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Speaker 1: Why from our nations this budget thing is going to

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Speaker 1: do nothing space forts. I still think it's interesting President

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Speaker 1: Trump not playing his cards yet. Headlines policy and politics

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Speaker 1: colliding to Floomberg Sound On the insiders, the influencers. I

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

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Speaker 1: The Senate map in looks a lot different than it

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Speaker 1: looked in. President Trump was sent here to smash conventional

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Speaker 1: norms in a sense. Bernie Sanders has already w This

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Speaker 1: is Bloomberg Sound On with Kevin Surley on Bloomberg point

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Speaker 1: seven h D two school closures in Maryland as well

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Speaker 1: as surrounding areas. We're going to dive into the local

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Speaker 1: as well as the national response to the coronavirus. Every

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Speaker 1: angle covered the policy, the markets, and of course the

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Speaker 1: politics as well, with Bob q's editor in chief at

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Speaker 1: The Hill, Sarah Kim, Republican strategist, and David Livingston, senior

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Speaker 1: analysts now at the Euraisier Group, former Deputy Director of

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Speaker 1: Climate at Advanced Energy at the Atlantic Council. So lots

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Speaker 1: to get through. Bob Cusacks here, editor in Chief at

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Speaker 1: the Hill. I'm gonna start with you, Bob quickly. The

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Speaker 1: President last night giving that speech, UH, really canceling flights

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Speaker 1: from Europe, Uh, trying to get Congressional action. But twenty

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Speaker 1: four hours or so now out from that speech, where

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Speaker 1: do things stand in Washington from a political response to

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Speaker 1: to the coronavirus? Kevin, It's fair to say the administration

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Speaker 1: has really bungled this response. And the speech did nothing,

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Speaker 1: as we saw today to to calm markets. And it

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Speaker 1: wasn't a reassuring message from the president. Uh. And it

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Speaker 1: was surprising UH as far as his European move um

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Speaker 1: and and Congress is not gonna pass anything at least

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Speaker 1: anytime soon, maybe early next week. McConnell has said he's

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Speaker 1: gonna cancel recess. So overall, this is a pretty grim

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Speaker 1: outlook right now. I want to now bring into this

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Speaker 1: conversation Matthew McLeer, who's executive vice president and director of

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Speaker 1: Equity Strategies are Cumberland Advisers. The US stocks sink in

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Speaker 1: the worst day since Black Monday. Uh, Matthew, alarming day

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Speaker 1: for Wall Street traders, very alarming. You know, the words

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Speaker 1: panic and over sold, sometimes they're overused. Sometimes they're used,

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Speaker 1: you know, for mild pullbacks. But you've got a real

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Speaker 1: real dose of panic today today. By the way, I

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Speaker 1: haven't pulled the cbo ees equity only put call ratios, which,

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Speaker 1: by the way, in in an in a real panic

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Speaker 1: you've got we've all got to get away from trying

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Speaker 1: to think, you know what the economy is going to do, uh,

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Speaker 1: that type of nonsense. Excuse my language, excuse my description,

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Speaker 1: but we have to really look at analytics and internals

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Speaker 1: of what's going on within the market. And today will

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Speaker 1: be the third day this week that the equity only

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Speaker 1: not the index, but the equity only put call ratio

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Speaker 1: will have cracked one. That's you. That's that's that's through

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Speaker 1: eleven easily, by the way, that's through to any of

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Speaker 1: the panics in two thousand eight. So when I say panic,

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Speaker 1: you've got some panic, it's it's some real panic now

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Speaker 1: that normally normally will create some conditions for for some buying. Uh.

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Speaker 1: Now you have to have you know, maybe panicked a

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Speaker 1: little early and raised some cash and had cash in

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Speaker 1: your in your in your allocation here. But even if

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Speaker 1: you don't, even if you're still fully invested inequities, I

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Speaker 1: think what you have to be looking at doing here

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Speaker 1: is improving your portfolio. Matthew is on the line, so

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Speaker 1: just to just to bring everyone back up to speed.

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Speaker 1: He's the e v P and Director of Equity Strategies

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Speaker 1: at Cumberland Advisors. The SMP five hundred index giving back

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Speaker 1: all of its gains since the end of two thousand

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Speaker 1: and eighteen. The global stocks have have sank into a

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Speaker 1: bear market, and crude oil has retreated. I want to

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Speaker 1: read just the headline from the Bloomberg terminal. In a

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Speaker 1: week that brought the wildest market swings since the financial crisis,

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Speaker 1: Thursday hammered investors with something crazier, a ten percent drop

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Speaker 1: in the doll the end of the longest bull market

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Speaker 1: on record, and the biggest sell off since seven Black Monday. Matthew,

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Speaker 1: I want to play for a President Trump had to

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Speaker 1: say earlier today about the stock market. Here's the president

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Speaker 1: of the United States. The stock market, as an example,

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Speaker 1: is still much higher than when I got here, and

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Speaker 1: it's taking a big hit, but it's gonna all bounce back,

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Speaker 1: and it's gonna bounce back very big at the right time.

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Speaker 1: That's the President. Matthew. What what are investors looking at

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Speaker 1: or is there anything that that can be from a

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Speaker 1: policy standpoint coming out of the nation's capital. You know,

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Speaker 1: policy policy in a in a in a panic, and

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Speaker 1: really in a two week panic. Think about it. In

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Speaker 1: a two week panic, where do we make index eyes

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Speaker 1: on February eighteenth, So a three week panic like this,

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Speaker 1: you know, but policy can put a little sav on

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Speaker 1: on the panic. There's you know, when when you're talking

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Speaker 1: about a virus not which is causing so much panic

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Speaker 1: along with that crash in the oil markets. Uh, you know,

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Speaker 1: it's not like banks sitting on bad credit where you

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Speaker 1: can help help bail out banks. It's it's something uh,

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Speaker 1: you know that we haven't haven't really dealt with to

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Speaker 1: this extent before. Sure, stars and swine flew gave us

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Speaker 1: a couple of ripples, you know, down fifteen down, But

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Speaker 1: this is nasty. I don't know, there's a that there's

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Speaker 1: a ton the president can do. Uh you know, I

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Speaker 1: know politicians on both sides will will get very involved

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Speaker 1: in He's you know, he's doing a great job, He's

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Speaker 1: not doing enough. I think as investors and traders, you know,

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Speaker 1: you've got to try to block out some of that

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Speaker 1: and just create levels and prices where you're comfortable bidding

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Speaker 1: on stock. And what we've been doing is try to

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Speaker 1: bid under the market, be it underwear where great names

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Speaker 1: like Microsoft or Lily or Costco or Trading, and see

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Speaker 1: if we get hit. And if we get hit there,

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Speaker 1: we'll tuck it away and try to look through the

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Speaker 1: valley of the next three or six months. All Right,

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Speaker 1: My thanks to Matthew McLear, Executive vice president and director

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Speaker 1: of Equity Strategies at Cumberland Advisors. Matthew, truthfully, thanks for

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Speaker 1: calling in. I mean, it's just a stunning day, a

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Speaker 1: nasty day on Wall Street again, historic day in many

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Speaker 1: ways on Wall Street. So my thanks to you. I

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Speaker 1: want to bring back into the conversation Bob Czack, editor

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Speaker 1: in chief at The Hill, David Livingston, senior analyst at

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Speaker 1: the Eurasia Group, and Sarah Kim, Republican Strategists uh and

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Speaker 1: who has previously worked in the Trump administration. Sarah, let

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Speaker 1: me kick it over to you in the sense it uh.

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Speaker 1: I mean, now we've got like two minutes left so quickly.

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Speaker 1: What do you think needs to happen in the short

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Speaker 1: term to inject confidence not just for Wall Street but

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Speaker 1: also for Americans now that are staring down the reality

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Speaker 1: of massive school closures for the through the end of

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Speaker 1: the month. I would say two things. Once, in in

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Speaker 1: information dense society, we are operating in a lack of information,

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Speaker 1: and that information is that's well. That information is being

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Speaker 1: filled by speculators, people who have no access to facts,

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Speaker 1: who have no historical data, who are not relying upon

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Speaker 1: past pandemics. So I would say, if you have any questions,

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Speaker 1: go to this World Health organization, go to the CDC,

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Speaker 1: or just focus on the fact that even Wuhan, where

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Speaker 1: the virus started, is sending people back to work. And

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Speaker 1: the second thing that I would say is that markets,

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Speaker 1: the United States economy, the United States government, and the

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Speaker 1: world as a whole operate on confidence. We have to

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Speaker 1: We pay taxes because we believe if we don't, we're

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Speaker 1: going to get in trouble. We drive on the right

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Speaker 1: side of the road because we if we don't, we

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Speaker 1: believe we're going to get in trouble. And at the

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Speaker 1: end of the day, you have to have confidence in

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Speaker 1: your community and in the people that are around you

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Speaker 1: and the institution that it will all be okay. Be calm,

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Speaker 1: focus on the data, and just be a reasonable person.

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Speaker 1: All right. That was the Republican response coming up. We're

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Speaker 1: gonna die much more into the nuance. But I want

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Speaker 1: to talk about the z DC. I want to talk

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Speaker 1: about what President Trump is doing, what Democrats are proposing.

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Speaker 1: We're gonna check in with every one, and like I said, folks,

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Speaker 1: I mean this is we're an uncharted territories. I'm Kevin

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Speaker 1: SURRELLI Chief Washington corresponded for Bloomberg Television and Radio. Download

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Speaker 1: the Bloomberg Sound On podcast on Apple iTunes and Bloomberg

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Speaker 1: dot Com, or by downloading the Bloomberg Business App. You

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Speaker 1: can also find me on Radio dot Com, I Heart

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Speaker 1: Radio and Spotify. You're listening to Bloomberg. This is bloom

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Speaker 1: Burghs Sound On with Kevin Surlane on Bloomberg and one

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Speaker 1: or five point seven h D two. You have but

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Speaker 1: tens of thousands of people to travel to the United

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Speaker 1: States from Europe. Every day, se of new cases in

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Speaker 1: the world were in Europe. And when we looked yesterday

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Speaker 1: at at the what was then the thirty five states

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Speaker 1: where we had cases, about thirty of them could be

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Speaker 1: traced to contacts with Europe. That was Vice President Mike

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Speaker 1: Penn speaking earlier about how the administrations responding to the

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Speaker 1: coronavirus pandemic as described by the World Health Organization of

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Speaker 1: Kevin Sireli, chief Washington correspondent from Bloomer TV and Radio.

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Speaker 1: My panel for the hour a trio of talent Seray Kim,

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Speaker 1: David Livingston of the Eurasia Group, and Bobe Cuzack, editor

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Speaker 1: in chief of The Hill series of Republican Strategist and

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Speaker 1: worked previously uh AT in the Trump administration. Bob, why

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Speaker 1: are there no tests? That's that's a good question. Um.

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Speaker 1: Mike Pence said that believe four million would be available

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Speaker 1: this week at the end of this week. We're at

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Speaker 1: the end of this week and I've seen an estimate

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Speaker 1: around eleven twelve thousand people have been tested. And I

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Speaker 1: think that's adds to the uncertainty because we just need

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Speaker 1: to get on top of this problem or at least

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Speaker 1: know how bad the issue is, and we don't yet. Technically.

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Speaker 1: I don't know, though, Sara, why there are no tests

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Speaker 1: because the United States government refused to prepare after Stars.

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Speaker 1: What you see is China, Singapore, South Korea, and the

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Speaker 1: non white Tiger countries being prepared because after Stars, they

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Speaker 1: decided to create a stockpile of tests. The reason why

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Speaker 1: there are no masks in the United States is the

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Speaker 1: United States stop stockpiling in after two thousand and four.

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Speaker 1: The issue and problem with Washington d C being involved

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Speaker 1: and putting a political spin with adjective and adverbs about

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Speaker 1: this crisis is that they refused to prepare from the

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Speaker 1: previous experience and as a result of fifteen years of

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Speaker 1: government in activity and in attention, that's why we're here.

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Speaker 1: It's remarkable, Dave at Livingston, when you think of responses

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Speaker 1: to national disasters and the Bush administration and the Obama

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Speaker 1: administration and now on the Trump administration, it's a it's immune.

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Speaker 1: It's a political party. Uh, but it it strikes at

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Speaker 1: the core mistrust that people want to have. People want

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Speaker 1: to trust the government will be able to provide testing

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Speaker 1: and whatnot. But when Japan and South Korea are better

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Speaker 1: equipped to handle this than the United States, that's alarming.

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Speaker 1: They also spend more on health security and global health

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Speaker 1: security than the United States does, or at least in

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Speaker 1: the United States does. Now that's right, that's right there.

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Speaker 1: But but there have been significant cuts to the you know,

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Speaker 1: to the um the budget of the CDC and too

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Speaker 1: in particular to some of the global health security UH

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Speaker 1: funding that existed at the beginning of the administration, especially

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Speaker 1: kind of coming out of the momentum of addressing the

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Speaker 1: Ebola um crisis a number of years back. But you know,

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Speaker 1: the other interesting thing that I think will be a

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Speaker 1: result of this is we look forward in the role

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Speaker 1: of government is I think the government is not going

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Speaker 1: to get more out of the way. I think the

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Speaker 1: government's gonna get more involved, and we're going to see

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Speaker 1: more redundancy UH in terms of industrial policy to drive

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Speaker 1: domestic production capabilities for things like mass for medical equipment, etcetera.

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Speaker 1: And and so yesterday the Hill they put together bos

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Speaker 1: you know newspapers, they put together a great synopsis of

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Speaker 1: the pending legislation. But that bill does nothing to address

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Speaker 1: the situation awation at hand. When you were talking about

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Speaker 1: permanent payroll tax cuts, when you're talking about spending a

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Speaker 1: billion dollars to expand the high Amendment, when you're talking

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Speaker 1: about seven billion dollars to do all these things, and

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Speaker 1: ultimately it ends up in a trillion dollar impact That

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Speaker 1: is not the purpose of pandemic legislation. That is putting

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Speaker 1: all of your Christmas tree. Public health, political issues, saying

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Speaker 1: that you're helping people when in reality you're putting your

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Speaker 1: morality in there. There are dangers of moving legislation too quickly,

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Speaker 1: and then there's also benefits to that because that will

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Speaker 1: that will calm investors. And I do think that Washington

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Speaker 1: has to act but the normal routine. And when we

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Speaker 1: got up today we thought, okay that the House is

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Speaker 1: going to pass something, uh, and then that's what they

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Speaker 1: do and then maybe jam the Senate. You know, this

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Speaker 1: is this is a crisis. This is like nine eleven,

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Speaker 1: this is like the financial implosion. There's got to be

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Speaker 1: bi partisanship and from a macro sense, listen, you know

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Speaker 1: there hasn't been bi partisanship in ages, and that the

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Speaker 1: parties simply have to come together. Very short. I think

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Speaker 1: what you said, Bob is so on point in terms

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Speaker 1: of the timing of an economic package to calm the markets,

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Speaker 1: because if they would have, if they would have done

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Speaker 1: something today, the markets wouldn't have cared, you know, I

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Speaker 1: mean just because we're not. It hasn't been a flat

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Speaker 1: the flat and the curve is we've all been yeah,

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Speaker 1: And so I think until that happens, I think, correct

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Speaker 1: me if I'm wrong. But you think back to nine

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Speaker 1: eleven of all the lawmakers out on the capital steps.

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Speaker 1: You think back to after the financial crash, when there

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Speaker 1: was as you had disagreements within the party, but there

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Speaker 1: was as a core nuclear group on both parties. I

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Speaker 1: think what Americans for, kind of about Wall Street just

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Speaker 1: for a second, I think what Americans are craving is

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Speaker 1: that show of unity of their leaders. Yeah. Now, and

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Speaker 1: it's it's uh, it's been lacking, and there's been a

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Speaker 1: lot of positioning and partisanship, and of course we're an

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Speaker 1: election year and that's what makes this difficult. And that's

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Speaker 1: where I think our leaders both in the House and

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Speaker 1: they have to step up and they haven't. Joe Biden

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Speaker 1: and President Trump can't figure out that that's a failure

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Speaker 1: of leadership. Then that's and this is not hard you

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Speaker 1: can put. I think you've got to have a large bill.

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Speaker 1: It can't be modest, and Republicans get a lot of

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Speaker 1: what they want, Democrats get what they want, and it's

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Speaker 1: signed into law, and then maybe we get some more

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Speaker 1: information on the tests and and then then it calms

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Speaker 1: down just a bit. I think you gotta get the

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Speaker 1: tests out there, and we gotta see images of the

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Speaker 1: test getting out there, just to to to see that.

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Speaker 1: I think that the you know, Americans are heading into

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Speaker 1: two weeks with their kids staying home from schools, they're

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Speaker 1: heading home, they're working from home, they're working remotely. This

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Speaker 1: is impacted every day life. I want to play for

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Speaker 1: you what sent up already, Leader Chuck Schumer set on

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Speaker 1: Capitol Hill earlier today. Here is I plead. I plead

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Speaker 1: with my Republican Senate colleagues to pass this bill. Now.

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Speaker 1: It has been carefully thought out, Its programs are directly

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Speaker 1: aimed at people. They're not ideological, sir, I take it though,

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Speaker 1: I mean I hear on that front. So let's let's

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Speaker 1: divorce the politics for just one second. Though, Where is

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Speaker 1: their cohesiveness on where Republicans and Democrats could work together

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Speaker 1: to actually advance something that would help, that would help

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Speaker 1: flatten the curve. So there are two things the apples

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Speaker 1: to apples. Number one is the test. Currently CDC is

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Speaker 1: having to approve these in conjunction with the f d A.

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Speaker 1: Just let the private sector create the test, put them

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Speaker 1: out there on the market, because we know how to

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Speaker 1: find in disease for flu and the other apples to

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Speaker 1: Apples things is, look, we're running out of active product ingredients.

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Speaker 1: This is not a Republican fact or democratic fact. This

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Speaker 1: is from the Private Sector Act. If pharmaceutical ingredients are

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Speaker 1: made in China. I mean Marsha Blackburn on yesterday, she's

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Speaker 1: got a bill with Bob Menendez, a Democratic New Jersey.

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Speaker 1: I mean, I think you're gonna heart. We'll talk about

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Speaker 1: the China implications with Livingston in the second to finish

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Speaker 1: your So why if you want to do something fast,

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Speaker 1: if you want to do something big, if you want

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Speaker 1: to address the two major issues with his testing and

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Speaker 1: a cure, that's the Apples to Apple's bill. It would

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Speaker 1: be done in less than three hours if the legislative

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Speaker 1: attorneys can write the text. And I remember when I

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Speaker 1: was growing up in Senator John McCain and it stopped

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Speaker 1: his presidential campaign to get back to Washington, d C.

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Speaker 1: To deal with the O eight crash. That's the type

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Speaker 1: of stuff, for lack of a better word, that needs

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Speaker 1: to happen right now, because Calm August, this could be forgotten.

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Speaker 1: I want to forget about this, Calm August, but we

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Speaker 1: can't right now. I'm Kevin Sirelli. You're listening to Bloomberg.

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Speaker 1: This is bloom Burg Sound On with Kevin Surley on

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Speaker 1: Bloomberg and one oh five point seven f MHD two.

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Speaker 1: Their proposal appears to impose permanent, unfunded mandates owned businesses

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Speaker 1: that could cause massive job losses and put thousands of

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Speaker 1: small businesses at risk. That was sent a macharity leader

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Speaker 1: Mitch McConnell speaking earlier today about the Democrats proposal that

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Speaker 1: they put together with regards to combating the economic impacts

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Speaker 1: of the coronavirus. I'm Kevin Sirelli, Chief Washington correspondent for

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Speaker 1: Bloomberg Television and Bloomberg Radio. If you're just joining us.

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Speaker 1: The US stocks sunk today in the worst day since

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Speaker 1: Black Monday, the worst day since Black Monday. Just to

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Speaker 1: read more from the Bloomberg terminal. At the end of

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Speaker 1: the day, US stocks smoldered scent below records set barely

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Speaker 1: three weeks ago. Europe's benchmark index suffered its worst day

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Speaker 1: in history. Brazil's tumbled as much as at one point point,

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Speaker 1: and they have extended this year's lost to almost fifty

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Speaker 1: in dollar terms. Canada's main mean index was off more

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Speaker 1: than twelve percent in its worst day since n uncertainty, uncertainty,

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Speaker 1: but we are certainly grateful to have Bob Us acts

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Speaker 1: Serry Kim and David Livingston here with us. We were

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Speaker 1: talking in the break. I mean, so much of the

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Speaker 1: chatter now is economic stimulus when it will come first,

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Speaker 1: let's flatten the curve. But when we talk about economic

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Speaker 1: stimulus to it's a combat all of these differing dynamics.

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Speaker 1: I think one thing that's stuck out for me in

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Speaker 1: the President's comments last night was the fifty billion dollars

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Speaker 1: from the Small Business Administration s b A, because that

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Speaker 1: could free up liquidity, not for big businesses, not for

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Speaker 1: financial institutions and the big banks, but for small businesses,

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Speaker 1: for the mom and pop shops, for targeted loans, to

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Speaker 1: just really inject some shocks into the economy once we

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Speaker 1: flattened the curve of the coronavirus. David Livingston, I mean

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Speaker 1: you mentioned you use the terms. I'll let you describe it,

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Speaker 1: but you describe that it's important to combat another potential

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Speaker 1: brewing issue as we deal with getting out of this

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Speaker 1: whole that's blue collar versus white collar. Absolutely. I mean, well,

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Speaker 1: the point here is, uh, you know what will be

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Speaker 1: some of the impacts on some of our existing trends

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Speaker 1: political polarization, economic inequality. And I think that, you know,

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Speaker 1: despite the hope that we have that this is going

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Speaker 1: to be some pull together moment, because we kind of

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Speaker 1: have this common enemy, this common threat in the coronavirus

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Speaker 1: that we're facing, there's also the chance that, especially in

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Speaker 1: a very uh tense election season, you're going to have

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Speaker 1: white collar workers able to easily work from home. Right,

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Speaker 1: we can all just run this podcast, you know, over

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Speaker 1: over Skype from our respective living rooms. But what about

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Speaker 1: the people? What about the blue collar workers that are

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Speaker 1: taking out the trash? What about the blue collar workers

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Speaker 1: that are have to go into a refinery exactly who

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Speaker 1: have to go to a refinery, who have to ensure

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Speaker 1: that basically society can construction side. I mean, that's the

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Speaker 1: that's the side of it. I think that I totally

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Speaker 1: agree with you, David Livingston. People in this town don't

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Speaker 1: get go ahead, sir. And then, just to complicate it further,

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Speaker 1: what happens when they're when their kids are at home

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Speaker 1: because they can't be at school? Right, So now you

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Speaker 1: have just some some major exacerbation of some major pre

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Speaker 1: existing tensions in US society and the political economy in

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Speaker 1: this country. I mean, this is where speaker Ryan really

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Speaker 1: fell on his chance to make an impact. The issue

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Speaker 1: of the working poor is bipartisan, and I know my

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Speaker 1: I mean, let me just tell people, my parents do

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Speaker 1: not own Samsung. My mom was a janitor working two jobs.

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Speaker 1: My dad was a janitor working two jobs while he

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Speaker 1: got a PhD. They are the working poor, and these

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Speaker 1: people do not have the luxury to work from home.

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Speaker 1: And as we emphasize the need to make tests, and

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Speaker 1: as we emphasize the need to create awareness that is

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Speaker 1: done by the working poor. It's not like people get

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Speaker 1: paid a hundred thousand dollars a year to make tests.

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Speaker 1: Those are manufacturing jobs. So, Bob, I mean, so when

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Speaker 1: you're you're talking about SBA loans and fifty billion dollars

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Speaker 1: in liquidity, I mean, this issue right now, and we're

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Speaker 1: in the middle of it. So it's it's it's really

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Speaker 1: hard to it's hard for me as a as a journalist,

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Speaker 1: as a host to say, let's talk about the worst

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Speaker 1: day on the market history when literally local economies right

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Speaker 1: now are getting crushed and and and we don't even

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Speaker 1: know how long that's going to last because their everyday

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Speaker 1: life is being impacted. So how if you're inside of

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Speaker 1: Pennsylvania Avenue, if your Treasury secretary monution, if you're Larry Cudlow,

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Speaker 1: I mean, how do you plan for the inevitable flattening

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Speaker 1: of the curve from the from the virus outbreak to

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Speaker 1: getting life back rolling. And this is where the administration specifically,

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Speaker 1: and it's not a strong suit the President has to

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Speaker 1: show some patience because number one, we have to get

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Speaker 1: to a spot where Dr Faucci yesterday said it's gonna

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Speaker 1: get worse before it gets better. But so we have

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Speaker 1: to get to the point where it's we're beyond and

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Speaker 1: we're getting better. Now there's good news that both South

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Speaker 1: Korea and China, though you have to take it with

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Speaker 1: a grain of salt, say hey, they have peaked, they

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Speaker 1: have peaked, and now they're getting better. We've got to

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Speaker 1: get to that point. But the economic backlash of all

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Speaker 1: what we've been talking about, it is hard to imagine

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Speaker 1: that we don't go into some type of recession, perhaps

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Speaker 1: a major recession, and the global economy of course, is

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Speaker 1: going to be you know, pulled along with that. We

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Speaker 1: see major One of the things that I was looking

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Speaker 1: at this morning. We're seeing just some crazy signals in

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Speaker 1: terms of emerging market outflows, right, and so that's going

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Speaker 1: to require global coordination, a global, globally coordinated response. And

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Speaker 1: I think that's what the market is seems very tense about,

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Speaker 1: is is this are we going to see that like

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Speaker 1: we saw coming out of two thousand and eight, two

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Speaker 1: thousand nine, or do we actually lack the functioning institutions

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Speaker 1: and the trust and the trust and the institution exactly,

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Speaker 1: the trust and the institutions at a global level to

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Speaker 1: have a coordinated response. David Livingston of the Eurasia Groups here,

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Speaker 1: he previously worked at the Atlantic Council. David, I mean

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Speaker 1: Christine Lagar gets out there earlier today trying to inject

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Speaker 1: some confidence into into the global economy. Sarah Kim is

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Speaker 1: shaking your head. But let me ask you, I mean,

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Speaker 1: does that trust exists in the guard? I think the

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Speaker 1: trust exists in leguard. The question is whether the trusts

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Speaker 1: exists amongst the big players that also have to be

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Speaker 1: at the table. Right, this is a different economy than

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Speaker 1: it was more than a decade ago in two tho nine.

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Speaker 1: You need the I m F, you need the United States.

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Speaker 1: You need the EU and you need China along with

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Speaker 1: the course Japan and some other players. Sarah coming here

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Speaker 1: and then I want to come back to China. I

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Speaker 1: was gonna save that for segment four, but go ahead, Sarah.

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Speaker 1: I mean, this is where novice investors should just take

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Speaker 1: a breath. There was already negative yields in Europe. There

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Speaker 1: was always going to be issues as it relates to

430
00:23:38,640 --> 00:23:41,760
Speaker 1: the Brexit windout. There was always going to be manufacturing

431
00:23:41,840 --> 00:23:44,320
Speaker 1: problems as a result of the Phase one China deal

432
00:23:44,400 --> 00:23:46,880
Speaker 1: and the China US trade war. Well, and on top

433
00:23:46,960 --> 00:23:49,760
Speaker 1: of that, the fact that the United States put sanctions

434
00:23:49,880 --> 00:23:53,440
Speaker 1: on Russia is the reason why Saudi Abia flooded the

435
00:23:53,520 --> 00:23:57,320
Speaker 1: market and the reason why crude oil taint commodities move

436
00:23:57,640 --> 00:24:01,119
Speaker 1: based upon crude. They buy these in orders before. So

437
00:24:01,240 --> 00:24:04,000
Speaker 1: there were always going to be market fluctuations. It was

438
00:24:04,160 --> 00:24:06,960
Speaker 1: wild because of oil, it was wild because of Brexit,

439
00:24:07,320 --> 00:24:09,280
Speaker 1: was wild because of the U. S Trade war, and

440
00:24:09,359 --> 00:24:11,920
Speaker 1: then we got the flu. But that is not a

441
00:24:12,160 --> 00:24:18,439
Speaker 1: fact based problem. That is a confidence problem, because po exactly,

442
00:24:18,560 --> 00:24:22,800
Speaker 1: they are investing incorrectly, and they should listen to wise

443
00:24:22,960 --> 00:24:26,040
Speaker 1: people who are true and give you quality facts like

444
00:24:26,119 --> 00:24:28,000
Speaker 1: they do here at Bloomberg not just because I'm on

445
00:24:28,040 --> 00:24:30,119
Speaker 1: the shold I hear you. No, I mean I hear

446
00:24:30,160 --> 00:24:31,560
Speaker 1: you on that point. But let me let me ask

447
00:24:31,560 --> 00:24:34,159
Speaker 1: you this. I mean to come back to both of

448
00:24:34,240 --> 00:24:36,280
Speaker 1: you are saying. It's all of us are saying, China

449
00:24:36,359 --> 00:24:38,160
Speaker 1: is going to have to come to the table here. David,

450
00:24:38,200 --> 00:24:39,720
Speaker 1: I'm gonna put this back on you and bring it

451
00:24:39,800 --> 00:24:43,320
Speaker 1: back to you for a second. Do you think that

452
00:24:43,840 --> 00:24:48,160
Speaker 1: the global community is going to trust China after they're

453
00:24:48,240 --> 00:24:52,960
Speaker 1: handling of this? Can we trust them? It's not a

454
00:24:53,960 --> 00:24:57,120
Speaker 1: not Chinese. I'm talking about General Secretary shi Jing Ping

455
00:24:57,600 --> 00:25:00,720
Speaker 1: of the Communist Party of the Chinese government. Well, what

456
00:25:00,840 --> 00:25:03,359
Speaker 1: I'll just observe is this is exacerbating one of the

457
00:25:03,560 --> 00:25:06,119
Speaker 1: Eurasia Group's top risks that identified at the beginning of

458
00:25:06,160 --> 00:25:08,760
Speaker 1: the year, right decoupling between China and the US and

459
00:25:08,840 --> 00:25:11,760
Speaker 1: increasing rivalry between China and the US. And unfortunately we

460
00:25:11,880 --> 00:25:14,360
Speaker 1: see that starting to play out here. The initial response

461
00:25:14,400 --> 00:25:17,359
Speaker 1: from President Trump was actually be quite conciliatory towards China,

462
00:25:17,680 --> 00:25:19,879
Speaker 1: gave them additional room to comply with the Phase one

463
00:25:19,880 --> 00:25:22,000
Speaker 1: trade deal, right and sort of said, look, we we

464
00:25:22,080 --> 00:25:23,840
Speaker 1: support them, We're going to give them some time and

465
00:25:24,160 --> 00:25:27,000
Speaker 1: space and patients. Now you see, uh in the speech

466
00:25:27,080 --> 00:25:29,399
Speaker 1: last night or in the address last night, a noted

467
00:25:29,520 --> 00:25:33,000
Speaker 1: change of tack right more aggressive towards China. UM, you know,

468
00:25:33,440 --> 00:25:37,000
Speaker 1: talking about a a virus which originated in China. And

469
00:25:37,280 --> 00:25:39,320
Speaker 1: what you you know, what's also gonna be interesting now

470
00:25:39,440 --> 00:25:42,560
Speaker 1: is how that bleeds into the economic contagion here as well.

471
00:25:42,840 --> 00:25:45,920
Speaker 1: Secretary Minution has reiterated multiple times that he doesn't want

472
00:25:45,960 --> 00:25:48,679
Speaker 1: I m F funds going to pay back debt associated

473
00:25:48,720 --> 00:25:51,280
Speaker 1: with the Belton Road projects, for example. So where you're

474
00:25:51,280 --> 00:25:54,640
Speaker 1: gonna have competition between I m F U S EU

475
00:25:54,760 --> 00:25:58,600
Speaker 1: on one side, China UM and and and it's uh,

476
00:25:58,720 --> 00:26:00,600
Speaker 1: you know, lines of credit on the other side when

477
00:26:00,640 --> 00:26:02,880
Speaker 1: it comes to some of the emerging market in frontier

478
00:26:02,960 --> 00:26:05,000
Speaker 1: markets that have been hit the hardest here, David, I

479
00:26:05,040 --> 00:26:07,080
Speaker 1: think you've raised a lot of great points. I spoke

480
00:26:07,119 --> 00:26:09,240
Speaker 1: with the source at the State's Department within the last

481
00:26:09,280 --> 00:26:11,840
Speaker 1: twenty four hours, and I mean, you listen to the

482
00:26:11,920 --> 00:26:14,680
Speaker 1: public speeches that Secretary Pompeo has given in the past

483
00:26:14,720 --> 00:26:18,159
Speaker 1: six months about shi Jingping. You listen to to what

484
00:26:19,040 --> 00:26:22,159
Speaker 1: UH lawmakers on both sides of the aisle from Mark Warner,

485
00:26:22,320 --> 00:26:25,960
Speaker 1: the pop Democrat on Intel to Marshall Blackburn yesterday on

486
00:26:26,000 --> 00:26:30,800
Speaker 1: this program. I mean there once this flattens the curve

487
00:26:30,880 --> 00:26:33,439
Speaker 1: from the health perspective, China has a lot of questions

488
00:26:33,640 --> 00:26:36,359
Speaker 1: a minimum, China has a lot of questions to answer

489
00:26:36,720 --> 00:26:42,040
Speaker 1: about how transparent they were with the international community. I'm

490
00:26:42,080 --> 00:26:44,560
Speaker 1: Kevin Sirley, chief Washington correspondent for Bloomberg TV and Radio.

491
00:26:44,560 --> 00:26:53,920
Speaker 1: You're listening to Bloomberg. Is Bloomberg Sound on with Kevin

492
00:26:54,000 --> 00:26:58,240
Speaker 1: Shirley on Bloomberg and one oh five point seven f

493
00:26:58,359 --> 00:27:00,240
Speaker 1: M h D two. You know I was some with

494
00:27:00,760 --> 00:27:04,760
Speaker 1: Guy Snodgrass earlier today. You know he's a stoic. He

495
00:27:04,880 --> 00:27:08,600
Speaker 1: always reads stoicism, he studies the stoic philosophy, and he

496
00:27:08,760 --> 00:27:12,600
Speaker 1: was telling me in these times, just stay stoic, Stay stoic.

497
00:27:12,680 --> 00:27:16,040
Speaker 1: I'm Kevin smili chief Washington correspondent for Bloomberg Television and

498
00:27:16,160 --> 00:27:18,080
Speaker 1: Bloomberg Radio. We gotta get a guy back on the

499
00:27:18,119 --> 00:27:21,560
Speaker 1: program to to break down what what what everyone's doing,

500
00:27:21,600 --> 00:27:24,320
Speaker 1: what people are not doing in the international community. Bob

501
00:27:24,440 --> 00:27:28,840
Speaker 1: Cuzacs here, editor in chief at The Hill. Bob, what

502
00:27:28,920 --> 00:27:32,560
Speaker 1: do you think the next twenty four hours bring us?

503
00:27:32,760 --> 00:27:36,440
Speaker 1: I think it's such an optimist thought. You're gonna see

504
00:27:36,520 --> 00:27:39,280
Speaker 1: it's gonna become news when something is not canceled, because

505
00:27:39,359 --> 00:27:42,400
Speaker 1: everything is getting canceled, and you know, I think people

506
00:27:42,440 --> 00:27:46,440
Speaker 1: are craving. Is that image of all of the lawmakers

507
00:27:46,720 --> 00:27:50,240
Speaker 1: on Capitol Hill after nine eleven? People want to see?

508
00:27:50,520 --> 00:27:53,520
Speaker 1: I say in this, I mean, I I hope, I hope.

509
00:27:53,680 --> 00:27:56,680
Speaker 1: This is my this is my stoic prayer that the

510
00:27:56,800 --> 00:27:59,680
Speaker 1: championship game from March Madness, that there can be a crowd,

511
00:28:01,400 --> 00:28:03,480
Speaker 1: right I gotta have a March Madness though right there,

512
00:28:04,000 --> 00:28:05,760
Speaker 1: we're not even gonna get that, But I hope, I

513
00:28:05,880 --> 00:28:08,200
Speaker 1: hope that there's at least like a major sporting event

514
00:28:08,600 --> 00:28:11,320
Speaker 1: in a massive stadium where fans can go to in

515
00:28:11,400 --> 00:28:13,520
Speaker 1: like a month from now, will listen. I think you've

516
00:28:13,560 --> 00:28:15,320
Speaker 1: gotta I mean not to be depressing, but I think

517
00:28:15,320 --> 00:28:17,159
Speaker 1: you gotta look at the NFL season right now. I mean,

518
00:28:17,320 --> 00:28:20,920
Speaker 1: just because you're talking about baseball, March Madness is canceled.

519
00:28:21,440 --> 00:28:25,679
Speaker 1: Uh yeah, whichards Capitals, NHLs. But I mean it's all

520
00:28:26,000 --> 00:28:29,520
Speaker 1: that's why this is so this is so rough, all right,

521
00:28:30,960 --> 00:28:33,440
Speaker 1: rough times, but I'm an optimist. You gotta stay positive.

522
00:28:33,480 --> 00:28:35,840
Speaker 1: If anyone has any funny things to watch on Netflix

523
00:28:35,920 --> 00:28:37,719
Speaker 1: or a queue up? Let me know, Sary, what are

524
00:28:37,720 --> 00:28:39,640
Speaker 1: you watching that's funny? We gotta keep it up beat.

525
00:28:39,760 --> 00:28:42,040
Speaker 1: It's the worst day on the stock markets. It's black Monday.

526
00:28:42,200 --> 00:28:44,960
Speaker 1: I'm not watching anything funny. But I heard Love is Blind.

527
00:28:45,240 --> 00:28:49,400
Speaker 1: It's yeah we talked about on this show. Yeah, pre coronavirus. Um,

528
00:28:49,440 --> 00:28:52,080
Speaker 1: I'm watching better Call Saul. I don't know it's a funny.

529
00:28:52,080 --> 00:28:53,920
Speaker 1: I just want to laugh. That's a funny one. All right,

530
00:28:54,360 --> 00:28:56,200
Speaker 1: all right, maybe I'll check it out to you. Always

531
00:28:56,200 --> 00:28:59,080
Speaker 1: gotta wach Kirby enthusiasm. I could yes, Okay, I could

532
00:28:59,120 --> 00:29:01,600
Speaker 1: go back. I could go back. Uh, David Livingston, what's

533
00:29:01,600 --> 00:29:04,600
Speaker 1: on your radar? What's your quick take? Um? Gonna be

534
00:29:04,680 --> 00:29:07,480
Speaker 1: watching the geopolitical fall out of this? Uh? Will the

535
00:29:07,720 --> 00:29:11,960
Speaker 1: will the growing? Love is Blind? Or this mean exactly?

536
00:29:12,200 --> 00:29:14,200
Speaker 1: We hadn't last on the show and like a week

537
00:29:14,520 --> 00:29:16,680
Speaker 1: it used to be a fun show. Now it's like

538
00:29:18,000 --> 00:29:22,440
Speaker 1: go ahead, Um looking looking at the geopolitical fall out

539
00:29:22,480 --> 00:29:24,880
Speaker 1: of this? So you know, um is when when when

540
00:29:24,920 --> 00:29:27,520
Speaker 1: all the dust settles? Uh? You know who's going to

541
00:29:27,560 --> 00:29:29,720
Speaker 1: be stronger, who's going to be weaker? Um? Will the

542
00:29:29,800 --> 00:29:34,000
Speaker 1: tension growing tension between the US and and and the EU. UM, uh,

543
00:29:34,280 --> 00:29:37,480
Speaker 1: you know, kind of arrest the administration's attempt to bring

544
00:29:37,720 --> 00:29:39,640
Speaker 1: Europe back a little bit back into the fold and

545
00:29:39,840 --> 00:29:42,800
Speaker 1: and to keep them away from uh, you know, playing

546
00:29:43,000 --> 00:29:45,720
Speaker 1: playing ball with China and five gene issues like that.

547
00:29:46,280 --> 00:29:50,080
Speaker 1: Um you know is uh are a certain emerging markets

548
00:29:50,080 --> 00:29:52,400
Speaker 1: going to continue with Belton Road initiatives? Are they gonna

549
00:29:53,000 --> 00:29:55,560
Speaker 1: are they gonna default on some of their debts? You know?

550
00:29:55,600 --> 00:29:57,480
Speaker 1: What's what's going to be the net shake out there

551
00:29:57,560 --> 00:30:00,959
Speaker 1: in the break about how China is giving the Alliens masks.

552
00:30:01,480 --> 00:30:03,600
Speaker 1: That's right, there's yeah. I mean they're advertising a lot

553
00:30:03,640 --> 00:30:06,120
Speaker 1: of the humanitarian aid and masks which are now being

554
00:30:06,160 --> 00:30:08,880
Speaker 1: sent from China to Italy. Right, Which is there? So

555
00:30:09,080 --> 00:30:11,040
Speaker 1: so that you're you're what you said in the Bradin,

556
00:30:11,040 --> 00:30:12,800
Speaker 1: I don't want to I don't want to put words

557
00:30:12,800 --> 00:30:14,760
Speaker 1: in your mouth, but you raised the question, Well, the

558
00:30:14,840 --> 00:30:18,480
Speaker 1: Europeans look to China to be to be a cure

559
00:30:19,080 --> 00:30:21,760
Speaker 1: for this, yeah, or if not a cure at least

560
00:30:21,840 --> 00:30:23,920
Speaker 1: or they're going to be some soft power points scored

561
00:30:24,400 --> 00:30:26,000
Speaker 1: and put up on the board. And I think you

562
00:30:26,080 --> 00:30:29,720
Speaker 1: know that that's appears to already be the case. That's

563
00:30:31,120 --> 00:30:34,760
Speaker 1: back to the reality. I can't believe that. I honestly,

564
00:30:34,960 --> 00:30:37,440
Speaker 1: that's difficult for me to believe. But it's But you're

565
00:30:37,480 --> 00:30:39,960
Speaker 1: so right. That's why David Livingston here previously worked at

566
00:30:39,960 --> 00:30:41,840
Speaker 1: the Atlantic Council. Now he's after your Asia group. Sorry,

567
00:30:41,880 --> 00:30:44,600
Speaker 1: what's your quick take on your radar? So the United

568
00:30:44,640 --> 00:30:46,560
Speaker 1: States Census, it hasn't been on my radar for a

569
00:30:46,600 --> 00:30:49,560
Speaker 1: really long time. But in January they started to actually

570
00:30:49,640 --> 00:30:52,320
Speaker 1: knock on doors and collect the data. Not anymore. This

571
00:30:52,760 --> 00:30:55,560
Speaker 1: is the first week that they started to knock on

572
00:30:55,640 --> 00:31:00,480
Speaker 1: doors nationally. And when you interject this crisis of confidence

573
00:31:00,520 --> 00:31:03,520
Speaker 1: that coronavirus has caused, and you're saying that government workers

574
00:31:03,640 --> 00:31:05,720
Speaker 1: have to work from home, how do you take the

575
00:31:05,800 --> 00:31:09,360
Speaker 1: information in the United States sentence which attributes for the

576
00:31:09,440 --> 00:31:12,520
Speaker 1: social welfare programs that the Democratic Party loves to embrace.

577
00:31:12,880 --> 00:31:17,680
Speaker 1: There is no conversation about creating an infrastructure or filling

578
00:31:17,720 --> 00:31:20,800
Speaker 1: the two million dollar hole that they already have in

579
00:31:20,880 --> 00:31:23,880
Speaker 1: the lack of people to take these numbers. Do you

580
00:31:23,920 --> 00:31:26,480
Speaker 1: think they have to delay the sensus? You can't delay

581
00:31:26,560 --> 00:31:30,760
Speaker 1: the census. It's just it happens every time. Well, you

582
00:31:30,960 --> 00:31:34,360
Speaker 1: shouldn't because again that it is a bifurcated problem. Does

583
00:31:34,440 --> 00:31:37,400
Speaker 1: the health data require it No? Do the politicians want

584
00:31:37,440 --> 00:31:40,480
Speaker 1: to spin it? Yes? I think the only thing that

585
00:31:41,680 --> 00:31:44,600
Speaker 1: the only thing that will make people feel better is

586
00:31:44,680 --> 00:31:49,000
Speaker 1: if life goes on as normal. Yet, yes it can.

587
00:31:49,360 --> 00:31:51,800
Speaker 1: My life goes on. I'm totally fine. I travel three

588
00:31:51,840 --> 00:31:59,040
Speaker 1: times a week. According to Upside World Health Organization yesterday

589
00:31:59,080 --> 00:32:01,200
Speaker 1: said life can go on for dogs because apparently they

590
00:32:01,240 --> 00:32:03,800
Speaker 1: can't get you know, I read that. I do read

591
00:32:03,840 --> 00:32:07,040
Speaker 1: that someone had a good tweet that said, w h

592
00:32:07,280 --> 00:32:10,640
Speaker 1: let the dogs out. You know what I needed that.

593
00:32:10,760 --> 00:32:12,440
Speaker 1: I don't have a dog. You know, when all this

594
00:32:12,640 --> 00:32:14,800
Speaker 1: is I'm saying it on air right now, when all

595
00:32:14,880 --> 00:32:17,160
Speaker 1: this is handled, I'm getting a dog. Bob I got too.

596
00:32:17,240 --> 00:32:23,719
Speaker 1: So that's good news. Quickly, We're gonna have a debate

597
00:32:23,800 --> 00:32:28,120
Speaker 1: on Sunday, and I would predict that after Joe Biden

598
00:32:28,200 --> 00:32:31,400
Speaker 1: does very well on Tuesday that actually Sanders is going

599
00:32:31,440 --> 00:32:35,160
Speaker 1: to bout out Unlike what he did in a month ago,

600
00:32:35,240 --> 00:32:37,600
Speaker 1: Trump looked like a very solid bet to win re election.

601
00:32:37,840 --> 00:32:39,800
Speaker 1: Not so much anymore. Really, all right, let's say a

602
00:32:39,880 --> 00:32:44,520
Speaker 1: listen to what Joe Biden said earlier today talking about

603
00:32:44,840 --> 00:32:48,040
Speaker 1: the coronavirus serious. This is going to require a national

604
00:32:48,480 --> 00:32:52,680
Speaker 1: national response, not just from our electric leaders or public

605
00:32:52,760 --> 00:32:56,280
Speaker 1: health officials, but from all of us. And here's Bernie Sanders.

606
00:32:57,680 --> 00:32:59,880
Speaker 1: If we have the medical experts that I have talk

607
00:33:00,000 --> 00:33:05,200
Speaker 1: to dispute that there is a major shortage of ICU

608
00:33:05,600 --> 00:33:11,240
Speaker 1: units and ventils been on needed to respond to this crisis.

609
00:33:11,400 --> 00:33:14,080
Speaker 1: I mean, do you think I think Biden were when

610
00:33:14,080 --> 00:33:17,480
Speaker 1: you talk to their people, Uh, they said that they

611
00:33:17,560 --> 00:33:21,040
Speaker 1: wanted to have a contrast in Biden's response today with

612
00:33:21,360 --> 00:33:23,920
Speaker 1: Trump's response last night. I think he did well today.

613
00:33:24,000 --> 00:33:26,080
Speaker 1: He was sharp. He's not always been great in the debate.

614
00:33:26,200 --> 00:33:28,720
Speaker 1: Sometimes he has gas and words salent. Today he was sharp,

615
00:33:28,840 --> 00:33:30,520
Speaker 1: and that's that's a good thing for the buying campaign.

616
00:33:30,640 --> 00:33:34,200
Speaker 1: So Sarah, give us the Republican perspective on that, as

617
00:33:34,240 --> 00:33:36,320
Speaker 1: it looks like it will be Trump versus Biden. Well,

618
00:33:36,360 --> 00:33:39,000
Speaker 1: I don't understand why there hasn't been a national response,

619
00:33:39,080 --> 00:33:41,960
Speaker 1: and I don't understand why systemic issues in the hospital

620
00:33:42,080 --> 00:33:44,840
Speaker 1: equipment chain is all of a sudden a burden of

621
00:33:44,920 --> 00:33:47,960
Speaker 1: the Trump administration. This is what happens when you advertise

622
00:33:48,280 --> 00:33:51,480
Speaker 1: and put adjectives on a crisis. You can't do that.

623
00:33:51,680 --> 00:33:54,240
Speaker 1: Either the data supports it or it doesn't. The data

624
00:33:54,280 --> 00:33:57,320
Speaker 1: supports there has been a national response. The data supports

625
00:33:57,600 --> 00:34:01,760
Speaker 1: that hospitals have had equipment failure, and uh, that has

626
00:34:01,800 --> 00:34:04,080
Speaker 1: been something that is going on systemically. It's not like

627
00:34:04,240 --> 00:34:07,400
Speaker 1: this just all of a sudden happen. So the Democratic

628
00:34:07,480 --> 00:34:09,920
Speaker 1: Party and the Republican Party just needs to focus on

629
00:34:09,960 --> 00:34:13,520
Speaker 1: the facts. All right, Well, here's some more. Here's what's

630
00:34:13,560 --> 00:34:15,359
Speaker 1: on my radar. Just the list of headlines that we've

631
00:34:15,360 --> 00:34:17,640
Speaker 1: got to do every day. In New York City declared emergency.

632
00:34:18,040 --> 00:34:22,520
Speaker 1: France closed all schools. The Fed unveiled dramatic measures to

633
00:34:22,719 --> 00:34:26,160
Speaker 1: ease the market strain from the virus. And that's the

634
00:34:26,239 --> 00:34:28,160
Speaker 1: last point that I want to note on. The Federal

635
00:34:28,280 --> 00:34:31,759
Speaker 1: Reserve took aggressive steps to ease what it called temporary

636
00:34:31,880 --> 00:34:36,040
Speaker 1: disruptions and treasuries flooding the market with liquidity and widening

637
00:34:36,120 --> 00:34:39,279
Speaker 1: its purchases of US government securities in a measure that

638
00:34:39,400 --> 00:34:44,560
Speaker 1: recalls the quantitative easing it used during the financial crisis.

639
00:34:45,160 --> 00:34:48,719
Speaker 1: Do you think this is my last question? Yes or no?

640
00:34:48,800 --> 00:34:51,400
Speaker 1: Do you think the bounce back will be this summer, Bob,

641
00:34:52,280 --> 00:34:54,440
Speaker 1: I think it will be a limited bounce back. I

642
00:34:54,520 --> 00:34:56,839
Speaker 1: still I just I think it's gonna be It's gonna

643
00:34:56,880 --> 00:35:00,399
Speaker 1: be a rough rest of the year. Yeah, I say

644
00:35:00,440 --> 00:35:06,680
Speaker 1: in two weeks. Two weeks, all right, Livingston, Dr Livingston.

645
00:35:06,960 --> 00:35:12,920
Speaker 1: By all accounts that sorry, it sounds like Kevin University.

646
00:35:12,960 --> 00:35:16,400
Speaker 1: I'm taking that diploma and running with it. By all accounts,

647
00:35:16,440 --> 00:35:18,799
Speaker 1: it sounds like, um, there's a chance that this could,

648
00:35:18,920 --> 00:35:21,680
Speaker 1: you know, obviously be be seasonal bounce back again as

649
00:35:21,719 --> 00:35:23,879
Speaker 1: we get into the falling and the coming fall and winter.

650
00:35:24,000 --> 00:35:25,719
Speaker 1: And so I think that there will be a lot

651
00:35:25,760 --> 00:35:27,800
Speaker 1: of people anticipating that in waiting to see how that

652
00:35:27,920 --> 00:35:30,879
Speaker 1: plays out. Before you see any kind of great risk

653
00:35:30,920 --> 00:35:33,880
Speaker 1: appetite record back sports, I think that that will be

654
00:35:33,960 --> 00:35:36,680
Speaker 1: the side I agree with Bob. I honestly, I think

655
00:35:36,719 --> 00:35:38,960
Speaker 1: when you when you bring back the games, it'll be

656
00:35:39,239 --> 00:35:41,919
Speaker 1: a major sign of confidence. And I think it'll it'll

657
00:35:42,000 --> 00:35:46,160
Speaker 1: it'll allow for people to feel okay again, and uh,

658
00:35:46,480 --> 00:35:50,240
Speaker 1: it'll allow them to take trips. And that's what happened

659
00:35:50,239 --> 00:35:53,839
Speaker 1: within that total. I mean, and even the shows, the show,

660
00:35:54,680 --> 00:35:57,719
Speaker 1: the television programs have canceled live studio audiences. I mean,

661
00:35:57,840 --> 00:36:00,920
Speaker 1: I think once that like gets normal again and you know,

662
00:36:00,960 --> 00:36:02,480
Speaker 1: we're at least until the end of the month, Sarah.

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00:36:02,480 --> 00:36:05,440
Speaker 1: I hope you're right that it's faster. Thanks everybody for listening,

664
00:36:05,480 --> 00:36:08,759
Speaker 1: Bob Serry and David and of course to Matthew as well.

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00:36:08,760 --> 00:36:10,759
Speaker 1: At the top of the show, I'm Kevin SURRELLI you're

666
00:36:10,840 --> 00:36:15,560
Speaker 1: listening to Bloomberg. Yeah,