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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney. Along

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Speaker 1: with my co host of Bonnie Quinn. Every business day

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Speaker 1: we bring you interviews from CEO, market pros, and Bloomberg experts,

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Speaker 1: along with essential market moving news. Find the Bloomberg Markets

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Speaker 1: Podcast on Apple podcast or wherever you listen to podcasts,

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Speaker 1: and on Bloomberg dot com. A very interesting survey out

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Speaker 1: from the Conference Board CEOs worldwide asked about their biggest worries.

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Speaker 1: For one, I'd say it made for some some very

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Speaker 1: nice light reading right before bedtime. Well he had to

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Speaker 1: read us. Adaman Zildroom's Director of Economics and Global Research

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Speaker 1: Chair at the Conference Board, Adoman tell us about the

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Speaker 1: nightmares that we're in this survey. Good morning, thanks for

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Speaker 1: having me on the program. Uh, yes, I'm not sure

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Speaker 1: it's quite you know, nighttime reading, because you know, we

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Speaker 1: were asking about what keeps ceo is up at night. UM.

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Speaker 1: And you know globally, you know what's the top of

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Speaker 1: the list is really the COVID nineteen pandem make and

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Speaker 1: the vaccines availability and distribution. Um. And that's much more

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Speaker 1: important than other business concerns and business challenges. UM. They're

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Speaker 1: also really looking at recession risk among the top three

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Speaker 1: as a worry about the coming year. So that suggests

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Speaker 1: that CEOs don't think that the economy is out of

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Speaker 1: the woods yet. All right, Ottoman, how about the new administration,

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Speaker 1: the Biden administration that obviously manifests the whole change in

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Speaker 1: away A lot of these corporations will be operating over

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Speaker 1: the next four years. How did they frame that out? So? Um,

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Speaker 1: you know, we feel that the survey after the elections

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Speaker 1: in November just to make sure that we could kind

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Speaker 1: of get the policy of what business leaders are thinking

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Speaker 1: about it. Especially in the US, CEOs are worried about

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Speaker 1: the outlook for taxes and regulation uh, and much less

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Speaker 1: about global trade diversions or disruptions, and and also less

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Speaker 1: about geopolitics. UM. So I think they'll be looking at

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Speaker 1: the business environment and how it might be affected by

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Speaker 1: changes in corporate taxes in the outlook for regulations. But

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Speaker 1: I think generally, UM, clarity uh and UH, consistency and

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Speaker 1: more certainty about the environment is going to be welcome.

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Speaker 1: And Adaman, just give us an idea of who these

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Speaker 1: nine CEOs are. Obviously you don't have to mention companies,

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Speaker 1: but are we talking about the the d s and

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Speaker 1: P five hundred. Is there a good selection from across

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Speaker 1: the market cap ranges? Yeah, it is a global survey, uh,

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Speaker 1: and there is a mix of a large cap and

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Speaker 1: uh smaller companies. Uh. There really is kind of a

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Speaker 1: wide range. But you know, a lot of the Fortune

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Speaker 1: five hundred are going to be represented. And just to

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Speaker 1: follow on that, then, you know, did the smaller companies

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Speaker 1: worry about other things than the bigger companies? Would they

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Speaker 1: have been more worried, for example, about demand coming back? Uh?

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Speaker 1: There is a lot of concern about changing consumer behaviors

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Speaker 1: as well as about global demand. Uh consumer demand, UM,

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Speaker 1: especially for China and Japan, which I think are more

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Speaker 1: dependent on global demand. Uh, the recession worries. Uh, We're

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Speaker 1: a higher rank, so I think there is still concern

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Speaker 1: about that. There's uh more UM time will be devoted

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Speaker 1: to understanding how consumer demand and consumer behaviors are going

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Speaker 1: to be changing as a result of what we're going

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Speaker 1: through with the pandemic. So Automan, how about returning to work?

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Speaker 1: That's on the minds I would certainly of employees. How

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Speaker 1: about the what are the the c e O s

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Speaker 1: in the C suite? How do you think about getting

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Speaker 1: people back to work in a post COVID world. Yeah,

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Speaker 1: especially for the US CEO SUH, there is a desire

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Speaker 1: to bring workers back, um, and they really want to

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Speaker 1: get back to business. But I think there is a

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Speaker 1: recognition that it is going to be a different world

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Speaker 1: coming back. UM. When when we ask about, you know,

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Speaker 1: are you going to increase your remote workforce or decrease

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Speaker 1: your remote remote workforce? The responses are really neutral. So

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Speaker 1: there's kind of an equilibrium in uh, the the proportion

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Speaker 1: of the workforce that's working remotely. But there is a

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Speaker 1: desire to get back to work and come back to

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Speaker 1: the office. UM. But it'll be it'll be a different

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Speaker 1: environment because at the same time, they're really thinking about

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Speaker 1: reducing uh the office footprint. Right. So for commercial real estate,

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Speaker 1: I think we'll also see some differences in terms of

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Speaker 1: the size of those offices and maybe the location of

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Speaker 1: those offices. You headlines coming out from air Boss that

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Speaker 1: I think is worth mentioning in this context. Air Boss

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Speaker 1: saying that production rates will remain lower for longer and

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Speaker 1: that commercial aircraft that market will recover by five I

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Speaker 1: mean seriously automatally looking at another three to five years

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Speaker 1: before the commercial aircraft market resumes well, especially since uh,

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Speaker 1: these CEOs are saying that they're looking at reducing business travel.

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Speaker 1: That seems consistent, uh, and recovery would take quite a

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Speaker 1: long time, I think to really come back to the

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Speaker 1: previous levels that we've seen. The general consensus seems to

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Speaker 1: be there will be there, there will be less business travel. Um.

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Speaker 1: And it's hard to see you know how um, you

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Speaker 1: know tourism or personal travel is leisure travel is going

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Speaker 1: to pick up in the near term. Well, you know

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Speaker 1: poll just to point out that the United EEO had

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Speaker 1: just said that the turn point is coming on travel demand. Yeah,

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Speaker 1: it's interesting. I think, as Ottoman says, I can see

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Speaker 1: leisure coming back before business. Um, I don't. As soon

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Speaker 1: as I get my shop the next day, I'm on

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Speaker 1: a plane, I'll tell you that, Automan, Azel Drum, thank

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Speaker 1: you so much for joining us director of Economic Research

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Speaker 1: and Global Research Chair at the conference board giving us

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Speaker 1: the highlights from their survey of global CEOs. And it'll

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Speaker 1: be interesting to see, Vannie, when you get fully evoculated,

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Speaker 1: will you hop on a plane? Well, you know no,

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Speaker 1: because I'll clearly recovering for you, because you'll be on

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Speaker 1: that plane pole. But KLM cutting as many as a

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Speaker 1: thousand jobs just now because the travel recovery there is fading.

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Speaker 1: So exactly, President Joe Widen's first day executive order confirmed

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Speaker 1: what we had been anticipating that TC Energy is Keystone

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Speaker 1: XL pipeline is delayed again and could be scrapped. That

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Speaker 1: might mean wasting an investment of one point four billion

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Speaker 1: dollars on the part of that company. Let's bring in now,

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Speaker 1: Oh are Liam Denning, Energy Mining and Commodities columnist for

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Speaker 1: a Bloomberg opinion, Liam, you know, the corporation obviously might

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Speaker 1: lose a lot of money on this particular anticipated investment.

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Speaker 1: But is it a good thing that the Xcel pipeline

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Speaker 1: doesn't go ahead? Uh? I think the Keysone Xcel pipeline

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Speaker 1: is just one of those things that was conceived in

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Speaker 1: a very different environment. So it was first proposed back

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Speaker 1: in July of two thousand and eight, which you may remember,

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Speaker 1: comincided with the all time high in all prices. You know,

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Speaker 1: back then, we were obsessed with peak oil supply. We

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Speaker 1: were worried that oil was running out, um, and we

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Speaker 1: just live in a very different world now, you know,

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Speaker 1: oil supply is abundant, particularly right now in the context

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Speaker 1: of the COVID pandemic. Um. We we've seen a you know,

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Speaker 1: a huge resurgence in oil production in the US in

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Speaker 1: the intervening thirteen years. Um. And the other thing that's

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Speaker 1: changed is just the the political environment, both around climate

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Speaker 1: policy but also um, you know, in the wake of

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Speaker 1: the financial crisis is too dasignating in the wake of

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Speaker 1: the pandemic, the role of the role of government in

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Speaker 1: kind of setting outcomes. Liam. Just it's been thirteen years.

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Speaker 1: Refresh our memory here. The Keystone XL pipeline, it was

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Speaker 1: taking oil from where to where, So it was an

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Speaker 1: expansion of an existing pipeline network essentially to take oil

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Speaker 1: from Alberta, mainly from the oil sands up there in Canada,

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Speaker 1: down to refineries and export terminals on the Gulf Coast

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Speaker 1: and also into the Midwest. So it was effectively a

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Speaker 1: Canadian oil export project. Yeah. And I mean this isn't

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Speaker 1: the only one called on called at risk, right, there

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Speaker 1: are other pipelines in the sides of the White House,

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Speaker 1: not all of the most recent ones, but some, Yes,

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Speaker 1: there are there are others, certainly, um, in the in

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Speaker 1: the White Houses sites Clearly, Keystone was especially vulnerable because

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Speaker 1: um it needed that permit, because it's a cross border pipeline,

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Speaker 1: and also because of the way it had essentially become

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Speaker 1: something in the prerogative of the president themselves. So um,

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Speaker 1: you know, we saw Obama block it, we saw Trump

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Speaker 1: revive it, and now we've seen Biden block it again,

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Speaker 1: all at the stroke of a pen. So what does

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Speaker 1: this say about President Biden's energy policy? Liam, What do

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Speaker 1: we really know? What is what's the What are the

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Speaker 1: folks in the US energy business? What are they thinking

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Speaker 1: about President biden administration. Well, we already know that Biden

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Speaker 1: has made climate change a central element of his platform.

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Speaker 1: UM in some respects he was. He was sort of

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Speaker 1: pushed towards that during the primaries by the progressive wing

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Speaker 1: of the party. What was interesting for me about what

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Speaker 1: happened with Keystone is that um TC Energy, the company

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Speaker 1: that wanted to build it, had been carefully kind of

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Speaker 1: layering on insurance UM by coming to agreements with unions

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Speaker 1: and with First Nations groups, um IT even it even

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Speaker 1: throughout the possibility of powering the thing with renewable energy.

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Speaker 1: UM Biden kind of swept that aside. You know, you

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Speaker 1: you might have expected him to at least go through

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Speaker 1: the motions of a of a review process or something

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Speaker 1: to justify getting rid of the of the of the pipeline.

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Speaker 1: But he went for it on day one, literally on

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Speaker 1: day one. And what that suggests to me is that

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Speaker 1: his administration will probably are on the side of moving quickly,

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Speaker 1: probably using more executive orders because you know, the Democrats

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Speaker 1: obviously have a very thin majority in Congress um so

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Speaker 1: you know, it would appear to portender an aggressive stance

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Speaker 1: on climate. Yeah. Absolutely. I mean we also, as I say,

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Speaker 1: have other pipelines that are potentially in the sites are

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Speaker 1: the president. What does it mean for oil supply though,

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Speaker 1: because the type of oil that was going to be

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Speaker 1: passed through the pipeline is is different that the Canadian

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Speaker 1: oil is thicker and heavier oil. What would it have

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Speaker 1: been used for. Well, typically those kinds of barrels UM

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Speaker 1: use to supply what are called distillates UM so, so

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Speaker 1: diesel being the most obvious one. You know, the kind

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Speaker 1: of oil we get from uh Texan shale for example,

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Speaker 1: tends to be more geared towards producing gasoline. What's interesting

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Speaker 1: about the cancelation of Keystone Excel at this time is

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Speaker 1: that in effect, it's not really going to matter that

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Speaker 1: much for Canadian supply because of what we've seen with

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Speaker 1: the industry in general having to scale back it's expansion

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Speaker 1: plans because of poor financial performance over the past decade,

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Speaker 1: of the need to conserve cash and pay it out

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Speaker 1: as dividends. Canadian or production growth probably wasn't going to

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Speaker 1: be that much anyway over the next over the medium term,

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Speaker 1: and so in some respects Keysonne Excel at this point

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Speaker 1: just wasn't really a pipeline that was needed. Men, what

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Speaker 1: do we know about the present Biden stands towards um

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Speaker 1: the shale patch in and the and the fracking industry,

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Speaker 1: because that's where you know, there's a substantial number of

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Speaker 1: US jobs. Sure so, um, you know in theory he

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Speaker 1: wants to put severe curbs on on fracking. The key

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Speaker 1: issue probably in the near term is whether there will

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Speaker 1: be some sort of UH ban on new fracking on

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Speaker 1: federal lands. UM. That would be a particular issue for

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Speaker 1: states like New Mexico, which, as you may know, is

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Speaker 1: also where his his nominee for Interior is coming from.

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Speaker 1: So that's going to be an interesting one to watch. Um.

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Speaker 1: Beyond that, you know, one of the things that caught

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Speaker 1: my eye, uh in the executive orders was this move

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Speaker 1: to to reinstate a social cost of greenhouse gases in

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Speaker 1: terms of federal review of projects. And in some ways

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Speaker 1: that is going to be like a carbon tax, but

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Speaker 1: it's kind of a stealth carbon tax um that's introduced

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Speaker 1: when new projects are being considered, and so that could

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Speaker 1: have a big impact on how new projects, Um, you

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Speaker 1: know move from the drawing boarder into actual investment phase. Liam,

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Speaker 1: we're out of time that I do want to just

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Speaker 1: mention it with you. That also, Saudia Rancole is causing

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Speaker 1: some controversy today because according to a a view of

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Speaker 1: public filings by Bloomberg Green, it's been under reporting emissions

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Speaker 1: of course because it wants investors to keep investing, but

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Speaker 1: it's been doing this by quite the large fraction. Yeah,

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Speaker 1: that was a great story by my colleagues. Um. You know,

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Speaker 1: the one point I would just make is that this

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Speaker 1: kind of fits a patter, and we saw it most

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Speaker 1: recently with Excell Mobile, which really had to be kind

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Speaker 1: of pushed into even just disclosing its full carbon emissions footprint.

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Speaker 1: And I think what this speaks to is. Look, the

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Speaker 1: oil industry for decades has been trying to obfuscate this issue,

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Speaker 1: push onto the back burner. And you know we've seen

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Speaker 1: over time the industry has forced to disclose more and

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Speaker 1: and a Ramco's behavior I think just fits with that, right,

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Speaker 1: Liam Denning, thank you so much for joining us. We

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Speaker 1: appreciate your thoughts always on the global energy spaces, energy

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Speaker 1: mining and commodities calmness for Bloomberg Compinion. You can reach

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Speaker 1: and read his work and all the other work for

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Speaker 1: Work Opinion at Bloomberg dot com, Slash Opinion or O

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Speaker 1: P I N go on the terminal. Five market drivers

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Speaker 1: in a Biden Administration. That is the title of a

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Speaker 1: recent calm by Barry rid Hoolts. Barry joins us today.

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Speaker 1: Barry Ridholts, Bloomberg Opinion columnists and host of Masters in

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Speaker 1: Business on Bloomberg Radio, also the founder, chairman and chief

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Speaker 1: investment officer of Holt's Wealth Management. Barry the reasons to

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Speaker 1: be bullish on stocks they continue to amount, how are

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Speaker 1: you viewing things in a Biden administration? So it's the

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Speaker 1: battle between bulls and bears. Is really the battle between

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Speaker 1: which matters more expensive stocks or even bigger stimulus, and

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Speaker 1: so far it looks like stimulus is winning. Yeah, but Barry,

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Speaker 1: we keep hearing about the stimulus, but even Nancy Pelosi

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Speaker 1: said today that it won't you know, she put it

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Speaker 1: in positive terms. And so the Democrats would be ready

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Speaker 1: in February, I mean, the worst of Why aren't they

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Speaker 1: ready now? Um, you got me. I. I looks like

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Speaker 1: the new administration hits the ground running yesterday with a

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Speaker 1: lot of their checking off a lot of boxes. They're

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Speaker 1: freezing a lot of things that the predecessors had done,

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Speaker 1: and they're overturning a bunch of the the more egregious

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Speaker 1: um policy issues. I think they need people to wrap

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Speaker 1: their head around a one point nine billion dollar, trillion

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Speaker 1: dollar Cars Act three before they introduce the infrastructure bill.

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Speaker 1: I don't know if people remember, but this week is

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Speaker 1: infrastructure week, as we've heard every year for the past

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Speaker 1: four years. And uh, the Green New Deal is another

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Speaker 1: part of that. And and nobody is really talking about

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Speaker 1: Medicare expansion. Uh, the the you know, new Obamacare expansion.

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Speaker 1: When we added thirty thirty five million people to the

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Speaker 1: roles of in sured, suddenly you had a huge new

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Speaker 1: swath of consumers going out and buying consuming uh, medical

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Speaker 1: services and pharmaceutical services and hospitals. It was a huge,

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Speaker 1: no pun intended shot in the arm for the sector.

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Speaker 1: I don't know what numbers they're talking about. I've I've

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Speaker 1: read twenty to twenty five million additional people added to

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Speaker 1: the to the insured roles. So you take those factors

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Speaker 1: and you add them together, that's somewhere between five and

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Speaker 1: ten trillion dollars over the next ten years. That's a

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Speaker 1: lot of stimulus. So talk to us about stimulus and

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Speaker 1: and how important is that. I mean, there's some that

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Speaker 1: are suggesting, boy, there's already a lot of liquidit in

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Speaker 1: the market. There's a lot of money, maybe even from

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Speaker 1: the most recent nine billion round that hasn't been spent.

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Speaker 1: What do you say to those that say, hey, let's

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Speaker 1: tap the brakes on this a little bit, you know,

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Speaker 1: you have to put it into content next of the

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Speaker 1: what we learned from and there were a lot of

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Speaker 1: good and bad lessons from the entire year, at least

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Speaker 1: speaking economically. The good news is that we passed the

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Speaker 1: two point one trillion dollar First Cares Act and the

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Speaker 1: after tax net cumultive income to us consumers was a

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Speaker 1: trillion dollars. That was about a eight percent bump year

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Speaker 1: over year. That that was huge in the midst of

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Speaker 1: a giant recession. And the way that manifest was not

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Speaker 1: just income but UH savings rates went up, credit card

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Speaker 1: delinquencies fell, and retail sales not only did they recover,

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Speaker 1: they passed the pre pandemic levels. So that's our frame

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Speaker 1: of reference. What we noticed at the end of last

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Speaker 1: year was how that had faded, and so we we

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Speaker 1: extrapolate from that into what this New Cares Act two

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Speaker 1: is going to do, and that assumes that we were

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Speaker 1: kind of partially reopened. What we're what people seem to

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Speaker 1: be forgetting, is we have this massive new surge that

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Speaker 1: has in the virus that has not peaked. We are

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Speaker 1: probably looking at not just a national mask mandate, but

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Speaker 1: a whole bunch of local, state, and maybe even federal

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Speaker 1: lockdowns as this gets worse and worse. I mean, four

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Speaker 1: thousand deaths a day are just it's just unthinkable. And

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Speaker 1: so I think the New Cares Act is going to

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Speaker 1: be part of here's how we're gonna bang this out.

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Speaker 1: We're gonna just shut down for three weeks and here's

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Speaker 1: enough money to carry everybody through, and that's how we'll

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Speaker 1: get on the other side of this, and once that's done,

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Speaker 1: the broader economy can begin to recover, once we're past

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Speaker 1: the pandemic lockdown and we start to see more and

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Speaker 1: more vaccines. I don't know, Barrier, remember Biden saying that

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Speaker 1: he would not, you know, do a whole federal shutdown,

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Speaker 1: and anyway, at this point, you know, on the whole

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Speaker 1: world shutdown, it seems that you know, that's not even

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Speaker 1: fool proof either. But we'll see, maybe maybe there'll be

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Speaker 1: a three week shutdown. Barry, What what would you be

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Speaker 1: looking to buy right now? With markets at these levels

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Speaker 1: and yet still optimism seemingly out there. So you know,

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Speaker 1: it depends on how concerned you are about valuation and

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Speaker 1: how aggressive or conservative you are. If you're aggressive, go

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Speaker 1: buy everything, but most people aren't. Most people are more moderate.

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Speaker 1: And if you're a little concerned that stocks have gotten

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Speaker 1: a little pricy, well, the the obvious rotation is you

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Speaker 1: move some of your capital that's in large cap growth

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Speaker 1: and tech and you buy what's inexpensive. And what we

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Speaker 1: see is inexpensive today is is really stands out like

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Speaker 1: a sore thumb. The small caps have been are much

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Speaker 1: cheaper than the big caps. Value is at historic levels

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Speaker 1: of cheapness next to growth they should be after performing

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Speaker 1: terribly for the past decade. Emerging markets are much cheaper

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Speaker 1: than the US, And if we do get the sort

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Speaker 1: of stimulus that this administration is talking about, we're going

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Speaker 1: to see the deficits go up, We're gonna see inflation

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Speaker 1: peak up, and we're gonna see the yield curve. We've

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Speaker 1: talked about this before. UM. Once the yield curve steepens,

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Speaker 1: that means that the money center banks should do better

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Speaker 1: going forward, as well as anything related to to real estate.

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Speaker 1: So there are a lot of options depending on how

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Speaker 1: conservative you want to be. But selling a little bit

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Speaker 1: of what's done great and buying a little bit of

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Speaker 1: what's done poorly, that's sort of rebalancing tends to work

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Speaker 1: over the long haul. Hey, Barry, twenty seconds, just give

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Speaker 1: us your thoughts on just valuation for the market here.

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Speaker 1: You know the to me, the question is in our

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Speaker 1: stocks pricy because the second half of all bull markets

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Speaker 1: are always pricey. The question is how much of future

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Speaker 1: profit increases is priced into the market already. That's the

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Speaker 1: bottom line, if this room to grow profits, then there's

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Speaker 1: still room for stocks to go higher. I'm not sure

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Speaker 1: if it's fully priced in yet. M hmm. Interesting, very Rittles,

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Speaker 1: thank you very two words or possibly three. Who's your

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Speaker 1: master's in business this weekend? Uh? This weekend is Andrew

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Speaker 1: Beer of Dynamic Beta Investments. They run an ets that

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Speaker 1: three words on replication their their track workord you got

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Speaker 1: it in Thanks Barry Verry Rittle's, founder of Rittle's Wealth Management,

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Speaker 1: also Bloomberg opinion contributor and contributor to our show weekly.

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Speaker 1: So it is the first full day for President Biden

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Speaker 1: in the Oval office, for him in his administration. A

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Speaker 1: busy start to his administration for sure. Let's get the

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Speaker 1: latest from Josh wind Grove, white House correspondent for Bloomberg

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Speaker 1: News Journeys, on the phone from Washington, d C. Josh,

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Speaker 1: I want to start with just the general tone in

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Speaker 1: the White House as it relates to the administration and

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Speaker 1: the press corps. I saw something on my Twitter feed

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Speaker 1: today which was really interesting, kind of comparing the highlights

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Speaker 1: from the first press briefing under President Trump versus the

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Speaker 1: first press briefing under President Biden, and boy, it was

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Speaker 1: the differences were just stark. What's the feeling within the

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Speaker 1: press corps and the White House right now? Well, I mean,

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Speaker 1: so they're returning to daily press briefings or at least

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Speaker 1: weekday press briefings, That of course has not been the

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Speaker 1: case or was not the case for the last two

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Speaker 1: years under the Trump administration. Trump's Press secretary, Kaylee mcinny

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Speaker 1: obviously was pretty gleeful in sparring went the press and

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Speaker 1: you know, trying to rechange, reframe the narrative. She her

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Speaker 1: very first press briefings that she would never lie. Of

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Speaker 1: course she light all the time. But you know, Biden's

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Speaker 1: team has now come in. Jock is saying, look, you know,

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Speaker 1: we're gonna we're committed to sharing information, but you know,

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Speaker 1: well we'll see, we'll see where it though. She uh,

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Speaker 1: she's obviously deeply experienced and this she uh, you know,

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Speaker 1: very smooth in her first appearance. I'm sure, but you know,

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Speaker 1: it's all the job up there is to give the

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Speaker 1: view of the president. She said as much yesterday. So

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Speaker 1: everything's with a grain as salt. Yeah, Josh, it was

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Speaker 1: a very interesting news conference. Give us your thoughts on

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Speaker 1: whether you think there might be some kind of a

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Speaker 1: policy to not mention the predecessor form President Donald Trump.

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Speaker 1: Everything that related to him was either punted to Congress

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Speaker 1: in terms of any impeachment process, or just not really

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Speaker 1: answered at all. For example, the question of the current

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Speaker 1: FBI director Christopher Ay. Yeah, they really do want to

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Speaker 1: try to think, take the temperature down and just saying

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Speaker 1: the word Trump has a habit of not doing that.

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Speaker 1: So I think we'll see them pull back. We've seen

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Speaker 1: this even on the issue of impeachment. Remember, this is

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Speaker 1: a big question. A lot of stuff Trump or excuse me,

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Speaker 1: do you know lots of Biden wants to do, relies

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Speaker 1: on Congress, and Congress in particular. Of course, the Senate

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Speaker 1: is going to be logjam potentially dealing with impeachment. He

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Speaker 1: just this morning they were asked, does Biden think that

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Speaker 1: Trump committed impeachable offenses? They won't even go there. They're like,

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Speaker 1: we're leaving this to the Senate. The Senate can deal

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Speaker 1: with this. So I think they really are trying to,

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Speaker 1: you know, stay away from it, take down the temperature.

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Speaker 1: But we'll see. Biden, of course, yesterday has a big

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Speaker 1: speech appealing to inaugurate, appealing on inauguration to say hey,

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Speaker 1: we need unity, Americans need to come together. There's already

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Speaker 1: those signs that. Of course in Congress it's not going

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Speaker 1: to be all that unified, even on something like the pandemic.

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Speaker 1: So you know, I think Rubber is about to hit

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Speaker 1: road and testing Hiden series that there's some sort of

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Speaker 1: bipartisan Washington idea that he can return to. All right, Josh,

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Speaker 1: give us what do you think the to do list

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Speaker 1: is for President Biden here in these first days? Well there,

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Speaker 1: it sounds like they're going to try to bunch things

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Speaker 1: into certain themes on certain days. Today absolutely is all

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Speaker 1: about the coronavirus. We're gonna have a press briefing at four.

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Speaker 1: Bidens getting his own briefing at to Dr Fauci is

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Speaker 1: going to join the press briefing. Remember him, you know,

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Speaker 1: every day we used to hear from him, like in

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Speaker 1: March and April, but in fact, between April and today

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Speaker 1: only once had Dr Fauci been to the White House podium.

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Speaker 1: Trump did not at least invite him up there for

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Speaker 1: months and months and months. So they we're going to

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Speaker 1: hear it all about all about that. I'm sure we'll

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Speaker 1: have more information on things like immigration, uh maybe climate

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Speaker 1: coming forward in the coming days. But you know, they

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Speaker 1: used to say that they have this sort of multi

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Speaker 1: pronged approach, you know, concurrent crises, climate change, racial and

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Speaker 1: equality of the pandemic economy. Now they're sort of still

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Speaker 1: saying that a bit it but changing their two and

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Speaker 1: they're like, look, this is all about the pandemic. And

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Speaker 1: we reported yesterday that they were they've been growing increasingly alarmed.

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Speaker 1: They think they've been handed you know, shambles of an

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Speaker 1: organization by the Trump administration in terms of the vaccine rollout.

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Speaker 1: The virus is just getting worse. There's a new strain

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Speaker 1: that is particularly alarming. Uh so really alarmed. Bells coming

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Speaker 1: in and now Biden, they think badly that the pandemic

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Speaker 1: will get worse before it gets better, and that we're

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Speaker 1: in for a quote dark winter, Josh. They's executive orders?

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Speaker 1: Are they now policy? I mean, is it enough for

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Speaker 1: the president to say that we're back in the w

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Speaker 1: h O and that we're back in the powers climate

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Speaker 1: a cord or it just does something need to be enforced. No,

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Speaker 1: he has the power to do that. As a bit

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Speaker 1: of a mechanic side of it, you know, Paris, for instance,

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Speaker 1: to take about a month to take effect. Um. But

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Speaker 1: you know, the things that are within his power he

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Speaker 1: can do by executive order flick of a pen, and

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Speaker 1: that's what we're seeing him doing. But a lot of

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Speaker 1: the stuff that he wants to do, namely anything that

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Speaker 1: requires money, he needs Congress for And that's why we're

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Speaker 1: going to see this big push to get the new

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Speaker 1: coronavirus you know bill. And the question is can they

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Speaker 1: do something in a bipartisan way? You know, it looks

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Speaker 1: like there may be already losing appetite to do that.

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Speaker 1: There's two roads in front of Democrats, and they get

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Speaker 1: a bipartisan bill with Republican votes, or you know, can

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Speaker 1: they just ram it through on their own. Uh. They're

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Speaker 1: at least making noises that they would like to do

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Speaker 1: something by partisan But of course the benefit of winning

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Speaker 1: those two Georgia Senate races is that if they have

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Speaker 1: to use a hammer and get things through, they can.

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Speaker 1: So we'll see how that goes. But for now, Biden

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Speaker 1: is trying to do everything he can do unilaterally, but

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Speaker 1: he doesn't have a leeway. I'm sure US presidents would

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Speaker 1: love to have the power that prime ministers of other

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Speaker 1: countries have in terms of UNI A, Josh, thank you

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Speaker 1: so much. Looking forward to more coverage from you from Washington,

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Speaker 1: d C. That's Josh win World or White House Correspondent.

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Speaker 1: Thanks for listening to Boomberg Markets podcast. You can subscribe

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Speaker 1: and listen to interviews at Apple Podcasts or whatever podcast

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00:29:05,320 --> 00:29:08,560
Speaker 1: platform you prefer. I'm Bonnie Quinn, I'm on Twitter at

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Speaker 1: Bonnie Quinn, and I'm Paul Sweeney. I'm on Twitter at

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00:29:10,960 --> 00:29:13,800
Speaker 1: pt Sweeney. Before the podcast, you can always catch us

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Speaker 1: worldwide at Bloomberg Radio