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Speaker 1: We shouldn't as Democrats be a power in the republicist

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Speaker 1: President Trump was sent here to smash two mentional norms.

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Speaker 1: I would rather see a congressional solution. It's part of

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

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Speaker 1: Bloomberg two Dactor Fauci slashes the US Depth Projection, which

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Speaker 1: has now raised hope for a reopening. Meanwhile, the SMP

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Speaker 1: five hundred capping it's best week since four after the

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Speaker 1: Federal Reserve acts. But are they acting too quickly? We

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Speaker 1: put that question directly to House Financial Services Committee Chairwoman

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Speaker 1: Maxine Waters and exclusive interview folks, what she's watching for

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Speaker 1: in the economic stimulus and more geo political fallout, plus

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Speaker 1: the latest on day one, day one, complete day one

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Speaker 1: of the twenty general election. So much to get through.

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Speaker 1: We're gonna kick things off with my exclusive interview with

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Speaker 1: House Financial Services Committee Chairwoman Maxine Waters. You do not

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Speaker 1: want to miss that, folks. I'm Kevin Cirelli, Chief Washington

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Speaker 1: correspondent for Bloomberg Television and Bloomberg Radio. Coming up in

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Speaker 1: the next hour, folks, President Donald Trump and Vice President

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Speaker 1: Mike Pence are going to have their daily Coronavirus Task

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Speaker 1: Force briefing. You can catch that right here on Bloomberg one.

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Speaker 1: The SMP five hundred capping the best week since nineteen

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Speaker 1: seventy four. This upon news of the Federal Reserve acting,

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Speaker 1: we have coming up an exclusive interview with Calvin Schnore,

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Speaker 1: who's a senior economist at nay Read, so we'll get

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Speaker 1: all of the impact on how the FETE is acted,

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Speaker 1: and of course the US jobless claims which continued to

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Speaker 1: soar into the millions. Richard Fowler is going to join us,

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Speaker 1: nationally syndicated radio show host, Democratic insider and a Fox

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Speaker 1: News contributor. And now though, we want to begin with

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Speaker 1: an exclusive interview that I did with House Financial Services

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Speaker 1: Committee Chairwoman Maxine Waters, and I asked her about the

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Speaker 1: next round economic stimulus, as well as this notion of

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Speaker 1: the FED acting and the FED acting and whether or

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Speaker 1: not they're picking winners and losers. So take a listen

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Speaker 1: to my exclusive interview with House Financial Services Committee Chairwoman

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Speaker 1: Maxine Waters, the Democrat from California. Here it is, Chairwoman,

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Speaker 1: thank you for making the time for us. What's the

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Speaker 1: next step in the process and getting this aid to

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Speaker 1: small businesses across the country. Well, thank you very much. Absolutely,

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Speaker 1: there is a next step. Uh. We have Manci Pelosi. Uh,

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Speaker 1: that's busy, UM in negotiations with the Senate. You have Schumer,

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Speaker 1: you have Pelosi, and they're trying to work out their differences.

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Speaker 1: As I understand it, Um, this Senate basically, UH tried

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Speaker 1: to advance legislation, or did advance legislation that clearly had

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Speaker 1: the money, the two hundred and fifty billion dollars, but

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Speaker 1: what it didn't have is how it exactly would be spent.

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Speaker 1: And we have some ideas about what should happen with

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Speaker 1: the money and the way that it should happen, and

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Speaker 1: so that has to be worked out, and there will

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Speaker 1: be contingent negotiations until it is finalized, because it is

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Speaker 1: extraordinarily important that uh, you know, both the House and

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Speaker 1: the Senate get together on this legislation so that we

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Speaker 1: can pass it without all of us having to come

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Speaker 1: back to Washington, d C. So that's what I wanted

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Speaker 1: to ask you. Procedurally, then, as you looks for the

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Speaker 1: next round of economic stimulus package, as you fought very

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Speaker 1: hard in the first round for there to be, for example,

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Speaker 1: more money for families in particular, how what do you

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Speaker 1: want to see, Chairwoman in the next round and economic stimulus. Well,

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Speaker 1: I would like to increase the amount of money payments

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Speaker 1: that go to our constituents. As you know, it turned

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Speaker 1: out to be twelve hundred dollars for adults, uh and

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Speaker 1: five hundred for each trial in the family. I started

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Speaker 1: out with two thousand for each adult at one thousand

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Speaker 1: for each trial. So I would like to see some

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Speaker 1: improvement in that, simply because it is so desperately needed.

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Speaker 1: We have people who are losing their jobs, uh, people

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Speaker 1: who don't have unemployment insurance. We have folks that don't

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Speaker 1: have any kind of cushion uh and that they've got

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Speaker 1: to put food on the table, gasoline in the cars

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Speaker 1: to try and look work, et cetera. And so I'd

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Speaker 1: like to see more money that goes to the families.

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Speaker 1: I want to get into the reeds. But just from

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Speaker 1: a timeline perspective, what is the timeline that you're hearing

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Speaker 1: from Speaker Pelosi's office about when the next round of

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Speaker 1: economic stimulus will likely be voted on. Well, first, we

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Speaker 1: have to concentrate on this supplemental and this emergency bill

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Speaker 1: that we have that increases the amount of money that

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Speaker 1: we're putting into what we call before we even get

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Speaker 1: to cares too, because the banks UH over subscribed with

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Speaker 1: so many applications coming in for s b A, and

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Speaker 1: the need is so great until we have to try

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Speaker 1: and deal with this right away as soon as possible,

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Speaker 1: and then we've continue to work on what would be

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Speaker 1: cares too. Are the fourth package of of laws that

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Speaker 1: we would like to make in order to deal with

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Speaker 1: this pandemic. Madam Cherwoman, you and I have talked about

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Speaker 1: this before. Housing has been one of the key tenants

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Speaker 1: of your political career, and one of the things that

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Speaker 1: you've been advocating for is a hundred billion dollars worth

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Speaker 1: of rental assistance and aid UH in the next round

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Speaker 1: of economic stimulus. You were fighting for this in your

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Speaker 1: in the proposal that you put out several weeks ago.

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Speaker 1: How important is it that rental assistance be granted in

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Speaker 1: the next round of economic stimulus? Strong more important that

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Speaker 1: we take care of this issue. What we're saying to

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Speaker 1: landlords is we don't want you to eat anybody. And

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Speaker 1: so if you're federally assisted in some way, like you know,

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Speaker 1: living in public housing, a section AID or some of

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Speaker 1: the other programs that are federally assisted. Okay, Uh, they

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Speaker 1: are taken care of, But who's not taking care of

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Speaker 1: our landlords who are not These are private landlords, and

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Speaker 1: they may be small landlords. They maybe have six eight

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Speaker 1: units or so, and so we can't ask them not

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Speaker 1: to indict and don't tell them how they're going to

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Speaker 1: get paid so they can pay the mortgage on the

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Speaker 1: risk that they have and that they're renting out. So

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Speaker 1: I'm finding very hard for that. It is a must

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Speaker 1: for the next speeding legislation, and I'll continue to be

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Speaker 1: a strangling advocate for that. Chairwoman Waters, I just have

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Speaker 1: two more questions and we're pressed for time. But on

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Speaker 1: the issue of the Federal Reserve in terms of oversighter,

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Speaker 1: you concerned it all that they might be picking winners

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Speaker 1: and losers. Well, we're gonna watch the Federal Reserve very carefully.

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Speaker 1: We know that they have uh lifted the cap the

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Speaker 1: asset cap for well spargo temporarily. We've got to dig

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Speaker 1: that on the details of that. We did not intend

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Speaker 1: for this virus to allow for deregulation differentiation. Are the

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Speaker 1: kind of efforts that uh, certainly we have been advocating

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Speaker 1: against So while it is temporary and we understand the

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Speaker 1: seriousness of all of this and the need to get

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Speaker 1: money out and the fact that they were complaining about

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Speaker 1: the balance sheet and all of that, we will be

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Speaker 1: doing oversight on this. We will be paying attention. We're

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Speaker 1: not going to allow this to be misused because uh,

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Speaker 1: some changes that want to be made by banks such

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Speaker 1: as Wales Spargo, who certainly has been responsible for so

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Speaker 1: much undermining of consumer long that was House Financial Services

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Speaker 1: Committee Chairwoman Maxine Waters, Democrat from California, speaking with me

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Speaker 1: earlier today on Bloomberg Television, and you can check out

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Speaker 1: that entire interview on Bloomberg tv dot com. It was interesting,

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Speaker 1: quite honestly, to hear her talk about Wells Fargo, because

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Speaker 1: that has been such a focus not just amongst progressives

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Speaker 1: like Chairwoman Waters as well as Senator Elizabeth Warren and others,

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Speaker 1: but also even with a certain streak in conservative politics,

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Speaker 1: most notably her predecessor House, former House Financial Services Committee

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Speaker 1: Chairman Jeff Pencerlink. So the FED opening up some of

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Speaker 1: that liquidity and lifting some of the restrictions on Wells Fargo,

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Speaker 1: but Chairwoman Waters there with a policy warning. Coming up,

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Speaker 1: we dive into US jobless claims. I'm Kevin Cirelli, Chief

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Speaker 1: Washington correspondent for Bloomberg Television and Bloomberg Radio. And you're

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Speaker 1: listening to Bloomberg One. You're listening to Bloomberg Sound On

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Speaker 1: with Kevin Surley on Bloomberg and one oh five point

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Speaker 1: seven h D two. I'm Kevin CURRELLI Chief Washington correspondent

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Speaker 1: for Bloomberg Television and Bloomberg Radio. Full disclosure here, folks.

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Speaker 1: I've been cooking every day. I feel like my cooking

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Speaker 1: skills have the one there's not that many bright spots

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Speaker 1: these days, but the one bright spot I've been I've

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Speaker 1: been baking, cooking every single day. So I mean, I've

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Speaker 1: got chili. I'm I'm working from home like the rest

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Speaker 1: of America, and I've got chili brewing on in the

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Speaker 1: in the background. Enough about CEREALI chili. Let's turn to now. Unfortunately,

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Speaker 1: some more disappointing news job joblessness UH and the total

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Speaker 1: UH the number of Americans who filed for first time

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Speaker 1: unemployment claims last week disaccording to the Department of Labor,

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Speaker 1: six point six million. And this is just reported on Thursdays.

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Speaker 1: Six point six million Americans filing first time unemployment claims

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Speaker 1: just last week, you go to the week before that,

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Speaker 1: and over the past three weeks more than sixteen million million.

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Speaker 1: It's really a tough tough number to swallow. It's a

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Speaker 1: tough number to comprehend. And that's why I'm so grateful

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Speaker 1: to have Calvin Schnore, who's a senior economist at NAVY

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Speaker 1: read to join us on the line. Uh, Calvin, thank

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Speaker 1: you for being here. I wish that the news was

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Speaker 1: was a little more optimistic, even as the health news

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Speaker 1: indicates that we could be nearing a peak, and as

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Speaker 1: other countries have peaked and and are slowly beginning to

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Speaker 1: reopen because they've been following social distancing, these job numbers

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Speaker 1: are just a tough tough pill to swallow. That's right, Kevin. Today,

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Speaker 1: today's number was just shockingly large. And the thing you

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Speaker 1: need to keep in mind is the economic impact of

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Speaker 1: these social distancing measures started right away, started a doon

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Speaker 1: as we started the social distancing, and it's going to

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Speaker 1: keep having an effect on businesses and on households and

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Speaker 1: workers and everyone even after we start flattening the curve.

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Speaker 1: Because in order to flatten the curve. You need to

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Speaker 1: keep the social distancing, which means you're not going to

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Speaker 1: have the shops open, you're not gonna have the workers.

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Speaker 1: And we're just seeing, you know, massively large increases in

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Speaker 1: unemployment right now. So Calvin Schnore, who is senior economist

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Speaker 1: an area, how do we how long will this go on?

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Speaker 1: I mean, well, the next week also project another more

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Speaker 1: than six million jobless claims. Or is there any data

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Speaker 1: that that shows how long this trend will last? As

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Speaker 1: we are shut down? We have no idea. The thing

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Speaker 1: I was looking for this morning when the numbers came

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Speaker 1: out was to see how much have changed from the

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Speaker 1: previous week. Now, the previous week was revised up of

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Speaker 1: it and it was basically about the same, slightly lower.

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Speaker 1: The previous week was revised up. Uh. We still don't

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Speaker 1: know whether this can be one time served the last

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Speaker 1: for a couple of uh and then it's done or

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Speaker 1: eases off. Uh. You know, you might think that all

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Speaker 1: the restaurants that shut down they can shut down once, right,

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Speaker 1: or is this going to be a series of rolling

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Speaker 1: ways where other businesses that have been trying to hold on,

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Speaker 1: trying to keep open and then continue to shut down,

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Speaker 1: which would be a much more troubling scenario. Um, I

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Speaker 1: think we're gonna be somewhere in the middle of that

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Speaker 1: that We're gonna have a couple of weeks of the

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Speaker 1: you know, six million or more every week, and then

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Speaker 1: it's going to ease off a bit, but it's certainly

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Speaker 1: not going to go back to a low number for

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Speaker 1: a while. So just hearing you talk about this, I mean,

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Speaker 1: it is so unprecedented, and in your time as an economist,

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Speaker 1: typically you're able to gauge right some of the data flow.

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Speaker 1: But the data, even on the health side, but from

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Speaker 1: the economic side as well, the data has just been

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Speaker 1: all over the map. And so I guess as we

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Speaker 1: try to factor into this, I've seen some estimates saying

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Speaker 1: that upwards of unemployment could be uh on the line.

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Speaker 1: States like New York and California have just been so

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Speaker 1: heavily hit by this. At some point, I mean, does

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Speaker 1: it get does it does the pressure on the economic

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Speaker 1: pressure becomes so great, the unemployment pressure becomes so great

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Speaker 1: that the health professionals are going to have to to

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Speaker 1: work with policymakers about potentially making tests so that parts

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Speaker 1: of the economy can reopen. We know, everybody would like

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Speaker 1: us to get back to work as quickly as possible,

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Speaker 1: and we're seeing a lot of stories about officials who

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Speaker 1: are trying to figure out how to do that. But

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Speaker 1: you have to keep in mind you can't have a

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Speaker 1: healthy economy if you don't have healthy workers. Um, even

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Speaker 1: if we if we're premature and thing, let's ease these

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Speaker 1: restrictions and people go back when the infection is spreading

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Speaker 1: very rapidly, we're just gonna have a second round of

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Speaker 1: this even worse. UM, My estimates are pretty similar with

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Speaker 1: what you sited previously. We saw the unemployment rate go

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Speaker 1: from three and a half percent to four point in

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Speaker 1: February or four and four percent in March, and right

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Speaker 1: now it's rising about three percentage points a week. So um,

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Speaker 1: April May we could easily hit if we continue at

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Speaker 1: this pace. Now, we don't know if those are going

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Speaker 1: to be short term and temporary or if they're gonna

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Speaker 1: be longer term. We just know that we do need

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Speaker 1: to get some type of support for the companies. They're struggling,

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Speaker 1: the workers, they're struggling with a sudden loss of cash flow.

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Speaker 1: So this earlier today fed share J. Powell making more remarks,

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Speaker 1: and what what did we get from fed share Powell?

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Speaker 1: What what is the FED doing? Are they acting because

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Speaker 1: Congress quite simply, there isn't enough trust in in a

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Speaker 1: in a divided Congress and in a polarized political time.

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Speaker 1: So the Feds, you know, stepping up to do what

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Speaker 1: they have to do because Congress won't. Well, the FED

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Speaker 1: has a very different mandate than Congress. So Congress has

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Speaker 1: its own agenda and it is pursuing stimulus and they're

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Speaker 1: going to try to get the checks out there. They

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Speaker 1: have a fiscal mandate where they can spend money, they

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Speaker 1: can give money, they raise taxes, and they spend money.

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Speaker 1: The Fed has a different mandate they can end and

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Speaker 1: that's really important right now because when you have a

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Speaker 1: sudden shutoff of sales and sudden shut off of cash flow,

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Speaker 1: what many businesses need is some lending to tie them over.

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Speaker 1: And what we saw today was the FED announced details

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Speaker 1: of their main street lending program that's going to be

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Speaker 1: six hundred billion dollars of loans that they will finance

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Speaker 1: to businesses with Can I just interrupt here? The six

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Speaker 1: hundred billion dollars in the main street FED lending program

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Speaker 1: that is that is not apart. That's six hundred billion

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Speaker 1: dollars more than the two point three trillion that that

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Speaker 1: Congress pass correct, that's right, Congress past spending. The FED

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Speaker 1: has a number of different lending programs where they have

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Speaker 1: this and they have other programs. The the several programs

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Speaker 1: to get money into businesses on a loan lending basis,

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Speaker 1: and so from that vantage point, and I was talking

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Speaker 1: about this with Chairwoman Waters earlier in the program, but

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Speaker 1: there's this this I don't want to say concern, but

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Speaker 1: there's this conversation that is brewing beneath the surface of this,

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Speaker 1: which is is the FED picking winners and losers? How

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Speaker 1: do we know how what what is the when they're

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Speaker 1: lending six hundred plus billion dollars? How do we know

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Speaker 1: who they're lending to? How do we know what that processes?

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Speaker 1: Have they said how they're going to be transparent? Well,

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Speaker 1: the Feds said that they were going to be lending

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Speaker 1: to firms that were I'm quickly scanning report, they're essentially

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Speaker 1: financially viable, and they did not specify what it is

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Speaker 1: they're going to be lending to firms that had a

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Speaker 1: good business model beforehand. Now, there's gonna be some judgment

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Speaker 1: calls here. Uh but essentially they're trying to help firms

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Speaker 1: that we're we're managing the situation until this came out

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Speaker 1: of the blue and knocked them off. All right, you

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Speaker 1: are the best. Calvin Schnore, senior economists at nay Read,

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Speaker 1: always breaks down all of the latest economic news for us.

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Speaker 1: Stay healthy, my friend. I'm Kevin's really coming up more

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Speaker 1: policy and politics. You're listening to Bloomberg. This is Bloomberg

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Speaker 1: Sound on Bloomberg and One Ohio. Anybody see Lady Gaga

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Speaker 1: on Morning Joe this morning. I had to do a

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Speaker 1: double take. I'm Kevin Severely, Chief Washington correspondent, fro Bloomberg

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Speaker 1: Television and Bloomberg Radio. She's actually promoting folks, the One

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Speaker 1: World Together at Home. It's a global broadcast and digital

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Speaker 1: special to support the front line healthcare workers and the

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Speaker 1: World Health Organization. It's gonna air virtually every network on

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Speaker 1: Saturday night, April. Uh So it's everyone from Atlantis, Morris

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Speaker 1: said Billie Eilish, Get this, John Legend and Lizzo Stevie

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Speaker 1: Wonder Wow, they've got an all star lineup. Lady Gaga,

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Speaker 1: Gaga Paul McCartney. They're all going to be performing. Chris Martin.

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Speaker 1: I'm excited for Chris Martin. Cole played something to Dude

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Speaker 1: next Saturday. UM one World together at home. It's going

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Speaker 1: to be one of those uh massive concerts. Uh. You know,

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Speaker 1: good people should be coming together right now. The joining

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Speaker 1: us on the line as a good friend of the program,

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Speaker 1: Richard Fowler. He's a Democratic strategy insider. He uh is

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Speaker 1: also a Foxtion news contributor and a nationally syndicated radio

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Speaker 1: show host. Richard, thanks for joining us. I want to

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Speaker 1: divide this segment into two portions, an economic portion and

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Speaker 1: then a political portion. Let's start with the economics of this.

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Speaker 1: So there's been good news on the health front, as

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Speaker 1: Dr Fauci has sliced in half. Really some of the

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Speaker 1: more horrific, scary projections death projections. Now they're saying about

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Speaker 1: six lives will be lost as a result of COVID nineteen.

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Speaker 1: Stocks like that. They like that projection, and they also

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Speaker 1: liked the estimates. Are I'm sorry they like the policies

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Speaker 1: coming from the Central Bank. I want to read from

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Speaker 1: the Bloomberg terminal just for a second, U S. Stocks

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Speaker 1: posted the biggest weekly gain since nineteen seventy four, as

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Speaker 1: investors looked past staggering jobless staggering jobless numbers. When the

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Speaker 1: Federal Reserve released new measures to chrishion the fallout from

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Speaker 1: the coronavirus, oil fell as investors saw a supply curb

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Speaker 1: proposal as insufficient. The Spire and next rallied for the

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Speaker 1: third time in four days, bringing this week's increase to

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Speaker 1: twelve percent. Wow. Wow, Richard Feller, You look at that,

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Speaker 1: those those numbers coming from Wall Street, and you hear

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Speaker 1: the death projections, and already we're hearing would it be

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Speaker 1: possible to open reparts of the economy? Are you hearing

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Speaker 1: that from democrats as well? I'm hearing two things. I

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Speaker 1: think what you're hearing from democrats all across the ground

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Speaker 1: and all across the country on the ground is the

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Speaker 1: stock market is doing well, but what happens to the

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Speaker 1: local I think we have what is it? I need

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Speaker 1: the number? I want to say, it's three or four

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Speaker 1: hundred million restaurants, all across independent restaurants, all across this

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Speaker 1: country over then nine hundred billion dollars worth of American

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Speaker 1: and contributing to the American economy. And a lot of

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Speaker 1: these companies and lot of these restaurants might not reopen.

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Speaker 1: And I said, while it is good for Wall Street,

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Speaker 1: the question is it good for main street business? Is

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Speaker 1: the question, and that is what is still left un answered.

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Speaker 1: Coped Well, I think you just hit at the at

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Speaker 1: the heart of the economic policy issue. You know, when

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Speaker 1: we talk about economic stimulus and we get in the

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Speaker 1: trillions of dollars worth the last round was two point

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Speaker 1: three trillion, Speaker Pelosi. And you know the numbers that

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Speaker 1: are being thrown out by both sides right now upwards

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Speaker 1: of another trillion dollars, hundreds of billions. It's hard to comprehend.

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Speaker 1: I mean, these numbers are so large it's hard to comprehend.

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Speaker 1: And then you get that share j Powell today injecting

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Speaker 1: even more confidence, at least from a policy standpoint six

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Speaker 1: hundred billion dollars worth of lending lending programs um And

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Speaker 1: I think to your point, the question is is there

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Speaker 1: going to be oversight? How do we get Washington as

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Speaker 1: well as the Central Bank away from picking winners and

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Speaker 1: losers and corruption are democrats having or what are democrats

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Speaker 1: doing to protect against against that type of the crony ism. Well,

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Speaker 1: I think that's a great question. I think what we've

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Speaker 1: what you've seen Democrats try to do is use the

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Speaker 1: apparatus of the inspector General's right. I mean, what they

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Speaker 1: tried to do in the first in the two trillion

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Speaker 1: dollar bills, they try to install an inspector general to

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Speaker 1: oversee the money that was being allocated by the Treasury Department.

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Speaker 1: And much of these things have sort of changed because

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Speaker 1: of White House proclamations and White House directives to the

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Speaker 1: latter are to the sort of to sort of take

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Speaker 1: those things away. And I think that is one of

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Speaker 1: the big things that Democrats are looking at. But I

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Speaker 1: think Democrats are also focused on how I remember there's

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Speaker 1: also an election here, right, so how are they talking

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Speaker 1: to their voters? And the truth of the matter is

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Speaker 1: is this, Kevin, Nearly a third of Americans didn't pay

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Speaker 1: rent this month. It's not only that's a real impact.

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Speaker 1: Only that an impact on the person who's living in

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Speaker 1: the home not paying rent, but that's also an impact

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Speaker 1: of folks whom on property management company. I mean, just

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Speaker 1: down the street from the Bloomberg headquarters in Alexandria, there

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Speaker 1: is a building, a huge building southern towers two hundred

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Speaker 1: two thousand units that was potentially getting ready to go

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Speaker 1: on a rent strike. And so there's real impact that

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Speaker 1: are happening in the micro economy that we are not that.

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Speaker 1: I'm not sure if the White House is paying attention to.

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Speaker 1: When you reopen the economy and these parts are still closed,

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Speaker 1: you create a huge problem. Well, I I mean, respectfully,

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Speaker 1: I would say, I think it's policymakers. I don't think

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Speaker 1: I don't think it's either party. I think that there

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Speaker 1: there's a large you know, we talked about it on

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Speaker 1: this program in the past several weeks. I mean, I

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Speaker 1: still go back to that one stat that I you know,

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Speaker 1: I always sat growing up in Delco. My dad would

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Speaker 1: always have one stat at the dinner table that he

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Speaker 1: would say, this is the stat of the day, and

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Speaker 1: for me, it's the stat of the week. It's that

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Speaker 1: McKinsey report one third of US jobs are now vulnerable

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Speaker 1: in the US economy, and of those, one third of

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Speaker 1: jobs are low and middle income Americans. So right there,

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Speaker 1: right there, you know that and this isn't a political statement,

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Speaker 1: but you just know that the effects of this, both

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Speaker 1: from a health perspective and from an economic perspective. It's

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Speaker 1: not it's not equal, and you know there was to

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Speaker 1: that point. Cynthia Coon's on the Bloomberg terminal reporting today

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Speaker 1: with the headline Black Hispanic new Yorkers are dying at

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Speaker 1: high rates of COVID nineteen. Black and Hispanic New Yorkers

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Speaker 1: are dying of COVID nineteen at a higher rate than

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Speaker 1: white New Yorkers, a trend that's much more pronounced for

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Speaker 1: African Americans living outside of New York City. New York

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Speaker 1: released race based data Wednesday, amidmounting pressure for the government

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Speaker 1: to give a better picture of how the virus is

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Speaker 1: affecting minority communities throughout the US. I mean, Richard, when

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Speaker 1: you hear that and the data now and other states

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Speaker 1: having to follow suit, it's it's almost you want to

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Speaker 1: I want to speak, you know, as a reporter. I mean,

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Speaker 1: it's infuriating. It's infuriating to hear that underserved communities are

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Speaker 1: being pummeled more from health perspective and an economic perspective. Well,

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Speaker 1: here's that's what you're seeing, is this under their communities

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Speaker 1: are once again being underserved, and it's and what the

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Speaker 1: coronavirus has done is that it has exasperated exacerbated those

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Speaker 1: particular problems in those communities I had. I had a

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Speaker 1: digital chat last night with four educators um from all

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Speaker 1: across the country and cities that were being hit hard

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Speaker 1: by coronavirus Detroit, Chicago, Los Angeles. And what I heard

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Speaker 1: from those three educators was this, They have students where

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Speaker 1: they say, yeah, we're gonna do everything social distancing, We're

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Speaker 1: going to be on these zoom chats. But a lot

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Speaker 1: of these students don't have computers, so they only have

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Speaker 1: one computer and students in a household, and so we're

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Speaker 1: dealing with real micro level problems that we've got to

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Speaker 1: be really honed in on and really focused on. If

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Speaker 1: we think about reopening this economy, and this economy doesn't

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Speaker 1: have a bottom, or it doesn't have a middle, this

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Speaker 1: economy falls apart. I want to ask you about We

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Speaker 1: only have like two minutes left, but yeah, I want

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Speaker 1: to rip up the script for a second, as as

430
00:24:57,119 --> 00:24:59,159
Speaker 1: my good friend Tom Keane always does, because you just

431
00:24:59,200 --> 00:25:02,840
Speaker 1: mentioned something from the education perspective, and for folks who

432
00:25:02,840 --> 00:25:04,320
Speaker 1: don't know this, we don't really talk a lot about

433
00:25:04,359 --> 00:25:07,680
Speaker 1: education policy on this program, but Richard is very well

434
00:25:07,680 --> 00:25:11,280
Speaker 1: connected to progressive circles and education and teachers unions and whatnot.

435
00:25:11,560 --> 00:25:13,640
Speaker 1: Uh So, so he knows what he's talking about when

436
00:25:13,640 --> 00:25:16,560
Speaker 1: he talks about the progressive perspective on education. But to

437
00:25:16,640 --> 00:25:19,560
Speaker 1: that point, my friends over at DC scores, for example,

438
00:25:19,920 --> 00:25:24,040
Speaker 1: youth sports and how that's being impact and how underserved communities,

439
00:25:24,040 --> 00:25:26,600
Speaker 1: both rural and in cities. You think of it, they

440
00:25:26,640 --> 00:25:28,640
Speaker 1: don't even have the opportunity to go outside and kick

441
00:25:28,680 --> 00:25:32,040
Speaker 1: a ball around or to play basketball. I mean it

442
00:25:32,200 --> 00:25:35,440
Speaker 1: is you think of that, and it just completely breaks

443
00:25:35,440 --> 00:25:38,639
Speaker 1: your heart when I hear that the NBA is considering

444
00:25:38,720 --> 00:25:40,879
Speaker 1: having a horse game. You know, I don't want to

445
00:25:40,880 --> 00:25:43,480
Speaker 1: see that. I want to see professional athletes instagram, liv

446
00:25:43,560 --> 00:25:46,520
Speaker 1: ing or going on social media platforms to play with

447
00:25:46,600 --> 00:25:50,199
Speaker 1: kids virtually to give them maybe some hope. So you know,

448
00:25:50,240 --> 00:25:53,040
Speaker 1: there's that. That's my soapbox. That's the really soapbox. Richard

449
00:25:53,280 --> 00:25:56,040
Speaker 1: for the day. Let me ask you about how is

450
00:25:56,240 --> 00:25:59,160
Speaker 1: Joe Biden gonna win over Bernie Sanders voters, because there's

451
00:25:59,240 --> 00:26:01,879
Speaker 1: some tepid back and fourth now that he's now the

452
00:26:02,600 --> 00:26:05,199
Speaker 1: center is out holds and I think that's gonna be

453
00:26:05,280 --> 00:26:07,520
Speaker 1: That's that's the challenge for the Biden campaign. Moving into

454
00:26:07,560 --> 00:26:10,400
Speaker 1: this next sort of lane is how can they win

455
00:26:10,480 --> 00:26:12,560
Speaker 1: over and wool over Bernie support. And I think part

456
00:26:12,560 --> 00:26:14,960
Speaker 1: of that is gonna be by having this the vice

457
00:26:14,960 --> 00:26:16,439
Speaker 1: president canna have some really gonna have to have some

458
00:26:16,480 --> 00:26:19,040
Speaker 1: real conversations with some folks who are big into Bernie camp.

459
00:26:19,359 --> 00:26:21,440
Speaker 1: But beyond that, I think what you're going to see

460
00:26:21,480 --> 00:26:24,320
Speaker 1: the Vice President do, hopefully in the next couple of weeks,

461
00:26:24,320 --> 00:26:27,320
Speaker 1: and starting to think about, here's what our cabinet should

462
00:26:27,320 --> 00:26:29,960
Speaker 1: look like, Here's what a unity government should look like,

463
00:26:30,000 --> 00:26:32,280
Speaker 1: because I think that is the response or to know that,

464
00:26:32,320 --> 00:26:34,640
Speaker 1: you can see the Vice president takes that in this

465
00:26:34,680 --> 00:26:38,560
Speaker 1: coronavirus period now more than ever we did the business government.

466
00:26:38,560 --> 00:26:41,399
Speaker 1: We don't need a government where the president attacking journalist.

467
00:26:41,800 --> 00:26:44,320
Speaker 1: We need a government that is can set, is bipartisan,

468
00:26:44,440 --> 00:26:48,720
Speaker 1: that is working together both Democrats and Republicans assigning pheremony.

469
00:26:49,119 --> 00:26:52,560
Speaker 1: The list goes on and on. Alright, Richard Schaller, Democratic Strategist,

470
00:26:52,560 --> 00:26:54,080
Speaker 1: got to leave it there, thanks for calling it, My

471
00:26:54,080 --> 00:26:57,920
Speaker 1: friends to healthy you're listening to Bloomberg Sound On with

472
00:26:58,119 --> 00:27:02,520
Speaker 1: Kevin on Bloomberg and D nine more and one m

473
00:27:02,640 --> 00:27:06,639
Speaker 1: H D two. I'm Kevin Serley Chief Washington correspondent for

474
00:27:06,640 --> 00:27:11,520
Speaker 1: Bloomberg Television and Bloomberg Radio. President Trump, Vice President Pence,

475
00:27:11,840 --> 00:27:14,600
Speaker 1: Dr Fauci, Dr Burkes, They're all going to give the

476
00:27:14,760 --> 00:27:20,199
Speaker 1: daily Coronavirus Task Force briefing set to begin in just

477
00:27:20,400 --> 00:27:23,560
Speaker 1: under a half hour six pm Eastern New York time.

478
00:27:24,040 --> 00:27:26,359
Speaker 1: He can listen to that, and you can listen to

479
00:27:26,400 --> 00:27:28,520
Speaker 1: that interview. You can listen to that press conference right

480
00:27:28,520 --> 00:27:33,600
Speaker 1: here on Bloomberg FM. We have Richard Fowler who has returned. Okay,

481
00:27:33,680 --> 00:27:37,359
Speaker 1: so let's put it. I appreciate that, Richard, because that

482
00:27:37,359 --> 00:27:38,760
Speaker 1: would have been a little awkward if I had to

483
00:27:38,760 --> 00:27:43,480
Speaker 1: fill tennis there by myself. Not even Trumps really can

484
00:27:43,480 --> 00:27:47,959
Speaker 1: talk that dio coronavirus. Well, listen, let me ask you this,

485
00:27:48,240 --> 00:27:49,840
Speaker 1: what are you hearing? I mean in terms of opening

486
00:27:50,440 --> 00:27:54,440
Speaker 1: parts of the economy. But I mean, here's the thing.

487
00:27:54,880 --> 00:27:56,560
Speaker 1: The interesting thing about it is, I mean part of

488
00:27:56,600 --> 00:27:58,919
Speaker 1: the economy is still functionally open. When you go to

489
00:27:58,920 --> 00:28:01,760
Speaker 1: the grocery store, you go the big box stores all

490
00:28:01,840 --> 00:28:04,560
Speaker 1: across the country, it's open. They're open. Right. I'm in

491
00:28:04,560 --> 00:28:05,920
Speaker 1: case some point I want to go try to find

492
00:28:05,960 --> 00:28:08,600
Speaker 1: monopoly an a dote last night and could not find

493
00:28:08,640 --> 00:28:13,040
Speaker 1: monopoly at four different targets problems. Richard, I gotta call you.

494
00:28:15,520 --> 00:28:18,400
Speaker 1: We were so good until the last two minutes. Let's

495
00:28:18,400 --> 00:28:21,000
Speaker 1: focus Kevin. All right, so, but but seriously, if you're

496
00:28:21,080 --> 00:28:23,400
Speaker 1: Joe Biden, you've got to put out an economic plan

497
00:28:23,440 --> 00:28:25,680
Speaker 1: about how you think parts of the economy should open.

498
00:28:27,080 --> 00:28:29,399
Speaker 1: I agree, I agree, I do think, I think, and

499
00:28:29,440 --> 00:28:32,000
Speaker 1: I think, but that I think you cannot. The science

500
00:28:32,040 --> 00:28:34,880
Speaker 1: has to come before the social science on this one.

501
00:28:35,160 --> 00:28:37,560
Speaker 1: We've got to be listening to the doctors. We've got

502
00:28:37,560 --> 00:28:41,720
Speaker 1: to listen to the folks do infectious dise I don't know, though, Listen, listen, listen, listen.

503
00:28:41,760 --> 00:28:46,800
Speaker 1: And I gotta interject here because sixty thousand individuals losing

504
00:28:46,800 --> 00:28:50,280
Speaker 1: their lives is horrific. Is horrific. But and there's no butts.

505
00:28:50,280 --> 00:28:53,400
Speaker 1: But I mean, you play this out in a battleground

506
00:28:53,480 --> 00:28:55,720
Speaker 1: state of Wisconsin, and you go to a rural community

507
00:28:55,720 --> 00:28:58,400
Speaker 1: that is not going to be as negatively impacted as

508
00:28:58,480 --> 00:29:01,280
Speaker 1: let's say, New York City is going to be. Those

509
00:29:01,360 --> 00:29:03,800
Speaker 1: voters want to get back to work. And what I'm

510
00:29:03,840 --> 00:29:07,840
Speaker 1: just curious about, from Dr Fauci's perspective and Dr Burke's perspective,

511
00:29:08,120 --> 00:29:10,920
Speaker 1: is why aren't they communicating this this is not a

512
00:29:11,200 --> 00:29:15,680
Speaker 1: This virus it doesn't spread blanket all throughout the country.

513
00:29:15,880 --> 00:29:19,080
Speaker 1: It travels like a storm. So why aren't they forecasting

514
00:29:19,120 --> 00:29:23,560
Speaker 1: it like a storm and preparing geographical regions for a

515
00:29:23,600 --> 00:29:28,400
Speaker 1: potential shutdown versus just saying the entire country is shut down? Well,

516
00:29:28,440 --> 00:29:30,360
Speaker 1: because I think that, I don't. I don't think this

517
00:29:30,440 --> 00:29:32,080
Speaker 1: is a storm, Kevin. I mean, if you really look

518
00:29:32,120 --> 00:29:33,560
Speaker 1: at the data, what you find is go to a

519
00:29:33,800 --> 00:29:36,760
Speaker 1: go to place like Albany, Albany, Georgia, right, a place

520
00:29:36,800 --> 00:29:39,000
Speaker 1: that's not on the map. Nobody's talking about it on

521
00:29:39,040 --> 00:29:42,360
Speaker 1: the news, but they have a huge outbreak of COVID

522
00:29:42,440 --> 00:29:45,360
Speaker 1: nineteen there. So when we really think about opening up

523
00:29:45,360 --> 00:29:48,080
Speaker 1: this economy and we really realize, there's what this virus

524
00:29:48,080 --> 00:29:51,520
Speaker 1: is teaching us of how interconnected we all are. One

525
00:29:51,640 --> 00:29:55,640
Speaker 1: person who's asymptomatic, who's in New York City, who travels

526
00:29:55,800 --> 00:29:58,840
Speaker 1: to you pick any small town in America, and what

527
00:29:58,960 --> 00:30:01,440
Speaker 1: you have is a co BUT nineteen outbreak in that

528
00:30:01,520 --> 00:30:04,960
Speaker 1: small town. And that is what the scientists, that's what

529
00:30:05,280 --> 00:30:09,160
Speaker 1: the virologists, that's what the inspective disease. What they're saying,

530
00:30:09,600 --> 00:30:12,240
Speaker 1: this is a storm but this storm moved fast and

531
00:30:12,320 --> 00:30:14,520
Speaker 1: we can predict it. So what is so if take

532
00:30:14,640 --> 00:30:18,200
Speaker 1: us inside of Biden world then because because you know

533
00:30:19,280 --> 00:30:22,880
Speaker 1: Joe Biden, he says that the he said in an

534
00:30:22,920 --> 00:30:25,440
Speaker 1: interview I think it was yesterday where he said that

535
00:30:25,480 --> 00:30:30,160
Speaker 1: the economic damage from the coronavirus crisis could quote unquote

536
00:30:30,200 --> 00:30:35,280
Speaker 1: eclipse the Great Depression. I mean, that's horrifying. He said

537
00:30:35,280 --> 00:30:37,440
Speaker 1: this to CNN. I think he said, quote, I think

538
00:30:37,480 --> 00:30:40,720
Speaker 1: it's probably the biggest challenge in modern history. Quite frankly,

539
00:30:40,960 --> 00:30:43,680
Speaker 1: I think it may not dwarf but eclipse what fdr

540
00:30:43,880 --> 00:30:49,000
Speaker 1: faced Well, I mean, that's here's here's the Democratic presumptive

541
00:30:49,040 --> 00:30:54,040
Speaker 1: presidential nominee saying to the party saying to swing voters,

542
00:30:54,680 --> 00:30:59,840
Speaker 1: we are on the brink of another economic depression. Wow,

543
00:31:02,440 --> 00:31:05,120
Speaker 1: but that is what we did. That is where we are, right.

544
00:31:05,160 --> 00:31:07,240
Speaker 1: I mean, the truth of the matter is the longer

545
00:31:07,280 --> 00:31:10,080
Speaker 1: we stay inside, the more this will hurt the economy.

546
00:31:10,360 --> 00:31:13,720
Speaker 1: The other truth is, once we get through this pandemic,

547
00:31:13,760 --> 00:31:15,680
Speaker 1: and we're seeing if you look at early signs from

548
00:31:15,720 --> 00:31:19,840
Speaker 1: state from state, from countries like South Korea, from countries

549
00:31:19,920 --> 00:31:24,120
Speaker 1: like uh Japan who have done it, who sort of

550
00:31:24,200 --> 00:31:27,080
Speaker 1: locked down immediately New Zealand County that have not locked

551
00:31:27,120 --> 00:31:30,080
Speaker 1: down immediately to deal with this thing. Once we get

552
00:31:30,120 --> 00:31:33,000
Speaker 1: out of this, we will the economy will turn right

553
00:31:33,000 --> 00:31:35,800
Speaker 1: back on again. But in the meantime, in between times,

554
00:31:35,880 --> 00:31:38,200
Speaker 1: and yes, there'll be some impact we talked about last segment,

555
00:31:38,480 --> 00:31:42,360
Speaker 1: rest of small businesses, restaurants, some property owners. But at

556
00:31:42,360 --> 00:31:44,520
Speaker 1: the end of the day, I think we have to

557
00:31:44,560 --> 00:31:46,760
Speaker 1: focus on the science and the hell of the American

558
00:31:46,800 --> 00:31:50,160
Speaker 1: people first, because that's the greatest I gotta push up

559
00:31:50,200 --> 00:31:52,160
Speaker 1: the people. I gotta push here. You're not telling me

560
00:31:52,280 --> 00:31:54,520
Speaker 1: what what what? What's fighting gonna do? How is he

561
00:31:54,560 --> 00:31:57,640
Speaker 1: going to change his message? What's fighting gonna say that's

562
00:31:57,680 --> 00:32:01,120
Speaker 1: going to change? How are you going to campaign on

563
00:32:01,160 --> 00:32:04,680
Speaker 1: an economic vision forward in the next six months whichween

564
00:32:04,720 --> 00:32:07,280
Speaker 1: now and November. How well, for one, I would you

565
00:32:07,320 --> 00:32:09,080
Speaker 1: hear what you're gonna hear the Vice president do is

566
00:32:09,120 --> 00:32:11,320
Speaker 1: he's gonna listen to the experts. You won't see a

567
00:32:11,360 --> 00:32:15,280
Speaker 1: situation where a doctor Fauci gets up and astantasays you've

568
00:32:15,320 --> 00:32:16,600
Speaker 1: got to do if you've got to do that, and

569
00:32:16,640 --> 00:32:19,040
Speaker 1: then a second later Joe Biden saying, no, you shouldn't

570
00:32:19,040 --> 00:32:21,040
Speaker 1: do this, you shouldn't do that. That's some of the

571
00:32:21,080 --> 00:32:23,840
Speaker 1: double speak that caused this disease to spread. What you're

572
00:32:23,880 --> 00:32:27,280
Speaker 1: going to see is a very steady, measured leader talking

573
00:32:27,320 --> 00:32:30,960
Speaker 1: to the American people about what their reality is. We've

574
00:32:31,000 --> 00:32:35,280
Speaker 1: spent the past two months dealing with mirages of grandeur

575
00:32:35,320 --> 00:32:37,120
Speaker 1: from this president and I hate to be mean, but

576
00:32:37,200 --> 00:32:39,040
Speaker 1: that's what it was. Oh, this is the hope. It's

577
00:32:39,080 --> 00:32:41,640
Speaker 1: not real. It'll clear up by Easter. I think one

578
00:32:41,640 --> 00:32:43,640
Speaker 1: of the quotes to us, by Easter, everybody will be

579
00:32:43,640 --> 00:32:46,880
Speaker 1: in church tomorrow is good Friday. We're in Easter weekend,

580
00:32:46,880 --> 00:32:48,400
Speaker 1: and we are in the house that we will be

581
00:32:48,400 --> 00:32:51,200
Speaker 1: in the house for the foreseeable future. I hear, I hear.

582
00:32:51,680 --> 00:32:53,680
Speaker 1: I gotta push back because because listen, we don't have

583
00:32:53,720 --> 00:32:55,520
Speaker 1: a panel, so it's not fair to just give one

584
00:32:55,640 --> 00:32:58,000
Speaker 1: party aside. No, I'm s we got like a minute

585
00:32:58,000 --> 00:33:00,480
Speaker 1: a half left. But but I'm hearing temper mint right.

586
00:33:00,560 --> 00:33:02,760
Speaker 1: What everything you just said was Biden is going to

587
00:33:02,800 --> 00:33:04,800
Speaker 1: have a better temperament. And it's not a policy. And

588
00:33:04,840 --> 00:33:08,040
Speaker 1: so I think the challenge, based upon my reporting and conversations,

589
00:33:08,080 --> 00:33:10,680
Speaker 1: is Biden world is still trying to figure out precisely

590
00:33:10,760 --> 00:33:13,880
Speaker 1: what policy to campaign on in a recovery message, as

591
00:33:13,920 --> 00:33:16,600
Speaker 1: is Trump world, you know, but both sides still have

592
00:33:16,720 --> 00:33:19,960
Speaker 1: not come out with an adequate and because we're still

593
00:33:20,000 --> 00:33:21,480
Speaker 1: in the middle of this, but they haven't come out

594
00:33:21,480 --> 00:33:25,040
Speaker 1: with an adequipped vision to sell the voters yet. I

595
00:33:25,080 --> 00:33:26,680
Speaker 1: do want to get your take on this. This one

596
00:33:26,720 --> 00:33:30,800
Speaker 1: final point, Senator Elizabeth Warren calling for a national voting overhaul.

597
00:33:30,800 --> 00:33:34,880
Speaker 1: Did you see this, Richard? And so she wants it's

598
00:33:34,880 --> 00:33:38,080
Speaker 1: a massive set of proposals. Uh that that really would

599
00:33:38,120 --> 00:33:41,240
Speaker 1: call for four billion dollars worth of new elections funding,

600
00:33:41,560 --> 00:33:44,720
Speaker 1: thirty days of required early voting, and a mail in

601
00:33:44,840 --> 00:33:48,520
Speaker 1: ballot to be sent to every registered voter in the country.

602
00:33:48,520 --> 00:33:51,000
Speaker 1: Why is she doing this, Well, I mean I think

603
00:33:51,000 --> 00:33:53,240
Speaker 1: she's doing it because we will look look what happened

604
00:33:53,240 --> 00:33:57,160
Speaker 1: in Wisconsin this past tuesday where the where the where

605
00:33:57,280 --> 00:33:59,520
Speaker 1: folks in their government, not the governor of folks in

606
00:33:59,560 --> 00:34:02,640
Speaker 1: their government, and and court and judges forced people to

607
00:34:02,760 --> 00:34:05,640
Speaker 1: vote in a situation where the sciences have told us

608
00:34:05,640 --> 00:34:07,840
Speaker 1: all this thing home. So if we need, we really

609
00:34:07,880 --> 00:34:10,720
Speaker 1: do need to have a real conversation in this country

610
00:34:10,760 --> 00:34:12,920
Speaker 1: about what voting should look like. We're going to protect

611
00:34:12,960 --> 00:34:16,200
Speaker 1: our democracy in the world where we have to deal with.

612
00:34:16,280 --> 00:34:18,200
Speaker 1: We can't be crowded and we can be all caught

613
00:34:18,239 --> 00:34:20,640
Speaker 1: in the one space that we're gonna have to somehow

614
00:34:20,680 --> 00:34:24,520
Speaker 1: limit human interaction physically. Then we're gonna have to have

615
00:34:24,560 --> 00:34:26,560
Speaker 1: a conversation about how we vote, which is a very

616
00:34:26,680 --> 00:34:30,799
Speaker 1: archaic and old way of doing it right. But beyond that,

617
00:34:30,200 --> 00:34:32,520
Speaker 1: But but I don't think we can go to technology

618
00:34:32,600 --> 00:34:35,440
Speaker 1: because we've also seen glitches there, So a paper ballot

619
00:34:35,760 --> 00:34:38,840
Speaker 1: that every voter gets in the mail. That's probably the

620
00:34:38,920 --> 00:34:42,160
Speaker 1: easiest way to increase democratic participation. It's an easiest way

621
00:34:42,200 --> 00:34:45,000
Speaker 1: to increase phibics, and it's also the way to ensure

622
00:34:45,320 --> 00:34:48,000
Speaker 1: that those are the most vulnerable who all likely have

623
00:34:48,400 --> 00:34:51,000
Speaker 1: will have a new sense to our senior citizens, are

624
00:34:51,080 --> 00:34:55,040
Speaker 1: vulnerable communities will have a chance to vote yes seconds

625
00:34:55,080 --> 00:34:57,240
Speaker 1: and don't mess up the heart out. Are you cooking

626
00:34:57,239 --> 00:35:00,880
Speaker 1: more or less in the middle of this pandemic? I

627
00:35:01,040 --> 00:35:03,200
Speaker 1: might do working more. I am working more. No, I'm

628
00:35:03,239 --> 00:35:04,799
Speaker 1: not cooking all right, you didn't even get it. I'm

629
00:35:04,880 --> 00:35:07,080
Speaker 1: Kevin's really have a good weekend, Bloomberg nine and nine

630
00:35:07,120 --> 00:35:07,239
Speaker 1: one