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Speaker 1: Live from our nation's capital. How do we reopen this economy?

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Speaker 1: The latest on how this pandemic is impacting farmers. What

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Speaker 1: does this do for the United States relationship with China?

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Speaker 1: Bloomberg Sound on, the insiders, the influencers, the insides. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. You're looking at seventy Kennedys for different vaccines.

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Speaker 1: How do we make sure a pandemic of this scale

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Speaker 1: never happens again? This is Bloomberg Sound on with Kevin's

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Speaker 1: You relate on Bloomberg and one oh five point seven

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Speaker 1: f m HD two Big Tech back in the spotlight.

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Speaker 1: The Debate Commission says they're gonna tweak some rules. All

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Speaker 1: of that plus what happened in the markets, and they've

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Speaker 1: got Brian Lanza and Roger Fisk and the next hour

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Speaker 1: lots to get through, jam packed. We've got lots to

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Speaker 1: get through today and tomorrow. And I want to note

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Speaker 1: something at the at the start of this program because tomorrow,

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Speaker 1: and I'm putting this on your right now, tomorrow is

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Speaker 1: the last US jobs report before November's presidential uh election

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Speaker 1: uh and it's set to it's it's projected to show

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Speaker 1: a sharp deceleration and labor market gains, suggesting the winner

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Speaker 1: will inherit an increasingly shaky economic rebound. Employers probably added

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Speaker 1: eight hundred and seventy five thousand workers in September, following

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Speaker 1: one point three seven million in August, according to the

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Speaker 1: median projection of analysts ahead of Friday's Labor Department data,

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Speaker 1: and the jobless rate likely fell only slightly to eight

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Speaker 1: point two percent. I'm reading for the bloomber terminal. These

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Speaker 1: figures would represent the smallest improvement of the recovery, the

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Speaker 1: smallest improvement of the recovery, and the pace of future

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Speaker 1: gains could slow further or even reverse. Meanwhile, the stimulus talk,

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Speaker 1: the stimulus talks are still still no deal, and earlier

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Speaker 1: today Speaker Pelosi, who spoke with our David weston we're

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Speaker 1: gonna play some of that coming up. She met with

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Speaker 1: Secretary Minution. No immediate breakthrough, No immediate breakthrough on a

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Speaker 1: deal for the new pandemic relief package. The House is

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Speaker 1: going to vote on a Democrat only plan, but it's

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Speaker 1: it's little to know to no avail. So we're gonna

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Speaker 1: dive into that. That sets the backdrop to this dizzying

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Speaker 1: day in Washington, d C. Meanwhile, we're gonna start though

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Speaker 1: with the House Anti Trust Committee because they held a

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Speaker 1: hearing today and they're expected to release a report with

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Speaker 1: recommendations that will take aim at the power of big

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Speaker 1: tech and this could lead to the overhaul of anti

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Speaker 1: trust laws. So earlier today I just got back, actually

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Speaker 1: stepped back into the bureau. I was on Capitol Hill

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Speaker 1: and I caught up with Congressman Ken Buck. He's a

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Speaker 1: Republican from Colorado, and I asked him about big tech.

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Speaker 1: I also asked him about the stimulus talks, because these

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Speaker 1: are the two driving market forces and the volatility, not

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Speaker 1: to speak of coming from politics, but he's a member

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Speaker 1: of the subcommittee on the Anti Trust, on the anti

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Speaker 1: trust issue, and I tried to find out what happened

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Speaker 1: at the hearing and when the report's going to be

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Speaker 1: released on big tech. Take a listen. So the Antitrust

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Speaker 1: Subcommittee will be issuing a report next week. Um, it

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Speaker 1: may be bipartisan, it may not be. We haven't had

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Speaker 1: a chance to read the report at this point. UM.

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Speaker 1: I think what we learned today was that the experts,

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Speaker 1: the professors, the former regulators, the people who really studied

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Speaker 1: this area to see a problem with high tech and

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Speaker 1: the anti competitive behavior of at least five of the

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Speaker 1: platforms in high tech. We also learned that while most

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Speaker 1: return on capital for most industries have stayed pretty stagnant

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Speaker 1: for the last fifty sixty years, big farm and high

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Speaker 1: tech have really exploded, and we've got to make sure

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Speaker 1: that we keep high tech competitive so that smaller innovative

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Speaker 1: companies can compete. There's been so many conversations just about

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Speaker 1: freedom of speech as well as just how big these

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Speaker 1: tech companies are and what how they're able to navigate

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Speaker 1: sections to thirty for example, where does that fall into this,

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Speaker 1: especially as you get ready to release your report. So

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Speaker 1: I think there there are issues that are more talked

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Speaker 1: about on the left and more talked about on the right,

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Speaker 1: and bias and the regulation of speech on these platforms

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Speaker 1: is certainly talked about a lot by conservatives because they

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Speaker 1: feel like they are being discriminated. Should say, we feel

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Speaker 1: like we are being discriminated against. Um. On the left,

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Speaker 1: they talk about the size of these companies and the

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Speaker 1: danger of having companies that are that are that big.

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Speaker 1: UM My view is that if we do the right thing.

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Speaker 1: With reducing the company the anti competitive behavior of these companies,

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Speaker 1: we will see an impact on free speech. We have

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Speaker 1: a lot of different sources of TV and a newspaper

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Speaker 1: for our information. We don't complain about bias in those

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Speaker 1: areas because we know when we look at one or

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Speaker 1: the other we're gonna get a from viewpoint. It's when

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Speaker 1: one one platform controls and there's no other platform that

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Speaker 1: can give a different viewpoint that we really have a problem.

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Speaker 1: Our is opinion is going to be necessary. Um. I

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Speaker 1: think the the investigation side at this point is over

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Speaker 1: because we're dealing with a new Congress starting January three,

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Speaker 1: and so what we're gonna see are probably some legislative

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Speaker 1: proposals that will be made in the November December time frame,

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Speaker 1: and then really in January three, the results of this

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Speaker 1: investigation will move forward depending on who controls the White House,

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Speaker 1: who controls the Senate, who controls the US House. You know,

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Speaker 1: you look at some of the within the big tech industry.

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Speaker 1: You've got Spotify and other companies engaging in in an

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Speaker 1: alliance for lack of a better term, in terms of

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Speaker 1: going after some of these big tech tech companies on

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Speaker 1: their on their app platforms and and just where apps

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Speaker 1: are placed. I mean, how do how do you navigate

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Speaker 1: the quickly evolving world of technology and keep pace with it?

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Speaker 1: And this is something that conservatives and talking about for forever,

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Speaker 1: and keep pace with that evolving world and also make

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Speaker 1: sure that it's fair for small business and entrepreneurs to

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Speaker 1: create more a new Yeah, I think what's really essentialist

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Speaker 1: to understand the separation of powers in our government. The

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Speaker 1: Congress's role is to make sure that the executive branch

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Speaker 1: has the resources they need to move forward and that

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Speaker 1: the laws are applicable to the current economy. If we

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Speaker 1: do those two things, that's our job. We can't say

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Speaker 1: that this company should be broken up or that the

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Speaker 1: result the remedy should be uh, this particular remedy for

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Speaker 1: this situation. I want to switch gears now, just to

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Speaker 1: to go geopolitical for a second. It's one thing to

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Speaker 1: look at the domestic big tech companies. It's an entirely

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Speaker 1: different to look at China's big tech companies and the

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Speaker 1: infiltration that they have in penetration that they're having not

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Speaker 1: just in the US marketplace, but also in Europe as

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Speaker 1: well as other as well as all around the world.

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Speaker 1: What does the US need to be doing to make

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Speaker 1: sure that our own intellectual property is protected from the

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Speaker 1: Communist Party of China. Well, I think we need to

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Speaker 1: do two things. One, regardless who the president is, we

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Speaker 1: need to make sure that if China to bars US

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Speaker 1: companies from entering its marketplace, like Google, like Amazon, like

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Speaker 1: some other high tech companies, we need to make sure

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Speaker 1: we take reciprocal action and that that China doesn't have

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Speaker 1: a free pass with TikTok or other apps in this

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Speaker 1: country when they're barring us. So the first thing is

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Speaker 1: fair trade policy. The second thing is we need to

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Speaker 1: do a lot better job in the world needs to

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Speaker 1: do a lot better job of protecting intellectual property from China.

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Speaker 1: They have been predators, they have cheated in the marketplace,

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Speaker 1: and we need to get a consensus around the world

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Speaker 1: that China has to come into the fee and fair

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Speaker 1: trade areas and not allow them to continue to cheat.

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Speaker 1: It's a fascinating a bit. Finally, Speaker Pelosi, Secretary venution,

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Speaker 1: are we gonna get to some type of fiscal stimulus

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Speaker 1: before the election? I hope we do, and I hope

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Speaker 1: that it is as small as possible and yet it

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Speaker 1: takes into account those who are unemployed and hurting and

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Speaker 1: those small businesses that really need a hand. At this point,

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Speaker 1: what we can't do is the blue state bailout that

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Speaker 1: that Speaker Pelosi is talking about right now. We cannot

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Speaker 1: continue to try to fund state governments who have been

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Speaker 1: acting irresponsibly, the blue state billout. I haven't heard it

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Speaker 1: called that in a while. That's my interview from earlier

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Speaker 1: today with Congressman ken Buck. He's a Democrat from the

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Speaker 1: fourth District of Colorado, and he's all over this big tech,

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Speaker 1: big tech story. And I want to note something. You know,

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Speaker 1: yesterday I was reading the Cleveland Playing Dealer. I was

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Speaker 1: in Cleveland in the hotel lobby and reading the paper,

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Speaker 1: and big tech was was localized there as a as

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Speaker 1: a big story local government's about Facebook funding some poll workers,

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Speaker 1: and this whole initiative that the that the big tech

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Speaker 1: industry has in terms of in terms of doing that

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Speaker 1: a funding sort some some of these localized issues. So

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Speaker 1: a fascinating, fascinating conversation with Congressman KEM Buck, who is

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Speaker 1: Colorado's forced congressional district. All right, let's keep talking about

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Speaker 1: the stimulus because Earlier today, my colleague David Weston spoke

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Speaker 1: with Speaker of the House Nancy Pelosi about whether or

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Speaker 1: not they're going to reach an agreement. Take a us

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Speaker 1: in what she told him, Well, I'm hopeful actually doesn't

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Speaker 1: mean I'm positive, but i am hopeful. We do have

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Speaker 1: some areas of disagreement that are broad and uh, but

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Speaker 1: we're so alive and we're still talking, and I'm hopeful

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Speaker 1: that we can reach an agreement. And so meanwhile, all

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Speaker 1: of this comes as she also went on to talk

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Speaker 1: about just how the coronavirus testing is also wrapped in

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Speaker 1: to these negotiations, the uh, we're testing being an issue

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Speaker 1: as a part of these negotiations. Take a listen to

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Speaker 1: what she said about that we have a big, big

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Speaker 1: pillar of this bill about testing, tracing, treatment, mask wearing, space, sanitation,

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Speaker 1: all of that. It's very specific in the language, and

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Speaker 1: that's why it's not just the money, it's the language

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Speaker 1: as well. To make sure this gets done, because it

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Speaker 1: is the way to crush the virus so that we

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Speaker 1: can open our economy more broadly and our cool more

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Speaker 1: both more safely. So we're gonna dive into all of

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Speaker 1: the differences between the Democrats and the Republicans as they

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Speaker 1: lower to two point to two point four trillion, and

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Speaker 1: of course Republicans are still holding firm at one point

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Speaker 1: four trillion, so there's still a trillion dollars apart. That's

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Speaker 1: coming up. I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg

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Speaker 1: Television and for Bloomberg Radio. More from that exclusive interview

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Speaker 1: that David Weston did with Speaker Pelosi. Coming up. This

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Speaker 1: is Bloomberg. You're listening to Bloomberg Sound On with Kevin

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Speaker 1: Surrele on Bloomberg and one oh five point seven f

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Speaker 1: M h D two. My name is Kevin CURRELLI I'm

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

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Speaker 1: I was telling our our our sound technician, Maestro Maistro Reggie,

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Speaker 1: I said, I said, Reggie, now I want to burger.

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Speaker 1: We're always talking about what we're gonna have for dinner.

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Speaker 1: I said, Reggie, I want a double cheeseburger with bacon.

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Speaker 1: And I think Reggie told me he's gonna do that

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Speaker 1: with fries, and I'm gonna dip him an ice cream.

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Speaker 1: Because nothing, there's no there's no bad day. There's one

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Speaker 1: thing I've learned being a Washington correspondent. There is no

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Speaker 1: news cycle too rough or too hard that French fries

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Speaker 1: dipped an ice cream can't cure. I'm telling you, it

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Speaker 1: is the best thing in the world. Nothing. You're having

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Speaker 1: a bad day, get yourself some fries, dip it in

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Speaker 1: ice cream and keep going. keV one foot in front

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Speaker 1: of the other. All right, Now, let's check in on

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Speaker 1: the market's. US stocks advanced, led by gains and the

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Speaker 1: biggest technology companies as investors weighed the chances Democratic lawmakers

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Speaker 1: and the White House will reach a deal for a

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Speaker 1: fiscal stimulus package. Oil tumbled on concern the market maybe oversupplied.

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Speaker 1: The NAZDAC one hundred reached the highest and almost a

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Speaker 1: month as Amazon, dot Com, Microsoft, and Tesla rose. The

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Speaker 1: SMP five hundred in next advance was limited by declines

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Speaker 1: and energy producers joining US now to help us navigate

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Speaker 1: through what happened in the markets today? Lindsay she is

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Speaker 1: chief economist at Stifle Nikolaus. Lindsay, did I say all

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Speaker 1: that right? You did? You did on that one? Thank you, Lindsay.

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Speaker 1: I I appreciate that what happened in the markets today

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Speaker 1: lends well, you know, I think the market is pretty

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Speaker 1: optimistic that we are going to see a fifth round

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Speaker 1: aid package eventually trickle down the pipeline. Now, we know

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Speaker 1: negotiations have been going on for quite some time, but

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Speaker 1: there's ample political pressure now on both sides. With the

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Speaker 1: November election just thirty five days away. Neither side wants

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Speaker 1: to be seen as the one putting up a barrier

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Speaker 1: to providing additional funding to families and businesses that need

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Speaker 1: aid to really bridge the gap that continues to pose

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Speaker 1: hardship for putting food on the table and covering expenses.

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Speaker 1: So I think the market is relatively optimistic that we

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Speaker 1: will see additional aid UH in the near term, you know.

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Speaker 1: And it's really remarkable because I'm up there on Capitol

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Speaker 1: Hill right I spoke to Kembuck Congress M. Keembuck earlier today.

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Speaker 1: I spoke to Jim Jordan when I was out in Cleveland,

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Speaker 1: Connor Lamb I saw, you know, I speak, I speak

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Speaker 1: to these people, and they actually do agree on the baseline.

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Speaker 1: They agree, Lindsay on the on the baseline of providing

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Speaker 1: some targeted relief. It's it's all of these other issues

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Speaker 1: that get in the way. And so the strategy that

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Speaker 1: sent a majority leader Rich McConnell is saying is Okay,

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Speaker 1: eventually you're going to take what we all agree on

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Speaker 1: and and that and that you're going to do that.

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Speaker 1: And the strategy that Speaker Pelosi outlined to our David

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Speaker 1: Weston today in that interview was well, now we can

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Speaker 1: get more. And it just is it's really remarkable to

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Speaker 1: watch these two masterful politicians have their their ideologies on

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Speaker 1: on such a collision course. But it all comes down

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Speaker 1: to the data. And tomorrow we're getting incredibly important and

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Speaker 1: incredibly important jobs report, and this is the last job's

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Speaker 1: report before of the election, and it's it's set to

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Speaker 1: show a very slowing recovery. Give us a preview, Lindsay

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Speaker 1: of tomorrow's jobs report, Well, I think the September jobs

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Speaker 1: report is going to show that the US labor market

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Speaker 1: continues to improve in terms of positive job creation. We're

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Speaker 1: looking for roughly fill around eight hundred and seventy thousand

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Speaker 1: new jobs. But since the pandemic, we've actually recaptured or

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Speaker 1: reclaimed roughly eleven million jobs. So that is a sizeable

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Speaker 1: step in the right direction. On the other hand, what

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Speaker 1: we see is that even with the progress made a

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Speaker 1: number of Americans now put back to work, at this point,

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Speaker 1: there remains considerable ground yet to recapture before we can

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Speaker 1: talk about returning to solid labor market conditions, particularly as

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Speaker 1: monthly hiring momentum slows. So if we do see a

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Speaker 1: gain of about eight hundred and seventy thousand, well that's

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Speaker 1: down from roughly one point four million the previous month.

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Speaker 1: So we are seeing that second derivative decline or slower

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Speaker 1: pace of positive hiring. So that's so that's so interesting

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Speaker 1: because I mean, especially in terms of the expectations game,

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Speaker 1: and and every city in America is trying to figure out,

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Speaker 1: you know, what does this mean. You look at New

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Speaker 1: York and the data that they've got, you know, an

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Speaker 1: uptick uh in New York and New York City, and

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Speaker 1: they're and they're opening restaurants. They're all up on edge

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Speaker 1: on that. You know. I Governor Hogan of Maryland and

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Speaker 1: Republican Governor Larry Hogan. Uh. He said that there was

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Speaker 1: no new cases today, so they had some positive news

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Speaker 1: in terms of Maryland. But everyone it's like a patchwork

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Speaker 1: of data on the virus front. And then economists like

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Speaker 1: you are have to piece this all together. So how

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Speaker 1: is the anxiety and the uncertainty around this, the potential

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Speaker 1: of a second wave. How has that impacted market reaction

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Speaker 1: and more importantly, job creation. Oh, it's huge because what

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Speaker 1: we see is that many businesses were optimistic that they

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Speaker 1: would be able to bridge the gap within a couple

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Speaker 1: of months, but the timeline for the pan Emmich has

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Speaker 1: been extended so precipitously that many businesses are fearful that

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Speaker 1: they will be forced to close their doors for good

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Speaker 1: as we look out to the end of the year.

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Speaker 1: In fact, there's a great report that shows twenty of

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Speaker 1: small businesses have already closed their doors at least temporarily,

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Speaker 1: but nearly two thirds are worried or are at risk

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Speaker 1: of permanent closure by year end. So this suggests that

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Speaker 1: there could be another round of layoffs coming as we

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Speaker 1: look out into the future. Yes, again, we have taken

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Speaker 1: steps in the right direction putting people back to work,

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Speaker 1: But if businesses aren't able to remain open, if we

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Speaker 1: see more restaurants, if we see more retailers, more bars

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Speaker 1: and nightclubs, clothes, that means that they're not employing Americans

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Speaker 1: and that's going to put downward pressure on that jobless

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Speaker 1: number and make it more difficult for Americans to get

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Speaker 1: a boost of income and again cover expenses put food

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Speaker 1: on the family table. All right, So it's on the

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Speaker 1: Bloomberg terminal before I came on the show, and I

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Speaker 1: love this. It's called the Misery Index. It's calculated using

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Speaker 1: the official U three unemployment rate and the year over

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Speaker 1: year change in the headline cp I. So the change

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Speaker 1: in the index is based on the six month rolling

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Speaker 1: average through the month preceding the election October compared with

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Speaker 1: year earlier levels. Okay, ready for this. A record high

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Speaker 1: reading for the Misery Index suggests economic factors will not

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Speaker 1: be working in President Trump's favor at the November election. Now,

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Speaker 1: the biggest unknown here, folks, is that there's a pandemic.

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Speaker 1: Excluding Democratic nominee Jimmy Carter's win in nineteen seventy six

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Speaker 1: and accounting for World War Two hero Dwight Eisenhower's popularity

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Speaker 1: in ninety two and nineteen fifty six, the Misery Index

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Speaker 1: has got it wrong only twice, Bill Clinton win in

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Speaker 1: and George W. Bush. So it's it's it's been wrong

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Speaker 1: with the misery signal was weak, but you look at

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Speaker 1: the data, the market is now baking in. Lindsay, I'm

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Speaker 1: not gonna ask you to pick a pick a president.

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Speaker 1: I I that's not your job, but I will. I

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Speaker 1: will because now I get it. But I really ask you,

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Speaker 1: is the market they're baked in that this is gonna

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Speaker 1: be not election day but election month well, and that

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Speaker 1: that is something that we have to consider. We we

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Speaker 1: are anticipating some sort of a contested election result, which

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Speaker 1: will cause ample volatility in the market. But as far

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Speaker 1: as the misery index, I think that it's very important

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Speaker 1: to how the president spins the current data because we

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Speaker 1: don't have the counter factual. We don't know what shape

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Speaker 1: the economy would be in if he hadn't taken taken

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Speaker 1: the steps that he has, if states haven't hadn't taken

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Speaker 1: the steps that they have, So we could have seen

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Speaker 1: a fifty sixty percent drop in GDP as opposed to

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Speaker 1: a thirty percent drop in Q two. So I do

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Speaker 1: think that politicians are going to take that data. They're

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Speaker 1: gonna spin it. They're they're very clever, and they're going

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Speaker 1: to pander to their constituents. And the thing that's that

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Speaker 1: the biggest unknown. And this is why. And I say

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Speaker 1: this respectful to economists like Lindsay because you know, I'm

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Speaker 1: not listen. I respect that the data, the numbers, I

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Speaker 1: get it, the asks the church up and down. But

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Speaker 1: we've never had a pandemic in a hundred years, so

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Speaker 1: you know, it's almost like it's difficult to to to

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Speaker 1: use the typical analysis for politics because we've never been

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Speaker 1: here before. All Right, Lindsay Peggs, I really appreciate your time,

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Speaker 1: excellent analysis on helping us navigate through what happened in

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Speaker 1: the market today. She's the chief economist at Stifel nikolaus

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Speaker 1: Uh and I appreciate it, Lindsay, Thanks you so much.

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Speaker 1: All right, coming up, you can download the Bloomberg Sound

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Speaker 1: on podcast on Apple iTunes, at Bloomberg dot com, or

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Speaker 1: by downloading the Bloomberg Business app. You can also find

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Speaker 1: me on Radio dot com, I Heart Radio, and Spotify.

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Speaker 1: My name is Kevin Cirillium, the chief Washington correspondent for

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Speaker 1: Bloomberg Television and for Bloomberg Radio. You're listening to Bloomberg one.

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Speaker 1: Why how do we reopen this economy? The latest on

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Speaker 1: how this pandemic is impacting farmers. What does this do

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Speaker 1: for the United States relationship with China? Bloomberg Sound On,

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Speaker 1: The Insiders, the influencers, the insides. We're responding to this

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Speaker 1: crisis and manufacturers are stepping up like never before. We're

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Speaker 1: looking at seventy Kennedys for different vaccines. How do we

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Speaker 1: make sure a pandemic of this scale never happens again?

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Speaker 1: This is Bloomberg Sound On with Kevin Surrelate on Bloomberg

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Speaker 1: and one oh five point seven f m h D

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Speaker 1: two Jobs Day Eve and it's an important jobs report.

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Speaker 1: We're going to dive into how the fiscal stimulus talks

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Speaker 1: could be impacted by the economic data. Plus watch now.

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Speaker 1: Both sides are trying to talk about the economy, but

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Speaker 1: the fallout from that brutal debate in Cleveland still casting

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Speaker 1: a large shadow over the election. And Congressman Steve Chabitt

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Speaker 1: calls us from Indiana all of that this hour for

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Speaker 1: a live look at what's happening on Capitol Hill. Coming up,

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Speaker 1: We've got a jam packed our to walk through the

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Speaker 1: politics and everything going on from the debate. But I

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Speaker 1: want to start with policy, especially on a day like today,

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Speaker 1: because Speaker of the House Nancy Pelosi as well as

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Speaker 1: Treasury Secretary Steven manution they've been continuing their negotiations, and

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Speaker 1: Speaker Pelosi spoke to our very own David Weston. It

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Speaker 1: was a wide ranging interview. I really encourage you to

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Speaker 1: go check it out on the terminal or cross platform

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Speaker 1: anywhere on Bloombird. But I want to play some of

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Speaker 1: it now, in particular about where the negotiations are, because

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Speaker 1: they're going to vote in the House on a two

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Speaker 1: point to two point four trillion dollar stimulus package and

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Speaker 1: no Republicans are gonna get on board with it. Now.

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Speaker 1: Leader McConnell is pushing for a one point for max

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Speaker 1: trillion dollar plan, and they agree on one point for

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Speaker 1: a trillion dollars, which, mind you, is no small feat

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Speaker 1: to have Republicans and Democrats agree with a trillion plus dollars.

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Speaker 1: But there's two very different political calculations that are being

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Speaker 1: made here, and that's really where I want to begin tonight.

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Speaker 1: Leader McConnell is saying, we agree on one point for

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Speaker 1: a trillion dollars, so let's just get that done and

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Speaker 1: let's make it targeted and approached to to the various communities.

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Speaker 1: Speaker Pelosi is saying, I have the political capital, I've

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Speaker 1: got time on my side. So no, we're gonna do

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Speaker 1: a trillion dollars more. That's what she wants. So take

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Speaker 1: a listen to what she told David Weston about this

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Speaker 1: specific piece of legislation and the need for fiscal stimulus.

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Speaker 1: Here she is, we've come down very far in the negotiations,

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Speaker 1: not abandoning any priorities about shortening the timetable and putting

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Speaker 1: some things off to the appropriations for four and a

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Speaker 1: half months since we introduced the heroes at for three

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Speaker 1: and a half months until we're torn in as a

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Speaker 1: new Congress, in less than four months until we inaugurate

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Speaker 1: the President of the United States. So the horizon, and

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Speaker 1: we're approaching that horizon, and hopefully in doing so, we

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Speaker 1: can be well prepared by coming to agreement now on

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Speaker 1: this legislation. Now, the markets have been moving in every

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Speaker 1: word as it relates to the stimulus, and she says

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Speaker 1: she's got consumer confidence on her mind. Here she is,

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Speaker 1: this is a consumer confidence. These people spend this money immediately,

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Speaker 1: it's urgently needed and jack demand into the economy, create jobs.

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Speaker 1: It's a stimulus, and I want to just also play

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Speaker 1: here what she had to say about how testing and

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Speaker 1: contact tracing and the funding for more testing is a

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Speaker 1: part of this. Here's her pitch to David Weston. We

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Speaker 1: have a big, big pillar of this bill about testing, tracing, treatment,

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Speaker 1: mask wearing, space, sanitation. All of that is very specific

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Speaker 1: in the language. And that's why it's not the money,

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Speaker 1: it's the language as well, to make sure this gets done,

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Speaker 1: because it is the way to crush the virus so

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Speaker 1: that we can open our economy more broadly and our

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Speaker 1: schools more both more safely. So I wanted to play

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Speaker 1: that because David Wesson did a great job in terms

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Speaker 1: of really getting an understanding of the strategy as well

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Speaker 1: as the policy that Speaker Pelosi is trying to push

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Speaker 1: forward this weekend. But earlier in this week, when I

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Speaker 1: was in Cleveland, I spoke with one of the most

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Speaker 1: influential conservatives in the House right now, and that's Congressman

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Speaker 1: Jim Jordan's. He's a Republican from Ohio, and he's got

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Speaker 1: Mark Meadows here, he's got the White House ear and

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Speaker 1: he understands the political landscape of the Republican Party and

432
00:24:41,080 --> 00:24:43,840
Speaker 1: the Caucus right now and the dynamics of it better

433
00:24:43,880 --> 00:24:47,520
Speaker 1: than anyone. He is in many ways the conservative in

434
00:24:47,600 --> 00:24:50,720
Speaker 1: the House of Representatives. And I spoke with him about

435
00:24:50,880 --> 00:24:53,199
Speaker 1: just how much they were willing to spend. Here's a

436
00:24:53,200 --> 00:24:55,560
Speaker 1: guy in the Freedom Caucus about how much they were

437
00:24:55,560 --> 00:24:58,760
Speaker 1: willing to spend. Lect roll the tape purious best and

438
00:24:58,880 --> 00:25:00,439
Speaker 1: this let people go back to work. Let me think

439
00:25:00,480 --> 00:25:02,720
Speaker 1: about it. Our economy that the v shape recoveries happened,

440
00:25:02,720 --> 00:25:06,560
Speaker 1: the Great American comeback is happening. But imagine if New Jersey,

441
00:25:06,720 --> 00:25:10,399
Speaker 1: New York, Pennsylvania, Illinois, California, and Michigan, six of the

442
00:25:10,480 --> 00:25:12,600
Speaker 1: largest ten states and population wise in the country, six

443
00:25:12,680 --> 00:25:14,560
Speaker 1: of the top ten. Imagine that they were fully opened.

444
00:25:14,960 --> 00:25:18,320
Speaker 1: So I mean that six big states, uh where where

445
00:25:18,359 --> 00:25:20,960
Speaker 1: they're still largely locked down. So imagine what we would see.

446
00:25:21,000 --> 00:25:23,840
Speaker 1: So the best stimulus is to let the economy open up.

447
00:25:23,840 --> 00:25:26,200
Speaker 1: Do it in a safe way, but let the economy

448
00:25:26,200 --> 00:25:28,359
Speaker 1: open up like so many other states have done. That

449
00:25:28,520 --> 00:25:30,720
Speaker 1: would be the best imulus versus just throwing more money

450
00:25:30,720 --> 00:25:32,439
Speaker 1: like the Democrats want to do. I hear you on

451
00:25:32,560 --> 00:25:34,720
Speaker 1: that point. But even when I talk to people like

452
00:25:34,800 --> 00:25:38,239
Speaker 1: Congressman Matt Gates, for example, they're saying that there is

453
00:25:38,840 --> 00:25:44,040
Speaker 1: a foundation of agreements in terms of some more economic stimulus.

454
00:25:44,240 --> 00:25:46,880
Speaker 1: Do you think that's possible by the end of the year.

455
00:25:46,960 --> 00:25:50,960
Speaker 1: It's targeted to too small business. How we'd have to

456
00:25:51,000 --> 00:25:52,280
Speaker 1: we have to look at what that is. What I

457
00:25:52,320 --> 00:25:53,480
Speaker 1: don't want to do is bail I don't want to

458
00:25:53,480 --> 00:25:56,760
Speaker 1: how A taxpayers having to bail out the Illinois state

459
00:25:56,840 --> 00:25:59,200
Speaker 1: government for for ridiculous spending over the years. I don't

460
00:25:59,200 --> 00:26:01,000
Speaker 1: want to hio A taxpayers to have to bail out

461
00:26:01,040 --> 00:26:03,800
Speaker 1: in New York and California. California got rolling blackouts and

462
00:26:03,800 --> 00:26:05,680
Speaker 1: all kinds of crazy policies going there. I don't I

463
00:26:05,680 --> 00:26:07,840
Speaker 1: don't want that. So what we should do is free

464
00:26:07,880 --> 00:26:09,879
Speaker 1: of the money that's already out the door for for

465
00:26:09,960 --> 00:26:12,280
Speaker 1: local governments. Money is already out there, and give some

466
00:26:12,320 --> 00:26:14,320
Speaker 1: freedom there. That's a that's a Republican bill sponsored by

467
00:26:14,400 --> 00:26:17,359
Speaker 1: Ohio when Warren Davidson, uh, that makes that makes sense.

468
00:26:17,400 --> 00:26:19,639
Speaker 1: And then if we can do something on PPP, the

469
00:26:19,640 --> 00:26:22,120
Speaker 1: program that helps small businesses, I think there'd be some

470
00:26:22,119 --> 00:26:24,520
Speaker 1: some common ground there that Conservatives might be willing to

471
00:26:24,520 --> 00:26:25,680
Speaker 1: work with them. But they don't want that. They just

472
00:26:25,680 --> 00:26:27,840
Speaker 1: want to throw money. They want to bail out States.

473
00:26:27,840 --> 00:26:30,000
Speaker 1: So right there, folks. You just heard from Speaker Peloso,

474
00:26:30,040 --> 00:26:33,480
Speaker 1: you heard from Jim Jordan's, and I think it's an

475
00:26:33,520 --> 00:26:38,280
Speaker 1: illustration of why these talks are taking so long. And

476
00:26:38,440 --> 00:26:41,320
Speaker 1: unfortunately we're on the eve of a jobs report. We're

477
00:26:41,320 --> 00:26:43,959
Speaker 1: gonna talk about the job support coming up. Roger fiskus

478
00:26:44,000 --> 00:26:47,280
Speaker 1: with me. He's a Democratic strategist, longtime aid to President Obama,

479
00:26:47,320 --> 00:26:49,879
Speaker 1: and a principle of New Day Strategy and president or

480
00:26:50,800 --> 00:26:54,600
Speaker 1: a principle of I almost introduced Brian Lanza as President.

481
00:26:54,640 --> 00:26:56,879
Speaker 1: Brian Lanza. Brian Lanz is also with us. He is

482
00:26:56,920 --> 00:27:00,560
Speaker 1: a Republican strategist and former deputy communications director for President

483
00:27:00,560 --> 00:27:03,760
Speaker 1: Trump's campaign. Roger, I want to go with you. We

484
00:27:03,840 --> 00:27:07,080
Speaker 1: just heard from Congressman Jim Jordan's, I mean, and and

485
00:27:07,080 --> 00:27:11,080
Speaker 1: and earlier before that, Speaker Pelosi. This is why this

486
00:27:11,160 --> 00:27:15,920
Speaker 1: is taking so long. Is their world's apart? Yeah, Kevin,

487
00:27:15,960 --> 00:27:17,800
Speaker 1: first off, thanks so much for having me, and and

488
00:27:17,920 --> 00:27:21,199
Speaker 1: it's great to be here with Brian. You know, it's frustrating.

489
00:27:21,320 --> 00:27:24,080
Speaker 1: I wish we had a president who fashioned himself as

490
00:27:24,119 --> 00:27:26,840
Speaker 1: a great dealmaker, because ostensibly we could just have a

491
00:27:27,000 --> 00:27:30,239
Speaker 1: president like that swoop in here, and and and and

492
00:27:30,280 --> 00:27:33,520
Speaker 1: bring these parties together. I mean, it's joking aside. It

493
00:27:33,640 --> 00:27:37,800
Speaker 1: is shocking to me that he is completely m I

494
00:27:37,920 --> 00:27:40,520
Speaker 1: A in this whole equation, and in fact, whole news

495
00:27:40,520 --> 00:27:44,119
Speaker 1: stories come and go without even wondering, you know, where

496
00:27:44,119 --> 00:27:47,280
Speaker 1: where he is. And then and let me switch now

497
00:27:47,359 --> 00:27:50,199
Speaker 1: to how this could have gone in the President's favor

498
00:27:50,760 --> 00:27:53,439
Speaker 1: if he had not taken his foot off the gas

499
00:27:53,440 --> 00:27:56,919
Speaker 1: on testing months ago, And say, if you took the

500
00:27:57,000 --> 00:27:59,480
Speaker 1: content of that press conference in the White House Rose

501
00:27:59,520 --> 00:28:01,920
Speaker 1: Garden March, when he was like, oh, there's going to

502
00:28:02,000 --> 00:28:04,399
Speaker 1: be drive through testing locations and all the box store

503
00:28:04,400 --> 00:28:06,680
Speaker 1: parking lots, and we're going to move you know, driving

504
00:28:06,760 --> 00:28:10,320
Speaker 1: movie theaters and all this other stuff. And and then

505
00:28:10,359 --> 00:28:14,360
Speaker 1: you also mobilize full mobilization of the federal government around testing,

506
00:28:14,440 --> 00:28:16,280
Speaker 1: which of course he decided not to do because he

507
00:28:16,280 --> 00:28:18,280
Speaker 1: didn't want his numbers to go. That would have been

508
00:28:18,320 --> 00:28:21,600
Speaker 1: put in place the infrastructure so that you had a

509
00:28:21,640 --> 00:28:24,800
Speaker 1: delivery mechanism when a vaccine comes, right, it would be

510
00:28:24,920 --> 00:28:28,640
Speaker 1: very easy to have all those testing locations that could

511
00:28:28,640 --> 00:28:31,720
Speaker 1: have been built sitting there and basically waiting for the

512
00:28:31,760 --> 00:28:33,800
Speaker 1: arrival of a vaccine, and then you just push it

513
00:28:33,840 --> 00:28:36,440
Speaker 1: out and you can plug it right into the American bloodstream,

514
00:28:36,920 --> 00:28:40,360
Speaker 1: but he chose a different route. Um. And that's why

515
00:28:40,400 --> 00:28:43,160
Speaker 1: I think that the Speaker is is making the points

516
00:28:43,200 --> 00:28:47,080
Speaker 1: that she is and then ultimately the reality. They're basically

517
00:28:47,080 --> 00:28:51,240
Speaker 1: on two escalators right now. Speaker Pelosi's political capital goes

518
00:28:51,360 --> 00:28:55,200
Speaker 1: up every day, and Manutans and Meadows goes down every day,

519
00:28:55,360 --> 00:28:58,120
Speaker 1: especially while you know the premits that there and undermines

520
00:28:58,160 --> 00:29:01,560
Speaker 1: his own government's response. Brian, I don't wanna, Brian, You're

521
00:29:01,560 --> 00:29:03,160
Speaker 1: gonna get the first word coming up next, because I

522
00:29:03,200 --> 00:29:04,600
Speaker 1: want to. I want to get to you on the

523
00:29:04,640 --> 00:29:06,840
Speaker 1: other side of this. I'm Kevin Sireley. You're listening to

524
00:29:06,840 --> 00:29:32,400
Speaker 1: Bloomberg nine and N one. I don't want my name.

525
00:29:33,880 --> 00:29:37,480
Speaker 1: My name is Kevin SIRELEI. I'm the chief Washington correspondent

526
00:29:37,520 --> 00:29:40,960
Speaker 1: for Bloomberg Television, for Bloomberg Radio. That's my oldest sister,

527
00:29:41,080 --> 00:29:47,479
Speaker 1: Mar's favorite Bruce song. And uh, my niece Annie switched

528
00:29:47,480 --> 00:29:50,840
Speaker 1: preschools and today was the first day at a new preschool.

529
00:29:51,320 --> 00:29:55,480
Speaker 1: And uh apparently she was, you know, talking to everybody.

530
00:29:55,480 --> 00:29:57,640
Speaker 1: It was like the chip that right to just drop

531
00:29:57,680 --> 00:29:59,640
Speaker 1: herridge talking to everybody. I said, she must take half

532
00:29:59,680 --> 00:30:02,360
Speaker 1: for me, She'll talk to anybody joining us for the

533
00:30:02,840 --> 00:30:07,520
Speaker 1: also are are esteemed Washington. Booker was telling us about

534
00:30:07,560 --> 00:30:10,840
Speaker 1: his his high school football days and and in the break,

535
00:30:11,320 --> 00:30:15,360
Speaker 1: Matt Matthew Shirley was a tackler and he was wearing

536
00:30:15,400 --> 00:30:18,040
Speaker 1: his high school his high school jersey. So that's for you,

537
00:30:18,080 --> 00:30:20,560
Speaker 1: Matt uh joining us on the line. Roger Fisk, a

538
00:30:20,600 --> 00:30:24,560
Speaker 1: Democratic strategist. Brian Lanza, Republican strategist, former deputy COMPS director

539
00:30:24,560 --> 00:30:27,720
Speaker 1: for President Trumpe campaign. Brian, did you play football in

540
00:30:27,760 --> 00:30:33,960
Speaker 1: high school? It was the outside linebacker and outside line backer.

541
00:30:34,080 --> 00:30:37,000
Speaker 1: I was a soccer player. You know, I should challenge Socker,

542
00:30:37,080 --> 00:30:40,200
Speaker 1: I should challenge Jonathan Farroh to a soccer match or

543
00:30:40,280 --> 00:30:43,400
Speaker 1: is he calls it football? But you know, anyway, all right, Brian,

544
00:30:43,840 --> 00:30:47,720
Speaker 1: why okay? So in the earlier Roger Fisk said, I

545
00:30:48,080 --> 00:30:51,040
Speaker 1: he said, essentially, where's President Trump in these negotiations? So

546
00:30:51,120 --> 00:30:52,800
Speaker 1: let me let me ask you that where is President

547
00:30:52,840 --> 00:30:56,120
Speaker 1: Trump and these fiscal stimulus negotiations? Because he did run

548
00:30:56,120 --> 00:30:58,480
Speaker 1: as a deal maker, and you know, why not why

549
00:30:58,520 --> 00:31:02,000
Speaker 1: not you know, get up there, Speaker Pelosi, you know,

550
00:31:02,160 --> 00:31:04,160
Speaker 1: get or bring over the White House and say, hey,

551
00:31:04,240 --> 00:31:07,320
Speaker 1: we need a deal, we need stimulus. Listen. I think

552
00:31:07,320 --> 00:31:09,760
Speaker 1: he's being strategic. And that's what all negotiators do. I

553
00:31:09,800 --> 00:31:12,640
Speaker 1: mean they have, you know, not that minutions and underlanting,

554
00:31:12,760 --> 00:31:15,800
Speaker 1: but they have an under leaning sort of handle the details.

555
00:31:15,920 --> 00:31:17,560
Speaker 1: Uh and when we're closer and they come in and

556
00:31:18,040 --> 00:31:19,680
Speaker 1: close the finish line. And I think that's what's going

557
00:31:19,760 --> 00:31:21,880
Speaker 1: to happen here. I mean, you know, tread listen. I

558
00:31:21,920 --> 00:31:23,800
Speaker 1: think if you're negotiating, the last thing you want to

559
00:31:23,800 --> 00:31:26,080
Speaker 1: do is president put President Trump in the room when

560
00:31:26,080 --> 00:31:28,480
Speaker 1: you're trying to get billions of dollars for more state government.

561
00:31:28,760 --> 00:31:31,320
Speaker 1: I mean that is the number one priority of the Democrats.

562
00:31:31,320 --> 00:31:33,480
Speaker 1: I mean, they want to fund the failures to California,

563
00:31:33,560 --> 00:31:35,200
Speaker 1: they want to fund the failures of New York, and

564
00:31:35,200 --> 00:31:37,560
Speaker 1: they want to push that tax burden onto the rest

565
00:31:37,640 --> 00:31:39,560
Speaker 1: of us. And Trump wants nothing to do with it.

566
00:31:39,600 --> 00:31:40,840
Speaker 1: So he's not going to go in the room and

567
00:31:40,960 --> 00:31:43,120
Speaker 1: entertain that because it's just a waste of his time

568
00:31:43,120 --> 00:31:45,080
Speaker 1: and it's a waste of Pelosi times. And they know that.

569
00:31:45,280 --> 00:31:47,880
Speaker 1: So I think he's being smart by handed off the minution.

570
00:31:48,200 --> 00:31:51,000
Speaker 1: Let them work well, let them work well together to

571
00:31:51,000 --> 00:31:52,760
Speaker 1: get it done, and he'll come in when it's time

572
00:31:52,800 --> 00:31:54,760
Speaker 1: to close. But I just don't think we're there. And

573
00:31:54,880 --> 00:31:57,680
Speaker 1: all of this comes and I get it, you know,

574
00:31:57,800 --> 00:32:00,200
Speaker 1: I talked to our publican talking to a Democratic. I

575
00:32:00,240 --> 00:32:03,240
Speaker 1: get the divide, and you know, and I respect both

576
00:32:03,240 --> 00:32:05,880
Speaker 1: of you because we talked so much about policy and

577
00:32:05,880 --> 00:32:08,320
Speaker 1: and and the economy, the economics of all this. But

578
00:32:08,360 --> 00:32:11,600
Speaker 1: all of this comes as tomorrow we're gonna get the

579
00:32:11,640 --> 00:32:17,360
Speaker 1: last job support before the election. And the employers probably

580
00:32:17,440 --> 00:32:20,160
Speaker 1: if you look at the terminal, probably added eight hundred

581
00:32:20,200 --> 00:32:24,120
Speaker 1: and seventy five thousand workers in September, following one point

582
00:32:24,160 --> 00:32:27,760
Speaker 1: three seven million in August. According to the medium projection

583
00:32:27,840 --> 00:32:31,880
Speaker 1: of analysts. Ahead of Friday's Labor Department data, the job

584
00:32:32,000 --> 00:32:35,520
Speaker 1: was rate likely felt only slightly to eight point two percent.

585
00:32:36,160 --> 00:32:37,720
Speaker 1: You know, we were speaking about this in the last

586
00:32:37,720 --> 00:32:39,719
Speaker 1: half hour, Brian and then Roger. I want to get

587
00:32:39,720 --> 00:32:42,800
Speaker 1: you away in on this. But Brian, I mean, if

588
00:32:42,840 --> 00:32:45,680
Speaker 1: you look at I don't think you can look and

589
00:32:45,800 --> 00:32:49,800
Speaker 1: compare this upcoming election from an economic standpoint with the

590
00:32:49,840 --> 00:32:54,080
Speaker 1: economic indicators like the misery index, for example, based upon

591
00:32:54,840 --> 00:32:57,280
Speaker 1: when you've got the pandemic in the back in the background,

592
00:32:57,760 --> 00:32:59,840
Speaker 1: because you can't look at eight point two percent on

593
00:32:59,880 --> 00:33:01,840
Speaker 1: a deployment and say, okay, well it's it's a super

594
00:33:01,880 --> 00:33:05,000
Speaker 1: high unemployment number because of the backdrop of the pandemic.

595
00:33:05,400 --> 00:33:10,760
Speaker 1: But here we are, and so you know, when if

596
00:33:10,760 --> 00:33:13,120
Speaker 1: you look at polls, the President is still polling above

597
00:33:14,240 --> 00:33:17,800
Speaker 1: Biden on the economy. But the conversation on the trail

598
00:33:18,080 --> 00:33:22,760
Speaker 1: has not been about the economy. Brian, Yeah, and listen

599
00:33:22,840 --> 00:33:25,200
Speaker 1: enough to challenge they have. I mean, elections are about tomorrow.

600
00:33:25,200 --> 00:33:27,960
Speaker 1: They're about the future. And every person sitting in their

601
00:33:28,000 --> 00:33:30,800
Speaker 1: home today is worried about their future. They're wondering what

602
00:33:30,840 --> 00:33:33,840
Speaker 1: it's gonna take to get to the economy of or

603
00:33:34,000 --> 00:33:37,800
Speaker 1: January in February. And I think that's the case. That's

604
00:33:37,800 --> 00:33:40,400
Speaker 1: the President Trump and his campaign team have to make.

605
00:33:40,840 --> 00:33:43,280
Speaker 1: They have to say, listen, guys, listen to America. And

606
00:33:43,360 --> 00:33:47,400
Speaker 1: the last four months, my administration created ten point four

607
00:33:47,480 --> 00:33:50,520
Speaker 1: million jobs. Four months, you know, as a response to

608
00:33:50,560 --> 00:33:54,200
Speaker 1: this crisis. The entire eight years of Obama administration, they

609
00:33:54,240 --> 00:33:57,520
Speaker 1: only created eight point four So who do you trust

610
00:33:57,960 --> 00:33:59,840
Speaker 1: that's going to restore your job while you're sitting at

611
00:33:59,840 --> 00:34:02,320
Speaker 1: home wondering what the future looks like. The one who

612
00:34:02,440 --> 00:34:05,000
Speaker 1: created this great economy and that was the envy of

613
00:34:05,040 --> 00:34:07,280
Speaker 1: the world, in the envy of world economic history. In

614
00:34:07,400 --> 00:34:12,280
Speaker 1: January or Joe Biden and his team, which which resulted

615
00:34:12,320 --> 00:34:15,359
Speaker 1: in the slowest economic recovery from a great recession ever.

616
00:34:15,600 --> 00:34:17,719
Speaker 1: And then I'd had the final point and we were

617
00:34:17,760 --> 00:34:20,719
Speaker 1: talking about a great depression in in May of this year.

618
00:34:21,080 --> 00:34:23,600
Speaker 1: We were talking about it every you know, news stories

619
00:34:23,600 --> 00:34:26,479
Speaker 1: were there, Bloomberg was writing about it. We're far from

620
00:34:26,520 --> 00:34:29,000
Speaker 1: that great depression. That is not on accident. That is

621
00:34:29,000 --> 00:34:32,200
Speaker 1: a result of the President's Trump's policies and leaderships on

622
00:34:32,239 --> 00:34:34,560
Speaker 1: these issues. And so it's not that we're here on accident.

623
00:34:34,719 --> 00:34:37,840
Speaker 1: Eight point four is still high, but it's not that

624
00:34:37,880 --> 00:34:40,720
Speaker 1: everybody was predicting. And so it's a twelve point difference,

625
00:34:40,719 --> 00:34:42,560
Speaker 1: and that's full of point difference. Is a response, is

626
00:34:43,000 --> 00:34:47,040
Speaker 1: a direct responsibility. There is President Trump's leadership and guidance

627
00:34:47,080 --> 00:34:53,200
Speaker 1: on the economy. Go ahead, Roger, Well, you know that's

628
00:34:53,600 --> 00:34:56,319
Speaker 1: it's it's that's a long list. First off, you know,

629
00:34:56,800 --> 00:34:59,200
Speaker 1: in the last two years of the Obama administration, four

630
00:34:59,239 --> 00:35:01,799
Speaker 1: point four million jobs were created, and the first two

631
00:35:01,880 --> 00:35:04,600
Speaker 1: years of the Trump administration four point one million jobs

632
00:35:04,600 --> 00:35:10,759
Speaker 1: were created. So President for Matra this whole mantra of

633
00:35:10,800 --> 00:35:13,520
Speaker 1: the greatest economy in the history of the galaxy and

634
00:35:13,560 --> 00:35:16,719
Speaker 1: stuff like that is just ludicrous and a four year

635
00:35:16,719 --> 00:35:18,840
Speaker 1: old can prove it wrong on Google and in about

636
00:35:18,880 --> 00:35:24,840
Speaker 1: thirty seconds. Um. The vexing question um that that Brian

637
00:35:25,040 --> 00:35:29,319
Speaker 1: does not put in his laundry list. Is why the

638
00:35:29,360 --> 00:35:32,719
Speaker 1: President couldn't have shared with the American people in February

639
00:35:32,840 --> 00:35:36,840
Speaker 1: what he shared with Bob Woodward. Like, for me, a

640
00:35:36,880 --> 00:35:39,480
Speaker 1: lot of this stuff, you know, politics and campaigns and stuff,

641
00:35:39,520 --> 00:35:42,200
Speaker 1: all gets down to really simple stuff. And if he

642
00:35:42,239 --> 00:35:46,360
Speaker 1: had just been straight and transparent with the people that

643
00:35:46,440 --> 00:35:49,480
Speaker 1: this is an airborne pathogen and that children, you know,

644
00:35:49,560 --> 00:35:52,080
Speaker 1: might have the caring capacity and things like that, we

645
00:35:52,120 --> 00:35:55,080
Speaker 1: would be in a much much different situation. My last point,

646
00:35:55,160 --> 00:35:57,640
Speaker 1: very quickly is to say that he's going out in

647
00:35:57,760 --> 00:36:00,560
Speaker 1: creating jobs right now when people are just clawing their

648
00:36:00,600 --> 00:36:03,239
Speaker 1: way back to the surface. I think it's playing very

649
00:36:03,280 --> 00:36:06,080
Speaker 1: fast and loose with it. I think, but I want

650
00:36:06,080 --> 00:36:08,279
Speaker 1: to keep this focus in this sense, and I and

651
00:36:08,280 --> 00:36:11,040
Speaker 1: I it's hard to do in this climate. Lord, if

652
00:36:11,080 --> 00:36:13,319
Speaker 1: I know how hard this is, especially to talk to

653
00:36:13,320 --> 00:36:15,160
Speaker 1: to want to do a policy show in the middle

654
00:36:15,160 --> 00:36:17,759
Speaker 1: of all of this, This noise. But let me ask you,

655
00:36:17,840 --> 00:36:24,720
Speaker 1: this is Joe Biden. Is he say stating clearly what

656
00:36:24,960 --> 00:36:28,560
Speaker 1: he would do in the first one hundred days as

657
00:36:28,560 --> 00:36:31,120
Speaker 1: it relates to getting the economy And don't don't answer

658
00:36:31,160 --> 00:36:33,680
Speaker 1: with a comparison to the other guy, to the president.

659
00:36:33,719 --> 00:36:35,920
Speaker 1: And I'm saying that respect like to to the opponent

660
00:36:36,239 --> 00:36:40,520
Speaker 1: of whatever, because I want to know truthfully what Abiden

661
00:36:40,560 --> 00:36:44,080
Speaker 1: administration would would look like in terms of energy policy,

662
00:36:44,160 --> 00:36:47,280
Speaker 1: I don't know. And and what balance he would strike

663
00:36:47,320 --> 00:36:52,520
Speaker 1: on fracking and new energy in terms of US infrastructure spending,

664
00:36:52,520 --> 00:36:55,120
Speaker 1: I don't know. And that's what I think I want

665
00:36:55,120 --> 00:36:56,759
Speaker 1: to dive into. That's what we are going to dive

666
00:36:56,800 --> 00:37:00,319
Speaker 1: into coming up, and both sides, both sides. I'm Kevin Really,

667
00:37:00,360 --> 00:37:03,759
Speaker 1: Chief Washington corresponded for Bloomberg Television, for Bloomberg Radio. You're

668
00:37:03,760 --> 00:37:24,320
Speaker 1: listening to Bloomberg Night and on one this is Bloomberg's

669
00:37:24,400 --> 00:37:29,040
Speaker 1: Sound On with Kevin Surreley on Bloomberg and one oh

670
00:37:29,120 --> 00:37:33,000
Speaker 1: five point seven F M H D two. I'm Kevin Surreally.

671
00:37:33,120 --> 00:37:37,920
Speaker 1: I'm the chief Washington correspondent for Bloomberg Television and for

672
00:37:38,440 --> 00:37:42,759
Speaker 1: Bloomberg Radio. And tomorrow, folks, we're gonna have a continuing

673
00:37:42,800 --> 00:37:47,319
Speaker 1: coverage of Jobs Day. It's an incredibly, incredibly important important

674
00:37:47,400 --> 00:37:51,239
Speaker 1: jobs Day, uh, last one before before the election, and

675
00:37:51,440 --> 00:37:54,520
Speaker 1: we got to use these economic indicators in order to

676
00:37:55,360 --> 00:37:59,720
Speaker 1: in order to to really go into all of the

677
00:38:00,040 --> 00:38:02,839
Speaker 1: cifics and maybe it'll put some pressure on these lawmakers

678
00:38:03,200 --> 00:38:07,279
Speaker 1: to get to a fiscal stimulus deal. Joining us on

679
00:38:07,320 --> 00:38:10,560
Speaker 1: the line. Somebody's wrapped up in these negotiations. He's the

680
00:38:10,640 --> 00:38:14,440
Speaker 1: ranking member of the House Small Business Committee. He's Congressman

681
00:38:14,560 --> 00:38:18,799
Speaker 1: Steve Chabitt, and he is UH. He represents Ohio's first

682
00:38:18,800 --> 00:38:22,680
Speaker 1: congressional district. He is a member of the Republican Party. Congressman,

683
00:38:22,680 --> 00:38:23,799
Speaker 1: Are we going to get to a deal in the

684
00:38:23,800 --> 00:38:28,800
Speaker 1: fiscal talks? I certainly hope so. Um. Obviously, this is Washington,

685
00:38:28,920 --> 00:38:33,279
Speaker 1: so politics, uh gets in the way everywhere. But this

686
00:38:33,360 --> 00:38:35,319
Speaker 1: is something we really ought to be working on in

687
00:38:35,320 --> 00:38:38,120
Speaker 1: a bipartisan manner. Um. And the jury is still out

688
00:38:38,120 --> 00:38:41,720
Speaker 1: whether that's gonna get done. Um, it's possible yet tonight,

689
00:38:42,120 --> 00:38:46,920
Speaker 1: it's possible tomorrow. I'm cautiously optimistic because the American people

690
00:38:46,960 --> 00:38:50,160
Speaker 1: needed and both Republicans and Democrats are saying they want

691
00:38:50,160 --> 00:38:52,600
Speaker 1: to help. Now, let's see if we can actually get

692
00:38:52,640 --> 00:38:54,680
Speaker 1: it done. I certainly hope we will. So to me,

693
00:38:54,840 --> 00:38:58,359
Speaker 1: what I really cannot understand. Maybe it's because I'm young,

694
00:38:58,760 --> 00:39:02,480
Speaker 1: but I cannot understand. And why for the life of me,

695
00:39:03,239 --> 00:39:05,839
Speaker 1: you and your Democratic friends on the other across the aisle,

696
00:39:06,160 --> 00:39:10,200
Speaker 1: you you agree on about a trillion dollars. You agree

697
00:39:10,680 --> 00:39:14,080
Speaker 1: on many different things, So why can't you just pass

698
00:39:14,200 --> 00:39:16,080
Speaker 1: that what you agree on and fight about the other

699
00:39:16,120 --> 00:39:19,480
Speaker 1: for lack of a better word, stuff another day. Because

700
00:39:19,680 --> 00:39:22,720
Speaker 1: on main Street, in small businesses, families across the country,

701
00:39:22,760 --> 00:39:25,040
Speaker 1: they can't operate the way the House of Representatives or

702
00:39:25,040 --> 00:39:27,640
Speaker 1: the Senate, or the politics in general, the way it

703
00:39:27,680 --> 00:39:30,719
Speaker 1: works in this town. Yeah, you're you're right, that is

704
00:39:30,760 --> 00:39:34,200
Speaker 1: what should happen. Sometimes it does. UM. I actually on

705
00:39:34,360 --> 00:39:36,759
Speaker 1: the lead Republican or the ranking member of the House

706
00:39:36,760 --> 00:39:39,040
Speaker 1: Small Business Committee. The last two conferences, I was the

707
00:39:39,080 --> 00:39:41,240
Speaker 1: chairman of the committee. We have a very good working

708
00:39:41,280 --> 00:39:45,160
Speaker 1: relationship on that committee, the Democrats and Republicans working, we

709
00:39:45,200 --> 00:39:47,879
Speaker 1: get a lot done on the committee. So we we

710
00:39:47,880 --> 00:39:51,000
Speaker 1: were instrumental in passing the p p P program back

711
00:39:51,000 --> 00:39:54,759
Speaker 1: in the Cares Act earlier this year, the paycheck Protection Program,

712
00:39:54,880 --> 00:39:58,520
Speaker 1: and so many jobs were saved across the country. Over

713
00:39:58,640 --> 00:40:02,359
Speaker 1: fifty million job jobs were saved. Uh. It's about half

714
00:40:02,400 --> 00:40:05,080
Speaker 1: the people who work in America work for a small business,

715
00:40:05,320 --> 00:40:08,200
Speaker 1: and about half of those jobs were saved due to this.

716
00:40:08,560 --> 00:40:11,280
Speaker 1: Now the funding is there's still a hundred and thirty

717
00:40:11,280 --> 00:40:14,399
Speaker 1: seven billion dollars in there, but the time ran out

718
00:40:14,440 --> 00:40:19,160
Speaker 1: back in August August eight. And I've introduced a bill

719
00:40:19,200 --> 00:40:22,319
Speaker 1: that would allow let's we all agree on that both

720
00:40:22,320 --> 00:40:25,279
Speaker 1: republic let's do that now. And the things we don't

721
00:40:25,280 --> 00:40:29,200
Speaker 1: agree on, we can save those. And and uh, Nancy

722
00:40:29,239 --> 00:40:34,280
Speaker 1: Pelosi thus far is refused to allow. A speaker of course,

723
00:40:34,520 --> 00:40:36,759
Speaker 1: has allowed has refused to allow it to come up

724
00:40:36,800 --> 00:40:39,839
Speaker 1: for a vote. So the last couple of weeks we've

725
00:40:39,880 --> 00:40:43,120
Speaker 1: been doing something called a discharge petition. You need to

726
00:40:43,160 --> 00:40:45,879
Speaker 1: have half of the members of Congress sign it, and

727
00:40:46,320 --> 00:40:49,080
Speaker 1: the bill will come up even if the Speaker opposes it,

728
00:40:49,080 --> 00:40:53,239
Speaker 1: it would pass. Virtually all Republicans would would vote for it,

729
00:40:53,320 --> 00:40:55,960
Speaker 1: and a large number of Democrats would vote for it.

730
00:40:55,960 --> 00:40:58,239
Speaker 1: We'd at least get that done because we agree on

731
00:40:58,280 --> 00:41:00,880
Speaker 1: that um. But we were not there yet even on that,

732
00:41:00,920 --> 00:41:03,440
Speaker 1: because we're still trying to collect the signatures. But I

733
00:41:03,480 --> 00:41:05,760
Speaker 1: would like to see an overall bill done that would

734
00:41:05,840 --> 00:41:09,000
Speaker 1: help people and direct payments again that would do something

735
00:41:09,200 --> 00:41:12,520
Speaker 1: for those that are still unemployed. H to do something

736
00:41:12,920 --> 00:41:15,879
Speaker 1: more testing. So there's I'd like to see a bigger bill.

737
00:41:15,960 --> 00:41:18,120
Speaker 1: But if we can't get there, like like you said, Kevin,

738
00:41:18,280 --> 00:41:21,200
Speaker 1: let's at least pass what we agree on. So, I

739
00:41:21,200 --> 00:41:23,800
Speaker 1: mean Steve Chavis with us. He is a Republican from Ohio,

740
00:41:24,200 --> 00:41:26,319
Speaker 1: and uh, you know, I want to talk about I

741
00:41:26,320 --> 00:41:30,000
Speaker 1: want to switch gears actually, uh and talk about just

742
00:41:30,440 --> 00:41:34,120
Speaker 1: a geopolitical competition, because it's not just small businesses on

743
00:41:34,160 --> 00:41:35,799
Speaker 1: Main Street. They are having to claw their way out

744
00:41:35,920 --> 00:41:39,200
Speaker 1: of this this economy and the job's day numbers coming

745
00:41:39,200 --> 00:41:42,480
Speaker 1: tomorrow and a point to likely unemployment eight point two

746
00:41:42,480 --> 00:41:45,640
Speaker 1: percent unemployment. I mean, there are reopenings and the pace

747
00:41:45,640 --> 00:41:48,240
Speaker 1: of reopenings, and the pace of of of the data

748
00:41:48,320 --> 00:41:52,080
Speaker 1: on the coronavirus impacting all around the country. And and

749
00:41:52,200 --> 00:41:53,799
Speaker 1: you look at China, and you, of course are a

750
00:41:53,800 --> 00:41:56,120
Speaker 1: member of the House Committee on Foreign Affairs. We're in

751
00:41:56,160 --> 00:42:00,640
Speaker 1: a direct competition right now for our goods being provided

752
00:42:00,680 --> 00:42:03,040
Speaker 1: all over the world. And so I know that that

753
00:42:03,200 --> 00:42:07,280
Speaker 1: a group of House members just released a strategy Republican

754
00:42:07,320 --> 00:42:09,000
Speaker 1: House members at least a strategy on how to deal

755
00:42:09,040 --> 00:42:13,279
Speaker 1: with China, uh, yesterday. But when you look at your

756
00:42:13,640 --> 00:42:16,319
Speaker 1: and you look at the competition, not just from an

757
00:42:16,320 --> 00:42:19,520
Speaker 1: economic standpoint, but on national security as well. But China,

758
00:42:20,080 --> 00:42:22,480
Speaker 1: I mean, this is this isn't a problem down the road.

759
00:42:22,560 --> 00:42:26,160
Speaker 1: This is a problem right now. Oh, it absolutely is. Yeah,

760
00:42:26,200 --> 00:42:28,279
Speaker 1: they are if you look down the road. Yeah, it's

761
00:42:28,360 --> 00:42:30,080
Speaker 1: for the next hundred years, they're going to be our

762
00:42:30,440 --> 00:42:34,799
Speaker 1: principal rival. But they're there now. Um. Jobs have been

763
00:42:34,840 --> 00:42:38,719
Speaker 1: going over there for such a long time. Um. And basically,

764
00:42:38,719 --> 00:42:40,719
Speaker 1: what we've allowed to happen, you know, we're we have

765
00:42:41,360 --> 00:42:44,279
Speaker 1: free trade more or less since you know the uh,

766
00:42:44,360 --> 00:42:49,000
Speaker 1: the Clinton administration through the Bush administration that this president

767
00:42:49,080 --> 00:42:52,320
Speaker 1: has felt a little differently and he's more favorite teriffs, etcetera.

768
00:42:52,600 --> 00:42:56,640
Speaker 1: But basically, what we've allowed is China to get their

769
00:42:56,680 --> 00:43:00,320
Speaker 1: products into our country. On the show, all ofs just

770
00:43:00,360 --> 00:43:02,359
Speaker 1: look at Walmart. I mean, if you pick something up,

771
00:43:02,400 --> 00:43:04,080
Speaker 1: you look on it, there's pretty darn good chance that's

772
00:43:04,080 --> 00:43:06,239
Speaker 1: gonna say made in China. Underneathan, we make it very

773
00:43:06,280 --> 00:43:09,239
Speaker 1: easy for them, uh to sell their products here. But

774
00:43:09,360 --> 00:43:12,800
Speaker 1: our businesses, our companies have a hard time getting into China.

775
00:43:13,040 --> 00:43:14,719
Speaker 1: And if they want to locate there, they have to

776
00:43:14,800 --> 00:43:18,560
Speaker 1: partner up with the Chinese entity, and oftentimes they have

777
00:43:18,680 --> 00:43:21,759
Speaker 1: some connection to the Chinese Communist Party. So we've got

778
00:43:21,760 --> 00:43:24,040
Speaker 1: to be a lot smarter in our trade deals. And

779
00:43:24,160 --> 00:43:26,560
Speaker 1: the President has been very outspoken on that. He's made

780
00:43:26,640 --> 00:43:29,719
Speaker 1: some progress, um, but we've got a long way to

781
00:43:29,760 --> 00:43:32,359
Speaker 1: go with respect to China, and they've been eating our

782
00:43:32,480 --> 00:43:34,879
Speaker 1: lunch and a whole range of areas for far too long.

783
00:43:35,080 --> 00:43:38,879
Speaker 1: They're stealing our intellectual property. You know, we're quite good

784
00:43:38,920 --> 00:43:43,840
Speaker 1: our our tech companies are good at making complex and

785
00:43:43,840 --> 00:43:47,160
Speaker 1: and things that they can't even necessarily make over there.

786
00:43:47,320 --> 00:43:50,400
Speaker 1: But what happens is they go over they reverse engineer

787
00:43:50,480 --> 00:43:53,840
Speaker 1: this stuff, and they end up stealing our copyrights and

788
00:43:53,880 --> 00:43:57,520
Speaker 1: making the product over there cheaper because labor costs are cheaper,

789
00:43:57,520 --> 00:43:59,520
Speaker 1: and then selling them back here in the United States.

790
00:43:59,520 --> 00:44:01,120
Speaker 1: So that's the kind of thing we have to be

791
00:44:01,120 --> 00:44:04,360
Speaker 1: a lot smarter about to bring those jobs back to

792
00:44:04,400 --> 00:44:06,920
Speaker 1: this country. Congressman Steve Shavits on the line. He is

793
00:44:06,960 --> 00:44:13,200
Speaker 1: a Republican representing Ohio's first congressional district, he which is

794
00:44:13,280 --> 00:44:16,640
Speaker 1: near Cincinnati, And I was just in Ohio Congressman for

795
00:44:16,480 --> 00:44:18,040
Speaker 1: that for that debate. Did you hear about the debate?

796
00:44:19,200 --> 00:44:21,359
Speaker 1: I did hear something about a debate. I guess they

797
00:44:21,400 --> 00:44:24,080
Speaker 1: called a debate. I'm not sure if it was. Did

798
00:44:24,080 --> 00:44:26,840
Speaker 1: you watch it? Be honest, I did. I watched it

799
00:44:26,920 --> 00:44:29,680
Speaker 1: from beginning to end, and it suffered like the rest

800
00:44:29,680 --> 00:44:32,480
Speaker 1: of us, right, I'm telling you my my mom taught

801
00:44:32,480 --> 00:44:34,640
Speaker 1: me not to be rude and not to interrupt. She

802
00:44:34,680 --> 00:44:37,200
Speaker 1: also told me not to call names. Um. And there

803
00:44:37,239 --> 00:44:39,160
Speaker 1: was a lot of name calling and a lot of rudeness,

804
00:44:39,200 --> 00:44:42,160
Speaker 1: and it was on both sides, um. And it's unfortunate

805
00:44:42,160 --> 00:44:44,759
Speaker 1: because I think there's so many issues and there are

806
00:44:44,840 --> 00:44:47,840
Speaker 1: real disagreements with with both candid I don't agree with

807
00:44:47,880 --> 00:44:50,640
Speaker 1: each other on most policies, but you know, when you're

808
00:44:50,640 --> 00:44:52,759
Speaker 1: trying to talk over somebody and yell at each other

809
00:44:52,840 --> 00:44:55,520
Speaker 1: and call each other names, I think a lot of

810
00:44:55,520 --> 00:44:58,319
Speaker 1: people are really turned off by that exhibition. Well. And

811
00:44:58,560 --> 00:45:01,000
Speaker 1: the thing that I just I don't like when the

812
00:45:01,080 --> 00:45:03,960
Speaker 1: pundits over the past twenty four and forty eight hours,

813
00:45:04,080 --> 00:45:06,080
Speaker 1: what they've been saying is, oh, it's not going to

814
00:45:06,200 --> 00:45:11,040
Speaker 1: change anything. You don't watch a debate to necessarily that you.

815
00:45:11,280 --> 00:45:13,080
Speaker 1: I mean, you get to be informed, but you also

816
00:45:13,160 --> 00:45:15,279
Speaker 1: have a right as an American citizen to watch the

817
00:45:15,320 --> 00:45:19,040
Speaker 1: debate to say, Okay, even if the person who I

818
00:45:19,120 --> 00:45:21,560
Speaker 1: support doesn't win, I still want to know the direction

819
00:45:21,600 --> 00:45:24,680
Speaker 1: of the country that the other person, the other candidate,

820
00:45:25,000 --> 00:45:27,520
Speaker 1: is taking the direction of the country. And I don't

821
00:45:27,640 --> 00:45:30,080
Speaker 1: think that was informative at all, you know what I mean?

822
00:45:30,160 --> 00:45:34,120
Speaker 1: And yeah, I don't think it was very informative. I

823
00:45:34,160 --> 00:45:38,000
Speaker 1: think the American people were not served well in that debate,

824
00:45:38,160 --> 00:45:39,840
Speaker 1: and that goes for both sides. And I happen to

825
00:45:39,880 --> 00:45:43,279
Speaker 1: be a Republican, UM I objected to the behavior of

826
00:45:43,800 --> 00:45:47,279
Speaker 1: both candidates. There was more rudeness on one side, there

827
00:45:47,320 --> 00:45:50,080
Speaker 1: was more name calling on the other side. I hope

828
00:45:50,440 --> 00:45:53,280
Speaker 1: that in the next couple of debates, assuming they actually happen,

829
00:45:54,000 --> 00:45:56,640
Speaker 1: that there's a lot more respect not only for each other,

830
00:45:56,680 --> 00:45:58,560
Speaker 1: but for the American people who have to watch this

831
00:45:58,640 --> 00:46:02,279
Speaker 1: thing well. And honestly, Congressman Steve Shabbert, who's on the line,

832
00:46:02,280 --> 00:46:07,000
Speaker 1: he's a Republican representing Ohio's first congressional district, Uh, honestly,

833
00:46:07,800 --> 00:46:12,600
Speaker 1: it was. It was so toxic. I don't even know

834
00:46:12,719 --> 00:46:14,480
Speaker 1: how you would even change the rules, you know. I

835
00:46:14,480 --> 00:46:17,080
Speaker 1: I I personally think Chris Wallace did a great job.

836
00:46:17,320 --> 00:46:19,080
Speaker 1: I think he did all that he could have done

837
00:46:19,080 --> 00:46:21,719
Speaker 1: in that situation. I'm definitely not one to weigh in

838
00:46:22,160 --> 00:46:25,160
Speaker 1: on critiquing, you know, the media. It's I think there's

839
00:46:25,239 --> 00:46:28,040
Speaker 1: enough millennial reporters out there who do who do that.

840
00:46:28,080 --> 00:46:30,320
Speaker 1: But it was it was absolutely just, you know, hopefully

841
00:46:30,320 --> 00:46:33,200
Speaker 1: it's something needs to be done, uh to to to

842
00:46:33,400 --> 00:46:35,400
Speaker 1: allow people to be informed, because people have a right

843
00:46:35,440 --> 00:46:38,759
Speaker 1: to be informed. Are you a Bengals fan? Oh? Absolutely,

844
00:46:39,120 --> 00:46:45,839
Speaker 1: indeed on the wrong they could tie. That was the

845
00:46:45,880 --> 00:46:49,920
Speaker 1: worst football game I know against my Philadelphia Eagles. They

846
00:46:49,920 --> 00:46:52,440
Speaker 1: should have benched Wentz. You know, I mean, it was.

847
00:46:52,520 --> 00:46:55,800
Speaker 1: It was absolutely deplorable. I thought it was the worst

848
00:46:55,800 --> 00:46:57,680
Speaker 1: part of my week. And then I got to Cleveland

849
00:46:57,840 --> 00:47:00,319
Speaker 1: and I go through that debate. All right, Congressman Steve

850
00:47:00,320 --> 00:47:02,719
Speaker 1: schab and I really appreciate your time coming on, but listen,

851
00:47:02,760 --> 00:47:05,320
Speaker 1: I don't like the Bengals, Congressman, I don't like the Bengals.

852
00:47:05,320 --> 00:47:07,879
Speaker 1: And and after that terrible game, if you can even

853
00:47:08,120 --> 00:47:09,880
Speaker 1: can't call it a debate, you can't call that a

854
00:47:09,880 --> 00:47:15,080
Speaker 1: football game. Congressman Steve Chabant, Republican congressman representing Ohio's first District,

855
00:47:15,400 --> 00:47:19,040
Speaker 1: uh and uh. He represents a bunch of Cincinnati Bengals fans.

856
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Speaker 1: I guess I'm Kevin Cirelli. What a week you're listening

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Speaker 1: to Bloomberg