Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm
Speaker 1: Jason Kelly. We're here every day bringing you the latest
Speaker 1: news from the world of business and finance, plus technology, politics, economics,
Speaker 1: all harnessing the power of Bloomberg Business Week reporters and editors,
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Speaker 1: a hundred and twenty countries. You can download Bloomberg Business
Speaker 1: Week on iTunes, SoundCloud, or Bloomberg dot Com. You can
Speaker 1: also listen to our radio show weekdays at two pm
Speaker 1: Eastern only on Bloomberg Radio. Well. As we said at
Speaker 1: the top of the show, Jamie Diamond, he is a
Speaker 1: voice everyone listens to. JP Morgan earnings out today. Jamie
Speaker 1: Diamond back UH from very serious surgery, but he is
Speaker 1: back in the seed. He is as lively as ever.
Speaker 1: Let's check out a little bit of what he had
Speaker 1: to say. The bad economy has very adverse consequences way
Speaker 1: beyond just the economy, you know, and in terms of
Speaker 1: mental health, domestic abuse, UH, substance abuse, et cetera. So
Speaker 1: we have a rational plan to get back to work,
Speaker 1: the j the things to do, UH, and you know,
Speaker 1: hopefully it'll be keen around later, but it will be
Speaker 1: mad at July August, all right, So Jing July August.
Speaker 1: That seemed to set a little bit of a tone
Speaker 1: and people, as I said, really listen to Jamie Diamond,
Speaker 1: someone who knows this bank inside and out. We count
Speaker 1: on her for her insights. Is Michelle Davis, finance reporter
Speaker 1: for Bloomberg Jonius on the phone from Vermont, one of
Speaker 1: the hardest working reporters out there. Uh, Michelle, good to
Speaker 1: have you with us on such a busy day. Thank you.
Speaker 1: All right, So everybody checking out what j D was
Speaker 1: having to say, He seems like he's back to his
Speaker 1: old self in in many ways. What did he say
Speaker 1: that was most notable from the perspective of not just
Speaker 1: investors in the bank, but sort of the world at large,
Speaker 1: because he's a statesman of sorts at this point. Yeah, definitely. Um, well,
Speaker 1: I think the most notable thing, just in terms of
Speaker 1: what it means for the holy economy was the fact that,
Speaker 1: you know, Jupimorgan's profit fell to the lowest more than
Speaker 1: six years. Um. He had previously said that, you know,
Speaker 1: the bank wouldn't be immune to fall out from the
Speaker 1: pandemic and that he was predicting a Bader session. But
Speaker 1: the comments that you guys highlighted earlier about wanting to
Speaker 1: you know, get people back to work and reopen the
Speaker 1: economy were also I would say, very interesting because, um,
Speaker 1: you know something that there's a lot of debate about
Speaker 1: right now, and that I don't think anyone really knows
Speaker 1: like how soon this is going to happen. That the
Speaker 1: one definitive thing he did says he doesn't think it
Speaker 1: will happen before May. Um. And the other thing you
Speaker 1: mentioned that I thought was pretty interesting is that, you know,
Speaker 1: after he had hurt surgery, a lot of people I
Speaker 1: thought that, you know, this pretty severe surgery would would
Speaker 1: cause him to reevaluate, you know, his life choices, possibly
Speaker 1: retire earlier than anticipated. Um. And he totally you know,
Speaker 1: knocked those assumptions away and said that he was really
Speaker 1: eager to get back to work. But um, you know,
Speaker 1: having undergone this surgery, uh, did not change any of
Speaker 1: his his retirement plans. Um. Even though it did underscore
Speaker 1: the strength of of the banks bench and the fact
Speaker 1: that you know, managers were able to carry on without
Speaker 1: him for the for the four weeks that he was away.
Speaker 1: I love what he said, the quote that you guys
Speaker 1: have I'm walking several miles a day. I like working.
Speaker 1: I've been working for several weeks now. It doesn't really
Speaker 1: change very much how I view the world. So he's
Speaker 1: at their front and center. I thought also what was interesting, um,
Speaker 1: not only his take, and I do agree with Jason,
Speaker 1: that we are looking at leaders, you know, that transcend
Speaker 1: their industry to get an idea of, Okay, how do
Speaker 1: we come back from this virus? When do we reopen
Speaker 1: the economy, especially when you've got such uh, seemingly a
Speaker 1: battle between what's going on in Washington versus governors on
Speaker 1: the front lines in various states, certainly here in the
Speaker 1: New York metro area. Um, but it's interesting, you know
Speaker 1: what he had to say, because I think we are
Speaker 1: we are looking to these types of individuals to get
Speaker 1: an idea of, Okay, how do we come back? When
Speaker 1: do we come back exactly? And something that he didn't
Speaker 1: mention today but that was in his annual letter last
Speaker 1: week is that he thinks, uh, testing, an access to testing,
Speaker 1: it's gonna be something that's going to be really crucial
Speaker 1: to reopening the economy and getting people back to work,
Speaker 1: all right, Michelle Davis, we are going to leave it there.
Speaker 1: This is Bloomberg Business Week with Carol Masser and Jason
Speaker 1: Kelly on Bloomberg Radio. Well, coronavirus cases are surpassing one
Speaker 1: ninety three million. Deaths are topping about a hundred and
Speaker 1: twenty d around the world. US docks, so they are
Speaker 1: shrugging that off because they're really rallying on signs of
Speaker 1: virus spread is easing, and there's more talk globally of
Speaker 1: countries and economies reopening. Let's talk about the realistic expectation
Speaker 1: of that. With Dr Joe and Roberts, chief Quality Officer
Speaker 1: Providence Sancho's of Health, on the phone from Everett, Washington.
Speaker 1: You might recall the first US case of the virus
Speaker 1: was confirmed in Washington State at Providence Regional Medical Severn
Speaker 1: Center and Everett, which is that part of that Providence St.
Speaker 1: Joseph's Health System UM. Dr Roberts, nice to have you
Speaker 1: here with us. There is an awful lot of talk
Speaker 1: about reopening UM economies around the globe, and at the
Speaker 1: same time we're hearing a lot of individuals including JP
Speaker 1: Morgan Chase CEO, Jamie Diamond also the governor Massachusetts. Everybody says,
Speaker 1: more testing, more testing. How do you see it? Can
Speaker 1: we reopen without doing more testing? Um? Yeah, So thanks
Speaker 1: for having me really appreciate it. Um Carol, Um, I
Speaker 1: do think uh testing uh is going to be a
Speaker 1: requirement for us we opening. We already are talking about
Speaker 1: just on the healthcare side, about what the world may
Speaker 1: look like as we slowly reopen our systems. Um, We'll
Speaker 1: look ing at the backup of things like surgery for
Speaker 1: slow growing cancers that had been put on pause as
Speaker 1: we responded to the acute pace, and folks are going
Speaker 1: to need that care. The question is how do we
Speaker 1: deliver that care in a safe way. We have certainly
Speaker 1: figured out how to isolate our COVID patients from all
Speaker 1: other patients. We know that our emergency rooms in our
Speaker 1: and our surgery departments are free of COVID because we've
Speaker 1: done such a good job of testing in the hospitals.
Speaker 1: But because testing is still limited, we just are not
Speaker 1: able to know where our communities are and how many
Speaker 1: people are infected out in the community, which is really
Speaker 1: difficult than to know exactly how quickly we should all
Speaker 1: come back online. And so Dr Roberts. Help us understand
Speaker 1: from from your perspective and for a layment like myself,
Speaker 1: what does effective testing and tracing look like? What what
Speaker 1: could have you know regular person? You know, a regular
Speaker 1: well person reasonably expected in terms of our daily lives
Speaker 1: going forward if we get what we need in place.
Speaker 1: So if we have testing available, and that's both testing
Speaker 1: for people with infection, either before they have symptoms or
Speaker 1: active symptoms. So that's one set of tests, and the
Speaker 1: other set of tests are the test for antibodies shows
Speaker 1: who's been infected. We need both. We have some We
Speaker 1: have pretty we have improving testing on that active infection side.
Speaker 1: We still have gaps on the antibody side. But once
Speaker 1: we have those, then we can go into communities, test
Speaker 1: people randomly in a sampling of a statistical sample, and
Speaker 1: then understand more deeply where the infections clusters lie. So
Speaker 1: a small community might have a lot of infections of
Speaker 1: asymptomatic people. We might have communities or areas of communities
Speaker 1: that we have a lot of immunity built up, and
Speaker 1: it will be important to know that in both in
Speaker 1: these economic discussions and in the health care discussions. All Right,
Speaker 1: so you're talking about test to see who as the
Speaker 1: antibodies test to see who has had the virus itself
Speaker 1: or who might have it. That's a lot of testing. Um,
Speaker 1: do we have the tests out there? Is it just
Speaker 1: a case that our medical community understandably is consumed which
Speaker 1: is taking care of people right now that have the virus?
Speaker 1: Is that why we're not getting things down to what's
Speaker 1: the hold up? So we don't have those tests right now?
Speaker 1: So the medical community is going on the proposition that
Speaker 1: until proven otherwise, people could be effect infected. So we
Speaker 1: deliver our care in with a lot of equipment to
Speaker 1: keep everybody safe. But on the broader economy, is you, um,
Speaker 1: we don't have the test yet. We don't know what
Speaker 1: the best antibody test is going to be. We have
Speaker 1: quite a few out there on the market. Um, this
Speaker 1: is a complex virus to test for, so when testing
Speaker 1: the antibodies, we have to know which antibodies are the
Speaker 1: ones that are going to be correlated with immunity to
Speaker 1: the future covid infection if any M and so Dr
Speaker 1: Roberts in just a sort of minute or so, we
Speaker 1: have left, what have you learned that may be given
Speaker 1: that you guys were ahead of the curve, as it were,
Speaker 1: You dealt with this earlier than even though the infection
Speaker 1: may have been the same, you certainly dealt with it
Speaker 1: earlier than we did here on the East. Because what
Speaker 1: have you learned that that you know, we might be
Speaker 1: thinking about and especially maybe for some of the folks
Speaker 1: who are listening in areas where it hasn't really hit
Speaker 1: yet and may still. Um, I'll tell you what I
Speaker 1: have learned is communities come together in a crisis. So
Speaker 1: despite what decisions are being made on a policy level,
Speaker 1: we see communities coming together to help one another out.
Speaker 1: And that's a wonderful part of a crisis, as painful
Speaker 1: as a crisis is. The second piece that I've learned
Speaker 1: is that our country has to prepare better for pandemics.
Speaker 1: We've always prepared well for things like hurricanes and earthquakes,
Speaker 1: but this is something of a totally different magnitude that
Speaker 1: we have to be thinking about always. Do you think
Speaker 1: we are thinking about it? Are you hearing from you know,
Speaker 1: folks that you work with on a federal in a
Speaker 1: state level, that we're thinking about it? Better only got
Speaker 1: about thirty seconds, Uh not yet? I think so. I
Speaker 1: think it's not the time to have that discussion. I
Speaker 1: think one thing settled down, we'll all have to sit
Speaker 1: down and be honest with one another about how prepared
Speaker 1: we were and how prepared we need to be. Yeah,
Speaker 1: and let's not right, you and we can't go back
Speaker 1: like We've got to make this part of our emergency
Speaker 1: planet going forward. We have to hope for the best
Speaker 1: and plan for the worst. Absolutely well, we really appreciate
Speaker 1: your work and your colleagues there. Dr Joan Roberts, Chief
Speaker 1: Quality Officer Providence St. Joseph Health on the phone from Everett,
Speaker 1: Washington and Carol, As you said, I mean, these guys
Speaker 1: have been an invaluable resource resource for us. Dr Roberts
Speaker 1: and her colleagues, especially Dr Amy Compton Phillips who joined
Speaker 1: us in the early stages of this to help us
Speaker 1: understand what was going on. I felt a lot smarter
Speaker 1: in terms of being able to deal with it, even
Speaker 1: sort of from a community perspective, knowing what they know
Speaker 1: and what Dr Roberts had to said about the different
Speaker 1: kinds of tests that need to be done and that
Speaker 1: we just don't even have those tests yet to be
Speaker 1: able to do it is really important to understand this
Speaker 1: is Bloomberg Business Week with Carol Masser and Jason Kelly
Speaker 1: on Bloomberg Radio. We've been talking about this a lot
Speaker 1: on air, about where we are in the financial markets.
Speaker 1: Bull market, bear market. It's a fair question. Let's put
Speaker 1: that to Michael Reagan. Mike is Bloomberg Markets Live Blog
Speaker 1: senior editor joining us from New Jersey. Uh and he
Speaker 1: has this story in the magazine this week. So Mike
Speaker 1: talk to us because we've seen quite large moves in
Speaker 1: both directions for the equity market to the point where
Speaker 1: we were in a bear market and then we came
Speaker 1: back and then we technically could have started a new
Speaker 1: bull market. But I don't know where are we? Well, right, Carol,
Speaker 1: It's kind of there's not really a textbook definition to say, Okay,
Speaker 1: this is what a bull market or a bear market is.
Speaker 1: But the sort of rule of thumb that everyone uses
Speaker 1: is obviously, once you drop from a peak, you're in
Speaker 1: a bear market. But a lot of people think that
Speaker 1: if a bull market can then be defined as a
Speaker 1: gain from that low. So we have seen that, we've
Speaker 1: seen the SMP up more than from it's it's low
Speaker 1: in one on March. The problem is that the worst
Speaker 1: bear markets in history are famous for having episodes where
Speaker 1: the market rebounds significantly more than say it happened during
Speaker 1: the financial crisis at the end of two thousand and
Speaker 1: eight and in the early two thousand nine, but ultimately
Speaker 1: the low as yet to come. UM. Historically, if you
Speaker 1: look how long it takes for the SMP to find
Speaker 1: that bottom, to find that low point in a bear market,
Speaker 1: it take usually takes a long time, something like three
Speaker 1: hundred and seventy trading days on average, according to some
Speaker 1: numbers trunched by my colleague Cameron Christ. So obviously there's
Speaker 1: a lot of disparity in that. UM. Look at say
Speaker 1: the crash of nineteen nine, the bottom wasn't uh found
Speaker 1: until ninety two UM. In the two thousand and eight
Speaker 1: nine example, you know the market peak in two thousand
Speaker 1: and seven, the low wasn't found until two thousand and
Speaker 1: nine UM. And if you go all the way back
Speaker 1: to seven that that was the shortest time it took
Speaker 1: to reach a low. It was something like seventy four
Speaker 1: trading days. So if you look at this episod so
Speaker 1: that low we reached in March was only about twenty
Speaker 1: three days after the last record in the sp so
Speaker 1: historically it would just be unprecedented to see that low
Speaker 1: reached in such a short amount of time, right, all right,
Speaker 1: So Joel Weber also with this editor of the magazine,
Speaker 1: and you know, Joel, it it falls to you, lucky
Speaker 1: for us and maybe unfortunately for you, to sort of
Speaker 1: synthesize all of this and and understand the financial markets
Speaker 1: in the context of the economy and the world of business.
Speaker 1: And we are reminded so often that the markets are not, uh,
Speaker 1: the economy. How did you approach this story? Well, first
Speaker 1: of all, it's great to hear Mike's voice. It feels
Speaker 1: like it's been way too long. And well, well we
Speaker 1: talked to you yesterday, so you know, I'm getting lonely.
Speaker 1: I'm getting lone you know, look like I think the
Speaker 1: backdrop for everything for a lot of people here has
Speaker 1: obviously been unemployment number. But you know, here in the
Speaker 1: middle of all this, obviously the markets trying to figure
Speaker 1: out what to make of it, and the numbers that
Speaker 1: Mike um has in this story, you're just staggering to
Speaker 1: you know, go from this like highest high to lowest
Speaker 1: slow and just like a matter of days, really, Um
Speaker 1: and and I what I see when I look at
Speaker 1: it all is the markets trying to figure out what
Speaker 1: it all means. And um, you know, it really wants
Speaker 1: this to be over the other thing. And I think
Speaker 1: we're seeing that even today. Um, it's just desperately wanting
Speaker 1: to like get around the corner. And I'm not so
Speaker 1: sure that that, you know, And that's part of what
Speaker 1: Mike has in the story is like I'm not so sure. Um,
Speaker 1: you know that's gonna be. Um what we what we
Speaker 1: get to loose through? Um. But you know, Mike, I
Speaker 1: think the other thing, and this is in your story
Speaker 1: as well, Um, is the poster of Jerome Powell that
Speaker 1: you have on your wall, Um, which is a joke,
Speaker 1: but but you know it could happen. The The other
Speaker 1: thing that's happening here, obviously, is that traders know you
Speaker 1: do not fight the fit. Yeah, and that's where you know,
Speaker 1: as much as I just cited a bunch of historical precedents,
Speaker 1: it's very difficult in this current situation to really go
Speaker 1: back and compare it to anything in history because it's
Speaker 1: so unique. It's so unlike anything we've seen in history. Um.
Speaker 1: And the response from the Federal Reserve and the government
Speaker 1: that quick, massive, do whatever it takes. Response from both
Speaker 1: the Fed and Congress is is completely unprecedented in the
Speaker 1: history of you know, economic cycles that the markets had
Speaker 1: to work through before. So part of you know, one
Speaker 1: of the things that really caught my eye this week
Speaker 1: was that Goldman Sachs, their strategist, came out and said
Speaker 1: they think there's a good chance that that low is
Speaker 1: the load that it's been set, that this stimulus from
Speaker 1: the Fed and the Congress is so great, um that
Speaker 1: regardless of how ugly the data is gonna be coming
Speaker 1: up and and it's gonna be nasty. I mean JP
Speaker 1: Morgan estimating something like a fort contraction in GDP, I mean,
Speaker 1: just a head around that, right, I know, it's just
Speaker 1: mind boggling uh to think about. And you know, the earnings,
Speaker 1: the dipping earnings, it's going to be just as bad,
Speaker 1: you know. I think it's like a thirty some percent
Speaker 1: UH decrease expected in the second quarter. UM. But when
Speaker 1: you have that much support from the Fed, when you know,
Speaker 1: sort of suppressing interest rates, buying up all sorts of
Speaker 1: assets to keep that liquidity flowing, it's very hard to
Speaker 1: put a d faith into those historical precedents because of
Speaker 1: this uh you know, unprecedented response that we're saying. But
Speaker 1: you know that said, there's just a lot of bad
Speaker 1: news that we sought to work through. Um it's it's
Speaker 1: really hard to imagine this market continuing on this sort
Speaker 1: of V shaped recovery that it's in. Well. And the
Speaker 1: thing is, you know you're right and if one are
Speaker 1: the big gifts out there, as you write in your story,
Speaker 1: is if infections come back a second time, I mean,
Speaker 1: then all bets are off. What I wanted to ask you, though, Mike,
Speaker 1: is the rally as respected when it's courtesy of the
Speaker 1: FED and policymakers and big stimulus programs. You know, there
Speaker 1: were there will always be people that sort of um
Speaker 1: roll their eyes, were you know, pinch their nose that
Speaker 1: at the notion that the FED is doing so much,
Speaker 1: um to support the market. Fed. Let's get to mean,
Speaker 1: what else could they do? This is such a shock
Speaker 1: to the economy there, you know, they had to respond aggressively,
Speaker 1: uh and with force, as did the Congress and the government. UM.
Speaker 1: So I think eventually there's you know, the worry about
Speaker 1: a day of reckoning. What does this all mean? Down
Speaker 1: the line, how does the FED ever exit from this
Speaker 1: uh great support it's given to the economy. Um, when
Speaker 1: do we know it's it's sort of healthy enough to
Speaker 1: begin exiting? And what happens then? I mean, we already
Speaker 1: saw sort of a crack in markets when they started
Speaker 1: raising interest rates and started on winding their quantitative using
Speaker 1: uh from the last cycle. So you know, I think
Speaker 1: that the concern is not that they're doing it, but
Speaker 1: are they sort of pushing the kicking the can down
Speaker 1: the road and creating a problem with the deal with eventually. Yeah, alright,
Speaker 1: Mike Reagan, always good to catch up with you, writer, broadcaster,
Speaker 1: podcaster extraordinaire. Check out his podcast. Check out j Powell Poster.
Speaker 1: Come on, Mike, you can come clean with us. We
Speaker 1: are going to still love you. Yeah, exactly, We're gonna
Speaker 1: love you even more alright. Check out that Story's on
Speaker 1: the Bloomberg Today and on Bloomberg dot Com in the
Speaker 1: upcoming issue of Bloomberg Business Week. This is Bloomberg Business
Speaker 1: Week with Carol Messer and Jason Kelly on Bloomberg Radio.
Speaker 1: We're also watching some big political news today, so let's
Speaker 1: get into that with Jennifer Epstein she's political reporter at
Speaker 1: Bloomberg News. She's on the phone from Washington. So Joe, So,
Speaker 1: Joe Biden Um getting a big endorsement from his former boss,
Speaker 1: Barack Obama. We've got a little snippet of what Mr Obama,
Speaker 1: former President Obama had to say. The kind of leadership
Speaker 1: that's guided by knowledge and experience, honesty and humility, empathy
Speaker 1: and grace. That kind of leadership doesn't just belong in
Speaker 1: our state capitals and mayor's offices. It belongs in the
Speaker 1: White House. And that's why I'm so proud to endorse
Speaker 1: Joe Biden for President of the United States. Choosing Joe
Speaker 1: to be my vice president was one of the best
Speaker 1: decisions I ever made, and he became a close friend,
Speaker 1: and I believe Joe has all the qualities we need
Speaker 1: in a president right now. So Jennifer, Okay, nice, thank you.
Speaker 1: President Obama took them long enough. Yeah, you know, President,
Speaker 1: It's kind of a weird thing because President Obama made
Speaker 1: clearer even before Joe Biden got into this race just
Speaker 1: about a year ago at this point, Um that he
Speaker 1: wasn't going to endorse anybody until the whole primary had
Speaker 1: been decided by the orders of the party, and yet
Speaker 1: you know, there's still this kind of thing where it's like, Okay,
Speaker 1: this guy was your vice president and close friends for
Speaker 1: the last eight years, um, you know. So there was
Speaker 1: sort of an expectation and in a little bit of
Speaker 1: a dishonest argument sometimes from President Trump another Republicans saying well,
Speaker 1: if you know, they clearly see why Biden shouldn't be president,
Speaker 1: or or Obama would be endorsing him already, which is
Speaker 1: you know, um, you know, but disingenuous. But here, uh,
Speaker 1: you have this endorsement from Obama today. It was really
Speaker 1: an effort, I think, to get Democrats and people who
Speaker 1: are persuadable to vote for Biden to start thinking seriously
Speaker 1: about doing that, um, even if they supported Bernie Sanders
Speaker 1: or somebody else in the primary. But now the focus
Speaker 1: is solely on beating Trump in November. Um, and that's
Speaker 1: where all the energy for anybody who doesn't like Trump
Speaker 1: needs to go. And President Obama's view all right, So
Speaker 1: speaking of that energy, Jennifer, how much energy do we
Speaker 1: think we'll see from former President Obama, maybe former First
Speaker 1: Lady Michelle Obama really out there? Um, and I guess
Speaker 1: out there is a relative term in this current environment, right, Um,
Speaker 1: what is it going to look like now that the
Speaker 1: Obama's are engaged? Yeah, well, I think out there is
Speaker 1: part of the challenge, because there is out there is
Speaker 1: the inside everybody's respective home in front of the camera. Um.
Speaker 1: Because presumably, sorry to interrupt you, but like presumably in
Speaker 1: a more normal world, this would have been done in
Speaker 1: a huge rally, you know, like an Obama you know,
Speaker 1: sort of a classic Obama get them all riled up,
Speaker 1: you know sort of situation. Right. Well, you know, I
Speaker 1: covered the Hillary Clinton campaign in T six team for
Speaker 1: Bloomberg News, and back then it was actually done similar
Speaker 1: way where there was a video put out by Obama
Speaker 1: and then that was very quickly followed by the announcement
Speaker 1: of a rally that he was going to do with
Speaker 1: Hillary Clinton that I ended up having to get rescheduled,
Speaker 1: and it finally did happen. It ended up being not
Speaker 1: a great It was a complicated newsday otherwise, so it
Speaker 1: was not didn't have as much of a splash as
Speaker 1: maybe they wanted to, but it was still a big
Speaker 1: rally in North Carolina in Charlotte. UM that got plenty
Speaker 1: of media attention and obviously that can't be done this time. Um,
Speaker 1: you know, it's unclear whether we're going to be able
Speaker 1: to have any kind of you know, big traditional rallies
Speaker 1: at all between now and November, for for Biden or
Speaker 1: for Trump. Uh. So in the in the meantime, I
Speaker 1: think that you will see UH Obama do some more
Speaker 1: things digitally for Biden. I think that the exact terms
Speaker 1: of better to be determined. I think it will be
Speaker 1: around the message and getting people support Biden, but I
Speaker 1: think it will also be fundraising. Uh that's an area
Speaker 1: where uh Biden has a lot of ground to make
Speaker 1: up for. Um, he's he's you know, hundreds of millions
Speaker 1: of dollars behind uh, the Trump campaign and the Republican
Speaker 1: National Committee in fundraising right now. And UM, you know,
Speaker 1: digital stuff costs money. It's not like somebody just sits
Speaker 1: at their computer. And how important that goes into it?
Speaker 1: How important is that in this race? I mean, I know,
Speaker 1: I understand advertising and political advertising is very persuasive, very important,
Speaker 1: But I feel like you've got a president who has
Speaker 1: a four year track record or three and a half
Speaker 1: year track record, right, and so they've got that and
Speaker 1: either people like that and want another four years or
Speaker 1: theyre going to be those who don't like it. Is
Speaker 1: it as simplistic as that this time around? Well, I
Speaker 1: think that there are there are a lot of people
Speaker 1: who are sort of in between. They like certain things
Speaker 1: that the president has done, not other things. They may
Speaker 1: have voted for him the last time and having a
Speaker 1: bit of remorse, or they might have not voted for
Speaker 1: him the last time and regretted that, or be sort
Speaker 1: of on the fence where they say, well, you know,
Speaker 1: my pocketbook is doing well. Let's say even amid this
Speaker 1: this crisis, that they're still doing well because its tax
Speaker 1: breaks and maybe they're even trying to find a way
Speaker 1: to maximize the stimulus money for themselves. So they say, okay,
Speaker 1: I'm doing well, but I don't agree with how the
Speaker 1: overall coronas virus response has gone. Or you know, there
Speaker 1: are a million different permutations of that are actually probably
Speaker 1: you know, a hundred fifty two million. However many people
Speaker 1: end up voting in this election, you know, for everybody
Speaker 1: to a specific different choice um, and you know it
Speaker 1: does cost money, not just for the ads, but just
Speaker 1: to have to have the outrage run getting getting people
Speaker 1: out to vote, which is a big piece of this
Speaker 1: is going to be if Democrats are gonna win, it's
Speaker 1: going to be because there is a significant surgeon turnout,
Speaker 1: likely UM and that that will take a lot of energy.
Speaker 1: There's also gonna be the complication of the extent to
Speaker 1: which UM mail and voting or really voting or other
Speaker 1: accommodations are made. UM. You know, we don't. It's hard
Speaker 1: to know whether there's going to be another surge in
Speaker 1: coronavirus in the fall, and whether that will have already
Speaker 1: started fall er winter, and whether that it will already
Speaker 1: have started by November three. Yeah, absolutely, all right, We're
Speaker 1: gonna leave it there. I love Jennifer Epstein. Follow her
Speaker 1: on Twitter at jen Epps. She is on top of it,
Speaker 1: one of our top political reporters, as she said, has
Speaker 1: the context of covering election, and it's going to be
Speaker 1: fascinating to compare and contrasts throughout. We're going to be
Speaker 1: keeping in touch with her. Yeah, votes, online, endorsements, tweets,
Speaker 1: all of it. Thanks for listening to Bloomberg Business Week.
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