WEBVTT - Bloomberg's Talev on Clinton's Historic Nomination Win (Audio)

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<v Speaker 1>Broadcasting live to New York, Bloomberg to Washington, d C.

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<v Speaker 1>Bloom to Boston, Bloomberg twelve to San Francisco, Bloomberg nine

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<v Speaker 1>to the country general, and around the globe the Bloomberg

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<v Speaker 1>Radio Plus and Bloomberg dot Com. This is taking Stock.

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<v Speaker 1>We are broadcasting live from Pershing's Inside Twenties sixteen conference

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<v Speaker 1>at the Highatt Regency in Orlando of Florida. Coming up,

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<v Speaker 1>we'll be talking about the presidential election, Hillary Clinton signaling

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<v Speaker 1>that she will not declare outright victory before voters cast

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<v Speaker 1>ballots and caucus in states such as California, Montana, New Jersey,

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<v Speaker 1>New Mexico, North Dakota, and South Dakota, all voting today.

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<v Speaker 1>We've got details, and of course markets watching the elections

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<v Speaker 1>very closely. Pim. We're gonna follow that up with a

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<v Speaker 1>chat with the head of investment strategy at b n

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<v Speaker 1>y Melon. Now let's get back to Bloomberg World headquarters

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<v Speaker 1>in New York City. Charlie Pellett has business last, and

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<v Speaker 1>I thank you very much. Kathleen Hayes, thank you, Pim

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<v Speaker 1>Fox Nez dak bouncing between gains and losses back on

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<v Speaker 1>the plus side, barely it is unchanged right now. We've

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<v Speaker 1>got the SMP up six again. There are three tens

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<v Speaker 1>of one percent down, Industrials up fifty four points, also

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<v Speaker 1>a gain of three tents of one percent the SMP,

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<v Speaker 1>by the way, within one percent of a record rallies

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<v Speaker 1>and energy producers and airlines offsetting slumping healthcare shares record

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<v Speaker 1>for the SMP set last may may have two thousand fifteen.

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<v Speaker 1>Right now, the SMP five hundred indexes at fifteen, Chevron

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<v Speaker 1>and next on Mobile adding at least one point six percent.

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<v Speaker 1>The Bloomberg US Airlines index heading for the biggest gain

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<v Speaker 1>in three months after JP Morgan Chase said Jet Blue

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<v Speaker 1>Airways raised its domestic bears by three dollars each way.

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<v Speaker 1>Jet Blue shares are up now by three and a

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<v Speaker 1>half percent. What about the broader market? Where to invest?

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<v Speaker 1>David is Cheap Market strategists at amer Price Financial. He

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<v Speaker 1>says he's steering clear of the UK until that Brexit

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<v Speaker 1>vote gets sorted out. It seems to be a general

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<v Speaker 1>consensus or complacency, uh that the vote is going to

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<v Speaker 1>be to stay, and that is the impression I get.

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<v Speaker 1>I know, maybe some of the options market are saying

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<v Speaker 1>there's a little bit more concerned. Uh, but we've we've

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<v Speaker 1>kind of avoided the market and let it sort out.

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<v Speaker 1>I think there are enough opportunities elsewhere. Uh, you might

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<v Speaker 1>get a nice bounce if the vote is to stay.

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<v Speaker 1>But on the other hand, I think the risk is

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<v Speaker 1>there that's sufficient enough to cause us to want to

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<v Speaker 1>more or let's stay on the sideline and gold right

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<v Speaker 1>now down point one percent. Now, let's take a look

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<v Speaker 1>at some of the other stories making news. Thank you,

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<v Speaker 1>Charlie from the Blueberg news room. I'm Eric Shatzker. This

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<v Speaker 1>news update is brought to you by the Jeep Grand Cherokee,

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<v Speaker 1>the most awarded suv ever. The Grand Cherokee continues to

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<v Speaker 1>raise the bar with its luxurious interior and legendary four

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<v Speaker 1>by four capability drive one that's your local Jeep dealer. Today,

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<v Speaker 1>there's new pressure on Bernie Sanders today to exit the

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<v Speaker 1>race for the Democratic presidential nomination. According to the Associated Press,

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<v Speaker 1>Hillary Clinton has enough delegates to win the nomination. Voters

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<v Speaker 1>in six states, including California, are headed to the polls today.

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<v Speaker 1>Clinton plans to celebrate at a victory party in Brooklyn tonight.

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<v Speaker 1>Republican Speaker of the House Paul Ryan says, just because

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<v Speaker 1>he disagrees with comments by likely GOP presidential nominee Donald Trump,

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<v Speaker 1>he still feels his party has more in common with

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<v Speaker 1>Trump than with Hillary Clinton. I believe that we have

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<v Speaker 1>more common ground on the policy issues of the day,

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<v Speaker 1>and we have more likelihood of getting our policies enacted

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<v Speaker 1>with him than we do with her. But I do

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<v Speaker 1>absolutely disavow as comics. I think they're wrong. The head

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<v Speaker 1>of the Transportation Security Administration was grilled on Capitol Hill

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<v Speaker 1>today about the long lines of the nation's airports. Peter

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<v Speaker 1>Neffinger told a Senate panel the agency is making progress nationwide.

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<v Speaker 1>Over a Memorial Day any nine percent of passengers waited

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<v Speaker 1>less than thirty minutes in standard security linescent of passengers

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<v Speaker 1>waited less than fifteen minutes, and in and in pre

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<v Speaker 1>check lines, percent of passengers waited less than five minutes.

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<v Speaker 1>Million more passengers are expected to pass through t s

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<v Speaker 1>a screening this year compared with three years ago. Global

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<v Speaker 1>News twenty four hours a day, powered by our journalists

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<v Speaker 1>in more than one fifty news bureaus around the world.

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<v Speaker 1>From the Bloomberg News Room. I'm Eric Shatzker, Charlie, and

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<v Speaker 1>we thank you and again recapping stocks higher. SMP five

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<v Speaker 1>hundred index up six a gain of three tenths of

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<v Speaker 1>one percent. Dow Industrial is up fifty seven, also a

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<v Speaker 1>gain of three tenths of one percent. I'm Charlie Pellet,

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<v Speaker 1>and that's a Bloomberg Business flash. You're listening to Taking

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<v Speaker 1>Stock with bim Box at Kathleen Days on Bloomberg Radio.

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<v Speaker 1>We're broadcasting live from Pershing's Inside Twenties sixteen conference at

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<v Speaker 1>the Higher Regency in Orlando. You know, this is the

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<v Speaker 1>eight teenth year marks eighteen years of insight, eighteen years

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<v Speaker 1>committed to the success of advisors. But over two thousand

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<v Speaker 1>financial professionals from all over the globe attending. And of course,

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<v Speaker 1>one of the topics of conversation is the US election.

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<v Speaker 1>And who better to tell us more than Margaret tullif our,

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<v Speaker 1>White House correspondent for Bloomberg News, joining us from Washington,

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<v Speaker 1>d C. You can follow Margaret on Twitter at Margaret

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<v Speaker 1>tullev and also at b Politics. All right, Margaret, tell

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<v Speaker 1>us about Hillary Clinton and her historic moment, the first

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<v Speaker 1>woman to earn the nomination of a major party in

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<v Speaker 1>the United States. It will be historic moment, and it

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<v Speaker 1>was supposed to happen tonight, probably some time around when

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<v Speaker 1>the polls closed in New Jersey. But the Associated pressident

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<v Speaker 1>delegate count sort of beat her just the punch, and

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<v Speaker 1>they came out a night early saying that according to

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<v Speaker 1>their account, she now had the numbers to cross that

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<v Speaker 1>magic threshold two thousand and eighty three delegates, a combination

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<v Speaker 1>of the Ledge delegates and the super delegates combined. Uh.

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<v Speaker 1>The qlin campaign has been really careful, uh to kind

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<v Speaker 1>of keep that a little bit at bay, kind of

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<v Speaker 1>pre celebrate but not really celebrate. Um. Partly, I think

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<v Speaker 1>they want that number to be free and clear, not

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<v Speaker 1>just you know, one or two over the line, but

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<v Speaker 1>but really firmly there. But the other part of this

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<v Speaker 1>is this complicated calculation not to offend or turn off

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<v Speaker 1>Bernie Sanders. They're trying to keep him in the fold

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<v Speaker 1>so that he uh, sooner than sooner than later is

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<v Speaker 1>ready to uh to abandon his campaign and embrace her,

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<v Speaker 1>and he's just not there yet. And the other part

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<v Speaker 1>of it, of course, is that she wants people in

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<v Speaker 1>those remaining six states to turn out and vote and

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<v Speaker 1>vote for her, so um, but she's on the cusp

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<v Speaker 1>of certainly a big historic moment, and it's showing signs

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<v Speaker 1>she and her advisers both being very excited about this,

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<v Speaker 1>but they're sort of containing it for the next few

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<v Speaker 1>hours at least. Of course, Margaret, she is going to

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<v Speaker 1>be the first woman in the United States to be

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<v Speaker 1>the presidential nominee of a major US political party on

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<v Speaker 1>state in the office. I wonder if it would be

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<v Speaker 1>more doramatic and exciting if so many people had not

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<v Speaker 1>assumed for some time now that, of course Hillary Clinton

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<v Speaker 1>would get the Democratic nomination, And only surprise here has

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<v Speaker 1>been how well Bernie Sanders has done and the fact

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<v Speaker 1>that he's holding out to try to get some of

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<v Speaker 1>those seven hundred super delicates over to his side. Yeah,

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<v Speaker 1>it's really true. Covering President Obama in two thousand eight,

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<v Speaker 1>you were constantly aware of the fact that he was

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<v Speaker 1>going to be the first African American nominee from a

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<v Speaker 1>major party and then the first African American UH president,

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<v Speaker 1>and yet he didn't campaign that way. Hillary Clinton has

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<v Speaker 1>sort of fluctuated between embracing her, you know, her gender

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<v Speaker 1>and her status as a grandmother. We're focusing on national security, um,

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<v Speaker 1>but look, but it is it's absolutely will be a

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<v Speaker 1>history making a moment. But because many people are like, yeah,

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<v Speaker 1>she was the first lady. Yeah, she was a senator. Yeah,

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<v Speaker 1>she was a Secretary State. Yeah. Booklyn's her husband a

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<v Speaker 1>sort of you know she is. She is in a

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<v Speaker 1>way would be a groundbreaker, and in a way is

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<v Speaker 1>represents because the core of the democratic establishment, the political

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<v Speaker 1>establishment in this country, and that has um that's made

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<v Speaker 1>it kind of sort of muddied the historical significance of

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<v Speaker 1>the moment. Margaret is Hillary Clinton running an establishment campaign.

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<v Speaker 1>And the reason I put it in that context is

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<v Speaker 1>I've been reading many articles about how the Republican potential

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<v Speaker 1>nominee or almost nominee at Donald Trump is running a

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<v Speaker 1>very unconventional campaign. Well, certainly she's running an establishment campaign,

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<v Speaker 1>and Bernie Sanders has forced her to, uh brought some

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<v Speaker 1>of her rhetoric and some of her policy positioning, you know,

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<v Speaker 1>a little bit to the left of where she started, uh,

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<v Speaker 1>talking about not just income equality, but being tough on

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<v Speaker 1>Wall Street and uh, you know, questioning international trade deals.

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<v Speaker 1>But when you put all of that aside, you're looking

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<v Speaker 1>at a candidate who is part of the core of

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<v Speaker 1>the establishment and and a staff from her campaign manager,

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<v Speaker 1>to her advisors, communications directors, all these sort of uh

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<v Speaker 1>the posters that are that are all absolutely locked in

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<v Speaker 1>the establishment and have have been working since the Bill

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<v Speaker 1>Clinton era. Uh. Some worked for Obama, some have worked

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<v Speaker 1>for um, you know, just a variety of establishment Democratic

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<v Speaker 1>political candidates. They're steaching the establishment and part of the

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<v Speaker 1>core of her message, even as she wants to suggest

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<v Speaker 1>that she's open to change and flexibility, Uh, is is

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<v Speaker 1>that Obama has done a good job that she wants

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<v Speaker 1>to continue as part of his legacy. Uh. That it's

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<v Speaker 1>great to talk about big ideas, but she really only

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<v Speaker 1>wants to focus on what can actually get done, the

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<v Speaker 1>sort of pragmatism and success by a thousand small steps.

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<v Speaker 1>This is part and parcel of her message and um

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<v Speaker 1>and absolutely represents an establishment candidacy. So, Margaret, you are

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<v Speaker 1>so close to the people in these campaigns within Hillary's camp.

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<v Speaker 1>What is the one thing her team says if only

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<v Speaker 1>they knew this about Hillary, if only they could see this,

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<v Speaker 1>she'd be even that much more popular. Uh. You know,

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<v Speaker 1>there's a couple of things that they say, but one

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<v Speaker 1>is uh that she One is sort of dislikability aspect,

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<v Speaker 1>which has been a challenge for her as a candidate,

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<v Speaker 1>which is, like, you know, did people like or do

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<v Speaker 1>they trust her? Do they enjoy listening to her speak?

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<v Speaker 1>And people who know her not just in the campaign

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<v Speaker 1>but outside the campaign say that she's much more personally

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<v Speaker 1>engaging and relaxed on a personal level than she is

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<v Speaker 1>when she's on a stage giving a big pronouncement. Um,

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<v Speaker 1>And this is something looks she's She's been to this

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<v Speaker 1>radio before she ran for president eight years ago. She

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<v Speaker 1>struggled then and has struggled this time to bring that

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<v Speaker 1>kind of intimate or relaxed or personal approach to bear

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<v Speaker 1>on the campaign stage. Okay, she's mostly decided that to

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<v Speaker 1>sustick to the issues this time around. Margaret Tella, thank

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<v Speaker 1>you so very much. Our White House correspondent from Bloomberg News,

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<v Speaker 1>joining us from Washington, d C. Right here on Booberg Radio.

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<v Speaker 1>Coming up on taking Stock broadcasting live from Pershing's Inside

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<v Speaker 1>twenty sixteen conference at the Highatt Regency in Orlando, Florida.

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<v Speaker 1>Will be speaking with Ralph Studley. He is the head

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<v Speaker 1>of investment strategy at b n Y Melon What to

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<v Speaker 1>Do with Your Money Next