1 00:00:00,480 --> 00:00:05,159 Speaker 1: Live from our nations. How do we reopen this economy? 2 00:00:05,280 --> 00:00:08,400 Speaker 1: The latest on how this pandemic is impacting farmers. What 3 00:00:08,520 --> 00:00:11,479 Speaker 1: does this do from the United States relationship with China? 4 00:00:11,680 --> 00:00:16,599 Speaker 1: Bloomberg Sound On, the Insiders, the influencers, the insides. We're 5 00:00:16,640 --> 00:00:19,799 Speaker 1: responding to this crisis and manufacturers are stepping up like 6 00:00:19,960 --> 00:00:23,480 Speaker 1: never before. You're looking at seveny kennidates for different victims. 7 00:00:23,560 --> 00:00:26,200 Speaker 1: How do we make sure a pandemic of this sale 8 00:00:26,280 --> 00:00:30,360 Speaker 1: never happens again? This is Bloomberg Sound On with Kevin 9 00:00:30,440 --> 00:00:35,600 Speaker 1: Surrelate on Bloomberg and one oh fiem h D two. 10 00:00:35,960 --> 00:00:41,880 Speaker 1: Finally some good economic news, Jobs Day, blowing expectations. We've 11 00:00:41,880 --> 00:00:45,200 Speaker 1: got full policy coverage. Is this just a one time 12 00:00:45,240 --> 00:00:50,120 Speaker 1: thing or a sign of optimism to come throughout the summer? 13 00:00:50,240 --> 00:00:55,680 Speaker 1: And Black Lives Matter Plaza DC Mayor Murial Bowser renaming 14 00:00:56,320 --> 00:01:00,320 Speaker 1: the street outside of St. John's Church just outside of 15 00:01:00,360 --> 00:01:05,160 Speaker 1: Lafayette Square Park Black Lives Matter Plaza and large letters 16 00:01:05,240 --> 00:01:08,039 Speaker 1: all over the street, yellow letters. We're gonna give a 17 00:01:08,080 --> 00:01:12,560 Speaker 1: take on that as well. And Robert Shapiro, chairman of 18 00:01:12,640 --> 00:01:16,760 Speaker 1: Sonicon and former senior economic advisor to Democratic President Denial 19 00:01:16,840 --> 00:01:20,200 Speaker 1: candidates like Bill Clinton and Barack Obama. He's gonna talk 20 00:01:20,200 --> 00:01:22,240 Speaker 1: more about the economy because I have I've got my 21 00:01:22,280 --> 00:01:24,440 Speaker 1: eye on the economy this Friday. You know, there is 22 00:01:24,480 --> 00:01:27,600 Speaker 1: a huge job number. Did you see Jonathan Pharaoh's interview 23 00:01:27,600 --> 00:01:32,040 Speaker 1: with Larry Cudlove. They're optimistic at Pennsylvania Avenue after what 24 00:01:32,200 --> 00:01:36,720 Speaker 1: was a tumultuous, tumultuous week, a lot to get through. 25 00:01:36,800 --> 00:01:38,800 Speaker 1: Kate Martell is going to kick things off from the hill. 26 00:01:39,080 --> 00:01:43,880 Speaker 1: We have full economic policy coverage on the incredible jobs report, 27 00:01:44,280 --> 00:01:48,680 Speaker 1: UH that that shocked Wall Street and and Blue expectations. 28 00:01:48,680 --> 00:01:51,240 Speaker 1: Mattie Duppler is gonna join us, Robert Shapiro is gonna 29 00:01:51,280 --> 00:01:55,000 Speaker 1: join us. Uh. And then this bombshell injected into the 30 00:01:55,800 --> 00:01:58,720 Speaker 1: race from former Vice President Joe Biden. So we'll check 31 00:01:58,760 --> 00:02:02,040 Speaker 1: in with our Biden World insider Kevin Walling as well 32 00:02:02,120 --> 00:02:06,200 Speaker 1: about this remark that's being equated to equivalent of like 33 00:02:06,440 --> 00:02:10,400 Speaker 1: Romney's percent remark. And then the whole deplorables comment, remember 34 00:02:10,440 --> 00:02:12,960 Speaker 1: that with Hillary Clinton. So we're going to dive into 35 00:02:13,000 --> 00:02:14,400 Speaker 1: that if it's going to shake up the race. But 36 00:02:14,440 --> 00:02:19,520 Speaker 1: we begin tonight with still the continuing fallout following the 37 00:02:19,600 --> 00:02:22,480 Speaker 1: death of George Floyd and joining us on the line 38 00:02:22,560 --> 00:02:25,079 Speaker 1: is Kate Martel. Kate's been all over this story. She's 39 00:02:25,080 --> 00:02:28,280 Speaker 1: a reporter at the Hill. She's a national political reporter 40 00:02:28,639 --> 00:02:31,040 Speaker 1: at the Hill. Uh. And in terms of where the 41 00:02:31,040 --> 00:02:36,360 Speaker 1: President went today on this particular issue, Kate, uh, doubling 42 00:02:36,400 --> 00:02:38,200 Speaker 1: down on the issue of law and order and being 43 00:02:38,240 --> 00:02:43,400 Speaker 1: able to take a policy victory lap on the economy. Well, 44 00:02:43,400 --> 00:02:45,600 Speaker 1: thank you for having me, Kevin. Yes, you just you 45 00:02:45,680 --> 00:02:48,080 Speaker 1: sums that up. Well, that it's been such a such 46 00:02:48,120 --> 00:02:51,600 Speaker 1: a an intense week and emotionally draining week, and it 47 00:02:51,680 --> 00:02:54,160 Speaker 1: was a time when the president was looking for any 48 00:02:54,200 --> 00:02:56,040 Speaker 1: good news to share, and it was a time when 49 00:02:56,040 --> 00:02:59,160 Speaker 1: the country really just needed something positive to cling onto, 50 00:02:59,160 --> 00:03:02,760 Speaker 1: and presidents really did take that that prompt This morning 51 00:03:02,800 --> 00:03:06,840 Speaker 1: and when we saw that jubilant UM jobs report, President 52 00:03:06,840 --> 00:03:10,160 Speaker 1: Trump had an unexpected news conference and the tone of 53 00:03:10,200 --> 00:03:13,040 Speaker 1: it was victory. He was talking all about victory and 54 00:03:13,080 --> 00:03:16,560 Speaker 1: all about how the economy is coming back after the coronavirus. 55 00:03:16,600 --> 00:03:19,120 Speaker 1: And as he pointed out, he did talk mention um 56 00:03:19,160 --> 00:03:22,000 Speaker 1: George Floyd and talked about it in almost a positive sense, 57 00:03:22,040 --> 00:03:25,760 Speaker 1: saying that Um, that while it has been a tough 58 00:03:25,800 --> 00:03:28,600 Speaker 1: week for the United States, that he hopes that George 59 00:03:28,639 --> 00:03:30,880 Speaker 1: Floyd is looking down in a positive way and sees 60 00:03:31,160 --> 00:03:33,520 Speaker 1: this change that's coming. So it was a fascinating time 61 00:03:33,560 --> 00:03:37,440 Speaker 1: when the world is so unstabilized, and President Trump was 62 00:03:37,480 --> 00:03:40,240 Speaker 1: really able to kind of take this news and in 63 00:03:40,440 --> 00:03:42,400 Speaker 1: his the best way possible, in the way that he 64 00:03:42,440 --> 00:03:45,280 Speaker 1: loved being out there in front of a microphone, um 65 00:03:45,360 --> 00:03:47,120 Speaker 1: and just being able to kind of free wheel and 66 00:03:47,160 --> 00:03:49,800 Speaker 1: talk about all sorts of issues and bouncing around to 67 00:03:49,880 --> 00:03:52,280 Speaker 1: whatever comes to mind. He was able to take all 68 00:03:52,280 --> 00:03:54,640 Speaker 1: of this news and what he wants to do is 69 00:03:54,680 --> 00:03:56,640 Speaker 1: turn this into a victory lap, and he very much 70 00:03:56,640 --> 00:03:59,240 Speaker 1: did that this morning. Did he stop the political bleeding? 71 00:04:01,200 --> 00:04:03,320 Speaker 1: I don't think he stopped the political bleeding. That's it's 72 00:04:03,320 --> 00:04:06,720 Speaker 1: a good question because um that while he did, I 73 00:04:06,760 --> 00:04:11,240 Speaker 1: think while the economy is what will ultimately determine what 74 00:04:11,680 --> 00:04:14,480 Speaker 1: happened to the ballot box in November. Historically has always 75 00:04:14,520 --> 00:04:17,280 Speaker 1: a ban about the economy and where people that people 76 00:04:17,320 --> 00:04:21,560 Speaker 1: have jobs and um, how they feel economically. UM. I 77 00:04:21,640 --> 00:04:23,320 Speaker 1: do think that we're at a time that is so 78 00:04:23,680 --> 00:04:26,440 Speaker 1: unstabilized in the United States and people are kind of 79 00:04:26,520 --> 00:04:29,520 Speaker 1: yearning for, um, some type of change in some type 80 00:04:29,520 --> 00:04:32,880 Speaker 1: of healing that President Trump wasn't really leaning into the 81 00:04:32,880 --> 00:04:36,400 Speaker 1: healing aspect. He was um still full force in partisan 82 00:04:36,480 --> 00:04:39,000 Speaker 1: He's still getting into all of these fights on Twitter, 83 00:04:39,000 --> 00:04:42,200 Speaker 1: as we've seen with former administration officials, that he is 84 00:04:42,320 --> 00:04:48,400 Speaker 1: very much in politics. To Brees Martels on the line 85 00:04:48,480 --> 00:04:50,760 Speaker 1: is a national political reporter for the Hill. We're talking 86 00:04:50,760 --> 00:04:54,559 Speaker 1: about presidents Friday. It was a dizzying day in terms 87 00:04:54,600 --> 00:04:58,640 Speaker 1: of again a jubilant UH jobs report, but then of 88 00:04:58,680 --> 00:05:03,040 Speaker 1: course the situation continuing over the death of George Floyd 89 00:05:03,120 --> 00:05:05,280 Speaker 1: coming up. We're gonna have full analysis of that job's report, 90 00:05:05,320 --> 00:05:09,280 Speaker 1: Mattie Doppler, Robert Shapiro. But meanwhile, as the President, I 91 00:05:09,400 --> 00:05:12,520 Speaker 1: was talking to reporters in what, according to some of 92 00:05:12,520 --> 00:05:15,039 Speaker 1: my colleagues in the press Corps, was a less socially 93 00:05:15,120 --> 00:05:18,640 Speaker 1: distant scene in the Rose Garden today. Uh. This is 94 00:05:18,680 --> 00:05:23,440 Speaker 1: more states are continuing to reopen literally steps away, just 95 00:05:23,560 --> 00:05:27,359 Speaker 1: across the street on sixte uh sixteenth Avenue, you know, 96 00:05:27,480 --> 00:05:30,320 Speaker 1: right there, but outside of Lafayette Square Park, outside of St. 97 00:05:30,360 --> 00:05:35,359 Speaker 1: John's UH Mayor Muriel Bowser declaring that Black Lives Matter 98 00:05:35,480 --> 00:05:40,479 Speaker 1: plaza and writing on the street in enormous yellow block 99 00:05:40,839 --> 00:05:45,800 Speaker 1: letters Black Lives Matter. Does that get the attention of 100 00:05:45,839 --> 00:05:51,920 Speaker 1: President Trump? I think it has to to some degree. 101 00:05:51,960 --> 00:05:55,960 Speaker 1: It's I mean the overhead aerial shots of the Black 102 00:05:56,000 --> 00:05:59,080 Speaker 1: Lives Matter signent mural painted on the ground are so 103 00:05:59,160 --> 00:06:02,240 Speaker 1: striking um and also there has now been a sign 104 00:06:02,279 --> 00:06:04,840 Speaker 1: that has been renamed to Black Lives Matter Plaza. That 105 00:06:04,960 --> 00:06:07,719 Speaker 1: has to get the attention of the president. You I mean, 106 00:06:07,920 --> 00:06:10,680 Speaker 1: he's in the White House and while they have barricaded 107 00:06:10,920 --> 00:06:13,560 Speaker 1: the areas and really made a perimeter for him because 108 00:06:13,600 --> 00:06:16,080 Speaker 1: of some of the protests that turned violent over the 109 00:06:16,120 --> 00:06:18,880 Speaker 1: week that you know, he really can't escape it that 110 00:06:19,000 --> 00:06:21,560 Speaker 1: while he is trying to move on and focus I 111 00:06:21,560 --> 00:06:24,359 Speaker 1: think on some of the economic good news, that this 112 00:06:24,480 --> 00:06:27,640 Speaker 1: is really what Americans are focused on, and I think 113 00:06:27,640 --> 00:06:30,880 Speaker 1: it's it has to get his attention. It's it's hard 114 00:06:30,880 --> 00:06:32,640 Speaker 1: to say at this point. I think what the action 115 00:06:32,720 --> 00:06:35,200 Speaker 1: items will be, but it's not going away for the 116 00:06:35,240 --> 00:06:37,800 Speaker 1: president and he's going to have to And seeing that sign, 117 00:06:37,839 --> 00:06:40,679 Speaker 1: as you said, it was just such a striking image 118 00:06:40,720 --> 00:06:42,520 Speaker 1: that that is what we're going to see in the 119 00:06:42,520 --> 00:06:44,760 Speaker 1: history books and those are some of the images that 120 00:06:44,880 --> 00:06:48,000 Speaker 1: will be seeing, especially tomorrow when we see a major 121 00:06:48,040 --> 00:06:52,840 Speaker 1: demonstration in downtown Washington, d C. How do Republicans, how 122 00:06:52,839 --> 00:06:56,760 Speaker 1: do Republicans This is a delicate question. How do Republicans 123 00:06:56,920 --> 00:07:01,359 Speaker 1: back away from How Republicans come out and say, you 124 00:07:01,360 --> 00:07:03,760 Speaker 1: know what, we do need reform in this area, you know? 125 00:07:03,839 --> 00:07:05,920 Speaker 1: And I put this question to two prominent to two 126 00:07:05,920 --> 00:07:09,360 Speaker 1: Republicans or a member of Congress and and others, uh 127 00:07:09,400 --> 00:07:11,600 Speaker 1: throughout the week this on this program, and they said 128 00:07:11,600 --> 00:07:14,160 Speaker 1: that they would be open to some idea of some 129 00:07:14,240 --> 00:07:18,040 Speaker 1: type of one strike in your out policy for for 130 00:07:18,640 --> 00:07:21,680 Speaker 1: cops who have a racist history, because it makes all 131 00:07:21,760 --> 00:07:27,480 Speaker 1: of the other cops the like have make their job impossible. Kate, 132 00:07:28,720 --> 00:07:31,840 Speaker 1: it does. It's interesting that the Republicans you spoke to 133 00:07:31,960 --> 00:07:34,120 Speaker 1: were saying that because it's hard to see. I don't 134 00:07:34,120 --> 00:07:35,920 Speaker 1: know if you saw it earlier this week that NBC's 135 00:07:35,960 --> 00:07:39,520 Speaker 1: Casey Hunt set up a camera and was asking Republicans 136 00:07:39,560 --> 00:07:44,040 Speaker 1: that were walking from UM walking to the Senate Policy luncheon. 137 00:07:44,160 --> 00:07:46,880 Speaker 1: Usually it's in the capital, and because of the coronavirus, 138 00:07:47,440 --> 00:07:49,840 Speaker 1: was actually the move to heart bigger area. That means 139 00:07:49,840 --> 00:07:53,120 Speaker 1: that they have to pass um the reporters and be 140 00:07:53,240 --> 00:07:55,680 Speaker 1: open to asking questions. Now, she asked a lot of 141 00:07:56,000 --> 00:07:59,200 Speaker 1: Republicans and most Republicans didn't have answers. They've said, oh, sorry, 142 00:07:59,200 --> 00:08:01,960 Speaker 1: I haven't seen how the presence reacting, and we're trying 143 00:08:02,000 --> 00:08:04,160 Speaker 1: to kind of play down about it that the action 144 00:08:04,240 --> 00:08:06,280 Speaker 1: items I think that you're looking over and um, we 145 00:08:06,320 --> 00:08:10,400 Speaker 1: have seen that, um, the chokehold is now being phased 146 00:08:10,440 --> 00:08:13,280 Speaker 1: out in certain cities, that that is starting to be 147 00:08:13,360 --> 00:08:16,480 Speaker 1: deemed unacceptable police behavior. That's something that I can see 148 00:08:16,520 --> 00:08:19,800 Speaker 1: potentially Republicans being on board with, but right now it 149 00:08:19,920 --> 00:08:22,440 Speaker 1: is hard to see what Republicans will do. So it's 150 00:08:22,440 --> 00:08:24,960 Speaker 1: interesting that you're saying that the one strike you're out 151 00:08:25,040 --> 00:08:27,680 Speaker 1: is something that Republicans may support, because look, I mean 152 00:08:27,920 --> 00:08:30,240 Speaker 1: from you know, well, that we could talk about this 153 00:08:30,280 --> 00:08:32,800 Speaker 1: for for forever. K Martell, thank you, my friend, for 154 00:08:32,880 --> 00:08:35,559 Speaker 1: joining us national political reporter at the Hill. Make sure 155 00:08:35,600 --> 00:08:37,480 Speaker 1: to check out her reporting on the Hill dot com. 156 00:08:37,480 --> 00:08:39,679 Speaker 1: That's Kate Martell, and coming up, we talked about the 157 00:08:39,679 --> 00:08:42,400 Speaker 1: economy and the jobs numbers and the impacts that it's 158 00:08:42,400 --> 00:08:45,439 Speaker 1: going to have potentially on the race. Download Bloomberg Down 159 00:08:45,480 --> 00:08:47,520 Speaker 1: on podcasts on Apple, itchains at Bloomberg dot com, or 160 00:08:47,520 --> 00:08:49,800 Speaker 1: by downloading the Bloomberg Business app. You can also find 161 00:08:49,840 --> 00:08:53,120 Speaker 1: us on radio dot Com, I Heart Radio and Spotify. 162 00:08:53,360 --> 00:08:55,320 Speaker 1: My name is Kevin, So really I'm going back to 163 00:08:55,320 --> 00:08:58,199 Speaker 1: del't Go tomorrow just for the day. The restrictions and 164 00:08:58,280 --> 00:09:00,840 Speaker 1: delt Go were lifted today, so I'm on home tomorrow 165 00:09:01,120 --> 00:09:04,920 Speaker 1: to see the folks, meet my new niece. We're gonna 166 00:09:04,960 --> 00:09:12,240 Speaker 1: do it day trip. I'm Kevin Sareli. I'm Bloomberg. You're 167 00:09:12,280 --> 00:09:16,119 Speaker 1: listening to Bloomberg Sound On with Kevin Curreley on Bloomberg 168 00:09:17,240 --> 00:09:20,240 Speaker 1: and one oh five point seven h D two. I'm 169 00:09:20,320 --> 00:09:23,720 Speaker 1: Kevin Sireli, Chief Washington correspondent for Bloomberg Television for Bloomberg Radio, 170 00:09:23,760 --> 00:09:25,840 Speaker 1: and I just have to say the video conference chat 171 00:09:26,080 --> 00:09:30,400 Speaker 1: that I'm in with our intrepid producers Christine Barrata, I'm 172 00:09:30,400 --> 00:09:34,480 Speaker 1: not surely today because I'm working from home. Just came 173 00:09:34,520 --> 00:09:38,400 Speaker 1: at me for not having a decorated wall, so I 174 00:09:37,840 --> 00:09:42,480 Speaker 1: appreciate the critique team um joining us on the line. 175 00:09:42,520 --> 00:09:45,920 Speaker 1: I'm sure he lives in a very well decorated uh 176 00:09:46,080 --> 00:09:49,600 Speaker 1: portion of Washington d C. Good friend of the program. 177 00:09:49,679 --> 00:09:53,040 Speaker 1: Robert Shapiro, chairman of Sonic Con and former senior economic 178 00:09:53,200 --> 00:09:57,280 Speaker 1: economic advisor for Democratic presidential candidates, including Presidents Bill Clinton 179 00:09:57,280 --> 00:10:00,319 Speaker 1: and Barack Obama, Robert, they're telling me I got watch 180 00:10:00,559 --> 00:10:07,360 Speaker 1: h G t V. Well, um, you know you can. 181 00:10:07,720 --> 00:10:12,520 Speaker 1: You can create any background you won for zoom anyway, 182 00:10:13,440 --> 00:10:17,679 Speaker 1: and so you could look like, um, your house's Versailles. 183 00:10:19,440 --> 00:10:22,360 Speaker 1: I always think I wouldn't go with Versailles. I would 184 00:10:22,360 --> 00:10:24,840 Speaker 1: go I would go for like a man in the woods, 185 00:10:24,960 --> 00:10:26,560 Speaker 1: you know what I mean, like I'm in the forest. 186 00:10:27,160 --> 00:10:29,679 Speaker 1: All right about this, Christine's gonna get annoyed that I'm 187 00:10:29,720 --> 00:10:33,760 Speaker 1: not staying on topic. Something's never changed, Burada. How come 188 00:10:33,800 --> 00:10:38,080 Speaker 1: economists got this job's report today so wrong? Robert? Two 189 00:10:38,080 --> 00:10:42,200 Speaker 1: point five million jobs, two point five million jobs added 190 00:10:42,240 --> 00:10:45,720 Speaker 1: to the U s economy in the past month. How 191 00:10:46,480 --> 00:10:51,320 Speaker 1: everybody was shocked. I think President Trump was even shocked. Well, 192 00:10:51,559 --> 00:10:56,000 Speaker 1: the fact is the report's not really credible. Um, let 193 00:10:56,000 --> 00:10:58,839 Speaker 1: me tell you why. You know. The b l S 194 00:10:58,960 --> 00:11:04,440 Speaker 1: says it measures the unemployment rate for made for the 195 00:11:05,040 --> 00:11:09,160 Speaker 1: during the week of May sixteen, and it reports that 196 00:11:09,240 --> 00:11:14,360 Speaker 1: twenty nine million people were unemployed that week. Well, that 197 00:11:14,440 --> 00:11:18,079 Speaker 1: week they also reported the twenty nine point nine million 198 00:11:18,160 --> 00:11:24,920 Speaker 1: people were eligible for and receiving unemployment insurance benefits. That's 199 00:11:24,920 --> 00:11:28,880 Speaker 1: a gap of nine million people, enough to raise the 200 00:11:29,000 --> 00:11:35,880 Speaker 1: jobless rate from thirteen point three percent to now you know. 201 00:11:36,000 --> 00:11:41,080 Speaker 1: The fact is BLS has a lot of discretion in 202 00:11:41,400 --> 00:11:47,800 Speaker 1: who it counts as unemployed and who it doesn't. For example, UM, 203 00:11:47,840 --> 00:11:52,600 Speaker 1: if you were on furlough um and not being paid, 204 00:11:53,200 --> 00:11:58,479 Speaker 1: you were considered unemployed on temporary layoff. But if BLS 205 00:11:58,600 --> 00:12:02,840 Speaker 1: expects you to return earned to your old job based 206 00:12:02,880 --> 00:12:06,920 Speaker 1: on its survey, you don't count among the unemployed. You're 207 00:12:07,000 --> 00:12:09,000 Speaker 1: on furlough. I need you to say that again, because 208 00:12:09,000 --> 00:12:11,680 Speaker 1: that's an important point. So you don't count if what happens, 209 00:12:11,679 --> 00:12:14,560 Speaker 1: because this is this folks as the as the crux 210 00:12:14,559 --> 00:12:18,199 Speaker 1: of the democratic argument, another economist argument that this jobs 211 00:12:18,240 --> 00:12:21,079 Speaker 1: report needs more more looking into. Tell me that one 212 00:12:21,080 --> 00:12:25,199 Speaker 1: more time. Okay, Um, if you're if you've been furloughed 213 00:12:25,360 --> 00:12:31,679 Speaker 1: and you're not being paid, um, you're unemployed unless b 214 00:12:32,040 --> 00:12:36,240 Speaker 1: LS expects you to return to your old job, that 215 00:12:36,440 --> 00:12:40,400 Speaker 1: is that the furlough is temporary. If they judge that 216 00:12:40,600 --> 00:12:44,679 Speaker 1: your furlough is temporary, you're no longer among the unemployed. 217 00:12:44,960 --> 00:12:48,440 Speaker 1: It's left to the discretion, and it's clear that they 218 00:12:48,440 --> 00:12:53,280 Speaker 1: are counting most of the people who are on furlough 219 00:12:53,960 --> 00:12:59,720 Speaker 1: as as still employed. That is or not not unemployed. Uh, 220 00:13:00,040 --> 00:13:02,680 Speaker 1: and they have no basis for that. In fact, there 221 00:13:02,800 --> 00:13:06,000 Speaker 1: was a study out of the Becker Friedman Institute of 222 00:13:06,080 --> 00:13:10,480 Speaker 1: the University of Chicago that says they're only of those 223 00:13:10,559 --> 00:13:14,640 Speaker 1: laid off will find jobs later this year. You know, 224 00:13:14,679 --> 00:13:16,120 Speaker 1: it really has some of the data that are coming 225 00:13:16,120 --> 00:13:18,240 Speaker 1: out of of what you just mentioned as well as Mackenzie. 226 00:13:18,280 --> 00:13:21,560 Speaker 1: I mean, and the hardest hit individuals are are are 227 00:13:21,640 --> 00:13:25,400 Speaker 1: largely minority groups. Um, which is you know, heartbreaking. Um. 228 00:13:25,600 --> 00:13:29,040 Speaker 1: Let me let me ask you, Robert Shapiro in terms 229 00:13:29,040 --> 00:13:33,440 Speaker 1: of the economy. However, that said, I mean, as we 230 00:13:33,520 --> 00:13:37,520 Speaker 1: as we continue to navigate through this thing, how do 231 00:13:37,600 --> 00:13:42,160 Speaker 1: we trust the economic information because the unemployment filings were 232 00:13:42,200 --> 00:13:45,200 Speaker 1: also questionable because states weren't able to keep up at 233 00:13:45,240 --> 00:13:49,280 Speaker 1: the pace of people filing for unemployment. Well, the fact is, 234 00:13:50,880 --> 00:13:55,480 Speaker 1: we know that the Trump administration has put a lot 235 00:13:55,520 --> 00:14:01,280 Speaker 1: of pressure on scientific analysis and lots of areas to 236 00:14:01,400 --> 00:14:05,480 Speaker 1: come out with things that will serve their interests. They 237 00:14:06,200 --> 00:14:11,480 Speaker 1: the Trump administration directed that the U S Geological Survey 238 00:14:11,600 --> 00:14:15,640 Speaker 1: could only use models for its National Climate Assessment that 239 00:14:15,840 --> 00:14:19,960 Speaker 1: the White House approved of. For example, I think we 240 00:14:20,040 --> 00:14:28,360 Speaker 1: have to um expect that the bureaucracy. Uh will kind 241 00:14:28,360 --> 00:14:34,160 Speaker 1: of lean over backwards to not offend the Trump white hell, 242 00:14:34,280 --> 00:14:36,320 Speaker 1: and I got I gotta say this though, I gotta 243 00:14:36,360 --> 00:14:40,640 Speaker 1: say this respectfully. My friend Robert Sapiro, I remember when 244 00:14:40,920 --> 00:14:44,280 Speaker 1: it was Republicans who are criticizing Democrats over politicizing a 245 00:14:44,360 --> 00:14:48,720 Speaker 1: job support. Well, um, they may have criticized them, that 246 00:14:48,760 --> 00:14:51,680 Speaker 1: doesn't mean it was true. Look, the fact is we 247 00:14:51,760 --> 00:14:57,080 Speaker 1: have nine million more people receiving unemployment benefits than the 248 00:14:57,200 --> 00:15:01,640 Speaker 1: BLS as were unemployed. That ors base makes the unemployment 249 00:15:01,760 --> 00:15:07,240 Speaker 1: rate not credible. In addition, you know, part of another 250 00:15:07,280 --> 00:15:09,600 Speaker 1: part of the issue is who's considered part of the 251 00:15:09,720 --> 00:15:13,400 Speaker 1: labor force. Um. And if you're out of work and 252 00:15:13,480 --> 00:15:16,960 Speaker 1: you didn't look for a job over the previous four weeks, 253 00:15:17,120 --> 00:15:20,440 Speaker 1: and you couldn't work for family reasons, or you couldn't 254 00:15:20,480 --> 00:15:23,360 Speaker 1: work because you were taking care of children who were 255 00:15:23,400 --> 00:15:26,640 Speaker 1: no longer in school, BLS says, you're out of the 256 00:15:26,720 --> 00:15:29,320 Speaker 1: labor force. And if you're out of the labor force, 257 00:15:29,520 --> 00:15:33,920 Speaker 1: you're not counted among the unemployed. And the BLS has 258 00:15:33,960 --> 00:15:38,040 Speaker 1: clearly decided that millions of people who'd lost their jobs 259 00:15:38,120 --> 00:15:42,360 Speaker 1: because of the COVID shutdowns don't count the reason we 260 00:15:42,440 --> 00:15:47,240 Speaker 1: know that is that the those who are no longer 261 00:15:47,400 --> 00:15:51,000 Speaker 1: in the labor force jumped in the last couple of 262 00:15:51,040 --> 00:15:54,240 Speaker 1: months by almost six million. And just the final word 263 00:15:54,240 --> 00:15:55,840 Speaker 1: on this, I just want to read quickly from the 264 00:15:55,840 --> 00:15:59,480 Speaker 1: Bloomberg terminal UH. One thing seems clear. According to the 265 00:15:59,480 --> 00:16:02,080 Speaker 1: Bloomberg term, it's more difficult to get a real time 266 00:16:02,120 --> 00:16:06,840 Speaker 1: handle on hiring than on firing, especially when layoffs are temporary. 267 00:16:07,040 --> 00:16:09,640 Speaker 1: We've got literally like thirty seconds left. But this issue 268 00:16:09,680 --> 00:16:12,640 Speaker 1: of p p P running out in the end by 269 00:16:12,680 --> 00:16:14,480 Speaker 1: the end of the year. Are are you concerned that 270 00:16:14,520 --> 00:16:18,080 Speaker 1: some companies are just delaying furloughs and layoffs. Well, that 271 00:16:18,200 --> 00:16:23,080 Speaker 1: may be. The fact is the BLS said that attributed 272 00:16:23,280 --> 00:16:30,960 Speaker 1: the um UH bump up in jobs in May and 273 00:16:31,160 --> 00:16:36,520 Speaker 1: those who were employed um to a resumption of limited 274 00:16:37,200 --> 00:16:42,680 Speaker 1: resumption of economic activity. That that may very well have 275 00:16:42,960 --> 00:16:47,920 Speaker 1: reflected the payroll protection program. All right, Robert Shapiro my 276 00:16:47,920 --> 00:16:50,800 Speaker 1: my home decorator. I guess these days, Robert, I appreciate 277 00:16:50,840 --> 00:16:52,800 Speaker 1: you calling him buddy, and I hope you're taking care 278 00:16:52,840 --> 00:16:56,280 Speaker 1: of everything all right. Everything's great, and I hope that 279 00:16:56,440 --> 00:16:59,160 Speaker 1: you you and your family and the family of everybody 280 00:16:59,240 --> 00:17:01,960 Speaker 1: listening is safe and well, thank you friend. All right, 281 00:17:02,000 --> 00:17:13,160 Speaker 1: Coming up next, Matty Dupler, you're listening to Bloomberg. You're 282 00:17:13,200 --> 00:17:17,080 Speaker 1: listening to Bloomberg. Sound On with Kevin Surley on Bloomberg 283 00:17:18,160 --> 00:17:20,440 Speaker 1: and one oh five point seven F M H D two. 284 00:17:20,920 --> 00:17:24,040 Speaker 1: I'm Kevin Sire, Chief Washington corresponded for Bloomberg TV and 285 00:17:24,080 --> 00:17:27,360 Speaker 1: for Bloomberg Radio. Let's get to Kevin Walling this segment. 286 00:17:27,680 --> 00:17:31,159 Speaker 1: Let's get to Kevin Walling, Democratic strategist this segment. Uh, 287 00:17:31,160 --> 00:17:33,639 Speaker 1: And we'll have him weigh in on on the Biden remark. 288 00:17:33,720 --> 00:17:37,080 Speaker 1: But first let's stick with the issue of the economy. Uh. 289 00:17:37,240 --> 00:17:40,440 Speaker 1: And Matti Duppler. Mattie Duppler's on the line, good friend 290 00:17:40,440 --> 00:17:44,000 Speaker 1: of the program, Maddie. Okay, So we heard from Robert 291 00:17:44,000 --> 00:17:46,760 Speaker 1: Shapiro in the last block, and he had a very 292 00:17:46,880 --> 00:17:49,360 Speaker 1: different interpretation of the interpretation that I think you're gonna 293 00:17:49,440 --> 00:17:52,760 Speaker 1: tell me um of of what's been going on with 294 00:17:52,840 --> 00:17:55,520 Speaker 1: today's job numbers. But two point five million jobs added 295 00:17:55,560 --> 00:17:59,280 Speaker 1: to the U. S. Economy, All right, what do you think? Well, So, 296 00:17:59,760 --> 00:18:03,120 Speaker 1: for once, nice to have some good news, keV, particularly 297 00:18:03,160 --> 00:18:06,240 Speaker 1: on the jobs fronts. So I will say there's a 298 00:18:06,280 --> 00:18:09,200 Speaker 1: good and bad and Ugly Today report. The good, of course, 299 00:18:09,320 --> 00:18:11,880 Speaker 1: is that half those games came from restaurant and bars. Um. 300 00:18:12,040 --> 00:18:14,679 Speaker 1: Majority of those games came from the industries that we 301 00:18:14,760 --> 00:18:17,360 Speaker 1: thought we're gonna have the hardest time getting back online, 302 00:18:17,400 --> 00:18:20,959 Speaker 1: that's retail, hospitality, and leisure. So that indicates that some 303 00:18:21,000 --> 00:18:23,680 Speaker 1: employers have figured out how to get their employees back 304 00:18:23,720 --> 00:18:26,480 Speaker 1: to work, and hopefully I've done so safely. Another silver 305 00:18:26,560 --> 00:18:28,720 Speaker 1: lining here is that most of the job losses are 306 00:18:28,760 --> 00:18:32,080 Speaker 1: still temporary. Uh so that means that folks are still 307 00:18:32,080 --> 00:18:33,640 Speaker 1: thinking that they're going to be able to get back 308 00:18:33,640 --> 00:18:35,880 Speaker 1: to work as soon as their economy is fully open 309 00:18:35,960 --> 00:18:37,960 Speaker 1: back up. UM. I think that those are some things 310 00:18:38,000 --> 00:18:39,960 Speaker 1: to focus on now. A couple of things that I 311 00:18:40,000 --> 00:18:41,399 Speaker 1: think we need to keep an eye on. One is 312 00:18:41,440 --> 00:18:44,480 Speaker 1: that there were revisions downwards the last two months, which 313 00:18:44,480 --> 00:18:46,359 Speaker 1: brings the three month moving average to six and a 314 00:18:46,440 --> 00:18:49,960 Speaker 1: half million jobs lost per month. As a reminder, you know, 315 00:18:50,119 --> 00:18:52,679 Speaker 1: in February we were adding two hundred thousand jobs a month, 316 00:18:52,760 --> 00:18:55,000 Speaker 1: so that we still have this huge delta to recover 317 00:18:55,119 --> 00:18:57,600 Speaker 1: from UM. And really, this thing I think people need 318 00:18:57,640 --> 00:19:00,320 Speaker 1: to keep their eye on is the permanent layoff number 319 00:19:00,440 --> 00:19:03,040 Speaker 1: that went up to two point three million jobs, um, 320 00:19:03,119 --> 00:19:06,000 Speaker 1: and we need to know as we moved enough couple 321 00:19:06,000 --> 00:19:08,399 Speaker 1: of weeks and months, if what we're seeing is not 322 00:19:08,480 --> 00:19:13,040 Speaker 1: simply people shifting from temporarily off of work to that 323 00:19:13,160 --> 00:19:16,600 Speaker 1: permanent bucket, that would indicate that we're not actually recovering 324 00:19:16,600 --> 00:19:18,840 Speaker 1: and that people are just actually not going back to work, 325 00:19:19,080 --> 00:19:21,280 Speaker 1: and that would mean the recovery is a long way off. 326 00:19:21,320 --> 00:19:23,120 Speaker 1: I don't think we know that from the data yet, 327 00:19:23,160 --> 00:19:24,560 Speaker 1: but I just think that's the number that people need 328 00:19:24,600 --> 00:19:26,600 Speaker 1: to keep an eye on. Well. I want to say 329 00:19:26,600 --> 00:19:29,880 Speaker 1: that one we're what what number is that the permanent 330 00:19:29,920 --> 00:19:32,320 Speaker 1: layoff number, which was two point three million people, which 331 00:19:32,359 --> 00:19:34,960 Speaker 1: is up about a million since we began with a lockdown. 332 00:19:35,000 --> 00:19:37,240 Speaker 1: So that's that's a huge jump and that's hard to 333 00:19:37,280 --> 00:19:40,000 Speaker 1: keep track of. I mean, it's very hard to calculating. 334 00:19:40,080 --> 00:19:43,160 Speaker 1: We've had this conversation Mattie Zuppler, founder of Forward Strategy, 335 00:19:43,200 --> 00:19:45,960 Speaker 1: senior fellow at the National Taxpayers Union UH, and of 336 00:19:46,000 --> 00:19:48,560 Speaker 1: course the former coalitions directors at the House Republican Conference. 337 00:19:48,560 --> 00:19:52,760 Speaker 1: We've talked about how economists have really struggled to keep 338 00:19:52,840 --> 00:19:55,080 Speaker 1: up with the pace of this. But I want to 339 00:19:55,119 --> 00:19:57,280 Speaker 1: get back to this question that I asked Robert Shapiro, 340 00:19:57,320 --> 00:19:59,080 Speaker 1: and I want to put it to you, are you 341 00:19:59,200 --> 00:20:02,639 Speaker 1: concerned that once the p p P runs out and 342 00:20:02,680 --> 00:20:04,919 Speaker 1: there's less incentive for a lot of these companies to 343 00:20:05,040 --> 00:20:08,000 Speaker 1: hold onto their workers, that there could almost be a 344 00:20:08,119 --> 00:20:10,840 Speaker 1: second wave of layoffs and furloughs at the end of 345 00:20:10,840 --> 00:20:15,119 Speaker 1: the year. So I'm not because the whole thrust to 346 00:20:15,160 --> 00:20:18,200 Speaker 1: the p pp IS is in order to give a 347 00:20:18,240 --> 00:20:22,159 Speaker 1: bridge to employers right now as they way to this uncertainty, 348 00:20:22,280 --> 00:20:25,320 Speaker 1: to keep their payrolls whole while they try to scale 349 00:20:25,320 --> 00:20:27,920 Speaker 1: their businesses back up. Now, it's significant that the President 350 00:20:27,960 --> 00:20:32,520 Speaker 1: today signed into law that Paycheck Protection Program a Flexibility Act, 351 00:20:32,600 --> 00:20:36,320 Speaker 1: because that increases the runway that employers have to use 352 00:20:36,320 --> 00:20:39,600 Speaker 1: those loans, and it expands their eligibility while clarifying some 353 00:20:39,680 --> 00:20:42,600 Speaker 1: of the tax consequences of using p p P. All 354 00:20:42,680 --> 00:20:47,000 Speaker 1: of that was extremely necessary. Absence that those clarifications and 355 00:20:47,040 --> 00:20:49,320 Speaker 1: the flexibility granted, I would say, listen, we're in for 356 00:20:49,359 --> 00:20:51,760 Speaker 1: a hairy couple of weeks. But because we now have 357 00:20:51,840 --> 00:20:54,800 Speaker 1: a little more certainty for employers on how the PPP 358 00:20:54,960 --> 00:20:57,080 Speaker 1: loan interacts with some of the tax benefits that were 359 00:20:57,080 --> 00:20:59,280 Speaker 1: granted in the Carretacts, I do think we are on 360 00:20:59,520 --> 00:21:02,680 Speaker 1: much more our sound footing for employers to be able 361 00:21:02,720 --> 00:21:05,879 Speaker 1: to really scale back slowly and figure out how to 362 00:21:05,960 --> 00:21:07,919 Speaker 1: do so in a way that prepares him for success 363 00:21:07,960 --> 00:21:10,040 Speaker 1: in the coming months. All Right, I gotta ask you this, 364 00:21:10,119 --> 00:21:12,399 Speaker 1: Maddie Zeppler, You know, I don't know. I mean, I 365 00:21:12,480 --> 00:21:15,119 Speaker 1: check all of the liberal and conservative blogs throughout the 366 00:21:15,200 --> 00:21:18,440 Speaker 1: day to get a pulse of what each side is 367 00:21:18,920 --> 00:21:22,480 Speaker 1: talking about. Drudge Poll Trump approval. This is the banner 368 00:21:22,480 --> 00:21:26,119 Speaker 1: on Drudge Poll Trump approval at thirty eight. What does 369 00:21:26,119 --> 00:21:29,639 Speaker 1: the president have to do, uh to to bolster his 370 00:21:29,680 --> 00:21:32,960 Speaker 1: approval rating? I mean, you're a Republican, you're uh what 371 00:21:32,960 --> 00:21:35,439 Speaker 1: what does he have to do after? You know? I 372 00:21:35,480 --> 00:21:39,200 Speaker 1: think what many would call a tumultuous week. So listen, 373 00:21:39,240 --> 00:21:42,800 Speaker 1: we are six months out starting next week from the election. 374 00:21:43,320 --> 00:21:45,679 Speaker 1: This month and next month in normal times would be 375 00:21:45,720 --> 00:21:48,680 Speaker 1: about the time that the average voter their opinion about 376 00:21:48,720 --> 00:21:51,200 Speaker 1: the economy would begin to crystallize ahead of an election. 377 00:21:51,800 --> 00:21:55,119 Speaker 1: I think that with all the volatility happening in the 378 00:21:55,160 --> 00:22:00,480 Speaker 1: country right now, um that the Trump administer asition has 379 00:22:00,520 --> 00:22:04,840 Speaker 1: a much longer runway to convince Americans that they have 380 00:22:04,880 --> 00:22:06,880 Speaker 1: a handle on the economy, and I think that if 381 00:22:06,880 --> 00:22:09,760 Speaker 1: you have a steady drum beat of positive job numbers, 382 00:22:09,760 --> 00:22:12,439 Speaker 1: that will certainly aid the president. But what people are 383 00:22:12,480 --> 00:22:14,159 Speaker 1: looking for right now as a steady hand. So what 384 00:22:14,200 --> 00:22:17,760 Speaker 1: the administration needs to do is far from what Steven 385 00:22:17,800 --> 00:22:20,760 Speaker 1: Moore suggested today, which is all these job numbers indicate 386 00:22:20,800 --> 00:22:22,560 Speaker 1: that we don't need to do anything. The President needs 387 00:22:22,560 --> 00:22:24,640 Speaker 1: to lead on this and tell Congress that they need 388 00:22:24,640 --> 00:22:26,840 Speaker 1: to get back to work to get another phase of 389 00:22:26,920 --> 00:22:30,160 Speaker 1: stimulus and aid to businesses and workers so that Americans 390 00:22:30,200 --> 00:22:32,879 Speaker 1: have certainty going into the summer months. We're not going 391 00:22:32,920 --> 00:22:34,560 Speaker 1: to have a vaccine yet, We're not going to know 392 00:22:34,640 --> 00:22:37,560 Speaker 1: the full extent of the public health challenges until we 393 00:22:37,560 --> 00:22:40,080 Speaker 1: get back into the winter months. What we need is 394 00:22:40,119 --> 00:22:42,359 Speaker 1: clarity on the economics front, and the President can provide 395 00:22:42,359 --> 00:22:45,600 Speaker 1: that by giving leadership and telling Congress that he expects 396 00:22:45,600 --> 00:22:48,280 Speaker 1: another package to make it through before the expiration that 397 00:22:48,359 --> 00:22:51,359 Speaker 1: Carris Act and the UIMP extension runs out, which is 398 00:22:51,400 --> 00:22:54,439 Speaker 1: the end of July. Madder breaking it down, founder of 399 00:22:54,440 --> 00:22:57,040 Speaker 1: Forward Strategy, senior fellow at the National Taxpayers Union, and 400 00:22:57,080 --> 00:22:59,840 Speaker 1: the former Coalitions director for the House Republic and Conference, 401 00:23:00,560 --> 00:23:02,480 Speaker 1: my love to you and the fam. Alright, stay safe 402 00:23:02,480 --> 00:23:05,880 Speaker 1: out there, Mattie, wouldn't be jobs there without you joining us. 403 00:23:05,880 --> 00:23:10,280 Speaker 1: Now switching gears to continue with this political discussion. Kevin Walling, 404 00:23:10,560 --> 00:23:15,119 Speaker 1: Democratic strategist at h G Creative Media, keV Uh, Okay, 405 00:23:15,119 --> 00:23:17,600 Speaker 1: there was this gaff from Biden today or maybe I 406 00:23:17,600 --> 00:23:19,560 Speaker 1: shouldn't call. Do you think it was a gap? I wanna, 407 00:23:19,560 --> 00:23:21,280 Speaker 1: I wanna. I want to tell you what he said 408 00:23:21,600 --> 00:23:26,000 Speaker 1: for folks who don't know. Uh. He was in a 409 00:23:26,080 --> 00:23:31,760 Speaker 1: virtual town hall and with Don cheatle an actor, and 410 00:23:31,800 --> 00:23:33,760 Speaker 1: it was first reported by The New York Times. Gotta 411 00:23:33,800 --> 00:23:36,640 Speaker 1: give credit where credit is due, and he said, quote, 412 00:23:37,520 --> 00:23:40,439 Speaker 1: do the words a president says matter? So when a 413 00:23:40,480 --> 00:23:43,280 Speaker 1: president stands up and divides people all the time, you're 414 00:23:43,280 --> 00:23:46,800 Speaker 1: gonna the worst of us. You're gonna get the worst 415 00:23:46,800 --> 00:23:49,120 Speaker 1: of us to come out. Do we really think this 416 00:23:49,280 --> 00:23:51,240 Speaker 1: is as good as we can be as a nation. 417 00:23:51,359 --> 00:23:54,240 Speaker 1: I don't think the vast majority of people think that. 418 00:23:55,080 --> 00:23:58,480 Speaker 1: He went on to say, there are probably anywhere from 419 00:23:58,480 --> 00:24:01,920 Speaker 1: ten to fifteen percent of the people out there who 420 00:24:01,960 --> 00:24:05,280 Speaker 1: are just not very good people, but that's not who 421 00:24:05,320 --> 00:24:08,560 Speaker 1: we are. The vast majority of the people are decent. 422 00:24:08,600 --> 00:24:10,439 Speaker 1: We have to appeal to that and we have to 423 00:24:10,520 --> 00:24:13,480 Speaker 1: unite people, bring them together, bring them together. So this 424 00:24:13,600 --> 00:24:16,480 Speaker 1: quote there are probably anywhere from ten to fifteen percent 425 00:24:16,560 --> 00:24:18,680 Speaker 1: of the people out there who are just not very 426 00:24:18,720 --> 00:24:24,080 Speaker 1: good people. Republicans are pouncing on this. Kevin Welling, Yeah, 427 00:24:24,119 --> 00:24:26,200 Speaker 1: I mean I don't necessarily see a problem with that 428 00:24:26,320 --> 00:24:28,960 Speaker 1: comm and I agree generally with the former vice president. 429 00:24:29,160 --> 00:24:32,960 Speaker 1: Is you see elements within our society, whatever percentage they are. 430 00:24:33,080 --> 00:24:35,119 Speaker 1: You know, I think you know one of the reasons 431 00:24:35,119 --> 00:24:37,040 Speaker 1: why he got in this race, and he talks so 432 00:24:37,080 --> 00:24:40,160 Speaker 1: passionately it was about Charlottesville, right and seeing these neo 433 00:24:40,240 --> 00:24:42,159 Speaker 1: Nazis come out of the woodwork, come out of the 434 00:24:42,200 --> 00:24:45,400 Speaker 1: fields with their tiki torches. Whatever percentage of the population 435 00:24:45,480 --> 00:24:49,960 Speaker 1: is there. We have a racist, xenophobic, sexist, homophobic underbelly 436 00:24:50,000 --> 00:24:52,560 Speaker 1: in this country, and I don't think it does any 437 00:24:52,560 --> 00:24:54,280 Speaker 1: disservice to cover it up. I think we need to 438 00:24:54,280 --> 00:24:56,800 Speaker 1: address it and call people out, as the vice president 439 00:24:56,840 --> 00:24:59,200 Speaker 1: was doing. I mean, compare that to the the current 440 00:24:59,200 --> 00:25:01,639 Speaker 1: president who were tweeted a tweet thing that you know, 441 00:25:01,720 --> 00:25:04,760 Speaker 1: how Democrats should be killed in the streets that he 442 00:25:04,840 --> 00:25:07,960 Speaker 1: did in a retweet. So again, not for the vice 443 00:25:07,960 --> 00:25:10,080 Speaker 1: president to get down on the president's level. But these 444 00:25:10,119 --> 00:25:14,720 Speaker 1: conservatives feigning some kind of uh level of upset, being 445 00:25:14,800 --> 00:25:17,000 Speaker 1: upset with the vice president's remarks don't square with the 446 00:25:17,000 --> 00:25:20,359 Speaker 1: guy that they're they're trying to defend. Okay, how is 447 00:25:20,400 --> 00:25:22,240 Speaker 1: it going to play? How's that remark going to play 448 00:25:22,480 --> 00:25:26,640 Speaker 1: in a battleground or for the seventy thousand voters who 449 00:25:26,720 --> 00:25:30,399 Speaker 1: remember who voted for Obama then voted for Trump? How's 450 00:25:30,480 --> 00:25:33,520 Speaker 1: this comment gonna play when it's played over and over 451 00:25:33,600 --> 00:25:36,560 Speaker 1: and over again. It is reminiscent of the basket of 452 00:25:36,600 --> 00:25:39,800 Speaker 1: deplorables comment of the forty seven percent comment of Clinton 453 00:25:39,800 --> 00:25:43,280 Speaker 1: and Romney. Is it not sure? But but again, I 454 00:25:43,320 --> 00:25:45,840 Speaker 1: think you know, there was not a direct parallel that 455 00:25:45,960 --> 00:25:48,720 Speaker 1: Hillary Clinton made in terms of calling the supporters of 456 00:25:48,760 --> 00:25:51,760 Speaker 1: Donald Trump deforables. I think what Joe Biden was doing 457 00:25:51,920 --> 00:25:55,080 Speaker 1: was calling out those elements in our society that that 458 00:25:55,200 --> 00:25:58,119 Speaker 1: are wrong, that do hold racism in their hearts, that 459 00:25:58,240 --> 00:26:01,240 Speaker 1: are sexist, that are homophobic in our communities. Now, if 460 00:26:01,240 --> 00:26:03,720 Speaker 1: you if you believe he's describing you, then you have 461 00:26:03,760 --> 00:26:06,600 Speaker 1: a greater problem. I think if there's not a there's 462 00:26:06,640 --> 00:26:09,160 Speaker 1: a disconnect there between the Hillary Clinton's comments about Donald 463 00:26:09,160 --> 00:26:12,680 Speaker 1: Trump's supporters, and I think Joe Biden's comments about society 464 00:26:12,720 --> 00:26:14,840 Speaker 1: as a whole, I don't see a parallel there in 465 00:26:15,000 --> 00:26:17,960 Speaker 1: terms of calling out bad elements with our in our society. 466 00:26:18,040 --> 00:26:20,200 Speaker 1: And you're absolute right here. There was between six million 467 00:26:20,240 --> 00:26:22,800 Speaker 1: eight million Americans that voted for Barack Obama once or 468 00:26:22,800 --> 00:26:25,080 Speaker 1: twice and then voted for Donald Trump. You know, Joe 469 00:26:25,080 --> 00:26:27,359 Speaker 1: Biden is an appealing to them with those comments and 470 00:26:27,480 --> 00:26:30,240 Speaker 1: and and scaring them with those comments. What he is 471 00:26:30,240 --> 00:26:32,679 Speaker 1: saying is we need to rid that hatred in our hearts. 472 00:26:32,680 --> 00:26:35,720 Speaker 1: That isn't that certain percentage of our society, whether they 473 00:26:35,800 --> 00:26:38,960 Speaker 1: dB Democrats and Republicans, whether they sit fort um, Barack 474 00:26:39,000 --> 00:26:40,919 Speaker 1: Obama or Donald Trump. He wants to be the president 475 00:26:40,920 --> 00:26:43,360 Speaker 1: of all people, but we can't not shine a light 476 00:26:43,480 --> 00:26:46,119 Speaker 1: on some of the hatred in people's hearts. Kevin Rolling, 477 00:26:46,200 --> 00:26:48,920 Speaker 1: thanks for making yourself available for us on a Friday. 478 00:26:49,119 --> 00:26:51,919 Speaker 1: That's Kevin Roling. He's a Democratic strategist over at h 479 00:26:51,960 --> 00:26:55,000 Speaker 1: G Creative Media. Uh Don Jr. Seizing on this, He's 480 00:26:55,000 --> 00:26:57,520 Speaker 1: tweeted out, I assume Joe Biden is including his corrupts 481 00:26:57,560 --> 00:27:00,800 Speaker 1: on Hunter and that ten to fifteen percent of Americans 482 00:27:01,200 --> 00:27:27,159 Speaker 1: more Next you're listening to Bloomberg. Yeah, this is Bloomberg's 483 00:27:27,240 --> 00:27:31,880 Speaker 1: Sound On with Kevin Surrele on Bloomberg and one oh 484 00:27:31,960 --> 00:27:35,000 Speaker 1: five point seven f M H D two. I'm Kevin 485 00:27:35,000 --> 00:27:38,359 Speaker 1: Sireley on the Cheap Washington correspondent for Bloomberg Television and 486 00:27:38,400 --> 00:27:41,480 Speaker 1: form Bloomberg Radio. And I would not have this position 487 00:27:42,000 --> 00:27:45,360 Speaker 1: if it wasn't for our next guest. He is a 488 00:27:45,440 --> 00:27:50,520 Speaker 1: close friend, a consummate professional, and someone who has been 489 00:27:50,560 --> 00:27:54,040 Speaker 1: in this industry for decades that I've had the privilege 490 00:27:54,080 --> 00:27:59,520 Speaker 1: of working with for the past five years, and he 491 00:27:59,560 --> 00:28:02,919 Speaker 1: has made me a much better reporter, journalist person on 492 00:28:03,000 --> 00:28:06,760 Speaker 1: air and off. It's Tim Cos who retired today. He 493 00:28:06,960 --> 00:28:13,800 Speaker 1: is our legendary photographer and Tim, first of all, congratulations, congratulations. 494 00:28:13,800 --> 00:28:16,440 Speaker 1: How many years have you been in this in this business? 495 00:28:17,359 --> 00:28:20,600 Speaker 1: Oh thanks for having me on, Kevin. It's been thirty 496 00:28:20,680 --> 00:28:24,560 Speaker 1: nine years, with my first day being the inauguration of 497 00:28:24,720 --> 00:28:28,360 Speaker 1: Ronald Reagan. So there you go. So as you look 498 00:28:28,400 --> 00:28:32,840 Speaker 1: at this particular moment in American history and you compare 499 00:28:32,880 --> 00:28:35,960 Speaker 1: it to thirty nine years of journalism that you've done. 500 00:28:36,000 --> 00:28:38,680 Speaker 1: And for folks who don't know, he has filmed virtually 501 00:28:38,720 --> 00:28:41,240 Speaker 1: all of my interviews, but he's worked with many many 502 00:28:41,320 --> 00:28:45,240 Speaker 1: other correspondents at other networks. For the past thirty nine years, 503 00:28:45,440 --> 00:28:49,920 Speaker 1: he's covered every major American story, both in domestically and 504 00:28:49,960 --> 00:28:52,800 Speaker 1: around the world. But as you look at this week, Tim, 505 00:28:52,880 --> 00:28:56,040 Speaker 1: what's been going and and in your final week before retiring, 506 00:28:56,840 --> 00:29:00,440 Speaker 1: what what has been going through your mind? You know 507 00:29:00,520 --> 00:29:05,240 Speaker 1: when you think about what's going on with the riots 508 00:29:07,040 --> 00:29:11,480 Speaker 1: and the turmoil that you know, we're all witnessing the 509 00:29:11,560 --> 00:29:16,360 Speaker 1: inequities and everything that has just come to the forefront. 510 00:29:17,240 --> 00:29:21,560 Speaker 1: H It's it's a time that I think that change 511 00:29:21,600 --> 00:29:26,080 Speaker 1: is going to come. And with the pandemic and the 512 00:29:26,240 --> 00:29:30,000 Speaker 1: riots in the street, I've never seen such an unstable 513 00:29:30,120 --> 00:29:35,200 Speaker 1: America as I see today. But you're still hopeful. I'm 514 00:29:35,240 --> 00:29:39,960 Speaker 1: always hopeful. That's the one thing about That's the one 515 00:29:40,040 --> 00:29:44,320 Speaker 1: great thing about the United States is we learn and 516 00:29:44,360 --> 00:29:48,080 Speaker 1: we try to move forward and change. Said, where did 517 00:29:48,120 --> 00:29:51,720 Speaker 1: you grow up? I grew up in New England, Connecticut, 518 00:29:51,800 --> 00:29:53,840 Speaker 1: New Jersey, And so why do you want to be 519 00:29:53,880 --> 00:29:59,520 Speaker 1: a journalist? Well, you know, I it's pictures. I wanted 520 00:29:59,560 --> 00:30:02,800 Speaker 1: to cap sure history. I wanted to be the fly 521 00:30:03,040 --> 00:30:09,160 Speaker 1: on the wall witnessing world history as it came to Washington, 522 00:30:09,320 --> 00:30:15,200 Speaker 1: and that's certainly what has happened. It's just an amazing thing, 523 00:30:15,480 --> 00:30:19,600 Speaker 1: you know when you think about the China agreement back 524 00:30:19,640 --> 00:30:23,760 Speaker 1: in the early eighties, and then you had Gorbachov coming 525 00:30:23,920 --> 00:30:28,280 Speaker 1: to Washington, and you know, you can go on and on, 526 00:30:28,560 --> 00:30:33,440 Speaker 1: but witnessing history and the changes that the world has 527 00:30:33,520 --> 00:30:37,840 Speaker 1: seen over the last thirty nine years is pretty remarkable. 528 00:30:38,640 --> 00:30:41,040 Speaker 1: What has been the hardest story that you've had to 529 00:30:41,080 --> 00:30:44,800 Speaker 1: tell in the past thirty nine years. Gosh, you know, 530 00:30:44,920 --> 00:30:48,200 Speaker 1: I don't have the hardest one, but you know, you 531 00:30:48,320 --> 00:30:54,000 Speaker 1: have the earthquake in San Francisco where people were killed. 532 00:30:54,840 --> 00:30:58,360 Speaker 1: You had the Susan Smith trial. Let me remind the 533 00:30:58,440 --> 00:31:02,440 Speaker 1: listeners that she's the one who drove over two children 534 00:31:02,560 --> 00:31:06,680 Speaker 1: in South Carolina off of a boat ramp into the water. 535 00:31:07,240 --> 00:31:12,720 Speaker 1: I mean, the tragedy nine eleven. My goodness, I mean, 536 00:31:13,120 --> 00:31:16,760 Speaker 1: who could ever forget that? I mean, there's so many 537 00:31:18,120 --> 00:31:22,640 Speaker 1: events that have happened that not one could actually be 538 00:31:22,880 --> 00:31:26,200 Speaker 1: the kid. Let me let me ask this, because Tim, 539 00:31:26,240 --> 00:31:28,160 Speaker 1: you and Tim and I would go out for coffee 540 00:31:28,440 --> 00:31:32,080 Speaker 1: literally for every morning. He'd listen to me, you know, 541 00:31:32,360 --> 00:31:35,720 Speaker 1: being an obnoxious young reporter, and he would help me 542 00:31:35,880 --> 00:31:38,880 Speaker 1: keep my head on straight, and I would always ask 543 00:31:38,920 --> 00:31:40,760 Speaker 1: him for stories like what was Tim Russer like? What 544 00:31:40,880 --> 00:31:42,680 Speaker 1: was Tim Russer like? When you worked with Tim Russer? 545 00:31:42,840 --> 00:31:47,120 Speaker 1: Tim nicest guy in the world. I mean, nobody had 546 00:31:47,160 --> 00:31:50,560 Speaker 1: a bad thing to say about him. He was a 547 00:31:50,560 --> 00:31:55,080 Speaker 1: true professional. But at the end of all the shoots 548 00:31:55,120 --> 00:31:59,280 Speaker 1: that I was ever involved with him in, he came 549 00:31:59,320 --> 00:32:03,360 Speaker 1: by and it thank you very much. And that goes 550 00:32:03,400 --> 00:32:08,400 Speaker 1: a long way on team leadership and building, you know, 551 00:32:09,160 --> 00:32:12,160 Speaker 1: the relationship that you just want to keep on trying 552 00:32:12,160 --> 00:32:14,400 Speaker 1: to do the best you can for them and make 553 00:32:14,440 --> 00:32:18,720 Speaker 1: them look and sound the best. And he was really 554 00:32:19,000 --> 00:32:23,080 Speaker 1: what a professional and what your parents do. My father 555 00:32:23,320 --> 00:32:30,920 Speaker 1: was a contracting CFO for a contractor, Devinse Contractor, and 556 00:32:30,960 --> 00:32:35,120 Speaker 1: my mother was a small business accountant, and uh, the 557 00:32:35,240 --> 00:32:40,000 Speaker 1: thing they taught me was work ethic, work hard, like 558 00:32:40,080 --> 00:32:43,080 Speaker 1: it's your first day every day. And that's what I've 559 00:32:43,120 --> 00:32:46,520 Speaker 1: tried to do, is just try to do the best 560 00:32:46,600 --> 00:32:50,680 Speaker 1: we can, because you know, in the broadcast business, failure 561 00:32:50,800 --> 00:32:54,360 Speaker 1: is not an option, it is not allowed. And uh, 562 00:32:54,640 --> 00:32:57,040 Speaker 1: we just tried to make sure that everything went as 563 00:32:57,080 --> 00:33:01,000 Speaker 1: smooth as possible so that the talent could feels comfortable 564 00:33:01,600 --> 00:33:04,800 Speaker 1: so they could concentrate on what they wanted to talk 565 00:33:04,840 --> 00:33:08,600 Speaker 1: about instead of being distracted by what's going on in 566 00:33:08,680 --> 00:33:10,520 Speaker 1: the background. I can't help myself. You know, I don't 567 00:33:10,520 --> 00:33:13,440 Speaker 1: like that word talent. It's journalists. We gotta stop using 568 00:33:13,480 --> 00:33:18,800 Speaker 1: that word talent. I understand, especially in this climate. Uh 569 00:33:19,000 --> 00:33:23,520 Speaker 1: Tip tosses on the line. He is a legendary photographer 570 00:33:23,680 --> 00:33:27,360 Speaker 1: inside of the nation's capital. He retired today after thirty 571 00:33:27,440 --> 00:33:30,120 Speaker 1: nine years in the industry. Give us a funny story, 572 00:33:30,520 --> 00:33:33,480 Speaker 1: Give us a funny story. What's the funniest thing that happened? 573 00:33:34,400 --> 00:33:40,000 Speaker 1: Oh gosh, I'm not about me. Well, you know, there 574 00:33:40,200 --> 00:33:44,560 Speaker 1: was an unnamed reporter who uh I used to work with, 575 00:33:44,880 --> 00:33:48,400 Speaker 1: and um he always had an eight o'clock live shot 576 00:33:49,600 --> 00:33:52,680 Speaker 1: and at seven fifty nine, the producer would be on 577 00:33:52,880 --> 00:33:57,680 Speaker 1: the headset with me, going where is he? Where is he? No, 578 00:33:57,840 --> 00:34:00,520 Speaker 1: it's not I just needed to get that on the record. 579 00:34:01,200 --> 00:34:05,320 Speaker 1: It is not Kevin's really. I pan from the North 580 00:34:05,440 --> 00:34:09,879 Speaker 1: Lawn White House shot right in front of Lafayette Park 581 00:34:09,960 --> 00:34:13,920 Speaker 1: and you could see him sprinting down the road to 582 00:34:14,000 --> 00:34:16,759 Speaker 1: try to get through the security so he could get 583 00:34:16,840 --> 00:34:20,080 Speaker 1: on air. And I can't tell you how many blooper 584 00:34:20,160 --> 00:34:25,960 Speaker 1: reels I'm sure he made because it was always running 585 00:34:25,960 --> 00:34:29,239 Speaker 1: through the airport with him. He was really something else. Yeah, 586 00:34:29,560 --> 00:34:33,440 Speaker 1: what makes a good correspondent, Well, you know, a correspondent 587 00:34:33,560 --> 00:34:36,680 Speaker 1: has to be uh tell both sides of the story 588 00:34:36,840 --> 00:34:41,680 Speaker 1: and let and let the listener decide. A good correspondent 589 00:34:41,719 --> 00:34:45,120 Speaker 1: will dig it sources and you, I have to say, 590 00:34:45,400 --> 00:34:48,360 Speaker 1: wore out your shoes with all the sources. I've worked 591 00:34:48,360 --> 00:34:52,600 Speaker 1: with a lot of reporters and there is no downtime. 592 00:34:53,239 --> 00:34:57,040 Speaker 1: You get off the air and you go work your 593 00:34:57,080 --> 00:35:01,440 Speaker 1: sources and and that's the secret is trying to find 594 00:35:01,520 --> 00:35:05,960 Speaker 1: the most important parts of the story, both sides and 595 00:35:06,080 --> 00:35:08,960 Speaker 1: let the viewer or a listener decide. And that was 596 00:35:09,040 --> 00:35:12,560 Speaker 1: really important that both sides had to be told. And 597 00:35:12,640 --> 00:35:16,360 Speaker 1: that's what I had a prerequisite on Tim. What is 598 00:35:16,480 --> 00:35:18,759 Speaker 1: advice that you would give to a younger version of 599 00:35:18,800 --> 00:35:22,719 Speaker 1: yourself just starting out of the industry. Get up, go 600 00:35:22,880 --> 00:35:26,399 Speaker 1: to work, do the best you can. At the end 601 00:35:26,400 --> 00:35:29,759 Speaker 1: of the day, say thank you very much and get 602 00:35:29,840 --> 00:35:32,840 Speaker 1: up and just keep on doing it. Think of ideas. 603 00:35:32,960 --> 00:35:35,880 Speaker 1: Think of different ways that you could shoot the story 604 00:35:35,960 --> 00:35:39,520 Speaker 1: that are different. Not everything off your shoulder, you know, 605 00:35:39,640 --> 00:35:42,800 Speaker 1: different angles, Try to have your pictures tell a story. 606 00:35:43,280 --> 00:35:46,800 Speaker 1: That was the most important thing to me. Sim Goss, 607 00:35:46,800 --> 00:35:48,439 Speaker 1: what are you gonna do? What are you gonna do? Now? 608 00:35:48,719 --> 00:35:52,719 Speaker 1: I'm coming over form muscles, I'm coming over this thing. 609 00:35:53,080 --> 00:35:55,719 Speaker 1: I'm there. Tim, you tell Gloria to make room at 610 00:35:55,719 --> 00:35:59,960 Speaker 1: the table. There you go. We have room for you always. Kevin, 611 00:36:00,040 --> 00:36:02,880 Speaker 1: thanks for having me on well. I appreciate it, and 612 00:36:02,920 --> 00:36:07,279 Speaker 1: thank you very much. Tim. Thank you very much, Tim. 613 00:36:07,320 --> 00:36:11,560 Speaker 1: Thank you Tim Costs our photographer. I can't I it's 614 00:36:11,560 --> 00:36:14,920 Speaker 1: gonna be very weird not being able to work with 615 00:36:14,920 --> 00:36:19,000 Speaker 1: Tim every day. I'm so incredibly grateful to having been 616 00:36:19,040 --> 00:36:23,320 Speaker 1: able to work with someone who is such an incredible person. 617 00:36:23,960 --> 00:36:26,279 Speaker 1: Um and I have a lot of gratitude and he 618 00:36:26,400 --> 00:36:29,399 Speaker 1: is a life long friend. Thank you for listening. Stay 619 00:36:29,440 --> 00:36:32,280 Speaker 1: safe this weekend. I'm Kevin CURRELLI and you're listening to Bloomberg.