1
00:00:00,080 --> 00:00:02,880
Speaker 1: Herder stepping up like never before. If you're looking at

2
00:00:02,920 --> 00:00:05,960
Speaker 1: Pebany Kennedy for different vaccines, how do we make sure

3
00:00:06,160 --> 00:00:10,240
Speaker 1: a pandemic of this scale never happens again? Is Bloomberg

4
00:00:10,440 --> 00:00:19,160
Speaker 1: sound on with Ken On BLOOMBERGHD two Job data, job data,

5
00:00:19,320 --> 00:00:22,480
Speaker 1: US stocks post best month since nineteen seven and end

6
00:00:22,600 --> 00:00:26,120
Speaker 1: on a loss. But US cases increase on COVID nineteen

7
00:00:26,160 --> 00:00:28,880
Speaker 1: one two pent the slowest pace this month. Are we

8
00:00:28,960 --> 00:00:34,800
Speaker 1: finally finally finally getting over all of this? And Bill Gates?

9
00:00:34,840 --> 00:00:37,680
Speaker 1: Bill Gates says the virus vaccine could take as little

10
00:00:37,760 --> 00:00:42,800
Speaker 1: as nine months. Huh, Bill Gates cut his estimate in half. Bill,

11
00:00:42,880 --> 00:00:44,920
Speaker 1: what happened? What do we know? Maybe he's talking to

12
00:00:45,000 --> 00:00:47,760
Speaker 1: Dr cad Like. And Nancy Pelosi says, states and cities

13
00:00:47,760 --> 00:00:51,760
Speaker 1: seek one trillion dollars in the next stimulus. We reported

14
00:00:51,800 --> 00:00:54,920
Speaker 1: that several weeks ago. All of that plus the unemployment claims,

15
00:00:54,920 --> 00:00:57,080
Speaker 1: We're going to dive into all of him jobless claims.

16
00:00:57,920 --> 00:01:01,000
Speaker 1: It's rough, folks, jobless claims, but were we gotta die

17
00:01:01,200 --> 00:01:04,920
Speaker 1: very specifically into this because the numbers are so big.

18
00:01:05,240 --> 00:01:09,640
Speaker 1: Thirty million people have filed for unemployment since this pandemic started.

19
00:01:10,040 --> 00:01:12,440
Speaker 1: A couple of of I guess two months ago now

20
00:01:12,840 --> 00:01:17,440
Speaker 1: and today the jobless numbers was was three point eight million, Uh,

21
00:01:17,480 --> 00:01:23,680
Speaker 1: folks filed for unemployment. Now coupled with that is this notion,

22
00:01:24,640 --> 00:01:28,840
Speaker 1: uh that we might be past the peak, and that

23
00:01:29,000 --> 00:01:32,520
Speaker 1: has some optimism in the markets US stocks mind you

24
00:01:33,000 --> 00:01:35,920
Speaker 1: have posted, uh the U S stocks ended their best

25
00:01:35,959 --> 00:01:39,200
Speaker 1: month in three decades on a slightly sour note. Slightly

26
00:01:39,200 --> 00:01:42,320
Speaker 1: sour note, but they still ended up. And so the

27
00:01:42,360 --> 00:01:50,000
Speaker 1: economic forecast showing signs of bouncing back despite despite these numbers.

28
00:01:50,000 --> 00:01:53,320
Speaker 1: So we're gonna lead things off with an economist, Calvin Schnore,

29
00:01:53,960 --> 00:01:57,080
Speaker 1: who is an economist at nay Rate, and we're still

30
00:01:57,120 --> 00:01:58,920
Speaker 1: to have you here. Thank you for coming back. Our

31
00:01:58,920 --> 00:02:02,320
Speaker 1: senior economist from nay read Calvin talk to us about

32
00:02:02,440 --> 00:02:05,240
Speaker 1: jobless claims in the economic outlook and what you gleaned

33
00:02:05,240 --> 00:02:08,959
Speaker 1: from the data that was that was that we got

34
00:02:09,000 --> 00:02:13,280
Speaker 1: this morning. You know, I agree with your general comment.

35
00:02:13,440 --> 00:02:15,680
Speaker 1: I would not use the term optimism. I mean, these

36
00:02:15,720 --> 00:02:19,280
Speaker 1: numbers are just terrible for for millions of workers. Awful, yeah,

37
00:02:19,280 --> 00:02:21,120
Speaker 1: and I'm not I mean, let me I hate to interrupt,

38
00:02:21,120 --> 00:02:22,639
Speaker 1: but I just want to I want to make sure

39
00:02:22,680 --> 00:02:25,000
Speaker 1: I'm on the record, is this thirty million people flying

40
00:02:25,120 --> 00:02:30,480
Speaker 1: filing for unemployment backlogs and an avalanche and outdated computer systems.

41
00:02:30,760 --> 00:02:33,360
Speaker 1: It's horrific, you know. I'm just I think for me

42
00:02:33,480 --> 00:02:36,320
Speaker 1: that the only optimism is that we might be over

43
00:02:36,440 --> 00:02:39,720
Speaker 1: the halfway point. Go ahead. Yeah, I would review with that.

44
00:02:39,760 --> 00:02:42,799
Speaker 1: I would say, it looks like we may stop the bleeding.

45
00:02:44,080 --> 00:02:47,880
Speaker 1: The jobless plans, although they're large, they're down almost from

46
00:02:47,960 --> 00:02:51,440
Speaker 1: where they were five weeks ago. It looks like the

47
00:02:51,560 --> 00:02:55,600
Speaker 1: impact on the job market was really front loaded. That

48
00:02:55,919 --> 00:02:57,680
Speaker 1: you know, if you have a restauant and you close

49
00:02:57,760 --> 00:03:00,840
Speaker 1: it down, those people are fired and you've gotten that

50
00:03:00,880 --> 00:03:03,519
Speaker 1: pain over with. Now those people are struggling, they don't

51
00:03:03,560 --> 00:03:05,760
Speaker 1: have a job. But what it would have been really

52
00:03:05,880 --> 00:03:08,880
Speaker 1: troubling was if we continue to see six million, seven

53
00:03:08,880 --> 00:03:12,000
Speaker 1: million getting laid off every week. We're not seeing that

54
00:03:12,160 --> 00:03:16,639
Speaker 1: right now. Do you think, however, that that that more

55
00:03:16,720 --> 00:03:19,920
Speaker 1: layoffs in in in nine months or twelve months or

56
00:03:19,919 --> 00:03:26,799
Speaker 1: fifteen months out from now as businesses and and other sectors, well,

57
00:03:26,840 --> 00:03:29,359
Speaker 1: I guess, well the paint will the economic pain spread

58
00:03:29,440 --> 00:03:34,960
Speaker 1: to other sectors because of thirty million people being on unemployment? Yes,

59
00:03:35,000 --> 00:03:38,040
Speaker 1: I'm certainly expecting to see the spill over, to see

60
00:03:38,080 --> 00:03:40,800
Speaker 1: the pain spreading, but really what we've seen so far

61
00:03:41,360 --> 00:03:45,440
Speaker 1: are the direct impact from businesses that closed their doors,

62
00:03:45,600 --> 00:03:48,840
Speaker 1: and those restrictions really have been put in place where

63
00:03:48,880 --> 00:03:52,880
Speaker 1: we're seeing some catch up from the the the claims

64
00:03:52,880 --> 00:03:56,320
Speaker 1: that we're not able to be processed, but the numbers

65
00:03:56,600 --> 00:03:59,480
Speaker 1: that they're trending down every single week, they've been falling

66
00:03:59,520 --> 00:04:04,320
Speaker 1: by fair amounts. The reducing the new flow that suggest

67
00:04:04,680 --> 00:04:07,880
Speaker 1: that this is a really big shock. But the other

68
00:04:07,880 --> 00:04:11,000
Speaker 1: shoes to drop are not as big. Oh that's that's good.

69
00:04:11,160 --> 00:04:13,320
Speaker 1: The other because a lot of shoes have been dropping.

70
00:04:13,480 --> 00:04:15,320
Speaker 1: It's been raining all day. I feel like it's raining

71
00:04:15,400 --> 00:04:17,600
Speaker 1: shoes falling out of the sky. That's how it feels.

72
00:04:17,640 --> 00:04:21,320
Speaker 1: Initial jobless claims totaled three point eight four million in

73
00:04:21,360 --> 00:04:25,159
Speaker 1: the week that ended April, following four point four mill

74
00:04:25,320 --> 00:04:27,159
Speaker 1: the in the prior week. So, folks, if you're in

75
00:04:27,160 --> 00:04:28,719
Speaker 1: your car and you're driving or you're listening to this

76
00:04:28,800 --> 00:04:34,200
Speaker 1: cross platform, uh, the peak has peaked, and and so

77
00:04:34,320 --> 00:04:37,080
Speaker 1: it's spiked up and now you've got thirty million, more

78
00:04:37,120 --> 00:04:40,479
Speaker 1: than thirty million filed for unemployment since it began. But

79
00:04:40,640 --> 00:04:43,520
Speaker 1: it's been trending downward, and that's where we are on

80
00:04:43,560 --> 00:04:47,000
Speaker 1: the curve. So on the unemployment claims curve, we it

81
00:04:47,080 --> 00:04:50,479
Speaker 1: appears according to the Bloomberg Terminal data and economist data

82
00:04:50,839 --> 00:04:53,280
Speaker 1: that that that we've been over the hump of that,

83
00:04:53,400 --> 00:04:55,600
Speaker 1: and that's where this is coming from. What are you

84
00:04:55,680 --> 00:04:57,880
Speaker 1: going to be looking for? And coming up? Mind you

85
00:04:58,480 --> 00:05:00,520
Speaker 1: is an exclusive interview that I did with Department of

86
00:05:00,560 --> 00:05:04,240
Speaker 1: Labor Secretary Eugene Scalia. So we'll hear directly from the

87
00:05:04,279 --> 00:05:08,000
Speaker 1: Department of Labor UH Secretary in the next block. But

88
00:05:08,560 --> 00:05:10,479
Speaker 1: what are you going to be looking for? Calvin Schnore,

89
00:05:10,560 --> 00:05:13,920
Speaker 1: Senior economists at NAY read in the in the immediate

90
00:05:13,960 --> 00:05:17,919
Speaker 1: short term and the next week to two weeks. You know,

91
00:05:18,040 --> 00:05:20,400
Speaker 1: we got a really important news report. What yesterday we

92
00:05:20,400 --> 00:05:23,960
Speaker 1: saw the GDP was done fourt on an annual basis,

93
00:05:24,480 --> 00:05:26,719
Speaker 1: but that's the whole quarter for the first quarter. This

94
00:05:26,760 --> 00:05:29,960
Speaker 1: morning we had a chance to see what consumer spending

95
00:05:29,960 --> 00:05:33,640
Speaker 1: in personal income did month by month January February March,

96
00:05:34,040 --> 00:05:37,520
Speaker 1: and it showed a very sharp decline and consumer spending

97
00:05:37,920 --> 00:05:40,360
Speaker 1: was down one point two trillion is an annual rate,

98
00:05:40,440 --> 00:05:43,000
Speaker 1: about a hundred billion dollars in the month that was

99
00:05:43,040 --> 00:05:47,960
Speaker 1: the impact on spending. What's interesting is that incomes were

100
00:05:48,279 --> 00:05:51,680
Speaker 1: only down about seven billion dollars in the month. What

101
00:05:51,760 --> 00:05:54,360
Speaker 1: that means is the household saving rates, the personal saving

102
00:05:54,440 --> 00:05:58,360
Speaker 1: rate is much higher. So if this continues for several months,

103
00:05:58,360 --> 00:06:00,719
Speaker 1: there's gonna be a half a trillion dollar or that.

104
00:06:00,839 --> 00:06:03,200
Speaker 1: The households that still have their jobs. You know, some

105
00:06:03,279 --> 00:06:05,680
Speaker 1: people have lost their jobs in their trouble, but those

106
00:06:05,680 --> 00:06:08,320
Speaker 1: people are still working are going to have a big

107
00:06:08,360 --> 00:06:10,720
Speaker 1: pile that they're gonna be ready to spend. It will

108
00:06:10,760 --> 00:06:13,159
Speaker 1: help the other people get back to work. This is

109
00:06:13,200 --> 00:06:16,080
Speaker 1: what I find fascinating. And this is what this is, Calvin.

110
00:06:16,080 --> 00:06:17,920
Speaker 1: And when I was reading the notes that you sent me,

111
00:06:18,279 --> 00:06:22,000
Speaker 1: I mean I I underlined this because the checks that

112
00:06:22,040 --> 00:06:25,839
Speaker 1: went out the savings rate, according to the data, the

113
00:06:25,960 --> 00:06:30,520
Speaker 1: data suggests that everyone saved, not everyone. Most people saved

114
00:06:30,560 --> 00:06:32,919
Speaker 1: the payments that they got. They saved their money. And

115
00:06:32,960 --> 00:06:35,839
Speaker 1: there's this thing called the saving rate, and it's skyrocketed.

116
00:06:36,080 --> 00:06:40,120
Speaker 1: It took off like a like Elon Musk spaceship. I mean,

117
00:06:40,160 --> 00:06:44,559
Speaker 1: it just boomed because everybody was saving all of their cash.

118
00:06:44,600 --> 00:06:47,520
Speaker 1: So what Calvin saying, folks, is that come the summer,

119
00:06:47,880 --> 00:06:52,120
Speaker 1: hopefully if Mayor Bowser opens up the economy and others

120
00:06:52,279 --> 00:06:56,200
Speaker 1: given the scientific data, that it would allow for people

121
00:06:56,279 --> 00:06:58,839
Speaker 1: to inject liquidity into the economy because they're going to

122
00:06:58,880 --> 00:07:01,599
Speaker 1: want to spend. Is that what I'm here in, Calvin. Yes,

123
00:07:01,680 --> 00:07:03,960
Speaker 1: that is, and the numbers are going to be bigger

124
00:07:03,960 --> 00:07:06,320
Speaker 1: than what we saw from March because those restrictions only

125
00:07:06,560 --> 00:07:09,560
Speaker 1: get got put in halfway through the month. So this

126
00:07:09,640 --> 00:07:12,240
Speaker 1: is saying that there the economy was on pretty good

127
00:07:12,320 --> 00:07:15,040
Speaker 1: ground before this crisis hit, and there are many people

128
00:07:15,040 --> 00:07:17,280
Speaker 1: who will be ready to come back. They won't come

129
00:07:17,280 --> 00:07:19,679
Speaker 1: back right away because the virus is still an issue,

130
00:07:20,000 --> 00:07:21,680
Speaker 1: but this is something that's going to be a good

131
00:07:21,680 --> 00:07:24,160
Speaker 1: shock absorber for the economy once we're able to go

132
00:07:24,240 --> 00:07:27,520
Speaker 1: back out of our of our houses. All right, Calvin

133
00:07:27,520 --> 00:07:29,840
Speaker 1: snore one final note in the minute or so that

134
00:07:29,840 --> 00:07:31,960
Speaker 1: we have left. Just from a technical perspective, I don't

135
00:07:31,960 --> 00:07:33,640
Speaker 1: mean to put you on the spot. One of the

136
00:07:33,720 --> 00:07:36,600
Speaker 1: things I was just fascinated to learn in my reporting

137
00:07:37,200 --> 00:07:42,240
Speaker 1: is at the technological disadvantages that several states have. They

138
00:07:42,240 --> 00:07:45,720
Speaker 1: don't even have the computer capacity to file all of

139
00:07:45,720 --> 00:07:49,000
Speaker 1: the unemployment claims. As an as an economist, that's got

140
00:07:49,000 --> 00:07:51,520
Speaker 1: to give you pause because you rely on that data

141
00:07:51,640 --> 00:07:54,880
Speaker 1: to make forecasts. Well, we rely on the data. But

142
00:07:54,960 --> 00:07:57,240
Speaker 1: they spent the money to deal with the level of

143
00:07:57,360 --> 00:08:00,640
Speaker 1: claims that they expected. And if you looked several months

144
00:08:00,680 --> 00:08:03,680
Speaker 1: ago and dougus plans were two hundred thousand a week

145
00:08:03,760 --> 00:08:06,640
Speaker 1: instead of five million or six million, they just got

146
00:08:06,720 --> 00:08:09,800
Speaker 1: line so that they couldn't mantonsipate this change. All right,

147
00:08:09,880 --> 00:08:12,480
Speaker 1: Calvin Schnore, senior economists over at a Red, thank you

148
00:08:12,520 --> 00:08:14,840
Speaker 1: so much for joining us. Coming up an exclusive interview

149
00:08:15,040 --> 00:08:19,000
Speaker 1: with the Department of Labor Secretary Scalia, Eugene Scalia. And

150
00:08:19,200 --> 00:08:22,000
Speaker 1: you can download Bloomberg Sound On podcasts on Apple iTunes,

151
00:08:22,040 --> 00:08:25,040
Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business app.

152
00:08:25,080 --> 00:08:27,000
Speaker 1: You can also find me on Radio dot com, I

153
00:08:27,160 --> 00:08:30,080
Speaker 1: Heart Radio, and Spotify. My name is Kevin Serelli. I'm

154
00:08:30,080 --> 00:08:33,520
Speaker 1: the chief Washington correspondent for Bloomberg TV and Radio. More data,

155
00:08:33,640 --> 00:08:36,360
Speaker 1: more politics, and more policy. Up next, you're listening to

156
00:08:36,360 --> 00:08:49,720
Speaker 1: Bloomberg One. You're listening to Bloomberg Sound On with Kevin

157
00:08:49,760 --> 00:08:53,719
Speaker 1: sirelate on Bloomberg and one oh five point seven f

158
00:08:53,840 --> 00:08:57,520
Speaker 1: M h D two. I'm Kevin Sereli, Chief Washington correspondent

159
00:08:57,559 --> 00:09:00,760
Speaker 1: for Bloomberg Television and for Bloomberg Radio. And coming up,

160
00:09:01,040 --> 00:09:03,760
Speaker 1: we're also going to check in with Richard Fowler and

161
00:09:03,880 --> 00:09:07,200
Speaker 1: Ron bon Jene. Richard Fowler are Democratic insider, Ron a

162
00:09:07,280 --> 00:09:11,680
Speaker 1: partner at Rock Solutions, are Republican insider about all of

163
00:09:11,720 --> 00:09:13,880
Speaker 1: the latest in the political world. But we have to

164
00:09:13,960 --> 00:09:18,600
Speaker 1: keep with this conversation about jobless claims and unemployment claims

165
00:09:18,679 --> 00:09:23,080
Speaker 1: rather with more than thirty million Americans filing for unemployment

166
00:09:23,640 --> 00:09:27,160
Speaker 1: since the start of the pandemic and three point eight

167
00:09:27,280 --> 00:09:30,680
Speaker 1: last week, and it appears, according to the data that

168
00:09:30,720 --> 00:09:33,040
Speaker 1: the worst might be behind us. But I had I

169
00:09:33,080 --> 00:09:35,040
Speaker 1: sat down at the Labor Department. Yes, I went out

170
00:09:35,080 --> 00:09:37,800
Speaker 1: to the Labor Department today, UH for Bloomberg Television and

171
00:09:37,800 --> 00:09:41,560
Speaker 1: Bloomberg Radio, to to meet with the Labor Secretary. And

172
00:09:42,320 --> 00:09:44,120
Speaker 1: I'm gonna just play for you, to play for you

173
00:09:44,200 --> 00:09:48,079
Speaker 1: the entire interview that I did with Labor Secretary Eugene Scalia.

174
00:09:48,160 --> 00:09:52,400
Speaker 1: Here it is these unemployment filings are hard to see.

175
00:09:52,480 --> 00:09:56,559
Speaker 1: We recognize that each one of those filings is a

176
00:09:56,800 --> 00:10:00,400
Speaker 1: worker and potentially a family that UH is on hard

177
00:10:00,400 --> 00:10:03,040
Speaker 1: times now out of work because of what we're trying

178
00:10:03,040 --> 00:10:06,880
Speaker 1: to do to fight the coronavirus um and we're obviously

179
00:10:06,920 --> 00:10:10,000
Speaker 1: doing all we can to help the states deliver unemployment

180
00:10:10,000 --> 00:10:13,920
Speaker 1: benefits to them. Uh, it does appear that the filings

181
00:10:14,080 --> 00:10:17,760
Speaker 1: have crested. The number is declining. We don't know the

182
00:10:17,800 --> 00:10:20,760
Speaker 1: extent to which the filings that we reported today was

183
00:10:20,760 --> 00:10:23,600
Speaker 1: about three point nine million, very large number. We don't

184
00:10:23,640 --> 00:10:27,240
Speaker 1: know the extent to which that reflects a backlog. Um.

185
00:10:28,080 --> 00:10:30,120
Speaker 1: You know, at the same time we're getting these filings, though,

186
00:10:30,320 --> 00:10:34,839
Speaker 1: we are looking forward, states are beginning to reopen, and

187
00:10:34,920 --> 00:10:37,960
Speaker 1: so we look at the prospect that within just weeks

188
00:10:38,000 --> 00:10:39,880
Speaker 1: some of these people who've been filing will be able

189
00:10:39,880 --> 00:10:42,960
Speaker 1: to go back to work. It's just previous interviews. I mean.

190
00:10:42,960 --> 00:10:45,360
Speaker 1: The backlog is important for two reasons. First and foremost

191
00:10:45,400 --> 00:10:47,400
Speaker 1: from a data perspective, to make sure that we know

192
00:10:47,520 --> 00:10:50,400
Speaker 1: precisely the number of Americans who are in need of this,

193
00:10:50,480 --> 00:10:54,600
Speaker 1: but also for individuals to actually get the financial assistance

194
00:10:54,640 --> 00:10:57,800
Speaker 1: that they need to sustain. Is there anything that counters

195
00:10:57,840 --> 00:11:01,240
Speaker 1: can do to speed along that process so that people

196
00:11:01,280 --> 00:11:05,280
Speaker 1: can get that money. Well, one of the critical provisions

197
00:11:05,280 --> 00:11:08,640
Speaker 1: of the Cares Act, which the President signed at the

198
00:11:08,720 --> 00:11:12,560
Speaker 1: end of March, was really extraordinary additional six dollars a

199
00:11:12,600 --> 00:11:16,199
Speaker 1: week in unemployment for Americans who are put out of

200
00:11:16,240 --> 00:11:20,240
Speaker 1: work because of the coronavirus. We've been working just every

201
00:11:20,320 --> 00:11:23,440
Speaker 1: day as closely as we can with the states to

202
00:11:23,440 --> 00:11:26,360
Speaker 1: to help get these payments out. The states have what

203
00:11:26,559 --> 00:11:30,240
Speaker 1: have proved to be very old computer systems, and they

204
00:11:30,280 --> 00:11:33,720
Speaker 1: were understaffed and that is cause delays. We're trying, We're

205
00:11:33,760 --> 00:11:36,120
Speaker 1: we're doing all we can to help them. I've been

206
00:11:36,160 --> 00:11:39,400
Speaker 1: in communication with members of Congress about getting that done too,

207
00:11:39,440 --> 00:11:41,719
Speaker 1: so we'll we'll continue to support them as they get

208
00:11:41,720 --> 00:11:44,400
Speaker 1: those payments. So this is a follow up on that point.

209
00:11:44,440 --> 00:11:47,160
Speaker 1: Just from a basic standpoint, Congress might be able to

210
00:11:47,200 --> 00:11:50,680
Speaker 1: provide maybe some technological infrastructure so to help some of

211
00:11:50,679 --> 00:11:53,319
Speaker 1: those states that are struggling to keep up. Well, something

212
00:11:53,360 --> 00:11:55,880
Speaker 1: we've done is we've offered to put every state in

213
00:11:56,000 --> 00:12:00,040
Speaker 1: touch with something called the US Digital Service. It's a

214
00:12:00,120 --> 00:12:03,440
Speaker 1: tech group actually within the Executive Office of the President,

215
00:12:03,520 --> 00:12:05,520
Speaker 1: and they've now been working with a number of states

216
00:12:06,040 --> 00:12:07,880
Speaker 1: to help them with their computers. I did talk to

217
00:12:07,920 --> 00:12:11,080
Speaker 1: one governor who he actually had to go to lot

218
00:12:11,160 --> 00:12:14,640
Speaker 1: Via to find people who knew the computer system that

219
00:12:14,720 --> 00:12:17,200
Speaker 1: his state had because it was that old. So I

220
00:12:17,240 --> 00:12:20,480
Speaker 1: think as we come out of this pandemic, there will

221
00:12:20,559 --> 00:12:23,720
Speaker 1: be an occasion to consider what we should be doing

222
00:12:23,720 --> 00:12:26,080
Speaker 1: differently going forward. And I think that the States will

223
00:12:26,120 --> 00:12:30,400
Speaker 1: want to enhance their systems and just in terms of

224
00:12:30,640 --> 00:12:34,040
Speaker 1: making sure that benefits haven't been expanded so much so

225
00:12:34,200 --> 00:12:37,120
Speaker 1: that people are disincentivized to work. I mean, that's something

226
00:12:37,160 --> 00:12:39,800
Speaker 1: that I think Washington wants to see, is for people

227
00:12:39,840 --> 00:12:44,080
Speaker 1: to return to work. I've interviewed Republicans in the past

228
00:12:44,080 --> 00:12:47,040
Speaker 1: several weeks are concerned about that that there that there

229
00:12:47,120 --> 00:12:50,280
Speaker 1: might be a disincentive for people to return to work. UM,

230
00:12:50,320 --> 00:12:54,120
Speaker 1: what are your thoughts on that? Uh, unemployment is an

231
00:12:54,160 --> 00:12:57,880
Speaker 1: important safety net and it was important the president, Uh,

232
00:12:59,440 --> 00:13:02,720
Speaker 1: especially now, it was important to the President to provide

233
00:13:03,040 --> 00:13:06,080
Speaker 1: an extra measure support to Americans who are really making

234
00:13:06,080 --> 00:13:09,960
Speaker 1: a sacrifice for our national health. Um. You know that

235
00:13:10,120 --> 00:13:13,200
Speaker 1: said unemployment is never our first choice. Our first choice

236
00:13:13,240 --> 00:13:15,840
Speaker 1: is that people be able to go to work, be

237
00:13:15,840 --> 00:13:18,840
Speaker 1: able to go back to work. And as we reopen,

238
00:13:19,120 --> 00:13:22,199
Speaker 1: people who have been receiving unemployment should go back to work. Obviously,

239
00:13:22,240 --> 00:13:25,199
Speaker 1: you can't get unemployment if your employers saying hey, come

240
00:13:25,200 --> 00:13:28,920
Speaker 1: back and please rejoin US or UH, and nor can

241
00:13:28,960 --> 00:13:31,200
Speaker 1: you quit a job in order to get unemployment And

242
00:13:31,880 --> 00:13:33,760
Speaker 1: we'll make sure that the states, so we've talked to

243
00:13:33,800 --> 00:13:36,240
Speaker 1: them about the need to focus on that aspect of it,

244
00:13:36,559 --> 00:13:39,440
Speaker 1: and actually our Inspector General will be looking into the

245
00:13:39,520 --> 00:13:42,440
Speaker 1: state's UH efforts to bring people back to work, which

246
00:13:42,440 --> 00:13:45,800
Speaker 1: again is what we want. So it's to that point

247
00:13:46,080 --> 00:13:50,480
Speaker 1: the expansion of these benefits is temporary for once we're

248
00:13:50,520 --> 00:13:53,520
Speaker 1: once COVID night seen this behind us. Well, that's right

249
00:13:53,640 --> 00:13:56,240
Speaker 1: that what Congress UH and the President provided in the

250
00:13:56,280 --> 00:13:59,480
Speaker 1: Cares Act was an additional six dollars a week and

251
00:13:59,559 --> 00:14:02,400
Speaker 1: unemployment insurance. And by the way, it also was extended

252
00:14:02,440 --> 00:14:05,640
Speaker 1: to the self employed, to gig workers and Uber drivers,

253
00:14:05,679 --> 00:14:09,360
Speaker 1: which again was unprecedented on the scale, but I think needed,

254
00:14:10,000 --> 00:14:12,400
Speaker 1: but needed for a period of time, and it will

255
00:14:12,440 --> 00:14:15,920
Speaker 1: expire in July, and I think that matches up well

256
00:14:15,920 --> 00:14:17,640
Speaker 1: with the time by which we would hope that so

257
00:14:17,640 --> 00:14:19,600
Speaker 1: many people can be back on their jobs. Every time

258
00:14:19,640 --> 00:14:23,400
Speaker 1: we talked about jobless numbers and the unemployment rate pre COVID,

259
00:14:23,480 --> 00:14:25,880
Speaker 1: I seen one of the conversations behind the scenes is

260
00:14:25,920 --> 00:14:29,080
Speaker 1: about the way that the Labor Department is able to

261
00:14:29,120 --> 00:14:31,920
Speaker 1: assess data and to assess, as you mentioned, the gig

262
00:14:31,920 --> 00:14:36,160
Speaker 1: economy as well as UH, internet sales and whatnot. UH

263
00:14:36,400 --> 00:14:38,520
Speaker 1: is that can you I know this has been something

264
00:14:38,520 --> 00:14:41,000
Speaker 1: that you've done since one of the things that your

265
00:14:41,040 --> 00:14:44,400
Speaker 1: team has been working on since you assume this position.

266
00:14:44,440 --> 00:14:47,000
Speaker 1: Can you just explain that to our audience about how

267
00:14:47,040 --> 00:14:51,640
Speaker 1: important that modern modernization of data for these numbers is

268
00:14:51,720 --> 00:14:54,760
Speaker 1: to to you and especially in this moment. Well, Uh,

269
00:14:55,200 --> 00:14:58,440
Speaker 1: one part of the Labor Department, actually pretty large agency

270
00:14:58,520 --> 00:15:01,320
Speaker 1: in the Department is the be Arrow of Labor Statistics,

271
00:15:01,360 --> 00:15:05,400
Speaker 1: and that's the agency that compiles up the data we

272
00:15:05,440 --> 00:15:07,960
Speaker 1: put out, for example, every month about what the unemployment

273
00:15:08,040 --> 00:15:10,520
Speaker 1: rate is. Will be doing that on May eight. That's

274
00:15:10,520 --> 00:15:13,120
Speaker 1: an important agency, as you say, because it gives us

275
00:15:13,120 --> 00:15:15,960
Speaker 1: a gauge on our economy, which until weeks ago was

276
00:15:16,000 --> 00:15:19,680
Speaker 1: just just absolutely roaring. And let me just remind people

277
00:15:19,680 --> 00:15:22,720
Speaker 1: of that that as hard as it is to see

278
00:15:22,720 --> 00:15:27,080
Speaker 1: these unemployment numbers, we came about this period of unemployment

279
00:15:27,080 --> 00:15:30,400
Speaker 1: by a very different path than saying the Great Recession,

280
00:15:30,400 --> 00:15:33,360
Speaker 1: which gives me hope for a very different way out,

281
00:15:33,360 --> 00:15:36,040
Speaker 1: a quicker way out. UM. But dat wall will be

282
00:15:36,040 --> 00:15:38,520
Speaker 1: important to that and I have had discussions with the

283
00:15:38,520 --> 00:15:42,320
Speaker 1: head of the Beer of Labor Statistics about refinements and

284
00:15:42,600 --> 00:15:45,320
Speaker 1: challenges to data gathering that that are posed during the

285
00:15:45,840 --> 00:15:48,080
Speaker 1: during the pandemic, and we're focused on making sure that

286
00:15:48,120 --> 00:15:50,880
Speaker 1: we're able to continue to collect that data. Was of

287
00:15:50,960 --> 00:15:55,520
Speaker 1: interview with Labor Secretary Eugene Scalia, and coming up next,

288
00:15:55,520 --> 00:15:59,240
Speaker 1: we check in with our all star political panel Rachel,

289
00:15:59,520 --> 00:16:03,040
Speaker 1: Richard Holler and Ron Bond Gene. You can download the

290
00:16:03,040 --> 00:16:06,800
Speaker 1: Bloomberg You can download the sound on podcast on Apple iTunes,

291
00:16:06,800 --> 00:16:09,600
Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business app.

292
00:16:09,600 --> 00:16:12,200
Speaker 1: You can also find us on Radio dot com, I

293
00:16:12,360 --> 00:16:15,440
Speaker 1: Heart Radio, and Spotify. And I just kind of doubled

294
00:16:15,480 --> 00:16:17,920
Speaker 1: down on this point, folks, because it's a really interesting

295
00:16:17,960 --> 00:16:20,840
Speaker 1: point that there are several states that can't keep up

296
00:16:20,840 --> 00:16:23,080
Speaker 1: with all the filings of the jobless claims because they

297
00:16:23,120 --> 00:16:25,360
Speaker 1: don't have the right computer equipment. They don't have the

298
00:16:25,440 --> 00:16:28,440
Speaker 1: right computers. So it's it's just this is this is

299
00:16:28,640 --> 00:16:32,280
Speaker 1: put pressure on every facet of our economy, right down

300
00:16:32,320 --> 00:16:34,720
Speaker 1: to the computers. I'm Kevin Sireli, Chief Washington correspondent for

301
00:16:34,760 --> 00:16:37,880
Speaker 1: Bloomberg TV and Radio, and you're listening to Bloomberg nine one.

302
00:16:42,000 --> 00:16:45,520
Speaker 1: You're listening to Bloomberg Sound on with Kevin sirelate on

303
00:16:45,600 --> 00:16:49,040
Speaker 1: Bloomberg and one oh five point seven f m h

304
00:16:49,160 --> 00:16:55,000
Speaker 1: D two chas and surreally cheap? Why should you correspondent

305
00:16:55,120 --> 00:16:58,040
Speaker 1: for Bloomberg Television and Bloomberg Radio? And I gotta tell

306
00:16:58,080 --> 00:17:01,880
Speaker 1: you that video chat of our remote our remote control

307
00:17:01,960 --> 00:17:04,760
Speaker 1: work from home next see zoom. I don't know. I

308
00:17:05,000 --> 00:17:07,119
Speaker 1: felt I feel like I'm gonna any glasses by the

309
00:17:07,200 --> 00:17:10,080
Speaker 1: time Mayor Bowser finally opens up the city again, because

310
00:17:10,080 --> 00:17:12,719
Speaker 1: I'm gonna be staring at so many screens. Mayor Bowser,

311
00:17:13,800 --> 00:17:15,680
Speaker 1: I got so many questions for her. I wish she

312
00:17:15,680 --> 00:17:18,840
Speaker 1: would give me an interview. Come on Mayor's office. Anyway,

313
00:17:18,960 --> 00:17:21,960
Speaker 1: back to politics. I'm Kevin Cirelli, Chief Washington correspondent for

314
00:17:22,000 --> 00:17:25,359
Speaker 1: Bloomberg TV and Bloomberg Radio. And two folks who were

315
00:17:25,480 --> 00:17:30,000
Speaker 1: on hold, Richard Fowler, Democratic nationally syndicated radio show host

316
00:17:30,040 --> 00:17:32,359
Speaker 1: and a Fox News contributor, and Ron band Jeene partner

317
00:17:32,520 --> 00:17:34,440
Speaker 1: Rock Solutions. Hey, Richard, do you know anyone in Mayor

318
00:17:34,480 --> 00:17:38,240
Speaker 1: Bowser's office? Can you get me an interview? Listen see

319
00:17:38,280 --> 00:17:41,040
Speaker 1: what I can do? All right, I appreciate that Mayor

320
00:17:41,200 --> 00:17:44,639
Speaker 1: Mayor Bowser. Mayor Bowser, come talk to us, and ron

321
00:17:44,720 --> 00:17:46,399
Speaker 1: ban Gene, I don't know. Do you know anyone in

322
00:17:46,440 --> 00:17:50,680
Speaker 1: the mayor's office run? I don't know anyone. Wish I did,

323
00:17:52,320 --> 00:17:55,040
Speaker 1: all right, So let's go broad UH in terms of

324
00:17:55,119 --> 00:17:58,720
Speaker 1: what's been going on with UH, because you know, look

325
00:17:58,920 --> 00:18:02,520
Speaker 1: the allegations from the nineteen nineties for the likely now

326
00:18:02,600 --> 00:18:07,600
Speaker 1: Democratic presidential nominee Joe Biden, former Vice president Joe Biden

327
00:18:07,760 --> 00:18:10,440
Speaker 1: and Tara Reads allegations. Now he's going to be giving

328
00:18:10,440 --> 00:18:14,880
Speaker 1: an interview either tonight or tomorrow to MSNBC to address

329
00:18:14,920 --> 00:18:18,440
Speaker 1: these allegations. But on the left, Richard, I mean everyone's

330
00:18:18,440 --> 00:18:20,720
Speaker 1: talking about this to the president of me Too, to

331
00:18:20,840 --> 00:18:23,800
Speaker 1: the president of Senator Kirston jilla Brand who called out

332
00:18:23,880 --> 00:18:26,320
Speaker 1: Bill Clinton, remember that a couple of months ago or

333
00:18:26,440 --> 00:18:30,200
Speaker 1: last year, and and where this stands. You know, I

334
00:18:30,240 --> 00:18:32,800
Speaker 1: don't want to litigate this. I'm not a lawyer, but

335
00:18:32,960 --> 00:18:36,280
Speaker 1: I do want to you know, having covered the last election,

336
00:18:36,359 --> 00:18:39,680
Speaker 1: President Trump is gonna absolutely and the Republicans are going

337
00:18:39,760 --> 00:18:43,240
Speaker 1: to bring this up. Richard, No, I think the Republicans

338
00:18:43,280 --> 00:18:44,600
Speaker 1: are going to bring it up. I think the problem

339
00:18:44,720 --> 00:18:47,440
Speaker 1: and the Republicans bring this argument up is that there's

340
00:18:47,480 --> 00:18:49,800
Speaker 1: twelve women that have accused president but Donald Trump bo

341
00:18:50,359 --> 00:18:53,800
Speaker 1: what is being what what vice president? Vice president accused

342
00:18:53,800 --> 00:18:55,760
Speaker 1: of number one and number two? I mean, I think

343
00:18:55,760 --> 00:18:57,560
Speaker 1: a couple of weeks ago a woman came forward and

344
00:18:58,920 --> 00:19:02,159
Speaker 1: then the vice the president raped her, all allegations. But

345
00:19:02,320 --> 00:19:04,200
Speaker 1: this information is also out there for him, just like

346
00:19:04,320 --> 00:19:06,040
Speaker 1: it might be for the purpose. Let me start it

347
00:19:06,160 --> 00:19:08,280
Speaker 1: up with you and the president and more abundant, let

348
00:19:08,359 --> 00:19:11,200
Speaker 1: me follow up with you on this. How what does

349
00:19:11,600 --> 00:19:14,800
Speaker 1: Biden need to do to get this behind him, not

350
00:19:15,040 --> 00:19:19,840
Speaker 1: necessarily from Republican standpoint, but to stop the fighting, all

351
00:19:19,880 --> 00:19:21,640
Speaker 1: of the fighting that's been going on on the left

352
00:19:21,720 --> 00:19:24,440
Speaker 1: over this. You know you got a Lissa Milano and

353
00:19:24,520 --> 00:19:28,879
Speaker 1: that you know there there, it's all over social media. Well,

354
00:19:29,040 --> 00:19:30,800
Speaker 1: I think the vice president does have to sit down

355
00:19:30,840 --> 00:19:32,960
Speaker 1: and have a conversation with the American people. I think

356
00:19:33,040 --> 00:19:34,879
Speaker 1: that's what talking about the fact that he's doing an

357
00:19:34,920 --> 00:19:37,040
Speaker 1: interview is a step in the right direction. I think

358
00:19:37,080 --> 00:19:39,840
Speaker 1: he does an interview, he says he's innocument these charges,

359
00:19:40,160 --> 00:19:42,360
Speaker 1: he'll have a chance to address the American people, which

360
00:19:42,400 --> 00:19:44,720
Speaker 1: in this case, because like in the case of Donald Trump,

361
00:19:45,000 --> 00:19:47,879
Speaker 1: where the jury in this case and in how this

362
00:19:47,960 --> 00:19:49,399
Speaker 1: will turn out there, it will be the voters of

363
00:19:49,440 --> 00:19:51,840
Speaker 1: this country that make the final determination on that and

364
00:19:51,960 --> 00:19:55,280
Speaker 1: nothing having this conversation, putting it out there to the

365
00:19:55,320 --> 00:19:58,840
Speaker 1: American people and moving from there, the ron the president

366
00:19:58,920 --> 00:20:01,879
Speaker 1: is about to hit an ad lets and uh, the

367
00:20:01,920 --> 00:20:04,600
Speaker 1: president is about to hit an abletz with with re

368
00:20:04,760 --> 00:20:08,280
Speaker 1: election efforts and whatnot. But I mean, is this going

369
00:20:08,320 --> 00:20:10,359
Speaker 1: to be a line of attack that comes from Republicans

370
00:20:10,520 --> 00:20:14,200
Speaker 1: between now and November? I would think so. I think,

371
00:20:14,359 --> 00:20:16,800
Speaker 1: you know, it's it's a good idea for Joe Biden

372
00:20:16,920 --> 00:20:20,160
Speaker 1: to get out there and start talking that yet again.

373
00:20:20,320 --> 00:20:22,800
Speaker 1: But then again, it's a bad idea for Joe Biden

374
00:20:22,880 --> 00:20:25,520
Speaker 1: to get out there and for talking uh. And what

375
00:20:25,680 --> 00:20:28,280
Speaker 1: I mean by that is he needs to he needs

376
00:20:28,320 --> 00:20:30,960
Speaker 1: to talk about this. I mean it's growing, it's growing,

377
00:20:31,080 --> 00:20:33,240
Speaker 1: you know, the news is growing that he hasn't addressed it.

378
00:20:33,880 --> 00:20:36,840
Speaker 1: Now he will. At the same time, he has such

379
00:20:36,920 --> 00:20:39,200
Speaker 1: a pension for going off message and to be in

380
00:20:39,680 --> 00:20:43,000
Speaker 1: if this interview is a softball interview, it's not gonna

381
00:20:43,080 --> 00:20:46,720
Speaker 1: fly with the American people. Well, what more of a

382
00:20:46,840 --> 00:20:50,359
Speaker 1: demand for a fair some type of fair interview? And

383
00:20:50,440 --> 00:20:52,640
Speaker 1: if he goes off message, this whole thing old side

384
00:20:52,680 --> 00:20:55,160
Speaker 1: wine for hum Well, this is what I mean, Why

385
00:20:55,240 --> 00:20:59,720
Speaker 1: aren't these It's it's you raised the point. I think

386
00:20:59,760 --> 00:21:02,560
Speaker 1: that we've had this conversation on this program time and

387
00:21:02,600 --> 00:21:07,200
Speaker 1: time again about how do you litigate these things? You

388
00:21:07,320 --> 00:21:10,879
Speaker 1: can't litigate Can you litigate them I won't opine. Can

389
00:21:10,960 --> 00:21:15,159
Speaker 1: you litigate them through uh social or through media? Can

390
00:21:15,240 --> 00:21:17,560
Speaker 1: you litigate them through the courts the judicial way? Or

391
00:21:17,640 --> 00:21:19,920
Speaker 1: can you litigate them in the issue of Kavanaugh in

392
00:21:20,000 --> 00:21:21,920
Speaker 1: the halls of Congress? And so I think it's just,

393
00:21:22,440 --> 00:21:27,680
Speaker 1: you know, it's such a politicized, polarized time. So it

394
00:21:27,720 --> 00:21:30,360
Speaker 1: will be fascinating to see what what former Vice President

395
00:21:30,640 --> 00:21:33,720
Speaker 1: Joe Biden says in that interview with MSNBC. Moving on

396
00:21:34,359 --> 00:21:37,240
Speaker 1: as it relates to the COVID nineteen and how Biden

397
00:21:37,680 --> 00:21:39,840
Speaker 1: Richard Fowler is going to have to put out some

398
00:21:40,000 --> 00:21:43,879
Speaker 1: type of massive economic overhaul plan. How is he going

399
00:21:43,960 --> 00:21:46,399
Speaker 1: to be able to get attention at a time in

400
00:21:46,480 --> 00:21:49,520
Speaker 1: which thirty million Americans have filed for unemployment and their

401
00:21:49,560 --> 00:21:53,280
Speaker 1: focused literally about when can they get not even if

402
00:21:53,320 --> 00:21:55,639
Speaker 1: they can get a job, when can they even get

403
00:21:55,720 --> 00:21:57,639
Speaker 1: to the point of asking themselves that they can go

404
00:21:57,720 --> 00:22:01,040
Speaker 1: apply for a new job. I think that is a

405
00:22:01,080 --> 00:22:03,040
Speaker 1: great question. I think that's the question that you're I

406
00:22:03,080 --> 00:22:05,080
Speaker 1: think you're going to see the Biding campaigne slowly roll

407
00:22:05,160 --> 00:22:07,920
Speaker 1: that out. We've already seen them roll out some policy

408
00:22:08,560 --> 00:22:11,800
Speaker 1: around student loan reform um. He talked about some level

409
00:22:11,840 --> 00:22:14,200
Speaker 1: of forgiveness. He's sort of pushing a manager that's also

410
00:22:14,280 --> 00:22:17,480
Speaker 1: being pushed by similar menasering pushed by members of Congress

411
00:22:17,760 --> 00:22:20,320
Speaker 1: to sort of forgive some levels to the loan debt um.

412
00:22:20,400 --> 00:22:21,719
Speaker 1: I think that's gonna be part of it. But it's

413
00:22:21,760 --> 00:22:23,800
Speaker 1: gonna be a multi factor approach, right, It's gonna be

414
00:22:24,200 --> 00:22:26,160
Speaker 1: how do you do with the health of the American people?

415
00:22:26,560 --> 00:22:29,080
Speaker 1: To how do you deal with the economy? And three

416
00:22:29,160 --> 00:22:31,359
Speaker 1: how do you deal with bringing America together in a

417
00:22:31,480 --> 00:22:37,880
Speaker 1: time of global pandemic ron Yeah, I I think Look,

418
00:22:38,080 --> 00:22:40,520
Speaker 1: it's always a good idea for candidates to put out plans.

419
00:22:40,640 --> 00:22:42,440
Speaker 1: You have to, you have to show a vision for

420
00:22:42,960 --> 00:22:45,280
Speaker 1: how you're going to move the country forward. However, I

421
00:22:45,400 --> 00:22:48,239
Speaker 1: think Joe Biden represents the old guard, and he's more

422
00:22:48,280 --> 00:22:51,000
Speaker 1: old news and frankly, he's just he's getting up there

423
00:22:51,040 --> 00:22:55,359
Speaker 1: in age and and and I don't think he's particularly effective.

424
00:22:55,760 --> 00:22:58,000
Speaker 1: I mean the President is in his seventies as well.

425
00:22:58,640 --> 00:23:00,240
Speaker 1: At the same time, though he comes acros us like

426
00:23:00,280 --> 00:23:03,000
Speaker 1: a four year old with the constant energy that he

427
00:23:03,080 --> 00:23:05,840
Speaker 1: keeps putting out there. I think it really boils down

428
00:23:05,920 --> 00:23:11,720
Speaker 1: to October and how many millions Americans are still unemployed?

429
00:23:11,840 --> 00:23:13,760
Speaker 1: Are we seeing light at the end of this tunnel?

430
00:23:14,040 --> 00:23:17,560
Speaker 1: Are people getting back to work? Um? Plans are planned,

431
00:23:18,080 --> 00:23:21,760
Speaker 1: but you have to show that optimistic, optimistic vision and

432
00:23:21,800 --> 00:23:25,760
Speaker 1: I don't think Joe Biden has it. Richard Rebottle from

433
00:23:25,840 --> 00:23:32,639
Speaker 1: Richard Fowler, do we lose Richard, I'm still here. I

434
00:23:32,720 --> 00:23:35,320
Speaker 1: guess you're thinking. I guess you're thinking a rebuttal. I

435
00:23:35,359 --> 00:23:39,080
Speaker 1: want to give me the rebuttle that you have for Ron. Look, man,

436
00:23:39,160 --> 00:23:40,800
Speaker 1: I think it's pretty simple. It goes down to this,

437
00:23:41,040 --> 00:23:44,440
Speaker 1: this whole election, this um you know, this plan and

438
00:23:44,520 --> 00:23:47,320
Speaker 1: will come down to who is when people go to

439
00:23:47,400 --> 00:23:51,520
Speaker 1: the polls. It will be a life be But will

440
00:23:51,560 --> 00:23:54,320
Speaker 1: there be as close to their life pros colovid nineteen

441
00:23:54,359 --> 00:23:55,600
Speaker 1: And that's what the president is going to have to

442
00:23:55,680 --> 00:23:58,080
Speaker 1: run on. Whatever that is. Understanding that what we see

443
00:23:58,119 --> 00:24:00,680
Speaker 1: happening in the marketplaces, this stores like the markets are

444
00:24:00,680 --> 00:24:03,480
Speaker 1: shutting down towards like so it's like gaps are on

445
00:24:03,600 --> 00:24:05,639
Speaker 1: the road. It's like bed, bath, body, and beyond on

446
00:24:05,720 --> 00:24:08,680
Speaker 1: the road, and smaller businesses on the road came washing

447
00:24:08,760 --> 00:24:12,879
Speaker 1: NBC could be of a staple of this country, a

448
00:24:12,920 --> 00:24:15,560
Speaker 1: staple of the city could be closing down because they're

449
00:24:15,600 --> 00:24:17,879
Speaker 1: on the road. They're not closing down. Listen, I had

450
00:24:19,800 --> 00:24:22,320
Speaker 1: They're not closing now, bubb and pops, they're my uncle's there.

451
00:24:22,320 --> 00:24:24,560
Speaker 1: They're all coming back. Listen. I'm an optimist. Okay, I'm

452
00:24:24,560 --> 00:24:27,440
Speaker 1: an optimist. Let me move on in terms of because

453
00:24:27,480 --> 00:24:30,400
Speaker 1: you know, I mean it looks like I still respectfully

454
00:24:30,480 --> 00:24:33,320
Speaker 1: to the Biden campaign. I don't know how they're gonna

455
00:24:33,720 --> 00:24:35,600
Speaker 1: I think the biggest hurdle that they have to clear

456
00:24:35,720 --> 00:24:38,320
Speaker 1: is how do they penetrate into people's homes right now

457
00:24:38,880 --> 00:24:42,640
Speaker 1: to get their attention, because quite frankly, Americans have much

458
00:24:42,760 --> 00:24:46,120
Speaker 1: bigger issues on their mind, like putting food on their

459
00:24:46,119 --> 00:24:48,639
Speaker 1: plate and how they're gonna get money when thirty million

460
00:24:48,680 --> 00:24:52,440
Speaker 1: Americans are filing for unemployment and thirty million families. Okay,

461
00:24:52,480 --> 00:24:55,840
Speaker 1: so that's even that trickled down. It's it's too depressing

462
00:24:55,880 --> 00:24:59,000
Speaker 1: to try to comprehend. And and so you know, for Biden.

463
00:24:59,080 --> 00:25:01,520
Speaker 1: These these interviews and the tweets and whatnot. You know,

464
00:25:01,600 --> 00:25:03,320
Speaker 1: I want to see. I want to see. I want

465
00:25:03,320 --> 00:25:05,639
Speaker 1: to see what their what their strategy is gonna because I,

466
00:25:06,040 --> 00:25:08,919
Speaker 1: you know, I don't see it. Justin Amash is launching

467
00:25:08,960 --> 00:25:11,800
Speaker 1: a third party bid. Did you see this? Justin Amash

468
00:25:11,880 --> 00:25:15,200
Speaker 1: wants to destroy the system that created Donald Trump? This

469
00:25:15,280 --> 00:25:18,840
Speaker 1: according to Tim Alberta's headline in political magazine Ron, are

470
00:25:18,880 --> 00:25:23,560
Speaker 1: you scared about? Are you scared and worried about Justin Amash? Uh? No,

471
00:25:23,880 --> 00:25:27,560
Speaker 1: not not at all. What's he doing that? I really

472
00:25:27,720 --> 00:25:30,400
Speaker 1: just calling attention to himself. I think he said he's

473
00:25:30,400 --> 00:25:32,480
Speaker 1: sitting at home and he's bored and he's trying to

474
00:25:32,520 --> 00:25:36,200
Speaker 1: figure out a hobby right now because he can't he

475
00:25:36,280 --> 00:25:39,439
Speaker 1: can't go to Washington, he can't vote. Um. I really

476
00:25:39,720 --> 00:25:43,280
Speaker 1: don't understand it. There's nothing behind this. It's not gonna

477
00:25:43,359 --> 00:25:46,040
Speaker 1: go anywhere. Um. But yet again, it's just you know,

478
00:25:46,119 --> 00:25:48,920
Speaker 1: trying to put a spotlight himself and maybe maybe figure

479
00:25:48,960 --> 00:25:51,399
Speaker 1: out a way to burn a few days here of

480
00:25:51,800 --> 00:25:54,960
Speaker 1: COVID nineteen quarantine. Richard, Are you worried? Are you worried

481
00:25:55,000 --> 00:25:59,119
Speaker 1: that Justin amashka take votes away from Joe Biden. No,

482
00:25:59,800 --> 00:26:01,480
Speaker 1: I'm not worried about it. I want to make a correction.

483
00:26:01,520 --> 00:26:04,480
Speaker 1: You're absolutely right. The child did end up getting alone,

484
00:26:04,560 --> 00:26:08,480
Speaker 1: but their story speaks to what is happening for small

485
00:26:08,520 --> 00:26:11,800
Speaker 1: businesses around the country. Um and but no, I don't

486
00:26:11,800 --> 00:26:16,280
Speaker 1: think John the mark is going to take away from Biden. Alright, gentlemen,

487
00:26:16,359 --> 00:26:18,880
Speaker 1: stick around. We're gonna dive into some policy and politics

488
00:26:18,960 --> 00:26:21,600
Speaker 1: coming up next. Richard Thaler, Bromby Gene. I'm Kevin Cereli,

489
00:26:21,680 --> 00:26:25,320
Speaker 1: Chief Washington correspondent for Bloomberg Television and for Bloomberg Radio.

490
00:26:25,400 --> 00:26:27,960
Speaker 1: Download the Bloomberg Sound On podcast on Apple iTunes, at

491
00:26:27,960 --> 00:26:32,520
Speaker 1: Bloomberg dot com, or by downloading the Balloomberg Business App.

492
00:26:33,320 --> 00:26:36,560
Speaker 1: I'm Kevin Cereli, chief Washington correspondent for Bloomberg TV and Radio.

493
00:26:36,600 --> 00:26:58,040
Speaker 1: You're listening to Bloomberg. You're listening to Bloomberg Sound On

494
00:26:58,240 --> 00:27:03,520
Speaker 1: with Kevin Surrel on bloom and one OHM h D two.

495
00:27:05,240 --> 00:27:09,320
Speaker 1: Kevin Surley she fausing to correspondent for Bloomberg Television Boomberg Radio.

496
00:27:09,400 --> 00:27:14,359
Speaker 1: Richard Fowler, nationally syndicated Democratic UH radio show host on

497
00:27:14,400 --> 00:27:19,639
Speaker 1: a Fox News contributor, and ram Ban Jeen of Iraq

498
00:27:20,440 --> 00:27:23,639
Speaker 1: solutions joining us for our political panel. What is the

499
00:27:23,760 --> 00:27:27,679
Speaker 1: one thing, gentlemen, that you have, don't and don't make

500
00:27:27,720 --> 00:27:30,200
Speaker 1: it deep, make it shallow. What is the one thing

501
00:27:30,359 --> 00:27:34,000
Speaker 1: that you have that you've been quarantined with that you're like,

502
00:27:34,200 --> 00:27:37,080
Speaker 1: you know what, I never had gratitude for this, but

503
00:27:37,240 --> 00:27:43,040
Speaker 1: I'm so grateful that I owned this thing. Richard go oh,

504
00:27:43,240 --> 00:27:47,359
Speaker 1: that's a good one. Ah my mixing ball, My mixed

505
00:27:47,400 --> 00:27:49,320
Speaker 1: a little mixer things that she used to make cake

506
00:27:50,000 --> 00:27:53,920
Speaker 1: wired the wit. Okay, okay, that's a good one. To

507
00:27:54,040 --> 00:27:55,879
Speaker 1: our video chat. If they could turn off the volume

508
00:27:55,920 --> 00:27:59,120
Speaker 1: so I don't hear the echo, Thank you, colleagues, Rahm

509
00:27:59,160 --> 00:28:01,440
Speaker 1: ban Jean are what is the one thing that you

510
00:28:01,520 --> 00:28:11,840
Speaker 1: have that you're grateful for? Cheeto b we have we

511
00:28:12,000 --> 00:28:14,600
Speaker 1: have baby four to five bags of Cheetos and if

512
00:28:14,640 --> 00:28:16,439
Speaker 1: we're down a bag where we feel like we're out

513
00:28:16,520 --> 00:28:18,879
Speaker 1: of bags, so we have to keep getting stock up

514
00:28:18,920 --> 00:28:21,320
Speaker 1: to five. Are you win? You win? My mind's not

515
00:28:21,440 --> 00:28:23,200
Speaker 1: as good as that. I'm gonna say my cast iron

516
00:28:23,280 --> 00:28:26,320
Speaker 1: skillet because I have cooked every meal breakfast, lunch, and

517
00:28:26,440 --> 00:28:29,200
Speaker 1: dinner in that cast iron skillet that I've had for

518
00:28:29,320 --> 00:28:32,719
Speaker 1: many many years, and I love it. Okay, it's now

519
00:28:32,840 --> 00:28:35,760
Speaker 1: time for my favorite part of the program. Uh. And

520
00:28:35,880 --> 00:28:39,200
Speaker 1: this is where the panel says what is on their radar?

521
00:28:39,880 --> 00:28:43,440
Speaker 1: So who wants to go first? Richard, You're up first

522
00:28:43,440 --> 00:28:45,720
Speaker 1: because you were eating cashews in the last block. What

523
00:28:46,000 --> 00:28:50,080
Speaker 1: is on your radar? Thanks a pleasure for reading cash Shoes.

524
00:28:50,120 --> 00:28:53,280
Speaker 1: And on my radar is this new oversight committee that

525
00:28:53,440 --> 00:28:56,280
Speaker 1: that people Pelosi put together and the two point seas

526
00:28:56,280 --> 00:28:58,920
Speaker 1: that I'm watching. On that committee, they'll oversee how the

527
00:28:59,040 --> 00:29:03,640
Speaker 1: two trillion dollars stimulus has spent. Jim Climbing majority majority

528
00:29:03,720 --> 00:29:07,720
Speaker 1: with and Maxie Waters, chairwoman of the Financial Service Committee,

529
00:29:07,720 --> 00:29:10,200
Speaker 1: are both appointees this committee to see what they do

530
00:29:10,760 --> 00:29:14,680
Speaker 1: understanding of the COVID nineteen UM disease is impacting African

531
00:29:14,720 --> 00:29:17,120
Speaker 1: American communities at a higher rate than any other. You know,

532
00:29:17,280 --> 00:29:20,360
Speaker 1: I think that's a brilliant one to have because they

533
00:29:20,640 --> 00:29:24,160
Speaker 1: this is the Coronavirus Oversight Committee, and it is so

534
00:29:24,280 --> 00:29:27,560
Speaker 1: incredibly important to have oversight over all of this money.

535
00:29:28,120 --> 00:29:31,920
Speaker 1: And there are and actually the other three committee chairs

536
00:29:31,960 --> 00:29:35,920
Speaker 1: who will join them on this panel include Caroline Maloney,

537
00:29:35,960 --> 00:29:38,800
Speaker 1: who we spoke with yesterday, and India Vela squaz are

538
00:29:39,000 --> 00:29:42,560
Speaker 1: Villa Quez of the House Small Business Committee. Both are

539
00:29:42,560 --> 00:29:47,479
Speaker 1: New York Democrats and as you mentioned, Maxine Waters as well. UM.

540
00:29:48,440 --> 00:29:53,440
Speaker 1: Other folks are include Bill Foster, Jamie Raskin, and Andy

541
00:29:53,640 --> 00:29:56,880
Speaker 1: Kim as well. So it's interesting because this is going

542
00:29:57,000 --> 00:30:00,240
Speaker 1: to be the panel, uh for the House over Site

543
00:30:00,280 --> 00:30:04,320
Speaker 1: Committee on the on the coronavirus funds. It's different, mind you,

544
00:30:04,560 --> 00:30:06,400
Speaker 1: a different panel than the one that we spoke to.

545
00:30:06,480 --> 00:30:10,240
Speaker 1: Senator Pat to me a Republican from Pennsylvania about um

546
00:30:10,760 --> 00:30:14,560
Speaker 1: and the economist that's Senator Chuck Schumer sentiment. Already Leader

547
00:30:14,640 --> 00:30:18,320
Speaker 1: Chuck Schumer appointed to to to have oversight over the

548
00:30:18,400 --> 00:30:21,400
Speaker 1: Central Bank in the Federal Reserve. So a lot of

549
00:30:21,560 --> 00:30:25,160
Speaker 1: oversights going to be happening, and once Congress is up

550
00:30:25,320 --> 00:30:27,760
Speaker 1: end rolling, I would anticipate Richard, that there's going to

551
00:30:27,840 --> 00:30:30,360
Speaker 1: be hearing after hearing in both the Senate and in

552
00:30:30,480 --> 00:30:33,600
Speaker 1: the House on how this money got doled out and

553
00:30:33,720 --> 00:30:36,760
Speaker 1: continues to get doled out. Would you agree, Oh, yeah,

554
00:30:36,840 --> 00:30:38,720
Speaker 1: it is going to be hearing after hearing, and I

555
00:30:38,840 --> 00:30:43,120
Speaker 1: guarantee that they will be blockbuster event uh coming here on.

556
00:30:43,280 --> 00:30:45,400
Speaker 1: Before I ask you what's on your radar about the

557
00:30:45,560 --> 00:30:47,800
Speaker 1: oversight committees? I mean, we lived through this in two

558
00:30:47,880 --> 00:30:51,920
Speaker 1: thousand and eight. It gave rise to UH Senator Elizabeth Warren.

559
00:30:52,480 --> 00:30:55,880
Speaker 1: So these are incredibly high profile events, these oversight commissions,

560
00:30:56,240 --> 00:30:59,400
Speaker 1: UH and these watchdog groups UH and and and and

561
00:30:59,440 --> 00:31:02,200
Speaker 1: they're gonna they're going to really I think over the

562
00:31:02,280 --> 00:31:05,160
Speaker 1: summer and into the fall, I have a lot, a

563
00:31:05,280 --> 00:31:09,360
Speaker 1: lot of to say and driving the conversation coming out

564
00:31:09,400 --> 00:31:13,720
Speaker 1: of Washington. Well, I would say that it's very smart

565
00:31:13,840 --> 00:31:16,960
Speaker 1: to have look if you're when you're spending trillions of

566
00:31:17,040 --> 00:31:20,920
Speaker 1: dollars within a few weeks. I mean, yeah, I think

567
00:31:21,000 --> 00:31:23,600
Speaker 1: having some oversight over what's going on with that money

568
00:31:23,760 --> 00:31:26,600
Speaker 1: is a good thing. At the same time, it's super

569
00:31:26,680 --> 00:31:29,960
Speaker 1: important that the committee does not turn it into a

570
00:31:30,080 --> 00:31:33,960
Speaker 1: partisan exercise, not that it's impeachment to point oh that

571
00:31:34,240 --> 00:31:36,920
Speaker 1: that would just I think backfire in the Democrats, and

572
00:31:37,000 --> 00:31:39,080
Speaker 1: I think we would all get a big yawn. It

573
00:31:39,120 --> 00:31:41,960
Speaker 1: would be pretty interesting though, if they found some waste

574
00:31:42,040 --> 00:31:46,040
Speaker 1: broad and abuse of the program by people like, for instance,

575
00:31:46,160 --> 00:31:48,720
Speaker 1: you know, companies taking the PPP funding when they really

576
00:31:49,040 --> 00:31:53,600
Speaker 1: shouldn't be doing those type of things, And yeah, no,

577
00:31:53,800 --> 00:31:56,920
Speaker 1: that's it. Uh. Well, I mean, to Ron's point, Republicans

578
00:31:57,000 --> 00:32:01,680
Speaker 1: have have been very skeptical of just how independent Uh, this, this,

579
00:32:02,080 --> 00:32:05,040
Speaker 1: this watchdog group in the House can be. Uh and

580
00:32:06,240 --> 00:32:09,840
Speaker 1: Republican House Republican Leader Kevin McCarthy still hasn't filled out

581
00:32:09,880 --> 00:32:13,880
Speaker 1: the five Republican seats, and and and in conversations and

582
00:32:13,960 --> 00:32:17,880
Speaker 1: typically how these things go. The Minority Party really views

583
00:32:18,600 --> 00:32:22,520
Speaker 1: these types of groups as little more than a political foil. Folks. Uh,

584
00:32:22,640 --> 00:32:24,760
Speaker 1: So expect a lot of hearings and whatnot. But I

585
00:32:24,840 --> 00:32:27,760
Speaker 1: just want to be incredibly careful here because this is

586
00:32:27,880 --> 00:32:32,400
Speaker 1: not the oversight panel that Senator to me uh is

587
00:32:32,840 --> 00:32:35,200
Speaker 1: is a part of and going to be publishing reports

588
00:32:35,280 --> 00:32:40,520
Speaker 1: on as it relates to FED Chair j Palell. Different panel. Uh, entirely. Alright,

589
00:32:40,560 --> 00:32:43,920
Speaker 1: So that's what's on Richard Fowler's radar, Rajin, what's on

590
00:32:44,000 --> 00:32:47,760
Speaker 1: your radar? Yeah, So I'm involved in a big project

591
00:32:47,840 --> 00:32:54,680
Speaker 1: called the Attitude. We had them on that compared Yeah,

592
00:32:54,720 --> 00:32:56,600
Speaker 1: you had one of my partners on the last week

593
00:32:56,680 --> 00:33:00,200
Speaker 1: talking about, um, you know, people willing to us to

594
00:33:00,280 --> 00:33:04,520
Speaker 1: return back to the activities that they were involved in before, um,

595
00:33:04,920 --> 00:33:09,280
Speaker 1: the COVID nineteen quarantine basically, and um, you know, we

596
00:33:09,440 --> 00:33:12,120
Speaker 1: compare it to nine eleven Postligne eleven and also to

597
00:33:12,280 --> 00:33:15,400
Speaker 1: the post also to uh the Great Recession of two

598
00:33:15,440 --> 00:33:18,480
Speaker 1: thousand eight. And what's interesting is we're starting to see

599
00:33:18,600 --> 00:33:22,960
Speaker 1: some slight improvement. Um so right now, our latest findings

600
00:33:23,040 --> 00:33:26,840
Speaker 1: show that people that want to take a vacation, people

601
00:33:26,960 --> 00:33:29,680
Speaker 1: that taking a vacation five hundred miles or more as

602
00:33:29,720 --> 00:33:31,440
Speaker 1: a priority for me and my family in the next

603
00:33:31,480 --> 00:33:34,479
Speaker 1: twelve months. That was at thirty percent just a few

604
00:33:34,520 --> 00:33:37,959
Speaker 1: weeks ago. It's now up and I think that's because

605
00:33:38,480 --> 00:33:40,760
Speaker 1: the weather is starting to get warmer. People want to

606
00:33:40,840 --> 00:33:42,560
Speaker 1: get you know, people want to get out there. At

607
00:33:42,600 --> 00:33:46,320
Speaker 1: the same time getting on flight right now, you know,

608
00:33:46,400 --> 00:33:48,640
Speaker 1: there's sixty of folks who don't want to get on

609
00:33:48,720 --> 00:33:50,720
Speaker 1: a plane. They don't want to fly to a foreign country.

610
00:33:51,000 --> 00:33:53,680
Speaker 1: They may more or less go on a road trip

611
00:33:53,800 --> 00:33:56,720
Speaker 1: right now, they with their family inside their car where

612
00:33:56,720 --> 00:33:59,120
Speaker 1: they feel safe. So that's that's kind of what we're

613
00:33:59,160 --> 00:34:02,040
Speaker 1: tracking right now. So overall, do you think do you

614
00:34:02,160 --> 00:34:05,160
Speaker 1: think people are because there's been polls that suggest a

615
00:34:05,200 --> 00:34:07,880
Speaker 1: lot of Americans want this to continue. But based upon

616
00:34:07,960 --> 00:34:10,359
Speaker 1: what you're saying, I mean, do you think there's gonna

617
00:34:10,360 --> 00:34:15,719
Speaker 1: be a pent up swing back pushback once in the summer, Well,

618
00:34:15,840 --> 00:34:18,239
Speaker 1: what they're what yes, and know what they're going to

619
00:34:18,320 --> 00:34:21,280
Speaker 1: need to see to return back to normal. Our assurances

620
00:34:22,000 --> 00:34:25,480
Speaker 1: from medical authorities that it's okay to go to a theater,

621
00:34:25,960 --> 00:34:27,680
Speaker 1: it's all right to get on you know, to go

622
00:34:27,800 --> 00:34:30,799
Speaker 1: to a hotel room. They need to hear from local authorities,

623
00:34:30,880 --> 00:34:33,440
Speaker 1: not the CDC. And they also don't need to hear

624
00:34:33,480 --> 00:34:37,760
Speaker 1: from politicians or the venues themselves. They need um, basically

625
00:34:38,239 --> 00:34:41,479
Speaker 1: one to two assurances that you know this the theater

626
00:34:41,600 --> 00:34:44,000
Speaker 1: has been cleaned on a regular basis, and maybe there's

627
00:34:44,040 --> 00:34:47,520
Speaker 1: a sign, you know, from the local health department. Those

628
00:34:47,600 --> 00:34:49,400
Speaker 1: type of things are going to get people really to

629
00:34:49,440 --> 00:34:51,799
Speaker 1: go back out there. They need to feel safe, all right.

630
00:34:52,000 --> 00:34:55,200
Speaker 1: That's uh, that's a good one, and I appreciate that

631
00:34:55,320 --> 00:34:58,480
Speaker 1: and keep giving us updates on that as it relates

632
00:34:58,600 --> 00:35:01,600
Speaker 1: to uh to this and just touh with what's on

633
00:35:01,719 --> 00:35:04,560
Speaker 1: my radar. In terms of more of the vaccination process,

634
00:35:04,640 --> 00:35:08,359
Speaker 1: Bill Gates, Bill Gates has really dramatically cut in half

635
00:35:08,480 --> 00:35:11,040
Speaker 1: his estimates on how fast it will take to get

636
00:35:11,800 --> 00:35:16,640
Speaker 1: to get um a vaccination in process. Bill Gates is

637
00:35:16,680 --> 00:35:18,839
Speaker 1: saying that the virus vaccine could take as little as

638
00:35:18,920 --> 00:35:21,760
Speaker 1: nine months. Bill Gates, whose foundation is focusing its efforts

639
00:35:22,040 --> 00:35:24,680
Speaker 1: to fight the coronavirus. Doesn't think life will return to

640
00:35:24,800 --> 00:35:28,040
Speaker 1: normal until there's a viable vaccine that can stop it spread.

641
00:35:28,120 --> 00:35:30,200
Speaker 1: The good news is that it may take less time

642
00:35:30,560 --> 00:35:34,080
Speaker 1: than many have predicting. He tweeted this out. Human kind

643
00:35:34,160 --> 00:35:36,399
Speaker 1: has never had a more urgent task than creating broad

644
00:35:36,440 --> 00:35:40,719
Speaker 1: immunity for coronavirus. It's going to require a global cooperative

645
00:35:40,800 --> 00:35:42,680
Speaker 1: effort like the world has never seen. But I know

646
00:35:42,800 --> 00:35:48,360
Speaker 1: we'll get it done. They're simply no all alternative. Dr

647
00:35:48,400 --> 00:35:50,200
Speaker 1: Anthony and he wrote in the blog post, and this

648
00:35:50,360 --> 00:35:52,960
Speaker 1: is the main quote. Dr Anthony Fauci said he thinks

649
00:35:53,000 --> 00:35:55,320
Speaker 1: it will take around eighteen months to develop a vaccine.

650
00:35:55,360 --> 00:35:57,720
Speaker 1: I agree with him, though it could be as little

651
00:35:57,800 --> 00:36:01,240
Speaker 1: as nine months or as long as two years. Hurry up, folks,

652
00:36:01,480 --> 00:36:04,600
Speaker 1: get us the vaccine. I'm Kevin cereally cheap Washington correspondent

653
00:36:04,600 --> 00:36:06,680
Speaker 1: f for Bloomberg TV and Radio. And you're listening to

654
00:36:06,719 --> 00:36:07,200
Speaker 1: Bloomberg