1 00:00:00,320 --> 00:00:03,000 Speaker 1: Why from our nation's camera this budget thing is going 2 00:00:03,080 --> 00:00:05,480 Speaker 1: to do nothing Space Force. I still think it's interesting 3 00:00:05,519 --> 00:00:08,840 Speaker 1: President Trump not playing his cards yet. Headlines Policy and 4 00:00:09,000 --> 00:00:14,000 Speaker 1: politics colliding to Bloomberg sound On, the insiders, the influencers, 5 00:00:14,200 --> 00:00:17,040 Speaker 1: the insides. I would rather see a congressional solution. It's 6 00:00:17,040 --> 00:00:20,000 Speaker 1: part of my DNA. The Senate map in looks a 7 00:00:20,000 --> 00:00:22,560 Speaker 1: lot different than it looked in. President Trump was sent 8 00:00:22,600 --> 00:00:25,880 Speaker 1: here to smash conventional norms. In a sense, Bernie Sanders 9 00:00:25,880 --> 00:00:29,880 Speaker 1: has already washed. This is Bloomberg Sound On with Kevin 10 00:00:29,920 --> 00:00:34,680 Speaker 1: Surley on Bloomberg one oh five point seven m h 11 00:00:34,840 --> 00:00:39,360 Speaker 1: D two Jobs Day and US stocks pair losses late 12 00:00:40,200 --> 00:00:44,239 Speaker 1: and higher for the week. Do you read the U 13 00:00:44,280 --> 00:00:46,600 Speaker 1: s stocks pair losses late and higher for the week, 14 00:00:46,640 --> 00:00:49,080 Speaker 1: the latest on the coronavirus and the web saws in 15 00:00:49,120 --> 00:00:52,040 Speaker 1: the market. We have a Gina Martin Adams, chief equity 16 00:00:52,080 --> 00:00:55,040 Speaker 1: strategist for Bloomberg Intelligence, is going to call in and 17 00:00:55,080 --> 00:00:57,680 Speaker 1: break it all down for US. Plus, how is Washington 18 00:00:57,800 --> 00:01:02,440 Speaker 1: going to respond to the RONA virus? How is Washington 19 00:01:02,600 --> 00:01:06,440 Speaker 1: going to respond to the coronavirus? In terms of President 20 00:01:06,480 --> 00:01:11,360 Speaker 1: Trump as well as Capitol Hill. I'm Kevin Curilli Chief 21 00:01:11,400 --> 00:01:15,360 Speaker 1: Washington correspondent from Bloomberg Television and Bloomberg Radio. Let's dive 22 00:01:15,480 --> 00:01:19,639 Speaker 1: right into the market reaction. Stocks pair drop into close 23 00:01:20,040 --> 00:01:22,399 Speaker 1: to close and higher for the week. I'm reading from 24 00:01:22,400 --> 00:01:26,280 Speaker 1: the Bloomberg terminal quote US stock stage a furious rally 25 00:01:26,319 --> 00:01:28,680 Speaker 1: in the final hour of trading that cut in half, 26 00:01:29,040 --> 00:01:31,960 Speaker 1: a route that reached four percent and left the SMP 27 00:01:32,040 --> 00:01:35,959 Speaker 1: five hundred higher after a tumultuous week dominated by fear 28 00:01:36,080 --> 00:01:40,560 Speaker 1: the spreading coronavirus will upend global growth. The SMP five 29 00:01:40,640 --> 00:01:43,080 Speaker 1: hundred slid one point seven percent Friday and end of 30 00:01:43,160 --> 00:01:45,640 Speaker 1: the week up point six percent. I mean, there's been 31 00:01:45,680 --> 00:01:47,720 Speaker 1: so much. I feel like I'm on a roller coaster, 32 00:01:47,880 --> 00:01:49,880 Speaker 1: you know. I feel like I'm back at Hershey Park, 33 00:01:50,000 --> 00:01:51,880 Speaker 1: up and down. It's like a wooden roller coaster. Is 34 00:01:51,880 --> 00:01:54,240 Speaker 1: it gonna come off the tracks? Or is it gonna end? 35 00:01:54,440 --> 00:01:58,360 Speaker 1: In an upbeat note, Gina Martin Adams, chief equity strategist 36 00:01:58,400 --> 00:02:02,000 Speaker 1: for Bloomberg Intelligence, joining us on the phone. Gina, what 37 00:02:02,120 --> 00:02:05,320 Speaker 1: the heck happened with the markets this week? Yeah? Well, 38 00:02:05,360 --> 00:02:09,079 Speaker 1: I think we got to extraordinarily oversold levels last Friday, 39 00:02:09,240 --> 00:02:13,000 Speaker 1: evidenced by the vixed fight to forty five ten percent 40 00:02:13,080 --> 00:02:16,840 Speaker 1: correction in five days just doesn't happen. It's only happened 41 00:02:16,840 --> 00:02:19,639 Speaker 1: four other times since nineteen seventy, all in the midst 42 00:02:19,680 --> 00:02:22,959 Speaker 1: of major corrective processes and stock So I think we 43 00:02:23,040 --> 00:02:25,480 Speaker 1: got to a point of sentiment wash out last Friday, 44 00:02:25,560 --> 00:02:30,639 Speaker 1: and was sentiment wash out, and that's why there's been 45 00:02:31,440 --> 00:02:34,799 Speaker 1: this stabilizing force. You know, I'm struck by this because 46 00:02:35,360 --> 00:02:37,799 Speaker 1: I'm here in Washington. You know, earlier today it was 47 00:02:37,840 --> 00:02:41,560 Speaker 1: at the Department of Labor at covering the jobs numbers 48 00:02:41,639 --> 00:02:44,600 Speaker 1: for Bloomberg Television, and we'll dive into that with Mattie Douppler, 49 00:02:44,600 --> 00:02:47,560 Speaker 1: who's here on Jobs Day. We'll crunch those numbers. Two 50 00:02:47,760 --> 00:02:50,000 Speaker 1: d seventy three thousand jobs added to the U. S 51 00:02:50,080 --> 00:02:54,799 Speaker 1: economy in the month of February, smashing the expectations which 52 00:02:54,800 --> 00:02:59,560 Speaker 1: worried about one seventy thousand or even one hundred seventy 53 00:02:59,560 --> 00:03:03,600 Speaker 1: five thousand. But investors are really anxious. There seems to 54 00:03:03,639 --> 00:03:08,240 Speaker 1: be this anxiety and this uncertainty that the Trump administration's 55 00:03:08,360 --> 00:03:13,200 Speaker 1: preference for going after FED share J. Powell as opposed 56 00:03:13,240 --> 00:03:17,640 Speaker 1: to having any fiscal stimulus. They seem anxious over that. 57 00:03:17,720 --> 00:03:21,000 Speaker 1: And I'm wondering, Gina, from your vantage point, if if 58 00:03:21,360 --> 00:03:25,800 Speaker 1: what you're hearing about the base of the anxiety coming 59 00:03:25,840 --> 00:03:30,520 Speaker 1: from Wall Street against Washington. I think it's a combination 60 00:03:30,520 --> 00:03:33,320 Speaker 1: of factors. There is some anxiety that the US has 61 00:03:33,480 --> 00:03:38,400 Speaker 1: unprepared for coronavirus, and as a result, we will have 62 00:03:39,720 --> 00:03:44,440 Speaker 1: many many shutdowns, supply chain disruptions, maybe not as much 63 00:03:44,480 --> 00:03:48,720 Speaker 1: access to testing for coronavirus as we would have liked, 64 00:03:48,760 --> 00:03:51,280 Speaker 1: and the list goes on. So there is some anxiety 65 00:03:51,320 --> 00:03:54,840 Speaker 1: about that, and more importantly those the impact of that 66 00:03:55,200 --> 00:04:00,800 Speaker 1: unpreparedness on ultimately economic conditions, which is certainly the number 67 00:04:00,800 --> 00:04:03,520 Speaker 1: one factor driving the markets right now is where will 68 00:04:03,560 --> 00:04:07,040 Speaker 1: the economy go from here? UM? And I think that 69 00:04:07,080 --> 00:04:11,560 Speaker 1: that's weighing on confidence. But in terms of policymakers, you know, 70 00:04:11,760 --> 00:04:13,880 Speaker 1: I'm kind of fifty fifty. I think that the market 71 00:04:13,960 --> 00:04:16,760 Speaker 1: would love to see the FED attack the balance sheet. 72 00:04:16,800 --> 00:04:18,360 Speaker 1: I happen to think that the FED went the wrong 73 00:04:18,400 --> 00:04:21,520 Speaker 1: way with rape policy and instead could have been a 74 00:04:21,520 --> 00:04:25,320 Speaker 1: little more strategic and utilizing the balance sheet to backstop 75 00:04:25,960 --> 00:04:29,599 Speaker 1: um credit conditions, maybe in collaboration with the Treasury Department 76 00:04:29,720 --> 00:04:32,960 Speaker 1: to set up special lending facilities or something that certainly 77 00:04:32,960 --> 00:04:36,880 Speaker 1: would suze some of the market concerns through surrounding credit conditions, 78 00:04:37,440 --> 00:04:39,640 Speaker 1: and then with respect to a fiscal package, it really 79 00:04:39,680 --> 00:04:42,400 Speaker 1: is about the G seven meeting um and sort of 80 00:04:42,440 --> 00:04:46,280 Speaker 1: the lack of real outcome from the G seven meeting. 81 00:04:46,400 --> 00:04:48,280 Speaker 1: You know, talk is kind of cheap for the market 82 00:04:48,480 --> 00:04:52,159 Speaker 1: when we're in such levels of distress. You know, I 83 00:04:52,200 --> 00:04:54,040 Speaker 1: think that's such a great point. And we're going to 84 00:04:54,160 --> 00:04:57,960 Speaker 1: talk about regulatory for Baron's coming up on the chatter 85 00:04:58,080 --> 00:05:00,120 Speaker 1: coming from Capitol Hill, who is trying to give a 86 00:05:00,800 --> 00:05:03,799 Speaker 1: nod to the regulators to free up some of that liquidity. 87 00:05:03,800 --> 00:05:05,480 Speaker 1: But let me get let me get back to just 88 00:05:05,600 --> 00:05:07,120 Speaker 1: and you've been so generous with your time, So this 89 00:05:07,120 --> 00:05:09,640 Speaker 1: will be my final question for Gina Martin Adams, chief 90 00:05:09,640 --> 00:05:14,119 Speaker 1: equity strategist for Bloomberg Intelligence. Gina and we talked about 91 00:05:14,120 --> 00:05:16,599 Speaker 1: the domestic front, but what do what is Wall Street 92 00:05:16,600 --> 00:05:19,480 Speaker 1: looking for coming out of China and General Secretary of 93 00:05:19,480 --> 00:05:22,520 Speaker 1: Shi Jing Ping? Because I keep putting this question to 94 00:05:22,560 --> 00:05:25,599 Speaker 1: Republicans and Democrats, I mean the data. Yeah, there's no 95 00:05:25,680 --> 00:05:28,560 Speaker 1: data coming out of the United States on the coronavirus, 96 00:05:28,600 --> 00:05:32,120 Speaker 1: but can we even trust the data coming out of China? Yeah, 97 00:05:32,160 --> 00:05:33,919 Speaker 1: I think that there is a lot of skepticism on 98 00:05:33,920 --> 00:05:36,280 Speaker 1: the data coming out of China, but probably your best 99 00:05:36,320 --> 00:05:38,560 Speaker 1: measure in China is really what the market is doing. 100 00:05:39,279 --> 00:05:43,560 Speaker 1: And interestingly, the Chinese equity market has been remarkably stable 101 00:05:44,120 --> 00:05:47,960 Speaker 1: over the last week relative to domestic asset prices anyway, 102 00:05:47,960 --> 00:05:50,320 Speaker 1: which have been still in this very rocky condition. But 103 00:05:50,400 --> 00:05:53,599 Speaker 1: it looks like Chinese stocks made their loves some time 104 00:05:53,640 --> 00:05:56,320 Speaker 1: ago and are climbing out of that. I think the 105 00:05:56,360 --> 00:05:59,200 Speaker 1: market would love to see continued progress in the Chinese 106 00:05:59,200 --> 00:06:03,440 Speaker 1: equity market. In coincidence, I think everyone's focused on production 107 00:06:03,480 --> 00:06:07,880 Speaker 1: capacity in China and how rapidly the country's manufacturing facilities 108 00:06:07,920 --> 00:06:10,960 Speaker 1: can get back up to speed to really power the 109 00:06:11,000 --> 00:06:14,599 Speaker 1: world's supply chain. You know, amazing, all right, great stuff, 110 00:06:14,680 --> 00:06:17,760 Speaker 1: Jina Martin Adams, chief equity strategist for Bloomberg Intelligence. Thanks 111 00:06:17,800 --> 00:06:20,840 Speaker 1: for joining us, joining me now with panel for fresh reactions. 112 00:06:20,839 --> 00:06:24,640 Speaker 1: Suzanne Lynch, Washington correspondent for The Irish Times. Matti Doppler, 113 00:06:24,720 --> 00:06:27,680 Speaker 1: Senior fellow at the National Taxpayers Union and former Coalitions 114 00:06:27,680 --> 00:06:30,960 Speaker 1: director for the House Republican Conference. Mattie, you listen to that, 115 00:06:31,000 --> 00:06:33,760 Speaker 1: You listen to Gina Crunch, The numbers on on the 116 00:06:33,800 --> 00:06:37,880 Speaker 1: markets in terms of what the regulators can do in 117 00:06:37,960 --> 00:06:40,640 Speaker 1: order to free up or calm some of the anxiety 118 00:06:40,680 --> 00:06:42,880 Speaker 1: from Wall Street. What are you hearing, Kevin? You I 119 00:06:42,920 --> 00:06:44,760 Speaker 1: think hit the nail on the head when you teased 120 00:06:44,760 --> 00:06:48,080 Speaker 1: out that tension between monetary policy and fiscal policy, because 121 00:06:48,080 --> 00:06:50,479 Speaker 1: we saw both that kind of sea saw this week 122 00:06:50,600 --> 00:06:54,000 Speaker 1: with the market reaction to j. Powell coming out saying 123 00:06:54,000 --> 00:06:57,480 Speaker 1: we're gonna do a half percentage point uh Ray cut 124 00:06:57,680 --> 00:07:01,000 Speaker 1: and then Congress, starting with the House on Wednesday, passing 125 00:07:01,000 --> 00:07:04,320 Speaker 1: that supplemental bilt. The market actually reacted more favorably to 126 00:07:04,360 --> 00:07:07,279 Speaker 1: the passage of the supplemental bill in Congress, which is 127 00:07:07,320 --> 00:07:10,160 Speaker 1: fiscal policy, than it did to the fifty basis point 128 00:07:10,160 --> 00:07:12,360 Speaker 1: cut from the Fed, which is monetary policy. So the 129 00:07:12,440 --> 00:07:14,880 Speaker 1: question of what it is that can have a bigger 130 00:07:14,960 --> 00:07:16,920 Speaker 1: impact I think this week was answered a little bit 131 00:07:16,920 --> 00:07:19,120 Speaker 1: by that market reaction. But the question will be those 132 00:07:19,160 --> 00:07:21,360 Speaker 1: next two weeks as we head into the next Federal 133 00:07:21,400 --> 00:07:26,080 Speaker 1: Reserve meeting at the in halfway through March, what that 134 00:07:26,120 --> 00:07:29,480 Speaker 1: sentiment does, because I think Congress Congress's reach is only 135 00:07:29,480 --> 00:07:32,240 Speaker 1: so limited with that supplemental package. True, I mean, and 136 00:07:32,320 --> 00:07:35,239 Speaker 1: just to catch everybody up to speed. Eight point three 137 00:07:35,320 --> 00:07:39,360 Speaker 1: billion dollars worth of funding that the President signed into 138 00:07:40,160 --> 00:07:44,400 Speaker 1: law today to free up for the coronavirus. Three billion 139 00:07:44,560 --> 00:07:47,760 Speaker 1: of that is going to go for vaccination efforts and 140 00:07:48,040 --> 00:07:50,920 Speaker 1: two billion is going to go for preparedness in terms 141 00:07:50,920 --> 00:07:52,760 Speaker 1: of making sure there's all the equipment. There's so many 142 00:07:52,840 --> 00:07:57,240 Speaker 1: questions surrounding where precisely the money is going to go, 143 00:07:57,360 --> 00:07:59,520 Speaker 1: and whether or not the test there's enough test or not. 144 00:08:00,160 --> 00:08:04,600 Speaker 1: Suzanne Lynch, Washington correspondent for the Irish Times, does the 145 00:08:04,640 --> 00:08:08,360 Speaker 1: President feel that potentially more money might be needed? Well, 146 00:08:08,360 --> 00:08:10,800 Speaker 1: this is there's a kind of a paradox here because 147 00:08:11,240 --> 00:08:14,160 Speaker 1: the more the White Houses seemed to do, the more 148 00:08:14,160 --> 00:08:16,360 Speaker 1: they're admitting there are a problem. You know. So I 149 00:08:16,400 --> 00:08:18,760 Speaker 1: think there's a resistance on the part of President Trump 150 00:08:18,960 --> 00:08:21,040 Speaker 1: to kind of come out with some big bazooka here 151 00:08:21,160 --> 00:08:23,920 Speaker 1: to do something really big in terms of a federal 152 00:08:24,520 --> 00:08:26,360 Speaker 1: intervention of some kind. And I think the comments by 153 00:08:26,400 --> 00:08:28,800 Speaker 1: Larry could load today we're interesting. He talked about welcoming 154 00:08:28,800 --> 00:08:31,920 Speaker 1: to target intervention and that's the key. And as you're 155 00:08:31,920 --> 00:08:33,880 Speaker 1: saying there, it's the specifics of this, where is that 156 00:08:34,040 --> 00:08:36,160 Speaker 1: money going to go? You know? Will it be for 157 00:08:36,240 --> 00:08:39,400 Speaker 1: loans for small businesses, to suggestions and those kind of 158 00:08:39,400 --> 00:08:44,160 Speaker 1: things rather than this bigger federal intervention coming up. We're 159 00:08:44,160 --> 00:08:46,800 Speaker 1: gonna talk about ways that the government might be able 160 00:08:46,840 --> 00:08:50,480 Speaker 1: to step in in terms of regulatory forbearance, in terms 161 00:08:50,520 --> 00:08:53,560 Speaker 1: of freeing up liquid liquidity for a lot for the 162 00:08:53,600 --> 00:08:57,079 Speaker 1: financial institutions. Suzanne Lynch stays, Maddie Doubler stays. Download the 163 00:08:57,080 --> 00:08:59,640 Speaker 1: Bloomberg Sound On podcast on Appalachians, Bloomberg dot com, or 164 00:08:59,640 --> 00:09:02,000 Speaker 1: by down the Get the Business app on Bloomberg. You 165 00:09:02,040 --> 00:09:04,160 Speaker 1: can also find me on radio dot com. You're listening 166 00:09:04,160 --> 00:09:11,280 Speaker 1: to Bloomberg. You're listening to Bloomberg Sound On with Kevin 167 00:09:11,360 --> 00:09:15,480 Speaker 1: Curreley on Bloomberg and one oh five point seven FM 168 00:09:15,600 --> 00:09:18,640 Speaker 1: h D two. We are going to see some issues 169 00:09:18,720 --> 00:09:22,080 Speaker 1: coming up from the coronavirus. I get that, but I 170 00:09:22,120 --> 00:09:25,240 Speaker 1: think for the United States this is gonna be temporary problem. 171 00:09:25,440 --> 00:09:32,240 Speaker 1: Temporary problem, coronavirus, temporary problem. That's the National Economic Council 172 00:09:32,280 --> 00:09:36,439 Speaker 1: Director Larry Cudlow speaking with my colleague Jonathan Pharaoh earlier 173 00:09:36,520 --> 00:09:40,480 Speaker 1: today on Bloomberg on Bloomberg Television. I'm Kevin Cirelli, Chief 174 00:09:40,480 --> 00:09:43,400 Speaker 1: Washington Correspondent f for Bloomberg Television, Bloomberg Radio. You made 175 00:09:43,400 --> 00:09:47,040 Speaker 1: It's a Friday. It's Friday. You made it's a Friday. 176 00:09:47,080 --> 00:09:49,720 Speaker 1: Mattie Duppler made It's a Friday. She's here, Susanne Lynch, 177 00:09:49,760 --> 00:09:52,240 Speaker 1: Washington correspondent for The Irish Times. Here, Susanah. This is 178 00:09:52,240 --> 00:09:54,800 Speaker 1: your first time on the program. It is it's very exciting, 179 00:09:54,880 --> 00:09:56,679 Speaker 1: and it's almost St. Patrick's Day. And I hate to 180 00:09:56,720 --> 00:09:58,080 Speaker 1: say this, but I feel like when it is St. 181 00:09:58,080 --> 00:10:00,520 Speaker 1: Patrick's Day, you have to come back. Okay, over, that's 182 00:10:00,520 --> 00:10:02,400 Speaker 1: two weeks away. That's in two weeks away. But who 183 00:10:02,400 --> 00:10:05,800 Speaker 1: knows Patrick's Day parades might get canceled over this coronavirus 184 00:10:06,280 --> 00:10:09,520 Speaker 1: in Dublin, Ireland. Like a true Irish woman just brings 185 00:10:09,520 --> 00:10:14,360 Speaker 1: it right back to reality. That's where they won't cancel St. 186 00:10:14,400 --> 00:10:17,520 Speaker 1: Patrick's Day. Okay, let me tell you something. Or Delco 187 00:10:17,600 --> 00:10:20,600 Speaker 1: at Barnaby's listen, did you see this? Delco, where I'm 188 00:10:20,600 --> 00:10:24,760 Speaker 1: from outside of Philly has coronavirus? Two cases that were 189 00:10:24,800 --> 00:10:26,960 Speaker 1: I think two cases that were reported. Let me tell 190 00:10:26,960 --> 00:10:30,520 Speaker 1: you something. My cousin text chain, my family text chain, 191 00:10:31,040 --> 00:10:34,560 Speaker 1: my friend's text chain. It's it's gone from Philadelphia Eagles 192 00:10:34,600 --> 00:10:39,000 Speaker 1: trade talk to coronavirus. Really are people concerned? They're blown 193 00:10:39,040 --> 00:10:41,960 Speaker 1: it off. Well, it's mixed. I've got some cousins who 194 00:10:42,040 --> 00:10:45,240 Speaker 1: are ones I don't. I really should be careful right now, 195 00:10:47,240 --> 00:10:49,960 Speaker 1: some cousins who are very worried, and some cousins who 196 00:10:50,000 --> 00:10:52,080 Speaker 1: are not very worried. But I also just have to 197 00:10:52,080 --> 00:10:54,640 Speaker 1: give a shout out to my niece Annie, who turned 198 00:10:54,640 --> 00:10:58,880 Speaker 1: to today. Happy birthday, Annie, Happy birthday. It's a great 199 00:10:58,880 --> 00:11:00,280 Speaker 1: deal for a birthday. It's my best. I mean not 200 00:11:00,400 --> 00:11:04,280 Speaker 1: if you're in Delco and there's coronavirus. The kids are 201 00:11:04,360 --> 00:11:08,080 Speaker 1: more immune to wish. The searchers do not know exactly why. 202 00:11:08,240 --> 00:11:10,760 Speaker 1: Maybe because they are carrying a lot of you know, 203 00:11:10,840 --> 00:11:13,880 Speaker 1: code viruses around from kindergarten, et cetera. But yeah, it 204 00:11:13,920 --> 00:11:16,760 Speaker 1: does seem to children under ten are pretty safe. So 205 00:11:16,800 --> 00:11:20,120 Speaker 1: she's going to be fine. It's all right, Eddie, Happy day. Hey. 206 00:11:20,160 --> 00:11:22,240 Speaker 1: Listen to this though. We were talking about Cudlow in 207 00:11:22,240 --> 00:11:24,319 Speaker 1: the break and we heard a little bit of him, 208 00:11:24,320 --> 00:11:28,800 Speaker 1: Maddie speaking earlier. I mean, I'm curious. Let me play 209 00:11:28,800 --> 00:11:30,240 Speaker 1: for you a little bit more of that interview that 210 00:11:30,240 --> 00:11:33,360 Speaker 1: he had with UH with Jonathan Pharaoh, where he talked 211 00:11:33,360 --> 00:11:36,240 Speaker 1: about the stock market as a as a results of 212 00:11:36,320 --> 00:11:39,080 Speaker 1: the impacts on the coronavirus and whatnot. Take a listen. 213 00:11:39,080 --> 00:11:40,840 Speaker 1: Then I want to get you a response. If they 214 00:11:40,840 --> 00:11:45,240 Speaker 1: have the resources, long term investors should stay in the 215 00:11:45,280 --> 00:11:48,240 Speaker 1: market stock market and they might want to buy some 216 00:11:48,280 --> 00:11:52,880 Speaker 1: additional funds on the cutlo says by And he said 217 00:11:52,920 --> 00:11:55,200 Speaker 1: this this morning early on a couple other interviews too. 218 00:11:55,480 --> 00:11:58,640 Speaker 1: So this is where you want Larry Cudlow to be 219 00:11:58,679 --> 00:12:03,520 Speaker 1: on TV saying the economy is strong, it can withstand 220 00:12:03,760 --> 00:12:07,240 Speaker 1: whatever coronavirus has to bring at it. What you don't 221 00:12:07,240 --> 00:12:10,920 Speaker 1: really want is your economic advisor saying that, well, this 222 00:12:10,960 --> 00:12:12,880 Speaker 1: will be short lived. We don't think it will be 223 00:12:12,920 --> 00:12:15,320 Speaker 1: a big problem because he's not an epidemiologist, right, Like, 224 00:12:15,440 --> 00:12:20,320 Speaker 1: let that stuff stay with the scientists, and when you're 225 00:12:20,440 --> 00:12:22,640 Speaker 1: the economics guy, just talk about the fact that the 226 00:12:22,679 --> 00:12:25,480 Speaker 1: fundamentals are strong. We saw that with the jobs report today, 227 00:12:25,520 --> 00:12:27,240 Speaker 1: We saw that with the slew of data the rest 228 00:12:27,240 --> 00:12:30,439 Speaker 1: of this month, that the American economy is headed into something. 229 00:12:30,559 --> 00:12:32,080 Speaker 1: We don't know what the outcome is going to be, 230 00:12:32,120 --> 00:12:33,839 Speaker 1: but it leads it's doing so from a point of strength. 231 00:12:33,960 --> 00:12:36,760 Speaker 1: I want to get to this issue, this thread that 232 00:12:36,800 --> 00:12:41,240 Speaker 1: has emerged over the past week over fiscal versus monetary policy, 233 00:12:41,280 --> 00:12:45,760 Speaker 1: because the President today also talking about monetary policy as 234 00:12:45,800 --> 00:12:48,920 Speaker 1: it relates to FED share J Powell. He had more 235 00:12:48,960 --> 00:12:51,200 Speaker 1: to say about J. Powell. Take a listen to the 236 00:12:51,200 --> 00:12:53,440 Speaker 1: President as a result of what he thinks the FED 237 00:12:53,480 --> 00:12:58,280 Speaker 1: should do on the coronavirus. Defends you cut and defend, 238 00:12:58,320 --> 00:13:02,040 Speaker 1: should stimulate, and they should do that because other countries 239 00:13:02,080 --> 00:13:05,280 Speaker 1: are doing it and it puts us in a competitive disadvantage, 240 00:13:05,320 --> 00:13:07,840 Speaker 1: and we have the most pride. I mean, the image 241 00:13:07,880 --> 00:13:11,520 Speaker 1: of this Suzanne as he's at the ind of Office 242 00:13:11,559 --> 00:13:15,440 Speaker 1: signing eight point three billion dollars worth of economic stimulus 243 00:13:15,440 --> 00:13:19,560 Speaker 1: to combat the coronavirus, and then he's saying in the 244 00:13:19,600 --> 00:13:23,520 Speaker 1: same moment, I mean, let's face it, he was number one. 245 00:13:23,520 --> 00:13:26,880 Speaker 1: He's been saying this about the FED well. And secondly, 246 00:13:26,960 --> 00:13:29,760 Speaker 1: you know, the White House had initially requested a much 247 00:13:29,800 --> 00:13:32,800 Speaker 1: smaller packet from Conquest. So it's almost he was you know, 248 00:13:32,840 --> 00:13:34,960 Speaker 1: his body language there was quite interesting. Was I wouldn't 249 00:13:35,000 --> 00:13:37,800 Speaker 1: quite say he was reluctantly signing it, but he wasn't 250 00:13:37,840 --> 00:13:41,080 Speaker 1: taking you know, a political lap around the Oval Office. 251 00:13:41,160 --> 00:13:42,480 Speaker 1: You know, it was almost like he was there with 252 00:13:42,520 --> 00:13:45,480 Speaker 1: his pen and yeah, he went straight to to to 253 00:13:45,960 --> 00:13:48,520 Speaker 1: prompt at the FED. This conversation is happening all over 254 00:13:48,520 --> 00:13:50,440 Speaker 1: the world. It's not just an American you know, this 255 00:13:50,480 --> 00:13:53,000 Speaker 1: is happening in Europe. You've got this conflict again between 256 00:13:53,040 --> 00:13:56,400 Speaker 1: Monstree and fiscal policy, and you've got this you know, 257 00:13:56,440 --> 00:13:59,000 Speaker 1: it's more of a problem in Europe and within the 258 00:13:59,040 --> 00:14:02,040 Speaker 1: euro Zone. Did all these different economies. You've got Germany 259 00:14:02,120 --> 00:14:04,720 Speaker 1: which is always resistant to kind of open the purse 260 00:14:04,760 --> 00:14:08,559 Speaker 1: strings here, um. And you've got bold internal dynamics going 261 00:14:08,600 --> 00:14:11,200 Speaker 1: on within the European Union and the Eurozone, so they've 262 00:14:11,240 --> 00:14:14,200 Speaker 1: got a whole big problem to sort out there as well. Um. 263 00:14:14,240 --> 00:14:16,360 Speaker 1: But in a sense, I think they're ahead of the 264 00:14:16,360 --> 00:14:18,920 Speaker 1: curve in terms of saying, right, we need to get 265 00:14:18,920 --> 00:14:21,200 Speaker 1: ahead of this problem because just for all these reasons 266 00:14:21,200 --> 00:14:23,880 Speaker 1: and timing, Italy has been at the center of this. Um. 267 00:14:23,920 --> 00:14:26,280 Speaker 1: But I think that argument and that debate is where 268 00:14:26,360 --> 00:14:28,200 Speaker 1: this is going now in the next few weeks. But 269 00:14:28,280 --> 00:14:32,400 Speaker 1: I think the European example demonstrates why negative interest rates 270 00:14:32,440 --> 00:14:34,240 Speaker 1: here won't work. I mean, this has been the debate 271 00:14:34,280 --> 00:14:36,760 Speaker 1: the ECB for a long time, which is that when 272 00:14:36,760 --> 00:14:39,760 Speaker 1: you're out of ammunition, what the happy else do you do? 273 00:14:39,960 --> 00:14:42,160 Speaker 1: And particularly when you're the United States are the reserve 274 00:14:42,200 --> 00:14:44,560 Speaker 1: currency of the world, it's going to be very, very 275 00:14:44,560 --> 00:14:46,800 Speaker 1: difficult for us to make the case that having negative 276 00:14:46,800 --> 00:14:49,400 Speaker 1: interest rates will somehow create a liquidity event when, by 277 00:14:49,440 --> 00:14:53,160 Speaker 1: the way, we're facing down a demand problem with this coronavirus. 278 00:14:53,160 --> 00:14:55,240 Speaker 1: How that's going to help us weather the storm. On 279 00:14:55,320 --> 00:14:57,440 Speaker 1: top of that, I would just point to the fact 280 00:14:57,480 --> 00:14:59,680 Speaker 1: that this has always been a very strange tension with 281 00:15:00,160 --> 00:15:02,280 Speaker 1: in Trump, which is that in one hand, he's talking 282 00:15:02,280 --> 00:15:05,280 Speaker 1: about how strong the economy is, and by all virtues 283 00:15:05,320 --> 00:15:09,040 Speaker 1: he should talk about the reasons that the economy has 284 00:15:09,080 --> 00:15:11,760 Speaker 1: outpaced expectations, But in the same breath he talks about 285 00:15:11,760 --> 00:15:14,160 Speaker 1: cutting raids, which is typically what central banks do when 286 00:15:14,160 --> 00:15:17,000 Speaker 1: the economy is struggling. You really can't have both, and 287 00:15:17,040 --> 00:15:19,440 Speaker 1: that's a friction that he hasn't been able, uh to 288 00:15:19,800 --> 00:15:22,520 Speaker 1: to create. He hasn't been able to recompence. Yeah, I'm 289 00:15:22,560 --> 00:15:24,040 Speaker 1: just picking up on what you were saying earlier that 290 00:15:24,120 --> 00:15:26,160 Speaker 1: Kuldo should stick to what he's supposed to be doing 291 00:15:26,160 --> 00:15:28,240 Speaker 1: and not getting into a realm the health. The issue 292 00:15:28,240 --> 00:15:30,320 Speaker 1: for Trump is that he is kind of straight into 293 00:15:30,440 --> 00:15:33,200 Speaker 1: he's politicized this issue from the beginning. You know, two 294 00:15:33,200 --> 00:15:35,680 Speaker 1: weeks when this started emerging as a real concern, he 295 00:15:35,800 --> 00:15:39,080 Speaker 1: blamed the media, He blamed Democrats for stoking this up. 296 00:15:39,200 --> 00:15:42,200 Speaker 1: This was also echoed by the Chief of Staff McK mulvaney. 297 00:15:42,280 --> 00:15:44,480 Speaker 1: Now he's backed off a bit from that. But then 298 00:15:44,520 --> 00:15:46,600 Speaker 1: you get to this issue of like how much how 299 00:15:46,640 --> 00:15:49,360 Speaker 1: objective is this information? How much can we trust? But 300 00:15:49,600 --> 00:15:51,320 Speaker 1: you know, as you say, he should be saying what 301 00:15:51,680 --> 00:15:53,400 Speaker 1: should be saying, which is, we've got a strong economy, 302 00:15:53,480 --> 00:15:56,000 Speaker 1: We're ready first. Instead, people are wondering, well, is he 303 00:15:56,080 --> 00:15:57,760 Speaker 1: just using this as a political poet, right? And so 304 00:15:57,800 --> 00:15:59,920 Speaker 1: I do think there's a opportunity here for the Trump 305 00:16:00,000 --> 00:16:03,200 Speaker 1: administration to claim a win, which is that in these 306 00:16:03,320 --> 00:16:06,760 Speaker 1: very divisive times during Super Tuesday, when you see Democrats 307 00:16:06,760 --> 00:16:09,040 Speaker 1: fighting against one another and a number of Democrats jumping 308 00:16:09,040 --> 00:16:12,400 Speaker 1: out of the race, President Trump could say I got 309 00:16:12,400 --> 00:16:15,480 Speaker 1: a bipartisan package through Congress. Yes, it's way different than 310 00:16:15,520 --> 00:16:18,560 Speaker 1: what when he proposed, but it's still I mean billions 311 00:16:18,560 --> 00:16:20,760 Speaker 1: of dollars and eight And you're right, he's the steady 312 00:16:20,840 --> 00:16:24,680 Speaker 1: hand the leadership me at a moment when when crisis teams, 313 00:16:25,560 --> 00:16:28,960 Speaker 1: what I mean, for what it's worth, I think, and 314 00:16:29,040 --> 00:16:31,720 Speaker 1: I'm not I'm not one of those media bashers who 315 00:16:31,760 --> 00:16:33,920 Speaker 1: bashes the mainstream. I don't do that, but I do 316 00:16:34,000 --> 00:16:35,960 Speaker 1: think you have and and we all do this, but 317 00:16:36,040 --> 00:16:38,920 Speaker 1: I think you have to be able to divorce the 318 00:16:39,040 --> 00:16:43,000 Speaker 1: politics from the policy and up on Capitol Hill, as 319 00:16:43,120 --> 00:16:45,360 Speaker 1: in every conversation that I've had on this, there is 320 00:16:45,440 --> 00:16:49,080 Speaker 1: non partisan response that has gone on with the eight 321 00:16:49,080 --> 00:16:52,080 Speaker 1: point three billion. The President didn't make it a wasteful 322 00:16:52,160 --> 00:16:56,200 Speaker 1: spending argument. There was this conversation behind closed doors over 323 00:16:56,240 --> 00:16:58,360 Speaker 1: the past several weeks that Okay, this is the money 324 00:16:58,400 --> 00:17:00,280 Speaker 1: we need, this is going to come, and had the 325 00:17:00,320 --> 00:17:03,280 Speaker 1: cable fodder about you know, everything else, which a lot 326 00:17:03,280 --> 00:17:06,760 Speaker 1: of it's warranted, Uh is needed more next time, Kevin Sireli, 327 00:17:06,840 --> 00:17:09,960 Speaker 1: you're listening to Bloomberg. You're listening to Bloomberg. Sound on 328 00:17:10,160 --> 00:17:14,160 Speaker 1: with Kevin Surreley on Bloomberg and one oh five point 329 00:17:14,240 --> 00:17:17,280 Speaker 1: seven f M H D two. After wool Street nearly 330 00:17:17,400 --> 00:17:22,960 Speaker 1: destroyed the economy, they came to Congress begging for a bailout. 331 00:17:27,240 --> 00:17:29,520 Speaker 1: And what I said then is if you want to 332 00:17:29,560 --> 00:17:32,960 Speaker 1: bail out, go to your billionaire friends and get a 333 00:17:33,000 --> 00:17:43,560 Speaker 1: built out. On the other hand, Joe Biden voted for 334 00:17:44,160 --> 00:17:51,040 Speaker 1: that bailout bailouts, and Bernie I'm Kevin Cirelli, Chief Washington correspondent, 335 00:17:51,040 --> 00:17:54,840 Speaker 1: fro Bloomberg Television, Bloomberg Radio. That was Senator Bernie Sanders 336 00:17:54,840 --> 00:17:58,600 Speaker 1: speaking on the campaign trail in Arizona Thursday night, drawing 337 00:17:58,640 --> 00:18:01,400 Speaker 1: a contrast between now, I guess the front runner, former 338 00:18:01,480 --> 00:18:04,760 Speaker 1: Vice President Joe Biden. It's a two person race. Then 339 00:18:04,760 --> 00:18:09,000 Speaker 1: there were two Sorry sorry, Tulsa g. Maddie Doublers here, 340 00:18:09,040 --> 00:18:14,440 Speaker 1: Susanne Lynch. Can Bernie Sanders do anything to to cut 341 00:18:14,480 --> 00:18:19,560 Speaker 1: ahead of Joe Biden, you can have an astounding upset 342 00:18:19,560 --> 00:18:23,679 Speaker 1: in Michigan. Uh. You know this now comes down to 343 00:18:24,119 --> 00:18:27,800 Speaker 1: I think what the divergent view in the Democratic Party 344 00:18:27,840 --> 00:18:31,080 Speaker 1: is untrade, right, Like Biden is kind of the He's 345 00:18:31,119 --> 00:18:35,800 Speaker 1: the archetype of your moderate Democrat. He has voted for 346 00:18:35,800 --> 00:18:38,119 Speaker 1: free trade agreements in the past. Sanders, of course, has 347 00:18:38,119 --> 00:18:43,200 Speaker 1: a very clear, very populist, almost Trumpian view of globalism. 348 00:18:43,800 --> 00:18:46,960 Speaker 1: But that works for his brand. So in places like Michigan, 349 00:18:47,000 --> 00:18:50,240 Speaker 1: it's possible that that could have overwhelming success. Now polling 350 00:18:50,280 --> 00:18:53,600 Speaker 1: shows he likely will not, But I think really that's 351 00:18:53,760 --> 00:18:56,080 Speaker 1: what the future of the Bernie campaign Hines. I think 352 00:18:56,080 --> 00:18:58,240 Speaker 1: it's his last und with Michigan. So we've got just 353 00:18:58,280 --> 00:19:00,000 Speaker 1: so people are up to date and where we are 354 00:19:00,119 --> 00:19:03,000 Speaker 1: in this rate. We've got four states going to vote 355 00:19:03,080 --> 00:19:05,639 Speaker 1: holding primaries next Tuesday. Michigan is one of them. And 356 00:19:05,680 --> 00:19:08,560 Speaker 1: as you're just saying, they're like he is, he was ahead. 357 00:19:08,600 --> 00:19:11,080 Speaker 1: Sanders was well ahead in the state before the Biden bounce. 358 00:19:11,119 --> 00:19:13,679 Speaker 1: We saw that last week. He won this stage against 359 00:19:13,720 --> 00:19:15,879 Speaker 1: Clinton back into thousand and sixteen. And of course this 360 00:19:15,960 --> 00:19:18,159 Speaker 1: is the argument of Sanders people saying, you know what, 361 00:19:18,280 --> 00:19:20,720 Speaker 1: if you had allowed us go up against Donald Trump, 362 00:19:20,840 --> 00:19:23,520 Speaker 1: we would have won in states like Michigan Wisconsin. Now 363 00:19:23,600 --> 00:19:28,040 Speaker 1: Biden is really creeping back here. Their boats hitting Michigan 364 00:19:28,040 --> 00:19:29,879 Speaker 1: in a big way this weekend. I'm going on myself 365 00:19:29,880 --> 00:19:32,800 Speaker 1: on Sunday to attend Bernie rally, and I was just 366 00:19:32,840 --> 00:19:35,360 Speaker 1: looking at schedule there he's starting off Grand Rapids. He's 367 00:19:35,359 --> 00:19:37,120 Speaker 1: then going to ann Arbor, trying to get that youth 368 00:19:37,160 --> 00:19:41,600 Speaker 1: student vote out. But Joe Biden has already dispatched Amy Klobescher, 369 00:19:41,760 --> 00:19:44,960 Speaker 1: his newfound supporter. She's there today, I think and tomorrow 370 00:19:45,240 --> 00:19:48,320 Speaker 1: and trying to tap into that Midwestern vote. So look 371 00:19:48,640 --> 00:19:51,480 Speaker 1: it want to watch on Tuesday, yes or no? Game over. 372 00:19:51,560 --> 00:19:55,119 Speaker 1: If Bernie loses Michigan, I think so too. You know 373 00:19:55,160 --> 00:19:57,840 Speaker 1: what I mean, He'll drag it out because California will 374 00:19:57,840 --> 00:19:59,639 Speaker 1: continue to count these votes and I'll keep saying that 375 00:19:59,680 --> 00:20:01,760 Speaker 1: he'll I'll be able to hold on. But he is. 376 00:20:01,840 --> 00:20:04,000 Speaker 1: He's an absolutely and one of the bit There are 377 00:20:04,000 --> 00:20:06,440 Speaker 1: two problems for Bernie Sounders. Number one is the map 378 00:20:06,960 --> 00:20:10,600 Speaker 1: is more positive for Joe Biden out the states to come, 379 00:20:10,840 --> 00:20:14,160 Speaker 1: you know straight like Florida, Georgia are more Joe Biden territory. 380 00:20:14,280 --> 00:20:16,400 Speaker 1: The second problem for him is that the youth vote 381 00:20:16,400 --> 00:20:18,199 Speaker 1: has not turned out so far, and the numbers he 382 00:20:18,280 --> 00:20:20,440 Speaker 1: was promising the vote has actually turned out more for 383 00:20:20,520 --> 00:20:22,960 Speaker 1: Joe Biden. So if he cannot get that youth vote out, 384 00:20:23,000 --> 00:20:26,119 Speaker 1: he could be in trouble. I think. Said yesterday at 385 00:20:26,359 --> 00:20:31,520 Speaker 1: rand Day, CARDI b all the celebs came out from Bernie, 386 00:20:31,840 --> 00:20:34,320 Speaker 1: and it was to show that perhaps Hollywood does not 387 00:20:34,440 --> 00:20:37,040 Speaker 1: have its finger on the pulse of the rosst of America. 388 00:20:37,280 --> 00:20:39,320 Speaker 1: And you know, we all after you know, three weeks 389 00:20:39,320 --> 00:20:41,280 Speaker 1: called me like everybody else was writing. I was hearing 390 00:20:41,280 --> 00:20:43,159 Speaker 1: about all these Biden endorsements, saying, you know what, what 391 00:20:43,240 --> 00:20:45,919 Speaker 1: doesn't what do endorsements mean? Maybe they do. Look what 392 00:20:46,000 --> 00:20:50,400 Speaker 1: happened in South Carolina. Jim Kleiber and endorsed Biden. He 393 00:20:50,920 --> 00:20:52,600 Speaker 1: ran away with it, and then all of a sudden 394 00:20:52,640 --> 00:20:55,399 Speaker 1: we saw other people like Clobish air Busgage lining up 395 00:20:55,440 --> 00:20:58,600 Speaker 1: behind him, and these kind of endorsements from the Democratic establishment. 396 00:20:58,800 --> 00:21:01,680 Speaker 1: Maybe they do. And just like the youth vote has 397 00:21:01,840 --> 00:21:06,119 Speaker 1: underperformed in a way that Sanders had not anticipated. Perhaps 398 00:21:06,160 --> 00:21:08,160 Speaker 1: I want to return to this point about trade because 399 00:21:08,160 --> 00:21:10,960 Speaker 1: there was some just mind boggling data that I saw 400 00:21:10,960 --> 00:21:14,119 Speaker 1: earlier this week that I tweeted about, uh from Gallop. 401 00:21:14,359 --> 00:21:17,680 Speaker 1: The number of Americans who view the effective foreign trade 402 00:21:17,680 --> 00:21:19,639 Speaker 1: on the US, the percent, the percent who see it 403 00:21:19,680 --> 00:21:22,159 Speaker 1: as an opportunity for economic growth versus a threat to 404 00:21:22,200 --> 00:21:26,440 Speaker 1: economy has diverged in a huge way over the past 405 00:21:26,440 --> 00:21:28,200 Speaker 1: decade or so. We've not got seventy four percent of 406 00:21:28,240 --> 00:21:30,480 Speaker 1: Americans who see it as an opportunity for economic growth. 407 00:21:30,560 --> 00:21:33,040 Speaker 1: So that's dance and starting. Let me come in here, 408 00:21:33,080 --> 00:21:35,920 Speaker 1: because I mean, I hear it. Because the biggest difference, 409 00:21:35,960 --> 00:21:38,880 Speaker 1: I mean, you couldn't have a bigger contrast in a 410 00:21:38,880 --> 00:21:42,439 Speaker 1: former senator from Delaware, which has which the economic engine 411 00:21:42,440 --> 00:21:46,080 Speaker 1: of Delaware are financial institutions and so uh. He was 412 00:21:46,119 --> 00:21:50,800 Speaker 1: an advocate for his constituency and job creation and contrasted 413 00:21:50,800 --> 00:21:54,199 Speaker 1: with the self described democratic socialist and so on the 414 00:21:54,240 --> 00:21:57,320 Speaker 1: issue of trade in particular, Maddy, you and I have 415 00:21:57,320 --> 00:21:59,679 Speaker 1: talked about this over coffee. I mean, you could not 416 00:22:00,200 --> 00:22:05,120 Speaker 1: have someone more different than establishment type of trade policies 417 00:22:05,160 --> 00:22:09,119 Speaker 1: than Bernie Sanders. And so I'm very struck to see 418 00:22:09,160 --> 00:22:11,760 Speaker 1: that this has not been as a divisive issue. Suzanne 419 00:22:11,840 --> 00:22:14,080 Speaker 1: Lynch got to ask you, Yeah, you know you're right 420 00:22:14,119 --> 00:22:17,120 Speaker 1: for the Irish Times, what do they think of all 421 00:22:17,119 --> 00:22:23,159 Speaker 1: of our politics these days? The entire world is interested 422 00:22:23,160 --> 00:22:25,680 Speaker 1: in this country under the Trump administration, obviously because it's 423 00:22:25,680 --> 00:22:29,000 Speaker 1: such a maverick. What do they think Bernie Sanders? Look, 424 00:22:29,320 --> 00:22:31,920 Speaker 1: the American definition of socialism is very different than the 425 00:22:31,960 --> 00:22:36,640 Speaker 1: European definition of social and you know what are he's 426 00:22:36,680 --> 00:22:38,720 Speaker 1: saying is doesn't sound that radical to a lot of 427 00:22:38,720 --> 00:22:41,080 Speaker 1: people in Europe. My country, Ireland is actually quite the 428 00:22:41,200 --> 00:22:43,119 Speaker 1: right on a lot of economic issues. So you know, 429 00:22:43,119 --> 00:22:46,400 Speaker 1: it's different what part of Ireland. But we were talking, 430 00:22:46,600 --> 00:22:48,960 Speaker 1: we're trying to trade here, say my country Ireland one 431 00:22:49,000 --> 00:22:51,800 Speaker 1: of the most very small country, but you know, we 432 00:22:51,960 --> 00:22:55,440 Speaker 1: export tens of billions of worths of actual products to 433 00:22:55,520 --> 00:22:58,240 Speaker 1: America every year, pharmaceutical products. A lot of the US 434 00:22:58,280 --> 00:23:01,160 Speaker 1: companies are based on Ireland taking advantage of low tax rate. 435 00:23:01,359 --> 00:23:03,080 Speaker 1: And you know, it's interesting we're talking about trade here 436 00:23:03,119 --> 00:23:05,920 Speaker 1: because you know, getting back to our early conversation by coronavirus, 437 00:23:06,000 --> 00:23:07,919 Speaker 1: this is where this is going to get messy in 438 00:23:08,000 --> 00:23:10,440 Speaker 1: terms of global supply chains. People are going to start 439 00:23:10,440 --> 00:23:12,320 Speaker 1: realizing the nut and bolts of trade and how this 440 00:23:12,359 --> 00:23:17,240 Speaker 1: economy works. Um, so you know when America sneezes Europe, 441 00:23:17,280 --> 00:23:23,119 Speaker 1: Ireland will catch a cold with say that with the coronavirus. Well, 442 00:23:23,200 --> 00:23:25,080 Speaker 1: let mean you know, I mean here's I mean. I 443 00:23:25,160 --> 00:23:27,360 Speaker 1: was actually in New Hampshire the other week. I had 444 00:23:27,359 --> 00:23:30,920 Speaker 1: that primary with Ambassador Daniel Mulhall, who of course is 445 00:23:30,960 --> 00:23:33,760 Speaker 1: the Ambassador to Ireland of here in the in the 446 00:23:33,840 --> 00:23:36,320 Speaker 1: United States, and he was just saying, I mean, all 447 00:23:36,320 --> 00:23:39,120 Speaker 1: of the uncertainty and volatility as it relates to trade 448 00:23:39,200 --> 00:23:42,679 Speaker 1: is not unique to America. And so you know, I 449 00:23:42,720 --> 00:23:45,560 Speaker 1: know John McCarthy who's with Biden World and another big 450 00:23:45,600 --> 00:23:47,920 Speaker 1: irishman here in the States, A few of them here 451 00:23:48,280 --> 00:23:50,639 Speaker 1: here A right people are wondering. I mean, when Trump 452 00:23:50,640 --> 00:23:53,320 Speaker 1: came into office with a huge state I was in Brussels. 453 00:23:53,400 --> 00:23:56,320 Speaker 1: Before I was here, there was a huge concern about 454 00:23:56,760 --> 00:23:59,680 Speaker 1: how we've got to hit the European Union in terms 455 00:23:59,680 --> 00:24:01,840 Speaker 1: of tower US. What seems to have happened He was 456 00:24:02,080 --> 00:24:04,040 Speaker 1: and he was looking at this trade imbalance, and the 457 00:24:04,040 --> 00:24:06,439 Speaker 1: Europeans always say that's an imbalance and goods, it's not 458 00:24:06,480 --> 00:24:08,280 Speaker 1: in services. That's the argument you're going to hear from 459 00:24:08,320 --> 00:24:10,600 Speaker 1: the European ambassadors. But what seems to have happened, well, 460 00:24:10,920 --> 00:24:14,000 Speaker 1: he focused on left to He focused on China. So 461 00:24:14,080 --> 00:24:16,480 Speaker 1: the fear now in Brussels and in the embassy here 462 00:24:16,480 --> 00:24:18,359 Speaker 1: at the European Union here in Washington is that the 463 00:24:18,400 --> 00:24:20,760 Speaker 1: net next to nine could be Europe. And it's well founded. 464 00:24:20,920 --> 00:24:24,080 Speaker 1: It's well founded for several reasons. One is that the 465 00:24:24,080 --> 00:24:28,840 Speaker 1: Trump administration started off the year in Dabo's saying exactly that. Right, 466 00:24:28,880 --> 00:24:32,320 Speaker 1: They connected not just their own trade policies, but the 467 00:24:32,400 --> 00:24:37,280 Speaker 1: European countries efforts to tax American tech companies. You had 468 00:24:37,359 --> 00:24:39,800 Speaker 1: Secretary Mnution saying, well, if you're gonna tech our tax 469 00:24:39,800 --> 00:24:42,040 Speaker 1: our tech companies, we're going to tear if your auto companies. 470 00:24:42,280 --> 00:24:45,520 Speaker 1: As a result, frankly, we've seen less movement than I 471 00:24:45,560 --> 00:24:48,920 Speaker 1: expected because I think of the coronavirus and the erosion 472 00:24:49,000 --> 00:24:51,480 Speaker 1: of other trade negotiations. But I think I agree with 473 00:24:51,480 --> 00:24:53,159 Speaker 1: you that that's a big I was talking about this 474 00:24:53,200 --> 00:24:57,159 Speaker 1: in my colleague Craig Torres, who covers all this wonky stuff, 475 00:24:57,200 --> 00:25:00,119 Speaker 1: and he's smarter than I'll ever be. Um. We we're 476 00:25:00,240 --> 00:25:02,560 Speaker 1: talking about this just the other day here in the newsroom. 477 00:25:03,080 --> 00:25:07,119 Speaker 1: And I gotta be candid. One of the concerns that 478 00:25:07,200 --> 00:25:09,439 Speaker 1: I hear from both the left and the right is 479 00:25:09,440 --> 00:25:12,520 Speaker 1: there doesn't seem to be a point person on the 480 00:25:12,560 --> 00:25:18,159 Speaker 1: economic front, and either in Congress for the Democrats and 481 00:25:18,280 --> 00:25:21,119 Speaker 1: in the administration. And I'm not saying it as a 482 00:25:21,160 --> 00:25:24,480 Speaker 1: criticism per se, but if I'm not also equating the 483 00:25:24,480 --> 00:25:28,440 Speaker 1: coronavirus to the two thousand and eight economic recession. However, 484 00:25:29,000 --> 00:25:30,919 Speaker 1: during the in two thousand and eight, there was a 485 00:25:30,920 --> 00:25:33,719 Speaker 1: point person. There was you know, you had the gangs 486 00:25:33,760 --> 00:25:36,920 Speaker 1: and whatnot, and and it was it appeared by partisan 487 00:25:37,000 --> 00:25:41,000 Speaker 1: There was disagreements, as we just heard Bernie standards against bailouts, 488 00:25:41,040 --> 00:25:44,600 Speaker 1: but there appeared to be this is the channel in 489 00:25:44,640 --> 00:25:47,520 Speaker 1: which things are going to move. Do you think, Maddie, 490 00:25:47,560 --> 00:25:52,400 Speaker 1: that markets are craving that at least craving on Kevin. 491 00:25:52,480 --> 00:25:55,399 Speaker 1: I mean, if you had an economic point person in 492 00:25:55,440 --> 00:25:59,560 Speaker 1: the White House who could walk over and the working 493 00:26:00,560 --> 00:26:04,200 Speaker 1: over to the hill, right, it's a mile walk walk 494 00:26:04,280 --> 00:26:08,040 Speaker 1: over the hill, have the cameras watching the coming together 495 00:26:08,240 --> 00:26:11,280 Speaker 1: of leadership, even if they don't decide anything, right, it's 496 00:26:11,400 --> 00:26:14,440 Speaker 1: just the act, like what happened with the seven phone 497 00:26:14,440 --> 00:26:17,520 Speaker 1: call exactly, I mean the G seven phone call in 498 00:26:17,560 --> 00:26:21,119 Speaker 1: this instance and another emergency federate cut instances. That's always 499 00:26:21,119 --> 00:26:23,879 Speaker 1: been the precursors having just having the meeting. Having the 500 00:26:23,920 --> 00:26:26,880 Speaker 1: meeting is important. It sends an important signal we need 501 00:26:27,000 --> 00:26:30,359 Speaker 1: more of that well. And and also it appears now 502 00:26:30,480 --> 00:26:35,080 Speaker 1: that the markets being so hungry and having such an appetite, 503 00:26:35,359 --> 00:26:38,240 Speaker 1: and the briefings that Vice President might Pence for example, 504 00:26:38,280 --> 00:26:40,280 Speaker 1: who just took the podium at the White House, these 505 00:26:40,320 --> 00:26:44,919 Speaker 1: briefings are there's there's an economic component to this, and 506 00:26:45,000 --> 00:26:50,400 Speaker 1: perhaps the economic ramifications unfortunately, might actually be more detrimental 507 00:26:50,840 --> 00:26:55,040 Speaker 1: than the scope of the health concerns, which are very serious. 508 00:26:55,119 --> 00:26:57,399 Speaker 1: That's why'm arguing we should keep them separate. Have Larry 509 00:26:57,440 --> 00:27:00,600 Speaker 1: Cudlow reassure the markets, but have the experts in the 510 00:27:00,640 --> 00:27:02,640 Speaker 1: room talk about the health prop Alright, coming up, what's 511 00:27:02,680 --> 00:27:04,760 Speaker 1: on the panel's radar and Kevin Surilli you're listening to 512 00:27:04,800 --> 00:27:10,000 Speaker 1: Bloomberg h