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Speaker 1: This is Bloomberg Wall Street Week. What's the state of

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Speaker 1: corporate governance? The deficit is a real issue. The US

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Speaker 1: economy continues to send mixed signals to the financial stories

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Speaker 1: that cheap our world fed action to con concerns over

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Speaker 1: dollar liquidity and encouraging China data. The five hundred wealthiest

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Speaker 1: people in the world. Through the eyes of the most

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Speaker 1: influential voices Larry Summers, the former Treasury Secretary, star Ward, CEO,

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Speaker 1: Kevin Johnson, sec Chairman J Clayton, Bloomberg wool Street Week

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Speaker 1: with David Weston from Bloomberg Radio. When it comes to technology,

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Speaker 1: it's not just social media and artificial intelligence and five

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Speaker 1: G the United States is competing with China over. It's

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Speaker 1: also energy and the race to develop new ways of

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Speaker 1: generating energy, ways that go well beyond traditional fossil fuels.

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Speaker 1: I talked with the U S Secretary of Energy, Dan

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Speaker 1: Briette about the energy race, and he said we should

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Speaker 1: be concerned about the competition. The global energy landscape has

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Speaker 1: changed dramatically over the last few decades, and our position

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Speaker 1: as the United States has changed within that landscape. Eight

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Speaker 1: you know, in that time, we've seen a dramatic shift

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Speaker 1: in the flow of US resources to developing economies all

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Speaker 1: across the world. And I was looking at some statistics

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Speaker 1: earlier today. You know, back in nineteen sixty nine of

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Speaker 1: the monetary flows back then were categorized as official development

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Speaker 1: assistance by the US government, and in two thousand and

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Speaker 1: five eight instead came from the private capital market. So

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Speaker 1: that's you know, that's that's an intense shift away from

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Speaker 1: government resources to the private sector. And that was fifteen

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Speaker 1: years ago, so I'm sure that number could be even

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Speaker 1: higher than today, but it clearly ended, you know, illustrates

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Speaker 1: that the private sector is playing a bigger role in

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Speaker 1: the international arena. And one component of our mission here

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Speaker 1: at the Department of Energy is to reach out and

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Speaker 1: engage with these increasingly important global actors. And with that

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Speaker 1: in mind, our department d OE Department of Energy is

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Speaker 1: leading some efforts to develop what we think are cutting

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Speaker 1: edge public private partnerships and they'll help achieved results in

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Speaker 1: the very dynamic energy landscape. And we're doing that with

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Speaker 1: our partners and within the inter agency, primarily the UH

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Speaker 1: what's known now as the dfc UH, the old OPEC,

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Speaker 1: the old Overseas Private Investment corporation. We've been working very

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Speaker 1: closely with them. But you know, we're very excited about

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Speaker 1: these partnerships because they not only yield economic growth, but

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Speaker 1: they enable the US to strengthen its ties to international

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Speaker 1: partners and to provide new opportunities all across the world

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Speaker 1: for American businesses. And UH. I just talked to a Dr.

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Speaker 1: Fatti Barole at the International Energy Agency and he tells

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Speaker 1: me that is now set to see the loclent and

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Speaker 1: energy investment on record. Obviously due to the pandemic, but

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Speaker 1: this is a reduction of roughly one fifth, or almost

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Speaker 1: four hundred billion US dollars, and that's in capital spending

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Speaker 1: compared to capex as well, as we call it. I

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Speaker 1: e A is reported on the opportunity for policy actions

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Speaker 1: UH and and we've we've worked closely with them. They're

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Speaker 1: targeting energy investments to boot growth, boost growth, to create

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Speaker 1: even more jobs, and to continue reducing energy related emissions.

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Speaker 1: And even more, there's real potential here to expand energy

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Speaker 1: access by nearly two hundred and seventy million people and

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Speaker 1: provide cleaner cooking solutions to nearly four hundred and twenty

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Speaker 1: million people all across the Globe is my predecessor, Rick Perry.

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Speaker 1: Secretary Rick Perry said, you know, there's still so many

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Speaker 1: people around the world without access to commercial energy, and

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Speaker 1: we want to help fix that problem for them and

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Speaker 1: create opportunities for us here in America. But um, you know,

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Speaker 1: as we know, and as we've discussed in the past,

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Speaker 1: governments alone don't have the resources for all of those investments.

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Speaker 1: So we're gonna we're gonna rely upon and it will require,

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Speaker 1: you know, very strong public and private partnerships based on it. Well,

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Speaker 1: we refer to here in the United States as a

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Speaker 1: bottom up energy philosophy, one that supports free markets, It

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Speaker 1: funds scientific research, and it honors the choice of producers

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Speaker 1: and consumers alike. Um. So, with our private sector counterparts,

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Speaker 1: we're gonna be focusing here on things like nuclear technologies

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Speaker 1: and working to develop new reactors and new fuels for

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Speaker 1: those reactors, fuels that are accident tolerant and non prolifferent.

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Speaker 1: We're also focusing on wind and solar technologies, which is

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Speaker 1: a priority for our department, and a large portion of

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Speaker 1: our R and D budget here at the Department of

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Speaker 1: Energy will be spent on the work that's coming out

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Speaker 1: of our National Renewable Energy Laboratory in Golden Colorado. In

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Speaker 1: that vein, we're gonna be pursuing some new battery technologies,

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Speaker 1: and all of our innovators here and entrepreneurs in the

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Speaker 1: private sector, we're working lockstep on some new carbon capture,

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Speaker 1: utilization and storage process projects. So in short, you know,

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Speaker 1: the government and DEWE can and we should play of

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Speaker 1: very crucial role in helping to bring all of these

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Speaker 1: new projects over the finish line. Um. So, David is exciting.

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Speaker 1: It's an exciting time to be in the energy business.

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Speaker 1: It's an exciting time to be an energy policy and

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Speaker 1: as the world changes, so will we. It was very

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Speaker 1: helpful and it's clear you want more energy, and you

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Speaker 1: want to achieve, you want more investments, you want some

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Speaker 1: private investment in particular. We've talked before, as you said,

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Speaker 1: and you tend to say it's all of the above

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Speaker 1: when it comes to energy. As I try to get

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Speaker 1: a choice between renewables versus fossil fuels, things like that

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Speaker 1: give us a sense of what that really means in practice.

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Speaker 1: Doesn't the government have to pick some with it winners

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Speaker 1: and losers. Well, look, winners and losers or something we

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Speaker 1: avoid in the marketplace. We don't as a government, we

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Speaker 1: don't want to pick individual players, um, but as technology

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Speaker 1: picking winners and losers and technology it's not something that

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Speaker 1: we want to engage in either. What we want is

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Speaker 1: to pursue as you and I have discussed and all

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Speaker 1: of the above strategy and uh, you know the President

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Speaker 1: has talked about this publicly and those words mean exactly

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Speaker 1: what they are. We're gonna pursue renewable technologies very very aggressively.

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Speaker 1: We just announced on the West Coast a brand new

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Speaker 1: facility at one of our laboratories there that's gonna allow

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Speaker 1: us to develop greer scale storage battery storage. This is

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Speaker 1: Tony Mega Watson above. It allows us to develop the

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Speaker 1: next generation of battery stores that will allow renewables to

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Speaker 1: be integrated into our current electric grid much more easily

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Speaker 1: and much more efficiently. That was Dan Briette, US Energy Secretary,

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Speaker 1: coming up. Corporate America isn't just looking inward, it's also

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Speaker 1: looking at the outside world to see what it can

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Speaker 1: do to move us forward on the pressing issues of

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Speaker 1: our time. Just ask ed Bastion, the CEO of Delta Airlines.

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Speaker 1: That's next on Wall Street Week on doom This is

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Speaker 1: Bloomberg Will Street Week with David Weston from Bloomberg Radio.

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Speaker 1: The aftermath of the killings of Brianna Taylor and George

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Speaker 1: Floyd made all of us face the deep divisions in

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Speaker 1: our country and the ways we've fallen short of making

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Speaker 1: this a more perfect union. Ed Bastion, CEO of Delta Airlines,

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Speaker 1: has been addressing what a major public and traded company

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Speaker 1: can and should do to address the need for societal

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Speaker 1: change since he first took over as leader of Delta,

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Speaker 1: and he was thrust in the controversial issue of gun regulation.

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Speaker 1: We spoke to at the Virtual Blue Brig Equalities on it.

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Speaker 1: The bottom line on this is that we have a

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Speaker 1: responsibility at our company to be not just a great

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Speaker 1: airline but also a great steward of our resources and

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Speaker 1: help build up our own people opera adoptunes for our

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Speaker 1: own team, as well as within our community where we

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Speaker 1: fly and where we invest our time. UH And one

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Speaker 1: of the things the pandemic has shown to us is

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Speaker 1: the vulnerable have become even more at risk and it's

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Speaker 1: it's led to their voices being heard. It's been an

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Speaker 1: interesting phenomena where has everything has quieted down as the

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Speaker 1: world has had to come to us stop. It's allowed

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Speaker 1: us opportunity to listen to those people that are actually

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Speaker 1: have been speaking to us for some time, and maybe

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Speaker 1: we've been too busy to listen. And I know at

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Speaker 1: Delta that's been the case. And we've had a renewed

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Speaker 1: focus on on racial equality, systemic bias, and injustice and

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Speaker 1: all the things that we can do as corporate leaders

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Speaker 1: to make a difference in our community. And in your

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Speaker 1: statement you actually referred to the need to listen as

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Speaker 1: you just said, and talked about having town hall meetings

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Speaker 1: and things like that to really learn more from the

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Speaker 1: people at Delta. Have you done that yet and what

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Speaker 1: have you learned Because you knew about this issue before,

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Speaker 1: what perhaps new did you find out from that? We

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Speaker 1: we have done a lot of that. We've had regular

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Speaker 1: town hall meetings on large company wide tens of thousands

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Speaker 1: of people as well as on small scale matters, and

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Speaker 1: we're doing it in many, many parts of our company.

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Speaker 1: And you're right, David, we've been focused on diversity inclusion

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Speaker 1: for a long time and we've got a pretty good

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Speaker 1: track record. We've been making progress. But the one thing

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Speaker 1: that that I have paid a lot closer attention to

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Speaker 1: is disaggregating the information Diversity inclusions abroad umbrella. It includes gender, race, ethnicity,

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Speaker 1: and in other areas of opportunity. But when you look

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Speaker 1: at the information and you see underneath the specific groups

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Speaker 1: that are potentially not keeping up with the broader economy

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Speaker 1: or our corporate opportunities, it's been the black community with

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Speaker 1: within at least within Delta, we've got twenty percent of

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Speaker 1: our employees are are black, yet only seven percent of

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Speaker 1: the top leaders in the company are and that's a

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Speaker 1: pretty wide gap that we need to commit to close. Well,

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Speaker 1: that's something that we see replicating a lot of you

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Speaker 1: as industry. I suspect certainly in industry. I know about it. ABC,

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Speaker 1: we had those challenges. How is the African American situation

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Speaker 1: somewhat different from other people of color? I mean, there's

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Speaker 1: an issue for all, but as you said, it's went

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Speaker 1: different perhaps because we have four years of slavery. There's

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Speaker 1: history of slavery to account for. Yeah, that's this. This

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Speaker 1: has been going on for not just decades, but centuries.

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Speaker 1: And the thing that we've we've learned here at Delta

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Speaker 1: is that we all have a role to play to

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Speaker 1: to owning the issue. You know, it's one thing to

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Speaker 1: say that we've got to get better. It's one thing

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Speaker 1: to to acknowledge the numbers. As we said, it's it's

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Speaker 1: important to be transparent about the numbers, but to really

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Speaker 1: understand the reasons and the rationale and put yourself in

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Speaker 1: someone else's shoes. That's where the listening and the understanding

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Speaker 1: and the reflection have coming are coming from. And one

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Speaker 1: of the things that we've talked a lot about Delta

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Speaker 1: is also being truth tellers, acknowledging the fact that our

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Speaker 1: company does not have a great record on this in

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Speaker 1: the past and may have some challenges it needs to

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Speaker 1: correct for in order to be a more just company

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Speaker 1: going forward. And while the leaders of the company may

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Speaker 1: not have been here at the time some of those

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Speaker 1: inequities were first initiated, we have to go back and

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Speaker 1: reconcile and make sure we understand what our company's responsibility is,

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Speaker 1: not just our individual responsibilities. And part of the challenge

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Speaker 1: we have for all the society, business, I think, and

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Speaker 1: perhaps even the Delta is it's not just enough to

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Speaker 1: say going forward, we're going to be even we've got

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Speaker 1: some history, we have to make up for How do

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Speaker 1: you do that without alienating people who are not benefited

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Speaker 1: by them by the actions. Well, it's a great question,

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Speaker 1: and you're right, there's a lot of people wondering, well,

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Speaker 1: what about me, you know, or does that mean I'm

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Speaker 1: gonna now be by by implication, disadvantaged relative to to

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Speaker 1: an African American colleague. And the answer is no. The

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Speaker 1: answers We've got to raise the bar for everybody we

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Speaker 1: there are. There are plenty of great talented leaders within

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Speaker 1: our African American community that we need to invest more

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Speaker 1: time and more understanding in. And when you look around

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Speaker 1: the room, you see the room is filled with with

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Speaker 1: people that look just like you and me. So it's

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Speaker 1: clear that we've had advantages. We may not have uh

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Speaker 1: been explicit about it, but implicitly we've had advantages. And

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Speaker 1: we've got to bring others along with us too. And

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Speaker 1: you've mentioned the numbers a couple of times. How do

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Speaker 1: you measure success? How will you know when you've achieved

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Speaker 1: what you need to achieve? And is it basically based

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Speaker 1: on numbers? It's it's not based on numbers, David. But

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Speaker 1: one of the things that I know within Delta and

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Speaker 1: as well as within the corporate community. Is when you're

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Speaker 1: transparent and you're held accountable, things get done. You know,

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Speaker 1: people pay attention. And we never want this to be

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Speaker 1: seen as a quota system or or lowering the bar

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Speaker 1: as as one would might say, Uh, this is about

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Speaker 1: ownership and accountability and being able to measure that the

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Speaker 1: success that we're having. So numbers are, it's it's an outcome,

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Speaker 1: it's not not the not the driving force. But when

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Speaker 1: we do see that gap closed, and in the memo

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Speaker 1: you referenced, I've committed to close that gap in half

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Speaker 1: over the next five years, so it's not a lot

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Speaker 1: of time to make some pretty good difference. That will

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Speaker 1: be one measure of success. But when I hear from

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Speaker 1: our our black community within Delta that the opportunities, the discussion,

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Speaker 1: the sense of of of belonging and opportunity is greater

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Speaker 1: than it was, that will tell me that we've really

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Speaker 1: made that difference. When you talk about closing the gap

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Speaker 1: for those who haven't had the opportunity dis memo and

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Speaker 1: I recommend it to people, you disaggregate those numbers as well.

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Speaker 1: You have the overall population of the Delta employees. But

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Speaker 1: then you have management and then you have a smaller

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Speaker 1: group at the very top. Are you committed to closing

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Speaker 1: that gap across the entire set of different groups, Yes,

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Speaker 1: I am David Uh. In total, we have about of

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Speaker 1: our our team are people of color, about thirty percent

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Speaker 1: in the in the low thirties are actually UH. In

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Speaker 1: the leadership ranks of the company. More broadly speaking, from

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Speaker 1: front line leaders on up are people of color, and

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Speaker 1: about eighteen percent of our pusers are people of color.

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Speaker 1: But when you figure out what the black component, the

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Speaker 1: African American component of the same population skill set, is

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Speaker 1: half of our people of color black, but only a

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Speaker 1: third of our top leaders are black. So you can

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Speaker 1: see that there's been even within the designation of people

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Speaker 1: of color, there's been some inequity in imbalance there, and

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Speaker 1: that's what we've got to focus on how we can

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Speaker 1: do better. That was Ed Bastion, CEO of Delta Airlines,

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Speaker 1: coming up the Tesla underwhelmed with its battery day and

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Speaker 1: the wheels started to come off at Nicola. As its

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Speaker 1: chairman stepped down, we talked with Joseph Stack of RBC

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Speaker 1: Capital Markets about the tech side of autos. That's next

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Speaker 1: on Wall Street Week on Bloomberg. This is Bloomberg Wall

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Speaker 1: Street Week with David Weston from Bloomberg Radio. In the

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Speaker 1: great tradition of startups, we started Apple because we wanted

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Speaker 1: the product ourselves. There is one person or two people

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Speaker 1: who are both the creator and the market so that

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Speaker 1: they know the marketing requirements intuitively because they're the market themselves.

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Speaker 1: So gradually we were pulled into business. It wasn't We

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Speaker 1: didn't start out to build a large company. We started

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Speaker 1: out to build a few dozen computers for us and

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Speaker 1: our friends. That was Apple co founder Steve Jobs back

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Speaker 1: in talking about how he came to create computers for

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Speaker 1: the masses. This week, another high tech entrepreneur who dropped

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Speaker 1: out of college made news, but of a very different sort.

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Speaker 1: Trevor Milton didn't come up with his one big idea

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Speaker 1: right away. He tried an alarm sales company, an online

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Speaker 1: classified website, and an energy storage company before fastening on

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Speaker 1: his one true passion, making big trucks with zero emissions.

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Speaker 1: He called it Niccola, after Nicola Tesla, who basically invented

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Speaker 1: alternating current. Starting only five years ago, Milton built his

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Speaker 1: company rapidly, taking a public just last June and seeing

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Speaker 1: its market cap briefly exceed at a Ford Motor Company.

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Speaker 1: But then, like Icarus, maybe he climbed too close to

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Speaker 1: the sun. He made a big deal for GM to

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Speaker 1: buy eleven percent of his company, which triggered the short

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Speaker 1: seller Hindenburg Research to call it all quote an intricate

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Speaker 1: fraud built on dozens of lies, including a claim Nicola

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Speaker 1: really was nothing more than a licensee and packager, which

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Speaker 1: Mr Milton vigorously denies. Here's the important thing to know.

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Speaker 1: We've already built the Badger from the ground up ourselves,

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Speaker 1: so everything in it is owned by Nicola. What we

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Speaker 1: decided to do is leverage common parts with GM. I'll

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Speaker 1: tell you for those who don't know, General Motors has

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Speaker 1: the best purchasing power pretty much in the world. They

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Speaker 1: their parts are cheaper than When I see cheaper, they

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Speaker 1: mean they pay less for their parts than anyone else

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Speaker 1: in the world, pretty much with exception to make me Volkswagen.

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Speaker 1: So if you think about that, being able to leverage

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Speaker 1: all their parts, we can commonize things so like a

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Speaker 1: window regulator or an inverter. I mean, why why spend

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Speaker 1: two thousand dollars on an in burger if you can

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Speaker 1: pay four hundred bucks for it or five for it,

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Speaker 1: or whatever it is, that's the value you get with GM.

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Speaker 1: It doesn't mean that there that we're that we're not

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Speaker 1: doing anything. It means we're commonizing parts and o EAMs

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Speaker 1: do this all the time. The SEC and Justice departments

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Speaker 1: started investigations, the stock fell, and Mr Milton had to

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Speaker 1: quit as chairman. We don't know where this will all end.

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Speaker 1: Mr Milton says he'll defend himself against what he calls

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Speaker 1: false allegations, and GM insists it did all appropriate due

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Speaker 1: diligence before it made the deal, leaving us all the

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Speaker 1: wonder whether Mr Milton will ultimately be proven to be

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Speaker 1: the revolutionary innovator he claims to be, or an extremely

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Speaker 1: good salesman whose marketing prowess got the better of him.

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Speaker 1: Nicola's goals have caused it to be compared with Tesla,

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Speaker 1: but there are some key differences between the two. We

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Speaker 1: asked OURBC Capital Markets analyst Joseph Spack, what exactly Nicola

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Speaker 1: is trying to do? Yeah, Nicola is, um, you know

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Speaker 1: a little bit. I think of a misunderstood story. Um,

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Speaker 1: there's definitely a lot of noise around the name. I

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Speaker 1: think the short report brought out a lot of issues

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Speaker 1: which um you know, I'm certainly not going to defend here,

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Speaker 1: but I think that when you look at the crux

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Speaker 1: of what Nicola was trying to do, they were trying

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Speaker 1: to bring together a whole bunch of partners from the

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Speaker 1: manufacturing side, from the fuel cell and battery side, and

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Speaker 1: from the infrastructure side to be able to offer their

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Speaker 1: customers a point A two B route that they can

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Speaker 1: take over for them, UM, make green and efficient with

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Speaker 1: hydrogen fueling technology, uh, and be able to offer a

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Speaker 1: fuel cell lease. Now, if you can build out a

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Speaker 1: whole bunch of A two B back and forth routes

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Speaker 1: where you can get customers to sign up for that,

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Speaker 1: slowly but surely, you can build out efficiently hydrogen charging

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Speaker 1: infrastructure network and that helps solve the chicken and egg

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Speaker 1: problem that exists with hydrogen. But clearly, um you know,

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Speaker 1: some of the issues that that have been brought up,

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Speaker 1: and not a cloud that surround the company, I think

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Speaker 1: he's putting some of these partnerships and potentially customers at risk,

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Speaker 1: and it does mean that the whole idea or concepts

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Speaker 1: can fall apart. So we've heard in the past about

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Speaker 1: the opportunities and hydrogen fuel self for long haul so

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Speaker 1: to speak, in the big trucks going in long distances,

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Speaker 1: that that might well make sense. So that's not a

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Speaker 1: new thought. What is it that's new that Nicola brings

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Speaker 1: to the party. Yeah, I think UM. I think first

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Speaker 1: of all, you're right, I think you know, battery electric

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Speaker 1: vehicles UM for for commercial trucks as it stands today,

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Speaker 1: with the current state of battery technology, UM makes a

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Speaker 1: little bit less sense for the longer range because of

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Speaker 1: a number of issues including recharge times, battery degredation, and

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Speaker 1: just the weight of battery. So fuel self seems like

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Speaker 1: to get it to work a more ideal solution. UM

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Speaker 1: the UM why now or why Nicola? Because I think

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Speaker 1: what Nicola was trying to do was come up with

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Speaker 1: more of a business model innovation again what they're trying

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Speaker 1: to accomplish with their customers. And they had this pilot

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Speaker 1: program with Anheuser Busch which is UM, you know, we

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Speaker 1: will UM lease, we will sell you this fuel truck's please.

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Speaker 1: That includes both the truck, all the fuel and the

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Speaker 1: service and maintenance and so the effectively, like I said,

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Speaker 1: they take over that that dedicated route, that a tow

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Speaker 1: B route for Anteuser Busch and if they know they

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Speaker 1: could get a lot of route, put a lot of

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Speaker 1: density on that route. Um, it's sort of de risks

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Speaker 1: the infrastructure build needed for hydrogen because they can use

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Speaker 1: the the proceedge from the fuels at least to help

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Speaker 1: build out the infrastructure. That was Joseph's back of RBC

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Speaker 1: Capital Markets. Coming up, we wrap up the week with

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Speaker 1: our special contributor Larry Summers. This is Wall Street Week

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Speaker 1: on Bloomberg. This is Bloomberg Wall Street Week with David

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Speaker 1: Weston from Bloomberg Radio. Well, we had a week gre

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Speaker 1: going uncertainty about the return of the virus, about whether

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Speaker 1: we're gonna get more fiscal siminis, than about the looming election,

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Speaker 1: with President Trump adding that we this might not go

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Speaker 1: when he was told to go. He might not conceive

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Speaker 1: that election that if it goes against him. The more

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Speaker 1: uncertainty there is, the more that we help from our

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Speaker 1: special contributor Larry Summers of Harvard. So, Larry, great to

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Speaker 1: have you here. First of all, start with that election,

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Speaker 1: because we have a lot of people now the markets included,

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Speaker 1: starting to be concerned about whether we're gonna have some

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Speaker 1: chaos after the election. Are you concerned about that? Of

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Speaker 1: course I'm concerned, and there's a risk. But my best

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Speaker 1: guess is right now that we're gonna know who won

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Speaker 1: the election by on election night, because the returns are

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Speaker 1: going to come in from Florida and they're going to

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Speaker 1: suggest that Joe Biden won Florida. And when that happens,

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Speaker 1: there's not gonna be much question about the overall outcome. So, yes,

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Speaker 1: it certainly could go close. It certainly could be terrible

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Speaker 1: in a variety of ways. But my best guess right

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Speaker 1: now is that we're gonna know before we go to

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Speaker 1: sleep on Wednesday night, on Tuesday night, what the result

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Speaker 1: of uh the election has been. I think things are

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Speaker 1: moving uh in that way. So let me ask a

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Speaker 1: question that has some travesty to it. We all know

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Speaker 1: that you basically are in favor of foreign Vice President

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Speaker 1: Biden gett elected. How much difference does it make? I mean,

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Speaker 1: does the particular policies we took a president at this

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Speaker 1: point make that big a difference? Or are we facing

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Speaker 1: bigger problems than that with, for example, a pandemic. Look,

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Speaker 1: there's a lot that's not even our control. Does the

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Speaker 1: virus UH mutate, How aggressive does China choose to be,

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Speaker 1: What are the consequences of climate change? How much does

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Speaker 1: artificial intelligence turn out to exacerbate UH inequality. So it's

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Speaker 1: a mistake to think that who the president is and

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Speaker 1: what the policy is are is the only thing that's

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Speaker 1: going to determine how good the next four years are.

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Speaker 1: That said, there is an enormous amount to be gained

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Speaker 1: from a restoration of normality. Normality in the sense of

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Speaker 1: comedy and decent relations with other countries. Normality in the

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Speaker 1: sense of a president who seeks to bring Americans together

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Speaker 1: rather than pit racial groups against each other. Normality in

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Speaker 1: the sense of a president who respects UH the law,

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Speaker 1: who respects UH scientific expertise, who values a competent civil service.

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Speaker 1: In UH government, there are a whole set of issues

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Speaker 1: which go beyond and come logically before the issues where

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Speaker 1: Republicans and Democrats have different views where there will be

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Speaker 1: a huge difference if things turn UH in UH this election.

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Speaker 1: Differences between democratic and Republican policy are well down in

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Speaker 1: the list in terms of what's at stake in this election. UH.

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Speaker 1: That's I imagine why John McCain's widow endorsed Joe Biden.

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Speaker 1: That's why all kinds of former military figures who usually

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Speaker 1: stay out of politics or tend to the Republican side,

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Speaker 1: have endorsed UH Joe Biden. That's why people like UH

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Speaker 1: Bill Crystal and Lincoln Project, which is made up of

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Speaker 1: really staunch Republicans, the kind who loved George W. Bush

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Speaker 1: when Democrats were very bothered by things he was doing,

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Speaker 1: have endorsed UH Joe Biden. I think there's a ton

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Speaker 1: that said stay in normality and normality and reasonable process.

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Speaker 1: Is that much more important given how much that we

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Speaker 1: can't control that's coming down the road. At least we

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Speaker 1: have to be competent and caring with respect to the

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Speaker 1: things that are within our control. I want to pick

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Speaker 1: up on one thing you refer to, which is climate.

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Speaker 1: The issue of climate. We had a remarkable announcement out

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Speaker 1: of President g in China this week basically saying we're

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Speaker 1: gonna get the carbon neutral by what did you make

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Speaker 1: of that? Two things, Uh? One that China is buying

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Speaker 1: for global leadership, It is doing the kinds of things

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Speaker 1: that the United States once did making forward looking commitments,

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Speaker 1: and the other in the hope that others will follow

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Speaker 1: and trying to set the terms of the global debate,

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Speaker 1: and so in many ways, the fact that they were

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Speaker 1: making this kind of forward looking UH statement said more

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00:26:06,080 --> 00:26:09,719
Speaker 1: to me about our China policy than it did about

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Speaker 1: our environmental policy. It said to me that China is

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Speaker 1: not an issue for the defense budget, It is not

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Speaker 1: even an issue just for the conduct of our diplomacy,

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00:26:24,119 --> 00:26:26,720
Speaker 1: but it is something on which we are going to

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Speaker 1: have to organize our effort for domestic renewal if the

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Speaker 1: United States is going to maintain the kind of position

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Speaker 1: and the leadership of leadership in the world that most

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Speaker 1: Americans I believe very much want the United States to have.

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Speaker 1: It also pointed up to me the essential role of

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Speaker 1: renewal of energy systems worldwide, whether it's the discovery and

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00:26:58,760 --> 00:27:04,120
Speaker 1: implementation of at our battery technologies, David, whether it's moves

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Speaker 1: on carbon pricing, which I think are very very important. UM.

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Speaker 1: Whatever the particular steps UH are, we are gonna have

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Speaker 1: to as we renew our country's infrastructure, pay very close

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Speaker 1: attention UH to UH energy issues. There may be there

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00:27:30,560 --> 00:27:33,000
Speaker 1: are a lot of things that I think are wrong

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00:27:33,160 --> 00:27:38,680
Speaker 1: and overdone in some of the green new Deal proposals,

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00:27:38,680 --> 00:27:42,040
Speaker 1: which seems to me go way beyond UH climate change.

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00:27:42,480 --> 00:27:45,960
Speaker 1: But we're certainly gonna need a new deal on green

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Speaker 1: issues and do things very differently. And that's one of

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Speaker 1: the things that I hope will start to happen in

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Speaker 1: the next several years. So learn as you know. Every

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Speaker 1: week we like I'd like to finish the week with

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Speaker 1: a lightning round of Larry says. Let me start out

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Speaker 1: way asking what was the biggest disappointment for you this week?

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Speaker 1: The failure to failure to move forward on stimulus at all,

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Speaker 1: and that stimulus is a low priority, but appointing a

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Speaker 1: Supreme Court in the month before an election is a

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00:28:19,080 --> 00:28:22,879
Speaker 1: high priority. I have to say, as an economic policy maker,

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Speaker 1: I worry that a president who makes a travesty of

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00:28:26,760 --> 00:28:30,879
Speaker 1: reasonable process with respect to the Supreme Court can hardly

478
00:28:30,920 --> 00:28:34,119
Speaker 1: be counted on to respect the independence of the Fed

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00:28:34,920 --> 00:28:38,240
Speaker 1: when it counts. So if that's a disappointment, what was

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00:28:38,360 --> 00:28:43,640
Speaker 1: encouraging for you this week? Even Mitch McConnell basically made

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00:28:43,720 --> 00:28:47,240
Speaker 1: clear that the president had gone way beyond the lines

482
00:28:48,080 --> 00:28:51,920
Speaker 1: when he threatened to stay in office even if he

483
00:28:52,040 --> 00:28:58,960
Speaker 1: lost UH the election. The absolute clarity with which even

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00:28:59,000 --> 00:29:03,520
Speaker 1: the people who inexplicably to me have been loyal to

485
00:29:03,640 --> 00:29:07,040
Speaker 1: the president made it clear that if that happened, enough

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00:29:07,080 --> 00:29:10,320
Speaker 1: would be enough. Okay, and we had those two. Let's

487
00:29:10,320 --> 00:29:13,120
Speaker 1: talk about what the biggest mistake was you saw made

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00:29:13,160 --> 00:29:20,360
Speaker 1: this week? Probably probably uh no, no, uh no forward

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00:29:20,440 --> 00:29:26,440
Speaker 1: movement on stimulus, on stimulus at a time when we

490
00:29:26,640 --> 00:29:30,840
Speaker 1: hugely need an insurance policy against a double dip for

491
00:29:30,880 --> 00:29:36,800
Speaker 1: the economy. The labor market is slowing down. UH. Landlords

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00:29:36,800 --> 00:29:42,760
Speaker 1: are having much more difficulty UM paying rents uh to.

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00:29:43,120 --> 00:29:46,600
Speaker 1: Tenants are having much more difficulty paying rents uh to

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00:29:47,160 --> 00:29:51,280
Speaker 1: uh landlords. Firms are getting ready as they realize this

495
00:29:51,360 --> 00:29:53,680
Speaker 1: is going to go on for a long time, to

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00:29:54,200 --> 00:30:00,520
Speaker 1: pay off um to layoff workers. And above all, David,

497
00:30:01,800 --> 00:30:05,280
Speaker 1: people are just wishing COVID was over and acting like

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00:30:05,360 --> 00:30:08,680
Speaker 1: it was even and look at your ape, and look

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00:30:08,720 --> 00:30:11,719
Speaker 1: at your many look at Europe. Okay, many things. Now

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Speaker 1: the special Wall Street can we contribute he is, of course,

501
00:30:14,600 --> 00:30:19,959
Speaker 1: Larry Summers. Finally, one more thought. The least dangerous branch,

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Speaker 1: that's what Alexander Bickle called the federal judiciary. It doesn't

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Speaker 1: have the power of the purse, it doesn't command any armies.

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00:30:27,960 --> 00:30:31,280
Speaker 1: This week we lost the very embodiment of that least

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Speaker 1: dangerous but all important branch of our government. Ruth Bader

506
00:30:35,320 --> 00:30:38,520
Speaker 1: Ginsburg stood barely over five feet tall. She weighed all

507
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Speaker 1: of a hundred pounds. Her stellar record in law school

508
00:30:41,560 --> 00:30:43,920
Speaker 1: didn't give her a place in a powerful law firm

509
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Speaker 1: for one reason. She was a woman. It was Ruth

510
00:30:49,160 --> 00:30:52,680
Speaker 1: Bader Ginsburg who thought that the U. S. Constitution should

511
00:30:52,760 --> 00:30:57,640
Speaker 1: treat every American equally, regardless of genders. But in the end,

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Speaker 1: she showed them all. She showed us all all, almost

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Speaker 1: by herself. She changed the course of the law, particularly

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Speaker 1: when it came to the role of women, something we

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Speaker 1: continue to struggle with. And now, ironically, in her passing,

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Speaker 1: she poses for us the most fundamental question about the

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Speaker 1: role of the judiciary she so loved, for the very

518
00:31:16,880 --> 00:31:19,600
Speaker 1: power of the least dangerous branch lies in the fact

519
00:31:19,600 --> 00:31:22,560
Speaker 1: that it is not political. We don't elect our judges.

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00:31:22,640 --> 00:31:25,280
Speaker 1: They have no fixed terms. They are the keepers of

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00:31:25,320 --> 00:31:28,800
Speaker 1: principles rather than expediency. We are now in the midst

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00:31:28,840 --> 00:31:31,560
Speaker 1: of an intensely political fight over the branch of government

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00:31:31,600 --> 00:31:34,920
Speaker 1: that is not supposed to be political. And if in

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Speaker 1: the end the Supreme Court is seen by us all

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00:31:37,200 --> 00:31:40,760
Speaker 1: as yet another expression simply of our extreme partisan politics.

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Speaker 1: Then does the Supreme Court, even our Supreme Court, have

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Speaker 1: the same not power but authority that the framers intended

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Speaker 1: it to have. That does it? For this episode of

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Speaker 1: Wall Street Week, I'm David Weston. This is Bloomberg. See

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Speaker 1: you next week. S