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Speaker 1: Shouldn't as Democrats be a power in the Republic, as

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Speaker 1: President Trump was sent here to smash conventional norms. I

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

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Speaker 1: Dnaeus Bloomberg Sound On with Lane on Bloomberg D two

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Speaker 1: Stock Supper, Weekly loss after dismal Jobs report, plus the

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Speaker 1: World Health Organization warning on easing limits as France faces

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Speaker 1: its deadliest day yet on COVID nineteen. We are awaiting

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Speaker 1: President Donald Trump's Daily Coronavirus Task Force briefing set to

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Speaker 1: begin within the half hour. We'll bring it to you live.

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Speaker 1: You can listen to it right here on Bloomberg Radio.

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Speaker 1: Matti Duppler is going to break down the job's members.

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Speaker 1: We just got word from our colleagues on the White

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Speaker 1: House team that President Trump's Daily Coronavirus Task Force briefing

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Speaker 1: is actually now set to start in the five thirty

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Speaker 1: half hour, so they pushed it back so five thirty.

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Speaker 1: You can catch that here on Bloomberg FM. Where do

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Speaker 1: we begin? So much news today? The President, for his part,

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Speaker 1: was meeting with oil executives, and we're gonna check in

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Speaker 1: with Frank Massano coming up later on in the half

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Speaker 1: hour to get all of the details on that. He

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Speaker 1: of course, is a partner at brace Well's Policy Resolution Group.

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Speaker 1: But we begin with well, some dismal jobs numbers. Maddie

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Speaker 1: Duppler's on the line, founder of Forward Strategy, senior fellow

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Speaker 1: at the National Taxpayers Union, and former Coalitions director for

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Speaker 1: the House Republican Conference. Maddie, thanks for being here. But

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Speaker 1: you know, for keV, as long as I've been coming

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Speaker 1: on this show to talk jobs Friday, it's been good

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Speaker 1: news and that streak has finally come to a close.

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Speaker 1: We saw on the day of today that in March

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Speaker 1: the economy shed seven hundred seven one thousand jobs, which

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Speaker 1: was actually much higher than I had expected, even given

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Speaker 1: the current circumstances with coronavirus. Because this survey was done

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Speaker 1: in the middle of March, uh, the assumption was that

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Speaker 1: we weren't really going to capture all of the job

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Speaker 1: losses that we've seen over the past, because it was

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Speaker 1: too early on for that survey to fake place. Turns out,

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Speaker 1: employers were already starting to lay off workers even before

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Speaker 1: the more stringent quarantines went into play. Can I can

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Speaker 1: I just jump in here? So what before we jump

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Speaker 1: in here? What's the unemployment number. But the unemployment right

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Speaker 1: now is at four point four percent. Yeah. Last time

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Speaker 1: you were there was August. All right. I mean it's awful.

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Speaker 1: Uh no, no other way to say it. But you know,

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Speaker 1: this is what you said something Maddie Doubler that you

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Speaker 1: and I have talked about offline that I want to

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Speaker 1: bring into this conversation, which is that businesses were already

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Speaker 1: issuing furloughs and laying people off at the end of

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Speaker 1: the last month when all of the uncertainty and all

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Speaker 1: of the anxiety was coming out of Washington. D c

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Speaker 1: am I wrong, Yeah, you know, you're actually right having

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Speaker 1: it showed up in this data. And listen, we know

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Speaker 1: that business at bours a vacuum like having uncertainty that

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Speaker 1: is the poison to economic growth. And that's really I

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Speaker 1: think that's the element of what we're seeing here right

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Speaker 1: now now. It is interesting we got these numbers today

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Speaker 1: on the same day where the small business loans from

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Speaker 1: the karas that are being implemented and going out the door.

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Speaker 1: Those are intended to stem exactly this problem. Those loans,

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Speaker 1: of course, you're supposed to go to small businesses so

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Speaker 1: they can keep workers on their payrolls, they don't have

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Speaker 1: to lay them off, and they can stay afloat for

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Speaker 1: the next two months. My hope is that we see

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Speaker 1: with the execution of that program, we won't will still

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Speaker 1: see bigger numbers. I mean, that's in that's the natural

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Speaker 1: consequence of closing down most of the businesses in this country.

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Speaker 1: But hopefully we'll see the tide start to slay a

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Speaker 1: little bit because we'll be able to harness that energy

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Speaker 1: in the private sector through that program. You saw Nancy

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Speaker 1: Flowes today talking a little bit about a phase for

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Speaker 1: how it would build on some of those successes. I

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Speaker 1: certainly think that that is the right approach for the

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Speaker 1: federal government to be taking right now, which is trying

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Speaker 1: to bolster the energy of present enterprise and people who

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Speaker 1: do still have jobs so they can stay in place

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Speaker 1: there And whether that's throwing with staying attached to their employer, no,

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Speaker 1: you know, I I agree thousand thousand percent. But I

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Speaker 1: was talking to gretav Ancession about this just like two

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Speaker 1: hours ago, and we were catching up and and I'm

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Speaker 1: a daily format UH this week for the coronavirus special

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Speaker 1: TV affiliates nationwide. But I said, Gretta, this is what

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Speaker 1: came out of the halls of Congress and and and

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Speaker 1: you and I. You know, thankfully this town is somewhat keywords,

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Speaker 1: somewhat recession proof, somewhat knock on wood. But you know,

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Speaker 1: everyone in this town has is connected to people outside

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Speaker 1: and through other parts of the country. And and you

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Speaker 1: don't have to be you don't have to have a

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Speaker 1: PhD to realize that people are already feeling this pain.

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Speaker 1: And that's just what really and I don't mean to

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Speaker 1: get on a soapbox at all, but that's what really

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Speaker 1: infuriates me, Maddie, is that that extra week that Leader

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Speaker 1: mc donald and Speaker Pelosi and President Trump took, that

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Speaker 1: extra week that is unforgivable in many ways. I agree,

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Speaker 1: I agree with you, Kevin, and lets you want to

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Speaker 1: talk connecting out of Washington, d C. Gret Van SUSA

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Speaker 1: and I are from the same hometown, then shout out

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Speaker 1: to Appleton. But it's so important that now that we

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Speaker 1: have at least a huge release package into law, that

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Speaker 1: the execution is seeing less. And you did see that yesterday,

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Speaker 1: Secretary Revolution announced that the individual payments will be going

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Speaker 1: all along that I was worried these individual payments couldn't

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Speaker 1: a difference, because that's what we saw in two thousand

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Speaker 1: and eight. But you know, the the execution here is

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Speaker 1: what matters. And hopefully hopefully people in Congress when it

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Speaker 1: comes to do Phase four learn their lessons in the

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Speaker 1: last time around. And I like that we cannot drive

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Speaker 1: our feet again, Maddie. They haven't. I'm telling you this.

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Speaker 1: I mean, the the Phase four fight is gonna be grotesque.

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Speaker 1: It's gonna be such a political kerfuncle because they don't

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Speaker 1: But Jonathan Farrell, my colleague Jonathan Farrell on Bloomberg Television

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Speaker 1: that point. He said, you know, Mr Cudlow. With all

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Speaker 1: due respect, I'm paraphrasing. You've got to make sure this

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Speaker 1: a mass education for the private sector, small businesses on

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Speaker 1: Main Street, so that they know where they can get liquidity,

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Speaker 1: my fear is that the SBA has not been as

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Speaker 1: aggressive in educating the public and that they've wasted the

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Speaker 1: past two weeks. That's my you know, I hope I'm wrong.

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Speaker 1: I pray I'm wrong. I mean, like sorry, but this

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Speaker 1: I that keeps me up at night, which is, how

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Speaker 1: can I say how people even are able? Same way? Well,

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Speaker 1: how can we communicate more with people for whom there

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Speaker 1: is this isn't their bright empire. How can we tell

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Speaker 1: them what's available for them? And you know, frankly that

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Speaker 1: taking to my Instagram, I've been texting my friends who

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Speaker 1: are small business owners. I've been I've been proselytizing the

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Speaker 1: way that I send so that people know because you're right,

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Speaker 1: you know, there's not many people much less small business

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Speaker 1: owners who are focus on our business, who are paying

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Speaker 1: attention to the minutia of Washington, d C. And what's

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Speaker 1: going on here, And we do have a responsibility. I

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Speaker 1: think people like you and I, but also those in

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Speaker 1: the administration to be talking and nauseam about what resources

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Speaker 1: are available because this is an unprecedented time and it

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Speaker 1: required an unprecedented response. And stay on the line for

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Speaker 1: the next segment, Maddie, But just in the minute or

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Speaker 1: so that we have left, go to s b A

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Speaker 1: dot gov, call your local lawmaker, call your local banker,

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Speaker 1: and you can get all your information. But the point

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Speaker 1: that I would know, I mean, I don't want to.

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Speaker 1: I spoke with a Democratic House member and a Republican

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Speaker 1: House member in the last forty eight hours on background,

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Speaker 1: and I said, what are you guys doing to educate

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Speaker 1: the public. They're literally doing zoom town halls with their constitution.

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Speaker 1: It's I don't care if you are registered in a

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Speaker 1: different party than who you're elected official is. Call them

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Speaker 1: anyway because they can guide you. They can literally guide

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Speaker 1: you for how to get that grant, how to get

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Speaker 1: that waiver, Mattie. Hang around coming up next, much more

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Speaker 1: policy and politics. I'm Kevin Sireli. Download the Bloomberg Sound

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Speaker 1: On podcast on APPLEI Chains and Bloomberg dot com, or

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Speaker 1: by downloading the Bloomberg Business App. You can also find

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Speaker 1: me on Radio dot com, I Heart Radio, and Spotify

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Speaker 1: or making it through Folks. Frank Massano's up next Talk Energy.

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Speaker 1: You're listening to Bloomberg. This is Bloomberg's Sound On with

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Speaker 1: Kevin Surreley on Bloomberg and one or five point seven

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Speaker 1: FM h D two. Mayor Bowser, she gave a press

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Speaker 1: conference today and she said that Washington d C get

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Speaker 1: ready for this. Washington d C might not reach the

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Speaker 1: peak of COVID nine en until June or July. But

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Speaker 1: but but, but but but she's using a worst case

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Speaker 1: scenario model, and she's not using the same model that

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Speaker 1: the FEDS are using. The Feds puts US at a

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Speaker 1: peak in the next two to three weeks. So that's

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Speaker 1: where we're at for that. But you know, you gotta

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Speaker 1: give it to Mayor Bowser, You've gotta give it her,

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Speaker 1: to give it to Governor Hogan that they're they're they're

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Speaker 1: using the worst case scenario models. So I mean they're

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Speaker 1: they're prepping for the worst. Hope and for the best.

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Speaker 1: I think there's something to be said for that. Right

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Speaker 1: I'm Kevin Severlli, Chief Washington correspondent for Bloomberg Television and

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Speaker 1: Bloomberg Radio. We are on standby for President Trump's daily

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Speaker 1: Coronavirus Task Force briefing. The President will be joined along

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Speaker 1: Vice President Mike Pence. You can listen to that right here, folks,

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Speaker 1: So stay for that because we're ending another week. This

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Speaker 1: is the President has taken a much more serious don't end.

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Speaker 1: The economic numbers are just not there, worse than we thought.

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Speaker 1: Maddie Dupp are still on the line. Maddie. I couldn't

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Speaker 1: glimmer hope. I know you've read all of those jobs. Members.

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Speaker 1: Come on, give me something, Mattie, give me sits Friday.

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Speaker 1: I need some hope, I need some optimism. I've got

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Speaker 1: meets a dough waiting for after the show that I've

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Speaker 1: been working from home. I made dough, Maddie. I made

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Speaker 1: the dog pizza. So go ahead. And you can't you

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Speaker 1: know why, because I'm I'm socially distant. I'm respecting this,

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Speaker 1: you know why, because I want this peak in mid

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Speaker 1: April and not mid June July. Stay home, everyone, stay

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Speaker 1: home and make your own pizza on Instagram. And you know,

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Speaker 1: my luck. My luck is that like I would be

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Speaker 1: on a run or something, I twist an ankle and

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Speaker 1: then I'd go to the hospital, and you would take

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Speaker 1: the bed from someone who needs it. You gotta think

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Speaker 1: like that too. We all have to be healthy so

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Speaker 1: that we don't take it from someone who really needs it.

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Speaker 1: All right, enough of my soapbox, go ahead, that's absolutely true.

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Speaker 1: going to go, how many people are filing for unemployment insurance,

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Speaker 1: and there's gonna be a lot of hysteria about how

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Speaker 1: bad those numbers are. Job loss is terrible. It's the

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Speaker 1: destructive things for our family have to go through, no

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Speaker 1: doubt about it. But it is also a very obvious consequence.

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Speaker 1: We know that job loss is a reason that we're

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Speaker 1: containing the virus. We know that it's part of this

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Speaker 1: response to make sure we can get this pandemic under control.

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Speaker 1: So I just I think that as a means of

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Speaker 1: adding context. So when we talk about all these problems,

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Speaker 1: what matters now is getting the economic and fiscal response correct,

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Speaker 1: because that means that all of those numbers, all those

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Speaker 1: scary numbers everyone's saying about unemployment and jobs, go away.

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Speaker 1: As soon as the virus started contained. Everyone do your

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Speaker 1: part and stay home now, and then we can come

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Speaker 1: back online as soon as we passed the public health crisis.

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Speaker 1: You know, for in the Affairs has an article Did

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Speaker 1: you see this, Maddie on the new issue of You've

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Speaker 1: read about it? I read it. Read I mean, if

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Speaker 1: you're if you've got if you've got time this weekend,

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Speaker 1: I mean you're a new mom, you have no time.

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Speaker 1: But but for everyone else, uh, read this because it

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Speaker 1: it really Foreign Affairs one of my favorite publications. It

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Speaker 1: It really does a great job of looking at all

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Speaker 1: of the economic fundamentals of China, of the UK, of Italy, France,

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Speaker 1: and of course the United States and everyone has been

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Speaker 1: completely whacked by COVID nineteen. So with Foreign Affairs takes

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Speaker 1: a look at once we are in this state of recovery.

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Speaker 1: It's not like one country was hit harder than another.

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Speaker 1: Everyone was whacked. And because everyone was whacked, you know,

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Speaker 1: when you're in a position to rebuild, the countries that

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Speaker 1: we're doing better could rebound faster. That's the argument that

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Speaker 1: I mean, we were we were at the end of

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Speaker 1: it very maybe not in the end. We were in

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Speaker 1: the midst of a very long expansion. We had an

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Speaker 1: extremely strong employment picture of heading into this. We are

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Speaker 1: primed in a good position to come back from this

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Speaker 1: exogenous event if we have the appropriate policy response now

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Speaker 1: and I think that we're getting there, and you know

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Speaker 1: who isn't China? All right, Matti Doubler, have a great weekend.

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Speaker 1: I'm gonna catch up with you later as well. Uh,

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Speaker 1: have a great weekend. Appreciate your insights. Now let's pivot.

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Speaker 1: Did you see this? The President met with oil executives

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Speaker 1: today at the White House joining me on the line now.

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Speaker 1: Is a good friend of the program. He's the go

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Speaker 1: to energy guy in d C. Frank Massana. Frank is,

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Speaker 1: of course a partner at Bracewell's Policy Resolution Group. He's

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Speaker 1: the former Press secretary to several Republican lawmakers on Capitol Hill,

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Speaker 1: including Indiana Senator Richard Lugar. Frank, happy Friday, we made it. Congrats.

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Speaker 1: What did you glean from the president's meeting with what

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Speaker 1: in a crazy Friday, hasn't it? It really has? So

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Speaker 1: what did you glean from the president's meeting with the oil? Exciting? Here?

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Speaker 1: Living off of everything I see on Bloomberg TV, which

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Speaker 1: is obviously the best thank you one liners and uh

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Speaker 1: and and insights that you can see right away. So

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Speaker 1: and just another plug. It's not going to give you

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Speaker 1: an anxiety attacks, you know what I mean, it's just

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Speaker 1: going to give you the facts. Go ahead, you have

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Speaker 1: to turn off the n N and just watch Bloomberg because, oh,

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Speaker 1: don't get me in trouble. Don't get me in trouble.

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Speaker 1: Go ahead. What happened at the meeting? Well, so we

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Speaker 1: don't know because it's just breaking up now, um, and

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Speaker 1: we'll get a read out of it eventually. The President

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Speaker 1: is of course going over to do the COVID update.

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Speaker 1: I'm sure he's gonna talk about it there. I mean, look,

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Speaker 1: the bottom line is that these are critical industries, right, Um,

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Speaker 1: These are critical industries that have been hammered by a

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Speaker 1: downturn in demand and they've been hammered by this price

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Speaker 1: war and and supply gaut that the Saudis have thrown

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Speaker 1: into the mark could place. So these are issues that

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Speaker 1: the President is going to deal with. That that I'm

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Speaker 1: sure that these executives chatted with him about on how

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Speaker 1: diplomatically they can keep the pressure on. You know, we've

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Speaker 1: seen some upward movement in the oil markets in the

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Speaker 1: last few days, and that's partly because you know, both

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Speaker 1: the Chinese, UM and the US have made signs of

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Speaker 1: trying to make moves with their strategic petroleum reserves. That

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Speaker 1: has helped UM. I think obviously yesterday the President had

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Speaker 1: a tweet to UM where he was talking about some

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Speaker 1: diplomatic uh moves he was making with Saudi Arabia, with

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Speaker 1: Russia and some of their willingness to participate in that.

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Speaker 1: We've seen that there will be an OPEC meeting and