a fivefold increase

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Speaker 1: I read in the daily case rate since the beginning

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Speaker 1: of July. So we're really talking about this big change

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Speaker 1: in the last four to five weeks. Jennie mentioned. Incent

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Speaker 1: is that hundred dollar payment that we're We're I guess

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Speaker 1: taking a cue from a Kroger stores. The President calling

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Speaker 1: on a lot more of that. I'm calling on all

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Speaker 1: states and local governments to use funding they have received,

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Speaker 1: including from the American Rescue Plan, to give one hundred

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Speaker 1: dollars to anyone who gets fully vaccinated. I know the

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Speaker 1: pain people who get vaccinated. It might sound unfair to

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Speaker 1: folks who have gotten vaccinated already, but here's the deal.

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Speaker 1: If incentives help us beat this virus, I believe we

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Speaker 1: should use them, you know, a hundred dollars, he says,

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Speaker 1: worked at Kroger grocery stores. Rick. But I've heard about

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Speaker 1: everything from vaximillions up in Massachusetts to a JAB for

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Speaker 1: a joint. I think was the campaign here in Washington,

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Speaker 1: d C. And those didn't seem to make the difference.

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Speaker 1: So why would this, you know, I think this is

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Speaker 1: just part of the tool kit. I think that he's

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Speaker 1: not relying on a hundred bucks to to inoculate a

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Speaker 1: hundred million people. I think he's just hoping that that

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Speaker 1: can attract a small segment of the society who may

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Speaker 1: be motivated by having, uh, you know, a hundred bucks

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Speaker 1: in their pocket. Uh. It seems to me it diminishes

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Speaker 1: the bigger message that he's trying to make, which is

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Speaker 1: really to put pressure from the presidency, from business, from

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Speaker 1: the community leaders on people who are unvaccinated. Up until

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Speaker 1: this point in time, you basically got um a bye.

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Speaker 1: If you weren't vaccinated, you weren't held accountable for spreading coronavirus.

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Speaker 1: I think today was the first real step this administration

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Speaker 1: has taken in saying to people who are unvaccinated, you're

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Speaker 1: the reason the coronavirus is spreading now, regardless of whether

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Speaker 1: it's you know, delta version or any other kind. If

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Speaker 1: you're unvaccinated, you're part of the problem. And and and

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Speaker 1: I don't know why this administration took so long to

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Speaker 1: basically point the finger, but the finger came out today

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Speaker 1: and it wagged a little bit. And I'm sure they

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Speaker 1: try to put some icing on it, called a hunter

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Speaker 1: bucks a shot. But the reality of this is this message,

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Speaker 1: with a tough message for the American public telling them

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Speaker 1: to go out and get vaccinated, and using the government

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Speaker 1: and the and the mandates that he's putting into his

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Speaker 1: agencies as an example of what he thinks other businesses,

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Speaker 1: other communities should be doing. So the summer of freedom,

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Speaker 1: I guess, is over. As we talked briefly about yesterday, Jeannie,

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Speaker 1: you've criticized this White House for its communications strategy. Was

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Speaker 1: this more of the same, Was it too late again?

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Speaker 1: Or are they getting back on the right track? You know,

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Speaker 1: I think it is a step in the right direction.

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Speaker 1: I do think it would have been smart had we,

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Speaker 1: knowing there would be variants coming down the pike, not

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Speaker 1: made the announcement that people vaccinated could remove their masks.

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Speaker 1: I think that has created a lot of chaos. And

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Speaker 1: you know, the president, you know today did take an

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Speaker 1: important step, but let's not forget. We are seeing showdowns

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Speaker 1: on masks in the House of Representatives, where Kevin McCarthy

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Speaker 1: is saying things like criticizing the CDC as a politicized

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Speaker 1: arm of the executive branch. In this administration. We're seeing

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Speaker 1: showdowns about schools, the President saying school district should host

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Speaker 1: pop up vaccinations, talking about schools. Yet you look at Florida,

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Speaker 1: you see the governor. They're calling for a potentially a

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Speaker 1: legislative session to say masks are voluntary, while school boards

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Speaker 1: are saying they may require them. So we are going

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Speaker 1: to see showdowns on masks continuing. And I am sorry

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Speaker 1: to say I believe that the administration has to own

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Speaker 1: some of that with this jumbled rollout of masking and

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Speaker 1: unmasking over these several months since they took office. You're

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Speaker 1: talking about the communication strategy here, Rick Davis. It was

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Speaker 1: most recently talked to your doctor. They thought, okay, let's

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Speaker 1: make this private, let's let everyone talk to people they trust,

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Speaker 1: then they'll get the vaccine. We heard those lines repeated

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Speaker 1: by many Republicans, including people on Fox News, personalities on

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Speaker 1: Fox News, or saying you would just sit down with

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Speaker 1: your doctor figure it out on your own. Was was

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Speaker 1: that already a fail now that we're paying people a

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Speaker 1: hundred dollars to get a shot. Yeah, I'm good luck

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Speaker 1: getting your doctor on the telephone. I mean, like, really

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Speaker 1: have they had a conversation with their doctor lately? I mean,

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Speaker 1: you know, I'm still trying to get my physical scheduled

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Speaker 1: and maybe in three months I see my doctor. So

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Speaker 1: I mean, like, I think these things are a little Pollyannish, right,

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Speaker 1: I mean like that that we're fighting a massive global

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Speaker 1: epidemic and uh and in the administration's treating it like,

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Speaker 1: you know, a flu bug. So I I think these guys,

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Speaker 1: I think today was the first step, uh in an

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Speaker 1: effort to try and uh toughen up, and I think

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Speaker 1: I would expect to see more of the same coming forward.

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Speaker 1: This is Bloomberg Son On with Joe Matthew on Bloomberg Radio.

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Speaker 1: Infrastructure is moving, That's not sure exactly where. After the

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Speaker 1: Senate voted to advance the bi part in package last night,

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Speaker 1: five hundred fifty billion dollars in new money, Senate majority

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Speaker 1: Leader Chuck Schumer this morning was all smiles on Capitol Hill.

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Speaker 1: A massive investment in public infrastructure will create tens of

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Speaker 1: thousands of good paying jobs. That's just what the doctor ordered,

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Speaker 1: Just what the doctor ordered. Even Mitch McConnell had nice

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Speaker 1: things to say. Our country would benefit a whole lot

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Speaker 1: from some targeted investment and the cons of real, tangible

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Speaker 1: projects that fit a common sense definition of actual infrastructure.

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Speaker 1: But of course the Republican leaders stopped short of endorsing

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Speaker 1: the whole two track plan that Democrats are pushing. The

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Speaker 1: kind of focused compromise that our colleagues have been hashing

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Speaker 1: out could not contrast more sharply with a multi trillion dollar, reckless, toxic,

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Speaker 1: and spending spree that Democrats hoped around through on a

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Speaker 1: party line vote later this year. For the latest, done

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Speaker 1: this by Bloomberg Government's Jack Fitzpatrick. Jack, what can Chuck

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Speaker 1: Schumer get done here? What would he like to get done?

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Speaker 1: Might be a better way to ask it. By the

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Speaker 1: August recess, I think you would like to actually pass

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Speaker 1: that infrastructure bill through the Senate. Now, keep in mind

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Speaker 1: it's clearly not going to become law by then, because

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Speaker 1: in the House Speaker Pelosi has said that she's not

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Speaker 1: going to let the infrastructure measure go forward until they

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Speaker 1: also get a Senate passed reconciliation bill that's everything else

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Speaker 1: the Democrats want to do. The totals at this point

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Speaker 1: three and a half trillion dollars. The Senate could also

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Speaker 1: get started on that. Basically, when you want to pass

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Speaker 1: something partisan in the Senate, you take two rounds of

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Speaker 1: votes who set the framework with one vote, and then

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Speaker 1: you actually fill out the bill. Uh, they want to

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Speaker 1: vote on that framework at some point in the near

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Speaker 1: future before recess, and then finish up work on the

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Speaker 1: whole three and a half billion dollar bill sometime later

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Speaker 1: in the year. So the Senate could get off to

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Speaker 1: a good start and hold two key votes that actually

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Speaker 1: get the infrastructure measure, the bipartisan one done, and then

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Speaker 1: wrangle the Democratic votes for the next big thing in

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Speaker 1: essentially round one. But it's not going to be enough

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Speaker 1: to actually get this to the President's desk before then,

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Speaker 1: but it would be a good start for the Senate

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Speaker 1: to get started on both of those bills before they leave.

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Speaker 1: I'm sure Chuck Schumer and Nancy Pelosi would love to

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Speaker 1: see that happen, as far as the bipartisan bill goes,

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Speaker 1: if we can call it a bill at this point,

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Speaker 1: that which was voted on last night. I spoke earlier

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Speaker 1: today with Senator Rick Scott, who who gave the line

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Speaker 1: that we hear from many opposed to this. They said, well,

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Speaker 1: the bill is not even written yet, there's no legislation.

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Speaker 1: I therefore cannot vote on something like that. When will

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Speaker 1: those blanks be filled in so that excuse goes away

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Speaker 1: and we can actually talk about the policy. Well, I

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Speaker 1: don't think there was a procedural reason for them to

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Speaker 1: put it out until at least tomorrow, maybe a little

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Speaker 1: after that. The way they do this, it's it's complicated.

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Speaker 1: But here's the as simple a version as I can

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Speaker 1: give you. Uh, they're working on it. They want to

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Speaker 1: start things off with the procedural vote they vote on

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Speaker 1: another bill, uh, to to end debate, to proceed to

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Speaker 1: the bill. It's actually another bill, and they'll amend it

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Speaker 1: with this infrastructure bill because they just you can, you

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Speaker 1: can hold that procedural vote before you even have the

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Speaker 1: bill ready to go. Uh. They can't do amendments until

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Speaker 1: they actually hold the second procedural vote to proceed to

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Speaker 1: they can amend it with the bill we're actually talking about.

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Speaker 1: But they couldn't even do that today because they weren't

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Speaker 1: able to do that second vote until tomorrow. So if

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Speaker 1: I have tied myself into a logistical preszel here with that,

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Speaker 1: basically they didn't really have to put out the text

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Speaker 1: at least until tomorrow. It could be the weekend. Uh

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Speaker 1: And you know, fortunately for the people who negotiated this,

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Speaker 1: one of the more difficult procedural votes that you know,

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Speaker 1: it's still alive and that is why Jack works for

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Speaker 1: Bloomberg Government. Well played, uh. As as we look ahead

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Speaker 1: minute before that happens, are the number is gonna look

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Speaker 1: a lot like the procedural vote last night. Do we

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Speaker 1: get a dozen or more Republicans to say yes on that? Um,

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Speaker 1: they need sixty It's difficult. The final vote on pass

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Speaker 1: that passage could be even more difficult than that. I

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Speaker 1: think there's going to be a back and forth that

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Speaker 1: makes things more challenging. You know, today we heard some

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Speaker 1: complaints from the House Chairman on Transportation and Infrastructure, Peter DeFazio,

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Speaker 1: thing he's gonna want to make some changes. As there's

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Speaker 1: a back and forth between the Senate and House. I

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Speaker 1: think more disagreements may appear that we didn't hear about

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Speaker 1: from the small group of senators negotiating this that could

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Speaker 1: shave off some votes. But really they are confident they

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Speaker 1: majority in the House. They may not have a glide

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Speaker 1: path forward, but they're they're looking fairly good. But you know,

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Speaker 1: six seven, uh, maybe this feeling they really just want

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Speaker 1: to make sure they can get at least sixty that

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Speaker 1: would still be a pretty big deal for the majority.

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Speaker 1: Here just a minute left here, Jack, as as we

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Speaker 1: consider what you mentioned in the House, are these numbers

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Speaker 1: all going to change once these bills are reconciled? If

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Speaker 1: they are, will there be language from the House that

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Speaker 1: gates into the final bill. The House is gonna want

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Speaker 1: to get their hands into this legislation. How exactly they

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Speaker 1: do that they haven't made clear. There are kind of

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Speaker 1: two ways or maybe three ways to do it. They

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Speaker 1: could have that conversation now and try to persuade senators

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Speaker 1: to change this and that before the Senate even votes.

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Speaker 1: They could let the Senate vote. They could try to

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Speaker 1: then pass their own thing in the House and come

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Speaker 1: up with something in the middle afterward. Sometimes they do

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Speaker 1: what we call ping ponging, and they pass things back

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Speaker 1: and forth that change between the Senate and House, and

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Speaker 1: we see multiple votes, not or what they're gonna do,

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Speaker 1: but it is clear that Peter de Fazio and other

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Speaker 1: House members aren't just gonna sit on their hands and

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Speaker 1: do whatever the Senate wants. So there are going to

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Speaker 1: be some changes. This is why everyone loves Washington. Bloomberg

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Speaker 1: Government's Jack Fitzpatrick, thank you for that walk, and welcome

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Speaker 1: to Bloomberg Sound On. Thanks for joining us. These are

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Speaker 1: anxious days for a lot of people, a lot of

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Speaker 1: families who cannot afford the rent. The federal moratorium on

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Speaker 1: evictions set to expire the end of this week. We

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Speaker 1: are almost there, and President Biden urging Congress to help.

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Speaker 1: This time after the Supreme Court set another extension requires

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Speaker 1: new legislation. This came up today in the White House

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Speaker 1: press briefing with Deputy Press Secretary Karine Jean Pierre speaking

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Speaker 1: to evictions in June, when CDC extended the eviction moratorium

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Speaker 1: until July thirty one, the Supreme Court's ruling stated that

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Speaker 1: clear and specific congressional authorization via new legislation would be

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Speaker 1: necessary to the CDC to extend more mortarium past July

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Speaker 1: thirty one. And so in light of the Supreme Court's ruling,

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Speaker 1: you know the President is going to work with Congress

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Speaker 1: to make that happen, or at least ask Congress to act. So,

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Speaker 1: now what we bring in law Professor Housing justice expert

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Speaker 1: Emily Benfer of the Wake Force Law Health Justice Clinic. Welcome, Emily,

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Speaker 1: thanks for joining us to begin. Do you see any

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Speaker 1: chance in this actually being extended? If we have any

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Speaker 1: hope of getting out of this pandemic and protecting public

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Speaker 1: health across the country. I certainly hope. So. The situation

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Speaker 1: is incredibly dire in this moment. The Supreme Court ruling

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Speaker 1: kind of changed the rules here. President Biden was prepared

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Speaker 1: to extend this through executive order. What happens if this

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Speaker 1: is not extended? I wonder if you can frame the

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Speaker 1: fallout not only for renters, but also for landlords, many

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Speaker 1: of whom were reluctant to evict their tenants during COVID. Absolutely,

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Speaker 1: if this is not extended, there are eleven points four

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Speaker 1: million adults who are behind on rent right now, and

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Speaker 1: one in three children are facing food or housing insecurity.

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Speaker 1: All of those people will be at heightened risk of

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Speaker 1: eviction the moment the moratory e lifts and could suffer

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Speaker 1: the poor health and long term and economic housing instability

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Speaker 1: that it causes. I think what's even more troubling on

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Speaker 1: top of that is that this is the perfect storm.

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Speaker 1: We have the delta variant spiking. We know that eviction

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Speaker 1: increases transmission of respiratory disease, and that when states lifted

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Speaker 1: their moratoria that we saw an increase in COVID nineteen

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Speaker 1: infection and deaths across those states. And at the same time,

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Speaker 1: vaccination rates are the lowest in the highest risk eviction areas,

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Speaker 1: so failure to stop the eviction crisis is guaranteeing a

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Speaker 1: surge in the pandemic. The President also says he wants

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Speaker 1: the Departments of Housing and Urban Development, Agriculture, and Veterans

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Speaker 1: Affairs to extend their eviction band through all of September

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Speaker 1: for people living on federally ensured single family property. Would

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Speaker 1: that make a difference. Absolutely, You've federally assisted housing represents

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Speaker 1: a large portion of our housing stock across the country,

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Speaker 1: and those families are also at risk of eviction in

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Speaker 1: this moment. So that could be a critical way to

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Speaker 1: protect people from this instability and the public health crisis

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Speaker 1: that follows, but it won't be enough. It is critical

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Speaker 1: to protect people across the country from eviction by extending

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Speaker 1: this moratorium. It's like with Emily ben for housing justice

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Speaker 1: lawyer from wake Forest Law on Bloomberg Sound on, can

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Speaker 1: you talk to us about landlords for a moment. I

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Speaker 1: know that that is not always the first place people

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Speaker 1: look because they're considered kind of the bad guy in

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Speaker 1: this case, But many landlords would prefer not to evict

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Speaker 1: their tenants and worry about finding new people to live

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Speaker 1: in these apartments. Right. In fact, we've actually seen the

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Speaker 1: majority of eviction finally is coming from corporate landlord, not

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Speaker 1: small mom and poplay on, and those are the landlords

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Speaker 1: who really need this rental assistance of forty six billion

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Speaker 1: dollars that's available to them, But so far only about

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Speaker 1: three billion has been paid out across the country, So

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Speaker 1: if they're forced to evict their tenants before that rental

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Speaker 1: assistance is available, they will lose their eligibility for that

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Speaker 1: critical funding that could help stabilize them having suffered this

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Speaker 1: loss over the last year. When we talk about eleven

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Speaker 1: point four million, I believe you said people, not families,

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Speaker 1: potentially being evicted. You wouldn't expect that all to happen

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Speaker 1: at once, would you. It could happen in the coming

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Speaker 1: weeks that landlords who tenants are behind on rent would

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Speaker 1: be entitled to go forward with an eviction without this

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Speaker 1: moratorium in place, and since the rental assistance is slow

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Speaker 1: to be dispersed across the country, that that could be

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Speaker 1: what we see happening. You must be concerned, Emily. You

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Speaker 1: know how long things take on Capitol Hill. How's this

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Speaker 1: going to get done by the end of the week.

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Speaker 1: I think where there's a will, there's a way. You've

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Speaker 1: had a year of learning about this pandemic and about

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Speaker 1: how housing is public health in this moment more so

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Speaker 1: than ever before, and that it's critical to our ability

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Speaker 1: to survive the pandemic and also ensure that we can

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Speaker 1: recover from it, And I think one thing that's really

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Speaker 1: important to note here the single greatest predictor of an

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Speaker 1: eviction is the presence of a child. So we are

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Speaker 1: going to be evicting children in this crisis, and we

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Speaker 1: know that the one in three, as I had mentioned,

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Speaker 1: are facing food or housing laws. The eviction crisis, I'm

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Speaker 1: determined will take their health, their childhood, and years from

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Speaker 1: their lives, according to numerous studies, even before they start out.

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Speaker 1: So there's so much to protect in this moment. How

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Speaker 1: long do you want this to be extended for? We

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Speaker 1: at least need another thirty days. It's it's critical to

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Speaker 1: buy time to ensure that we can pay the rental

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Speaker 1: assistance to the landlords to meet it, and to ensure

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Speaker 1: that tenants can stay safely and stably housed. And that

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Speaker 1: might just be enough time for states and local community

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Speaker 1: to perfect their programs and reach the people who are

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Speaker 1: at the highest risk. The Deputy Press Secretary, who we

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Speaker 1: heard from just a moment ago, spoke to Rental Assistance

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Speaker 1: that infect millions of dollars are going out from the

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Speaker 1: Treasury Department to help people. Isn't making a difference absolutely?

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Speaker 1: The rental assistance is helping people recoup the rental arrears

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Speaker 1: from the last year. So it's stabilizing property owners and

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Speaker 1: it's keeping people in their homes. That is the only

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Speaker 1: thing standing between millions of families and the devastations that

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Speaker 1: eviction causes. Is there any opportunity to buy time while

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Speaker 1: Congress works this out? Could that rental assistance, for instance,

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Speaker 1: bridge a couple of weeks or this is going to

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Speaker 1: become a problem on the first of August. The rental

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Speaker 1: assistance isn't being distributed quickly enough to stop the eviction

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Speaker 1: crisis come Monday. The only two actors that really have

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Speaker 1: the ability to get in the way of this crisis

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Speaker 1: and to stabilize our communities and ensure public health are

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Speaker 1: members of Congress and state and local policymakers. They're the

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Speaker 1: only ones who can stop the eviction crisis in this moment.

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Speaker 1: We know that courts can also adopt diversion programs. They

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Speaker 1: can issue general standing orders urging landlords to apply for

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Speaker 1: rental assistance, but that's not happening in the level that

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Speaker 1: we need it to. Our too scales Emily Benfer of

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Speaker 1: the Wake Forest Law Health Justice Clinic. We appreciate the

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Speaker 1: insights you're listening to Bloomberg. You sound on with Joe

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Speaker 1: Matthew on Bloomberg Radio. The eviction moratorium set to expire,

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Speaker 1: COVID cases on the rise, and the economic data released

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Speaker 1: this morning far from inspiring, with weaker than expected readings

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Speaker 1: on GDP growth and new unemployment claims. These trends may

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Speaker 1: ease inflation warriors, as we just heard from Charlie Pellett,

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Speaker 1: but they do not paint a great picture about the

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Speaker 1: trajectory of our reopening our economic recovery that was looking

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Speaker 1: pretty good. I'm Joe Matthew and Washington and joined by

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Speaker 1: Bloomberg Politics contributors Genie she and Zano and Rick Davis. Jennie,

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Speaker 1: when you put all of this together and consider the

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Speaker 1: eviction moratorium we were just talking about with Emily a

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Speaker 1: couple of months ago, we were supposed to be on

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Speaker 1: a trajectory of growth. Here are you starting to worry

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Speaker 1: about the direction of this economy? I think everybody or

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Speaker 1: many people are starting to worry about it um and

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Speaker 1: and we've seen that throughout this week. And of course

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Speaker 1: it was just chilling to hear your interview with Professor

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Speaker 1: Benfer and to hear the impact that this eviction moratorium

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Speaker 1: has or these potential evictions have on particularly children, but

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Speaker 1: people across the country. As we're in the midst of

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Speaker 1: a pandemic, and the question once again is can Congress

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Speaker 1: is Congress able to step in and address this issue,

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Speaker 1: because of course it's not just the Biden administration who's

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Speaker 1: thrown this the Congress, it's, as you said, the Supreme

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Speaker 1: Core as well. So we've got that piece of it

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Speaker 1: and people potentially in you know, eleven million people potentially

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Speaker 1: more or less thrown to the streets in the midst

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Speaker 1: of a pandemic when we have an insecure economy. I mean,

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Speaker 1: that is a recipe for a real disaster in this country,

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Speaker 1: on top of an already crisis situation of homelessness in

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Speaker 1: places like l A and others. So I am truly

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Speaker 1: worried as you couple these things together, and then the

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Speaker 1: delta variant as we've been talking about earlier in the show,

433
00:24:30,520 --> 00:24:33,040
Speaker 1: So I think there is real concern out there. Maybe

434
00:24:33,040 --> 00:24:34,840
Speaker 1: I shouldn't have put all those together. From now now,

435
00:24:34,880 --> 00:24:39,920
Speaker 1: I'm wondering you spent enough time in Congress to answer this, honestly,

436
00:24:40,280 --> 00:24:42,439
Speaker 1: is there time to get that done? How could that

437
00:24:42,480 --> 00:24:44,919
Speaker 1: happen between now and the end of the week. You know,

438
00:24:45,000 --> 00:24:46,960
Speaker 1: I think they can slap it onto a bill that's

439
00:24:46,960 --> 00:24:50,200
Speaker 1: moving anyway, For instance, the security bill that we talked

440
00:24:50,240 --> 00:24:53,679
Speaker 1: about yesterday related to capital security. There's something going on

441
00:24:53,800 --> 00:24:57,280
Speaker 1: there that can move really quickly. Uh, you just you

442
00:24:57,359 --> 00:24:59,720
Speaker 1: just throw an amendment on there and and and get

443
00:24:59,720 --> 00:25:03,000
Speaker 1: it through who. Uh is there an appetite for that? Pardon?

444
00:25:03,320 --> 00:25:06,080
Speaker 1: Is there an appetite for that among lawmakers? Yeah? I

445
00:25:06,359 --> 00:25:08,160
Speaker 1: think this is a win win for everybody. I mean,

446
00:25:08,680 --> 00:25:11,439
Speaker 1: it's a small enough amount of money because really the

447
00:25:11,440 --> 00:25:14,199
Speaker 1: money has already been appropriated and as as as you

448
00:25:14,520 --> 00:25:17,040
Speaker 1: heard in your earlier interviews being spent, it's just being

449
00:25:17,040 --> 00:25:19,960
Speaker 1: spent slowly, and so this just gives it time for

450
00:25:20,000 --> 00:25:22,760
Speaker 1: that money to actually hit the mark. And Uh, I

451
00:25:22,800 --> 00:25:25,800
Speaker 1: can I can see that being a relatively um, I

452
00:25:25,840 --> 00:25:28,639
Speaker 1: would say bipartisan approach to this issue. I hate to

453
00:25:28,680 --> 00:25:31,760
Speaker 1: ask the cold question, and I'm sure it will sound

454
00:25:31,840 --> 00:25:36,000
Speaker 1: that way. But if this eviction moratorium is not extended

455
00:25:36,680 --> 00:25:40,360
Speaker 1: and we have mass evictions, as you mentioned, the professor

456
00:25:40,440 --> 00:25:43,639
Speaker 1: said more than eight eleven million people could be evicted

457
00:25:43,960 --> 00:25:46,919
Speaker 1: in the coming weeks without this protection, what does that

458
00:25:47,000 --> 00:25:50,240
Speaker 1: mean for the housing market. We're topping out here, according

459
00:25:50,280 --> 00:25:53,640
Speaker 1: to many in terms of prices and demand. It has

460
00:25:53,680 --> 00:25:57,560
Speaker 1: been a barn burner of a season for anybody trying

461
00:25:57,560 --> 00:25:59,480
Speaker 1: to sell a house and a tough one for anybody

462
00:25:59,520 --> 00:26:01,520
Speaker 1: trying to buy one. But does this turn the housing

463
00:26:01,600 --> 00:26:05,600
Speaker 1: market upside down? Jennie, It absolutely could. And you know,

464
00:26:05,720 --> 00:26:09,040
Speaker 1: this is why we really do need Congress to act,

465
00:26:09,160 --> 00:26:12,200
Speaker 1: you know, immediately, certainly in the next couple of days,

466
00:26:12,640 --> 00:26:16,199
Speaker 1: because that is a real danger here. And you know

467
00:26:16,400 --> 00:26:20,520
Speaker 1: the reality is while Congress and I agree, has probably

468
00:26:20,600 --> 00:26:23,560
Speaker 1: the will to do this, this also puts off other

469
00:26:23,680 --> 00:26:26,560
Speaker 1: things that they are trying to do. And so, you know,

470
00:26:26,640 --> 00:26:29,160
Speaker 1: I think one of my concerns is how do we

471
00:26:29,240 --> 00:26:32,199
Speaker 1: let it get this far? Where we're two days out

472
00:26:32,560 --> 00:26:35,800
Speaker 1: from evictions of eleven and a half million people, throwing

473
00:26:35,800 --> 00:26:38,800
Speaker 1: the housing market into disarray as you've been talking about.

474
00:26:39,040 --> 00:26:41,280
Speaker 1: And let's not forget the number again of these who

475
00:26:41,359 --> 00:26:44,719
Speaker 1: are children. Um, that is something that we should not

476
00:26:44,800 --> 00:26:47,000
Speaker 1: be in the United States in a position of facing,

477
00:26:47,040 --> 00:26:49,560
Speaker 1: and yet here we are two days out. How do

478
00:26:49,560 --> 00:26:51,840
Speaker 1: you answer that? Rick? You know, I gotta put it

479
00:26:51,840 --> 00:26:53,720
Speaker 1: on the administration. I mean, they were the ones who

480
00:26:53,720 --> 00:26:56,159
Speaker 1: were aware that the judges said, you got to have

481
00:26:56,200 --> 00:26:59,840
Speaker 1: Congress act on this again. They they have, uh, the

482
00:27:00,000 --> 00:27:02,600
Speaker 1: advantage of being able to try and direct this this

483
00:27:02,680 --> 00:27:05,399
Speaker 1: effort on Capitol Hill. They have the majorities in the

484
00:27:05,440 --> 00:27:07,800
Speaker 1: House and the Senate. I mean, why why did they

485
00:27:07,800 --> 00:27:12,160
Speaker 1: wait this long? I mean, it's really confounding to me. Uh.

486
00:27:12,200 --> 00:27:14,080
Speaker 1: And then you add to that, why did it take

487
00:27:14,119 --> 00:27:15,960
Speaker 1: so long for the moneys to get to the people

488
00:27:16,000 --> 00:27:19,000
Speaker 1: who are needed in order to avoid the evictions? Um,

489
00:27:19,040 --> 00:27:20,879
Speaker 1: you know, forty billion dollars, there is a lot of

490
00:27:20,880 --> 00:27:24,040
Speaker 1: money and and and it's and it's needed right now

491
00:27:24,800 --> 00:27:27,600
Speaker 1: to patch this hole. If this goes down poorly and

492
00:27:27,640 --> 00:27:30,560
Speaker 1: eleven million people are evicted. Uh, and you've got forty

493
00:27:30,600 --> 00:27:33,520
Speaker 1: billion dollars sitting in an account that the administration is

494
00:27:33,560 --> 00:27:36,280
Speaker 1: supposed to be using, that's not gonna look good for

495
00:27:36,359 --> 00:27:39,080
Speaker 1: the for the President United States. So let's blame Let's

496
00:27:39,080 --> 00:27:42,080
Speaker 1: blame the White House time wreck. Well, you know there,

497
00:27:42,119 --> 00:27:44,040
Speaker 1: I don't know how you blame anybody else for that.

498
00:27:44,480 --> 00:27:47,440
Speaker 1: You feel the same way, Jennie. I do think they

499
00:27:47,440 --> 00:27:50,439
Speaker 1: are going to be blamed. Whether I would personally blame

500
00:27:50,480 --> 00:27:52,600
Speaker 1: them or not, they will be blamed that he is

501
00:27:52,640 --> 00:27:55,800
Speaker 1: the president of the United States, and so you know,

502
00:27:55,880 --> 00:27:58,800
Speaker 1: you can't really just kick the ball over to Congress

503
00:27:58,800 --> 00:28:02,000
Speaker 1: and hope that they act, especially when, to Rick's point,

504
00:28:02,280 --> 00:28:06,080
Speaker 1: his party controls Congress obviously narrowly. So I am a

505
00:28:06,080 --> 00:28:08,439
Speaker 1: little surprised that this has gotten this far down to

506
00:28:08,480 --> 00:28:11,200
Speaker 1: the wire. But you know, in addition to the President,

507
00:28:11,359 --> 00:28:14,800
Speaker 1: let's just be clear, Democrats control the House and the Senate.

508
00:28:15,040 --> 00:28:17,680
Speaker 1: They've got to move forward on this, and they've got

509
00:28:17,680 --> 00:28:21,240
Speaker 1: to do it immediately. And this is what happens when

510
00:28:21,280 --> 00:28:24,719
Speaker 1: they are so focused on so many other things, and

511
00:28:24,840 --> 00:28:27,240
Speaker 1: yet these things are things that need to be addressed

512
00:28:27,240 --> 00:28:29,680
Speaker 1: in the midst of a pandemic. I'm just stunned it's

513
00:28:29,680 --> 00:28:32,400
Speaker 1: gotten this far. Well, you're both and and correct. I'm

514
00:28:32,400 --> 00:28:34,320
Speaker 1: sure to make the point that how how come we

515
00:28:34,400 --> 00:28:36,320
Speaker 1: had to wait this long? This could have been addressed

516
00:28:36,720 --> 00:28:40,760
Speaker 1: quite a while ago, But that is often the way

517
00:28:40,760 --> 00:28:45,280
Speaker 1: Washington works. We are inspired by deadlines. I have to admit, though,

518
00:28:45,480 --> 00:28:47,800
Speaker 1: where's the news media been on this? This has been

519
00:28:47,840 --> 00:28:52,600
Speaker 1: a wildly underreported story. Could you imagine eleven million people

520
00:28:53,080 --> 00:28:55,560
Speaker 1: being evicted over the course of weeks that would get

521
00:28:55,600 --> 00:28:58,680
Speaker 1: some coverage. I suspect as we spend time with Bloomberg

522
00:28:58,720 --> 00:29:02,080
Speaker 1: Politics contributors Genie she and Zano and Rick Davis. I

523
00:29:02,120 --> 00:29:05,360
Speaker 1: mentioned the economic data out this morning not great, weaker

524
00:29:05,400 --> 00:29:10,280
Speaker 1: than expected GDP, new unemployment claims somewhat disappointing, at least

525
00:29:10,800 --> 00:29:15,280
Speaker 1: short of expectations. Here does this mean, Rick Davis, that

526
00:29:15,440 --> 00:29:17,800
Speaker 1: the Fed and by that I really mean share J

527
00:29:18,040 --> 00:29:20,960
Speaker 1: Powell have been on the right track when it comes

528
00:29:21,000 --> 00:29:24,800
Speaker 1: to dealing with inflation and therefore getting the job done

529
00:29:24,800 --> 00:29:30,400
Speaker 1: for Joe Biden and therefore rehired. Will he be keeping

530
00:29:30,440 --> 00:29:33,960
Speaker 1: the job under the Biden administration? You know, everything we

531
00:29:34,120 --> 00:29:37,720
Speaker 1: hear publicly leaders in the Democratic Party in Congress seemed

532
00:29:37,760 --> 00:29:41,600
Speaker 1: to be uh making statements that he's doing a good job.

533
00:29:42,320 --> 00:29:45,000
Speaker 1: There doesn't seem to be any indication that they want

534
00:29:45,000 --> 00:29:48,520
Speaker 1: to make a big change has a big implication on

535
00:29:48,520 --> 00:29:52,640
Speaker 1: on obviously monetary policy going forward if there is. His

536
00:29:53,360 --> 00:29:58,080
Speaker 1: UH open market report yesterday was well received. Um, you know,

537
00:29:58,240 --> 00:30:01,320
Speaker 1: in in all these various category of inflation and jobs

538
00:30:01,320 --> 00:30:04,520
Speaker 1: and the virus and surging home prices and the things

539
00:30:04,520 --> 00:30:06,320
Speaker 1: that the Fed is doing to sort of manage their

540
00:30:06,360 --> 00:30:10,080
Speaker 1: side of the ledger. So I can't see right now

541
00:30:10,240 --> 00:30:14,560
Speaker 1: any real momentum or controversy that would put them or

542
00:30:15,240 --> 00:30:19,560
Speaker 1: Chairman Pal in the target zone. But um, but look,

543
00:30:19,600 --> 00:30:22,480
Speaker 1: I mean when when the economy doesn't perform as well,

544
00:30:22,600 --> 00:30:25,920
Speaker 1: maybe it tamps down the inflation fears, but it still

545
00:30:26,000 --> 00:30:28,920
Speaker 1: we're in a recovery, you know, We're not in an expansion,

546
00:30:29,440 --> 00:30:32,160
Speaker 1: and the recovery is going to be influenced by things

547
00:30:32,200 --> 00:30:34,600
Speaker 1: like the delta variant and what's happening right now on

548
00:30:34,720 --> 00:30:38,000
Speaker 1: public health. And so I would say it's hard to

549
00:30:38,040 --> 00:30:39,880
Speaker 1: make a mid term bet on this one. Right now.

550
00:30:40,120 --> 00:30:43,000
Speaker 1: We know there are some progressives on Capitol Hill. I'm

551
00:30:43,000 --> 00:30:48,000
Speaker 1: thinking Elizabeth Warren, Sherritt Brown or not been massive Powell fans, Genie.

552
00:30:48,080 --> 00:30:51,600
Speaker 1: Does Joe Biden reward him with a renewal? I think,

553
00:30:51,920 --> 00:30:53,840
Speaker 1: you know, and I would follow what was at the

554
00:30:53,920 --> 00:30:58,360
Speaker 1: Raider's poll of economists say, you know, obviously a small

555
00:30:58,720 --> 00:31:01,040
Speaker 1: they had a small sample, but dee percent say it's

556
00:31:01,080 --> 00:31:05,080
Speaker 1: likely that he would. He would reinstate Powell. That has

557
00:31:05,120 --> 00:31:08,680
Speaker 1: been the history of the modern presidency. And of course

558
00:31:08,760 --> 00:31:12,400
Speaker 1: I think it's in keeping with Biden's temperament. He usually

559
00:31:12,520 --> 00:31:15,840
Speaker 1: doesn't like to rock the boat too too much. That said,

560
00:31:15,840 --> 00:31:17,720
Speaker 1: I think it is important to say that as you said,

561
00:31:17,760 --> 00:31:21,480
Speaker 1: progressives are pushing a little bit on this. I think

562
00:31:21,520 --> 00:31:24,760
Speaker 1: there is some concern that you have a white male

563
00:31:24,880 --> 00:31:27,000
Speaker 1: in that office, and that has been something that has

564
00:31:27,000 --> 00:31:29,680
Speaker 1: been raised, as have some of the you know, there

565
00:31:29,680 --> 00:31:32,920
Speaker 1: has been some sort of whispers on that front, and

566
00:31:33,000 --> 00:31:36,920
Speaker 1: so we may see him reward them or listen to that.

567
00:31:37,200 --> 00:31:39,520
Speaker 1: But I do think it's more likely than not that

568
00:31:39,640 --> 00:31:42,480
Speaker 1: he retains Powell. And if I could, Joe, just to

569
00:31:42,520 --> 00:31:44,760
Speaker 1: go back for a second, and I think one one

570
00:31:44,840 --> 00:31:47,640
Speaker 1: issue about the housing you mentioned the media. I'm very

571
00:31:47,680 --> 00:31:50,000
Speaker 1: happy you mentioned that because I think this is a

572
00:31:50,080 --> 00:31:53,680
Speaker 1: reflection of the death of local media in this country.

573
00:31:53,760 --> 00:31:57,120
Speaker 1: You simply don't or the dying breed of local journalists

574
00:31:57,160 --> 00:32:00,120
Speaker 1: in this country. You don't get the coverage of housing

575
00:32:00,160 --> 00:32:03,000
Speaker 1: in these issues. So much focus on the federal government,

576
00:32:03,280 --> 00:32:06,360
Speaker 1: so much focus nationally, rightly so, but you lose the

577
00:32:06,440 --> 00:32:09,120
Speaker 1: coverage at the state and local level, where these housing

578
00:32:09,160 --> 00:32:12,800
Speaker 1: stories really are devastating. So I think that's something we

579
00:32:12,840 --> 00:32:14,840
Speaker 1: have to consider as we look at the media today

580
00:32:14,840 --> 00:32:18,760
Speaker 1: in the modern era where we just all preoccupied with

581
00:32:18,920 --> 00:32:23,840
Speaker 1: infrastructure in Washington, Rick, Well, infrastructure will help the economy

582
00:32:23,880 --> 00:32:26,680
Speaker 1: in the mid and long term, So I mean, maybe

583
00:32:26,760 --> 00:32:29,440
Speaker 1: we attack some of these in different ways, but yeah, sure,

584
00:32:29,480 --> 00:32:31,840
Speaker 1: I mean obviously that was the big moving part this week.

585
00:32:32,160 --> 00:32:35,920
Speaker 1: It was infrastructure week this week, so it finally happened.

586
00:32:36,360 --> 00:32:38,400
Speaker 1: And uh, and yet I think all these things can

587
00:32:38,440 --> 00:32:40,960
Speaker 1: happen around that, right, I mean, these are all connected

588
00:32:41,080 --> 00:32:43,600
Speaker 1: right now. What's interesting about all these public big public

589
00:32:43,640 --> 00:32:50,760
Speaker 1: policy issues, the economy, the infrastructure debate, the public health issues,

590
00:32:51,440 --> 00:32:56,160
Speaker 1: mass mandates, what the President said today, these are all connected. Uh.

591
00:32:56,200 --> 00:32:58,640
Speaker 1: It's very hard to find these big issues like this

592
00:32:58,720 --> 00:33:01,320
Speaker 1: that that that all have an impact on one another

593
00:33:01,400 --> 00:33:03,680
Speaker 1: the way this does. And so I think we're seeing

594
00:33:03,680 --> 00:33:08,360
Speaker 1: a really unique time in in in public policy, politics

595
00:33:08,560 --> 00:33:11,520
Speaker 1: and government, and I think it's it's really important to

596
00:33:11,560 --> 00:33:14,600
Speaker 1: spend the time like like we have debating these issues

597
00:33:14,640 --> 00:33:17,680
Speaker 1: because they're going to have a profound impact on American lives.

598
00:33:17,920 --> 00:33:21,680
Speaker 1: Rick Davis, Jeanie she and Zano are Bloomberg Politics contributors.

599
00:33:21,720 --> 00:33:23,360
Speaker 1: Thanks as ever, we'll leave you with the court of

600
00:33:23,360 --> 00:33:26,960
Speaker 1: the day on the terminal. Success is achieved and maintained

601
00:33:27,000 --> 00:33:31,000
Speaker 1: by those who try and keep trying. W. Clement Stone.

602
00:33:32,040 --> 00:33:34,040
Speaker 1: I'm Joe Matthew, and this is Bloomberg